RidgeWorth Funds
Summary Prospectus
Georgia Tax-Exempt Bond Fund
AUGUST 1, 2012
Class / Ticker Symbol
A / SGTEX I / SGATX
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
http://www.ridgeworth.com/resources/regulatory-tax-info.
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, 2012, are
incorporated by reference into this summary prospectus.
Investment Objective
The
Georgia Tax-Exempt Bond Fund (the Fund) seeks current income exempt from federal and state income taxes for Georgia residents without undue risk.
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 85 of the Funds prospectus and Rights of Accumulation on page 62 of the Funds
statement of additional information.
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Shareholder Fees
(fees paid directly from your investment) |
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A Shares |
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I Shares |
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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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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I Shares |
Management
Fees(1) |
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0.50% |
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0.50% |
Distribution (12b-1) Fees |
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0.15% |
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None |
Other
Expenses(2) |
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0.08% |
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0.07% |
Acquired Fund Fees and Expenses(3) |
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0.01% |
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0.01% |
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Total Annual Fund Operating Expenses |
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0.74% |
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0.58% |
(1) |
Restated to reflect a decrease in the Management Fees effective August 1, 2012. |
(2) |
Restated to reflect current fees. |
(3) |
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. |
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 $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the
Funds operating expenses remain the same and you reinvest all dividends and distributions. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year |
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3 Years |
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5 Years |
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10 Years |
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A Shares |
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$ |
547 |
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$ |
701 |
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$ |
868 |
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$ |
1,354 |
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I Shares |
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$ |
59 |
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$ |
186 |
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$ |
325 |
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$ |
729 |
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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 57% of the average value of its portfolio.
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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 municipal securities with income exempt from U.S. federal and Georgia state income taxes.
Issuers of these securities can be located in Georgia, Puerto Rico and other U.S. territories and possessions. The Fund may invest up to 20% of its assets in securities subject to the U.S. federal alternative minimum tax. The Fund may also
invest a portion of its net assets in certain taxable debt securities.
In selecting investments for purchase and sale, the Funds Subadviser,
StableRiver Capital Management LLC (StableRiver or the Subadviser), tries to manage risk as much as possible. Based on the Subadvisers analysis of municipalities, credit risk, market trends and investment cycles, the
Subadviser attempts to invest more of the Funds assets in undervalued market sectors and less in overvalued sectors taking into consideration maturity, sector, credit, state and supply and demand levels. There are no limits on the Funds
average weighted maturity or on the remaining maturities of individual securities. The Subadviser tries to diversify the Funds holdings within the State of Georgia. The Subadviser also tries to identify and invest in municipal issuers with
improving credit and avoid those with deteriorating credit. 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.
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.
Municipal Securities Risk: Municipal securities can be significantly affected by litigation, political or
economic events, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. Municipal securities backed by current or anticipated revenues from specific projects or assets
can be negatively affected by the inability of the issuer to collect revenues for the projects or from the assets.
State Concentration Risk: The
Funds concentration of investments in securities of issuers located in the State of Georgia may subject the Fund to economic and government policies within the State.
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.
The annual returns in the bar chart which follows are for the I Shares without reflecting payment of any sales charge; if
they did reflect such payment of sales charges, annual returns would be lower.
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 |
6.69% |
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-5.43% |
(9/30/09) |
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(12/31/10) |
* |
The performance information shown above is based on a calendar year. The Funds total return for the six months ended June 30, 2012 was 4.04%.
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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.
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AVERAGE ANNUAL TOTAL RETURNS
(for periods ended December 31, 2011) |
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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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9.34% |
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3.95% |
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4.16% |
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I Shares Returns Before Taxes |
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9.51% |
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4.09% |
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4.33% |
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I Shares Returns After Taxes on Distributions |
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8.11% |
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2.74% |
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2.96% |
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I Shares Returns After Taxes on Distributions and Sale of Fund Shares |
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6.13% |
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2.69% |
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2.91% |
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Barclays Capital U.S. Municipal Bond Index (reflects no deduction for fees, expenses or taxes) |
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10.70% |
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5.22% |
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5.38% |
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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 and Subadviser
RidgeWorth Investments is the Funds investment adviser (the Adviser). StableRiver Capital Management LLC is the Funds Subadviser.
Portfolio Management
Mr. Chris Carter, CFA, serves as Director of StableRiver and has managed the Fund
since August 2003.
Purchasing and Selling Your Shares
You may purchase or redeem Fund shares on any business day. You may purchase and redeem A and I Shares of the Fund through financial institutions or intermediaries that are authorized to place transactions in
Fund shares for their customers or for their own accounts.
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 |
A Shares |
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$2,000 |
I Shares |
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None |
Subsequent investments in A Shares must be made in amounts of at least $1,000. The Fund may accept investments of smaller amounts at
its discretion. There are no minimums for subsequent investments in I Shares.
Tax Information
The Fund intends to distribute income that is exempt from regular federal and Georgia income taxes. A portion of the Funds distributions may be subject to
Georgia or federal income taxes or to the federal alternative minimum tax.
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-GTE-0812