Report of Independent Public Accountants
To the Shareholders and Board of Trustees of
RIGGS FUNDS:
In planning and performing our audit of the financial statements of Riggs
Stock Fund, Riggs Small Company Stock Fund, Riggs Large Cap Growth Fund,
Riggs U.S. Government Securities Fund, Riggs Bond Fund, Riggs Intermediate
Tax Free Bond Fund, Riggs Long Term Tax Free Bond Fund, Riggs Prime Money
Market Fund and Riggs U.S. Treasury Money Market Fund (investment portfolios
of Riggs Funds, a Massachusetts business trust) for the year ended April 30,
2000, 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 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 controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error 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 of the 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, 2000.
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.
/s/ ARTHUR ANDERSEN LLP
Boston, Massachusetts
June 20, 2000
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