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<PAGE> PAGE 4
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<PAGE> PAGE 6
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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 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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SIGNATURE JOHN SEIBERT
TITLE SUPERVISOR
<TABLE> <S> <C>
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<CIK> 0000934882
<NAME> THE REPUBLIC FUNDS
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<NAME> REPUBLIC FIXED INCOME PORTFOLIO
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 64178382
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3130497
<OTHER-INCOME> 0
<EXPENSES-NET> 333093
<NET-INVESTMENT-INCOME> 2797404
<REALIZED-GAINS-CURRENT> 86604
<APPREC-INCREASE-CURRENT> 539871
<NET-CHANGE-FROM-OPS> 3423879
<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> 34155855
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 284403
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 446545
<AVERAGE-NET-ASSETS> 49461451
<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> .670
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934882
<NAME> THE REPUBLIC FUNDS
<SERIES>
<NUMBER> 02
<NAME> REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 125409391
<INVESTMENTS-AT-VALUE> 134453664
<RECEIVABLES> 1370167
<ASSETS-OTHER> 850501
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136674332
<PAYABLE-FOR-SECURITIES> 1123970
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 311838
<TOTAL-LIABILITIES> 1435808
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<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> 135238524
<DIVIDEND-INCOME> 1511515
<INTEREST-INCOME> 409813
<OTHER-INCOME> 0
<EXPENSES-NET> (18844)
<NET-INVESTMENT-INCOME> 1107451
<REALIZED-GAINS-CURRENT> 2417998
<APPREC-INCREASE-CURRENT> 7391200
<NET-CHANGE-FROM-OPS> 10916649
<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> 95309616
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .830
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934882
<NAME> THE REPUBLIC FUNDS
<SERIES>
<NUMBER> 03
<NAME> REPUBLIC SMALL CAP EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-1-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 132220753
<INVESTMENTS-AT-VALUE> 135270227
<RECEIVABLES> 924430
<ASSETS-OTHER> 20000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136214657
<PAYABLE-FOR-SECURITIES> 16178468
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 135323
<TOTAL-LIABILITIES> 16313791
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 9680
<INTEREST-INCOME> 78352
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<EXPENSES-NET> 100974
<NET-INVESTMENT-INCOME> (12942)
<REALIZED-GAINS-CURRENT> 283247
<APPREC-INCREASE-CURRENT> 3030441
<NET-CHANGE-FROM-OPS> 3300746
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 0
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<NET-CHANGE-IN-ASSETS> 119900766
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136126
<AVERAGE-NET-ASSETS> 76224202
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
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</TABLE>
The Board of Trustees
Republic Portfolios:
In planning and performing our audit of the financial
statements of Republic Fixed Income Portfolio, a
portfolio of Republic Portfolios, 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 Fixed Income Portfolio 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 Portfolios:
In planning and performing our audit of the financial
statements of Republic International Equity Portfolio,
a portfolio of Republic Portfolios, 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 International Equity
Portfolio 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 Portfolios:
In planning and performing our audit of the financial
statements of Republic Small Cap Portfolio, a portfolio
of Republic Portfolios, for the period from September
3, 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 f
inancial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on the internal
control structure.
The management of Republic Small Cap Portfolio 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
