-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UI3Th2tGqTkTdt5vDV7orS2zDbL4MnOmFfu3+1ASFuO/0HHGSm+Owf0k/4crWQrk ULqYYYs/mF211EpV5vupfA== 0000950123-10-071098.txt : 20100802 0000950123-10-071098.hdr.sgml : 20100802 20100802161051 ACCESSION NUMBER: 0000950123-10-071098 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20100802 DATE AS OF CHANGE: 20100802 EFFECTIVENESS DATE: 20100802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RidgeWorth Funds CENTRAL INDEX KEY: 0000883939 IRS NUMBER: 232678674 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 033-45671 FILM NUMBER: 10984253 BUSINESS ADDRESS: STREET 1: 3435 STELZER RD. CITY: COLUMBUS STATE: OH ZIP: 43219 BUSINESS PHONE: 6144708000 MAIL ADDRESS: STREET 1: 3435 STELZER RD. CITY: COLUMBUS STATE: OH ZIP: 43219 FORMER COMPANY: FORMER CONFORMED NAME: RIDGEWORTH INVESTMENTS VARIABLE TRUST DATE OF NAME CHANGE: 20080414 FORMER COMPANY: FORMER CONFORMED NAME: RIDGEWORTH DATE OF NAME CHANGE: 20080414 FORMER COMPANY: FORMER CONFORMED NAME: STI CLASSIC FUNDS DATE OF NAME CHANGE: 19920929 0000883939 S000004699 RidgeWorth Corporate Bond Fund C000012778 A Shares SAINX C000012779 C Shares STIFX C000012780 I Shares STICX 497K 1 l40207a1e497k.htm 497K e497k

     
(RIDGEWORTH LOGO)  
Summary Prospectus

Corporate Bond Fund

AUGUST 1, 2010

Class / Ticker Symbol
A / SAINX    C / STIFX    I / STICX

 
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 Corporate Bond Fund (the “Fund”) seeks current income and, secondarily, preservation of capital.
 
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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in RidgeWorth Funds. More information about these and other discounts is available from your financial professional and in Sales Charges on page 90 of the Fund’s prospectus and Rights of Accumulation on page 84 of the Fund’s Statement of Additional Information.
 
Shareholder Fees
(fees paid directly from your investment)
 
                         
    A Shares   C Shares   I Shares
Maximum Sales Charge (load) Imposed on Purchases (as a % of offering price)     4.75%       None       None  
Maximum Deferred Sales Charge (load) (as a % of net asset value)     None       1.00%       None  
 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
 
                         
    A Shares   C Shares   I Shares
Management Fees     0.40%       0.40%       0.40%  
Distribution (12b-1) Fees     0.30%       1.00%       None  
Other Expenses     0.11%       0.11%       0.12%  
             
Total Annual Fund Operating Expenses     0.81%       1.51%       0.52%  
 
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. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and you reinvest all dividends and distributions. 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   $ 554     $ 721     $ 903     $ 1,429  
C Shares
  $ 254     $ 477     $ 824     $ 1,802  
I Shares
  $ 53     $ 167     $ 291     $ 653  
 
 
                                 
 
You would pay the following expenses if you did not redeem your shares:
 
                                 
    1 Year   3 Years   5 Years   10 Years
 
 
A Shares   $ 554     $ 721     $ 903     $ 1,429  
C Shares
  $ 154     $ 477     $ 824     $ 1,802  
I Shares
  $ 53     $ 167     $ 291     $ 653  
 
 
                                 
 
Portfolio Turnover
 
The Fund pays transaction costs, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio.
 
 
August 1, 2010 1 Summary Prospectus


 

Principal Investment Strategies
 
The Fund invests in a diversified portfolio of U.S. dollar denominated corporate obligations and other fixed income securities that are rated BBB-/Baa3 or better by Standard & Poor’s Ratings Services, Moody’s Investors Service or Fitch Ratings or unrated securities that the Fund’s subadviser, Seix Investment Advisors LLC (the “Subadviser”), believes are of comparable quality. Under normal circumstances, the Fund invests at least 80% of its net assets in corporate bonds. The Fund may also invest in U.S. Treasury and agency obligations. The Fund may invest in U.S. dollar denominated obligations of U.S. and non-U.S. issuers. The Fund may invest a portion of its assets in securities that are restricted as to resale.
 
The Fund will maintain an overall credit quality of A- or better. Securities downgraded below BBB-/Baa3 after purchase by all agencies that rate the securities can be retained up to 10% of the Fund’s total net assets.
 
The Subadviser attempts to identify investment grade corporate bonds offering above average total return. In selecting corporate debt investments for purchase and sale, the Subadviser seeks out companies with good fundamentals and above average return prospects that are currently priced at attractive levels. The primary basis for security selection is the potential income offered by the security relative to the Subadviser’s assessment of the issuer’s ability to generate the cash flow required to meet its obligations. The Subadviser employs a “bottom-up” approach, identifying investment opportunities based on the underlying financial and economic fundamentals of the specific issuer.
 
Principal Investment Risks
 
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, or that the value of the securities will decline because of a market perception that the owner may not make payment on time. The lower the rating of a debt security, the higher its credit risk.
 
Interest Rate Risk: Debt securities will generally lose value if interest rates increase. U.S. Government securities can exhibit price movements resulting from changes in interest rates. Interest rate risk is generally higher for investments with longer maturities or durations. Treasury inflation protected securities (“TIPS”) can also exhibit price movements as a result of changing inflation expectations and seasonal inflation patterns.
 
Default and Downgrade Risk: Securities rated below BBB-/Baa3 involve greater risk of default or downgrade and are more volatile than investment grade securities. Below investment grade securities may also be less liquid than higher quality securities.
 
Foreign Companies Risk: Dollar denominated securities of foreign issuers involve special risks such as economic or financial instability, lack of timely or reliable financial information and unfavorable political or legal developments.
 
A Fund share is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
 
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 (before and after taxes) does not indicate how the Fund will perform in the future. The Fund began operating April 1, 2009. Performance prior to April 1, 2009 is that of the Strategic Income Fund, the Fund’s predecessor, which began operations on November 30, 2001.
 
This bar chart shows the changes in performance of the Fund’s I Shares from year to year.*
 
(BAR CHART)
 
     
Best Quarter
  Worst Quarter
7.54%
  -3.98%
(6/30/09)
  (3/31/09)
 
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 5.35%.
 
This table compares the Fund’s average annual total returns for the periods indicated with those of a broad measure of market performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax
 
 
Summary Prospectus 2 August 1, 2010


 

returns are shown for only the I Shares. After-tax returns for other classes will vary.
 
                                 
            Since
   
            Inception
   
            of the
  Since
    1 Year   5 Years   A Shares*   Inception**
 
 
A Shares Returns Before Taxes     5.87%       2.95%       4.52%       N/A  
 
 
C Shares Returns Before Taxes     9.30%       3.27%       N/A       4.83%  
 
 
I Shares Returns Before Taxes     11.40%       4.25%       N/A       5.65%  
 
 
I Shares Returns After Taxes on Distributions     9.35%       2.09%       N/A       3.44%  
 
 
I Shares Returns After Taxes on Distributions and Sale of Fund Shares     7.32%       2.35%       N/A       3.52%  
 
 
Barclays Capital Corporate Index (reflects no deduction for fees, expenses or taxes)     18.68%       4.58%       4.89%       5.66%  
 
 
                                 
 
 *  Since inception of the A Shares on October 8, 2003.
 
**  Since inception of the C Shares and the I Shares on November 30, 2001.
 
Updated performance information is available by contacting the RidgeWorth Funds at 1-888-784-3863, or by visiting www.ridgeworth.com.
 
Investment Adviser and Subadviser
 
RidgeWorth Investments is the Fund’s investment adviser. Seix Investment Advisors LLC is the Fund’s subadviser.
 
Portfolio Management
 
Mr. James F. Keegan, Chief Investment Officer, has been a member of the Fund’s management team since 2008. Mr. Adrien Webb, CFA, Managing Director and Senior Portfolio Manager, has been a member of the Fund’s management team since 2004. Mr. Perry Troisi, Managing Director and Senior Portfolio Manager, has been a member of the Fund’s management team since 2004.
 
Purchasing and Selling Your Shares
 
You may purchase or redeem Fund shares on any business day. You may purchase and redeem A and C 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 amounts for each class are 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
C Shares
  $5,000 ($2,000 for IRA or other tax qualified accounts)
I Shares
  None
 
 
     
 
Tax Information
 
The Fund’s distributions are generally taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
 
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-CB-0810

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