|
Summary Prospectus
Limited Duration Fund AUGUST 1, 2011 Class / Ticker Symbol I / SAMLX |
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, 2011, are incorporated by reference into
this summary prospectus.
Investment
Objective
The Limited Duration Fund (the “Fund”) seeks current
income, while preserving liquidity and principal.
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)
(expenses that you pay each year as a percentage of the value of your investment)
| I Shares | ||||
| Management Fees | 0.10% | |||
| Other Expenses | 0.12% | |||
| Total Annual Fund Operating Expenses | 0.22% | |||
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 | |||||||||||||
| I Shares | $ | 23 | $ | 71 | $ | 124 | $ | 282 | ||||||||
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 76% of the average value
of its portfolio.
Principal
Investment Strategies
The Fund invests in U.S. dollar-denominated, investment
grade fixed income securities, including corporate and bank
obligations, government securities, and mortgage-and
asset-backed securities of U.S. and
non-U.S. issuers,
rated A 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 (“Seix” or the
“Subadviser”), believes are of comparable quality. The
Fund’s investment in
non-U.S. issuers
may at times be significant.
The Fund will maintain an average credit quality of AA or Aa and
all securities held in the Fund will have interest rate
durations of 180 days or less. For floating rate notes, the
interest rate duration will be based on the next interest rate
reset date. Duration measures a bond or Fund’s sensitivity
to interest rate changes and is expressed as a number of years.
The higher the number, the greater the risk. Under normal
circumstances, for example, if a portfolio has a duration of
5 years, its value will change by 5% if rates change by 1%.
Shorter duration bonds result in lower expected volatility.
The Subadviser attempts to identify
U.S. dollar-denominated, investment grade fixed income
securities that offer high current income while preserving
liquidity and
| August 1, 2011 | 1 | Summary Prospectus |
principal. In selecting investments for purchase and sale, the
Subadviser emphasizes securities that are within the targeted
segment of the U.S. dollar-denominated, fixed income
securities markets and will generally focus on investments that
have good business prospects, credit strength, stable cash flows
and effective management. The Subadviser may retain securities
if the rating of the security falls below investment grade and
the Subadviser deems retention of the security to be in the best
interests of the Fund.
In addition, to implement its investment strategy, the Fund may
buy or sell, to a limited extent, derivative instruments (such
as credit linked notes, futures, options, inverse floaters,
swaps and warrants) to use as a substitute for a purchase or
sale of a position in the underlying asset
and/or as
part of a strategy designed to reduce exposure to other risks,
such as interest rate risk and credit risk.
Principal
Investment Risks
You may lose money if you invest in the Fund. 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.
Debt Securities Risk: Debt securities, such as bonds,
involve credit risk. Credit risk is the risk that the borrower
will not make timely payments of principal and interest. Changes
in an issuer’s credit rating or the market’s
perception of an issuer’s creditworthiness may also affect
the value of the Fund’s investment in that issuer. The
degree of credit risk depends on the issuer’s financial
condition and on the terms of the securities. Debt securities
are also subject to interest rate risk, which is the risk that
the value of a debt security may fall when interest rates rise.
In general, the market price of debt securities with longer
maturities will go up or down more in response to changes in
interest rates than the market price of shorter term securities.
Mortgage-Backed and Asset-Backed Securities Risk:
Mortgage- and asset-backed securities are debt instruments that
are secured by interests in pools of mortgage loans or other
financial assets. The value of these securities will be
influenced by the factors affecting the assets underlying such
securities, swings in interest rates, changes in default rates,
or deteriorating economic conditions. During periods of
declining asset values, mortgage-backed and asset-backed
securities may face valuation difficulties, become more volatile
and/or
illiquid. The risk of default is generally higher in the case of
securities backed by loans made to borrowers with
“sub-prime” credit metrics.
If market interest rates increase substantially and the
Fund’s adjustable-rate securities are not able to reset to
market interest rates during any one adjustment period, the
value of the Fund’s holdings and its net asset value may
decline until the adjustable-rate securities are able to reset
to market rates. In the event of a dramatic increase in interest
rates, the lifetime limit on a security’s interest rate may
prevent the rate from adjusting to prevailing market rates. In
such an event the security could underperform and affect the
Fund’s net asset value.
Prepayment and Call Risk: During periods of falling
interest rates, an issuer of a callable bond held by the Fund
may “call” or prepay the bond before its stated
maturity date. When mortgages and other obligations are prepaid
and when securities are called, the Fund may have to reinvest
the proceeds in securities with a lower yield or fail to recover
additional amounts paid for securities with higher interest
rates, resulting in an unexpected capital loss
and/or a
decline in the Fund’s income.
Floating Rate Notes Risk: Securities with floating or
variable interest rates can be less sensitive to interest rate
changes than securities with fixed interest rates, but may
decline in value if their coupon rates do not reset as high, or
as quickly, as comparable market interest rates.
Foreign Securities Risk: Foreign securities involve
special risks such as economic or financial instability, lack of
timely or reliable financial information and unfavorable
political or legal developments and delays in enforcement of
rights. These risks are increased for investments in emerging
markets.
U.S. Government Issuers Risk: U.S. Treasury
obligations may differ in their interest rates, maturities,
times of issuance and other characteristics. Similar to other
issuers, changes to the financial condition or credit rating of
the U.S. government may cause the value of its Treasury
obligations to decline. Obligations of U.S. government
agencies and authorities are supported by varying degrees of
credit, but generally are not backed by the full faith and
credit of the U.S. government. U.S. government debt
securities may underperform other segments of the fixed income
market or the fixed income market as a whole.
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 on October 11, 2004. Performance prior to
October 11, 2004 is that of the I Shares of the Seix
Limited Duration Fund, the Fund’s predecessor, which began
operations on October 25, 2002. Updated performance
information is available by contacting the RidgeWorth Funds at
1-888-784-3863
or by visiting www.ridgeworth.com.
| Summary Prospectus | 2 | August 1, 2011 |
This bar chart shows the changes in performance of the
Fund’s I Shares from year to year.*
|
Best Quarter
|
Worst Quarter | |
|
2.18%
|
-3.37% | |
|
(3/31/09)
|
(12/31/08) |
| * | The performance information shown above is based on a calendar year. The Fund’s total return for the six months ended June 30, 2011 was 0.23%. |
The following table compares the Fund’s average annual
total returns for the periods indicated with those of a broad
measure of market performance.
AVERAGE ANNUAL
TOTAL RETURNS
(for periods ended December 31, 2010)
(for periods ended December 31, 2010)
|
Since |
||||||||||||
| 1 Year | 5 Years | Inception* | ||||||||||
| I Shares Returns Before Taxes | 1.43% | 2.48% | 2.18% | |||||||||
| I Shares Returns After Taxes on Distributions | 1.15% | 1.44% | 1.31% | |||||||||
| I Shares Returns After Taxes on Distributions and Sale of Fund Shares | 0.93% | 1.51% | 1.35% | |||||||||
| Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes) | 0.13% | 2.43% | 2.20% | |||||||||
| * | Since inception of the predecessor fund on October 25, 2002. Benchmark return since October 31, 2002. |
After-tax returns are calculated using the historical highest
individual U.S. 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 (“IRAs”).
Investment
Adviser and Subadviser
RidgeWorth Investments is the Fund’s investment adviser
(the “Adviser”). Seix Investment Advisors LLC is the
Fund’s Subadviser.
Portfolio
Management
Mr. James F. Keegan, Chief Investment Officer and Chief
Executive 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 2007. Mr. Perry Troisi,
Managing Director and Senior Portfolio Manager, has been a
member of the Fund’s management team since the Fund’s
inception. Mr. Michael Rieger, Managing Director and Senior
Portfolio Manager, has been a member of the Fund’s
management team since 2007. Mr. Seth Antiles, Ph.D.,
Managing Director and Portfolio Manager, has been a member of
the management team for the Fund since 2009.
Purchasing and
Selling Your Shares
Effective June 30, 2011, the Limited Duration Fund is open
solely to (i) clients of Seix Investment Advisors LLC, the
Fund’s Subadviser, and its affiliates, and (ii) such
other investors as Ridgeworth Capital Management Inc., shall
approve in its discretion. All shareholders of the Limited
Duration Fund as of June 30, 2011, however, can continue to
hold and purchase additional shares.
You may purchase or redeem Fund shares on any business day. 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.
There is no minimum initial investment amount for the
Fund’s I Shares. There are no minimums for subsequent
investments.
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 IRA.
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, 2011 | 3 | Summary Prospectus |
