e497k
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Summary Prospectus
Short-Term Bond Fund
AUGUST 1, 2011
Class / Ticker Symbol A / STSBX C / SCBSX I / SSBTX
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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 Short-Term Bond Fund (the Fund) seeks high
current income, while preserving 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 Funds prospectus and Rights of Accumulation on
page 91 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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2.50%
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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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0.40%
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0.40%
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0.40%
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Distribution (12b-1) Fees
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0.20%
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1.00%
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None
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Other Expenses
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0.07%
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0.07%
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0.08%
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Total Annual Fund Operating Expenses
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0.67%
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1.47%
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0.48%
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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 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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317
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$
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459
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$
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615
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$
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1,067
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C Shares
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$
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250
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$
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465
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$
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804
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$
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1,763
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I Shares
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$
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49
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$
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154
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$
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269
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$
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607
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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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317
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$
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459
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$
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615
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$
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1,067
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C Shares
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$
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150
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$
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465
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$
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804
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$
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1,763
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I Shares
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$
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49
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$
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154
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$
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269
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$
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607
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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
Funds performance. During the most recent fiscal year, the
Funds portfolio turnover rate was 189% of the average
value of its portfolio.
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August 1,
2011
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1
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Summary Prospectus
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Principal
Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its
net assets (plus any borrowings for investment purposes) in a
diversified portfolio of short- to medium-term investment grade
U.S. Treasury, corporate debt, mortgage-backed and
asset-backed securities. These securities may be rated
investment grade by at least one national securities rating
agency or may be unrated securities that the Funds
Subadviser, StableRiver Capital Management LLC
(StableRiver or the Subadviser),
believes are of comparable quality. The Fund expects that it
will normally maintain an effective maturity of 3 years or
less. The Fund may invest in foreign securities, which at times
may be significant.
In selecting securities for purchase and sale, the Subadviser
attempts to identify securities that are expected to offer a
comparably better investment return for a given level of risk.
For example, short-term bonds generally have better returns than
money market instruments with a fairly modest increase in risk
and/or
volatility. The Subadviser manages the Fund from a total return
perspective. That is, the Subadviser makes
day-to-day
investment decisions for the Fund with a view towards maximizing
returns. The Subadviser analyzes, among other things, yields,
market sectors and credit risk in an effort to identify
attractive investments with attractive risk/reward trade-offs.
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 derivative instruments (such as swaps, including
credit default swaps, futures and options) to use as a
substitute for a purchase or sale of a position in the
underlying assets
and/or as
part of a strategy designed to reduce exposure to other risks,
such as interest rate 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 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.
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
Funds adjustable-rate securities are not able to reset to
market interest rates during any one adjustment period, the
value of the Funds 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 securitys interest rate may
prevent the rate from adjusting to prevailing market rates. In
such an event the security could underperform and affect the
Funds 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 Funds income.
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 and
delays in enforcement of rights.
Derivatives Risk: In the course of pursuing its
investment strategies, the Fund may invest in certain types of
derivatives including swaps, foreign currency forward contracts
and futures. The Fund is exposed to additional volatility and
potential loss with these investments. Losses in these
investments may exceed the Funds initial investment.
Derivatives may be difficult to value, may become illiquid and
may not correlate perfectly with the overall securities market.
Futures Contract Risk: The risks associated with futures
include: the Subadvisers ability to manage these
instruments, the potential inability to terminate or sell a
position, the lack of a liquid secondary market for the
Funds position and the risk that the counterparty to the
transaction will not meet its obligations.
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Summary
Prospectus |
2
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August 1, 2011
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Swap Risk: The Fund may enter into swap agreements,
including credit default and interest rate swaps, for purposes
of attempting to gain exposure to a particular asset without
actually purchasing that asset or to hedge a position. Credit
default swaps may increase or decrease the Funds exposure
to credit risk and could result in losses if the Subadviser does
not correctly evaluate the creditworthiness of the entity on
which the credit default swap is based. Swap agreements may also
subject the Fund to the risk that the counterparty to the
transaction may not meet its obligations.
Leverage Risk: Certain transactions and the use of
derivatives such as swaps and futures may create leveraging
risk. Leverage may cause the Fund to be more volatile than if
the Fund had not been leveraged. This is because leverage tends
to exaggerate the effect of any increase or decrease in the
value of the Funds portfolio securities.
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 Subadviser to be of
comparable quality, at the time of purchase, involve greater
risk of default 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.
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
U.S. 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
Funds past performance (before and after taxes) does not
indicate how the Fund will perform in the future. Updated
performance information is available by contacting the
RidgeWorth Funds at 1-888-784-3863 or by visiting
www.ridgeworth.com.
This bar chart shows the changes in 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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3.86%
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-2.34%
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(9/30/01)
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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 1.31%.
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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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1 Year
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5 Years
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10 Years
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A Shares Returns Before Taxes
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3.30%
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4.22%
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3.52%
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C Shares Returns Before Taxes
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2.47%
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3.38%
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2.91%
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I Shares Returns Before Taxes
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3.51%
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4.43%
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3.73%
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I Shares Returns After Taxes on Distributions
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2.66%
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3.07%
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2.40%
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I Shares Returns After Taxes on Distributions and Sale of
Fund Shares
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2.27%
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2.98%
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2.39%
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Barclays Capital 1-3 Year Government/Credit Index (reflects
no deduction for fees, expenses or taxes)
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2.80%
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4.53%
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4.34%
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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
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August 1,
2011
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3
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Summary Prospectus
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the I Shares. After-tax returns for other share classes will
vary.
Investment
Adviser and Subadviser
RidgeWorth Investments is the Funds investment adviser
(the Adviser). StableRiver Capital Management LLC is
the Funds Subadviser.
Portfolio
Management
The Fund is managed by a portfolio management team comprised of
Mr. H. Rick Nelson, Chief Executive Officer and Chief
Investment Officer of StableRiver, and Mr. Chad Stephens,
Director of StableRiver. Mr. Nelson has co-managed the Fund
since 2003 while Mr. Stephens has co-managed the Fund since
2008.
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 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-STB-0811
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