497K 1 l40197a1e497k.htm 497K e497k

     
(RIDGEWORTH LOGO)  
Summary Prospectus

Tax-Exempt Money Market Fund

AUGUST 1, 2010

Class / Ticker Symbol
A / SEIXX    I / STTXX

 
Before you invest, you may want to review the Fund’s Prospectus and Statement of Additional Information, which contain more information about the Fund and its risks. You can find the Fund’s Prospectus, Statement of Additional Information and other information about the Fund online at www.ridgeworth.com/prospectus. You can also get this information at no cost by calling the Funds at 1-888-784-3863 or by sending an email request to info@ridgeworth.com. The current Prospectus and Statement of Additional Information, dated August 1, 2010, are incorporated by reference into this summary prospectus.
 
Investment Objective
 
The Tax-Exempt Money Market Fund (the “Fund”) seeks as high a level of current income that is exempt from federal income taxes, while preserving capital and liquidity. The Fund is a money market fund that seeks to preserve the value of your investment at $1.00 per share.
 
Fees and Expenses of the Fund
 
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
 
                 
    A Shares   I Shares
Management Fees     0.44%       0.44%  
Distribution (12b-1) Fees     0.15%       None  
Other Expenses     0.06%       0.06%  
         
Total Annual Fund Operating Expenses     0.65%       0.50%  
 
The Adviser and, as applicable, certain other Fund service providers, have voluntarily undertaken to reduce and/or subsidize certain expenses of the Fund to the extent necessary to maintain a minimum annualized yield of 0.02% for all share classes. This voluntary expense reduction and/or expense subsidy may be modified or discontinued at any time without prior notice. There can be no assurance that this fee reduction will be sufficient to avoid any loss.
 
Example
 
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
 
                                 
    1 Year   3 Years   5 Years   10 Years
 
 
A Shares   $ 66     $ 208     $ 362     $ 810  
I Shares
  $ 51     $ 160     $ 280     $ 628  
 
 
                                 
 
Principal Investment Strategies
 
The Fund invests at least 80% of its net assets in money market instruments issued by municipalities and issuers that pay income exempt from federal income taxes. The Fund may also invest significantly in shares of other suitable registered money market funds. In addition, the Fund may invest up to 20% of its net assets in securities subject to the alternative minimum tax. The Fund may invest a portion of its assets in securities that are restricted as to resale.
 
In selecting investments for purchase and sale, StableRiver Capital Management LLC, the Fund’s subadviser (“StableRiver” or the “Subadviser”), analyzes the credit quality and structure of each security to minimize risk. The Subadviser actively manages the Fund’s average maturity based on current interest rates and the Subadviser’s outlook of the market. As a money market fund, the Fund follows strict rules about credit risk, maturity and diversification of its investments.
 
 
August 1, 2010 1 Summary Prospectus


 

Principal Investment Risks
 
Income Risk: An investment in the Fund is subject to income risk, which is the possibility that the Fund’s yield will decline due to falling interest rates.
 
Credit Risk: Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal, or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.
 
Municipal Securities Risk: Litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. The value of the municipal securities may decline because of a market perception that the issuer may not make payments on time. These securities are subject to the economic conditions and government policies of their respective state or municipality.
 
To the extent that the aggregate market value of the Fund’s assets materially varies from the aggregate of the acquisition prices of those assets, the Fund may not be able to maintain a stable share price of $1.00. This risk typically is higher during periods of rapidly changing interest rates or when issuer credit quality generally is falling, and is made worse when the Fund experiences significant redemption requests.
 
A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. In addition, although a money market fund seeks to keep a constant price per share of $1.00, you may lose money by investing in the Fund.
 
Performance
 
The bar chart and the performance table that follow illustrate the risks and volatility of an investment in the Fund. The Fund’s past performance does not indicate how the Fund will perform in the future.
 
This bar chart shows the changes in performance of the Fund’s I Shares from year to year.*
 
(BAR CHART)
 
     
Best Quarter
  Worst Quarter
0.98%
  0.03%
(6/30/09)
  (12/31/09)
 
The performance information shown above is based on a calendar year. The Fund’s total return from 1/1/10 to 6/30/10 was 0.04%.
 
This table compares the Fund’s average annual total returns for the periods indicated with those of a broad measure of market performance. To obtain information about the Fund’s current yield, call 1-888-784-3863.
 
                         
    1 Year   5 Years   10 Years
 
 
A Shares     0.03%       1.85%       1.67%  
 
 
I Shares     0.14%       1.99%       1.81%  
 
 
iMoneyNet, Inc. Tax-Free Retail Average     0.14%       1.85%       1.66%  
 
 
                         
 
Investment Adviser and Subadviser
 
RidgeWorth Investments is the Fund’s investment adviser. StableRiver is the Fund’s subadviser.
 
Purchasing and Selling Your Shares
 
You may purchase or redeem Fund shares on any business day. You may purchase and redeem A Shares of the Fund through financial institutions or intermediaries that are authorized to place transactions in Fund shares for their customers. Please contact your financial institution or intermediary directly and follow its procedures for fund share transactions. The Fund offers I Shares to financial institutions and intermediaries for their own accounts or for the accounts of customers for whom they may act as fiduciary agent, investment adviser, or custodian. Please consult your financial institution or intermediary to find out about how to purchase I Shares of the Fund.
 
The minimum initial investment amount for each share class is shown below, although these minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.
 
     
Class   Dollar Amount
 
 
A Shares   $2,000
I Shares
  None
 
 
     
 
 
Summary Prospectus 2 August 1, 2010


 

Tax Information
 
The Fund intends to distribute income that is exempt from regular federal income tax. A portion of the Fund’s distributions may be subject to federal income tax or to the federal alternative minimum tax.
 
Payments to Broker-Dealers and Other Financial Intermediaries
 
If you purchase shares of the Fund through a financial intermediary, such as a broker-dealer or investment adviser, the Fund, the Adviser or the Distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your financial intermediary or visit your financial intermediary’s website for more information.
 
 
August 1, 2010 3 Summary Prospectus


 

 
 
 
 
 
RFSUM-TEM-0810