<PAGE> PAGE 1
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004 000000 N
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<PAGE> PAGE 2
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010 A00AA01 BISYS FUND SERVICES, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
SIGNATURE CORY GOSSARD
TITLE SENIOR ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> REPUBLIC FUNDS
<SERIES>
<NUMBER> 011
<NAME> REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 523970131
<INVESTMENTS-AT-VALUE> 523970131
<RECEIVABLES> 1488386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 525458517
<PAYABLE-FOR-SECURITIES> 1000000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2575814
<TOTAL-LIABILITIES> 3575814
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 521732816
<SHARES-COMMON-STOCK> 505579450<F1>
<SHARES-COMMON-PRIOR> 246368496<F1>
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 149887
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 521882703
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19920564
<OTHER-INCOME> 0
<EXPENSES-NET> 2147831
<NET-INVESTMENT-INCOME> 17772733
<REALIZED-GAINS-CURRENT> 94763
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 17867496
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17185034<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1488350023
<NUMBER-OF-SHARES-REDEEMED> 1228991877
<SHARES-REINVESTED> 14616566
<NET-CHANGE-IN-ASSETS> 274100829
<ACCUMULATED-NII-PRIOR> 23770
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 734759
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2598233
<AVERAGE-NET-ASSETS> 356664566<F1>
<PER-SHARE-NAV-BEGIN> 1<F1>
<PER-SHARE-NII> 0.05<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.05<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1<F1>
<EXPENSE-RATIO> 0.59<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Class C Shares, Investor Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798290
<NAME> REPUBLIC FUNDS
<SERIES>
<NUMBER> 012
<NAME> REPUBLIC U.S. GOVERNMENT MONEY MARKET FUND CLASS Y
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 523970131
<INVESTMENTS-AT-VALUE> 523970131
<RECEIVABLES> 1488386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 525458517
<PAYABLE-FOR-SECURITIES> 1000000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2575814
<TOTAL-LIABILITIES> 3575814
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 521732816
<SHARES-COMMON-STOCK> 16177136<F1>
<SHARES-COMMON-PRIOR> 1413378<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 149887
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 521882703
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19920564
<OTHER-INCOME> 0
<EXPENSES-NET> 2147831
<NET-INVESTMENT-INCOME> 17772733
<REALIZED-GAINS-CURRENT> 94763
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 17867496
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 556345<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1488350023
<NUMBER-OF-SHARES-REDEEMED> 1228991877
<SHARES-REINVESTED> 14616566
<NET-CHANGE-IN-ASSETS> 274100829
<ACCUMULATED-NII-PRIOR> 23770
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 734759
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2598233
<AVERAGE-NET-ASSETS> 10912434<F1>
<PER-SHARE-NAV-BEGIN> 1<F1>
<PER-SHARE-NII> 0.05<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.05<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1<F1>
<EXPENSE-RATIO> 0.33<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Class Y Shares, Advisor Shares
</FN>
</TABLE>
The Board of Trustees
Republic Funds
In planning and performing our audit
of the financial statements of Republic
U.S. Government Money Market Fund,
one of the portfolios of Republic Funds, for
the year ended September 30, 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 U.S. Government
Money Market Fund 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
ontrol 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 September 30, 1997.
This report is intended solely for the information
and use of management, the
Board of Trustees of Republic Funds and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Boston, Massachusetts
November 25, 1997
