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<PAGE> PAGE 6
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 20
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048 F010400 0
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048 H010400 0
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048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
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055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
058 B000400 N
058 C000400 N
058 D000400 N
058 E000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
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062 C000400 0.0
062 D000400 0.0
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<PAGE> PAGE 22
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
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062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 Y
070 O010400 N
<PAGE> PAGE 23
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 51204
071 B000400 70897
071 C000400 98095
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072 A000400 12
072 B000400 144
072 C000400 1350
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072 E000400 0
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072 T000400 458
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072EE000400 10153
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073 A020400 0.0100
073 B000400 1.7100
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074 A000400 7
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<PAGE> PAGE 24
074 D000400 0
074 E000400 492
074 F000400 97868
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074 H000400 0
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074 N000400 111013
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074 W000400 0.0000
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075 A000400 100896
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024 000500 N
025 A000501 DELETE
025 D000501 0
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<PAGE> PAGE 25
028 C040500 1315
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<PAGE> PAGE 26
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055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
058 B000500 N
058 C000500 N
058 D000500 N
058 E000500 N
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060 A000500 Y
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<PAGE> PAGE 27
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
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070 C020500 N
070 D010500 Y
070 D020500 N
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070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 N
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070 K020500 Y
070 L010500 Y
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000873929
<NAME> RIGGS FUNDS
<SERIES>
<NUMBER> 011
<NAME> RIGGS PRIME MONEY MARKET FUND, CLASS R
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<EXPENSE-RATIO> 1.03
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000873929
<NAME> RIGGS FUNDS
<SERIES>
<NUMBER> 011
<NAME> RIGGS PRIME MONEY MARKET FUND, CLASS Y
<S> <C>
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<GROSS-EXPENSE> 3,132,381
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<PER-SHARE-NAV-BEGIN> 1.000
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<EXPENSE-RATIO> 0.69
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000873929
<NAME> RIGGS FUNDS
<SERIES>
<NUMBER> 051
<NAME> RIGGS SMALL COMPANY STOCK FUND, CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
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<PER-SHARE-NAV-BEGIN> 17.250
<PER-SHARE-NII> (0.070)
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<EXPENSE-RATIO> 2.13
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000873929
<NAME> RIGGS FUNDS
<SERIES>
<NUMBER> 051
<NAME> RIGGS SMALL COMPANY STOCK FUND, CLASS R
<S> <C>
<PERIOD-TYPE> 12-MOS
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<GROSS-ADVISORY-FEES> 333,762
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 676,302
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<PER-SHARE-NAV-BEGIN> 18.800
<PER-SHARE-NII> (0.020)
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<PER-SHARE-DISTRIBUTIONS> (1.850)
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<EXPENSE-RATIO> 1.37
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000873929
<NAME> RIGGS FUNDS
<SERIES>
<NUMBER> 042
<NAME> RIGGS STOCK FUND, CLASS B
<S> <C>
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<PERIOD-END> APR-30-1999
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 36,733
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<NUMBER-OF-SHARES-REDEEMED> (44,312,176)
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<GROSS-ADVISORY-FEES> 756,558
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,490,835
<AVERAGE-NET-ASSETS> 99,757
<PER-SHARE-NAV-BEGIN> 17.250
<PER-SHARE-NII> (0.070)
<PER-SHARE-GAIN-APPREC> (4.120)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (1.850)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.210
<EXPENSE-RATIO> 2.13
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000873929
<NAME> RIGGS FUNDS
<SERIES>
<NUMBER> 041
<NAME> RIGGS STOCK FUND, CLASS R
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 78,327,641
<INVESTMENTS-AT-VALUE> 102,775,110
<RECEIVABLES> 889,349
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7,348,944
<TOTAL-ASSETS> 111,013,403
<PAYABLE-FOR-SECURITIES> 1,722,398
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,634,400
<TOTAL-LIABILITIES> 9,356,798
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69,114,729
<SHARES-COMMON-STOCK> 6,421,021
<SHARES-COMMON-PRIOR> 7,069,524
<ACCUMULATED-NII-CURRENT> 36,733
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,057,676
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,447,469
<NET-ASSETS> 101,474,313
<DIVIDEND-INCOME> 1,350,333
<INTEREST-INCOME> 143,799
<OTHER-INCOME> 0
<EXPENSES-NET> (1,231,606)
<NET-INVESTMENT-INCOME> 262,526
<REALIZED-GAINS-CURRENT> 8,227,259
<APPREC-INCREASE-CURRENT> (3,149,465)
<NET-CHANGE-FROM-OPS> 5,340,320
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (292,776)
<DISTRIBUTIONS-OF-GAINS> (10,140,817)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,625,339
<NUMBER-OF-SHARES-REDEEMED> (44,312,176)
<SHARES-REINVESTED> 10,158,300
<NET-CHANGE-IN-ASSETS> (15,458,727)
<ACCUMULATED-NII-PRIOR> 79,672
<ACCUMULATED-GAINS-PRIOR> 9,970,370
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 756,558
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,490,835
<AVERAGE-NET-ASSETS> 100,796,208
<PER-SHARE-NAV-BEGIN> 16.570
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.940
<PER-SHARE-DIVIDEND> (0.040)
<PER-SHARE-DISTRIBUTIONS> (1.710)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.800
<EXPENSE-RATIO> 1.22
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000873929
<NAME> RIGGS FUNDS
<SERIES>
<NUMBER> 003
<NAME> RIGGS U.S. GOVERNMENT SECURITIES FUND, CLASS R
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 38,891,728
<INVESTMENTS-AT-VALUE> 38,601,555
<RECEIVABLES> 533,461
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5,640,774
<TOTAL-ASSETS> 44,775,790
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,847,839
<TOTAL-LIABILITIES> 5,847,839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,190,425
<SHARES-COMMON-STOCK> 3,951,293
<SHARES-COMMON-PRIOR> 3,536,121
<ACCUMULATED-NII-CURRENT> 80,183
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,052,484)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (290,173)
<NET-ASSETS> 38,927,951
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,228,642
<OTHER-INCOME> 0
<EXPENSES-NET> (335,025)
<NET-INVESTMENT-INCOME> 1,893,617
<REALIZED-GAINS-CURRENT> 695,321
<APPREC-INCREASE-CURRENT> (498,899)
<NET-CHANGE-FROM-OPS> 2,090,039
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,847,619)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,301,656
<NUMBER-OF-SHARES-REDEEMED> (653,284)
<SHARES-REINVESTED> 36,800
<NET-CHANGE-IN-ASSETS> 4,375,255
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,713,619)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 277,475
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 581,219
<AVERAGE-NET-ASSETS> 36,996,634
<PER-SHARE-NAV-BEGIN> 9.770
<PER-SHARE-NII> 0.520
<PER-SHARE-GAIN-APPREC> 0.060
<PER-SHARE-DIVIDEND> (0.500)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.850
<EXPENSE-RATIO> 0.91
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and the Board of Trustees of
RIGGS FUNDS
In planning and performing our audit of the financial statements of
Riggs Funds (a Massachusetts business trust consisting of Riggs U.S.
Treasury Money Market Fund, Riggs Prime Money Market Fund, Riggs U.S.
Government Securities Fund, Riggs Stock Fund and Riggs Small Company
Stock Fund) for the year ended April 30, 1999, we considered its
internal control structure, 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 Riggs Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments 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 entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those control activities include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in 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 internal control components does not reduce to
a relatively low level the risk that misstatements caused by error or
fraud 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 internal control and
its operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of April 30,
1999.
This report is intended solely for the information and use of
management, the Board of Trustees of Riggs Funds, and the Securities and
Exchange Commission.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
June 22, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000873929
<NAME> RIGGS FUNDS
<SERIES>
<NUMBER> 022
<NAME> RIGGS U.S. TREASURY MONEY MARKET FUND, CLASS R
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 141,178,776
<INVESTMENTS-AT-VALUE> 141,178,776
<RECEIVABLES> 930,600
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,905,650
<TOTAL-ASSETS> 152,015,026
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,608,590
<TOTAL-LIABILITIES> 10,608,590
<SENIOR-EQUITY> 141,406,436
<PAID-IN-CAPITAL-COMMON> 141,406,436
<SHARES-COMMON-STOCK> 3,309,334
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,309,334
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,486,513
<OTHER-INCOME> 0
<EXPENSES-NET> (922,855)
<NET-INVESTMENT-INCOME> 5,563,658
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,563,658
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (109,562)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,709,443
<NUMBER-OF-SHARES-REDEEMED> (3,509,568)
<SHARES-REINVESTED> 109,459
<NET-CHANGE-IN-ASSETS> 23,981,943
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 635,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,248,846
<AVERAGE-NET-ASSETS> 3,476,238
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.08
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000873929
<NAME> RIGGS FUNDS
<SERIES>
<NUMBER> 021
<NAME> RIGGS U.S. TREASURY MONEY MARKET FUND, CLASS Y
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 141,178,776
<INVESTMENTS-AT-VALUE> 141,178,776
<RECEIVABLES> 930,600
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,905,650
<TOTAL-ASSETS> 152,015,026
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,608,590
<TOTAL-LIABILITIES> 10,608,590
<SENIOR-EQUITY> 141,406,436
<PAID-IN-CAPITAL-COMMON> 141,406,436
<SHARES-COMMON-STOCK> 138,097,102
<SHARES-COMMON-PRIOR> 117,424,493
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 138,097,102
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,486,513
<OTHER-INCOME> 0
<EXPENSES-NET> (922,855)
<NET-INVESTMENT-INCOME> 5,563,658
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,563,658
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,454,096)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 268,593,093
<NUMBER-OF-SHARES-REDEEMED> (249,218,122)
<SHARES-REINVESTED> 1,297,638
<NET-CHANGE-IN-ASSETS> 23,981,943
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 635,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,248,846
<AVERAGE-NET-ASSETS> 124,262,830
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.040)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.72
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
