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SIGNATURE CORY GOSSARD
TITLE ANALYST
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934882
<NAME> REPUBLIC FUNDS
<SERIES>
<NUMBER> 03
<NAME> REPUBLIC SMALL CAP EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 184726427
<INVESTMENTS-AT-VALUE> 212973091
<RECEIVABLES> 2290900
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<TOTAL-ASSETS> 215298914
<PAYABLE-FOR-SECURITIES> 1010887
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 548185
<TOTAL-LIABILITIES> 1559072
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213739842
<SHARES-COMMON-STOCK> 167270840
<SHARES-COMMON-PRIOR> 116600120
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
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<DIVIDEND-INCOME> 252900
<INTEREST-INCOME> 634652
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 559423
<REALIZED-GAINS-CURRENT> 20375972
<APPREC-INCREASE-CURRENT> 23351706
<NET-CHANGE-FROM-OPS> 43168255
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76481511
<NUMBER-OF-SHARES-REDEEMED> 25810791
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 93838976
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 1876417
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<PER-SHARE-NAV-BEGIN> 1.03
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<EXPENSE-RATIO> 0.84
<AVG-DEBT-OUTSTANDING> 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,Republic
International Equity Portfolio and Republic
Small Cap Equity Portfolio (Republic
Portfolios), for the year ended October
31, 1997, we considered its internal
control,including control activities 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 internal
control.
The management of Republic Portfolios
is responsible for
establishing and maintaining internal
control. In fulfilling this
responsibility, estimates and judgements
by management are required to assess
the expected benefits and related costs
of controls. Generally, controls that
are relevant to an audit pertain to the
entitity's objective of preparing
financial statements for external
purposes that are fairly presented in
conformity with generally accepted
accounting principles. Those controls
include the safeguarding of assets
against unauthorized acquisitions, use or
disposition.
Because of inherent limitations in
internal control, errors or irregularities
may occur and not be detected. Also,
projection of any evaluation of internal
control 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
would not necessarily disclose all
matters in the internal control 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 one or more of the internal
control components 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
and its operation, including controls
for safeguarding securities, that we
consider to be material weaknesses as
defined above as of October 31, 1997.
This report is intended solely for the
information and use of management, the
Board of Trustees of Republic
Portfolios and the Securities and Exchange
Commission.
KPMG
Toronto, Ontario
December 29, 1997
