U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                  FORM N-17f-2

 Certificate of Accounting of Securities and Similar Investments in the Custody
                       of Management Investment Companies

                   Pursuant to Rule 17f-2 [17 CFR 270, 17f-2]

1.  Investment Company Act File Number:         Date examination completed:
            33-40428                               April 30, 2002

2.  State Identification Number:
AL        AK        AZ       AR       CA       CO
CT        DE        DC       FL       GA       HI
ID        IL        IN       IA       KS       KY
LA        ME        MD       MA       MI       MN
MS        MO        MT       NE       NV       NH
NJ        NM        NY       NC       ND       OH
OK        OR        PA       RI       SC       SD
TN        TX        UT       VT       VA       WA
WV        WI        WY       PUERTO RICO

Other (specify):

3.  Exact number of investment company as specified in registration statement:

Riggs Funds
Riggs U.S. Government Fund
Riggs Small Company Stock Fund
Riggs Large Cap Growth Fund
Riggs Stock Fund
Riggs Prime Money Market Fund
Riggs U.S. Treasury Money Market Fund
Riggs Intermediate Tax-Free Bond Fund
Riggs Long Term Tax-Free Bond Fund
Riggs Bond Fund

4.  Address of principal executive office:
    (number, street, city, state, zip code)

Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA  15222-3779


INSTRUCTIONS

This Form must be completed  by the  investment  companies  that have custody of
securities or similar investments.

Investment Company

1.   All items must be completed by the investment company.

2.   Give this Form to the independent public accountant who, in compliance with
     Rule 17f-2 under the Act and applicable state law, examines  securities and
     similar investments in the custody of the investment company.

Accountant

3.   Submit this Form to the Securities and Exchange  Commission and appropriate
     state securities  administrators  when filing the certificate of accounting
     required by Rule 17f-2  under the Act and  applicable  state law.  File the
     original  and one  copy  with  the  Securities  and  Exchange  Commission's
     principal office in Washington, D.C., one copy with the regional office for
     the region in which the investment  company's principal business operations
     are conducted, and one copy with the appropriate state administrator(s), if
     applicable.

THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT

Note:  The  estimated  average  burden hours are made solely for purposes of the
Paperwork  Reduction  Act,  and are not derived from a  comprehensive  or even a
representative  survey or study of the costs of SEC rules and forms.  Direct any
comments  concerning  the  accuracy of the  estimated  average  burden hours for
compliance  with SEC rules and forms to  Kenneth  A.  Fogash,  Deputy  Executive
Director,  U.S.  Securities  and Exchange  Commission,  450 Fifth Street,  N.W.,
Washington,  D.C. 20549 and Gary Waxman, Clearance Officer, Office of Management
and Budget, Room 3208 New Executive Office Building, Washington, D.C. 20503.






                          Independent Auditors' Report


To the Board of Trustees
Riggs Funds

We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940,  that Riggs Funds (the  "Funds") as listed in Appendix A,  complied
with  the  requirements  of  subsections  (b) and (c) of Rule  17f-2  under  the
Investment  Company Act of 1940 (the Act) as of April 30,  2002.  Management  is
responsible   for  the   Funds'   compliance   with  those   requirements.   Our
responsibility  is to express an opinion  on  management's  assertion  about the
Funds' compliance based on our examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included  examining,  on a test basis,  evidence  about the Funds'
compliance with those  requirements  and performing such other  procedures as we
considered  necessary in the  circumstances.  Included among our procedures were
the  following  tests  performed  as of April  30,  2002,  and with  respect  to
agreement of security purchases and sales, for the period from February 28, 2002
through April 30, 2002:

(1)  Count and  inspection of  documentation  of all  securities  located in the
     vault, if any, of Riggs Bank, the Custodian;

(2)  Inspection of  documentation  of securities  held in book entry form by the
     Bank  of  New  York  and   examination   of  selected   security   position
     reconciliations;

(3)  Inspection of documentation  of all securities  purchased but not received,
     hypothecated,  pledged, placed in escrow, or out for transfer with brokers,
     pledges and/or transfer agents;

(4)  Reconciliation of all such securities to the books and records of the Funds
     and the Custodian;

(5)  Inspection of  documentation  of all  repurchase  agreements and underlying
     collateral with brokers/banks records; and

(6)  Tests of selected security transactions since the date of our last report.

We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
the specified requirements.

In our opinion,  management's  assertion  that the Riggs Funds complied with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment  Company
Act of 1940 as of April 30, 2002,  with respect to  securities  reflected in the
investment  accounts of the Riggs  Funds,  are fairly  stated,  in all  material
respects.

This report is intended solely for the  information  and use of management,  the
Board of Trustees of the Riggs Funds as listed in Appendix A and the  Securities
and  Exchange  Commission,  and is not  intended to be and should not be used by
anyone other than these specified parties.


/s/ KPMG LLP

Boston, Massachusetts
June 21, 2002











                   Appendix A
                   Riggs Funds

==================================================

Riggs U.S. Government Fund
Riggs Small Company Stock Fund
Riggs Large Cap Growth Fund
Riggs Stock Fund
Riggs Prime Money Market Fund
Riggs U.S. Treasury Money Market Fund
Riggs Intermediate Tax-Free Bond Fund
Riggs Long Term Tax-Free Bond Fund
Riggs Bond Fund






                 Management Statement Regarding Compliance With
            Certain Provisions of the Investment Company Act of 1940


We, as  members  of  management  of Riggs  Bank N.A.  (the  Company),  the named
custodian  of  the  Riggs  Funds,   are   responsible  for  complying  with  the
requirements of subsections  (b) and (c) of Rule 17f-2,  "Custody of Investments
by Registered Management Investment Companies," of the Investment Company Act of
1940.  We are  also  responsible  for  establishing  and  maintaining  effective
internal controls over compliance with those requirements.  We have performed an
evaluation of the Company's  compliance with the requirements of subsections (b)
and (c) of rule 17f-2 as of April 30, 2002,  and from  February 28, 2002 through
April 30, 2002.

Based on this  evaluation,  we assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment  Company
Act of 1940 as of April 30, 2002,  and from  February 28, 2002 through April 30,
2002,  with respect to  securities  reflected in the  investment  account of the
Company.


Riggs Bank, N.A.
By:


/s/ Basil Yauger
Senior Vice President
And Trust Operations Officer


April 30, 2002