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Summary Prospectus
Conservative Allocation Strategy
AUGUST 1, 2011
Class / Ticker Symbol A / SVCAX C / SCCLX I / SCCTX
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Before you invest, you may want to review the Funds
Prospectus and Statement of Additional Information, which
contain more information about the Fund and its risks. You can
find the Funds 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 Conservative Allocation Strategy (the Fund)
seeks to provide a high level of capital appreciation and
current income.
Fees and Expenses
of the Fund
The following 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 31 of the Funds prospectus and Rights of
Accumulation on page 32 of the Funds statement of
additional information.
Shareholder
Fees
(fees paid directly from your
investment)
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A Shares
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C Shares
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I Shares
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Maximum Sales Charge (load) Imposed on Purchases (as a % of
offering price)
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4.75%
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None
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None
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Maximum Deferred Sales Charge (load) (as a % of net asset value)
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None
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1.00%
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None
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Annual
Fund Operating Expenses
(expenses that you pay each year as
a percentage of the value of your
investment)
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A Shares
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C Shares
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I Shares
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Management Fees
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0.10%
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0.10%
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0.10%
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Distribution (12b-1) Fees
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0.30%
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1.00%
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None
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Other Expenses
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0.56%
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0.55%
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0.56%
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Acquired Fund Fees and
Expenses(1)
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0.51%
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0.51%
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0.51%
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Total Annual Fund Operating Expenses
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1.47%
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2.16%
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1.17%
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Fee Waivers and/or Expense
Reimbursements(2)
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(0.46)%
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(0.45)%
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(0.46)%
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Total Annual Fund Operating Expenses After Fee Waivers
and/or Expense Reimbursements
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1.01%
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1.71%
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0.71%
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(1)
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Acquired Fund Fees and Expenses reflect the
Funds pro rata share of the fees and expenses incurred by
investing in other investment companies. The impact of Acquired
Fund Fees and Expenses is included in the total returns of
the Fund. Acquired Fund Fees and Expenses are not used to
calculate the Funds NAV and are not included in the
calculation of the ratio of expenses to average net assets shown
in the Financial Highlights section of the Funds
prospectus.
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(2)
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The Adviser has contractually agreed to waive fees and
reimburse expenses until at least August 1, 2012 in order
to keep Total Annual Fund Operating Expenses (excluding, as
applicable, taxes, brokerage commissions, substitute dividend
expenses on securities sold short, extraordinary expenses and
acquired fund fees and expenses) from exceeding 0.50%, 1.20% and
0.20% for the A, C and I Shares, respectively. This agreement
shall terminate upon the termination of the Investment Advisory
Agreement between RidgeWorth Funds and the Adviser, or it may be
terminated upon written notice to the Adviser by RidgeWorth
Funds.
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Example
This Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other
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August 1,
2011
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1
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Summary Prospectus
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mutual funds. The Example assumes that you invest $10,000 in the
Fund for the time periods indicated. The Example also assumes
that your investment has a 5% return each year and that the
Funds operating expenses remain the same and you reinvest
all dividends and distributions. Although your actual costs may
be higher or lower, based on these assumptions your costs would
be:
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1 Year
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3 Years
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5 Years
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10 Years
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A Shares
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$
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574
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$
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876
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$
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1,201
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$
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2,118
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C Shares
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$
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274
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$
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635
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$
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1,122
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$
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2,466
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I Shares
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$
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73
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$
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327
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$
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601
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$
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1,385
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You would pay the following expenses if you did not redeem
your shares:
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1 Year
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3 Years
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5 Years
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10 Years
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A Shares
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$
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574
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$
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876
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$
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1,201
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$
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2,118
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C Shares
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$
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174
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$
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635
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$
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1,122
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$
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2,466
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I Shares
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$
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73
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$
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327
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$
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601
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$
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1,385
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Portfolio
Turnover
The Fund pays transaction costs, such as commissions, 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 Funds performance. During the most recent
fiscal year, the Funds portfolio turnover rate was 28% of
the average value of its portfolio.
Principal
Investment Strategies
The Fund invests pursuant to an asset allocation strategy in a
combination of RidgeWorth Fixed Income Funds and exchange-traded
funds (ETFs) that invest in bonds (together,
Underlying Fixed Income Funds), and to a lesser
extent, RidgeWorth Equity Funds and ETFs that invest in equities
(together, Underlying Equity Funds). The Fund
invests primarily in Underlying Fixed Income Funds, but may
invest up to 40% of its assets in Underlying Equity Funds. The
Funds remaining assets may be invested in cash and cash
equivalents, including unaffiliated money market funds,
securities issued by the U.S. government, its agencies or
instrumentalities, repurchase agreements and short-term paper.
The Fund may invest in an Underlying Fund that:
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invests in debt instruments, including mortgage- and
asset-backed instruments, common stocks and other equity
securities of U.S. and non U.S. companies including
those in both developed and emerging markets.
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invests in bank loans and other below investment grade
instruments.
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invests in inflation-protected public obligations of the
U.S. Treasury, commonly known as TIPS, which
are securities issued by the U.S. Treasury that are
designed to provide inflation protection to investors.
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In selecting a diversified portfolio of Underlying Fixed Income
Funds and Underlying Equity Funds (together, Underlying
Funds), the Adviser analyzes many factors, including the
Underlying Funds investment objectives, total return,
volatility and expenses.
The table below shows how the Adviser currently expects to
allocate the Funds portfolio among asset classes. The
table also shows the sectors within those asset classes to which
the Fund will currently have exposure.
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Investment Range
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(Percentage of the
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Conservative Allocation
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Asset Class
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Strategys Assets)
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Underlying Fixed Income Funds
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50-80
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%
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U.S. Investment Grade Bonds
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U.S. High Yield Bonds
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U.S. Floating Rate Securities (including bank loans)
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International Bonds
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Emerging Market Bonds
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Underlying Equity Funds
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20-40
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%
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U.S. Equities
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International Equities
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Emerging Market Equities
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(All Market Capitalizations)
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Underlying Money Market Investments
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0-20
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%
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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.
The value of an investment in the Fund is based primarily on the
performance of the Underlying Funds and the allocation of the
Funds assets among them. The Advisers asset
allocation decisions may not anticipate market trends
successfully. The risks of the Fund will directly correspond to
the risks of the Underlying Funds in which it invests. These
risks will vary depending upon how the assets are allocated
among the Underlying Funds. Certain risks associated with
investing in the Underlying Funds are described in this section.
Asset Allocation Risk: Asset allocation risk is the risk
that the Fund could lose money as a result of less than optimal
or poor asset allocation decisions as to how its assets are
allocated or re-allocated.
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 issuers credit rating or the markets
perception of an issuers creditworthiness may also affect
the value of the Funds investment in that issuer. The
degree of credit risk depends on the issuers 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.
Equity Securities Risk: The price of equity securities
fluctuates from time to time based on changes in a
companys financial condition or overall market and
economic conditions. As a result, the value of the Funds
equity securities may fluctuate drastically from day to day.
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Summary
Prospectus |
2
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August 1, 2011
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Below Investment Grade Securities Risk: Securities that
are rated below investment grade (sometimes referred to as
junk bonds, including those bonds rated lower than
BBB- by Standard and Poors and Fitch, Inc. or
Baa3 by Moodys Investors Services, Inc.), or
that are unrated but judged by the Adviser to be of comparable
quality, at the time of purchase, 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, and may cause income and
principal losses for the Fund.
Floating Rate Loan Risk: The value of the collateral
securing a floating rate loan can decline, be insufficient to
meet the obligations of the borrower, or be difficult to
liquidate. As a result, a floating rate loan may not be fully
collateralized and can decline significantly in value. Floating
rate loans generally are subject to legal or contractual
restrictions on resale. The liquidity of floating rate loans,
including the volume and frequency of secondary market trading
in such loans, varies significantly over time and among
individual floating rate loans. During periods of infrequent
trading, valuing a floating rate loan can be more difficult; and
buying and selling a floating rate loan at an acceptable price
can also be more difficult and delayed. Difficulty in selling a
floating rate loan can result in a loss.
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 including difficult or frozen credit markets, 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
securities backed by loans made to borrowers with
sub-prime
credit metrics.
Prepayment and Call Risk: During periods of falling
interest rates, an issuer of a callable bond held by the Fund or
an Underlying 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
or an Underlying 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 unexpected capital loss
and/or a
decline in the Funds income.
Real Estate Investment Risk: The Fund or an underlying
ETF invests in companies that invest in real estate and is
exposed to risks specific to the real estate market, including
interest rate risk, leverage risk, property risk and management
risk.
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. Treasury inflation protected securities
(TIPS) can also exhibit price movements as a result
of changing inflation expectations and seasonal inflation
patterns. 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.
Large-Capitalization Companies Risk: Large-cap stocks can
perform differently from other segments of the equity market or
the equity market as a whole. Large-capitalization companies may
be less flexible in evolving markets or unable to implement
change as quickly as small-capitalization companies.
Small- and Mid-Capitalization Companies Risk: Small- and
mid-cap stocks tend to perform differently from other segments
of the equity market or the equity market as a whole, and can be
more volatile than stocks of large-capitalization companies.
Small- and mid-capitalization companies may be newer or less
established and may have limited resources, products and
markets, and be less liquid.
Value Investing Risk: Value investing attempts to
identify strong companies whose stocks are selling at a discount
from their perceived true worth. It is subject to the risk that
the stocks intrinsic values may never be fully recognized
or realized by the market, their prices may go down, or that
stocks judged to be undervalued by the Fund or an Underlying
Fund may actually be appropriately priced or remained
undervalued.
Growth Stock Risk: Growth stocks can react differently to
issuer, political, market and economic developments than the
market as a whole and other types of stocks. Growth stocks
typically are sensitive to market movements because their market
prices tend to reflect future expectations. When it appears
those expectations will not be met, the prices of growth stocks
typically fall.
Foreign Securities Risk: Foreign securities involve
special risks such as currency fluctuations, economic or
financial instability, lack of timely or reliable financial
information and unfavorable political or legal developments.
These risks are increased for investments in emerging markets.
Exchange-Traded Fund Risk: The risk of owning shares
of an ETF generally reflects the risk of owning the underlying
securities the ETF is designed to track. Liquidity in an ETF
could result in more volatility than ownership of the underlying
portfolio of securities. In addition, because of ETFs
management expenses, compared to owning the underlying
securities directly, it may be more costly to own an ETF.
Performance
The bar chart and the performance table that follow illustrate
the risks and volatility of an investment in the Fund. The
Funds past performance (before and after taxes) does not
indicate how the Fund will perform in the future. I Shares
commenced operations on November 6, 2003, A Shares
commenced operations on November 11, 2003 and C Shares
commenced operations on April 3, 2005. Performance between
March 11, 2003 and the commencement of operations of A
Shares, C Shares and I Shares is that of the B Shares of the
Fund, which converted into A Shares of the Fund on
July 16, 2010, and has not been adjusted to reflect A
Share, C Share or I Share expenses. If it had been performance
for the C Shares would have been lower. Updated performance
information is available by contacting the RidgeWorth Funds at
1-888-784-3863 or by visiting www.ridgeworth.com.
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August 1,
2011
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3
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Summary Prospectus
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This bar chart shows changes in the performance of the
Funds I Shares from year to year.*
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Best Quarter
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Worst Quarter
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7.57%
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-2.53%
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(9/30/09)
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(9/30/08)
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* |
The performance information shown above is based on a
calendar year. The Funds total return for the six
months ended June 30, 2011 was 3.30%.
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The following table compares the Funds 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)
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Since
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1 Year
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5 Years
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Inception*
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A Shares Returns Before Taxes
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8.84%
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5.72%
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6.04%
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C Shares Returns Before Taxes
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8.00%
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4.97%
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5.58%
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I Shares Returns Before Taxes
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9.05%
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6.03%
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6.32%
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I Shares Returns After Taxes on Distributions
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7.69%
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4.48%
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4.99%
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I Shares Returns After Taxes on Distributions and Sale of
Fund Shares
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5.91%
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4.30%
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4.71%
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Hybrid 30/70 Blend of the two Indexes below (reflects no
deductions for fees, expenses or taxes)
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9.10%
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4.75%
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5.83%
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S&P 500 Index (reflects no deductions for fees, expenses or
taxes)
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15.06%
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2.29%
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8.09%
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Barclays Capital U.S. Aggregate Bond Index (reflects no
deduction for fees, expenses or taxes)
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6.54%
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5.80%
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4.86%
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* |
Since inception of the B Shares on March 11, 2003.
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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). After-tax returns are
shown for only the I Shares. After-tax returns for other share
classes will vary.
Investment
Adviser
RidgeWorth Investments is the Funds investment adviser.
Portfolio
Management
Mr. Alan Gayle, Managing Director of the Adviser, has
managed the Fund since its inception.
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 Funds
offer 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 share class are
shown below, although these minimums may be reduced or waived in
some cases.
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Class
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Dollar Amount
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A Shares
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$2,000
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C Shares
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$5,000 ($2,000 for IRAs or other tax qualified accounts)
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I Shares
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None
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Subsequent investments in A or C Shares must be made in amounts
of at least $1,000. The Fund may accept investments of smaller
amounts for either class of shares at its discretion. There are
no minimums for subsequent investments in I Shares.
Tax
Information
The Funds 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
intermediarys website for more information.
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RFSUM-LVC-0811
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