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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE CORY GOSSARD
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> REPUBLIC FUNDS
<SERIES>
<NUMBER> 1
<NAME> REPUBLIC U.S. GOVERNMENT MONEY MARKET
<S> <C>
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<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1996
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<ACCUMULATED-NII-PRIOR> 21143
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class C Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> REPUBLIC FUNDS
<SERIES>
<NUMBER> 101
<NAME> REPUBLIC U.S. GOVERNMENT MONEY MARKET
<S> <C>
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</TABLE>
The Board of Trustees
Republic Funds:
In planning and performing our audit of the financial
statements of the Republic U.S. Government Money
Market Fund, one of the portfolios of the 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 the Republic U.S. Government
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 matter
s 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.
/s/ KPMG Peat Marwick LLP
November 26, 1996
