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SIGNATURE DONAL O'NEILL
TITLE ANALYST
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<APPREC-INCREASE-CURRENT> (2119973)
<NET-CHANGE-FROM-OPS> (6823159)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 13273574
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1816021
<NUMBER-OF-SHARES-REDEEMED> 3401955
<SHARES-REINVESTED> 1162362
<NET-CHANGE-IN-ASSETS> 13273574
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6451495
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1529538
<AVERAGE-NET-ASSETS> 131239
<PER-SHARE-NAV-BEGIN> 13.44
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> (0.50)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.38
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.48
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Trustees
Republic Advisor Funds Trust
In planning and performing our audit of the financial statements of Republic
Advisor Funds Trust, for the year ended October 31, 1998, 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 the Republic Advisor Funds Trust 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, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees of Republic Advisor Funds Trust and the Securities and
Exchange Commission.
KPMG Peat Marwick LLP
Boston, Massachusett
December 23, 1998
