United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form N-CSR
   Certified Shareholder Report of Registered Management Investment Companies




                                    811-6309

                      (Investment Company Act File Number)


                                   Riggs Funds
         _______________________________________________________________

               (Exact Name of Registrant as Specified in Charter)





                              5800 Corporate Drive
                       Pittsburgh, Pennsylvania 15237-7010


                                 (412) 288-1900
                         (Registrant's Telephone Number)


                                 John W. McGonigle, Esquire
                                 Federated Investors Tower
                                    1001 Liberty Avenue
                            Pittsburgh, Pennsylvania 15222-3779
                          (Name and Address of Agent for Service)
                     (Notices should be sent to the Agent for Service)






                        Date of Fiscal Year End: 4/30/03


               Date of Reporting Period: Fiscal year ended 4/30/03

Item 1.     Reports to Stockholders

Combined Annual Report

To Shareholders

April 30, 2003

INVESTMENT REVIEW

FINANCIAL STATEMENTS

INDEPENDENT AUDITORS’ REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS

LAST MEETING OF SHAREHOLDERS

INVESTMENT REVIEW

Riggs Stock Fund

Riggs Small Company Stock Fund¹

We maintained our investment strategy in the extremely volatile environment that persisted in the year ended April 30, 2003. We remained extremely close to our benchmark’s sector weighting and were focused on individual stock selection to add alpha to the portfolio. We continued to emphasize those companies that have solid revenue and earnings growth, strong management teams and had good relative multiples. During the reporting period, large cap stocks outperformed small cap stocks for the first time since 1999, reflecting a flight to quality and avoidance of the most economically sensitive segments of the market.

The Riggs Stock Fund generated a return of (13.72)%² (Class Y Shares) for the year ended April 30, 2003, performing similarly to the total return of our benchmark, the Standard & Poor’s 500 Index (S&P 500)³, which lost 13.31%. Stock selection contributed most to the relative performance, as we maintained sector weights close to those of the benchmark. The Fund benefited from strong stock selection in Consumer Discretionary, Energy and Technology, while the selection in Health Care and Utility detracted it.

In the Consumer Discretionary category, our overweight position in The Gap, Inc. and Clear Channel Communications, Inc. added value to the portfolio. Gap has been restructuring successfully, its new merchandise assortment that includes Old Navy has been well received, and its strategy to frequently change store displays became a reason for shoppers to visit Gap stores more often. Clear Channel Communications benefited from the strong improvement in radio advertising. In the Energy sector, our position in Halliburton Company had a positive effect on the portfolio. Halliburton moved closer to a settlement on its asbestos exposure, while executing in an improved environment for oil and gas exploration and oil well services. In the Technology sector, our position in Hewlett-Packard Co. added value to the portfolio. Hewlett-Packard continued to deliver gains from synergies achieved thorough its merger with Compaq, with strong products and performance in the printer segment, which has benefited from the growing digital imaging market. Our holdings of Cigna and El Paso in the Health Care and Utility sectors, respectively, adversely affected our performance.

Despite generating negative returns for the year ended April 30, 2003, the Riggs Small Company Stock Fund significantly outperformed its benchmark, the Russell 2000 Index⁴, with a return of (11.65)%² (Class Y Shares), compared to (20.75)% for the benchmark. Stock selection contributed most to the relative performance, as we maintained sector weights close to those of the benchmark. The Fund benefited from strong stock selection in the Industrial, Health Care and Financial sectors, while selection in Technology adversely affected the relative returns.

In the Industrial sector our positions in Mesa Air Group, Inc. and Wabash National Corp. added strongly to the relative performance of the portfolio. As a low cost operator, Mesa Air continued to gain share, particularly as its code share partners were able to avoid liquidation. Wabash has been executing its restructuring plan successfully, cutting costs heavily and moving to divest its non-core divisions. In the Health Care sector, our holding of Owens and Minor, Inc. added value to our performance. Owens and Minor is a distributor of medical supplies; the firm is growing by supplying more of non-commodity type and high tech supplies with better revenues and margins. In the Financial sector, our position in First Bancorp contributed positively to the relative performance of the portfolio. First Bancorp has gained from strong loan growth, increased market share, and improved diversification of its portfolio. In the Technology sector, our holding of Axcelis Technologies, Inc. adversely affected our relative performance, as demand from its semiconductor customers fell more sharply than expected.

Both the Riggs Stock Fund and the Riggs Small Company Stock Fund benefited from the settlement of class action lawsuits, the proceeds of which were received in April 2003. The lawsuits related to two of the Funds’ holdings were in the late 1990s.

Riggs U.S. Government Securities Fund

The Riggs U.S. Government Securities Fund produced a total return of 9.56%² (Class Y Shares) for the twelve-month period ended April 30, 2003, compared to an 11.09% return for the Merrill Lynch U.S. Treasury Agency Master Index⁷ over the same period. During the reporting period the yield curve steepened by 86 basis points, with the middle of the yield curve outperforming the longer-dated maturities. The Treasury and Mortgage sectors were the worst performing during the reporting period, while the Commercial Mortgage Backed Securities (CMBS) and Corporate sectors were the best performing. The Fund’s duration⁶ underweight relative to its index caused a drag on the Fund’s performance. Additionally, the Fund’s overweight in mortgage bonds hurt the Fund’s relative performance as rates declined and prepayments accelerated during the reporting period.

Riggs Bond Fund

The Riggs Bond Fund produced a total return of 9.84%² for the twelve-month period ended April 30, 2003, compared to a 12.43% return for the Lehman Brothers Government Credit Total Index⁵ over the same period. During the reporting period the yield curve steepened by 86 basis points, with the middle of the yield curve outperforming the longer-dated maturities. The Treasury and Mortgage sectors were the worst performing during the reporting period, while the CMBS and Corporate sectors were the best performing. The Fund’s duration⁶ underweight relative to its index caused a drag on the Fund’s performance. Additionally, the Fund’s higher credit quality hurt the Fund’s relative performance, as BBB rated corporate bonds were stellar performers.

Riggs Short Term Tax Free Bond Fund⁸

The Riggs Short Term Tax Free Bond Fund produced a total return of 5.78%² for the twelve-month period ended April 30, 2003, compared to a 5.82% return for the Lehman Brothers 3 Year Municipal Bond Index.⁹ During the reporting period the tax-exempt yield curve steepened by 71 basis points, with the longer maturities outperforming the shorter-dated maturities. The Hospital and Education sectors were the best performing during the reporting period, while the Housing and Industrial Development Revenue Bond (IDRB) sectors were the worst performing. Demand for municipals was robust, as investors were willing to pay very aggressive levels for lower rated credits and specialty states. The Fund’s neutral positioning regarding maturity and its focus on higher quality credits produced returns that were in line with that of the index.

4

Riggs Intermediate Tax Free Bond Fund⁸

The Riggs Intermediate Tax Free Bond Fund produced a total return of 9.43%² for the twelve-month period ended April 30, 2003, compared to an 8.50% return for the Lehman Brothers 10 Year Municipal Bond Index.¹⁰ During the reporting period the tax-exempt yield curve steepened by 71 basis points, with the longer maturities outperforming the shorter-dated maturities. The Hospital and Education sectors were the best performing during the reporting period, while the Housing and the IDRB sectors were the worst performing. Demand for municipals was robust, as investors were willing to pay very aggressive levels for lower-rated credits and specialty states. The Fund’s overweight in longer maturities constituted the bulk of its outperformance versus its index.

Riggs Prime Money Market Fund¹¹

Riggs U.S. Treasury Money Market Fund¹¹

For the twelve-month period ended April 30, 2003, yields in the short end of the curve fell to the lowest levels in over forty years. The Federal Reserve Board continued to ease rates by lowering the federal funds target rate an additional 50 basis points to 1.25% from 1.75% at the November 2002 meeting.

The average maturity of the Prime Money Market Fund rose to 75 days from 51 days. This was largely the result of an increased exposure to callable agency securities, primarily one-year agencies with a three-month call date. They were attractive for the higher yield they offer in this low interest rate environment. The average 7-day yield for taxable money market funds dropped to an all-time low in April. The 7-day yield of the Prime Money Market Fund as of April 30, 2003 was 0.56%² and was also at an all-time low since the Fund’s inception in 1991. We maintained the Fund’s high credit quality by purchasing only commercial paper rated A1/P1 or better and corporate notes rated A or better.

The average maturity of the U.S. Treasury Money Market Fund was essentially unchanged at the end of the reporting period at 35 days. The Fund held approximately 27% in repurchase agreements backed by Treasury collateral and 73% in Treasury notes and bills. The Treasury has been increasing the supply of bills in the last year due to the widening deficit. The yield on the three-month bill was down 65 basis points to 1.11% during this period while the yield on the six-month bill was down 75 basis points to 1.13% leaving the yield curve relatively flat out to one year. This contributed to our decision not to extend the average maturity of the Fund.

1 Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

2 Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so than an investor’s shares, when redeemed, may be worth more or less than their original cost. Yields will vary. Current performance information is available by calling 1-800-934-3883.

3 The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.

4 The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. The index is unmanaged, and investments cannot be made in an index.

5 The Lehman Brothers Government Credit Total Index is comprised of approximately 5,000 issues which include: non-convertible bonds publicly issued by the U.S. government or its agencies; corporate bonds guaranteed by the U.S. government and quasi-federal corporations; and publicly issued, fixed rate, non-convertible domestic bonds of companies in industry, public utilities, and finance. The average maturity of these bonds approximates nine years. Tracked by Lehman Brothers, Inc., the index calculates total returns for one month, three-month, twelve-month, and ten-year periods and year-to-date. The index is unmanaged, and investments cannot be made in an index.

6 Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

7 The Merrill Lynch U.S. Treasury Agency Master Index is an unmanaged index comprised of long-term bonds publicly issued by the U.S. government or its agencies. Investments cannot be made in an index.

8 Income may be subject to the federal alternative minimum tax and state and local taxes.

9 The Lehman Brothers 3 Year Municipal Bond Index is an unmanaged index of municipal bonds issued after January 1, 1991 with a minimum credit rating of at least Baa, been issued as part of a deal of at least $50 million, have a maturity value of at least $5 million and a maturity range of 1-5 years. As of January 1996 the index also includes zero coupon bonds and bonds subject to Alternative Minimum Tax. Investments cannot be made in an index.

10 The Lehman Brothers 10 Year Municipal Bond Index is an unmanaged index of municipal bonds issued after January 1, 1991 with a minimum credit rating of at least Baa, been issued as part of a deal of at least $50 million, have a maturity value of at least $3 million and a maturity range of 10 years or greater. As of January 1996 the index also includes zero coupon bonds and bonds subject to Alternative Minimum Tax. Investments cannot be made in an index.

11 An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money investing in the funds.

5

Riggs Stock Fund

Class R Shares

Growth of $10,000 Invested in Riggs Stock Fund, Class R Shares

The graph below illustrates the hypothetical investment of $10,000* in Riggs Stock Fund, Class R Shares (the “Fund”) from April 30, 1993 to April 30, 2003 compared to the Standard and Poor’s 500 Index (S&P 500).**

AVERAGE ANNUAL TOTAL RETURNS*** FOR THE PERIOD ENDED APRIL 30, 2003

1 Year	(15.58	)%
5 Years	(8.39	)%
10 Years	6.44	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge in effect May 11, 1992 of 3.50% ($10,000 investment minus $350 sales charge = $9,650). Effective December 18, 1995, the maximum sales charge increased to 5.75%. Effective July 1, 1998, the front end sales charge was eliminated, and a contingent deferred sales charge of 2.00% for newly purchased Class R Shares was implemented. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

** The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.

*** Total returns quoted reflect all applicable sales charges and contingent deferred sales charges.

6

Riggs Stock Fund

Class Y Shares

Growth of $10,000 Invested in Riggs Stock Fund, Class Y Shares

The graph below illustrates the hypothetical investment of $10,000* in Riggs Stock Fund, Class Y Shares (the “Fund”) from December 20, 1999 (start of performance) to April 30, 2003 compared to the Standard and Poor’s 500 Index (S&P 500).**

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED APRIL 30, 2003

1 Year	(13.72)%
Start of Performance (12/20/1999)	(11.27)%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

* Represents a hypothetical investment of $10,000 in the Fund. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

** The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.

7

Riggs Small Company Stock Fund

Class R Shares

Growth of $10,000 Invested in Riggs Small Company Stock Fund, Class R Shares

The graph below illustrates the hypothetical investment of $10,000* in Riggs Small Company Stock Fund, Class R Shares (the “Fund”) from February 27, 1995 (start of performance) to April 30, 2003 compared to the Russell 2000 Index (RUS2).**

AVERAGE ANNUAL TOTAL RETURNS*** FOR THE PERIOD ENDED APRIL 30, 2003

1 Year	(13.67	)%
5 Years	(4.94	)%
Start of Performance (2/27/1995)	8.59	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge in effect February 27, 1995 of 3.50% ($10,000 investment minus $350 sales charge = $9,650). Effective December 18, 1995, the maximum sales charge increased to 5.75%. Effective July 1, 1998, the front end sales charge was eliminated, and a contingent deferred sales charge of 2.00% for newly purchased Class R Shares was implemented. The Fund’s performance assumes the reinvestment of all dividends and distributions. The RUS2 has been adjusted to reflect reinvestment of dividends on securities in the index.

** The RUS2 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.

*** Total returns quoted reflect all applicable sales charges and contingent deferred sales charges.

8

Riggs Small Company Stock Fund

Class Y Shares

Growth of $10,000 Invested in Riggs Small Company Stock Fund, Class Y Shares

The graph below illustrates the hypothetical investment of $10,000* in Riggs Small Company Stock Fund, Class Y Shares (the “Fund”) from December 20, 1999 (start of performance) to April 30, 2003 compared to the Russell 2000 Index (RUS2).**

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED APRIL 30, 2003

1 Year	(11.65	)%
Start of Performance (12/20/1999)	3.52	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

* Represents a hypothetical investment of $10,000 in the Fund. The Fund’s performance assumes the reinvestment of all dividends and distributions. The RUS2 has been adjusted to reflect reinvestment of dividends on securities in the index.

** The RUS2 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.

9

Riggs U.S. Government Securities Fund

Class R Shares

Growth of $10,000 Invested in Riggs U.S. Government Securities Fund, Class R Shares

The graph below illustrates the hypothetical investment of $10,000* in Riggs U.S. Government Securities Fund, Class R Shares (the “Fund”) from April 30, 1993 to April 30, 2003 compared to the Merrill Lynch U.S. Treasury Agency Master Index (MLTAM).**

AVERAGE ANNUAL TOTAL RETURNS*** FOR THE PERIOD ENDED APRIL 30, 2003

1 Year	7.29	%
5 Years	6.23	%
10 Years	6.21	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

* Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge in effect May 11, 1992 of 3.50% ($10,000 investment minus $350 sales charge = $9,650). Effective December 18, 1995, the maximum sales charge increased to 4.75%. Effective July 1, 1998, the front-end sales charge was eliminated, and a contingent deferred sales charge of 2.00% for newly purchased Class R Shares was implemented. The Fund’s performance assumes the reinvestment of all dividends and distributions. The MLTAM has been adjusted to reflect reinvestment of dividends on securities in the index.

** The MLTAM is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. MLTAM is an unmanaged index comprised of long-term bonds publicly issued by the U.S. government or its agencies. Investments cannot be made in an index.

*** Total returns quoted reflect all applicable sales charges and contingent deferred sales charges.

10

Riggs U.S. Government Securities Fund

Class Y Shares

Growth of $10,000 Invested in Riggs U.S. Government Securities Fund, Class Y Shares

The graph below illustrates the hypothetical investment of $10,000* in Riggs U.S. Government Securities Fund, Class Y Shares (the “Fund”) from December 20, 1999 (start of performance) to April 30, 2003 compared to the Merrill Lynch U.S. Treasury Agency Master Index (MLTAM).**

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED APRIL 30, 2003

1 Year	9.56	%
Start of Performance (12/20/1999)	8.60	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

* Represents a hypothetical investment of $10,000 in the Fund. The Fund’s performance assumes the reinvestment of all dividends and distributions. The MLTAM has been adjusted to reflect reinvestment of dividends on securities in the index.

** The MLTAM is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged.

11

Riggs Bond Fund

Class R Shares

Growth of $10,000 Invested in Riggs Bond Fund, Class R Shares

The graph below illustrates the hypothetical investment of $10,000* in Riggs Bond Fund, Class R Shares (the “Fund”) from December 20, 1999 (start of performance) to April 30, 2003 compared to the Lehman Brothers Government Credit Total Index (LBGCT).**

AVERAGE ANNUAL TOTAL RETURNS*** FOR THE PERIOD ENDED APRIL 30, 2003

1 Year	7.84	%
Start of Performance (12/20/1999)	7.97	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

* Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a 2.00% contingent deferred sales charge on any redemption less than five years from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The LBGCT has been adjusted to reflect reinvestment of dividends on securities in the index.

** The LBGCT is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. LBGCT is comprised of approximately 5,000 issues which include: non-convertible bonds publicly issued by the U.S. government or its agencies; corporate bonds guaranteed by the U.S. government and quasi-federal corporations; and publicly issued, fixed rate, non-convertible domestic bonds of companies in industry, public utilities, and finance. The average maturity of these bonds approximates nine years. Tracked by Lehman Brothers, Inc., the index calculates total returns for one month, three-month, twelve-month, and ten-year periods and year-to-date. The index is unmanaged, and investments cannot be made in an index.

*** Total returns quoted reflect all applicable sales charges and contingent deferred sales charges.

12

Riggs Short Term Tax Free Bond Fund

Class R Shares

Growth of $10,000 Invested in Riggs Short Term Tax Free Bond Fund, Class R Shares

The graph below illustrates the hypothetical investment of $10,000* in Riggs Short Term Tax Free Bond Fund, Class R Shares (the “Fund”) from December 20, 1999 (start of performance) to April 30, 2003 compared to the Lehman Brothers 3 Year Municipal Bond Index (LB3MB)** and the Lehman Brothers 5 Year Municipal Bond Index (LB5MB).***

AVERAGE ANNUAL TOTAL RETURNS† FOR THE PERIOD ENDED APRIL 30, 2003

1 Year	3.78	%
Start of Performance (12/20/1999)	5.29	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

* Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a 2.00% contingent deferred sales charge on any redemption less than five years from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The LB3MB and LB5MB have been adjusted to reflect reinvestment of dividends on securities in the index.

** The LB3MB is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund’s performance. The LB3MB is an unmanaged index of municipal bonds issued after January 1, 1991 with a minimum credit rating of at least Baa, been issued as part of a deal of at least $50 million, have a maturity value of at least $5 million and a maturity range of 1-5 years. As of January 1996, the index also includes zero coupon bonds and bonds subject to the Alternative Minimum Tax. Investments cannot be made in an index. The Fund has elected to change its benchmark from the LB5MB to the LB3MB. The LB3MB is more representative of the securities typically held by the Fund.

*** The LB5MB is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund’s performance. LB5MB is an unmanaged index of municipal bonds issued after January 1, 1991 with a minimum credit rating of at least Baa, been issued as part of a deal of at least $50 million, have a maturity value of at least $3 million and a maturity range of 1-9.99 years. As of January 1996, the index also includes zero coupon bonds and bonds subject to Alternative Minimum Tax. Investments cannot be made in an index.

† Total returns quoted reflect all applicable sales charges and contingent deferred sales charges.

13

Riggs Intermediate Tax Free Bond Fund

Class R Shares

Growth of $10,000 Invested in Riggs Intermediate Tax Free Bond Fund, Class R Shares

The graph below illustrates the hypothetical investment of $10,000* in Riggs Intermediate Tax Free Bond Fund, Class R Shares (the “Fund”) from December 20, 1999 (start of performance) to April 30, 2003 compared to the Lehman Brothers 10 Year Municipal Bond Index (LB10MB).**

AVERAGE ANNUAL TOTAL RETURNS*** FOR THE PERIOD ENDED APRIL 30, 2003

1 Year	7.43	%
Start of Performance (12/20/1999)	6.99	%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

* Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a 2.00% contingent deferred sales charge on any redemption less than five years from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The LB10MB has been adjusted to reflect reinvestment of dividends on securities in the index.

** The LB10MB is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. LB10MB is an unmanaged index of municipal bonds issued after January 1, 1991 with a minimum credit rating of at least Baa, been issued as part of a deal of at least $50 million, have a maturity value of at least $3 million and a maturity range of 10 years or greater. As of January 1996 the index also includes zero coupon bonds and bonds subject to Alternative Minimum Tax. Investments cannot be made in an index.

*** Total returns quoted reflect all applicable sales charges and contingent deferred sales charges.

14

PORTFOLIO OF INVESTMENTS

Riggs Stock Fund

April 30, 2003

Shares		Value
Common Stocks—97.3%
	Aerospace & Defense—1.5%
5,825	United Technologies Corp.	$	360,043
	Air Freight & Logistics—1.1%
4,152	FedEx Corp.		248,622
	Banks—5.0%
5,300	Bank of America Corp.		392,465
14,495	U.S. Bancorp		321,064
9,884	Wells Fargo & Co.		477,002
	Total		1,190,531
	Beverages—1.7%
3,480	Anheuser-Busch Cos., Inc.		173,582
12,155	Coca-Cola Enterprises, Inc.		236,901
	Total		410,483
	Biotechnology—1.3%
4,965	(1) Amgen, Inc.		304,404
	Chemicals—1.7%
4,025	Du Pont (E.I.) de Nemours & Co.		171,183
7,065	International Flavors & Fragrances, Inc.		224,526
	Total		395,709
	Commercial Services & Supplies—2.0%
20,455	(1) Cendant Corp.		292,097
4,745	First Data Corp.		186,146
	Total		478,243
	Communications Equipment—4.2%
22,770	(1) Cisco Systems, Inc.		342,461
198,340	(1) Lucent Technologies, Inc.		357,012
18,345	Nokia Oyj, Class A, ADR		303,977
	Total		1,003,450
	Computers & Peripherals—3.3%
8,365	(1) Dell Computer Corp.		241,832
8,595	Hewlett-Packard Co.		140,099
4,728	International Business Machines Corp.		401,407
	Total		783,338
	Containers & Packaging—1.0%
4,275	Ball Corp.		240,084
	Diversified Financials—9.0%
5,460	American Express Co.		206,716
23,980	Citigroup, Inc.		941,215
10,107	Federal National Mortgage Association		731,646
4,015	Lehman Brothers Holdings, Inc.		252,825
	Total		2,132,402

15

Riggs Stock Fund

Shares		Value
Common Stocks—continued
	Diversified Telecommunication Services—3.8%
7,770	BellSouth Corp.	$	198,057
6,320	CenturyTel, Inc.		186,124
11,003	SBC Communications, Inc.		257,030
6,846	Verizon Communications		255,903
	Total		897,114
	Electric Utilities—1.5%
3,025	Consolidated Edison Co.		117,582
5,270	Entergy Corp.		245,635
	Total		363,217
	Energy Equipment & Services—1.4%
9,310	Halliburton Co.		199,327
4,495	(1) Noble Corp.		139,120
	Total		338,447
	Food & Staples Retailing—1.3%
10,820	Sysco Corp.		310,859
	Health Care Equipment & Supplies—2.1%
5,060	Medtronic, Inc.		241,564
4,860	(1) St. Jude Medical, Inc.		254,956
	Total		496,520
	Health Care Providers & Services—4.6%
4,795	Aetna US Healthcare		238,791
5,190	(1) Anthem, Inc.		356,242
8,153	HCA—The Healthcare Corp.		261,711
2,983	(1) Wellpoint Health Networks, Inc.		226,529
	Total		1,083,273
	Hotels, Restaurants & Leisure—1.0%
8,505	Wendy’s International, Inc.		246,985
	Household Durables—1.6%
12,105	Newell Rubbermaid, Inc.		368,960
	Household Products—2.4%
2,535	Kimberly-Clark Corp.		126,167
4,785	Procter & Gamble Co.		429,932
	Total		556,099
	Industrial Conglomerates—4.9%
1,380	3M Co.		173,935
33,535	General Electric Co.		987,606
	Total		1,161,541
	Insurance—6.3%
8,460	American International Group, Inc.		490,257
11,980	Hartford Financial Services Group, Inc.		488,305
9,265	Metropolitan Life Insurance Co.		266,183
7,665	Prudential Financial		245,050
	Total		1,489,795

16

Riggs Stock Fund

Shares		Value
Common Stocks—continued
	Leisure Equipment & Products—0.8%
8,175	Mattel, Inc.	$	177,725
	Machinery—1.0%
6,820	(1) SPX Corp.		230,516
	Media—2.4%
4,862	(1) Clear Channel Communications, Inc.		190,153
1,615	Gannett Co., Inc.		122,288
5,690	(1) Viacom, Inc., Class A		247,060
	Total		559,501
	Metals & Mining—1.3%
13,205	Alcoa, Inc.		302,791
	Multi-Utilities & Unregulated Power—1.2%
15,875	Duke Energy Corp.		279,241
	Multiline Retail—4.0%
11,690	Penney (J.C.) Co., Inc.		199,431
13,245	Wal-Mart Stores, Inc.		745,958
	Total		945,389
	Oil & Gas—4.5%
2,690	Anadarko Petroleum Corp.		119,436
2,911	BP Amoco PLC, ADR		112,190
18,763	Exxon Mobil Corp.		660,458
4,160	Royal Dutch Petroleum Co., ADR		170,061
	Total		1,062,145
	Paper & Forest Products—0.8%
12,441	Georgia-Pacific Corp.		192,089
	Personal Products—2.9%
4,995	Avon Products, Inc.		290,559
12,955	Gillette Co.		394,480
	Total		685,039
	Pharmaceuticals—5.6%
5,270	Bristol-Myers Squibb Co.		134,596
10,385	Johnson & Johnson		585,299
19,215	Pfizer, Inc.		590,861
	Total		1,310,756
	Semiconductor Equipment & Products—1.5%
19,261	Intel Corp.		354,402
	Software—5.9%
36,880	Microsoft Corp.		943,022
37,175	(1) Oracle Corp.		441,639
	Total		1,384,661
	Specialty Retail—2.7%
14,634	Gap (The), Inc.		243,363
14,288	Home Depot, Inc.		401,921
	Total		645,284
	Total Common Stocks (identified cost $20,377,578)		22,989,658

17

Riggs Stock Fund

Principal Amount		Value
Repurchase Agreement—1.8%
$424,000	Repurchase agreement with PaineWebber Group, Inc., dated 4/30/2003 due 5/1/2003 at 1.23%, collateralized by U.S. Treasury obligations with various maturities to 5/15/2030 (repurchase proceeds $424,014) (cost of $424,000)	$	424,000
	Total Investments—99.1% (identified cost $20,801,578)(2)		23,413,658
	Other Assets and Liabilities—Net—0.9%		209,436
	Total Net Assets—100%	$	23,623,094

(1) Non-income producing security.

(2) The cost of investments for federal tax purposes amounts to $21,139,742.

Note:    The categories of investments are shown as a percentage of total net assets at April 30, 2003.

The following acronym is used throughout this portfolio:

ADR—American Depositary Receipt

See Notes which are an integral part of the Financial Statements

18

PORTFOLIO OF INVESTMENTS

Riggs Small Company Stock Fund

April 30, 2003

Shares		Value
Common Stocks—88.8%
	Aerospace & Defense—2.1%
17,379	(1) Aeroflex, Inc.	$	93,499
3,767	(1) Alliant Techsystems, Inc.		202,363
10,787	(2) EDO Corp.		203,335
2,671	(1) Veridian Corp.		50,722
	Total		549,919
	Air Freight & Logistics—1.2%
5,376	(1) Forward Air Corp.		135,260
11,275	(1) Pacer International, Inc.		179,272
	Total		314,532
	Airlines—1.5%
51,127	(1) Mesa Air Group, Inc.		275,063
9,820	SkyWest, Inc.		125,598
	Total		400,661
	Auto Components—1.2%
5,260	(1) American Axle & Manufacturing Holdings, Inc.		131,079
9,300	(1) Keystone Automotive Industries, Inc.		170,097
	Total		301,176
	Automobiles—0.5%
3,561	(2) Winnebago Industries, Inc.		131,828
	Banks—11.1%
10,805	Boston Private Financial Holdings		203,674
6,050	Capital Bank Corp.		86,515
7,048	Commercial Federal Corp.		151,673
8,359	Community First Bankshares, Inc.		225,033
5,655	Cullen/Frost Bankers, Inc.		185,427
5,393	Dime Community Bancorp, Inc.		124,363
4,725	East West Bancorp, Inc.		159,941
2,560	First BanCorp		79,027
3,780	First Midwest Bancorp, Inc.		104,668
7,490	(1) First Republic Bank		187,999
4,068	Hudson United Bancorp		135,627
7,330	Main Street Banks, Inc.		154,956
5,080	Mercantile Bancorporation, Inc.		134,620
7,094	Pacific Northwest Bancorp		199,767
4,997	Resource Bankshares Corp.		134,069
4,270	South Financial Group, Inc.		104,615
4,730	(1) Southwest Bancorp. of Texas, Inc.		160,725
8,035	United Bankshares, Inc.		232,051
6,392	Washington Federal, Inc.		139,346
	Total		2,904,096

19

Riggs Small Company Stock Fund

Shares		Value
Common Stocks—continued
	Biotechnology—0.9%
2,787	(1) Cephalon, Inc.	$	113,821
3,870	(1) Invitrogen Corp.		126,549
	Total		240,370
	Building Products—1.4%
7,390	ElkCorp		149,647
16,745	(1) Griffon Corp.		228,067
	Total		377,714
	Chemicals—1.2%
8,856	Georgia Gulf Corp.		200,146
1,750	(1) Scotts Co.		99,662
	Total		299,808
	Commercial Services & Supplies—3.1%
26,199	(1) Casella Waste Systems, Inc.		223,215
7,631	(1)(2) Clean Harbors, Inc.		94,243
3,740	Global Payments, Inc.		115,977
16,220	(1) Moore Corp. Ltd.		185,232
11,530	(1) Tetra Tech, Inc.		178,715
	Total		797,382
	Communications Equipment—0.5%
8,395	Inter-Tel, Inc.		138,098
	Computers & Peripherals—1.3%
5,352	(1)(2) Drexler Technology, Corp.		85,311
5,805	(1) Hutchinson Technology, Inc.		137,230
16,165	(1) Synaptics, Inc.		123,824
	Total		346,365
	Construction & Engineering—1.4%
2,688	(1) Emcor Group, Inc.		137,276
13,842	(1)(2) Insituform Technologies, Inc., Class A		220,780
	Total		358,056
	Construction Materials—0.3%
2,020	Florida Rock Industries, Inc.		76,760
	Containers & Packaging—0.4%
4,084	(1) Silgan Holdings, Inc.		108,716
	Diversified Telecommunication Services—1.0%
3,785	(1) Commonwealth Telephone Enterprises, Inc.		150,454
16,661	(1) General Communications, Inc., Class A		103,148
	Total		253,602
	Electronic Equipment & Instruments—4.2%
2,096	Analogic Corp.		100,084
13,080	BEI Technologies, Inc.		111,965
3,850	(1) Benchmark Electronics, Inc.		99,908
5,780	(1) Coherent, Inc.		132,940
7,077	(1) Excel Technology, Inc.		162,205
12,157	Methode Electronics, Inc., Class A		127,649

20

Riggs Small Company Stock Fund

Shares		Value
Common Stocks—continued
	Electronic Equipment & Instruments—continued
4,554	Roper Industries, Inc.	$	139,307
10,540	(1)(2) ScanSource, Inc.		209,851
	Total		1,083,909
	Energy Equipment & Services—2.7%
8,527	(1) Cal Dive International, Inc.		137,285
7,085	(1) National-Oilwell, Inc.		148,714
10,570	(1) Pride International, Inc.		164,046
4,113	(1) Tetra Technologies, Inc.		109,406
7,655	(1) W-H Energy Services, Inc.		137,790
	Total		697,241
	Food & Staples Retailing—1.5%
5,895	(1) Performance Food Group Co.		206,797
2,644	(1) United Natural Foods, Inc.		77,178
9,580	(1) Wild Oats Markets, Inc.		103,656
	Total		387,631
	Food Products—1.5%
3,245	(1) American Italian Pasta Co., Class A		143,105
4,985	Corn Products International, Inc.		148,952
6,335	(1) Hain Celestial Group, Inc.		109,342
	Total		401,399
	Gas Utilities—1.1%
4,140	New Jersey Resources Corp.		141,795
9,780	(1) Southern Union Co.		136,431
	Total		278,226
	Health Care Equipment & Supplies—2.5%
5,625	(1) INAMED Corp.		209,756
5,515	(1) Immucor, Inc.		113,223
3,520	(1) Respironics, Inc.		135,238
9,405	(1) Sybron Dental Specialties, Inc.		191,392
	Total		649,609
	Health Care Providers & Services—7.1%
6,155	(1) Amerigroup Corp.		179,234
5,245	(1) Amsurg Corp.		136,213
2,580	(1) Coventry Health Care, Inc.		105,316
21,045	Hooper Holmes, Inc.		127,322
3,255	(1) Mid Atlantic Medical Services, Inc.		141,755
24,820	(1) Option Care, Inc.		231,571
12,288	Owens & Minor, Inc.		228,557
3,865	(1) Pediatrix Medical Group		123,178
5,840	(1) Pharmaceutical Product Development, Inc.		152,833
4,080	(1) Priority HealthCare Corp., Class B		93,024
5,525	(1) Renal Care Group, Inc.		179,010
8,155	(1)(2) Sierra Health Services, Inc.		135,373
2,486	(1) U.S. Physical Therapy, Inc.		28,539
	Total		1,861,925

21

Riggs Small Company Stock Fund

Shares		Value
Common Stocks—continued
	Hotels Restaurants & Leisure—2.7%
10,768	Landrys Restaurants, Inc.	$	201,362
4,841	(1)(2) Shuffle Master, Inc.		110,859
3,640	(1) Sonic Corp.		98,316
10,806	(1) Triarc Cos., Inc.		299,326
	Total		709,863
	Household Durables—2.8%
3,210	Ethan Allen Interiors, Inc.		108,113
2,180	Harman International Industries, Inc.		145,166
7,090	La-Z Boy Chair Co.		138,468
3,738	M.D.C. Holdings, Inc.		172,322
495	(1) NVR, Inc.		177,086
	Total		741,155
	IT Services—1.9%
22,551	(1) Tier Technologies, Inc., Class B		148,837
24,855	(1) Titan Corp.		199,586
39,819	(1) Tyler Technologies, Inc.		157,285
	Total		505,708
	Insurance—1.9%
11,941	(1) Allmerica Financial Corp.		182,697
6,090	Hilb Rogal & Hamilton Co.		216,500
3,405	RLI Corp.		100,618
	Total		499,815
	Internet & Catalog Retail—0.8%
71,580	(1)(2) Shop At Home, Inc.		196,845
	Internet Software & Services—0.6%
9,530	(1) Digital Insight Corp.		154,005
	Leisure Equipment & Products—1.1%
9,705	(1) JAKKS Pacific, Inc.		126,165
10,090	(1) RC2 Corp.		160,229
	Total		286,394
	Machinery—1.7%
2,895	(1) ESCO Technologies, Inc.		113,513
1,455	OshKosh Truck Corp.		81,480
5,726	Timken Co.		101,350
16,210	(1) Wabash National Corp.		152,050
	Total		448,393
	Media—0.9%
2,770	Media General, Inc., Class A		152,239
14,746	(1) Regent Communications, Inc.		88,329
	Total		240,568
	Metals & Mining—1.2%
35,080	(1) Hecla Mining Co.		131,199
15,486	(1)(2) Steel Dynamics, Inc.		187,381
	Total		318,580

22

Riggs Small Company Stock Fund

Shares		Value
Common Stocks—continued
	Multi-Utilities & Unregulated Power—0.5%
3,695	Energen Corp.	$	121,196
	Multiline Retail—0.4%
7,530	Dillards, Inc., Class A		105,269
	Office Electronics—1.1%
22,150	Ikon Office Solutions, Inc.		171,884
1,875	(1) Zebra Technologies Corp., Class A		125,006
	Total		296,890
	Oil & Gas—2.9%
15,967	(1) Comstock Resources, Inc.		177,234
13,900	(1) Denbury Resources, Inc.		147,340
2,995	(1) Newfield Exploration Co.		102,998
4,270	(1) Quicksilver Resources, Inc.		98,722
23,835	(1)(2) Ultra Petroleum Corp.		238,350
	Total		764,644
	Paper & Forest Products—0.4%
14,055	(1) Louisiana-Pacific Corp.		113,564
	Personal Products—0.5%
12,101	(1) Steiner Leisure Ltd.		125,850
	Pharmaceuticals—1.3%
10,155	(1) Bradley Pharmaceuticals, Inc.		146,334
2,665	(1) Medicis Pharmaceutical Corp., Class A		153,611
4,838	(1) Noven Pharmaceuticals, Inc.		46,590
	Total		346,535
	Real Estate—1.0%
4,625	First Industrial Realty Trust		129,315
3,090	Weingarten Realty Investors		122,055
	Total		251,370
	Road & Rail—2.0%
9,700	(1) Genesee & Wyoming, Inc., Class A		167,810
5,515	(1) Heartland Express, Inc.		126,845
18,935	(1) SCS Transportation, Inc.		226,841
	Total		521,496
	Semiconductor Equipment & Products—2.2%
34,306	(1) Axcelis Technologies, Inc.		194,858
4,030	(1) Cymer, Inc.		115,057
4,160	(1) DSP Group, Inc.		86,944
9,270	(1) FEI Co.		169,548
	Total		566,407
	Software—2.3%
8,225	Autodesk, Inc.		127,981
3,232	(1) Manhattan Associates, Inc.		78,182
13,362	(1) Radiant Systems, Inc.		84,581
10,090	(1) SERENA Software, Inc.		159,018
6,955	(1)(2) Take-Two Interactive Software, Inc.		156,488
	Total		606,250

23

Riggs Small Company Stock Fund

Shares or Principal Amount		Value
Common Stocks—continued
	Specialty Retail—6.7%
9,015	(1) A.C. Moore Arts & Crafts, Inc.	$	155,328
8,118	Aaron Rents, Inc.		181,437
6,075	(1) Ann Taylor Stores Corp.		143,735
13,666	(1) GameStop Corp.		163,309
6,413	(1) Linens ‘N Things, Inc.		135,891
6,060	(1) Michaels Stores, Inc.		189,314
8,750	(1) Movie Gallery, Inc.		161,796
5,915	(1)(2) Pacific Sunwear of California		135,039
3,276	Regis Corp. Minnesota		92,809
4,063	(1) Rent-A-Center, Inc.		260,845
7,210	(1) Too, Inc.		133,818
	Total		1,753,321
	Textiles Apparel & Luxury Goods—1.8%
8,560	(1) Fossil, Inc.		156,477
7,905	(1) Steven Madden Ltd.		140,077
9,547	Wolverine World Wide, Inc.		176,047
	Total		472,601
	Trading Companies & Distributors—0.4%
3,880	Lawson Products, Inc.		104,760
	Total Common Stocks (identified cost $19,977,214)		23,210,502
Repurchase Agreements—16.0%
$2,573,000	Repurchase agreement with PaineWebber Group, Inc., dated 4/30/2003 due 5/1/2003 at 1.23%, collateralized by a U.S. Treasury obligation with maturity of 5/15/2007 (repurchase proceeds $2,573,088)		2,573,000
1,602,600	Repurchase agreement with Merrill Lynch, Inc. dated 4/30/2003 due 5/1/2003 at 1.35%, collateralized by U.S. government agency obligations with various maturities to 11/15/2030 (repurchase proceeds $1,602,660) (held as collateral for securities lending)		1,602,600
	Total Repurchase Agreements (cost of $4,175,600)		4,175,600
	Total Investments—104.8% (identified cost $24,152,814)(3)		27,386,102
	Other Assets and Liabilities—Net—(4.8)%		(1,242,532	)
	Total Net Assets—100%	$	26,143,570

(1) Non-income producing security.

(2) Certain shares amounts on loan to broker.

(3) The cost of investments for federal tax purposes amounts to $24,478,773.

Note:    The categories of investments are shown as a percentage of total net assets at April 30, 2003.

See Notes which are an integral part of the Financial Statements

24

PORTFOLIO OF INVESTMENTS

Riggs U.S. Government Securities Fund

April 30, 2003

Principal Amount		Value
Asset-Backed Securities—0.7%
$     318,800	EQCC Home Equity Loan Trust 1997-3, Class A8, 6.41%, 12/15/2004 (identified cost $318,748)	$	324,423
Collateralized Mortgage Obligations—0.4%
	Finance—0.4%
115,080	Federal National Mortgage Association, Series 1988-16, Class B, 9.50%, 6/25/2018		131,074
43,598	Federal National Mortgage Association, Series 1989-35, Class G, 9.50%, 7/25/2019		49,757
	Total Collateralized Mortgage Obligations (identified cost $169,897)		180,831
Government Agencies—47.7%
	Federal Agricultural Mortgage Association—4.6%
1,700,000	8.07%, 4/16/2007		2,042,220
	Federal Home Loan Mortgage Corporation—33.5%
3,000,000	(1) 3.25%, 1/15/2004		3,045,450
8,249,000	(1) 5.50%, 7/15/2006		9,076,870
900,000	6.943%, 3/21/2007		1,047,029
1,000,000	7.375%, 5/15/2003		1,002,419
2,070,949	4.50%-8.50%, 5/15/2008-2/1/2033 (held as collateral for securities lending)		800,494
	Total		14,972,262
	Federal National Mortgage Association—6.8%
2,000,000	6.00%, 5/15/2011		2,276,260
1,848,725	5.00%-10.75%, 11/25/2007-1/18/2027 (held as collateral for securities lending)		760,154
	Total		3,036,414
	Student Loan Marketing Association—2.8%
1,000,000	7.30%, 8/1/2012		1,236,970
	Total Government Agencies (identified cost $19,597,408)		21,287,866
Mortgage Backed Securities—22.4%
	Federal Home Loan Mortgage Corporation—0.6%
291,786	6.50%, 7/1/2004		295,870
	Federal National Mortgage Association—0.3%
112,440	7.50%, 6/1/2012		120,719
	Government National Mortgage Association—21.5%
1,360,537	6.50%, 5/15/2028		1,433,240
2,883,883	6.50%, 10/15/2031		3,033,820
3,571,169	7.00%, 8/15/2027		3,797,810
3,527	7.50%, 6/15/2026		3,780
12,069	7.50%, 10/15/2026		12,933
731,044	7.50%, 10/15/2027		782,117
486,665	8.00%, 10/15/2027		528,572
	Total		9,592,272
	Total Mortgage Backed Securities (identified cost $9,561,037)		10,008,861
U.S. Treasury—30.2%
	U.S. Treasury Bonds—13.4%
216,000	(1) 5.375%, 2/15/2031		235,676
219,000	(1) 6.125%, 11/15/2027		257,461

25

Riggs U.S. Government Securities Fund

Principal Amount			Value
U.S. Treasury—continued
		U.S. Treasury Bonds—continued
$	63,000	6.125%, 8/15/2029	$	74,438
	245,000	(1) 6.50%, 11/15/2026		300,240
	1,000,000	(1) 7.125%, 2/15/2023		1,297,340
	250,000	7.25%, 8/15/2022		327,773
	350,000	7.875%, 2/15/2021		483,602
	1,800,000	(1) 8.00%, 11/15/2021		2,523,654
	325,000	12.00%, 8/15/2013		468,000
		Total		5,968,184
		U.S. Treasury Notes—14.0%
	5,109,000	(1) 4.875%, 2/15/2012		5,540,097
	1,000	(1) 6.50%, 5/15/2005		1,100
	600,000	(1) 7.00%, 7/15/2006		690,282
		Total		6,231,479
		U.S. Treasury Strips—2.8%
	3,404,445	7.25%, 8/15/2022 (held as collateral for securities lending)		1,255,287
		Total U.S. Treasury (identified cost $12,093,273)		13,454,950
Repurchase Agreements—31.7%
	1,806,000	Repurchase agreement with PaineWebber Group, Inc., dated 4/30/2003 due 5/1/2003 at 1.23%, collateralized by a U.S. Treasury obligation with maturity of 5/15/2006 (repurchase proceeds $1,806,062)		1,806,000
	12,352,586	Repurchase agreement with Morgan Stanley, Inc., dated 4/30/2003 due 5/1/2003 at 1.35%, collateralized by U.S. government agency obligations with various maturities to 2/1/2037 (repurchase proceeds $12,353,049) (held as collateral for securities lending)		12,352,586
		Total Repurchase Agreements (cost of $14,158,586)		14,158,586
		Total Investments—133.1% (identified cost $55,898,949)(2)		59,415,517
		Other Assets and Liabilities—Net—(33.1)%		(14,781,135	)
		Total Net Assets—100%	$	44,634,382

(1) Certain principal amounts on loan to broker.

(2) The cost of investments for federal tax purposes amounts to $56,154,522.

Note:    The categories of investments are shown as a percentage of total net assets at April 30, 2003.

See Notes which are an integral part of the Financial Statements

26

PORTFOLIO OF INVESTMENTS

Riggs Bond Fund

April 30, 2003

Principal Amount		Value
Asset-Backed Securities—15.4%
$1,265,000	California Infrastructure & Economic Development Bank Special Purpose Trust PG&E-1, Class A7, 6.42%, 9/25/2008	$	1,371,020
1,265,000	California Infrastructure SDG&E-1 1997-1, Class A6, 6.31%, 9/25/2008		1,373,259
264,604	EQCC Home Equity Loan Trust 1997-3, Class A8, 6.41%, 12/15/2004		269,271
	Total Asset-Backed Securities (identified cost $2,711,764)		3,013,550
Collateralized Mortgage Obligations—10.5%
	Finance—6.6%
1,040,963	Federal Home Loan Mortgage Corp., Series 1602, Class PH, 6.00%, 4/15/2023		1,102,094
124,361	Federal National Mortgage Association, Series 1988-16, Class B, 9.50%, 6/25/2018		141,644
49,710	Federal National Mortgage Association, Series 1989-35, Class G, 9.50%, 7/25/2019		56,732
722,751	Prudential Home Mortgage Securities 1993-35, Class A7, 6.75%, 9/25/2008		755,824
	Total Collateralized Mortgage Obligations (identified cost $1,962,161)		2,056,294
Corporate Bonds—25.7%
	Finance—20.1%
500,000	Bank One Corp., Note, 7.60%, 5/1/2007		582,730
875,000	(1) Bank of America Corp., 3.875%, 1/15/2008		902,265
366,000	Chase Manhattan Corp., 7.25%, 6/1/2007		414,645
775,000	Citicorp, Sub. Note, 7.00%, 7/1/2007		884,384
1,000,000	Credit Suisse First Boston USA, Inc., Note, 6.50%, 1/15/2012		1,101,940
1,030,000	Lehman Brothers Holdings, Inc., Note, 6.625%, 1/18/2012		1,166,516
	Total Corporate Bonds (identified cost $4,729,246)		5,052,480
Government Agencies—4.7%
	Federal Farm Credit System—4.3%
715,000	9.20%, 8/22/2005		834,037
	Student Loan Marketing Association—0.4%
70,000	7.30%, 8/1/2012		86,588
	Total Government Agencies (identified cost $886,072)		920,625
Mortgage Backed Securities—16.7%
	Federal Home Loan Mortgage Corporation—0.1%
12,547	6.50%, 7/1/2004		12,722
	Federal National Mortgage Association—0.7%
125,889	7.50%, 6/1/2012		135,158
	Government National Mortgage Association—15.9%
1,451,517	6.50%, 5/15/2028		1,529,082
94,084	6.50%, 9/15/2028		99,112
24,184	6.50%, 10/15/2031		25,441
842,371	7.00%, 8/15/2027		895,832
61,247	7.00%, 7/15/2028		65,094
356,947	7.50%, 6/15/2026		382,475

27

Riggs Bond Fund

Principal Amount			Value
Mortgage Backed Securities—continued
		Government National Mortgage Association—continued
$	68,929	7.50%, 12/15/2026	$	73,859
	21,693	7.50%, 1/15/2027		23,209
	9,981	7.50%, 4/15/2027		10,678
	15,824	8.00%, 6/15/2026		17,238
	6,281	8.00%, 8/15/2027		6,821
		Total		3,128,841
		Total Mortgage Backed Securities (identified cost $3,102,837)		3,276,721
U.S. Treasury—20.9%
		U.S. Treasury Bonds—15.4%
	726,000	(1) 5.375%, 2/15/2031		792,131
	500,000	(1) 6.125%, 11/15/2027		587,810
	494,000	6.125%, 8/15/2029		583,691
	300,000	6.25%, 8/15/2023		355,266
	519,000	(1) 6.50%, 11/15/2026		636,019
	50,000	6.75%, 8/15/2026		62,985
		Total		3,017,902
		U.S. Treasury Note—5.5%
	1,000,000	(1) 4.875%, 2/15/2012		1,084,380
		Total U.S. Treasury (identified cost $3,697,520)		4,102,282
Repurchase Agreements—24.9%
	1,042,000	Repurchase agreement with PaineWebber Group, Inc., dated 4/30/2003 due 5/1/2003 at 1.23%, collateralized by a U.S. Treasury obligation with maturity of 5/17/2007 (repurchase proceeds $1,042,036)		1,042,000
	3,124,276	Repurchase agreement with Goldman Sachs & Co., dated 4/30/2003 due 5/1/2003 at 1.36%, collateralized by U.S. government agency obligations with various maturities to 11/1/2040 (repurchase proceeds $3,124,394) (held as collateral for securities lending)		3,124,276
	722,610	Repurchase agreement with Goldman Sachs & Co., dated 4/30/2003 due 5/1/2003 at 1.23%, collateralized by U.S. government agency obligations with various maturities to 5/25/2033 (repurchase proceeds $722,635) (held as collateral for securities lending)		722,610
		Total Repurchase Agreements (cost of $4,888,886)		4,888,886
		Total Investments—118.8% (identified cost $21,978,486)(2)	$	23,310,838
		Other Assets and Liabilities—Net—(18.8)%		(3,691,359	)
		Total Net Assets—100%	$	19,619,479

(1) Certain principal amounts on loan to broker.

(2) The cost of investments for federal tax purposes amounts to $22,050,224.

Note:    The categories of investments are shown as a percentage of total net assets at April 30, 2003.

See Notes which are an integral part of the Financial Statements

28

PORTFOLIO OF INVESTMENTS

Riggs Short Term Tax Free Bond Fund

April 30, 2003

Principal Amount		Value
Long-Term Municipals—97.2%
	Arizona—2.5%
$1,000,000	Maricopa County, AZ, Unified School District No. 97, GO UT, 5.20% (FGIC LOC)/(Original Issue Yield: 5.30%), 7/1/2007	$	1,064,580
	Delaware—1.2%
500,000	Delaware State, (Series B), 5.00% (Original Issue Yield: 4.80%), 5/1/2004		519,610
	Florida—2.4%
1,000,000	Volusia County, FL, School District, GO UT, 5.00% (FGIC LOC)/(Original Issue Yield: 3.35%), 8/1/2004		1,048,310
	Georgia—4.7%
1,000,000	Henry County, GA, School District, GO UT, 3.75% (Original Issue Yield: 3.58%), 8/1/2004		1,032,080
950,000	Georgia Municipal Electric Authority, Refunding Revenue Bonds (Series Z), 5.10% (FSA LOC)/(Original Issue Yield: 5.15%), 1/1/2005		1,008,349
	Total		2,040,429
	Hawaii—5.2%
2,000,000	Hawaii State, GO UT (Series CB) Refunding Bonds, 5.75% (Original Issue Yield: 5.90%), 1/1/2007		2,254,560
	Illinois—11.3%
1,000,000	Chicago, IL, O’Hare International Airport, (Series A), 6.375% (MBIA LOC)/(Original Issue Yield: 6.735%), 1/1/2012		1,091,660
1,000,000	Chicago, IL, O’Hare International Airport, Revenue Bonds (Series A), 5.375% (AMBAC LOC)/(Original Issue Yield: 5.50%), 1/1/2007		1,101,950
1,550,000	Chicago, IL, GO UT Refunding Bonds, 6.30% (AMBAC LOC)/(Original Issue Yield: 6.40%), 1/1/2005		1,674,713
1,000,000	Lake County, IL, (Series A) Water & Sewer Refunding Revenue Bonds, 5.50% (AMBAC LOC)/(Original Issue Yield: 5.65%), 12/1/2009		1,024,610
	Total		4,892,933
	Kansas—2.3%
1,000,000	Johnson County, KS, Unified School District No. 233, GO UT, 5.25% (FGIC LOC)/(Original Issue Yield: 5.30%), 9/1/2017		1,013,990
	Massachusetts—2.6%
1,000,000	Lawrence, MA, GO UT, 5.50% (AMBAC LOC)/(Original Issue Yield: 4.71%), 2/1/2011 (@100)		1,126,400
	Michigan—7.1%
1,000,000	Forest Hills, MI, Public School, GO UT, 5.25% (Original Issue Yield: 4.55%), 5/1/2004		1,041,290
1,090,000	Grandville, MI, Public Schools District, 2.00%, 5/1/2004		1,098,720
865,000	Michigan State Building Authority, (Series I) Health, Hospital, Nursing Home Improvement Revenue Bonds, 5.40% (Original Issue Yield: 5.50%), 10/1/2005		933,430
	Total		3,073,440
	Nevada—2.5%
1,000,000	Washoe County, NV, Hospital Facilities, Revenue Bonds, 6.00% (AMBAC LOC)/(Original Issue Yield: 6.10%), 6/1/2009		1,068,220
	New Jersey—2.5%
1,000,000	New Jersey State, GO UT, 6.50% (Original Issue Yield: 4.95%), 7/15/2004		1,063,570
	New Mexico—2.6%
1,000,000	Santa Fe, NM, Community College District, GO UT, 5.45% (Original Issue Yield: 5.55%), 8/1/2010		1,121,070
	North Carolina—5.5%
1,200,000	North Carolina State, (Series A), 5.00% (Original Issue Yield: 4.40%), 9/1/2005		1,300,104
1,000,000	North Carolina State, GO UT Bonds, 5.00%, 5/1/2011		1,098,130
	Total		2,398,234
	Ohio—1.1%
450,000	Ohio State, GO UT, 4.00%, 9/15/2012		468,972

29

Riggs Short Term Tax Free Bond Fund

Principal Amount or Shares		Value
Long-Term Municipals—continued
	Rhode Island—3.4%
$1,435,000	Rhode Island Housing & Mortgage Finance Corp., (Series A) Refunding Revenue Bonds, 5.45% (AMBAC LOC), 7/1/2004	$	1,488,425
	Texas—20.4%
1,000,000	Austin, TX, Hotel Occupancy, 5.625% (AMBAC LOC)/(Original Issue Yield: 5.71%), 11/15/2019		1,116,580
1,000,000	Dallas-Fort Worth, TX, Regional Airport, Refunding Revenue Bond, (Series A), 7.75% (FGIC LOC), 11/1/2003		1,032,530
1,195,000	Fort Worth, TX, ISD, GO UT, 4.25% (PSFG LOC)/(Original Issue Yield: 2.10%), 2/15/2005		1,255,360
1,000,000	Harris County, TX, GO LT Correctional Facility Improvement Bonds, 5.50% (Original Issue Yield: 5.55%), 10/1/2011		1,104,280
1,000,000	Johnson County, TX, GO UT, 5.00% (FSA LOC)/(Original Issue Yield: 4.85%), 2/15/2016		1,061,040
1,000,000	North Texas Tollway Authority Dallas, (Series A), 5.10% (FGIC LOC)/(Original Issue Yield: 5.20%), 1/1/2013		1,090,870
335,000	San Antonio, TX, Electric & Gas, Revenue Bonds, 5.50% (Original Issue Yield: 5.625%), 2/1/2007 (@101)		390,811
130,000	San Antonio, TX, Electric & Gas, Revenue Bonds, 5.50% (Original Issue Yield: 5.625%), 2/1/2015		144,078
535,000	San Antonio, TX, Electric & Gas, Revenue Bonds, 5.50% (Original Issue Yield: 5.625%), 2/1/2015		606,112
1,000,000	Spring Texas ISD, 5.25%, 2/15/2019		1,070,920
	Total		8,872,581
	Utah—4.7%
580,000	Intermountain Power Agency, UT, (Series B), 5.25% (Original Issue Yield: 5.79%), 7/1/2017		590,718
420,000	Intermountain Power Agency, UT, (Series B), 5.25% (Original Issue Yield: 5.79%), 7/1/2017		431,050
440,000	Intermountain Power Agency, UT, (Series C), 5.00% (Original Issue Yield: 4.70%), 7/1/2004		451,365
560,000	Intermountain Power Agency, UT, (Series C), 5.00% (Original Issue Yield: 4.999%), 7/1/2004		574,823
	Total		2,047,956
	Virginia—1.5%
605,000	Chesapeake, VA, IDA, Public Facility Lease Revenue Bonds, 5.40% (MBIA LOC)/(Original Issue Yield: 5.50%), 6/1/2005		642,940
	Washington—5.0%
1,000,000	Snohomish County, WA, School District No. 6, UT GO Refunding Bonds, 5.45% (FGIC INS), 12/1/2005		1,099,220
1,000,000	Washington State Public Power Supply System, (Series B), 5.40% (Energy Northwest, WA)/(Original Issue Yield: 5.45%), 7/1/2005		1,079,590
	Total		2,178,810
	West Virginia—2.4%
1,000,000	West Virginia State, GO UT, 5.00% (Original Issue Yield: 3.45%), 6/1/2004		1,041,630
	Wisconsin—6.3%
1,315,000	Milwaukee, WI, (Series Y), 4.00%, 9/1/2003		1,327,808
1,300,000	Wisconsin State, (Series F), 5.00% (Original Issue Yield: 3.10%), 5/1/2005		1,391,975
	Total		2,719,783
	Total Long-Term Municipals (identified cost $40,448,012)		42,146,443
Mutual Fund—1.5%
670,489	SEI Tax Exempt Money Market Fund (at net asset value)		670,489
	Total Investments—98.7% (identified cost $41,118,501)(1)		42,816,932
	Other Assets And Liabilities—Net—1.3%		553,540
	Total Net Assets—100%	$	43,370,472

(1) The cost of investments for federal tax purposes amounts to $41,079,888.

Note:    The categories of investments are shown as a percentage of total net assets at April 30, 2003.

30

Riggs Short Term Tax Free Bond Fund

The following acronyms are used throughout this portfolio:

AMBAC	—American Municipal Bond Assurance Corporation	ISD	—Independent School District
FGIC	—Financial Guaranty Insurance Company	LOC	—Letter of Credit
FSA	—Financial Security Assurance	LT	—Limited Tax
GO	—General Obligation	MBIA	—Municipal Bond Investors Assurance
IDA	—Industrial Development Authority	PSFG	—Permanent School Fund Guarantee
INS	—Insured	UT	—Unlimited Tax

See Notes which are an integral part of the Financial Statements

31

PORTFOLIO OF INVESTMENTS

Riggs Intermediate Tax Free Bond Fund

April 30, 2003

Principal Amount		Value
Long-Term Municipals—96.4%
	Alabama—6.3%
$1,000,000	Alabama State Public School & College Authority, Refunding Revenue Bonds, 5.125% (FSA LOC)/(Original Issue Yield: 4.78%), 11/1/2014	$	1,099,110
1,115,000	University of Alabama, Refunding Revenue Bonds, 5.00% (FGIC LOC)/(Original Issue Yield: 4.53%), 10/1/2013		1,222,386
	Total		2,321,496
	Alaska—0.8%
275,000	Alaska State Housing Finance Corp., Revenue Bonds (Series 1), Veterans Mortgage Program, 6.30% (GNMA LOC), 12/1/2009		287,427
	Connecticut—0.1%
25,000	Madison, CT, GO UT, 4.875% (FGIC LOC)/(Original Issue Yield: 5.00%), 12/15/2010		26,485
	District Of Columbia—4.6%
500,000	District of Columbia, Carnegie Endowment Revenue Bonds, 5.75% (Original Issue Yield: 5.75%), 11/15/2010		563,915
1,000,000	District of Columbia, Refunding Revenue Bonds, 5.50% (Catholic University of America)/(AMBAC LOC), 10/1/2012		1,127,980
	Total		1,691,895
	Georgia—3.2%
55,000	Municipal Electric Authority of Georgia, (Series Y), PRF Revenue Bonds, 6.40%, 1/1/2009		65,485
945,000	Municipal Electric Authority of Georgia, (Series Y), 6.40%, 1/1/2009		1,098,213
	Total		1,163,698
	Illinois—5.6%
300,000	Chicago, IL, Metropolitan Water Reclamation District, GO UT Refunding Bonds, 5.20% (Original Issue Yield: 5.25%), 12/1/2013		334,143
1,000,000	Illinois Department Central Management Services, COP, 5.50% (MBIA LOC)/(Original Issue Yield: 5.55%), 7/1/2013		1,130,690
500,000	Metropolitan Pier & Exposition Authority, IL, Dedicated State Tax Refunding Revenue Bonds, 6.75% (Original Issue Yield: 6.85%), 6/1/2010		601,355
	Total		2,066,188
	Indiana—3.1%
1,000,000	Central High School Building Corp., IN, Refunding Revenue Bonds, 5.50%, 8/1/2010		1,138,230
	Michigan—9.6%
1,000,000	Lincoln Park, MI, School District, GO UT, 7.00% (FGIC LOC)/(Original Issue Yield: 5.95%), 5/1/2020		1,165,590
1,000,000	Michigan Municipal Bond Authority, Refunding Revenue Bonds, 5.375%, 10/1/2018		1,159,850
1,025,000	Michigan Municipal Bond Authority, Water Utility Improvements, 5.875% (Original Issue Yield: 5.40%), 10/1/2017		1,222,620
	Total		3,548,060
	Minnesota—2.9%
1,000,000	Minneapolis Special School District No. 001, MN, (Series B) COP School Improvement Bonds, 5.125%, 2/1/2014		1,088,940
	Missouri—6.0%
870,000	Missouri State Environmental Improvement & Energy Authority, PRF Revenue Bonds, 6.00%, 1/1/2016		945,577
130,000	Missouri State Environmental Improvement & Energy Authority, Refunding Revenue Bonds, 6.00%, 1/1/2016		140,041
1,000,000	Taney County, MO, Reorganized School District Number R-V, GO UT, 5.80%, 3/1/2017		1,114,140
	Total		2,199,758
	North Carolina—3.2%
1,000,000	North Carolina Eastern Municipal Power Agency, Refunding Revenue Bonds, 6.00% (AMBAC LOC), 1/1/2018		1,204,760
	North Dakota—3.2%
1,055,000	North Dakota State Building Authority, (Series B) Refunding Revenue Bonds, 5.00% (AMBAC LOC), 12/1/2010		1,171,862
	Pennsylvania—3.0%
1,000,000	Pennsylvania Intergovernmental Coop Authority, Special Tax, 5.25% (FGIC LOC)/(Original Issue Yield: 5.012%), 6/15/2015		1,104,090

32

Riggs Intermediate Tax Free Bond Fund

Principal Amount or Shares		Value
Long-Term Municipals—continued
	South Carolina—3.0%
$1,000,000	Beaufort County, SC School District, GO, 5.50%, 3/1/2016	$	1,122,700
	South Dakota—3.1%
1,000,000	Pierre, SD, School District, GO UT, 5.70% (FSA LOC)/(Original Issue Yield: 5.70%), 8/1/2017		1,142,470
	Tennessee—2.9%
1,000,000	Metropolitan Government Nashville & Davidson County, TN, GO UT, 5.125% (Original Issue Yield: 5.125%), 5/15/2009 (@101)		1,082,880
	Texas—13.4%
1,000,000	Bell County, TX, HFDC, Refunding Revenue Bonds, 5.375% (FSA LOC), 12/1/2013		1,086,320
500,000	Carroll, TX, ISD, GO UT Refunding Bonds (Series A), 5.00% (Original Issue Yield: 5.02%), 2/15/2016		534,070
1,000,000	El Paso, TX, GO LT (Series 1998), 5.125% (FGIC LOC)/(Original Issue Yield: 5.25%), 8/15/2015		1,088,050
1,000,000	Fort Worth, TX, Water & Sewer, Revenue Bonds, 5.75% (Original Issue Yield: 5.52%), 2/15/2017		1,138,600
1,000,000	Travis Country, TX, GO UT, 5.25%, 3/1/2015		1,108,310
	Total		4,955,350
	Utah—3.0%
1,050,000	Salt Lake County, UT, Municipal Building Authority, Refunding Revenue Bonds, 5.20% (AMBAC LOC)/(Original Issue Yield: 5.33%), 10/15/2011 (@100)		1,113,116
	Washington—8.8%
1,000,000	Clark County, WA, GO UT Refunding Bonds, 5.25%, 6/1/2015		1,096,930
1,000,000	Seattle, WA, (Series F) GO UT, 5.25% (Original Issue Yield: 5.02%), 12/15/2018		1,085,680
1,000,000	Washington State, (Series B), GO UT, 5.00% (Original Issue Yield: 5.20%), 1/1/2017		1,063,030
	Total		3,245,640
	Wisconsin—9.1%
50,000	Appleton, WI, Waterworks, Refunding Revenue Bonds, 5.375% (FGIC LOC)/(Original Issue Yield: 4.75%), 1/1/2015		55,709
1,000,000	Menomonee Falls, WI, Sewage System, (Series A) Revenue Bonds, 5.65% (AMBAC LOC)/(Original Issue Yield: 5.70%), 5/1/2016		1,113,220
1,000,000	Milwaukee County, WI, (Series A), 5.00% (Original Issue Yield: 4.87%), 10/1/2016		1,074,180
1,000,000	Wisconsin State Transportation, (Series A), 5.50% (FGIC LOC)/(Original Issue Yield: 5.25%), 7/1/2015		1,128,230
	Total		3,371,339
	Wyoming—1.5%
500,000	Laramie County, WY, School District No. 2, GO UT, 5.90% (MBIA LOC)/(Original Issue Yield: 5.90%), 6/1/2012		545,840
	Total Long-Term Municipals (identified cost $32,464,018)		35,592,224
Mutual Fund—2.5%
944,014	SEI Tax Exempt Money Market Fund (at net asset value)		944,014
	Total Investments—98.9% (identified cost $33,408,032)(1)		36,536,238
	Other Assets and Liabilities—Net—1.1%		391,914
	Total Net Assets—100%	$	36,928,152

(1) The cost of investments for federal tax purposes amounts to $33,404,290.

Note:    The categories of investments are shown as a percentage of total net assets at April 30, 2003.

33

Riggs Intermediate Tax Free Bond Fund

The following acronyms are used throughout this portfolio:

AMBAC	—American Municipal Bond Assurance Corporation	ISD	—Independent School District
COP	—Certificate of Participation	LOC	—Letter of Credit
FGIC	—Financial Guaranty Insurance Company	LT	—Limited Tax
FSA	—Financial Security Assurance	MBIA	—Municipal Bond Investors Assurance
GNMA	—Government National Mortgage Association	PRF	—Pre-refunded
GO	—General Obligation	UT	—Unlimited Tax
HFDC	—Health Facility Development Corporation

See Notes which are an integral part of the Financial Statements

34

PORTFOLIO OF INVESTMENTS

Riggs Prime Money Market Fund

April 30, 2003

Principal Amount		Value
Certificates of Deposit—9.0%
	Banking—4.5%
$10,000,000	First Tennessee Bank, 1.240%, 6/13/2003	$	10,000,000
	Finance—4.5%
10,000,000	Citibank Canada, 1.240%, 6/10/2003		10,000,000
	Total Certificates of Deposit		20,000,000
Commercial Paper—48.5%
	Auto—4.0%
9,000,000	Old Line Funding, 1.240%, 5/2/2003		8,999,690
	Banking—6.2%
7,000,000	American Express Credit Corp., 1.230%, 5/5/2003		6,999,043
7,000,000	Citigroup Global Markets Holdings, Inc., 1.250%, 6/4/2003		6,991,736
	Total		13,990,779
	Finance—34.8%
8,000,000	American General Finance Corp., 1.240%, 5/19/2003		7,995,040
8,000,000	Apreco, Inc., 1.230%, 6/16/2003		7,987,427
8,000,000	Asset One Securitization, 1.280%, 5/19/2003		7,994,880
8,000,000	CIT Group, Inc., 1.270%, 6/17/2003		7,986,735
7,000,000	CXC, Inc., 1.220%, 5/1/2003		7,000,000
9,000,000	Charta Corp., 1.230%, 5/5/2003		8,998,770
7,000,000	Corporate Receivables Corp., 1.220%, 5/16/2003		6,996,442
7,000,000	Dakota, 1.240%, 6/9/2003		6,990,597
6,000,000	Halogen Capital Co., 1.250%, 5/8/2003		5,998,542
10,000,000	UBS Finance (Delaware), Inc., 1.360%, 5/1/2003		10,000,000
	Total		77,948,433
	Manufacturing—3.5%
8,000,000	BASF Corp., 1.240%, 5/7/2003		7,998,346
	Total Commercial Paper		108,937,248
Government Agencies—30.8%
	Federal Home Loan Bank System—11.6%
5,000,000	1.200%, 4/8/2004		5,000,000
5,000,000	1.250%, 4/8/2004		5,000,000
5,000,000	1.300%, 4/7/2004		5,000,000
5,000,000	1.350%, 4/30/2004		5,000,000
6,000,000	1.450%, 2/27/2004		6,000,000
	Total		26,000,000
	Federal Home Loan Mortgage Corporation—2.7%
6,000,000	1.585%, 12/8/2003		5,999,941
	Federal National Mortgage Association—2.2%
5,000,000	1.450%, 4/19/2004		5,000,000
	Student Loan Marketing Association—14.3%
7,000,000	(1) 1.191%, 5/15/2003		7,000,000
7,000,000	(1) 1.191%, 6/19/2003		7,000,000
6,000,000	(1) 1.191%, 7/17/2003		6,000,000

35

Riggs Prime Money Market Fund

Principal Amount			Value
Government Agencies—continued
		Federal Loan Marketing Association—continued
$	5,000,000	(1) 1.201%, 8/21/2003	$	5,000,000
	7,000,000	1.405%, 2/24/2004		7,000,000
		Total		32,000,000
		Total Government Agencies		68,999,941
Repurchase Agreements—11.4%
	10,000,000	Repurchase agreement with Lehman Brothers, dated 4/30/2003 due 5/1/2003 at 1.20%, collateralized by a U.S. Treasury obligation with maturity of 4/15/2029 (repurchase proceeds $10,000,333)		10,000,000
	15,531,000	Repurchase agreement with PaineWebber Group, Inc., dated 4/30/2003 due 5/1/2003 at 1.23%, collateralized by U.S. Treasury obligations with various maturities to 2/15/2025 (repurchase proceeds $15,531,531)		15,531,000
		Total Repurchase Agreements		25,531,000
		Total Investments—99.7% (at amortized cost)(2)		223,468,189
		Other Assets and Liabilities—Net—0.3%		689,647
		Total Net Assets—100%	$	224,157,836

(1) Current rate and next reset date shown.

(2) Also represents cost for federal tax purposes.

Note:    The categories of investments are shown as a percentage of total net assets at April 30, 2003.

See Notes which are an integral part of the Financial Statements

36

PORTFOLIO OF INVESTMENTS

Riggs U.S. Treasury Money Market Fund

April 30, 2003

Principal Amount		Value
U.S. Treasury—78.1%
	U.S. Treasury Bills—73.1%
$6,000,000	1.120%, 7/3/2003	$	5,988,240
6,000,000	1.120%, 7/31/2003		5,983,317
6,000,000	(1) 1.140%, 5/1/2003		6,000,000
8,000,000	(1) 1.115%, 6/19/2003		7,987,696
16,000,000	1.116%-1.245%, 5/22/2003		15,989,453
7,000,000	(1) 1.160%, 7/24/2003		6,981,298
4,000,000	(1) 1.175%, 6/5/2003		3,995,508
6,000,000	1.190%, 5/8/2003		5,998,670
	Total		58,924,182
	U.S. Treasury Note—5.0%
4,000,000	3.625%, 8/31/2003		4,032,342
	Total U.S. Treasury		62,956,524
Repurchase Agreements—49.2%
10,000,000	Repurchase agreement with Lehman Brothers, dated 4/30/2003 due 5/1/2003 at 1.20%, collateralized by a U.S. Treasury obligation with maturity of 4/15/2029 (repurchase proceeds $10,000,333)		10,000,000
13,664,000	Repurchase agreement with PaineWebber Group, Inc., dated 4/30/2003 due 5/1/2003 at 1.23%, collateralized by U.S. Treasury obligations with various maturities to 5/15/2007 (repurchase proceeds $13,664,467)		13,664,000
16,009,070	Repurchase agreement with Morgan Stanley, Inc., dated 4/30/2003 due 5/1/2003 at 1.35%, collateralized by U.S. government agency obligations with various maturities to 2/1/2037 (repurchase proceeds $16,009,670) (held as collateral for securities lending)		16,009,070
	Total Repurchase Agreements		39,673,070
	Total Investments—127.3% (at amortized cost)(2)		102,629,594
	Other Assets and Liabilities—Net—(27.3)%		(21,999,123)
	Total Net Assets—100%	$	80,630,471

(1) Certain principal amounts on loan to broker.

(2) Also represents cost for federal tax purposes.

Note:    The categories of investments are shown as a percentage of total net assets at April 30, 2003.

See Notes which are an integral part of the Financial Statements

37

STATEMENTS OF ASSETS AND LIABILITIES

Riggs Funds

April 30, 2003

	Stock Fund			Small Company Stock Fund			U.S. Government Securities Fund			Bond Fund
Assets:
Investments in securities, at value	$	22,989,658		$	23,210,502	(1)	$	45,256,931	(2)	$	18,421,952	(3)
Investments in repurchase agreements		424,000			4,175,600			14,158,586			4,888,886
Total investments, at value		23,413,658			27,386,102			59,415,517			23,310,838
Cash		5,276			711			6,506			1,664
Income receivable		23,229			6,306			518,578			225,838
Receivable for shares sold		650			125			1,711			—
Receivable for investments sold		483,390			817,798			—			—
Prepaid expenses		—			—			14,923			8,582
Total assets		23,926,203			28,211,042			59,957,235			23,546,922
Liabilities:
Income distribution payable		—			—			126,094			74,438
Payable for investments purchased		59,014			447,693			—			—
Payable upon return of securities loaned		—			1,602,600			15,168,521			3,846,886
Payable for shares redeemed		231,075			13,400			16,683			—
Accrued expenses		13,020			3,779			11,555			6,119
Total liabilities		303,109			2,067,472			15,322,853			3,927,443
Net Assets	$	23,623,094		$	26,143,570		$	44,634,382		$	19,619,479
Net Assets Consists of:
Paid in capital	$	26,344,696		$	27,345,962		$	39,911,064		$	18,213,200
Net unrealized appreciation of investments		2,612,080			3,233,288			3,516,568			1,332,352
Accumulated net realized gain (loss) on investments		(5,380,766	)		(4,435,680	)		1,208,672			74,018
Undistributed (distributions in excess of) net investment income		47,084			—			(1,922	)		(91	)
Total Net Assets	$	23,623,094		$	26,143,570		$	44,634,382		$	19,619,479
Class R Shares	$	14,863,731		$	11,457,952		$	17,674,706		$	19,619,479
Class Y Shares	$	8,759,363		$	14,685,618		$	26,959,676			—
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Net Asset Value and Offering Price Per Share
Class R Shares	$	6.28		$	10.63		$	10.44		$	11.04
Class Y Shares	$	6.35		$	10.78		$	10.44			—
Redemption Proceeds Per Share(4)
Class R Shares	$	6.15	(5)	$	10.42	(5)	$	10.23	(5)	$	10.82	(5)
Class Y Shares	$	6.35		$	10.78		$	10.44			—
Shares Outstanding:
Class R Shares		2,366,098			1,077,691			1,693,689			1,777,329
Class Y Shares		1,378,342			1,362,537			2,583,333			—
Investments, at identified cost	$	20,801,578		$	24,152,814		$	55,898,949		$	21,978,486

(1) Including $1,563,350 of securities loaned.

(2) Including $14,873,610 of securities loaned.

(3) Including $3,755,792 of securities loaned.

(4) See “What Do Shares Cost?” in the Prospectus.

(5) Computation of minimum redemption proceeds per share: 98/100 of net asset value.

See Notes which are an integral part of the Financial Statements

38

STATEMENTS OF ASSETS AND LIABILITIES—continued

Riggs Funds

April 30, 2003

	Short Term Tax Free Bond Fund			Intermediate Tax Free Bond Fund			Prime Money Market Fund			U.S. Treasury Money Market Fund
Assets:
Investments in securities, at value	$	42,816,932		$	36,536,238		$	197,937,189		$	62,956,524	(1)
Investments in repurchase agreements		—			—			25,531,000			39,673,070
Total investments, at amortized cost and value		42,816,932			36,536,238			223,468,189			102,629,594
Cash		2,261			1,993			12,136			—
Income receivable		662,995			510,536			250,502			25,230
Receivable for shares sold		—			—			3,636			147,000
Receivable for voluntary contribution from adviser		—			—			580,035			—
Total assets		43,482,188			37,048,767			224,314,498			102,801,824
Liabilities:
Income distribution payable		101,015			113,215			66,046			21,181
Payable for investments purchased		—			—			—			5,983,317
Payable upon return of securities loaned		—			—			—			16,009,070
Payable to bank		—			—			—			4,890
Payable for shares redeemed		—			—			74,596			147,000
Accrued expenses		10,701			7,400			16,020			5,895
Total liabilities		111,716			120,615			156,662			22,171,353
Net Assets	$	43,370,472		$	36,928,152		$	224,157,836		$	80,630,471
Net Assets Consists of:
Paid in capital	$	40,946,423		$	33,393,781		$	223,613,150		$	80,629,395
Net unrealized appreciation of investments		1,698,431			3,128,206			—			—
Accumulated net realized gain (loss) on investments		725,564			394,105			(39,908	)		—
Undistributed (distributions in excess of) net investment income		54			12,060			584,594			1,076
Total Net Assets	$	43,370,472		$	36,928,152		$	224,157,836		$	80,630,471
Class R Shares	$	43,370,472		$	36,928,152		$	33,054,250		$	19,062,136
Class Y Shares		—			—		$	191,103,586		$	61,568,335
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Net Asset Value and Offering Price Per Share
Class R Shares	$	10.49		$	10.79		$	1.00		$	1.00
Class Y Shares		—			—		$	1.00		$	1.00
Redemption Proceeds Per Share(2)
Class R Shares	$	10.28	(3)	$	10.57	(3)	$	1.00		$	1.00
Class Y Shares		—			—		$	1.00		$	1.00
Shares Outstanding:
Class R Shares		4,133,706			3,423,124			32,917,701			19,062,688
Class Y Shares		—			—			190,645,866			61,566,707
Investments, at identified cost	$	41,118,501		$	33,408,032		$	223,468,189		$	102,629,594

(1) Including $15,981,803 of securities loaned.

(2) See “What Do Shares Cost?” in the Prospectus.

(3) Computation of minimum redemption proceeds per share: 98/100 of net asset value.

See Notes which are an integral part of the Financial Statements

39

STATEMENTS OF OPERATIONS

Riggs Funds

April 30, 2003

	Stock Fund			Small Company Stock Fund			U.S. Government Securities Fund			Bond Fund
Investment Income:
Dividends	$	610,318	(1)	$	169,323			—			—
Interest		14,612			62,896		$	3,659,058		$	1,361,128
Total investment income		624,930			232,219			3,659,058			1,361,128
Expenses:
Investment adviser fee		282,153			263,174			562,956			196,649
Administrative personnel and services fee		60,192			52,635			120,097			41,952
Custodian fees		7,524			6,579			15,012			5,244
Transfer and dividend disbursing agent fees and expenses		32,021			8,030			9,154			4,535
Trustees’ fees		563			856			820			1,135
Auditing fees		17,958			19,025			17,484			15,252
Legal fees		3,502			4,192			3,024			4,107
Portfolio accounting fees		1,871			4,391			1,883			3,683
Distribution services fee—Class R Shares		40,705			29,555			50,086			65,550
Shareholder services fees—Class R Shares		40,705			29,555			50,086			65,550
Shareholder services fees—Class Y Shares		53,346			52,687			137,566			—
Share registration costs		24,069			28,913			21,439			14,369
Printing and postage		11,049			3,830			6,508			5,234
Insurance premiums		1,038			1,131			1,425			718
Miscellaneous		1,150			364			930			999
Total expenses		577,846			504,917			998,470			424,977
Waivers:
Waiver of investment adviser fee		—			—			(300,243	)		(73,144	)
Waiver of Distribution service fee—Class R Shares		—			—			—			(65,550	)
Waiver of Shareholder service fee—Class R Shares		—			—			(30,052	)		(39,330	)
Waiver of Shareholder services fee—Class Y Shares		—			—			(82,540	)		—
Total waivers		—			—			(412,835	)		(178,024	)
Net expenses		577,846			504,917			585,635			246,953
Net investment income/(Net operating loss)		47,084			(272,698	)		3,073,423			1,114,175
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(4,610,154	)		(4,239,275	)		3,099,217			578,650
Net change in unrealized appreciation (depreciation) of investments		(4,210,548	)		(1,795,717	)		1,125,114			775,629
Net realized and unrealized gain (loss) on investments		(8,820,702	)		(6,034,992	)		4,224,331			1,354,279
Change in net assets resulting from operations	($	8,773,618	)	$	(6,307,690	)	$	7,297,754		$	2,468,454

(1) Net of foreign taxes withheld of $687.

See Notes which are an integral part of the Financial Statements

40

STATEMENTS OF OPERATIONS—continued

Riggs Funds

April 30, 2003

	Short Term Tax Free Bond Fund			Intermediate Tax Free Bond Fund			Prime Money Market Fund			U.S. Treasury Money Market Fund
Investment Income:
Interest	$	2,426,029		$	2,116,548		$	3,877,050		$	1,377,065
Expenses:
Investment adviser fee		396,933			333,085			1,163,062			450,763
Administrative personnel and services fee		84,679			71,058			372,180			144,244
Custodian fees		10,585			8,882			46,522			18,031
Transfer and dividend disbursing agent fees and expenses		435			1,042			19,978			6,066
Trustees’ fees		1,287			945			2,953			1,464
Auditing fees		17,075			17,055			17,754			17,660
Legal fees		4,234			4,403			4,808			4,193
Portfolio accounting fees		4,647			6,849			2,989			2,883
Distribution services fee—Class R Shares		132,311			111,028			190,399			149,242
Shareholder services fees—Class R Shares		132,311			111,028			95,200			74,621
Shareholder services fees—Class Y Shares		—			—			486,331			150,760
Share registration costs		13,465			15,328			24,408			26,164
Printing and postage		3,603			3,099			12,669			6,208
Insurance premiums		1,272			1,304			2,305			1,671
Miscellaneous		129			586			1,184			1,224
Total expenses		802,966			685,692			2,442,742			1,055,194
Waivers:
Waiver of investment adviser fee		(92,878	)		(88,822	)		—			—
Waiver of Distribution service fee—Class R Shares		(132,311	)		(111,028	)		(95,200	)		(99,290	)
Waiver of Shareholder service fee—Class R Shares		(79,387	)		(66,617	)		(57,120	)		(44,773	)
Waiver of Shareholder services fee—Class Y Shares		—			—			(486,331	)		(150,760	)
Total waivers		(304,576	)		(266,467	)		(638,651	)		(294,823	)
Net expenses		498,390			419,225			1,804,091			760,371
Net investment income		1,927,639			1,697,323			2,072,959			616,694
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments		1,037,551			725,283			—			—
Net change in unrealized appreciation (depreciation) of investments		111,300			1,634,114			—			—
Net increase due to voluntary contribution from adviser (see Notes)		—			—			843,297			—
Net realized and unrealized gain (loss) on investments		1,148,851			2,359,397			843,297			—
Change in net assets resulting from operations	$	3,076,490		$	4,056,720		$	2,916,256		$	616,694

See Notes which are an integral part of the Financial Statements

41

STATEMENTS OF CHANGES IN NET ASSETS

Riggs Funds

	Stock Fund						Small Company Stock Fund						U.S. Government Securities Fund
	Year Ended April 30, 2003			Year Ended April 30, 2002			Year Ended April 30, 2003			Year Ended April 30, 2002			Year Ended April 30, 2003			Year Ended April 30, 2002
Increase (Decrease) in Net Assets:
Operations—
Net investment income (net operating loss)	$	47,084		$	(197,925	)	$	(272,698	)	$	(273,874	)	$	3,073,423		$	4,736,781
Net realized gain (loss) on investments		(4,610,154	)		(380,889	)		(4,239,275	)		3,697,335			3,099,217			1,268,187
Net change in unrealized appreciation/depreciation of investments		(4,210,548	)		(12,995,681	)		(1,795,717	)		483,663			1,125,114			(99,134	)
Change in net assets resulting from operations		(8,773,618	)		(13,574,495	)		(6,307,690	)		3,907,124			7,297,754			5,905,834
Distributions to Shareholders—
Distributions from net investment income
Class R Shares		—			—			—			—			(922,206	)		(1,150,768	)
Class Y Shares		—			—			—			(26,292	)		(2,676,284	)		(3,999,244	)
Distributions from net realized gain on investments
Class R Shares		—			(227,878	)		(202,731	)		—			—			—
Class Y Shares		—			(332,541	)		(365,698	)		—			—			—
Change in net assets resulting from distributions to shareholders		—			(560,419	)		(568,429	)		(26,292	)		(3,598,490	)		(5,150,012	)
Share Transactions—
Proceeds from sales of shares		1,888,200			5,530,559			2,844,753			3,077,156			3,834,716			10,070,451
Net asset value of shares issued to shareholders in payment of distributions declared		—			206,065			180,434			170			684,856			827,087
Cost of shares redeemed		(22,961,328	)		(26,377,604	)		(14,233,349	)		(18,260,515	)		(53,908,389	)		(31,042,687	)
Change in net assets resulting from share transactions		(21,073,128	)		(20,640,980	)		(11,208,162	)		(15,183,189	)		(49,388,817	)		(20,145,149	)
Change in net assets		(29,846,746	)		(34,775,894	)		(18,084,281	)		(11,302,357	)		(45,689,553	)		(19,389,327	)
Net Assets:
Beginning of period		53,469,840			88,245,734			44,227,851			55,530,208			90,323,935			109,713,262
End of period	$	23,623,094		$	53,469,840		$	26,143,570		$	44,227,851		$	44,634,382		$	90,323,935
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	47,084			—			—			—		$	(1,922	)	$	195,395

See Notes which are an integral part of the Financial Statements

42

STATEMENTS OF CHANGES IN NET ASSETS—continued

Riggs Funds

	Bond Fund						Short Term Tax Free Bond Fund
	Year Ended April 30, 2003			Year Ended April 30, 2002			Year Ended April 30, 2003			Year Ended April 30, 2002
Increase (Decrease) in Net Assets:
Operations—
Net investment income	$	1,114,175		$	1,628,732		$	1,927,639		$	2,312,302
Net realized gain (loss) on investments		578,650			(40,773	)		1,037,551			198,400
Net change in unrealized appreciation/depreciation of investments		775,629			338,497			111,300			501,815
Change in net assets resulting from operations		2,468,454			1,926,456			3,076,490			3,012,517
Distributions to Shareholders—
Distributions from net investment income
Class R Shares		(1,282,488	)		(1,588,663	)		(1,925,137	)		(2,275,462	)
Distributions from net realized gain on investments
Class R Shares		—			—			(489,009	)		—
Change in net assets resulting from distributions to shareholders		(1,282,488	)		(1,588,663	)		(2,414,146	)		(2,275,462	)
Share Transactions—
Proceeds from sales of shares		850,008			2,484,422			1,691,470			4,643,570
Net asset value of shares issued to shareholders in payment of distributions declared		6,119			18,200			15,970			6,923
Cost of shares redeemed		(12,028,217	)		(11,092,833	)		(15,278,877	)		(8,590,863	)
Change in net assets resulting from share transactions		(11,172,090	)		(8,590,211	)		(13,571,437	)		(3,940,370	)
Change in net assets		(9,986,124	)		(8,252,418	)		(12,909,093	)		(3,203,315	)
Net Assets:
Beginning of period		29,605,603			37,858,021			56,279,565			59,482,880
End of period	$	19,619,479		$	29,605,603		$	43,370,472		$	56,279,565
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(91	)	$	82,472		$	54			—

See Notes which are an integral part of the Financial Statements

43

STATEMENTS OF CHANGES IN NET ASSETS—continued

Riggs Funds

	Intermediate Tax Free Bond Fund						Prime Money Market Fund						U.S. Treasury Money Market Fund
	Year Ended April 30, 2003			Year Ended April 30, 2002			Year Ended April 30, 2003			Year Ended April 30, 2002			Year Ended April 30, 2003			Year Ended April 30, 2002
Increase (Decrease) in Net Assets:
Operations—
Net investment income	$	1,697,323		$	2,213,167		$	2,072,959		$	6,578,488		$	616,694		$	3,235,291
Net realized gain (loss) on investments		725,283			507,784			—			(16,472	)		—			—
Net change in unrealized appreciation/ depreciation of investments		1,634,114			504,013			—			—			—			—
Net increase due to voluntary contribution from adviser (see Notes)		—			—			843,297			—			—			—
Change in net assets resulting from operations		4,056,720			3,224,964			2,916,256			6,562,016			616,694			3,235,291
Distributions to Shareholders—
Distributions from net investment income
Class R Shares		(1,663,743	)		(2,206,892	)		(228,559	)		(948,362	)		(159,757	)		(226,205	)
Class Y Shares		—			—			(1,844,114	)		(5,630,126	)		(455,861	)		(3,009,086	)
Distributions from net realized gain on investments
Class R Shares		(567,002	)		(510,146	)		—			—			—			—
Change in net assets resulting from distributions to shareholders		(2,230,745	)		(2,717,038	)		(2,072,673	)		(6,578,488	)		(615,618	)		(3,235,291	)
Share Transactions—
Proceeds from sales of shares		722,556			653,807			557,603,592			722,194,399			245,108,296			356,741,992
Net asset value of shares issued to shareholders in payment of distributions declared		8,286			7,222			571,266			1,945,786			102,520			397,368
Cost of shares redeemed		(14,017,708	)		(10,260,946	)		(609,133,833	)		(796,678,143	)		(289,367,196	)		(397,090,193	)
Change in net assets resulting from share transactions		(13,286,866	)		(9,599,917	)		(50,958,975	)		(72,537,958	)		(44,156,380	)		(39,950,833	)
Change in net assets		(11,460,891	)		(9,091,991	)		(50,115,392	)		(72,554,430	)		(44,155,304	)		(39,950,833	)
Net Assets:
Beginning of period		48,389,043			57,481,034			274,273,228			346,827,658			124,785,775			164,736,608
End of period	$	36,928,152		$	48,389,043		$	224,157,836		$	274,273,228		$	80,630,471		$	124,785,775
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	12,060		$	(39,136	)	$	584,594		$	580,035		$	1,076			—

See Notes which are an integral part of the Financial Statements

44

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FINANCIAL HIGHLIGHTS

Riggs Funds

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period		Net Investment Income (Net Operating Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Total From Investment Operations		Distributions from Net Investment Income		Distributions from Net Realized Gain on Investments
Stock Fund R Shares
1999	$	16.57	0.04		0.94		0.98		(0.04	)	(1.71	)
2000	$	15.80	0.01		(0.38	)	(0.37	)	(0.01	)	(2.20	)
2001	$	13.22	(0.03	)(3)	(1.53	)	(1.56	)	—		(2.71	)
2002	$	8.95	(0.04	)(3)	(1.54	)	(1.58	)	—		(0.08	)
2003	$	7.29	(0.00	)(3)(4)	(1.01	)	(1.01	)	—		—
Stock Fund Y Shares
2000(5)	$	12.38	0.01		0.85		0.86		(0.01	)	—
2001	$	13.23	0.00	(3)(4)	(1.50	)	(1.50	)	—		(2.71	)
2002	$	9.02	(0.02	)(3)	(1.56	)	(1.58	)	—		(0.08	)
2003	$	7.36	0.01	(3)	(1.02	)	(1.01	)	—		—
Small Company Stock Fund R Shares
1999	$	18.80	(0.02	)	(5.66	)	(5.68	)	—		(1.85	)
2000	$	11.27	(0.05	)(3)	1.94		1.89		—		—
2001	$	13.16	(0.02	)	(0.15	)	(0.17	)	—		(1.77	)
2002	$	11.22	(0.09	)(3)	1.16		1.07		—		—
2003	$	12.29	(0.10	)(3)	(1.38	)	(1.48	)	—		(0.18	)
Small Company Stock Fund Y Shares
2000(5)	$	11.50	0.00	(3)(4)	1.68		1.68		—		—
2001	$	13.18	0.02		(0.11	)	(0.09	)	—		(1.77	)
2002	$	11.32	(0.06	)(3)	1.17		1.11		(0.01	)	—
2003	$	12.42	(0.08	)(3)	(1.38	)	(1.46	)	—		(0.18	)
U.S. Government Securities Fund R Shares
1999	$	9.77	0.52		0.06		0.58		(0.50	)	—
2000	$	9.85	0.50		(0.37	)	0.13		(0.51	)	—
2001	$	9.47	0.52		0.45		0.97		(0.51	)	—
2002	$	9.93	0.45	(3)(8)	0.11	(8)	0.56		(0.49	)	—
2003	$	10.00	0.40	(3)	0.51		0.91		(0.47	)	—
U.S. Government Securities Fund Y Shares
2000(5)	$	9.42	0.19		0.05		0.24		(0.19	)	—
2001	$	9.47	0.54		0.45		0.99		(0.53	)	—
2002	$	9.93	0.48	(3)(8)	0.11	(8)	0.59		(0.52	)	—
2003	$	10.00	0.43	(3)	0.51		0.94		(0.50	)	—
Bond Fund R Shares
2000(5)	$	10.00	0.21		0.01		0.22		(0.21	)	—
2001	$	10.01	0.58		0.49		1.07		(0.58	)	—
2002	$	10.50	0.54	(3)(8)	0.07	(8)	0.61		(0.52	)	—
2003	$	10.59	0.46	(3)	0.52		0.98		(0.53	)	—
Short Term Tax Free Bond Fund R Shares
2000(5)	$	10.00	0.15		(0.02	)	0.13		(0.15	)	—
2001	$	9.98	0.43		0.27		0.70		(0.43	)	—
2002	$	10.25	0.42	(3)(8)	0.12	(8)	0.54		(0.41	)	—
2003	$	10.38	0.38		0.21		0.59		(0.38	)	(0.10	)
Intermediate Tax Free Bond Fund R Shares
2000(5)	$	10.00	0.16		0.01		0.17		(0.16	)	—
2001	$	10.01	0.45		0.34		0.79		(0.46	)	(0.05	)
2002	$	10.29	0.43	(8)	0.18	(8)	0.61		(0.43	)	(0.10	)
2003	$	10.37	0.40		0.56		0.96		(0.40	)	(0.14	)
Prime Money Market Fund R Shares
1999	$	1.00	0.04		0.00	(4)	0.04		(0.04	)	—
2000	$	1.00	0.04		(0.00	)(4)	0.04		(0.04	)	—
2001	$	1.00	0.05		0.00	(4)	0.05		(0.05	)	—
2002	$	1.00	0.02		(0.00	)(4)	0.02		(0.02	)	—
2003	$	1.00	0.01		—		0.01		(0.01	)	—
Prime Money Market Fund Y Shares
1999	$	1.00	0.05		0.00	(4)	0.05		(0.05	)	—
2000	$	1.00	0.05		(0.00	)(4)	0.05		(0.05	)	—
2001	$	1.00	0.06		0.00	(4)	0.06		(0.06	)	—
2002	$	1.00	0.02		(0.00	)(4)	0.02		(0.02	)	—
2003	$	1.00	0.01		—		0.01		(0.01	)	—
U.S. Treasury Money Market Fund R Shares
1999(10)	$	1.00	0.03		—		0.03		(0.03	)	—
2000	$	1.00	0.04		(0.00	)(4)	0.04		(0.04	)	—
2001	$	1.00	0.05		0.00	(4)	0.05		(0.05	)	—
2002	$	1.00	0.02		—		0.02		(0.02	)	—
2003	$	1.00	0.01		—		0.01		(0.01	)	—
U.S. Treasury Money Market Fund Y Shares
1999	$	1.00	0.04		—		0.04		(0.04	)	—
2000	$	1.00	0.04		(0.00	)(4)	0.04		(0.04	)	—
2001	$	1.00	0.05		0.00	(4)	0.05		(0.05	)	—
2002	$	1.00	0.02		—		0.02		(0.02	)	—
2003	$	1.00	0.01		—		0.01		(0.01	)	—

46

								Ratios to Average Net Assets
Total Distributions		Net Asset Value, end of period		Total Return(1)		Expenses		Net Investment Income (Net Operating Loss)		Expense waiver/ Reimbursement(2)		Net Assets, end of period (000 omitted)		Portfolio Turnover
(1.75	)	$	15.80	6.50	%	1.22	%	0.26	%	0.26	%	$	101,474	52	%
(2.21	)	$	13.22	(1.04	)%	1.41	%	0.08	%	0.14	%	$	51,968	79	%
(2.71	)	$	8.95	(12.59	)%	1.52	%	(0.29	)%	0.01	%	$	30,385	95	%
(0.08	)	$	7.29	(17.75	)%	1.61	%	(0.46	)%	—		$	21,064	49	%
—		$	6.28	(13.85	)%	1.68	%	(0.02	)%	—		$	14,864	99	%
(0.01	)	$	13.23	6.98	%	1.20	%(6)	0.14	%(6)	0.12	%(6)	$	107,045	79	%
(2.71	)	$	9.02	(12.01	)%	1.27	%	(0.03	)%	0.01	%	$	57,861	95	%
(0.08	)	$	7.36	(17.61	)%	1.36	%	(0.21	)%	—		$	32,406	49	%
—		$	6.35	(13.72	)%	1.43	%	0.23	%	—		$	8,759	99	%
(1.85	)	$	11.27	(30.33	)%	1.37	%	(0.14	)%	0.26	%	$	38,728	100	%
—		$	13.16	16.77	%	1.60	%	(0.44	)%	0.13	%	$	33,163	116	%
(1.77	)	$	11.22	0.37	%	1.60	%	(0.14	)%	0.00	%(7)	$	16,637	146	%
—		$	12.29	9.54	%	1.66	%	(0.75	)%	—		$	15,114	183	%
(0.18	)	$	10.63	(11.94	)%	1.70	%	(0.99	)%	—		$	11,458	213	%
—		$	13.18	14.61	%	1.37	%(6)	0.02	%(6)	0.11	%(6)	$	57,182	116	%
(1.77	)	$	11.32	1.04	%	1.35	%	0.12	%	0.00	%(7)	$	38,893	146	%
(0.01	)	$	12.42	9.79	%	1.41	%	(0.50	)%	—		$	29,114	183	%
(0.18	)	$	10.78	(11.65	)%	1.45	%	(0.74	)%	—		$	14,686	213	%
(0.50	)	$	9.85	6.03	%	0.91	%	5.12	%	0.67	%	$	38,928	55	%
(0.51	)	$	9.47	1.39	%	1.06	%	5.19	%	0.55	%	$	29,898	55	%
(0.51	)	$	9.93	10.44	%	0.93	%	5.27	%	0.55	%	$	25,415	58	%
(0.49	)	$	10.00	5.78	%	0.96	%	4.51	%(8)	0.55	%	$	20,861	64	%
(0.47	)	$	10.44	9.29	%	0.96	%	3.91	%	0.55	%	$	17,675	22	%
(0.19	)	$	9.47	2.58	%	0.81	%(6)	5.57	%(6)	0.55	%(6)	$	102,968	55	%
(0.53	)	$	9.93	10.72	%	0.68	%	5.52	%	0.55	%	$	84,298	58	%
(0.52	)	$	10.00	6.04	%	0.71	%	4.77	%(8)	0.55	%	$	69,463	64	%
(0.50	)	$	10.44	9.56	%	0.71	%	4.16	%	0.55	%	$	26,960	22	%
(0.21	)	$	10.01	2.18	%	1.00	%(6)	5.73	%(6)	0.67	%(6)	$	41,597	16	%
(0.58	)	$	10.50	10.94	%	0.87	%	5.63	%	0.67	%	$	37,858	42	%
(0.52	)	$	10.59	5.54	%	0.90	%	5.04	%(8)	0.67	%	$	29,606	83	%
(0.53	)	$	11.04	9.84	%	0.94	%	4.26	%	0.68	%	$	19,619	23	%
(0.15	)	$	9.98	1.31	%	1.00	%(6)	4.16	%(6)	0.61	%(6)	$	66,582	9	%
(0.43	)	$	10.25	7.08	%	0.89	%	4.18	%	0.61	%	$	59,483	25	%
(0.41	)	$	10.38	5.37	%	0.93	%	4.05	%(8)	0.61	%	$	56,280	27	%
(0.48	)	$	10.49	5.78	%	0.94	%	3.64	%	0.58	%	$	43,370	38	%
(0.16	)	$	10.01	1.76	%	1.00	%(6)	4.57	%(6)	0.60	%(6)	$	69,119	0	%
(0.51	)	$	10.29	8.00	%	0.91	%	4.48	%	0.60	%	$	57,481	48	%
(0.53	)	$	10.37	6.02	%	0.93	%	4.09	%(8)	0.60	%	$	48,389	25	%
(0.54	)	$	10.79	9.43	%	0.94	%	3.82	%	0.60	%	$	36,928	11	%
(0.04	)	$	1.00	4.49	%	1.03	%	4.25	%	0.46	%	$	8,422	—
(0.04	)	$	1.00	4.53	%	1.07	%	4.55	%	0.40	%	$	23,842	—
(0.05	)	$	1.00	5.32	%	1.07	%	5.13	%	0.40	%	$	103,460	—
(0.02	)	$	1.00	1.96	%	1.07	%	1.90	%	0.40	%	$	43,742	—
(0.01	)	$	1.00	0.59	%(9)	1.07	%	0.60	%	0.40	%	$	33,054	—
(0.05	)	$	1.00	4.76	%	0.69	%	4.65	%	0.25	%	$	425,054	—
(0.05	)	$	1.00	4.90	%	0.72	%	4.83	%	0.25	%	$	323,076	—
(0.06	)	$	1.00	5.69	%	0.72	%	5.56	%	0.25	%	$	243,367	—
(0.02	)	$	1.00	2.31	%	0.72	%	2.30	%	0.25	%	$	230,531	—
(0.01	)	$	1.00	0.94	%(9)	0.72	%	0.95	%	0.25	%	$	191,104	—
(0.03	)	$	1.00	3.35	%	1.08	%(6)	3.86	%(6)	0.47	%(6)	$	3,309	—
(0.04	)	$	1.00	4.20	%	1.10	%	4.20	%	0.40	%	$	4,373	—
(0.05	)	$	1.00	5.11	%	1.08	%	5.03	%	0.40	%	$	5,449	—
(0.02	)	$	1.00	1.77	%	1.08	%	1.02	%	0.40	%	$	42,919	—
(0.01	)	$	1.00	0.50	%	1.01	%	0.53	%	0.48	%	$	19,062	—
(0.04	)	$	1.00	4.49	%	0.72	%	4.39	%	0.25	%	$	138,097	—
(0.04	)	$	1.00	4.57	%	0.75	%	4.52	%	0.25	%	$	150,085	—
(0.05	)	$	1.00	5.48	%	0.73	%	5.35	%	0.25	%	$	159,287	—
(0.02	)	$	1.00	2.12	%	0.73	%	2.26	%	0.25	%	$	81,867	—
(0.01	)	$	1.00	0.74	%	0.76	%	0.76	%	0.25	%	$	61,568	—

47

FINANCIAL HIGHLIGHTS—(continued)

Riggs Funds

(1) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(2) This voluntary expense decrease is reflected in both the expense and the net investment income (net operating loss) ratios shown above.

(3) Per share amount is based upon the average number of shares outstanding.

(4) Per share amount does not round to $0.01 or $(0.01).

(5) Reflects operations for the period from December 20, 1999 (date of initial public investment) to April 30, 2000.

(6) Computed on an annualized basis.

(7) Percentage amount does not round to 0.01%.

(8) Effective May 1, 2001, the U.S. Government Securities Fund, Bond Fund, Short Term Tax Free Bond Fund and Intermediate Tax Free Bond Fund adopted the provisions of the American Institute of Certified Public Accountants (“AICPA”) Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. The effect of this change for the year ended April 30, 2002 was as follows:

	Net Investment Income per Share			Net Realized/Unrealized Gain/Loss per Share			Ratio of Net Investment Income to Average Net Assets
Increase (Decrease)
U.S. Government Securities Fund R Shares	$	(0.07	)	$	0.07		(0.57	)%
U.S. Government Securities Fund Y Shares		(0.07	)		0.07		(0.58	)%
Bond Fund R Shares		(0.04	)		0.04		(0.24	)%
Short Term Tax Free Bond Fund R Shares		0.01			(0.01	)	0.07	%
Intermediate Tax Free Bond Fund R Shares		—			—		0.01	%

Per share, ratios and supplemental data for periods prior May 1, 2001 have not been restated to reflect this change in presentation.

(9) On April 24, 2003, the adviser made a voluntary contribution to the Fund for expired capital losses. This voluntary contribution had no effect on the fund’s total return.

(10) Reflects operations for the period from July 7, 1998 (date of initial public investment) to April 30, 1999.

See Notes which are an integral part of the Financial Statement.

48

COMBINED NOTES TO FINANCIAL STATEMENTS

Riggs Funds

April 30, 2003

Organization

Riggs Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of eight diversified portfolios (individually referred to as the “Fund”, or collectively as the “Funds”), which are presented herein:

Portfolio Name	Investment Objective
Riggs Stock Fund (“Stock Fund”)	Seeks to provide growth of capital and income.
Riggs Small Company Stock Fund (“Small Company Stock Fund”)	Seeks to provide long-term capital appreciation.
Riggs U.S. Government Securities Fund (“U.S. Government Securities Fund “)	Seeks to achieve current income.
Riggs Bond Fund (“Bond Fund”)	Seeks to provide as high a level of current income as is consistent with the preservation of capital.
Riggs Short Term Tax Free Bond Fund (“Short Term Tax Free Bond Fund”)	Seeks to provide a high level of current income which is exempt from federal income tax consistent with the preservation of principal.
Riggs Intermediate Tax Free Bond Fund (“Intermediate Tax Free Bond Fund”)	Seeks to provide a high level of current income which is exempt from federal income tax.
Riggs Prime Money Market Fund (“Prime Money Market Fund”)	Seeks to provide current income consistent with stability of principal and liquidity.
Riggs U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”)	Seeks to provide current income consistent with stability of principal and liquidity.

The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.

The Board of Trustees (the “Trustees”) approved a change in the name of the following Funds:

Effective Date	Old Name	New Name
February 28, 2003	Riggs Intermediate Tax Free Bond Fund	Riggs Short Term Tax Free Bond Fund
February 28, 2003	Riggs Long Term Tax Free Bond Fund	Riggs Intermediate Tax Free Bond Fund

Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles (“GAAP”).

Investment Valuations

U.S. government securities, listed corporate bonds (other fixed income and asset-backed securities), and unlisted securities and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Listed equity securities are valued at the last sale price reported on a primary national securities exchange. For the money market Funds within the Trust, the use of the amortized cost method to value portfolio securities is in accordance with Rule 2a-7 under the Act. For fluctuating net asset value Funds within the Trust, short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities purchased with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which there are no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Trustees.

Repurchase Agreements

It is the policy of the Funds to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank’s vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement’s collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.

The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds’ adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities.

49

Riggs Funds

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Funds (except Bond Fund, Short Term Tax Free Bond Fund and Intermediate Tax Free Bond Fund) offer multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Funds based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Effective May 1, 2001, the Trust adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies, U.S. Government Securities Fund and Bond Fund began accreting discount/amortizing premium on long-term debt securities and Short Term Tax Free Bond Fund and Intermediate Tax Free Bond Fund began accreting discount on debt securities. The effect of this accounting change had no impact on total net assets of these Funds, but resulted in the following adjustments based on securities held by the funds on May 1, 2001:

	Cost of Investments			Undistributed (distribution in excess of) Net Investment Income			Accumulated net realized gain (loss) on Investments
U.S. Government Securities Fund	$	(214,733	)	$	(470,870	)	$	256,137
Bond Fund		(153,229	)		(188,557	)		35,328
Short Term Tax Free Bond Fund		47,589			47,589			—
Intermediate Tax Free Bond Fund		6,812			6,812			—

The effect of this change for the year ended April 30, 2002 was as follows:

	Undistributed (distributions in excess of) Net Investment Income			Unrealized Appreciation/ Depreciation			Accumulated net realized gain (loss) on Investments
U.S. Government Securities Fund	$	(583,180	)	$	59,721		$	523,459
Bond Fund		(75,409	)		(109,961	)		185,370
Short Term Tax Free Bond Fund		36,633			(3,435	)		(33,198	)
Intermediate Tax Free Bond Fund		6,690			(4,508	)		(2,182	)

The statement of changes in net assets and financial highlights for prior periods have not been restated to reflect this change in presentation. For the Funds of the Trust not indicated above, the adoption of the guide did not have any effect on their financial statements.

Premium and Discount Amortization/Paydown Gains and Losses

All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage backed securities (paydown gains and losses) are classified as part of investment income.

Federal Taxes

It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code (the “Code”) and to distribute to shareholders each year substantially all of their income. Accordingly, no provision for federal tax is necessary.

When-Issued and Delayed Delivery Transactions

The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Securities Lending

Under guidelines adopted by the Trustees, each Fund may lend portfolio securities to brokers/dealers and other financial organizations in order to generate additional income. Loans of portfolio securities by a Fund will be collateralized by cash, letters of credit or U.S. government securities, which are maintained at a minimum level of 102% of the current market value of the loaned securities. Collateral is either held as cash or reinvested in short-term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates) and money market funds. The Funds return a portion of the interest on any cash received as collateral and continue to receive interest or dividends on securities loaned. Included in interest income is $1,313, $7,597, $15,888, $3,782, $1,541 and $13,882 for Stock Fund, Small Company Stock Fund, U.S. Government Securities Fund, Bond Fund, Prime Money Market Fund and U.S. Treasury Money Market Fund, respectively, attributable to income earned on securities lending transactions.

50

Riggs Funds

Loans will be made to firms deemed by the Funds’ adviser to be of good financial standing and will not be made unless, in the judgment of the Funds’ adviser, the consideration to be earned from such loans would justify the risk. The risks associated with lending portfolio securities consist of possible decline in value of collateral, possible delays receiving additional collateral or in the recovery of the loaned securities or expenses from enforcing the Funds’ rights should the borrower of the securities fail financially.

As of April 30, 2003, the value of securities loaned plus interest, the payable on collateral due to broker and the value of reinvested cash collateral securities were as follows:

Fund	Market Value of Securities Loaned		Payable on Collateral Due Broker		Reinvested Collateral Securities
Small Company Stock Fund	$	1,563,350	$	1,602,600	$	1,602,600
U.S. Government Securities Fund		14,873,610		15,168,521		15,168,521
Bond Fund		3,755,792		3,846,886		3,846,886
U.S. Treasury Money Market Fund		15,981,803		16,009,070		16,009,070

Cash collateral is held in a segregated account.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimates.

Other

Investment transactions are accounted for on a trade date basis.

Shares of Beneficial Interest

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in shares were as follows:

	Stock Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	1,525,660		250,679		$	2,822,421		354,929
Shares issued to shareholders in payment of distributions declared		—		—			202,760		26,128
Shares redeemed		(4,720,091	)	(774,705	)		(7,152,859	)	(884,288	)
Net change resulting from Class R Share transactions	$	(3,194,431	)	(524,026	)	$	(4,127,678	)	(503,231	)
	Stock Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class Y Shares	Amount			Shares		Amount			Shares
Shares sold	$	362,540		51,432		$	2,708,138		341,244
Shares issued to shareholders in payment of distributions declared		—		—			3,305		422
Shares redeemed		(18,241,237	)	(3,077,616	)		(19,224,745	)	(2,354,409	)
Net change resulting from Class Y Share transactions	$	(17,878,697	)	(3,026,184	)	$	(16,513,302	)	(2,012,743	)
Net change resulting from share transactions	$	(21,073,128	)	(3,550,210	)	$	20,640,980		(2,515,974	)
	Small Company Stock Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	792,927		77,082		$	1,419,366		126,886
Shares issued to shareholders in payment of distributions declared		179,494		17,878			—		—
Shares redeemed		(2,488,074	)	(247,118	)		(4,286,239	)	(380,334	)
Net change resulting from Class R Share transactions	$	(1,515,653	)	(152,158	)	$	(2,866,873	)	(253,448	)

51

Riggs Funds

	Small Company Stock Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class Y Shares	Amount			Shares		Amount			Shares
Shares sold	$	2,051,826		204,134		$	1,657,790		144,092
Shares issued to shareholders in payment of distributions declared		940		92			170		15
Shares redeemed		(11,745,275	)	(1,185,085	)		(13,974,276	)	(1,236,599	)
Net change resulting from Class Y Share transactions	$	(9,692,509	)	(980,859	)	$	(12,316,316	)	(1,092,492	)
Net change resulting from share transactions	$	(11,208,162	)	(1,133,017	)	$	(15,183,189	)	(1,345,940	)
	U.S. Government Securities Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	2,970,944		287,638		$	4,917,103		490,037
Shares issued to shareholders in payment of distributions declared		666,638		64,499			817,757		81,469
Shares redeemed		(7,698,832	)	(745,560	)		(10,435,048	)	(1,043,545	)
Net change resulting from Class R Share transactions	$	(4,061,250	)	(393,423	)	$	(4,700,188	)	(472,039	)
	U.S. Government Securities Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class Y Shares	Amount			Shares		Amount			Shares
Shares sold	$	863,772		84,906		$	5,153,348		510,018
Shares issued to shareholders in payment of distributions declared		18,218		1,769			9,330		936
Shares redeemed		(46,209,557	)	(4,452,454	)		(20,607,639	)	(2,049,930	)
Net change resulting from Class Y Share transactions	$	(45,327,567	)	(4,365,779	)	$	(15,444,961	)	(1,538,976	)
Net change resulting from share transactions	$	(49,388,817	)	(4,759,202	)	$	20,145,149	)	(2,011,015	)
	Bond Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	850,008		78,750		$	2,484,422		234,909
Shares issued to shareholders in payment of distributions declared		6,119		562			18,200		1,710
Shares redeemed		(12,028,217	)	(1,097,885	)		(11,092,833	)	(1,046,705	)
Net change resulting from Class R Share transactions	$	(11,172,090	)	(1,018,573	)	$	(8,590,211	)	(810,086	)
	Short Term Tax Free Bond Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	1,691,470		161,468		$	4,643,570		449,726
Shares issued to shareholders in payment of distributions declared		15,970		1,518			6,923		667
Shares redeemed		(15,278,877	)	(1,450,515	)		(8,590,863	)	(829,763	)
Net change resulting from Class R Share transactions	$	(13,571,437	)	(1,287,529	)	$	(3,940,370	)	(379,370	)

52

Riggs Funds

	Intermediate Tax Free Bond Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	722,556		69,186		$	653,807		62,284
Shares issued to shareholders in payment of distributions declared		8,286		775			7,222		691
Shares redeemed		(14,017,708	)	(1,313,945	)		(10,260,946	)	(983,327	)
Net change resulting from Class R Share transactions	$	(13,286,866	)	(1,243,984	)	$	(9,599,917	)	(920,352	)
	Prime Money Market Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	54,012,521		54,012,521		$	136,039,399		136,039,399
Shares issued to shareholders in payment of distributions declared		213,560		213,560			925,886		925,886
Shares redeemed		(65,052,162	)	(65,052,162	)		(196,680,536	)	(196,680,536	)
Net change resulting from Class R Share transactions	$	(10,826,081	)	(10,826,081	)	$	(59,715,251	)	(59,715,251	)
	Prime Money Market Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class Y Shares	Amount			Shares		Amount			Shares
Shares sold	$	503,591,071		503,545,024		$	586,155,000		586,155,000
Shares issued to shareholders in payment of distributions declared		357,706		357,706			1,019,900		1,019,900
Shares redeemed		(544,081,671	)	(544,081,671	)		(599,997,607	)	(599,997,607	)
Net change resulting from Class Y Share transactions	$	(40,132,894	)	(40,178,941	)	$	(12,822,707	)	(12,822,707	)
Net change resulting from share transactions	$	(50,958,975	)	(51,005,022	)	$	(72,537,958	)	(72,537,958	)
	U.S. Treasury Money Market Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	96,468,970		96,468,970		$	90,810,472		90,810,471
Shares issued to shareholders in payment of distributions declared		21,941		21,941			109,240		109,240
Shares redeemed		(120,347,082	)	(120,347,082	)		(53,450,027	)	(53,450,027	)
Net change resulting from Class R Share transactions	$	(23,856,171	)	(23,856,171	)	$	37,469,685		37,469,684
	U.S. Treasury Money Market Fund
	Year Ended April 30, 2003					Year Ended April 30, 2002
Class Y Shares	Amount			Shares		Amount			Shares
Shares sold	$	148,639,326		148,639,326		$	265,931,520		265,931,521
Shares issued to shareholders in payment of distributions declared		80,579		80,579			288,128		288,128
Shares redeemed		(169,020,114	)	(169,020,114	)		(343,640,166	)	(343,640,166	)
Net change resulting from Class Y Share transactions	$	(20,300,209	)	(20,300,209	)	$	(77,420,518	)	(77,420,517	)
Net change resulting from share transactions	$	(44,156,380	)	(44,156,380	)	$	(39,950,833	)	(39,950,833	)

53

Federal Tax Information

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for net operating losses, expired capital loss carryforwards and discount accretion/premium amortization on debt securities.

For the year ended April 30, 2003, permanent differences identified and reclassified among the components of net assets were as follows:

	Increase (Decrease)
Fund	Paid in Capital			Undistributed (distributions in excess of) Net Investment Income			Accumulated Net Realized Gain (Loss)
Stock Fund	$	—		$	—		$	—
Small Company Stock Fund		(272,586	)		272,698			(112	)
U.S. Government Securities Fund		—			327,750			(327,750	)
Bond Fund		—			85,750			(85,750	)
Short Term Tax Free Bond Fund		—			(2,448	)		2,448
Intermediate Tax Free Bond Fund		—			17,616			(17,616	)
Prime Money Market Fund		822,823			4,273			(827,096	)
U.S. Treasury Money Market Fund		—			—			—

Net investment income, net realized gains (losses), and net assets were not affected by this reclassification.

The tax character of distributions reported on the Statement of Changes in Net Assets for the years ended April 30, 2003 and 2002, was as follows:

	2003						2002
Fund	Tax-Exempt Income		Ordinary Income*		Long- Term Capital Gains		Tax-Exempt Income		Ordinary Income*		Long- Term Capital Gains
Stock Fund	$	—	$	—	$	—	$	—	$	—	$	560,419
Small Company Stock Fund		—		—		568,429		—		3,235,291		—
U.S. Government Securities Fund		—		3,598,490		—		—		5,150,012		—
Bond Fund		—		1,282,488		—		—		1,589,096		—
Short Term Tax Free Bond Fund		1,907,915		123,085		383,146		2,264,717		10,745		—
Intermediate Tax Free Bond Fund		1,663,743		109,038		457,964		2,206,670		54,252		456,117
Prime Money Market Fund		—		2,072,673		—		—		6,578,488		—
U.S. Treasury Money Market Fund		—		615,618		—		—		3,235,291		—

* For tax purposes, short-term capital gain distributions are considered as ordinary income.

As of April 30, 2003, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Tax-Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ Depreciation		Capital Loss Carryforward
Stock Fund	$	—	$	47,084	$	—	$	2,273,916	$	4,157,884
Small Company Stock Fund		—		—		—		2,907,329		3,666,104
U.S. Government Securities Fund		—		124,172		1,464,245		3,260,995		—
Bond Fund		—		74,347		145,756		1,260,614		—
Short Term Tax Free Bond Fund		100,666		120,401		566,954		1,737,044		—
Intermediate Tax Free Bond Fund		103,295		99,252		313,091		3,131,948		—
Prime Money Market Fund		—		650,640		—		—		39,908
U.S. Treasury Money Market Fund		—		22,257		—		—		—

54

Riggs Funds

Riggs Funds

For federal income tax purposes, the following amounts apply as of April 30, 2003:

Fund	Cost of Investments			Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Stock Fund	$	21,139,742		$	3,057,119	$	(783,203	)	$	2,273,916
Small Company Stock Fund		24,478,773			3,321,340		(414,011	)		2,907,329
U.S. Government Securities Fund		56,154,522			3,305,416		(44,421	)		3,260,995
Bond Fund		22,050,224			1,264,956		(4,342	)		1,260,614
Short Term Tax Free Bond Fund		41,079,888			1,738,065		(1,021	)		1,737,044
Intermediate Tax Free Bond Fund		33,404,290			3,131,948		—			3,131,948
Prime Money Market Fund		223,468,189	*		—		—			—
U.S. Treasury Money Market Fund		102,629,594	*		—		—			—

* At amortized cost

The difference between book-basis and tax-basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales and the amortization/accretion tax elections on fixed income securities.

At April 30, 2003, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve each Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

Fund	Capital Loss Carryforward To Expire in 2005		Capital Loss Carryforward To Expire in 2006		Capital Loss Carryforward To Expire in 2008		Capital Loss Carryforward To Expire in 2010		Capital Loss Carryforward To Expire in 2011		Total Capital Loss Carryforward
Stock Fund	$	—	$	—	$	—	$	72,047	$	4,085,837	$	4,157,884
Small Company Stock Fund		—		—		—		—		3,666,104		3,666,104
Prime Money Market Fund		14,610		4,102		451		1,152		19,593		39,908

Under current tax regulations, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of April 30, 2003, for federal income tax purposes, post October losses as follow were deferred to May 1, 2003:

Fund	Post- October Losses
Stock Fund	$	884,718
Small Company Stock Fund		443,617

Investment Adviser Fee and Other Transactions with Affiliates

Investment Adviser Fee

Riggs Securities Inc., the Funds’ investment adviser (the “Adviser”), receives for its services an annual investment adviser fee based on a percentage of each Fund’s average daily net assets (see below). The Adviser may voluntarily choose to waive a portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Fund	Annual Rate
Stock Fund	0.75	%
Small Company Stock Fund	0.80	%
U.S. Government Securities Fund	0.75	%
Bond Fund	0.75	%
Short Term Tax Free Bond Fund	0.75	%
Intermediate Tax Free Bond Fund	0.75	%
Prime Money Market Fund	0.50	%
U.S. Treasury Money Market Fund	0.50	%

Sub-Advisers

The Adviser has delegated daily management of the Funds to Riggs Investment Advisors Inc. The sub-adviser is paid by the Adviser and not by the Funds.

55

Riggs Funds

Administrative Fee

Federated Services Company (“FServ”) and Riggs Bank, N.A. (Riggs Bank) serve as co-administrators to the Trust and provide the Funds with certain administrative personnel and services necessary to operate the Funds. Administrative services are provided for an aggregate annual fee as specified below:

Fees Payable to FServ: Maximum Administrative Fee	Average Daily Net Assets of the Riggs Group of Funds
0.14%	on the first $1.2 billion
0.12%	on the next $1.3 billion
0.10%	on the next $1.0 billion
0.08%	on assets in excess of $3.5 billion

Fees Payable to Riggs Bank:

Riggs Bank provides administrative services for an annual fee of 0.02% of the average daily net assets of the Funds.

Distribution Services Fee

The Funds have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds will compensate Federated Securities Corp. (“FSC”), the principal distributor, from the net assets of the Funds to finance activities intended to result in the sale of the Funds’ Class R Shares. The Plan provides that the Funds may incur distribution expenses according to the following schedule annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Share Class Name	Percentage of Average Net Assets of Class
Class R Shares	0.25	%

The Class R Shares of Prime Money Market Fund and U.S. Treasury Money Market Fund may pay FSC a fee computed at an annual rate of up to 0.50% of their average daily net assets.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company (“FSSC”), the Funds pay up to 0.25% of average daily net assets of the Funds for the period. The fee is paid to FSSC to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders.

Portfolio Accounting Fees

FServ maintains the Funds’ accounting records for which it receives a fee. The fee is based on the level of the Funds’ average daily net assets for the period, plus out-of-pocket expenses.

Custodian Fees

Riggs Bank is the Funds’ custodian. The fee paid to Riggs Bank is based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

Investment Transactions

Purchases and sales of investments, excluding long-term U. S. government securities and short-term obligations (and in-kind contributions), for the year ended April 30, 2003, were as follows:

Fund	Purchases		Sales
Stock Fund	$	36,198,191	$	54,694,458
Small Company Stock Fund		62,940,488		71,109,656
U.S. Government Securities Fund		—		325,350
Bond Fund		1,763,257		3,419,456
Short Term Tax Free Bond Fund		18,899,944		31,918,774
Intermediate Tax Free Bond Fund		4,822,768		18,414,203

56

Riggs Funds

Purchases and sales of long-term U.S. government securities for the year ended April 30, 2003, were as follows.

Fund	Purchases		Sales
U.S. Government Securities Fund	$	15,239,711	$	62,815,704
Bond Fund		3,822,946		12,940,040

Other

As of April 30, 2003, Prime Money Market Fund had expired capital losses of $843,297. On April 24, 2003, the Adviser made a voluntary contribution to Prime Money Market Fund for $263,262 to offset a portion of the loss. The remaining voluntary contribution of $580,035 was subsequently made to Prime Money Market Fund on May 7, 2003.

Event

Effective December 20, 2002, Riggs Large Cap Growth Fund’s assets have been acquired in a tax-free reorganization by Federated Growth Strategies Fund, and in connection therewith, each share of Riggs Large Cap Growth Fund was invested, at net asset value, into the appropriate number of Class A Shares of Federated Growth Strategies Fund, thereby terminating the existence of Riggs Large Cap Growth Fund.

Subsequent Events

On May 16, 2003 Riggs Investment Advisers Inc., formerly subadviser to Riggs Funds, succeeded Riggs Securities Inc. as investment adviser to the Funds. Both Riggs Investment Advisers Inc. and Riggs Securities Inc. are subsidiaries of Riggs Investment Corp. There are no changes in the terms of the investment advisory agreement.

On May 19, 2003, Prime Money Market Fund made a one time, special distribution to shareholders of $0.0027 per share. The purpose of the dividend was to distribute all previously accumulated net income of Prime Money Market Fund, which had not been distributed to shareholders.

Effective June 1, 2003, FServ terminated the contract to maintain the Fund’s accounting records for which it received a fee. At the same time, State Street Corporation contracted to maintain the Fund’s accounting records for which it receives a fee.

Federal Income Tax Information (Unaudited)

At April 30, 2003, the following percentages represent the portion of distributions from net investment income, which are exempt from federal income tax, other than alternative minimum tax:

Short Term Tax Free Bond Fund	98.63	%
Intermediate Tax Free Bond Fund	100.00	%

57

INDEPENDENT AUDITOR’S REPORT

The Board of Trustees and Shareholders

Riggs Funds:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Riggs Stock Fund, Riggs Small Company Stock Fund, Riggs U.S. Government Securities Fund, Riggs Bond Fund, Riggs Short Term Tax Free Bond Fund (formerly known as “Riggs Intermediate Tax Free Bond Fund”), Riggs Intermediate Tax Free Bond Fund (formerly known as “Riggs Long Term Tax Free Bond Fund”), Riggs Prime Money Market Fund and Riggs U.S. Treasury Money Market Fund, each a portfolio of the Riggs Funds (the “Funds”), as of April 30, 2003, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of the Riggs Funds for each of the years or periods in the three-year period ended April 30, 2001 were audited by other auditors who have ceased operations. Those auditors expressed an unqualified opinion on those financial highlights in their report dated June 8, 2001.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2003, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the portfolios constituting the Riggs Funds as described above as of April 30, 2003, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the years in the two-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Boston, Massachusetts

June 11, 2003

58

BOARD OF TRUSTEES AND TRUST OFFICERS

The following table gives information about each Board member and the senior officers of the Funds. The tables separately list Board members who are “interested persons” of the Fund (i.e., “Interested” Board members) and those who are not (i.e., “Independent” Board members). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA. The Riggs Funds Complex consists of eight investment company portfolios. Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Board member: oversees all portfolios in the Riggs Funds Complex; serves for an indefinite term; and also serves as a Board member of the following investment company complexes: Banknorth Funds-four portfolios; CCMI Funds-two portfolios; Federated Investors Funds-138 portfolios; Regions Funds-nine portfolios; and WesMark Funds-five portfolios. The Funds’ Statement of Additional Information includes additional information about the Trust’s Trustees and is available, without charge and upon request, by calling 1-800-934-3883.

INTERESTED TRUSTEES BACKGROUND
Name Birth Date Address Positions Held with Trust Date Service Began	Principal Occupation(s), Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 CHAIRMAN AND TRUSTEE Began serving: April 1991	Principal Occupations: Chairman and Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.
J. Christopher Donahue* Birth Date: April 11, 1949 EXECUTIVE VICE PRESIDENT AND TRUSTEE Began serving: July 1999	Principal Occupations: Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.
Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: April 1991	Principal Occupations: Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held: Member, National Board of Trustees, Leukemia Society of America. Previous Positions: Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

* Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to the positions they hold with Federated Investors, Inc. and its subsidiaries. Lawrence D. Ellis, M.D. is “interested” because his son-in-law is employed by the Fund’s principal underwriter, Federated Securities Corp.

59

INDEPENDENT TRUSTEES BACKGROUND
Name Birth Date Address Positions Held with Trust Date Service Began	Principal Occupation(s), Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: October 1995	Principal Occupation: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Director, Member of Executive Committee, Children’s Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position: Senior Partner, Ernst & Young LLP.
John T. Conroy, Jr. Birth Date: June 23, 1937 Grubb & Ellis/Investment Properties Corporation 3201 Tamiami Trail North Naples, FL TRUSTEE Began serving: August 1991	Principal Occupations: Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions: President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.
Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: February 1998	Principal Occupations: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Director, Michael Baker Corporation (engineering and energy services worldwide). Previous Position: Partner, Andersen Worldwide SC .
John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: July 1999	Principal Occupation: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions: Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.
Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: August 1991	Principal Occupation: Director or Trustee of the Federated Fund Complex; Management Consultant. Other Directorships Held: Board of Overseers, Babson College. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 2000	Principal Occupations: Director or Trustee of the Federated Fund Complex; Management Consultant; Executive Vice President, DVC Group, Inc. (marketing, communications and technology) (prior to 9/1/00). Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University.
John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995	Principal Occupations: Director or Trustee of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Consulting Partner, Mollica & Murray. Other Directorships Held: Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions: President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.
Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: April 1991	Principal Occupations: Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions: National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.
John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1, 1999	Principal Occupations: Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Positions: Vice President, Walsh & Kelly, Inc.

60

OFFICERS
Name Birth Date Address Positions Held with Trust Date Service Began	Principal Occupation(s) and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1958 PRESIDENT Began serving: August 2000	Principal Occupations: Senior Vice President, Federated Services Company; President Edgewood Services, Inc. Previous Positions: Senior Corporate Counsel and Vice President of Federated Services Company.
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: April 1991	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Complex; Executive Vice President, Secretary and Director, Federated Investors, Inc.
Richard J. Thomas Birth Date: June 17, 1954 TREASURER Began serving: August 2000	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services.
Judith J. Mackin Birth Date: May 30, 1960 VICE PRESIDENT Began serving: August 2000	Principal Occupations: Vice President and Director of Administration and Business Management for the Mutual Fund Services Group, Federated Services Company
James E. Ostrowski Birth Date: November 13, 1959 VICE PRESIDENT Began serving: August 2000	Principal Occupations: Vice President, Business Manager and Relationship Manager for the Mutual Fund Services Group, Federated Services Company.

61

LAST MEETING OF SHAREHOLDERS

A Special Meeting of Riggs Large Cap Growth Fund shareholders was held on December 19, 2002. On November 6, 2002, the record date for shareholders voting at the meeting, there were 2,600,617 total outstanding shares. The following item was considered by shareholders and the results of their voting are listed below. Unless otherwise noted, the matter was approved.

AGENDA ITEM 1

To approve or disapprove a proposed Agreement and Plan of Reorganization pursuant to which Federated Growth Strategies Fund (“Growth Strategies Fund”), a portfolio of Federated Equity Funds (the “Federated Trust”), would acquire all of the assets of Large Cap Growth Fund in exchange for Class A Shares of Growth Strategies Fund to be distributed pro rata by Large Cap Growth Fund to its shareholders, in complete liquidation and termination of Large Cap Growth Fund.

For	Against	Abstentions and Broker Non-Votes
2,266,859	1,373	1,666

62

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves risk, including possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.

63

Cusip 76656A    609    Riggs Stock Fund R Shares Cusip 76656A    781    Riggs Stock Fund Y Shares Cusip 76656A    807    Riggs Small Company Stock Fund R Shares Cusip 76656A    799    Riggs Small Company Stock Fund Y Shares Cusip 76656A    500    Riggs U.S. Government Securities Fund R Shares Cusip 76656A    773    Riggs U.S. Government Securities Fund Y Shares Cusip 76656A    872    Riggs Bond Fund R Shares Cusip 76656A    864    Riggs Short TermTax Free Bond Fund Cusip 76656A    856    Riggs Intermediate Tax Free Bond Fund Cusip 76656A    203    Riggs Prime Money Market Fund R Shares Cusip 76656A    104    Riggs Prime Money Market Fund Y Shares Cusip 76656A    401    Riggs U.S. Treasury Money Market Fund R Shares Cusip 76656A    302    Riggs U.S. Treasury Money Market Fund Y Shares RISTX RIYSX RISCX RISYX RIBDX RIUSX RIBRX RSTBX RTTFX RRPXX RYPXX RGSXX RYTXX

2052603 (6/03)

Item 2.     Code of Ethics

            Not Applicable

Item 3.     Audit Committee Financial Expert

            Not Applicable

Item 4.     Principal Accountant Fees and Services

            Not Applicable

Items 5-6   [Reserved]

Item 7.     Disclosure of Proxy Voting Policies and Procedures for Closed-End
            Management Investment Companies

            Not Applicable

Item 8.     [Reserved]

Item 9.     Controls and Procedures

(a)  The   registrant's   President  and  Treasurer   have  concluded  that  the
     registrant's  disclosure  controls and procedures (as defined in rule 30a-2
     under the  Investment  Company Act of 1940 (the  "Act")) are  effective  in
     design  and  operation  and  are  sufficient  to  form  the  basis  of  the
     certifications  required  by Rule  30a-2  under  the  Act,  based  on their
     evaluation of these  disclosure  controls and procedures  within 90 days of
     the filing date of this report on Form N-CSR.

(b)  There were no significant changes in the registrant's internal controls, or
     the internal  controls of its service  providers,  or in other factors that
     could  significantly  affect these controls subsequent to the date of their
     evaluation,  including any  corrective  actions with regard to  significant
     deficiencies and material weaknesses.

Item 10.    Exhibits













                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant  Riggs Funds

By          /S/ Richard J. Thomas, Principal Financial Officer


Date        June 24, 2003


Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.


By          /S/ Peter J. Germain, Principal Executive Officer


Date        June 24, 2003


By          /S/ Richard J. Thomas, Principal Financial Officer


Date        June 24, 2003