<PAGE>
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<PAGE>
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013 A00AA01 KPMG PEAT MARWICK
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013 B06AA01 B.W.I.
014 A00AA01 SIGNATURE BROKER DEALER SERVICES, INC.
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<PAGE>
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<PAGE>
022 D000007 2078
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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066 A000100 N
067 000100 N
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068 B000100 N
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070 I020100 N
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<PAGE>
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<PAGE>
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008 A000201 REPUBLIC NATIONAL BANK OF NEW YORK
008 B000201 A
008 C000201 801-37980
008 D010201 NEW YORK
008 D020201 NY
008 D030201 10018
008 A000202 CAPITAL GUARDIAN TRUST CO.
008 B000202 S
008 C000202 801-000000
008 D010202 LOS ANGELES
008 D020202 CA
008 D030202 90071
010 A000201 SIGNATURE FINANCIAL GROUP LTD
010 B000201 8-41134
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010 C050201 CAYMAN ISLANDS
010 C060201 B.W.I.
018 000200 Y
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024 000200 Y
025 A000201 NOMURA SECURITIES
025 B000201 13-2642206
025 C000201 E
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<PAGE>
025 D000204 0
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<PAGE>
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056 000200 Y
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066 A000200 Y
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<PAGE>
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SIGNATURE DANIEL E. SHEA
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI ANNUAL
REPORT DATED APRIL 30, 1996 FOR THE REPUBLIC FIXED INCOME PORTFOLIO AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH SEMI ANNUAL REPORT.
</LEGEND>
<CIK> 0000934882
<NAME> REPUBLIC PORTFOLIOS
<SERIES>
<NAME> REPUBLIC FIXED INCOME PORTFOLIO
<NUMBER> 010
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 71,380,520
<INVESTMENTS-AT-VALUE> 70,431,540
<RECEIVABLES> 424,876
<ASSETS-OTHER> 152,696
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,009,112
<PAYABLE-FOR-SECURITIES> 19,045,941
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54,155
<TOTAL-LIABILITIES> 19,100,096
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,909,016
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 51,909,016
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,303,405
<OTHER-INCOME> 0
<EXPENSES-NET> 141,810
<NET-INVESTMENT-INCOME> 1,161,595
<REALIZED-GAINS-CURRENT> 222,756
<APPREC-INCREASE-CURRENT> (1,196,864)
<NET-CHANGE-FROM-OPS> 187,487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 21,886,489
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77,821
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 146,810
<AVERAGE-NET-ASSETS> 41,732,610
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI ANNUAL
REPORT DATED APRIL 30, 1996 FOR THE REPUBLIC INTERNATIONAL EQUITY PORTFOLIO AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH SEMI ANNUAL REPORT.
</LEGEND>
<CIK> 0000934882
<NAME> REPUBLIC PORTFOLIOS
<SERIES>
<NAME> REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
<NUMBER> 020
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 97,993,884
<INVESTMENTS-AT-VALUE> 106,471,719
<RECEIVABLES> 1,583,102
<ASSETS-OTHER> 50,219
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 108,105,040
<PAYABLE-FOR-SECURITIES> 1,020,579
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 124,622
<TOTAL-LIABILITIES> 1,145,201
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 106,959,839
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 106,959,839
<DIVIDEND-INCOME> 582,160
<INTEREST-INCOME> 174,583
<OTHER-INCOME> 0
<EXPENSES-NET> 299,211
<NET-INVESTMENT-INCOME> 457,532
<REALIZED-GAINS-CURRENT> 1,079,786
<APPREC-INCREASE-CURRENT> 6,780,659
<NET-CHANGE-FROM-OPS> 8,317,977
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 67,030,931
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 203,677
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 331,513
<AVERAGE-NET-ASSETS> 74,598,575
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Item 77k. Changes in Registrant's Certifying Accountants
Ernst & Young LLP were previously the principal independent auditors for the
Republic Portfolios. On January 15, 1996 that firm's appointment as principal
independent auditors was terminated and KPMG Peat Marwick LLP was engaged as
principal independent auditors. The decision to change accountants was
recommended by the board of directors.
In connection with the audits of the fiscal period ended October 31, 1995 and
the subsequent interim period through January 15, 1996, there were no
disagreements with Ernst & Young LLP on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedures,
which disagreements if not resolved to their satisfaction would have caused them
to make reference in connection with their opinion to the subject matter of the
disagreement.
The audit reports of Ernst & Young LLP on the financial statements of the
Republic Portfolios, for the fiscal period ended October 31, 1995, did not
contain any adverse opinion or disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope, or accounting principles. A letter from
Ernst & Young LLP is attached as Exhibit A.
June 27, 1996
Securities & Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read Sub-item 77k of Form N-SAR dated June 27, 1996, of Republic Funds
and are in agreement with the statements contained in the three paragraphs on
the page therein. We have no basis to agree or disagree with other statements of
the registrant contained therein.
Very truly yours,
/s/ Ernst & Young LLP
Ernst & Young LLP
