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Summary Prospectus
Short-Term U.S. Treasury Securities Fund AUGUST 1, 2011 Class / Ticker Symbol A / STSFX C / SSUSX I / SUSTX |
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 Short-Term U.S. Treasury Securities 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 Fund’s prospectus and Rights of Accumulation on
page 91 of the Fund’s statement of additional
information.
Shareholder
Fees
(fees paid directly from your investment)
(fees paid directly from your investment)
| A Shares | C Shares | I Shares | ||||||||||
| Maximum Sales Charge (load) Imposed on Purchases (as a % of offering price) | 2.50% | 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)
(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 | 0.18% | 1.00% | None | |||||||||
| Other Expenses | 0.22% | 0.22% | 0.22% | |||||||||
| Total Annual Fund Operating Expenses | 0.80% | 1.62% | 0.62% | |||||||||
| Fee Waivers and/or Expense Reimbursements(1) | (0.07)% | (0.07)% | (0.07)% | |||||||||
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.73% | 1.55% | 0.55% | |||||||||
| (1) | The Adviser and Subadviser have 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 0.73%, 1.55% and 0.55% for the A, C and I Shares, respectively. This agreement shall terminate upon the termination of the Investment Advisory Agreement between the Trust and the Adviser, or it may be terminated upon written notice to the Adviser by the Trust. |
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
| August 1, 2011 | 1 | Summary Prospectus |
may be higher or lower, based on these assumptions your costs
would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
| A Shares | $ | 323 | $ | 493 | $ | 677 | $ | 1,213 | ||||||||
|
C Shares
|
$ | 258 | $ | 505 | $ | 876 | $ | 1,922 | ||||||||
|
I Shares
|
$ | 56 | $ | 192 | $ | 340 | $ | 771 | ||||||||
You would pay the following expenses if you did not redeem
your shares:
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
| A Shares | $ | 323 | $ | 493 | $ | 677 | $ | 1,213 | ||||||||
|
C Shares
|
$ | 158 | $ | 505 | $ | 876 | $ | 1,922 | ||||||||
|
I Shares
|
$ | 56 | $ | 192 | $ | 340 | $ | 771 | ||||||||
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 36% of the average value
of its portfolio.
Principal
Investment Strategies
The Fund invests exclusively in short-term U.S. Treasury
securities (those with remaining maturities of 5 years or
less) and shares of registered money market funds that invest in
the foregoing. The Fund intends to maintain an average weighted
maturity from 1 to 3 years.
The Fund’s Subadviser, StableRiver Capital Management LLC
(“StableRiver” or 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 toward maximizing total return. In selecting
investments for purchase and sale, the Subadviser attempts to
identify U.S. Treasury securities with maturities that
offer a comparably better return potential and yield than either
shorter maturity or longer maturity securities for a given level
of interest rate risk.
In addition, to implement its investment strategy, the Fund may
buy or sell, to a limited extent, derivative instruments (such
as futures, options and swaps) 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 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.
Short-term U.S. Treasury Securities Risk: Short-term
U.S. Treasury securities may underperform other segments of
the fixed income market or the fixed income market as a whole.
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 Fund’s 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 Subadviser’s ability to manage these
instruments, the potential inability to terminate or sell a
position, the lack of a liquid secondary market for the
Fund’s position and the risk that the counterparty to the
transaction will not meet its obligations.
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 Fund’s 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 Fund’s portfolio securities.
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
| Summary Prospectus | 2 | August 1, 2011 |
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. 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
Fund’s I Shares from year to year.*
|
Best Quarter
|
Worst Quarter | |
|
3.02%
|
-0.94% | |
|
(3/31/08)
|
(6/30/04) |
| * | 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 0.60%. |
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)
| 1 Year | 5 Years | 10 Years | ||||||||||
| A Shares Returns Before Taxes | 1.74% | 3.62% | 3.11% | |||||||||
| C Shares Returns Before Taxes | 0.91% | 2.79% | 2.56% | |||||||||
| I Shares Returns Before Taxes | 1.92% | 3.81% | 3.30% | |||||||||
| I Shares Returns After Taxes on Distributions | 1.02% | 2.69% | 2.19% | |||||||||
| I Shares Returns After Taxes on Distributions and Sale of Fund Shares | 1.36% | 2.61% | 2.18% | |||||||||
| Barclays Capital 1-3 Year U.S. Treasury Index (reflects no deduction for fees, expenses or taxes) | 2.40% | 4.19% | 3.95% | |||||||||
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 and Subadviser
RidgeWorth Investments is the Fund’s investment adviser
(the “Adviser”). StableRiver Capital Management LLC is
the Fund’s 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,
Managing Director of StableRiver. Mr. Nelson and
Mr. Stephens have co-managed the Fund since 2005.
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.
| Class | Dollar Amount | |
| A Shares | $2,000 | |
|
C Shares
|
$5,000 ($2,000 for IRAs or other tax qualified accounts) | |
|
I Shares
|
None | |
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 Fund’s distributions are generally taxable and will be
taxed as ordinary income or capital gains unless
| August 1, 2011 | 3 | Summary Prospectus |
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.
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RFSUM-STUT-0811 |