RIGGS FUNDS

Riggs Intermediate Tax Free Bond Fund

(A portfolio of Riggs Funds)

Class R Shares

SUPPLEMENT TO COMBINED CLASS R SHARES PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION DATED JUNE 30, 2002
- ---------------------------------------------------------------------------

     As of  February  28,  2003,  the name of the Fund will  change  from "Riggs
Intermediate Tax Free Bond Fund" to "Riggs Short Term Tax Free Bond Fund".

     In connection with this name change,  please note the following revision to
the prospectus:

     On page 7 of the  prospectus,  please  replace the first  paragraph  of the
"Strategy"  section for Riggs Intermediate Tax Free Bond Fund with the following
paragraph:

     The Fund  pursues its  investment  objective  by  investing  primarily in a
     portfolio of investment grade (BBB or higher) tax exempt securities so that
     at least 80% of the income the Fund distributes will be exempt from federal
     regular income tax and not subject to federal  alternative  minimum tax for
     individuals and corporations (AMT). Not all distributions will be free from
     AMT.  The  Fund  will  invest  primarily  in  short  to  intermediate  term
     securities.   As  a  matter  of  investment  policy,  under  normal  market
     conditions, the portfolio's average duration will be equal to not less than
     80%,  nor more than 120%,  of the Lehman  Brothers  3 Year  Municipal  Bond
     Index;  i.e.,  its  duration  will  range  from  one to  three  years.  The
     Sub-Adviser adjusts the portfolio's duration within the duration limitation
     based on the Sub-Adviser's  interest rate outlook,  generally maintaining a
     longer  duration  when rates are expected to fall,  and a shorter  duration
     when they are expected to rise.




                                                               February 26, 2003









Federated Securities Corp., Distributor

Cusip 76656A 864

28206 (2/03)
526237


RIGGS FUNDS

Riggs Long Term Tax Free Bond Fund

(A portfolio of Riggs Funds)

Class R Shares

SUPPLEMENT TO COMBINED CLASS R SHARES PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION DATED JUNE 30, 2002
- ---------------------------------------------------------------------------

     As of February 28, 2003,  the name of the Fund will change from "Riggs Long
Term Tax Free Bond Fund" to "Riggs Intermediate Tax Free Bond Fund".

     In connection with this name change,  please note the following revision to
the prospectus:

     On page 8 of the  prospectus,  please  replace the first  paragraph  of the
"Strategy"  section  for Riggs  Long Term Tax Free Bond Fund with the  following
paragraph:

     The Fund  pursues its  investment  objective  by  investing  primarily in a
     portfolio of investment grade (BBB or higher) tax exempt securities so that
     at least 80% of the income the Fund distributes will be exempt from federal
     regular income tax and not subject to federal  alternative  minimum tax for
     individuals and corporations (AMT). Not all distributions will be free from
     AMT.  The  Fund  will  invest   primarily  in  intermediate  to  long  term
     securities.   As  a  matter  of  investment  policy,  under  normal  market
     conditions, the portfolio's average duration will be equal to not less than
     80%,  nor more than 120%,  of the Lehman  Brothers 10 Year  Municipal  Bond
     Index;  i.e.,  its  duration  will  range  from  three  to ten  years.  The
     Sub-Adviser adjusts the portfolio's duration within the duration limitation
     based on the Sub-Adviser's  interest rate outlook,  generally maintaining a
     longer  duration  when rates are expected to fall,  and a shorter  duration
     when they are expected to rise.




                                                               February 26, 2003









Federated Securities Corp., Distributor

Cusip 76656A 856

28205 (2/03)
526237