<PAGE>
[GRAPHIC OMMITTED]
REPUBLIC BOND FUND
REPUBLIC
NEW YORK TAX-FREE
BOND FUND
REPUBLIC EQUITY FUND
SEMI-ANNUAL REPORT
- ------------------
APRIL 30, 1999
REPUBLIC
OVERSEAS EQUITY FUND
REPUBLIC
OPPORTUNITY FUND
[logo] REPUBLIC FAMILY OF FUNDS
<PAGE>
REPUBLIC FUNDS
SEMI-ANNUAL REPORT - APRIL 30, 1999 (UNAUDITED)
TABLE OF CONTENTS
PAGE
President's Message ........................................... 1
Commentary from the Investment Adviser ........................ 2
REPUBLIC FUNDS
REPUBLIC NEW YORK TAX-FREE BOND FUND AND REPUBLIC EQUITY FUND
Schedules of Investments ...................................... 13
Statements of Assets and Liabilities .......................... 23
Statements of Operations ...................................... 25
Statements of Changes in Net Assets ........................... 26
REPUBLIC BOND FUND, REPUBLIC OVERSEAS EQUITY FUND AND
REPUBLIC OPPORTUNITY FUND
Statements of Assets and Liabilities .......................... 28
Statements of Operations ...................................... 29
Statements of Changes in Net Assets ........................... 30
Notes to Financial Statements ................................. 33
Financial Highlights .......................................... 45
REPUBLIC FIXED INCOME PORTFOLIO, REPUBLIC INTERNATIONAL EQUITY
PORTFOLIO, REPUBLIC SMALL CAP EQUITY PORTFOLIO
Schedules of Investments ...................................... 62
Statements of Assets and Liabilities .......................... 85
Statements of Operations ...................................... 86
Statements of Changes in Net Assets ........................... 87
Notes to Financial Statements ................................. 90
Financial Highlights .......................................... 97
<PAGE>
PRESIDENT'S MESSAGE
June 1999
DEAR SHAREHOLDER:
We are very pleased to present you with the semi-annual reports for the
Republic 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 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, including portfolio holdings for the Republic 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>
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-run 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.
GLOBAL ECONOMIC REVIEW
Although the global economy remains fragile, deflationary pressures appear
to be abating and the economies of developing countries are showing signs of
stabilizing. This improvement has occurred despite potentially disruptive
events including the devaluation of the Brazilian Real and the introduction of
the new Euro currency early in 1999. In Europe, fears that economic growth
might continue slowing prompted the new European Central Bank to initiate its
first ever cut in short-term interest rates in early April. This follows
similar action by the Bank of England in February. Monetary authorities hope
that this action, combined with the roughly 5% depreciation in the Euro
currency during the first quarter, will stimulate consumption and export
growth. This appears to be a low risk initiative given the stable inflation
and the dampening effect of higher oil prices. Observers are awaiting signs
that the massive government stimulus packages now in place in Japan will have
the intended effect. Increased consumer spending is desperately needed but is
being thwarted by high jobless numbers and a historically high savings rate.
Emerging market economies are also stabilizing, helped by continued strength
in the U.S. economy, higher oil prices benefiting oil-producing countries and
quicker-than-expected improvement in Brazil's financial outlook following the
currency devaluation. However, the global economy continues to be subject to
risks from excess manufacturing capacity, potential vulnerability to the
Kosovo crisis and the threat of renewed weakness in Japan.
MARKET ENVIRONMENT
U.S. stocks continued their climb upward during the first half of the
fiscal year. Highlighting the first six months was the Dow Jones Industrial
Average surpassing the 10,000 level for the first time. Large capitalization
issues continued to outpace smaller issues. Equity markets were supported by
increased confidence in the economic outlook, stable interest rates and
earnings reports generally in line with optimistic forecasts. International
markets rebounded from a slow start in fiscal year 1998. Most Pacific Rim
markets posted strong gains which more than offset lackluster performance of
the European markets.
U.S. fixed income markets saw a turn of events during the first half of
the fiscal year. This reflected the further unwinding of the "flight to
quality" mentality that overwhelmed the market for U.S. government issues as
global equity markets collapsed in 1998 and signs that the U.S. economy was
slowing less than expected. As further evidence of the return to more normal
sector relationships, domestic corporate indices outperformed the government
counterparts as yield spreads narrowed.
<PAGE>
REPUBLIC NEW YORK TAX-FREE BOND FUND
The Republic New York Tax-Free Bond Fund (the "Fund") returned 1.49%(1)
for Class A (Investor Shares), 1.16%(2) for Class B Shares and 1.09%(3) for
Class C Shares, for the six months ended April 30, 1999, compared to 1.34% for
the Lipper NY Municipal Bond Fund Index.(4) As of April 30, 1999, the Fund's
duration (interest rate sensitivity) was 6.38 years(5) while the 30-day SEC
yield was 3.70%(1) for Class A Shares, 3.02% for Class B Shares and 2.91% for
Class C Shares.(6)
Expectations for a continued decline in domestic yields were not realized
during the first half of the fiscal year, as strong economic growth drove
yields on most domestic fixed income assets classes to levels not seen since
the Russian devaluation crisis in the summer of 1998. The market perception of
the Federal Reserve's policy has shifted during this time from an easing bias
to certainly neutral with an underlying bias to tighten. The municipal market
held up better than the taxable market in the first quarter of 1999 due to a
decline in origination and a healthy appetite from retail investors
reinvesting large January coupon payments. The Fund continues to focus on the
intermediate sector of the yield curve. This area of the yield curve
underperformed the rest of the market in the first quarter as investors
focused either on maximum yield in the 20+ year area of the curve or
cautiously sought safety in the front end of the yield curve. Over time the
intermediate area of the curve will produce the best returns.
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED INCEPTION TO
AVERAGE ANNUAL TOTAL RETURN 04/30/99 04/30/99
- --------------------------------------------------------------------------------
% return without deducting Class A(1) 1.49% 7.14%
maximum sales charge Class B(2) 1.16% 6.93%
Class C(3) 1.09% 6.69%
- --------------------------------------------------------------------------------
% return after deducting Class A(1) -1.31% 6.41%
maximum sales charge Class B(2) -1.84% 6.93%
Class C(3) 0.09% 6.69%
- --------------------------------------------------------------------------------
30-day SEC Yield with Class A(1) 3.70%
fee waivers Class B(2) 3.02%
Class C(3) 2.91%
- ------------------------------------------------------------
30-day SEC Yield without Class A(1) 3.45%
fee waivers Class B(2) 2.77%
Class C(3) 2.66%
- ------------------------------------------------------------
(1) Maximum sales charge for Class A Shares is 2.75% of the public offering
price. Class A Shares bear ongoing 12b-1 fees and distribution fees of 0.25%
of the daily net assets of Class A Shares. These Class A expenses are
reflected in the performance data. The total return set forth reflects the
waiver and reimbursement of a portion of the Fund's fees. Without waivers of
fees, total return for the period would have been lower.
(2) Maximum contingent deferred sales charge for Class B Shares is 3% and is
reduced to 0% after three years. Class B Shares bear ongoing 12b-1 fees and
distribution fees of 1% of the daily net assets of Class B Shares. These
Class B expenses are reflected in the performance data.
(3) Maximum contingent deferred sales charge for Class C Shares is 1% and is
reduced to 0% after one year. Class C Shares bear ongoing 12b-1 fees and
distribution fees of 1% of the daily net assets of Class C Shares. These
Class C expenses are reflected in the performance data. The Class C returns
reflect the returns of the Class A shares, as adjusted for Class C expenses,
for the period up to commencement of the Class C Shares on November 4, 1998.
(4) Lipper NY Municipal Bond Fund Index is an equally weighted index composed of
the 30 largest mutual funds within this investment objective.
(5) Portfolio composition is subject to change.
The performance data quoted represents past performance and is not an
indication of future results. The investment return and net asset value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost.
<PAGE>
REPUBLIC EQUITY FUND
The Republic Equity Fund (the "Fund") returned 21.32%(1), for Class A
(Investor Shares), 20.83%(2) for Class B Shares and 19.76%(3) for Class C
Shares for the six months ended April 30, 1999, compared to 23.71% for the
Lipper Growth Fund Index(4) and 22.53% for the Russell 1000 Index.(5)
During the first six months, the Fund benefited from the strong
performance of large capitalization stocks as the U.S. equity market continued
its advance. U.S. interest rates appear to have stabilized and domestic
inflation remains subdued while unemployment is near a thirty year low. All
this makes for a confident consumer and a strong U.S. economy with
expectations of 1999 GDP growth of approximately 3.6%. Within the large
capitalization segment, growth issues outpaced value issues during the first
six months of the fiscal year.
As of April 30, 1999, the Fund's portfolio held 119 securities. The top
sector weightings were approximately 24.7% Technology and Communications,
18.9% Consumer Products and Services, 13.9% Banking & Finance and 10.4%
Pharmaceuticals.(6)
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SIX MONTHS
ENDED INCEPTION
AVERAGE ANNUAL TOTAL RETURN 04/30/99 TO 04/30/99
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% return without deducting Class A(1) 21.32% 24.61%
maximum sales charge Class B(2) 20.83% 23.77%
Class C(3) 19.76% 23.48%
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% return after deducting Class A(1) 17.10% 23.44%
maximum sales charge Class B(2) 16.83% 22.77%
Class C(3) 18.76% 23.48%
- --------------------------------------------------------------------------------
(1) Maximum sales charge for Class A Shares is 3.5% of the public offering
price. Class A Shares bear ongoing 12b-1 fees and distribution fees of 0.25%
of the daily net assets of Class A Shares. These Class A expenses are
reflected in the performance data.
(2) Maximum contingent deferred sales charge for Class B Shares is 4% and is
reduced to 0% after four years. Class B Shares bear ongoing 12b-1 fees and
distribution fees of 1% of the daily net assets of Class B Shares. These
Class B expenses are reflected in the performance data.
(3) Maximum contingent deferred sales charge for Class C Shares is 1% and is
reduced to 0% after one year. Class C Shares bear ongoing 12b-1 fees and
distribution fees of 1% of the daily net assets of Class C Shares. The Class
C returns reflect the returns of the Class A Shares, as adjusted for Class C
expenses, for the period up to commencement of the Class C Shares on
November 4, 1998.
(4) Lipper Growth Fund Index is an equally weighted index composed of the 30
largest mutual funds within this investment objective.
(5) The Russell 1000 Index consists of the largest 1000 companies in the Russell
3000 Index. This index represents the universe of large capitalization
stocks from which most active money managers typically select.
(6) Portfolio composition is subject to change.
The performance data quoted represents past performance and is not an
indication of future results. The investment return and net asset value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost.
<PAGE>
REPUBLIC BOND FUND
The Republic Bond Fund (the "Fund") returned 2.25%(1) for Class A
(Investor Shares), 1.92%(2) for Class B Shares and 1.93%(3) for Class C Shares
for the six months ended April 30, 1999, compared to 0.99% for the Lipper A
Rated Bond Fund Index(4) and 0.73% for the Salomon Broad Bond Investment Grade
Bond Index.(5) As of April 30, 1999, the annualized 30-day SEC yield was 5.14%
for Class A Shares, 4.75% for Class B Shares and 4.76% for Class C Shares.
During the last six months, the Fund benefited from strong performance in
corporates and mortgages relative to Treasuries, continuing a trend that has
been in place since the end of the "flight-to-quality" Treasury rally. The
Fund maintains an overweight in both corporates and mortgages relative to the
benchmark as yield spreads are still above long term averages, and trends in
overall corporate credit quality and mortgage prepayment speeds remain
favorable. As longer maturities remain attractive to lower yielding
intermediaries, the Fund continues to have a modest yield-curve strategy
involving an underweight in intermediaries in favor of longer maturities. Real
interest rates in the U.S. remained at or above those prevailing in the other
major industrialized countries and therefore the Fund continues to have no
allocation to non-dollar securities within the portfolio.(6)
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SIX MONTHS
ENDED INCEPTION
AVERAGE ANNUAL TOTAL RETURN 04/30/99 TO 04/30/99
- --------------------------------------------------------------------------------
% return without deducting Class A(1) 2.25% 8.60%
maximum sales charge Class B(2) 1.92% 7.80%
Class C(3) 1.93% 7.85%
- --------------------------------------------------------------------------------
% return after deducting Class A(1) -0.58% 7.91%
maximum sales charge Class B(2) -1.08% 7.80%
Class C(3) 0.93% 7.85%
- --------------------------------------------------------------------------------
30-day SEC Yield with fee Class A(1) 5.14%
waivers Class B(2) 4.75%
Class C(3) 4.76%
- ------------------------------------------------------------
30-day SEC Yield without Class A(1) 4.74%
fee waivers Class B(2) 4.35%
Class C(3) 4.36%
- ------------------------------------------------------------
(1) Maximum sales charge for Class A Shares is 2.75% of the public offering
price. Class A Shares bear ongoing 12b-1 fees and distribution fees of 0.25%
of the daily net assets of Class A Shares. These Class A expenses are
reflected in the performance data. The total return set forth reflects the
reimbursement of a portion of the Fund's expenses. Without reimbursement of
expenses, total return for the period would have been lower.
(2) Maximum contingent deferred sales charge for Class B Shares is 3% and is
reduced to 0% after three years. Class B Shares bear ongoing 12b-1 fees and
distribution fees of 1% of the daily net assets of Class B Shares. These
Class B expenses are reflected in the performance data.
(3) Maximum contingent deferred sales charge for Class C Shares is 1% and is
reduced to 0% after one year. Class C Shares bear ongoing 12b-1 fees and
distribution fees of 1% of the daily net assets of Class C Shares. These
Class C expenses are reflected in the performance data. The Class C returns
reflect the returns of the Class A shares, as adjusted for Class C expenses,
for the period up to commencement of the Class C Shares on November 4, 1998.
(4) Lipper A Rated Bond Fund Index is an equally weighted index composed of the
30 largest mutual funds within this investment objective.
(5) Salomon Broad Investment Grade Bond Index is an unmanaged market
capitalization weighted index which includes fixed rate treasury, government
sponsored, corporate and mortgage securities. All issues mature in one year
and have at least $50 million face amount outstanding for entry into the
Index.
(6) Portfolio composition is subject to change.
The performance data quoted represents past performance and is not an
indication of future results. The investment return and net asset value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost.
<PAGE>
REPUBLIC OVERSEAS EQUITY FUND
The Republic Overseas Equity Fund (the "Fund") returned 23.04%(1) for
Class A (Investor Shares), 22.47%(2) for Class B Shares and 20.73%(3) for
Class C Shares for the six months ended April 30, 1999, compared to 14.05% for
the Lipper International Equity Fund Index(4) and 15.44% for the MSCI EAFE
Index.(5)
Japan continued on the road to recovery. The Japanese government's efforts
to recapitalize the banking sector and stimulate the economy may have
prevented the stock market's further decline. The Fund anticipates further
consolidation and restructuring and greater earnings growth in Europe in the
near term. With the advent of the Euro and the convergence of exchange rates,
interest rates, and monetary policy, bottom-up stock selection will be
critical and country and currency selection lose relevance. Compared to it's
benchmark, the MSCI EAFE Index, the Fund remained most significantly
underweighted in France, Switzerland, and the United Kingdom, and overweighted
in Finland, Canada and Australia.(6)
As of April 30, 1999, the Republic International Equity Portfolio (the
"Portfolio"), in which the Fund invests all of its investable assets, was
broadly diversified with 140 equity holdings representing 22 countries. The
Portfolio's weightings by geographical region were as follows: Europe 51.9%,
Japan 22.1%, Pacific Ex- Japan 4.5%, and 21.5% in other regions. The largest
five holdings of the Portfolio represent 11.9% of the Portfolio: Mannesmann AG
(Germany: machinery & engineering), Tokyo Electron (Japan: electronic
products), Nokia (Finland: telecommunications), Siemens AG (Germany:
industrial & consumer products), Deutsche Telekom (Germany: telecom
services).(6)
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SIX MONTHS
ENDED INCEPTION
AVERAGE ANNUAL TOTAL RETURN 04/30/99 TO 04/30/99
- --------------------------------------------------------------------------------
% return without deducting Class A(1) 23.04% 13.82%
maximum sales charge Class B(2) 22.47% 13.05%
Class C(3) 20.73% 12.14%
- --------------------------------------------------------------------------------
% return after deducting Class A(1) 18.75% 12.89%
maximum sales charge Class B(2) 18.47% 12.05%
Class C(3) 19.73% 12.14%
- --------------------------------------------------------------------------------
(1) Maximum sales charge for Class A Shares is 3.5% of the public offering
price. Class A Shares bear ongoing 12b-1 fees and distribution fees of 0.25%
of the daily net assets of Class A Shares. These Class A expenses are
reflected in the performance data.
(2) Maximum contingent deferred sales charge for Class B Shares is 4% and is
reduced to 0% after four years. Class B Shares bear ongoing 12b-1 fees and
distribution fees of 1% of the daily net assets of Class B Shares. These
Class B expenses are reflected in the performance data.
(3) Maximum contingent deferred sales charge for Class C Shares is 1% and is
reduced to 0% after one year. Class C Shares bear ongoing 12b-1 fees and
distribution fees of 1% of the daily net assets of Class C Shares. The Class
C returns reflect the returns of the Class A Shares, as adjusted for Class C
expenses, for the period up to commencement of the Class C Shares on
November 4, 1998
(4) Lipper International Equity Fund Index is an equally weighted index composed
of the 30 largest mutual funds in this investment objective.
(5) MSCI EAFE Index based on the share prices of approximately 1,600 companies
listed on stock exchanges in the 22 developed countries that make up the
MSCI National Indices.
(6) Portfolio composition is subject to change.
The performance data quoted represents past performance and is not an
indication of future results. The investment return and net asset value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost.
International investing involves increased risk and volatility.
<PAGE>
REPUBLIC OPPORTUNITY FUND
The Republic Opportunity Fund (the "Fund") returned 11.31%(1) for Class A
(Investor Shares), 10.88%(2) for Class B Shares and 9.47%(3) for Class C
Shares for the six months ended April 30, 1999, compared to 14.75% for the
Lipper Small Company Fund Index(4) and 15.16% for the Russell 2000 Index.(5)
The positive stock market momentum continued during the first six months
of the fiscal year, although the U.S. equity market was characterized by
further narrowing. Smaller stocks did not keep pace with the larger issues and
value-oriented stocks lost ground to growth stocks across the capitalization
spectrum, with the largest gap occurring at the small cap end of the market.
The Technology, Energy, Leisure, Retailing, Financial Services, and Special
Services and Products sectors outperformed the market during this time frame,
though individual stock performance varied significantly within each group.
Looking forward, the Fund will continue to seek fundamentally strong
companies to add to the portfolio and will maintain its long-term approach to
equity investing. The focus on finding stocks with strong revenue and EPS
growth, growth at a reasonable price and second-chance opportunities (stocks
that have lost favor in the eyes of the investors but which still show sound
fundamentals) will continue to be key to the Fund's small cap growth equity
investment discipline. The environment of favorable corporate earnings,
increasing productivity, and low inflation should continue to support equity
markets. The Fund will continue to search for companies that can sustain their
earnings growth.
As of April 30, 1999, the Small Cap Equity Portfolio (the "Portfolio"), in
which the Fund invests all of its investable assets, was broadly diversified
in company securities. The top sector weightings were approximately 16.4%
Computer Software & Services, 18.3% Business Services, 9.8% Telecommunications
and 8.9% Medical, Health Technology & Services.(6)
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SIX MONTHS
ENDED INCEPTION
AVERAGE ANNUAL TOTAL RETURN 04/30/99 TO 04/30/99
- --------------------------------------------------------------------------------
% return without Class A(1) 11.31% 11.06%
deducting Class B(2) 10.88% 11.13%
maximum sales charge Class C(3) 9.47% 11.48%
- --------------------------------------------------------------------------------
% return after Class A(1) 7.43% 9.56%
deducting Class B(2) 6.88% 9.13%
maximum sales charge Class C(3) 8.47% 9.48%
- --------------------------------------------------------------------------------
(1) Maximum sales charge for Class A Shares is 3.5% of the public offering
price. Class A Shares bear ongoing 12b-1 fees and distribution fees of 0.25%
of the daily net assets of Class A Shares. These Class A expenses are
reflected in the performance data.
(2) Maximum contingent deferred sales charge for Class B Shares is 4% and is
reduced to 0% after four years. Class B Shares bear ongoing 12b-1 fees and
distribution fees of 1% of the daily net assets of Class B Shares. These
Class B expenses are reflected in the performance data.
(3) Maximum contingent deferred sales charge for Class C Shares is 1% and is
reduced to 0% after one year. Class C Shares bear ongoing 12b-1 fees and
distribution fees of 1% of the daily net assets of Class C Shares. The Class
C returns reflect the returns of the Class A Shares, as adjusted for Class C
expenses, for the period up to commencement of the Class C Shares on
November 4, 1998
(4) Lipper Small Company Fund Index is an equally weighted index composed of the
30 largest mutual funds in this investment objective
(5) Russell 2000 Index is a broad index of equity securities of small
capitalization U.S. companies.
(6) Portfolio composition is subject to change.
The performance data quoted represents past performance and is not an
indication of future results. The investment return and net asset value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost
Small company funds typically carry additional risks since smaller companies
generally have higher company specific risk, and historically, their stocks
have experienced a greater degree of market volatility than larger company
stocks on average.
This material must be preceded or accompanied by a current prospectus.
<PAGE>
<TABLE>
REPUBLIC NEW YORK TAX-FREE BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1999
<CAPTION>
RATINGS
PRINCIPAL MOODY'S/ VALUE
AMOUNT DESCRIPTION MATURITY S&P(c) (NOTE 2)
------ ----------- -------- ------ --------
<S> <C> <C> <C> <C>
NEW YORK MUNICIPAL
OBLIGATIONS (94.6%) (a)
500,000 Brookhaven, General Obligation, FGIC
Insured, 5.500% .................. 10/1/12 Aaa/AAA $ 534,655
250,000 Erie County, General Obligation -
Series B, FGIC Insured, 5.375% ... 6/15/07 Aaa/AAA 268,263
600,000 Essex County Industrial Development
Agency Pollution Contr, 5.550% ... 1/1/14 A3/BBB- 632,370
285,000 Metropolitan Transit Authority of
New York, Transportation Facility
Revenue - Series C-1, 5.750% ..... 7/1/13 Baa1/BBB+ 310,556
1,000,000 Metropolitan Transit Authority of
New York, Transportation Facility
Revenue - Series C-1, FGIC
Insured, 5.250% .................. 7/1/17 Aaa/AAA 1,022,470
100,000 Nassau County, General Obligation,
MBIA Insured, 5.400% ............. 5/1/11 Aaa/AAA 107,364
575,000 Nassau County, Hofstra University,
Revenue, MBIA Insured, 5.250% . 7/1/10 Aaa/AAA 610,679
1,000,000 New York City Housing Development
Corporation, Multi Family, 5.750% 11/1/18 Aa2/AA 1,052,040
1,000,000 New York City Industrial Development
Agency, Special Facilities,
Revenue, Terminal One Group
Project, AMT, 6.000% ............. 1/1/15 A3/A 1,062,370
750,000 New York City Municipal Water and
Sewer Finance Authority, Revenue -
Series A, 5.750% ................. 6/15/16 A1/A 802,793
800,000 New York City, General Obligation -
Series B, FGIC Insured ........... 10/1/22 Aaa/AAA 800,000
1,000,000 New York City, General Obligation -
Series H, 6.000% ................. 8/1/14 A3/A- 1,094,450
1,000,000 New York City, General Obligation -
Series L, 5.875% ................. 8/1/15 A3/A- 1,080,280
375,000 New York State Dormitory Authority,
Revenue, 6.250% .................. 5/15/17 A3/AAA 416,978
1,000,000 New York State Dormitory Authority,
Revenue - Series A, AMBAC-TCRS
Insured, 5.625% .................. 7/1/16 Aaa/AAA 1,096,289
1,000,000 New York State Dormitory Authority,
Revenue, Court Faciliti, 5.625% .. 5/15/13 A3/BBB 1,039,880
1,000,000 New York State Dormitory Authority,
Revenue, Department of Health,
5.750% ........................... 7/1/17 Baa1/BBB+ 1,050,420
200,000 New York State Dormitory Authority,
Revenue, Memorial Sloan Kettering
Hospital, MBIA Insured, 5.250% ... 7/1/11 Aaa/AAA 211,138
225,000 New York State Dormitory Authority,
Revenue, Mental Health Service
Facility - Series B, 6.500% ...... 8/15/11 A3/A 259,619
1,000,000 New York State Dormitory Authority,
Revenue, Mental Health Services -
Series B, 5.500% ................. 8/15/17 A3/A- 1,034,740
1,000,000 New York State Dormitory Authority,
Revenue, Rochester Institute of
Technology, MBIA Insured, 5.300% 7/1/17 Aaa/AAA 1,028,520
1,000,000 New York State Dormitory Authority,
Revenue, State Secured Hospital
New York Downtown, 5.200% ........ 2/15/13 Baa1/BBB+ 1,017,530
500,000 New York State Dormitory Authority,
Revenue, State University,
Educational Facilities, 5.750% ... 5/15/09 A3/A- 543,550
250,000 New York State Dormitory Authority,
Revenue, University Hospital, MBIA
Insured, 5.500% .................. 11/1/11 Aaa/AAA 270,100
500,000 New York State Environmental
Facilities Corporation Polluti,
6.00% ............................ 6/15/12 Aaa/AAA 569,165
1,000,000 New York State Environmental
Facilities Corporation Polluti,
5.850% ........................... 1/15/15 Aaa/AAA 1,083,750
1,000,000 New York State Environmental
Facilities Corporation Polluti,
5.200% ........................... 6/15/18 Aaa/AAA 1,015,740
300,000 New York State Housing Corporation,
Revenue, 5.000% .................. 11/1/13 A1/AA 300,330
1,000,000 New York State Housing Finance
Agency, Service Contract Obl,
5.875% ........................... 9/15/14 Baa1/BBB+ 1,060,810
1,000,000 New York State Local Government
Assistance Corporation, Rev,
6.000% ........................... 4/1/16 A3/A+ 1,091,700
380,000 New York State Medical Care
Facilities, Revenue, Hospital &
Nursing Home, 6.40% .............. 8/15/14 NR/AAA 413,527
1,000,000 New York State Mortgage Agency,
Revenue, AMT, 5.60% .............. 10/1/14 Aa2/NR 1,040,520
1,000,000 New York State Mortgage Agency,
Revenue, 5.375% .................. 10/1/17 Aa2/NR 1,016,770
1,000,000 New York State Thruway Authority
Service Contract, Revenue, 5.875% 4/1/14 Baa1/NR 1,099,639
1,000,000 New York State Thruway Authority,
FGIC Insured - Series A, 5.125% 4/1/11 Aaa/AAA 1,048,260
1,000,000 New York State Urban Development
Corporation, Revenue, 5.750% ..... 4/1/12 Baa1/BBB+ 1,077,100
500,000 New York State Urban Development
Corporation, Revenue, 5.750% ..... 4/1/12 Baa1/BBB+ 545,065
200,000 Oneida County, General Obligation,
MBIA Insured, 5.625% ............. 5/1/12 Aaa/AAA 214,010
500,000 Port Authority of New York & New
Jersey, Special Obligation,
Revenue, JFK International
Terminal, MBIA Insured, AMT, 5.75% 12/1/22 Aaa/AAA 535,395
335,000 Suffolk County, General Obligation,
FGIC Insured, 5.250% ............. 8/1/12 Aaa/AAA 355,549
420,000 Suffolk County, General Obligation,
FGIC Insured, 5.250% ............. 4/1/14 Aaa/AAA 445,250
500,000 Triborough Bridge & Tunnel
Authority, Revenue - Series A,
5.125% ........................... 1/1/18 Aa3/A+ 504,095
200,000 Triborough Bridge & Tunnel
Authority, Revenue - Series Y,
6.000% ........................... 1/1/12 Aa3/A+ 226,540
400,000 Triborough Bridge & Tunnel
Authority, Revenue - Series Y,
5.500% ........................... 1/1/17 Aa1/A+ 430,344
250,000 Westchester County, General
Obligation, 6.700% ............... 11/01/07 Aaa/AAA 294,400
-----------
TOTAL NEW YORK MUNICIPAL OBLIGATIONS
(COST $30,804,285) ................................................ 31,715,013
-----------
OTHER BONDS AND NOTES (3.2%) (a)
1,000,000 Puerto Rico Electric Power
Authority, Revenue, 6.000% ....... 7/1/14 Baa1/BBB+ 1,087,950
-----------
TOTAL OTHER BONDS AND NOTES
(COST $1,026,119) ................................................. 1,087,950
-----------
SHORT-TERM INVESTMENTS (2.0%) (a)
600,000 Babylon, New York, VRDN, IDA, AMT
LOC - Union Bank of Switzerland AG 12/1/24 NR/AAA 600,000
69,490 Provident New York Tax Free Money Fund ............. -- 69,490
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $669,490) ................................................... 669,490
-----------
TOTAL INVESTMENTS (COST $31,899,894) }D{ (99.8%)................................ 33,472,453
OTHER ASSETS IN EXCESS OF LIABILITIES (0.2%) .................................. 61,090
-----------
TOTAL NET ASSETS (100.0%) ...................................................... $33,533,543
===========
(a) Percentages indicated are based on net assets at April 30, 1999.
(b) Approximately 28.98% of the municipal securities held by the Fund have credit enhancement
features backing them, which the Fund relies on, such as letters of credit, insurance or
guarantees. Without these credit enhancements features the securities may or may not meet the
quality standards of the Fund.
(c) The Moody's or Standard & Poor's rating indicated is believed to be the most recent ratings
available at April 30, 1999 for the securities listed. Rating are generally ascribed to
securities at the time of issuance. While the agencies may from time to time revise such
ratings, they undertake no obligation to do so, and the ratings do not neccessarily represent
what the agencies would ascribe to these securities at April 30, 1999. These ratings are
unaudited.
(d) For Federal income tax purposes, the cost of securities owned at April 30, 1999 resulted in net
unrealized depreciation of securities as follows:
Gross unrealized appreciation ..................................... $1,577,143
Gross unrealized depreciation ...................................... (4,584)
----------
Net unrealized appreciation ....................................... $1,572,559
==========
AMBAC -American Municipal Bond Assurance Corporation
AMT -Interest on security is subject to Federal Alternative Minimum Tax
FGIC -Federal Guaranty Insurance Corporation
IDA -Industrial Development Agency
LOC -Letter of Credit
MBIA -Municipal Bond Insurance Association
VRDN -Variable Rate Demand Note
NET UNREALIZED
APPRECIATION
NUMBER OF CONTRACT (DEPRECIATION)
EXPIRATION DATE CONTRACTS CONTRACTS VALUE OF CONTRACTS
- --------------- --------- --------- ----- ------------
Short Positions:
6/30/99 15 Municipal Bond Index 1,847,813 $(16,334)
See notes to financial statements
<PAGE>
REPUBLIC EQUITY FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1999
MARKET
DESCRIPTION SHARES VALUE
- ----------- ------ -----
COMMON STOCK (94.3%)
AEROSPACE & AIRCRAFT (4.1%)
Lockheed Martin Corp. ........................................ 114,900 $ 4,947,881
Raytheon Co., Class B ........................................ 61,500 4,320,375
United Technologies Corp. .................................... 17,500 2,535,313
------------
11,803,569
------------
BANKING & FINANCE (13.5%)
Associates First Capital Corp. ............................... 54,600 2,419,463
Bank of America Corp. ........................................ 62,000 4,464,000
BankBoston Corp. ............................................. 16,500 808,500
Chase Manhattan Corp. ........................................ 69,100 5,718,024
Citigroup, Inc. .............................................. 111,300 8,375,324
First American Corp. ......................................... 7,900 306,619
First Security Corp. ......................................... 15,100 286,900
First Union Corp. ............................................ 25,200 1,395,450
Fleet Financial Group, Inc. .................................. 38,100 1,640,681
Greenpoint Financial Corp. ................................... 28,900 1,011,500
Hibernia Corp. - Class A ..................................... 25,800 343,463
Household International, Inc. ................................ 49,200 2,475,375
MBNA Corp. ................................................... 137,000 3,861,688
PNC Bank Corp. ............................................... 24,700 1,429,513
Regions Financial Corp. ...................................... 7,800 294,450
U.S. BanCorp ................................................. 38,962 1,444,029
Wells Fargo & Co. ............................................ 53,000 2,288,938
------------
38,563,917
------------
CHEMICALS (1.1%)
Dow Chemical Co. ............................................. 3,600 472,275
Eastman Chemical Co. ......................................... 16,800 935,550
Geon Co. ..................................................... 8,400 257,250
Praxair, Inc. ................................................ 28,200 1,459,350
------------
3,124,425
------------
COMMUNICATIONS (5.7%)
America Online, Inc. (b) ..................................... 9,000 1,284,750
AT&T Corp. - Liberty Media'a' (b) ............................ 69,000 4,407,375
CommScope, Inc. (b) .......................................... 26,366 642,671
Comverse Technology, Inc. (b) ................................ 20,812 1,334,537
Corning, Inc. ................................................ 59,500 3,406,375
Lucent Technologies, Inc. .................................... 47,400 2,849,925
Nextel Communications, Inc. - Class A (b) .................... 42,400 1,735,750
Nokia Corp. .................................................. 10,600 786,388
------------
16,447,771
------------
CONSTRUCTION & HOUSING (2.7%)
Armstrong World Industries, Inc. (b) ......................... 2,200 120,450
Champion Enterprises, Inc. (b) ............................... 26,600 493,763
Comerica, Inc. ............................................... 3,500 227,719
Johnson Controls, Inc. ....................................... 14,400 1,048,500
Lafarge Corp. ................................................ 16,500 557,906
Martin Marietta Materials .................................... 8,900 550,131
Masco Corp. .................................................. 94,800 2,784,750
Southdown, Inc. .............................................. 17,444 1,117,506
USG Corp. .................................................... 15,900 928,163
------------
7,828,888
------------
CONSUMER MANUFACTURING (4.3%)
American Standard Companies (b) .............................. 31,200 1,427,400
Delphi Automotive Systems Corp. (b) .......................... 10,100 196,319
Fleetwood Enterprises, Inc. .................................. 13,800 340,688
General Electric Co. ......................................... 55,400 5,844,699
Harley-Davidson, Inc. ........................................ 48,000 2,862,000
Lear Corp. (b) ............................................... 36,400 1,669,850
------------
12,340,956
------------
CONSUMER PRODUCTS (6.8%)
Coca-Cola Co. ................................................ 32,000 2,176,000
Colgate-Palmolive Co. ........................................ 30,300 3,103,856
Dial Corp. ................................................... 15,700 533,800
Gillette Co. ................................................. 53,500 2,792,031
Kimberly-Clark Corp. ......................................... 51,100 3,133,069
Mattel, Inc. ................................................. 10,400 269,100
Nabisco Holdings Corp. - Class A ............................. 25,400 960,438
Philip Morris Cos., Inc. ..................................... 102,100 3,579,881
Procter & Gamble Co. ......................................... 12,000 1,125,750
Tyson Foods, Inc. - Class A .................................. 56,450 1,167,809
York International Corp. ..................................... 18,900 779,625
------------
19,621,359
------------
CONSUMER SERVICES (7.8%)
Circuit City Stores, Inc. .................................... 27,800 1,709,700
Consolidated Stores Corp. .................................... 40,100 1,378,438
Dayton Hudson Corp. .......................................... 16,500 1,110,656
Food Lion, Inc. - Class A .................................... 69,200 709,300
Home Depot, Inc. ............................................. 84,300 5,052,730
Kohl's Corp. ................................................. 52,400 3,481,325
Kroger Co. ................................................... 46,200 2,509,238
Sears, Roebuck & Co. ......................................... 25,100 1,154,600
Viad Corp. ................................................... 29,900 988,569
Wal-Mart Stores, Inc. ........................................ 89,600 4,121,600
------------
22,216,156
------------
COSMETICS & TOILETRIES (1.3%)
Avon Products, Inc. .......................................... 69,200 3,758,425
------------
ELECTRICAL SERVICES (2.0%)
CMS Energy Corp. ............................................. 28,000 1,232,000
Entergy Corp. ................................................ 79,500 2,484,375
PECO Energy Co. .............................................. 39,900 1,892,756
------------
5,609,131
------------
FARM PRODUCTS (0.5%)
IMC Global, Inc. ............................................. 55,000 1,375,000
------------
FOREST PRODUCTS (1.0%)
Champion International Corp. ................................. 15,100 825,781
Fort James Corp. ............................................. 53,600 2,036,800
Westvaco Corp. ............................................... 3,600 107,550
------------
2,970,131
------------
HEALTH CARE (5.4%)
Baxter International, Inc. ................................... 30,600 1,927,800
Beckman Coulter, Inc. ........................................ 3,600 173,475
Bristol-Myers Squibb Co. ..................................... 80,400 5,110,424
Covance, Inc. (b) ............................................ 16,400 359,775
Medtronic, Inc. .............................................. 31,400 2,258,838
Pfizer, Inc. ................................................. 25,400 2,922,587
St. Jude Medical, Inc. (b) ................................... 38,300 1,067,613
United HealthCare Corp. (b) .................................. 28,700 1,610,788
Vencor, Inc. (b) ............................................. 32,200 28,175
Ventas, Inc. ................................................. 32,200 144,900
------------
15,604,375
------------
INDUSTRIAL MACHINERIES & RELATED SERVICES (0.5%)
Harnischfeger Industries, Inc. ............................... 15,500 151,125
Illinois Tool Works .......................................... 8,500 654,500
Pentair, Inc. ................................................ 16,100 756,700
------------
1,562,325
------------
INSURANCE (4.9%)
Aetna, Inc. .................................................. 45,200 3,963,475
American International Group ................................. 27,500 3,229,531
AON Corp. .................................................... 51,250 3,510,625
CIGNA Corp. .................................................. 36,900 3,217,219
------------
13,920,850
------------
MULTI INDUSTRY COMPANIES (2.2%)
National Service Industries, Inc. ............................ 14,900 580,169
TRW, Inc. .................................................... 5,400 226,463
Tyco International Ltd. ...................................... 68,500 5,565,624
------------
6,372,256
------------
OIL & GAS (1.0%)
Lyondell Petro Chemical ...................................... 43,700 852,150
MCN Energy Group, Inc. ....................................... 6,900 137,569
Ultramar Diamond Shamrock Corp. .............................. 31,300 721,856
Unocal Corp. ................................................. 28,000 1,163,750
------------
2,875,325
------------
PACKAGING & CONTAINERS (0.2%)
Crown Cork & Seal, Inc. ...................................... 14,400 468,000
------------
PHAMACEUTICALS (5.0%)
Allergan, Inc. ............................................... 14,400 1,294,200
Alza Corp. (b) ............................................... 52,900 1,775,456
Amgen, Inc. (b) .............................................. 13,200 810,975
Eli Lilly and Co. ............................................ 16,500 1,214,813
Genzyme Corp. (b) ............................................ 12,300 464,325
McKesson HBOC, Inc. .......................................... 37,210 1,302,350
Merck & Co., Inc. ............................................ 40,000 2,810,000
Schering-Plough Corp. ........................................ 98,300 4,749,119
------------
14,421,238
------------
PUBLISHING & PRINTING (0.0%)
New York Times Co. - Class A ................................. 3,900 134,550
------------
REFUSE SYSTEMS (0.9%)
Waste Management, Inc. ....................................... 44,100 2,491,650
------------
TECHNOLOGY (16.3%)
Advanced Micro Devices, Inc. (b) ............................. 57,800 950,088
Altera Corp. (b) ............................................. 37,600 2,716,600
Cisco Systems, Inc. (b) ...................................... 59,550 6,792,422
Compaq Computer Corp. ........................................ 31,000 691,688
Dell Computer Corp. (b) ...................................... 130,000 5,354,375
Electronic Data Systems Corp. ................................ 75,400 4,052,750
EMC Corp. (b) ................................................ 7,200 784,350
First Data Corp. ............................................. 63,700 2,703,269
Intel Corp. .................................................. 83,200 5,090,800
Microsoft Corp. (b) .......................................... 58,000 4,716,125
Solectron Corp. (b) .......................................... 102,000 4,947,000
W. W. Grainger, Inc, ......................................... 6,800 341,275
Xerox Corp. .................................................. 125,400 7,367,249
------------
46,507,991
------------
TELECOMMUNICATION AND BROADCASTING (2.7%)
General Instrument Corp. (b) ................................. 69,300 2,529,450
MCI WorldCom, Inc. ........................................... 62,300 5,120,281
------------
7,649,731
------------
TRANSPORTATION (4.4%)
Burlington Northern Santa Fe Corp. ........................... 152,000 5,567,000
FDX Corp. .................................................... 46,400 5,222,900
Norfolk Southern Corp. ....................................... 55,800 1,823,963
------------
12,613,863
------------
TOTAL COMMON STOCK
(COST $205,460,183) ....................................................... 270,281,882
------------
SHORT TERM INVESTMENTS (2.7%)
Dreyfus Cash Management Fund - Money Market Fund
(Cost $7,755,242) .......................................... 7,755,242 7,755,242
------------
TOTAL SHORT TERM INVESTMENTS
(COST $7,755,242) ......................................................... 7,755,242
------------
TOTAL INVESTMENTS (COST $213,215,425) (a) (97.0%) .......................... 278,037,124
OTHER ASSETS IN EXCESS OF LIABILITIES (3.0%) ................................ 8,720,169
------------
TOTAL NET ASSETS (100.0%) ................................................... $286,757,293
============
REPUBLIC EQUITY FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
APRIL 30, 1999
(a) Represents cost for financial reporting purposes and differs from value by net unrealized
appreciation of securities as follows:
Unrealized appreciation .......................... $73,465,761
Unrealized depreciation ........................... (8,565,426)
-----------
Net unrealized apppreciation ...................... 64,900,335
===========
(b) Represents non income producing securities.
(c) Percentages indicated are based on net assets of $286,757,293.
SCHEDULE OF OPEN FINANCIAL FUTURES CONTRACTS (D)
UNREALIZED GAIN
NUMBER OF EXPIRATION CONTRACT APPRECIATION
CONTRACTS CONTRACTS DATE VALUE OF CONTRACTS
--------- --------- ---- ----- ------------
S&P Future June 99 14 6/18/99 $4,677,750 $78,647
(d) All of the open financial futures contracts are collateralized by cash and cash equivalents.
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
REPUBLIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
APRIL 30, 1999
<CAPTION>
NEW YORK
TAX-FREE EQUITY
BOND FUND FUND
------------ -----------
<S> <C> <C>
ASSETS:
Investments in securities, at value (cost $31,899,894
and $213,215,425, respectively) ...................... $33,472,453 $278,037,124
Cash ................................................... 16,673 8,915,942
Receivable for investments sold ........................ -- 833,344
Receivable for fund shares sold ........................ 6,960 9,100
Interest receivable .................................... 463,401 --
Dividends receivable ................................... -- 171,865
Variation margin receivable on open futures contracts .. 19,219 --
Unamortized organization expenses ...................... 4,160 4,655
----------- ------------
Total Assets ............................................. 33,982,866 287,972,030
----------- ------------
LIABILITIES:
Advisory fees payable .................................. -- 111,189
Investment manager fees payable ........................ -- 41,154
Payable for fund shares redeemed ....................... -- 311,011
Payable for investments purchased ...................... 300,495 635,150
Variation margin payable on open futures contracts ..... -- 38,500
Dividends payable ...................................... 59,556 --
Accrued liabilities .................................... 89,272 77,733
----------- ------------
Total Liabilities ........................................ 449,323 1,214,737
----------- ------------
NET ASSETS ............................................... $33,533,543 $286,757,293
=========== ============
-- continued --
<PAGE>
REPUBLIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)(CONTINUED)
APRIL 30, 1999
<CAPTION>
NEW YORK
TAX-FREE EQUITY
BOND FUND FUND
------------ -----------
<S> <C> <C>
COMPOSITION OF NET ASSETS:
Paid-in capital ........................................ $31,887,223 $209,999,801
Undistributed net investment (loss) .................... (1,200) (20,075)
Accumulated net realized gains on investment
transactions ......................................... 91,293 11,877,232
Net unrealized appreciation on investments ............. 1,556,227 64,900,335
----------- ------------
NET ASSETS, APRIL 30, 1999 ............................... $33,533,543 $286,757,293
=========== ============
NET ASSETS
Class A (Investor) Shares .............................. $24,081,365 $ 28,177,299
Class B Shares ......................................... 640,100 1,713,898
Class C Shares ......................................... 251,231 1,153,965
Class Y (Adviser) Shares ............................... 8,560,847 255,712,131
----------- ------------
Total Net Assets ......................................... $33,533,543 $286,757,293
=========== ============
SHARES OUTSTANDING (par value $0.001,
unlimited number of shares authorized)
Class A (Investor) Shares .............................. 2,220,153 1,402,337
Class B Shares ......................................... 59,061 85,722
Class C Shares ......................................... 23,085 57,448
Class Y (Adviser) Shares ............................... 789,419 12,723,720
----------- ------------
Total Shares Outstanding ................................. 3,091,718 14,269,227
=========== ============
CLASS A SHARES (INVESTOR SHARES)
Net asset value and redemption price per share ........... $10.85 $20.09
=========== ============
Maximum offering price per share (Net asset value plus a
sales charge of 2.75% and 3.50% of each Fund's offering
price respectively) .................................... $11.16 $20.82
=========== ============
CLASS B SHARES
Net asset value and offering price per share ............. $10.84 $19.99
=========== ============
CLASS C SHARES
Net asset value and offering price per share ............. $10.88 $20.09
=========== ============
CLASS Y SHARES (ADVISER SHARES)
Net asset value, offering price and redemption price per
share .................................................. $10.84 $20.10
=========== ============
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
REPUBLIC FUNDS
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED APRIL 30, 1999
<CAPTION>
NEW YORK
TAX-FREE EQUITY
BOND FUND FUND
---------- -----------
<S> <C> <C>
INVESTMENT INCOME:
Interest income ............................................. $ 810,095 $ 172,295
Dividend income ............................................. -- 1,411,403
---------- -----------
810,095 1,583,698
---------- -----------
EXPENSES:
Advisory fees and investment management fees ................ 42,668 605,930
Administration fees ......................................... 15,855 130,307
Shareholder service fees (Class A Shares, Class B Shares and
Class C Shares) ........................................... 28,629 32,639
Distribution fees (Class B Shares and Class C Shares ........ 2,806 6,872
Fund accounting fees ........................................ 22,140 34,580
Custodian fees and expenses ................................. 7,813 62,570
Audit fees .................................................. 9,360 9,464
Transfer agent fees.......................................... 22,140 22,386
Reports to shareholders ..................................... 7,560 39,494
Legal fees .................................................. 3,420 8,918
Other expenses .............................................. 19,799 50,414
---------- -----------
Total expenses .............................................. 182,190 1,003,574
Less: Voluntary fee reductions and reimbursement
of expenses ............................................... (42,724) --
---------- -----------
Total net expenses .......................................... 139,466 1,003,574
---------- -----------
Net Investment Income ......................................... 670,629 580,124
---------- -----------
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains on:
Investment transactions ..................................... 91,294 11,933,545
Futures ..................................................... -- 997,236
Net change in unrealized appreciation (depreciation) on
investments ............................................... (295,006) 36,627,284
Net change in unrealized appreciation (depreciation) on
futures contracts ......................................... -- (226,165)
---------- -----------
Net realized/unrealized gains on investments ................ (203,712) 49,331,900
---------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .......... $ 466,917 $49,912,024
========== ===========
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
REPUBLIC NEW YORK TAX-FREE BOND FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998
----------- -----------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income ................................... $ 670,629 $ 1,320,105
Net realized gains on investment transactions ........... 91,294 45,989
Net change in unrealized appreciation on investments .... (295,006) 898,647
----------- -----------
Net increase in net assets resulting from operations ...... 466,917 2,264,741
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A (Investor) Shares ............................. (466,855) (921,138)
Class B Shares ........................................ (10,647) (6,690)
Class C Shares (a) .................................... (1,314) --
Class Y (Adviser) Shares .............................. (191,813) (393,477)
Net realized gains:
Class A (Investor) Shares ............................. (32,436) (81,787)
Class B Shares ........................................ (900) --
Class Y (Adviser) Shares .............................. (12,644) (33,681)
----------- -----------
Decrease in net assets from shareholder distributions ..... (716,609) (1,436,773)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares ........................... 7,271,065 10,904,138
Dividends reinvested .................................... 576,930 1,119,898
Cost of shares redeemed ................................. (6,477,072) (10,134,679)
----------- -----------
Net increase in net assets from capital share transactions 1,370,923 1,889,357
----------- -----------
NET INCREASE IN NET ASSETS ................................ 1,121,231 2,717,325
NET ASSETS
Beginning of period ..................................... 32,412,312 29,694,987
----------- -----------
End of period (including undistributed net investment
loss of $1,200) ....................................... $33,533,543 $32,412,312
=========== ===========
(a) The Fund commenced offering Class C shares on November 4, 1998.
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
REPUBLIC EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998
------------ ------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income .................................. $ 580,124 $ 997,078
Net realized gains on investment transactions .......... 12,930,781 4,469,866
Net change in unrealized appreciation on investments 36,401,119 21,654,911
------------ ------------
Net increase in net assets resulting from operations ..... 49,912,024 27,121,855
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A (Investor) Shares ............................ (34,540) (57,050)
Class B Shares ....................................... (449) (289)
Class C Shares (a) ................................... (690) --
Class Y (Adviser) Shares ............................. (588,767) (918,974)
Net realized gains:
Class A (Investor) Shares ............................ (546,206) (745,988)
Class B Shares ....................................... (23,569) --
Class C Shares (a) ................................... (295) --
Class Y (Adviser) Shares ............................. (4,883,735) (7,858,305)
------------ ------------
Decrease in net assets from shareholder distributions .... (6,078,251) (9,580,606)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares .......................... 18,415,715 206,983,626
Dividends reinvested ................................... 5,905,071 9,269,032
Cost of shares redeemed ................................ (16,410,965) (74,203,507)
------------ ------------
Net increase in net assets from capital share transactions 7,909,821 142,049,151
------------ ------------
NET INCREASE IN NET ASSETS ............................... 51,743,594 159,590,400
NET ASSETS
Beginning of period .................................... 235,013,699 75,423,299
------------ ------------
End of period (including undistributed net investment
(loss) income of ($20,075) and $24,247, respectively) $286,757,293 $235,013,699
============ ============
(a) The Fund commenced offering Class C shares on November 4, 1998.
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
REPUBLIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
APRIL 30, 1999
<CAPTION>
OVERSEAS
BOND EQUITY OPPORTUNITY
FUND FUND FUND
----------- ---------- -----------
<S> <C> <C> <C>
ASSETS:
Investment in Republic Fixed Income Portfolio,
Republic International Equity Portfolio and
Republic Small Cap Equity Portfolio,
respectively, at value ......................... $ 5,515,199 $7,300,691 $13,383,997
Receivable for fund shares sold .................. -- -- 1,375
Receivable from investment manager ............... 5,611 1,317 4,972
Unamortized organization expenses ................ 9,812 9,608 7,152
Miscellaneous receivables and prepayments ........ 29,395 37,711 27,769
----------- ---------- -----------
Total Assets ....................................... 5,560,017 7,349,327 13,425,265
----------- ---------- -----------
LIABILITIES:
Payable for fund shares repurchased .............. 4,605 9,508 11,779
Dividends payable ................................ 8,643 -- --
Accrued liabilities .............................. 6,437 25,777 50,453
----------- ---------- -----------
Total Liabilities .................................. 19,685 35,285 62,232
----------- ---------- -----------
NET ASSETS ......................................... $ 5,540,332 $7,314,042 $13,363,033
=========== ========== ===========
COMPOSITION OF NET ASSETS:
Paid-in capital .................................. $ 5,645,239 $6,296,437 $13,459,727
Undistributed net investment income (loss) ....... (5,734) 4,950 (135,367)
Accumulated net realized gains (losses) on
investment and foreign currency transactions . . (25,814) (41,906) 492,319
Net unrealized appreciation (depreciation) on
investments and foreign currency transactions (73,359) 1,054,561 (453,646)
----------- ---------- -----------
NET ASSETS, APRIL 30, 1999 ......................... $ 5,540,332 $7,314,042 $13,363,033
=========== ========== ===========
Net Assets
Class A (Investor) Shares ........................ $ 5,093,381 $7,225,938 $12,774,834
Class B Shares ................................... 379,280 60,915 441,804
Class C Shares ................................... 67,671 27,189 146,395
----------- ---------- -----------
Total Net Assets ................................... $ 5,540,332 $7,314,042 $13,363,033
=========== ========== ===========
Shares Outstanding (par value $0.001, unlimited
number of shares authorized) .....................
Class A (Investor) Shares ........................ 498,070 505,478 1,077,084
Class B Shares ................................... 37,075 4,298 37,516
Class C Shares ................................... 6,624 1,900 12,349
----------- ---------- -----------
Total Shares Outstanding ........................... 541,769 511,676 1,126,949
=========== ========== ===========
CLASS A SHARES (INVESTOR SHARES)
Net asset value and redemption price per share $10.23 $14.30 $11.86
====== ====== ======
Maximum offering price per share (net asset value
plus a sales charge of 2.75%, 3.50% and 3.50% of
each Fund's offering price respectively) ....... $10.52 $14.82 $12.29
====== ====== ======
CLASS B SHARES
Net asset value and offering price per share ..... $10.23 $14.17 $11.78
====== ====== ======
CLASS C SHARES
Net asset value and offering price per share ..... $10.22 $14.31 $11.86
====== ====== ======
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC FUNDS
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED APRIL 30, 1999
<CAPTION>
OVERSEAS
BOND EQUITY OPPORTUNITY
FUND FUND FUND
--------- ---------- ---------
<S> <C> <C> <C>
INVESTMENT INCOME:
Investment Income from Republic Fixed Income Portfolio,
Republic International Equity Portfolio and Republic
Small Cap Equity Portfolio, respectively:
Interest income ...................................... $ 167,751 $ 9,905 $ 13,589
Dividend income (net of foreign withholding tax of $0,
$6,976 and $0, respectively) ....................... -- 40,091 9,488
--------- ---------- ---------
167,751 49,996 23,077
Allocated Net Expenses from respective Portfolio ....... (14,947) (33,295) (71,460)
--------- ---------- ---------
Net Investment Income (loss) from Republic Fixed Income
Portfolio, Republic International Equity Portfolio and
Republic Small Cap Equity Portfolio, respectively .... 152,804 16,701 (48,383)
--------- ---------- ---------
EXPENSES:
Shareholder service fees ............................. 7,893 8,113 15,768
Registration fees .................................... 5,580 5,400 5,760
Audit fees ........................................... 4,500 4,500 4,500
Fund accounting fees ................................. 3,600 3,304 3,600
Amortization of organization expenses ................ 1,800 1,980 1,440
Administration fees .................................. 1,386 1,820 3,564
Reports to shareholders .............................. 1,261 1,080 2,700
Legal Fees ........................................... 720 540 1,440
Other expenses ....................................... 3,414 6,404 14,689
--------- ---------- ---------
Total expenses ................................... 30,154 33,141 53,461
Less: Voluntary fee reductions and reimbursement
of expenses .................................... (14,581) (2,160) (10,606)
--------- ---------- ---------
Total net expenses ............................... 15,573 30,981 42,855
--------- ---------- ---------
NET INVESTMENT INCOME (LOSS) ........................... 137,231 (14,280) (91,238)
--------- ---------- ---------
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS FROM
REPUBLIC FIXED INCOME PORTFOLIO, REPUBLIC
INTERNATIONAL EQUITY PORTFOLIO AND REPUBLIC SMALL CAP
EQUITY PORTFOLIO, RESPECTIVELY:
Net realized gains (losses) on:
Investment transactions ............................ (24,627) 153,331 554,212
Foreign currency transactions ...................... (1,039) (41,913) --
Net change in unrealized appreciation
(depreciation) on:
Investments ........................................ (559) 1,058,641 235,114
Foreign currency transactions ...................... 2,137 32,941 --
--------- ---------- ---------
Net realized/unrealized gains (losses) on investments
from Republic Fixed Income Portfolio, Republic
International Equity Portfolio and Republic Small Cap
Equity Portfolio, respectively ....................... (24,088) 1,203,000 789,326
--------- ---------- ---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ... $ 113,143 $1,188,720 $ 698,088
========= ========== =========
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC BOND FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE
APRIL 30, YEAR ENDED
1999 OCTOBER 31,
(UNAUDITED) 1998
----------- ----------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income ................................... $ 137,231 $ 250,585
Net realized gains on investment and foreign currency
transactions from Republic Fixed Income Portfolio ..... (25,666) 106,492
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions from
Republic Fixed Income Portfolio ....................... 1,578 (109,447)
----------- -----------
Net increase in net assets resulting from operations ...... 113,143 247,630
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A (Investor) Shares ............................. (127,777) (242,580)
Class B Shares ........................................ (8,431) (8,005)
Class C Shares (a) .................................... (519) --
Net realized gains:
Class A (Investor) Shares ............................. (109,827) --
Class B Shares ........................................ (8,344) --
Class C Shares (a) .................................... (143) --
----------- -----------
Decrease in net assets from shareholder distributions ..... (255,041) (250,585)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares ........................... 752,203 8,083,261
Dividends reinvested .................................... 259,574 221,559
Cost of shares redeemed ................................. (518,977) (5,554,705)
----------- -----------
Net increase in net assets from capital share transactions 492,800 2,750,115
----------- -----------
NET INCREASE IN NET ASSETS ................................ 350,902 2,747,160
NET ASSETS:
Beginning of period ..................................... 5,189,430 2,442,270
----------- -----------
End of period (including undistributed net investment
loss of $5,734 and $6,238, respectively) .............. $ 5,540,332 $ 5,189,430
=========== ===========
(a) The Fund commenced offering Class C Shares on November 4, 1998
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC OVERSEAS EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE
APRIL 30, YEAR ENDED
1999 OCTOBER 31,
(UNAUDITED) 1998
----------- ----------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment loss ..................................... $ (14,280) $ (4,639)
Net realized gains on investment and foreign currency
transactions from Republic International Equity
Portfolio ............................................. 111,418 (116,085)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions from
Republic International Equity Portfolio ............... 1,091,582 111,571
----------- -----------
Change in net assets resulting from operations ............ 1,188,720 (9,153)
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment loss:
Class A (Investor) Shares ............................. (9,884) (25,605)
Class B Shares ........................................ -- --
Class C Shares (a) .................................... -- --
Net realized losses:
Class A (Investor) Shares ............................. -- (23,270)
Class B Shares ........................................ -- --
Class C Shares (a) .................................... -- --
----------- -----------
Decrease in net assets from shareholder distributions ..... (9,884) (48,875)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares ........................... 1,249,335 8,796,679
Dividends reinvested .................................... 9,886 48,697
Cost of shares redeemed ................................. (1,235,484) (6,335,531)
----------- -----------
Net increase in net assets from capital share transactions 23,737 2,509,845
----------- -----------
NET INCREASE IN NET ASSETS ................................ 1,202,573 2,451,817
NET ASSETS:
Beginning of period ..................................... 6,111,469 3,659,652
----------- -----------
End of period (including undistributed net investment
income of $4,950 and $29,114, respectively) ........... $ 7,314,042 $ 6,111,469
=========== ===========
(a) The Fund commenced offering Class C Shares on November 4, 1998
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC OPPORTUNITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE
APRIL 30, YEAR ENDED
1999 OCTOBER 31,
(UNAUDITED) 1998
----------- ----------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment loss .................................. $ (91,238) $ (143,512)
Net realized gains on investment transactions from
Republic Small Cap Equity Portfolio ................ 554,212 852,630
Net change in unrealized appreciation (depreciation)
on investments from Republic Small Cap Equity
Portfolio .......................................... 235,114 (1,475,208)
----------- -----------
Net change in net assets resulting from operations ..... 698,088 (766,090)
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment loss:
Class A (Investor) Shares .......................... (42,676) --
Class B Shares ..................................... (1,322) --
Class C Shares (a) ................................. (131) --
Net realized losses:
Class A (Investor) Shares .......................... (723,716) (379,714)
Class B Shares ..................................... (22,200) --
Class C Shares (a) ................................. (1,482) --
----------- -----------
Decrease in net assets from shareholder distributions .. (791,527) (379,714)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares ........................ 2,935,553 16,138,288
Dividends reinvested ................................. 44,035 379,185
Cost of shares redeemed .............................. (3,009,756) (11,868,177)
----------- -----------
Net change in net assets from capital share transactions (30,168) 4,649,296
----------- -----------
NET CHANGE IN NET ASSETS ............................... (123,607) 3,503,492
NET ASSETS:
Beginning of period .................................. 13,486,640 9,983,148
----------- -----------
End of period (including undistributed net investment
loss of $135,367 and $0, respectively) ............. $13,363,033 $13,486,640
=========== ===========
See notes to financial statements.
</TABLE>
<PAGE>
REPUBLIC FUNDS
NOTES TO FINANCIAL STATEMENTS - APRIL 30, 1999 (UNAUDITED)
1. ORGANIZATION. The Republic New York Tax-Free Bond Fund, Republic Equity
Fund, Republic Bond Fund, Republic Overseas Equity Fund and Republic
Opportunity Fund (individually a "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
seven funds, each of which has different and distinct investment objectives
and policies. The financial statements for the other two 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 New York Tax-Free Bond Fund is to
provide shareholders of the Fund with monthly dividends exempt from
regular federal, New York State and New York City personal income taxes as
well as to protect the value of the shareholders investments.
The investment objective of the Equity Fund is long-term growth of
capital and income without excessive fluctuations in market value.
The investment objective of the Republic Bond Fund is to realize
above-average total return over a market cycle of three to five periods,
consistent with reasonable risk through investment in a diversified
portfolio of fixed-income securities.
The investment objective of the Republic Overseas Equity Fund is to
seek long-term growth of capital and future income through investment
primarily in securities of non-U.S. issuers and U.S. registered securities
and securities whose principal markets are outside the United States.
The investment objective of the Republic Opportunity Fund is to seek
long-term growth of capital by investing primarily in equity securities of
small- and medium-sized companies that are early in their life cycle but
which may have potential to become major enterprises.
Unlike traditional mutual funds, the Bond Fund, Overseas Equity Fund
and Opportunity Fund (individually a "Feeder Fund", collectively the
"Feeder Funds") seek to achieve their investment objectives by investing
substantially all of their assets in the Republic Fixed Income Portfolio,
Republic International Equity Portfolio and Republic Small Cap Equity
Portfolio (individually a "Portfolio", collectively the "Portfolios"),
respectively, which have the same investment objectives as those of the
respective Feeder Funds.
The value of each Feeder Fund's investment in each corresponding
Portfolio included in the accompanying statements of assets and
liabilities reflects each Feeder Fund's proportionate beneficial interest
in the net assets of that Portfolio. At April 30, 1999, the Feeder Funds
held proportionate interests in the corresponding Portfolios in the
following amounts:
Bond Fund .......................................................... 2.8%
Overseas Equity Fund ............................................... 2.9%
Opportunity Fund ................................................... 6.3%
The performance of each Feeder Fund is directly affected by the
performance of its corresponding Portfolio. The financial statements of
each Portfolio, including its schedule of investments, are included
elsewhere within this report and should be read in conjunction with each
corresponding Feeder Fund's financial statements.
The New York Tax-Free Bond Fund and Equity Fund are authorized to
issue four classes of shares, Class A Shares ("Investor Shares"), Class B
Shares, Class C Shares and Class Y Shares ("Adviser Shares"). Prior to
January 6, 1998 the Investor Shares were known as Class C Shares. Each
class of shares in the two Funds 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 Republic
Bond Fund, Republic Overseas Equity Fund and Republic Opportunity Fund
each are authorised to offer three classes of shares which have the same
features as the Class A (Investor) Shares, Class B Shares and Class C
Shares of the New York Tax-Free Bond Fund and Equity Fund.
The Trust retains Republic National Bank of New York ("Republic") to
act as Investment Adviser ("Adviser") to the New York Tax-Free Bond Fund
and as Investment Manager ("Manager") to the Equity Fund as well as
custodian to both Trust Funds. The Feeder Funds automatically invest all
of their investable assets in its corresponding Portfolio and consequently
the Funds have not retained an Investment Advisor.
The Trust retains BISYS Fund Services, Inc. ("BISYS") to act as
Administrator, Distributor and Sponsor ("Sponsor").
2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
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 period.
Actual results could differ from those estimates.
SECURITIES VALUATION:
Bonds and other fixed income securities (other than short-term obligations
but including listed issues) in the New York Tax-Free Bond Fund's
portfolio are valued on the basis of valuations furnished by a pricing
service, the use of which has been approved by the Funds Board of
Trustees. 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 other than market data and without
exclusive reliance upon quoted prices or exchanges 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 approximates market value, as determined by the
Board of Trustees.
The value of each security held by the Equity Fund is based either on
the last sale price on a national securities exchange, or in the absence
of recorded sales, at the closing bid prices on such exchanges, or at the
quoted bid price in the over-the-counter market. Securities or other
assets for which market quotations are not readily available are valued at
fair market value as determined in good faith by or at the direction of
the Board of Trustees. All debt portfolio securities with a remaining
maturity of less than 60 days are valued at amortized cost, which
approximates market value.
For the Feeder Funds, the valuation of securities held by the
Portfolios is discussed in Note 2 of the notes to the financial statements
of the Portfolios which are included elsewhere in this report.
SECURITIES TRANSACTIONS AND RELATED INCOME:
Security transactions in the New York Tax-Free Bond Fund and the Equity
Fund are accounted for on the date the security is purchased or sold
("trade date"). Interest income is recognized on the accrual basis and
includes, where applicable, the amortization of premium or discount.
Dividend income is recorded on the ex-dividend date. 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.
The Republic Bond Fund, Republic Overseas Equity Fund and Republic
Opportunity Fund record their proportionate share of the net investment
income and realized and unrealized gains and losses recorded by the
corresponding Portfolio on a daily basis. The net investment income and
realized and unrealized gains and losses are allocated daily to investors
in each Portfolio based upon the proportionate value of their investments
in each Portfolio. Such investments are adjusted on a daily basis.
REPURCHASE AGREEMENTS:
With respect to the New York Tax-Free Bond Fund and Equity Fund, the
investment advisers are authorized to enter into repurchase agreements on
behalf of the Fund only with member banks of the Federal Reserve System or
"primary dealers" (as designated by the Federal Reserve Bank of New York).
The Equity Fund may also enter into repurchase agreements with sellers who
are member firms (or a subsidiary thereof) of the New York Stock Exchange,
recognized domestic or foreign securities dealers or institutions which an
Equity Fund sub-adviser has determined to be of comparable
creditworthiness. 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 a Fund's custodian, either
physically or in book entry form.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
The New York Tax-Free Bond Fund and the Bond Fund declare all net
investment income daily as dividends to their shareholders and distribute
such dividends monthly. Dividends from net investment income are declared
and distributed quarterly in the case of the Equity Fund, semi-annually in
the case of the Opportunity Fund and annually in the case of the Overseas
Equity Fund. Generally, a Fund's net investment income consists of
interest and dividend income less expenses.
The Funds' net realized capital gains, if any, are distributed to
shareholders at least annually. Additional distributions are also made to
the Funds' shareholders to the extent necessary to avoid the federal
excise tax on certain undistributed income and net capital gains of
regulated investment companies.
The amount of distributions from net investment income and net
realized gains are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting
principles. These "book/tax" differences are either considered temporary
or permanent in nature. To the extent these differences are permanent in
nature, such amounts are reclassified to paid-in capital; temporary
differences do not require reclassification.
Certain mortgage-backed securities of the Fixed Income Portfolio may
provide for periodic or unscheduled payments of principal and interest as
the mortgages underlying the securities are paid or prepaid. However, such
principal payments (not otherwise characterized as ordinary discount
income or bond premium expense) will not normally be considered as income
to the Fixed Income Portfolio and therefore will not be distributed as
dividends to Bond Fund shareholders. Rather, these payments on mortgage-
backed securities generally will be reinvested by the Fixed Income
Portfolio in accordance with its investment objective and policies.
EXPENSE ALLOCATION:
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 where allocations of direct expenses to each fund can
otherwise be made fairly. Expenses directly attributable to a Fund are
charged to that Fund. The Bond Fund, Overseas Equity Fund and Opportunity
Fund's share of their corresponding Portfolio's expenses are charged
against and reduce the amount of their investment in their corresponding
Portfolio. The expenses of the Funds are allocated to each class of share
in proportion to their respective net asset levels except to expenses
allocable exclusively to a particular class.
FEDERAL INCOME TAXES:
Each Fund is a separate taxable entity for federal tax purposes. Each Fund
has qualified and intends to qualify each year as a "regulated investment
company" under Subchapter M of the Internal Revenue Code, as amended and
to distribute substantially all of their taxable net investment income and
net realized gains if any to their shareholders. Accordingly, no provision
for federal income of excise tax is required.
UNAMORTIZED ORGANIZATION EXPENSES:
Each Fund incurred certain costs in connection with its organization. Such
costs have been deferred and are being amortized on a constant (straight-
line) basis over a five period period from the commencement of operations.
3. AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT MANAGEMENT:
Republic National Bank of New York ("Republic" or the "Manager") acts as
investment adviser to the New York Tax-Free Bond. For its services
Republic is entitled to receive a fee, accrued daily and payable monthly,
at an annual rate of 0.25% of the New York Tax Free Bond Fund's average
daily net assets. For the six months ended April 30, 1999, this fee
amounted to $42,668, all of which was waived by Republic.
Republic also serves as investment manager to the Equity Fund. As
investment manager, Republic provides general supervision over the
investment management functions provided by the Sub-Advisers (as defined
below). For its services as investment manager, Republic is entitled to
receive a fee, accrued daily and payable monthly, at an annual rate of
0.175% of the Equity Fund's average daily net assets. For the six months
ended April 30, 1999, this fee amounted to $228,038.
SUB-ADVISORY:
Alliance Capital Management L.P and Brinson Partners Inc (collectively,
the "Sub-Advisers") continuously manage the investment portfolio of the
Equity Fund subject to the supervision of the Manager, pursuant to
separate Sub-Advisory Agreements with the Manager. For their services, the
Sub-Advisers were paid fees by the Equity Fund, computed daily and based
on the Equity Fund's average daily net assets allocated to each of the
Sub-Advisers for management, equal on an annual basis to 0.325% of the net
assets up to $50 million, 0.25% of the net assets over $50 million up to
$100 million, 0.20% of the net assets over $100 million up to $200
million, and 0.15% of net assets over $200 million. For the six months
ended April 30, 1999, each received fees totalling $188,946 for services
rendered.
ADMINISTRATION:
The Trust retains 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 Fund and pays the compensation
of the Fund's officers. For those services BISYS receives from the New
York Tax-Free Bond Fund and Equity Fund a fee payable monthly at an annual
rate of 0.10% of the first $1billion of the Funds' average daily net
assets ;0.08% of the next $1 billion of the Funds' average daily net
assets ;and 0.07% of such assets in excess of $2 billion.
For its services to the Bond Fund, Overseas Equity Fund and
Opportunity Fund, BISYS receives from each Fund fees payable monthly equal
on an annual basis to 0.05% of the Fund's average daily net assets up to
$1 billion; 0.04% of the next $1 billion of such assets; and 0.035% of
such assets in excess of $2 billion.
DISTRIBUTION PLAN:
The Trust has adopted a non-compensatory 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 the Funds' shares at a rate not to exceed 0.25%
of the average daily net assets of Investor Shares and 0.75% of the
average daily net assets of Class B Shares and Class C Shares of the
Funds.
SHAREHOLDER SERVICING EXPENSES:
The Trust has entered into a Shareholder Servicing Agreement with its
Shareholder Servicing Agent (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 0.25% of the average daily net
assets of Investor Shares and 1.00% of the average daily net assets of
Class B Shares and Class C Shares.
FEE WAIVERS AND REIMBURSEMENT OF EXPENSES:
The Manager has voluntarily agreed to waive a portion of its fees, and to
the extent necessary, reimburse the Funds for certain expenses. For the
six months ended April 30, 1999, expenses of the Funds were voluntarily
reduced by amounts as detailed below:
FEES EXPENSES
WAIVED REIMBURSED
------ ----------
New York Tax Free Bond Fund ................... $42,668 $ 156
Bond Fund ..................................... -- 14,581
Overseas Equity Fund .......................... -- 2,160
Opportunity Fund .............................. -- 10,606
There was no waiver of fees nor reimbursement of expenses for the Equity
Fund for the six months ended April 30, 1999.
4. INVESTMENT TRANSACTIONS: Purchases of and proceeds from sales and maturities
of investments, excluding short-term securities, for the Funds for the six
months ended April 30, 1999 amounted to:
PURCHASES PROCEEDS
--------- --------
New York Tax-Free Bond Fund .......... $ 8,037,148 $ 7,819,174
Equity Fund .......................... 54,583,138 $39,931,227
During the six months ended April 30, 1999, additions and reductions in
each Fund's investment in their corresponding Portfolio amounted to:
ADDITIONS REDUCTIONS
--------- ----------
Bond Fund ............................ $ 617,228 $ 721,093
Overseas Equity Fund ................. 904,326 1,335,187
Opportunity Fund ..................... 1,429,617 2,819,681
5. 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.
<PAGE>
6. CAPITAL SHARE TRANSACTIONS BY SHARE CLASS: Transactions in shares of
beneficial interest by class for the Funds for the six months ended April
30, 1999:
<TABLE>
<CAPTION>
CLASS A CLASS Y
(INVESTOR) CLASS B CLASS C (ADVISOR)
SHARES SHARES SHARES (a) SHARES
------------ ---------- ----------- ----------
<S> <C> <C> <C> <C>
NEW YORK TAX FREE
BOND FUND
Proceeds from shares issued $ 6,814,635 $ 15,431 $ 271,000 $ 170,000
Reinvestment of dividends and
distributions .................. 499,579 1,318 1,004 65,000
Cost of shares redeemed .......... (6,209,799) -- (19,262) (248,011)
------------ ---------- ----------- ------------
NET INCREASE (DECREASE) .......... $ 1,104,415 $ 26,749 $ 252,742 $ (12,981)
============ ========== =========== ============
EQUITY FUND
Proceeds from shares issued $ 3,079,176 $ 533,671 $ 1,111,081 $ 13,691,787
Reinvestment of dividends and
distributions .................. 586,987 22,102 985 5,294,997
Cost of shares redeemed .......... (3,516,807) (7,842) -- (12,886,316)
------------ ---------- ----------- ------------
NET INCREASE (DECREASE) .......... $ 149,356 $ 547,931 $ 1,112,066 $ 6,100,468
============ ========== =========== ============
BOND FUND
Proceeds from shares issued $ 657,071 $ 11,044 $ 84,088 $ --
Reinvestment of dividends and
distributions .................. 242,072 16,960 542 --
Cost of shares redeemed .......... (500,269) (2,402) (16,306) --
------------ ---------- ----------- ------------
NET INCREASE (DECREASE) .......... $ 398,874 $ 25,602 $ 68,324 $ --
============ ========== =========== ============
OVERSEAS EQUITY FUND
Proceeds from shares issued $ 1,215,946 $ 8,900 $ 24,489 $ --
Reinvestment of dividends and
distributions .................. 9,886 -- -- --
Cost of shares redeemed .......... (1,235,484) -- -- --
------------ ---------- ----------- ------------
NET INCREASE (DECREASE) .......... $ (9,652) $ 8,900 $ 24,489 $ --
============ ========== =========== ============
OPPORTUNITY FUND
Proceeds from shares issued $ 1,942,096 $ 99,701 $ 148,042 $ --
Reinvestment of dividends and
distributions .................. 766,390 21,745 1,614 --
Cost of shares redeemed .......... (2,961,010) (44,290) (4,456) --
------------ ---------- ----------- ------------
NET INCREASE (DECREASE) .......... $ (252,524) $ 77,156 $ 145,200 $ --
============ ========== =========== ============
(a) The Funds started offering Class C shares on November 4, 1998.
</TABLE>
<PAGE>
6. CAPITAL SHARE TRANSACTIONS BY SHARE CLASS (CONTINUED): Transactions in
shares of beneficial interest by class for the Funds for the year ended
October 31, 1998:
<TABLE>
<CAPTION>
CLASS A CLASS Y
(INVESTOR) CLASS B CLASS C (ADVISOR)
SHARES SHARES SHARES (a) SHARES
------------ ---------- ----------- ----------
<S> <C> <C> <C> <C>
NEW YORK TAX FREE
BOND FUND
Proceeds from shares issued $ 9,053,946 $ 714,872 $ -- $ 1,135,320
Reinvestment of dividends and
distributions .................. 987,370 5,467 -- 126,861
Cost of shares redeemed .......... (8,280,543) (105,064) -- (1,769,072)
------------ ---------- ----------- ------------
NET INCREASE (DECREASE) .......... $ 1,760,923 $ 615,275 $ -- $ (486,891)
============ ========== =========== ============
EQUITY FUND
Proceeds from shares issued $ 25,237,968 $1,003,947 $ -- $186,741,731
Reinvestment of dividends and
distributions .................. 802,213 288 -- 8,066,531
Cost of shares redeemed .......... (16,859,901) (68,207) -- (57,275,579)
------------ ---------- ----------- ------------
NET INCREASE (DECREASE) .......... $ 9,180,260 $ 936,208 $ -- $130,832,383
============ ========== =========== ============
BOND FUND
Proceeds from shares issued $ 7,724,815 $ 358,466 $ -- $ --
Reinvestment of dividends and
distributions .................. 214,559 7,000 -- --
Cost of shares redeemed .......... (5,554,605) (100) -- --
------------ ---------- ----------- ------------
NET INCREASE (DECREASE) .......... $ 2,384,769 $ 365,346 $ -- $ --
============ ========== =========== ============
OVERSEAS EQUITY FUND
Proceeds from shares issued $ 8,741,117 $ 55,562 $ -- $ --
Reinvestment of dividends and
distributions .................. 48,697 -- -- --
Cost of shares redeemed .......... (6,327,900) (7,631) -- --
------------ ---------- ----------- ------------
NET INCREASE (DECREASE) .......... $ 2,461,914 $ 47,931 $ -- $ --
============ ========== =========== ============
OPPORTUNITY FUND
Proceeds from shares issued $ 15,752,214 $ 386,074 $ -- $ --
Reinvestment of dividends and
distributions .................. 379,185 -- -- --
Cost of shares redeemed .......... (11,862,429) (5,748) -- --
------------ ---------- ----------- ------------
NET INCREASE (DECREASE) .......... $ 4,268,970 $ 380,326 $ -- $ --
============ ========== =========== ============
(a) The Funds started offering Class C shares on November 4, 1998.
</TABLE>
<PAGE>
7. ANALYSIS OF FUND SHARE TRANSACTIONS BY SHARE CLASS: Transactions in shares
of beneficial interest in the Funds for the six months ended April 30, 1999:
<TABLE>
<CAPTION>
CLASS A CLASS Y
(INVESTOR) CLASS B CLASS C (ADVISOR)
SHARES SHARES SHARES (a) SHARES
------------ ---------- ----------- ----------
<S> <C> <C> <C> <C>
NEW YORK TAX FREE BOND FUND
Beginning of period ........................ 2,118,346 56,607 -- 790,691
Shares sold ................................ 625,569 1,416 24,758 15,597
Shares issued in connection with
reinvestment of distributions ............ 45,785 1,037 93 5,957
Shares redeemed ............................ (569,547) -- (1,766) (22,828)
--------- ------ ------ ----------
END OF PERIOD .............................. 2,220,153 59,061 23,085 789,419
========= ====== ====== ==========
EQUITY FUND
Beginning of period ........................ 1,389,974 56,526 -- 12,415,622
Shares sold ................................ 163,028 28,332 57,396 705,638
Shares issued in connection with
reinvestment of distributions ............ 33,327 1,264 52 300,481
Shares redeemed ............................ (183,992) (400) -- (698,021)
--------- ------ ------ ----------
END OF PERIOD .............................. 1,402,337 85,722 57,448 12,723,720
========= ====== ====== ==========
BOND FUND
Beginning of period ........................ 459,219 34,610 -- --
Shares sold ................................ 63,658 1,059 8,159 --
Shares issued in connection with
reinvestment of distributions ............ 23,367 1,637 52 --
Shares redeemed ............................ (48,174) (231) (1,587) --
--------- ------ ------ ----------
END OF PERIOD .............................. 498,070 37,075 6,624 --
========= ====== ====== ==========
OVERSEAS EQUITY FUND
Beginning of period ........................ 521,435 3,622 -- --
Shares sold ................................ 76,564 676 1,900 --
Shares issued in connection with
reinvestment of distributions ............ 799 -- -- --
Shares redeemed ............................ (93,320) -- -- --
--------- ------ ------ ----------
END OF PERIOD .............................. 505,478 4,298 1,900 --
========= ====== ====== ==========
OPPORTUNITY FUND
Beginning of period ........................ 1,159,151 30,896 -- --
Shares sold ................................ 167,908 10,272 12,738 --
Shares issued in connection with
reinvestment of distributions ............ 3,685 107 11
Shares redeemed ............................ (253,660) (3,759) (400) --
--------- ------ ------ ----------
END OF PERIOD .............................. 1,077,084 37,516 12,349 --
========= ====== ====== ==========
(a) The Fund commenced offering Class C Shares on November 4, 1998.
</TABLE>
<PAGE>
7. ANALYSIS OF FUND SHARE TRANSACTIONS BY SHARE CLASS (CONTINUED): Transactions
in shares of beneficial interest in the Funds for the year ended October 31,
1998:
<TABLE>
<CAPTION>
CLASS A CLASS Y
(INVESTOR) CLASS B CLASS C (ADVISOR)
SHARES SHARES SHARES (a) SHARES
------------ ---------- ----------- ----------
<S> <C> <C> <C> <C>
NEW YORK TAX FREE BOND FUND
Beginning of period ........................... 1,953,662 -- -- 836,354
Shares sold ................................... 840,385 66,033 -- 105,274
Shares issued in connection with reinvestment
of operations ............................... 91,604 505 -- 11,779
Shares redeemed ............................... (767,305) (9,931) -- (162,716)
--------- ------ ------ ----------
END OF PERIOD ................................. 2,118,346 56,607 -- 790,691
========= ====== ====== ==========
EQUITY FUND
Beginning of period ........................... 824,033 -- -- 4,202,203
Shares sold ................................... 1,624,241 60,642 -- 11,008,053
Shares issued in connection with reinvestment
of operations ............................... 54,888 17 -- 579,552
Shares redeemed ............................... (1,113,199) (4,133) -- (3,374,186)
--------- ------ ------ ----------
END OF PERIOD ................................. 1,389,974 56,526 -- 12,415,622
========= ====== ====== ==========
BOND FUND
Beginning of period ........................... 232,614 -- -- --
Shares sold ................................... 729,278 33,955 -- --
Shares issued in connection with reinvestment
of operations ............................... 20,355 664 -- --
Shares redeemed ............................... (523,028) (9) -- --
--------- ------ ------ ----------
END OF PERIOD ................................. 459,219 34,610 -- --
========= ====== ====== ==========
OVERSEAS EQUITY FUND
Beginning of period ........................... 316,238 -- -- --
Shares sold ................................... 773,666 4,346 -- --
Shares issued in connection with reinvestment
of operations ............................... 4,336 -- -- --
Shares redeemed ............................... (572,805) (724) -- --
--------- ------ ------ ----------
END OF PERIOD ................................. 521,435 3,622 -- --
========= ====== ====== ==========
OPPORTUNITY FUND
Beginning of period ........................... 806,989 -- -- --
Shares sold ................................... 1,328,366 31,384 -- --
Shares issued in connection with reinvestment
of operations ............................... 33,527 -- -- --
Shares redeemed ............................... (1,009,731) (488) -- --
--------- ------ ------ ----------
END OF PERIOD ................................. 1,159,151 30,896 -- --
========= ====== ====== ==========
</TABLE>
<PAGE>
8. YEAR 2000: The services provided to the Funds by its various service
providers depend on the smooth functioning of their computer systems. Many
computer software systems in use today cannot recognize the year 2000, but
revert to 1900 or some other date, due to the manner in which dates were
encoded and calculated. That failure could have a negative impact on the
handling of securities trades, pricing and account services. The Funds have
been advised that their service providers have been working actively on
necessary changes to their own computer systems to prepare for the year 2000
and expect that their systems will be adapted before that date, but there
can be no assurance that they will be successful, or that interaction with
other non-complying computer systems will not impair their services at that
time. In addition, no assurance can be given that the Funds' service
providers have anticipated every step necessary to avoid any adverse effect
on the Funds attributable to the Year 2000 problem.
<PAGE>
REPUBLIC NEW YORK TAX-FREE BOND FUND
FINANCIAL HIGHLIGHTS - CLASS A (INVESTOR) SHARES
FOR THE
PERIOD
FOR THE MAY 1, 1995
SIX MONTHS (COMMENCEMENT
ENDED FOR THE YEAR ENDED OF OFFERING)
APRIL 30, OCTOBER 31, TO
1999 ------------------------- OCTOBER 31,
(UNAUDITED) 1998 1997 1996 1995
------------ ------- ------- ------- -------------
NET ASSET VALUE PER
SHARE, BEGINNING OF
PERIOD ................. $10.93 $10.64 $10.30 $10.38 $10.00
------ ------ ------ ------ -----
Income from investment
operations:
Net investment
income ............... 0.23 0.47 0.45 0.54 0.25
Net realized and
unrealized gain (losses)
on investment
transactions ......... (0.06) 0.33 0.36 (0.01) 0.38
------ ------ ------ ------ -----
Total income from investment
operations ............. 0.17 0.80 0.81 0.53 0.63
------ ------ ------ ------ -----
Less dividends and distributions:
Dividends to shareholders
from net investment
income ............... (0.23) (0.47) (0.45) (0.54) (0.25)
Distributions to
shareholders from
net realized gains (0.02) (0.04) (0.02) (0.07) --
------ ------ ------ ------ -----
Total dividends and
distributions .......... (0.25) (0.51) (0.47) (0.61) (11.25)
------ ------ ------ ------ -----
Net change in net asset
value per share ........ (0.08) 0.29 0.34 (0.08) 17.38
------ ------ ------ ------ -----
NET ASSET VALUE PER
SHARE, END OF PERIOD $10.85 $10.93 $10.64 $10.30 10.38
====== ====== ====== ====== =====
Total return (e) ......... 1.49%(c) 7.65% 8.22% 4.75% 6.39%(c)
RATIO/SUPPLEMENTAL DATA:
Net assets, at end
of period (000's) $ 24,081 $23,153 $20,794 $6,353 $6,908
Ratio of expenses to
average net assets 0.92%(b) 0.95% 0.92% 0.58% 0.50%(b)
Ratio of net investment
income to average net
assets ............... 4.15%(b) 4.28% 4.46% 4.78% 4.91%(b)
Ratio of expenses to
average net assets (b) 1.17%(b) 1.20% 1.55% 2.21% 2.40%(b)
Ratio of net investment
income to average net
assets (a)............ 3.90%(b) 4.03% 3.83% 3.15% 3.10%(b)
Portfolio turnover (d) 23.94% 163.46% 178.11% 130.00%
(a) During the period, certain fees were voluntarily reduced and expenses
reimbursed. If such voluntary fee reductions and expense reimbursements
had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole,
without distinguising between the classes of shares issued.
(e) Total total return is calculated excluding the sale charge of 2.75% which
applies to purchase of Class A shares.
See notes to financial statements.
<PAGE>
REPUBLIC NEW YORK TAX-FREE BOND FUND
FINANCIAL HIGHLIGHTS - CLASS B SHARES
FOR THE PERIOD
FOR THE JANUARY 6, 1998
SIX MONTHS ENDED (DATE OF INITIAL
APRIL 30, 1999 OFFERING) TO
(UNAUDITED) OCTOBER 31, 1998
----------- ----------------
NET ASSET VALUE PER SHARE, BEGINNING OF
PERIOD ................................ $10.92 $10.81
------ ------
Income from investment operations:
Net investment income ................. 0.19 0.37
Net realized and unrealized gains
(losses) on investment transactions . (0.06) 0.11
------ ------
Total income from investment operations . 0.13 0.48
------ ------
Less dividends and distributions:
Dividends to shareholders from net
investment income ................... (0.19) (0.37)
Distributions to shareholders from
net realized gains .................. (0.02) --
------ ------
Total dividends and distributions ....... (0.21) (0.37)
------ ------
Net change in net asset value per share . (0.08) 0.11
------ ------
NET ASSET VALUE PER SHARE, END OF PERIOD $10.84 $10.92
====== ======
Total return (e) ........................ 1.16%(c) 4.50%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) .. $640 $618
Ratio of expenses to average net assets 1.67%(b) 1.70%(b)
Ratio of net investment income to
average net assets .................. 3.42%(b) 3.53%(b)
Ratio of expenses to average net
assets (a) .......................... 1.92%(b) 1.95%(b)
Ratio of net investment income to
average net assets (a) .............. 3.17%(b) 3.28%(b)
Portfolio turnover (d) ................ 23.94% 100.35%
(a) During the period, certain fees were voluntarily reduced and expenses
reimbursed. If such voluntary fee reductions and expense reimbursements
had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole,
without distinguishing between the classes of shares issued.
(e) The total return is calculated excluding the contingent deferred sales
charge which applies to redemptions of Class B shares.
See notes to financial statements.
<PAGE>
REPUBLIC NEW YORK TAX-FREE BOND FUND
FINANCIAL HIGHLIGHTS - CLASS C SHARES
FOR THE PERIOD
NOVEMBER 4, 1998
(DATE OF INITIAL
OFFERING) TO
APRIL 30, 1999
(UNAUDITED)
-----------
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ............. $10.88
------
Income from investment operations:
Net investment income .................................... 0.15
Net realized and unrealized gains on investment
transactions ........................................... 0.02
------
Total income from investment operations .................... 0.17
------
Less dividends and distributions:
Dividends to shareholders from net investment income ..... (0.15)
Distributions to shareholders from net realized gains .... (0.02)
------
Total dividends and distributions .......................... (0.17)
------
Net change in net asset value per share .................... 0.00
------
NET ASSET VALUE PER SHARE, END OF PERIOD ................... $10.88
======
Total return (e) ........................................... 0.37%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ..................... $251
Ratio of expenses to average net assets .................. 1.67%(b)
Ratio of net investment income to average net assets ..... 3.40%(b)
Ratio of expenses to average net assets (a) .............. 1.92%(b)
Ratio of net investment loss to average net assets (a) ... 3.15%(b)
Portfolio turnover (d) ................................... 23.94%
(a) During the period, certain fees were voluntarily reduced and expenses
reimbursed. If such voluntary fee reductions and expense reimbursements
had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole,
without distinguishing between the classes of shares issued.
(e) The total return is calculated excluding the contingent deferred sales
charge which applies to redemptions of Class C shares.
See notes to financial statements.
<PAGE>
REPUBLIC NEW YORK TAX-FREE BOND FUND
FINANCIAL HIGHLIGHTS - CLASS Y (ADVISER) SHARES
FOR THE
PERIOD
FOR THE JULY 1, 1996
SIX MONTHS FOR THE YEAR (DATE OF
ENDED ENDED INITIAL
APRIL 30, OCTOBER 31, OFFERING) TO
1999 ---------------- OCTOBER 31,
(UNAUDITED) 1998 1997 1996
------------ ------- ------- -------------
NET ASSET VALUE PER SHARE,
BEGINNING OF PERIOD ......... $10.93 $10.64 $10.30 $10.18
------ ------ ------ ------
Income from investment
operations:
Net investment income ....... 0.28 0.49 0.46 0.16
Net realized and unrealized
gains on investment
transactions .............. (0.07) 0.33 0.36 0.12
------ ------ ------ ------
Total income from investment
operations .................. 0.21 0.82 0.82 0.28
------ ------ ------ ------
Less dividends and distributions:
Dividends to shareholders
from net investment income (0.28) (0.49) (0.46) (0.16)
Distributions to shareholders
from net realized gains ... (0.02) (0.04) (0.02) --
------ ------ ------ ------
Total dividends and
distributions ............... (0.30) (0.53) (0.48) (0.16)
------ ------ ------ ------
Net change in net asset value
per share ................... (0.09) 0.29 0.34 0.12
------ ------ ------ ------
NET ASSET VALUE PER SHARE, END
OF PERIOD ................... $10.84 $10.93 $10.64 $10.30
====== ====== ====== ======
Total return .................. 1.53%(c) 7.87% 8.38% 3.52%
RATIO/SUPPLEMENTAL DATA:
Net assets, at end of period
(000's) ................... $8,561 $8,641 $8,901 $8,233
Ratio of expenses to average
net assets ................ 0.68%(b) 0.70% 0.78% 0.60%(b)
Ratio of net investment
income to
average net assets ........ 4.41%(b) 4.53% 4.66% 4.78%(b)
Ratio of expenses to average
net assets (a) ............ 0.93%(b) 0.95% 1.27% 2.26%(b)
Ratio of net investment
income to average net
assets (a) ................ 4.16%(b) 4.28% 4.17% 3.12%(b)
Portfolio turnover (d) ...... 23.94% 100.35% 163.46% 178.11%
(a) During the period, certain fees were voluntarily reduced and expenses
reimbursed. If such voluntary fee reductions and expense reimbursements
had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole,
without distinguising between the classes of shares issued.
See notes to financial statements.
<PAGE>
REPUBLIC EQUITY FUND
FINANCIAL HIGHLIGHTS - CLASS A (INVESTOR) SHARES
FOR THE
PERIOD
AUGUST 1,
1995
FOR THE (COMMENCEMENT
SIX MONTHS OF
ENDED FOR THE YEAR ENDED OPERATIONS)
APRIL 30, OCTOBER 31, TO
1999 ----------------------- OCTOBER 31,
(UNAUDITED) 1998 1997 1996 1995
---------- ----- ----- ----- -----------
NET ASSET VALUE PER
SHARE, BEGINNING OF
PERIOD ................ $16.95 $15.00 $11.93 $10.24 $10.00
------ ------ ------ ------ ------
Income from investment
operations:
Net investment income . 0.02 0.05 0.07 0.19 0.04
Net realized and
unrealized gains
on investment
transactions ........ 3.53 2.80 3.32 1.67 0.24
------ ------ ------ ------ ------
Total income from
investment operations . 3.55 2.85 3.39 1.86 0.28
------ ------ ------ ------ ------
Less dividends and
distributions:
Dividends to
shareholders from net
investment income ... (0.02) (0.05) (0.10) (0.17) (0.04)
Distributions to
shareholders from
net realized gains .. (0.39) (0.85) (0.22) -- --
------ ------ ------ ------ ------
Total dividends and
distributions (0.41) (0.90) (0.32) (0.17) (0.04)
------ ------ ------ ------ ------
Net change in net asset
value per share ....... 3.14 1.95 3.07 1.69 0.24
------ ------ ------ ------ ------
NET ASSET VALUE PER
SHARE, END OF PERIOD $20.09 $16.95 $15.00 $11.93 10.24
====== ====== ====== ====== =====
Total return (e) ........ 21.32%(c) 19.98% 28.92% 18.30% 2.75%(c)
RATIO/SUPPLEMENTAL DATA:
Net assets, at end
of period (000's) ... $28,177 $23,559 $12,363 $3,918 $22,092
Ratio of expenses to
average net assets .. 0.98%(b) 1.03% 1.21% 1.28% 1.47%(b)
Ratio of net investment
income to average net
assets .............. 0.24%(b) 0.30% 0.48% 1.83% 1.59%(b)
Ratio of expenses to
average net assets (a) 0.98%(b) 1.03% 1.28% 1.59% 2.44%(b)
Ratio of net investment
income to average net
assets (a)........... 0.24%(b) 0.30% 0.41% 1.51% 0.62%(b)
Portfolio turnover (d) 15.77% 176.34% 99.02% 86.18% 2.00%(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.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole,
without distinguising between the classes of shares issued.
(e) The total return is calculated excluding the sale charge of 3.50% which
applies to purchases of Class A shares.
See notes to financial statements.
<PAGE>
REPUBLIC EQUITY FUND
FINANCIAL HIGHLIGHTS - CLASS B SHARES
FOR THE PERIOD
FOR THE JANUARY 6, 1998
SIX MONTHS ENDED (DATE OF INITIAL
APRIL 30, 1999 OFFERING) TO
(UNAUDITED) OCTOBER 31, 1998
----------- ----------------
NET ASSET VALUE PER SHARE, BEGINNING
OF PERIOD ............................. $16.92 $14.88
------ ------
Income from investment operations:
Net investment loss ................... (0.03) (0.01)
Net realized and unrealized gains
on investment transactions .......... 3.50 2.07
------ ------
Total income from investment operations . 3.47 2.06
------ ------
Less dividends and distributions:
Dividends to shareholders from net
investment income ................... (0.01) (0.02)
Distributions to shareholders from
net realized gains .................. (0.39) --
------ ------
Total dividends and distributions ....... (0.40) (0.02)
------ ------
Net change in net asset value per
share ................................. 3.07 2.04
------ ------
NET ASSET VALUE PER SHARE, END OF PERIOD $19.99 $16.92
====== ======
Total return (e) ........................ 20.83% (c) 13.84% (c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) .. $1,714 $956
Ratio of expenses to average net assets 1.72% (b) 1.78% (b)
Ratio of net investment loss to average
net assets .......................... (0.52%)(b) (0.45%)(b)
Ratio of expenses to average net
assets (a) .......................... 1.72% (b) 1.78% (b)
Ratio of net investment loss to
average net assets (a) .............. (0.52%)(b) (0.45%)(b)
Portfolio turnover (d) ................ 15.77% 176.34%
(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.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole,
without distinguishing between the classes of shares issued.
(e) The total return is calculated excluding the contingent deferred sales
charge which applies to redemptions of Class B shares.
See notes to financial statements.
<PAGE>
REPUBLIC EQUITY FUND
FINANCIAL HIGHLIGHTS - CLASS C SHARES
FOR THE PERIOD
NOVEMBER 4, 1998
(DATE OF INITIAL
OFFERING) TO
APRIL 30, 1999
(UNAUDITED)
-----------
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ............. $17.29
------
Income from investment operations:
Net investment income .................................... 0.03
Net realized and unrealized gains on investment
transactions ........................................... 3.19
------
Total income from investment operations .................... 3.22
------
Less dividends and distributions:
Dividends to shareholders from net investment income ..... (0.03)
Distributions to shareholders from net realized gains .... (0.39)
------
Total dividends and distributions .......................... (0.42)
------
Net change in net asset value per share .................... 2.80
------
NET ASSET VALUE PER SHARE, END OF PERIOD ................... $20.09
======
Total return (e) ........................................... 18.99% (c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ..................... $1,154
Ratio of expenses to average net assets .................. 1.72% (b)
Ratio of net investment loss to average net assets ....... (0.52%)(b)
Ratio of expenses to average net assets (a) .............. 1.72% (b)
Ratio of net investment loss to average net assets (a) ... (0.52%)(b)
Portfolio turnover (d) ................................... 15.77%
(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.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole,
without distinguishing between the classes of shares issued.
(e) The total return is calculated excluding the contingent deferred sales
charge which applies to redemptions of Class C shares.
See notes to financial statements.
<PAGE>
REPUBLIC EQUITY FUND
FINANCIAL HIGHLIGHTS - CLASS Y (ADVISER) SHARES
FOR THE
PERIOD
FOR THE JULY 1, 1996
SIX MONTHS FOR THE YEAR (DATE OF
ENDED ENDED INITIAL
APRIL 30, OCTOBER 31, OFFERING) TO
1999 -------------- OCTOBER 31,
(UNAUDITED) 1998 1997 1996
---------- ----- ----- -----------
NET ASSET VALUE PER SHARE,
BEGINNING OF PERIOD ............. $16.95 $15.01 $11.93 $11.49
------ ------ ------ ------
Income from investment operations:
Net investment income ........... 0.02 0.08 0.10 0.08
Net realized and unrealized
gains on investment
transactions .................. 3.54 2.79 3.33 0.42
------ ------ ------ ------
Total income from investment
operations ...................... 3.56 2.87 3.43 0.50
------ ------ ------ ------
Less dividends and distributions:
Dividends to shareholders
from net investment income (0.02) (0.08) (0.13) (0.06)
Distributions to shareholders
from net realized gains ....... (0.39) (0.85) (0.22) --
------ ------ ------ ------
Total dividends and distributions . (0.41) (0.93) (0.35) (0.06)
------ ------ ------ ------
Net change in net asset value
per share ....................... 3.15 1.94 3.08 0.44
------ ------ ------ ------
NET ASSET VALUE PER SHARE, END
OF PERIOD ....................... $20.10 $16.95 $15.01 $11.93
====== ====== ====== ======
Total return ...................... 21.52%(c) 20.16% 29.28% 4.72%(c)
RATIO/SUPPLEMENTAL DATA:
Net assets, at end of period
(000's) ....................... $255,712 $210,498 $63,060 $33,155
Ratio of expenses to average
net assets .................... 0.73%(b) 0.78% 0.96% 0.66%(b)
Ratio of net investment income to
average net assets ............ 0.48%(b) 0.55% 0.77% 1.93%(b)
Ratio of expenses to average
net assets (a) ................ 0.73%(b) 0.78% 1.03% 0.97%(b)
Ratio of net investment income to
average net assets (a) ........ 0.48%(b) 0.55% 0.70% 1.62%(b)
Portfolio turnover (d)........... 15.77% 176.34% 99.02% 86.18%
(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.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole,
without distinguising between the classes of shares issued.
See notes to financial statements.
<PAGE>
<TABLE>
REPUBLIC BOND FUND
FINANCIAL HIGHLIGHTS - CLASS A (INVESTOR) SHARES
<CAPTION>
FOR THE
SIX MONTHS FOR THE PERIOD
ENDED FOR THE YEAR ENDED AUGUST 26, 1996
APRIL 30, OCTOBER 31, (COMMENCEMENT
1999 --------------------- OF OPERATIONS) TO
(UNAUDITED) 1998 1997 OCTOBER 31, 1996
----------- ---- ---- ----------------
<S> <C> <C> <C> <C>
NET ASSET VALUE PER SHARE,
BEGINNING OF PERIOD .................. $10.51 $10.50 $10.26 $10.00
------ ------ ------ ------
Income from investment operations:
Net investment income .............. 0.28 0.59 0.57 0.10
Net realized and unrealized
gains (losses) on
investment and foreign
currency transactions ............ (0.04) 0.01 0.30 0.26
------ ------ ------ ------
Total income from investment
operations ......................... 0.24 0.60 0.87 0.36
------ ------ ------ ------
Less dividends and distributions:
Dividends to shareholders
from net investment income ....... (0.28) (0.59) (0.57) --
Distributions to
shareholders from net
realized gains ................... (0.24) -- (0.06) (0.10)
------ ------ ------ ------
Total dividends and
distributions ........................ (0.52) (0.59) (0.63) (0.10)
------ ------ ------ ------
Net change in net asset value
per share .......................... (0.28) 0.01 0.24 0.26
------ ------ ------ ------
NET ASSET VALUE PER SHARE, END
OF PERIOD .......................... $10.23 $10.51 $10.50 $10.26
====== ====== ====== ======
Total return (d) ..................... 2.25%(c) 5.83% 8.71% 3.61%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period
(000's) .......................... $5,093 $4,826 $2,439 $21
Ratio of expenses to average
net assets ....................... 1.10%(b) 1.10% 1.10% 1.04%(b)
Ratio of net investment
income to average net
assets ........................... 5.29%(b) 5.51% 5.40% 5.23%(b)
Ratio of expenses to average
net assets (a) ................... 1.51%(b) 1.61% 5.24% 280.50%(b)
Ratio of net investment
income to average net
assets (a) ....................... 4.88%(b) 5.00% 1.27% 274.18%(b)
(a) During the period, certain fees were voluntarily reduced and expenses reimbursed. If such
voluntary fee reductions and expense reimbursements had not occurred, the ratios would have been
as indicated.
(b) Annualized.
(c) Not annualized.
(d) The total return is calculated excluding the sales charge of 2.75% which applies to purchases of
Class A shares.
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC BOND FUND
FINANCIAL HIGHLIGHTS - CLASS B SHARES
<CAPTION>
FOR THE PERIOD
FOR THE JANUARY 6, 1998
SIX MONTHS ENDED (DATE OF INITIAL
APRIL 30, 1999 OFFERING) TO
(UNAUDITED) OCTOBER 31, 1998
----------- ----------------
<S> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF
PERIOD .......................................... $10.51 $10.63
------ ------
Income from investment operations:
Net investment income ........................... 0.24 0.41
Net realized and unrealized losses on investment
and foreign currency transactions ............. (0.04) (0.12)
------ ------
Total income from investment operations ........... 0.20 0.29
------ ------
Less dividends and distributions:
Dividends to shareholders from net investment
income ........................................ (0.24) (0.41)
Distributions to shareholders from net realized
gains ......................................... (0.24) --
------ ------
Total dividends and distributions ................. (0.48) (0.41)
------ ------
Net change in net asset value per share ........... (0.28) (0.12)
------ ------
NET ASSET VALUE PER SHARE, END OF PERIOD .......... $10.23 $10.51
====== ======
Total return (d) .................................. 1.92%(c) 2.84%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ............ $379 $364
Ratio of expenses to average net assets ......... 1.84%(b) 1.85%(b)
Ratio of net investment income to average net
assets ........................................ 4.55%(b) 4.76%(b)
Ratio of expenses to average net assets (a) ..... 2.25%(b) 2.36%(b)
Ratio of net investment income to average net
assets (a) .................................... 4.14%(b) 4.25%(b)
(a) During the period, certain fees were voluntarily reduced and expenses reimbursed. If
such voluntary fee reductions and expense reimbursements had not occurred, the ratios
would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) The total return is calculated excluding the contingent deferred sales charge which
applies to redemptions of Class B shares.
See notes to financial statements.
</TABLE>
<PAGE>
REPUBLIC BOND FUND
FINANCIAL HIGHLIGHTS - CLASS C SHARES
FOR THE PERIOD
NOVEMBER 4, 1998
(DATE OF INITIAL
OFFERING) TO
APRIL 30, 1999
(UNAUDITED)
-----------
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ............. $10.42
------
Income from investment operations:
Net investment income .................................... 0.21
Net realized and unrealized gains on investment and
foreign currency transactions .......................... 0.04
------
Total income from investment operations .................... 0.25
------
Less dividends and distributions:
Dividends to shareholders from net investment income ..... (0.21)
Distributions to shareholders from net realized gains .... (0.24)
------
Total dividends and distributions .......................... (0.45)
------
Net change in net asset value per share .................... (0.20)
------
NET ASSET VALUE PER SHARE, END OF PERIOD ................... $10.22
======
Total return (d) ........................................... 2.42%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ..................... $68
Ratio of expenses to average net assets .................. 1.84%(b)
Ratio of net investment income to average net assets ..... 4.55%(b)
Ratio of expenses to average net assets (a) .............. 2.25%(b)
Ratio of net investment income to average net assets (a) . 4.14%(b)
(a) During the period, certain fees were voluntarily reduced and expenses
reimbursed. If such voluntary fee reductions and expense reimbursements
had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) The total return is calculated excluding the contingent deferred sales
charge which applies to redemptions of Class C shares.
See notes to financial statements.
<PAGE>
<TABLE>
REPUBLIC OVERSEAS EQUITY FUND
FINANCIAL HIGHLIGHTS - CLASS A (INVESTOR) SHARES
<CAPTION>
FOR THE
SIX MONTHS FOR THE PERIOD
ENDED FOR THE YEAR ENDED AUGUST 26, 1996
APRIL 30, OCTOBER 31, (DATE OF INITIAL
1999 --------------------- OFFERING) TO
(UNAUDITED) 1998 1997 OCTOBER 31, 1996
----------- ---- ---- ----------------
<S> <C> <C> <C> <C>
NET ASSET VALUE PER SHARE,
BEGINNING OF PERIOD .................. $11.64 $11.57 $10.15 $10.00
------ ------ ------ ------
Income from investment operations:
Net investment income/(loss) ....... (0.03) (0.01) 0.00* 0.00
Net realized and unrealized
gains on investment and
foreign currency
transactions ..................... 2.71 0.23 1.43 0.15
------ ------ ------ ------
Total income from investment
operations ......................... 2.68 0.22 1.43 0.15
------ ------ ------ ------
Less dividends and distributions:
Dividends to shareholders
from net investment income ....... (0.02) (0.08) (0.01) --
Distributions to
shareholders from net
realized gains ................... -- (0.07) 0.00* --
------ ------ ------ ------
Total dividends and
distributions ...................... (0.02) (0.15) (0.01) --
------ ------ ------ ------
Net change in net asset value
per share .......................... 2.66 0.07 1.42 0.15
------ ------ ------ ------
NET ASSET VALUE PER SHARE, END
OF PERIOD .......................... $14.30 $11.64 $11.57 $10.15
====== ====== ====== ======
Total return (d) ..................... 23.04%(c) 1.96% 14.08% 1.50%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period
(000's) .......................... $7,226 $6,070 $3,660 $142
Ratio of expenses to average
net assets ....................... 1.87%(b) 1.77% 1.71% 1.69%(b)
Ratio of net investment
income to average net
assets ........................... (0.41%)(b) (0.08%) (0.16%) 0.05%(b)
Ratio of expenses to average
net assets (a) ................... 1.89%(b) 1.86% 4.10% 33.34%(b)
Ratio of net investment
income to average net
assets (a) ....................... (0.43%)(b) (0.17%) (2.55%) (31.65%)(b)
(a) During the period, certain fees were voluntarily reduced and expenses reimbursed. If such voluntary
fee reductions and expense reimbursements had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) The total return is calculated excluding the sales charge of 3.50% which applies to purchases of
Class A shares.
* Less than $0.01 per share.
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC OVERSEAS EQUITY FUND
FINANCIAL HIGHLIGHTS - CLASS B SHARES
<CAPTION>
FOR THE PERIOD
FOR THE JANUARY 6, 1998
SIX MONTHS ENDED (DATE OF INITIAL
APRIL 30, 1999 OFFERING) TO
(UNAUDITED) OCTOBER 31, 1998
----------- ----------------
<S> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF
PERIOD .......................................... $11.57 $11.45
------ ------
Income from investment operations:
Net investment loss ............................. (0.07) (0.07)
Net realized and unrealized gains on investment
and foreign currency transactions ............. 2.67 0.19
------ ------
Total income from investment operations ........... 2.60 0.12
------ ------
Less dividends and distributions:
Dividends to shareholders from net investment
income ........................................ -- --
Distributions to shareholders from net realized
gains ......................................... -- --
------ ------
Total dividends and distributions ................. -- --
------ ------
Net change in net asset value per share ........... 2.60 0.12
------ ------
NET ASSET VALUE PER SHARE, END OF PERIOD .......... $14.17 $11.57
====== ======
Total return (d) .................................. 22.47%(c) 1.05%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ............ $61 $42
Ratio of expenses to average net assets ......... 2.61%(b) 2.52%(b)
Ratio of net investment income to average net
assets ........................................ (1.15%)(b) (0.83%)(b)
Ratio of expenses to average net assets (a) ..... 2.63%(b) 2.61%(b)
Ratio of net investment income to average net
assets (a) .................................... (1.17%)(b) (0.92%)(b)
(a) During the period, certain fees were voluntarily reduced and expenses reimbursed. If such
voluntary fee reductions and expense reimbursements had not occurred, the ratios would have
been as indicated.
(b) Annualized.
(c) Not annualized.
(d) The total return is calculated excluding the contingent deferred sales charge which applies
to redemptions of Class B shares.
See notes to financial statements.
</TABLE>
<PAGE>
REPUBLIC OVERSEAS EQUITY FUND
FINANCIAL HIGHLIGHTS - CLASS C SHARES
FOR THE PERIOD
NOVEMBER 4, 1998
(DATE OF INITIAL
OFFERING) TO
APRIL 30, 1999
(UNAUDITED)
-----------
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ............. $12.10
------
Income from investment operations:
Net investment loss ...................................... (0.07)
Net realized and unrealized gains on investment and
foreign currency transactions .......................... 2.32
------
Total income from investment operations .................... 2.25
------
Less dividends and distributions:
Dividends to shareholders from net investment income ..... (0.04)
Distributions to shareholders from net realized gains .... --
------
Total dividends and distributions .......................... (0.04)
------
Net change in net asset value per share .................... 2.21
------
NET ASSET VALUE PER SHARE, END OF PERIOD ................... $14.31
======
Total return (d) ........................................... 18.67%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ..................... $27
Ratio of expenses to average net assets .................. 2.61%(b)
Ratio of net investment loss to average net assets ....... (1.15%)(b)
Ratio of expenses to average net assets (a) .............. 2.63%(b)
Ratio of net investment loss to average net assets (a) ... (1.17%)(b)
(a) During the period, certain fees were voluntarily reduced and expenses
reimbursed. If such voluntary fee reductions and expense reimbursements
had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) The total return is calculated excluding the contingent deferred sales
charge which applies to redemptions of Class C shares.
See notes to financial statements.
<PAGE>
<TABLE>
REPUBLIC OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS - CLASS A (INVESTOR) SHARES
<CAPTION>
FOR THE
SIX MONTHS FOR THE PERIOD
ENDED FOR THE YEAR ENDED AUGUST 26, 1996
APRIL 30, OCTOBER 31, (COMMENCEMENT
1999 --------------------- OF OPERATIONS) TO
(UNAUDITED) 1998 1997 OCTOBER 31, 1996
----------- ---- ---- ----------------
<S> <C> <C> <C> <C>
NET ASSET VALUE PER SHARE,
BEGINNING OF PERIOD ................ $11.33 $12.37 $ 9.80 $10.00
------ ------ ------ ------
Income from investment operations:
Net investment loss ................ (0.08) (0.13) (0.07) --
Net realized and
unrealized gains
(losses) on investment
transactions ..................... 1.34 (0.46) 2.64 (0.20)
------ ------ ------ ------
Total income (loss) from
investment operations .............. 1.26 (0.59) 2.57 (0.20)
------ ------ ------ ------
Less dividends and distributions:
Dividends to shareholders
from net investment
income ........................... (0.04) 0.00 0.00 0.00
Distributions to
shareholders from net
realized gains ................... (0.69) (0.45) 0.00* --
------ ------ ------ ------
Total dividends and
distributions ...................... (0.73) (0.45) 0.00 0.00
------ ------ ------ ------
Net change in net asset
value per share .................... 0.53 (1.04) 2.57 --
------ ------ ------ ------
NET ASSET VALUE PER SHARE,
END OF PERIOD ...................... $11.86 $11.33 $12.37 $ 9.80
====== ====== ====== ======
Total return (d) ..................... 11.31%(c) (4.68%) (26.28%) (2.00%)(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of
period (000's) ................... $12,775 $13,137 $9,983 $3,184
Ratio of expenses to
average net assets ............... 1.68%(b) 1.63% (1.55%) (1.22%)(b)
Ratio of net investment
loss to average net (1.33%)(b)
assets ........................... (1.17%) (1.05%) (0.28%)(b)
Ratio of expenses to
average net assets (a) ........... 1.82%(b) 1.64% (2.01%) (2.90%)(b)
Ratio of net investment
loss to average net assets (a) ... (1.47%)(b) (1.18%) (1.51%) (2.06%)(b)
(a) During the period, certain fees were voluntarily reduced and expenses reimbursed. If such
voluntary fee reductions and expense reimbursements had not occurred, the ratios would have been
as indicated.
(b) Annualized.
(c) Not annualized.
(d) The total return is calculated excluding the sales charge of 3.50% which applies to purchases of
Class A shares.
* Less than $0.01 per share.
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS - CLASS B SHARES
<CAPTION>
FOR THE PERIOD
FOR THE JANUARY 6, 1998
SIX MONTHS ENDED (DATE OF INITIAL
APRIL 30, 1999 OFFERING) TO
(UNAUDITED) OCTOBER 31, 1998
----------- ----------------
<S> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF
PERIOD .......................................... $11.31 $11.65
------ ------
Income from investment operations:
Net investment loss ............................. (0.11) (0.09)
Net realized and unrealized gains (losses) on
investments ................................... 1.31 (0.25)
------ ------
Total income (loss) from investment operations .... 1.20 (0.34)
------ ------
Less dividends and distributions:
Dividends to shareholders from net investment
income ........................................ (0.04) --
Distributions to shareholders from net realized
gains ......................................... (0.69) --
------ ------
Total dividends and distributions ................. (0.73) --
------ ------
Net change in net asset value per share ........... 0.47 (0.34)
------ ------
NET ASSET VALUE PER SHARE, END OF PERIOD .......... $11.78 $11.31
====== ======
Total return (d) .................................. 10.88%(c) (2.92%)(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ............ $442 $349
Ratio of expenses to average net assets ......... 2.43%(b) 2.38%(b)
Ratio of net investment loss to average net
assets ........................................ (2.08%)(b) (1.92%)(b)
Ratio of expenses to average net assets (a) ..... 2.57%(b) 2.39%(b)
Ratio of net investment loss to average net
assets (a) .................................... (2.22%)(b) (1.93%)(b)
(a) During the period, certain fees were voluntarily reduced and expenses reimbursed. If
such voluntary fee reductions and expense reimbursements had not occurred, the ratios
would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) The total return is calculated excluding the contingent deferred sales charge which
applies to redemptions of Class B shares.
See notes to financial statements.
</TABLE>
<PAGE>
REPUBLIC OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS - CLASS C SHARES
FOR THE PERIOD
NOVEMBER 4, 1998
(DATE OF INITIAL
OFFERING) TO
APRIL 30, 1999
(UNAUDITED)
-----------
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ............. $11.73
------
Income from investment operations:
Net investment loss ...................................... (0.01)
Net realized and unrealized gains on investment
transactions ........................................... 0.87
------
Total income from investment operations .................... 0.86
------
Less dividends and distributions:
Dividends to shareholders from net investment income ..... (0.04)
Distributions to shareholders from net realized gains .... (0.69)
------
Total dividends and distributions .......................... (0.73)
------
Net change in net asset value per share .................... 0.13
------
NET ASSET VALUE PER SHARE, END OF PERIOD ................... $11.86
======
Total return (d) ........................................... 7.62%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000's) ..................... $146
Ratio of expenses to average net assets .................. 2.43%(b)
Ratio of net investment loss to average net assets ....... (2.08%)(b)
Ratio of expenses to average net assets (a) .............. 2.57%(b)
Ratio of net investment loss to average net assets (a) ... (2.22%)(b)
(a) During the period, certain fees were voluntarily reduced and expenses
reimbursed. If such voluntary fee reductions and expense reimbursements
had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) The total return is calculated excluding the contingent deferred sales
charge which applies to redemptions of Class C shares.
See notes to financial statements.
<PAGE>
<TABLE>
REPUBLIC FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1999
<CAPTION>
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
------ -------------------- --------
<S> <C> <C>
CORPORATE OBLIGATIONS (24.2%) (f)
AUTOMOTIVE (0.7%)
$ 600,000 Delphi Auto Systems Corp., 7.125%, due 05/01/29 ........ $ 588,717
525,000 Ford Motor Co., 6.625%, due 10/01/28 ................... 503,486
350,000 General Motors, 6.750%, due 05/01/28 ................... 341,287
-------------
1,433,490
-------------
BANKING (1.7%)
770,000 BankAmerica Institution, 144A, 8.070%, due 12/31/26 (a) 796,976
385,000 Chase Manhattan Corp., 6.00%, 2/15/09 .................. 372,210
620,000 First Chicago NBD Institution, 144A, 7.950%, due
12/01/26 (a) ......................................... 643,451
575,000 First Union Capital, 8.040%, due 12/01/26 .............. 598,592
75,000 Great Western Finance, 8.206%, due 02/01/27 ............ 77,820
380,000 Nations Bank, 5.875%, 2/15/09 .......................... 365,009
475,000 PNC Instit Capital Trust A, 144A, 7.950%, due
12/15/26(a) .......................................... 480,858
-------------
3,334,916
-------------
BROADCASTING & PUBLISHING (2.0%)
560,000 CSC Holdings Inc., 7.875%, due 12/15/07 ................ 592,200
160,000 Lenfest Communications, 8.375%, due 11/01/05 ........... 171,200
660,000 Lenfest Communications, 7.625%, due 02/15/08 ........... 679,800
265,000 Multicanal SA, 10.500%, due 04/15/18 ................... 211,338
245,000 Multicanal SA, 144A, 13.125%, due 04/15/09 (a) ......... 249,288
700,000 News America Corp., 7.280%, due 06/30/28 ............... 698,219
130,000 News America Holdings, 8.875%, due 04/26/23 ............ 151,909
120,000 News America Holdings, 7.750%, due 01/20/24 ............ 125,790
605,000 Time Warner Inc., 7.570%, due 02/01/24 ................. 640,180
475,000 Time Warner Inc., 6.625%, due 05/15/29 ................. 449,435
-------------
3,969,359
-------------
COMPUTERS (0.3%)
625,000 AST Research, Inc., 144A, 7.450%, due 10/01/02 (a) ..... 598,968
-------------
ELECTRICAL EQUIPMENT (0.2%)
75,000 Hyundai Semi Conductor, 144A, 8.250%, due 05/15/04 (a) . 64,907
290,000 Hyundai Semi Conductor, 144A, 8.625%, due 05/15/07 (a) . 239,128
-------------
304,035
-------------
ENERGY (2.4%)
465,000 CMS Energy Corp., 7.500%, due 01/15/09 ................. 466,495
670,000 Empresa Nacional Electric, 7.750%, due 07/15/08 ........ 673,856
100,000 Empresa Nacional Electric, 7.325%, due 02/1/37 ......... 98,054
560,000 Enron Corp., 6.950%, due 07/15/28 ...................... 545,389
190,000 Israel Electric, 144A, 7.250%, due 12/15/06 (a) ........ 190,969
305,000 Israel Electric, 144A, 7.750%, due 12/15/27 (a) ........ 291,869
162,241 Mobil Energy Services, 8.665%, due 01/01/17 ............ 48,672
345,000 National Power Corp., 7.875%, due 12/15/06 ............. 318,549
350,000 National Power Corp., 8.400%, due 12/15/16 ............. 286,464
274,000 Niagara Mohawk Power, 7.750%, due 10/01/08 ............. 290,691
350,000 Paiton Energy Funding BV, 144A, 9.340%, due 02/15/14 (a) 76,269
1,115,000 RAS Laffan Liquid Natural Gas, 144A, 8.294%, due
03/15/14 (a) ......................................... 1,050,970
445,000 Tennessee Gas Pipeline, 7.000%, due 10/15/28 ........... 437,755
-------------
4,776,002
-------------
ENVIRONMENTAL SERVICES (0.5%)
500,000 Browning-Ferris, 7.400%, due 09/15/35 .................. 424,317
475,000 USA Waste, 7.000%, due 07/15/28 ........................ 469,387
-------------
893,704
-------------
FINANCE (8.4%)
675,000 Ahold Finance USA Inc., 6.875%, due 05/01/29 ........... 665,305
365,000 Anthem Insurance, 144A, 9.000%, due 04/01/27 (a) ....... 363,504
155,000 Associates Corp., 6.950%, due 11/01/18 ................. 156,134
810,000 BT Institutional Capital, 144A, 8.090%, due 12/01/26 (a) 826,275
300,000 Edison Mission, 144A, 7.330%, due 09/15/08 (a) ......... 306,669
365,000 EOP Operating LP, 6.763%, due 06/15/07 ................. 358,169
170,000 EOP Operating LP, 7.250%, due 06/15/28 ................. 160,396
265,000 EOP Operating LP, 7.500%, due 04/19/29 ................. 257,614
270,000 Equifax, Inc., 6.900%, due 07/01/28 .................... 265,023
505,000 Equitable Cos., 6.500%, due 04/01/08 ................... 506,694
585,000 Equitable Life, 144A, 6.950%, due 12/01/05 (a) ......... 602,935
545,000 Farmers Exchange Cap, 144A, 7.050%, due 07/15/28 (a) ... 519,603
475,000 Farmers Insurance Exchange, 144A, 8.625%, due
05/01/24 (a) ......................................... 535,569
250,000 Florida Property & Casualty, 144A, 7.375%, due
07/01/03 (a) ......................................... 257,184
500,000 Florida Windstorm, 144A, 6.700%, due 08/25/04 (a) ...... 503,802
515,000 Florida Windstorm, 144A, 7.125%, due 02/25/19 (a) ...... 520,221
380,000 Goldman Sachs Group 144A, 6.50%, due 02/25/09 (a) ...... 375,363
715,000 GS Escrow Corp., 7.125%, due 08/01/05 .................. 714,150
825 Home Ownership Funding Corp., 144A, 13.331%, (a) (d) ... 753,039
1,105,000 Hutchison Whampoa Ltd., 144A, 7.450%, due 08/01/17 (a) . 1,058,203
175,000 Jet Equipment Trust, 144A, 10.000%, due 06/15/12 (a) ... 211,596
220,000 K-Mart Funding Corp., 8.800%, due 07/01/10 ............. 229,239
240,000 Lehman Brothers Holdings, 8.800%, due 03/01/15 ......... 267,651
115,000 Lehman Brothers Holdings, 8.500%, due 08/01/15 ......... 123,255
625,000 Metropolitan Life Insurance, 144A, 7.450%, due
11/01/23 (a) ......................................... 636,405
550,000 Nationwide Mutual Life, 144A, 7.500%, due 02/15/24 (a) . 538,471
500,000 New York Life, 144A, 7.500%, due 12/15/23 (a) .......... 476,292
485,624 Oil Purchase Co., 144A, 7.100%, due 04/30/02 (a) ....... 462,683
805,000 Petrozuata Finance, Inc., 144A, 8.220%, due 04/01/17 (a) 631,925
215,000 Prime Property Funding II, 144A, 6.800%, due
08/15/02 (a) ......................................... 214,840
420,000 Prime Property Funding II, 144A, 7.000%, due
08/15/04 (a) ......................................... 419,378
780,000 Prudential Insurance Co., 144A, 8.300%, due 07/01/25 (a) 895,697
263,161 Smart (CFS) 97 6 A1, 7.710%, due 04/15/06 .............. 171,055
249,143 Smart Sec Multi Asset Rated, 7.450%, due 03/16/06 ...... 161,943
440,000 Washington Mutual Capital, 8.375%, due 06/01/27 ........ 463,973
385,350 World Financial, 144A, 6.910%, due 09/01/13 (a) ........ 387,207
750,000 World Financial, 144A, 6.950%, due 09/01/13 (a) ........ 766,875
-------------
16,764,337
-------------
FOOD (0.4%)
640,000 Fred Meyer Inc., 7.375%, due 03/01/05 .................. 663,571
165,000 Fred Meyer Inc., 7.450%, due 03/01/08 .................. 172,530
-------------
836,101
-------------
HEALTH CARE (1.4%)
215,000 Columbia HCA Healthcare, 9.000%, due 12/15/14 .......... 218,237
430,000 Columbia HCA Healthcare, 7.190%, due 11/15/15 .......... 360,249
325,000 Columbia HCA Healthcare, 7.580%, due 09/15/25 .......... 276,978
150,000 Columbia HCA Healthcare, 7.050%, due 12/01/27 .......... 117,750
895,000 Monsanto Co., 144A, 6.600%, due 12/01/28 (a) ........... 842,599
425,000 Rhone Poulenc Rorer, Inc., 8.620%, due 01/05/21 ........ 452,812
500,000 Tenet Healthcare, 144A, 7.625%, due 06/01/08 (a) ....... 486,250
-------------
2,754,875
-------------
INDUSTRIAL (0.6%)
330,000 American Standard Co., 7.375%, due 04/15/05 ............ 325,875
905,000 Conoco, Inc., 6.950%, due 04/15/29 ..................... 894,839
-------------
1,220,714
-------------
MINING (0.9%)
595,000 Glencore Nickel Property Ltd., 9.000%, due 12/01/14 .... 493,106
515,000 Grupo Minero Mexico, 8.250%, due 04/01/08 .............. 452,556
965,000 Scotia Pacific Holdings, 144A, 7.710%, due 01/20/14 (a) 733,401
-------------
1,679,063
-------------
OIL & GAS (0.2%)
370,000 Oxymar, 144A, 7.500%, due 02/15/16 (a) ................. 332,430
-------------
REAL ESTATE INVESTMENT TRUST (0.1%)
150,000 Host Marriott LP, 144A, 8.375%, due 02/15/06 (a) ....... 151,875
-------------
RETAIL (0.8%)
515,000 Federated Department Stores, 144A, 6.900%, due
04/01/29 (a) ......................................... 496,595
520,000 Lowes Companies, 144A, 6.500%, due 03/15/29 (a) ........ 489,208
560,000 Saks Inc., 7.375%, due 02/15/19 ........................ 542,667
-------------
1,528,470
-------------
TELECOMMUNICATIONS (2.5%)
865,000 AT&T Corp., 6.500%, due 03/15/29 ....................... 837,969
525,000 Cable & Wireless Communications, 6.750%, due 12/01/08 .. 522,811
160,000 Comcast Cable Communication, 8.375%, due 05/01/07 ...... 178,507
400,000 Continental Cablevision, 8.300%, due 05/15/06 .......... 438,216
85,000 Cox Communications, 6.800%, due 08/01/28 ............... 82,114
630,000 Intermedia Communication, 0.000%, due 07/15/07 ......... 483,525
195,000 Intermedia Communication, 8.500%, due 01/15/08 ......... 194,513
75,000 Intermedia Communication, 8.600%, due 06/01/08 ......... 75,000
585,000 Qwest Communications International, 0.000%, due 02/01/08 465,806
300,000 Qwest Communications International, 144A, 7.500%,
due 11/01/08 (a) .................................... 313,875
200,000 Rogers Cable Systems, 10.000%, due 03/15/05 ............ 225,000
200,000 Rogers Cantel, Inc., 144A, 8.300%, due 10/01/07 (a) .... 209,250
990,000 WorldCom, Inc., 6.950%, due 08/15/28 ................... 983,150
-------------
5,009,736
-------------
TRANSPORTATION (1.1%)
175,841 Continental Airlines, 7.461%, due 04/01/15 ............. 185,491
692,823 Continental Airlines, 6.648%, due 09/15/17 ............. 697,166
190,000 Continental Airlines, 6.545%, due 02/02/19 ............. 187,420
190,000 Union Pacific Corp., 6.790%, due 11/09/07 .............. 193,193
385,000 Union Pacific Corp., 6.625%, due 02/01/08 .............. 385,391
510,000 Union Pacific Corp., 6.625%, due 02/01/29 .............. 473,656
-------------
2,122,317
-------------
TOTAL CORPORATE OBLIGATIONS (COST $48,816,930) ......... 47,710,392
-------------
ASSET BACKED SECURITIES (6.0%) (f)
489,489 Alcoa Aluminum 96-1, 144A, 7.500%, due 12/16/08 (a) .... 462,012
605,000 Arcadia Automobile Receivables Trust, 97 C A4, 6.375%,
due 01/15/03 ......................................... 613,289
750,000 Arcadia Automobile Receivables Trust, 97 D, 6.200%,
due 05/15/03 ......................................... 757,643
675,000 Arcadia Automobile Receivables Trust, 98 A A3, 5.900%,
due 11/15/02 ......................................... 679,226
409,840 Chevy Chase Auto Receivables Trust, 97 4 A, 6.250%,
due 06/15/04 ......................................... 412,241
1,150,000 Citibank Credit 98 7A, 4.936%, due 05/15/02 (c) ........ 1,149,390
213,435 Daimler-Benz AGT 1997-A Class A, 6.050%, due 03/31/05 .. 214,910
875,000 Daimler-Benz Vehicle Trust 98 A A2, 5.230%,
due 12/20/01 ......................................... 873,224
1,014,689 First Security Auto Grantor Trust 97 B A, 6.100%,
due 04/15/03 ......................................... 1,021,761
553,314 First Security Auto Grantor Trust 98 A A, 5.970%,
due 04/15/04 ......................................... 557,176
675,000 First USA Credit Card Master Trust 97 10 A, 5.030%,
due 09/17/03 (c) ..................................... 674,750
615,061 Ford Credit Auto Owner Trust 97 B A3, 6.050%,
due 04/15/01 ......................................... 617,762
540,241 Honda Auto Receivables Grantor Trust 97 A, 5.850%,
due 02/15/03 ......................................... 542,488
200,005 Long Beach Acceptance Auto Grantor Trust 97 2 A, 144A,
6.690%, due 09/25/04 (a) ............................. 200,946
980,888 Nissan Auto Receivables Grantor Trust 97 A, 6.150%,
due 02/15/03 ......................................... 987,372
497,847 Textron Financial Corporation Receivable 144A, 5.820%,
due 01/15/02 (a) ..................................... 498,965
588,221 WFS Auto 97D A3, 6.250%, due 03/20/02 .................. 591,915
922,403 World Omni Automobile Lease Securitization 97 B A2,
6.080%, due 11/25/03 ................................. 924,423
-------------
TOTAL ASSET BACKED SECURITIES
(COST $11,769,378) ................................... 11,779,493
-------------
COLLATERALIZED MORTGAGE OBLIGATIONS (10.5%) (f)
90,608 American Southwest Financial Securities Corp., 7.300%,
due 01/18/09 ......................................... 92,928
4,289,237 American Southwest Financial Securities Corp. 93 2 S1
IO, 1.091%, due 01/18/19 (c) ......................... 136,368
152,618 Asset Securitization Corp. 95 d1 A1, 7.590%,
due 08/11/27 ......................................... 159,790
992,137 Asset Securitization Corp. 95 md4 A1, 7.100%,
due 08/13/29 ......................................... 1,026,550
1,189,457 Asset Securitization Corp. 95 md4 CS2 IO, 2.334%,
due 08/13/29 (c) ..................................... 171,972
500,000 Asset Securitization Corp. 96 md6 A1B, 6.880%,
due 11/13/26 ......................................... 509,320
275,000 Asset Securitization Corp. 96 MDS A1C SEQ, 7.040%,
due 11/13/26 ......................................... 280,423
270,493 B A Mortgage Securities, Inc., 5.439%, due 07/25/26 (c) 270,634
899,439 Banc One Home Equity Trust 99 1 A1, 6.060%, due 01/25/12 899,804
550,551 BankBoston Home Equity Loan Trust 98 2 A1, 6.280%,
due 11/25/10 ......................................... 551,883
1,016,881 Centex Home Equity 99 1 A1, 6.070%, due 03/25/18 ....... 1,016,281
900,000 Comed Transitional Funding Trust 98 1 A1, 5.380%,
due 03/25/02 ......................................... 901,575
481,104 Contimortgage Home Equity Loan Trust 98 2 A2B, 4.956%,
due 03/15/13 (c) ..................................... 480,561
925,070 Contimortgage Home Equity Loan Trust 99 1 A1, 6.010%,
due 12/25/13 ......................................... 925,514
2,693,790 DLJ Mortgage Acceptance Corp., 144A 97 CF1 S IO, 1.091%,
due 03/15/17 (a) (c) ................................. 126,107
150,000 Dr Structured Financial Trust, 1993-K1 A2, 7.430%,
due 08/15/18 ......................................... 141,730
289,338 Dr Structured Financial Trust, 1994-K1 A1, 7.600%,
due 08/15/07 ......................................... 290,530
250,000 Dr Structured Financial Trust, 1994-K1 A2, 8.375%,
due 08/15/15 ......................................... 256,251
75,000 Dr Structured Financial Trust, 1994-K2, 9.350%, due 77,815
190,574 EQCC Home Equity Loan Trust 98 1 A1F, 6.210%,
due 12/15/07 ......................................... 190,562
693,113 EQCC Home Equity Loan Trust 98 2 A1F, 6.235%,
due 04/15/08 ......................................... 694,173
824,093 EQCC Home Equity Loan Trust 99 1 A1F, 5.770%,
due 05/20/10 ......................................... 823,723
5,431,289 GMAC 96 C1 X2 IO, 1.859%, due 03/15/21 (c) ............. 339,266
2,181,409 GMAC 97 C2 X IO, 1.260%, due 04/25/29 (c) .............. 142,980
950,000 Green Tree Financial Corp. 99 1 A2, 5.430%,
due 11/01/06 ......................................... 950,152
1,350,000 Green Tree Financial Corp. 99 2 A1, 5.600%,
due 12/01/30 ......................................... 1,345,234
950,000 Green Tree Home Equity Loan Trust 98 A A2, 6.040%,
due 06/15/29 ......................................... 955,140
267,805 Green Tree Home Equity Loan Trust 98 C A1, 5.950%,
due 07/15/29 ......................................... 268,215
695,169 Green Tree Home Improvement Loan Trust 98 E HIA 1,
5.907%, due 08/15/07 ................................. 697,547
1,279,344 GS Mortgage Securities Corp. IO 97 GL X2, 0.715%,
due 07/31/30 (c) ..................................... 53,344
605,000 HMH Properties, 7.875%, due 08/01/05 ................... 595,925
700,230 Indymac HEL 98 A A1, 5.069%, due 09/25/20 (c) .......... 699,417
70,991 Mortgage Capital Funding 1995 MC1 A1B, 7.600%,
due 05/25/27 ......................................... 70,864
483,065 Moserv, Inc. 96 2 1A1, 5.850%, due 11/25/26 (c) ........ 486,026
1,000,000 Option One 99 2 A1, 5.880%, due 05/25/29 ............... 999,493
758,501 Salomon Brothers Mortgage Securities VII 98 NC7 A1,
6.063%, due 01/25/29 ................................. 757,842
685,529 UCFC Home Equity Loan, 5.046%, due 12/15/12 (c) ........ 685,433
750,000 UCFC Home Equity Loan 97 D A2, 6.475%, due 06/15/12 .... 753,458
440,067 WFS Financial Owner Trust 97C A3, 6.100%,
due 03/20/02 ......................................... 442,962
519,305 WFS Financial Owner Trust 98 A A2, 5.783%,
due 11/20/00 ......................................... 519,608
-------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (COST $26,557,872) ....................... 20,787,400
-------------
U.S. GOVERNMENT AND GOVERNMENT AGENCY
OBLIGATIONS (59.5%) (f)
FEDERAL GOVERNMENT LOAN MORTGAGE CORPORATION (13.3%)
26,950,000 6.000% TBA, due 05/15/29 to 06/15/29 (b) ............... 26,141,846
-------------
FEDERAL HOME LOAN MORTGAGE CORP. (1.4%)
165,417 9.500%, due 12/01/16 ................................... 177,854
2,225,944 10.000%, due 11/01/16 to 03/01/21 ...................... 2,411,799
89,395 10.500%, due 10/01/11 to 11/01/18 ...................... 97,685
54,588 11.000%, due 09/01/16 .................................. 61,071
-------------
2,748,409
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (33.9%)
58,275,000 6.00% TBA, due 04/01/29 to 06/01/29 (b) ................ 56,465,203
798,780 9.500%, due 08/01/22 ................................... 858,362
1,956,148 10.000%, due 11/01/18 to 05/01/22 ...................... 2,110,759
1,310,276 10.500%, due 06/01/09 to 10/01/18 ...................... 1,421,484
77,799 96 14 PC, 0.000%, due 12/25/23 ......................... 59,513
66,239 96 54 O, 0.000%, due 11/25/23 .......................... 50,585
6,387,298 IO 1534 K, 2.463%, due 06/15/23 (c) .................... 334,056
539,699 2054 FC, 5.326%, due 05/15/28 (c) ...................... 540,407
859,480 98 22 FA, 5.329%, due 04/18/28 (c) ..................... 858,870
345,352 94 50 FD, 5.388%, due 03/25/24 (c) ..................... 342,783
276,184 97 70 FA, 5.388%, due 07/18/20 (c) ..................... 276,615
452,570 1710 D, 5.388%, due 06/15/20 (c) ....................... 454,224
369,200 1546 FC, 5.438%, due 12/15/21 (c) ...................... 371,107
269,159 97 43 FM, 5.438%, due 07/18/27 (c) ..................... 268,940
145,394 94-97, 5.637%, due 03/25/24 (c) ........................ 146,687
31,935 1933 FO, 5.687%, due 03/15/25 (c) ...................... 31,987
18,461 1933 FM, 5.687%, due 03/15/25 (c) ...................... 18,491
265,000 1632 SA, 6.621%, due 11/15/23 (c) ...................... 243,323
1,850,809 IO 186, 8.000%, due 08/01/27 ........................... 377,102
1,902,261 IO 85 PR, 8.000%, due 07/15/27 ......................... 446,270
2,172,313 IO 291 2, 8.000%, due 11/01/27 ......................... 410,932
2,233,054 IO 270 2, 8.500%, due 09/01/23 ......................... 476,837
1,000 INV IO 97 30 SP, due 04/25/22, ......................... 109,347
484 INV IO 92 89 SQ, due 06/25/22 .......................... 39,338
-------------
66,713,222
-------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (11.0%)
2,424,960 6.125%, due 10/20/27 to 12/20/27 ....................... 2,455,024
313,005 6.500%, due 01/20/28 ................................... 317,508
2,928,493 6.625%, due 07/20/25 to 09/20/27 ....................... 2,977,518
4,053,291 6.875%, due 2/20/25 to 6/20/25 ......................... 4,146,438
2,467,831 9.000%, due 12/15/17 to 11/15/24 ....................... 2,649,219
2,823,082 9.500%, due 12/15/17 to 12/15/21 ....................... 3,056,003
3,238,441 10.000%, due 11/15/15 to 03/15/25 ...................... 3,564,750
863,643 10.500%, due 06/15/16 to 04/15/25 ...................... 959,915
1,309,306 11.000%, due 01/15/10 to 01/15/19 ...................... 1,472,766
20,658 11.500%, due 02/15/16 .................................. 23,431
27,094 13.500%, due 11/15/14 .................................. 31,676
-------------
21,654,248
-------------
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(COST $112,189,601) .................................. 117,257,725
-------------
U.S. TREASURY OBLIGATIONS (19.8%) (f)
900,000 U.S. Treasury Bonds, 8.750%, due 08/15/20 .............. 1,202,907
3,000,000 U.S. Treasury Notes, 4.500%, due 01/31/01 .............. 2,971,875
7,850,000 U.S. Treasury Notes, 7.50%, due 02/15/05 ............... 8,679,157
4,925,000 U.S. Treasury Notes, 6.625%, due 05/15/07 .............. 5,303,609
3,312,365 U.S. Treasury Notes, Inflation Index, 3.625%, due
07/15/02 ............................................. 3,304,084
8,383,753 U.S. Treasury Notes, Inflation Index, 3.375%, due
01/15/07 ............................................. 8,085,082
3,741,848 U.S. Treasury Notes, Inflation Index, 3.625%, due
01/15/08 ............................................. 3,662,334
14,575,000 U.S. Treasury Strips, 0.000%, due 02/15/19 ............. 4,430,057
5,250,000 U.S. Treasury Strips, 0.000%, due 08/15/20 ............. 1,457,972
-------------
TOTAL U.S. TREASURY OBLIGATIONS
(COST $40,022,160) ................................... 39,097,077
-------------
YANKEE BONDS (1.7%) (f)
1,130,000 Mexico Series A, 6.25%, 12/31/19 ....................... 939,492
500,000 Mexico Series B, 6.25%, 12/31/19 ....................... 400,000
380,000 Republic of Argentina, 11.750%, due 04/07/09 ........... 393,180
520,000 Republic of Argentina, 6.000%, due 03/31/23 ............ 370,500
740,000 Republic of Columbia, 8.700%, due 02/15/16 ............. 635,209
520,000 Republic of Korea, 8.875%, due 04/15/08 ................ 564,889
-------------
TOTAL YANKEE BONDS (COST $3,204,040) ................... 3,303,270
-------------
SHORT TERM INVESTMENTS (8.1%) (f)
DISCOUNT NOTES (5.9%)
2,000,000 Federal National Mortgage Association, due 05/11/99 .... 1,997,898
9,500,000 Federal Home Loan Mortgage Corporation, due 05/17/99 ... 9,482,530
-------------
11,480,428
-------------
MONEY MARKET FUND (2.2%)
4,411,083 Dreyfus Cash Management Fund ........................... 4,411,083
-------------
TOTAL SHORT TERM INVESTMENTS (COST $15,888,425) ........ 15,891,511
-------------
TOTAL INVESTMENTS (COST $258,448,406) (g) 129.8% ................... 255,826,868
LIABILITIES IN EXCESS OF OTHER ASSETS (29.8%) ...................... (58,799,982)
-------------
TOTAL NET ASSETS 100.0% ............................................ $ 197,026,886
=============
IO - Interest Only
INV - Inverse Floating Rate Note
(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 collateralized by cash and
cash equivalents.
(c) Represents a variable rate note. Interest rate disclosed represents
current rate at April 30, 1999.
(d) Preferred Stock.
(e) For Federal income tax purposes, the cost of securities owned at April 30,
1999 resulted in net unrealized depreciation of securities as follows:
Gross unrealized appreciation .......................... $ 1,497,282
Gross unrealized depreciation ......................... (4,118,820)
-----------
Net unrealized depreciation ............................ $(2,621,538)
===========
(f) Percentages based on net assets at April 30, 1999.
(g) A large portion of the portfolio pricing procedures are carried out by a
separate division of the sub-adviser.
SCHEDULE OF OPEN FINANCIAL FUTURES CONTRACTS (h)
<CAPTION>
NET
UNREALIZED
APPRECIATION
EXPIRATION NUMBER OF CONTRACT (DEPRECIATION)
DATE CONTRACTS CONTRACTS VALUE OF CONTRACTS
---------- --------- --------- ----- ------------
<S> <C> <C> <C> <C>
Long Positions:
6/30/99 40 Municipal Bond Index $4,927,500 $11,942
6/30/99 20 U.S. Treasury 10 Yr. Note 2,293,750 1,140
Short Positions:
6/30/99 33 U.S. Treasury Long Bond 3,966,188 49,697
-------
NET UNREALIZED APPRECIATION ON OPEN FUTURES CONTRACTS $62,779
=======
(h) All of the open financial futures contracts are collateralized by cash and cash equivalents.
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1999
<CAPTION>
VALUE
SECURITY DESCRIPTION SHARES (NOTE 2)
- -------------------- ------ --------
<S> <C> <C>
COMMON STOCKS (95.4%)
AUSTRALIA (5.3%)
Australia & New Zealand Bank Group ............................................ 220,584 $ 1,745,944
Broken Hill Proprietary Co. Ltd. .............................................. 85,258 963,134
Broken Hill Proprietary Co. Ltd. ADR .......................................... 83,800 1,885,500
Coca-Cola Amatil Ltd. ......................................................... 257,001 1,218,813
Coles Myer Ltd. ............................................................... 409,709 2,175,198
Lend Lease Corp. Ltd. ......................................................... 105,318 1,418,795
News Corp. Ltd. ............................................................... 26,900 225,261
News Corp. Ltd. ADR ........................................................... 8,275 269,972
Westpac Banking Corp. Ltd. .................................................... 255,000 1,945,170
WMC Ltd. ...................................................................... 354,952 1,532,657
------------
13,380,444
------------
BRAZIL (0.0%)
Centrais Geradoras Do Sul do Brasil ADR ....................................... 4,920 20,019
------------
CANADA (7.1%)
Bank of Montreal .............................................................. 12,821 534,282
Bombardier Inc. Class B ....................................................... 169,000 2,617,820
National Bank of Canada ....................................................... 52,100 839,171
Newbridge Networks Corp. ADR (b) .............................................. 39,500 1,461,960
Newcourt Credit Group, Inc. ................................................... 70,800 1,977,450
Nortel Networks Corp. ADR ..................................................... 20,000 1,363,750
Royal Bank of Canada .......................................................... 48,500 2,363,502
Suncor Energy, Inc. ........................................................... 39,000 1,555,125
The Bank of Nova Scotia ....................................................... 75,000 1,781,186
Thompson Corp. ................................................................ 115,262 3,476,036
------------
17,970,282
------------
FINLAND (4.2%)
Metra OY B Shares ............................................................. 61,000 1,519,580
Nokia Corp. Sponsored ADR ..................................................... 8,000 593,500
Nokia Oyj - Class A ........................................................... 74,800 5,772,044
UPM-Kymmene ................................................................... 87,000 2,636,615
------------
10,521,739
------------
FRANCE (6.1%)
Banque Nationale De Paris ..................................................... 5,000 414,921
Bouygues ...................................................................... 3,744 952,871
Compagnie De Saint Gobain ..................................................... 11,000 1,890,814
Groupe Danone ................................................................. 4,900 1,311,352
Paribas ....................................................................... 8,300 883,240
Peugeot SA .................................................................... 11,000 1,826,817
Renault SA .................................................................... 29,300 1,228,582
Suez Lyonnaise Des Eaux-Dumez ................................................. 5,200 885,589
Synthelabo .................................................................... 11,600 2,374,335
Television Francaise .......................................................... 10,000 1,956,926
Valeo ......................................................................... 18,460 1,562,156
------------
15,287,603
------------
GERMANY (9.3%)
Bayerische Motoren Werke AG ................................................... 800 573,750
Bayerische Motoren Werke AG New Shares (b) .................................... 600 423,013
Deutsche Telekom AG ........................................................... 98,400 3,882,457
Mannesmann AG ................................................................. 78,500 10,346,429
Metallgesellschaft AG ......................................................... 83,300 1,591,349
Muenchener Rueckversicherung-Gesellschaft AG .................................. 2,900 582,847
Muenchener Rueckversicherung-Gesellschaft AG - new Reg. (b) ................... 2,900 576,712
Siemens AG .................................................................... 53,000 3,924,431
Thyssen Krupp AG (b) .......................................................... 66,000 1,445,164
------------
23,346,152
------------
HONG KONG (1.9%)
Hang Seng Bank ................................................................ 203,000 2,402,855
Hong Kong Electric Holdings ................................................... 254,000 809,387
Hong Kong Telecom Ltd. ........................................................ 610,800 1,642,973
------------
4,855,215
------------
ITALY (4.8%)
Alleanza Assicurazioni SpA Azione Nom ......................................... 330 3,962
Assicurazioni Generali ........................................................ 69,000 2,689,610
ENI SpA ....................................................................... 274,400 1,808,319
Telecom Italia Mobile DNRC .................................................... 988,000 3,312,981
Telecom Italia SpA ............................................................ 163,611 1,742,789
Telecom Italia SpA RNC ........................................................ 452,000 2,433,655
------------
11,991,316
------------
JAPAN (22.2%)
Acom Co., Ltd. ................................................................ 11,700 877,672
Advantest Corp. ............................................................... 34,500 2,640,055
Asahi Breweries Ltd. .......................................................... 215,000 2,803,956
Hirose Electronics Co., Ltd. .................................................. 34,000 3,163,188
Hitachi Ltd. .................................................................. 150,000 1,096,304
Honda Motor Co., Ltd. ......................................................... 40,000 1,763,473
Hoya Corp. .................................................................... 49,000 2,566,843
Keyence Corp. ................................................................. 16,500 2,481,016
Kyocera Corp. ................................................................. 19,600 1,164,731
Murata Manufacturing Co., Ltd. ................................................ 62,000 3,549,240
Nichiei Co., Ltd. ............................................................. 25,040 2,172,190
Nikon Corp. ................................................................... 51,000 701,031
Nintendo Corp. ................................................................ 32,800 3,059,794
Nippon Telegraph & Telephone Corp. ............................................ 138 1,503,646
Nissan Motors (b) ............................................................. 480,000 1,842,595
Nomura Securities Co., Ltd. ................................................... 15,000 161,931
NTT Mobile Communications ..................................................... 40 2,346,828
Rohm Co. ...................................................................... 18,000 2,172,492
Sakura Bank Ltd. .............................................................. 170,000 656,860
Sankyo Co., Ltd. .............................................................. 500 10,498
Shiseido Co. .................................................................. 161,000 2,536,921
Sony Corp. .................................................................... 3,300 240,634
Sony Corp. ADR ................................................................ 54,400 5,083,898
Sony Music Entertainment Corp. ................................................ 1,100 101,750
Suzuki Motor Corp. ............................................................ 96,000 1,367,865
Takefuji Corp. ................................................................ 28,200 2,339,955
Tokyo Electron Ltd. ........................................................... 103,900 5,921,716
Yasuda F & M Insurance Co., Ltd. .............................................. 244,000 1,353,851
------------
55,680,933
------------
MALAYSIA (0.1%)
Malaysian Airlines System Berhad .............................................. 412,000 260,361
Sime Darby Berhad ............................................................. 53,655 49,052
------------
309,413
------------
MEXICO (1.8%)
Cemex, S.A. de CV B Shares .................................................... 74,100 689,693
Cemex, S.A. de CV ADR ......................................................... 3,900 36,300
Panamerican Beverage Inc., Class A ............................................ 55,000 1,213,438
Telefonos de Mexico SA ADR .................................................... 33,600 2,545,199
------------
4,484,630
------------
NETHERLANDS (4.2%)
Aegon NV ...................................................................... 37,456 3,595,595
ASM Lithography Holding NV (b) ................................................ 68,000 2,870,018
Heineken NV ................................................................... 30,000 1,507,362
KON Ahold NV .................................................................. 71,793 2,669,379
------------
10,642,354
------------
NORWAY (1.3%)
Norsk Hydro ASA ............................................................... 44,000 1,970,781
Norsk Hydro ASA ADR ........................................................... 3,300 146,025
Orkla ASA A Shares ............................................................ 68,000 1,141,612
------------
3,258,418
------------
SINGAPORE (0.6%)
Singapore Press Holdings Ltd. ................................................. 100,370 1,477,159
------------
SOUTH AFRICA (1.2%)
De Beers Consolidated Mines Ltd. .............................................. 79,000 1,935,500
Sasol Ltd. .................................................................... 153,300 1,084,462
------------
3,019,962
------------
SOUTH KOREA (0.9%)
Samsung Electronics Ltd. ...................................................... 53,520 2,283,966
------------
SPAIN (1.1%)
Corporacion Mapfre ............................................................ 18,676 380,095
Telefonica S.A ................................................................ 53,257 2,498,464
------------
2,878,559
------------
SWEDEN (1.6%)
Forenings Sparbanken .......................................................... 46,000 1,010,929
Hennes & Mauritz AB B Shares .................................................. 20,500 1,770,433
Telefonaktiebolaget LM Ericsson ADR ........................................... 1,200 32,400
Telefonaktiebolaget LM Ericsson - B Shares .................................... 44,020 1,158,283
------------
3,972,045
------------
SWITZERLAND (3.6%)
Compagnie Financiere Richemont AG ............................................. 990 1,684,858
Holderbank Financiere Glaris Ltd. - Class B ................................... 1,630 1,966,651
Nestle ........................................................................ 509 942,729
Novartis AG Registered ........................................................ 1,064 1,558,793
Schweizerische Rueckversicherungs - Reg ....................................... 310 678,900
Swisscom AG (b) ............................................................... 6,003 2,205,537
------------
9,037,468
------------
TAIWAN (1.9%)
Asustek Computer Inc. (b) ..................................................... 180,600 2,442,615
Taiwan Semiconductor ADR (b) .................................................. 96,660 2,319,840
------------
4,762,455
------------
TURKEY (0.5%)
Turkiye IS Bankasi GDR ........................................................ 250,600 1,231,975
------------
UNITED KINGDOM (15.7%)
AstraZeneca plc ............................................................... 79,000 3,090,194
AstraZeneca plc ADR ........................................................... 1,800 70,290
AstraZeneca plc SS ............................................................ 93,551 3,656,245
Barclays plc .................................................................. 110,000 3,476,906
BG plc ........................................................................ 202,000 1,132,615
BOC Group plc ................................................................. 143,900 2,281,152
Cadbury Schweppes plc ......................................................... 82,200 1,096,238
Caradon plc ................................................................... 400,000 1,022,524
Coca-Cola Beverages plc (b) ................................................... 195,570 412,529
Enterprise Oil plc ............................................................ 100,000 713,838
Invensys plc .................................................................. 630,900 3,240,768
Morgan Crucible Co. plc ....................................................... 106,110 484,497
National Westminster Bank plc ................................................. 96,876 2,331,603
Orange plc (b) ................................................................ 84,100 1,143,887
Reckitt & Colman plc .......................................................... 6,390 75,921
Reuters Group plc ............................................................. 206,666 2,797,678
Reuters Group plc ADR ......................................................... 780 63,863
Royal & Sun Alliance Insurance Group plc ...................................... 140,000 1,206,450
Shell Transport & Trading Co. ................................................. 219,000 1,639,005
Standard Chartered plc ........................................................ 149,800 2,707,040
Storehouse plc ................................................................ 420,000 979,115
T.I. Group plc ................................................................ 190,000 1,577,758
Tate & Lyle plc ............................................................... 240,000 1,650,509
Tomkins plc ................................................................... 280,000 1,189,569
United Utilities plc .......................................................... 136,487 1,542,635
------------
39,582,829
------------
TOTAL COMMON STOCK (COST $179,832,472) ....................................................... 239,994,936
------------
PREFERRED STOCKS (1.0%)
AUSTRALIA (0.3%)
News Corp. Ltd. ............................................................... 104,586 816,881
NEC Corp. ..................................................................... 151,000 1,804,761
------------
TOTAL PREFERRED STOCK (COST $2,045,744) ...................................................... 2,621,642
------------
RIGHTS & WARRANTS (0.0%)
SPAIN (0.0%)
Telefonica S.A ................................................................ 53,257 49,575
------------
TOTAL RIGHTS AND WARRANTS (COST $0) .......................................................... 49,575
------------
REPURCHASE AGREEMENTS (3.0%)
UNITED STATES (3.0%)
BCR 4.15%, 05/03/99 (Collateralized by $6,895,039 U.S. Treasury Note,
7.50%, 02/15/05 -
Market Value - $7,787,025) .................................................... 7,634,338 7,634,338
------------
TOTAL REPURCHASE AGREEMENTS (COST $7,634,338) ................................................ 7,634,338
------------
CONVERTIBLE BONDS (0.4%)
JAPAN (0.4%)
Asahi Breweries, 1.00%, 12/26/03, Converts to 858.3691 Shares Until 12/25/03,
Callable on 1/01/00 @ 103 ................................................... 14,000,000 $ 157,237
Sakura Finance, 0.75%, 10/01/01, Converts to 12,000 Shares Until 9/30/01 ...... 120,000,000 919,035
------------
TOTAL CONVERTIBLE BONDS (COST $1,207,138) .................................................... 1,076,272
------------
TOTAL INVESTMENTS (99.9%)
Identified Cost ($190,719,692) (a) ......................................................... 251,376,763
OTHER ASSETS IN EXCESS OF LIABILITIES (0.1%) ................................................. 313,725
------------
TOTAL NET ASSETS (100.0%) .................................................................... $251,690,488
=============
Percentages indicated are based on net assets of $251,690,488.
ADR = American depository receipt
GDR = Global depositary receipt
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows:
Unrealized appreciation ..................... $68,657,884
Unrealized depreciation .................... (8,000,813)
-----------
Net unrealized appreciation ................. $60,657,071
===========
(b) Represents non-income producing security.
SCHEDULE OF OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
<CAPTION>
PRINCIPAL NET
VALUE UNREALIZED
EXPIRATION CONTRACT TO LOCAL VALUE APPRECIATION/
DATE DELIVER/RECEIVE CURRENCY COST U.S.$ (NOTE 2) (DEPRECIATION)
- ---------- --------------- -------- ---------- -------- --------------
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS TO BUY:
<S> <C> <C> <C> <C> <C>
07/30/99 Australian Dollar 1,880,776 $ 1,189,784 $ 1,244,152 $ 54,368
07/30/99 British Pound 724,462 1,168,992 1,163,924 (5,068)
05/06/99 Euro Dollar 692,853 787,415 733,190 (54,225)
05/10/99 Euro Dollar 1,059,977 1,200.000 1,121,986 (78,014)
07/06/99 Euro Dollar 287,595 311,056 305,598 (5,458)
07/22/99 Euro Dollar 203,244 216,994 216,186 (808)
08/04/99 Euro Dollar 210,082 224,064 223,651 (413)
05/06/99 Japanese Yen 71,000,000 645,689 595,579 (50,110)
06/04/99 Japanese Yen 129,368,000 1,215,065 1,089,494 (125,571)
06/04/99 Japanese Yen 295,176,000 2,500,263 2,485,873 (14,390)
05/03/99 Swedish Krone 1,073,497 128,315 127,544 (771)
----------- ----------- ---------
$ 9,587,637 $ 9,307,177 $(280,460)
----------- ----------- ---------
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS TO SELL:
07/30/99 Australian Dollar 1,880,776 $ 1,190,769 $ 1,244,152 $ (53,383)
05/05/99 British Pound 40,058 64,780 64,399 381
07/30/99 British Pound 724,462 1,189,784 1,163,924 25,860
08/04/99 British Pound 139,230 224,064 223,686 378
07/22/99 Euro Dollar 203,244 218,000 216,186 1,814
05/06/99 Japanese Yen 89,481,900 787,416 750,614 36,802
05/06/99 Japanese Yen 71,000,000 627,375 595,579 31,796
05/06/99 Japanese Yen 16,997,104 141,102 142,579 (1,477)
05/07/99 Japanese Yen 7,787,281 65,305 65,332 (27)
05/07/99 Japanese Yen 3,573,079 29,970 29,977 (7)
05/17/99 Japanese Yen 184,240,760 1,628,000 1,547,828 80,172
06/04/99 Japanese Yen 424,544,000 3,200,000 3,575,366 (375,366)
07/06/99 Japanese Yen 37,025,040 311,056 313,166 (2,110)
08/02/99 Japanese Yen 182,148,890 1,603,000 1,546,706 56,294
08/04/99 Japanese Yen 93,304,500 850,000 792,505 57,495
08/27/99 Japanese Yen 123,808,000 1,060,000 1,054,894 5,106
10/13/99 Japanese Yen 189,354,000 1,650,000 1,623,681 26,319
05/17/99 Singapore Dollars 322,401 188,000 190,143 (2,143)
----------- ----------- ---------
$15,028,621 $15,140,716 $(112,096)
----------- ----------- ---------
NET UNREALIZED DEPRECIATION ON OPEN
FORWARD FOREIGN CURRENCY CONTRACTS ....................................................... $(392,556)
=========
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC SMALL CAP EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1999
<CAPTION>
VALUE
SECURITY DESCRIPTION SHARES (NOTE 2)
- -------------------- ------ --------
<S> <C> <C>
COMMON STOCKS (96.6%)
AIRLINES (1.0%)
Atlas Air, Inc. (b) ........................................................... 57,750 $ 1,674,750
Skywest, Inc. ................................................................. 20,100 522,600
------------
2,197,350
------------
BROADCASTING (2.0%)
Entercom Communications Corp. (b) ............................................. 1,000 37,125
Hearst - Argyle Television, Inc. (b) .......................................... 14,700 374,850
Heftel Broadcasting Corp. (b) ................................................. 21,200 1,152,750
Jacor Communications, Inc. (b) ................................................ 35,025 2,810,756
------------
4,375,481
------------
BUSINESS SERVICES (18.4%)
ABR Information Services, Inc. ................................................ 55,200 966,000
Boron Lepore & Associates ..................................................... 82,300 843,575
Bright Horizons Family Solutions, Inc. ........................................ 16,700 359,050
Ceridian Corp. ................................................................ 52,800 1,933,800
Critical Path, Inc. (b) ....................................................... 100 9,950
Dendrite International, Inc. (b) .............................................. 58,224 1,506,546
DST Systems, Inc. (b) ......................................................... 73,058 4,255,628
Federated Investors ........................................................... 60,300 968,569
Franklin Covey Co. (b) ........................................................ 22,500 217,969
Galileo International, Inc. ................................................... 50,100 2,454,899
Gemstar International Group, Ltd. ............................................. 92,100 9,705,037
Global DirectMail Corp. (b) ................................................... 18,950 288,988
Infousa, Inc. (Class A) ....................................................... 75,345 527,415
Infousa, Inc. (Class B) ....................................................... 38,845 279,198
Interim Services, Inc. (b) .................................................... 84,324 1,465,130
International Network Services (b) ............................................ 13,950 530,100
Memberworks, Inc. (b) ......................................................... 16,700 730,625
META Group, Inc. (b) .......................................................... 78,570 716,951
Modis Professional Services ................................................... 107,064 1,237,928
National Processing, Inc. (b) ................................................. 81,300 477,638
Parexel International Corp. ................................................... 130,100 3,130,530
Personnel Group Of America, Inc. .............................................. 30,100 274,663
Renaissance Worldwide, Inc. ................................................... 142,400 943,400
Superior Consultant Holdings (b) .............................................. 15,800 426,600
Technology Solutions Co. (b) .................................................. 256,825 2,038,548
TeleTech Holdings, Inc. (b) ................................................... 45,700 302,763
Transaction Systems Architects, Inc. (Class A) (b) ............................ 82,735 2,683,716
------------
39,275,216
------------
COMPUTER & OFFICE EQUIPMENT (2.2%)
Advanced Fibre Communication .................................................. 40,800 311,100
Affiliated Computer Services (b) .............................................. 113,005 4,322,441
------------
4,633,541
------------
COMPUTER SOFTWARE & SYSTEMS (16.5%)
Acxiom Corp. .................................................................. 45,740 1,154,935
Aspen Technologies, Inc. (b) .................................................. 103,100 882,794
Black Box Corp. (b) ........................................................... 32,100 1,099,425
Cadence Design Systems, Inc. (b) .............................................. 181,166 2,457,063
Caliber Learning Network, Inc. ................................................ 34,900 143,963
CBT Group PLC (ADR) ........................................................... 241,000 3,735,499
CheckFree Holdings Corp. (b) .................................................. 14,100 676,800
Clarify, Inc. (b) ............................................................. 33,000 775,500
Complete Business Solutions, Inc. (b) ......................................... 46,400 1,038,200
Computer Horizons Corp. (b) ................................................... 32,700 461,888
Compuware Corp. (b) ........................................................... 33,900 826,313
Edify Corp. (b) ............................................................... 41,000 384,375
Fair, Issac & Co., Inc. ....................................................... 30,600 1,040,400
Gartner Group, Inc. ........................................................... 36,200 690,063
Harbinger Corp. (b) ........................................................... 90,950 994,766
Hyperion Solutions Corp. (b) .................................................. 101,300 1,532,162
IMRglobal Corp. (b) ........................................................... 84,500 1,457,625
Informatica Corp. (b) ......................................................... 200 5,650
Intelligroup, Inc. (b) ........................................................ 8,500 57,375
JDA Software Group, Inc. ...................................................... 75,800 601,663
Keane, Inc. (b) ............................................................... 4,700 116,619
Mecon, Inc. (b) ............................................................... 37,100 224,919
MEDE America Corp. (b) ........................................................ 11,900 309,400
Net Perceptions, Inc. (b) ..................................................... 300 7,913
Network Solutions, Inc. (b) ................................................... 16,600 1,290,650
Novellus Systems, Inc. ........................................................ 5,000 236,250
Peerless Systems Corp. (b) .................................................... 35,900 264,763
Saville Systems PLC (b) ....................................................... 73,400 885,388
SCB Computer Technology, Inc. (b) ............................................. 39,940 269,595
Security Dynamics Technologies, Inc. (b) ...................................... 102,900 2,238,074
Sterling Software, Inc. (b) ................................................... 81,300 1,681,893
Summit Design, Inc. (b) ....................................................... 87,700 298,728
SunGard Data Systems, Inc. (b) ................................................ 63,952 2,042,466
Synopsys, Inc. (b) ............................................................ 61,818 2,913,172
USinternetworking, Inc. (b) ................................................... 5,900 301,638
Vantive Corp. (b) ............................................................. 114,600 916,800
Wind River Systems (b) ........................................................ 68,600 1,029,000
Xionics Document Technology, Inc. (b) ......................................... 73,100 274,125
------------
35,317,852
------------
CONSTRUCTION SERVICES (0.2%)
Barnett, Inc. (b) ............................................................. 37,035 356,462
------------
CONSUMER GOODS & SERVICES (0.6%)
Alternative Resources Corp. (b) ............................................... 63,970 431,798
Blyth Industries, Inc. (b) .................................................... 40,575 923,081
------------
1,354,879
------------
ELECTRICAL EQUIPMENT (7.1%)
AFC Cable Systems, Inc. (b) ................................................... 25,600 844,800
Analog Devices, Inc. (b) ...................................................... 69,040 2,425,029
Burr-Brown Corp. (b) .......................................................... 80,543 2,134,390
Credence Systems Corp. (b) .................................................... 34,600 888,788
Dupont Photomasks, Inc. (b) ................................................... 18,715 818,781
Etec Systems, Inc. (b) ........................................................ 41,900 1,293,663
Kulicke & Soffa Industries, Inc. (b) .......................................... 99,400 2,273,774
Lattice Semiconductor Corp. (b) ............................................... 33,300 1,361,138
MKS Instruments, Inc. (b) ..................................................... 11,100 151,238
Photronics, Inc. (b) .......................................................... 66,000 1,579,875
Sipex Corp. (b) ............................................................... 94,100 1,317,400
------------
15,088,876
------------
ELECTRONICS (1.3%)
Belden, Inc. .................................................................. 42,045 809,366
Microchip Technology, Inc. (b) ................................................ 17,382 608,370
PMC-Sierra, Inc. (b) .......................................................... 13,500 1,294,313
Valley Media, Inc. (b) ........................................................ 4,200 105,525
------------
2,817,574
------------
FINANCIAL SERVICES (3.5%)
BA Merchant Services, Inc. (Class A) (b) ...................................... 41,700 852,244
Conning Corp. ................................................................. 25,800 425,700
Fiserv, Inc. .................................................................. 21,275 1,245,917
NOVA Corp. (b) ................................................................ 91,340 2,374,839
Paymentech, Inc. (b) .......................................................... 35,100 838,013
Professional Detailing, Inc. .................................................. 9,400 270,250
Waddell & Reed Financial (Class A) ............................................ 65,800 1,484,613
------------
7,491,576
------------
FOOD & BEVERAGE PRODUCTS (1.8%)
Buffets, Inc. (b) ............................................................. 125,194 1,251,939
Del Monte Foods Co. (b) ....................................................... 65,900 881,413
Robert Mondavi Corp. (Class A) ................................................ 13,100 474,875
Tootsie Roll Industries, Inc. ................................................. 27,922 1,157,009
------------
3,765,236
------------
FUNERAL SERVICES (0.4%)
Service Corp. International ................................................... 44,608 925,616
------------
INSURANCE (0.6%)
Annuity And Life Re Holdings Ltd. (b) ......................................... 800 15,800
Executive Risk, Inc. .......................................................... 18,700 1,341,725
------------
1,357,525
------------
MEDICAL & HEALTH PRODUCTS (4.8%)
CYTYC Corp. (b) ............................................................... 69,000 1,349,813
Haemonetics Corp. (b) ......................................................... 41,000 643,188
Henry Schein, Inc. ............................................................ 24,000 628,500
IDEXX Laboratories, Inc. (b) .................................................. 210,600 4,764,824
NCS HealthCare Inc. (Class A) (b) ............................................. 45,500 591,500
PSS World Medical, Inc. (b) ................................................... 105,900 1,032,525
Ventana Medical Systems ....................................................... 47,400 1,155,375
------------
10,165,725
------------
MEDICAL HEALTH TECHNOLOGIES & SERVICES (8.9%)
Amerisource Health Corp. (Class A) (b) ........................................ 19,600 542,675
Apache Medical Systems, Inc. (b) .............................................. 20,100 26,381
Concentra Managed Care, Inc. (b) .............................................. 287,783 3,903,057
HCIA, Inc. (b) ................................................................ 68,900 434,931
Hologic, Inc. (b) ............................................................. 70,800 482,325
IDX Systems Corp. (b) ......................................................... 123,700 2,010,125
IMPATH, Inc. (b) .............................................................. 31,100 777,500
IMS Health, Inc. .............................................................. 15,150 454,500
Mid Atlantic Medical Services, Inc. ........................................... 100,000 912,500
Orthodontic Centers Of America (b) ............................................ 45,100 558,113
Quintiles Transnational Corp. (b) ............................................. 82,248 3,336,196
Quorum Health Group Inc. (b) .................................................. 78,800 975,150
Steris Corp. (b) .............................................................. 34,200 607,050
Total Renal Care Holdings, Inc. (b) ........................................... 287,492 3,988,952
Valentis, Inc. (b) ............................................................ 7,900 39,006
------------
19,048,461
------------
NON RETAIL STORES (1.4%)
Micro Warehouse Inc. (b) ...................................................... 66,180 1,120,924
Office Depot, Inc. (b) ........................................................ 81,000 1,782,000
------------
2,902,924
------------
OIL (0.4%)
Newfield Exploration Co. (b) .................................................. 31,200 838,500
------------
OIL SERVICES (2.8%)
Dril-Quip, Inc. (b) ........................................................... 19,600 477,750
Global Industries Ltd. (b) .................................................... 203,100 2,500,669
National-Oilwell, Inc. (b) .................................................... 41,400 538,200
Noble Drilling Corp. (b) ...................................................... 80,500 1,579,813
Weatherford International, Inc. (b) ........................................... 27,270 923,771
------------
6,020,203
------------
OTHER (0.7%)
Student Loan Corp. ............................................................ 35,000 1,421,875
------------
PUBLISHING & PRINTING (1.9%)
Harte - Hanks, Inc. ........................................................... 31,900 805,475
Scholastic Corp. (b) .......................................................... 66,600 3,148,931
Ziff-Davis, Inc. (b) .......................................................... 400 14,100
------------
3,968,506
------------
REAL ESTATE (0.3%)
Kilroy Realty Corp. ........................................................... 26,200 617,338
------------
RESTAURANTS LODGING & HOSPITALITY (2.9%)
Applebee's International, Inc. ................................................ 44,145 1,139,493
Four Seasons Hotels, Inc. ..................................................... 24,500 1,022,875
Landry's Seafood Restaurants .................................................. 69,100 561,438
Meristar Hospitality Corp. .................................................... 42,500 977,500
Morton's Restaurant Group, Inc. ............................................... 1,500 25,500
Papa John's International, Inc. ............................................... 13,200 530,475
Prime Hospitality Corp. (b) ................................................... 24,200 294,938
Sholodge, Inc. (b) ............................................................ 13,600 62,900
Sonic Corp. (b) ............................................................... 44,827 1,260,758
Taco Cabana, Inc. (Class A) (b) ............................................... 36,320 367,740
------------
6,243,617
------------
RETAIL STORES (4.2%)
BJ's Wholesale Club, Inc. (b) ................................................. 46,400 1,232,500
CSK Auto Corp. (b) ............................................................ 57,900 1,447,500
Duane Reade, Inc. (b) ......................................................... 2,300 61,669
Fred Meyer, Inc. .............................................................. 16,670 902,264
Gymboree Corp. (b) ............................................................ 125,600 1,303,100
Mazel Stores, Inc. (b) ........................................................ 45,700 399,875
PetCo. Animal Supplies, Inc. (b) .............................................. 112,600 1,477,875
Regis Corp. ................................................................... 70,650 1,810,406
Stage Stores, Inc. ............................................................ 58,900 379,169
------------
9,014,358
------------
SHIPBUILDING (1.0%)
Newport News Shipbuilding, Inc. ............................................... 84,500 2,212,844
------------
SPECIAL PRODUCTS & SERVICES (1.5%)
Catalina Marketing Corp. (b) .................................................. 13,400 1,144,863
Input/Output, Inc. ............................................................ 77,900 564,775
Learning Tree International, Inc. (b) ......................................... 147,700 1,440,075
------------
3,149,713
------------
TELECOMMUNICATIONS (9.8%)
Allegiance Telecom, Inc. ...................................................... 14,000 644,000
American Tower Corp. .......................................................... 40,685 862,013
Aspect Telecommunications Corp. (b) ........................................... 144,200 1,149,094
Cable Design Technologies Corp. (b) ........................................... 84,447 1,256,149
Hyperion Telecommunication, Inc. .............................................. 49,300 616,250
Intermedia Communications, Inc. (b) ........................................... 176,800 5,690,749
International Telecommunication Data Systems, Inc. (b) ........................ 14,400 162,900
Lightbridge, Inc. (b) ......................................................... 42,000 328,125
Natural Microsystems Corp. (b) ................................................ 35,600 182,450
Nextlink Communications, Inc. (b) ............................................. 24,300 1,779,975
Pinnacle Holdings, Inc. (b) ................................................... 65,000 1,332,500
Proxim, Inc. (b) .............................................................. 39,800 1,532,300
Sportsline USA, Inc. .......................................................... 72,500 2,900,000
Transaction Network Services (b) .............................................. 67,800 1,813,650
V.I. Technologies, Inc. ....................................................... 55,800 394,088
VDI Media (b) ................................................................. 44,200 245,863
WorldGate Communications, Inc. (b) ............................................ 200 5,700
------------
20,895,806
------------
WATER/SEWER (0.4%)
Superior Services, Inc. (b) ................................................... 49,900 916,913
------------
TOTAL COMMON STOCKS (Cost $197,099,980) ...................................................... 206,373,967
------------
PRINCIPAL
AMOUNT
------
U.S. GOVERNMENT AGENCY OBLIGATIONS (4.1%)
Federal Home Loan Bank, Discount, 5/03/99 ..................................... $ 4,000,000 3,998,367
Federal Home Loan Bank, Discount, 5/14/99 ..................................... 4,775,000 4,764,469
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $8,762,836) .......................................................................... 8,762,836
------------
TOTAL INVESTMENTS (COST $205,862,816) (a) (100.7%) ........................................... 215,136,803
LIABILITIES IN EXCESS OF OTHER ASSETS (0.7%) ................................................. (1,389,433)
------------
TOTAL NET ASSETS (100.0%) .................................................................... $213,747,370
============
- ---------------------------------------------------------------------------------------------------------------
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of
securities as follows:
Unrealized appreciation ................. $44,605,051
Unrealized depreciation ................. (37,398,713)
-----------
Net unrealized appreciation ............. $ 7,206,338
===========
(b) Non-income producing security.
(c) Percentages based on net assets of $213,747,370.
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
APRIL 30, 1999
<CAPTION>
FIXED INTERNATIONAL SMALL CAP
INCOME EQUITY EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS:
Investments in securities, at value (cost
$258,448,406, $190,719,692, and $205,862,816,
respectively) ............................... $255,826,868 $251,376,763 $215,136,803
Cash .......................................... 1,513,016 153,734 136,939
Receivable for investments sold ............... 26,247,526 577,027 145,550
Interest receivable ........................... 2,232,844 15,410 5,858
Variation margin receivable on futures contracts 67,031 -- --
Unrealized appreciation on open forward foreign
currency contracts .......................... -- 376,785 --
Dividends receivable .......................... -- 572,078 --
Unamortized organization expenses ............. 9,770 8,779 23,208
------------ ------------ ------------
Total Assets .................................... 285,897,055 253,080,576 215,448,358
------------ ------------ ------------
LIABILITIES:
Advisory fees payable ......................... 121,709 152,112 715,084
Investment manager fees payable ............... 71,381 81,681 55,692
Payable for investments purchased ............. 88,563,801 151,320 799,525
Variation margin payable on futures contracts 73,125 -- --
Unrealized depreciation on open forward
foreign currency contracts .................. -- 769,342 --
Accrued Liabilities ........................... 40,153 235,633 130,687
------------ ------------ ------------
Total Liabilities ............................... 88,870,169 1,390,088 1,700,988
------------ ------------ ------------
NET ASSETS:
Applicable to investors' beneficial interest .. $197,026,886 $251,690,488 $213,747,370
============ ============ ============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC PORTFOLIOS
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED APRIL 30, 1999
<CAPTION>
FIXED INTERNATIONAL SMALL CAP
INCOME EQUITY EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
---------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income ................................... $5,460,041 $ 100,242 $ 204,389
Dividend income (net of foreign withholding tax of
$0, $263,468 and $0 respectively) ............... 871,570 1,547,169 144,621
---------- ----------- -----------
Total Investment Income ............................. 6,331,611 1,647,411 349,010
---------- ----------- -----------
EXPENSES:
Advisory fees and investment management fees ...... 382,420 798,304 891,668
Administration fees ............................... 45,527 55,438 50,663
Fund accounting fees .............................. 19,800 24,660 19,800
Custodian fees and expenses ....................... 37,088 139,836 65,291
Audit fees ........................................ 8,820 8,820 8,820
Amortization of organization expenses ............. 6,660 6,840 3,960
Legal fees ........................................ 11,160 22,680 21,060
Other expenses .................................... 14,940 25,837 19,440
---------- ----------- -----------
Total expenses .................................... 526,415 1,082,415 1,080,702
---------- ----------- -----------
Net Investment Income (Loss) ........................ 5,805,196 564,996 (731,692)
---------- ----------- -----------
NET REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gains (losses) on:
Investment transactions ........................... (889,680) 5,038,119 8,405,468
Foreign currency transactions ..................... -- (1,385,957) --
Futures ........................................... (38,853) -- --
Net change in unrealized appreciation
(depreciation) on investments ................... 282,056 44,401,487 14,414,897
Net change in unrealized appreciation
(depreciation) on futures contracts ............. 76,007 (598,193) --
---------- ----------- -----------
Net realized/unrealized gains (losses) on
investments and foreign currency transactions ... (570,470) 47,455,456 22,820,365
---------- ----------- -----------
NET CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS ........................................ $5,234,726 $48,020,452 $22,088,673
========== =========== ===========
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC FIXED INCOME PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE
APRIL 30, YEAR ENDED
1999 OCTOBER 31,
(UNAUDITED) 1998
------------ ------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income .................................... $ 5,805,196 $ 8,751,072
Net realized gains (losses) on investment transactions,
foreign currency transactions and futures .............. (928,533) 4,450,864
Net change in unrealized appreciation (depreciation) on
investments, foreign currency and futures .............. 358,063 (4,437,928)
------------ ------------
Net increase in net assets resulting from operations ....... 5,234,726 8,764,008
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Contributions ............................................ 25,316,991 73,620,340
Withdrawals .............................................. (6,597,509) (27,716,618)
------------ ------------
Net increase in net assets from capital share transactions . 18,719,482 45,903,722
------------ ------------
NET INCREASE IN NET ASSETS ................................. 23,954,208 54,667,730
NET ASSETS:
Beginning of period ...................................... 173,072,678 118,404,948
------------ ------------
End of period ............................................ $197,026,886 $173,072,678
============ ============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE
APRIL 30, YEAR ENDED
1999 OCTOBER 31,
(UNAUDITED) 1998
------------ ------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income .................................... $ 564,996 $ 1,809,383
Net realized gains on investment transactions, foreign
currency transactions and futures ...................... 3,652,162 6,875,073
Net change in unrealized appreciation (depreciation) on
investments, foreign currency and futures .............. 43,803,294 (4,090,471)
------------ ------------
Net increase in net assets resulting from operations ....... 48,020,452 4,593,985
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Contributions ............................................ 21,133,012 80,542,039
Withdrawals .............................................. (23,200,338) (86,527,737)
------------ ------------
Net change in net assets from capital share transactions ... (2,067,326) (5,985,698)
------------ ------------
NET CHANGE IN NET ASSETS ................................... 45,953,126 (1,391,713)
NET ASSETS:
Beginning of period ...................................... 205,737,362 207,129,075
------------ ------------
End of period ............................................ $251,690,488 $205,737,362
============ ============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC SMALL CAP EQUITY PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE
APRIL 30, YEAR ENDED
1999 OCTOBER 31,
(UNAUDITED) 1998
------------ ------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment loss ...................................... $ (731,692) $ (1,220,797)
Net realized gains on investment transactions ............ 8,405,468 23,431,405
Net change in unrealized appreciation (depreciation) on
investments ............................................ 14,414,897 (33,590,706)
------------ ------------
Net change in net assets resulting from operations ......... 22,088,673 (11,380,098)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Contributions ............................................ 34,465,152 55,600,547
Withdrawals .............................................. (29,323,849) (71,442,897)
------------ ------------
Net change in net assets from capital share transactions ... 5,141,303 (15,842,350)
------------ ------------
NET CHANGE IN NET ASSETS ................................... 27,229,976 (27,222,448)
NET ASSETS:
Beginning of period ...................................... 186,517,394 213,739,842
------------ ------------
End of period ............................................ $213,747,370 $186,517,394
============ ============
See notes to financial statements.
</TABLE>
REPUBLIC PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS - APRIL 30, 1999
(UNAUDITED) (CONTINUED)
REPUBLIC PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS - APRIL 30, 1999 (UNAUDITED)
1. ORGANIZATION. The Republic Fixed Income Portfolio, Republic International
Equity Portfolio and Republic Small Cap Equity Portfolio (collectively the
"Portfolios") are diversified series of the Republic Portfolios (the
"Portfolio Trust"), an open-end management investment company, which
currently has only these three series. The Portfolio Trust was organized as
a master trust fund under the laws of the State of New York on November 1,
1994. The Portfolios operate as master funds in master-feeder arrangements.
The Declaration of Trust permits the Trustees to issue an unlimited number
of beneficial interests in the Portfolios.
The investment objective of the Republic Fixed Income Portfolio is to
realize above-average total return over a market cycle of three to five
periods, consistent with reasonable risk, through investment in a
diversified portfolio of U.S. Government securities, corporate bonds
(including bonds rated below investment grade commonly referred to as
"junk bonds"), foreign fixed-income securities, mortgage - backed
securities of domestic issuers and other fixed-income securities. The
Fixed Income Portfolio's average weighted maturity will ordinarily exceed
five periods.
The investment objective of the Republic International Equity
Portfolio is to seek long-term growth of capital and future income through
investment primarily in securities of non-U.S. issuers (including American
Depository Receipts ("ADR's") and U.S. registered securities) and
securities whose principal markets are outside of the United States.
The investment objective of the Small Cap Equity Portfolio is to seek
long-term growth of capital by investing primarily in equity securities of
small- and medium-sized companies that are early in their life cycle but
which may have potential to become major enterprises ("emerging growth
companies").
Republic National Bank of New York ("Republic" or the "Manager")
serves as investment manager to the Portfolios. BISYS Fund Services, Inc.,
("BISYS") serves as administrator to the Portfolios.
2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies followed by the Portfolios in the
preparation of their financial statements. The policies are in conformity
with U.S. 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 period. Actual results could differ from those estimates.
SECURITIES VALUATION:
The value of each Portfolio's net assets is determined each day on which
the New York Stock Exchange ("NYSE") is open for trading. Each Sub-Adviser
(see Note 3) typically completes its trading on behalf of the Portfolio in
various markets before 4:00 p.m. and the value of the Portfolio securities
is determined when the primary market for those securities closes for the
day. Foreign currency exchange rates are also determined prior to 4:00
p.m., however, if extraordinary events occur that are expected to affect
the value of a Portfolio security after the close of the primary exchange
on which it is traded, the security will be valued at fair value as
determined in good faith by or under the direction of the Board of
Trustees of the Portfolio Trust.
Equity securities are valued at the last reported sales price on the
securities exchange on which such securities are primarily traded or at
the last reported sales price on the NASDAQ National Securities Market on
the date of valuation.
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. 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 Portfolios may be valued
on the basis of valuations furnished by a pricing service, the use of
which has been approved by the Board of Trustees of the Portfolio Trust.
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 Trust.
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.
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 by or under the direction of the Board of Trustees of the
Portfolio Trust.
FOREIGN CURRENCY TRANSLATION:
The accounting records of the Portfolios 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 Portfolios do not isolate that portion of the
results of operations resulting from changes in foreign exchange rates on
investments from 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.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS:
The Portfolios 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 Portfolios 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.
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
enter 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 Fixed Income Portfolio
invests in futures contracts solely for the purpose of hedging its
existing portfolio securities, or securities it 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. The
summary of open financial futures contracts at April 30, 1999 is included
in the Fixed Income Portfolio's Schedule of Open Futures Contracts which
is included elsewhere in this report.
WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS:
The Fixed Income Portfolio records when-issued or delayed delivery
transactions on the trade date and maintains qualifying liquid assets
having a value sufficient to make payment for securities purchased.
Securities purchased on a when-issued or delayed delivery basis are marked
to market daily and begin earning interest on the settlement date. Losses
may arise due to changes in the market of the underlying securities or if
the counterparty does not perform under the contract.
SECURITIES TRANSACTIONS AND RELATED INCOME:
Securities transactions are accounted for on a trade date basis. Interest
income, including accretion of discount and amortization of premium, is
accrued daily. Dividend income and other distributions from the Portfolio
securities are recorded on the ex-dividend date, except, if the ex-
dividend date has passed, then certain dividends from foreign securities
are recorded when the Portfolio is informed of the ex-dividend date.
Dividend income is recorded net of foreign taxes withheld. Realized gains
and losses on securities transactions are determined on the identified
cost basis.
EXPENSES ALLOCATION:
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.
TAXES:
Each Portfolio will be treated as a partnership for U.S. federal income
tax purposes. Accordingly, each Portfolio passes through all of its net
investment income and gains and losses to its partners, and is therefore
not subject to U.S. federal income tax. As such, each investor in the
Portfolios will be taxed on its share of the Portfolios' ordinary income
and capital gains. It is intended that the Portfolios will be managed in
such a way that an investor will be able to satisfy the requirements of
the Internal Revenue Code applicable to regulated investment companies.
Income received by the Portfolio from sources within foreign countries may
be subject to withholding and other income or similar taxes imposed by
such countries.
UNAMORTIZED ORGANIZATION EXPENSES:
Each Portfolio incurred certain costs in connection with its organization.
Such costs have been deferred and are being amortized on a straight-line
basis over a five period from the commencement of operations.
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT MANAGEMENT:
Republic National Bank of New York ("Republic" or the "Manager") serves as
the Investment Manager to the Portfolios pursuant to an investment
management contract with the Portfolio Trust. Subject to the general
guidance and the policies set by the Trustees of the Portfolio Trust,
Republic provides general supervision over the investment management
functions performed by the Sub-Advisers (defined below). For its services
under the Investment Management Contract, the Manager is entitled to
receive from the Portfolios, fees accrued daily and payable monthly, at
the annual rate of 0.20% of the Fixed Income Portfolio's average daily net
assets and at the annual rate of 0.25% of each of the International Equity
Portfolio's and Small Cap Equity Portfolio's average daily net assets.
Details of fees incurred are listed below.
Fixed Income Portfolio .................................... $ 182,105
International Equity Portfolio ............................... 277,189
Small Cap Equity Portfolio ................................... 253,314
SUB-ADVISORY:
Miller, Anderson & Sherrerd (the "Fixed Income Sub-Adviser") continuously
manages the investment portfolio of the Fixed Income Portfolio pursuant to
a sub-advisory agreement with the Manager. For its services, the Fixed
Income Sub-Adviser is paid a fee by the Fixed Income Portfolio, computed
daily and based on the Fixed Income Portfolio's average daily net assets,
equal on an annual basis to 0.375% of the net assets up to $50 million,
0.25% of the net assets over $50 million up to $95 million, $300,000 in
total when net assets exceed $95 million, up to $150 million, 0.20% of net
assets over $150 million up to $250 million, and 0.15% of net assets over
$250 million.
Capital Guardian Trust Company (the "International Equity Sub-
Adviser") continuously manages the investment portfolio of the
International Equity Portfolio pursuant to a sub-advisory agreement with
the Manager. For its services, the International Equity Sub-Adviser is
paid a fee by the International Equity Portfolio, computed daily and based
on the International Equity Portfolio's average daily net assets, equal on
an annual basis to 0.70% of the net assets up to $25 million, 0.55% of the
net assets over $25 million up to $50 million, 0.425% of net assets over
$50 million up to $250 million, and 0.375% of net assets over $250
million.
MFS Institutional Advisors, Inc. (the "Small Cap Equity Sub-Adviser")
continuously manages the investment portfolio of the Small Cap Equity
Portfolio pursuant to a sub-advisory agreement with the Manager. For its
services, the Small Cap Equity Sub-Adviser is paid a fee by the Small Cap
Equity Portfolio, computed daily and based on the Small Cap Equity
Portfolio's average daily net assets, equal on an annual basis to 0.75% of
the net assets up to $50 million and 0.60% of the net assets in excess of
$50 million.
It is the responsibility of the Sub-Advisers not only to make
investment decisions for their respective Portfolio, but also to place
purchase and sale orders for the portfolio transactions of their
respective Portfolio. For the six months ended April 30, 1999 the Sub-
Advisory fees for each Portfolio were as follows:
Fixed Income Portfolio ...................................... $182,105
International Equity Portfolio .............................. 277,189
Small Cap Equity Portfolio .................................. 253,314
ADMINISTRATION:
Pursuant to an administration agreement with the Portfolio Trust, BISYS
Fund Services Ireland Ltd., ("BISYS") provides the Portfolios with general
office facilities, and supervises the overall administration of the
Portfolios including, among other responsibilities, assisting in the
preparation and filing of all documents required for compliance by the
Portfolios with applicable laws and regulations and arranges for the
maintenance of books and records of the Portfolios. For those services,
BISYS receives from each Portfolio, fees accrued daily and payable
monthly, equal on an annual basis to 0.05% of the first $1 billion of a
Portfolio's average daily assets; 0.04% of the next $1 billion of such
assets; and 0.035% of such assets in excess of $2 billion.
FUND ACCOUNTING:
With effect from April 19, 1999 BISYS replaced Investors Bank and Trust
Co., ("IBT") as fund accounting agent to the Portfolios. For its services
to the Portfolio's, BISYS receives fees payable monthly equal on an annual
basis to $40,000 for each of the Fixed Income Portfolio and Small Cap
Equity Portfolio and $50,000 for the International Equity Portfolio
TRUSTEES' FEES:
The fees paid and out-of-pocket expenses reimbursed to the Trustees for
the six months ended April 30, 1999 were as follows:
Fixed Income Portfolio .........................................$ 900
International Equity Portfolio ................................. 1,800
Small Cap Equity Portfolio ..................................... 1,800
CUSTODY:
Republic National Bank of New York Serves as custodian to the Fixed Income
Portfolio and Small Cap Equity Portfolio. IBT serves as custodian to the
International Equity Portfolio.
4. INVESTMENT TRANSACTIONS. During the six months ended April 30, 1999, each
Portfolio purchased and sold securities, excluding short-term securities, in
the following amounts:
PURCHASES SALES
--------- -----
Fixed Income Portfolio ............. $565,878,441 $545,040,046
International Equity Portfolio ..... 38,416,252 39,187,728
Small Cap Equity Portfolio ......... 68,668,622 62,712,998
5. CONCENTRATION OF RISK. The Fixed Income Portfolio conducts a high level of
trading and invests a substantial portion of its assets in when -- issued
federal agency securities, and therefore, it may be more affected by
economic developments in these markets than would be a comparable fixed
income mutual fund.
6. YEAR 2000. The services provided to the Portfolios by its various service
providers depend on the smooth functioning of their computer systems. Many
computer software systems in use today cannot recognize the year 2000, but
revert to 1900 or some other date, due to the manner in which dates were
encoded and calculated. That failure could have a negative impact on the
handling of securities trades, pricing and account services. The Portfolios
have been advised that their service providers have been working actively on
necessary changes to their own computer systems to prepare for the year 2000
and expect that their systems will be adapted before that date, but there
can be no assurance that they will be successful, or that interaction with
other non-complying computer systems will not impair their services at that
time. In addition, no assurance can be given that the Portfolios' service
providers have anticipated every step necessary to avoid any adverse effect
on the Portfolios attributable to the Year 2000 problem.
<PAGE>
<TABLE>
REPUBLIC FIXED INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
<CAPTION>
FOR THE
SIX MONTHS FOR THE PERIOD
ENDED JANUARY 9, 1995
APRIL 30, FOR THE YEAR ENDED OCTOBER 31, (COMMENCEMENT
1999 ------------------------------------- OF OPERATIONS) TO
(UNAUDITED) 1998 1997 1996 OCTOBER 31, 1995
---------------- ----------- ----------- ----------- --------------------
<S> <C> <C> <C> <C> <C>
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period
(000) ........................ $197,027 $173,073 $118,405 $64,178 $30,023
Ratio of expenses
to average net assets ........ 0.55%(b) 0.62% 0.57% 0.67% 0.46%(b)
Ratio of net investment income
to average net assets ........ 6.02%(b) 6.03% 6.17% 5.66% 6.04%(b)
Ratio of expenses to average net
assets (a) ................... 0.55%(b) 0.62% 0.77% 0.90% 1.00%(b)
Ratio of net investment income
to average net assets (a) .... 6.02%(b) 6.03% 5.97% 5.43% 5.51%(b)
Portfolio turnover ............. 218.37% 126.40% 349.00% 152.00% 100.00%
(a) During the period, certain fees were voluntarily reduced and expenses reimbursed. If such voluntary fee
reductions and expense reimbursements had not occurred, the ratios would have been as indicated.
(b) Annualized.
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
<CAPTION>
FOR THE
SIX MONTHS FOR THE PERIOD
ENDED JANUARY 9, 1995
APRIL 30, FOR THE YEAR ENDED OCTOBER 31, (COMMENCEMENT
1999 ------------------------------------- OF OPERATIONS) TO
(UNAUDITED) 1998 1997 1996 OCTOBER 31, 1995
---------------- ----------- ----------- ----------- --------------------
<S> <C> <C> <C> <C> <C>
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of year (000) $251,690 $205,737 $207,129 $135,239 $39,929
Ratio of expenses to average net
assets ....................... 0.97%(b) 0.97% 0.76% 0.83% 0.64%(b)
Ratio of net investment income
to average net assets ........ 0.33%(b) 0.80% 1.21% 1.14% 1.55%(b)
Ratio of expenses to average net
assets (a) ................... 0.97%(b) 0.97% 1.01% 1.10% 1.39%(b)
Ratio of net investment income
to average net assets (a) .... 0.33%(b) 0.80% 0.96% 0.87% 0.80%(b)
Portfolio turnover ............. 16.26% 40.47% 30.00% 23.30% 3.07%
(a) During the period, certain fees were voluntarily reduced and expenses reimbursed. If such voluntary fee
reductions and expense reimbursements had not occurred, the ratios would have been as indicated.
(b) Annualized.
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
REPUBLIC SMALL CAP EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
<CAPTION>
FOR THE
SIX MONTHS FOR THE PERIOD
ENDED SEPTEMBER 3, 1996
APRIL 30, FOR THE YEAR ENDED OCTOBER 31, (COMMENCEMENT OF
1999 ------------------------------------ OPERATIONS) TO
(UNAUDITED) 1998 1997 OCTOBER 31, 1996
---------------- ----------------- ----------------- ---------------------
<S> <C> <C> <C> <C>
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of year
(000) .................. $213,747 $186,517 $213,740 $119,901
Ratio of expenses to
average net assets...... 1.06%(b) 1.03% 0.84% 0.82%(b)
Ratio of net investment
loss to average net
assets ................. (0.72)%(b) (0.57)% (0.33)% (0.11)%(b)
Ratio of expenses
to average net assets (a) 1.06%(b) 1.06% 1.09% 1.10%(b)
Ratio of net investment
loss to average net
assets (a) ............. (0.72)%(b) (0.60)% (0.58)% (0.39)%(b)
Portfolio turnover ....... 30.85% 154.69% 92.18% 50.55%
(a) During the period, certain fees were voluntarily reduced. If such voluntary fee reductions and expense
reimbursements had not occurred, the ratios would have been as indicated.
(b) Annualized.
See notes to financial statements.
</TABLE>
<PAGE>
REPUBLIC NEW YORK TAX-FREE BOND FUND
REPUBLIC EQUITY FUND
REPUBLIC BOND FUND
REPUBLIC OVERSEAS EQUITY FUND
REPUBLIC OPPORTUNITY FUND
REPUBLIC FAMILY OF FUNDS: SUB-ADVISERS
CUSTOMER SERVICE REPUBLIC EQUITY FUND
Republic National Bank of New York Alliance Capital Management, L.P.
452 Fifth Avenue 1345 Avenue of the Americas
New York, NY 10018 New York, NY 10105
(888) 525-5757 (Toll Free)
Brinson Partners, Inc.
INVESTMENT ADVISER AND CUSTODIAN 209 South LaSalle Street
Republic National Bank of New York Chicago, IL 60604
452 Fifth Avenue
New York, NY 10018 REPUBLIC BOND FUND
Miller Anderson & Sherrerd
ADMINISTRATOR, TRANSFER AGENT, One Tower Bridge
DISTRIBUTOR AND SPONSOR West Conshohocken, PA 19428
BISYS Fund Services
3435 Stelzer Road REPUBLIC OVERSEAS EQUITY FUND
Columbus, OH 43219 Capital Guardian Trust Company
(614) 470-8000 11100 Santa Monica Boulevard
Los Angeles, CA 90025
CUSTODIAN
Investors Bank & Trust Company REPUBLIC OPPORTUNITY FUND
200 Clarendon Street -- 16th Floor MFS Institutional Advisors, Inc.
Boston, MA 02116 500 Boylston Street
(800) 782-8183 Boston, MA 02116
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
