<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
050 001100 N
051 001100 N
052 001100 N
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053 B001100 Y
054 A001100 Y
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054 C001100 N
054 D001100 N
054 E001100 N
054 F001100 N
054 G001100 N
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054 I001100 N
054 J001100 Y
054 K001100 N
054 L001100 N
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054 O001100 N
055 A001100 N
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<PAGE> PAGE 25
066 E001100 Y
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070 B011100 Y
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070 E021100 N
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070 F021100 N
070 G011100 N
070 G021100 N
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070 H021100 N
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070 I021100 N
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070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
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070 O011100 Y
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070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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050 001200 N
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052 001200 N
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<PAGE> PAGE 29
054 E001200 N
054 F001200 N
054 G001200 N
054 H001200 Y
054 I001200 N
054 J001200 Y
054 K001200 N
054 L001200 N
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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008 A001301 REPUBLIC NATIONAL BANK OF NEW YORK
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<PAGE> PAGE 32
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<PAGE> PAGE 33
054 C001300 N
054 D001300 N
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE JOHN SEIBERT
TITLE SUPERVISOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> THE REPUBLIC FUNDS
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F1> Class C Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> THE REPUBLIC FUNDS
<SERIES>
<NUMBER> 072
<NAME> REPUBLIC NEW YORK TAX FREE MONEY MARKET
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 81810319
<INVESTMENTS-AT-VALUE> 81810319
<RECEIVABLES> 760213
<ASSETS-OTHER> 46619
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 82617151
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 309447
<TOTAL-LIABILITIES> 309447
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82307704
<SHARES-COMMON-STOCK> 3713706<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 82307704
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2436782
<OTHER-INCOME> 0
<EXPENSES-NET> 370012
<NET-INVESTMENT-INCOME> 2066770
<REALIZED-GAINS-CURRENT> (5393)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2061377
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 52897<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22377569<F1>
<NUMBER-OF-SHARES-REDEEMED> 18663863<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 29655227
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 104179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 436934
<AVERAGE-NET-ASSETS> 4901699<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .010<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .010<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .35<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F1> Class Y Shares
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> THE REPUBLIC FUNDS
<SERIES>
<NUMBER> 101
<NAME> REPUBLIC NEW YORK TAX FREE BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 14353039
<INVESTMENTS-AT-VALUE> 14558713
<RECEIVABLES> 214248
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 35781
<TOTAL-ASSETS> 14808742
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 223307
<TOTAL-LIABILITIES> 223307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14353021
<SHARES-COMMON-STOCK> 616806<F1>
<SHARES-COMMON-PRIOR> 665278<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26740
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 205674
<NET-ASSETS> 14585435
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 525605
<OTHER-INCOME> 0
<EXPENSES-NET> 57176
<NET-INVESTMENT-INCOME> 468429
<REALIZED-GAINS-CURRENT> 27393
<APPREC-INCREASE-CURRENT> 19308
<NET-CHANGE-FROM-OPS> 515130
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 339572<F1>
<DISTRIBUTIONS-OF-GAINS> 49392<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 834355<F1>
<NUMBER-OF-SHARES-REDEEMED> 897854<F1>
<SHARES-REINVESTED> 15027<F1>
<NET-CHANGE-IN-ASSETS> 7677381
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 48739
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24512
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217120
<AVERAGE-NET-ASSETS> 848881<F1>
<PER-SHARE-NAV-BEGIN> 10.38<F1>
<PER-SHARE-NII> .54<F1>
<PER-SHARE-GAIN-APPREC> (0.01)<F1>
<PER-SHARE-DIVIDEND> .54<F1>
<PER-SHARE-DISTRIBUTIONS> .07<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.30<F1>
<EXPENSE-RATIO> .58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class C Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> THE REPUBLIC FUNDS
<SERIES>
<NUMBER> 102
<NAME> REPUBLIC NEW YORK TAX FREE BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 14353039
<INVESTMENTS-AT-VALUE> 14558713
<RECEIVABLES> 214248
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 35781
<TOTAL-ASSETS> 14808742
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 223307
<TOTAL-LIABILITIES> 223307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14353021
<SHARES-COMMON-STOCK> 799293<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26740
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 205674
<NET-ASSETS> 14585435
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 525605
<OTHER-INCOME> 0
<EXPENSES-NET> 57176
<NET-INVESTMENT-INCOME> 468429
<REALIZED-GAINS-CURRENT> 27393
<APPREC-INCREASE-CURRENT> 19308
<NET-CHANGE-FROM-OPS> 515130
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 128857<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16761193
<NUMBER-OF-SHARES-REDEEMED> 9244353
<SHARES-REINVESTED> 163232
<NET-CHANGE-IN-ASSETS> 7677381
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24512
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217120
<AVERAGE-NET-ASSETS> 7993119<F1>
<PER-SHARE-NAV-BEGIN> 10.18<F1>
<PER-SHARE-NII> .16<F1>
<PER-SHARE-GAIN-APPREC> .12<F1>
<PER-SHARE-DIVIDEND> .16<F1>
<PER-SHARE-DISTRIBUTIONS> .00<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.30<F1>
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> THE REPUBLIC FUNDS
<SERIES>
<NUMBER> 111
<NAME> REPUBLIC EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 32311161
<INVESTMENTS-AT-VALUE> 35992368
<RECEIVABLES> 149590
<ASSETS-OTHER> 1304841
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37446799
<PAYABLE-FOR-SECURITIES> 301221
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72121
<TOTAL-LIABILITIES> 373342
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32637117
<SHARES-COMMON-STOCK> 328468<F1>
<SHARES-COMMON-PRIOR> 2157255<F1>
<ACCUMULATED-NII-CURRENT> 73168
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3681207
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 681965
<NET-ASSETS> 37073457
<DIVIDEND-INCOME> 856870
<INTEREST-INCOME> 62469
<OTHER-INCOME> 0
<EXPENSES-NET> 336677
<NET-INVESTMENT-INCOME> 582662
<REALIZED-GAINS-CURRENT> 689415
<APPREC-INCREASE-CURRENT> 3526849
<NET-CHANGE-FROM-OPS> 4798926
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 356031<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1245027<F1>
<NUMBER-OF-SHARES-REDEEMED> 3075874<F1>
<SHARES-REINVESTED> 2061<F1>
<NET-CHANGE-IN-ASSETS> 14981057
<ACCUMULATED-NII-PRIOR> 10277
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 7450
<GROSS-ADVISORY-FEES> 156654
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 434534
<AVERAGE-NET-ASSETS> 24627199<F1>
<PER-SHARE-NAV-BEGIN> 10.24<F1>
<PER-SHARE-NII> .19<F1>
<PER-SHARE-GAIN-APPREC> 1.67<F1>
<PER-SHARE-DIVIDEND> .17<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.93<F1>
<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class C Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> THE REPUBLIC FUNDS
<SERIES>
<NUMBER> 112
<NAME> REPUBLIC EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 32311161
<INVESTMENTS-AT-VALUE> 35992368
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32637117
<SHARES-COMMON-STOCK> 2779322<F1>
<SHARES-COMMON-PRIOR> 0<F1>
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3681207
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 681965
<NET-ASSETS> 37073457
<DIVIDEND-INCOME> 856870
<INTEREST-INCOME> 62469
<OTHER-INCOME> 0
<EXPENSES-NET> 336677
<NET-INVESTMENT-INCOME> 582662
<REALIZED-GAINS-CURRENT> 689415
<APPREC-INCREASE-CURRENT> 3526849
<NET-CHANGE-FROM-OPS> 4798926
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<DISTRIBUTIONS-OF-INCOME> 163740<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3059785<F1>
<NUMBER-OF-SHARES-REDEEMED> 280502<F1>
<SHARES-REINVESTED> 38<F1>
<NET-CHANGE-IN-ASSETS> 14981057
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 33626596<F1>
<PER-SHARE-NAV-BEGIN> 11.49<F1>
<PER-SHARE-NII> .08<F1>
<PER-SHARE-GAIN-APPREC> .42<F1>
<PER-SHARE-DIVIDEND> .06<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.93<F1>
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> THE REPUBLIC FUNDS
<SERIES>
<NUMBER> 121
<NAME> THE REPUBLIC BOND FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> AUG-26-1996
<PERIOD-END> OCT-31-1996
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<PAID-IN-CAPITAL-COMMON> 20211
<SHARES-COMMON-STOCK> 2005
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 248
<NET-ASSETS> 20572
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 113
<OTHER-INCOME> 17
<EXPENSES-NET> 2
<NET-INVESTMENT-INCOME> 94
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<APPREC-INCREASE-CURRENT> 248
<NET-CHANGE-FROM-OPS> 455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 94
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 1996
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> 20472
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-NAV-END> 10.26
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> THE REPUBLIC FUNDS
<SERIES>
<NUMBER> 131
<NAME> THE REPUBLIC OVERSEAS EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> AUG-26-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 144827
<INVESTMENTS-AT-VALUE> 144827
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<TOTAL-LIABILITIES> 34580
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 140099
<SHARES-COMMON-STOCK> 13961
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1359
<NET-ASSETS> 141737
<DIVIDEND-INCOME> 207
<INTEREST-INCOME> 64
<OTHER-INCOME> (148)
<EXPENSES-NET> 118
<NET-INVESTMENT-INCOME> 5
<REALIZED-GAINS-CURRENT> 274
<APPREC-INCREASE-CURRENT> 1359
<NET-CHANGE-FROM-OPS> 1638
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 13961
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 141637
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> 1.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> THE REPUBLIC FUNDS
<SERIES>
<NUMBER> 141
<NAME> REPUBLIC OPPORTUNITY FUND
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> SEP-23-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 3169667
<INVESTMENTS-AT-VALUE> 3169667
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<OTHER-ITEMS-ASSETS> 26399
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<OTHER-ITEMS-LIABILITIES> 30407
<TOTAL-LIABILITIES> 30407
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3300560
<SHARES-COMMON-STOCK> 324745
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3916
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (120518)
<NET-ASSETS> 3183963
<DIVIDEND-INCOME> 234
<INTEREST-INCOME> 2416
<OTHER-INCOME> (2615)
<EXPENSES-NET> 1006
<NET-INVESTMENT-INCOME> (973)
<REALIZED-GAINS-CURRENT> 3916
<APPREC-INCREASE-CURRENT> (120513)
<NET-CHANGE-FROM-OPS> (117570)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 324745
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3183863
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6317
<AVERAGE-NET-ASSETS> 2891511
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (.20)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.80
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Trustees
Republic Funds:
In planning and performing our audit of the financial
statements of Republic New York Tax-Free Money
Market Fund, a portfolio of Republic Funds, for the
year ended October 31, 1996, we considered its internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the
financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on the internal
control structure.
The management of Republic New York Tax-Free Money
Market Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefit and related costs of internal
control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance
that assets are safeguarded against loss from unauthorized
use or disposition and that transactions are executed in
accordance with management's authorization and recorded
properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risks that
it may become inadequate because of changes in
conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control
structure that might be material weaknesses under
standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal
control structure elements does not reduce to a relatively
low level the risk that errors or irregularities in amounts
that would be material in relation to the financial
statements being audited may occur and not be detected
within a timely period by employees in the normal course
of performing their assigned functions. However, we
noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above a
s of October 31, 1996.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
KPMG Peat Marwick LLP
December 23, 1996
The Board of Trustees
Republic Funds:
In planning and performing our audit of the financial
statements of Republic New York Tax-Free Bond Fund,
a portfolio of Republic Funds, for the year ended
October 31, 1996, we considered its internal control
structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance
on the internal control structure.
The management of Republic New York Tax-Free Bond
Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefit and related costs of
internal control structure policies and procedures.
Two of the objectives of an internal control structure
are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation
of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risks that it
may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which
the design or operation of the specific internal control
structure elements does not reduce to a relatively low
level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements
being audited may occur and not be detected within a
timely period by employees in the normal course of
performing their assigned functions. However, we noted
no matters involving the internal control structure,
including procedures for safeguarding securities, that
we consider to be material weaknesses as defined
above as of October 31, 1996.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
KPMG Peat Marwick LLP
December 23, 1996
The Board of Trustees
Republic Funds:
In planning and performing our audit of the financial
statements of Republic Equity Fund, a portfolio of Republic
Funds, for the year ended October 31, 1996, we considered
its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on the internal
control structure.
The management of Republic Equity Fund is responsible for
establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefit
and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation
of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risks that it
may become inadequate because of changes in conditions
or that the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which
the design or operation of the specific internal control
structure elements does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be
material in relation to the financial statements being audited
may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as
defined above as of October 31, 1996.
This report is intended solely for the information and
use of management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
December 23, 1996
The Board of Trustees
Republic Funds:
In planning and performing our audit of the financial
statements of Republic Bond Fund, a portfolio of
Republic Funds, for the period from August 26, 1996
to October 31, 1996, we considered its internal control
structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the
financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on the
internal control structure.
The management of Republic Bond Fund is responsible
for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefit and related costs of internal control
structure policies and procedures. Two of the objectives
of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in
accordance with management's authorization and
recorded properly to permit preparation of financial
statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risks that
it may become inadequate because of changes in
conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal
control structure that might be material weaknesses
under standards established by the American Institute
of Certified Public Accountants. A material weakness is
a condition in which the design or operation of the
specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities
in amounts that would be material in relation to the
financial statements being audited may occur and not be
detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving the internal
control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as
defined above as of October 31, 1996.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
December 23, 1996
The Board of Trustees
Republic Funds:
In planning and performing our audit of the financial
statements of Republic Overseas Fund, a portfolio of
Republic Funds, for the period from August 26, 1996
to October 31, 1996, we considered its internal control
structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Republic Overseas Fund is
responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefit and related costs of
internal control structure policies and procedures.
Two of the objectives of an internal control structure
are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition and that
transactions are executed in accordance with
management's authorization and recorded properly to
permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risks that
it may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal
control structure that might be material weaknesses
under standards established by the American Institute
of Certified Public Accountants. A material weakness is
a condition in which the design or operation of the specific
internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected
within a timely period by employees in the normal
course of performing their assigned functions. However,
we noted no matters involving the internal control
structure, including procedures for safeguarding securities,
that we consider to be material weaknesses as defined
above as of October 31, 1996.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
December 23, 1996
The Board of Trustees
Republic Funds:
In planning and performing our audit of the financial
statements of Republic Opportunity Fund, a portfolio
of Republic Funds, for the period from September
23, 1996 to October 31, 1996, we considered its
internal control structure, including procedures for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing
our opinion on the financial statements and to
comply with the requirements of Form N-SAR,
not to provide assurance on the internal control
structure.
The management of Republic Opportunity Fund is
responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefit and related costs of
internal control structure policies and procedures.
Two of the objectives of an internal control structure
are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and
that transactions are executed in accordance with
management's authorization and recorded properly to
permit preparation of financial statements in
conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risks that
it may become inadequate because of changes in
conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of the internal control structure
would not necessarily disclose all matters in the
internal control structure that might be material
weaknesses under standards established by the
American Institute of Certified Public Accountants.
A material weakness is a condition in which the
design or operation of the specific internal control
structure elements does not reduce to a relatively low
level the risk that errors or irregularities in amounts
that would be material in relation to the financial
statements being audited may occur and not be
detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving the internal
control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses
as defined above as of October 31, 1996.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
KPMG Peat Marwick LLP
December 23, 1996
