<PAGE>
Semi-Annual Report
Republic Family
of Funds
April 30, 2000
Republic Money Market Fund
Republic U.S. Government
Money Market Fund
Republic New York Tax-Free
Money Market Fund
[HSBC LOGO]
YOUR WORLD OF FINANCIAL SERVICES
<PAGE>
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Table of Contents
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Republic Funds
Semi-annual Report-April 30, 2000
<TABLE>
<S> <C>
President's Message................................................. 1
Commentary From the Investment Manager.............................. 2
Portfolio Reviews................................................... 3
Republic Money Market Fund.......................................... 7
Republic U.S. Government Money Market Fund.......................... 15
Republic New York Tax-Free Money Market Fund........................ 23
Notes to Financial Statements....................................... 31
</TABLE>
<PAGE>
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President's Message
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Dear Shareholder:
We are pleased to present you with the semi-annual reports for the Republic
Family of Funds for the six months ended April 30, 2000. The report contains the
following features:
Commentary From the Investment Manager
Portfolio Reviews--investment strategy, performance overview and outlook
for the coming months
Schedules of Portfolio Investments--listing of the security holdings in
each fund
Statements of Assets and Liabilities--summary of the assets and liabilities
of each fund
Statements of Operations--summary of operations and its effect on the
assets of each fund
Statements of Changes in Net Assets--summary of changes in net assets
during the period
Financial Highlights--per share summary of activity affecting net asset
value per share
Notes to Financial Statements
Finally, we thank you for your continued confidence in us. We look forward to
providing you with investment management services to meet your needs now and in
the years ahead.
Sincerely,
WALTER B. GRIMM
Walter B. Grimm
President
June 2000
1
<PAGE>
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Commentary From the Investment Manager
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HSBC Bank USA
U.S. Economic Review
The U.S. economy during the six-month period ended April 30, 2000, remained
strong, driven by increases in worker productivity and strong consumer spending.
In fact, the economy's 109-month expansion through April marks the longest
period of economic growth in our country's history. The Gross Domestic Product
(GDP)(1) during the second half of 1999 grew an annualized 6.5%, well above the
Federal Reserve Board's (the "Fed's") targeted growth rate of 3.0% to 3.5%. The
Fed worried that such strong growth, rising energy prices and a tight labor
market could lead to a spike in inflation. Those concerns seemed justified: the
Consumer Price Index(2) rose 0.4% in March, excluding the volatile food and
energy sectors. That was the index's highest monthly increase in five years.
The Fed raised the federal funds rate three times during the period in an
attempt to forestall inflation, for a total increase of three-quarters of a
percentage point.
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(1) The Gross Domestic Product is the measure of the market value of the goods
and services produced by labor and property in the United States.
(2) The Consumer Price Index is a measure of the average change in prices over
time in a fixed market basket. Investors cannot invest directly in an index,
although they can invest in the underlying securities.
2
<PAGE>
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Portfolio Reviews
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Republic Money Market Fund'D' (Class A (Investor) Shares, D (Private Investor)
Shares and Y (Adviser) Shares)
by Peter J. Loftus
Portfolio Manager
The Republic Money Market Fund (the "Fund") returned 2.57% for Class A
(Investor) Shares, 2.65% for Class D (Private Investor) Shares and 2.77% for
Class Y (Adviser) Shares during the six months through April 30, 2000. That
compared to a 2.54% return for the Fund's benchmark, the Lipper Money Market
Funds Average.(1) The Fund's annualized 7-day yield through April 30, 2000, was
5.33% for Class A (Investor) Shares, 5.48% for Class D (Private Investor) Shares
and 5.73% for Class Y (Adviser) Shares.(2)
Continued strong economic growth, low inflation and rising interest rates
characterized the period. The Fund entered the recent period with an average
maturity of 44 days, shorter than the average maturity of its peer group. We
took that defensive position as it became clear that the U.S. economy was
continuing to grow at a rapid pace, and that the Fed would likely continue to
raise short-term interest rates in an effort to relieve inflationary pressures.
That approach benefited the Fund, as the Fed did raise rates three times during
the period. We reduced the Fund's average maturity further as the period
progressed, partly in order to generate enough liquidity to deal with Y2K
concerns at the end of 1999. The Fund's average maturity finished the period at
15 days. Commercial paper (71.8% of net assets) made up most of the Fund's
holdings, followed by repurchase agreements and floating rate notes. We favored
issues with extremely high credit quality. The minimal extra yield paid by
lower-rated issues such as asset-backed commercial paper was not enough to
justify these securities' additional credit risk.*
Going forward, we expect strong economic growth and low inflation to continue.
In our opinion, the Fed will probably increase rates at least a few more times
this year to cool the economy and head off a rise in inflation. The Fund, with
its relatively short average maturity, is well positioned for such a rising-rate
environment. We will extend the Fund's average maturity to about 30 to 40 days
as rates rise. We will maintain the Fund's high-quality approach to best serve
shareholders' interests.
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'D' An investment in the Fund is neither guaranteed nor insured by the FDIC or
any other Government agency. Although the Fund strives to maintain the value of
your investment at $1.00 per share, it is possible to lose money by investing
in this Fund. Past performance is not predictive of future performance as
yields on money market funds fluctuate daily.
(1) The Lipper Money Market Funds Average is an average of managed funds that
invest in high-quality financial instruments rated in the top two grades, with
dollar-weighted average maturities of less than 90 days. Lipper is an
independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge.
(2) The 7-day yield quotation more closely reflects the current earnings of the
Fund than the total return quotation.
* Portfolio composition is subject to change.
3
<PAGE>
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Portfolio Reviews
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Republic U.S. Government Money Market Fund'D' (Class A (Investor) Shares,
B Shares, D (Private Investor)
Shares and Y (Adviser) Shares)
by Shula Daniels
Portfolio Manager
The Republic U.S. Government Money Market Fund (the "Fund"), during the six
months through April 30, 2000, returned 2.43% for Class A (Investor) Shares,
2.16% for Class B Shares, 2.50% for the Class D (Private Investor) Shares and
2.63% for Class Y (Adviser) Shares. Those returns compared to a 2.52% return for
the Lipper U.S. Government Money Market Funds Average.(1) The Fund's annualized
7-day yield on April 30, 2000 was 5.06% for Class A (Investor) Shares, 4.47% for
Class B Shares, 5.21% for Class D (Private Investor) Shares and 5.46% for the
Class Y (Adviser) Shares.(2)
The Fed raised the federal funds rate three times during the period to slow the
economy and forestall inflation. Those rate hikes hurt the performance of
short-term fixed-income securities, pushing yields up and prices down.
We kept the Fund's average maturity relatively short, at 55 to 65 days. We
believe that strategy provided the Fund with good liquidity, which benefited the
Fund in the rising interest rate environment. Toward the end of the period, we
anticipated that the Fed's future rate hikes had already been priced into the
market; we therefore began extending maturities to lock in the higher yields
offered on longer securities.
Going forward, we expect the Fed to raise interest rates to slow the economy
further. We believe that the market already has compensated for those rate
hikes, therefore, we will extend the Fund's average maturity to roughly 80 days.
We feel that approach should allow the Fund to take advantage of higher yields
among longer issues. We will continue to invest the majority of the Fund's
assets in Treasury notes and Treasury bills. As of April 30, 2000, the Fund held
64.3% of its net assets in Treasury bills and Treasury notes, and the remainder
in agency bonds and repurchase agreements.*
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'D' An investment in the Fund is neither guaranteed nor insured by the FDIC or
any other Government agency. Although the Fund strives to maintain the value of
your investment at $1.00 per share, it is possible to lose money by investing
in this Fund. Past performance is not predictive of future performance as
yields on money market funds fluctuate daily.
(1) The Lipper U.S. Government Money Market Funds Average is an average of
managed funds that invest principally in financial instruments issued or
guaranteed by the U.S. government, its agencies, or its instrumentalities with
dollar-weighted average maturities of less than 90 days. Lipper is an
independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge.
(2) The 7-day yield quotation more closely reflects the current earnings of the
Fund than the total return quotation.
* Portfolio composition is subject to change.
4
<PAGE>
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Portfolio Reviews
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Republic New York Tax-Free Money Market Fund'D' (Class A (Investor) Shares,
D (Private Investor)
Shares and Y (Adviser) Shares)
by Peter J. Loftus
Portfolio Manager
The Republic New York Tax-Free Money Market Fund (the "Fund") posted total
returns of 1.45% for Class A (Investor) Shares, 1.53% for Class D (Private
Investor) Shares and 1.65% for the Class Y (Adviser) Shares during the six
months ended April 30, 2000. That compares to a total return of 1.52% for the
Fund's benchmark, the Lipper N.Y. Tax-Exempt Money Market Funds Average.(1) The
Fund's annualized 7-day yield on April 30, 2000, was 3.86% for Class A
(Investor) Shares, 4.01% for Class D (Private Investor) Shares and 4.26% for
Class Y (Adviser) Shares.(2)
Conditions in the short-term tax-exempt market were, as always, driven primarily
by supply and demand factors. The number of new issues declined, in part because
most New York municipalities had stockpiled cash during the period and did not
need to raise significant amounts of money by issuing new securities.
A low supply of new issues typically puts downward pressure on yields. However,
short-term interest rates rose during the period due to concerns over inflation
that led to three interest rate hikes by the Fed. Yields on tax-exempt issues
did not rise as much as rates on taxable securities, however.
We reduced the Fund's average maturity during the period, from 37 days on
November 1, 1999, to 18 days on April 30, 2000. That was shorter than the
average maturity of the Fund's typical peer. Our plan was to take a relatively
short position while it appeared that the Fed would continue to increase
short-term rates. The Fund held 61.2% of its net assets in weekly and daily
floating rate notes, with the remainder in tax-exempt commercial paper and cash
equivalents.*
Going forward, we anticipate continued strong economic growth and more rate
hikes by the Fed. We feel the Fund's relatively short average maturity positions
it to take advantage of the rising rate environment investors are likely to
encounter in the coming months. As rates rise, we will extend the Fund's average
maturity to help capture additional yield for shareholders.
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'D' An investment in the Fund is neither guaranteed nor insured by the FDIC or
any other Government agency. Although the Fund strives to maintain the value of
your investment at $1.00 per share, it is possible to lose money by investing
in this Fund. The Fund's income may be subject to the federal alternative
minimum tax and to certain state and local taxes. Regional funds may be subject
to additional risk, since companies they invest in are located in one
geographical location. Past performance is not predictive of future performance
as yields on money market funds fluctuate daily.
(1) The Lipper N.Y. Tax-Exempt Money Market Funds Average is an average of
managed funds that invest in municipal obligations of New York with dollar-
weighted average maturities of less than 90 days. Lipper is an independent
mutual fund performance monitor whose results are based on total return and
do not reflect a sales charge.
(2) The 7-day yield quotation more closely reflects the current earnings of the
Fund than the total return quotation.
* Portfolio composition is subject to change.
5
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This Page Intentionally Left Blank
6
<PAGE>
REPUBLIC FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
REPUBLIC MONEY MARKET FUND APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
COMMERCIAL PAPER - 71.8%
<TABLE>
<CAPTION>
SECURITY MATURITY PRINCIPAL AMORTIZED
DESCRIPTION RATE DATE AMOUNT COST
------------------------------------------------------------ ---- -------- ----------- ------------
<S> <C> <C> <C> <C>
AUTOMOTIVE - 2.7%
Daimler Chrysler North America.............................. 5.90% 5/9/00 $ 8,000,000 $ 7,989,511
Daimler Chrysler North America.............................. 5.97 5/15/00 10,000,000 9,976,783
------------
17,966,294
------------
BANKING - 1.5%
Citicorp.................................................... 6.01 5/16/00 10,000,000 9,974,958
------------
BEVERAGES - 1.8%
Coca Cola................................................... 5.98 5/25/00 12,000,000 11,952,160
------------
CHEMICALS - 3.0%
E.I. Dupont................................................. 5.95 5/10/00 5,000,000 4,992,563
E.I. Dupont................................................. 6.00 5/30/00 10,000,000 9,951,666
West Baton Rouge, Louisiana (Guaranteed by Dow Chemical).... 6.15 6/5/00 5,000,000 5,000,000
------------
19,944,229
------------
DRUGS - 1.5%
Abbott Labs................................................. 5.99 5/9/00 10,000,000 9,986,689
------------
EDUCATION - 5.4%
Board of Trustees for Columbia University................... 6.03 6/9/00 2,490,000 2,473,734
Board of Trustees for Leland-Stanford....................... 5.90 5/12/00 8,500,000 8,484,676
Tennessee State School Board................................ 6.07 5/1/00 2,300,000 2,300,000
Tennessee State School Board................................ 6.10 5/1/00 1,400,000 1,400,000
Yale University............................................. 5.92 5/11/00 1,725,000 1,722,163
Yale University............................................. 6.04 5/16/00 5,000,000 4,987,417
Yale University............................................. 6.04 5/17/00 5,000,000 4,986,578
Yale University............................................. 6.04 5/19/00 5,000,000 4,984,900
Yale University............................................. 6.00 5/22/00 5,000,000 4,982,500
------------
36,321,968
------------
FINANCE - 17.9%
American Express Credit Corp................................ 6.02 5/8/00 10,000,000 9,988,295
American Express Credit Corp................................ 6.03 5/25/00 10,000,000 9,959,800
Associates First Capital.................................... 6.03 5/22/00 10,000,000 9,964,825
Associates First Capital.................................... 6.01 5/26/00 10,000,000 9,958,264
Ford Motor Credit Corp...................................... 6.00 5/10/00 10,000,000 9,985,000
Ford Motor Credit Corp...................................... 6.02 5/26/00 12,000,000 11,949,833
General Electric Capital Corp............................... 6.02 5/4/00 10,000,000 9,994,983
General Electric Capital Corp............................... 6.05 5/15/00 10,000,000 9,976,472
General Motors Acceptance Corp.............................. 6.04 5/4/00 10,000,000 9,994,967
IBM Credit Corp............................................. 5.83 5/25/00 13,000,000 12,949,510
Nestle Capital Corp......................................... 5.96 5/18/00 15,000,000 14,957,783
------------
119,679,732
------------
FOOD - 2.8%
Hershey Foods............................................... 6.00 5/12/00 11,000,000 10,979,833
Kellogg Co.................................................. 5.98 5/11/00 7,400,000 7,387,708
------------
18,367,541
------------
HEALTH CARE - 5.3%
Baptist Hospital............................................ 6.04 5/2/00 5,785,000 5,784,029
Baptist Hospital............................................ 6.04 5/15/00 7,000,000 6,983,558
New York Hospital........................................... 5.95 5/8/00 4,000,000 3,995,372
Society of the New York Hospital............................ 6.04 5/10/00 7,800,000 7,788,222
Society of the New York Hospital............................ 6.01 5/16/00 4,069,000 4,058,811
Temple Physicians........................................... 6.04 6/7/00 7,000,000 6,956,546
------------
35,566,538
------------
MEDIA - 1.8%
Gannet & Co................................................. 6.00 5/31/00 12,000,000 11,940,000
------------
</TABLE>
Continued
7
<PAGE>
REPUBLIC FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
REPUBLIC MONEY MARKET FUND APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
COMMERCIAL PAPER, CONTINUED
<TABLE>
<CAPTION>
SECURITY MATURITY PRINCIPAL AMORTIZED
DESCRIPTION RATE DATE AMOUNT COST
------------------------------------------------------------ ---- -------- ----------- ------------
<S> <C> <C> <C> <C>
MEDICAL EQUIPMENT & SUPPLIES - 3.7%
Becton Dickinson............................................ 6.02% 5/1/00 $13,500,000 $ 13,500,000
Becton Dickinson............................................ 6.02 5/26/00 11,000,000 10,954,014
------------
24,454,014
------------
MUNICIPALITIES - 3.2%
Broward County, Florida Sales Tax Revenue Taxable Notes..... 6.20 6/13/00 6,700,000 6,700,001
New York City Transitional Financial Authority Revenue...... 6.25 6/30/00 5,000,000 5,000,558
New York City Water Finance Authority....................... 5.50 6/15/00 3,135,000 3,135,288
Tennessee State General Obligation.......................... 6.13 6/5/00 6,200,000 6,200,000
------------
21,035,847
------------
OIL & GAS TRANSMISSION - 3.0%
California Pollution Control................................ 6.05 5/2/00 8,250,000 8,250,000
Chevron USA................................................. 6.02 5/5/00 8,000,000 7,994,649
Whiting, Indiana Pollution Control.......................... 6.02 5/22/00 4,000,000 4,000,000
------------
20,244,649
------------
PHARMACEUTICALS - 3.7%
Merck Co.................................................... 5.97 5/9/00 15,000,000 14,980,100
Monsanto.................................................... 6.05 6/8/00 10,000,000 9,936,139
------------
24,916,239
------------
TECHNOLOGY - 1.5%
Motorola, Inc............................................... 6.01 5/3/00 10,000,000 9,996,661
------------
TELECOMMUNICATIONS - 2.9%
BellSouth Telecommunications................................ 6.00 5/11/00 10,000,000 9,983,334
BellSouth Telecommunications................................ 5.99 5/23/00 9,425,000 9,390,499
------------
19,373,833
------------
TRANSPORTATION & SHIPPING - 1.5%
United Parcel Service....................................... 5.97 5/1/00 10,000,000 10,000,000
------------
UTILITIES - 5.5%
City of Austin, Texas....................................... 6.05 6/6/00 5,063,000 5,032,369
Nebraska Public Power Authority............................. 6.03 5/5/00 7,586,000 7,586,000
New York State Power Authority.............................. 6.04 6/6/00 3,800,000 3,777,048
South Carolina Public Service Authority..................... 6.05 5/19/00 5,930,000 5,912,062
Trinity River Authority For Texas........................... 6.07 5/2/00 7,075,000 7,075,000
Trinity River Authority For Texas........................... 6.10 5/18/00 7,000,000 7,000,000
------------
36,382,479
------------
WASTE DISPOSAL - 3.1%
Gulf Coast Waste Disposal of Texas.......................... 6.00 5/1/00 5,000,000 5,000,000
Gulf Coast Waste Disposal of Texas.......................... 6.14 6/12/00 5,480,000 5,480,000
Gulf Coast Waste Disposal of Texas.......................... 6.10 6/14/00 10,000,000 10,000,000
------------
20,480,000
------------
TOTAL COMMERCIAL PAPER (Amortized Cost $478,583,831)....................................... 478,583,831
------------
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VARIABLE RATE DEMAND NOTES* - 14.5%
FINANCE - 8.2%
Bell County Texas Health Facilities Revenue (MBIA
Insured)................................................... 6.16 5/3/00 9,000,000 9,000,000
California Housing Authority Series 2000 (LOC Commerzbank
AG)........................................................ 6.05 5/3/00 15,000,000 15,000,000
California Housing Financial Agency Revenue (AMBAC
Insured)................................................... 6.15 5/3/00 5,000,000 5,000,000
California Housing Financial Agency Revenue (FSA Insured)... 5.20 5/3/00 10,000,000 10,000,000
Illinois Health Facilities Revenue for Loyola University
Health System (MBIA Insured)............................... 6.05 5/3/00 5,685,000 5,685,000
New York State Housing Financial Authority (LOC Commerzbank
A.G.)...................................................... 6.06 5/3/00 4,400,000 4,400,000
Rhode Island Student Loan Authority (AMBAC Insured)......... 6.15 5/4/00 5,000,000 5,000,000
------------
54,085,000
------------
</TABLE>
Continued
8
<PAGE>
REPUBLIC FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
REPUBLIC MONEY MARKET FUND APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
VARIABLE RATE DEMAND NOTES, CONTINUED
<TABLE>
<CAPTION>
SECURITY MATURITY PRINCIPAL AMORTIZED
DESCRIPTION RATE DATE AMOUNT COST
------------------------------------------------------------ ---- -------- ----------- ------------
<S> <C> <C> <C> <C>
GENERAL OBLIGATIONS - 2.6%
Greensboro, North Carolina.................................. 6.15% 5/3/00 $ 1,100,000 $ 1,100,000
Greensboro, North Carolina.................................. 6.15 5/3/00 2,650,000 2,650,000
Texas State, Taxable Series B............................... 6.25 5/3/00 13,700,000 13,700,000
------------
17,450,000
------------
HOUSING - 2.7%
New York City Housing Development........................... 6.15 5/3/00 3,620,000 3,620,000
New York City Housing Development........................... 6.15 5/3/00 6,300,000 6,300,000
New York City Housing Development........................... 6.15 5/3/00 415,000 415,000
New York City Housing Development........................... 6.15 5/3/00 1,225,000 1,225,000
New York City Housing Development, (LOC Bayerische Hypo-Und
Verein).................................................... 6.15 5/3/00 4,000,000 4,000,000
Texas State Taxable Veterans Housing Assistance Series A2... 6.25 5/3/00 2,500,000 2,500,000
------------
18,060,000
------------
SPECIAL PURPOSE - 1.0%
Cleveland, Ohio Airport Systems, Series E (LOC Toronto
Dominion Bank)............................................. 6.15 5/3/00 6,745,000 6,745,000
------------
TOTAL VARIABLE RATE DEMAND NOTES* (Amortized Cost $96,340,000)............................. 96,340,000
------------
-----------------------------------------------------------------------------
U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 4.8%
FEDERAL HOME LOAN BANK - 2.6%
Federal Home Loan Bank...................................... 5.15 5/17/00 5,000,000 5,000,000
Federal Home Loan Bank...................................... 5.63 6/2/00 2,000,000 2,000,089
Federal Home Loan Bank...................................... 6.18 6/9/00 5,000,000 5,000,000
Federal Home Loan Bank...................................... 7.00 5/18/01 5,000,000 5,000,000
------------
17,000,089
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.2%
Federal National Mortgage Association....................... 5.00 5/4/00 5,000,000 4,999,965
Federal National Mortgage Association....................... 5.12 5/12/00 5,000,000 5,000,000
Federal National Mortgage Association....................... 5.62 8/9/00 5,000,000 4,998,107
------------
14,998,072
------------
TOTAL U.S. GOVERNMENT AND GOVERNMENT
AGENCY OBLIGATIONS (Amortized Cost $31,998,161)........................................... 31,998,161
------------
----------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 9.9%
<CAPTION>
COST
------------
<S> <C> <C>
Goldman, Sachs, & Co., 5.90%, due 5/1/00, with a maturity
value of $25,012,292 (collateralized with $26,000,000
British Communications PLC 5.58% due 7/10/00, market value
$25,713,965).................................................................. 25,000,000 25,000,000
Lehman Brothers, 5.73%, due 5/1/00, with a maturity value of
$21,118,079 (collateralized with $9,140,000 FNMA 6.37%, due
6/22/00, and $14,505,000 FHLMC 5.13%, due 10/15/08, total
market value $21,534,429)..................................................... 21,108,000 21,108,000
Morgan Stanley Dean Witter, 5.70%, due 5/1/00, with a
maturity value of $20,009,500 (collateralized with
$21,550,000 FNMA 7.00%, due 11/27/12, market value
$20,647,833).................................................................. 20,000,000 20,000,000
------------
TOTAL REPURCHASE AGREEMENTS (Cost $66,108,000)................................. 66,108,000
------------
TOTAL INVESTMENTS (Cost $673,029,992)(a) - 101.0%............................. 673,029,992
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%................................ (6,362,356)
------------
NET ASSETS - 100.0%........................................................... $666,667,636
------------
------------
</TABLE>
---------
(a) Cost for federal income tax and financial reporting purposes is the same.
AMBAC -- American Municipal Bond Assurance Corporation
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance
LOC -- Letter of Credit
MBIA -- Municipal Bond Insurance Association
PLC -- Public Limited Company
* Variable rate investments. The rate presented represents the rate in effect at
April 30, 2000. The maturity date presented reflects the next rate change
date.
See notes to financial statements.
9
<PAGE>
REPUBLIC FUNDS
REPUBLIC MONEY MARKET FUND
-------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)
<TABLE>
<S> <C> <C>
ASSETS:
Investments, at value (cost
$673,029,992)..................... $673,029,992
Cash............................... 598
Interest receivable................ 1,964,629
Receivable for capital shares
issued............................ 800
Prepaid expenses................... 90,830
------------
TOTAL ASSETS.................... 675,086,849
LIABILITIES:
Dividends payable.................. $3,050,200
Payable for investments
purchased......................... 5,000,000
Accrued expenses and other
liabilities:
Investment management............. 112,159
Administration.................... 46,006
Shareholder servicing............. 172,993
Other liabilities................. 37,855
----------
TOTAL LIABILITIES............... 8,419,213
------------
NET ASSETS......................... $666,667,636
------------
------------
COMPOSITION OF NET ASSETS:
Capital............................ $666,667,483
Accumulated net realized gains from
investment transactions........... 153
------------
NET ASSETS......................... $666,667,636
------------
------------
CLASS A (INVESTOR) SHARES
Net Assets........................ $444,917,346
Shares Outstanding................ 444,917,232
Net Asset Value, Offering Price
and Redemption Price per share.. $1.00
-----
-----
CLASS D (PRIVATE INVESTOR) SHARES
Net Assets........................ $119,822,236
Shares Outstanding................ 119,822,236
Net Asset Value, Offering Price
and Redemption Price per share.. $1.00
-----
-----
CLASS Y (ADVISER) SHARES
Net Assets........................ $101,928,054
Shares Outstanding................ 101,928,015
Net Asset Value, Offering Price
and Redemption Price per share.. $1.00
-----
-----
--------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2000 (UNAUDITED)
INVESTMENT INCOME:
Interest income....................... $15,142,223
-----------
TOTAL INVESTMENT INCOME............ 15,142,223
EXPENSES:
Investment management................. $513,865
Administration........................ 210,872
Shareholder servicing:
Class A (Investor) Shares............ 694,761
Class D (Private Investor) Shares.... 101,561
Accounting............................ 20,986
Custodian............................. 45,758
Transfer agent........................ 21,624
Other expenses........................ 91,965
--------
Total expenses before voluntary fee
reductions........................ 1,701,392
Voluntary fee reductions........... (434)
-----------
NET EXPENSES....................... 1,700,958
-----------
NET INVESTMENT INCOME................. 13,441,265
-----------
CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS........................... $13,441,265
-----------
-----------
</TABLE>
See notes to financial statements.
10
<PAGE>
REPUBLIC FUNDS
REPUBLIC MONEY MARKET FUND
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
APRIL 30, ENDED
2000 OCTOBER 31,
(UNAUDITED) 1999
------------ --------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
Operations:
Net investment income...................................... $13,441,265 $ 12,231,036
Net realized gains from investment transactions............ -- 153
------------ ------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS............. 13,441,265 12,231,189
------------ ------------
DIVIDENDS:
From net investment income:
Class A (Investor) Shares (a)............................ (8,926,640) (6,090,783)
Class D (Private Investor) Shares (b).................... (2,155,607) (1,308,867)
Class Y (Adviser) Shares (c)............................. (2,359,018) (4,831,386)
------------ ------------
CHANGE IN NET ASSETS FROM SHAREHOLDER DIVIDENDS............. (13,441,265) (12,231,036)
------------ ------------
CHANGE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS........ 319,349,551 347,317,932
------------ ------------
CHANGE IN NET ASSETS........................................ 319,349,551 347,318,085
NET ASSETS:
Beginning of period........................................ 347,318,085 --
------------ ------------
End of period.............................................. $666,667,636 $347,318,085
------------ ------------
------------ ------------
</TABLE>
---------
(a) The Fund commenced offering Class A (Investor) Shares on November 13, 1998.
(b) The Fund commenced offering Class D (Private Investor) Shares on April 1,
1999.
(c) The Fund commenced offering Class Y (Adviser) Shares on November 12, 1998.
See notes to financial statements.
11
<PAGE>
REPUBLIC FUNDS
REPUBLIC MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS A (INVESTOR) SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
APRIL 30, NOVEMBER 13, 1998
2000 TO OCTOBER 31,
(UNAUDITED) 1999(a)
------------ -----------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 1.00 $ 1.00
-------- --------
INVESTMENT ACTIVITIES:
Net investment income...................................... 0.025 0.043
Net realized gains from investment transactions............ -- 0.000*
-------- --------
Total from investment activities........................... 0.025 0.043
-------- --------
DIVIDENDS:
Net investment income...................................... (0.025) (0.043)
-------- --------
Total dividends............................................ (0.025) (0.043)
-------- --------
NET ASSET VALUE, END OF PERIOD.............................. $ 1.00 $ 1.00
-------- --------
-------- --------
TOTAL RETURN................................................ 2.57%(b) 4.42%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000's)......................... $444,917 $226,783
Ratio of expenses to average net assets..................... 0.75%(c) 0.67%(c)
Ratio of net investment income to average net assets........ 5.14%(c) 4.44%(c)
Ratio of expenses to average net assets (d)................. 0.75%(c) 0.75%(c)
</TABLE>
* Less than $0.0005 per share.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
12
<PAGE>
REPUBLIC FUNDS
REPUBLIC MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS D (PRIVATE INVESTOR) SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
APRIL 30, APRIL 1, 1999
2000 TO OCTOBER 31,
(UNAUDITED) 1999(a)
------------ --------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 1.00 $ 1.00
-------- -------
INVESTMENT ACTIVITIES:
Net investment income...................................... 0.026 0.027
Net realized gains from investment transactions............ -- 0.000*
-------- -------
Total from investment activities........................... 0.026 0.027
-------- -------
DIVIDENDS:
Net investment income...................................... (0.026) (0.027)
-------- -------
Total dividends............................................ (0.026) (0.027)
-------- -------
NET ASSET VALUE, END OF PERIOD.............................. $ 1.00 $ 1.00
-------- -------
-------- -------
TOTAL RETURN................................................ 2.65%(b) 2.69%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000's)......................... $119,822 $46,863
Ratio of expenses to average net assets..................... 0.60%(c) 0.59%(c)
Ratio of net investment income to average net assets........ 5.31%(c) 4.56%(c)
Ratio of expenses to average net assets (d)................. 0.60%(c) 0.62%(c)
</TABLE>
* Less than $0.0005 per share.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
13
<PAGE>
REPUBLIC FUNDS
REPUBLIC MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS Y (ADVISER) SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
APRIL 30, NOVEMBER 12, 1998
2000 TO OCTOBER 31,
(UNAUDITED) 1999(a)
------------ -----------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 1.00 $ 1.00
-------- -------
INVESTMENT ACTIVITIES:
Net investment income...................................... 0.027 0.047
Net realized gains from investment transactions............ -- 0.000*
-------- -------
Total from investment activities........................... 0.027 0.047
-------- -------
DIVIDENDS:
Net investment income...................................... (0.027) (0.047)
-------- -------
Total dividends............................................ (0.027) (0.047)
-------- -------
NET ASSET VALUE, END OF PERIOD.............................. $ 1.00 $ 1.00
-------- -------
-------- -------
TOTAL RETURN................................................ 2.77%(b) 4.76%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000's)......................... $101,928 $73,672
Ratio of expenses to average net assets..................... 0.36%(c) 0.31%(c)
Ratio of net investment income to average net assets........ 5.54%(c) 4.77%(c)
Ratio of expenses to average net assets (d)................. 0.36%(c) 0.40%(c)
</TABLE>
* Less than $0.0005 per share.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
14
<PAGE>
REPUBLIC FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 21.1%
<TABLE>
<CAPTION>
MATURITY PRINCIPAL
RATE DATE AMOUNT AMORTIZED COST
---- -------- ----------- --------------
<S> <C> <C> <C> <C>
FEDERAL HOME LOAN BANK - 10.5%
Federal Home Loan Bank...................................... 5.80% 5/2/00 $13,000,000 $ 12,997,906
Federal Home Loan Bank...................................... 5.87 5/17/00 20,000,000 19,947,778
Federal Home Loan Bank...................................... 5.26 5/26/00 10,000,000 9,999,868
Federal Home Loan Bank...................................... 5.83 6/2/00 20,000,000 19,896,356
Federal Home Loan Bank...................................... 5.93 6/7/00 30,000,000 29,817,004
Federal Home Loan Bank...................................... 5.96 6/21/00 25,000,000 24,788,917
Federal Home Loan Bank*..................................... 6.19 5/3/00 30,000,000 29,997,310
Federal Home Loan Bank*..................................... 6.19 5/3/00 15,000,000 14,999,840
--------------
162,444,979
--------------
FINANCE - 10.3%
Student Loan Marketing Assn.*............................... 6.31 5/2/00 10,000,000 9,999,762
Student Loan Marketing Assn.*............................... 6.48 5/2/00 10,000,000 9,998,415
Student Loan Marketing Assn.*............................... 6.23 5/2/00 5,000,000 5,000,000
Student Loan Marketing Assn.*............................... 6.22 5/2/00 25,000,000 24,981,339
Student Loan Marketing Assn.*............................... 6.04 5/2/00 2,500,000 2,495,204
Student Loan Marketing Assn.*............................... 6.43 5/2/00 13,000,000 12,997,604
Student Loan Marketing Assn.*............................... 6.25 5/2/00 15,000,000 15,000,000
Student Loan Marketing Assn.*............................... 6.23 5/2/00 5,000,000 5,000,000
Student Loan Marketing Assn.*............................... 5.93 5/2/00 10,000,000 9,998,648
Student Loan Marketing Assn.*............................... 6.28 5/2/00 20,000,000 19,997,532
Student Loan Marketing Assn.*............................... 6.26 5/2/00 15,000,000 15,000,000
Student Loan Marketing Assn.*............................... 6.38 5/2/00 10,000,000 9,999,675
Student Loan Marketing Assn.*............................... 6.48 5/2/00 10,000,000 10,000,000
Student Loan Marketing Assn.*............................... 6.28 5/2/00 10,000,000 10,009,499
--------------
160,477,678
--------------
UTILITIES - 0.3%
Tennessee Valley Authority.................................. 6.00 11/1/00 5,000,000 4,991,208
--------------
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Amortized Cost $327,913,865)............................................................. 327,913,865
--------------
------------------------------------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS - 64.3%
U.S. TREASURY BILLS - 52.8%
U.S. Treasury Bills**....................................... 5.23% 5/4/00 25,000,000 24,989,104
U.S. Treasury Bills**....................................... 5.18 5/11/00 50,000,000 49,928,042
U.S. Treasury Bills**....................................... 5.22 5/18/00 65,000,000 64,839,656
U.S. Treasury Bills**....................................... 5.25 5/25/00 40,000,000 39,860,000
U.S. Treasury Bills**....................................... 5.30 6/1/00 60,000,000 59,726,145
U.S. Treasury Bills**....................................... 5.32 6/8/00 50,000,000 49,718,958
U.S. Treasury Bills**....................................... 5.48 6/15/00 10,000,000 9,931,500
U.S. Treasury Bills**....................................... 5.50 6/29/00 15,000,000 14,864,792
U.S. Treasury Bills**....................................... 5.47 7/6/00 25,000,000 24,749,063
U.S. Treasury Bills**....................................... 5.43 7/13/00 25,000,000 24,724,729
U.S. Treasury Bills**....................................... 5.55 7/20/00 25,000,000 24,691,778
U.S. Treasury Bills**....................................... 5.65 7/27/00 25,000,000 24,658,646
U.S. Treasury Bills**....................................... 5.68 8/3/00 35,000,000 34,480,846
U.S. Treasury Bills**....................................... 5.70 8/10/00 5,000,000 4,920,042
U.S. Treasury Bills**....................................... 5.74 8/17/00 25,000,000 24,569,125
U.S. Treasury Bills**....................................... 5.75 8/24/00 35,000,000 34,357,198
U.S. Treasury Bills**....................................... 5.78 8/31/00 25,000,000 24,510,051
U.S. Treasury Bills**....................................... 5.82 9/7/00 70,000,000 68,541,045
U.S. Treasury Bills**....................................... 5.84 9/14/00 75,000,000 73,344,766
U.S. Treasury Bills**....................................... 5.90 9/21/00 10,000,000 9,765,838
U.S. Treasury Bills**....................................... 5.85 9/21/00 20,000,000 19,534,853
U.S. Treasury Bills**....................................... 5.81 9/28/00 12,000,000 11,709,500
U.S. Treasury Bills**....................................... 5.90 10/5/00 30,000,000 29,228,738
U.S. Treasury Bills**....................................... 5.75 10/19/00 25,000,000 24,316,594
U.S. Treasury Bills**....................................... 5.74 10/26/00 50,000,000 48,579,708
--------------
820,540,717
--------------
</TABLE>
Continued
15
<PAGE>
REPUBLIC FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND APRIL 30, 2000 (UNAUDITED)
-----------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS, CONTINUED
<TABLE>
<CAPTION>
MATURITY PRINCIPAL
RATE DATE AMOUNT AMORTIZED COST
---- -------- ----------- --------------
<S> <C> <C> <C> <C>
U.S. TREASURY NOTES - 11.5%
U.S. Treasury Notes......................................... 6.38% 5/15/00 $40,000,000 $ 40,014,795
U.S. Treasury Notes......................................... 6.25 5/31/00 25,000,000 25,017,274
U.S. Treasury Notes......................................... 5.50 5/31/00 25,000,000 25,003,488
U.S. Treasury Notes......................................... 5.38 6/30/00 30,000,000 29,989,422
U.S. Treasury Notes......................................... 6.00 8/15/00 20,000,000 19,995,859
U.S. Treasury Notes......................................... 4.00 10/31/00 40,000,000 39,578,841
--------------
179,599,679
--------------
TOTAL U.S. TREASURY OBLIGATIONS (Amortized Cost $1,000,140,396)............................ 1,000,140,396
--------------
------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 14.7%
<CAPTION>
COST
--------------
<S> <C> <C>
Cantor Fitzgerald, 5.53% due 5/1/00, with a maturity value
of $47,351,511 (collaterized by $20,875,000 U.S. Treasury
Note 6.13%, 5/15/07, and $27,516,000 U.S. Treasury Note
5.38%, 2/15/01, total market value $48,277,134).............................. 47,329,700 47,329,700
Commerzbank, 5.72% due 5/1/00, with a maturity value of
$49,023,357 (collaterized by $49,856,000 U.S. Treasury Note
5.38%, 2/15/01, market value $49,980,640).................................... 49,000,000 49,000,000
Societe Generale, 5.69% due 5/1/00, with a maturity value of
$45,021,338 (collaterized by $44,348,000 U.S. Treasury Note
6.63%, 5/15/07, market value $45,900,180).................................... 45,000,000 45,000,000
Societe Generale, 5.72% due 5/1/00, with a maturity value of
$48,022,880 (collaterized by $2,290,000 U.S. Treasury Note
9.13%, 5/15/18, and $45,550,000 U.S. Treasury Note 4.63%,
11/30/00, total market value $49,020,025).................................... 48,000,000 48,000,000
Warburg, 5.68% due 5/1/00, with a maturity value of
$40,018,933 (collaterized by $32,510,000 U.S. Treasury Bond
12.38%, 5/15/04, market value $40,800,050)................................... 40,000,000 40,000,000
--------------
TOTAL REPURCHASE AGREEMENTS (Cost $229,329,700)............................... 229,329,700
--------------
TOTAL INVESTMENTS (Cost $1,557,383,961)(a) - 100.1%.......................... 1,557,383,961
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%............................... (1,566,436)
--------------
NET ASSETS - 100.0%.......................................................... $1,555,817,525
--------------
--------------
</TABLE>
---------
(a) Cost for federal income tax and financial reporting purposes is the same.
* Variable rate investments. The rate presented represents the rate in effect
at April 30, 2000. The maturity date presented reflects the next rate change
date.
** Rate disclosed represents effective yield at April 30, 2000.
See notes to financial statements.
16
<PAGE>
REPUBLIC FUNDS
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
--------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)
<TABLE>
<S> <C> <C>
ASSETS:
Investments, at value
(cost $1,328,054,261)............ $1,328,054,261
Repurchase agreements............. 229,329,700
--------------
TOTAL INVESTMENTS.............. 1,557,383,961
Cash.............................. 100
Interest receivable............... 6,209,147
Receivable for capital shares
issued........................... 3,000
Prepaid expenses.................. 101,796
--------------
TOTAL ASSETS................... 1,563,698,004
LIABILITIES:
Dividends payable................. $6,957,615
Payable for capital shares
redeemed......................... 122
Accrued expenses and other
liabilities:
Investment management............ 270,720
Administration................... 111,166
Distributions.................... 44
Shareholder servicing............ 446,209
Accounting....................... 5,324
Custodian........................ 34,418
Other liabilities................ 54,861
----------
TOTAL LIABILITIES.............. 7,880,479
--------------
NET ASSETS........................ $1,555,817,525
==============
COMPOSITION OF NET ASSETS:
Capital........................... $1,555,745,278
Accumulated net realized gains
from investment transactions..... 72,247
--------------
NET ASSETS........................ $1,555,817,525
==============
CLASS A (INVESTOR) SHARES
Net Assets....................... $ 999,804,252
Shares Outstanding............... 999,724,366
Net Asset Value, Offering Price
and Redemption Price per
share.......................... $1.00
=====
CLASS B SHARES
Net Assets....................... 119,138
Shares Outstanding............... 119,134
Net Asset Value, Offering Price
and Redemption Price per
share*......................... $1.00
=====
CLASS D (PRIVATE INVESTOR) SHARES
Net Assets....................... 456,776,227
Shares Outstanding............... 456,784,782
Net Asset Value, Offering Price
and Redemption Price per
share.......................... $1.00
=====
CLASS Y (ADVISER) SHARES
Net Assets....................... 99,117,908
Shares Outstanding............... 99,116,996
Net Asset Value, Offering Price
and Redemption Price per
share.......................... $ 1.00
======
---------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2000 (UNAUDITED)
INVESTMENT INCOME:
Interest income................... $ 40,899,119
--------------
TOTAL INVESTMENT INCOME........ 40,899,119
EXPENSES:
Investment management............. $1,467,955
Administration.................... 603,132
Distribution:
Class B Shares................... 444
Shareholder servicing:
Class A (Investor) Shares........ 1,958,231
Class B Shares................... 147
Class D (Private Investor)
Shares......................... 525,490
Accounting........................ 27,194
Custodian......................... 68,219
Transfer agent.................... 41,304
Other expenses.................... 356,441
----------
TOTAL EXPENSES................. 5,048,557
--------------
NET INVESTMENT INCOME............. 35,850,562
--------------
Net realized gains from investment
transactions..................... 72,246
--------------
CHANGE IN NET ASSETS RESULTING
FROM OPERATIONS.................. $35,922,808
--------------
--------------
</TABLE>
---------
* Redemption price per share varies by length of time shares are held.
See notes to financial statements.
17
<PAGE>
REPUBLIC FUNDS
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE
APRIL 30, PERIOD ENDED
2000 OCTOBER 31,
(UNAUDITED) 1999
-------------- --------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
Operations:
Net investment income...................................... $ 35,850,562 $ 55,523,103
Net realized gains from investment transactions............ 72,246 132,150
-------------- --------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS............. 35,922,808 55,655,253
-------------- --------------
DIVIDENDS:
From net investment income:
Class A (Investor) Shares................................ (23,601,940) (43,105,464)
Class B Shares........................................... (2,531) (4,070)
Class D (Private Investor) Shares (a).................... (10,445,930) (10,132,348)
Class Y (Adviser) Shares................................. (1,800,161) (2,281,221)
In excess of net investment income:
Class A (Investor) Shares................................ -- (1,373)
Class D (Private Investor) Shares (a).................... -- (24)
Class Y (Adviser) Shares................................. -- (59)
From net realized gains from investment transactions:
Class A (Investor) Shares................................ (85,765) (80,896)
Class B Shares........................................... (11) (7)
Class D (Private Investor) Shares (a).................... (39,757) --
Class Y (Adviser) Shares................................. (5,161) (2,248)
-------------- --------------
CHANGE IN NET ASSETS FROM SHAREHOLDER DIVIDENDS............. (35,981,256) (55,607,710)
-------------- --------------
CHANGE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS........ 118,499,461 347,436,896
-------------- --------------
CHANGE IN NET ASSETS........................................ 118,441,013 347,484,439
NET ASSETS:
Beginning of period........................................ 1,437,376,512 1,089,892,073
-------------- --------------
End of period.............................................. $1,555,817,525 $1,437,376,512
-------------- --------------
-------------- --------------
</TABLE>
---------
(a) The Fund commenced offering Class D (Private Investor) Shares on April 1,
1999.
See notes to financial statements.
18
<PAGE>
REPUBLIC FUNDS
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- CLASS A (INVESTOR) SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE SIX ONE MONTH
MONTHS ENDED FOR THE PERIOD
APRIL 30, YEAR ENDED ENDED
2000 OCTOBER 31, OCTOBER 31,
(UNAUDITED) 1999 1998
------------ ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD................. $ 1.00 $ 1.00 $ 1.00
-------- -------- ----------
INVESTMENT ACTIVITIES:
Net investment income..... 0.024 0.042 0.004
Net realized gains from
investment
transactions............ 0.000* 0.000* 0.000*
-------- -------- ----------
Total from investment
activities.............. 0.024 0.042 0.004
-------- -------- ----------
DIVIDENDS:
Net investment income..... (0.024) (0.042) (0.004)
In excess of net
investment income....... -- (0.000)* --
Net realized gains from
investment
transactions............ (0.000)* (0.000)* --
-------- -------- ----------
Total dividends........... (0.024) (0.042) (0.004)
-------- -------- ----------
NET ASSET VALUE, END OF
PERIOD.................... $ 1.00 $ 1.00 $ 1.00
-------- -------- ----------
-------- -------- ----------
TOTAL RETURN............... 2.43%(a) 4.24% 0.39%(a)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000's)................... $999,804 $932,874 $1,055,163
Ratio of expenses to
average net assets........ 0.75%(b) 0.66% 0.50%(b)
Ratio of net investment
income to average net
assets.................... 4.83%(b) 4.16% 4.40%(b)
Ratio of expenses to
average net assets........ 0.75%(b) 0.66% 0.60%(b)(c)
<CAPTION>
FOR THE YEARS ENDED SEPTEMBER 30,
--------------------------------------------------------
1998 1997 1996 1995
-------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ---------- ---------- ----------
INVESTMENT ACTIVITIES:
Net investment income..... 0.048 0.048 0.049 0.052
Net realized gains from
investment
transactions............ 0.000* 0.000* -- --
-------- ---------- ---------- ----------
Total from investment
activities.............. 0.048 0.048 0.049 0.052
-------- ---------- ---------- ----------
DIVIDENDS:
Net investment income..... (0.048) (0.048) (0.049) (0.052)
In excess of net
investment income....... -- -- -- --
Net realized gains from
investment
transactions............ (0.000)* -- -- --
-------- ---------- ---------- ----------
Total dividends........... (0.048) (0.048) (0.049) (0.052)
-------- ---------- ---------- ----------
NET ASSET VALUE, END OF
PERIOD.................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ---------- ---------- ----------
-------- ---------- ---------- ----------
TOTAL RETURN............... 5.00% 4.89% 4.98% 5.27%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000's)................... $988,236 $ 505,702 $ 246,368 $ 113,218
Ratio of expenses to
average net assets........ 0.52% 0.59% 0.57% 0.58%
Ratio of net investment
income to average net
assets.................... 4.89% 4.80% 4.80% 5.17%
Ratio of expenses to
average net assets........ 0.62%(c) 0.71%(c) 0.75%(c) 0.78%(c)
</TABLE>
* Less than $0.0005 per share.
(a) Not annualized.
(b) Annualized.
(c) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
19
<PAGE>
REPUBLIC FUNDS
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- CLASS B SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE ONE MONTH FOR THE PERIOD
APRIL 30, YEAR ENDED PERIOD ENDED FEBRUARY 2, 1998
2000 OCTOBER 31, OCTOBER 31, TO SEPTEMBER 30,
(UNAUDITED) 1999 1998 1998(a)
------------ ----------- ------------ ----------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income................................. 0.021 0.035 0.003 0.002
Net realized gains from investment transactions....... 0.000* 0.000* 0.000* --
------- ------- ------- -------
Total from investment activities...................... 0.021 0.035 0.003 0.002
------- ------- ------- -------
DIVIDENDS:
Net investment income................................. (0.021) (0.035) (0.003) (0.002)
Net realized gains from investment transactions....... (0.000)* (0.000)* -- --
------- ------- ------- -------
Total dividends....................................... (0.021) (0.035) (0.003) (0.002)
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- -------
------- ------- ------- -------
TOTAL RETURN (EXCLUDES REDEMPTION CHARGE).............. 2.16%(b) 3.54% 0.32%(b) 0.22%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000's).................... $ 119 $ 119 $ 113 $ 113
Ratio of expenses to average net assets................ 1.29%(c) 1.34% 1.25%(c) 1.27%(c)
Ratio of net investment income to average net assets... 4.28%(c) 3.49% 3.65%(c) 4.14%(c)
Ratio of expenses to average net assets................ 1.29%(c) 1.34% 1.35%(c)(d) 1.37%(c)(d)
</TABLE>
* Less than $0.0005 per share.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
20
<PAGE>
REPUBLIC FUNDS
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- CLASS D (PRIVATE INVESTOR) SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
APRIL 30, APRIL 1, 1999 TO
2000 OCTOBER 31,
(UNAUDITED) 1999(a)
------------ ----------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 1.00 $ 1.00
-------- --------
INVESTMENT ACTIVITIES:
Net investment income...................................... 0.025 0.025
Net realized gains from investment transactions............ 0.000* 0.000*
-------- --------
Total from investment activities........................... 0.025 0.025
-------- --------
DIVIDENDS:
Net investment income...................................... (0.025) (0.025)
In excess of net investment income......................... -- (0.000)*
Net realized gains from investment transactions............ (0.000)* --
-------- --------
Total dividends............................................ (0.025) (0.025)
-------- --------
NET ASSET VALUE, END OF PERIOD.............................. $ 1.00 $ 1.00
-------- --------
-------- --------
TOTAL RETURN................................................ 2.50%(b) 2.53%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000's)......................... $456,776 $465,526
Ratio of expenses to average net assets..................... 0.60%(c) 0.60%(c)
Ratio of net investment income to average net assets........ 4.97%(c) 4.26%(c)
Ratio of expenses to average net assets..................... 0.60%(c) 0.60%(c)
</TABLE>
* Less than $0.0005 per share.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
21
<PAGE>
REPUBLIC FUNDS
REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- CLASS Y (ADVISER) SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE YEARS
FOR THE SIX FOR THE ONE MONTH ENDED FOR THE PERIOD
MONTHS ENDED YEAR ENDED PERIOD ENDED SEPTEMBER 30, JULY 31, 1995 TO
APRIL 30, 2000 OCTOBER 31, OCTOBER 31, ----------------- SEPTEMBER 30,
(UNAUDITED) 1999 1998 1998 1997 1996(a)
--------------- ------------ ------------- ------- ------- ----------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------
INVESTMENT ACTIVITIES:
Net investment income.................... 0.026 0.045 0.004 0.058 0.050 0.012
Net realized gains from investment
transactions........................... 0.000* 0.000* -- 0.000* 0.000* --
------- ------- ------- ------- ------- ------
Total from investment activities......... 0.026 0.045 0.004 0.058 0.050 0.012
------- ------- ------- ------- ------- ------
DIVIDENDS:
Net investment income.................... (0.026) (0.045) (0.004) (0.058) (0.050) (0.012)
In excess of net investment income....... -- (0.000)* -- -- -- --
Net realized gains from investment
transactions........................... (0.000)* (0.000)* -- (0.000)* -- --
------- ------- ------- ------- ------- ------
Total dividends.......................... (0.026) (0.045) (0.004) (0.058) (0.050) (0.012)
------- ------- ------- ------- ------- ------
NET ASSET VALUE, END OF PERIOD............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------
------- ------- ------- ------- ------- ------
TOTAL RETURN.............................. 2.63%(b) 4.57% 0.41%(b) 5.27% 5.15% 1.24%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000's)...... $99,118 $38,858 $34,617 $29,023 $16,180 $1,413
Ratio of expenses to average net
assets................................. 0.35%(c) 0.34% 0.25%(c) 0.27% 0.33% 0.43%(c)
Ratio of net investment income to average
net assets............................. 5.27%(c) 4.47% 4.65%(c) 5.14% 5.06% 4.90%(c)
Ratio of expenses to average net
assets................................. 0.35%(c) 0.34% 0.35%(c)(d) 0.37%(d) 0.45%(d) 0.61%(c)(d)
</TABLE>
* Less than $0.0005 per share.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
22
<PAGE>
REPUBLIC FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
REPUBLIC NEW YORK TAX-FREE MONEY MARKET FUND APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NEW YORK TAX-FREE NOTES AND COMMERCIAL PAPER - 99.8%
<TABLE>
<CAPTION>
MOODY'S/S&P MATURITY PRINCIPAL AMORTIZED
RATINGS RATE DATE AMOUNT COST
----------- ---- -------- ---------- ------------
<S> <C> <C> <C> <C> <C>
NEW YORK TAX-FREE MUNICIPAL NOTES - 10.0%
Buffalo, New York, GO....................................... MIG1, SP1+ 4.65% 7/25/00 $2,000,000 $ 2,003,865
Connetquot, New York CSD, GO................................ VMIG1, N/R 3.80 6/29/00 3,000,000 3,002,102
Islip, New York, GO......................................... N/R, N/R 3.90 7/14/00 2,000,000 2,001,953
New York State Dormitory.................................... Aaa, N/R 7.88 7/1/00 1,000,000 1,027,243
Authority, City University Oyster Bay, New York, GO......... N/R, N/R 4.50 11/30/00 2,000,000 2,006,157
Pearl River, New York, GO................................... N/R, N/R 3.75 6/22/00 3,600,000 3,601,724
Puerto Rico Commonwealth.................................... MIG1, SP1+ 4.50 7/30/00 4,900,000 4,908,909
Valley Stream, New York, GO................................. N/R, N/R 4.00 6/30/00 2,000,000 2,001,423
------------
20,553,376
------------
NEW YORK TAX-FREE COMMERCIAL PAPER - 28.6%
Columbia University......................................... P1, A-1+ 4.20 6/2/00 2,000,000 2,000,000
Columbia University......................................... P1, A-1+ 4.00 6/6/00 2,450,000 2,450,000
Columbia University......................................... P1, A-1+ 3.85 6/7/00 3,000,000 3,000,000
Columbia University......................................... P1, A-1+ 4.05 7/12/00 3,055,000 3,055,000
Cornell Univerisity......................................... P1, A-1+ 3.80 5/2/00 4,600,000 4,600,000
Metropolitan Transit Authority.............................. P1, A-1+ 3.85 6/9/00 2,500,000 2,500,000
New York City Cultural Trust for the Museum of Natural
History.................................................... Aaa, AAA 3.70 7/1/00 2,000,000 2,000,000
New York City Municipal Water Authority..................... P1, A-1+ 3.85 5/12/00 6,000,000 6,000,000
New York City Municipal Water Authority..................... P1, A-1+ 3.90 5/12/00 2,000,000 2,000,000
New York City, GO........................................... VMIG1, A-1+ 3.95 6/8/00 4,000,000 4,000,000
New York State Municipal Water Authority.................... P1, A-1+ 4.00 6/2/00 3,000,000 3,000,000
New York State Power Authority.............................. P1, A-1 3.80 5/9/00 5,400,000 5,400,000
New York State Power Authority.............................. P1, A-1 3.90 6/1/00 2,100,000 2,100,000
New York State Power Authority.............................. P1, A-1 3.95 6/5/00 4,000,000 4,000,000
New York State, GO.......................................... VMIG1, A-1+ 3.85 5/1/00 3,600,000 3,600,000
New York State, GO.......................................... P1, A-1 3.75 5/3/00 4,000,000 4,000,000
New York State, GO.......................................... VMIG1, A-1+ 3.75 5/4/00 3,000,000 3,000,000
New York State, GO.......................................... VMIG1, A-1+ 3.95 6/6/00 2,100,000 2,100,000
------------
58,805,000
------------
VARIABLE RATE DEMAND NOTES* - 61.2%
Babylon, New York IDA....................................... VMIG1, A-1+ 5.00 5/3/00 2,920,000 2,920,000
Babylon, New York IDA, AMT (LOC Union Bank of Switzerland
AG)........................................................ N/R, A-1+ 6.10 5/1/00 4,900,000 4,900,000
Hempstead, New York IDA Nassau Energy (LOC Toronto Dominion
Bank)...................................................... N/R, A-1+ 5.00 5/3/00 1,000,000 1,000,000
Long Island Power Authority (LOC West Deutsche
Landesbank)................................................ VMIG1, A-1+ 5.00 5/3/00 7,000,000 7,000,000
Nassau County IDA Civic Facility for Cold Spring Harbor
Labs....................................................... N/R, A-1+ 5.75 5/1/00 2,900,000 2,900,000
Nassau County IDA Civic Facility for Winthrop University
Hospitals.................................................. N/R, A-1+ 5.75 5/1/00 2,000,000 2,000,000
New York City Cultural Trust for the Museum of Natural
History.................................................... VMIG1, A-1+ 5.00 5/3/00 3,600,000 3,600,000
New York City Health & Hospital (LOC Canadian Imperial
Bank)...................................................... VMIG1, A-1+ 5.00 5/3/00 1,900,000 1,900,000
New York City, New York Cultural Trust (LOC West Deutsche
Landesbank)................................................ VMIG1, A-1+ 5.75 5/1/00 1,950,000 1,950,000
New York City, New York Municipal Water Financial Authority
(FGIC Insured)............................................. VMIG1, A-1+ 6.05 5/1/00 4,900,000 4,900,000
New York City, New York Transitional Financial Authority.... VMIG1, A-1+ 5.85 5/1/00 4,000,000 4,000,000
New York City, New York, GO (FGIC Insured).................. VMIG1, A-1+ 6.10 5/1/00 2,300,000 2,300,000
New York City, New York, GO (FGIC Insured).................. VMIG1, A-1+ 6.00 5/1/00 1,700,000 1,700,000
New York City, New York, GO (LOC Commerzbank AG)............ VMIG1, A-1+ 5.00 5/3/00 8,600,000 8,600,000
New York City, New York, GO (LOC Morgan Guaranty Trust)..... VMIG1, A-1+ 6.00 5/1/00 2,250,000 2,250,000
New York City, New York, GO (LOC Morgan Guaranty Trust)..... VMIG1, A-1+ 6.00 5/1/00 800,000 800,000
New York City, New York, GO (LOC Morgan Guaranty Trust)..... VMIG1, A-1+ 6.00 5/1/00 3,000,000 3,000,000
New York City, New York, GO (LOC Morgan Guaranty Trust)..... VMIG1, A-1+ 6.10 5/1/00 2,000,000 2,000,000
</TABLE>
Continued
23
<PAGE>
REPUBLIC FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
REPUBLIC NEW YORK TAX-FREE MONEY MARKET FUND APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NEW YORK TAX-FREE NOTES AND COMMERCIAL PAPER, CONTINUED
<TABLE>
<CAPTION>
MOODY'S/S&P MATURITY PRINCIPAL AMORTIZED
RATINGS RATE DATE AMOUNT COST
----------- ---- -------- ---------- ------------
<S> <C> <C> <C> <C> <C>
VARIABLE RATE DEMAND NOTES, CONTINUED
New York City, New York, GO (MBIA Insured).................. VMIG1, N/R 5.85% 5/1/00 $6,700,000 $ 6,700,000
New York City, New York, GO (MBIA Insured).................. VMIG1, A-1c 6.05 5/1/00 800,000 800,000
New York State Dormitory Authority.......................... VMIG1, A-1+ 5.75 5/1/00 1,000,000 1,000,000
New York State Dormitory Authority (LOC Chase Manhattan
Bank)...................................................... VMIG1, A-1+ 6.05 5/1/00 3,000,000 3,000,000
New York State Dormitory Authority (LOC Chase Manhattan
Bank)...................................................... VMIG1, A-1+ 4.95 5/3/00 7,300,000 7,300,000
New York State Dormitory Authority, Cornell University...... Aa1, A-1+ 3.30 5/4/00 7,000,000 7,000,000
New York State Energy Research & Development Pollution
Control Revenue for Niagara Mohawk Power Corp. (LOC
Canadian Imperial Bank).................................... P1, N/R 5.75 5/1/00 2,500,000 2,500,000
New York State Energy Research & Development Pollution
Control Revenue for Niagara Mohawk Power Corp. (LOC
Canadian Imperial Bank).................................... P1, N/R 6.10 5/1/00 3,700,000 3,700,000
New York State Energy Research & Development Pollution
Control Revenue for Niagara Mohawk Power Corp., AMT (LOC
Toronto Dominion Bank)..................................... P1, N/R 6.15 5/1/00 4,500,000 4,500,000
New York State Energy Research & Development Pollution
Control Revenue for Rochester Gas & Electric (MBIA
Insured)................................................... VMIG1, A-1+ 5.00 5/3/00 7,800,000 7,800,000
New York State Housing Authority, AMT (LOC Fleet Bank)...... VMIG1, N/R 5.10 5/3/00 5,000,000 5,000,000
New York State Housing Authority, AMT (LOC Fleet Bank)...... VMIG1, N/R 5.00 5/3/00 5,800,000 5,800,000
New York State Housing Financial Agency (LOC Commerzbank
A.G.)...................................................... VMIG1, A-1+ 4.95 5/3/00 1,500,000 1,500,000
New York State Housing Financial Agency, AMT (LOC Chase
Manhattan Bank)............................................ VMIG1, N/R 5.05 5/3/00 3,000,000 3,000,000
New York State Local Government Assistance.................. VMIG1, A-1 5.00 5/3/00 1,400,000 1,400,000
New York State Local Government Assistance (LOC Canadian
Imperial Bank)............................................. VMIG1, A-1+ 4.95 5/3/00 4,300,000 4,300,000
New York State Medical Care Financial Agency (LOC Chase
Manhattan Bank)............................................ VMIG1, N/R 4.65 5/2/00 100,000 100,000
Suffolk County, New York Water Authority.................... VMIG1, N/R 5.05 5/3/00 3,000,000 3,000,000
------------
126,120,000
------------
TOTAL NEW YORK TAX-FREE AND COMMERCIAL PAPER (Amortized Cost $205,478,376).............................. 205,478,376
------------
<CAPTION>
NET ASSET
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 0.0%
Provident New York Tax-Free Money Market Fund............................................... 35,650 35,650
------------
TOTAL INVESTMENT COMPANIES (Cost $35,650)................................................... 35,650
------------
TOTAL INVESTMENTS (Cost $205,514,026)(a) - 99.8%........................................... 205,514,026
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%............................................... 381,318
------------
NET ASSETS - 100.0%........................................................................ $205,895,344
------------
------------
</TABLE>
---------
(a) Cost for federal income tax and financial reporting purposes is the same.
AG -- Aktiengesellschaft (West German Stock Co.)
AMT -- Alternative Minimum Tax
CSD -- Central School District
FGIC -- Financial Guaranty Insurance Corp.
GO -- General Obligation
IDA -- Industrial Development Agency
LOC -- Letter of Credit
MBIA -- Municipal Bond Insurance Association
N/R -- Not Rated
* Variable rate investments. The rate presented represents the rate in effect
at April 30, 2000. The maturity date presented reflects the next rate change
date.
See notes to financial statements.
24
<PAGE>
REPUBLIC FUNDS
REPUBLIC NEW YORK TAX FREE MONEY MARKET FUND
-------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)
<TABLE>
<S> <C> <C>
ASSETS:
Investments, at value
(cost $205,514,026)................. $205,514,026
Cash................................. 27
Interest and dividends receivable.... 1,134,182
Prepaid expenses..................... 37
------------
TOTAL ASSETS...................... 206,648,272
LIABILITIES:
Dividends payable.................... $590,224
Accrued expenses and other
liabilities:
Investment management............... 26,662
Administration...................... 14,594
Shareholder servicing............... 57,005
Other liabilities................... 64,443
--------
TOTAL LIABILITIES................. 752,928
------------
NET ASSETS........................... $205,895,344
------------
------------
COMPOSITION OF NET ASSETS:
Capital.............................. $205,906,896
Accumulated net investment income.... 19,079
Accumulated net realized losses from
investment transactions............. (30,631)
------------
NET ASSETS........................... $205,895,344
------------
------------
CLASS A (INVESTOR) SHARES
Net Assets.......................... $129,208,702
Shares Outstanding.................. 129,218,935
Net Asset Value, Offering Price and
Redemption Price per share........ $1.00
------------
------------
CLASS B SHARES
Net Assets.......................... 10
Shares Outstanding.................. 10
Net Asset Value, Offering Price and
Redemption Price per share*....... $1.00
------------
------------
CLASS D (PRIVATE INVESTOR) SHARES
Net Assets.......................... 56,133,546
Shares Outstanding.................. 56,134,777
Net Asset Value, Offering Price and
Redemption Price per share........ $1.00
------------
------------
CLASS Y (ADVISER) SHARES
Net Assets.......................... 20,553,086
Shares Outstanding.................. 20,553,174
Net Asset Value, Offering Price and
Redemption Price per share........ $1.00
------------
------------
--------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2000 (UNAUDITED)
INVESTMENT INCOME:
Interest income....................... $ 3,630,791
Dividend income....................... 18,171
-----------
TOTAL INVESTMENT INCOME............ 3,648,962
EXPENSES:
Investment management................. $151,841
Administration........................ 83,193
Shareholder servicing:
Class A (Investor) Shares............ 260,127
Class D (Private Investor) Shares.... 71,103
Accounting............................ 25,369
Custodian............................. 21,846
Transfer agent........................ 25,552
Other expenses........................ 48,136
--------
TOTAL EXPENSES..................... 687,167
-----------
NET INVESTMENT INCOME................. 2,961,795
-----------
CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS........................... $ 2,961,795
-----------
-----------
</TABLE>
-------
* Redemption price per share varies by length of time shares are held.
See notes to financial statements.
25
<PAGE>
REPUBLIC FUNDS
REPUBLIC NEW YORK TAX FREE MONEY MARKET FUND
-------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
APRIL 30, ENDED
2000 OCTOBER 31,
(UNAUDITED) 1999
------------ --------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
Operations:
Net investment income...................................... $ 2,961,795 $ 4,152,948
Net realized gains from investment transactions............ -- 28
------------ ------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS............. 2,961,795 4,152,976
------------ ------------
DIVIDENDS:
From net investment income:
Class A (Investor) Shares................................ (1,852,779) (3,173,395)
Class D (Private Investor) Shares (a).................... (856,759) (538,125)
Class Y (Adviser) Shares................................. (252,231) (441,428)
------------ ------------
CHANGE IN NET ASSETS FROM SHAREHOLDER DIVIDENDS............. (2,961,769) (4,152,948)
------------ ------------
CHANGE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS........ 40,883,912 660,003
------------ ------------
CHANGE IN NET ASSETS........................................ 40,883,938 660,031
NET ASSETS:
Beginning of period...................................... 165,011,406 164,351,375
------------ ------------
End of period............................................ $205,895,344 $165,011,406
------------ ------------
------------ ------------
</TABLE>
---------
(a) The Fund commenced offering Class D (Private Investor) Shares on April 1,
1999.
See notes to financial statements.
26
<PAGE>
REPUBLIC FUNDS
REPUBLIC NEW YORK TAX FREE MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- CLASS A (INVESTOR) SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX NOVEMBER 17, 1994
MONTHS ENDED TO OCTOBER 31,
APRIL 30, FOR THE YEARS ENDED OCTOBER 31, 1995(a)
2000 ---------------------------------------- -----------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ -------- -------- -------- ------- -----------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income........................... 0.014 0.023 0.029 0.030 0.030 0.033
Net realized gains from investment
transactions.................................. -- 0.000* 0.000* 0.000* -- --
-------- -------- -------- -------- ------- -------
Total from investment activities................ 0.014 0.023 0.029 0.030 0.030 0.033
-------- -------- -------- -------- ------- -------
DIVIDENDS:
Net investment income........................... (0.014) (0.023) (0.029) (0.030) (0.030) (0.033)
Net realized gains from investment
transactions.................................. -- -- (0.000)* -- -- --
-------- -------- -------- -------- ------- -------
Total dividends................................. (0.014) (0.023) (0.029) (0.030) (0.030) (0.033)
-------- -------- -------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======= =======
TOTAL RETURN..................................... 1.45%(b) 2.36% 2.95% 3.01% 3.04% 3.31%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000's).............. $129,209 $113,583 $153,592 $123,324 $78,594 $52,652
Ratio of expenses to average net assets.......... 0.75%(c) 0.70% 0.58% 0.60% 0.54% 0.41%(c)
Ratio of net investment income to average net
assets.......................................... 2.85%(c) 2.39% 2.90% 2.98% 2.97% 3.45%(c)
Ratio of expenses to average net assets.......... 0.75%(c) 0.70% 0.66%(d) 0.72%(d) 0.63%(d) 0.65%(c)(d)
</TABLE>
* Less than $0.0005 per share.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
27
<PAGE>
REPUBLIC FUNDS
REPUBLIC NEW YORK TAX FREE MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- CLASS B SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE FOR THE PERIOD
APRIL 30, YEAR ENDED APRIL 29, 1998
2000 OCTOBER 31, TO OCTOBER 31,
(UNAUDITED)(a) 1999(a) 1998(b)
-------------- ----------- --------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 1.00 $ 1.00 $ 1.00
------ ------ ------
INVESTMENT ACTIVITIES:
Net investment income...................................... -- -- 0.012
Net realized gains from investment transactions............ -- -- 0.000*
------ ------ ------
Total from investment activities........................... 0.000 0.000 0.012
------ ------ ------
DIVIDENDS:
Net investment income...................................... -- -- (0.012)
------ ------ ------
Total dividends............................................ 0.000 0.000 (0.012)
------ ------ ------
NET ASSET VALUE, END OF PERIOD.............................. $ 1.00 $ 1.00 $ 1.00
====== ====== ======
TOTAL RETURN (EXCLUDES REDEMPTION CHARGE)................... 0.00%(c) 0.00% 1.24%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period................................. $ 10 $ 10 $ 10
Ratio of expenses to average net assets..................... -- -- 1.33%(d)
Ratio of net investment income to average net assets........ -- -- 2.15%(d)
Ratio of expenses to average net assets..................... -- -- 1.41%(d)(e)
</TABLE>
* Less than $0.0005 per share.
(a) Class B Shares operated from April 29, 1998 to September 11, 1998. Since
September 11, 1998 net assets represent seed money and accordingly no income
or expenses have been allocated to the class.
(b) Period from commencement of operations.
(c) Not annualized.
(d) Annualized.
(e) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
28
<PAGE>
REPUBLIC FUNDS
REPUBLIC NEW YORK TAX FREE MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- CLASS D (PRIVATE INVESTOR) SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE SIX FOR THE PERIOD
MONTHS ENDED APRIL 1, 1999
APRIL 30, 2000 TO OCTOBER 31,
(UNAUDITED) 1999(a)
-------------- ----------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 1.00 $ 1.00
------- -------
INVESTMENT ACTIVITIES:
Net investment income...................................... 0.015 0.015
Net realized gains from investment transactions............ -- 0.000*
------- -------
Total from investment activities........................... 0.015 0.015
------- -------
DIVIDENDS:
Net investment income...................................... (0.015) (0.015)
------- -------
Total dividends............................................ (0.015) (0.015)
------- -------
NET ASSET VALUE, END OF PERIOD.............................. $ 1.00 $ 1.00
======= =======
TOTAL RETURN................................................ 1.53%(b) 1.50%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000's)......................... $56,134 $39,443
Ratio of expenses to average net assets..................... 0.60%(c) 0.63%(c)
Ratio of net investment income to average net assets........ 3.01%(c) 2.51%(c)
Ratio of expenses to average net assets..................... 0.60%(c) 0.63%(c)
</TABLE>
* Less than $0.0005 per share.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
29
<PAGE>
REPUBLIC FUNDS
REPUBLIC NEW YORK TAX FREE MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- CLASS Y (ADVISER) SHARES
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
APRIL 30, FOR THE YEARS ENDED OCTOBER 31, JULY 1, 1996
2000 ---------------------------------- TO OCTOBER 31,
(UNAUDITED) 1999 1998 1997 1996(a)
------------ -------- -------- -------- --------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------
INVESTMENT ACTIVITIES:
Net investment income............................. 0.016 0.027 0.031 0.032 0.010
Net realized gains from investment transactions... -- 0.000* 0.000* 0.000* --
-------- -------- -------- -------- -------
Total from investment activities.................. 0.016 0.027 0.031 0.032 0.010
-------- -------- -------- -------- -------
DIVIDENDS:
Net investment income............................. (0.016) (0.027) (0.031) (0.032) (0.010)
Net realized gains from investment transactions... -- -- (0.000)* -- --
-------- -------- -------- -------- -------
Total dividends................................... (0.016) (0.027) (0.031) (0.032) (0.010)
-------- -------- -------- -------- -------
NET ASSET VALUE, END OF PERIOD..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------
-------- -------- -------- -------- -------
TOTAL RETURN....................................... 1.65%(b) 2.70% 3.21% 3.27% 1.03%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000's)................ $ 20,553 $ 11,986 $ 10,759 $ 8,674 $ 3,714
Ratio of expenses to average net assets............ 0.35%(c) 0.38% 0.33% 0.35% 0.35%(c)
Ratio of net investment income to average net
assets............................................ 3.26%(c) 2.71% 3.15% 3.23% 3.12%(c)
Ratio of expenses to average net assets............ 0.35%(c) 0.38% 0.41%(d) 0.47%(d) 0.45%(c)(d)
</TABLE>
* Less than $0.0005 per share.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
30
<PAGE>
REPUBLIC FUNDS
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000
(UNAUDITED)
1. ORGANIZATION
Republic Money Market Fund (the 'Money Market Fund'), Republic U.S.
Government Money Market Fund (the 'U.S. Government Money Market Fund') and
Republic New York Tax-Free Money Market Fund (the 'New York Tax-Free Money
Market Fund') (individually a 'Fund,' collectively the 'Funds') are separate
series of Republic Funds (the 'Trust'), a Massachusetts business trust
organized on April 22, 1987. The Trust is part of the Republic Family of
Funds. Financial statements for all other series of the Republic Family of
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 Funds are authorized to issue five classes of shares, Class A
(Investor) Shares, Class B Shares, Class C Shares, Class D (Private Investor)
Shares and Class Y (Adviser) Shares. For Class C Shares, as of April 30, 2000
no public shares were outstanding, therefore no operations are shown. For the
Money Market Fund, as of April 30, 2000 no Class B Shares were outstanding,
therefore no operations are shown. Each class of shares in each Fund has
identical rights and privileges, except with respect to fees paid under
shareholder servicing or distribution plans, voting rights on matters
affecting a single class of shares, and the exchange privilege of each class
of shares.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements. The policies are
in conformity with generally accepted accounting principles in the United
States of America. The preparation of financial statements requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial statements and the
reported amounts of income and expenses for the year. Actual results could
differ from those estimates.
SECURITIES VALUATION:
Investments of the Funds are valued at amortized cost, which approximates
market value, except for investments in other money market funds, which are
priced at net asset value. Under the amortized cost method, discount or
premium, if any, is accreted or amortized, respectively, on a constant
(straight-line) basis to the maturity of the security.
SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are accounted for on trade date. Interest income is
recognized on the accrual basis and includes, where applicable, the
amortization of premium or accretion of discount. Securities gains and losses
are calculated on the identified cost basis. Dividend income is recorded on
the ex-dividend date.
EXPENSE ALLOCATION:
Expenses directly attributable to a Fund or class are charged to that Fund
or class; other expenses are allocated proportionately to each Fund within
the Republic Family of Funds in relation to the net assets of each Fund.
Expenses are allocated to each class on a pro-rata basis.
DIVIDENDS TO SHAREHOLDERS:
Dividends from net investment income are declared daily and paid monthly
from each Fund. Dividends from net realized capital gains, if any, are
declared and paid at least annually by the Funds. 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 dividends 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 capital; temporary differences do not require
reclassification. For the six months ended April 30, 2000, no
reclassifications have been made.
REPURCHASE AGREEMENTS:
The Funds may acquire repurchase agreements with an entity which is a
member of the Federal Reserve System or which is a 'primary dealer' (as
designated by the Federal Reserve Bank of New York) in U.S. Government
obligations. The repurchase price generally equals the price paid by a Fund
plus interest negotiated on the basis of current short-term rates, which may
be more or less than the rate on the underlying portfolio securities. The
seller, under a repurchase agreement, is required to maintain the collateral
held pursuant to the agreement, with a market value equal to or greater than
the repurchase price (including accrued interest). Collateral subject to
repurchase agreements is held by the Funds' custodian, either physically or
in book entry form.
Continued
31
<PAGE>
REPUBLIC FUNDS
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000
(UNAUDITED)
FEDERAL INCOME TAXES:
Each Fund is a separate taxable entity for federal income tax purposes.
Each Fund has qualified and intends to continue to qualify as a 'regulated
investment company' under Subchapter M of the Internal Revenue Code, as
amended, and to distribute substantially all of its taxable income and net
realized gains, if any, to its shareholders. Accordingly, no provision for
federal income or excise tax is required.
3. RELATED PARTY TRANSACTIONS:
INVESTMENT MANAGEMENT:
HSBC Bank USA ('HSBC' or the 'Manager'), a wholly owned subsidiary of HSBC
Holdings plc (Hong Kong and Shanghai Banking Corporation), a registered bank
holding company, acts as Investment Manager to the Funds. For its services as
Investment Manager, HSBC receives a fee, accrued daily and paid monthly,
based on the following schedule:
<TABLE>
<CAPTION>
INVESTMENT MANAGEMENT FEES
---------------------------------
ANNUAL FEES AS
A PERCENTAGE OF
AVERAGE DAILY FEE VOLUNTARILY
NET ASSETS REDUCED
---------- -------
<S> <C> <C>
Money Market Fund........................................... 0.20% $434
U.S. Government Money Market Fund........................... 0.20% --
New York Tax-Free Money Market Fund......................... 0.15% --
</TABLE>
ADMINISTRATION:
BISYS Fund Services Ohio, Inc. ('BISYS Ohio'), a wholly-owned subsidiary of
The BISYS Group, Inc., with whom certain officers of the Trust are
affiliated, serves the Trust as Administrator. Such officers are paid no fees
directly by the Funds for serving as officers of the Trust. Under the terms
of the administration agreement, BISYS Ohio receives from the Funds a fee
accrued daily and paid monthly at an annual rate of:
<TABLE>
<CAPTION>
ADMINISTRATION
BASED ON AVERAGE DAILY NET ASSETS FEE RATE
--------------------------------- --------
<S> <C>
Up to $1 billion............................................ 0.10%
In excess of $1 billion but not exceeding $2 billion........ 0.08%
In excess of $2 billion..................................... 0.07%
</TABLE>
The fees paid by the Republic Family of Funds are allocated to each Fund
based upon its pro-rata share of their net assets. The fee breakpoints are
determined on the basis of the aggregate average daily net assets of the
Republic Family of Funds for which BISYS Ohio serves as Administrator.
DISTRIBUTION PLAN:
BISYS Fund Services Limited Partnership ('BISYS'), a wholly-owned
subsidiary of The BISYS Group, Inc., serves the Trust as the distributor (the
'Distributor'). 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 Distributor at a rate not
to exceed 0.25%, 0.75%, 0.75% and 0.25% of the average daily net assets of
Class A (Investor) Shares, Class B Shares, Class C Shares and Class D
(Private Investor) Shares of the Fund, respectively, for amounts representing
actual expenses incurred by the Distributor for marketing costs and services
rendered in distributing each Fund's shares.
For the six months ended April 30, 2000, no distribution fees were charged
except U.S. Government Money Market Fund, Class B Shares.
SHAREHOLDER SERVICING PLANS:
The Trust has entered into a Shareholder Servicing Agreement with its
shareholder servicing agents (which currently consist of HSBC 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 may not
exceed 1.00%, 1.00%, 1.00% and 0.25% per annum of each Fund's average daily
net assets of Class A (Investor) Shares, Class B Shares, Class C Shares and
Class D (Private Investor) Shares, respectively.
FUND ACCOUNTING, TRANSFER AGENT, AND CUSTODIAN:
BISYS Ohio provided fund accounting and transfer agency services for all
classes of each Fund. In addition, HSBC serves as custodian for the Funds.
For services to the Funds, BISYS Ohio and HSBC receive an annual per fund fee
accrued daily and paid monthly.
Continued
32
<PAGE>
REPUBLIC FUNDS
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000
4. CAPITAL SHARE TRANSACTIONS:
The Funds are authorized to issue an unlimited number of shares of
beneficial interest with a par value of $0.001 per share. All capital share
transactions have been affected at a value of $1.00 per share. Transactions
in dollars and shares of beneficial interest for the six months ended April
30, 2000:
<TABLE>
<CAPTION>
U.S. GOVERNMENT N.Y. TAX-FREE
MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND
--------------------------- ------------------------------- -------------------------------
FOR THE FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED PERIOD ENDED PERIOD ENDED PERIOD
APRIL 30, ENDED APRIL 30, ENDED APRIL 30, ENDED
2000 OCTOBER 31, 2000 OCTOBER 31, 2000 OCTOBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
----------- ---- ----------- ---- ----------- ----
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
CLASS A (INVESTOR) SHARES (a):
Proceeds from shares
issued.................... $ 414,417,073 $ 486,435,538 $ 592,966,312 $ 1,233,797,888 $ 135,183,838 $ 346,775,888
Dividends reinvested........ 7,802,331 5,235,795 22,640,947 42,303,365 1,773,567 3,078,322
Cost of shares redeemed..... (204,085,109) (264,888,396) (548,639,937) (1,398,425,548) (121,331,957) (389,862,797)
------------- ------------- ------------- --------------- --------------- -------------
Class A (Investor) Shares
capital transactions........ 218,134,295 226,782,937 66,967,322 (122,324,295) 15,625,448 (40,008,587)
------------- ------------- ------------- --------------- --------------- -------------
CLASS B SHARES:
Proceeds from shares
issued.................... -- -- -- 5,700 -- --
Dividends reinvested........ -- -- 290 384 -- --
Cost of shares redeemed..... -- -- -- -- -- --
------------- ------------- ------------- --------------- --------------- -------------
Class B capital
transactions................ -- -- 290 6,084 -- --
------------- ------------- ------------- --------------- --------------- -------------
CLASS D (PRIVATE INVESTOR) SHARES (b):
Proceeds from shares
issued.................... 176,471,515 118,010,668 969,123,992 976,577,861 112,519,536 184,775,978
Dividends reinvested........ 1,830,168 1,085,432 8,548,252 7,146,969 436,447 354,232
Cost of shares redeemed..... (105,342,905) (72,232,643) (986,403,637) (518,208,655) (96,264,561) (145,686,856)
------------- ------------- ------------- --------------- --------------- -------------
Class D (Private Investor)
Shares capital
transactions................ 72,958,778 46,863,457 (8,731,393) 465,516,175 16,691,422 39,443,354
------------- ------------- ------------- --------------- --------------- -------------
CLASS Y (ADVISER) SHARES (c):
Proceeds from shares
issued.................... 462,121,687 609,954,236 314,176,888 474,145,246 64,471,237 166,565,291
Dividends reinvested........ 1,993,133 4,270,991 568,187 577,952 76,802 158,384
Cost of shares redeemed..... (435,858,342) (540,553,689) (254,481,833) (470,484,266) (55,980,997) (165,498,439)
------------- ------------- ------------- --------------- --------------- -------------
Class Y (Adviser) Shares
capital transactions........ 28,256,478 73,671,538 60,263,242 4,238,932 8,567,042 1,225,236
------------- ------------- ------------- --------------- --------------- -------------
Change in net assets from
capital transactions........ $ 319,349,551 $ 347,317,932 $ 118,499,461 $ 347,436,896 $ 40,883,912 $ 660,003
------------- ------------- ------------- --------------- --------------- -------------
------------- ------------- ------------- --------------- --------------- -------------
SHARE TRANSACTIONS:
CLASS A (INVESTOR) SHARES (a):
Issued...................... 414,417,073 486,435,538 592,966,312 1,233,797,888 135,183,838 346,775,888
Reinvested.................. 7,802,331 5,235,795 22,640,947 42,303,365 1,773,567 3,078,322
Redeemed.................... (204,085,109) (264,888,396) (548,639,937) (1,398,425,548) (121,331,957) (389,862,797)
------------- ------------- ------------- --------------- --------------- -------------
Change in Class A (Investor)
Shares...................... 218,134,295 226,782,937 66,967,322 (122,324,295) 15,625,448 (40,008,587)
------------- ------------- ------------- --------------- --------------- -------------
CLASS B SHARES:
Issued...................... -- -- -- 5,700 -- --
Reinvested.................. -- -- 290 384 -- --
Redeemed.................... -- -- -- -- -- --
------------- ------------- ------------- --------------- --------------- -------------
Change in Class B Shares..... -- -- 290 6,084 -- --
------------- ------------- ------------- --------------- --------------- -------------
CLASS D (PRIVATE INVESTOR) SHARES (b):
Issued...................... 176,471,515 118,010,668 969,123,992 976,577,861 112,519,536 184,775,978
Reinvested.................. 1,830,168 1,085,432 8,548,252 7,146,969 436,447 354,232
Redeemed.................... (105,342,905) (72,232,643) (986,403,637) (518,208,655) (96,264,561) (145,686,856)
------------- ------------- ------------- --------------- --------------- -------------
Change in Class D (Private
Investor) Shares............ 72,958,778 46,863,457 (8,731,393) 465,516,175 16,691,422 39,443,354
------------- ------------- ------------- --------------- --------------- -------------
CLASS Y (ADVISER) SHARES (c):
Issued...................... 462,121,687 609,954,236 314,176,888 474,145,246 64,471,237 166,565,291
Reinvested.................. 1,993,133 4,270,991 568,187 577,952 76,802 158,384
Redeemed.................... (435,858,342) (540,553,689) (254,481,833) (470,484,266) (55,980,997) (165,498,439)
------------- ------------- ------------- --------------- --------------- -------------
Change in Class Y (Adviser)
Shares...................... 28,256,478 73,671,538 60,263,242 4,238,932 8,567,042 1,225,236
------------- ------------- ------------- --------------- --------------- -------------
Change in shares from share
transactions................ 319,349,551 347,317,932 118,499,461 347,436,896 40,883,912 660,003
------------- ------------- ------------- --------------- --------------- -------------
------------- ------------- ------------- --------------- --------------- -------------
</TABLE>
---------
(a) The Money Market Fund commenced offering Class A (Investor) Shares on
November 13, 1998.
(b) The Money Market Fund commenced offering Class D (Private Investor) Shares
on April 1, 1999.
(c) The Money Market Fund commenced offering Class Y (Adviser) Shares on
November 12, 1998.
Continued
33
<PAGE>
REPUBLIC FUNDS
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000
(UNAUDITED)
5. CONCENTRATION OF CREDIT RISK:
The New York Tax-Free Money Market 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.
34
<PAGE>
Republic Family of funds:
INVESTMENT ADVISER
HSBC Bank USA
452 Fifth Avenue
New York, NY 10018
SHAREHOLDER SERVICING AGENTS
For HSBC Bank USA and Republic Financial
Services Corporation Clients:
HSBC Bank USA
452 Fifth Avenue
New York, NY 10018
1-888-525-5757
For All Other Shareholders:
Republic Funds
P.O. Box 18245
Columbus, OH 43218-2845
1-800-782-8183
ADMINISTRATOR, TRANSFER AGENT,
DISTRIBUTOR, AND SPONSOR
BISYS Fund Services
3435 Stelzer Road
Columbus, OH 43219
CUSTODIAN
HSBC Bank USA
452 Fifth Avenue
New York, NY 10018
INDEPENDENT AUDITORS
KPMG LLP
Two Nationwide Plaza
Suite 1600
Columbus, OH 43215
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
The Republic Funds are distributed by BISYS Fund Services. This document must be
preceded or accompanied by a current prospectus for the Republic Funds, which
you should read carefully before you invest or send money.
06/00
STATEMENT OF DIFFERENCES
------------------------
The dagger symbol shall be expressed as................................ 'D'
