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010 A00AA01 BISYS FUND SERVICES INC.
010 C01AA01 COLUMBUS
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010 C03AA01 43219
011 A00AA01 BISYS FUND SERVICES INC.
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011 C01AA01 COLUMBUS
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011 C03AA01 43219
012 A00AA01 REPUBLIC NATIONAL BANK OF NEW YORK
012 B00AA01 85-00
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012 C02AA01 NY
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012 C01AA02 BOSTON
<PAGE> PAGE 2
012 C02AA02 MA
012 C03AA02 02116
013 A00AA01 KPMG PEAT MARWICK LLP
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013 B02AA01 MA
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015 A00AA01 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 3
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<PAGE> PAGE 4
040 00AA00 Y
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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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SIGNATURE DONAL O'NEILL
TITLE ANALYST
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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 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 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
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 Funds and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Boston, Massachusetts
December 23, 1998
