<PAGE>
[GRAPHIC OMMITTED]
REPUBLIC
MONEY MARKET FUND
REPUBLIC
U.S. GOVERNMENT
MONEY MARKET FUND
REPUBLIC EQUITY FUND
SEMI-ANNUAL REPORT
- ------------------
APRIL 30, 1999
REPUBLIC
NEW YORK TAX-FREE
MONEY MARKET FUND
[logo] REPUBLIC FAMILY OF FUNDS
<PAGE>
PRESIDENT'S MESSAGE
June 1999
DEAR SHAREHOLDER:
We are very pleased to present you with the semi-annual report for the
Republic Money Market Fund, the Republic U.S. Government Money Market Fund and
the Republic New York Tax-Free Money Market Fund, (the "Funds") for the six
months ended April 30, 1999. In this report we have provided you with a
commentary from the Funds' Investment Adviser, Republic National Bank of New
York.
We hope you find this commentary 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 Funds for the six months
ended April 30, 1999 also follow. We look forward to servicing your financial
needs and appreciate your continued support.
Respectfully submitted,
/s/ Walter B. Grimm
Walter B. Grimm
President
<PAGE>
REPUBLIC FUNDS
SEMI-ANNUAL REPORT -- APRIL 30, 1999
TABLE OF CONTENTS
PAGE
President's Message .................................................. 1
Commentary from the Investment Adviser ............................... 3
Statement of Net Assets .............................................. 7
Statement of Operations .............................................. 18
Statements of Changes in Net Assets .................................. 19
Notes to Financial Statements ........................................ 22
Financial Highlights ................................................. 27
<PAGE>
COMMENTARY FROM THE INVESTMENT ADVISER --
REPUBLIC NATIONAL BANK OF NEW YORK
U.S. ECONOMIC REVIEW
During the first six months of the fiscal year, the U.S. economy enjoyed the
pleasant combination of real rapid growth and falling inflation. Powerful global
deflationary forces overwhelmed any latent inflationary pressures that might
have otherwise emerged as a result of strong domestic growth. Falling prices for
oil, commodities and other traded goods fed directly into lower inflation, while
increased import competition restricted the pricing power of U.S. companies.
Inflation expectations remain the key to the outlook for monetary policy and, by
default, the financial markets. There are several reasons to be optimistic about
the long-term inflation outlook. Rapid growth in high-tech investment, combined
with ongoing corporate restructuring, has led to marked improvement in
productivity growth. Perhaps most important, the Federal Reserve is committed to
keeping inflation low. Given that U.S. real interest rates remain high by
comparison with other developed countries, the Fed is unlikely to take any
action to raise interest rates in the absence of clear signs that inflation is
rising. But, the case for higher interest rates could become irresistible if
inflation increases even modestly and economic growth does not slow.
<PAGE>
Republic Money Market Fund
The Republic Money Market Fund returned 2.12% (Class A Shares) for the
period from inception of the Fund (November 12, 1998) through April 30, 1999,
compared to 1.75% for the Lipper Money Market Fund Average<1).
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED INCEPTION TO
AVERAGE ANNUAL TOTAL RETURN 04/30/99 04/30/99
- --------------------------------------------------------------------------------
% Return for the period Class A 2.12% 2.12%
Class D(3) 0.36% 0.36%
Class Y 2.25% 2.25%
- --------------------------------------------------------------------------------
Annualized Compounded Class A 4.29%
7 day Yield through April Class D 4.32%
30, 1999 Class Y 4.57%
- --------------------------------------------------------------------------------
(1) The Lipper Money Market Fund Average measures the performance of funds which
invest principally in financial instruments issued or guaranteed by the U.S.
Government, its agencies or instrumentalities with dollar-weighted average
maturities of less than 90 days.
(2) Portfolio composition is subject to change.
(3) Return quoted is for the period April 1, 1999 (date of initial offering) to
April 30, 1999.
An investment in the Fund is neither guaranteed nor insured by the FDIC or any
other Government Agency. Although the Fund strives to maintain the value of your
investment at $1.00 per share, it is possible to lose money by investing in this
Fund. Past performance is not predictive of future performance as yields on
money market funds fluctuate daily.
<PAGE>
Republic U.S. Government Money Market Fund
The Republic U.S. Government Money Market Fund (the "Fund") returned 2.09%
(Class A Shares) for the six months ended April 30, 1999, compared to 2.19% for
the Lipper U.S. Government Money Market Fund Average.(1) The Fund's average
annual return was 4.70% (Class A Shares) for that period from inception of the
Fund's current objective (February 1, 1994)(2) to April 30, 1999 compared to
4.80% for the Lipper U.S. Government Money Market Fund Average.
As of April 30, 1999, the Fund's average maturity was 42 days. The ratings
on the portfolio holdings were AAA, consisting of 51.34% U.S. Treasury bills and
notes, 27.20% U.S. Agencies and 21.46% Repurchase Agreements.(3) The Fund's
annualized compounded 7 day yield through April 30, 1999 was 4.00% for Class A
Shares.
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED INCEPTION TO
AVERAGE ANNUAL TOTAL RETURN 04/30/99 04/30/99
- --------------------------------------------------------------------------------
% Return for the period lass A 2.09% 4.70%
lass B 1.70% 1.70%
lass D(4) 0.33% 0.33%
lass Y 2.22% 5.04%
- --------------------------------------------------------------------------------
Annualized Compounded Class A 4.00%
7 day Yield through April Class B 3.29%
30, 1999 Class D 4.04%
Class Y 4.29%
- --------------------------------------------------------------------------------
(1) The Lipper U.S. Government Money Market Fund Average measures the
performance of funds which invest principally in financial instruments
issued or guaranteed by the U.S. Government, its agencies or
instrumentalities with dollar-weighted average maturities of less than 90
days.
(2) On February 1, 1994 the Fund changed from a general money market fund to a
U.S. Government money market fund.
(3) Portfolio composition is subject to change.
(4) Return quoted is for the period April 1, 1999 (date of initial offering) to
April 30, 1999.
An investment in the Fund is neither guaranteed nor insured by the FDIC or any
other Government Agency. Although the Fund strives to maintain the value of your
investment at $1.00 per share, it is possible to lose money by investing in this
Fund. Past performance is not predictive of future performance as yields on
money market funds fluctuate daily.
<PAGE>
Republic New York Tax-Free Money Market Fund
The Republic New York Tax-Free Money Market Fund (the "Fund") returned 1.13%
for Class A (Investor Shares) for the six months ended April 30, 1999, compared
to 1.21% for the Lipper NY Money Market Fund Average.(1) For the period from
inception (November 17, 1994) to April 30, 1999 the Fund outperformed the
average annual return for the Lipper NY Money Market Fund Average, returning
3.02% (Class A) versus 2.98%.
Prices for high-grade municipal notes remained strong due to an increase in
demand and lack of new issuance. Yields generally rise in April due to seasonal
factors such as corporate and individual tax payments. As a result the Fund will
try to take advantage of the market and slightly extend the average maturity of
the holdings. As of April 30, 1999 the Fund's average maturity was 38 days and
the portfolio consisted of 57.5% Floating Rate Demand Notes, 22.7% Tax Exempt
Commercial Paper, 20.1% Fixed Rate Notes and 0.25% cash and cash equivalents.(2)
The Fund's annualized compounded 7-day yield through April 30, 1999 was 2.68%
for Class A Shares.
- -------------------------------------------------------------------------------
SIX MONTHS
ENDED INCEPTION TO
AVERAGE ANNUAL TOTAL RETURN 04/30/99 04/30/99
- -------------------------------------------------------------------------------
% Return for the period Class A 1.13% 3.02%
Class D(3) 0.20% 0.20%
Class Y 1.26% 3.18%
- -------------------------------------------------------------------------------
Annualized Compounded Class A 2.68%
7 day Yield through April Class D 2.71%
30, 1999 Class Y 2.96%
- -------------------------------------------------------------------------------
(1) The Lipper NY Money Market Fund Average measures the performance of funds
which invest principally in municipal obligations of New York state with
dollar weighted average maturities of less than 90 days.
(2) Portfolio composition is subject to change.
(3) Return quoted is for the period April 1, 1999 (date of initial offering) to
April 30, 1999.
An investment in the Fund is neither insured nor guaranteed by the FDIC or any
other Government Agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in this
Fund. Past performance is not predictive of future performance as yields on
money market funds fluctuate daily. This material must be preceded or
accompanied by a current prospectus.
<PAGE>
<TABLE>
REPUBLIC MONEY MARKET FUND
STATEMENT OF NET ASSETS (UNAUDITED) -- APRIL 30, 1999
<CAPTION>
PRINCIPAL MATURITY AMORTIZED
AMOUNT DESCRIPTION RATE DATE COST
------ ----------- ---- ---- ----
<S> <C> <C> <C> <C>
COMMERCIAL PAPER -- 62.32%
5,000,000 American Express ................... 4.85% 5/4/99 $ 4,997,979
1,400,000 Baptist Hospital ................... 4.90 5/14/99 1,397,558
5,000,000 Baptist Hospital ................... 4.93 5/13/99 4,991,883
5,000,000 Baptist Hospital ................... 4.98 6/1/99 4,978,817
3,450,000 Baton Rouge, LA For Dow Chemical ... 4.90 5/4/99 3,450,000
10,000,000 BP Amoco ........................... 4.89 5/3/99 9,997,283
5,390,000 Brazos River Authority ............. 5.02 8/10/99 5,390,000
6,000,000 California Pollution Control ....... 4.85 5/5/99 5,999,985
7,500,000 California Pollution Control ....... 4.87 6/4/99 7,500,000
8,000,000 Ford Motor Credit Corp. ............ 4.85 5/4/99 7,996,767
5,000,000 Ford Motor Credit Corp. ............ 4.80 5/21/99 4,986,694
3,000,000 General Electric Capital Corp. ..... 4.86 5/3/99 2,999,200
5,000,000 General Electric Capital Corp. ..... 4.84 5/5/99 4,997,311
5,000,000 General Electric Capital Corp. ..... 4.91 7/28/99 4,940,967
5,000,000 General Motors Acceptance Corp. .... 4.87 7/28/99 4,941,211
4,300,000 IBM Credit Corp. ................... 4.81 5/3/99 4,298,853
5,150,000 Morgan Stanley Dean Witter ......... 5.89 3/20/00 5,175,634
10,000,000 Nestle Capital Corp. ............... 4.91 5/3/99 9,997,273
2,942,000 New York Dorm Authority ............ 4.99 5/5/99 2,942,000
3,000,000 New York Dorm Authority ............ 5.00 6/3/99 3,000,000
10,000,000 New York State Power Authority ..... 4.84 5/18/99 9,977,334
5,000,000 New York Times Co. ................. 4.88 5/17/99 4,989,244
1,500,000 New York, New York, Series B ....... 4.90 6/1/99 1,500,000
3,200,000 Port of Oakland .................... 4.95 5/7/99 3,199,981
10,000,000 Proctor & Gamble ................... 4.79 5/3/99 9,997,344
4,875,000 Society for the New York Hospital .. 4.98 8/9/99 4,808,646
8,000,000 Society for the New York Hospital .. 4.97 8/9/99 7,891,333
5,000,000 Temple Physician ................... 5.02 6/22/99 4,964,322
7,100,000 Tennessee School Board ............. 4.92 5/28/99 7,100,000
2,500,000 Tennessee School Board ............. 4.92 6/1/99 2,500,000
6,900,000 Tennessee School Board ............. 4.86 6/21/99 6,900,000
6,000,000 Trustees of the Columbia University 4.84 5/7/99 5,995,220
11,000,000 United Parcel Service .............. 5.02 5/3/99 10,996,932
------------
TOTAL COMMERCIAL PAPER .......................................... 185,799,771
------------
MUNICIPAL BONDS -- 1.34%
1,000,000 Chicago, Illinois Tax Increment .... 5.20 11/15/99 1,000,000
1,000,000 Mercer County, New Jersey .......... 5.88 1/1/00 1,000,329
2,000,000 New York, New York ................. 5.31 8/1/99 1,998,468
------------
TOTAL MUNICIPAL BONDS ........................................... 3,998,797
------------
VARIABLE RATE DEMAND NOTES -- 13.85%
3,500,000 Harrison Foundation ................ 4.90% 1/1/29 $ 3,500,000
5,000,000 California Housing Financial Agency 4.95 8/1/29 5,000,000
3,160,000 Cleveland, Ohio Airport Systems,
Series E ......................... 4.90 1/1/20 3,160,000
3,280,000 Illinois Health Facilities Authority 4.90 7/1/24 3,280,000
1,425,000 New York City Housing Development .. 4.95 9/15/28 1,425,000
815,000 New York City Housing Development .. 4.95 10/15/28 815,000
4,300,000 New York City Housing Development .. 4.95 11/15/28 4,300,000
3,920,000 New York City Housing Development .. 4.95 4/15/29 3,920,000
4,000,000 New York City Housing Development .. 4.95 12/1/31 4,000,000
4,800,000 New York State Housing Financial
Authority ........................ 4.95 9/15/08 4,800,000
2,200,000 New York State Housing Financial
Authority ........................ 4.95 11/1/31 2,200,000
3,400,000 Tennessee State .................... 4.90 7/2/01 3,400,000
500,000 Tennessee State .................... 4.90 7/2/01 500,000
1,000,000 Tennessee State .................... 4.90 7/2/01 1,000,000
------------
TOTAL VARIABLE RATE DEMAND NOTES ................................ 41,300,000
------------
U.S. GOVERNMENT AND GOVERNMENT
AGENCY OBLIGATIONS -- 13.91%
5,000,000 Federal National Mortgage
Association ...................... 5.25 3/10/00 4,997,113
5,000,000 Federal National Mortgage
Association ...................... 5.09 5/4/00 4,995,850
5,000,000 Federal Farm Credit Bank ........... 5.05 4/3/00 4,997,826
3,500,000 Federal Home Loan Bank ............. 5.00 2/10/00 3,500,000
5,000,000 Federal Home Loan Bank ............. 5.03 3/2/00 5,000,000
5,000,000 Federal Home Loan Bank ............. 5.08 3/15/00 5,000,000
3,000,000 Federal Home Loan Bank ............. 5.16 3/22/00 3,000,000
5,000,000 Federal Home Loan Bank ............. 5.15 5/17/00 5,000,000
5,000,000 Student Loan Marketing Assn. ....... 4.81 9/16/99 5,000,000
------------
TOTAL U.S. GOVERNMENT AND GOVERNMENT
AGENCY OBLIGATIONS ............................................ 41,490,789
------------
REPURCHASE AGREEMENTS -- 12.09%
12,000,000 Goldman (collaterized by $12,000,000
cash) ............................ 4.91 5/3/99 12,000,000
12,056,000 Lehman Brothers (collaterized by
$12,056,000 cash) ................ 4.86 5/3/99 12,056,000
12,000,000 Morgan Stanley Dean Witter
(collaterized by $12,000,000 cash) 4.88 5/3/99 12,000,000
------------
TOTAL REPURCHASE AGREEMENTS ..................................... 36,056,000
------------
TOTAL INVESTMENTS AT AMORTIZED COST(A) -- 103.51%................ $308,645,357
------------
<PAGE>
REPUBLIC MONEY MARKET FUND
STATEMENT OF NET ASSETS (UNAUDITED) -- APRIL 30, 1999 (CONTINUED)
Cash ........................................................................ $ 701
Interest receivable ......................................................... 809,309
Payable for investments purchased ........................................... (9,995,850)
Dividends payable ........................................................... (1,033,974)
Payable for fund shares redeemed ............................................ (100,000)
Shareholder service fees payable ............................................ (35,705)
Administration fee payable .................................................. (38,112)
Other liabilities in excess of other assets ................................. (75,454)
------------
NET ASSETS .................................................................. $298,176,272
============
Represented by:
Paid-in capital ........................................................... $298,176,119
Accumulated net realized gains on investments ............................. 153
------------
NET ASSETS .................................................................. $298,176,272
============
Class A (Investor) Shares -- Applicable to 161,109,562 shares of beneficial
interest outstanding ....................... $161,109,676
Class D (Private Investor) Shares -- Applicable to 17,974,504 shares of
beneficial interest outstanding .... 17,974,504
Class Y (Adviser) Shares -- Applicable to 119,092,052 shares of beneficial
interest outstanding ........................ 119,092,092
------------
NET ASSETS .................................................................. $298,176,272
============
Net Asset Value, Offering Price and Redemption Price Per Share
(Class A (Investor) Shares, Class B Shares, Class C Shares, Class D (Private
Investor) Shares and Class Y (Adviser) Shares) ............................ $1.00
=====
(a) Cost and value for federal income tax and financial reporting purposes are the same.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF NET ASSETS (UNAUDITED) -- APRIL 30, 1999
<CAPTION>
PRINCIPAL MATURITY AMORTIZED
AMOUNT DESCRIPTION RATE DATE COST
------ ----------- ---- ---- ----
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AND GOVERNMENT AGENCY
OBLIGATIONS -- (78.61% OF NET ASSETS)
10,000,000 Federal Farm Credit Bank ......... 4.89% 8/3/99 $ 10,000,000
10,000,000 Federal Farm Credit Bank ......... 5.25 10/1/99 10,000,000
7,000,000 Federal Home Loan Bank ........... 4.90 5/3/99 6,998,094
15,000,000 Federal Home Loan Bank ........... 4.73 5/5/99 14,992,150
25,000,000 Federal Home Loan Bank ........... 4.79 5/7/99 24,980,250
15,000,000 Federal Home Loan Bank ........... 4.69 5/14/99 14,974,677
10,000,000 Federal Home Loan Bank ........... 4.68 5/19/99 9,976,675
25,000,000 Federal Home Loan Bank ........... 4.72 5/21/99 24,934,750
25,000,000 Federal Home Loan Bank ........... 4.76 5/28/99 24,911,313
15,000,000 Federal Home Loan Bank ........... 4.72 6/2/99 14,937,400
15,000,000 Federal Home Loan Bank ........... 4.74 6/9/99 14,923,625
20,000,000 Federal Home Loan Bank ........... 4.73 6/16/99 19,880,017
3,250,000 Federal Home Loan Bank ........... 4.86 6/17/99 3,248,337
15,000,000 Federal Home Loan Bank ........... 4.78 6/23/99 14,895,546
15,000,000 Federal Home Loan Bank ........... 4.73 7/23/99 14,838,323
10,000,000 Federal Home Loan Bank ........... 4.92 8/18/99 9,998,955
10,000,000 Federal Home Loan Bank ........... 4.99 9/9/99 9,999,558
10,000,000 Federal Home Loan Bank ........... 5.22 3/17/00 10,000,000
10,000,000 Federal Home Loan Bank ........... 4.89 4/7/00 10,000,000
10,000,000 Federal Home Loan Bank ........... 4.92 4/12/00 9,996,197
10,000,000 Federal Home Loan Bank ........... 5.00 4/28/00 9,996,033
10,000,000 Student Loan Marketing Assn. ..... 5.11 6/17/99 10,000,000
15,000,000 Student Loan Marketing Assn. ..... 4.57 8/2/99 14,996,238
10,000,000 Student Loan Marketing Assn. ..... 4.81 9/16/99 10,000,000
10,000,000 Student Loan Marketing Assn. ..... 4.71 10/21/99 10,000,000
10,000,000 Student Loan Marketing Assn. ..... 5.18 11/24/99 9,998,866
10,000,000 Student Loan Marketing Assn. ..... 5.11 12/2/99 9,997,114
5,000,000 Student Loan Marketing Assn. ..... 5.18 12/3/99 4,998,816
5,000,000 Student Loan Marketing Assn. ..... 4.96 8/4/00 4,998,778
55,000,000 U.S. Treasury Bills .............. 4.43 5/6/99 54,966,497
108,000,000 U.S. Treasury Bills .............. 4.49 5/13/99 107,841,486
35,000,000 U.S. Treasury Bills .............. 4.48 5/20/99 34,919,646
35,000,000 U.S. Treasury Bills .............. 4.54 5/27/99 34,887,496
25,000,000 U.S. Treasury Bills .............. 4.48 6/3/99 24,897,792
65,000,000 U.S. Treasury Bills .............. 4.45 6/10/99 64,685,638
65,000,000 U.S. Treasury Bills .............. 4.61 6/24/99 64,560,724
25,000,000 U.S. Treasury Bills .............. 4.48 7/1/99 24,814,458
25,000,000 U.S. Treasury Bills .............. 4.36 7/15/99 24,777,865
45,000,000 U.S. Treasury Bills .............. 4.40 7/22/99 44,559,193
15,000,000 U.S. Treasury Bills .............. 4.49 8/5/99 14,824,200
25,000,000 U.S. Treasury Bills .............. 4.45 10/7/99 24,519,688
40,000,000 U.S. Treasury Bills .............. 4.42 10/14/99 39,202,508
27,000,000 U.S. Treasury Bills .............. 4.45 10/21/99 26,434,939
50,000,000 U.S. Treasury Bills .............. 4.54 10/28/99 48,891,250
20,000,000 U.S. Treasury Notes .............. 6.38 7/15/99 20,072,619
25,000,000 U.S. Treasury Notes .............. 5.88 8/31/99 25,103,292
--------------
TOTAL U.S. GOVERNMENT AND GOVERNMENT
AGENCY OBLIGATIONS .......................................... 1,039,431,003
--------------
REPURCHASE AGREEMENTS -- 21.48%
27,426,000 Cantor Fitzgerald dated 05/03/99,
with a maturity value of
$27,437,062 (collaterized by
$25,000,000 4.84% U.S. Treasury
Note 05/15/06, market value
$27,975,000) ................... 4.84 5/3/99 27,426,000
16,554,700 Cantor Fitzgerald dated 05/03/99,
with a maturity value of
$16,561,377 (collaterized by
$16,198,000 4.84% U.S. Treasury
Note 11/30/01, market value
$20,126,015) ................... 4.84 5/3/99 16,554,700
48,000,000 Commerz Bank dated 05/03/99, with
a maturity value of $48,019,400
(collaterized by $47,021,000
4.85% U.S. Treasury Note 11/30/
02, market value $48,960,616) .. 4.85 5/3/99 48,000,000
48,000,000 First Union dated 05/03/99, with a
maturity value of $48,019,400
(collaterized by $46,908,000
4.85% U.S. Treasury Note 05/15/
00, market value $48,960,225) .. 4.85 5/3/99 48,000,000
48,000,000 Societe Generale dated 05/03/99,
with a maturity value of
$48,019,400 (collaterized by
$49,590,000 4.85% U.S. Treasury
Bill 08/05/99, market value
$48,970,125) ................... 4.85 5/3/99 48,000,000
48,000,000 Societe Generale dated 05/03/99,
with a maturity value of
$48,019,400 (collaterized by
$44,459,000 4.85% U.S. Treasury
Note 05/15/02, market value
$48,960,474) ................... 4.85 5/3/99 48,000,000
48,000,000 Wertheim dated 05/03/99, with a
maturity value of $48,019,400
(collaterized by $49,680,000
4.85% U.S. Treasury Note 10/
31,00, market value $48,996,900 4.85 5/3/99 48,000,000
--------------
TOTAL REPURCHASE AGREEMENTS ................................... 283,980,700
--------------
TOTAL INVESTMENTS AT AMORTIZED COST(A) -- 100.09%.............. $1,323,411,703
--------------
</TABLE>
<PAGE>
<TABLE>
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF NET ASSETS (UNAUDITED) -- APRIL 30, 1999 (CONTINUED)
<S> <C>
Cash ....................................................................... $ 64
Interest receivable ........................................................ 1,895,138
Receivable for investments sold ............................................ 265,090
Prepaid reimbursement ...................................................... 106,462
Dividends payable .......................................................... (2,800,531)
Shareholder service fees payable ........................................... (427,139)
Administration fee payable ................................................. (268,419)
Payable for investments purchased .......................................... (191,078)
Advisory fees payable ...................................................... (150,470)
Other net assets ........................................................... 317,048
--------------
NET ASSETS ................................................................. $1,322,157,868
==============
Represented by:
Paid-in capital .......................................................... $1,321,951,315
Accumulated net realized gains on investments ............................ 206,553
--------------
NET ASSETS ................................................................. $1,322,157,868
==============
NET ASSETS:
Class A (Investor) Shares -- Applicable to 892,179,793 shares of
beneficial interest outstanding ............ $ 892,357,163
Class B Shares -- Applicable to 118,608 shares of beneficial
interest outstanding ....................... 118,621
Class D (Private Investor) Shares -- Applicble to 386,784,725 shares of
beneficial interest outstanding .... 386,785,002
Class Y (Adviser) Shares -- Applicable to 42,891,965 shares of beneficial
interest outstanding ........................ 42,897,082
--------------
NET ASSETS .................................................................. $1,322,157,868
==============
Net Asset Value, Offering Price and Redemption Price Per Share
(Class A (Investor) Shares, Class B Shares and Class C Shares, Class D
(Private Investor) Shares and Class Y (Adviser) Shares) ................... $1.00
=====
(a) Cost and value for federal income tax and financial reporting purposes are the same.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC NEW YORK TAX-FREE MONEY MARKET FUND
STATEMENT OF NET ASSETS (UNAUDITED) -- APRIL 30, 1999
MOODY'S/
S&P
PRINCIPAL RATINGS MATURITY AMORTIZED
AMOUNT DESCRIPTION (UNAUDITED) RATE DATE COST
------ ----------- ----------- ---- ---- ----
<S> <C> <C> <C> <C> <C>
NEW YORK TAX FREE NOTES
AND COMMERCIAL PAPER -- 100.3%
NEW YORK TAX FREE MUNICIPAL NOTES -- 20.1%
3,880,000 Battery Park City
Authority, Revenue ..... Aaa/AAA 7.70% 5/1/15 $ 3,957,599
1,000,000 Erie County, New York RAN Mig1/Nr 4.00 10/13/99 1,004,388
3,000,000 Half Hollow Hills New
York, GSD, GO Mig1/Nr 3.90 6/25/99 3,001,528
1,500,000 Huntington, New York,
UFSD, TAN .............. Mig1/Nr 3.75 6/29/99 1,500,566
2,000,000 Nassau County, New York,
Anticipation Notes ..... Mig1/Sp1 4.25 5/18/99 2,000,532
3,000,000 New York State Power
Authority .............. P1/A1+ 2.90 9/1/99 3,000,000
2,695,000 New York State, Dormitory
Authority .............. Aaa/AAA 7.13 5/15/17 2,753,108
2,750,000 Oyster Bay, Anticipation
Notes-Series A Nr/Nr 3.25 11/30/99 2,753,899
3,350,000 Pearl River, New York,
UFSD ................... Nr/Nr 3.90 6/22/99 3,351,149
3,540,000 Port Authority of New York
and New Jersey, Cons-117th
Series ................. A1/Aa- 4.00 11/15/99 3,557,805
3,000,000 Rochester, New York, BAN . Nr/Nr 3.50 3/8/00 3,013,155
2,000,000 Smithtown, New York, CSD . Mig1/Nr 3.90 6/25/99 2,000,872
2,000,000 Suffolk County, New York,
TAN .................... Mig1/Sp1+ 4.00 9/9/99 2,004,510
2,000,000 Westchester County, New
York, GO ............... Mig1/Nr 2.83 12/30/99 2,000,379
-------------
35,899,490
-------------
NEW YORK TAX FREE COMMERCIAL PAPER -- 22.7%
3,000,000 Long Island Power
Authority .............. Vmig1/A1+ 2.80 5/12/99 3,000,000
3,000,000 New York State Power
Authority .............. Vig1/P1 3.05 6/24/99 3,000,000
2,485,000 New York State Port
Authority .............. P1/A1+ 3.05 8/9/99 2,485,000
3,000,000 New York State Port
Authority .............. P1/A1+ 2.95 8/9/99 3,000,000
3,000,000 New York State Power
Authority .............. Vmig1/A1 2.70 5/10/99 3,000,000
1,000,000 New York State Power
Authority .............. P1/A1+ 3.05 6/10/99 1,000,000
4,000,000 New York State, MTA ...... P1/A1+ 2.60 5/10/99 4,000,000
2,055,000 New York State, Dormitory
Authority .............. P1/A1+ 2.95 8/11/99 2,055,000
3,000,000 New York State, Dormitory
Authority, Columbia
University ............. P1/A1+ 2.70 5/7/99 3,000,000
3,600,000 New York State, GO ....... Vmig1/P1 2.80 8/19/99 3,600,000
3,000,000 New York State, MTA ...... P1/A1+ 2.85 5/11/99 3,000,000
4,000,000 New York State, MTA ...... P1/A1+ 2.85 6/1/99 4,000,000
5,400,000 New York, Dormitory
Authority, Sloan ....... Vmig1/A1+ 2.90 5/12/99 5,400,000
-------------
40,540,000
-------------
VARIABLE RATE DEMAND NOTES -- 57.5%
2,000,000 Babylon, New York, IDA ... Aaa/AAA 3.75 1/1/19 2,000,000
200,000 Babylon, New York, IDA,
AMT, LOC - Union Bank of
Switzerland AG ......... Vmig1/AA+ 4.15 12/1/24 200,000
100,000 Dutchess County, New York,
IDA .................... Nr/Nr 4.05 10/1/15 100,000
1,000,000 Hempstead, New York, IDA,
Nassau Energy .......... Nr/A1+ 3.95% 9/15/15 1,000,000
3,000,000 Long Island Power
Authority .............. Vmig1/A1+ 4.00 5/1/33 3,000,000
1,000,000 Long Island Power
Authority .............. Vmig1/A1+ 4.15 5/1/33 1,000,000
11,550,000 Nassau County, New York, . Vmig1/A1+ 4.20 1/1/34 11,550,000
1,900,000 New York City, Health &
Hospital ............... Vmig1/A1+ 3.90 2/15/26 1,900,000
1,300,000 New York City, Dormitory
Authority, Cornell
University Series ...... Vmig1/A1+ 4.30 8/1/05 1,300,000
1,200,000 New York City, GO ........ Vmig1/A1+ 4.25 8/15/05 1,200,000
1,700,000 New York City, GO ........ Vmig1/A1+ 4.30 8/1/20 1,700,000
3,000,000 New York City, GO ........ Vmig1/Nr 2.90 11/1/27 3,000,000
6,365,000 New York City, Housing
Development Corporation Nr/A1+ 3.80 2/1/07 6,365,000
11,500,000 New York City, Municipal
Assistance Corporation,
Series F ............... Vmig1/A1+ 4.00 7/1/08 11,500,000
1,300,000 New York City, Municipal
Water Authority ........ Vmg1/A1+ 4.25 6/15/22 1,300,000
2,000,000 New York City, Series F-5 Aaa/AAA 3.95 2/15/16 2,000,000
4,560,000 New York City, Trust
Cultural Revenue Vmig1/A1 4.20 12/1/15 4,560,000
3,000,000 New York State, Energy,
Research & Development . P1/Nr 3.40 11/1/20 3,000,000
7,200,000 New York State, Energy,
Research & Development . Vmig1/A1+ 3.75 10/1/14 7,200,000
3,900,000 New York State, Energy,
Research & Development . P1/Nr 4.25 12/1/26 3,900,000
2,000,000 New York State, Energy,
Research & Development, Aaa/AAA 3.90 12/1/20 2,000,000
2,300,000 New York State, GO ....... Nr/Nr 4.30 8/1/15 2,300,000
5,500,000 New York State, Housing
Finance Authority ...... Vmig1/A1+ 3.80 5/15/15 5,500,000
5,000,000 New York State, Housing
Finance Authority ...... Vmig1/A1+ 3.85 3/15/28 5,000,000
3,000,000 New York State, Local
Government Assistance .. Vmig1/A1+ 3.85 4/1/25 3,000,000
6,000,000 New York State, Local
Government Assistance .. Aa3/Aa- 3.75 4/1/25 6,000,000
3,505,000 Niagara County, New York,
IDA .................... P1/Al+ 3.90 11/15/24 3,505,000
2,900,000 Port Authority of New York
and New Jersey, SO ..... Vmig1/A1+ 4.20 8/1/24 2,900,000
700,000 Port Authority of New York
and New Jersey, SO ..... Vmig1/A1+ 4.25 8/1/28 700,000
1,000,000 Suffolk County, New York,
IDA .................... Vmig1/Nr 4.05% 12/1/12 1,000,000
3,000,000 Suffolk County, New York,
Water Authority ........ Vmig1/Nr 3.80 2/8/01 3,000,000
-------------
102,680,000
-------------
TOTAL NEW YORK TAX FREE NOTES
AND COMMERCIAL PAPER ................................................ 179,119,490
-------------
OTHER MUNICIPALS -- 2.6%
MUTUAL FUNDS -- 2.6%
4,590,000 Provident New York Tax
Free Money Market Fund . 5/3/99 4,590,000
-------------
TOTAL OTHER MUNICIPALS ................................................ 4,590,000
-------------
TOTAL INVESTMENTS AT AMORTIZED COST -- 102.9% ..................................... $ 183,709,490
-------------
</TABLE>
<PAGE>
<TABLE>
REPUBLIC NEW YORK TAX-FREE MONEY MARKET FUND
STATEMENT OF NET ASSETS (UNAUDITED) -- APRIL 30, 1999 (CONTINUED)
<S> <C>
Cash .............................................................................. $ 23,359
Interest receivable ............................................................... 1,295,761
Deferred organization expense ..................................................... 3,706
Prepaid reimbursement ............................................................. 92,134
Dividends payable ................................................................. (318,964)
Payable for investments purchased ................................................. (6,000,616)
Shareholder services fees payable ................................................. (54,521)
Investment advisory fees payable .................................................. (101,633)
Professional fees payable ......................................................... (45,046)
Administration fee payable ........................................................ (23,974)
Other assets in excess of liabilities ............................................. 31,974
-------------
NET ASSETS ........................................................................ $ 178,611,670
=============
Represented by:
Paid-in capital ................................................................. $ 178,623,292
Undistributed net investment income ............................................. 19,053
Accumulated net realized losses on investments .................................. (30,675)
-------------
NET ASSETS ........................................................................ $ 178,611,670
=============
Class A (Investor) Shares -- Applicable to 116,891,630 shares of beneficial
interest outstanding ............................. $ 116,881,016
Class D (Private Investor) Shares -- Applicable to 45,717,310 shares of
beneficial interest outstanding .......... 45,717,469
Class Y (Adviser) Shares -- Applicable to 16,014,229 shares of beneficial
interest outstanding .............................. 16,013,185
-------------
NET ASSETS ........................................................................ $ 178,611,670
=============
Net Asset Value, Offering Price and Redemption Price Per Share
(Class A (Investor) Shares, Class B Shares, Class C Shares, Class D Shares
(Private Investor) Shares and Class Y (Adviser) Shares) ......................... $1.00
=====
</TABLE>
<PAGE>
REPUBLIC NEW YORK TAX-FREE MONEY MARKET FUND
STATEMENT OF NET ASSETS (UNAUDITED) -- APRIL 30, 1999 (CONTINUED)
(a) Percentages indicated are based on net assets at April 30, 1999.
(b) The Moody's or Standard & Poor's rating indicated are believed to be the
most recent ratings available at April 30, 1999 for the securities listed.
Ratings are generally ascribed to securities at the time of issuance. While
agencies may from time to time revise such ratings, they undertake no
obligation to do so, and the ratings do not necessarily represent what the
agencies would ascribe to these securities at April 30, 1999. These ratings
are unaudited.
(c) Interest rates reset daily or weekly. Interest rate disclosed represents
current rate at April 30, 1999.
(d) For Federal income tax purposes, the cost of securities owned at April 30,
1999 was substantially the same as the cost of securities for financial
statement purposes.
CSD -- Central School District
GO -- General Obligations
IDA -- Industrial Development Agency
N/R -- Not Rated
UFSD -- Union Free School District
TAN -- Tax Anticipation Note
BAN -- Bond Anticipation Note
RAN -- Revenue Anticipation Note
MTA -- Metropolitan Transit Authority
<PAGE>
<TABLE>
REPUBLIC FUNDS
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED APRIL 30, 1999
<CAPTION>
U.S. NEW YORK
GOVERNMENT TAX-FREE
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
------------- ------------- ------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income ............................ $4,048,221 $29,753,705 $2,524,533
EXPENSES:
Shareholder service fees -- (Class A, B, D
Shares) ................................ 112,502 1,496,126 187,432
Administration fees ...................... 81,549 623,790 83,732
Advisory fees ............................ 163,102 1,250,567 113,811
Custodian fees and expenses .............. 29,054 112,337 35,080
Fund accounting fees ..................... 18,700 22,017 22,017
Legal fees ............................... 9,350 53,521 12,351
Registration and filing fees ............. 11,900 36,695 7,874
Transfer agent fees ...................... 16,320 19,690 14,678
Reports to shareholders .................. 5,100 17,721 4,117
Audit fees ............................... 6,970 7,876 7,876
Trustees fees ............................ 680 4,296 1,074
Other expenses ........................... 10,810 51,702 13,114
--------- ---------- ---------
Total expenses ............................. 466,037 3,696,338 503,156
Voluntary fee reductions ................... (139,332) -- --
--------- ---------- ---------
Total net expenses ................... 326,705 3,696,338 503,156
--------- ---------- ---------
NET INVESTMENT INCOME ...................... 3,721,516 26,057,367 2,021,377
--------- ---------- ---------
REALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investments 153 99,624 (16)
--------- ---------- ---------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS ............................... $3,721,669 $26,156,991 $2,021,361
========== =========== ==========
See notes to financial statements
</TABLE>
<PAGE>
REPUBLIC MONEY MARKET FUND
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 12, 1998
(INCEPTION) THROUGH
APRIL 30, 1999
(UNAUDITED)
------------------
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income .................................... $ 3,721,516
Net realized gains on investment transactions ............ 153
------------
Net increase in net assets resulting from operations ..... 3,721,669
------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A (Investor) Shares .............................. (1,913,000)
Class D (Private Investor) Shares (a) .................. (70,867)
Class Y (Adviser) Shares ............................... (1,737,649)
------------
Decrease in net assets from shareholder distributions .... (3,721,516)
------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ............................ 617,665,392
Dividends reinvested ................................... 5,330,802
Cost of shares redeemed ................................ (323,820,075)
------------
Net increase in net asets from capital transactions ...... 298,176,119
------------
NET INCREASE IN NET ASSETS ............................... 298,176,272
NET ASSETS:
Beginning of period .................................... --
------------
End of period .......................................... $298,176,272
============
(a) The Fund commenced offering Class D shares on April 1, 1999.
See notes to financial statements
<PAGE>
<TABLE>
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
SIX MONTHS
ENDED ONE MONTH
APRIL 30, PERIOD ENDED YEAR ENDED
1999 OCTOBER 31, SEPTEMBER 30,
(UNAUDITED) 1998 1998
---------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income ............. $ 26,057,367 $ 3,898,777 $ 37,494,658
Net realized gains on investment
transactions .................... 99,624 32,707 60,937
-------------- -------------- ----------------
Net change in net assets resulting
from operations ................. 26,156,991 3,931,484 37,555,595
-------------- -------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A (Investor) Shares ....... (23,712,985) (3,776,704) (36,222,464)
Class B Shares .................. (1,921) (350) (246)
Class D (Private Investor) Shares
(a) ........................... (1,112,680) -- --
Class Y (Adviser) Shares ........ (1,229,781) (121,717) (1,303,322)
Net realized gains:
Class A (Investor) Shares ....... -- -- (101,952)
Class B Shares .................. -- -- --
Class Y (Adviser) Shares ........ -- -- (3,282)
-------------- -------------- ----------------
Decrease in net assets from
shareholder distributions ..... (26,057,367) (3,898,771) (37,631,266)
-------------- -------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ..... 1,611,496,988 190,913,781 2,582,611,123
Dividends reinvested ............ 25,414,965 3,791,950 32,959,918
Cost of shares redeemed ......... (1,404,745,782) (122,218,648) (2,120,005,796)
-------------- -------------- ----------------
Net increase in net assets from
capital share transactions ...... 232,166,171 72,487,083 495,565,245
-------------- -------------- ----------------
NET CHANGE IN NET ASSETS .......... 232,265,795 72,519,796 495,489,574
NET ASSETS:
Beginning of period ........... 1,089,892,073 1,017,372,277 521,882,703
-------------- -------------- ----------------
End of period ................. $1,322,157,868 $1,089,892,073 $ 1,017,372,277
============== ============== ================
(a) The Fund commenced offering Class D Shares on April 1, 1999.
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
REPUBLIC NEW YORK TAX-FREE MONEY MARKET FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
SIX MONTHS
ENDED
APRIL 30, 1999 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1998
-------------- ----------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income ................................. $ 2,021,377 $ 4,257,499
Net realized losses on investment transactions ........ (16) (1,486)
------------ ------------
Net increase in net assets resulting from operations .. 2,021,361 4,256,013
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A (Investor) Shares ........................... (1,718,957) (3,680,864)
Class B Shares ...................................... -- (824)
Class D (Private Investor) Shares (a) ............... (62,379) --
Class Y (Adviser) Shares ............................ (240,041) (575,811)
------------ ------------
Decrease in net assets from shareholder distributions . (2,021,377) (4,257,499)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ......................... 375,803,008 881,805,614
Dividends reinvested ................................ 1,853,439 3,435,465
Cost of shares redeemed ............................. (363,396,136) (852,886,536)
------------ ------------
Net Change in net assets from capital share
transactions ........................................ 14,260,311 32,354,543
------------ ------------
NET CHANGE IN NET ASSETS .............................. 14,260,295 32,353,057
NET ASSETS:
Beginning of period ................................. 164,351,375 131,998,318
------------ ------------
End of period (including distributions in excess of
income of $0 and $200, respectively) .............. $178,611,670 $164,351,375
============ ============
(a) The Fund commenced offering Class D Shares on April 1, 1999.
See notes to financial statements
</TABLE>
<PAGE>
REPUBLIC FUNDS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 1999 (UNAUDITED)
1. ORGANIZATION: Republic Money Market Fund (the "Money Market Fund"), Republic
U.S. Government Money Market Fund (the "U.S. Government Money Market Fund")
and Republic New York Tax-Free Money Market Fund (the "New York Tax-Free
Fund") (collectively the "Funds") are separate series of Republic Funds (the
"Trust"), a Massachusetts business trust organized on April 22, 1987, which
as of April 30, 1999, consisted of eight funds, each of which has different
investment objectives and policies. This report contains the financial
statements for the Money Market Fund, U.S. Government Money Market Fund and
New York Tax-Free Money Market Fund only. Financial statements for the other
five funds are published separately. The Trust is registered under the
Investment Company Act of 1940, as amended (the "Act"), as an open-end,
management investment company.
The investment objective of the Money Market Fund is to provide
shareholders of the Fund with liquidity and as high a level of current
income as is consistent with the preservation of capital. The Fund invests
primarily in bank certificates of deposit, bankers' acceptances, prime
commercial paper, corporate obligations, and U.S. government securities.
The investment objective of the U.S. Government Money Market Fund is to
provide it's shareholders with liquidity and as high a level of current
income as is consistent with the preservation of capital. The Fund invests
primarily in issues of the U.S. Treasury, such as bills, notes and bonds,
and issues of U.S. Government agencies and instrumentalities established
under the authority of an Act of Congress.
The investment objective of the New York Tax-Free Money Market Fund is
to provide it's shareholders with liquidity and as high a level of current
income that is exempt from federal, New York State and New York City
personal income taxes as is consistent with the preservation of capital. The
Fund invests primarily in high-quality commercial paper, municipal notes,
including tax and revenue authorization notes, tax anticipation notes, bond
anticipation notes and revenue anticipation notes, that are exempt from
federal, New York State, and New York City personal income tax.
The Funds are authorized to issue five classes of shares, Class A Shares
("Investor Shares"), Class B Shares, Class C Shares, Class D Shares
("Private Investor Shares") and Class Y Shares ("Adviser Shares"). Each
class of shares in each Fund has identical rights and privileges, except
with respect to fees paid under shareholder servicing or distribution plans,
voting rights on matters affecting a single class of shares, and the
exchange privilege of each class of shares.
The Trust retains Republic National Bank of New York ("Republic") as
Investment Adviser ("Adviser") and Custodian and BISYS Fund Services
("BISYS") as Administrator, Distributor and Sponsor ("Sponsor").
2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant
accounting policies followed by the Funds in the preparation of their
financial statements. The policies are in conformity with generally accepted
accounting principles. The preparation of financial statements requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements
and the reported amounts of income and expenses for the year. Actual results
could differ from those estimates.
SECURITIES VALUATION:
Investments of the Funds are valued at amortized cost, which approximates
market value. Under the amortized cost method, discount or premium is
accreted or amortized, respectively, on a constant (straight-line) basis to
the maturity of the security. In addition, the Funds may not (a) purchase
any instrument with a remaining maturity greater than 397 days unless such
investment is subject to a demand feature, or (b) maintain a dollar-weighted
average portfolio maturity which exceeds 90 days.
SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are accounted for on a trade date basis. Interest
income is recognized on the accrual basis and includes, where applicable,
the amortization of premium or accretion of discount. Gains or losses
realized on sales of securities are determined by comparing the identified
cost of the security lot sold with the net sales proceeds.
EXPENSE ALLOCATION:
The Funds bear all costs of their operations other than expenses
specifically assumed by the Adviser or Sponsor. Expenses directly
attributable to a Fund are charged to the Fund. Expenses incurred by the
Trust with respect to any two or more of the Trust's eight funds are
allocated in proportion to the net asset levels of each fund, except where
allocations of direct expenses to each fund can otherwise be made fairly.
Expenses are allocated to each class in proportion to their respective net
asset levels.
FEDERAL INCOME TAXES:
Each Fund is a separate taxable entity for federal income tax purposes. Each
Fund has qualified and intends to continue to qualify as a "regulated
investment company" under Subchapter M of the Internal Revenue Code, as
amended, and to distribute substantially all of its taxable income and net
realized gains, if any, to its shareholders. Accordingly, no provision for
federal income or excise tax is required.
DIVIDENDS TO SHAREHOLDERS:
Dividends from net investment income are declared daily and paid monthly
from each Fund. Distributions from net realized capital gains, if any, are
declared and paid at least annually by the Funds.
REPURCHASE AGREEMENTS:
The Funds may acquire repurchase agreements with an entity which is a member
of the Federal Reserve System or which is a "primary dealer" (as designated
by the Federal Reserve Bank of New York) in U.S. Government obligations. The
repurchase price generally equals the price paid by a Fund plus interest
negotiated on the basis of current short-term rates, which may be more or
less than the rate on the underlying portfolio securities. The seller, under
a repurchase agreement, is required to maintain the value of collateral held
pursuant to the agreement at not less than the repurchase price (including
accrued interest). Collateral subject to repurchase agreements are held by
the Funds' custodian, either physically or in book entry form.
3. RELATED PARTY TRANSACTIONS:
ADVISORY FEES:
The Funds retain Republic to act as Investment Adviser. Republic is
responsible for the Investment management of the Funds' assets, including
the responsibility for making investment decisions and placing orders for
the purchase and sale of each Fund's investments directly with the issuers
or with brokers or dealers selected by it in its discretion. Republic also
furnishes to the Board of Trustees, which has overall responsibility for the
business affairs of the Trust, periodic reports on the investment
performance of the Funds. For its services as Investment Adviser, Republic
receives a fee, payable monthly, at the annual rate of 0.20%, 0.20% and
0.15% of average daily net assets of the Republic Money Market Fund,
Republic U.S. Government Money Market Fund and Republic New York Tax-Free
Money Market Fund, respectively. For the six months ended April 30, 1999,
the advisory fees were $163,102, $1,250,567 and $113,811 of which $139,332,
$0 and $0 were voluntarily waived for the Republic Money Market Fund,
Republic U.S. Government Money Market Fund and Republic New York Tax-Free
Money Market Fund, respectively.
ADMINISTRATION:
The Funds retain BISYS to serve as Administrator, Distributor and Sponsor.
BISYS provides management and administrative services necessary for the
operation of the Funds, furnishes office space and facilities required for
conducting the business of the Funds and pays the compensation of the Funds'
officers. For these services, BISYS receives from the Funds a fee, payable
monthly, at the annual rate of 0.10% of the first $1 billion of the Trust's
average daily net assets; 0.08% of the next $1 billion of the Trust's
average daily net assets, and 0.07% of such assets in excess of $2 billion.
For the six months ended April 30, the administration fees were $81,549,
$623,790 and $83,732 for the Republic Money Market Fund, Republic U.S.
Government Money Market Fund and Republic New York Tax-Free Money Market
Fund, respectively.
CUSTODY
Republic National Bank of New York acts as custodian to the Funds.
DISTRIBUTION PLAN:
The Trust has adopted a noncompensatory Distribution Plan and Agreement (the
"Plan") pursuant to Rule 12b-1 of the Act. The Plan provides for a monthly
payment by the Funds to the Sponsor for amounts representing actual expenses
incurred by the Sponsor for marketing costs and services rendered in
distributing each Fund's shares at a rate not to exceed 0.75%, 0.75%, 0.75%
and 0.25% of the average daily net assets of Class A (Investor) Shares,
Class B Shares, Class C Shares and Class D (Private Investor) Shares of the
Fund, respectively.
SHAREHOLDER SERVICING PLANS:
The Trust has entered into a Shareholder Servicing agreement with its
Shareholder Servicing Agents (which currently consists of Republic and its
affiliates) for providing various shareholder services. The aggregate fees
paid to the Distributor pursuant to the Distribution Plan and to Shareholder
Servicing Agents pursuant to the Shareholder Servicing Agreement,
historically have not exceeded 1.00%, 1.00%, 1.00% and 0.25% per annum of
each Fund's average daily net assets of Class A (Investor) Shares, Class B
Shares, Class C Shares and Class D (Private Investor) Shares, respectivly.
4. CAPITAL SHARE TRANSACTIONS: All capital share transactions have been
effected at a value of $1.00 per share. Transactions in dollars and shares
of beneficial interest for six months ended April 30, 1999:
<TABLE>
<CAPTION>
SIX MONTHS ENDED APRIL 30, 1999
---------------------------------------------------------------------
CLASS D**
CLASS A (PRIVATE CLASS Y
(INVESTOR) CLASS B* INVESTOR) (ADVISER)
SHARES SHARES SHARES SHARES
------ ------ ------ ------
<S> <C> <C> <C> <C>
MONEY MARKET FUND
Shares issued ............... 313,682,623 -- 25,952,873 277,029,896
Shares reinvested ........... 1,401,904 -- 2,640,401 1,288,497
Shares redeemed ............. (153,974,965) -- (10,618,770) (159,226,340)
------------- ----- ----------- ------------
Net change .............. 161,109,562 -- 17,974,504 119,092,053
============= ===== =========== ============
<CAPTION>
CLASS D
CLASS A (PRIVATE CLASS Y
(INVESTOR) CLASS B* INVESTOR) (ADVISER)
SHARES SHARES SHARES SHARES
------ ------ ------ ------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT MONEY MARKET FUND
Shares issued ............... 862,256,911 5,700 428,001,941 321,232,436
Shares reinvested ........... 25,130,376 147 -- 284,442
Shares redeemed ............. (1,050,312,085) -- (41,193,962) (313,239,735)
------------- ----- ----------- ------------
Net change .............. (162,924,778) 5,847 386,807,979 8,277,143
============= ===== =========== ============
<CAPTION>
CLASS D
CLASS A (PRIVATE CLASS Y
(INVESTOR) CLASS B* INVESTOR) (ADVISER)
SHARES SHARES SHARES SHARES
------ ------ ------ ------
<S> <C> <C> <C> <C>
NEW YORK TAX-FREE MONEY MARKET FUND
Shares issued .............. 202,074,272 -- 67,425,861 106,302,875
Shares reinvested .......... 1,771,114 -- -- 82,325
Shares redeemed ............ (240,549,299) -- (21,714,968) (101,131,869)
------------- ----- ----------- ------------
Net change ............. (36,703,913) -- 45,710,893 5,253,331
============= ===== =========== ============
</TABLE>
CAPITAL SHARE TRANSACTIONS (CONTINUED): All capital share transactions have been
effected at a value of $1.00 per share. Transactions in dollars and shares of
beneficial interest for the period ended October 31, 1999:
<TABLE>
<CAPTION>
ONE MONTH PERIOD ENDED OCTOBER 31, 1998
-------------------------------------------------
CLASS A CLASS Y
(INVESTOR) CLASS B (ADVISER)
SHARES SHARES SHARES
---------- -------- ----------
<S> <C> <C> <C>
U.S. GOVERNMENT MONEY MARKET FUND
Shares issued .......................... 137,826,801 -- 53,086,980
Shares reinvested ...................... 3,747,827 8 44,115
Shares redeemed ........................ (74,679,360) -- (47,539,288)
-------------- -------- ------------
Net increase ....................... 66,895,268 8 5,591,807
============== ======== ============
<CAPTION>
YEAR ENDED SEPTEMBER 30, 1998
-------------------------------------------------
CLASS A CLASS Y
(INVESTOR) CLASS B (ADVISER)
SHARES SHARES SHARES
---------- -------- ----------
<S> <C> <C> <C>
Shares issued .......................... 2,040,187,992 112,952 542,310,179
Shares reinvested ...................... 32,415,205 -- 544,713
Shares redeemed ........................ (1,589,996,582) (200) (530,009,014)
-------------- -------- ------------
Net increase ....................... 482,606,615 112,752 12,845,878
============== ======== ============
<CAPTION>
YEAR ENDED OCTOBER 31, 1998
-------------------------------------------------
CLASS A CLASS Y
(INVESTOR) CLASS B (ADVISER)
SHARES SHARES SHARES
---------- -------- ----------
<S> <C> <C> <C>
NEW YORK TAX-FREE MONEY MARKET FUND
Shares issued ......................... 620,474,727 105,074 261,225,813
Shares reinvested ..................... 3,329,003 47 106,415
Shares redeemed ....................... (593,534,570) (105,111) (259,246,855)
-------------- -------- ------------
Net increase ...................... 30,269,160 10 2,085,373
============== ======== ============
* The Funds first began offering Class B Shares on February 2, 1998.
** The Funds first began offering Class D (Private Investor) shares on April 1, 1999
</TABLE>
<PAGE>
REPUBLIC MONEY MARKET FUND
FINANCIAL HIGHLIGHTS - CLASS A (INVESTOR) SHARES
FOR THE
PERIOD
NOVEMBER 12, 1998
(COMMENCEMENT
OF OFFERING)
TO
APRIL 30, 1999
(UNAUDITED)
------------
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD .......... $1.00
-----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................... 0.02
Net realized gains on investment transactions ....... 0.00
-----
Total income from investment operations ................. 0.02
-----
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends to shareholders from net investment income (0.02)
Distributions from realized gains ................... 0.00
-----
Total dividends and distributions ....................... (0.02)
-----
NET ASSET VALUE PER SHARE, END OF PERIOD ................ $1.00
=====
Total return ............................................ 2.12%(b)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ................ $161,110
Ratio of expenses to average net assets ............. 0.50%(c)
Ratio of net investment income to average net assets 4.09%(c)
Ratio of expenses to average net assets (a) ......... 0.65%(c)
Ratio of net investment income to average net assets (a) 3.94%(c)
(a) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(b) Not annualized.
(c) Annualized.
See notes to financial statements
<PAGE>
REPUBLIC MONEY MARKET FUND
FINANCIAL HIGHLIGHTS - CLASS D (PRIVATE INVESTOR) SHARES
FOR THE
PERIOD
APRIL 1, 1999
(DATE OF INITIAL
OFFERING) TO
APRIL 30, 1999
----------------
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ............ $1.00
-----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................. 0.00
Net realized gains on investment transactions ......... 0.00
-----
Total income from investment operations ................... 0.00
-----
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends to shareholders from net investment income .. (0.00)
Distributions from realized gains ..................... 0.00
-----
Total dividends and distributions ......................... (0.00)
-----
NET ASSET VALUE PER SHARE, END OF PERIOD .................. $1.00
=====
Total return .............................................. 0.36%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) .................. $17,975
Ratio of expenses to average net assets ............... 0.50%(b)
Ratio of net investment income to average net assets .. 4.09%(b)
Ratio of expenses to average net assets (a) ........... 0.65%(b)
Ratio of net investment income to average net assets (a) 3.94%(b)
(a) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
See notes to financial statements
<PAGE>
REPUBLIC MONEY MARKET FUND
FINANCIAL HIGHLIGHTS - CLASS Y (ADVISER) SHARES
FOR THE
PERIOD
NOVEMBER 12, 1998
(INCEPTION)
TO
APRIL 30, 1999
(UNAUDITED)
------------------
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD .......... $1.00
-----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................... 0.02
Net realized gains on investment transactions ....... 0.00
-----
Total income from investment operations ................. 0.02
-----
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends to shareholders from net investment income (0.02)
Distributions from realized gains ................... 0.00
-----
Total dividends and distributions ....................... (0.02)
-----
NET ASSET VALUE PER SHARE, END OF PERIOD ................ $1.00
=====
Total return ............................................ 2.25%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ................ $119,092
Ratio of expenses to average net assets ............. 0.25%(b)
Ratio of net investment income to average net assets 4.34%(b)
Ratio of expenses to average net assets (a) ......... 0.40%(b)
Ratio of net investment income to average net assets (a) 4.19%(b)
(a) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
See notes to financial statements
<PAGE>
<TABLE>
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
FINANCIAL HIGHLIGHTS -- CLASS A (INVESTOR) SHARES
<CAPTION>
FOR THE
SIX MONTHS
ENDED ONE MONTH
APRIL 30, PERIOD ENDED YEARS ENDED SEPTEMBER 30,
1999 OCTOBER 31, ----------------------------------------------------------------------
(UNAUDITED) 1998 1998 1997 1996 1995 1994
----------- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE PER
SHARE, BEGINNING OF
PERIOD ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.020 0.004 0.048 0.048 0.049 0.052 0.035
Net realized gains on
investment
transactions ........ 0.000 0.000* 0.000* 0.000* -- -- --
------ ------ ------ ------ ------ ------ ------
Total income from
investment operations . 0.020 0.004 0.048 0.048 0.049 0.052 0.035
------ ------ ------ ------ ------ ------ ------
LESS DIVIDENDS AND
DISTRIBUTIONS:
Dividends to shareholders
from net investment
income .............. (0.020) (0.004) (0.048) (0.048) (0.049) (0.052) (0.035)
Distributions from
realized gains ....... 0.000 0.000 0.000* -- -- -- --
------ ------ ------ ------ ------ ------ ------
Total dividends and
distributions . (0.020) (0.004) (0.048) (0.048) (0.049) (0.052) (0.035)
------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE PER SHARE,
END OF PERIOD .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ====== =======
Total return .. 2.09%(b) 0.39%(b) 5.00% 4.89% 4.98% 5.27% 3.51%
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end
of year (000) ........ $892,357 $1,055,163 $988,236 $505,702 $246,368 $113,218 $100,443
Ratio of expenses to
average net assets ... 0.58%(c) 0.50%(c) 0.52% 0.59% 0.57% 0.58% 0.24%
Ratio of net investment
income to average
net assets ........... 4.14%(c) 4.40%(c) 4.89% 4.80% 4.80% 5.17% 3.50%
Ratio of expenses to
average net assets (a) 0.58%(c) 0.60%(c) 0.62% 0.71% 0.75% 0.78% 0.67%
Ratio of net investment
income to average net
assets (a) .......... 4.14%(c) 4.30%(c) 4.79% 4.68% 4.62% 4.97% 3.08%
- ----------
(a) During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would
have been as indicated.
(b) Not annualized.
(c) Annualized.
* Less than $0.001 per share.
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
FINANCIAL HIGHLIGHTS - CLASS B SHARES
<CAPTION>
FOR THE FOR THE PERIOD
SIX MONTHS ONE MONTH FEBRUARY 2, 1998
ENDED PERIOD (COMMENCEMENT OF
APRIL 30, ENDED OFFERING) TO
1999 OCTOBER 31, SEPTEMBER 30,
(UNAUDITED) 1998 1998
------- -------- ---------
<S> <C> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD $1.00 $1.00 $1.00
----- ----- -----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................... 0.020 0.003 0.002
Net realized losses on investment
transactions .............................. 0.000 0.000* 0.000
----- ----- -----
Total income from investment operations ....... 0.020 0.003 0.002
----- ----- -----
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends to shareholders from net investment
income .................................... (0.020) (0.003) (0.002)
Distributions from realized gains ........... 0.000 0.000 0.000
----- ----- -----
Total dividends and distributions ............. (0.020) (0.003) (0.002)
----- ----- -----
NET ASSET VALUE PER SHARE, END OF PERIOD ..... $1.00 $1.00 $1.00
===== ===== =====
Total return .................................. 1.70%(b) 0.32%(b) 0.22%(b)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ........ $119 $113 $113
Ratio of expenses to average net assets ..... 1.32%(c) 1.25%(c) 1.27%(c)
Ratio of net investment income to average net
assets .................................... 3.39%(c) 3.65%(c) 4.14%(c)
Ratio of expenses to average net assets (a) . 1.32%(c) 1.35%(c) 1.37%(c)
Ratio of net investment income to average net
assets (a) ................................ 3.39%(c) 3.55%(c) 4.04%(c)
(a) During the year, certain fees were voluntarily reduced. If such voluntary fee reductions had not
occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
* Less than $0.001 per share.
See notes to financial statements
</TABLE>
<PAGE>
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
FINANCIAL HIGHLIGHTS - CLASS D (PRIVATE INVESTOR) SHARES
FOR THE
PERIOD
APRIL 1, 1999
(DATE OF INITIAL
OFFERING) TO
APRIL 30, 1999
----------------
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ............ $1.00
-----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................. 1.000
Net realized gains on investment transactions ......... (1.000)
-----
Total income from investment operations ................... 0.000
-----
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends to shareholders from net investment income .. (0.000)
Distributions from realized gains ..................... 0.000
-----
Total dividends and distributions ......................... (0.000)
-----
NET ASSET VALUE PER SHARE, END OF PERIOD .................. $1.00
=====
Total return .............................................. 0.33%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) .................. $386,785
Ratio of expenses to average net assets ............... 0.58%(b)
Ratio of net investment income to average net assets .. 4.14%(b)
Ratio of expenses to average net assets (a) ........... 0.58%(b)
Ratio of net investment income to average net assets .. 4.14%(b)
(a) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
* Less than $0.001 per share.
See notes to financial statements
<PAGE>
<TABLE>
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
FINANCIAL HIGHLIGHTS -- CLASS Y (ADVISER) SHARES
<CAPTION>
FOR THE
SIX MONTHS FOR THE PERIOD
ENDED ONE MONTH YEAR ENDED JULY 1, 1996
APRIL 30, PERIOD ENDED SEPTEMBER 30, (COMMENCEMENT
1999 OCTOBER 31, ------------------------ OF OFFERING) TO
(UNAUDITED) 1998 1998 1997 SEPTEMBER 30, 1996
----------- - ------------ ---- ---- ------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE PER SHARE,
BEGINNING OF PERIOD ...... $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .... 0.02 0.004 0.058 0.050 0.012
Net realized gains on
investment transactions 0.00 0.000 0.000* 0.000* --
----- ----- ----- ----- -----
Total income from investment
operations ............... 0.02 0.004 0.058 0.050 0.012
----- ----- ----- ----- -----
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends to shareholders
from net investment
income ................. (0.02) (0.004) (0.058) (0.050) (0.012
Distributions from
realized gains ......... 0.00 0.000 0.000* -- --
----- ----- ----- ----- -----
Total dividends and
distributions ............ (0.02) (0.004) (0.058) (0.050) (0.012)
----- ----- ----- ----- -----
NET ASSET VALUE PER SHARE,
END OF PERIOD ............ $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== =====
Total return ............... 2.22%(c) 0.41%(c) 5.27% 5.15% 1.24%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of
period (000's) ......... $42,897 $34,617 $29,023 $16,180 $1,413
Ratio of expenses to
average net assets ..... 0.34%(b) 0.25%(b) 0.27% 0.33% 0.43%(b)
Ratio of net investment
income to average net
assets ................. 4.39%(b) 4.65%(b) 5.14% 5.06% 4.90%(b)
Ratio of expenses to
average net assets (a) . 0.34%(b) 0.35%(b) 0.37% 0.45% 0.61%(b)
Ratio of net investment
income to average net
assets (a) ............. 4.39%(b) 4.55%(b) 5.04% 4.94% 4.72%(b)
(a) During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred,
the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
* Less than $0.001 per share.
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
REPUBLIC NEW YORK TAX-FREE MONEY MARKET FUND
FINANCIAL HIGHLIGHTS -- CLASS A (INVESTOR) SHARES
<CAPTION>
FOR THE
SIX MONTHS FOR THE PERIOD
ENDED NOVEMBER 17, 1994
APRIL 30, FOR THE YEAR ENDED OCTOBER 31, (COMMENCEMENT
1999 ---------------------------------- OF OFFERING) TO
(UNAUDITED) 1998 1997 1996 OCTOBER 31, 1995
----------- ---- ---- ---- ----------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE PER SHARE,
BEGINNING OF PERIOD ... $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ... 0.010 0.029 0.030 0.030 0.033
Net realized losses on
investment transactions (0.00) 0.000* 0.000* -- --
----- ----- ----- ----- -----
Total income from
investment operations ... 0.010 0.029 0.030 0.030 0.033
----- ----- ----- ----- -----
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends to shareholders
from net investment
income ................ (0.010) (0.029) (0.030) (0.030) (0.030
----- ----- ----- ----- -----
Total dividends and
distributions ........... (0.010) (0.029) (0.030) (0.030) (0.030)
----- ----- ----- ----- -----
NET ASSET VALUE PER SHARE,
END OF PERIOD ........... $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== =====
Total return .............. 1.13%(c) 2.95% 3.01% 3.04% 3.31%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of
period (000's) ........ $116,881 $153,592 $123,324 $78,594 $52,652
Ratio of expenses to
average net assets .... 0.58%(b) 0.58%(b) 0.60% 0.54% 0.41%(b)
Ratio of net investment
income to average net
assets ................ 2.36%(b) 2.90%(b) 2.98% 2.97% 3.45%(b)
Ratio of expenses to
average net assets (a) 0.58%(b) 0.66% 0.72% 0.63% 0.65%(b)
Ratio of net investment
income to average net
assets (a) ............ 2.36%(b) 2.82% 2.86% 2.88% 3.20%(b)
(a) During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred,
the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
* Less than $0.001 per share.
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
REPUBLIC NEW YORK TAX-FREE MONEY MARKET FUND
FINANCIAL HIGHLIGHTS -- CLASS B SHARES
<CAPTION>
FOR THE FOR THE PERIOD
SIX MONTHS APRIL 29, 1998
ENDED (COMMENCEMENT
APRIL 30, OF OFFERING) TO
1989 OCTOBER 31,
(UNAUDITED) 1998
------------ ---------------
<S> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD .................... $1.00 $1.00
----- -----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................... -- 0.012
Net realized losses on investment transactions .................. -- 0.000*
----- -----
Total income from investment operations ........................... -- 0.000
----- -----
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends to shareholders from net investment income ............ --* (0.012)
Total dividends and distributions ............................... -- (0.012)
----- -----
NET ASSET VALUE PER SHARE, END OF PERIOD .......................... $1.00 $1.00
===== =====
Total return ...................................................... 0.00%(c) 1.24%
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period .................................... $10 $10
Ratio of expenses to average net assets ......................... 0.00%(b) 1.33%
Ratio of net investment income to average net assets ............ 0.00%(b) 2.15%
Ratio of expenses to average net assets (a) ..................... 0.00%(b) 1.41%
Ratio of net investment income to average net assets (a) ........ 0.00%(b) 2.07%
- ----------
(a) During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not
occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
* Less than $0.001 per share.
See notes to financial statements
</TABLE>
<PAGE>
REPUBLIC NEW YORK TAX-FREE MONEY MARKET FUND
FINANCIAL HIGHLIGHTS - CLASS D (PRIVATE INVESTOR) SHARES
FOR THE
PERIOD
APRIL 1, 1999
(DATE OF INITIAL
OFFERING) TO
APRIL 30, 1999
----------------
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ............ $1.00
-----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................. 0.00*
Net realized losses on investment transactions ........ 0.00*
-----
Total income from investment operations ................... 0.00
-----
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends to shareholders from net investment income .. (0.00)*
-----
Total dividends and distributions ..................... (0.00)
-----
NET ASSET VALUE PER SHARE, END OF PERIOD .................. $1.00
=====
Total return .............................................. 0.20%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) .................. $45,717
Ratio of expenses to average net assets ............... 0.58%(b)
Ratio of net investment income to average net assets .. 2.36%(b)
Ratio of expenses to average net assets (a) ........... 0.58%(b)
Ratio of net investment income to average net assets (a) 2.36%(b)
(a) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
* Less than $0.001 per share.
See notes to financial statements
<PAGE>
<TABLE>
REPUBLIC NEW YORK TAX-FREE MONEY MARKET FUND
FINANCIAL HIGHLIGHTS - CLASS Y (ADVISOR) SHARES
<CAPTION>
FOR THE
FOR THE PERIOD
SIX MONTHS JULY 1, 1996
ENDED (COMMENCEMENT
APRIL 30, FOR THE YEAR ENDED OCTOBER 31, OF OFFERING) TO
1999 ----------------------------- OCTOBER 31,
(UNAUDITED) 1998 1997 1996
---------- ---- ---- ---------------
<S> <C> <C> <C> <C>
NET ASSET VALUE PER
SHARE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00
----- ----- ----- -----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.010 0.031 0.032 0.010
Net realized losses on
investment transactions 0.000 0.000* 0.000* --
----- ----- ----- -----
Total income from
investment operations .. 0.010 0.031 0.032 0.010
----- ----- ----- -----
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends to shareholders
from net investment
income ............... (0.010) (0.031) (0.032) (0.010)
----- ----- ----- -----
Total dividends and
distributions ........ (0.010) (0.031) (0.032) (0.010)
----- ----- ----- -----
NET ASSET VALUE PER
SHARE, END OF PERIOD .. $1.00 $1.00 $1.00 $1.00
===== ===== ===== =====
Total return ............. 1.26(c) 3.21% 3.27% 1.03%(e)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of
period (000's) ....... $16,013 $10,759 $8,674 $3,714
Ratio of expenses to
average net assets ... 0.33%(b) 0.33% 0.35% 0.35%(b)
Ratio of net
investment income to
average net assets ... 2.61%(b) 3.15% 3.23% 3.12%(b)
Ratio of expenses to
average net assets (a) 0.33%(b) 0.41% 0.47% 0.45%(b)
Ratio of net investment
income to average net
assets (a) .......... 2.61%(b) 3.07% 3.13% 3.02%(b)
(a) During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not
occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
* Less than $0.001 per share.
See notes to financial statements
</TABLE>
<PAGE>
- ----------
R E P U B L I C
F U N D S
INVESTMENT ADVISER & CUSTODIAN
Republic National Bank of New York
452 Fifth Avenue
New York, NY 10018
ADMINISTRATOR, TRANSFER AGENT,
DISTRIBUTOR, AND SPONSOR
BISYS Fund Services, Inc.
3435 Stelzer Road
Columbus, OH 43219
INDEPENDENT AUDITORS
KPMG Peat Marwick LLP
99 High Street
Boston, MA 02110
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
SHAREHOLDER SERVICING AGENTS:
Republic National Bank of New York
Republic Bank for Savings
452 Fifth Avenue
New York, NY 10018
(800) 522-5214
FOR NON-REPUBLIC CLIENTS:
Republic Funds
P.O. Box 18245
Columbus, OH 43218-2845
(800) 782-8183
5/99
