N-CSR 1 d924894dncsr.htm RIDGEWORTH FUNDS Ridgeworth Funds
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06557

 

 

RidgeWorth Funds

(Exact name of registrant as specified in charter)

 

 

RidgeWorth Capital Management LLC

3333 Piedmont Road, Suite 1500

Atlanta, GA 30305

(Address of principal executive offices)(Zip code)

 

 

 

(Name and Address of Agent for Service) Copy to:

Julia R. Short

RidgeWorth Funds

3333 Piedmont Road, Suite 1500

Atlanta, GA 30305

W. John McGuire, Esq.

Thomas S. Harman, Esq.

Morgan, Lewis & Bockius LLP

2020 K Street, NW

Washington, DC 20006

 

 

Registrant’s telephone number, including area code: 1-888-784-3863

Date of fiscal year end: March 31

Date of reporting period: March 31, 2015

 

 

 


Table of Contents
Item 1. Reports to Shareholders.


Table of Contents

LOGO

 

2015 ANNUAL REPORT

EQUITY FUNDS

MARCH 31, 2015

 

LOGO

 

RidgeWorth Investments is the trade name of RidgeWorth Capital Management LLC.

Collective Strength. Individual Insight. is a federally registered service mark of RidgeWorth Investments.


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TABLE OF CONTENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Letter to Shareholders   1   
Management Discussion of Fund Performance
Equity Funds:

Aggressive Growth Stock Fund

  2   

International Equity Fund

  4   

Large Cap Growth Stock Fund

  6   

Large Cap Value Equity Fund

  8   

Mid-Cap Value Equity Fund

  10   

Small Cap Growth Stock Fund

  12   

Small Cap Value Equity Fund

  14   
Allocation Strategies:

Aggressive Growth Allocation Strategy

  16   

Conservative Allocation Strategy

  18   

Growth Allocation Strategy

  20   

Moderate Allocation Strategy

  22   
Financial Statements
Schedules of Portfolio Investments   24   
Statements of Assets and Liabilities   39   
Statements of Operations   42   
Statements of Changes in Net Assets   45   
Financial Highlights   49   
Notes to Financial Statements   55   
Report of Independent Registered Public Accounting Firm   75   
Other Information
Other Federal Tax Information   76   
Trustees and Officers of the RidgeWorth Funds   78   
Additional Information   80   

 


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LETTER TO SHAREHOLDERS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Dear Valued Shareholder,

We sincerely thank you for your continued business and support. Our primary objective is to help you achieve your investment goals, and we’re grateful you have placed your confidence in us. We aim to earn your trust through competitive investment performance and excellent client service. We hope we have met your expectations in both of these measures, and we look forward to continuing to serve as your asset manager in the months and years to come.

The 12 months through March 31, 2015 marked the sixth year of continued recovery in the U.S. economy since the Great Recession bottomed out in March of 2009. For the consumer, job gains continued, the unemployment rate fell, inflation-adjusted disposable income rose, auto and home sales increased, and confidence improved. On the business side, profits continued to rise and margins held near cycle highs. Outside the private sector, federal, state and local spending increased, so that all segments of the economy participated in the expansion. Inflation and interest rates remained low. Not surprisingly, all this was positive for the U.S. equity market.

However, while progress has been steady, it has also been measured, and in some cases slower than normal. The economy faces a lingering headwind from excess leverage built up during the economic expansion in the 2000s, which sidelined many consumers. This was compounded by subsequent tighter lending standards. In addition, the growth rate of the labor force slowed to the lowest level in decades. These factors helped contribute to this relatively muted recovery.

Outside the U.S., growth either remained sluggish or slowed significantly from previous levels. The European Union (EU) economy in particular struggled, while growth in China continued to slow as the leadership moved to reorient activity away from exports in favor of internal consumption. The encouraging news was that global central banks began taking measures to jumpstart growth through aggressive stimulus measures. Moreover, the relative strength in the U.S. pushed up the value of the dollar, which, while a headwind for domestic producers, became a tailwind for our trading partners.

Looking ahead, we believe the downside risks to the U.S. economy remain muted despite the recent headwinds mentioned and lowered growth forecasts. We expect additional employment and income growth, and prospects outside the domestic economy have also improved. While unexpected events have the potential to derail the current recovery/expansion and increase market volatility, we are encouraged by the resiliency of the U.S. economy and its trading partners in overcoming the challenges of recent years.

We continue to believe the markets will offer opportunities to investors, but they will be more selective and company-specific, an environment that fits well with RidgeWorth’s bottom-up approach to security selection. We at RidgeWorth wish to thank you again for the trust and confidence you have placed in us, and we look forward to another good year together.

Sincerely,

 

LOGO

Ashi Parikh

Chief Executive Officer, Chief Investment Officer

RidgeWorth Investments

 

1


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AGGRESSIVE GROWTH STOCK FUND

 

 

Portfolio Managers

 

Ÿ   Nancy Zevenbergen, CFA, CIC
Ÿ   Brooke de Boutray, CFA, CIC
Ÿ   Leslie Tubbs, CFA, CIC

 

 

INVESTMENT CONCERNS

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments.

Small- and mid-capitalization funds typically carry additional risks as smaller companies generally have a higher risk of failure.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the Aggressive Growth Stock Fund (I Shares) delivered a 4.61% return. That compared to a 15.76% return for the Russell 3000 Growth Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Stocks performed well during the 12-month period, with relatively strong returns driven by an improving U.S. economy and steady corporate earnings growth. However, stocks faced some headwinds during the period, including a sharp decline in oil prices, which impacted several sectors of the equity market, as well as volatility caused by investors’ shifting expectations for rising interest rates. In absolute terms, the Fund posted positive returns in that environment.

The Fund’s relative performance was hurt by individual holdings in consumer discretionary sector, including shares of a streaming audio service that declined as investors awaited a decision on new industry royalty fees, and an electric car manufacturer that struggled to meet expectations for vehicle deliveries. Stock selection in the financial services sector also hurt performance, particularly a 401(k) management company that failed to convert many of its contracted accounts into paying customers. Exposure to an online local review network detracted from performance due to a decline in the company’s active accounts and increased costs from market expansion.

The Fund benefited from individual holdings in the producer durables sector. In particular, shares of a freight logistics company appreciated 50% after recording strong revenue growth driven primarily by acquisitions.

How do you plan to position the Fund, based on market conditions?

While many investment professionals are making predictions about certain areas of the market—including concern about a potential bubble forming among biotech stocks—we do not weigh in on those discussions. While broader factors can influence our research, evaluating the management teams and fundamentals of individual companies remains our most reliable guide for making investment decisions. As we near our third decade of investing, we have deepened our perspective and increased our confidence in the long-term promise of growth equities. We hold a growing conviction that when we look back five or 10 years from now, we will be grateful to have been invested in the spring of 2015.

 

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AGGRESSIVE GROWTH STOCK FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Russell 3000® Growth Index, which measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® companies with higher price-to-book ratios and higher forecasted growth values. The Index is unmanaged and does not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
Aggressive Growth Stock Fund   1 Year      3 Year        5 Year        10 Year  

A Shares

   without sales charge   4.47%        15.06%           13.40%           9.80%   
     with sales charge*   –1.53%        12.80%           12.07%           9.15%   

I Shares

       4.61%        15.25%           13.67%           10.07%   
Russell 3000® Growth Index   15.76%        16.45%           15.71%           9.41%   
                                           
Prospectus Expense Ratio1                                     Gross  
A Shares                                       1.41%   
I Shares                                       1.35%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.50% and 1.30% for A and I Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 5.75%.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

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INTERNATIONAL EQUITY FUND

 

 

Portfolio Manager

 

Ÿ   Chad Deakins, CFA

 

 

INVESTMENT CONCERNS

 

International investing involves increased risk and volatility.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth International Equity Fund (I Shares) delivered a -4.59% return. That compared to a -0.92% return for the MSCI EAFE Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

International equity markets generally declined over the period under review. Concerns about the health of the eurozone economy prompted the European Central Bank (ECB) to announce an aggressive quantitative easing program designed to reduce borrowing costs across Europe. While European stocks produced strong returns during the period, the weak euro offset those gains. Taiwan’s dollar gained strength on prospects of increased economic growth, and the Japanese stock market reached 15-year highs. The U.S. dollar gained against most major currencies, and U.S. stocks outperformed international stocks by a wide margin. Amid this environment, the Fund posted negative absolute returns.

The Fund’s relative performance was hurt by weak returns in Japanese stocks, particularly those affected by lower energy and commodity prices. Exposure to a German airline and a German sporting goods company detracted from relative performance, as those companies faced pricing pressure and declining profits, respectively. Investments in a Chinese property developer and financial conglomerates in Italy and France also dragged on the Fund’s returns.

The Fund’s relative returns were aided by strong performance in the consumer staples sector, as well as sizeable underweight positions in the energy and utilities sectors, which were among the worst-performing sectors in the benchmark index. The Fund’s European holdings also benefited from anticipation of the ECB’s quantitative easing program. In addition, the Fund benefited from exposure to a global beer company whose shares appreciated following an upgrade in its credit rating and to a German health care company that was helped by stabilizing reimbursement rates and an upgrade in the status of its manufacturing facility. Exposure to two large Chinese banks also helped performance.

How do you plan to position the Fund, based on market conditions?

We will maintain our underweight position in Australia, which is facing a slowing economy due in part to decreased demand for commodities. In addition, valuations in the utilities sector worldwide continue to appear unattractive. Likewise, most emerging markets appear unattractive due to trade imbalances with the United States; as the Federal Reserve drains liquidity from the system by raising interest rates, we expect that many emerging currencies will weaken against their developed market counterparts. However, we do not expect further significant rerating of the euro versus the U.S. dollar in the near term. We are monitoring the energy and materials sectors closely and may begin to accumulate some undervalued names over the next few months.

 

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INTERNATIONAL EQUITY FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index, which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of 21 developed market country indices. EAFE performance data is calculated in U.S. dollars and in local currency. The Index is unmanaged and does not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
International Equity Fund   1 Year      3 Year        5 Year        10 Year  

A Shares

   without sales charge   –4.87%        7.79%           5.61%           4.27%   
     with sales charge*   –10.32%        5.67%           4.35%           3.65%   

I Shares

       –4.59%        7.97%           5.83%           4.53%   
MSCI EAFE Index        –0.92%        9.02%           6.16%           4.95%   
                                           
Prospectus Expense Ratio1                                     Gross  
A Shares                                       1.58%   
I Shares                                       1.35%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.57% and 1.37% for A and I Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 5.75%.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

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LARGE CAP GROWTH STOCK FUND

 

 

Portfolio Managers

 

Ÿ   Christopher Guinther*
Ÿ   Michael A. Sansoterra
Ÿ   Sandeep Bhatia, PhD, CFA

 

 

INVESTMENT CONCERNS

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments.

Small- and Mid-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

Large-capitalization stock 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 smaller capitalization companies.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the Large Cap Growth Fund (I Shares) delivered a 15.03% return. That compared to a 16.09% return for the Russell 1000 Growth Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Stocks performed well during the 12-month period, with relatively strong returns driven by an improving U.S. economy and steady corporate earnings growth. However, stocks faced some headwinds during the period, including a sharp decline in oil prices, which impacted several sectors of the equity market, and external factors such as bad winter weather on the east coast and a labor strike that affected shipping ports on the west coast. In absolute terms, the Fund performed well in that environment.

The portfolio management team does not attempt to position the Fund based on predictions of macro-economic conditions. Instead, the Fund employs a balanced approach to stock selection and investment strategies to manage active risk through portfolio construction. The Fund also deemphasizes sector rotation and tactical sector allocations and instead attempts to drive performance through bottom-up stock selection.

The Fund’s relative performance was hurt by stock selection in the financial sector, particularly from exposure to a major insurance company and a vehicle financing company. Holdings in the industrials sector, including a global construction firm and a manufacturer of metal components, also hurt relative performance. Lack of exposure to two home-improvement retail chains that had large benchmark weights detracted from performance during the period.

The Fund benefited from stock selection in the consumer staples sector, with shares of a plant-based food and beverage maker and a global retail chain among holdings that contributed to relative results. Individual holdings in the health care sector, particularly among biotechnology companies, also boosted relative performance.

How do you plan to position the Fund, based on market conditions?

The portfolio managers seek to eliminate investment results that are directly attributed to market conditions, and instead attempt to drive performance through stock selection. Therefore, the Fund will continue to invest in companies with reasonable valuations and improving fundamentals. Generally, we look for companies that have shown year-over-year increases in operating margins, revenue growth and return on incremental invested capital. By combining income statement, balance sheet and cash flow metrics to evaluate earnings quality, capital efficiency and relative valuations, we can avoid making investment decisions based on a single factor.

 

* Effective May 14, 2015, Mr. Christopher Guinther is no longer a portfolio manager of the Large Cap Growth Stock Fund.

 

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LARGE CAP GROWTH STOCK FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Russell 1000® Growth Index, which measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values. The Index is unmanaged and does not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
Large Cap Growth Stock Fund   1 Year      3 Year        5 Year        10 Year  

A Shares

   without sales charge   14.83%        14.68%           15.15%           8.29%   
     with sales charge*   8.22%        12.44%           13.80%           7.65%   

C Shares

   without CDSC   14.20%        13.93%           14.40%           7.56%   
     with CDSC*   13.20%        13.93%           14.40%           7.56%   

I Shares

       15.03%        14.93%           15.45%           8.60%   

IS Shares**

       15.14%        14.97%           15.47%           8.61%   
Russell 1000® Growth Index        16.09%        16.34%           15.63%           9.36%   
                                           
Prospectus Expense Ratio1                                     Gross  
A Shares                                       1.19%   
C Shares                                       1.87%   
I Shares                                       1.09%   
IS Shares                                       0.87%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.25%, 1.95%, 0.97% and 0.85% for A, C, I and IS Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.
** IS Shares were offered beginning on 8/1/14. The performance shown prior to such dates is based on performance of the I Shares of the Fund, and has not been adjusted to reflect IS Share expenses. If it had been, performance would have been higher.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

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LARGE CAP VALUE EQUITY FUND

 

 

Portfolio Manager

 

Ÿ   Mills Riddick, CFA

 

 

INVESTMENT CONCERNS

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the Large Cap Value Equity Fund (I Shares) delivered a 7.25% return. That compared to a 9.33% return for the Russell 1000 Value Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Stocks performed well during the 12-month period, with relatively strong returns driven by an improving U.S. economy and steady corporate earnings growth. However, stocks faced some headwinds during the period, including a sharp decline in oil prices, which impacted several sectors of the equity market, and external factors such as bad winter weather on the east coast and a labor strike that affected shipping ports on the west coast. In absolute terms, the Fund performed well in that environment.

The portfolio management team does not attempt to position the Fund based on predictions of macro-economic conditions. The Fund employs a bottom-up investment approach to stock selection that seeks out dividend-paying stocks trading at the lower end of their historical trading ranges, and which display characteristics of financial strength and possess an improving fundamental situation. The Fund does not make active sector allocations but allows its bottom-up investment process to define sector weights.

The Fund’s relative performance was hurt by individual holdings in the energy sector, including shares of two large oil firms, and in the industrial sector, where a maker of pumping equipment saw sales suffer due to commodity price declines. Exposure to a toy manufacturer and a memory and software maker detracted from relative performance.

The Fund benefited from individual stock selection in the health care sector, particularly among shares of several insurance companies that benefited from solid earnings, low inflation and speculation among investors that the industry would see increased mergers-and-acquisition activity. The Fund also benefited from exposure to a commercial property group and a major airline that was helped by increased pricing power and lower commodity prices.

How do you plan to position the Fund, based on market conditions?

Market volatility and investor uncertainty remain elevated, and may become more unpredictable. We are carefully watching a range of macroeconomic factors including oil prices, geopolitical issues in the middle east, and the pace of economic growth in China. We believe these macroeconomic issues can distract investors from focusing on company fundamentals, which may contribute to a challenging stock picking environment.

That said, we remain resolute that individual company fundamentals will remain an important component in stock selection once the macroeconomic environment normalizes for the equity markets. In the current environment, we expect to continue to maintain an underweight position in the financials and industrials sectors, and to continue an overweight position among information technology stocks.

 

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LARGE CAP VALUE EQUITY FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO

    

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Russell 1000® Value Index, which measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® companies with lower price-to-book ratios and lower expected growth values. The Index is unmanaged and does not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
Large Cap Value Equity Fund   1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge     6.98%           14.99%           12.88%           7.90%   
     with sales charge*     0.83%           12.73%           11.55%           7.26%   

C Shares

   without CDSC     6.50%           14.40%           12.21%           7.21%   
     with CDSC*     5.52%           14.40%           12.21%           7.21%   

I Shares

         7.25%           15.30%           13.20%           8.22%   
IS Shares**     7.45%           15.37%           13.24%           8.24%   
Russell 1000® Value Index     9.33%           16.44%           13.75%           7.21%   
                                          
Prospectus Expense Ratio1                                       Gross  
A Shares                                           1.37%   
C Shares                                           1.71%   
I Shares                                           1.06%   
IS Shares                                           0.71%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.27%, 1.97%, 0.97% and 0.85% for A, C, I and IS Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.
** IS Shares were offered beginning on 8/1/14. The performance shown prior to such dates is based on performance of the I Shares of the Fund, and has not been adjusted to reflect IS Share expenses. If it had been, performance would have been higher.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

9


Table of Contents

MID-CAP VALUE EQUITY FUND

 

 

Portfolio Manager

 

Ÿ   Don Wordell, CFA

 

 

INVESTMENT CONCERNS

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Mid-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the Mid-Cap Value Equity Fund (I Shares) delivered a 7.76% return. That compared to a 11.70% return for the Russell Midcap Value Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Stocks performed well during the 12-month period, with relatively strong returns driven by an improving U.S. economy and steady corporate earnings growth. However, stocks faced some headwinds during the period, including a sharp decline in oil prices, which impacted several sectors of the equity market, and external factors such as bad winter weather on the east coast and a labor strike that affected shipping ports on the west coast. In absolute terms, the Fund performed well in that environment.

The portfolio management team does not attempt to position the Fund based on predictions of macro-economic conditions. The Fund employs a bottom-up investment approach to stock selection that seeks out dividend-paying stocks trading at the lower end of their historical trading ranges, and which display characteristics of financial strength and possess an improving fundamental situation. The Fund does not make active sector allocations but allows its bottom-up investment process to define sector weights.

Stock selection in the consumer discretionary, utilities and information technology sectors detracted from the Fund’s relative performance. An overweight position and stock selection in the energy sector also dragged on returns, as several energy holdings suffered from factors such as a decline in oil prices, mild winter weather and weak electricity pricing. Exposure to a toy manufacturer and a memory and software maker also detracted from relative performance.

The Fund benefited from an overweight position and individual stock selection in the health care sector, particularly among shares of several insurance companies that benefited from solid earnings, low inflation and speculation among investors that the industry would see increased mergers-and-acquisition activity. The Fund also benefited from exposure to a medical device company, a health care services company and a financial services firm that benefited from higher operating margins.

How do you plan to position the Fund, based on market conditions?

Market volatility and investor uncertainty remain elevated, and may become more unpredictable. We are carefully watching a range of macroeconomic factors including oil prices, geopolitical issues in the middle east, and the pace of economic growth in China. We believe these macroeconomic issues can distract investors from focusing on company fundamentals, which may contribute to a challenging stockpicking environment.

That said, we remain resolute that individual company fundamentals will remain an important component in stock selection once the macroeconomic environment normalizes for the equity markets. In the current environment, we expect to continue to maintain an underweight position in the financials and utilities sectors, and to continue an overweight position among information technology and health care stocks.

 

10


Table of Contents

MID-CAP VALUE EQUITY FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Russell Midcap® Value Index, which measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Index is unmanaged and does not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

            Average Annual Total Returns as of 3/31/15  
Mid-Cap Value Equity Fund    1 Year      3 Year        5 Year        10 Year  

A Shares

   without sales charge    7.45%        16.01%           13.07%           10.73%   
     with sales charge*    1.28%        13.75%           11.73%           10.08%   

C Shares

   without CDSC    7.06%        15.52%           12.46%           10.07%   
     with CDSC*    6.08%        15.52%           12.46%           10.07%   

I Shares

        7.76%        16.34%           13.39%           11.06%   

IS Shares**

   7.98%        16.41%           13.44%           11.08%   
Russell Midcap® Value Index    11.70%        18.60%           15.84%           9.61%   
                                            
Prospectus Expense Ratio1                                      Gross  
A Shares                                        1.40%   
C Shares                                        1.76%   
I Shares                                        1.10%   
IS Shares                                        0.76%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.

 

** IS Shares were offered beginning on 8/1/14. The performance shown prior to such dates is based on performance of the I Shares of the Fund, and has not been adjusted to reflect IS Share expenses. If it had been, performance would have been higher.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

11


Table of Contents

SMALL CAP GROWTH STOCK FUND

 

 

Portfolio Managers

 

Ÿ   Christopher Guinther*
Ÿ   Michael A. Sansoterra
Ÿ   Sandeep Bhatia, PhD, CFA

 

 

INVESTMENT CONCERNS

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the Small Cap Growth Stock Fund (I Shares) delivered a 4.24% return. That compared to a 12.06% return for the Russell 2000 Growth Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Small-cap stocks performed well during the 12-month period, despite their returns lagging those of large-cap stocks. The market’s strong returns were driven by an improving U.S. economy and steady corporate earnings growth. However, stocks faced some headwinds during the period, including a sharp decline in oil prices, which impacted several sectors of the equity market, and external factors such as bad winter weather on the east coast and a labor strike that affected shipping ports on the west coast. In absolute terms, the Fund posted positive returns in that environment.

The portfolio management team does not attempt to position the Fund based on predictions of macro-economic conditions. Instead, the Fund employs a balanced approach to Stock selection and investment strategies to manage active risk through portfolio construction. The Fund also de-emphasizes sector rotation and tactical sector allocations and instead attempts to drive performance through bottom-up stock selection.

The Fund’s relative performance was hurt by stock selection in the energy and financial sectors. Holdings in the consumer discretionary sector, including a hardwood flooring retailer and a fast-casual restaurant chain, also hurt relative performance. The Fund suffered early in the period when holdings that had performed well over the previous 12-18 months—particularly within the technology sector—severely corrected, as their management teams reinvested earnings to grow revenues and improve market share.

The Fund benefited from stock selection in the health care sector, particular among biotech holdings, as well as a medical device manufacturer and a company that provides products and services to aid in pharmaceutical development. The Fund also benefited from certain technology holdings, including a maker of software for the mortgage industry.

How do you plan to position the Fund, based on market conditions?

The portfolio managers seek to eliminate investment results that are directly attributed to market conditions, and instead attempt to drive performance through stock selection. Therefore, the Fund will continue to invest in companies with reasonable valuations and improving fundamentals. Generally, we look for companies that have shown year-over-year increases in operating margins, revenue growth and return on incremental invested capital. By combining income statement, balance sheet and cash flow metrics to evaluate earnings quality, capital efficiency and relative valuations, we can avoid making investment decisions based on a single factor.

 

* Effective May 14, 2015, Mr. Christopher Guinther is no longer a portfolio manager of the Small Cap Growth Stock Fund.

 

12


Table of Contents

SMALL CAP GROWTH STOCK FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Russell 2000® Growth Index, which measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® companies with higher price-to-book ratios and higher forecasted growth values. The Index is unmanaged and does not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
Small Cap Growth Stock Fund   1 Year      3 Year        5 Year        10 Year  

A Shares

   without sales charge   4.21%        14.39%           13.98%           7.37%   
     with sales charge*   –1.76%        12.15%           12.63%           6.74%   

C Shares

   without CDSC   3.55%        13.64%           13.20%           6.64%   
     with CDSC*   2.74%        13.64%           13.20%           6.64%   

I Shares

       4.24%        14.46%           14.15%           7.62%   

IS Shares**

  4.44%        14.54%           14.19%           7.64%   
Russell 2000® Growth Index   12.06%        17.74%           16.58%           10.02%   
                                           
Prospectus Expense Ratio1                                     Gross  
A Shares                                       1.29%   
C Shares                                       1.94%   
I Shares                                       1.31%   
IS Shares                                       0.94%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.55%, 2.20%, 1.30% and 1.05% for A, C, I and IS Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.
** IS Shares were offered beginning on 8/1/14. The performance shown prior to such dates is based on performance of the I Shares of the Fund, and has not been adjusted to reflect IS Share expenses. If it had been, performance would have been higher.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of Investments

 

LOGO

 

 

13


Table of Contents

SMALL CAP VALUE EQUITY FUND

 

 

Portfolio Manager

 

Ÿ   Brett Barner, CFA

 

 

INVESTMENT CONCERNS

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the Small Cap Value Equity Fund (I Shares) delivered a 4.07% return. That compared to a 4.43% return for the Russell 2000 Value Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Stocks performed well during the 12-month period, with relatively strong returns driven by an improving U.S. economy and steady corporate earnings growth. However, stocks faced some headwinds during the period, including a sharp decline in oil prices, which impacted several sectors of the equity market, and external factors such as bad winter weather on the east coast and a labor strike that affected shipping ports on the west coast. In absolute terms, the Fund performed well in that environment.

The portfolio management team does not attempt to position the Fund based on predictions of macro-economic conditions. The Fund employs a bottom-up investment approach to stock selection that seeks out dividend-paying stocks trading at the lower end of their historical trading ranges, and which display characteristics of financial strength and possess an improving fundamental situation. The Fund does not make active sector allocations but allows its bottom-up investment process to define sector weights.

An overweight position and stock selection in the energy sector detracted from the Fund’s relative performance, as did an overweight position in the industrials sector and underweight positions in the financials and utilities sectors. Stock selection in the materials sector also hurt relative results. Among individual holdings, exposure to several energy firms dragged on performance due in part to sharp declines in oil prices.

The Fund benefited from an overweight position and stock selection in the consumer discretionary sector, and from individual holdings in the industrials and information technology sectors. The Fund’s relative results were helped by exposure to shares of a consumer credit score firm, a self-storage company and a medical device company.

How do you plan to position the Fund, based on market conditions?

Market volatility and investor uncertainty remain elevated, and may become more unpredictable. We are carefully watching a range of macroeconomic factors including oil prices, geopolitical issues in the middle east, and the pace of economic growth in China. We believe these macroeconomic issues can distract investors from focusing on company fundamentals, which may contribute to a challenging stockpicking environment.

That said, we remain resolute that individual company fundamentals will remain an important component in stock selection once the macroeconomic environment normalizes for the equity markets. In the current environment, we expect to continue to maintain an underweight position in the financials and utilities sectors, and to continue an overweight position among industrials and consumer discretionary stocks.

 

14


Table of Contents

SMALL CAP VALUE EQUITY FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO

    

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Russell 2000® Value Index, which measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The Index is unmanaged and does not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
Small Cap Value Equity Fund   1 Year      3 Year        5 Year        10 Year  

A Shares

   without sales charge   3.79%        13.60%           12.95%           9.60%   
     with sales charge*   –2.15%        11.38%           11.61%           8.96%   

C Shares

   without CDSC   3.42%        13.14%           12.36%           9.18%   
     with CDSC*   2.56%        13.14%           12.36%           9.18%   

I Shares

       4.07%        13.92%           13.27%           9.90%   
Russell 2000® Value Index   4.43%        14.79%           12.54%           7.53%   
                                           
Prospectus Expense Ratio1                                     Gross  
A Shares                                       1.50%   
C Shares                                       1.87%   
I Shares                                       1.22%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of Investments

 

LOGO

 

 

15


Table of Contents

AGGRESSIVE GROWTH ALLOCATION STRATEGY

 

 

Portfolio Manager

 

Ÿ   Alan Gayle

 

 

INVESTMENT CONCERNS

 

Equity Securities (Stocks) are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalents offer low risk and low return potential.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth Aggressive Growth Allocation Strategy (I Shares) returned 7.79%. That compared to a 6.59% return for the Lipper Mixed-Asset Target Allocation (Growth Classification), and a 11.38% return for its hybrid benchmark made up of an 80% weighting in the S&P 500 Index and a 20% weighting in the Barclays Capital U.S. Aggregate Bond Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

RidgeWorth Investments manages four distinct asset allocation strategies, each structured to align investment portfolios with specific levels of investor risk tolerance and income requirements. Each strategy’s underlying mutual funds and ETFs are typically the same across the strategies, but the varying stock, bond and alternative allocations create noticeably different total return characteristics intended to align with investor needs and constraints.

Stocks performed well during the 12-month period, with relatively strong returns driven by an improving U.S. economy and steady corporate earnings growth. However, stocks faced some headwinds during the period, including a sharp decline in oil prices, which impacted several sectors of the equity market, as well as volatility caused by investors’ shifting expectations for rising interest rates. Fixed-income investments also rallied during the period. Investors favored high-quality bonds—including those issued by the U.S. government—in the wake of rising geopolitical tensions in areas such as Ukraine and the Middle East. In absolute terms, the Fund performed well in that environment.

The Fund’s performance relative to its hybrid benchmark was hurt by underperformance of several of the Fund’s underlying equity funds. In particular, funds focused on large-cap value, mid-cap value and small-cap equities lagged.

However, several of the Fund’s underlying fixed-income funds performed in line with the Barclays U.S. Aggregate Index, and exposure to a long-duration ETF benefited relative performance.

How do you plan to position the Fund, based on market conditions?

In the near term, we expect to maintain an overweight position in equities relative to the Fund’s target benchmarks, predicated upon our positive outlook. We believe global equity markets will benefit from central bank stimulus efforts in Europe and other regions, and we raised portfolio exposure from an underweight in 2014 to an overweight in early 2015.

Bond yields are likely to remain near the low end of historical ranges, and we expect investors will continue to venture farther out on the equity and fixed-income risk spectrums in search of income and total returns in this low-rate environment. Among the Fund’s fixed-income allocation, we expect to maintain a somewhat shorter duration than the fixed-income portion of the Fund’s hybrid index. We also have improved the overall credit quality of the bond portfolio, given notably tighter credit spreads, by reducing exposure to high-yield positions.

 

16


Table of Contents

AGGRESSIVE GROWTH ALLOCATION STRATEGY

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO

    

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Hybrid 80/20 Blend Index. The Standard & Poor’s 500 Index (“S&P 500 Index”) is widely regarded as a gauge of the U.S. equities market. This index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 Index focuses on the large cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. The Barclays Capital U.S. Aggregate Bond Index is a measure of the overall performance of the U.S. bond market. These indices are unmanaged and do not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
Aggressive Growth Allocation Strategy   1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge     7.56%           10.53%           9.57%           5.94%   
     with sales charge**     1.40%           8.39%           8.29%           5.31%   

C Shares*

   without CDSC     6.89%           9.82%           8.87%           5.23%   
     with CDSC**     6.01%           9.82%           8.87%           5.23%   

I Shares

         7.79%           10.76%           9.86%           6.24%   

Hybrid 80/20 Blend Index (80% of the S&P 500 Index, 20% of the Barclays Capital U.S. Aggregate Bond Index)

    11.38%           13.49%           12.56%           7.59%   
S&P 500 Index     12.73%           16.11%           14.47%           8.01%   
Barclays Capital U.S. Aggregate Bond Index     5.72%           3.10%           4.41%           4.93%   
                                               
Prospectus Expense Ratio1                                       Gross  
A Shares                                           1.76%   
C Shares                                           2.37%   
I Shares                                           1.75%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.70%, 1.30% and 0.50% for A, C and I Shares, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying funds in which the Fund invests, totaled 0.81% of net assets and are included in the expense ratios listed in the table above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

* C Shares were offered beginning on 4/1/05. The performance shown prior to such dates is based on performance of the I Shares of the Fund, and has not been adjusted to reflect C Share expenses. If it had been, performance would have been lower.

 

** Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of Investments

 

LOGO

 

 

17


Table of Contents

CONSERVATIVE ALLOCATION STRATEGY

 

 

Portfolio Manager

 

Ÿ   Alan Gayle

 

 

INVESTMENT CONCERNS

 

Equity Securities (Stocks) are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalents offer low risk and low return potential.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth Conservative Allocation Strategy (I Shares) returned 6.25%. That compared to a 4.10% return for the Lipper Mixed-Asset Target Allocation (Conservative Classification), and a 7.88% return for its hybrid benchmark made up of a 30% weighting in the S&P 500 Index and a 70% weighting in the Barclays Capital U.S. Aggregate Bond Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

RidgeWorth Investments manages four distinct asset allocation strategies, each structured to align investment portfolios with specific levels of investor risk tolerance and income requirements. Each strategy’s underlying mutual funds and ETFs are typically the same across the strategies, but the varying stock, bond and alternative allocations create noticeably different total return characteristics intended to align with investor needs and constraints.

Stocks performed well during the 12-month period, with relatively strong returns driven by an improving U.S. economy and steady corporate earnings growth. However, stocks faced some headwinds during the period, including a sharp decline in oil prices, which impacted several sectors of the equity market, as well as volatility caused by investors’ shifting expectations for rising interest rates. Fixed-income investments also rallied during the period. Investors favored high-quality bonds—including those issued by the U.S. government—in the wake of rising geopolitical tensions in areas such as Ukraine and the Middle East. In absolute terms, the Fund performed well in that environment.

The Fund’s performance relative to its hybrid benchmark was hurt by underperformance of several of the Fund’s underlying equity funds. In particular, funds focused on large-cap value, mid-cap value and small-cap equities lagged.

However, several of the Fund’s underlying fixed-income funds performed in line with the Barclays U.S. Aggregate Index, and exposure to a long-duration ETF benefited relative performance.

How do you plan to position the Fund, based on market conditions?

In the near term, we expect to maintain an overweight position in equities relative to the Fund’s target benchmarks, predicated upon our positive outlook. We believe global equity markets will benefit from central bank stimulus efforts in Europe and other regions, and we raised portfolio exposure from an underweight in 2014 to an overweight in early 2015.

Bond yields are likely to remain near the low end of historical ranges, and we expect investors will continue to venture farther out on the equity and fixed-income risk spectrums in search of income and total returns in this low-rate environment. Among the Fund’s fixed-income allocation, we expect to maintain a somewhat shorter duration than the fixed-income portion of the Fund’s hybrid index. We also have improved the overall credit quality of the bond portfolio, given notably tighter credit spreads, by reducing exposure to high-yield positions.

 

18


Table of Contents

CONSERVATIVE ALLOCATION STRATEGY

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Hybrid 30/70 Blend Index. The Standard & Poor’s 500 Index (“S&P 500 Index”) is widely regarded as a guage of the U.S. equities market. This index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 Index focuses on the large cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. The Barclays Capital U.S. Aggregate Bond Index is a measure of the overall performance of the U.S. bond market. These indices are unmanaged and do not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
Conservative Allocation Strategy         1 Year      3 Year        5 Year        10 Year  

A Shares*

   without sales charge   5.86%        6.09%           6.46%           5.84%   
     with sales charge***   0.81%        4.39%           5.44%           5.33%   

C Shares**

   without CDSC   5.20%        5.36%           5.73%           5.12%   
     with CDSC***   4.20%        5.36%           5.73%           5.12%   

I Shares

       6.25%        6.39%           6.78%           6.15%   
Hybrid 30/70 Blend Index (30% of the S&P 500 Index, 70% of the Barclays Capital U.S. Aggregate Bond Index)   7.88%        6.98%           7.56%           6.10%   
S&P 500 Index   12.73%        16.11%           14.47%           8.01%   
Barclays Capital U.S. Aggregate Bond Index   5.72%        3.10%           4.41%           4.93%   
                                           
Prospectus Expense Ratio1                               Gross  
A Shares                                  1.24%   
C Shares                                  1.90%   
I Shares                                  0.96%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.60%, 1.30% and 0.30% for A, C and I Shares, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying funds in which the Fund invests, totaled 0.58% of net assets and are included in the expense ratios listed in the table above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

* Effective close of business on 7/16/10, B Shares converted into A Shares.

 

** Class C Shares were offered beginning on 4/1/05. The performance shown prior to such dates is based on performance of the B Shares of the Fund, and has not been adjusted to reflect C Share expenses. If it had been, performance for C Shares would have been lower.

 

*** Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of Investments

 

LOGO

 

 

19


Table of Contents

GROWTH ALLOCATION STRATEGY

 

 

Portfolio Manager

 

Ÿ   Alan Gayle

 

 

INVESTMENT CONCERNS

 

Equity Securities (Stocks) are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalents offer low risk and low return potential.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth Growth Allocation Strategy (I Shares) returned 7.54%. That compared to a 6.75% return for the Lipper Mixed-Asset Target Allocation (Growth Classification), and a 10.69% return for its hybrid benchmark made up of a 70% weighting in the S&P 500 Index and a 30% weighting in the Barclays Capital U.S. Aggregate Bond Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

RidgeWorth Investments manages four distinct asset allocation strategies, each structured to align investment portfolios with specific levels of investor risk tolerance and income requirements. Each strategy’s underlying mutual funds and ETFs are typically the same across the strategies, but the varying stock, bond and alternative allocations create noticeably different total return characteristics intended to align with investor needs and constraints.

Stocks performed well during the 12-month period, with relatively strong returns driven by an improving U.S. economy and steady corporate earnings growth. However, stocks faced some headwinds during the period, including a sharp decline in oil prices, which impacted several sectors of the equity market, as well as volatility caused by investors’ shifting expectations for rising interest rates. Fixed-income investments also rallied during the period. Investors favored high-quality bonds—including those issued by the U.S. government—in the wake of rising geopolitical tensions in areas such as Ukraine and the Middle East. In absolute terms, the Fund performed well in that environment.

The Fund’s performance relative to its hybrid benchmark was hurt by underperformance of several of the Fund’s underlying equity funds. In particular, funds focused on large-cap value, mid-cap value and small-cap equities lagged.

However, several of the Fund’s underlying fixed-income funds performed in line with the Barclays U.S. Aggregate Index, and exposure to a long-duration ETF benefited relative performance.

How do you plan to position the Fund, based on market conditions?

In the near term, we expect to maintain an overweight position in equities relative to the Fund’s target benchmarks, predicated upon our positive outlook. We believe global equity markets will benefit from central bank stimulus efforts in Europe and other regions, and we raised portfolio exposure from an underweight in 2014 to an overweight in early 2015.

Bond yields are likely to remain near the low end of historical ranges, and we expect investors will continue to venture farther out on the equity and fixed-income risk spectrums in search of income and total returns in this low-rate environment. Among the Fund’s fixed-income allocation, we expect to maintain a somewhat shorter duration than the fixed-income portion of the Fund’s hybrid index. We also have improved the overall credit quality of the bond portfolio, given notably tighter credit spreads, by reducing exposure to high-yield positions.

 

20


Table of Contents

GROWTH ALLOCATION STRATEGY

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Hybrid 70/30 Blend Index. The Standard & Poor’s 500 Index (“S&P 500 Index”) is widely regarded as a guage of the U.S. equities market. This index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 Index focuses on the large cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. The Barclays Capital U.S. Aggregate Bond Index is a measure of the overall performance of the U.S. bond market. These indices are unmanaged and do not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
Growth Allocation Strategy         1 Year      3 Year        5 Year        10 Year  

A Shares

   without sales charge   7.38%        10.06%           9.20%           6.45%   
     with sales charge**   1.22%        7.90%           7.91%           5.83%   

C Shares*

   without CDSC   6.70%        9.36%           8.47%           5.66%   
     with CDSC**   5.70%        9.36%           8.47%           5.66%   

I Shares

       7.54%        10.27%           9.43%           6.73%   
Hybrid 70/30 Blend Index (70% of the S&P 500 Index, 30% of the Barclays Capital U.S. Aggregate Bond Index)   10.69%        12.19%           11.59%           7.34%   
S&P 500 Index        12.73%        16.11%           14.47%           8.01%   
Barclays Capital U.S. Aggregate Bond Index   5.72%        3.10%           4.41%           4.93%   
                                           
Prospectus Expense Ratio1                                     Gross  
A Shares                                       1.43%   
C Shares                                       2.04%   
I Shares                                       1.43%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.70%, 1.30% and 0.50% for the A, C and I Shares, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying funds in which the Fund invests, totaled 0.76% of net assets and are included in the expense ratios listed in the table above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

* Class C Shares were offered beginning on 4/05/05. The performance shown prior to such dates is based on performance of the I Shares of the Fund, and has not been adjusted to reflect C Share expenses. If it had been, performance would have been lower.

 

** Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of Investments

 

LOGO

 

 

21


Table of Contents

MODERATE ALLOCATION STRATEGY

 

 

Portfolio Manager

 

Ÿ   Alan Gayle

 

 

INVESTMENT CONCERNS

 

Equity Securities (Stocks) are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalent offer low risk and low return potential.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth Moderate Allocation Strategy (I Shares) returned 6.77%. That compared to a 5.07% return for the Lipper Mixed-Asset Target Allocation (Moderate Classification), and a 9.30% return for its hybrid benchmark made up of a 50% weighting in the S&P 500 Index and a 50% weighting in the Barclays Capital U.S. Aggregate Bond Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

RidgeWorth Investments manages four distinct asset allocation strategies, each structured to align investment portfolios with specific levels of investor risk tolerance and income requirements. Each strategy’s underlying mutual funds and ETFs are typically the same across the strategies, but the varying stock, bond and alternative allocations create noticeably different total return characteristics intended to align with investor needs and constraints.

Stocks performed well during the 12-month period, with relatively strong returns driven by an improving U.S. economy and steady corporate earnings growth. However, stocks faced some headwinds during the period, including a sharp decline in oil prices, which impacted several sectors of the equity market, as well as volatility caused by investors’ shifting expectations for rising interest rates. Fixed-income investments also rallied during the period. Investors favored high-quality bonds—including those issued by the U.S. government—in the wake of rising geopolitical tensions in areas such as Ukraine and the Middle East. In absolute terms, the Fund performed well in that environment.

The Fund’s performance relative to its hybrid benchmark was hurt by underperformance of several of the Fund’s underlying equity funds. In particular, funds focused on large-cap value, mid-cap value and small-cap equities lagged.

However, several of the Fund’s underlying fixed-income funds performed in line with the Barclays U.S. Aggregate Index, and exposure to a long-duration ETF benefited relative performance.

How do you plan to position the Fund, based on market conditions?

In the near term, we expect to maintain an overweight position in equities relative to the Fund’s target benchmarks, predicated upon our positive outlook. We believe global equity markets will benefit from central bank stimulus efforts in Europe and other regions, and we raised portfolio exposure from an underweight in 2014 to an overweight in early 2015.

Bond yields are likely to remain near the low end of historical ranges, and we expect investors will continue to venture farther out on the equity and fixed-income risk spectrums in search of income and total returns in this low-rate environment. Among the Fund’s fixed-income allocation, we expect to maintain a somewhat shorter duration than the fixed-income portion of the Fund’s hybrid index. We also have improved the overall credit quality of the bond portfolio, given notably tighter credit spreads, by reducing exposure to high-yield positions.

 

22


Table of Contents

MODERATE ALLOCATION STRATEGY

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Hybrid 50/50 Blend Index. The Standard & Poor’s 500 Index (“S&P 500 Index”) is widely regarded as a guage of the U.S. equities market. This index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 Index focuses on the large cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. The Barclays Capital U.S. Aggregate Bond Index is a measure of the overall performance of the U.S. bond market. These indices are unmanaged and do not reflect the deduction of fees, such as investment and fund accounting fees, associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
Moderate Allocation Strategy         1 Year      3 Year        5 Year        10 Year  

A Shares

   without sales charge   6.65%        8.14%           7.95%           6.15%   
     with sales charge**   0.52%        6.01%           6.68%           5.52%   

C Shares*

   without CDSC   6.07%        7.50%           7.26%           5.41%   
     with CDSC**   5.08%        7.50%           7.26%           5.41%   

I Shares

       6.77%        8.29%           8.17%           6.42%   
Hybrid 50/50 Blend Index (50% of the Barclays Capital U.S. Aggregate Bond Index, 50% of the S&P 500 Index )   9.30%        9.58%           9.60%           6.76%   
S&P 500 Index        12.73%        16.11%           14.47%           8.01%   
Barclays Capital U.S. Aggregate Bond Index   5.72%        3.10%           4.41%           4.93%   
                                           
Prospectus Expense Ratio1                                     Gross  
A Shares                                       1.29%   
C Shares                                       1.88%   
I Shares                                       1.21%   

Because equity markets may be volatile in the short-term, resulting in unusually high or low performance, investors should evaluate long-term performance before making an investment.

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.70%, 1.30% and 0.50% for A, C and I Shares, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying funds in which the Fund invests, totaled 0.67% of net assets and are included in the expense ratios listed in the table above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

* Class C Shares were offered beginning on 4/5/05. The performance shown prior to such dates is based on performance of the I Shares of the Fund, and has not been adjusted to reflect C Share expenses. If it had been, performance would have been lower.

 

** Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Sector Weightings (as of March 31, 2015)

as a percentage of Investments

 

LOGO

 

 

23


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Aggressive Growth Stock Fund

 

   Shares   Value($)  
Common Stocks 99.6%   

Consumer Discretionary 30.5%

  

Alibaba Group Holding Ltd. SP ADR*

  10,850      903,154   

Amazon.com, Inc.*

  4,600      1,711,660   

Chipotle Mexican Grill, Inc.*

  1,200      780,648   

HomeAway, Inc.*

  28,500      859,845   

Lululemon Athletica, Inc.*

  11,200      717,024   

Michael Kors Holdings Ltd.*

  4,000      263,000   

Netflix, Inc.*

  3,450      1,437,581   

Priceline Group Inc. (The)*

  700      814,905   

Tesla Motors, Inc.*

  11,900      2,246,363   

Vipshop Holdings Ltd.*

  30,600      900,864   
    

 

 

 
  10,635,044   
    

 

 

 

Financials 9.7%

Charles Schwab Corp. (The)

  42,700      1,299,788   

First Republic Bank

  12,200      696,498   

PRA Group, Inc.*

  26,000      1,412,320   
    

 

 

 
  3,408,606   
    

 

 

 

Health Care 18.9%

Alexion Pharmaceuticals, Inc.*

  4,000      693,200   

BioMarin Pharmaceutical, Inc.*

  5,600      697,872   

Celgene Corp.*

  13,600      1,567,808   

Exact Sciences Corp.*

  16,500      363,330   

Gilead Sciences, Inc.*

  10,800      1,059,804   

Illumina, Inc.*

  2,800      519,792   

Medidata Solutions, Inc.*

  18,700      917,048   

Regeneron Pharmaceuticals, Inc.*

  1,700      767,516   
    

 

 

 
  6,586,370   
    

 

 

 

Industrials 5.0%

XPO Logistics, Inc.*

  38,200      1,736,954   
    

 

 

 

Information Technology 35.5%

Alliance Data Systems Corp.*

  3,900      1,155,375   

Baidu, Inc. SP ADR*

  1,200      250,080   

Criteo SA SP ADR*

  8,800      347,600   
   Shares   Value($)  

Information Technology—continued

  

Facebook, Inc., Cl A*

  17,500      1,438,762   

Google, Inc., Cl A*

  1,500      832,050   

LinkedIn Corp., Cl A*

  5,300      1,324,258   

MercadoLibre, Inc.

  7,800      955,656   

Palo Alto Networks, Inc.*

  6,800      993,344   

Pandora Media, Inc.*

  46,700      757,007   

Salesforce.com, Inc.*

  5,600      374,136   

ServiceNow, Inc.*

  8,600      677,508   

Splunk, Inc.*

  7,800      461,760   

Twitter, Inc.*

  6,250      313,000   

Xoom Corp.*

  22,000      323,180   

Yelp, Inc.*

  17,500      828,625   

Zillow Group, Inc., Cl A*

  13,350      1,339,005   
    

 

 

 
  12,371,346   
    

 

 

 

Total Common Stocks
(Cost $20,271,482)

   

  34,738,320   
    

 

 

 

Money Market Fund 0.3%

State Street Institutional Liquid Reserves Fund, Institutional Class, 0.10%(a)

  96,182      96,182   
    

 

 

 

Total Money Market Fund
(Cost $96,182)

   

  96,182   
    

 

 

 

Total Investments
(Cost $20,367,664) — 99.9%

   

  34,834,502   

Other Assets in Excess of
Liabilities — 0.1%

  22,129   
    

 

 

 

Net Assets — 100.0%

$ 34,856,631   
    

 

 

 

 

* Non-income producing security.

 

(a) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

SP ADR — Sponsored American Depositary Receipt

 

 

See Notes to Financial Statements.

 

24


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

International Equity Fund

 

   Shares   Value($)  
Common Stocks 94.6%   

Australia 0.9%

  

Alumina Ltd.(a)

  178,535      217,764   
    

 

 

 

Austria 1.1%

Voestalpine AG(a)

  6,772      247,566   
    

 

 

 

Belgium 5.3%

Ageas

  13,430      482,389   

Anheuser-Busch InBev NV

  6,134      750,577   
    

 

 

 
  1,232,966   
    

 

 

 

China 2.3%

Agricultural Bank of China Ltd., H Shares

  454,480      224,524   

Dongfeng Motor Group Co. Ltd., H Shares

  144,000      230,693   

Kaisa Group Holdings Ltd.

  423,000      85,117   
    

 

 

 
  540,334   
    

 

 

 

Denmark 2.9%

A.P. Moeller – Maersk A/S, Cl B

  190      397,574   

Danske Bank A/S

  10,439      275,673   
    

 

 

 
  673,247   
    

 

 

 

France 16.5%

AXA SA

  30,711      774,531   

Cap Gemini SA

  5,903      484,736   

CNP Assurances(a)

  13,528      236,641   

Credit Agricole SA

  12,973      190,756   

Publicis Groupe SA

  4,914      379,534   

Renault SA

  3,078      280,556   

Sanofi(a)

  5,607      551,735   

Valeo SA

  2,271      339,545   

Vinci SA

  5,575      319,088   

Vivendi SA

  10,721      266,579   
    

 

 

 
  3,823,701   
    

 

 

 

Germany 9.4%

Continental AG

  1,249      295,860   

Deutsche Lufthansa AG

  11,666      164,074   

Deutsche Post AG

  13,011      407,041   

Fresenius SE & Co. KGaA(a)

  8,418      502,693   

Infineon Technologies AG

  28,236      337,915   

Siemens AG

  4,279      463,320   
    

 

 

 
  2,170,903   
    

 

 

 

India 1.0%

Tata Motors Ltd. SP ADR

  5,213      234,898   
    

 

 

 

Japan 22.4%

Aisin Seiki Co. Ltd.

  8,100      294,459   

Brother Industries Ltd.(a)

  16,600      264,326   

Canon, Inc.(a)

  13,500      477,412   

Fuji Heavy Industries Ltd.

  7,900      262,883   

Heiwa Corp.

  12,900      253,730   

Hitachi Ltd.(a)

  39,000      266,636   
   Shares   Value($)  

Japan—continued

Mitsubishi UFJ Financial Group, Inc.(a)

  36,350      225,063   

Mitsui OSK Lines Ltd.

  66,000      224,522   

Nippon Yusen Kabushiki Kaisha

  92,000      265,410   

Oki Electric Industry Co. Ltd.

  114,000      236,678   

ORIX Corp.

  17,900      252,004   

Resona Holdings, Inc.

  98,043      487,701   

Ricoh Co. Ltd.

  32,900      358,804   

Sekisui Chemical Co. Ltd.

  29,012      377,119   

Sumitomo Mitsui Financial Group, Inc.(a)

  4,225      161,899   

Tosoh Corp.

  54,000      272,848   

Toyota Motor Corp.(a)

  7,049      491,961   
    

 

 

 
  5,173,455   
    

 

 

 

Netherlands 2.7%

Koninklijke Ahold NV

  32,066      632,689   
    

 

 

 

Norway 1.6%

Telenor ASA

  17,748      358,895   
    

 

 

 

Singapore 1.3%

Yangzijiang Shipbuilding Holdings Ltd.(a)

  333,000      306,429   
    

 

 

 

South Korea 1.1%

SK Hynix, Inc.(a)

  5,961      243,718   
    

 

 

 

Switzerland 9.2%

Novartis AG

  2,424      239,831   

Roche Holding AG

  2,603      718,115   

Swiss Life Holding AG*

  2,621      648,642   

Swiss Re AG

  5,493      531,891   
    

 

 

 
  2,138,479   
    

 

 

 

Taiwan 1.1%

Mega Financial Holding Co. Ltd.

  298,000      247,143   
    

 

 

 

United Kingdom 15.8%

3i Group PLC

  31,388      224,610   

AstraZeneca PLC(a)

  8,760      600,587   

Bodycote PLC

  33,721      359,656   

BP PLC(a)

  31,827      205,634   

British American Tobacco PLC(a)

  13,222      683,117   

BT Group PLC(a)

  99,673      645,765   

SABMiller PLC(a)

  9,277      485,454   

WPP PLC(a)

  19,828      449,667   
    

 

 

 
  3,654,490   
    

 

 

 

Total Common Stocks
(Cost $17,112,118)

   

  21,896,677   
    

 

 

 

Preferred Stock 1.8%

  

Germany 1.8%

  

Volkswagen AG, 1.78%(a)

  1,556      414,071   
    

 

 

 

Total Preferred Stock
(Cost $270,449)

   

  414,071   
    

 

 

 
 

 

See Notes to Financial Statements.

 

25


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

International Equity Fund — concluded

 

   Shares   Value($)  
Money Market Fund 0.4%

State Street Institutional Liquid Reserves Fund, Institutional Class, 0.10%(b)

  101,855      101,855   
    

 

 

 

Total Money Market Fund
(Cost $101,855)

   

  101,855   
    

 

 

 

Total Investments
(Cost $17,484,422) — 96.8%

   

  22,412,603   

Other Assets in Excess of
Liabilities — 3.2%

  732,854   
    

 

 

 

Net Assets — 100.0%

$ 23,145,457   
    

 

 

 

 

* Non-income producing security.

 

(a) Valued at fair value using procedures approved by the Board of Trustees (See Note 2(a)). Fair valued securities held by the Fund represent 33.2% of net assets as of March 31, 2015.
(b) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

SP ADR — Sponsored American Depositary Receipt

 

 

See Notes to Financial Statements.

 

26


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Large Cap Growth Stock Fund

 

   Shares   Value($)  
Common Stocks 99.5%

Consumer Discretionary 21.7%

Amazon.com, Inc.*

  18,661      6,943,758   

BorgWarner, Inc.

  72,608      4,391,332   

Chipotle Mexican Grill, Inc.*

  4,849      3,154,468   

DR Horton, Inc.

  153,189      4,362,823   

Harman International Industries, Inc.

  21,606      2,887,210   

Johnson Controls, Inc.

  55,210      2,784,792   

Netflix, Inc.*

  9,087      3,786,462   

NIKE, Inc., CI B

  32,986      3,309,485   

Priceline Group Inc. (The)*

  5,466      6,363,244   

Royal Caribbean Cruises Ltd.

  46,920      3,840,402   

Scripps Networks Interactive, Cl A

  37,120      2,544,947   

Starbucks Corp.

  72,963      6,909,596   

Ulta Salon Cosmetics & Fragrance, Inc.*

  15,334      2,313,134   

Under Armour, Inc., Cl A*

  67,766      5,472,105   

VF Corp.

  58,555      4,409,777   
    

 

 

 
  63,473,535   
    

 

 

 

Consumer Staples 6.9%

Colgate-Palmolive Co.

  68,442      4,745,768   

Costco Wholesale Corp.

  43,478      6,586,700   

Estee Lauder Cos., Inc. (The), Cl A

  57,598      4,789,850   

WhiteWave Foods Co. (The), Cl A*

  94,913      4,208,442   
    

 

 

 
  20,330,760   
    

 

 

 

Energy 4.2%

Devon Energy Corp.

  34,115      2,057,475   

EOG Resources, Inc.

  48,430      4,440,547   

Schlumberger Ltd.

  70,243      5,861,076   
    

 

 

 
  12,359,098   
    

 

 

 

Financials 3.6%

Charles Schwab Corp. (The)

  102,188      3,110,603   

Discover Financial Services

  50,345      2,836,941   

Morgan Stanley

  126,167      4,502,900   
    

 

 

 
  10,450,444   
    

 

 

 

Health Care 16.8%

Alexion Pharmaceuticals, Inc.*

  42,469      7,359,878   

Biogen Inc.*

  24,926      10,524,754   

Cerner Corp.*

  63,671      4,664,538   

Gilead Sciences, Inc.*

  103,938      10,199,436   

HCA Holdings, Inc.*

  29,799      2,241,779   

Illumina, Inc.*

  14,685      2,726,123   

McKesson Corp.

  19,022      4,302,776   

Mylan NV.*

  122,765      7,286,103   
    

 

 

 
  49,305,387   
    

 

 

 
   Shares   Value($)  

Industrials 10.3%

BE Aerospace, Inc.

  29,119      1,852,551   

Cummins, Inc.

  24,113      3,343,026   

Delta Air Lines, Inc.

  104,149      4,682,539   

Fluor Corp.

  36,188      2,068,506   

Fortune Brands Home & Security, Inc.

  53,479      2,539,183   

HD Supply Holdings, Inc.*

  73,484      2,289,394   

Honeywell International, Inc.

  49,929      5,208,094   

IHS, Inc., CL A*

  12,837      1,460,337   

J.B. Hunt Transport Services, Inc.

  25,017      2,136,327   

Union Pacific Corp.

  41,571      4,502,555   
    

 

 

 
  30,082,512   
    

 

 

 

Information Technology 33.3%

Adobe Systems, Inc.*

  27,998      2,070,172   

Analog Devices, Inc.

  65,580      4,131,540   

Apple, Inc.

  201,490      25,071,401   

ARM Holdings PLC SP ADR

  61,011      3,007,842   

Baidu, Inc. SP ADR*

  17,971      3,745,156   

Cognizant Technology Solutions Corp., Cl A*

  65,196      4,067,578   

Facebook, Inc., Cl A*

  115,973      9,534,720   

Google, Inc., Cl A*

  12,614      6,996,986   

Google, Inc., Cl C*

  12,578      6,892,744   

LinkedIn Corp., Cl A*

  10,084      2,519,588   

Palo Alto Networks, Inc.*

  21,109      3,083,603   

QUALCOMM, Inc.

  73,191      5,075,064   

Salesforce.com, Inc.*

  76,934      5,139,961   

Splunk, Inc.*

  42,639      2,524,229   

Tableau Software, Inc., CI A*

  15,106      1,397,607   

VeriFone Systems, Inc.*

  40,835      1,424,733   

Visa, Inc., Cl A

  127,536      8,342,130   

Workday, Inc., Cl A*

  29,251      2,469,077   
    

 

 

 
  97,494,131   
    

 

 

 

Materials 2.7%

Monsanto Co.

  35,888      4,038,835   

PPG Industries, Inc.

  6,492      1,464,206   

Vulcan Materials Co.

  27,107      2,285,120   
    

 

 

 
  7,788,161   
    

 

 

 

Total Common Stocks
(Cost $159,418,302)

  291,284,028   
    

 

 

 
 

 

See Notes to Financial Statements.

 

27


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Large Cap Growth Stock Fund — concluded

 

   Shares   Value($)  

Money Market Fund 0.5%

State Street Institutional Liquid Reserves Fund, Institutional Class, 0.10%(a)

  1,585,288      1,585,288   
    

 

 

 

Total Money Market Fund
(Cost $1,585,288)

  1,585,288   
    

 

 

 

Total Investments
(Cost $161,003,590) — 100.0%

   

  292,869,316   

Liabilities in Excess of Other
Assets — (0.0)%(b)

  (34,525
    

 

 

 

Net Assets — 100.0%

$ 292,834,791   
    

 

 

 

 

* Non-income producing security.

 

(a) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

 

(b) Less than 0.05% of Net Assets.

Investment Abbreviation

SP ADR — Sponsored American Depositary Receipt

 

 

See Notes to Financial Statements.

 

28


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Large Cap Value Equity Fund

 

   Shares   Value($)  
Common Stocks 96.3%

Consumer Discretionary 6.9%

  

Comcast Corp., Cl A

  441,650      24,939,975   

Johnson Controls, Inc.

  608,225      30,678,869   

PVH Corp.

  122,461      13,049,444   

Ralph Lauren Corp.

  291,044      38,272,286   

Viacom, Inc., Cl B

  550,010      37,565,683   

Walt Disney Co. (The)

  229,910      24,115,260   
    

 

 

 
  168,621,517   
    

 

 

 

Consumer Staples 5.4%

Procter & Gamble Co. (The)

  736,740      60,368,476   

Sysco Corp.

  628,950      23,730,283   

Wal-Mart Stores, Inc.

  592,475      48,731,069   
    

 

 

 
  132,829,828   
    

 

 

 

Energy 9.4%

Chevron Corp.

  362,690      38,075,196   

ConocoPhillips

  591,949      36,854,745   

EOG Resources, Inc.

  439,774      40,322,878   

Exxon Mobil Corp.

  441,119      37,495,115   

Hess Corp.

  545,220      37,004,082   

Noble Energy, Inc.

  799,668      39,103,765   
    

 

 

 
  228,855,781   
    

 

 

 

Financials 27.3%

American Tower Corp., REIT

  262,060      24,672,949   

Ameriprise Financial, Inc.

  388,997      50,896,368   

Aon PLC

  422,731      40,632,904   

BlackRock, Inc.

  104,245      38,136,991   

Citigroup, Inc.

  662,920      34,153,638   

Crown Castle International Corp., REIT

  629,970      51,997,724   

Franklin Resources, Inc.

  723,820      37,146,442   

JPMorgan Chase & Co.

  777,410      47,095,498   

MetLife, Inc.

  948,080      47,925,444   

Morgan Stanley

  1,068,287      38,127,163   

Regions Financial Corp.

  2,828,100      26,725,545   

Simon Property Group, Inc., REIT

  197,977      38,732,220   

T. Rowe Price Group, Inc.

  513,430      41,577,561   

Travelers Cos., Inc. (The)

  231,750      25,059,128   

U.S. Bancorp

  1,298,130      56,689,337   

Wells Fargo & Co.

  1,263,460      68,732,224   
    

 

 

 
  668,301,136   
    

 

 

 

Health Care 13.7%

Aetna, Inc.

  291,795      31,084,921   

Agilent Technologies, Inc.

  811,169      33,704,072   

Baxter International, Inc.

  575,921      39,450,589   

Cigna Corp.

  544,020      70,417,949   

Johnson & Johnson

  613,420      61,710,052   

Merck & Co., Inc.

  416,260      23,926,625   

Pfizer, Inc.

  2,145,550      74,643,684   
    

 

 

 
  334,937,892   
    

 

 

 
   Shares   Value($)  

Industrials 7.2%

CSX Corp.

  556,527      18,432,174   

FedEx Corp.

  185,880      30,753,846   

General Dynamics Corp.

  136,990      18,593,653   

General Electric Co.

  2,385,230      59,177,556   

Honeywell International, Inc.

  180,420      18,819,610   

United Parcel Service, Inc., Cl B

  318,800      30,904,472   
    

 

 

 
  176,681,311   
    

 

 

 

Information Technology 17.7%

  

Cisco Systems, Inc.

  1,730,320      47,627,058   

EMC Corp.

  2,021,020      51,657,271   

Intel Corp.

  1,651,090      51,629,585   

Juniper Networks, Inc.

  1,453,590      32,822,062   

Maxim Integrated Products, Inc.

  1,029,530      35,837,939   

Microsoft Corp.

  1,190,540      48,401,404   

NetApp, Inc.

  683,130      24,223,790   

Oracle Corp.

  1,654,661      71,398,622   

SanDisk Corp.

  538,968      34,289,144   

Texas Instruments, Inc.

  633,520      36,227,841   
    

 

 

 
  434,114,716   
    

 

 

 

Materials 1.0%

Ashland, Inc.

  194,720      24,789,803   
    

 

 

 

Telecommunication Services 1.5%

  

Verizon Communications, Inc.

  741,600      36,064,008   
    

 

 

 

Utilities 6.2%

Duke Energy Corp.

  498,638      38,285,426   

Edison International

  487,277      30,440,194   

Exelon Corp.

  934,120      31,395,773   

NextEra Energy, Inc.

  503,312      52,369,614   
    

 

 

 
  152,491,007   
    

 

 

 

Total Common Stocks
(Cost $1,888,494,090)

  2,357,686,999   
    

 

 

 

Money Market Fund 4.6%

State Street Institutional Liquid Reserves Fund, Institutional Class, 0.10%(a)

  111,391,818      111,391,818   
    

 

 

 

Total Money Market Fund (Cost $111,391,818)

  111,391,818   
    

 

 

 

Total Investments
(Cost $1,999,885,908) — 100.9%

   

  2,469,078,817   

Liabilities in Excess of Other
Assets — (0.9)%

   

  (21,621,206
    

 

 

 

Net Assets — 100.0%

$ 2,447,457,611   
    

 

 

 

 

(a) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

REIT — Real Estate Investment Trust

 

 

See Notes to Financial Statements.

 

29


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Mid-Cap Value Equity Fund

 

   Shares   Value($)  
Common Stocks 96.1%

Consumer Discretionary 8.3%

  

DR Horton, Inc.

  1,100,000      31,328,000   

Johnson Controls, Inc.

  1,030,000      51,953,200   

PVH Corp.

  700,000      74,592,000   

Ralph Lauren Corp.

  550,000      72,325,000   

Viacom, Inc., Cl B

  950,000      64,885,000   

Wynn Resorts Ltd.

  460,000      57,904,800   
    

 

 

 
  352,988,000   
    

 

 

 

Consumer Staples 1.3%

Sysco Corp.

  1,510,000      56,972,300   
    

 

 

 

Energy 7.5%

Cabot Oil & Gas Corp.

  2,000,000      59,060,000   

Hess Corp.

  850,000      57,689,500   

Noble Energy, Inc.

  2,000,000      97,800,000   

Patterson-UTI Energy, Inc.

  2,600,000      48,815,000   

Pioneer Natural Resources Co.

  330,000      53,958,300   
    

 

 

 
  317,322,800   
    

 

 

 

Financials 26.3%

Allstate Corp. (The)

  930,000      66,188,100   

Ameriprise Financial, Inc.

  675,000      88,317,000   

Aon PLC

  510,000      49,021,200   

Arthur J Gallagher & Co.

  1,175,000      54,931,250   

BankUnited, Inc.

  1,600,000      52,384,000   

Comerica, Inc.

  1,700,000      76,721,000   

Crown Castle International Corp., REIT

  1,150,000      94,921,000   

Hartford Financial Services Group, Inc. (The)

  2,400,000      100,368,000   

InfraREIT, Inc., REIT

  1,250,000      35,737,500   

Invesco Ltd.

  2,250,000      89,302,500   

Lazard Ltd., Cl A

  2,000,000      105,180,000   

MB Financial, Inc.

  1,750,000      54,792,500   

Regions Financial Corp.

  8,400,000      79,380,000   

T. Rowe Price Group, Inc.

  950,000      76,931,000   

Umpqua Holdings Corp.

  5,500,000      94,490,000   
    

 

 

 
  1,118,665,050   
    

 

 

 

Health Care 12.2%

Aetna, Inc.

  850,000      90,550,500   

Agilent Technologies, Inc.

  1,550,000      64,402,500   

Cigna Corp.

  715,000      92,549,600   

Hill-Rom Holdings, Inc.

  800,000      39,200,000   

Omnicare, Inc.

  1,560,000      120,213,600   

STERIS Corp.

  1,600,000      112,432,000   
    

 

 

 
  519,348,200   
    

 

 

 

Industrials 8.7%

A.O. Smith Corp.

  325,000      21,339,500   

CSX Corp.

  975,000      32,292,000   

Ingersoll-Rand PLC

  965,000      65,697,200   
   Shares   Value($)  

Industrials—continued

KAR Auction Services, Inc.

  935,000      35,464,550   

Rockwell Automation, Inc.

  750,000      86,992,500   

Towers Watson & Co., Cl A

  300,000      39,655,500   

Tyco International PLC

  2,000,000      86,120,000   
    

 

 

 
  367,561,250   
    

 

 

 

Information Technology 17.0%

  

Cypress Semiconductor Corp.*

  5,300,000      74,783,000   

Harris Corp.

  1,360,000      107,113,600   

Intersil Corp., Cl A

  5,400,000      77,328,000   

Juniper Networks, Inc.

  4,200,000      94,836,000   

Maxim Integrated Products, Inc.

  2,225,000      77,452,250   

NetApp, Inc.

  3,000,000      106,380,000   

SanDisk Corp.

  1,940,000      123,422,800   

Seagate Technology PLC

  1,200,000      62,436,000   
    

 

 

 
  723,751,650   
    

 

 

 

Materials 5.3%

Ashland, Inc.

  430,000      54,743,300   

Cabot Corp.

  1,600,000      72,000,000   

Martin Marietta Materials, Inc.

  260,000      36,348,000   

MeadWestvaco Corp.

  1,285,000      64,082,950   
    

 

 

 
  227,174,250   
    

 

 

 

Utilities 9.5%

CMS Energy Corp.

  1,200,000      41,892,000   

Edison International

  1,030,000      64,344,100   

Exelon Corp.

  2,035,000      68,396,350   

NextEra Energy Partners LP

  1,000,000      43,820,000   

NRG Energy, Inc.

  3,800,000      95,722,000   

Sempra Energy

  825,000      89,941,500   
    

 

 

 
  404,115,950   
    

 

 

 

Total Common Stocks
(Cost $3,558,524,701)

  4,087,899,450   
    

 

 

 

Money Market Fund 4.3%

State Street Institutional Liquid Reserves Fund, Institutional Class, 0.10%(a)

  181,244,897      181,244,897   
    

 

 

 

Total Money Market Fund
(Cost $181,244,897)

  181,244,897   
    

 

 

 

Total Investments
(Cost $3,739,769,598) — 100.4%

   

  4,269,144,347   

Liabilities in Excess of Other
Assets — (0.4)%

   

  (16,015,114
    

 

 

 

Net Assets — 100.0%

$ 4,253,129,233   
    

 

 

 

 

* Non-income producing security.

 

(a) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviation

REIT — Real Estate Investment Trust

 

 

See Notes to Financial Statements.

 

30


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Small Cap Growth Stock Fund

 

   Shares   Value($)  
Common Stocks 97.8%1

Consumer Discretionary 12.1%

Beazer Homes USA, Inc.*

  55,006      974,706   

Belmond Ltd., CI A*

  71,537      878,474   

Buffalo Wild Wings, Inc.*

  8,975      1,626,629   

Capella Education Co.

  28,849      1,871,723   

G-III Apparel Group Ltd.*

  19,028      2,143,504   

Gray Television, Inc.*

  133,284      1,841,985   

Hibbett Sports, Inc.*

  20,768      1,018,878   

HomeAway, Inc.*

  24,159      728,877   

Krispy Kreme Doughnuts, Inc.*

  62,063      1,240,640   

Restoration Hardware Holdings, Inc.*

  12,767      1,266,359   

RetailMeNot, Inc.*

  27,553      496,230   

Ryland Group, Inc. (The)

  36,994      1,803,088   

Tenneco, Inc.*

  33,641      1,931,666   

Zoe’s Kitchen, Inc.*

  4,811      160,158   
    

 

 

 
  17,982,917   
    

 

 

 

Consumer Staples 1.7%

United Natural Foods, Inc.*

  32,326      2,490,395   
    

 

 

 

Energy 1.6%

C&J Energy Services Ltd.*

  49,363      549,410   

Callon Petroleum Co.*

  110,101      822,454   

Helix Energy Solutions Group, Inc.*

  16,012      239,540   

RigNet, Inc.*

  17,577      502,526   

Willbros Group, Inc.*

  85,325      282,426   
    

 

 

 
  2,396,356   
    

 

 

 

Financials 5.6%

Cardtronics, Inc.*

  29,755      1,118,788   

Encore Capital Group, Inc.*

  43,309      1,801,221   

Financial Engines, Inc.

  35,638      1,490,738   

Gain Capital Holdings, Inc.

  90,100      880,277   

PRA Group, Inc.*

  55,749      3,028,286   
    

 

 

 
  8,319,310   
    

 

 

 

Health Care 25.2%

ABIOMED, Inc.*

  27,700      1,982,766   

Acadia Healthcare Co., Inc.*

  24,283      1,738,663   

Air Methods Corp.*

  29,961      1,395,883   

Align Technology, Inc.*

  6,175      332,122   

AMN Healthcare Services, Inc.*

  75,568      1,743,354   

Anika Therapeutics, Inc.*

  13,961      574,774   

Arena Pharmaceuticals, Inc.*

  104,887      458,356   

Cambrex Corp.*

  52,889      2,095,991   

Cepheid, Inc.*

  28,382      1,614,936   

Fluidigm Corp.*

  32,630      1,373,723   

HealthSouth Corp.

  38,904      1,725,781   

HeartWare International, Inc.*

  17,114      1,502,096   

HMS Holdings Corp.*

  37,643      581,584   

ICON PLC*

  9,299      655,859   
   Shares   Value($)  

Health Care—continued

Insmed, Inc.*

  28,731      597,605   

Isis Pharmaceuticals, Inc.*

  12,660      806,062   

Keryx Biopharmaceuticals, Inc.*

  87,097      1,108,745   

Lannett Co., Inc.*

  21,524      1,457,390   

LifePoint Hospitals, Inc.*

  29,320      2,153,554   

Ligand Pharmaceuticals, Inc.*

  18,473      1,424,453   

Medidata Solutions, Inc.*

  18,619      913,076   

Neurocrine Biosciences, Inc.*

  39,795      1,580,260   

NuVasive, Inc.*

  38,871      1,787,677   

Omnicell, Inc.*

  47,318      1,660,862   

Pacira Pharmaceuticals, Inc.*

  14,815      1,316,313   

Puma Biotechnology, Inc.*

  6,749      1,593,506   

Sangamo BioSciences, Inc.*

  38,583      604,981   

Team Health Holdings, Inc.*

  45,602      2,668,173   
    

 

 

 
  37,448,545   
    

 

 

 

Industrials 20.8%

AAON, Inc.

  45,118      1,106,745   

Allegiant Travel Co.

  11,478      2,207,105   

ARC Document Solutions, Inc.*

  118,537      1,094,096   

Astronics Corp., CL B*

  3,541      258,812   

Astronics Corp.*

  17,706      1,304,932   

Badger Meter, Inc.

  18,684      1,119,919   

Corporate Executive Board Co. (The)

  18,404      1,469,743   

EMCOR Group, Inc.

  23,680      1,100,410   

H&E Equipment Services, Inc.

  44,187      1,104,233   

HEICO Corp.

  32,351      1,975,676   

HNI Corp.

  30,981      1,709,222   

JetBlue Airways Corp.*

  83,250      1,602,562   

Kforce, Inc.

  58,829      1,312,475   

MSA Safety, Inc.

  13,025      649,687   

Mueller Water Products, Inc., Cl A

  152,330      1,500,450   

Power Solutions International, Inc.*

  9,507      611,205   

Proto Labs, Inc.*

  19,512      1,365,840   

Rexnord Corp.*

  36,666      978,616   

Simpson Manufacturing Co., Inc.

  39,254      1,466,922   

TrueBlue, Inc.*

  46,026      1,120,733   

Universal Forest Products, Inc.

  23,573      1,307,830   

USG Corp.*

  42,423      1,132,694   

WageWorks, Inc.*

  30,546      1,629,018   

Woodward, Inc.

  35,952      1,833,911   
    

 

 

 
  30,962,836   
    

 

 

 

Information Technology 26.7%

Aspen Technology, Inc.*

  59,953      2,307,591   

Bottomline Technologies, Inc.*

  31,049      849,811   

Constant Contact, Inc.*

  44,545      1,702,065   

Cornerstone OnDemand, Inc.*

  38,160      1,102,442   
 

 

See Notes to Financial Statements.

 

31


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Small Cap Growth Stock Fund — concluded

 

   Shares   Value($)  

Information Technology—continued

  

Demandware, Inc.*

  31,288      1,905,439   

Ellie Mae, Inc.*

  46,071      2,548,187   

FleetMatics Group PLC*

  51,524      2,310,852   

Guidewire Software, Inc.*

  33,661      1,770,905   

Heartland Payment Systems, Inc.

  35,791      1,676,808   

Imperva, Inc.*

  38,494      1,643,694   

Integrated Device Technology, Inc.*

  72,234      1,446,125   

Littelfuse, Inc.

  10,118      1,005,628   

LogMeIn, Inc.*

  29,217      1,635,860   

Manhattan Associates, Inc.*

  47,058      2,381,605   

Marketo, Inc.*

  48,564      1,244,210   

MAXIMUS, Inc.

  51,396      3,431,197   

Proofpoint, Inc.*

  42,837      2,536,807   

PROS Holdings, Inc.*

  17,197      424,938   

QLIK Technologies, Inc.*

  62,317      1,939,928   

Qualys, Inc.*

  50,560      2,350,029   

SciQuest, Inc.*

  36,919      625,039   

Ultimate Software Group, Inc.*

  15,015      2,551,874   

Yelp, Inc.*

  7,686      363,932   
    

 

 

 
  39,754,966   
    

 

 

 

Materials 3.0%

Flotek Industries, Inc.*

  40,949      603,588   

Globe Specialty Metals, Inc.

  47,496      898,624   

Headwaters, Inc.*

  110,443      2,025,525   

Stillwater Mining Co.*

  71,116      918,819   
    

 

 

 
  4,446,556   
    

 

 

 
   Shares   Value($)  

Telecommunication Services 1.1%

  

8x8, Inc.*

  199,317      1,674,263   
    

 

 

 

Total Common Stocks
(Cost $106,103,718)

  145,476,144   
    

 

 

 

Money Market Fund 2.7%

State Street Institutional Liquid Reserves Fund, Institutional Class,
0.10%(a)

  4,082,158      4,082,158   
    

 

 

 

Total Money Market Fund
(Cost $4,082,158)

  4,082,158   
    

 

 

 

Total Investments
(Cost $110,185,876) — 100.5%

   

  149,558,302   

Liabilities in Excess of Other
Assets — (0.5)%

   

  (814,521
    

 

 

 

Net Assets — 100.0%

$ 148,743,781   
    

 

 

 

 

* Non-income producing security.

 

(a) Rate disclosed, the 7 day net yield, is as of March 31, 2015.
 

 

See Notes to Financial Statements.

 

32


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Small Cap Value Equity Fund

 

   Shares   Value($)  
Common Stocks 99.8%

Consumer Discretionary 23.0%

  

AMC Entertainment Holdings, Inc., Cl A

  1,259,940      44,715,270   

Brunswick Corp.

  23,550      1,211,647   

Cheesecake Factory, Inc. (The)

  184,000      9,076,720   

Chico’s FAS, Inc.

  1,341,800      23,736,442   

Destination Maternity Corp.

  126,079      1,898,750   

Guess?, Inc.

  1,439,854      26,766,886   

HSN, Inc.

  641,260      43,753,170   

Lithia Motors, Inc., Cl A

  207,060      20,583,835   

Matthews International Corp., Cl A

  268,140      13,811,891   

Meredith Corp.

  409,790      22,853,988   

NutriSystem, Inc.

  199,180      3,979,616   

Ruth’s Hospitality Group, Inc.

  267,670      4,250,600   

Scholastic Corp.

  509,690      20,866,709   

Sonic Automotive, Inc., Cl A

  554,570      13,808,793   

Sotheby’s

  233,700      9,876,162   

Thor Industries, Inc.

  480,380      30,364,820   

Wolverine World Wide, Inc.

  342,200      11,446,590   
    

 

 

 
  303,001,889   
    

 

 

 

Consumer Staples 1.6%

Calavo Growers, Inc.

  67,900      3,491,418   

Inter Parfums, Inc.

  233,100      7,603,722   

WD-40 Co.

  107,677      9,533,722   
    

 

 

 
  20,628,862   
    

 

 

 

Energy 4.2%

Bristow Group, Inc.

  422,560      23,008,392   

CARBO Ceramics, Inc.

  549,150      16,754,567   

Patterson-UTI Energy, Inc.

  197,790      3,713,507   

Peabody Energy Corp.

  1,239,200      6,096,864   

Tidewater, Inc.

  331,580      6,346,441   
    

 

 

 
  55,919,771   
    

 

 

 

Financials 26.3%

Alexander & Baldwin, Inc.

  364,210      15,726,588   

Banco Latinoamericano de Expectaciones SA, Cl E

  183,270      6,009,423   

Bank of Hawaii Corp.

  329,340      20,158,901   

Campus Crest Communities, Inc., REIT

  125,860      901,158   

Cash America International, Inc.

  414,460      9,656,918   

Cohen & Steers, Inc.

  272,800      11,171,160   

CubeSmart, REIT

  1,737,830      41,968,594   

Evercore Partners, Inc., Cl A

  441,420      22,803,757   

Hanover Insurance Group, Inc. (The)

  535,870      38,893,445   

HCC Insurance Holdings, Inc.

  400,450      22,693,501   

Horace Mann Educators Corp.

  468,100      16,009,020   

Medical Properties Trust, Inc., REIT

  1,012,330      14,921,744   
   Shares   Value($)  

Financials—continued

Monmouth Real Estate Investment Corp., Cl A REIT

  85,250      947,128   

Oppenheimer Holdings, Inc., Cl A

  131,610      3,087,571   

Parkway Properties, Inc., REIT

  1,389,650      24,110,427   

Post Properties, Inc., REIT

  358,550      20,412,252   

StanCorp Financial Group, Inc.

  760,420      52,164,812   

Trust Co Bank Corp. NY

  313,850      2,159,288   

UMB Financial Corp.

  406,850      21,518,297   
    

 

 

 
  345,313,984   
    

 

 

 

Health Care 5.4%

Ensign Group, Inc.

  139,270      6,526,192   

Hill-Rom Holdings, Inc.

  334,930      16,411,570   

Landauer, Inc.

  284,040      9,981,166   

STERIS Corp.

  538,807      37,861,968   
    

 

 

 
  70,780,896   
    

 

 

 

Industrials 24.5%

AAR Corp.

  467,570      14,354,399   

ABM Industries, Inc.

  590,600      18,816,516   

Advanced Drainage Systems, Inc.

  113,200      3,389,208   

Badger Meter, Inc.

  54,691      3,278,178   

Barnes Group, Inc.

  55,500      2,247,195   

China Yuchai International Ltd.

  90,890      1,794,169   

CLARCOR, Inc.

  340,450      22,490,127   

EMCOR Group, Inc.

  424,540      19,728,374   

Granite Construction, Inc.

  241,340      8,480,688   

Herman Miller, Inc.

  1,040,280      28,878,173   

Interface, Inc.

  1,561,561      32,449,237   

Kelly Services, Inc., Cl A

  771,210      13,449,902   

Knoll, Inc.

  737,100      17,270,253   

Luxfer Holdings PLC ADR

  398,410      5,326,742   

Macquarie Infrastructure Co. LLC

  212,040      17,448,771   

Manitowoc Co., Inc. (The)

  215,610      4,648,552   

MSA Safety, Inc.

  220,402      10,993,652   

Mueller Water Products, Inc., Cl A

  2,255,330      22,215,000   

Progressive Waste Solutions Ltd.

  1,549,064      45,511,500   

Sun Hydraulics Corp.

  38,120      1,576,643   

TAL International Group, Inc.*

  319,070      12,995,721   

Tennant Co.

  82,780      5,411,329   

Viad Corp.

  363,390      10,109,510   
    

 

 

 
  322,863,839   
    

 

 

 

Information Technology 7.5%

Black Box Corp.

  205,300      4,296,929   

Daktronics, Inc.

  991,550      10,718,655   

Fair Isaac Corp.

  571,650      50,716,788   

Plantronics, Inc.

  616,760      32,657,442   
    

 

 

 
  98,389,814   
    

 

 

 
 

 

See Notes to Financial Statements.

 

33


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Small Cap Value Equity Fund — concluded

 

   Shares   Value($)  

Materials 4.3%

A. Schulman, Inc.

  225,700      10,878,740   

Cabot Corp.

  184,070      8,283,150   

Carpenter Technology Corp.

  289,600      11,259,648   

Globe Specialty Metals, Inc.

  38,770      733,529   

Haynes International, Inc.

  127,030      5,666,808   

Hecla Mining Co.

  6,478,740      19,306,645   
    

 

 

 
  56,128,520   
    

 

 

 

Utilities 3.0%

ALLETE, Inc.

  249,340      13,155,178   

Avista Corp.

  19,190      655,914   

California Water Service Group

  588,490      14,423,890   

NorthWestern Corp.

  208,900      11,236,731   
    

 

 

 
  39,471,713   
    

 

 

 

Total Common Stocks
(Cost $966,930,918)

  1,312,499,288   
    

 

 

 
   Shares   Value($)  

Money Market Fund 0.5%

State Street Institutional Liquid Reserves Fund, Institutional Class, 0.10%(a)

  6,096,148      6,096,148   
    

 

 

 

Total Money Market Fund
(Cost $6,096,148)

  6,096,148   
    

 

 

 

Total Investments
(Cost $973,027,066) — 100.3%

   

  1,318,595,436   

Liabilities in Excess of Other
Assets — (0.3)%

   

  (3,880,508
    

 

 

 

Net Assets — 100.0%

$ 1,314,714,928   
    

 

 

 

 

* Non-income producing security.

 

(a) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

 

 

See Notes to Financial Statements.

 

34


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Aggressive Growth Allocation Strategy

 

   Shares   Value($)  

Equity Funds 68.7%

RidgeWorth International Equity Fund(a)

  53,242      556,379   

RidgeWorth Large Cap Growth Stock Fund(b)

  289,497      2,990,509   

RidgeWorth Large Cap Value Equity Fund(b)

  119,178      1,985,507   

RidgeWorth Mid-Cap Value Equity Fund(b)

  64,981      894,143   

RidgeWorth Small Cap Growth Stock Fund(b)

  25,991      385,969   

RidgeWorth Small Cap Value Equity Fund(a)

  22,908      357,128   
    

 

 

 

Total Equity Funds
(Cost $5,155,361)

   

  7,169,635   
    

 

 

 

Fixed Income Funds 9.1%

RidgeWorth Corporate Bond Fund(a)

  7,013      62,768   

RidgeWorth High Income Fund(b)

  5,686      37,983   

RidgeWorth Intermediate Bond Fund(a)

  30      302   

RidgeWorth Seix Floating Rate High Income Fund(b)

  5,709      50,581   

RidgeWorth Seix High Yield Fund(a)

  4,347      37,951   

RidgeWorth Total Return Bond Fund(b)

  65,453      703,617   

RidgeWorth U.S. Government Securities Ultra-Short Bond Fund(a)

  5,014      50,746   
    

 

 

 

Total Fixed Income Funds
(Cost $938,358)

   

  943,948   
    

 

 

 

Exchange Traded Funds 20.2%

Consumer Discretionary Select Sector SPDR Fund

  942      70,772   

Consumer Staples Select Sector SPDR Fund

  814      39,674   

Energy Select Sector SPDR Fund

  717      55,625   

Financial Select Sector SPDR Fund

  4,268      102,901   

Health Care Select Sector SPDR Fund

  1,440      104,400   

Industrial Select Sector SPDR Fund

  1,215      67,761   

iShares Barclays 20+ Year Treasury Bond Fund

  237      30,974   
   Shares   Value($)  

Exchange Traded Funds—continued

  

iShares Barclays U.S. Treasury Inflation Protected Securities Fund

  112      12,722   

iShares Core S&P 500 Fund

  968      201,179   

iShares Core U.S. Aggregate Bond Fund

  2,409      268,435   

iShares Dow Jones U.S. Real Estate Index Fund

  103      8,170   

iShares MSCI EAFE Fund

  8,650      555,070   

iShares MSCI Emerging Markets Index Fund

  9,366      375,858   

iShares Russell 2000 Index Fund

  48      5,969   

Market Vectors Gold Miners Fund

  2,307      42,080   

Materials Select Sector SPDR Fund

  438      21,366   

Technology Select Sector SPDR Fund

  3,391      140,523   

Utilities Select Sector SPDR Fund

  116      5,154   
    

 

 

 

Total Exchange Traded Funds
(Cost $1,757,466)

   

  2,108,633   
    

 

 

 

Money Market Fund 2.1%

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(c)

  220,144      220,144   
    

 

 

 

Total Money Market Fund
(Cost $220,144)

   

  220,144   
    

 

 

 

Total Investments
(Cost $8,071,329) — 100.1%

   

  10,442,360   

Liabilities in Excess of Other
Assets — (0.1)%

   

  (13,523
    

 

 

 

Net Assets — 100.0%

$ 10,428,837   
    

 

 

 

 

(a) Affiliated investments. Investments are in each Fund’s I Shares.

 

(b) Affiliated investments. Investments are in each Fund’s IS Shares.

 

(c) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

MSCI — Morgan Stanley Capital International

SPDR — Standard & Poor’s Depositary Receipt

 

 

See Notes to Financial Statements.

 

35


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Conservative Allocation Strategy

 

   Shares   Value($)  

Equity Funds 29.3%

RidgeWorth International Equity Fund(a)

  140,074      1,463,777   

RidgeWorth Large Cap Growth Stock Fund(b)

  800,484      8,268,996   

RidgeWorth Large Cap Value Equity Fund(b)

  336,060      5,598,767   

RidgeWorth Mid-Cap Value Equity Fund(b)

  170,731      2,349,261   

RidgeWorth Small Cap Growth Stock Fund(b)

  65,213      968,416   

RidgeWorth Small Cap Value Equity Fund(a)

  59,404      926,106   
    

 

 

 

Total Equity Funds
(Cost $16,742,747)

   

  19,575,323   
    

 

 

 

Fixed Income Funds 51.8%

RidgeWorth Corporate Bond Fund(a)

  237,896      2,129,172   

RidgeWorth High Income Fund(b)

  193,100      1,289,910   

RidgeWorth Intermediate Bond Fund(a)

  846      8,391   

RidgeWorth Seix Floating Rate High Income Fund(b)

  193,727      1,716,422   

RidgeWorth Seix High Yield Fund(a)

  147,635      1,288,849   

RidgeWorth Total Return Bond Fund(b)

  2,456,217      26,404,329   

RidgeWorth U.S. Government Securities Ultra-Short Bond Fund(a)

  170,248      1,722,911   
    

 

 

 

Total Fixed Income Funds
(Cost $34,303,027)

   

  34,559,984   
    

 

 

 

Exchange Traded Funds 18.0%

Consumer Discretionary Select Sector SPDR Fund

  1,223      91,884   

Consumer Staples Select Sector SPDR Fund

  1,082      52,737   

Energy Select Sector SPDR Fund

  956      74,166   

Financial Select Sector SPDR Fund

  5,677      136,872   

Health Care Select Sector SPDR Fund

  1,915      138,837   

Industrial Select Sector SPDR Fund

  1,613      89,957   

iShares Barclays 20+ Year Treasury Bond Fund

  8,035      1,050,094   
   Shares   Value($)  

Exchange Traded Funds—continued

  

iShares Barclays U.S. Treasury Inflation Protected Securities Fund

  3,811      432,891   

iShares Core S&P 500 Fund

  2,502      519,991   

iShares Core U.S. Aggregate Bond Fund

  59,148      6,590,862   

iShares Dow Jones U.S. Real Estate Index Fund

  263      20,861   

iShares MSCI EAFE Fund

  22,692      1,456,146   

iShares MSCI Emerging Markets Index Fund

  24,560      985,593   

iShares Russell 2000 Index Fund

  582      72,372   

Market Vectors Gold Miners Fund

  6,099      111,246   

Materials Select Sector SPDR Fund

  584      28,488   

Technology Select Sector SPDR Fund

  4,513      187,019   

Utilities Select Sector SPDR Fund

  150      6,664   
    

 

 

 

Total Exchange Traded Funds
(Cost $11,076,503)

   

  12,046,680   
    

 

 

 

Money Market Fund 1.0%

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(c)

  682,582      682,582   
    

 

 

 

Total Money Market Fund
(Cost $682,582)

   

  682,582   
    

 

 

 

Total Investments
(Cost $62,804,859) — 100.1%

   

  66,864,569   

Liabilities in Excess of Other
Assets — (0.1)%

   

  (66,065
    

 

 

 

Net Assets — 100.0%

$ 66,798,504   
    

 

 

 

 

(a) Affiliated investments. Investments are in each Fund’s I Shares.

 

(b) Affiliated investments. Investments are in each Fund’s IS Shares.

 

(c) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

MSCI — Morgan Stanley Capital International

SPDR — Standard & Poor’s Depositary Receipt

 

 

See Notes to Financial Statements.

 

36


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Growth Allocation Strategy

 

   Shares   Value($)  

Equity Funds 62.6%

RidgeWorth International Equity Fund(a)

  293,689      3,069,053   

RidgeWorth Large Cap Growth Stock Fund(b)

  1,670,450      17,255,753   

RidgeWorth Large Cap Value Equity Fund(b)

  699,500      11,653,665   

RidgeWorth Mid-Cap Value Equity Fund(b)

  358,060      4,926,899   

RidgeWorth Small Cap Growth Stock Fund(b)

  136,435      2,026,064   

RidgeWorth Small Cap Value Equity Fund(a)

  124,172      1,935,849   
    

 

 

 

Total Equity Funds
(Cost $31,885,850)

   

  40,867,283   
    

 

 

 

Fixed Income Funds 19.0%

RidgeWorth Corporate Bond Fund(a)

  85,827      768,151   

RidgeWorth High Income Fund(b)

  69,443      463,880   

RidgeWorth Intermediate Bond Fund(a)

  278      2,756   

RidgeWorth Seix Floating Rate High Income Fund(b)

  69,713      617,656   

RidgeWorth Seix High Yield Fund(a)

  53,114      463,685   

RidgeWorth Total Return Bond Fund(b)

  884,055      9,503,592   

RidgeWorth U.S. Government Securities Ultra-Short Bond Fund(a)

  61,330      620,662   
    

 

 

 

Total Fixed Income Funds
(Cost $11,947,428)

   

  12,440,382   
    

 

 

 

Exchange Traded Funds 17.5%

Consumer Discretionary Select Sector SPDR Fund

  3,053      229,372   

Consumer Staples Select Sector SPDR Fund

  2,728      132,963   

Energy Select Sector SPDR Fund

  2,405      186,580   

Financial Select Sector SPDR Fund

  14,286      344,435   

Health Care Select Sector SPDR Fund

  4,813      348,943   

Industrial Select Sector SPDR Fund

  4,064      226,649   

iShares Barclays 20+ Year Treasury Bond Fund

  2,889      377,563   
   Shares   Value($)  

Exchange Traded Funds—continued

  

iShares Barclays U.S. Treasury Inflation Protected Securities Fund

  1,371      155,732   

iShares Core S&P 500 Fund

  4,452      925,259   

iShares Core U.S. Aggregate Bond Fund

  21,346      2,378,585   

iShares Dow Jones U.S. Real Estate Index Fund

  597      47,354   

iShares MSCI EAFE Fund

  47,600      3,054,492   

iShares MSCI Emerging Markets Index Fund

  51,508      2,067,016   

iShares Russell 2000 Index Fund

  1,292      160,660   

Market Vectors Gold Miners Fund

  12,679      231,265   

Materials Select Sector SPDR Fund

  1,469      71,658   

Technology Select Sector SPDR Fund

  11,350      470,344   

Utilities Select Sector SPDR Fund

  383      17,017   
    

 

 

 

Total Exchange Traded Funds
(Cost $9,946,082)

   

  11,425,887   
    

 

 

 

Money Market Fund 0.9%

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(c)

  575,949      575,949   
    

 

 

 

Total Money Market Fund
(Cost $575,949)

   

  575,949   
    

 

 

 

Total Investments
(Cost $54,355,309) — 100.0%

   

  65,309,501   

Liabilities in Excess of Other
Assets — (0.0)%(d)

   

  (24,235
    

 

 

 

Net Assets — 100.0%

$ 65,285,266   
    

 

 

 

 

(a) Affiliated investments. Investments are in each Fund’s I Shares.

 

(b) Affiliated investments. Investments are in each Fund’s IS Shares.

 

(c) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

 

(d) Less than 0.05% of Net Assets.

Investment Abbreviations

MSCI — Morgan Stanley Capital International

SPDR — Standard & Poor’s Depositary Receipt

 

 

See Notes to Financial Statements.

 

37


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Moderate Allocation Strategy

 

   Shares   Value($)  

Equity Funds 46.0%

RidgeWorth International Equity Fund(a)

  414,134      4,327,695   

RidgeWorth Large Cap Growth Stock Fund(b)

  2,366,578      24,446,752   

RidgeWorth Large Cap Value Equity Fund(b)

  994,919      16,575,350   

RidgeWorth Mid-Cap Value Equity Fund(b)

  505,509      6,955,808   

RidgeWorth Small Cap Growth Stock Fund(b)

  192,129      2,853,111   

RidgeWorth Small Cap Value Equity Fund(a)

  172,283      2,685,888   
    

 

 

 

Total Equity Funds
(Cost $44,257,519)

   

  57,844,604   
    

 

 

 

Fixed Income Funds 35.5%

RidgeWorth Corporate Bond Fund(a)

  307,648      2,753,454   

RidgeWorth High Income Fund(b)

  249,423      1,666,148   

RidgeWorth Intermediate Bond Fund(a)

  1,377      13,661   

RidgeWorth Seix Floating Rate High Income Fund(b)

  250,415      2,218,676   

RidgeWorth Seix High Yield Fund(a)

  190,705      1,664,853   

RidgeWorth Total Return Bond Fund(b)

  3,177,401      34,157,058   

RidgeWorth U.S. Government Securities Ultra-Short Bond Fund(a)

  220,114      2,227,556   
    

 

 

 

Total Fixed Income Funds
(Cost $42,717,561)

   

  44,701,406   
    

 

 

 

Exchange Traded Funds 17.7%

Consumer Discretionary Select Sector SPDR Fund

  4,820      362,127   

Consumer Staples Select Sector SPDR Fund

  4,339      211,483   

Energy Select Sector SPDR Fund

  3,833      297,364   

Financial Select Sector SPDR Fund

  22,714      547,635   

Health Care Select Sector SPDR Fund

  7,665      555,713   

Industrial Select Sector SPDR Fund

  6,468      360,720   

iShares Barclays 20+ Year Treasury Bond Fund

  10,393      1,358,261   
   Shares   Value($)  

Exchange Traded Funds—continued

  

iShares Barclays U.S. Treasury Inflation Protected Securities Fund

  4,913      558,068   

iShares Core S&P 500 Fund

  3,527      733,016   

iShares Core U.S. Aggregate Bond Fund

  76,200      8,490,966   

iShares Dow Jones U.S. Real Estate Index Fund

  837      66,391   

iShares MSCI EAFE Fund

  67,245      4,315,112   

iShares MSCI Emerging Markets Index Fund

  72,711      2,917,892   

iShares Russell 2000 Index Fund

  2,274      282,772   

Market Vectors Gold Miners Fund

  18,117      330,454   

Materials Select Sector SPDR Fund

  2,340      114,145   

Technology Select Sector SPDR Fund

  18,062      748,489   

Utilities Select Sector SPDR Fund

  598      26,569   
    

 

 

 

Total Exchange Traded Funds
(Cost $19,771,168)

   

  22,277,177   
    

 

 

 

Money Market Fund 0.9%

State Street Institutional Treasury Money Market Fund,
Institutional Class, 0.00%(c)

  1,136,362      1,136,362   
    

 

 

 

Total Money Market Fund
(Cost $1,136,362)

   

  1,136,362   
    

 

 

 

Total Investments
(Cost $107,882,610) — 100.1%

   

  125,959,549   

Liabilities in Excess of Other
Assets — (0.1)%

   

  (133,531
    

 

 

 

Net Assets — 100.0%

$ 125,826,018   
    

 

 

 

 

(a) Affiliated investments. Investments are in each Fund’s I Shares.

 

(b) Affiliated investments. Investments are in each Fund’s IS Shares.

 

(c) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

MSCI — Morgan Stanley Capital International

SPDR — Standard & Poor’s Depositary Receipt

 

 

See Notes to Financial Statements.

 

38


Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES

 

RIDGEWORTH FUNDS    March 31, 2015

 

     Aggressive
Growth Stock
Fund
    International
Equity Fund
    Large Cap
Growth Stock
Fund
    Large Cap Value
Equity Fund
 

Assets:

        

Total Investments, at Cost

     $20,367,664        $17,484,422        $161,003,590        $1,999,885,908   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments, at Value

     $34,834,502        $22,412,603        $292,869,316        $2,469,078,817   

Interest and Dividends Receivable

     812        133,637        98,976        3,617,162   

Securities Lending Income Receivable

                   12          

Foreign Currency, at Value (Cost $—, $380,222, $— and $—, respectively)

            386,663                 

Receivable for Capital Shares Issued

     14,456        18,486        30,031        3,368,457   

Receivable for Investment Securities Sold

     158,107        267,558        11,893,448        920,345   

Reclaims Receivable

            151,361                 

Receivable from Investment Adviser

                   46,407        326,377   

Prepaid Expenses and Other Assets

     9,665        13,274        24,419        55,441   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

     35,017,542        23,383,582        304,962,609        2,477,366,599   
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

        

Payable for Investment Securities Purchased

            164,107        11,498,787        23,004,586   

Payable for Capital Shares Redeemed

     100,098        24,559        214,425        3,298,542   

Investment Advisory Fees Payable

     30,081        18,056        175,907        1,358,833   

Compliance and Fund Services Fees Payable

     694        419        5,403        44,657   

Distribution and Service Fees Payable

     2,797        1,072        57,159        133,564   

Trustee Fees Payable

     73        40        727        4,382   

Other Accrued Expenses

     27,168        29,872        175,410        2,064,424   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

     160,911        238,125        12,127,818        29,908,988   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Net Assets

     $34,856,631        $23,145,457        $292,834,791        $2,447,457,611   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets Consist of:

        

Capital

     $21,445,106        $20,576,870        $148,785,752        $1,916,280,055   

Accumulated Net Investment Income (Loss)

     (129,949     226,301        (5,858     7,175,285   

Accumulated Net Realized Gain (Loss) from Investments and Foreign Currency Transactions

     (925,364     (2,594,807     12,189,171        54,809,362   

Net Unrealized Appreciation on Investments and Foreign Currencies

     14,466,838        4,937,093        131,865,726        469,192,909   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets

     $34,856,631        $23,145,457        $292,834,791        $2,447,457,611   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

        

I Shares

     $24,321,333        $19,022,565        $127,236,431        $1,927,038,582   

A Shares

     10,535,298        4,122,892        65,952,978        461,641,577   

C Shares

                   46,678,280        21,207,321   

IS Shares

                   52,967,102        37,570,131   

Shares Outstanding (unlimited number of shares authorized, no par value)

        

I Shares

     1,131,861        1,820,717        12,328,074        116,080,794   

A Shares

     507,586        398,688        7,539,689        28,014,275   

C Shares

                   7,321,909        1,313,486   

IS Shares

                   5,127,010        2,255,378   

Net Asset Value and Redemption Price Per Share:

        

I Shares

     $21.49        $10.45        $10.32        $16.60   

A Shares

     20.76        10.34        8.75        16.48   

C Shares(a)

                   6.38        16.15   

IS Shares

                   10.33        16.66   

Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent):

        

A Shares

     $22.03        $10.97        $9.28        $17.49   

Maximum Sales Charge — A Shares

     5.75     5.75     5.75     5.75

 

(a) Redemption price per share varies based on length of time shares are held.

 

See Notes to Financial Statements.

 

39


Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES

 

RIDGEWORTH FUNDS    March 31, 2015

 

     Mid-Cap Value
Equity Fund
    Small Cap Growth
Stock Fund
    Small Cap Value
Equity Fund
 

Assets:

      

Total Investments, at Cost

     $3,739,769,598        $110,185,876        $973,027,066   
  

 

 

   

 

 

   

 

 

 

Total Investments, at Value

     $4,269,144,347        $149,558,302        $1,318,595,436   

Interest and Dividends Receivable

     5,656,732        27,047        1,860,535   

Securities Lending Income Receivable

     29,721        3,989          

Receivable for Capital Shares Issued

     2,903,171        95,309        825,882   

Receivable for Investment Securities Sold

     9,934,654        562,191        7,295,305   

Reclaims Receivable

                   38,346   

Receivable from Investment Adviser

     24,739                 

Prepaid Expenses and Other Assets

     79,944        25,847        39,136   
  

 

 

   

 

 

   

 

 

 

Total Assets

     4,287,773,308        150,272,685        1,328,654,640   
  

 

 

   

 

 

   

 

 

 

Liabilities:

      

Payable for Investment Securities Purchased

     16,707,036        1,094,659        7,600,149   

Payable for Capital Shares Redeemed

     11,820,053        161,329        4,160,096   

Investment Advisory Fees Payable

     2,474,267        117,183        903,647   

Compliance and Fund Services Fees Payable

     78,402        2,731        24,939   

Distribution and Service Fees Payable

     227,124        7,915        70,084   

Trustee Fees Payable

     8,384        273        2,095   

Other Accrued Expenses

     3,328,809        144,814        1,178,702   
  

 

 

   

 

 

   

 

 

 

Total Liabilities

     34,644,075        1,528,904        13,939,712   
  

 

 

   

 

 

   

 

 

 

Total Net Assets

     $4,253,129,233        $148,743,781        $1,314,714,928   
  

 

 

   

 

 

   

 

 

 

Net Assets Consist of:

      

Capital

     $3,640,176,061        $109,066,001        $904,648,018   

Accumulated Net Investment Income (Loss)

     9,380,404        (349,877     6,099,362   

Accumulated Net Realized Gain from Investments Transactions

     74,198,019        655,231        58,400,315   

Net Unrealized Appreciation on Investments

     529,374,749        39,372,426        345,567,233   
  

 

 

   

 

 

   

 

 

 

Net Assets

     $4,253,129,233        $148,743,781        $1,314,714,928   
  

 

 

   

 

 

   

 

 

 

Net Assets:

      

I Shares

     $3,552,288,498        $126,223,093        $1,118,190,335   

A Shares

     590,327,110        9,888,822        162,731,906   

C Shares

     87,115,236        6,396,639        33,792,687   

IS Shares

     23,398,389        6,235,227          

Shares Outstanding (unlimited number of shares authorized, no par value)

      

I Shares

     258,557,590        8,513,629        71,709,645   

A Shares

     43,412,533        747,379        10,673,337   

C Shares

     6,531,519        671,113        2,361,721   

IS Shares

     1,700,780        419,768          

Net Asset Value and Redemption Price Per Share:

      

I Shares

     $13.74        $14.83        $15.59   

A Shares

     13.60        13.23        15.25   

C Shares(a)

     13.34        9.53        14.31   

IS Shares

     13.76        14.85          

Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent):

      

A Shares

     $14.43        $14.04        $16.18   

Maximum Sales Charge — A Shares

     5.75     5.75     5.75

 

(a) Redemption price per share varies based on length of time shares are held.

 

See Notes to Financial Statements.

 

40


Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES

 

RIDGEWORTH FUNDS    March 31, 2015

 

 

     Aggressive
Growth
Allocation
Strategy
    Conservative
Allocation
Strategy
    Growth
Allocation
Strategy
    Moderate
Allocation
Strategy
 

Assets:

        

Total Investments, at Cost

     $8,071,329        $62,804,859        $54,355,309        $107,882,610   
  

 

 

   

 

 

   

 

 

   

 

 

 

Investments in Affiliates, at Value

     $8,113,583        $54,135,307        $53,307,665        $102,546,010   

Investments in Unaffiliated, at Value

     2,328,777        12,729,262        12,001,836        23,413,539   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments, at Value

     10,442,360        66,864,569        65,309,501        125,959,549   
  

 

 

   

 

 

   

 

 

   

 

 

 

Dividends Receivable

     2,025        73,648        26,174        95,287   

Receivable for Capital Shares Issued

     3,215        90,637        52,572        11,765   

Receivable from Investment Adviser

     6,312        5,080        6,331          

Prepaid Expenses and Other Assets

     18,840        19,399        21,605        20,321   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

     10,472,752        67,053,333        65,416,183        126,086,922   
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

        

Payable for Investment Securities Purchased

     2,006        73,596        26,119        95,096   

Payable for Capital Shares Redeemed

     20,456        129,257        24,930        24,214   

Investment Advisory Fees Payable

     893        5,664        5,525        24,639   

Compliance and Fund Services Fees Payable

     245        1,190        1,197        2,345   

Distribution and Service Fees Payable

     1,841        19,527        4,947        16,013   

Trustee Fees Payable

     27        121        119        227   

Other Accrued Expenses

     18,447        25,474        68,080        98,370   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

     43,915        254,829        130,917        260,904   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Net Assets

     $10,428,837        $66,798,504        $65,285,266        $125,826,018   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets Consist of:

        

Capital

     $6,843,170        $61,295,621        $51,282,068        $101,403,208   

Accumulated Net Investment Income (Loss)

     (4,198     167,083        25,955        186,987   

Accumulated Net Realized Gain from Investments Transactions

     1,218,834        1,276,090        3,023,051        6,158,884   

Net Unrealized Appreciation on Investments

     2,371,031        4,059,710        10,954,192        18,076,939   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets

     $10,428,837        $66,798,504        $65,285,266        $125,826,018   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

        

I Shares

     $4,920,446        $32,606,465        $53,292,831        $94,977,700   

A Shares

     4,814,720        15,991,307        8,800,767        17,295,039   

C Shares

     693,671        18,200,732        3,191,668        13,553,279   

Shares Outstanding (unlimited number of shares authorized, no par value)

        

I Shares

     617,548        2,556,163        4,649,845        8,576,260   

A Shares

     611,626        1,254,578        771,513        1,566,776   

C Shares

     91,094        1,443,767        285,475        1,237,609   

Net Asset Value and Redemption Price Per Share:

        

I Shares

     $7.97        $12.76        $11.46        $11.07   

A Shares

     7.87        12.75        11.41        11.04   

C Shares(a)

     7.61        12.61        11.18        10.95   

Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent):

        

A Shares

     $8.35        $13.39        $12.11        $11.71   

Maximum Sales Charge — A Shares

     5.75     4.75     5.75     5.75

 

(a) Redemption price per share varies based on length of time shares are held.

 

See Notes to Financial Statements.

 

41


Table of Contents

STATEMENTS OF OPERATIONS

 

RIDGEWORTH FUNDS    For the Fiscal Year Ended March 31, 2015

 

  Aggressive
Growth Stock
Fund
  International
Equity Fund
  Large Cap
Growth Stock
Fund
  Large Cap
Value Equity
Fund
 

Investment Income:

           

Dividend Income

     $50,594         $994,797         $2,535,945         $53,550,076   

Net Income from Securities Lending

             17,752         46,810         1,999   

Less: Foreign Taxes Withheld

             (101,316)                   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investment Income

     50,594         911,233         2,582,755         53,552,075   
  

 

 

    

 

 

    

 

 

    

 

 

 

Expenses:

           

Investment Advisory Fees

     401,832         234,835         1,947,536         15,325,869   

Administration Fees

     4,853         2,679         28,549         240,835   

Fund Accounting Fees

     4,658         2,280         23,971         202,550   

Transfer Agency Fees

     27,567         8,438         278,272         232,710   

Compliance & Fund Services Fees

     3,258         1,774         19,009         161,471   

Distribution and Service Fees — A Shares

     47,259         13,714         193,702         1,245,870   

Distribution and Service Fees — C Shares

                     358,729         207,474   

Shareholder Servicing Fees — I Shares

     82,329         29,371         420,352         6,895,462   

Shareholder Servicing Fees — A Shares

     11,954         486         13,026         1,445,272   

Custodian Fees

     9,243         35,047         15,421         42,959   

Printing Fees

     5,937         2,493         16,924         102,433   

Registration Fees

     31,071         29,432         51,186         65,308   

Trustee Fees

     2,118         1,153         12,076         100,679   

Other Fees

     19,071         33,564         34,084         191,794   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Expenses

     651,150         395,266         3,412,837         26,460,686   

Less: Investment Advisory Fees Waived/Expenses Reimbursed

     (10,874)         (28,095)         (343,363)         (2,844,564)   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Expenses

     640,276         367,171         3,069,474         23,616,122   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Investment Income (Loss)

     (589,682)         544,062         (486,719)         29,935,953   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies:

           

Net Realized Gain from:

           

Investment and Foreign Currency Transactions

     3,104,323         2,381,923         29,833,223         160,664,758   

Net Change in Unrealized Appreciation (Depreciation) on:

           

Investments and Foreign Currencies

     (1,753,720)         (4,309,109)         9,728,182         (30,015,618)   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies

     1,350,603         (1,927,186)         39,561,405         130,649,140   
  

 

 

    

 

 

    

 

 

    

 

 

 

Change in Net Assets from Operations

     $760,921         $(1,383,124)         $39,074,686         $160,585,093   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See Notes to Financial Statements.

 

42


Table of Contents

STATEMENTS OF OPERATIONS

 

RIDGEWORTH FUNDS    For the Fiscal Year Ended March 31, 2015

 

  Mid-Cap Value
Equity Fund
  Small Cap
Growth Stock
Fund
  Small Cap
Value Equity
Fund
 

Investment Income:

      

Dividend Income

     $82,811,831        $408,573        $36,630,128   

Net Income from Securities Lending

     309,208        165,991          

Less: Foreign Taxes Withheld

                   (174,142
  

 

 

   

 

 

   

 

 

 

Total Investment Income

     83,121,039        574,564        36,455,986   
  

 

 

   

 

 

   

 

 

 

Expenses:

      

Investment Advisory Fees

     28,240,095        1,349,075        12,407,608   

Administration Fees

     420,290        16,298        157,917   

Fund Accounting Fees

     352,599        13,824        135,828   

Transfer Agency Fees

     518,424        32,014        239,730   

Compliance & Fund Services Fees

     283,613        10,822        105,495   

Distribution and Service Fees — A Shares

     1,842,732        29,364        521,111   

Distribution and Service Fees — C Shares

     834,790        64,204        354,678   

Shareholder Servicing Fees — I Shares

     11,834,925        521,167        4,304,647   

Shareholder Servicing Fees — A Shares

     2,212,777        5,900        586,086   

Custodian Fees

     74,556        16,543        35,297   

Printing Fees

     262,142        8,010        249,873   

Registration Fees

     89,085        49,095        50,688   

Trustee Fees

     176,425        7,079        68,216   

Other Fees

     328,078        20,548        137,922   
  

 

 

   

 

 

   

 

 

 

Total Expenses

     47,470,531        2,143,943        19,355,096   

Less: Investment Advisory Fees Waived/Expenses Reimbursed

     (26,241     (79,058       
  

 

 

   

 

 

   

 

 

 

Net Expenses

     47,444,290        2,064,885        19,355,096   
  

 

 

   

 

 

   

 

 

 

Net Investment Income (Loss)

     35,676,749        (1,490,321     17,100,890   
  

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments:

      

Net Realized Gain from:

      

Investment Transactions

     271,198,162        12,370,880        90,229,132   

Net Change in Unrealized Appreciation (Depreciation) on:

      

Investments

     (8,092,608     (6,929,715     (61,974,776
  

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain on Investments

     263,105,554        5,441,165        28,254,356   
  

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

     $298,782,303        $3,950,844        $45,355,246   
  

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

43


Table of Contents

STATEMENTS OF OPERATIONS

 

RIDGEWORTH FUNDS    For the Fiscal Year Ended March 31, 2015

 

 

  Aggressive
Growth
Allocation
Strategy
  Conservative
Allocation
Strategy
  Growth
Allocation
Strategy
  Moderate
Allocation
Strategy
 

Investment Income:

        

Dividend Income

     $52,425        $250,843        $230,539        $514,395   

Dividend Income from Affiliated Investment Companies

     112,279        1,065,552        607,615        1,707,882   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Investment Income

     164,704        1,316,395        838,154        2,222,277   
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

        

Investment Advisory Fees

     16,080        63,645        65,048        132,261   

Administration Fees

     1,653        6,526        6,672        13,573   

Fund Accounting Fees

     19,887        19,887        19,887        19,887   

Transfer Agency Fees

     7,603        29,807        14,191        33,296   

Compliance & Fund Services Fees

     1,112        4,340        4,451        9,048   

Distribution and Service Fees — A Shares

     14,200        46,335        26,888        55,047   

Distribution and Service Fees — C Shares

     7,162        175,008        30,482        139,143   

Shareholder Servicing Fees — I Shares

     41,715        35,820        207,801        293,056   

Shareholder Servicing Fees — A Shares

     4,175        6,280        7,329        24,965   

Custodian Fees

     19,450        23,774        23,375        24,286   

Printing Fees

     2,230        7,423        4,781        9,196   

Registration Fees

     40,169        42,984        42,531        39,522   

Trustee Fees

     727        2,745        2,818        5,862   

Other Fees

     7,968        11,013        11,183        16,098   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Expenses

     184,131        475,587        467,437        815,240   

Less: Investment Advisory Fees Waived/Expenses Reimbursed

     (88,191     (62,624     (100,956     (21,110
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Expenses

     95,940        412,963        366,481        794,130   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Investment Income

     68,764        903,432        471,673        1,428,147   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments:

        

Net Realized Gain from:

        

Investment Transactions

     1,901,660        319,563        1,610,062        4,338,573   

Capital Gain Received from Investments in Affiliated Investment Companies

     880,291        1,861,630        3,572,783        5,386,751   

Net Change in Unrealized Appreciation (Depreciation) on:

        

Investments

     (1,638,362     508,047        (920,555     (2,565,429
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain on Investments

     1,143,589        2,689,240        4,262,290        7,159,895   
  

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

     $1,212,353        $3,592,672        $4,733,963        $8,588,042   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

44


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

  Aggressive Growth Stock Fund   International Equity Fund   Large Cap Growth Stock Fund  
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

           

Net Investment Income (Loss)

  $ (589,682   $ (391,429   $ 544,062      $ 2,890,126      $ (486,719   $ (301,215

Net Realized Gain

    3,104,323        3,058,325        2,381,923        53,712,113        29,833,223        20,411,263   

Net Change in Unrealized Appreciation (Depreciation)

    (1,753,720     5,731,042        (4,309,109     (32,717,065     9,728,182        46,686,566   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

    760,921        8,397,938        (1,383,124     23,885,174        39,074,686        66,796,614   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

           

Net Investment Income:

           

I Shares

                  (384,870     (3,262,772              

A Shares

                  (82,910     (397,768              

Net Realized Gains:

           

I Shares

    (848,209     (1,962,804     (1,839,409     (423,409     (9,151,015     (16,215,038

A Shares

    (446,147     (550,359     (429,694     (76,227     (5,499,119     (6,369,584

C Shares

                                (3,786,190     (4,254,946

IS Shares*

                                (3,925,659       
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Dividends and Distributions

    (1,294,356     (2,513,163     (2,736,883     (4,160,176     (22,361,983     (26,839,568
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    (24,055,093     34,140,593        (4,468,167     (265,108,721     (10,709,008     (9,148,088
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets

    (24,588,528     40,025,368        (8,588,174     (245,383,723     6,003,695        30,808,958   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

           

Beginning of Period

    59,445,159        19,419,791        31,733,631        277,117,354        286,831,096        256,022,138   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of Period

  $ 34,856,631      $ 59,445,159      $ 23,145,457      $ 31,733,631      $ 292,834,791      $ 286,831,096   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated Net Investment Income (Loss), End of Period

  $ (129,949   $ (152,057   $ 226,301      $ 128,301      $ (5,858   $   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* IS Shares commenced operations on August 1, 2014.

 

See Notes to Financial Statements.

 

45


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS  (continued)

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

  Large Cap Value Equity Fund   Mid-Cap Value Equity Fund   Small Cap Growth Stock Fund  
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

           

Net Investment Income (Loss)

  $ 29,935,953      $ 26,786,932      $ 35,676,749      $ 31,721,752      $ (1,490,321   $ (1,778,003

Net Realized Gain

    160,664,758        238,119,315        271,198,162        406,615,454        12,370,880        39,190,020   

Net Change in Unrealized Appreciation (Depreciation)

    (30,015,618     136,182,530        (8,092,608     224,145,643        (6,929,715     5,191,009   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

    160,585,093        401,088,777        298,782,303        662,482,849        3,950,844        42,603,026   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

           

Net Investment Income:

           

I Shares

    (24,539,040     (21,215,098     (28,937,883     (24,446,573              

A Shares

    (4,101,116     (3,895,087     (3,327,424     (3,551,681              

C Shares

    (119,169     (113,863     (182,658     (260,783              

IS Shares

    (449,243            (145,326                     

Net Realized Gains:

           

I Shares

    (149,057,379     (184,943,407     (302,444,965     (319,283,825     (19,925,036     (26,953,356

A Shares

    (32,303,093     (40,911,570     (53,249,128     (64,799,259     (1,656,015     (1,849,209

C Shares

    (1,679,941     (2,145,183     (7,435,108     (8,705,589     (1,401,026     (1,482,428

IS Shares*

    (3,099,374            (1,428,255            (945,692       
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Dividends and Distributions

    (215,348,355     (253,224,208     (397,150,747     (421,047,710     (23,927,769     (30,284,993
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    303,056,171        304,794,679        498,071,026        899,507,221        (19,823,631     6,569,274   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets

    248,292,909        452,659,248        399,702,582        1,140,942,360        (39,800,556     18,887,307   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

           

Beginning of Period

    2,199,164,702        1,746,505,454        3,853,426,651        2,712,484,291        188,544,337        169,657,030   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of Period

  $ 2,447,457,611      $ 2,199,164,702      $ 4,253,129,233      $ 3,853,426,651      $ 148,743,781      $ 188,544,337   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated Net Investment Income (Loss), End of Period

  $ 7,175,285      $ 7,309,830      $ 9,380,404      $ 8,146,744      $ (349,877   $   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* IS Shares commenced operations on August 1, 2014.

 

See Notes to Financial Statements.

 

46


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS  (continued)

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

 

  Small Cap Value Equity Fund   Aggressive Growth Allocation
Strategy
  Conservative Allocation
Strategy
 
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

           

Net Investment Income

  $ 17,100,890      $ 16,494,193      $ 68,764      $ 207,613      $ 903,432      $ 912,303   

Net Realized Gain

    90,229,132        237,771,487        2,781,951        2,196,603        2,181,193        1,774,076   

Net Change in Unrealized Appreciation (Depreciation)

    (61,974,776     79,725,267        (1,638,362     1,255,840        508,047        1,375,849   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

    45,355,246        333,990,947        1,212,353        3,660,056        3,592,672        4,062,228   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

           

Net Investment Income:

           

I Shares

    (11,480,111     (11,800,535     (161,145     (431,164     (762,134     (682,255

A Shares

    (916,870     (1,217,350     (86,990     (124,675     (339,565     (359,082

C Shares

    (96,253     (175,499     (10,001     (15,532     (266,817     (282,703

Net Realized Gains:

           

I Shares

    (208,085,068     (53,921,057     (1,301,686     (1,892,756     (674,179     (1,046,909

A Shares

    (26,472,803     (7,240,038     (763,286     (583,546     (341,200     (629,265

C Shares

    (5,818,147     (1,468,593     (116,340     (86,640     (388,227     (675,285
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Dividends and Distributions

    (252,869,252     (75,823,072     (2,439,448     (3,134,313     (2,772,122     (3,675,499
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    (239,450,919     (122,408,735     (7,913,651     (4,347,245     4,702,957        1,150,817   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets

    (446,964,925     135,759,140        (9,140,746     (3,821,502     5,523,507        1,537,546   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

           

Beginning of Period

    1,761,679,853        1,625,920,713        19,569,583        23,391,085        61,274,997        59,737,451   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of Period

  $ 1,314,714,928      $ 1,761,679,853      $ 10,428,837      $ 19,569,583      $ 66,798,504      $ 61,274,997   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated Net Investment Income (Loss), End of Period

  $ 6,099,362      $ 2,884,319      $ (4,198   $ 782      $ 167,083      $ 233,854   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

47


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS  (concluded)

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

 

  Growth Allocation Strategy   Moderate Allocation Strategy  
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

       

Net Investment Income

  $ 471,673      $ 728,818      $ 1,428,147      $ 2,211,520   

Net Realized Gain

    5,182,845        4,709,594        9,725,324        8,986,476   

Net Change in Unrealized Appreciation (Depreciation)

    (920,555     4,171,170        (2,565,429     6,073,563   
 

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

    4,733,963        9,609,582        8,588,042        17,271,559   
 

 

 

   

 

 

   

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

       

Net Investment Income:

       

I Shares

    (1,049,547     (1,427,037     (2,171,028     (3,318,303

A Shares

    (165,023     (250,763     (373,163     (498,072

C Shares

    (42,123     (65,359     (212,350     (281,147

Net Realized Gains:

       

I Shares

    (2,308,978     (5,350,916     (4,896,911     (9,210,989

A Shares

    (399,136     (994,791     (894,369     (1,440,691

C Shares

    (138,486     (313,898     (701,661     (1,051,732
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Dividends and Distributions

    (4,103,293     (8,402,764     (9,249,482     (15,800,934
 

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    (986,685     (2,364,949     (17,731,499     (30,892,330
 

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets

    (356,015     (1,158,131     (18,392,939     (29,421,705
 

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

       

Beginning of Period

    65,641,281        66,799,412        144,218,957        173,640,662   
 

 

 

   

 

 

   

 

 

   

 

 

 

End of Period

  $ 65,285,266      $ 65,641,281      $ 125,826,018      $ 144,218,957   
 

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated Net Investment Income, End of Period

  $ 25,955      $ 82,308      $ 186,987      $ 469,254   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

48


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS     Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

Aggressive Growth Stock Fund

  

I Shares

  

Year Ended March 31, 2015

  $21.20      $(0.26   $1.21      $0.95      $—      $—      $(0.66   $(0.66   $—      $21.49      $24,321      4.61   1.31   1.34   (1.20 )%    42

Year Ended March 31, 2014

  15.60      (0.22   7.01      6.79                (1.19   (1.19        21.20      39,495      43.70      1.29      1.37      (1.08   49   

Year Ended March 31, 2013

  15.94      (0.14   0.42      0.28                (0.62   (0.62        15.60      15,840      1.84      1.20      1.21      (0.98   24   

Year Ended March 31, 2012

  16.45      (0.15   (0.36   (0.51                            15.94      88,132      (3.16   1.22      1.22      (0.98   30   

Year Ended March 31, 2011

  12.86      (0.12   3.71      3.59                               16.45      134,643      27.99      1.19      1.19      (0.89   53   

A Shares

Year Ended March 31, 2015

  20.53      (0.28   1.17      0.89                (0.66   (0.66        20.76      10,535      4.47      1.45      1.45      (1.34   42   

Year Ended March 31, 2014

  15.16      (0.24   6.80      6.56                (1.19   (1.19        20.53      19,950      43.45      1.40      1.40      (1.18   49   

Year Ended March 31, 2013

  15.54      (0.18   0.42      0.24                (0.62   (0.62        15.16      3,580      1.63      1.49      1.53      (1.24   24   

Year Ended March 31, 2012

  16.10      (0.18   (0.38   (0.56                            15.54      3,803      (3.48   1.53      1.53      (1.28   30   

Year Ended March 31, 2011

  12.62      (0.16   3.64      3.48                               16.10      3,519      27.58      1.49      1.49      (1.19   53   

International Equity Fund

  

I Shares

Year Ended March 31, 2015

  12.45      0.25      (0.90   (0.65   (0.23        (1.12   (1.35        10.45      19,023      (4.59   1.37      1.48      2.15      41   

Year Ended March 31, 2014

  11.64      0.55      1.65      2.20      (1.17        (0.22   (1.39        12.45      26,932      19.52      1.20      1.20      4.55 (e)    43   

Year Ended March 31, 2013

  10.74      0.22      0.89      1.11      (0.21             (0.21        11.64      272,552      10.38      1.12      1.12      2.02      52   

Year Ended March 31, 2012

  11.62      0.25      (0.90   (0.65   (0.23             (0.23        10.74      261,561      (5.24   1.29      1.29      2.33      78   

Year Ended March 31, 2011

  10.71      0.16      1.02      1.18      (0.27             (0.27        11.62      252,253      11.29      1.27      1.27      1.49      80   

A Shares

Year Ended March 31, 2015

  12.35      0.20      (0.87   (0.67   (0.22        (1.12   (1.34        10.34      4,123      (4.87   1.57      1.66      1.79      41   

Year Ended March 31, 2014

  11.51      0.20      2.00      2.20      (1.14        (0.22   (1.36        12.35      4,802      19.72      1.47      1.47      1.66      43   

Year Ended March 31, 2013

  10.63      0.18      0.87      1.05      (0.17             (0.17        11.51      4,565      9.95      1.45      1.45      1.73      52   

Year Ended March 31, 2012

  11.49      0.21      (0.87   (0.66   (0.20             (0.20        10.63      5,500      (5.48   1.59      1.59      2.02      78   

Year Ended March 31, 2011

  10.59      0.13      1.01      1.14      (0.24             (0.24        11.49      7,227      10.98      1.57      1.57      1.24      80   

Large Cap Growth Stock Fund

  

I Shares

Year Ended March 31, 2015

  9.70           1.40      1.40                (0.78   (0.78        10.32      127,236      15.03      0.94      1.17      (0.04   13   

Year Ended March 31, 2014

  8.31      0.01      2.24      2.25                (0.86   (0.86        9.70      188,294      27.35      0.92      1.09      0.07      21   

Year Ended March 31, 2013

  12.95      0.03      0.24      0.27      (0.01        (4.90   (4.91        8.31      167,887      3.64      0.94      0.94      0.23      40   

Year Ended March 31, 2012

  11.55      (0.02   1.42      1.40                               12.95      261,090      12.12      1.07      1.07      (0.17   19   

Year Ended March 31, 2011

  9.59      0.01      1.95      1.96      (f)                        11.55      406,017      20.48      1.04      1.06      0.06      30   

A Shares

Year Ended March 31, 2015

  8.35      (0.02   1.20      1.18                (0.78   (0.78        8.75      65,953      14.83      1.18      1.19      (0.26   13   

Year Ended March 31, 2014

  7.27      (0.02   1.96      1.94                (0.86   (0.86        8.35      64,288      26.99      1.19      1.20      (0.20   21   

Year Ended March 31, 2013

  11.96      (f)    0.21      0.21                (4.90   (4.90        7.27      56,511      3.43      1.20      1.20      (0.01   40   

Year Ended March 31, 2012

  10.70      (0.05   1.31      1.26                               11.96      45,854      11.78      1.37      1.37      (0.45   19   

Year Ended March 31, 2011

  8.91      (0.02   1.81      1.79                               10.70      46,358      20.09      1.34      1.36      (0.24   30   

C Shares

Year Ended March 31, 2015

  6.32      (0.06   0.90      0.84                (0.78   (0.78        6.38      46,678      14.20      1.86      1.87      (0.90   13   

Year Ended March 31, 2014

  5.71      (0.06   1.53      1.47                (0.86   (0.86        6.32      34,249      26.09      1.88      1.88      (0.90   21   

Year Ended March 31, 2013

  10.52      (0.06   0.15      0.09                (4.90   (4.90        5.71      31,625      2.69      1.89      1.89      (0.70   40   

Year Ended March 31, 2012

  9.48      (0.11   1.15      1.04                               10.52      17,363      10.97      2.07      2.07      (1.15   19   

Year Ended March 31, 2011

  7.94      (0.08   1.62      1.54                               9.48      17,680      19.40      2.04      2.06      (0.94   30   

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

49


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS     Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

IS Shares(g)

Period Ended March 31, 2015

  $9.97      $0.01      $1.13      $1.14      $—      $—      $(0.78   $(0.78   $—      $10.33      $52,967      12.02   0.85   0.87   0.16   13

Large Cap Value Equity Fund

  

I Shares

Year Ended March 31, 2015

  17.02      0.23      0.99      1.22      (0.23        (1.41   (1.64        16.60      1,927,039      7.25      0.95      1.07      1.33      73   

Year Ended March 31, 2014

  15.76      0.24      3.29      3.53      (0.23        (2.04   (2.27        17.02      1,799,158      22.94      0.91      1.06      1.42      81   

Year Ended March 31, 2013

  13.77      0.24      1.97      2.21      (0.22             (0.22        15.76      1,442,154      16.24      0.89      0.89      1.74      78   

Year Ended March 31, 2012

  13.47      0.22      0.28      0.50      (0.20             (0.20        13.77      1,985,434      3.92      0.82      0.82      1.74      110   

Year Ended March 31, 2011

  11.71      0.18      1.75      1.93      (0.17             (0.17        13.47      1,348,969      16.69      0.83      0.83      1.48      134   

A Shares

Year Ended March 31, 2015

  16.90      0.18      0.99      1.17      (0.18        (1.41   (1.59        16.48      461,642      6.98      1.25      1.36      1.03      73   

Year Ended March 31, 2014

  15.67      0.19      3.27      3.46      (0.19        (2.04   (2.23        16.90      379,768      22.60      1.19      1.37      1.13      81   

Year Ended March 31, 2013

  13.70      0.21      1.95      2.16      (0.19             (0.19        15.67      287,957      15.93      1.16      1.26      1.48      78   

Year Ended March 31, 2012

  13.41      0.19      0.27      0.46      (0.17             (0.17        13.70      233,782      3.58      1.12      1.12      1.50      110   

Year Ended March 31, 2011

  11.66      0.15      1.74      1.89      (0.14             (0.14        13.41      80,048      16.37      1.13      1.13      1.20      134   

C Shares

Year Ended March 31, 2015

  16.59      0.10      0.97      1.07      (0.10        (1.41   (1.51        16.15      21,207      6.50      1.71      1.71      0.57      73   

Year Ended March 31, 2014

  15.42      0.10      3.22      3.32      (0.11        (2.04   (2.15        16.59      20,239      21.98      1.71      1.71      0.62      81   

Year Ended March 31, 2013

  13.50      0.12      1.92      2.04      (0.12             (0.12        15.42      16,394      15.25      1.75      1.75      0.89      78   

Year Ended March 31, 2012

  13.21      0.08      0.29      0.37      (0.08             (0.08        13.50      17,027      2.86      1.82      1.82      0.68      110   

Year Ended March 31, 2011

  11.49      0.06      1.72      1.78      (0.06             (0.06        13.21      18,686      15.53      1.83      1.83      0.48      134   

IS Shares(g)

Period Ended March 31, 2015

  17.54      0.19      0.54      0.73      (0.20        (1.41   (1.61        16.66      37,570      4.26      0.71      0.71      1.65      73   

Mid-Cap Value Equity Fund

  

I Shares

Year Ended March 31, 2015

  14.09      0.13      0.93      1.06      (0.12        (1.29   (1.41        13.74      3,552,288      7.76      1.10      1.10      0.92      94   

Year Ended March 31, 2014

  13.06      0.14      2.64      2.78      (0.12        (1.63   (1.75        14.09      3,159,585      22.03      1.09      1.10      1.02      108   

Year Ended March 31, 2013

  11.07      0.16      2.00      2.16      (0.14        (0.03   (0.17        13.06      2,168,210      19.73      1.08      1.08      1.44      123   

Year Ended March 31, 2012

  12.70      0.17      (0.66   (0.49   (0.17        (0.97   (1.14        11.07      1,679,244      (2.33   1.04      1.04      1.56      182   

Year Ended March 31, 2011

  11.17      0.10      2.26      2.36      (0.09        (0.74   (0.83        12.70      1,710,610      21.89      1.04      1.04      0.91      170   

A Shares

Year Ended March 31, 2015

  13.96      0.09      0.92      1.01      (0.08        (1.29   (1.37        13.60      590,327      7.45      1.38      1.41      0.64      94   

Year Ended March 31, 2014

  12.96      0.10      2.62      2.72      (0.09        (1.63   (1.72        13.96      611,880      21.68      1.35      1.40      0.76      108   

Year Ended March 31, 2013

  10.99      0.13      1.98      2.11      (0.11        (0.03   (0.14        12.96      490,381      19.43      1.34      1.38      1.17      123   

Year Ended March 31, 2012

  12.62      0.15      (0.67   (0.52   (0.14        (0.97   (1.11        10.99      433,674      (2.63   1.34      1.34      1.40      182   

Year Ended March 31, 2011

  11.11      0.08      2.24      2.32      (0.07        (0.74   (0.81        12.62      252,165      21.55      1.35      1.35      0.70      170   

C Shares

Year Ended March 31, 2015

  13.72      0.04      0.90      0.94      (0.03        (1.29   (1.32        13.34      87,115      7.06      1.75      1.75      0.28      94   

Year Ended March 31, 2014

  12.77      0.05      2.58      2.63      (0.05        (1.63   (1.68        13.72      81,961      21.26      1.76      1.76      0.36      108   

Year Ended March 31, 2013

  10.85      0.07      1.95      2.02      (0.07        (0.03   (0.10        12.77      53,893      18.75      1.86      1.86      0.65      123   

Year Ended March 31, 2012

  12.48      0.07      (0.66   (0.59   (0.07        (0.97   (1.04        10.85      42,272      (3.32   2.04      2.04      0.65      182   

Year Ended March 31, 2011

  11.02           2.21      2.21      (0.01        (0.74   (0.75        12.48      24,496      20.71      2.04      2.04      (0.04   170   

IS Shares(g)

Period Ended March 31, 2015

  14.28      0.13      0.77      0.90      (0.13        (1.29   (1.42        13.76      23,398      6.54      0.75      0.75      1.39      94   

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

50


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS     Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

Small Cap Growth Stock Fund

  

I Shares

Year Ended March 31, 2015

  $16.82      $(0.14   $0.65      $0.51      $—      $—      $(2.50   $(2.50   $—      $14.83      $126,223      4.31 %(j)    1.28   1.34   (0.92 )%    31

Year Ended March 31, 2014

  15.66      (0.16   4.23      4.07                (2.91   (2.91        16.82      170,409      25.98      1.26      1.31      (0.91   90   

Year Ended March 31, 2013

  17.21      (0.08   2.19      2.11                (3.66   (3.66        15.66      152,674      14.20      1.21      1.21      (0.50   50   

Year Ended March 31, 2012

  17.17      (0.10   0.14 (h)    0.04                               17.21      267,694      0.23      1.23      1.23      (0.62   71   

Year Ended March 31, 2011

  13.32      (0.11   3.96      3.85                               17.17      408,399      28.90      1.23      1.23      (0.81   112   

A Shares

Year Ended March 31, 2015

  15.30      (0.13   0.56      0.43                (2.50   (2.50        13.23      9,889      4.21      1.32      1.32      (0.96   31   

Year Ended March 31, 2014

  14.46      (0.15   3.90      3.75                (2.91   (2.91        15.30      10,880      25.92      1.29      1.29      (0.94   90   

Year Ended March 31, 2013

  16.18      (0.11   2.05      1.94                (3.66   (3.66        14.46      10,226      14.07      1.37      1.37      (0.69   50   

Year Ended March 31, 2012

  16.19      (0.14   0.13 (h)    (0.01                            16.18      10,032      (0.06   1.54      1.54      (0.91   71   

Year Ended March 31, 2011

  12.59      (0.15   3.75      3.60                               16.19      12,235      28.59      1.53      1.53      (1.11   112   

C Shares

Year Ended March 31, 2015

  11.82      (0.17   0.38      0.21                (2.50   (2.50        9.53      6,397      3.55      1.96      1.96      (1.60   31   

Year Ended March 31, 2014

  11.77      (0.20   3.16      2.96                (2.91   (2.91        11.82      7,255      25.10      1.94      1.94      (1.59   90   

Year Ended March 31, 2013

  13.91      (0.18   1.70      1.52                (3.66   (3.66        11.77      6,757      13.30      2.05      2.05      (1.39   50   

Year Ended March 31, 2012

  14.01      (0.21   0.11 (h)    (0.10                            13.91      8,129      (0.71   2.24      2.24      (1.61   71   

Year Ended March 31, 2011

  10.98      (0.21   3.24      3.03                               14.01      9,636      27.60      2.23      2.23      (1.81   112   

IS Shares(g)

Period Ended March 31, 2015

  15.61      (0.06   1.80      1.74                (2.50   (2.50        14.85      6,235      12.53      0.96      0.96      (0.56   31   

Small Cap Value Equity Fund

  

I Shares

Year Ended March 31, 2015

  17.95      0.20      0.38      0.58      (0.15        (2.79   (2.94        15.59      1,118,190      4.07      1.21      1.21      1.16      10   

Year Ended March 31, 2014

  15.45      0.17      3.11      3.28      (0.14        (0.64   (0.78        17.95      1,528,174      21.34      1.22      1.22      1.01      37   

Year Ended March 31, 2013

  13.80      0.20      2.08      2.28      (0.23        (0.40   (0.63        15.45      1,408,597      17.07      1.20      1.20      1.44      27   

Year Ended March 31, 2012

  14.54      0.12      (0.07 )(h)    0.05      (0.12        (0.67   (0.79        13.80      1,169,093      1.15      1.20      1.20      0.92      46   

Year Ended March 31, 2011

  11.76      0.10      2.79      2.89      (0.11             (0.11        14.54      1,002,005      24.68      1.21      1.21      0.82      72   

A Shares

Year Ended March 31, 2015

  17.61      0.15      0.38      0.53      (0.10        (2.79   (2.89        15.25      162,732      3.79      1.52      1.52      0.89      10   

Year Ended March 31, 2014

  15.19      0.12      3.05      3.17      (0.11        (0.64   (0.75        17.61      195,098      20.96      1.50      1.50      0.73      37   

Year Ended March 31, 2013

  13.58      0.15      2.05      2.20      (0.19        (0.40   (0.59        15.19      181,308      16.77      1.50      1.50      1.14      27   

Year Ended March 31, 2012

  14.33      0.08      (0.08 )(h)         (0.08        (0.67   (0.75        13.58      169,100      0.81      1.50      1.50      0.63      46   

Year Ended March 31, 2011

  11.59      0.06      2.75      2.81      (0.07             (0.07        14.33      103,365      24.38      1.52      1.52      0.48      72   

C Shares

Year Ended March 31, 2015

  16.71      0.08      0.36      0.44      (0.05        (2.79   (2.84        14.31      33,793      3.42      1.88      1.88      0.54      10   

Year Ended March 31, 2014

  14.47      0.06      2.90      2.96      (0.08        (0.64   (0.72        16.71      38,408      20.53      1.87      1.87      0.36      37   

Year Ended March 31, 2013

  12.98      0.08      1.95      2.03      (0.14        (0.40   (0.54        14.47      36,015      16.17      1.99      1.99      0.65      27   

Year Ended March 31, 2012

  13.76      (0.01   (0.08 )(h)    (0.09   (0.02        (0.67   (0.69        12.98      38,107      0.12      2.20      2.20      (0.08   46   

Year Ended March 31, 2011

  11.15      (0.02   2.64      2.62      (0.01             (0.01        13.76      32,074      23.51      2.21      2.21      (0.18   72   

Aggressive Growth Allocation Strategy(i)

  

I Shares

Year Ended March 31, 2015

  8.98      0.04      0.62      0.66      (0.18        (1.49   (1.67        7.97      4,920      7.79      0.50      1.12      0.46      36   

Year Ended March 31, 2014

  8.95      0.09      1.50      1.59      (0.29        (1.27   (1.56        8.98      14,143      18.41      0.50      0.94      0.99      12   

Year Ended March 31, 2013

  8.50      0.06      0.48      0.54      (0.09             (0.09        8.95      18,577      6.45      0.40      0.81      0.77      35   

Year Ended March 31, 2012

  8.57      0.08      (0.02   0.06      (0.13             (0.13        8.50      18,993      0.89      0.20      0.45      0.98      55   

Year Ended March 31, 2011

  7.43      0.05      1.18      1.23      (0.09             (0.09        8.57      22,524      16.73      0.20      0.52      0.71      19   

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

51


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS     Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

A Shares

Year Ended March 31, 2015

  $8.89      $0.04      $0.60      $0.64      $(0.17   $—      $(1.49   $(1.66   $—      $7.87      $4,815      7.56   0.70   1.12   0.46   36

Year Ended March 31, 2014

  8.88      0.09      1.46      1.55      (0.27        (1.27   (1.54        8.89      4,752      18.11      0.70      0.95      0.95      12   

Year Ended March 31, 2013

  8.43      0.04      0.49      0.53      (0.08             (0.08        8.88      4,110      6.30      0.63      0.90      0.51      35   

Year Ended March 31, 2012

  8.52      0.05      (0.03   0.02      (0.11             (0.11        8.43      4,982      0.42      0.50      0.75      0.61      55   

Year Ended March 31, 2011

  7.38      0.04      1.17      1.21      (0.07             (0.07        8.52      4,655      16.48      0.50      0.84      0.51      19   

C Shares

Year Ended March 31, 2015

  8.66      (0.01   0.58      0.57      (0.13        (1.49   (1.62        7.61      694      6.89      1.30      1.73      (0.16   36   

Year Ended March 31, 2014

  8.69      0.03      1.44      1.47      (0.23        (1.27   (1.50        8.66      675      17.50      1.30      1.56      0.31      12   

Year Ended March 31, 2013

  8.28      (0.01   0.46      0.45      (0.04             (0.04        8.69      704      5.47      1.27      1.56      (0.10   35   

Year Ended March 31, 2012

  8.39      (0.01   (0.02   (0.03   (0.08             (0.08        8.28      811      (0.21   1.20      1.45      (0.12   55   

Year Ended March 31, 2011

  7.30      (0.02   1.16      1.14      (0.05             (0.05        8.39      1,059      15.70      1.20      1.52      (0.33   19   

Conservative Allocation Strategy(i)

  

I Shares

Year Ended March 31, 2015

  12.60      0.23      0.53      0.76      (0.32        (0.28   (0.60        12.76      32,606      6.17 (j)    0.30      0.45      1.77      17   

Year Ended March 31, 2014

  12.54      0.24      0.68      0.92      (0.34        (0.52   (0.86        12.60      28,894      7.48 (j)    0.30      0.38      1.88      24   

Year Ended March 31, 2013

  12.27      0.21      0.46      0.67      (0.27        (0.13   (0.40        12.54      27,387      5.55      0.27      0.39      1.72      40   

Year Ended March 31, 2012

  12.07      0.27      0.38      0.65      (0.34        (0.11   (0.45        12.27      21,585      5.61      0.20      0.40      2.24      28   

Year Ended March 31, 2011

  11.51      0.28      0.75      1.03      (0.46        (0.01   (0.47        12.07      12,897      9.15      0.20      0.66      2.41      28   

A Shares

Year Ended March 31, 2015

  12.59      0.19      0.53      0.72      (0.28        (0.28   (0.56        12.75      15,991      5.86      0.60      0.67      1.47      17   

Year Ended March 31, 2014

  12.53      0.20      0.67      0.87      (0.29        (0.52   (0.81        12.59      15,271      7.14      0.60      0.66      1.57      24   

Year Ended March 31, 2013

  12.26      0.17      0.47      0.64      (0.24        (0.13   (0.37        12.53      16,940      5.29      0.56      0.68      1.37      40   

Year Ended March 31, 2012

  12.06      0.22      0.39      0.61      (0.30        (0.11   (0.41        12.26      24,322      5.32      0.50      0.70      1.83      28   

Year Ended March 31, 2011

  11.51      0.28      0.71      0.99      (0.43        (0.01   (0.44        12.06      8,371      8.73      0.50      0.96      2.35      28   

C Shares

Year Ended March 31, 2015

  12.46      0.10      0.53      0.63      (0.20        (0.28   (0.48        12.61      18,201      5.11 (j)    1.30      1.33      0.76      17   

Year Ended March 31, 2014

  12.42      0.11      0.67      0.78      (0.22        (0.52   (0.74        12.46      17,110      6.38 (j)    1.30      1.32      0.89      24   

Year Ended March 31, 2013

  12.18      0.09      0.47      0.56      (0.19        (0.13   (0.32        12.42      15,410      4.58      1.27      1.35      0.73      40   

Year Ended March 31, 2012

  11.99      0.15      0.38      0.53      (0.23        (0.11   (0.34        12.18      12,447      4.56      1.20      1.40      1.27      28   

Year Ended March 31, 2011

  11.44      0.17      0.74      0.91      (0.35        (0.01   (0.36        11.99      7,305      8.07      1.20      1.65      1.47      28   

Growth Allocation Strategy(i)

  

I Shares

Year Ended March 31, 2015

  11.38      0.09      0.75      0.84      (0.24        (0.52   (0.76        11.46      53,293      7.54      0.50      0.69      0.78      23   

Year Ended March 31, 2014

  11.28      0.14      1.61      1.75      (0.35        (1.30   (1.65        11.38      53,043      15.96      0.50      0.67      1.16      14   

Year Ended March 31, 2013

  10.64      0.11      0.68      0.79      (0.15             (0.15        11.28      55,222      7.52      0.40      0.55      1.04      20   

Year Ended March 31, 2012

  10.56      0.15      0.15      0.30      (0.22             (0.22        10.64      57,078      3.06      0.20      0.26      1.53      49   

Year Ended March 31, 2011

  9.52      0.14      1.13      1.27      (0.23             (0.23        10.56      55,332      13.58      0.20      0.31      1.44      25   

A Shares

Year Ended March 31, 2015

  11.33      0.07      0.75      0.82      (0.22        (0.52   (0.74        11.41      8,801      7.38      0.68      0.68      0.63      23   

Year Ended March 31, 2014

  11.23      0.12      1.61      1.73      (0.33        (1.30   (1.63        11.33      9,609      15.84      0.67      0.67      1.06      14   

Year Ended March 31, 2013

  10.61      0.09      0.66      0.75      (0.13             (0.13        11.23      8,975      7.16      0.61      0.64      0.84      20   

Year Ended March 31, 2012

  10.53      0.12      0.15      0.27      (0.19             (0.19        10.61      11,092      2.76      0.50      0.56      1.22      49   

Year Ended March 31, 2011

  9.48      0.13      1.12      1.25      (0.20             (0.20        10.53      10,934      13.35      0.50      0.61      1.35      25   

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

52


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS     Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

C Shares

Year Ended March 31, 2015

  $11.13      $— (f)    $0.73      $0.73      $(0.16   $—      $(0.52   $(0.68   $—      $11.18      $3,192      6.70   1.30   1.30   %(f)    23

Year Ended March 31, 2014

  11.08      0.06      1.56      1.62      (0.27        (1.30   (1.57        11.13      2,989      15.05      1.28      1.28      0.49      14   

Year Ended March 31, 2013

  10.48      0.02      0.66      0.68      (0.08             (0.08        11.08      2,602      6.55      1.25      1.28      0.22      20   

Year Ended March 31, 2012

  10.41      0.05      0.15      0.20      (0.13             (0.13        10.48      2,793      2.03      1.20      1.26      0.50      49   

Year Ended March 31, 2011

  9.38      0.04      1.12      1.16      (0.13             (0.13        10.41      3,063      12.50      1.20      1.31      0.43      25   

Moderate Allocation Strategy(i)

  

I Shares

Year Ended March 31, 2015

  11.18      0.13      0.61      0.74      (0.26        (0.59   (0.85        11.07      94,978      6.77      0.50      0.52      1.18      18   

Year Ended March 31, 2014

  11.11      0.16      1.09      1.25      (0.31        (0.87   (1.18        11.18      109,457      11.56      0.50      0.54      1.44      18   

Year Ended March 31, 2013

  10.77      0.15      0.54      0.69      (0.18        (0.17   (0.35        11.11      139,912      6.60      0.40      0.43      1.37      29   

Year Ended March 31, 2012

  10.60      0.20      0.27      0.47      (0.28        (0.02   (0.30        10.77      133,382      4.63      0.20      0.22      1.96      38   

Year Ended March 31, 2011

  9.84      0.20      0.90      1.10      (0.34             (0.34        10.60      122,804      11.45      0.20      0.23      2.00      33   

A Shares

Year Ended March 31, 2015

  11.15      0.11      0.62      0.73      (0.25        (0.59   (0.84        11.04      17,295      6.65      0.67      0.67      1.00      18   

Year Ended March 31, 2014

  11.08      0.15      1.09      1.24      (0.30        (0.87   (1.17        11.15      20,171      11.48      0.62      0.62      1.32      18   

Year Ended March 31, 2013

  10.75      0.13      0.54      0.67      (0.17        (0.17   (0.34        11.08      19,622      6.36      0.58      0.59      1.19      29   

Year Ended March 31, 2012

  10.58      0.18      0.26      0.44      (0.25        (0.02   (0.27        10.75      20,366      4.33      0.50      0.52      1.70      38   

Year Ended March 31, 2011

  9.82      0.18      0.89      1.07      (0.31             (0.31        10.58      14,416      11.11      0.50      0.53      1.79      33   

C Shares

Year Ended March 31, 2015

  11.06      0.05      0.61      0.66      (0.18        (0.59   (0.77        10.95      13,553      6.07      1.23      1.23      0.47      18   

Year Ended March 31, 2014

  11.00      0.08      1.08      1.16      (0.23        (0.87   (1.10        11.06      14,591      10.81      1.21      1.21      0.73      18   

Year Ended March 31, 2013

  10.69      0.06      0.54      0.60      (0.12        (0.17   (0.29        11.00      14,106      5.69      1.20      1.21      0.56      29   

Year Ended March 31, 2012

  10.52      0.10      0.27      0.37      (0.18        (0.02   (0.20        10.69      15,028      3.60      1.20      1.22      0.95      38   

Year Ended March 31, 2011

  9.77      0.09      0.90      0.99      (0.24             (0.24        10.52      15,252      10.29      1.20      1.23      0.95      33   

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

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NOTES TO FINANCIAL HIGHLIGHTS

 

 

 

(a) Per share data calculated using average shares outstanding method.

 

(b) Total return excludes sales charge. Not annualized for periods less than one year.

 

(c) Annualized for periods less than one year.

 

(d) Not annualized for periods less than one year.

 

(e) The amount shown for the net investment income ratio does not represent the actual prorata amount allocated to the share class due to large redemptions during the year.

 

(f) Rounds to less than $0.005 per share

 

(g) IS Shares commenced operations on August 1, 2014.

 

(h) Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statements of Operations for the year ended March 31, 2012, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

 

(i) The Fund and its shareholders indirectly bear a pro rata share of the acquired fund fees and expenses incurred by the underlying investment companies in which the Fund is invested. The expense ratios do not include such acquired fund fees and expenses.

 

(j) Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the management’s discussion of Fund performance.

 

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NOTES TO FINANCIAL STATEMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

1. Organization

The RidgeWorth Funds (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is authorized to issue an unlimited number of shares without par value. The financial statements presented herein are those of the Aggressive Growth Stock Fund, International Equity Fund, Large Cap Growth Stock Fund, Large Cap Value Equity Fund, Mid-Cap Value Equity Fund, Small Cap Growth Stock Fund, Small Cap Value Equity Fund, Aggressive Growth Allocation Strategy, Conservative Allocation Strategy, Growth Allocation Strategy and Moderate Allocation Strategy (each, a “Fund” and collectively, the “Funds”), which are each a diversified series of the Trust.

The Aggressive Growth Stock Fund and International Equity Fund offer I Shares and A Shares. Small Cap Value Equity Fund, Aggressive Growth Allocation Strategy, Conservative Allocation Strategy, Growth Allocation Strategy and Moderate Allocation Strategy offer I Shares, A Shares and C Shares. The Large Cap Growth Stock Fund, Large Cap Value Equity Fund, Mid-Cap Value Equity Fund and Small Cap Growth Stock Fund offer I Shares, A Shares, C Shares and IS Shares.

The assets of each Fund are segregated and a shareholder’s interest is limited to the Fund in which shares are held. Each class of shares has identical rights and privileges except with respect to fees paid under the Distribution and Service Plan, voting rights on matters affecting a single class of shares and sales charges. The A Shares of the Funds (except Conservative Allocation Strategy) have a maximum sales charge on purchases of 5.75% as a percentage of original purchase price. Conservative Allocation Strategy A Shares have a maximum sales charge on purchases of 4.75% as a percentage of original purchase price. Certain purchases of A Shares will not be subject to a front-end sales charge but will be subject to a contingent deferred sales charge (“CDSC”) of 0.75%, if redeemed within two years of purchase. The deferred sales charge may be waived from time to time for certain broker-dealers that waive payment of compensation to them. The C Shares have a maximum CDSC of 1.00% as a percentage of either the original purchase price or the next calculated price after the Funds receive a redemption request, whichever is less, if shares are redeemed within one year of purchase. There is no sales charge on purchases of I Shares or IS Shares.

The Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

 

2. Significant Accounting Policies

The following are significant accounting policies consistently followed by the Funds which are in conformity with accounting principles generally accepted in the U.S. (“GAAP”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

(a) Investment Valuation — Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The prices are provided by independent pricing vendors approved by the Board of Trustees of the Trust (the “Board”).

The Funds, in accordance with GAAP, have adopted Financial Accounting Standards Board Codification Topic 820 (“ASC Topic 820”). ASC Topic 820 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Funds’ investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below:

 

  Ÿ   Level 1— Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. Investments in underlying funds are valued at their NAV daily and are classified as Level 1 prices.

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

  Ÿ   Level 2 — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include less liquid equities and certain equity securities listed or traded on foreign security exchanges which include a fair valuation adjustment factor applied to their equity prices as of the end of the period.

 

  Ÿ   Level 3 — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the Funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Funds in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non transferability, with the amount of such discount estimated by the Funds in the absence of market information. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before each Fund calculates its NAV, each of the Funds will value the security as determined in accordance with the Pricing and Valuation Procedures approved by the Board. The Pricing and Valuation Procedures are performed and monitored by a Valuation Committee (the “Committee”) designated by the Board. Some of the more common reasons which may necessitate that a security be fair valued in accordance with the Pricing and Valuation Procedures include, but are not limited to: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is fair valued in accordance with the Pricing and Valuation Procedures, the Committee determines the value after taking into consideration relevant information reasonably available to the Committee. Under the Pricing and Valuation Procedures, such securities may be considered Level 2 or Level 3 in the fair value hierarchy. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value, and such securities are considered Level 2 in the fair value hierarchy. Certain Funds hold securities or other assets that are denominated in a foreign currency. The Funds will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time) when valuing such assets.

The assets of Aggressive Growth Allocation Strategy, Conservative Allocation Strategy, Growth Allocation Strategy and Moderate Allocation Strategy (the “Allocation Strategies”) consist of investments in other funds including affiliated Funds (See Note 7), which are valued at their respective daily net asset values. Recognition of net investment income by the Allocation Strategies is affected by the timing of the declaration of dividends by the other funds in which the Allocation Strategies invest. Also, in addition to the Allocation Strategies’ direct expenses, shareholders bear a proportionate share of the underlying funds’ expenses. Each underlying fund’s accounting policies and investment holdings are outlined in the underlying funds’ financial statements and are available upon request.

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

The following is a summary of the inputs used in valuing the Funds’ assets and liabilities carried at fair value as of March 31, 2015:

 

     Level 1 -
Quoted Prices
     Level 2 -
Other
Significant
Observable
Inputs
     Level 3 -
Significant
Unobservable
Inputs
     Total  

Aggressive Growth Stock Fund

           

Assets

           

Common Stocks1

   $ 34,738,320       $       $       $ 34,738,320   

Money Market Fund

     96,182                         96,182   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  34,834,502                34,834,502   
  

 

 

    

 

 

    

 

 

    

 

 

 

International Equity Fund

Assets

Common Stocks

Australia

       217,764           217,764   

Austria

       247,566           247,566   

Belgium

  1,232,966                1,232,966   

China

  540,334                540,334   

Denmark

  673,247                673,247   

France

  3,035,325      788,376           3,823,701   

Germany

  1,668,210      502,693           2,170,903   

India

  234,898                234,898   

Japan

  3,286,158      1,887,297           5,173,455   

Netherlands

  632,689                632,689   

Norway

  358,895                358,895   

Singapore

       306,429           306,429   

South Korea

       243,718           243,718   

Switzerland

  2,138,479                2,138,479   

Taiwan

  247,143                247,143   

United Kingdom

  584,266      3,070,224           3,654,490   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stocks

  14,632,610      7,264,067           21,896,677   
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred Stock

Germany

       414,071           414,071   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Preferred Stock

       414,071           414,071   
  

 

 

    

 

 

    

 

 

    

 

 

 

Money Market Fund

  101,855                101,855   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  14,734,465      7,678,138           22,412,603   
  

 

 

    

 

 

    

 

 

    

 

 

 

Large Cap Growth Stock Fund

  

Assets

Common Stocks1

  291,284,028                291,284,028   

Money Market Fund

  1,585,288                1,585,288   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  292,869,316                292,869,316   
  

 

 

    

 

 

    

 

 

    

 

 

 

Large Cap Value Equity Fund

  

Assets

Common Stocks1

  2,357,686,999                2,357,686,999   

Money Market Fund

  111,391,818                111,391,818   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  2,469,078,817                2,469,078,817   
  

 

 

    

 

 

    

 

 

    

 

 

 

Mid-Cap Value Equity Fund

  

Assets

Common Stocks1

  4,087,899,450                4,087,899,450   

Money Market Fund

  181,244,897                181,244,897   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  4,269,144,347                4,269,144,347   
  

 

 

    

 

 

    

 

 

    

 

 

 

Small Cap Growth Stock Fund

  

Assets

Common Stocks1

  145,476,144                145,476,144   

Money Market Fund

  4,082,158                4,082,158   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  149,558,302                149,558,302   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

     Level 1 -
Quoted Prices
     Level 2 -
Other
Significant
Observable
Inputs
     Level 3 -
Significant
Unobservable
Inputs
     Total  

Small Cap Value Equity Fund

  

Assets

           

Common Stocks1

   $ 1,312,499,288       $       $       $ 1,312,499,288   

Money Market Fund

     6,096,148                         6,096,148   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  1,318,595,436                1,318,595,436   
  

 

 

    

 

 

    

 

 

    

 

 

 

Aggressive Growth Allocation Strategy2

  

Assets

Equity Funds

  7,169,635                7,169,635   

Fixed Income Funds

  943,948                943,948   

Exchange Traded Funds

  2,108,633                2,108,633   

Money Market Fund

  220,144                220,144   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  10,442,360                10,442,360   
  

 

 

    

 

 

    

 

 

    

 

 

 

Conservative Allocation Strategy2

  

Assets

Equity Funds

  19,575,323                19,575,323   

Fixed Income Funds

  34,559,984                34,559,984   

Exchange Traded Funds

  12,046,680                12,046,680   

Money Market Fund

  682,582                682,582   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  66,864,569                66,864,569   
  

 

 

    

 

 

    

 

 

    

 

 

 

Growth Allocation Strategy2

  

Assets

Equity Funds

  40,867,283                40,867,283   

Fixed Income Funds

  12,440,382                12,440,382   

Exchange Traded Funds

  11,425,887                11,425,887   

Money Market Fund

  575,949                575,949   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  65,309,501                65,309,501   
  

 

 

    

 

 

    

 

 

    

 

 

 

Moderate Allocation Strategy2

  

Assets

Equity Funds

  57,844,604                57,844,604   

Fixed Income Funds

  44,701,406                44,701,406   

Exchange Traded Funds

  22,277,177                22,277,177   

Money Market Fund

  1,136,362                1,136,362   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

  125,959,549                125,959,549   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

1  Please see the Schedule of Portfolio Investments for Sector or Country Classification.
2  For additional information regarding the investments of the underlying RidgeWorth Funds, please call 1-888-784-3863 or visit www.ridgeworthfunds.com.

The Funds’ policy is to disclose transfers between levels based on valuations at the end of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Pricing and Valuation Procedures. This may result in movements between Level 1 and Level 2 throughout the year. As of March 31, 2015, securities valued at $7,678,138 were transferred from Level 1 to Level 2 pursuant to the Pricing and Valuation Procedures for International Equity Fund. The transfers were a result of certain foreign equity securities including a fair valuation adjustment factor applied to their equity prices as of March 31, 2015.

(b) Security Transactions and Investment Income — Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount over the life of the securities, is recorded on the accrual basis. Domestic and foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Funds may halt any additional interest income accruals and consider the Funds’ ability to realize interest accrued up to the date of default or credit event.

 

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RIDGEWORTH FUNDS    March 31, 2015

 

(c) Distributions to Shareholders — Distributions from net investment income of each of the Funds are declared and paid annually to shareholders of record. Distributions of net realized capital gains, if any, are declared at least annually. Distributions to shareholders from each of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(d) Distributions from Underlying Funds — Distributions received from underlying funds, whether in the form of cash or securities, are applied as a reduction of the investment’s cost when identified by the Underlying Fund as a return of capital. Once the investment’s cost is received, any further distributions are recognized as realized gains.

(e) Expenses and Share Class Accounting — Expenses that are directly related to a specific Fund are charged to that Fund. Other operating expenses of the Trust are allocated pro-rata to the Funds on the basis of relative net assets or another appropriate basis. Investment income, common expenses, and realized/unrealized capital gains (losses) on investments are allocated to the various share classes of the Funds on the basis of relative daily net assets of each share class. Fees relating to a specific share class are charged directly to the share class.

(f) Forward Foreign Currency Contracts — Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statements of Assets and Liabilities. The Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. The Funds did not hold any forward foreign currency contracts during the year ended March 31, 2015.

(g) Derivative Instruments — Certain Funds may enter into derivative contracts for purposes of pursuing their investment objectives, 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. The Funds did not hold any derivative instruments during the year ended March 31, 2015.

(h) Foreign Currency Translation — Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates, as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time), on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments and foreign currencies.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the amount actually received.

(i) Securities Lending — Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans may not exceed either (i) 50% of the sum of the market value of all securities of the Fund and the market value of securities purchased with cash collateral or (ii) 33.33% of the total market value of all securities of the Fund. No Fund will lend portfolio securities to its investment adviser, subadviser, or its affiliates unless it has applied for and received specific authority to do so from the Securities and Exchange Commission. Loans of portfolio securities are required to be fully collateralized by cash, letters of credit or U.S. government securities. The initial value of the collateral must be at least 102% of the market value of the securities loaned, if the securities loaned are U.S. securities (105% for non-U.S. securities); and maintained in an amount equal to at least 100% (103% for non-U.S. securities) thereafter. However, due to market fluctuations during the day, the value of

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

securities loaned on a particular day may exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks; including the risk that a Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. A fee will be obtained from the borrower if letters of credit or U.S. government securities are used as collateral.

In accordance with the exemptive order obtained from the SEC, the Funds pool their money in a joint trading account, as described below. The cash collateral received is aggregated in a joint account by the Funds, providing RidgeWorth Investments a pool of cash to invest in short-term investments that have a remaining maturity of 397 days or less. The Funds are joint participants with other affiliated Funds of the Trust that are not presented in this report.

The following Funds paid securities lending fees to the lending agent during the fiscal year ended March 31, 2015, which have been netted against Income from Securities Lending on the Statements of Operations. These fees are presented below:

 

Fund

   Fee  

International Equity Fund

     $3,133   

Large Cap Growth Stock Fund

     8,237   

Large Cap Value Equity Fund

     348   

Mid-Cap Value Equity Fund

     53,840   

Small Cap Growth Stock Fund

     29,111   

(j) Real Estate Investment Trusts — Certain Funds may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. The Funds re-characterize distributions received from REIT investments based on information provided by the REITs into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REITs, the re-characterization will be estimated based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REITs at a later date, a re-characterization will be made in the following year. The Funds record as dividend income the amount re-characterized as ordinary income and as realized gain the amount re-characterized as long-term capital gain in the Statements of Operations, and the amount re-characterized as a return of capital as a reduction to the cost of investments in the Statements of Assets and Liabilities and in the Schedules of Portfolio Investments. These re-characterizations are reflected in the accompanying financial statements.

(k) Restricted Securities — Certain Funds’ investments are restricted as to resale. All of these restricted securities have been deemed liquid by the Funds’ Investment Adviser based upon procedures approved by the Board, unless stated otherwise in the Funds’ Schedules of Portfolio Investments. As of March 31, 2015, the Funds’ did not have any restricted securities.

(l) Foreign Investment Risks — Certain Funds may invest in securities of foreign issuers in various countries. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is a possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries. Emerging market countries are countries that the World Bank or the United Nations considers to be emerging or developing. Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers, including governments, in emerging market countries may be more precarious than in other countries. As a result, there may be an increased risk of price volatility associated with a Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Please refer to each Fund’s prospectus for additional risk that may be associated with the Funds.

For securities subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

 

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(m) Federal and Other Taxes — It is the Funds’ policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Funds’ financial statements.

Management has analyzed the Funds’ tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2015, no provision for income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

(n) Reclassification — GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share.

(o) Line of Credit —The Trust entered into a committed unsecured revolving line of credit agreement (“LOC”) with State Street Bank and Trust (“State Street Bank”) for an aggregate amount of $250,000,000. The proceeds may be used only to (1) temporarily finance the purchase and sale of securities; or (2) finance the redemption of shares of the Funds. Each of the Funds in the Trust will pay a commitment fee to State Street Bank in the amount of 0.11% per annum on the daily unused portion of the LOC allocated pro rata to each of the Funds. Borrowings under the LOC will accrue interest at the higher of (a) the Federal Funds Rate, or (b) the One-month LIBOR Rate, plus 1.25% per annum. Generally, repayments must be made within 60 days of the borrowings. Commitment fees and interest expense paid to State Street Bank pursuant to this agreement are reflected on the Statements of Operations as a component of Other Fees. As of March 31, 2015, the Funds had no outstanding borrowings under the LOC.

The following Funds had an outstanding loan during the year. The borrowings were valued at cost, which approximates fair value.

 

Fund

   Interest
Incurred on
Borrowing
     Average Dollar
Amount of
Borrowing
     Weighted Average
Interest Rate
on Borrowing
    Days Loan
was Open
 

Aggressive Growth Stock Fund

     $3,631         $662,733         1.43     140   

International Equity Fund

     292         258,363         1.42        29   

Large Cap Growth Stock Fund

     1,380         1,414,221         1.42        25   

Small Cap Growth Stock Fund

     280         396,339         1.43        18   

Small Cap Value Equity Fund

     7,221         2,592,705         1.43        71   

Aggressive Growth Allocation Strategy

     181         922,508         1.43        5   

Conservative Allocation Strategy

     14         358,480         1.42        1   

Growth Allocation Strategy

     50         637,354         1.43        2   

Moderate Allocation Strategy

     6         154,863         1.42        1   

 

3. Investment Adviser and Other Service Providers

Investment Adviser — RidgeWorth Investments (“Investment Adviser”) serves as the investment adviser to the Funds. The Trust and the Investment Adviser have entered into an investment advisory agreement (“Advisory Agreement”). The Investment Adviser is a money–management holding company with multiple style-focused investment boutiques (“Subadvisers”). The Subadvisers for each of the Funds, other than the Allocation Strategies, which are not subadvised, are as follows: Ceredex Value Advisors LLC serves as the Subadviser for the Large Cap Value Equity Fund, Mid-Cap Value Equity Fund and Small Cap Value Equity Fund; Certium Asset Management LLC serves as the Subadviser for the International Equity Fund; Silvant Capital Management LLC serves as the Subadviser for the Large Cap Growth Stock Fund and Small Cap Growth Stock Fund; and Zevenbergen Capital Investments LLC serves as the Subadviser for the Aggressive Growth Stock Fund. Zevenbergen Capital Investments LLC is a minority-owned subsidiary of the Investment Adviser. Each of the other Subadvisers is a wholly-owned

 

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RIDGEWORTH FUNDS    March 31, 2015

 

subsidiary of the Investment Adviser. The Investment Adviser pays the Subadvisers out of the investment advisory fees it receives from the Funds.

Under the terms of the Advisory Agreement, the Funds are charged annual advisory fees, which are computed daily and paid monthly based upon average daily net assets. Breakpoints are used in computing the overall annual advisory fee. The maximum annual advisory fee is charged on average daily net assets of each Fund up to $500 million. A discount of 5% applies on the next $500 million, a discount of 10% applies on the next $4 billion and a discount of 15% applies on amounts over $5 billion. Fee rates for the year ended March 31, 2015 were as follows:

 

Fund

   Maximum Annual
Advisory Fee
    Discounted Annual
Advisory Fee
    Advisory Fees
Waived/
Expense

Reimbursed
    Net Annual
Fees Paid*
 

Aggressive Growth Stock Fund

     0.85     0.85     (0.02 )%      0.83

International Equity Fund

     0.90        0.90        (0.11     0.79   

Large Cap Growth Stock Fund

     0.70        0.70        (0.11     0.59   

Large Cap Value Equity Fund

     0.70        0.65        (0.12     0.53   

Mid-Cap Value Equity Fund

     0.75        0.69               0.69   

Small Cap Growth Stock Fund

     0.85        0.85        (0.05     0.80   

Small Cap Value Equity Fund

     0.85        0.81               0.81   

Aggressive Growth Allocation Strategy

     0.10        0.10        (0.54       

Conservative Allocation Strategy

     0.10        0.10        (0.10       

Growth Allocation Strategy

     0.10        0.10        (0.16       

Moderate Allocation Strategy

     0.10        0.10        (0.02     0.08   

 

* Aggregate annual fees paid to the Investment Adviser, who pays the applicable Subadviser a portion of the fees for its services to the Funds.

Amounts designated as “—” are 0%.

The Investment Adviser and the applicable Subadviser have contractually agreed, until at least August 1, 2015, to waive fees and/or reimburse expenses for each of the following Funds to the extent necessary to maintain each Fund’s total annual fund operating expenses (excluding, as applicable, taxes, brokerage commissions, substitute dividend expenses on securities sold short, interest expense, extraordinary expenses and indirect expenses attributable to the Fund’s investment in other funds), expressed as a percentage of average daily net assets, as noted below:

 

     Contractual Expense Limitations
August 1, 2014 to March 31, 2015
 

Fund

   I Shares     A Shares     C Shares     IS Shares  

Aggressive Growth Stock Fund*

     1.30     1.50     N/A     N/A

International Equity Fund

     1.37        1.57        N/A        N/A   

Large Cap Growth Stock Fund*

     0.97        1.25        1.95        0.85   

Large Cap Value Equity Fund*

     0.97        1.27        1.97        0.85   

Mid-Cap Value Equity Fund*

     1.15        1.40        2.00        0.95   

Small Cap Growth Stock Fund*

     1.30        1.55        2.20        1.05   

Small Cap Value Equity Fund*

     1.30        1.55        2.15        N/A   

Aggressive Growth Allocation Strategy

     0.50        0.70        1.30        N/A   

Conservative Allocation Strategy

     0.30        0.60        1.30        N/A   

Growth Allocation Strategy

     0.50        0.70        1.30        N/A   

Moderate Allocation Strategy

     0.50        0.70        1.30        N/A   

 

* For the period April 1, 2014 to July 31, 2014 the Contractual Expense Limitations were as follows:

 

Fund

   I Shares     A Shares     C Shares     IS Shares  

Aggressive Growth Stock Fund

     1.29     1.50     N/A     N/A

Large Cap Growth Stock Fund

     0.90        1.20        1.90        N/A   

Large Cap Value Equity Fund

     0.90        1.20        1.90        N/A   

Mid-Cap Value Equity Fund

     1.10        1.35        1.95        N/A   

Small Cap Growth Stock Fund

     1.24        1.52        2.24        N/A   

Small Cap Value Equity Fund

     1.31        1.55        2.15        N/A   

 

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RIDGEWORTH FUNDS    March 31, 2015

 

Under the Expense Limitation Agreement, the Investment Adviser may retain the difference between the Contractual Expense Limitations identified above and the actual total expenses to recapture any of its prior contractual waivers or reimbursements at a date not to exceed three years from the date of such waivers or reimbursements. Such repayments shall be made monthly, but only to the extent that such repayments would not cause the annualized total expense ratio to exceed the contractual expense limitation in place at that time. Under certain circumstances, the Advisor may choose to voluntarily waive fees. In the event that the Advisor voluntarily waives any fees, these waived fees are not subject to recoupment by the Advisor. During the fiscal year ended March 31, 2015, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. As of March 31, 2015, the cumulative potential recoupments recoverable pursuant to this agreement are as follows:

 

     Expires  

Fund

   2016      2017      2018  

Aggressive Growth Stock Fund

     $7,685         $21,142         $10,874   

International Equity Fund

             388         28,095   

Large Cap Growth Stock Fund

     373         323,087         343,363   

Large Cap Value Equity Fund

     275,540         3,069,235         2,844,564   

Mid-Cap Value Equity Fund

     174,546         437,950         26,241   

Small Cap Growth Stock Fund

     24         78,271         79,058   

Small Cap Value Equity Fund

     2,051                   

Aggressive Growth Allocation Strategy

     87,752         84,819         88,191   

Conservative Allocation Strategy

     65,489         37,397         62,624   

Growth Allocation Strategy

     86,203         90,194         100,956   

Moderate Allocation Strategy

     36,646         48,002         21,110   

Amounts designated as “—” are $0.

Fund Accounting, Custody, Administration, and Transfer Agency — State Street Bank and Trust Company (“State Street Bank”) serves as the fund accounting agent and custodian for the Trust pursuant to a Master Custodian Agreement. The custodian is responsible for the safekeeping of the assets of the Funds and the fund accounting agent is responsible for calculating the Funds’ NAVs. State Street Bank, as the Funds’ custodian and fund accounting agent, is paid on the basis of net assets and transaction costs of the Funds. State Street Bank also serves as the administrator for the Trust pursuant to an administration agreement. State Street Bank, as the Funds’ administrator, is paid on the basis of net assets of the Funds which are allocated among the series of the Trust, on the basis of relative net assets.

Boston Financial Data Services, Inc. (“BFDS”) serves as the transfer agent to the Trust pursuant to a Transfer Agency and Service Agreement. BFDS is paid on the basis of net assets, per account fees and certain transaction costs.

Custodian Credits — The Funds have an agreement with their custodian under which custody fees may be reduced by balance credits. These credits, if any, are shown as a reduction of custody expenses on the Statements of Operations.

Distribution — The Trust and RidgeWorth Distributors LLC (the “Distributor”) are parties to a Distribution Agreement.

In addition, with respect to the A Shares and C Shares, the Distributor receives amounts, pursuant to a Distribution and Service Plan, based upon average daily net assets of each respective class, which are computed daily and paid monthly. For the fiscal year ended March 31, 2015, the Distributor did not retain any of the front end sales charges assessed on the sale of Class A Shares. For the fiscal period ended March 31, 2015, the Distributor did not retain

 

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any commissions from contingent deferred sales charges assessed on the redemption of Class C Shares. These fees, expressed as a percentage of average daily net assets, for the fiscal year ended March 31, 2015, were as follows:

 

Fund

   A Share
Distribution
and Service
Fee
    C Share
Distribution
and Service
Fee
 

Aggressive Growth Stock Fund

     0.30     N/A

International Equity Fund

     0.30        N/A   

Large Cap Growth Stock Fund

     0.30        1.00   

Large Cap Value Equity Fund

     0.30        1.00   

Mid-Cap Value Equity Fund

     0.30        1.00   

Small Cap Growth Stock Fund

     0.30        1.00   

Small Cap Value Equity Fund

     0.30        1.00   

Aggressive Growth Allocation Strategy

     0.30        1.00   

Conservative Allocation Strategy

     0.30        1.00   

Growth Allocation Strategy

     0.30        1.00   

Moderate Allocation Strategy

     0.30        1.00   

Shareholder Servicing Fees — The Funds have adopted a shareholder services fee for the I Shares and A Shares. Each of these Funds (or class thereof, as the case may be) may pay a services fee to financial institutions that provide certain services to the Funds. The services under each of these Plans may include, among others, providing general shareholder liaison services (including responding to shareholder inquiries), providing information on shareholder investments, and establishing and maintaining shareholder accounts and records. The Funds may pay a fee under the Plan up to an annual rate of 0.40% (except for Conservative Allocation Strategy which may pay 0.20%) of average daily net assets of a Fund’s I Shares or A Shares.

Other Fees —The Investment Adviser provides compliance and certain administrative services to the Trust to ensure compliance with applicable laws and regulations. For the fiscal year ended March 31, 2015, the Investment Adviser was paid $1,618,129 for these services. Foreside Compliance Services, LLC (“FCS”) an affiliate of the Distributor, provides an Anti-Money Laundering Officer/Identity Theft Prevention Officer (“AML Officer”) to the Trust. Fees paid to FCS pursuant to these agreements are reflected on the Statements of Operations as a component of “Other Fees” as applicable.

Neither FCS nor any of their officers or employees who serve as an officer of the Trust, have any role in determining the Funds’ investment policies or which securities are to be purchased or sold by the Trust or its Funds.

Certain officers of the Trust are also officers or employees of the Investment Adviser, FCS and the administrator. Such officers receive no fees from the Trust for serving as officers of the Trust.

Each of the Trustees receives an annual retainer and an additional fee for each meeting attended, plus reimbursement for certain expenses incurred. Trustees receive an additional fee for committee service, paid on a per committee meeting basis. Information on the aggregate remuneration paid to the Trustees can be found on the Statements of Operations.

 

4. Capital Stock Transactions

Transactions in capital shares and dollars for the fiscal years ended March 31 were as follows:

 

    Shares
Issued
    Shares
Issued-
Merger
    Shares
Reinvested
    Shares
Redeemed
    Shares
Converted
    Net
Increase
(Decrease)
in Shares
Outstanding
    Proceeds
from Shares
Issued
    Issued-
Merger
    Dividends
Reinvested
    Cost of Shares
Redeemed
    Shares
Converted
    Change in
Net Assets
from Capital
Transactions
 

Aggressive Growth Stock Fund

  

             

I Shares

  

                     

3/31/2015

    771,714               34,372        (1,537,321            (731,235     $16,986,444        $—        $705,664        $(32,440,931     $—        $(14,748,823)   

3/31/2014

    1,974,875               89,126        (1,216,056            847,945        42,048,557               1,850,258        (25,164,387            18,734,428   

A Shares

  

                     

3/31/2015

    333,753               20,893        (818,818            (464,172     7,023,331               414,515        (16,744,116            (9,306,270

3/31/2014

    834,895               22,771        (122,112            735,554        17,394,636               457,695        (2,446,166            15,406,165   

 

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RIDGEWORTH FUNDS    March 31, 2015

 

  Shares
Issued
  Shares
Issued-
Merger
  Shares
Reinvested
  Shares
Redeemed
  Shares
Converted
  Net
Increase
(Decrease)
in Shares
Outstanding
  Proceeds
from Shares
Issued
  Issued-
Merger
  Dividends
Reinvested
  Cost of Shares
Redeemed
  Shares
Converted
  Change in
Net Assets
from Capital
Transactions
 

International Equity Fund

  

I Shares

  

3/31/2015

  273,200           219,862      (834,676        (341,614   $3,132,311      $—      $2,174,438      $(9,864,306   $—      $(4,557,557

3/31/2014

  453,732           268,683      (21,984,115        (21,261,700   5,594,420           3,230,144      (273,816,068        (264,991,504

A Shares

  

3/31/2015

  38,135           50,709      (79,055        9,789      461,393           496,445      (868,448        89,390   

3/31/2014

  22,485           38,365      (68,627        (7,777   272,452           452,044      (841,713        (117,217

Large Cap Growth Stock Fund

  

I Shares

  

3/31/2015

  1,145,645      387,177      931,578      (9,541,432        (7,077,032   11,535,979      3,780,324      8,896,572      (94,908,639        (70,695,764

3/31/2014

  2,462,320           1,490,087      (4,756,373        (803,966   22,297,839           14,066,418      (43,898,754        (7,534,497

A Shares

  

3/31/2015

  244,613      46,639      628,599      (1,075,575        (155,724   2,079,136      386,118      5,091,651      (9,305,746        (1,748,841

3/31/2014

  695,600           730,585      (1,506,025        (79,840   5,328,647           5,939,657      (12,032,098        (763,794

C Shares

  

3/31/2015

  78,769      2,121,925      628,491      (922,698        1,906,487      499,853      12,809,849      3,714,383      (5,927,526        11,096,559   

3/31/2014

  65,669           673,905      (864,185        (124,611   408,449           4,157,992      (5,416,238        (849,797

IS Shares*

  

3/31/2015

  5,498,008           410,634      (781,632        5,127,010      54,700,339           3,925,660      (7,986,961        50,639,038   

Large Cap Value Equity Fund

  

I Shares

  

3/31/2015

  28,004,437           10,411,299      (28,071,259        10,344,477      487,222,495           171,890,545      (488,874,435        170,238,605   

3/31/2014

  30,733,352           11,529,412      (28,062,279        14,200,485      518,848,982           189,197,656      (472,625,865        235,420,773   

A Shares

  

3/31/2015

  9,474,829           2,094,788      (6,025,065        5,544,552      161,712,009           34,354,522      (104,053,220        92,013,311   

3/31/2014

  7,013,928           2,598,639      (5,518,406        4,094,161      118,096,061           42,409,786      (93,697,040        66,808,807   

C Shares

  

3/31/2015

  195,248           97,568      (199,264        93,552      3,295,166           1,569,872      (3,367,738        1,497,300   

3/31/2014

  216,646           128,261      (188,024        156,883      3,600,719           2,057,309      (3,092,929        2,565,099   

IS Shares*

  

3/31/2015

  2,414,485           214,418      (373,525        2,255,378      42,229,351           3,548,617      (6,471,013        39,306,955   

Mid-Cap Value Equity Fund

  

I Shares

  

3/31/2015

  75,618,560           22,344,516      (63,653,637        34,309,439      1,077,018,496           299,639,961      (900,329,838        476,328,619   

3/31/2014

  76,742,793           23,200,907      (41,694,723        58,248,977      1,062,753,867           309,964,122      (575,839,287        796,878,702   

A Shares

  

3/31/2015

  12,357,606           4,163,016      (16,948,542        (427,920   175,172,958           55,284,847      (239,822,755        (9,364,950

3/31/2014

  13,538,638           5,036,845      (12,586,982        5,988,501      185,519,260           66,687,833      (172,965,290        79,241,803   

C Shares

  

3/31/2015

  1,386,234           465,316      (1,295,312        556,238      19,061,237           6,067,724      (17,956,929        7,172,032   

3/31/2014

  2,024,697           529,136      (798,000        1,755,833      27,249,201           6,894,640      (10,757,125        23,386,716   

IS Shares*

  

3/31/2015

  1,799,875           117,344      (216,439        1,700,780      25,429,162           1,573,581      (3,067,418        23,935,325   

Small Cap Growth Stock Fund

  

I Shares

  

3/31/2015

  2,194,963           1,429,932      (5,242,479        (1,617,584   33,668,736           19,518,572      (80,122,419        (26,935,111

3/31/2014

  3,442,017           1,573,451      (4,632,872        382,596      60,665,826           26,465,451      (80,961,909        6,169,368   

A Shares

  

3/31/2015

  40,353           132,617      (136,830        36,140      573,081           1,615,276      (1,863,978        324,379   

3/31/2014

  75,435           118,832      (190,425        3,842      1,203,569           1,818,135      (3,013,077        8,627   

C Shares

  

3/31/2015

  11,684           157,551      (112,020        57,215      126,065           1,384,870      (1,143,188        367,747   

3/31/2014

  8,760           123,583      (92,768        39,575      109,967           1,463,224      (1,181,912        391,279   

IS Shares*

  

3/31/2015

  420,184           69,231      (69,647        419,768      6,521,289           945,691      (1,047,626        6,419,354   

 

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RIDGEWORTH FUNDS    March 31, 2015

 

  Shares
Issued
  Shares
Issued-
Merger
  Shares
Reinvested
  Shares
Redeemed
  Shares
Converted
  Net
Increase
(Decrease)
in Shares
Outstanding
  Proceeds
from Shares
Issued
  Issued-
Merger
  Dividends
Reinvested
  Cost of Shares
Redeemed
  Shares
Converted
  Change in
Net Assets
from Capital
Transactions
 

Small Cap Value Equity Fund

  

I Shares

  

3/31/2015

  14,328,910           14,400,833      (42,168,204        (13,438,461   $242,493,484      $—      $213,564,354      $(684,968,801   $—      $(228,910,963

3/31/2014

  16,438,452           3,653,713      (26,098,646        (6,006,481   274,590,119           64,013,049      (443,735,991        (105,132,823

A Shares

  

3/31/2015

  1,090,425           1,826,846      (3,323,691        (406,420   17,777,258           26,525,804      (55,074,476        (10,771,414

3/31/2014

  1,664,349           471,572      (2,993,393        (857,472   26,876,420           8,111,045      (49,405,055        (14,417,590

C Shares

  

3/31/2015

  75,751           403,650      (416,076        63,325      1,148,740           5,505,787      (6,423,069        231,458   

3/31/2014

  104,590           93,730      (388,356        (190,036   1,639,182           1,531,552      (6,029,056        (2,858,322

Aggressive Growth Allocation Strategy

  

I Shares

  

3/31/2015

  201,103           181,073      (1,340,171        (957,995   1,791,606           1,414,181      (11,779,778        (8,573,991

3/31/2014

  236,721           259,224      (996,358        (500,413   2,175,408           2,250,063      (9,341,843        (4,916,372

A Shares

  

3/31/2015

  43,270           109,095      (75,246        77,119      381,295           842,214      (659,540        563,969   

3/31/2014

  29,169           81,687      (39,363        71,493      267,352           702,509      (368,235        601,626   

C Shares

  

3/31/2015

  10,616           15,736      (13,195        13,157      91,828           117,703      (113,160        96,371   

3/31/2014

  3,519           12,178      (18,692        (2,995   31,648           102,172      (166,319        (32,499

Conservative Allocation Strategy

  

I Shares

  

3/31/2015

  872,470           95,184      (705,355        262,299      11,155,782           1,189,804      (9,026,545        3,319,041   

3/31/2014

  768,494           106,405      (764,858        110,041      9,667,820           1,303,459      (9,694,615        1,276,664   

A Shares

  

3/31/2015

  221,379           52,208      (232,249        41,338      2,826,361           652,605      (2,962,704        516,262   

3/31/2014

  109,511           78,559      (326,814        (138,744   1,383,058           962,342      (4,115,209        (1,769,809

C Shares

  

3/31/2015

  301,977           45,992      (277,773        70,196      3,807,358           569,841      (3,509,545        867,654   

3/31/2014

  381,780           68,359      (317,613        132,526      4,775,567           830,558      (3,962,163        1,643,962   

Growth Allocation Strategy

  

I Shares

  

3/31/2015

  986,973           297,470      (1,295,944        (11,501   11,440,197           3,340,587      (15,079,859        (299,075

3/31/2014

  811,180           613,236      (1,659,884        (235,468   9,429,511           6,757,860      (19,430,345        (3,242,974

A Shares

  

3/31/2015

  33,828           50,310      (160,865        (76,727   386,582           562,471      (1,821,475        (872,422

3/31/2014

  53,600           113,019      (117,314        49,305      611,939           1,240,946      (1,347,615        505,270   

C Shares

  

3/31/2015

  23,746           15,467      (22,260        16,953      266,165           169,832      (251,185        184,812   

3/31/2014

  37,232           32,103      (35,737        33,598      433,209           346,712      (407,166        372,755   

Moderate Allocation Strategy

  

I Shares

  

3/31/2015

  1,191,491           647,045      (3,055,762        (1,217,226   13,448,718           7,020,433      (34,476,033        (14,006,882

3/31/2014

  1,842,063           1,133,107      (5,779,106        (2,803,936   20,854,281           12,294,213      (64,736,798        (31,588,304

A Shares

  

3/31/2015

  53,654           115,957      (412,530        (242,919   605,069           1,254,652      (4,640,926        (2,781,205

3/31/2014

  128,195           177,337      (266,651        38,881      1,447,503           1,918,786      (3,008,128        358,161   

C Shares

  

3/31/2015

  56,352           78,989      (216,841        (81,500   621,754           849,127      (2,414,293        (943,412

3/31/2014

  118,735           117,312      (198,858        37,189      1,323,537           1,262,275      (2,247,999        337,813   

 

* IS Shares commenced operations on August 1, 2014.

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

5. Investment Transactions

The cost of security purchases and the proceeds from sales and maturities of securities, excluding securities maturing less than one year from acquisition and U.S. government securities, for the fiscal year ended March 31, 2015 were as follows:

 

Fund

   Purchases      Sales and
Maturities
 

Aggressive Growth Stock Fund

     $19,990,170         $45,201,305   

International Equity Fund

     10,343,848         17,242,932   

Large Cap Growth Stock Fund

     36,016,876         85,359,998   

Large Cap Value Equity Fund

     1,715,167,183         1,648,256,245   

Mid-Cap Value Equity Fund

     3,847,874,920         3,752,973,281   

Small Cap Growth Stock Fund

     49,650,900         101,969,809   

Small Cap Value Equity Fund

     151,126,110         626,870,668   

Aggressive Growth Allocation Strategy

     5,657,480         15,085,570   

Conservative Allocation Strategy

     15,056,762         10,568,608   

Growth Allocation Strategy

     15,024,512         16,182,752   

Moderate Allocation Strategy

     24,198,913         44,323,696   

 

6. Federal Income Tax Information

The following information is presented on an income tax basis and takes into consideration differences between amounts for financial statement and income tax purposes. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (i.e., foreign currency transactions and return of capital on securities) such amounts are reclassified within the composition of net assets based on their U.S. federal tax-basis treatment; temporary differences do not require reclassification.

The cost of investments and aggregate gross unrealized appreciation and depreciation for securities held by the Funds as of March 31, 2015 were as follows:

 

Fund

   Tax Cost      Aggregate
Gross
Unrealized
Appreciation
     Aggregate
Gross
Unrealized
(Depreciation)
    Net
Unrealized
Appreciation
 

Aggressive Growth Stock Fund

     $20,768,411         $15,095,350         $(1,029,259     $14,066,091   

International Equity Fund

     17,651,890         5,153,955         (393,242     4,760,713   

Large Cap Growth Stock Fund

     161,955,864         131,217,400         (303,948     130,913,452   

Large Cap Value Equity Fund

     2,006,829,898         481,639,575         (19,390,656     462,248,919   

Mid-Cap Value Equity Fund

     3,767,966,952         597,288,301         (96,110,906     501,177,395   

Small Cap Growth Stock Fund

     111,209,970         42,590,529         (4,242,197     38,348,332   

Small Cap Value Equity Fund

     978,911,532         406,067,026         (66,383,122     339,683,904   

Aggressive Growth Allocation Strategy

     8,164,569         2,291,067         (13,276     2,277,791   

Conservative Allocation Strategy

     63,014,078         3,888,733         (38,242     3,850,491   

Growth Allocation Strategy

     54,746,381         10,659,107         (95,987     10,563,120   

Moderate Allocation Strategy

     108,286,354         17,759,906         (86,711     17,673,195   

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

The tax character of distributions paid to shareholders during the fiscal year ended March 31, 2015 was as follows:

 

     Distributions paid from                       

Fund

   Net
Investment
Income*
     Net Long
Term Capital
Gains
     Tax-Exempt
Distributions**
     Return
of
Capital
     Total
Distributions
Paid
 

Aggressive Growth Stock Fund

     $—         $1,294,356         $—         $—         $1,294,356   

International Equity Fund

     467,780         2,269,103                         2,736,883   

Large Cap Growth Stock Fund

     2,744,037         19,617,946                         22,361,983   

Large Cap Value Equity Fund

     88,513,542         126,834,813                         215,348,355   

Mid-Cap Value Equity Fund

     225,539,947         171,610,800                         397,150,747   

Small Cap Growth Stock Fund

     2,542,173         21,385,596                         23,927,769   

Small Cap Value Equity Fund

     25,139,745         227,729,507                         252,869,252   

Aggressive Growth Allocation Strategy

     337,523         2,101,925                         2,439,448   

Conservative Allocation Strategy

     1,368,516         1,403,606                         2,772,122   

Growth Allocation Strategy

     1,301,918         2,801,375                         4,103,293   

Moderate Allocation Strategy

     2,783,658         6,465,824                         9,249,482   

 

* Total distributions paid are recognized on a when declared basis for the year ended March 31, 2015.
** Net Investment income includes taxable market discount income and net short-term capital gains, if any.

Amounts designated as “—” are $0 or have been rounded to $0.

The tax character of distributions paid to shareholders during the fiscal year ended March 31, 2014 was as follows:

 

     Distributions paid from                       

Fund

   Net
Investment
Income*
     Net Long
Term Capital
Gains
     Tax-Exempt
Distributions**
     Return
of
Capital
     Total
Distributions
Paid
 

Aggressive Growth Stock Fund

     $—         $2,513,163         $—         $—         $2,513,163   

International Equity Fund

     3,660,540         499,636                         4,160,176   

Large Cap Growth Stock Fund

     432,260         26,407,308                         26,839,568   

Large Cap Value Equity Fund

     101,306,533         151,917,675                         253,224,208   

Mid-Cap Value Equity Fund

     345,522,789         75,524,921                         421,047,710   

Small Cap Growth Stock Fund

     6,201,414         24,083,579                         30,284,993   

Small Cap Value Equity Fund

     21,774,230         54,048,842                         75,823,072   

Aggressive Growth Allocation Strategy

     601,491         2,532,822                         3,134,313   

Conservative Allocation Strategy

     1,324,040         2,351,459                         3,675,499   

Growth Allocation Strategy

     1,757,919         6,644,845                         8,402,764   

Moderate Allocation Strategy

     4,097,522         11,703,412                         15,800,934   

 

* Total distributions paid are recognized on a when declared basis for the year ended March 31, 2014.
** Net Investment income includes taxable market discount income and net short-term capital gains, if any.

Amounts designated as “—” are $0 or have been rounded to $0

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

As of March 31, 2015, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

 

Fund

   Undistributed
Tax Exempt
Income
     Undistributed
Ordinary
Income
     Undistributed
Long Term
Capital Gains
     Net
Unrealized
Appreciation
     Loss
Carryforwards
and Deferrals
    Total  

Aggressive Growth Stock Fund

     $—         $—         $1,440,159         $14,066,091         $(2,094,726     $13,411,524   

International Equity Fund

             226,300         46,303         4,769,625         (2,473,641     2,568,587   

Large Cap Growth Stock Fund

                     16,421,193         130,913,452         (3,285,605     144,049,040   

Large Cap Value Equity Fund

             7,175,285         63,744,641         462,248,919         (1,991,290     531,177,555   

Mid-Cap Value Equity Fund

             80,801,841         30,973,935         501,177,395                612,953,171   

Small Cap Growth Stock Fund

                     1,680,322         38,348,332         (350,876     39,677,778   

Small Cap Value Equity Fund

             8,276,403         62,107,741         339,682,767                410,066,911   

Aggressive Growth Allocation Strategy

             38,935         1,273,140         2,277,791         (4,198     3,585,668   

Conservative Allocation Strategy

             185,505         1,466,886         3,850,491                5,502,882   

Growth Allocation Strategy

             157,880         3,282,197         10,563,120                14,003,197   

Moderate Allocation Strategy

             364,287         6,385,325         17,673,195                24,422,807   

 

** The differences between book-basis and tax-basis unrealized appreciation is attributable primarily to: tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies, return of capital adjustments, forward contracts marked to market and partnership basis adjustments.

The Funds utilize the provisions of the federal income tax laws that provide for the carry forward of capital losses from prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized in taxable years beginning after December 22, 2010 (“post-enactment”), may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses (“pre-enactment”). The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of March 31, 2015, the post-enactment accumulated short-term and long-term capital loss carry forwards were as follows:

 

Fund

   Short Term      Long Term      Total  

Aggressive Growth Stock Fund*

     $363,926         $—         $363,926   

 

* Of the $1,381,083 of remaining capital loss carryforwards acquired on April 27, 2012, in the merger with the RidgeWorth Emerging Growth Stock Fund and subject to limitations as a result of this acquisition, $1,017,157 of capital loss carryforward was utilized. The remaining $363,926 has no expiration date.

As of March 31, 2015, the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

 

     Expires  

Fund

   2017      2018      Total  

Aggressive Growth Stock Fund*

     $1,600,850         $—         $1,600,850   

International Equity Fund**

             2,473,641         2,473,641   

Large Cap Growth Stock Fund***

     3,279,747                 3,279,747   

 

* Of the $1,787,246 of remaining capital loss carryforwards acquired on April 27, 2012, in the merger with the RidgeWorth Emerging Growth Stock Fund and subject to limitations as a result of this acquisition, $186,396 was written off as capital loss carryforward lost unused. The remaining $1,600,850 will expire in 2017.
** Of the $3,298,188 of remaining capital loss carryforwards subject to limitations due to an ownership change on May 22, 2013, $824,547 was utilized, and the remaining $2,473,641, will expire in 2018.
*** Of the $4,919,621 of remaining capital loss carryforwards acquired on March 1, 2013, in the merger with the RidgeWorth Large Cap Core Growth Stock Fund and subject to limitations as a result of this acquisition, $1,639,874 was utilized, and the remaining $3,279,747, will expire in 2017.

 

69


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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

During the fiscal year ended March 31, 2015, the following Funds utilized capital loss carry forwards as follows:

 

Fund

   Amount  

Aggressive Growth Stock Fund

     $1,017,157   

International Equity Fund

     824,547   

Large Cap Growth Stock Fund

     1,639,874   

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business

day of the Funds’ next fiscal year. During the fiscal year ended March 31, 2015, the following Funds had net capital

losses:

 

Fund

   Short Term      Long Term      Total  

Large Cap Value Equity Fund

     $1,991,290         $—         $1,991,290   

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses, between November 1 and March 31, and late year ordinary losses (i) ordinary losses between January 1 and March 31, and (ii) specified ordinary and currency losses between November 1 and March 31 as occurring on the first day of the following tax year. For the fiscal year ended March 31, 2015, any amount of losses elected as late year ordinary losses within the tax return will not be recognized for federal income tax purposes until April 1, 2015.

 

7. Investments in Affiliated Issuers

Affiliated holdings are holdings in mutual funds which are managed by the Investment Adviser or an affiliate of the Investment Adviser or which are distributed by an affiliate of the Funds’ distributor. With respect to each Fund, the Investment Adviser was paid an investment advisory fee by the affiliated investments listed beneath its name below. Investments in affiliated issuers as of March 31, 2015 were as follows:

 

Name of Affiliated Issuer

  Share
Balance at
March 31,
2014
    Purchases     Sales     Share
Balance at
March 31,
2015
    Value at
March 31,
2015
    Dividend
Income
    Realized
Gain
Distributions
    Net
Realized
Gain (Loss)
 

Aggressive Growth Allocation Strategy

               

RidgeWorth Corporate Bond Fund — I Shares

    485        8,604        2,076        7,013        $62,768        $239        $5        $(173

RidgeWorth High Income Fund — I Shares

    18,815        1,354        20,169                      2,349               154   

RidgeWorth High Income Fund — IS Shares*

           21,303        15,617        5,686        37,983        3,376        2,502        (1,143

RidgeWorth Intermediate Bond Fund — I Shares

    151        1        122        30        302        10        1        (55

RidgeWorth International Equity Fund — I Shares

    101,668        12,787        61,213        53,242        556,379        13,794        65,926        37,202   

RidgeWorth International Equity Index Fund — I Shares

    5,009               5,009                                    (5,703

RidgeWorth Large Cap Growth Stock Fund — I Shares

    561,107        5,115        566,222                                    (32,372

RidgeWorth Large Cap Growth Stock Fund — IS Shares*

           574,504        285,007        289,497        2,990,509               309,280        56,119   

RidgeWorth Large Cap Value Equity Fund — I Shares

    235,151        792        235,943                                    56,634   

RidgeWorth Large Cap Value Equity Fund — IS Shares*

           244,903        125,725        119,178        1,985,507        34,413        237,419        777,398   

RidgeWorth Mid-Cap Value Equity Fund — I Shares

    121,106        2,647        123,753                                    29,572   

RidgeWorth Mid-Cap Value Equity Fund — IS Shares*

           124,642        59,661        64,981        894,143        10,578        103,961        257,417   

RidgeWorth Seix Floating Rate High Income Fund — I Shares

    15,129        3,612        18,741                      4,320               (795

 

70


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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

Name of Affiliated Issuer

  Share
Balance at
March 31,
2014
    Purchases     Sales     Share
Balance at
March 31,
2015
    Value at
March 31,
2015
    Dividend
Income
    Realized
Gain
Distributions
    Net
Realized
Gain (Loss)
 

RidgeWorth Seix Floating Rate High Income Fund — IS Shares*

           10,527        4,818        5,709        $50,581        $505        $—        $158   

RidgeWorth Seix High Yield Fund — I Shares

    14,725        4,045        14,423        4,347        37,951        5,884        6,937        (7,160

RidgeWorth Select Large Cap Growth Stock Fund — I Shares

    2,832        285        3,117                      795        5,325        19,016   

RidgeWorth Small Cap Growth Stock Fund — I Shares

    43,703        860        44,563                                    (900

RidgeWorth Small Cap Growth Stock Fund — IS Shares*

           47,498        21,507        25,991        385,969               74,940        59,910   

RidgeWorth Small Cap Value Equity Fund — I Shares

    38,938        6,470        22,500        22,908        357,128        4,082        73,995        131,669   

RidgeWorth Total Return Bond Fund — I Shares

    147,878        7,887        155,765                      13,266               (4,200

RidgeWorth Total Return Bond Fund — IS Shares*

           173,661        108,208        65,453        703,617        18,034               (26,780

RidgeWorth U.S. Government Securities Ultra-Short Bond Fund — I Shares

    8,213        6,412        9,611        5,014        50,746        634               (420
         

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $8,113,583      $112,279      $880,291      $1,345,548   
         

 

 

   

 

 

   

 

 

   

 

 

 

Conservative Allocation Strategy

RidgeWorth Corporate Bond Fund — I Shares

  10,004      236,855      8,963      237,896      $2,129,172      $6,809      $186      $(2,877

RidgeWorth High Income Fund — I Shares

  303,026      6,488      309,514                36,378           5,073   

RidgeWorth High Income Fund — IS Shares*

       311,149      118,049      193,100      1,289,910      73,629      59,864      (33,183

RidgeWorth Intermediate Bond Fund — I Shares

  1,337      17      508      846      8,391      135      34      (225

RidgeWorth International Equity Fund — I Shares

  116,873      32,434      9,233      140,074      1,463,777      26,693      127,574      (373

RidgeWorth International Equity Index Fund — I Shares

  8,364      779      9,143                          (9,846

RidgeWorth Large Cap Growth Stock Fund — I Shares

  714,697      15,022      729,719                          (40,271

RidgeWorth Large Cap Growth Stock Fund — IS Shares*

       835,334      34,850      800,484      8,268,996           579,872      (63,897

RidgeWorth Large Cap Value Equity Fund — I Shares

  299,976      5,197      305,173                          2,198   

RidgeWorth Large Cap Value Equity Fund — IS Shares*

       351,464      15,404      336,060      5,598,767      63,581      438,653      (7,617

RidgeWorth Mid-Cap Value Equity Fund — I Shares

  153,775      2,880      156,655                          1,169   

RidgeWorth Mid-Cap Value Equity Fund — IS Shares*

       180,107      9,376      170,731      2,349,261      20,462      201,098      (2,734

RidgeWorth Seix Floating Rate High Income Fund — I Shares

  237,199      26,641      263,840                79,082           (6,893

RidgeWorth Seix Floating Rate High Income Fund — IS Shares*

       244,232      50,505      193,727      1,716,422      15,350           (9,359

RidgeWorth Seix High Yield Fund — I Shares

  233,435      48,662      134,462      147,635      1,288,849      112,538      165,790      (83,207

RidgeWorth Select Large Cap Growth Stock Fund — I Shares

  3,818      505      4,323                1,405      9,413      22,989   

RidgeWorth Small Cap Growth Stock Fund — I Shares

  54,754      1,107      55,861                          (1,464

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

Name of Affiliated Issuer

  Share
Balance at
March 31,
2014
    Purchases     Sales     Share
Balance at
March 31,
2015
    Value at
March 31,
2015
    Dividend
Income
    Realized
Gain
Distributions
    Net
Realized
Gain (Loss)
 

RidgeWorth Small Cap Growth Stock Fund — IS Shares*

           68,707        3,494        65,213        $968,416        $—        $139,345        $(5,727

RidgeWorth Small Cap Value Equity Fund — I Shares

    49,273        14,714        4,583        59,404        926,106        7,712        139,801        (914

RidgeWorth Total Return Bond Fund — I Shares

    2,436,650        20,118        2,456,768                      212,556               (45,240

RidgeWorth Total Return Bond Fund — IS Shares*

           2,606,794        150,577        2,456,217        26,404,329        396,566               (43,265

RidgeWorth U.S. Government Securities Ultra-Short Bond Fund — I Shares

    129,608        69,291        28,651        170,248        1,722,911        12,656               96   
         

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $54,135,307      $1,065,552      $1,861,630      $(325,567)   
         

 

 

   

 

 

   

 

 

   

 

 

 

Growth Allocation Strategy

RidgeWorth Corporate Bond Fund — I Shares

  1,253      86,977      2,403      85,827      $768,151      $2,303      $62      $(426

RidgeWorth High Income Fund —I Shares

  118,209      3,188      121,397                14,267           1,495   

RidgeWorth High Income Fund — IS Shares*

       120,882      51,439      69,443      463,880      26,977      21,746      (6,399

RidgeWorth Intermediate Bond Fund — I Shares

  163      115           278      2,756      23      7        

RidgeWorth International Equity Fund — I Shares

  284,177      67,951      58,439      293,689      3,069,053      57,107      272,934      (7,477

RidgeWorth International Equity Index Fund —I Shares

  7,110      1,947      9,057                          (9,487

RidgeWorth Large Cap Growth Stock Fund — I Shares

  1,633,141      27,771      1,660,912                          (93,825

RidgeWorth Large Cap Growth Stock Fund —IS Shares*

       1,807,527      137,077      1,670,450      17,255,753           1,237,064      (123,241

RidgeWorth Large Cap Value Equity Fund —I Shares

  692,219      10,176      702,395                          29,409   

RidgeWorth Large Cap Value Equity Fund — IS Shares*

       771,724      72,224      699,500      11,653,665      135,489      934,753      22,425   

RidgeWorth Mid-Cap Value Equity Fund —I Shares

  358,553      4,108      362,661                          16,356   

RidgeWorth Mid-Cap Value Equity Fund —IS Shares*

       399,136      41,076      358,060      4,926,899      43,791      430,379      58,806   

RidgeWorth Seix Floating Rate High Income Fund — I Shares

  98,806      9,383      108,189                30,093           (4,035

RidgeWorth Seix Floating Rate High Income Fund — IS Shares*

       90,672      20,959      69,713      617,656      5,469           (3,832

RidgeWorth Seix High Yield Fund — I Shares

  87,054      20,927      54,867      53,114      463,685      41,617      60,241      31,722   

RidgeWorth Select Large Cap Growth Stock Fund — I Shares

  16,475      1,072      17,547                2,885      19,327      140,508   

RidgeWorth Small Cap Growth Stock Fund — I Shares

  127,507      1,919      129,426                          (5,018

RidgeWorth Small Cap Growth Stock Fund — IS Shares*

       151,800      15,365      136,435      2,026,064           297,629      (15,695

RidgeWorth Small Cap Value Equity Fund — I Shares

  114,855      28,951      19,634      124,172      1,935,849      16,475      298,641      60,991   

RidgeWorth Total Return Bond Fund — I Shares

  939,499      8,285      947,784                81,535           (19,133

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

Name of Affiliated Issuer

  Share
Balance at
March 31,
2014
    Purchases     Sales     Share
Balance at
March 31,
2015
    Value at
March 31,
2015
    Dividend
Income
    Realized
Gain
Distributions
    Net
Realized
Gain (Loss)
 

RidgeWorth Total Return Bond Fund — IS Shares*

           1,012,641        128,586        884,055        $9,503,592        $144,850        $—        $(25,696

RidgeWorth U.S. Government Securities Ultra-Short Bond Fund — I Shares

    51,162        23,962        13,794        61,330        620,662        4,734               (17
         

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $53,307,665      $607,615      $3,572,783      $47,431   
         

 

 

   

 

 

   

 

 

   

 

 

 

Moderate Allocation Strategy

RidgeWorth Corporate Bond Fund — I Shares

  3,590      307,463      3,405      307,648      $2,753,454      $8,194      $175      $(951

RidgeWorth High Income Fund — I Shares

  522,306      7,787      530,093                56,751           48,669   

RidgeWorth High Income Fund — IS Shares*

       436,859      187,436      249,423      1,666,148      101,592      81,915      (17,941

RidgeWorth Intermediate Bond Fund — I Shares

  1,353      24           1,377      13,661      182      56        

RidgeWorth International Equity Fund — I Shares

  453,632      69,235      108,733      414,134      4,327,695      83,294      398,087      38,299   

RidgeWorth International Equity Index Fund — I Shares

  13,499           13,499                          (12,069

RidgeWorth Large Cap Growth Stock Fund — I Shares

  2,674,912      35,745      2,710,657                          (378,874

RidgeWorth Large Cap Growth Stock Fund — IS Shares*

       2,690,951      324,373      2,366,578      24,446,752           1,799,209      (162,746

RidgeWorth Large Cap Value Equity Fund — I Shares

  1,113,327      12,259      1,125,586                          534,288   

RidgeWorth Large Cap Value Equity Fund — IS Shares*

       1,130,223      135,304      994,919      16,575,350      197,193      1,360,453      293,232   

RidgeWorth Mid-Cap Value Equity Fund — I Shares

  574,336      5,817      580,153                          227,510   

RidgeWorth Mid-Cap Value Equity Fund — IS Shares*

       588,059      82,550      505,509      6,955,808      63,869      627,701      191,793   

RidgeWorth Seix Floating Rate High Income Fund — I Shares

  390,746      18,553      409,299                114,759           (22,728

RidgeWorth Seix Floating Rate High Income Fund — IS Shares*

       330,621      80,206      250,415      2,218,676      20,020           (14,757

RidgeWorth Seix High Yield Fund — I Shares

  401,805      50,345      261,445      190,705      1,664,853      162,319      226,766      267,712   

RidgeWorth Select Large Cap Growth Stock Fund — I Shares

  7,493      1,560      9,053                4,340      29,077      36,789   

RidgeWorth Small Cap Growth Stock Fund — I Shares

  201,617      1,998      203,615                          24,013   

RidgeWorth Small Cap Growth Stock Fund — IS Shares*

       221,183      29,054      192,129      2,853,111           433,298      30,500   

RidgeWorth Small Cap Value Equity Fund — I Shares

  179,927      37,319      44,963      172,283      2,685,888      23,722      430,014      211,370   

RidgeWorth Total Return Bond Fund — I Shares

  3,636,736      41,909      3,678,645                309,908           (109,779

RidgeWorth Total Return Bond Fund — IS Shares*

       3,680,538      503,137      3,177,401      34,157,058      543,887           (91,018

RidgeWorth U.S. Government Securities Ultra-Short Bond Fund — I Shares

  214,411      79,571      73,868      220,114      2,227,556      17,852           411   
         

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $102,546,010      $1,707,882      $5,386,751      $1,093,723   
         

 

 

   

 

 

   

 

 

   

 

 

 

 

* IS Shares commenced operations on August 1, 2014 (February 2, 2015 for Seix Floating Rate High Income Fund).

 

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NOTES TO FINANCIAL STATEMENTS  (concluded)

 

RIDGEWORTH FUNDS    March 31, 2015

 

8. Reorganizations

On November 18, 2014, the Board approved the reorganization of the RidgeWorth Select Large Cap Growth Fund (the “Target Fund”) into the RidgeWorth Large Cap Growth Stock Fund (the “Acquiring Fund”), a separate series of the Trust. On January 26, 2015 the Acquiring Fund acquired all of the net assets of the Target Fund in a tax-free exchange of shares. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies.

 

Target Fund

   Shares Prior to
Reorganization
     Shares Issued
by the
Acquiring
Fund
     Net Assets
Prior to
Reorganization
 

I Shares

     180,651         387,177         $3,780,324   

A Shares

     19,446         46,639         386,118   

C Shares

     864,356         2,121,925         12,809,849   

The appreciation (depreciation) of the acquired fund was $5,729,275 as of the date of the merger.

The combined net assets of the Acquiring Fund immediately after the reorganization were $287,227,781.

Assuming the acquisition had been completed on April 1, 2014, the beginning of the reporting period of the Acquiring Fund, the Acquiring Fund’s pro forma results of operations for the fiscal year ended March 31, 2015 were as follows:

 

Net Investment Income (Loss)

   $ (645,883

Net Realized and Unrealized Gains/Losses on Investments

   $ 40,828,634   

Net Increase/Decrease in Net Assets resulting from Operations

   $ 40,182,751   

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Acquiring Fund’s Statement of Operations as of March 31, 2015.

 

9. Subsequent Events

Management has evaluated subsequent events through the date these financial statements were available to be issued. Management has determined, except as set forth below, that there are no material events that would require disclosure in the Funds’ financial statements through this date.

Effective April 1, 2015, Funds participating in securities lending will no longer utilize the joint trading account for management of the cash collateral, and instead will sweep cash collateral from each participating fund directly into a government money market fund provided through the lending agent.

On May 21, 2015, the Board approved a change in the LOC from a dedicated aggregate amount of $250,000,000 to a syndicated aggregate amount of $200,000,000.

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

RIDGEWORTH FUNDS    March 31, 2015

 

To the Board of Trustees and Shareholders of RidgeWorth Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Aggressive Growth Stock Fund, International Equity Fund, Large Cap Growth Stock Fund, Large Cap Value Equity Fund, Mid-Cap Value Equity Fund, Small Cap Growth Stock Fund, Small Cap Value Equity Fund, Aggressive Growth Allocation Strategy, Conservative Allocation Strategy, Growth Allocation Strategy, and Moderate Allocation Strategy (eleven of the funds constituting RidgeWorth Funds, collectively the “Funds”) at March 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2015 by correspondence with the custodian, transfer agent and brokers, and application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

May 22, 2015

Boston, Massachusetts

 

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Table of Contents

OTHER FEDERAL TAX INFORMATION

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

The following Funds have designated long term capital gain distributions as follows:

 

Fund

   Amount  

Aggressive Growth Stock Fund

     $1,294,356   

International Equity Fund

     2,269,103   

Large Cap Growth Stock Fund

     19,617,946   

Large Cap Value Equity Fund

     126,834,813   

Mid-Cap Value Equity Fund

     171,610,800   

Small Cap Growth Stock Fund

     21,385,596   

Small Cap Value Equity Fund

     227,729,507   

Aggressive Growth Allocation Strategy Fund

     2,101,925   

Conservative Allocation Strategy

     1,403,606   

Growth Allocation Strategy Fund

     2,801,375   

Moderate Allocation Strategy

     6,465,824   

For corporate shareholders, the following percentages of the total ordinary income distributions paid by the following Funds during the year ended March 31, 2015 qualify for the corporate dividends received deductions:

 

Fund

   Dividend Received
Deduction
 

Large Cap Growth Stock Fund

     93.66

Large Cap Value Equity Fund

     61.02   

Mid-Cap Value Equity Fund

     23.01   

Small Cap Value Equity Fund

     100.00   

Small Cap Growth Stock Fund

     6.69   

Aggressive Growth Allocation Strategy Fund

     17.03   

Conservative Allocation Strategy Fund

     7.49   

Growth Allocation Strategy Fund

     13.98   

Moderate Allocation Strategy Fund

     11.46   

In addition, the Funds may elect to pass through foreign taxes paid by the Funds to shareholders under Section 853 of the Internal Revenue Code. For the year ended March 31, 2015 the following funds elected to pass through foreign taxes as follows:

 

Fund

   Amount  

International Equity Fund

     $61,086   

Aggressive Growth Allocation Strategy Fund

     3,877   

Conservative Allocation Strategy Fund

     7,089   

Growth Allocation Strategy Fund

     15,267   

Moderate Allocation Strategy Fund

     22,569   

 

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Table of Contents

OTHER FEDERAL TAX INFORMATION  (concluded)

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

For the year ended March 31, 2015, the following Funds paid qualified dividend income:

 

Fund

   Qualified Dividend
Income
 

International Equity Fund

     97.07

Large Cap Growth Stock Fund

     98.60   

Large Cap Value Equity Fund

     63.75   

Mid-Cap Value Equity Fund

     26.00   

Small Cap Growth Stock Fund

     6.69   

Small Cap Value Equity Fund

     100.00   

Aggressive Growth Allocation Strategy Fund

     26.57   

Conservative Allocation Strategy Fund

     11.85   

Growth Allocation Strategy Fund

     24.20   

Moderate Allocation Strategy Fund

     17.80   

The following RidgeWorth Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries for the year ended March 31, 2015.

 

Fund

   Foreign
Source
Income
     Foreign
Tax

Expense
 

International Equity Fund

     $994,797         $61,086   

Aggressive Growth Allocation Strategy Fund

     52,487         3,877   

Conservative Allocation Strategy Fund

     97,467         7,089   

Growth Allocation Strategy Fund

     209,387         15,267   

Moderate Allocation Strategy Fund

     309,173         22,569   

 

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Table of Contents

TRUSTEES AND OFFICERS OF THE RIDGEWORTH FUNDS

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

Set forth below are the names, age, position with the Trust, length of term of office, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee of the Trust. Unless otherwise noted, the address of each Trustee and officer is c/o RidgeWorth Investments®, 3333 Piedmont Road, Suite 1500, Atlanta, Georgia 30305. The Funds’ Statement of Additional Information includes more information about the Trustees and is available without charge, upon request, by calling 1-888-784-3863 and on the Funds’ website at www.ridgeworth.com.

 

Name and Age   Position
Held with
the Trust
  Term of Office
and Length of
Time Served
 

Principal Occupation(s)

During the Past 5 Years

  Number of
Portfolios
in the RidgeWorth
Complex
Overseen by
Trustees
    Other Directorships Held By
Trustee During the Past 5 Years

Tim E. Bentsen

(August 1953)

  Independent Trustee   Indefinite; since 2012   Lecturer- J.M. Tull School of Accounting, Terry College of Business at University of Georgia (2013-Present); Retired. Audit Partner and Account Executive (1993-2012); Lead Area Managing Partner (2005-2009); Atlanta Office Managing Partner (2003-2009), KPMG LLP.     30      Synovus Financial Corp.: Krispy Kreme Doughnuts, Inc.

Jeffrey M. Biggar

(February 1950)

  Independent Trustee   Indefinite; since 2007   Director of Special Gifts for Hawken School (since May 2013); Managing Director, Little Mountain Group, LLC (an independent Registered Investment Advisor consulting firm) (2011-2013); Chief Operating Officer, Cedar Brook Financial Partners LLC (2008-2010); Chief Executive Officer and Senior Managing Director, Sterling (National City Corp.) (2000-2006).     30     

Multi-Manager

Master Portfolios LLC (3 portfolios; thru 2013)

George C. Guynn

(December 1942)

  Independent Trustee   Indefinite; since 2008   Retired. President and CEO, Federal Reserve Bank of Atlanta (1996-2006).     30      Genuine Parts Company; Oxford Industries; Acuity Brands, Inc.; SUSA Registered Fund LLC; Multi-Manager Master Portfolios LLC (3 portfolios; thru 2013)

Sidney E. Harris

(July 1949)

  Independent Trustee   Indefinite; since 2004   Adjunct Professor (since May 2014), Professor (1997-April 2014), Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University.     30      Total System Services, Inc.; Multi-Manager Master Portfolios LLC (3 portfolios; thru 2013).

Warren Y. Jobe**

(November 1940)

  Independent Trustee   Indefinite; since 2004   Retired. Executive Vice President and Chief Financial Officer, Georgia Power Company (1982-1998) and Senior Vice President, Southern Company (1998-2001).     30      WellPoint (thru May 2014); UNS Energy (thru 2013)

Connie D. McDaniel

(April 1958)

  Independent Trustee   Indefinite; since 2005   Retired. Vice President, Chief of Internal Audit, Corporate Audit Department (2009-2013); Vice President Global Finance Transformation (2007-2009); Vice President and Controller (1999-2007), The Coca-Cola Company.     30      Total System Services, Inc.

Ashi S. Parikh*

(February 1966)

 

Interested

Trustee

  Indefinite; since 2013   Chief Executive Officer and Chief Investment Officer, RidgeWorth Investments (2010-present); President and Chief Investment Officer (2008-2010).     30      None

 

* Mr. Parikh is an “interested person” of the Trust, as defined in the 1940 Act, because he is an employee of the Adviser.

 

** Effective May 12, 2015, Mr. Jobe resigned as an Independent Trustee of the Trust.

 

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TRUSTEES AND OFFICERS OF THE RIDGEWORTH FUNDS   (concluded)

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

Name, Address

and Age

  Position(s)
Held with
the Trust
  Term of Office
and Length of
Time Served
 

Principal Occupation(s)

During the Past 5 Years

Julia R. Short

(November 1972)

  President and Chief Executive Officer   One year; since 2007   Managing Director, Product Manager, RidgeWorth Investments (since 2004).

Joseph M. O’Donnell

(November 1954)

  Executive Vice President and Chief Compliance Officer   One year; since 2011   Managing Director, RidgeWorth Investments (since 2011); Executive Vice President and Chief Compliance Officer, ING Funds (2004–2011); Senior Vice President and Chief Compliance Officer, ING Investments, LLC (2006–2008 and October 2009–2011); and Senior Vice President and Investment Advisor Chief Compliance Officer, Directed Services LLC (2006–2008 and 2009–2011).

Denise R. Lewis

(October 1963)

  Treasurer and Chief Financial Officer   One year; since 2012   Director of Fund Administration, RidgeWorth Investments (since 2012); Vice President of Fund Analysis and Reporting, ING Investments Management, LLC (2006–2012).

Benjamin H. Lowe

(March 1978)

  Assistant Treasurer   One year; since 2012  

Director of Fund Administration, RidgeWorth Investments (since 2011);

Fund Controller, ALPS Fund Services, Inc. (2005–2011).

James Bacik State Street Bank and Trust Company 1 Iron Street Boston, MA 02110

(May 1975)

  Assistant Treasurer   One year; since 2010   Vice President, State Street Bank and Trust Company (since 2001).*

Patrick J. Keniston Foreside Compliance Services, LLC Three Canal Plaza, Suite 100
Portland, ME 04101

(January 1964)

  Anti-Money Laundering Officer and Identity Theft Prevention Officer   One year; since 2013   Director, Foreside Compliance Services, LLC (October 2008 – present).

Karen Jacoppo-Wood

State Street Bank and Trust Company

100 Huntington Avenue

Tower 2, Third Floor,

CPH0326

Boston, MA 02116

(December 1966)

  Secretary and Chief Legal Officer   One year; since November 2014   Vice President and Senior Counsel, State Street Bank and Trust Company (since 2014); Vice President, RMR Advisors, Inc/RMR Funds (2007-2014)

Timothy J. Burdick

State Street Bank and Trust Company

100 Huntington Avenue

Tower 2, Third Floor,

CPH0326

Boston, MA 02116

(October 1986)

  Assistant Secretary   One year; since May 2014   Assistant Vice President and Associate Counsel, State Street Bank and Trust Company (since 2011); Student Northeastern University School of Law (2008–2011).*
* During the period indicated the officer has held various positions at State Street Bank and Trust Company and has provided his or her current title.

 

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Table of Contents

ADDITIONAL INFORMATION

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

Expense Examples

As a shareholder of the RidgeWorth Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees, 12b-1 distribution and/or service fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the RidgeWorth Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2014 through March 31, 2015.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

Fund

   Class      Beginning
Account Value
10/01/14
     Ending
Account Value
03/31/15
     Expenses Paid
During  Period*
10/01/14-03/31/15
     Expense Ratio
During  Period**
10/01/14-03/31/15
 

Aggressive Growth Stock Fund

     I Shares         $1,000.00         $996.30         $6.52         1.31
     A Shares         1,000.00         995.20         7.41         1.49   

International Equity Fund

     I Shares         1,000.00         1,014.30         6.88         1.37   
     A Shares         1,000.00         1,013.60         7.88         1.57   

Large Cap Growth Stock Fund

     I Shares         1,000.00         1,101.50         5.08         0.97   
     A Shares         1,000.00         1,100.80         6.08         1.16   
     C Shares         1,000.00         1,098.50         9.63         1.84   
     IS Shares         1,000.00         1,151.40         4.56         0.85   

Large Cap Value Equity Fund

     I Shares         1,000.00         1,027.80         4.90         0.97   
     A Shares         1,000.00         1,026.00         6.41         1.27   
     C Shares         1,000.00         1,024.20         8.63         1.71   
     IS Shares         1,000.00         1,029.10         3.59         0.71   

Mid-Cap Value Equity Fund

     I Shares         1,000.00         1,052.30         5.68         1.11   
     A Shares         1,000.00         1,051.10         7.16         1.40   
     C Shares         1,000.00         1,049.20         8.94         1.75   
     IS Shares         1,000.00         1,079.80         3.89         0.75   

Small Cap Growth Stock Fund

     I Shares         1,000.00         1,143.00         6.95         1.30   
     A Shares         1,000.00         1,142.90         7.05         1.32   
     C Shares         1,000.00         1,139.60         10.46         1.96   
     IS Shares         1,000.00         1,044.40         4.89         0.96   

Small Cap Value Equity Fund

     I Shares         1,000.00         1,124.70         6.36         1.20   
     A Shares         1,000.00         1,123.40         8.05         1.52   
     C Shares         1,000.00         1,121.40         10.05         1.90   

Aggressive Growth Allocation Strategy

     I Shares         1,000.00         1,056.70         2.56         0.50   
     A Shares         1,000.00         1,055.50         3.59         0.70   
     C Shares         1,000.00         1,051.90         6.65         1.30   

Conservative Allocation Strategy

     I Shares         1,000.00         1,041.00         1.53         0.30   
     A Shares         1,000.00         1,038.80         3.05         0.60   
     C Shares         1,000.00         1,035.40         6.60         1.30   

Growth Allocation Strategy

     I Shares         1,000.00         1,053.20         2.56         0.50   
     A Shares         1,000.00         1,053.40         3.48         0.68   
     C Shares         1,000.00         1,049.10         6.69         1.31   

Moderate Allocation Strategy

     I Shares         1,000.00         1,047.10         2.55         0.50   
     A Shares         1,000.00         1,045.90         3.52         0.69   
     C Shares         1,000.00         1,042.80         6.26         1.23   

 

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

 

** Annualized.

 

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ADDITIONAL INFORMATION  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

Hypothetical Example

The table below provides information about hypothetical account values and hypothetical expenses based on each RidgeWorth Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

Fund

   Class     Beginning
Account Value
10/01/14
     Ending
Account Value
03/31/15
     Expenses Paid
During Period*
10/01/14-03/31/15
     Expense Ratio
During Period**
10/01/14-03/31/15
 

Aggressive Growth Stock Fund

     I Shares        $1,000.00         $1,018.40         $6.59         1.31
     A Shares        1,000.00         1,017.50         7.49         1.49   

International Equity Fund

     I Shares        1,000.00         1,018.10         6.89         1.37   
     A Shares        1,000.00         1,017.10         7.90         1.57   

Large Cap Growth Stock Fund

     I Shares        1,000.00         1,020.10         4.89         0.97   
     A Shares        1,000.00         1,019.10         5.84         1.16   
     C Shares        1,000.00         1,015.80         9.25         1.84   
     IS Shares ***      1,000.00         1,020.69         4.28         0.85   

Large Cap Value Equity Fund

     I Shares        1,000.00         1,020.10         4.89         0.97   
     A Shares        1,000.00         1,018.60         6.39         1.27   
     C Shares        1,000.00         1,016.40         8.60         1.71   
     IS Shares ***      1,000.00         1,021.39         3.58         0.71   

Mid-Cap Value Equity Fund

     I Shares        1,000.00         1,019.40         5.59         1.11   
     A Shares        1,000.00         1,018.00         7.04         1.40   
     C Shares        1,000.00         1,016.20         8.80         1.75   
     IS Shares ***      1,000.00         1,021.19         3.78         0.75   

Small Cap Growth Stock Fund

     I Shares        1,000.00         1,018.40         6.54         1.30   
     A Shares        1,000.00         1,018.30         6.64         1.32   
     C Shares        1,000.00         1,015.20         9.85         1.96   
     IS Shares ***      1,000.00         1,020.14         4.84         0.96   

Small Cap Value Equity Fund

     I Shares        1,000.00         1,018.90         6.04         1.20   
     A Shares        1,000.00         1,017.40         7.65         1.52   
     C Shares        1,000.00         1,015.50         9.55         1.90   

Aggressive Growth Allocation Strategy

     I Shares        1,000.00         1,022.40         2.52         0.50   
     A Shares        1,000.00         1,021.40         3.53         0.70   
     C Shares        1,000.00         1,018.40         6.54         1.30   

Conservative Allocation Strategy

     I Shares        1,000.00         1,023.40         1.51         0.30   
     A Shares        1,000.00         1,021.90         3.02         0.60   
     C Shares        1,000.00         1,018.40         6.54         1.30   

Growth Allocation Strategy

     I Shares        1,000.00         1,022.40         2.52         0.50   
     A Shares        1,000.00         1,021.50         3.43         0.68   
     C Shares        1,000.00         1,018.40         6.59         1.31   

Moderate Allocation Strategy

     I Shares        1,000.00         1,022.40         2.52         0.50   
     A Shares        1,000.00         1,021.50         3.48         0.69   
     C Shares        1,000.00         1,018.80         6.19         1.23   

 

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

 

** Annualized.

 

*** IS Shares Commenced operations on August 1, 2014. Expenses (hypothetical expenses if IS Shares had been in existence from April 1, 2014) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

 

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ADDITIONAL INFORMATION  (concluded)

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

Proxy Voting Information

Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-888-784-3863. The information also is included in the Funds’ Statement of Additional Information, which is available on the Funds’ website at www.ridgeworth.com and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the Funds’ website at www.ridgeworth.com and on the SEC’s website at www.sec.gov.

Quarterly Portfolio Holdings Information

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available free of charge on the SEC’s website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330.

 

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INVESTMENT ADVISER:

RidgeWorth Investments

3333 Piedmont Road, NE, Suite 1500

Atlanta, Georgia 30305

www.ridgeworth.com

INVESTMENT SUBADVISERS:

 

Ceredex Value Advisors LLC

301 East Pine Street, Suite 500

Orlando, Florida 32801

www.ceredexvalue.com

Certium Asset Management LLC

3333 Piedmont Road, NE, Suite 1500

Atlanta, Georgia 30305

www.certiumllc.com

 

Silvant Capital Management LLC

3333 Piedmont Road, NE, Suite 1500

Atlanta, Georgia 30305

www.silvantcapital.com

Zevenbergen Capital Investments LLC

601 Union Street, Suite 4600

Seattle, Washington 98101

www.zci.com

 

 

This information must be preceded or accompanied by a current prospectus for each Fund described. An investor should consider a Fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about RidgeWorth Funds can be found in a Fund’s prospectus. For additional information, please call 1-888-784-3863, or visit www.ridgeworth.com. Please read the prospectus carefully before investing.

DISTRIBUTOR:

RIDGEWORTH DISTRIBUTORS LLC

LOGO

RFAR-EQ-0315

 

LOGO


Table of Contents

LOGO

 

2015 ANNUAL REPORT

FIXED INCOME FUNDS

MARCH 31, 2015

 

LOGO

 

RidgeWorth Investments is the trade name of RidgeWorth Capital Management, LLC.

Collective Strength. Individual Insight. is a federally registered service mark of RidgeWorth Investments.


Table of Contents

TABLE OF CONTENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Letter to Shareholders   1   
Management Discussion of Fund Performance
Fixed Income Funds:

Core Bond Fund

  2   

Corporate Bond Fund

  4   

Georgia Tax-Exempt Bond Fund

  6   

High Grade Municipal Bond Fund

  8   

High Income Fund

  10   

Intermediate Bond Fund

  12   

Investment Grade Tax-Exempt Bond Fund

  14   

Limited Duration Fund

  16   

Limited-Term Federal Mortgage Securities Fund

  18   

North Carolina Tax-Exempt Bond Fund

  20   

Seix Floating Rate High Income Fund

  22   

Seix High Yield Fund

  24   

Short-Term Bond Fund

  26   

Short-Term Municipal Bond Fund

  28   

Total Return Bond Fund

  30   

Ultra-Short Bond Fund

  32   

U.S. Government Securities Fund

  34   

U.S. Government Securities Ultra-Short Bond Fund

  36   

Virginia Intermediate Municipal Bond Fund

  38   
Financial Statements
Schedules of Portfolio Investments   40   
Statements of Assets and Liabilities   131   
Statements of Operations   135   
Statements of Changes in Net Assets   139   
Financial Highlights   146   
Notes to Financial Statements   154   
Report of Independent Registered Public Accounting Firm   180   
Other Information
Other Federal Tax Information   181   
Trustees and Officers of the RidgeWorth Funds   182   
Additional Information   184   


Table of Contents

 

 

[THIS PAGE INTENTIONALLY LEFT BLANK]


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LETTER TO SHAREHOLDERS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Dear Valued Shareholder,

We sincerely thank you for your continued business and support. Our primary objective is to help you achieve your investment goals, and we’re grateful you have placed your confidence in us. We aim to earn your trust through competitive investment performance and excellent client service. We hope we have met your expectations in both of these measures, and we look forward to continuing to serve as your asset manager in the months and years to come.

The 12 months through March 31, 2015 marked the sixth year of continued recovery in the U.S. economy since the Great Recession bottomed out in March of 2009. For the consumer, job gains continued, the unemployment rate fell, inflation-adjusted disposable income rose, auto and home sales increased, and confidence improved. On the business side, profits continued to rise and margins held near cycle highs. Outside the private sector, federal, state and local spending increased, so that all segments of the economy participated in the expansion. Inflation and interest rates remained low. Not surprisingly, all this was positive for the U.S. equity market.

However, while progress has been steady, it has also been measured, and in some cases slower than normal. The economy faces a lingering headwind from excess leverage built up during the economic expansion in the 2000s, which sidelined many consumers. This was compounded by subsequent tighter lending standards. In addition, the growth rate of the labor force slowed to the lowest level in decades. These factors helped contribute to this relatively muted recovery.

Outside the U.S., growth either remained sluggish or slowed significantly from previous levels. The European Union (EU) economy in particular struggled, while growth in China continued to slow as the leadership moved to reorient activity away from exports in favor of internal consumption. The encouraging news was that global central banks began taking measures to jumpstart growth through aggressive stimulus measures. Moreover, the relative strength in the U.S. pushed up the value of the dollar, which, while a headwind for domestic producers, became a tailwind for our trading partners.

Looking ahead, we believe the downside risks to the U.S. economy remain muted despite the recent headwinds mentioned and lowered growth forecasts. We expect additional employment and income growth, and prospects outside the domestic economy have also improved. While unexpected events have the potential to derail the current recovery / expansion and increase market volatility, we are encouraged by the resiliency of the U.S. economy and its trading partners in overcoming the challenges of recent years

We continue to believe the markets will offer opportunities to investors, but they will be more selective and company-specific, an environment that fits well with RidgeWorth’s bottom-up approach to security selection. We at RidgeWorth wish to thank you again for the trust and confidence you have placed in us, and we look forward to another good year together.

Sincerely,

 

LOGO

Ashi Parikh

Chief Executive Officer, Chief Investment Officer

RidgeWorth Investments

 

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CORE BOND FUND

 

 

Portfolio Managers

 

Ÿ   James F. Keegan
Ÿ   Adrien Webb, CFA
Ÿ   Perry Troisi
Ÿ   Michael Rieger

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the Core Bond Fund returned 5.80% (I Shares), outperforming the 5.72% return for the Barclays Capital U.S. Aggregate Bond Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Bond yields fell during the 12-month period ended March 31, 2015, pushing bond prices higher. Investors favored the relative safety of U.S. Treasury and corporate debt in the wake of factors such as sluggish and uneven global economic growth, a strengthening U.S. dollar, rising geo-political tensions in Ukraine and elsewhere, falling oil prices, and near-zero (or even negative) bond yields in foreign markets.

The Fund’s investments in high-quality corporate bonds as well as the securitized sector were positive contributors to performance. The Fund’s relatively consistent allocation to agency commercial mortgage-backed securities and well-structured collateralized mortgage obligations was a positive contributor during a period of increased volatility and low interest rates.

The Fund maintained a modest overweight to investment-grade corporate securities, emphasizing the transportation, banking and communications sectors and underweighting the electric, consumer non-cyclical and technology sectors. While investment grade credit spreads widened modestly over the period, they ended near historical averages. Security selection within the corporate and mortgage-related sectors also was a positive contributor to relative performance, while the Fund’s allocation to the energy sector in the second half of 2014 modestly detracted from performance.

How do you plan to position the Fund, based on market conditions?

We will maintain the Fund’s neutral duration relative to the index and position the Fund cautiously, with only a modest overweight to corporate bonds relative to the index. While valuations of corporate bonds have improved recently, fundamental and technical conditions have simultaneously deteriorated. We believe there will be an opportunity in the future to add to the Fund’s corporate allocation at more attractive levels, given the high level of complacency among investors.

The Fund remains overweight in the securitized asset class, with an overweight position in commercial mortgage-backed securities and asset-backed securities, and an underweight position in residential mortgage-backed securities. The overall broad forward mortgage market continues to be dominated by reinvestment activity from the Federal Reserve’s quantitative easing efforts, and therefore offers little value at present. We also have recently opportunistically added to the Fund’s energy allocation. Given the approximately 50% decline in oil prices since mid-year 2014, that sector offers relative value going forward.

 

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Table of Contents

CORE BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital U.S. Aggregate Bond Index, which covers the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The Index includes bonds from the Treasury, Government- Related, Corporate, Mortgage Backed Securities (agency fixed-rate and hybrid ARM passthroughs), Asset-Backed Securities and Commercial Mortgage Backed Securities sectors. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
Core Bond Fund           1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          5.58%           2.68%           4.15%           5.03%   
     with sales charge*            0.57%           1.03%           3.14%           4.53%   

R Shares^

                5.37%           2.54%           3.94%           4.60%   

I Shares

                5.80%           2.95%           4.45%           5.34%   
Barclays Capital U.S. Aggregate Bond Index            5.72%           3.10%           4.41%           4.93%   
                                                 
Prospectus Expense Ratio1                                         Gross  
A Shares                                             0.71%   
R Shares                                             0.85%   
I Shares                                             0.42%   

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 4.75%.

 

^ Effective at the close of business on 7/31/09, C Shares converted to R Shares and C Shares are no longer available for purchase. The performance shown prior to such date is based on the performance of the C Shares of the Fund and has not been adjusted to reflect R Shares expenses.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

3


Table of Contents

CORPORATE BOND FUND

 

 

Portfolio Managers

 

Ÿ   James F. Keegan
Ÿ   Adrien Webb, CFA
Ÿ   Perry Troisi

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the Corporate Bond Fund (I Shares) delivered a 6.73% return, versus 6.81% for the Barclays Capital U.S. Corporate Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Interest rates and bond yields fell during the 12 months through March 31, 2015. Bond prices, which move inversely to bond yields, rose in that environment. The bond market rally during the period was fueled in large part by sluggish and uneven economic growth in Europe and Asia, which drove demand for the relatively attractive yields and relative safety offered by U.S. bonds. Other factors that boosted demand for U.S. fixed income securities included a strengthening U.S. dollar, strong economic growth in the U.S. relative to other countries, rising geopolitical tensions in the Middle East and elsewhere, falling oil prices that helped to dampen inflation expectations, and extremely low (even negative) yields on non-U.S. sovereign debt.

Corporate bonds performed well as interest rates declined. The yield advantage available from corporate bonds relative to Treasury bonds increased modestly, and ended the period near its historical average. We added to the Fund’s energy allocation, given the approximate 50% decline in oil prices since mid-year 2014, and the Fund ended the period with overweight allocations to the transportation, energy and communication sectors, and underweight positions in electric, consumer non-cyclical and technology. While the Fund’s allocation to the energy sector in the second half of 2014 was a modest detractor to performance (due in part to the sharp drop in oil prices), security selection within the broader corporate allocation was a positive contributor to performance for the Fund relative to the index.

How do you plan to position the Fund, based on market conditions?

We will maintain the Fund’s current positioning for the foreseeable future. Credit valuations have improved recently, but fundamental and technical conditions have deteriorated. Thus, we will continue to remain cautiously positioned, with overweight positions in sectors such as transportation, energy and communication. We also will maintain the Fund’s relatively neutral duration compared to the index.

 

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CORPORATE BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital U.S. Corporate Index, which covers U.S. dollar-denominated, investment grade, fixed-rate, taxable securities sold by industrial, utility and financial issuers. The Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
Corporate Bond Fund                 1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          6.40%           4.40%           5.71%           5.23%   
     with sales charge*            1.36%           2.72%           4.69%           4.72%   

C Shares

   without CDSC          5.69%           3.73%           5.01%           4.52%   
     with CDSC*            4.69%           3.73%           5.01%           4.52%   

I Shares

                6.73%           4.75%           6.03%           5.55%   
Barclays Capital U.S. Corporate Index                 6.81%           5.21%           6.50%           5.90%   
                                                      
Prospectus Expense Ratio1                                               Gross  
A Shares                                                  1.02%   
C Shares                                                  1.72%   
I Shares                                                  0.74%   

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.95%, 1.65% and 0.70% for A, C and I Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

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5


Table of Contents

GEORGIA TAX-EXEMPT BOND FUND

 

 

Portfolio Manager

 

Ÿ   Chris Carter, CFA

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The geographical concentration of portfolio holdings in the Fund may involve increased risk.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth Georgia Tax-Exempt Bond Fund (I Shares) posted a total return of 7.00%. That compared to 12-month returns of 6.76% and 6.62% for the Lipper Other States Municipal Debt Fund and the Barclays U.S. Municipal Bond Index, respectively.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Municipal (Muni) bonds benefited as investors shifted assets into fixed income investments during the 12-month period. Investors were attracted to muni bonds due to several factors, including these bonds’ tax-advantaged yields in the wake of higher U.S. tax rates. A general improvement in state and municipal budgets also helped attract investors to the muni bond sector, and issuance of new debt was strong during the period.

The Fund’s absolute performance benefited from price increases when yields on 5-, 10- and 30-year AAA*-rated municipal bonds fell significantly over the 12-month period. Credit spreads narrowed throughout the period as the economic outlook generally improved for municipalities. The health care and transportation sectors were the top performers for the benchmark.

In this positive environment, the Fund outperformed both of its benchmarks. The Fund’s greater-than-benchmark holdings of munis at the long end of the yield curve (maturities of 22 years and longer) helped boost the Fund’s relative performance. The long bond sector outperformed the 5-year bond sector by a substantial margin over the 12-month period. An overweight position in the education sector along with security selection in the health care sector also helped boost the Fund’s relative return.

How do you plan to position the Fund, based on market conditions?

Volatility is likely to pose a greater risk than interest rates through 2015, but volatility also creates opportunities. We believe a cautious approach is prudent, however, especially given the tightening of credit spreads witnessed over recent quarters and events surrounding a few high-profile bankruptcy cases.

We feel the Fund’s current focus on longer term bonds targets the appropriate part of the yield curve. We will continue to take a tactical approach with a focus on a higher credit quality.

 

* Credit Ratings noted herein are calculated based on S&P, Moody’s and Fitch ratings. Generally, ratings range from AAA, the highest quality rating, to D, the lowest, with BBB and above being called investment grade securities. BB and below are considered below investment grade securities. If the ratings from all three agencies are available, securities will be assigned the median rating based on the numerical equivalents. If the ratings are available from only two of the agencies, the more conservative of the ratings will be assigned to the security. If the rating is available from only one agency, then that rating will be used. Ratings do not apply to a fund or to a fund’s shares. Ratings are subject to change.

 

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Table of Contents

GEORGIA TAX-EXEMPT BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital U.S. Municipal Bond Index, which covers the U.S. dollar-denominated long-term tax-exempt bond market. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. The Index is unmanaged and does not reflect the deduction of fees such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
Georgia Tax-Exempt Bond Fund                 1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          6.89%           3.83%           4.39%           4.05%   
     with sales charge*            1.82%           2.15%           3.38%           3.54%   

I Shares

                7.00%           3.97%           4.52%           4.19%   
Barclays Capital U.S. Municipal Bond Index                 6.62%           4.05%           5.11%           4.85%   
                                                      
Prospectus Expense Ratio1                                               Gross  
A Shares                                                  0.72%   
I Shares                                                  0.57%   

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 4.75%.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

7


Table of Contents

HIGH GRADE MUNICIPAL BOND FUND

 

 

Portfolio Manager

 

Ÿ   Ronald Schwartz, CFA

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

The geographical concentration of portfolio holdings in the Fund may involve increased risk.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, The RidgeWorth High Grade Municipal Bond Fund (I Shares) posted a total return of 7.64%. That compared to 12-month returns of 7.08% and 6.62% for the Lipper General & Insured Municipal Debt Fund and the Barclays Capital U.S. Municipal Bond Index, respectively.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Municipal (Muni) bonds benefited as investors shifted assets into fixed income investments during the 12-month period. Investors were attracted to muni bonds due to several factors, including these bonds’ tax-advantaged yields in the wake of higher U.S. tax rates. A general improvement in state and municipal budgets also helped attract investors to the muni bond sector, and issuance of new debt was strong during the period.

The Fund’s absolute performance benefited from its holdings of cushion bonds, a callable bond that sells at a premium because it offers above-market coupons. These bonds were attractive in an environment where investors sought higher yields. The Fund also benefited from its exposure to longer term bonds with maturities of 15 years or more, as longer duration and lower quality bonds help drive positive performance over the 12-month period.

In this positive environment, the Fund outperformed both of its benchmarks. The Fund’s greater-than-benchmark holdings of general obligation municipal bonds were a strong contributor to positive relative performance. Overweight positions in leasing and special tax sectors also helped boost the Fund’s performance relative to its benchmark. Meanwhile, underweight positions in the transportation and water and sewer sectors detracted from relative performance, as these sectors posted relatively strong returns for the period.

How do you plan to position the Fund, based on market conditions?

Volatility is likely to pose a greater risk than interest rates through 2015, but volatility also creates opportunities. We believe a cautious approach is prudent, however, especially given the tightening of credit spreads witnessed over recent quarters and events surrounding a few high-profile bankruptcy cases.

We feel the Fund’s current focus on longer term bonds targets the appropriate part of the yield curve. We will continue to take a tactical approach with a focus on a higher credit quality.

 

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Table of Contents

HIGH GRADE MUNICIPAL BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital U.S. Municipal Bond Index, which covers the U.S. dollar-denominated long-term tax-exempt bond market. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. The Index is unmanaged and does not reflect the deduction of fees such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
High Grade Municipal Bond Fund           1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          7.48%           5.16%           6.03%           5.01%   
     with sales charge*            2.38%           3.46%           5.00%           4.51%   

I Shares

                7.64%           5.35%           6.19%           5.18%   
Barclays Capital U.S. Municipal Bond Index            6.62%           4.05%           5.11%           4.85%   
                                                      
Prospectus Expense Ratio1                                               Gross  
A Shares                                                  0.83%   
I Shares                                                  0.69%   

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.80% and 0.65% for A and I Shares, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying funds in which the Fund invests, totaled 0.01% of net assets and are included in the expense ratios listed in the table above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

* Class A Share performance reflects the maximum front-end sales charge of 4.75%.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

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9


Table of Contents

HIGH INCOME FUND

 

 

Portfolio Managers

 

Ÿ   James FitzPatrick, CFA
Ÿ   Michael Kirkpatrick

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

Although the Fund’s yield may be higher than that of fixed income funds that purchase higher-rated securities, the potentially higher yield is a function of the greater risk that the Fund’s share price will decline.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

The RidgeWorth High Income Fund (I Shares) returned 0.47%. That compared to a 2.00% return for the Fund’s benchmark, the Barclays Capital U.S. Corporate High Yield Bond Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

The income generated by the Fund’s holdings combined with a drop in the overall level of interest rates to help the Fund produce a positive absolute return for the period. Falling oil prices had a negative impact on the returns of the Fund, and on high-yield bond returns in general. Investors grew concerned that lower oil prices would reduce the credit-worthiness of certain issuers, especially in the energy sector, and sold high-yield bonds as a result.

Underweight positions in the healthcare, paper and technology industries weighed on the Fund’s performance relative to its benchmark. Unfavorable security selection in bonds issued by energy services and consumer finance companies also detracted from relative returns.

Strong security selection in diversified manufacturing, telecommunications, retail, gaming and transportation helped the Fund’s returns relative to its benchmark index. Especially beneficial holdings included bonds of a diversified marketing company, a defaulted offshore wireless telecommunications provider, an airline and new deals in the retail sector.

How do you plan to position the Fund, based on market conditions?

Fundamentals in the high-yield market remain stable apart from the energy sector, which continues to contend with the impact of low oil prices. Leverage ratios are low and sustainable, and interest coverage continues to improve. Spreads remain much wider than the historically tight levels they reached in 2007, and should provide some cushion in the event that the overall level of interest rates rises.

We continue to find pockets of value in the high-yield market. The energy sector’s volatility has produced potential opportunities to capture attractive yields in select issues. Likewise, we are finding value among certain single-B rated bonds. As always, we will be on the lookout for potential opportunities created by volatility—for example, we may be able to capture attractive yields resulting from the lack of dealer-provided liquidity during temporary sell-offs.

 

10


Table of Contents

HIGH INCOME FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital U.S. Corporate High Yield Bond Index, which covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+*** or below. The Index excludes Emerging Markets debt. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
High Income Fund                 1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          0.26%           6.74%           7.61%           7.99%   
     with sales charge*            –4.47%           5.04%           6.56%           7.46%   

R Shares^

                0.05%           6.55%           7.31%           7.53%   

I Shares

                0.47%           6.98%           7.88%           8.29%   

IS Shares**

                0.73%           7.07%           7.94%           8.32%   
Barclays Capital U.S. Corporate High Yield Bond Index            2.00%           7.46%           8.59%           8.18%   
                                                      
Prospectus Expense Ratio1                                               Gross  
A Shares                                                  0.97%   
R Shares                                                  1.20%   
I Shares                                                  0.77%   
IS Shares                                                  0.62%   

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 4.75%.

 

^ Effective at the close of business on 7/31/09, C Shares converted to R Shares and C Shares are no longer available for purchase. The performance shown prior to such date is based on the performance of the C Shares of the Fund and has not been adjusted to reflect R Share expenses.

 

** IS Shares were offered beginning on 8/1/14. The performance shown prior to such dates is based on performance of the I Shares of the Fund, and has not been adjusted to reflect IS Share expenses. If it had been, performance would have been higher.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.
*** Credit Ratings noted herein are calculated based on S&P, Moody’s and Fitch ratings. Generally, ratings range from AAA, the highest quality rating, to D, the lowest, with BBB and above being called investment grade securities. BB and below are considered below investment grade securities. If the ratings from all three agencies are available, securities will be assigned the median rating based on the numerical equivalents. If the ratings are available from only two of the agencies, the more conservative of the ratings will be assigned to the security. If the rating is available from only one agency, then that rating will be used. Ratings do not apply to a fund or to a fund’s shares. Ratings are subject to change.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

11


Table of Contents

INTERMEDIATE BOND FUND

 

 

Portfolio Managers

 

Ÿ   James F. Keegan
Ÿ   Adrien Webb, CFA
Ÿ   Perry Troisi
Ÿ   Michael Rieger
Ÿ   Seth Antiles, Ph.D

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

The RidgeWorth Intermediate Bond Fund (I Shares) returned 3.46% for the fiscal year ended March 31, 2015. That compares to a 3.58% return for the Barclays Capital Intermediate U.S. Government/Credit Bond Index during that period.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

The bond market rallied during the period as falling interest rates pushed bond yields lower, causing bond prices (which move in the opposite direction of yields) to rise.

The bond market’s strong performance resulted from several factors. Investors favored the relative safety of high-quality U.S. bonds in the wake of rising geopolitical tensions in various parts of the world, and as it became clear that the U.S. economy offered strong growth potential relative to many other economies in Europe and Asia that experienced sluggish and uneven growth. In addition, U.S. bonds offered relatively attractive yields compared to the near-zero (and, in some cases, negative) yields available on non-U.S. sovereign bonds. A strengthening U.S. dollar and falling oil prices also drove demand for U.S. fixed-income securities.

Falling U.S. interest rates were this largest contributor to the Fund’s absolute return during the 12-month period. While investment-grade credit spreads widened modestly over the period, the Fund maintained a slight overweight position investment-grade corporate bonds as credit spreads ended the period near historical averages. Security selection within the corporate and securitized sectors contributed positively to the Fund’s performance relative to the index. The Fund’s allocations to agency commercial mortgage-backed securities and high-quality asset-backed securities (primarily credit cards) also contributed positively to performance. In contrast, the Fund’s allocation to the energy sector in the second half of 2014 detracted modestly to performance, as oil prices declined significantly during the period.

How do you plan to position the Fund, based on market conditions?

Our overall investment outlook and strategy remain largely unchanged, as we believe the U.S. fixed income market will remain attractive to investors. U.S. bond yields remain higher than yields in most foreign markets, and a stronger dollar should also attract inflows to U.S. bonds. In addition, the timing of any interest rate increase by the Federal Reserve Board remains uncertain.

In that environment, the Fund’s yield curve positioning and duration will remain generally neutral to the index. We will maintain modest overweight positions to non-Treasury sectors such as residential mortgage-backed securities, agency commercial mortgage-backed securities, high-quality asset-backed securities and corporate bonds. While credit valuations have improved recently, fundamental and technical conditions have simultaneously deteriorated. We believe there will be an opportunity in the future to add to our credit allocation at more attractive valuations. We have recently opportunistically added to the Fund’s energy allocation, given the approximate 50% decline in oil prices since mid-year 2014.

 

12


Table of Contents

INTERMEDIATE BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital Intermediate U.S. Government/Credit Bond Index, which measures the performance of U.S. dollar-denominated U.S. Treasuries, government-related (the U.S. and foreign agencies, sovereign, supranational and local authority debt), and investment-grade credit securities that have a remaining maturity of greater than or equal to 1 year and less than 10 years, and have $250 million or more of outstanding face value. In addition, the securities must be fixed rate and non-convertible. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
Intermediate Bond Fund         Inception Date      1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge   06/30/99        3.31%           1.91%           3.08%           4.30%   
     with sales charge*            –1.63%           0.28%           2.08%           3.79%   

R Shares

       06/30/99        2.86%           1.55%           2.67%           3.79%   

I Shares

       06/30/99        3.46%           2.14%           3.31%           4.56%   
Barclays Capital Intermediate U.S. Government/Credit Bond Index            3.58%           2.31%           3.52%           4.34%   
                                                 
Prospectus Expense Ratio1                                         Gross  
A Shares                                             0.68%   
R Shares                                             1.03%   
I Shares                                             0.42%   

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 4.75%.

 

A Shares and R Shares were offered beginning on 10/11/04. The performance shown prior to such date for A Shares and R Shares is based on the performance of the Class I Shares of the Seix Intermediate Bond Fund, an open-end investment company that was the predecessor fund to the Intermediate Bond Fund and performance is based on the performance of I Shares. During the period 10/16/07 through 1/17/08, R Shares did not have any shareholders. Historical performance based on the predecessor fund or on the I Shares has not been adjusted to reflect A Share or R Share expenses. If it had been, the performance would have been lower.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

13


Table of Contents

INVESTMENT GRADE TAX-EXEMPT BOND FUND

 

 

Portfolio Manager

 

Ÿ   Ronald Schwartz, CFA

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth Investment Grade Tax-Exempt Bond Fund (I Shares) posted a total return of 5.25%. That compared to 12-month returns of 4.24% and 4.89% for the Lipper Intermediate Municipal Debt Fund and the Barclays Capital U.S. Municipal Bond 1-15 Year Blend Index, respectively.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Municipal (Muni) bonds benefited as investors shifted assets into fixed income investments during the 12-month period. Investors were attracted to muni bonds due to several factors, including these bonds’ tax-advantaged yields in the wake of higher U.S. tax rates. A general improvement in state and municipal budgets also helped attract investors to the muni bond sector, and issuance of new debt was strong during the period.

The Fund’s absolute performance benefited from its holdings of cushion bonds, a callable bond that sells at a premium because it offers above-market coupons. These bonds were attractive in an environment where investors sought higher yields. The Fund also benefited from holdings of refunded bonds, where the cash necessary to pay back the principal is set aside in an escrow account. Exposure to longer term bonds with maturities of 20 years or more also boosted performance as longer duration and lower quality bonds help drive positive performance over the 12-month period.

In this positive environment, the Fund outperformed both of its benchmarks. The Fund’s greater-than-benchmark holdings of revenue bonds in the hospital sector were a strong contributor to positive relative performance. Overweight positions in leasing and special tax sectors also helped boost the Fund’s performance relative to its benchmark. Meanwhile, underweight positions in the transportation, electric and water and sewer sectors detracted from relative performance, as these sectors posted relatively strong returns for the period.

How do you plan to position the Fund, based on market conditions?

Volatility is likely to pose a greater risk than interest rates through 2015, but volatility also creates opportunities. We believe a cautious approach is prudent, however, especially given the tightening of credit spreads witnessed over recent quarters and events surrounding a few high-profile bankruptcy cases.

We feel the Fund’s current focus on longer term bonds targets the appropriate part of the yield curve. We will continue to take a tactical approach with a focus on a higher credit quality.

 

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Table of Contents

INVESTMENT GRADE TAX-EXEMPT BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Barclays Capital U.S. Municipal Bond 1-15 Year Blend Index is composed of tax-exempt bonds with maturities ranging between 1 and 15 years. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
Investment Grade Tax-Exempt Bond  Fund                 1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          5.09%           3.33%           4.41%           4.48%   
     with sales charge*            0.06%           1.68%           3.40%           3.97%   

I Shares

                5.25%           3.51%           4.63%           4.75%   
Barclays Capital U.S. Municipal Bond 1-15 Year Blend Index            4.89%           3.29%           4.29%           4.51%   
                                                      
Prospectus Expense Ratio1                                               Gross  
A Shares                                                  0.91%   
I Shares                                                  0.65%   

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.80% and 0.65% for A and I Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

* Class A Share performance reflects the maximum front-end sales charge of 4.75%.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

15


Table of Contents

LIMITED DURATION FUND

 

 

Portfolio Managers

 

Ÿ   James F. Keegan
Ÿ   Adrien Webb, CFA
Ÿ   Perry Troisi
Ÿ   Michael Rieger
Ÿ   Seth Antiles, Ph.D
Ÿ   Chad K. Stephens

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

The RidgeWorth Limited Duration Fund (I Shares) returned 0.18%. That compared to a 0.02% return for the Fund’s benchmark, the Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Short-term interest rates remained low during the 12-month period, as the U.S. Federal Reserve kept the federal funds rate near zero. The Fund held a variety of short-duration mortgage- and asset-backed securities, which provided somewhat higher yields than Treasury bills of comparable durations. The income from such issues helped the Fund to provide a positive absolute return for the period, and to modestly outperform its Treasury-only benchmark index.

How do you plan to position the Fund, based on market conditions?

We remain consistent in our outlook for the short-duration market and in the ways we are positioning the Fund. Technical conditions on short-duration securities remain solid, so we do not anticipate making major changes to the Fund’s allocations in the near future. Floating-rate agency collateralized mortgage obligations make up the majority of the Fund’s assets, along with several high-quality, asset-backed securities with floating rates. We expect to continue positioning the Fund in this way during the coming months. This kind of conservative approach is consistent with the theme of income at a reasonable price that we have employed for many years.

 

16


Table of Contents

LIMITED DURATION FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index, which tracks the monthly price-only and total return performance of a three-month Treasury bill, based on monthly average auction rates. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

        Average Annual Total Returns as of 3/31/15  
Limited Duration Fund      1 Year        3 Year        5 Year        10 Year  

I Shares

       0.18%           0.49%           0.68%           1.72%   
Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index        0.02%           0.05%           0.07%           1.41%   
                                             
Prospectus Expense Ratio1                            Gross  
I Shares                                         0.44%   

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.35%. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

17


Table of Contents

LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND

 

 

Portfolio Managers

 

Ÿ   James F. Keegan
Ÿ   Perry Troisi
Ÿ   Adrien Webb, CFA
Ÿ   Michael Rieger
Ÿ   Seth Antiles, Ph.D
Ÿ   Chad K. Stephens

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the Limited-Term Federal Mortgage Securities Fund (I Shares) returned 6.16% versus 5.53% for the Barclays Capital U.S. Mortgage Backed Securities Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

The bond market performed well during the period. Falling interest rates drove bond yields lower, causing bond prices (which move in the opposite direction of yields) to rise.

Investors favored the relative safety of high-quality U.S. bonds, including the government agency bonds in which the Fund invests, due in part to increasing geopolitical tensions in various parts of the world. Bonds also rallied due to evidence that U.S. economic growth, while somewhat uneven during the period, was stronger than growth in many other countries. In addition, U.S. bonds offered relatively attractive yields compared to the near-zero (and, in some cases, negative) yields available on non-U.S. sovereign bonds. A strengthening U.S. dollar and falling oil prices also drove demand for U.S. fixed income securities.

The largest contributor to the Fund’s absolute return during the 12-month period was falling interest rates. In addition, the Fund’s consistent allocation to agency commercial mortgage-backed securities, private-label commercial mortgage-backed securities, and well-structured collateralized mortgage obligations enhanced the Fund’s performance during a period characterized by increased volatility and lower interest rates.

How do you plan to position the Fund, based on market conditions?

We expect U.S. fixed income valuations to remain generally well supported due to factors such as a stronger dollar that should attract U.S. capital inflows, as well as attractive yields on U.S bonds relative to bonds issued by many European and Asian nations. In addition, the timing of any interest rate increase by the Federal Reserve remains far from certain. Therefore, our overall investment strategy remains largely unchanged. The Fund maintains overweight positions in private and agency commercial mortgage-backed securities, and an underweight position in residential mortgage-backed securities. The overall broad forward mortgage market continues to be dominated by reinvestment activity from the Federal Reserve’s quantitative easing efforts, and therefore offers little value at present. Therefore we will maintain an underweight position in this sub-sector of the securitized market.

 

18


Table of Contents

LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital U.S. Mortgage Backed Securities Index, which covers agency pass-through securities (both fixed-rate and hybrid ARM) issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
Limited-Term Federal Mortgage Securities Fund           1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          5.86%           2.41%           3.70%           4.27%   
     with sales charge*            3.20%           1.56%           3.17%           4.01%   

C Shares

   without CDSC          5.15%           1.64%           2.90%           3.46%   
     with CDSC*            4.15%           1.64%           2.90%           3.46%   

I Shares

                6.16%           2.65%           3.92%           4.49%   
Barclays Capital U.S. Mortgage Backed Securities Index            5.53%           2.54%           3.63%           4.87%   
                                                      
Prospectus Expense Ratio1                                               Gross  
A Shares                                                  1.38%   
C Shares                                                  2.16%   
I Shares                                                  1.25%   

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.90%, 1.65% and 0.70% for A, C and I Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 2.50% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

19


Table of Contents

NORTH CAROLINA TAX-EXEMPT BOND FUND

 

 

Portfolio Manager

 

Ÿ   Chris Carter, CFA

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The geographical concentration of portfolio holdings in this Fund may involve increased risk.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth North Carolina Tax-Exempt Bond Fund (I Shares) posted a total return of 6.80%. That compared to 12-month returns of 6.76% and 6.62% for the Lipper Other States Municipal Debt Fund and the Barclays Capital U.S. Municipal Bond Index, respectively.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Municipal (Muni) bonds benefited as investors shifted assets into fixed income investments during the 12-month period. Investors were attracted to muni bonds due to several factors, including these bonds’ tax-advantaged yields in the wake of higher U.S. tax rates. A general improvement in state and municipal budgets also helped attract investors to the muni bond sector, and issuance of new debt was strong during the period.

The Fund’s absolute performance benefited from price increases when yields on 5-, 10- and 30-year AAA*-rated municipal bonds fell significantly over the 12-month period. Credit spreads narrowed throughout the period as the economic outlook generally improved for municipalities. The health care and transportation sectors were the top performers for the benchmark.

In this positive environment, the Fund outperformed both of its benchmarks. The Fund’s greater-than-benchmark holdings of munis at the long end of the yield curve (22-year maturities and longer) helped boost the Fund’s relative performance. The long bond sector outperformed the 5-year bond sector by a substantial margin over the 12-month period. Overweight positions in the education and electric sectors helped boost relative return as those sectors posted strong gains for the period.

How do you plan to position the Fund, based on market conditions?

Volatility is likely to pose a greater risk than interest rates through 2015, but volatility also creates opportunities. We believe a cautious approach is prudent, however, especially given the tightening of credit spreads witnessed over recent quarters and events surrounding a few high-profile bankruptcy cases.

We feel the Fund’s current focus on longer term bonds targets the appropriate part of the yield curve. We will continue to take a tactical approach with a focus on a higher credit quality.

 

* Credit Ratings noted herein are calculated based on S&P, Moody’s and Fitch ratings. Generally, ratings range from AAA, the highest quality rating, to D, the lowest, with BBB and above being called investment grade securities. BB and below are considered below investment grade securities. If the ratings from all three agencies are available, securities will be assigned the median rating based on the numerical equivalents. If the ratings are available from only two of the agencies, the more conservative of the ratings will be assigned to the security. If the rating is available from only one agency, then that rating will be used. Ratings do not apply to a fund or to a fund’s shares. Ratings are subject to change.

 

20


Table of Contents

NORTH CAROLINA TAX-EXEMPT BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital U.S. Municipal Bond Index, which covers the U.S. dollar-denominated long-term tax-exempt bond market. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
North Carolina Tax-Exempt Bond Fund           1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          6.56%           3.54%           4.29%           4.13%   
     with sales charge*            1.51%           1.87%           3.28%           3.62%   

I Shares

                6.80%           3.72%           4.44%           4.24%   
Barclays Capital U.S. Municipal Bond Index            6.62%           4.05%           5.11%           4.85%   
                                                 
Prospectus Expense Ratio1                                         Gross  
A Shares                                             0.78%   
I Shares                                             0.62%   

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 4.75% .
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

21


Table of Contents

SEIX FLOATING RATE HIGH INCOME FUND

 

 

Portfolio Managers

 

Ÿ   George Goudelias

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Although the Fund’s yield may be higher than that of fixed income funds that purchase higher-rated securities, the potentially higher yield is a function of the greater risk that the Fund’s share price will decline.

Floating rate loans are typically senior and secured, in contrast to other below-investment grade securities. However, there is no guarantee that the value of the collateral will not decline, causing a loan to be substantially unsecured. Loans generally are subject to restrictions on resale, and they sometimes trade infrequently in the secondary market. Certain types of loans may limit the ability of the Fund to enforce its rights and may involve assuming additional credit risks.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

The RidgeWorth Floating Rate High Income Fund (I Shares) posted a total return of 2.17%. That compared to a 12-month return of 3.42% for the Fund’s benchmark, the Credit Suisse Institutional Leveraged Loan Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Oil prices declined sharply. Investors worried that lower oil prices could hurt the credit-worthiness of borrowers in the energy sector, leading to a selloff. Loan prices fell as a result, causing spreads to widen and weighing on the Fund’s absolute returns. The income generated by the Fund’s holdings more than offset those price declines, leading to a positive return for the period.

The Fund held an overweight position in the energy and metals sectors. Those sectors suffered from the drop in oil prices and weakness in commodity prices in general, so the Fund’s positioning dragged down returns relative to the benchmark. An underweight stake in healthcare also hurt relative performance.

On the positive side, favorable security selection in airlines, diversified media, leisure, broadcasting, cable and retail helped to boost the Fund’s returns relative to the benchmark. Beneficial positions included larger-than-index weights in an issuer that owns radio stations, a hotel operator with improving fundamentals, two European cable providers and asset-rich retail companies.

How do you plan to position the Fund, based on market conditions?

Outside of the energy sector, fundamentals in the leveraged loan market remain stable. Leverage ratios remain at low, sustainable levels, and interest coverage continues to improve. Meanwhile spreads remain wider than the average over the past 10 years, and the additional yield available could provide a degree of cushion in the event of a sell-off in the credit markets.

We continue to find pockets of value in that landscape, particularly in the primary market. We also are identifying value in select energy-sector loans, some of which have sold off excessively, according to our analysis. We are always on the lookout for potential opportunities created by volatility, especially when there’s a selloff that creates room for price appreciation. Ultimately, we maintain our constructive view on the environment and believe loans from a risk/reward perspective are an attractive investment.

 

22


Table of Contents

SEIX FLOATING RATE HIGH INCOME FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO

    

This chart assumes an initial hypothetical investment of $10,000 made on 3/1/06 (inception date). Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Credit Suisse (CSFB) Institutional Leveraged Loan Index is a market value-weighted index designed to represent the investable universe of the U.S. Dollar-denominated leveraged loan market. The Index reflects reinvestment of all distributions and changes and market prices. CSFB Institutional Leveraged Loan Index is a sub index of the CSFB Leveraged Loan Index which contains only institutional loan facilities priced above 90, excluding Term Loan and Term Loan-A facilities and loans rated CC, C**** or in default. It is designed to more closely reflect the investment criteria of institutional investments. These indices are unmanaged and do not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
Seix Floating Rate High Income Fund   Inception Date      1 Year        3 Year        5 Year        Since
Inception
 

A Shares

   without sales charge   03/01/06        1.88%           4.35%           4.86%           4.17%   
     with sales charge*            –0.65%           3.46%           4.32%           3.87%   

C Shares

   without CDSC   03/01/06        1.16%           3.70%           4.17%           3.64%   
     with CDSC*            0.18%           3.70%           4.17%           3.64%   

I Shares

       03/01/06        2.17%           4.64%           5.16%           4.47%   

IS Shares**

       08/01/14        2.18%           4.64%           5.16%           13.52%   
Credit Suisse (CSFB) Institutional Leveraged Loan Index        3.42%           5.28%           5.18%           3.43% *** 
                                                      
Prospectus Expense Ratio1                                         Gross  
A Shares                                             0.90%   
C Shares                                             1.52%   
I Shares                                             0.61%   
IS Shares                                             0.52%   

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 2.50% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.

 

** IS Shares were offered beginning on 2/2/15 (Prospectus is dated 1/30/15). The performance shown prior to such dates is based on performance of the I Shares of the Fund, and has not been adjusted to reflect IS Share expenses. If it had been, performance would have been higher.

 

The A Shares and C Shares were offered beginning on 5/8/06 and 8/2/07, respectively. The performance shown prior to such dates is based on the performance of the I Shares of the Fund, and has not been adjusted to reflect A Share or C Share expenses. If it had been, the performance would have been lower.

 

*** The performance return and the hypothetical $10,000 investment for the CSFB Institutional Leveraged Loan Index is for the period from 2/28/06 to 3/31/15.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.
**** Credit Ratings noted herein are calculated based on S&P, Moody’s and Fitch ratings. Generally, ratings range from AAA, the highest quality rating, to D, the lowest, with BBB and above being called investment grade securities. BB and below are considered below investment grade securities. If the ratings from all three agencies are available, securities will be assigned the median rating based on the numerical equivalents. If the ratings are available from only two of the agencies, the more conservative of the ratings will be assigned to the security. If the rating is available from only one agency, then that rating will be used. Ratings do not apply to a fund or to a fund’s shares. Ratings are subject to change.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

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* Less than 0.05% of Net Assets.

 

 

23


Table of Contents

SEIX HIGH YIELD FUND

 

 

Portfolio Managers

 

Ÿ   Michael Kirkpatrick
Ÿ   James FitzPatrick, CFA

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Although the Fund’s yield may be higher than that of fixed income funds that purchase higher-rated securities, the potentially higher yield is a function of the greater risk that the Fund’s share price will decline.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

The RidgeWorth SEIX High Yield Fund (I Shares) returned 1.53%. That compared to a 3.18% return for the Fund’s benchmark, the Bank of America Merrill Lynch BB-B U.S. High Yield Constrained Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

The Fund generated a positive absolute return for the period as a result of two factors: a decline in the overall level of interest rates and income from the Fund’s holdings. Falling oil prices depressed high yield bond returns, because investors became concerned that certain issuers, especially those in the energy sector, would have greater difficulty servicing their debts.

Underweight positions in the healthcare and paper industries weighed on the Fund’s performance relative to its benchmark. Unfavorable security selection in bonds issued by energy services, shipping, commodity-linked mining and consumer finance companies also detracted from relative returns.

Strong security selection in construction, diversified manufacturing, telecommunications, retail and utilities helped the Fund’s returns relative to its benchmark index. Especially beneficial securities included bonds of B-rated power generators, a large cement producer, a defaulted offshore wireless telecommunications provider. New deals in the retail sector also added to relative performance.

How do you plan to position the Fund, based on market conditions?

Fundamentals in the high yield market remain stable apart from the energy sector, which continues to contend with the impact of low oil prices. Companies in the high yield universe are holding leverage ratios at low, sustainable levels, on the whole, and improving their interest coverage. Spreads remain much wider than the historically tight levels they reached in 2007, so they should provide some cushion in the event that the general level of interest rates increases.

We continue to find pockets of value in the high yield market. Single-B rated bonds present some potentially compelling value opportunities today; certain securities offer relatively strong yield given our estimation of their risk. We are always on the lookout for potential opportunities created by volatility. For example, the energy sector’s volatility has produced potential opportunities to capture attractive yields in select issues. In a similar fashion, we may be able to capitalize on the lack of dealer-provided liquidity in the market by capturing attractive yields during sell-offs in the high yield market.

 

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Table of Contents

SEIX HIGH YIELD FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Bank of America Merrill Lynch BB-B U.S. High Yield Constrained Index, which tracks the performance of BB1 through B3 U.S. Dollar-denominated corporate bonds publicly issued in the U.S. domestic market and is restricted to a maximum of 2% per issuer. This Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
Seix High Yield Fund           1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          1.24%           6.63%           7.55%           6.33%   
     with sales charge*            –3.52%           4.92%           6.51%           5.81%   

R Shares^

                1.05%           6.38%           7.22%           5.73%   

I Shares

                1.53%           6.90%           7.80%           6.50%   
Bank of America Merrill Lynch BB-B U.S. High Yield
Constrained Index
       3.18%           7.42%           8.38%           7.51%   
                                                 
Prospectus Expense Ratio1                                         Gross  
A Shares                                             0.82%   
R Shares                                             1.05%   
I Shares                                             0.56%   

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 4.75%.

 

^ Effective at the close of business on 7/31/09, C Shares converted to R Shares and C Shares are no longer available for purchase. The performance shown prior to such date is based on the performance of the C Shares of the Fund and has not been adjusted to reflect R Share expenses.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

25


Table of Contents

SHORT-TERM BOND FUND

 

 

Portfolio Managers

 

Ÿ   H. Rick Nelson*
Ÿ   Chad K. Stephens
Ÿ   Michael Rieger
Ÿ   Perry Troisi
Ÿ   Adrien Webb, CFA

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth Short-Term Bond Fund I Shares returned 0.93% versus 1.12% for the Barclays Capital 1-3 Year Government/Credit Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

While longer term interest rates fell sharply over the 12-month period under review, short-term interest rates remained within a narrow range as the U.S. Federal Reserve maintained its near-zero interest rate fiscal policy. In that environment, coupon income and modest price appreciation from the Fund’s holdings were the largest contributors to the Fund’s performance. The Fund’s consistent overweigh allocation to corporate, commercial mortgage-backed and residential mortgage-backed securities relative to the Index also contributed positively to the Fund’s performance during the period. These sectors of the bond market offered attractive yields relative to Treasury securities.

How do you plan to position the Fund, based on market conditions?

Technical conditions remain positive for high-quality short-duration assets. A number of factors suggest that the Fed may not raise short-term interest rates in 2015 as some investors are predicting. More than six years of a zero interest rate policy and quantitative easing by the Fed have been supportive of financial asset valuations, but arguably less so for the real economy. Therefore, the Fed appears more concerned about being too early rather than too late in reversing course, fearful of any potentially painful economic shock or stock selloff. In addition, corporate profits could come under increasing pressure in 2015 if economic growth is sluggish and uneven—a development that would further delay action by the Fed to raise rates. However, if the Fed does begin to raise rates this year, it most likely will do so in gradual and incremental steps rather than at a rapid pace.

As a result, we will maintain our overall investment strategy. The Fund’s yield curve positioning and duration remains generally neutral to the index. We also will maintain an overweight position in private and agency commercial mortgage-backed securities as well as high-quality asset-backed securities. We have shifted to an underweight position in residential mortgage-backed securities. The overall broad forward mortgage market continues to be dominated by reinvestment activity from the Federal Reserve’s quantitative easing efforts, and therefore offers little value at present.

 

* Effective April 15, 2015, Mr. H. Rick Nelson is no longer a portfolio manager of the Short-Term Bond Fund.

 

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Table of Contents

SHORT-TERM BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital 1-3 Year Government/Credit Index. The Barclays Capital 1-3 Year Government/Credit Index (Barclays Index) is the 1-3 year component of the U.S. Government/Credit Index. The Barclays Index includes securities in the Barclays Capital Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Barclays Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

           Average Annual Total Returns as of 3/31/15  
Short-Term Bond Fund         1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge     0.63%           0.86%           1.41%           2.79%   
     with sales charge*     –1.93%           0.00%           0.89%           2.53%   

C Shares

   without CDSC     0.31%           0.24%           0.71%           2.04%   
     with CDSC*     –0.69%           0.24%           0.71%           2.04%   

I Shares

         0.93%           1.11%           1.64%           3.02%   
Barclays Capital 1-3 Year Government/Credit Index          1.12%           0.97%           1.35%           2.94%   
                                               
Prospectus Expense Ratio1                                       Gross  
A Shares                                           0.84%   
C Shares                                           1.60%   
I Shares                                           0.62%   

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.80%, 1.60% and 0.60% for A, C and I Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 2.50% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

27


Table of Contents

SHORT-TERM MUNICIPAL BOND FUND

 

 

Portfolio Manager

 

Ÿ   Ronald Schwartz, CFA
Ÿ   Dusty L. Self

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The geographical concentration of portfolio holdings in this fund may involve increased risk.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth Short-Term Municipal Bond Fund (I Shares) posted a total return of 1.21%. That compares to 12-month returns of 0.79% and 1.34% for the Lipper Short Municipal Debt Fund and the Barclays Capital 1-5 Year Municipal Bond Index, respectively.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Municipal (Muni) bonds benefited as investors shifted assets into fixed income investments during the 12-month period. Investors were attracted to muni bonds due to several factors, including these bonds’ tax-advantaged yields in the wake of higher U.S. tax rates. A general improvement in state and municipal budgets also helped attract investors to the muni bond sector, and issuance of new debt was strong during the period.

The Fund’s absolute performance benefited from its exposure to bonds with maturities between four and six years, as longer durations helped drive positive performance over the 12-month period.

In this environment, the Fund’s greater-than-benchmark holdings of general obligation municipal bonds were a strong contributor to positive relative performance. Overweight positions in education-related bonds, leasing and special tax sectors also helped boost the Fund’s performance relative to its benchmarks. A barbell strategy that targeted short-term bonds as well as bonds with six- to eight-year maturities also helped boost relative performance.

The Fund was hurt by underweight positions in pre-refunded bonds, where the cash necessary to pay back the principal is set aside in an escrow account, as well as municipal bonds in the transportation sector. A below-benchmark exposure to AA-rated commercial paper also dragged on performance as these unsecured fixed income investments generally offer higher yields than short-term bonds.

How do you plan to position the Fund, based on market conditions?

Volatility is likely to pose a greater risk than interest rates through 2015, but volatility also creates opportunities. We believe a cautious approach is prudent, however, especially given the tightening of credit spreads witnessed over recent quarters and events surrounding a few high-profile bankruptcy cases.

We feel the Fund’s current focus on longer term bonds targets the appropriate part of the yield curve. We will continue to take a tactical approach with a focus on a higher credit quality.

 

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Table of Contents

SHORT-TERM MUNICIPAL BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO

    

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital 1-5 Year Municipal Bond Index, which covers investment grade tax-exempt municipal bonds with maturities of 1-6 years. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
Short-Term Municipal Bond Fund           1 Year        3 Year        5 Year        10 Year  

A Shares*

   without sales charge          1.06%           1.39%           2.85%           3.63%   
     with sales charge**            –1.51%           0.52%           2.32%           3.37%   

I Shares

                1.21%           1.52%           2.99%           3.71%   
Barclays Capital 1-5 Year Municipal Bond Index            1.34%           1.33%           1.91%           3.04%   
                                                      
Prospectus Expense Ratio1                                               Gross  
A Shares                                                  0.76%   
I Shares                                                  0.64%   

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.70% and 0.55% for A and I Shares, respectively. Without these fee waivers, performance would have been lower. The indirect expenses of the Fund, which represent a pro-rata share of the expenses of the underlying funds in which the Fund invests, totaled 0.02% of net assets and are included in the expense ratios listed in the table above.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

* Prior to August 1, 2009, there were no assets in Class A Shares. The performance shown prior to such date is based on the performance of the I Shares of the Fund and has not been adjusted to reflect A Shares expenses. If it had been, performance would have been lower.

 

** Class A Shares performance reflects the maximum front-end sales charge of 2.50%.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

29


Table of Contents

TOTAL RETURN BOND FUND

 

 

Portfolio Managers

 

Ÿ   James F. Keegan
Ÿ   Adrien Webb, CFA
Ÿ   Perry Troisi
Ÿ   Seth Antiles, Ph.D.
Ÿ   Michael Rieger

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth Total Return Bond Fund (I Shares) returned 5.47%. That compares to a 5.72% return for the Fund’s benchmark, the Barclays Capital U.S. Aggregate Bond Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Demand for high-quality U.S. bonds was strong during the period. Investors sought the relative safety of domestic fixed-income investments due to sluggish and uneven global economic growth, a strengthening U.S. dollar, rising geopolitical tensions, falling oil prices, and near-zero (or negative) yields on non-U.S. sovereign bonds. In that environment, bond yields fell and bond prices rose.

Falling U.S. interest rates were the largest contributor to the Fund’s absolute return during the 12-month period under review. We maintained a modest overweight position in investment-grade corporate bonds. While the difference in yield (or spread) between these types of bonds and comparable Treasury bonds increased modestly over the period, credit spreads ended the period near their historical averages.

While the Fund’s allocation to the energy sector in the second half of 2014 was a modest detractor to performance relative to the Index, security selection within the corporate and mortgage-related sectors generally contributed positively to the Fund’s return. The Fund’s relatively consistent allocation to agency commercial mortgage-backed securities and well-structured collateralized mortgage obligations also benefited performance during the period of increased volatility and lower interest rates. We reduced the Fund’s allocation to the high-yield bond sector over the past few quarters and eventually eliminated the Fund’s allocation to the sector during first quarter of 2015, as we believed high-yield bonds no longer offered returns that were attractive enough to compensate for their additional risk. The fund held a modest allocation to U.S. government related securities during the entire period.

How do you plan to position the Fund, based on market conditions?

The Fund’s duration and yield curve positioning remains neutral relative to the index, and U.S. Treasury securities remain the Fund’s largest holding. While valuations of corporate bonds have improved recently, fundamental and technical conditions in the corporate sector have simultaneously deteriorated. Thus, the Fund remains cautiously positioned with only a modest overweight in corporate bonds relative to the benchmark index. Given the high level of complacency among investors, we believe there will be an opportunity to add to our credit allocation at more attractive levels in the future.

We have recently added to the Fund’s energy allocation, as the approximate 50% decline in oil prices since mid-year 2014 has made investments in that sector more attractive. The Fund remains overweight in the securitized asset class, with an overweight in commercial mortgage-backed securities and asset-backed securities. The Fund also remains underweight in residential mortgage-backed securities. The broad forward mortgage market continues to be dominated by reinvestment activity from the Federal Reserve’s quantitative easing efforts, and therefore offers little value at present.

The Fund ended the period with no allocation to the high-yield “plus” sector, due to valuation concerns. We anticipate adding to this sector at more attractive levels in the future. Additionally, the Fund will opportunistically utilize tactical global strategies in various foreign rate and currency markets.

 

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Table of Contents

TOTAL RETURN BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO

    

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital U.S. Aggregate Bond Index, which covers the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The Index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS and CMBS sectors. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
Total Return Bond Fund           1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          5.28%           2.75%           4.47%           4.99%   
     with sales charge*            0.25%           1.11%           3.46%           4.48%   

R Shares

                4.83%           2.38%           4.15%           4.57%   

I Shares

                5.47%           3.03%           4.75%           5.32%   

IS Shares**

                5.57%           3.06%           4.77%           5.33%   
Barclays Capital U.S. Aggregate Bond Index            5.72%           3.10%           4.41%           4.93%   
                                                 
Prospectus Expense Ratio1                                         Gross  
A Shares                                             0.70%   
R Shares                                             1.07%   
I Shares                                             0.41%   
IS Shares                                             0.32%   

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.75%, 1.05%, 0.50% and 0.40% for A, R, I and IS Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 4.75%.

 

** IS Shares were offered beginning on 8/1/14. The performance shown prior to such dates is based on performance of the I Shares of the Fund, and has not been adjusted to reflect IS Share expenses. If it had been, performance would have been higher.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

31


Table of Contents

ULTRA-SHORT BOND FUND

 

 

Portfolio Managers

 

Ÿ   H. Rick Nelson*
Ÿ   Chad K. Stephens
Ÿ   Michael Rieger
Ÿ   Perry Troisi
Ÿ   Adrien Webb, CFA

 

 

INVESTMENT CONCERNS

 

Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

The RidgeWorth Ultra-Short Bond Fund (I Shares) returned 0.55%. That compared to a 0.08% return for the Fund’s benchmark, the Barclays Capital 3-6 Month U.S. Treasury Bill Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Short-term interest rates remained within a narrow band during the 12-month period, as the U.S. Federal Reserve maintained its near-zero interest rate policy. These dynamics were very different from those on the long end of the yield curve, where rates fell sharply.

The Fund held an overweight position in “spread sectors” such as corporate paper and securitized bonds, which provide higher yield than Treasury bills. That positioning provided the largest positive contribution to performance during the fiscal year, as technical conditions remained solid for the short-duration corporate and securitized markets. We held the Fund’s duration and yield curve positioning roughly neutral with the benchmark, so those factors had little influence on relative performance.

How do you plan to position the Fund, based on market conditions?

We remain consistent in our outlook and the ways we are positioning the Fund. We held the Fund’s allocations relatively steady during the past 12 months, emphasizing spread sectors over Treasury securities and holding duration and yield-curve positioning neutral. Technical conditions in the short-duration part of the market remain solid, so we do not anticipate making major changes to the Fund’s allocations in the near future. In particular, we are likely to continue over-weighting the corporate and securitized sectors to capture the greater yield they offer. Likewise, we expect to keep duration and yield-curve positioning similar to that of the index.

 

* Effective April 15, 2015, Mr. H. Rick Nelson is no longer a portfolio manager of the Ultra-Short Bond Fund.

 

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Table of Contents

ULTRA-SHORT BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO

    

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital 3-6 Month U.S. Treasury Bill Index. The Barclays Capital 3-6 Month U.S. Treasury Bill Index (“Index”) is the 3-6 month component of the Barclays Capital U.S. Treasury Bills Index, which includes U.S. Treasury bills with a remaining maturity from 1 up to (but not including) 12 months. It excludes zero coupon strips. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

        Average Annual Total Returns as of 3/31/15  
Ultra-Short Bond Fund      1 Year      3 Year      5 Year        10 Year  

I Shares

     0.55%      0.90%        1.16%           2.48%   
Barclays Capital 3-6 Month U.S. Treasury Bill Index      0.08%      0.12%        0.15%           1.65%   
                                     
Prospectus Expense Ratio1                                Gross  
I Shares                                 0.35%   

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

33


Table of Contents

U.S. GOVERNMENT SECURITIES FUND

 

 

Portfolio Managers

 

Ÿ   James F. Keegan
Ÿ   Adrien Webb, CFA
Ÿ   Perry Troisi
Ÿ   Michael Rieger
Ÿ   Seth Antiles, Ph.D

 

 

INVESTMENT CONCERNS

 

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

The RidgeWorth U.S. Government Securities Fund (I Shares) returned 4.47% for the fiscal year ended March 31, 2014. That compares to a 5.22% return for the Fund’s benchmark, the Barclays Capital U.S. Government Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Falling interest rates in the U.S. were the largest contributor to the Fund’s absolute return during the 12-month period under review. Interest rates were driven lower by concerns about sluggish and uneven global economic growth, rising geopolitical tensions and falling oil prices that some investors worried were caused in part by weak demand. These factors, along with a strengthening U.S. dollar and near-zero (or negative) yields on non-U.S. sovereign bonds, drove investors to the relative safety of high-quality U.S. Treasury securities during the period. In this environment, bond yields fell and bond prices rose.

The Fund’s assets were allocated to Treasury securities only. That exposure benefited the Fund’s absolute performance as Treasury yields fell and prices rose. However, the other sector of government agency issues, which makes up 8.40% of the Index, outperformed Treasuries during the period, and the Fund’s lack of exposure to this sector detracted from relative performance.

How do you plan to position the Fund based on market conditions?

We remain steadfast and consistent in our outlook and positioning. Although yields on U.S. bonds remain historically low, they are attractive relative to bonds in foreign markets. In addition, the timing of any interest rate increase by the Federal Reserve remains uncertain. With complacency remaining high in the markets, we continue to maintain our current allocation of U.S. Treasury securities exclusively.

 

34


Table of Contents

U.S. GOVERNMENT SECURITIES FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital U.S. Government Index (“Index”), which is composed of the Barclays Capital U.S. Treasury and U.S. Agency indices. The Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasi federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

                   Average Annual Total Returns as of 3/31/15  
U.S. Government Securities Fund           1 Year        3 Year        5 Year        10 Year  

A Shares

   without sales charge          4.39%           1.35%           3.21%           3.72%   
     with sales charge*            –0.59%           –0.27%           2.20%           3.22%   

C Shares

   without CDSC          3.79%           0.99%           2.72%           3.12%   
     with CDSC*            2.79%           0.99%           2.72%           3.12%   

I Shares

                4.47%           1.57%           3.46%           3.99%   
Barclays Capital U.S. Government Index            5.22%           2.32%           3.80%           4.50%   
                                                      
Prospectus Expense Ratio1                                         Gross  
A Shares                                             1.12%   
C Shares                                             1.82%   
I Shares                                             0.95%   

The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2015 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.95%, 1.70% and 0.75% for A, C and I Shares, respectively. Without these fee waivers, performance would have been lower.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

35


Table of Contents

U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND

 

 

Portfolio Managers

 

Ÿ   H. Rick Nelson*
Ÿ   Chad K. Stephens
Ÿ   Michael Rieger
Ÿ   Perry Troisi

 

 

INVESTMENT CONCERNS

 

Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

The RidgeWorth U.S. Government Securities Ultra-Short Bond Fund (I Shares) returned 0.77%. That compared to a 0.08% return for the Fund’s benchmark, the Barclays Capital 3-6 Month U.S. Treasury Bill Index.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Short-term interest rates moved within a narrow band during the 12-month period, as the U.S. Federal Reserve continued to hold its target short-term interest rate near zero. The market dynamics were very different on the long end of the yield curve, where rates fell sharply.

The largest positive contributor to the Fund’s returns was its overweight position in the securitized sector, where technical conditions remained favorable. Late in the period we shifted a meaningful portion of the Fund’s mortgage allocation out of post-reset Adjustable Rate Mortgages (ARMs) and into agency fixed-rate securities and ARM-backed floating-rate collateralized mortgage obligations. We made this adjustment in an effort to reduce exposure to prepayment risk—that is, the risk that mortgage holders would refinance, paying off the loans backing the securities.

How do you plan to position the Fund, based on market conditions?

We are likely to maintain an overweight position in agency securitized issues. With interest rates remaining near zero, we will continue to adjust the Fund’s allocations in an effort to manage exposure to prepayment risk.

 

* Effective April 15, 2015, Mr. H. Rick Nelson is no longer a portfolio manager of the U.S. Government Securities Ultra-Short Bond Fund.

 

36


Table of Contents

U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital 3-6 Month U.S. Treasury Bill Index (“Index”). The Index is the 3-6 month component of the Barclays Capital U.S. Treasury Bills Index, which includes U.S. Treasury bills with a remaining maturity from 1 up to (but not including) 12 months. It excludes zero coupon strips. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

        Average Annual Total Returns as of 3/31/15  
U.S. Government Securities Ultra-Short Bond Fund      1 Year      3 Year      5 Year        10 Year  

I Shares

     0.77%      0.67%        1.07%           2.72%   
Barclays Capital 3-6 Month U.S. Treasury Bill Index      0.08%      0.12%        0.15%           1.65%   
                                     
Prospectus Expense Ratio1                                Gross  
I Shares                                 0.38%   

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

37


Table of Contents

VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND

 

 

Portfolio Manager

 

Ÿ   Chris Carter, CFA

 

 

INVESTMENT CONCERNS

 

The geographical concentration of portfolio holdings in this Fund may involve increased risk.

Mutual fund investing involves risk, including possible loss of principal. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

Debt securities will generally lose value if interest rates increase. Interest rate risk is generally higher for investments with longer maturities or durations. Debt securities are subject to the risk that an issuer will fail to make timely payments of interest or principal or go bankrupt, reducing the Fund’s return. The lower the rating of a debt security, the higher its credit risk.

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

How did the Fund perform against its benchmark for the fiscal year ended March 31, 2015?

For the fiscal year ended March 31, 2015, the RidgeWorth Virginia Intermediate Municipal Bond Fund (I Shares) posted a total return of 4.54%. That compared to 12-month returns of 4.28% and 4.89% for the Lipper Other States Intermediate Municipal Debt Fund and the Barclays Capital U.S. Municipal Bond 1-15 Year Blend Index, respectively.

What factors influenced the Fund’s performance for the fiscal year ended March 31, 2015?

Municipal (Muni) bonds benefited as investors shifted assets into fixed income investments during the 12-month period. Investors were attracted to muni bonds due to several factors, including these bonds’ tax-advantaged yields in the wake of higher U.S. tax rates. A general improvement in state and municipal budgets also helped attract investors to the muni bond sector, and issuance of new debt was strong during the period.

The Fund’s absolute performance benefited from price increases when yields on five-, 10- and 30- AAA-rated municipal bonds fell significantly over the 12-month period. Credit spreads, or the difference between yields on bonds of similar maturity but different credit quality, narrowed throughout the period as the economic outlook generally improved for municipalities. The health care and transportation sectors were the top performers for the benchmark.

In this positive environment, the Fund outperformed one of its two benchmarks. The Fund’s greater-than-benchmark holdings of munis with 17-year maturities and longer helped boost the Fund’s relative performance. The long bond sector outperformed the five-year bond sector by a substantial margin over the 12-month period. An overweight position in the leasing sector as well as security selection in the health care sector and among general obligation bonds also helped boost relative return.

How do you plan to position the Fund, based on market conditions?

Volatility is likely to pose a greater risk than interest rates through 2015, but volatility also creates opportunities. We believe a cautious approach is prudent, however, especially given the tightening of credit spreads witnessed over recent quarters and events surrounding a few high-profile bankruptcy cases.

We feel the Fund’s current focus on longer term bonds targets the appropriate part of the yield curve. We will continue to take a tactical approach with a focus on a higher credit quality.

 

38


Table of Contents

VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND

 

 

Growth of a $10,000 Investment (as of March 31, 2015)

 

LOGO     

This chart assumes an initial hypothetical investment of $10,000 made on 3/31/05. Total return is based on net change in the Net Asset Value (“NAV”) assuming reinvestment of distributions. Returns shown on this page include reinvestment of all dividends and other distributions.

 

The Fund’s performance is compared to the Barclays Capital U.S. Municipal Bond 1-15 Year Blend Index (“Index”) which is an index of tax-exempt bonds with maturities ranging between 1 and 15 years. The Index is unmanaged and does not reflect the deduction of fees, such as investment management and fund accounting fees associated with a mutual fund. Investors cannot invest directly in an index.

 

              Average Annual Total Returns as of 3/31/15  
Virginia Intermediate Municipal Bond Fund            1 Year      3 Year        5 Year        10 Year  

A Shares

   without sales charge      4.45%        2.49%           3.54%           3.88%   
     with sales charge*      –0.47%        0.84%           2.54%           3.38%   

I Shares

          4.54%        2.66%           3.71%           4.03%   
Barclays Capital U.S. Municipal Bond 1-15 Year Blend Index           4.89%        3.29%           4.29%           4.51%   
                                              
Prospectus Expense Ratio1                                        Gross  
A Shares                                          0.74%   
I Shares                                          0.59%   

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, visit our website at www.ridgeworth.com.

 

* Class A Share performance reflects the maximum front-end sales charge of 4.75%.
1  This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/15 expense ratios can be found in the financial highlights.

 

Investment Weightings (as of March 31, 2015)

as a percentage of investments

 

LOGO

 

 

39


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Core Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  

Asset-Backed Securities 5.3%

  

Automobiles 0.6%

Ford Credit Auto Owner Trust, Series 2014-2, Cl A, 2.310%, 04/15/26(a)

  1,145,000      1,166,398   
    

 

 

 

Credit Card 2.9%

Barclays Dryrock Issuance Trust, Series 2014-3, Cl A, 2.410%, 07/15/22

  1,934,000      1,976,764   

Cabela’s Master Credit Card Trust, Series 2014-1, Cl A, 0.525%, 03/16/20(b)

  413,000      413,023   

Capital One Multi-Asset Execution Trust, Series 2006-B1, Cl B1, 0.455%, 01/15/19(b)

  823,000      820,848   

Chase Issuance Trust, Series 2014-A7, Cl A, 1.380%, 11/15/19

  1,140,000      1,144,322   

Discover Card Execution Note Trust, Series 2012-B3, Cl B3, 0.625%, 05/15/18(b)

  1,585,000      1,584,071   
    

 

 

 
  5,939,028   
    

 

 

 

Other 1.8%

DB Master Finance LLC, Series 2015-1A, Cl A2II, 3.980%, 02/20/45(a)

  1,195,000      1,220,406   

Domino’s Pizza Master Issuer LLC, Series 2012-1A, Cl A2, 5.216%, 01/25/42(a)

  1,655,186      1,721,036   

SBA Tower Trust, Series 2014-2A, Cl C, 3.869%, 10/15/49(a)

  775,000      806,645   
    

 

 

 
  3,748,087   
    

 

 

 

Total Asset-Backed Securities
(Cost $10,659,689)

  10,853,513   
    

 

 

 

Collateralized Mortgage Obligations 4.1%

  

Agency Collateralized Mortgage Obligations 0.0%(c)

  

Federal Home Loan Mortgage Corporation

Series 3768, Cl CB, 3.500%, 12/15/25

  36,000      38,960   

Series 3877, Cl LM, 3.500%, 06/15/26

  26,000      28,166   
    

 

 

 
  67,126   
    

 

 

 

Commercial Mortgage Backed Securities 4.1%

  

Federal National Mortgage Association

Series 2014-M8, Cl A2, 3.056%, 06/25/24(b)

  1,288,000      1,348,836   
   Shares or
Principal
Amount($)
  Value($)  

Commercial Mortgage Backed Securities—continued

  

GS Mortgage Securities Corp. II

Series 2012-ALOH, Cl A, 3.551%, 04/10/34(a)

  746,000      797,090   

Series 2012-BWTR, Cl B, 3.255%, 11/05/34(a)

  1,195,000      1,224,894   
    

 

 

 
  2,021,984   
    

 

 

 

GS Mortgage Securities Trust

Series 2011-GC5, Cl AS, 5.209%, 08/10/44(a)(b)

  440,000      505,935   
    

 

 

 

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2011-C3, Cl D,
5.568%, 02/15/46(a)(b)

  1,314,000      1,463,824   

Series 2012-HSBC, Cl B, 3.722%, 07/05/32(a)

  380,000      402,776   
    

 

 

 
  1,866,600   
    

 

 

 

Morgan Stanley Capital I Trust

Series 2014-CPT, Cl A, 3.350%, 07/13/29(a)

  385,000      406,137   
    

 

 

 

OBP Depositor LLC Trust

Series 2010-OBP, Cl A, 4.646%, 07/15/45(a)

  866,000      972,160   
    

 

 

 

WFRBS Commercial Mortgage Trust

Series 2011-C3, Cl D,
5.553%, 03/15/44(a)(b)

  1,019,000      1,114,014   
    

 

 

 
  8,235,666   
    

 

 

 

Total Collateralized Mortgage Obligations (Cost $8,020,506)

  8,302,792   
    

 

 

 

Corporate Bonds 24.3%

Aerospace/Defense 0.3%

L-3 Communications Corp., 3.950%, 05/28/24

  568,000      582,942   
    

 

 

 

Agriculture 0.3%

Japan Tobacco, Inc.,
2.100%, 07/23/18(a)

  693,000      702,988   
    

 

 

 

Airlines 0.8%

American Airlines Pass Through Trust, Series 2013-2, 4.950%, 01/15/23

  976,285      1,069,032   

United Airlines Pass Through Trust, Series 2014-1, Cl A, 4.000%, 04/11/26

  594,000      626,670   
    

 

 

 
  1,695,702   
    

 

 

 
 

 

See Notes to Financial Statements.

 

40


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Core Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Auto Manufacturers 1.0%

Daimler Finance North America LLC, 2.250%, 03/02/20(a)

  317,000      319,177   

Ford Motor Credit Co. LLC, 2.145%, 01/09/18

  227,000      229,593   

Ford Motor Credit Co. LLC, 5.000%, 05/15/18

  528,000      575,767   

Harley-Davidson Financial Services, Inc., 2.150%, 02/26/20(a)

  250,000      251,483   

Toyota Motor Credit Corp., 3.200%, 06/17/15, MTN

  241,000      242,466   

Volkswagen International Finance, 2.375%, 03/22/17(a)

  381,000      389,801   
    

 

 

 
  2,008,287   
    

 

 

 

Auto Parts & Equipment 0.2%

Delphi Corp., 4.150%, 03/15/24

  306,000      325,300   
    

 

 

 

Banks 5.5%

Bank of America Corp., 1.700%, 08/25/17, MTN

  512,000      513,980   

Bank of America Corp., 4.250%, 10/22/26, MTN

  415,000      428,422   

Bank of America Corp., Series L, 2.600%, 01/15/19

  550,000      559,785   

Bank of America NA, 1.250%, 02/14/17

  279,000      279,544   

Citigroup, Inc., 2.500%, 09/26/18

  827,000      843,209   

Citigroup, Inc., 4.950%, 11/07/43

  539,000      622,866   

Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/20(a)

  250,000      251,426   

Credit Suisse Group Funding Guernsey Ltd., 3.750%, 03/26/25(a)

  632,000      639,391   

Goldman Sachs Group, Inc. (The), 2.550%, 10/23/19

  440,000      446,116   

Goldman Sachs Group, Inc. (The), 2.625%, 01/31/19

  478,000      488,356   

Huntington National Bank (The), 1.300%, 11/20/16

  602,000      602,592   

ING Bank NV, 1.800%, 03/16/18(a)

  262,000      263,622   

JPMorgan Chase & Co., 2.250%, 01/23/20

  655,000      656,403   

KeyBank NA, 1.650%, 02/01/18

  831,000      834,565   
   Shares or
Principal
Amount($)
  Value($)  

Banks—continued

Morgan Stanley, 4.300%, 01/27/45

  1,179,000      1,221,712   

Morgan Stanley, Series F, 3.875%, 04/29/24

  396,000      416,427   

UBS AG, 2.375%, 08/14/19, MTN

  694,000      699,535   

US Bancorp, 3.600%, 09/11/24, MTN

  734,000      765,753   

US Bank NA, 1.100%, 01/30/17

  719,000      721,242   
    

 

 

 
  11,254,946   
    

 

 

 

Beverages 0.3%

SABMiller Holdings, Inc., 2.450%, 01/15/17(a)

  683,000      697,985   
    

 

 

 

Biotechnology 0.2%

  

Celgene Corp., 4.625%, 05/15/44

  196,000      208,487   

Gilead Sciences, Inc., 4.500%, 02/01/45

  240,000      265,060   
    

 

 

 
  473,547   
    

 

 

 

Commercial Services 0.9%

ERAC USA Finance LLC, 2.750%, 03/15/17(a)

  260,000      266,893   

ERAC USA Finance LLC, 3.850%, 11/15/24(a)

  210,000      218,733   

ERAC USA Finance LLC, 4.500%, 02/15/45(a)

  192,000      194,240   

ERAC USA Finance LLC, 5.250%, 10/01/20(a)

  401,000      457,540   

ERAC USA Finance LLC, 5.600%, 05/01/15(a)

  589,000      590,981   
    

 

 

 
  1,728,387   
    

 

 

 

Computers 0.4%

Apple, Inc., 2.850%, 05/06/21

  690,000      718,930   
    

 

 

 

Diversified Financial Services 1.4%

  

American Express Credit Corp., 2.375%, 03/24/17, MTN

  254,000      260,814   

General Electric Capital Corp., 3.450%, 05/15/24, MTN

  659,000      694,011   

Lazard Group LLC, 3.750%, 02/13/25

  510,000      502,979   

Lazard Group LLC, 4.250%, 11/14/20

  660,000      705,361   

MassMutual Global Funding LLC, 2.000%, 04/05/17(a)

  370,000      375,623   
 

 

See Notes to Financial Statements.

 

41


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Core Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Diversified Financial Services—continued

  

TD Ameritrade Holding Corp., 2.950%, 04/01/22

  311,000      316,205   
    

 

 

 
  2,854,993   
    

 

 

 

Electric 0.3%

Berkshire Hathaway Energy Co., 6.125%, 04/01/36

  177,000      230,722   

Dominion Resources, Inc., 1.950%, 08/15/16

  195,000      197,316   

Exelon Generation Co. LLC, 6.200%, 10/01/17

  222,000      245,908   
    

 

 

 
  673,946   
    

 

 

 

Electronics 0.1%

Thermo Fisher Scientific, Inc., 5.300%, 02/01/44

  190,000      226,942   
    

 

 

 

Healthcare-Products 0.4%

Becton Dickinson and Co., 4.685%, 12/15/44

  171,000      185,829   

Medtronic, Inc., 3.500%, 03/15/25(a)

  140,000      146,355   

Medtronic, Inc., 4.625%, 03/15/45(a)

  360,000      408,050   
    

 

 

 
  740,234   
    

 

 

 

Healthcare-Services 0.2%

Howard Hughes Medical Institute, 3.500%, 09/01/23

  323,000      343,825   
    

 

 

 

Insurance 1.3%

American International Group, Inc., 5.850%, 01/16/18, MTN

  326,000      364,187   

Arch Capital Group US, Inc., 5.144%, 11/01/43

  513,000      566,837   

Fairfax Financial Holdings Ltd., 5.800%, 05/15/21(a)

  114,000      120,737   

Nationwide Financial Services, Inc., 5.375%, 03/25/21(a)

  650,000      732,089   

Reinsurance Group of America, Inc., 4.700%, 09/15/23, MTN

  207,000      226,135   

TIAA Asset Management Finance Co. LLC, 2.950%, 11/01/19(a)

  105,000      107,614   

TIAA Asset Management Finance Co. LLC, 4.125%, 11/01/24(a)

  310,000      327,204   

XLIT Ltd., 4.450%, 03/31/25

  157,000      158,016   
    

 

 

 
  2,602,819   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Media 0.8%

Comcast Corp., 4.650%, 07/15/42

  943,000      1,051,153   

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 3.950%, 01/15/25

  134,000      138,057   

Sky PLC, 2.625%, 09/16/19(a)

  200,000      203,105   

Time Warner Cable, Inc., 4.500%, 09/15/42

  316,000      324,141   
    

 

 

 
  1,716,456   
    

 

 

 

Mining 1.7%

Barrick (PD) Australia Finance Property Ltd., 4.950%, 01/15/20

  144,000      155,633   

Barrick (PD) Australia Finance Property Ltd., 5.950%, 10/15/39

  885,000      886,306   

Barrick International Barbados Corp., 6.350%, 10/15/36(a)

  685,000      714,738   

Barrick North America Finance LLC, 5.750%, 05/01/43

  127,000      131,725   

Newmont Mining Corp., 6.250%, 10/01/39

  1,445,000      1,470,815   
    

 

 

 
  3,359,217   
    

 

 

 

Miscellaneous Manufacturer 0.3%

  

3M Co., 1.375%, 09/29/16

  194,000      196,481   

General Electric Co., 4.125%, 10/09/42

  194,000      204,758   

General Electric Co., 5.250%, 12/06/17

  181,000      199,803   
    

 

 

 
  601,042   
    

 

 

 

Oil & Gas 1.9%

BP Capital Markets PLC, 2.248%, 11/01/16

  301,000      306,696   

Continental Resources, Inc., 3.800%, 06/01/24

  686,000      632,314   

Ensco PLC, 4.500%, 10/01/24

  78,000      75,602   

Ensco PLC, 5.750%, 10/01/44

  301,000      291,524   

Exxon Mobil Corp., 1.912%, 03/06/20

  496,000      500,819   

Helmerich & Payne International Drilling Co., 4.650%, 03/15/25(a)

  491,000      508,486   

Marathon Petroleum Corp., 3.625%, 09/15/24

  77,000      77,878   

Marathon Petroleum Corp., 5.000%, 09/15/54

  516,000      517,898   
 

 

See Notes to Financial Statements.

 

42


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Core Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Oil & Gas—continued

Noble Holding International Ltd., 4.625%, 03/01/21

  75,000      70,907   

Woodside Finance Ltd., 3.650%, 03/05/25(a)

  380,000      376,582   

Woodside Finance Ltd., 4.600%, 05/10/21(a)

  383,000      414,190   
    

 

 

 
  3,772,896   
    

 

 

 

Oil & Gas Services 0.6%

FMC Technologies, Inc., 3.450%, 10/01/22

  116,000      114,050   

Schlumberger Investment SA, 3.300%, 09/14/21(a)

  292,000      306,331   

Weatherford International Ltd., 5.125%, 09/15/20

  174,000      169,434   

Weatherford International Ltd., 5.950%, 04/15/42

  319,000      280,395   

Weatherford International Ltd., 6.500%, 08/01/36

  349,000      319,409   
    

 

 

 
  1,189,619   
    

 

 

 

Pharmaceuticals 0.4%

Actavis Funding SCS, 4.750%, 03/15/45

  235,000      249,771   

Express Scripts Holding Co., 2.650%, 02/15/17

  270,000      276,573   

Novartis Securities Investment Ltd., 5.125%, 02/10/19

  162,000      182,827   
    

 

 

 
  709,171   
    

 

 

 

Pipelines 0.8%

Boardwalk Pipelines LP, 4.950%, 12/15/24

  117,000      117,924   

Energy Transfer Partners LP, 4.900%, 02/01/24

  68,000      72,865   

EnLink Midstream Partners LP, 4.400%, 04/01/24

  67,000      70,429   

Enterprise Products Operating LLC, 3.350%, 03/15/23

  70,000      70,763   

Enterprise Products Operating LLC, 4.850%, 03/15/44

  161,000      173,554   

Kinder Morgan Energy Partners LP, 5.000%, 08/15/42

  660,000      640,960   

Phillips 66 Partners LP, 3.605%, 02/15/25

  84,000      84,141   

Phillips 66 Partners LP, 4.680%, 02/15/45

  106,000      106,277   
   Shares or
Principal
Amount($)
  Value($)  

Pipelines—continued

Williams Partners LP/ACMP Finance Corp., 4.875%, 05/15/23

  331,000      333,483   
    

 

 

 
  1,670,396   
    

 

 

 

Real Estate Investment Trust 0.7%

  

American Tower Corp., 3.500%, 01/31/23

  291,000      288,450   

American Tower Corp., 5.000%, 02/15/24

  565,000      617,824   

Digital Realty Trust LP, 5.875%, 02/01/20

  472,000      535,293   
    

 

 

 
  1,441,567   
    

 

 

 

Retail 0.6%

Kohl’s Corp., 6.875%, 12/15/37

  320,000      414,408   

Wal-Mart Stores, Inc., 1.125%, 04/11/18

  892,000      893,087   
    

 

 

 
  1,307,495   
    

 

 

 

Semiconductors 0.5%

Analog Devices, Inc., 3.000%, 04/15/16

  131,000      133,712   

Intel Corp., 1.950%, 10/01/16

  226,000      230,250   

TSMC Global Ltd., 1.625%, 04/03/18(a)

  657,000      651,319   
    

 

 

 
  1,015,281   
    

 

 

 

Software 0.2%

Oracle Corp., 1.200%, 10/15/17

  177,000      177,576   

Oracle Corp., 2.375%, 01/15/19

  219,000      225,014   
    

 

 

 
  402,590   
    

 

 

 

Telecommunication Services 1.6%

  

AT&T, Inc., 2.375%, 11/27/18

  423,000      428,445   

AT&T, Inc., 4.350%, 06/15/45

  168,000      160,688   

CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849%, 04/15/23

  711,000      719,811   

Cisco Systems, Inc., 2.125%, 03/01/19

  366,000      373,494   

Cisco Systems, Inc., 5.500%, 02/22/16

  229,000      239,042   

Verizon Communications, Inc., 5.012%, 08/21/54

  1,271,000      1,318,777   
    

 

 

 
  3,240,257   
    

 

 

 

Transportation 0.6%

Burlington Northern Santa Fe LLC, 4.550%, 09/01/44

  802,000      878,844   
 

 

See Notes to Financial Statements.

 

43


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Core Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Transportation—continued

Union Pacific Corp., 4.150%, 01/15/45

  232,000      250,452   
    

 

 

 
  1,129,296   
    

 

 

 

Total Corporate Bonds (Cost $47,464,366)

  49,187,056   
    

 

 

 

U.S. Government Agency Mortgages 28.3%

  

Federal Home Loan Mortgage Corporation

Pool #G14517, 2.500%, 07/01/27

  1,176,440      1,209,340   

Pool #J20118, 2.500%, 08/01/27

  82,414      84,715   

Pool #G14599, 2.500%, 11/01/27

  133,692      137,429   

Pool #G30614, 3.500%, 12/01/32

  1,634,636      1,733,324   

Pool #A12413, 5.000%, 08/01/33

  150,100      167,122   

Pool #G05052, 5.000%, 10/01/33

  90,915      100,789   

Pool #G01779, 5.000%, 04/01/35

  200,677      223,272   

Pool #G01838, 5.000%, 07/01/35

  44,794      49,864   

Pool #G01837, 5.000%, 07/01/35

  788,323      877,279   

Pool #A37619, 4.500%, 09/01/35

  28,988      31,731   

Pool #G04997, 5.000%, 01/01/37

  51,645      57,404   

Pool #G05254, 5.000%, 01/01/37

  526,563      584,972   

Pool #Q06160, 4.000%, 02/01/37

  113,031      120,783   

Pool #G03296, 6.000%, 09/01/37

  401,943      463,522   

Pool #G05326, 5.000%, 02/01/38

  199,923      222,204   

Pool #G04337, 5.500%, 04/01/38

  55,302      62,093   

Pool #G08347, 4.500%, 06/01/39

  220,815      240,834   

Pool #G08353, 4.500%, 07/01/39

  1,414,047      1,542,379   

Pool #G06079, 6.000%, 07/01/39

  90,146      102,670   

Pool #A87874, 4.000%, 08/01/39

  313,572      339,764   

Pool #A89148, 4.000%, 10/01/39

  462,286      495,577   
   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #A89384, 4.000%, 10/01/39

  88,844      95,206   

Pool #G08372, 4.500%, 11/01/39

  822,743      897,549   

Pool #A93101, 5.000%, 07/01/40

  98,502      109,352   

Pool #G06990, 5.500%, 08/01/40

  857,564      961,805   

Pool #A93996, 4.500%, 09/01/40

  328,466      358,587   

Pool #G06061, 4.000%, 10/01/40

  666,218      717,732   

Pool #A94362, 4.000%, 10/01/40

  437,338      473,868   

Pool #A94742, 4.000%, 11/01/40

  72,196      78,007   

Pool #A95084, 4.000%, 11/01/40

  75,061      81,399   

Pool #A95085, 4.000%, 11/01/40

  573,148      614,226   

Pool #A95796, 4.000%, 12/01/40

  287,192      308,479   

Pool #A95822, 4.000%, 12/01/40

  713,124      770,611   

Pool #A97047, 4.500%, 02/01/41

  73,710      80,540   

Pool #G06802, 4.500%, 10/01/41

  620,226      676,484   

Pool #G08499, 3.000%, 07/01/42

  160,037      163,673   

Pool #849167, 2.992%, 10/01/43(b)

  1,134,205      1,176,309   
    

 

 

 
  16,410,894   
    

 

 

 

Federal National Mortgage Association

Pool #AM0322, 2.440%, 08/01/22

  1,354,420      1,376,086   

Pool #AM3353, 2.450%, 05/01/23

  161,412      163,435   

Pool #AM5146, 3.470%, 01/01/24

  192,830      207,990   

Pool #AM6713, 2.890%, 10/01/24

  894,183      926,426   

Pool #AM6855, 3.150%, 11/01/24

  984,000      1,032,933   

Pool #AM6979, 3.310%, 11/01/24

  378,000      399,289   

Pool #AM7528, 2.930%, 12/01/24

  577,085      598,108   

Pool #AM7421, 3.030%, 12/01/24

  1,542,000      1,613,122   
 

 

See Notes to Financial Statements.

 

44


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Core Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #AM7760, 3.090%, 01/01/25

  740,910      778,466   

Pool #AM8051, 2.680%, 02/01/25

  1,200,000      1,216,256   

Pool #AM8705, 2.570%, 04/01/25(d)

  696,000      704,268   

Pool #AM3933, 3.360%, 07/01/25

  367,208      392,452   

Pool #AB6472, 2.000%, 10/01/27

  421,222      422,048   

Pool #AQ1688, 2.000%, 12/01/27

  948,017      949,876   

Pool #AR1524, 2.000%, 01/01/28

  885,489      887,227   

Pool #AB1763, 4.000%, 11/01/30

  147,772      159,133   

Pool #MA0949, 3.500%, 01/01/32

  200,858      212,357   

Pool #AP9592, 3.500%, 10/01/32

  1,130,562      1,201,252   

Pool #MA1630, 4.000%, 10/01/33

  216,844      234,156   

Pool #745044, 4.500%, 08/01/35

  256,503      281,610   

Pool #878094, 6.000%, 04/01/36

  1,105,910      1,275,576   

Pool #190370, 6.000%, 06/01/36

  399,604      456,919   

Pool #AI7951, 4.500%, 08/01/36

  333,783      365,787   

Pool #890547, 4.000%, 11/01/36

  849,878      911,843   

Pool #AJ5974, 4.000%, 12/01/36

  124,824      133,781   

Pool #995082, 5.500%, 08/01/37

  572,382      647,290   

Pool #890248, 6.000%, 08/01/37

  116,810      134,167   

Pool #AB7572, 3.000%, 01/01/38

  114,634      118,100   

Pool #889529, 6.000%, 03/01/38

  20,566      23,667   

Pool #995243, 4.500%, 08/01/38

  411,232      449,406   

Pool #AU4728, 4.000%, 09/01/38

  384,684      414,540   

Pool #930672, 4.500%, 03/01/39

  168,405      187,050   

Pool #AC1877, 4.500%, 09/01/39

  226,119      247,127   
   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #AC2817, 4.000%, 10/01/39

  121,488      129,920   

Pool #AE0215, 4.000%, 12/01/39

  188,757      201,825   

Pool #932441, 4.000%, 01/01/40

  1,135,118      1,213,577   

Pool #AC9564, 4.500%, 02/01/40

  317,106      349,540   

Pool #AD1649, 4.000%, 03/01/40

  208,306      223,121   

Pool #AE0216, 4.000%, 08/01/40

  430,585      461,309   

Pool #AD8033, 4.000%, 08/01/40

  78,986      84,677   

Pool #AB1343, 4.500%, 08/01/40

  732,217      809,457   

Pool #AE4192, 4.000%, 10/01/40

  624,678      677,519   

Pool #AE4113, 4.000%, 10/01/40

  129,870      140,010   

Pool #AE0624, 4.000%, 11/01/40

  224,524      241,382   

Pool #AE4414, 4.000%, 11/01/40

  683,021      732,429   

Pool #AE5143, 4.000%, 11/01/40

  94,879      101,752   

Pool #AE9284, 4.000%, 11/01/40

  171,572      183,975   

Pool #MA0583, 4.000%, 12/01/40

  160,441      171,999   

Pool #AE0625, 4.000%, 12/01/40

  211,037      230,248   

Pool #AH3586, 4.000%, 01/01/41

  434,007      465,316   

Pool #MA0639, 4.000%, 02/01/41

  316,478      339,264   

Pool #AL0240, 4.000%, 04/01/41

  509,136      552,332   

Pool #AL0215, 4.500%, 04/01/41

  1,105,520      1,211,545   

Pool #AB3274, 4.500%, 07/01/41

  1,542,844      1,705,783   

Pool #MA1044, 3.000%, 04/01/42

  502,975      515,491   

Pool #AP4613, 4.000%, 08/01/42

  478,469      515,632   

Pool #AL4755, 3.090%, 02/01/44(b)

  1,257,706      1,308,307   

Pool #AW4685, 2.794%, 05/01/44(b)

  384,083      397,364   
    

 

 

 
  32,085,517   
    

 

 

 
 

 

See Notes to Financial Statements.

 

45


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Core Bond Fund — concluded

 

     Shares or
Principal
Amount($)
     Value($)  

U.S. Government Agency Mortgages—continued

  

Government National Mortgage Association

    

Pool #778882, 3.500%, 02/15/42

    5,964,225         6,290,494   

Pool #MA0154, 3.500%, 06/20/42

    1,233,977         1,302,098   

Pool #AB5640, 3.500%, 11/15/42

    410,060         432,385   

Pool #AE7700, 3.500%, 08/15/43

    833,752         884,586   
    

 

 

 
  8,909,563   
    

 

 

 

Total U.S. Government Agency Mortgages
(Cost $55,698,167)

  57,405,974   
    

 

 

 

U.S. Treasury Obligations 36.5%

  

U.S. Treasury Bond 3.5%

3.000%, 11/15/44

  6,417,000      7,031,126   
    

 

 

 

U.S. Treasury Notes 33.0%

  

0.375%, 04/15/15

  10,390,000      10,390,810   

0.875%, 02/28/17

  22,432,000      22,573,950   

0.625%, 09/30/17

  3,272,000      3,263,565   

1.500%, 01/31/19

  380,000      384,928   

1.500%, 10/31/19(e)

  18,269,000      18,413,161   

2.000%, 02/15/25

  11,921,000      11,996,436   
    

 

 

 
  67,022,850   
    

 

 

 

Total U.S. Treasury Obligations (Cost $73,311,828)

  74,053,976   
    

 

 

 

Foreign Government Bonds 1.1%

  

Sovereign 1.1%

Brazilian Government International Bond, 7.125%, 01/20/37

  633,000      751,687   

Indonesia Government International Bond, 6.625%, 02/17/37(a)

  621,000      752,962   

Mexico Government International Bond, 5.550%, 01/21/45

  278,000      325,955   
   Shares or
Principal
Amount($)
  Value($)  

Sovereign—continued

Turkey Government International Bond, 6.875%, 03/17/36

  303,000      375,272   
    

 

 

 

Total Foreign Government Bonds
(Cost $2,087,895)

  2,205,876   
    

 

 

 
Money Market Fund 2.4%   

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(f)

  4,868,391      4,868,391   
    

 

 

 

Total Money Market Fund (Cost $4,868,391)

  4,868,391   
    

 

 

 

Total Investments (Cost $202,110,842) — 102.0%

  206,877,578   

Liabilities in Excess of Other Assets — (2.0)%

  (4,071,559
    

 

 

 

Net Assets — 100.0%

$ 202,806,019   
    

 

 

 

 

(a) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 11.4% of net assets as of March 31, 2015.

 

(b) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(c) Less than 0.05% of Net Assets.

 

(d) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(e) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(f) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

 

MTN     Medium Term Note
 

 

See Notes to Financial Statements.

 

46


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Corporate Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Corporate Bonds 84.5%

Aerospace/Defense 0.9%

L-3 Communications Corp., 3.950%, 05/28/24

  313,000      321,234   
    

 

 

 

Agriculture 1.3%

Japan Tobacco, Inc., 2.100%, 07/23/18(a)

  450,000      456,486   
    

 

 

 

Airlines 2.6%

American Airlines Pass Through Trust, Series 2013-2, 4.950%, 07/15/24

  445,098      487,382   

United Airlines Pass Through Trust, Series 2014-1, Cl A, 4.000%, 10/11/27, Series A

  395,000      416,725   
    

 

 

 
  904,107   
    

 

 

 

Auto Manufacturers 2.1%

Ford Motor Credit Co. LLC,
2.145%, 01/09/18

  200,000      202,284   

General Motors Co., 5.200%, 04/01/45

  356,000      386,380   

Harley-Davidson Financial Services, Inc., 2.150%, 02/26/20(a)

  133,000      133,789   
    

 

 

 
  722,453   
    

 

 

 

Auto Parts & Equipment 1.1%

Delphi Corp., 4.150%, 03/15/24

  223,000      237,065   

Lear Corp., 4.750%, 01/15/23

  135,000      135,675   
    

 

 

 
  372,740   
    

 

 

 

Banks 15.6%

Bank of America Corp.,
1.700%, 08/25/17, MTN

  292,000      293,129   

Bank of America Corp.,
4.250%, 10/22/26, MTN

  248,000      256,021   

Bank of America Corp., Series L, 2.600%, 01/15/19, Series L

  375,000      381,672   

Citigroup, Inc., 2.500%, 09/26/18

  553,000      563,839   

Citigroup, Inc., 4.950%, 11/07/43

  257,000      296,988   

Credit Suisse Group Funding Guernsey Ltd., 3.750%, 03/26/25(a)

  418,000      422,888   

Goldman Sachs Group, Inc. (The), 2.550%, 10/23/19

  381,000      386,296   

Goldman Sachs Group, Inc. (The), 2.625%, 01/31/19

  156,000      159,380   

ING Bank NV, 1.800%, 03/16/18(a)

  200,000      201,239   
   Shares or
Principal
Amount($)
  Value($)  

Banks—continued

JPMorgan Chase & Co., 2.250%, 01/23/20

  340,000      340,728   

KeyBank NA, 1.650%, 02/01/18

  299,000      300,283   

Morgan Stanley, 2.650%, 01/27/20

  316,000      320,399   

Morgan Stanley, 4.300%, 01/27/45

  113,000      117,094   

Morgan Stanley, Series F,
3.875%, 04/29/24

  292,000      307,062   

UBS AG, 2.375%, 08/14/19, MTN

  555,000      559,426   

US Bancorp, 3.600%, 09/11/24, MTN

  421,000      439,212   
    

 

 

 
  5,345,656   
    

 

 

 

Beverages 1.2%

SABMiller Holdings, Inc.,
2.450%, 01/15/17(a)

  392,000      400,600   
    

 

 

 

Biotechnology 0.7%

Celgene Corp., 4.625%, 05/15/44

  101,000      107,434   

Gilead Sciences, Inc., 4.500%, 02/01/45

  117,000      129,217   
    

 

 

 
  236,651   
    

 

 

 

Commercial Services 3.2%

ERAC USA Finance LLC, 2.750%, 03/15/17(a)

  287,000      294,609   

ERAC USA Finance LLC, 2.800%, 11/01/18(a)

  353,000      363,218   

ERAC USA Finance LLC, 4.500%, 02/15/45(a)

  143,000      144,668   

ERAC USA Finance LLC, 5.250%, 10/01/20(a)

  251,000      286,391   
    

 

 

 
  1,088,886   
    

 

 

 

Computers 1.5%

Apple, Inc., 2.850%, 05/06/21

  501,000      522,006   
    

 

 

 

Diversified Financial Services 7.2%

  

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 2.750%, 05/15/17(a)

  448,000      443,520   

Ford Motor Credit Co. LLC,
5.000%, 05/15/18

  387,000      422,011   

General Electric Capital Corp.,
3.450%, 05/15/24, MTN

  383,000      403,348   

Lazard Group LLC, 3.750%, 02/13/25

  363,000      358,003   

Lazard Group LLC, 4.250%, 11/14/20

  367,000      392,223   

MassMutual Global Funding
LLC, 2.000%, 04/05/17(a)

  266,000      270,042   
 

 

See Notes to Financial Statements.

 

47


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Corporate Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Diversified Financial Services—continued

 

TD Ameritrade Holding Corp.,
2.950%, 04/01/22

  175,000      177,929   
    

 

 

 
  2,467,076   
    

 

 

 

Electric 3.4%

Berkshire Hathaway Energy Co.,
6.125%, 04/01/36

  137,000      178,582   

Dominion Resources, Inc.,
1.950%, 08/15/16

  189,000      191,244   

Exelon Generation Co. LLC,
6.200%, 10/01/17

  226,000      250,339   

FirstEnergy Transmission LLC,
5.450%, 07/15/44(a)

  339,000      381,622   

Pacific Gas & Electric Co.,
5.125%, 11/15/43

  124,000      149,356   
    

 

 

 
  1,151,143   
    

 

 

 

Electronics 1.0%

Thermo Fisher Scientific, Inc.,
5.300%, 02/01/44

  283,000      338,024   
    

 

 

 

Healthcare-Products 1.2%

Becton Dickinson and Co.,
4.685%, 12/15/44

  87,000      94,545   

Medtronic, Inc., 3.500%, 03/15/25(a)

  86,000      89,903   

Medtronic, Inc., 4.625%, 03/15/45(a)

  195,000      221,027   
    

 

 

 
  405,475   
    

 

 

 

Healthcare-Services 2.4%

Roche Holdings, Inc., 2.250%, 09/30/19(a)

  822,000      834,032   
    

 

 

 

Insurance 4.4%

American International Group, Inc., 5.850%, 01/16/18, MTN

  241,000      269,230   

Arch Capital Group US, Inc.,
5.144%, 11/01/43

  319,000      352,478   

AXIS Specialty Finance PLC,
5.150%, 04/01/45

  171,000      190,913   

Fairfax Financial Holdings Ltd.,
5.800%, 05/15/21(a)

  157,000      166,278   

Reinsurance Group of America, Inc., 4.700%, 09/15/23, MTN

  140,000      152,942   

TIAA Asset Management Finance Co. LLC, 2.950%, 11/01/19(a)

  73,000      74,817   

TIAA Asset Management Finance Co. LLC, 4.125%, 11/01/24(a)

  185,000      195,267   

XLIT Ltd., 4.450%, 03/31/25

  89,000      89,576   
    

 

 

 
  1,491,501   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Media 1.8%

Comcast Corp., 4.650%, 07/15/42

  139,000      154,942   

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 3.950%, 01/15/25

  82,000      84,483   

Sky PLC, 2.625%, 09/16/19(a)

  200,000      203,105   

Time Warner Cable, Inc., 4.500%, 09/15/42

  168,000      172,328   
    

 

 

 
  614,858   
    

 

 

 

Mining 2.7%

Barrick (PD) Australia Finance Property Ltd., 5.950%, 10/15/39

  135,000      135,199   

Barrick International Barbados Corp., 6.350%, 10/15/36(a)

  354,000      369,368   

Barrick North America Finance LLC, 5.750%, 05/01/43

  149,000      154,543   

Newmont Mining Corp., 6.250%, 10/01/39

  269,000      273,806   
    

 

 

 
  932,916   
    

 

 

 

Miscellaneous Manufacturer 1.3%

  

General Electric Co., 4.125%, 10/09/42

  169,000      178,371   

General Electric Co., 5.250%, 12/06/17

  239,000      263,829   
    

 

 

 
  442,200   
    

 

 

 

Oil & Gas 5.8%

Continental Resources, Inc.,
3.800%, 06/01/24

  400,000      368,696   

Ensco PLC, 4.500%, 10/01/24

  41,000      39,739   

Ensco PLC, 5.750%, 10/01/44

  110,000      106,537   

Exxon Mobil Corp., 1.912%, 03/06/20

  278,000      280,701   

Helmerich & Payne International Drilling Co., 4.650%, 03/15/25(a)

  279,000      288,936   

Marathon Petroleum Corp.,
3.625%, 09/15/24

  41,000      41,467   

Marathon Petroleum Corp.,
5.000%, 09/15/54

  282,000      283,038   

Noble Holding International Ltd.,
4.625%, 03/01/21

  39,000      36,871   

Woodside Finance Ltd.,
3.650%, 03/05/25(a)

  128,000      126,849   

Woodside Finance Ltd.,
4.600%, 05/10/21(a)

  369,000      399,050   
    

 

 

 
  1,971,884   
    

 

 

 
 

 

See Notes to Financial Statements.

 

48


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Corporate Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Oil & Gas Services 1.8%

FMC Technologies, Inc., 3.450%, 10/01/22

  75,000      73,739   

Weatherford International Ltd., 5.125%, 09/15/20

  112,000      109,061   

Weatherford International Ltd., 5.950%, 04/15/42

  164,000      144,153   

Weatherford International Ltd., 6.500%, 08/01/36

  313,000      286,461   
    

 

 

 
  613,414   
    

 

 

 

Pharmaceuticals 1.6%

Actavis Funding SCS, 4.750%, 03/15/45

  131,000      139,234   

Express Scripts Holding Co., 2.650%, 02/15/17

  416,000      426,127   
    

 

 

 
  565,361   
    

 

 

 

Pipelines 4.0%

Boardwalk Pipelines LP, 4.950%, 12/15/24

  70,000      70,553   

Energy Transfer Partners LP, 4.900%, 02/01/24

  36,000      38,576   

EnLink Midstream Partners LP, 4.400%, 04/01/24

  36,000      37,842   

Enterprise Products Operating LLC, 3.350%, 03/15/23

  37,000      37,403   

Enterprise Products Operating LLC, 4.850%, 03/15/44

  112,000      120,733   

Kinder Morgan Energy Partners LP, 5.000%, 08/15/42

  506,000      491,403   

NuStar Logistics LP, 4.800%, 09/01/20

  300,000      294,750   

Phillips 66 Partners LP, 3.605%, 02/15/25

  45,000      45,076   

Phillips 66 Partners LP, 4.680%, 02/15/45

  57,000      57,149   

Williams Partners LP/ACMP Finance Corp., 4.875%, 05/15/23

  176,000      177,320   
    

 

 

 
  1,370,805   
    

 

 

 

Real Estate Investment Trust 3.1%

  

American Tower Corp., 3.500%, 01/31/23

  288,000      285,477   

American Tower Corp., 5.000%, 02/15/24

  325,000      355,386   

Digital Realty Trust LP, 5.250%, 03/15/21

  184,000      204,784   

Digital Realty Trust LP, 5.875%, 02/01/20

  185,000      209,807   
    

 

 

 
  1,055,454   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Retail 2.9%

Kohl’s Corp., 6.875%, 12/15/37

  177,000      229,219   

Wal-Mart Stores, Inc., 1.950%, 12/15/18

  530,000      541,692   

Wesfarmers Ltd., 1.874%, 03/20/18(a)

  228,000      229,442   
    

 

 

 
  1,000,353   
    

 

 

 

Semiconductors 2.1%

Analog Devices, Inc., 3.000%, 04/15/16

  203,000      207,203   

TSMC Global Ltd., 1.625%, 04/03/18(a)

  531,000      526,409   
    

 

 

 
  733,612   
    

 

 

 

Telecommunication Services 5.7%

  

AT&T, Inc., 2.375%, 11/27/18

  319,000      323,106   

AT&T, Inc., 4.350%, 06/15/45

  56,000      53,563   

CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849%, 04/15/23

  386,000      390,784   

Cisco Systems, Inc., 2.125%, 03/01/19

  227,000      231,648   

Verizon Communications, Inc., 5.012%, 08/21/54

  907,000      941,094   
    

 

 

 
  1,940,195   
    

 

 

 

Transportation 1.9%

Burlington Northern Santa Fe LLC, 4.550%, 09/01/44

  483,000      529,279   

Union Pacific Corp., 4.150%, 01/15/45

  128,000      138,181   
    

 

 

 
  667,460   
    

 

 

 

Total Corporate Bonds
(Cost $28,148,765)

  28,966,582   
    

 

 

 
Money Market Fund 4.6%

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(b)

  1,568,492      1,568,492   
    

 

 

 

Total Money Market Fund
(Cost $1,568,492)

  1,568,492   
    

 

 

 

Total Investments
(Cost $29,717,257) — 89.1%

  30,535,074   

Other Assets in Excess of Liabilities — 10.9%

  3,733,894   
    

 

 

 

Net Assets — 100.0%

$ 34,268,968   
    

 

 

 

 

(a) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 22.0% of net assets as of March 31, 2015.

 

(b) Rate disclosed, the 7 day net yield, is as of March 31, 2015.
 

 

See Notes to Financial Statements.

 

49


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Corporate Bond Fund — concluded

 

Investment Abbreviations

 

MTN     Medium Term Note

At March 31, 2015, the Fund’s open credit default swap contracts were as follows:

OTC Credit Default Swap Contracts — Buy Protection

 

Underlying Instrument

  

Counterparty

   Notional
Amount
     Fixed
Rate
    Expiration Date      Upfront
Payment
Made
    Value     Unrealized
Appreciation
(Depreciation)
 

Banco Bilbao Vizcaya Argentaria

   Credit Suisse First Boston    $ 370,000         1.000     03/20/20         $(3,449)        $(2,930)      $ 519   

Intesa Sanpaolo SpA

   Credit Suisse First Boston      370,000         1.000        03/20/20         (1,820     (3,995     (2,175
             

 

 

   

 

 

   

 

 

 
$ (5,269 $ (6,925 $ (1,656
             

 

 

   

 

 

   

 

 

 

As the buyer of protection, the Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity.

The value column indicates the impact each respective swap agreement has on the Fund’s Net Assets at March 31, 2015.

 

See Notes to Financial Statements.

 

50


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Georgia Tax-Exempt Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Municipal Bonds 95.7%

Alabama 0.5%

Birmingham, Series A, GO, 0.000%, 03/01/32(a)

  640,000      651,654   
    

 

 

 

Georgia 89.3%

Athens-Clarke County Unified Government Development Authority, RB, 5.250%, 07/01/27

  2,885,000      3,375,046   

Athens-Clarke County Unified Government Development Authority, RB, 5.250%, 07/01/29

  1,690,000      1,928,932   

Athens-Clarke County Unified Government Development Authority, Catholic Health East, RB, 6.250%, 11/15/32

  1,425,000      1,665,298   

Athens-Clarke County Unified Government Water & Sewerage, RB, 5.500%, 01/01/38

  4,000,000      4,560,800   

Athens-Clarke County Unified Government Water & Sewerage, RB, 5.625%, 01/01/33

  3,000,000      3,470,940   

Atlanta Airport Passenger Facility Charge, Series B, RB, 5.000%, 01/01/21

  2,000,000      2,327,720   

Atlanta Airport Project,
Series B, RB, 5.000%, 01/01/23

  2,500,000      2,876,050   

Atlanta Airport Project,
Series B, RB, 5.000%, 01/01/42

  2,235,000      2,510,553   

Atlanta Development Authority, Series A, RB, 4.375%, 09/01/36, Pre-refunded 09/01/2015 @ 100, XLCA

  1,000,000      1,017,390   

Atlanta GA Water & Wastewater Revenue, RB, 5.000%, 11/01/40

  5,000,000      5,756,350   

Barrow County, GO, 5.000%, 10/01/25, Pre-refunded 10/01/2015 @ 100, NATL-RE

  2,000,000      2,047,840   

Carroll County Water Authority, Water & Sewerage, RB, 5.250%, 07/01/22, Pre-refunded 07/01/2015 @ 100, AGM

  150,000      151,892   
   Shares or
Principal
Amount($)
  Value($)  

Georgia—continued

Clarke County Hospital Authority, Athens Regional Medical Center, RB, 5.000%, 01/01/32

  1,180,000      1,344,055   

College Park Business & Industrial Development Authority, RB, 5.250%, 09/01/19, AMBAC

  565,000      602,782   

DeKalb County, Water & Sewerage Revenue, Series A, RB, 5.000%, 10/01/22

  1,000,000      1,196,820   

DeKalb County, Water & Sewerage Revenue, Series A, RB, 5.250%, 10/01/23

  1,500,000      1,805,895   

DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc., RB, 5.000%, 11/15/29

  5,300,000      6,099,717   

Douglasville-Douglas County Water & Sewer Authority, RB, 5.625%, 06/01/15, AMBAC

  135,000      135,880   

Forsyth County, GO, 5.000%, 03/01/25

  6,825,000      7,775,586   

Forsyth County School District, GO, 5.000%, 02/01/20

  3,385,000      3,980,760   

Forsyth County Water & Sewerage Authority, RB, 5.000%, 04/01/41

  2,000,000      2,366,140   

Forsyth County Water & Sewerage Authority, RB, 5.000%, 04/01/44

  3,500,000      4,134,060   

Fulton County Development Authority, 5.000%, 05/01/39

  5,145,000      5,922,409   

Fulton County Development Authority, Georgia Tech Athletic Association, RB, 5.000%, 10/01/42

  3,025,000      3,413,471   

Fulton County Development Authority, RB, 5.000%, 10/01/22

  750,000      896,468   

Fulton County Development Authority, Robert Woodruff Arts Center, Inc., Series B, RB, 5.250%, 03/15/24

  1,300,000      1,459,458   

Fulton County School District, GO, 6.375%, 05/01/15

  1,500,000      1,507,785   

Fulton County Water & Sewerage Revenue, RB, 5.000%, 01/01/18

  1,600,000      1,778,688   

Georgia State, Series B, GO, 5.000%, 10/01/16

  2,000,000      2,138,520   
 

 

See Notes to Financial Statements.

 

51


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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Georgia Tax-Exempt Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Georgia—continued

Georgia State, Series D, GO, 5.000%, 05/01/15

  600,000      602,454   

Georgia State, Series E, GO, 5.000%, 08/01/22, Pre-refunded 08/01/2017 @ 100

  1,450,000      1,595,392   

Georgia State, Series G, GO, 5.000%, 11/01/16

  1,620,000      1,737,644   

Georgia State, Series H, GO, 5.000%, 12/01/16

  1,500,000      1,613,910   

Greene County Development Authority, RB, 5.000%, 11/15/37

  2,955,000      3,342,016   

Gwinnett County Water & Sewerage Authority, RB, 5.000%, 08/01/25, Country Guaranteed

  3,000,000      3,598,650   

Habersham County School District, GO, 5.000%, 04/01/21, Pre-refunded 04/01/2016 @ 100, NATL-RE State Aid Withholding

  2,655,000      2,780,183   

Henry County Water & Sewerage Authority, RB, 6.150%, 02/01/20, AMBAC

  2,100,000      2,517,648   

Lincoln County School District, GO, 5.500%, 04/01/37, State Aid Withholding

  1,000,000      1,170,020   

Municipal Electric Authority of Georgia, RB, 5.000%, 01/01/30

  1,000,000      1,153,780   

Municipal Electric Authority of Georgia, Series A, RB, 5.000%, 01/01/21

  3,845,000      4,523,335   

Private Colleges & Universities Authority, Emory University, Series A, RB, 5.000%, 10/01/43

  5,250,000      6,032,670   

Private Colleges & Universities Authority, Emory University, Series C, RB, 5.250%, 09/01/39

  2,000,000      2,276,440   

Private Colleges & Universities Authority, Savannah College Of Art & Design, RB, 5.000%, 04/01/30

  1,000,000      1,119,050   

Private Colleges & Universities Authority, Savannah College Of Art & Design, RB, 5.000%, 04/01/44

  3,500,000      3,854,060   
   Shares or
Principal
Amount($)
  Value($)  

Georgia—continued

Richmond County Board of Education, GO, 5.000%, 10/01/15, State Aid Withholding

  1,985,000      2,033,295   

Thomasville Hospital Authority, John D. Archhold Memorial Hospital, RB, 5.375%, 11/01/40

  2,510,000      2,850,205   
    

 

 

 
  121,048,057   
    

 

 

 

Illinois 0.6%

Chicago, Series A, GO, 5.250%, 01/01/33

  860,000      885,465   
    

 

 

 

New York 1.5%

New York City Water & Sewer System, Series EE, RB, 5.000%, 06/15/47

  1,750,000      1,985,130   
    

 

 

 

North Carolina 2.0%

North Carolina Capital Facilities Finance Agency, Educational Facilities, RB, 5.000%, 05/01/32

  1,700,000      1,837,615   

North Carolina Eastern Municipal Power Agency, Series B, RB, 6.250%, 01/01/23

  680,000      869,367   
    

 

 

 
  2,706,982   
    

 

 

 

South Carolina 1.8%

South Carolina State Public Service Authority, Series A, RB, 5.750%, 12/01/43

  2,000,000      2,422,020   
    

 

 

 

Total Municipal Bonds (Cost $121,775,517)

  129,699,308   
    

 

 

 

Money Market Fund 4.0%

Federated Tax-Free Obligations Fund, Institutional Shares, 0.01%(b)

  5,480,007      5,480,007   
    

 

 

 

Total Money Market Fund
(Cost $5,480,007)

  5,480,007   
    

 

 

 

Total Investments (Cost $127,255,524) — 99.7%

  135,179,315   

Other Assets in Excess of Liabilities — 0.3%

  339,051   
    

 

 

 

Net Assets — 100.0%

$ 135,518,366   
    

 

 

 

 

(a) Step bond. The rate shown is the rate in effect as of March 31, 2015.

 

(b) Rate disclosed, the 7 day net yield, is as of March 31, 2015.
 

 

See Notes to Financial Statements.

 

52


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Georgia Tax-Exempt Bond Fund — concluded

 

Investment Abbreviations

 

AGM     Security guaranteed by Assured Guaranty Municipal Corporation
AMBAC     Security guaranteed by American Municipal Bond Assurance Corporation
GO     General Obligation
NATL-RE     Reinsurance provided by National Public Finance Guarantee Corporation
RB     Revenue Bond
XLCA     Security guaranteed by XL Capital Assurance, Inc.
 

 

See Notes to Financial Statements.

 

53


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Grade Municipal Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Municipal Bonds 87.8%

Alabama 4.9%

Baldwin County Board of Education, RB, 5.000%, 06/01/32

  1,000,000      1,168,540   

Birmingham, Series A, GO, 0.000%, 03/01/37(a)

  2,000,000      2,014,900   

Birmingham Special Care Facilities Financing Authority Health Care Facilities, Children’s Hospital of Alabama, RB, 6.000%, 06/01/39, AGC

  2,000,000      2,338,320   
    

 

 

 
  5,521,760   
    

 

 

 

Alaska 2.1%

Matanuska-Susitna Borough Lease, Goose Creek Correctional Center, RB, 6.000%, 09/01/28, AGC(b)

  2,000,000      2,389,180   
    

 

 

 

California 13.7%

California State, GO, 5.000%, 03/01/45

  2,000,000      2,314,840   

California State, GO,
6.500%, 04/01/33(b)

  2,000,000      2,425,880   

Port of Los Angeles, Series A, AMT, RB, 5.000%, 08/01/44

  3,000,000      3,365,700   

Riverside Unified School District Financing Authority, 5.000%, 09/01/34, BAM

  1,470,000      1,669,200   

San Francisco CA Public Utilities Commission Water Revenue, RB, 5.000%, 11/01/36(c)

  1,500,000      1,765,050   

Santa Clara Valley Transportation Authority, Series A, RB, 5.000%, 04/01/35

  2,000,000      2,369,960   

Santa Clara Valley Transportation Authority, Series A, RB, 5.000%, 04/01/36

  1,250,000      1,478,837   
    

 

 

 
  15,389,467   
    

 

 

 

District of Columbia 2.1%

District of Columbia, Income Tax, Series A, RB, 5.500%, 12/01/30(b)

  2,000,000      2,351,140   
    

 

 

 

Florida 9.9%

Lake County School Board, Series A, COP, 5.000%, 06/01/29, AGM

  1,000,000      1,154,010   
   Shares or
Principal
Amount($)
  Value($)  

Florida—continued

Miami-Dade County School Board Foundation, Inc., Series A, COP, 5.000%, 05/01/25

  1,000,000      1,203,160   

Miami-Dade County School Board Foundation, Inc., Series A, COP, 5.000%, 05/01/32

  5,000,000      5,691,700   

Orlando FL Contract Tourist DE, Series A, RB, 5.250%, 11/01/32

  1,000,000      1,189,970   

Polk County Public Facilities, RB, 5.000%, 12/01/28

  1,595,000      1,886,470   
    

 

 

 
  11,125,310   
    

 

 

 

Georgia 6.5%

Fulton County Development Authority, Georgia Tech Athletic Association, RB, 5.750%, 10/01/36

  1,250,000      1,482,913   

Gwinnett County School District, GO, 5.000%, 02/01/35

  3,000,000      3,621,450   

Private Colleges & Universities Authority, RB, 5.000%, 04/01/31

  1,000,000      1,114,950   

Private Colleges & Universities Authority, RB, 5.000%, 04/01/33

  1,000,000      1,108,440   
    

 

 

 
  7,327,753   
    

 

 

 

Guam 1.0%

Guam Power Authority, Series A, RB, 5.000%, 10/01/31

  1,000,000      1,126,370   
    

 

 

 

Idaho 2.6%

Idaho Health Facilities Authority, Series A, RB, 6.750%, 11/01/37(b)

  2,500,000      2,917,100   
    

 

 

 

Illinois 2.0%

Chicago IL Waterworks Revenue, RB, 5.000%, 11/01/33

  1,000,000      1,122,070   

University of Illinois, Auxiliary Facilities System, Series A, RB, 5.750%, 04/01/38

  1,000,000      1,175,480   
    

 

 

 
  2,297,550   
    

 

 

 
 

 

See Notes to Financial Statements.

 

54


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Grade Municipal Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Kansas 1.6%

Kansas State Development Finance Authority, Adventist Bolingbrook Hospital, RB, 5.750%, 11/15/38(b)

  1,500,000      1,748,565   
    

 

 

 

Kentucky 2.5%

Kentucky Municipal Power Agency, Series A, RB, 5.000%, 09/01/42, Pre-refunded 07/01/2019 @ 100, NATL-RE(c)

  2,500,000      2,774,175   
    

 

 

 

Maine 2.7%

Maine State Turnpike Authority, RB, 6.000%, 07/01/38(b)

  2,500,000      2,995,700   
    

 

 

 

Massachusetts 1.6%

Commonwealth of Massachusetts, Series A, GO, 5.000%, 04/01/25

  1,500,000      1,797,570   
    

 

 

 

Missouri 1.6%

Missouri Joint Municipal Electric Utility Commission, Series A, RB, 5.000%, 12/01/31(c)

  1,500,000      1,738,335   
    

 

 

 

Nebraska 2.1%

Lincoln NE Electric System Revenue, Series A, RB, 5.000%, 09/01/35

  2,000,000      2,375,220   
    

 

 

 

New Jersey 2.0%

New Jersey State Transportation Trust Fund Authority, Transportation System, Series A, RB, 6.000%, 12/15/38(b)

  1,955,000      2,240,860   
    

 

 

 

New York 5.9%

Erie County Industrial Development Agency, City School District Buffalo, Series A, RB, 5.750%, 05/01/29, BHAC

  1,000,000      1,132,120   

Port Authority of New York & New Jersey, RB, 5.000%, 09/01/39

  2,500,000      2,907,475   

Sales Tax Asset Receivable Corp., Series A, RB, 5.000%, 10/15/31

  2,150,000      2,591,481   
    

 

 

 
  6,631,076   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

North Carolina 1.1%

University of North Carolina at Charlotte, RB, 5.000%, 04/01/40(c)

  1,100,000      1,258,180   
    

 

 

 

Ohio 1.1%

Ohio State, Series A, RB, 5.000%, 04/01/30

  1,000,000      1,184,980   
    

 

 

 

Oregon 6.4%

Oregon State, Series F, GO, 5.000%, 05/01/32

  2,000,000      2,401,680   

Oregon State, Series F, GO, 5.000%, 05/01/39

  2,000,000      2,361,040   

Oregon State Department of Transportation, Series A, RB, 5.000%, 11/15/29

  2,000,000      2,417,600   
    

 

 

 
  7,180,320   
    

 

 

 

Texas 12.7%

Arlington Higher Education Finance Corp., Series A, RB, 5.000%, 08/15/39, PSF-GTD

  1,000,000      1,151,720   

Dallas Independent School District, GO, 6.375%, 02/15/34, PSF-GTD(b)

  4,000,000      4,622,960   

Spring Branch Independent School District, Series B, GO, 5.000%, 02/01/20, PSF-GTD

  2,000,000      2,340,480   

Texas State, Series C, GO, 5.250%, 08/01/16

  2,500,000      2,664,875   

United Independent School District, GO, 5.000%, 08/15/44, PSF-GTD(b)

  3,000,000      3,497,610   
    

 

 

 
  14,277,645   
    

 

 

 

Washington 1.7%

Seattle Washington Municipal Light & Power, RB, 5.750%, 04/01/29,
BHAC(b)

  1,635,000      1,897,254   
    

 

 

 

Total Municipal Bonds
(Cost $93,589,488)

  98,545,510   
    

 

 

 
 

 

See Notes to Financial Statements.

 

55


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Grade Municipal Bond Fund — concluded

 

     Shares or
Principal
Amount($)
     Value($)  

Money Market Fund 17.9%

    

Federated Tax-Free Obligations Fund, Institutional Shares, 0.01%(d)

    20,150,140         20,150,140   
    

 

 

 

Total Money Market Fund
(Cost $20,150,140)

  20,150,140   
    

 

 

 

Total Investments
(Cost $113,739,628) — 105.7%

   

  118,695,650   

Liabilities in Excess of Other
Assets — (5.7)%

  (6,436,146
    

 

 

 

Net Assets — 100.0%

  $112,259,504   
    

 

 

 

 

(a) Step bond. The rate shown is the rate in effect as of March 31, 2015.

 

(b) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(c) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(d) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

 

AGC     Security guaranteed by Assured Guaranty Corporation
AGM     Security guaranteed by Assured Guaranty Municipal Corporation
AMT     Income subject to Alternative Minimum Tax
BAM     Build America Mutual Assurance Company
BHAC     Security guaranteed by Berkshire Hathaway Assurance Corporation
COP     Certificate of Participation
GO     General Obligation
NATL-RE     Reinsurance provided by National Public Finance Guarantee Corporation
PSF-GTD     Security guaranteed by Permanent School Fund Guarantee Program
RB     Revenue Bond
 

 

See Notes to Financial Statements.

 

56


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Income Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Bank Loans 5.7%

Aerospace/Defense 0.1%

DAE Aviation Holdings, Inc., 2nd Lien Term Loan, 7.750%, 08/05/19(a)(b)

  770,000      770,963   
    

 

 

 

Diversified Financial Services 0.2%

  

Affinion Group, Inc., 2nd Lien Term Loan, 8.500%, 10/12/18(a)(b)(c)

  2,425,000      2,121,438   
    

 

 

 

Electric 0.2%

Texas Competitive Electric Holdings Company LLC, Extended Term Loan, 4.662%, 10/10/17(a)(b)(d)

  3,240,000      1,943,190   
    

 

 

 

Energy 0.7%

CITGO Holding, Inc., 2015 Term Loan B, 9.500%, 05/12/18(a)(b)

  2,693,250      2,677,548   

Templar Energy LLC, New 2nd Lien Term Loan, 8.500%, 11/25/20(a)(b)

  4,880,000      3,296,050   
    

 

 

 
  5,973,598   
    

 

 

 

Food 0.2%

Rite Aid Corporation, 02/10/16(b)(c)(e)

  1,360,000      1,373,600   
    

 

 

 

Health Care 0.3%

Community Health Systems, Inc., Term Loan D, 4.250%, 01/27/21(a)(b)

  76,052      76,405   

inVentiv Health, Inc., Term Loan B4, 7.750%, 05/15/18(a)(b)

  2,250,000      2,256,570   
    

 

 

 
  2,332,975   
    

 

 

 

Healthcare-Services 0.2%

Tenet Healthcare Corporation, Unsecured Bridge Loan,
03/22/16(b)(c)(e)

  1,312,500      1,312,500   

Tenet Healthcare Corporation, Secured Bridge Loan, 03/22/16(b)(c)(e)

  437,500      437,500   
    

 

 

 
  1,750,000   
    

 

 

 

Information Technology 0.3%

Presidio, Inc. (new), 2015 Term Loan B, 6.250%, 02/02/22(a)(b)

  2,160,000      2,151,900   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Insurance 0.5%

Asurion LLC, New 2nd Lien Term Loan, 8.500%, 03/03/21(a)(b)

  4,360,000      4,374,170   
    

 

 

 

Lodging 0.3%

Caesars Entertainment Operating Company, Extended Term Loan B6, 7.005%, 03/01/17(a)(b)(d)

  2,588,319      2,373,980   
    

 

 

 

Media 0.5%

Clear Channel Communications, Inc., Term Loan D, 6.928%, 01/30/19(a)(b)

  4,620,000      4,386,921   
    

 

 

 

Mining 0.5%

FMG Resources (August 2006) Pty Ltd., New Term Loan B,
3.750%, 06/30/19(a)(b)

  4,578,380      4,126,723   
    

 

 

 

Retail 1.4%

J.C. Penney Corporation, Inc., 1st Lien Term Loan, 6.000%, 05/22/18(a)(b)

  2,144,151      2,137,633   

Lands’ End, Inc., Term Loan B, 4.250%, 04/04/21(a)(b)

  1,871,587      1,782,686   

Sears Holding Corporation, Term Loan, 5.500%, 06/30/18(a)(b)

  3,964,041      3,900,854   

Toys ‘R’ Us-Delaware, Inc., Term Loan B4, 9.750%, 04/24/20(a)(b)

  4,294,798      3,988,192   
    

 

 

 
  11,809,365   
    

 

 

 

Telecommunication Services 0.3%

  

Virgin Media Bristol LLC, USD Term Loan B, 3.500%, 06/07/20(a)(b)

  2,209,682      2,205,550   
    

 

 

 

Total Bank Loans
(Cost $50,148,193)

  47,694,373   
    

 

 

 

Corporate Bonds 82.5%

Aerospace/Defense 1.3%

TransDigm, Inc., 6.000%, 07/15/22

  4,070,000      4,070,000   

TransDigm, Inc., 6.500%, 07/15/24

  4,070,000      4,090,350   

Triumph Group, Inc., 5.250%, 06/01/22

  2,930,000      2,878,725   
    

 

 

 
  11,039,075   
    

 

 

 

Airlines 1.5%

Air Canada, 7.750%, 04/15/21(b)

  1,255,000      1,342,850   
 

 

See Notes to Financial Statements.

 

57


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Airlines—continued

Air Canada, 8.750%, 04/01/20(b)

  4,285,000      4,756,350   

American Airlines Pass Through Trust, Series 2013-2, Cl B, 5.600%, 07/15/20(b)

  3,808,711      3,980,103   

United Airlines Pass Through Trust, Series 2014-1, Cl B, 4.750%, 04/11/22

  2,494,000      2,531,410   
    

 

 

 
  12,610,713   
    

 

 

 

Auto Manufacturers 0.0%(a)(f)

  

General Motors Co. Escrow,
7.200%(d)(g)(h)(i)(j)

  17,182,000        

General Motors Co. Escrow,
8.375%(d)(g)(h)(i)(j)

  36,800,000        
    

 

 

 
    
    

 

 

 

Banks 0.9%

CIT Group, Inc., 5.375%, 05/15/20

  4,100,000      4,315,250   

Provident Funding Associates LP/PFG Finance Corp., 6.750%, 06/15/21(b)

  3,000,000      2,857,500   
    

 

 

 
  7,172,750   
    

 

 

 

Building Materials 1.2%

Cemex Finance LLC,
9.375%, 10/12/22(b)

  1,570,000      1,781,950   

Cemex SAB de CV,
5.700%, 01/11/25(b)

  4,150,000      4,093,975   

Cemex SAB de CV,
7.250%, 01/15/21(b)

  945,000      1,008,787   

US Concrete, Inc., 8.500%, 12/01/18

  1,330,000      1,406,475   

USG Corp., 5.875%, 11/01/21(b)

  1,730,000      1,838,125   
    

 

 

 
  10,129,312   
    

 

 

 

Chemicals 0.2%

Nufarm Australia Ltd., 6.375%, 10/15/19(b)

  1,685,000      1,706,063   
    

 

 

 

Coal 1.0%

CONSOL Energy, Inc., 5.875%, 04/15/22

  4,300,000      3,891,500   

Natural Resource Partners LP/NRP Finance Corp., 9.125%, 10/01/18

  1,862,000      1,768,900   

Peabody Energy Corp., 10.000%, 03/15/22(b)

  3,124,000      2,780,360   
    

 

 

 
  8,440,760   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Commercial Services 5.1%

Alliance Data Systems Corp., 5.375%, 08/01/22(b)

  2,990,000      2,982,525   

Cenveo Corp., 6.000%, 08/01/19(b)

  4,900,000      4,593,750   

Cenveo Corp., 11.500%, 05/15/17(g)

  3,310,000      3,310,000   

Harland Clarke Holdings Corp., 6.875%, 03/01/20(b)(k)

  1,680,000      1,709,400   

Harland Clarke Holdings Corp., 9.250%, 03/01/21(b)(k)

  5,465,000      5,301,050   

Harland Clarke Holdings Corp., 9.750%, 08/01/18(b)(k)

  7,912,000      8,366,940   

Hertz Corp. (The), 5.875%, 10/15/20

  3,030,000      3,113,325   

Prospect Medical Holdings, Inc., 8.375%, 05/01/19(b)

  4,577,000      4,863,062   

Quad/Graphics, Inc.,
7.000%, 05/01/22(b)

  4,155,000      3,999,188   

TMS International Corp., 7.625%, 10/15/21(b)

  4,350,000      4,350,000   
    

 

 

 
  42,589,240   
    

 

 

 

Computers 0.7%

j2 Global, Inc., 8.000%, 08/01/20

  1,845,000      1,992,600   

Project Homestake Merger Corp., 8.875%, 03/01/23(b)

  3,820,000      3,829,550   
    

 

 

 
  5,822,150   
    

 

 

 

Diversified Financial Services 7.0%

  

Ally Financial, Inc., 4.125%, 03/30/20

  3,710,000      3,686,812   

Ally Financial, Inc., 5.125%, 09/30/24

  3,615,000      3,727,969   

Ally Financial, Inc., 7.500%, 09/15/20

  2,404,000      2,815,685   

Ally Financial, Inc., 8.000%, 03/15/20

  619,000      738,158   

CNG Holdings, Inc.,
9.375%, 05/15/20(b)

  2,980,000      2,138,150   

Community Choice Financial, Inc., 10.750%, 05/01/19

  1,360,000      724,200   

DFC Finance Corp.,
10.500%, 06/15/20(b)

  4,485,000      3,509,512   

Enova International, Inc., 9.750%, 06/01/21(b)

  1,585,000      1,505,750   

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.000%, 08/01/20

  4,700,000      4,882,360   
 

 

See Notes to Financial Statements.

 

58


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Diversified Financial Services—continued

  

International Lease Finance Corp., 6.250%, 05/15/19

  2,450,000      2,676,625   

International Lease Finance Corp., 8.250%, 12/15/20

  7,415,000      9,027,762   

Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.375%, 04/01/20(b)

  2,960,000      2,871,200   

Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 07/01/21

  3,171,000      3,075,870   

Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 06/01/22

  3,365,000      3,230,400   

Nationstar Mortgage LLC/Nationstar Capital Corp., 7.875%, 10/01/20

  2,475,000      2,536,875   

Navient Corp., 4.875%, 06/17/19, MTN

  2,600,000      2,593,500   

Navient Corp., 5.000%, 10/26/20

  2,010,000      1,972,313   

Navient Corp., 5.500%, 01/15/19, MTN

  1,190,000      1,213,800   

Navient Corp., 6.125%, 03/25/24, MTN

  3,550,000      3,408,000   

Walter Investment Management Corp., 7.875%, 12/15/21(g)

  2,640,000      2,362,800   
    

 

 

 
  58,697,741   
    

 

 

 

Electric 2.8%

Calpine Corp., 5.500%, 02/01/24

  3,150,000      3,177,562   

Dynegy Finance I, Inc./Dynegy Finance II, Inc., 6.750%, 11/01/19(b)

  3,845,000      3,979,575   

Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.375%, 11/01/22(b)

  2,415,000      2,538,769   

Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.625%, 11/01/24(b)

  1,605,000      1,681,238   

Dynegy, Inc., 5.875%, 06/01/23

  1,495,000      1,453,888   

GenOn Energy, Inc., 9.500%, 10/15/18

  4,610,000      4,702,200   

GenOn Energy, Inc., 9.875%, 10/15/20

  1,010,000      1,022,625   

NRG Energy, Inc., 6.250%, 05/01/24

  4,855,000      4,891,412   
    

 

 

 
  23,447,269   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Electrical Components & Equipment 0.2%

  

Zebra Technologies Corp., 7.250%, 10/15/22(b)

  1,885,000      2,031,088   
    

 

 

 

Engineering & Construction 0.6%

  

Aguila 3 SA, 7.875%, 01/31/18(b)

  5,000,000      5,000,000   
    

 

 

 

Entertainment 1.1%

Gibson Brands, Inc.,
8.875%, 08/01/18(b)

  2,647,000      2,650,309   

Greektown Holdings LLC/Greektown Mothership Corp.,
8.875%, 03/15/19(b)

  3,975,000      4,193,625   

WMG Acquisition Corp., 5.625%, 04/15/22(b)

  2,378,000      2,386,917   
    

 

 

 
  9,230,851   
    

 

 

 

Food 2.1%

Pilgrim’s Pride Corp.,
5.750%, 03/15/25(b)

  2,015,000      2,060,337   

Post Holdings, Inc., 6.000%, 12/15/22(b)

  1,570,000      1,515,050   

Post Holdings, Inc., 6.750%, 12/01/21(b)

  6,105,000      6,166,050   

Post Holdings, Inc., 7.375%, 02/15/22

  5,125,000      5,304,375   

SUPERVALU, Inc., 7.750%, 11/15/22

  2,265,000      2,412,225   
    

 

 

 
  17,458,037   
    

 

 

 

Forest Products & Paper 0.5%

  

Resolute Forest Products, Inc., 5.875%, 05/15/23

  3,984,000      3,828,624   
    

 

 

 

Gas 0.2%

NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19

  2,087,000      2,045,260   
    

 

 

 

Healthcare-Products 1.1%

Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18

  1,355,000      1,466,787   

Physio-Control International, Inc., 9.875%, 01/15/19(b)

  5,000,000      5,312,500   

Teleflex, Inc., 5.250%, 06/15/24(b)

  2,248,000      2,292,960   
    

 

 

 
  9,072,247   
    

 

 

 

Healthcare-Services 2.4%

HCA Holdings, Inc., 6.250%, 02/15/21

  4,230,000      4,573,476   

HCA, Inc., 6.500%, 02/15/20

  1,215,000      1,368,090   

MedImpact Holdings, Inc., 10.500%, 02/01/18(b)

  4,240,000      4,462,600   
 

 

See Notes to Financial Statements.

 

59


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Healthcare-Services—continued

  

Tenet Healthcare Corp., 6.000%, 10/01/20

  4,305,000      4,563,300   

Tenet Healthcare Corp., 8.125%, 04/01/22

  3,660,000      4,035,150   

WellCare Health Plans, Inc., 5.750%, 11/15/20

  1,280,000      1,344,000   
    

 

 

 
  20,346,616   
    

 

 

 

Holding Companies-Diversified 0.4%

  

Argos Merger Sub, Inc., 7.125%, 03/15/23(b)

  3,255,000      3,372,994   
    

 

 

 

Home Builders 1.4%

DR Horton, Inc., 4.000%, 02/15/20

  4,120,000      4,177,680   

K Hovnanian Enterprises, Inc., 8.000%, 11/01/19(b)

  2,310,000      2,229,150   

Shea Homes LP/Shea Homes Funding Corp., 5.875%, 04/01/23(b)

  1,665,000      1,694,137   

Shea Homes LP/Shea Homes Funding Corp., 6.125%, 04/01/25(b)

  1,665,000      1,677,488   

Standard Pacific Corp., 5.875%, 11/15/24

  2,200,000      2,260,500   
    

 

 

 
  12,038,955   
    

 

 

 

Household Products/Wares 0.1%

  

Century Intermediate Holding Co. 2, PIK, 9.750%, 02/15/19(b)

  863,000      916,938   
    

 

 

 

Insurance 0.8%

Assured Guaranty Municipal Holdings, Inc., 6.400%, 12/15/66(a)(b)

  2,710,000      2,303,500   

Assured Guaranty US Holdings, Inc., Series A, 6.400%, 12/15/66(a)

  1,825,000      1,560,375   

Hub Holdings LLC/Hub Holdings Finance, Inc., PIK,
8.125%, 07/15/19(b)

  3,120,000      3,096,600   
    

 

 

 
  6,960,475   
    

 

 

 

Internet 1.0%

Zayo Group LLC/Zayo Capital Inc., 8.125%, 01/01/20

  2,700,000      2,855,250   

Zayo Group LLC/Zayo Capital, Inc., 6.000%, 04/01/23(b)

  5,860,000      5,889,300   
    

 

 

 
  8,744,550   
    

 

 

 

Leisure Time 0.5%

NCL Corp. Ltd., 5.250%, 11/15/19(b)

  1,175,000      1,204,375   
   Shares or
Principal
Amount($)
  Value($)  

Leisure Time—continued

Viking Cruises Ltd., 8.500%, 10/15/22(b)

  2,860,000      3,181,750   
    

 

 

 
  4,386,125   
    

 

 

 

Lodging 1.0%

Caesars Entertainment Resort Properties LLC, 8.000%, 10/01/20

  2,450,000      2,431,625   

Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19(b)(k)

  3,745,000      3,304,963   

Golden Nugget Escrow, Inc., 8.500%, 12/01/21(b)

  2,490,000      2,552,250   
    

 

 

 
  8,288,838   
    

 

 

 

Media 6.3%

Block Communications, Inc., 7.250%, 02/01/20(b)

  2,690,000      2,737,075   

CCO Holdings LLC/Cap Corp., 5.750%, 09/01/23

  2,465,000      2,575,925   

Cequel Communications Holdings I LLC/Cequel Capital Corp., 5.125%, 12/15/21(b)

  230,000      229,713   

DISH DBS Corp., 5.125%, 05/01/20

  1,910,000      1,924,325   

DISH DBS Corp., 5.875%, 07/15/22(k)

  7,435,000      7,555,819   

DISH DBS Corp., 6.750%, 06/01/21

  1,410,000      1,501,650   

iHeartCommunications, Inc., 9.000%, 03/01/21

  2,145,000      2,053,837   

iHeartCommunications, Inc., 10.625%, 03/15/23(b)

  2,340,000      2,340,000   

iHeartCommunications, Inc., PIK, 14.000%, 02/01/21(l)

  5,042,697      3,992,135   

Lee Enterprises, Inc.,
9.500%, 03/15/22(b)

  1,375,000      1,419,688   

McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 9.750%, 04/01/21

  825,000      911,625   

MHGE Parent LLC/MHGE Parent Finance, Inc., 8.500%, 08/01/19(b)

  3,085,000      3,100,425   

Numericable-SFR, 6.000%, 05/15/22(b)

  3,300,000      3,341,250   

Numericable-SFR, 6.250%, 05/15/24(b)

  2,450,000      2,480,625   

Sinclair Television Group, Inc., 5.625%, 08/01/24(b)

  2,615,000      2,660,762   
 

 

See Notes to Financial Statements.

 

60


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Media—continued

Sirius XM Radio, Inc., 6.000%, 07/15/24(b)

  2,530,000      2,656,500   

Townsquare Media, Inc., 6.500%, 04/01/23(b)(c)

  849,000      853,245   

Townsquare Radio LLC/Townsquare Radio, Inc., 9.000%, 04/01/19(b)

  1,870,000      1,993,158   

Univision Communications, Inc., 6.750%, 09/15/22(b)

  2,784,000      2,985,840   

VTR Finance BV, 6.875%, 01/15/24(b)

  3,000,000      3,112,500   

WideOpenWest Finance LLC/WideOpenWest Capital Corp., 10.250%, 07/15/19

  2,410,000      2,590,750   
    

 

 

 
  53,016,847   
    

 

 

 

Metal Fabricate/Hardware 0.2%

  

JMC Steel Group, Inc., 8.250%, 03/15/18(b)

  2,425,000      2,037,000   
    

 

 

 

Mining 1.8%

First Quantum Minerals Ltd., 6.750%, 02/15/20(b)

  2,771,000      2,563,175   

First Quantum Minerals Ltd., 7.000%, 02/15/21(b)

  4,161,000      3,838,522   

FMG Resources August 2006 Pty Ltd., 8.250%, 11/01/19(b)

  4,170,000      3,586,200   

Imperial Metals Corp., 7.000%, 03/15/19(b)(g)

  5,860,000      5,581,650   
    

 

 

 
  15,569,547   
    

 

 

 

Miscellaneous Manufacturer 0.6%

  

Bombardier, Inc., 7.500%, 03/15/25(b)

  5,140,000      5,072,538   
    

 

 

 

Oil & Gas 7.2%

Antero Resources Corp., 5.125%, 12/01/22

  4,420,000      4,243,200   

Antero Resources Corp., 6.000%, 12/01/20

  930,000      930,465   

Atlas Energy Holdings Operating Co. LLC/Atlas Resource Finance Corp., 9.250%, 08/15/21

  2,077,000      1,433,130   

Chesapeake Energy Corp., 6.875%, 11/15/20

  6,800,000      7,106,000   

Citgo Holding, Inc.,
10.750%, 02/15/20(b)

  2,080,000      2,142,400   

CITGO Petroleum Corp., 6.250%, 08/15/22(b)

  2,655,000      2,575,350   

EP Energy LLC/Everest Acquisition Finance, Inc., 7.750%, 09/01/22

  2,721,000      2,775,420   
   Shares or
Principal
Amount($)
  Value($)  

Oil & Gas—continued

EP Energy LLC/Everest Acquisition Finance, Inc., 9.375%, 05/01/20

  835,000      874,663   

EXCO Resources, Inc., 7.500%, 09/15/18

  2,915,000      1,727,137   

Halcon Resources Corp., 8.875%, 05/15/21

  4,137,000      2,875,215   

Halcon Resources Corp., 9.750%, 07/15/20

  3,007,000      2,119,935   

Hilcorp Energy I LP/Hilcorp Finance Co., 5.000%, 12/01/24(b)

  5,650,000      5,311,000   

KCA Deutag UK Finance PLC, 7.250%, 05/15/21(b)

  2,820,000      2,227,800   

Linn Energy LLC/Linn Energy Finance Corp., 8.625%, 04/15/20

  4,510,000      3,844,775   

MEG Energy Corp.,
6.375%, 01/30/23 (b)

  1,116,000      1,026,720   

Offshore Drilling Holding SA, 8.625%, 09/20/20(b)

  2,380,000      1,906,380   

Precision Drilling Corp., 5.250%, 11/15/24(b)

  2,285,000      1,907,975   

Range Resources Corp., 5.000%, 03/15/23

  3,095,000      3,079,525   

Rice Energy, Inc., 6.250%, 05/01/22

  3,575,000      3,485,625   

United Refining Co.,
10.500%, 02/28/18(k)

  5,038,000      5,289,900   

Whiting Petroleum Corp., 6.250%, 04/01/23(b)

  3,575,000      3,557,125   
    

 

 

 
  60,439,740   
    

 

 

 

Oil & Gas Services 0.4%

Hornbeck Offshore Services, Inc., 5.000%, 03/01/21

  4,575,000      3,637,125   
    

 

 

 

Pharmaceuticals 3.6%

Endo Finance LLC/Endo Ltd./Endo Finco, Inc., 6.000%, 02/01/25(b)

  2,565,000      2,641,950   

Grifols Worldwide Operations Ltd., 5.250%, 04/01/22(b)

  3,430,000      3,485,738   

Valeant Pharmaceuticals International, Inc., 5.500%, 03/01/23(b)

  3,765,000      3,793,237   

Valeant Pharmaceuticals International, Inc., 6.750%, 08/15/18(b)

  2,160,000      2,276,100   

Valeant Pharmaceuticals International, Inc., 7.500%, 07/15/21(b)

  2,165,000      2,341,577   
 

 

See Notes to Financial Statements.

 

61


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Pharmaceuticals—continued

VRX Escrow Corp.,
5.375%, 03/15/20(b)

  5,005,000      5,048,794   

VRX Escrow Corp.,
5.875%, 05/15/23(b)

  5,145,000      5,273,625   

VRX Escrow Corp.,
6.125%, 04/15/25(b)

  5,005,000      5,180,175   
    

 

 

 
  30,041,196   
    

 

 

 

Pipelines 4.1%

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.125%, 03/01/22

  4,395,000      4,427,962   

Energy Transfer Equity LP, 5.875%, 01/15/24

  2,225,000      2,347,375   

Energy Transfer Equity LP, 7.500%, 10/15/20

  2,875,000      3,220,000   

Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 03/01/22

  4,180,000      4,535,300   

Sabine Pass Liquefaction LLC, 5.625%, 02/01/21

  9,605,000      9,668,009   

Sabine Pass Liquefaction LLC, 5.625%, 04/15/23

  3,600,000      3,591,000   

Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 05/01/23

  2,050,000      2,060,250   

Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/19(b)

  2,234,000      2,301,020   

Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.125%, 10/15/21

  1,475,000      1,519,250   

Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/22(b)

  1,128,000      1,167,480   
    

 

 

 
  34,837,646   
    

 

 

 

Real Estate 0.7%

Howard Hughes Corp., 6.875%, 10/01/21(b)

  5,770,000      6,044,075   
    

 

 

 

Real Estate Investment Trust 0.4%

  

iStar Financial, Inc., 5.000%, 07/01/19

  3,325,000      3,325,000   
    

 

 

 

Retail 5.5%

1011778 BC ULC/New Red Finance, Inc., 6.000%, 04/01/22(b)

  3,645,000      3,772,575   

Family Tree Escrow LLC, 5.250%, 03/01/20(b)

  1,610,000      1,686,475   
   Shares or
Principal
Amount($)
  Value($)  

Retail—continued

Family Tree Escrow LLC, 5.750%, 03/01/23(b)

  4,295,000      4,520,487   

GameStop Corp., 5.500%, 10/01/19(b)

  2,200,000      2,271,500   

Guitar Center, Inc., 6.500%, 04/15/19(b)

  2,885,000      2,517,163   

JC Penney Corp., Inc., 5.650%, 06/01/20

  5,765,000      4,972,312   

JC Penney Corp., Inc., 6.375%, 10/15/36

  4,592,000      3,329,200   

Jo-Ann Stores LLC,
8.125%, 03/15/19(b)

  785,000      786,963   

Landry’s Holdings II, Inc., 10.250%, 01/01/18(b)

  720,000      747,000   

Limited Brands, Inc., 6.625%, 04/01/21

  6,057,000      6,938,354   

Rite Aid Corp., 6.125%, 04/01/23(b)(c)

  3,700,000      3,792,500   

Sears Holdings Corp.,
6.625%, 10/15/18(g)

  10,045,000      9,341,850   

Toys R Us Property Co. II LLC, 8.500%, 12/01/17

  1,886,000      1,907,218   
    

 

 

 
  46,583,597   
    

 

 

 

Semiconductors 0.6%

Micron Technology, Inc., 5.250%, 08/01/23(b)

  2,325,000      2,365,688   

Micron Technology, Inc., 5.875%, 02/15/22

  2,920,000      3,082,089   
    

 

 

 
  5,447,777   
    

 

 

 

Software 1.1%

First Data Corp., 12.625%, 01/15/21

  7,600,000      9,006,000   
    

 

 

 

Telecommunication Services 13.9%

  

Alcatel-Lucent USA, Inc., 6.750%, 11/15/20(b)

  2,490,000      2,651,850   

Altice Financing SA,
6.500%, 01/15/22(b)

  3,860,000      3,961,325   

Altice Financing SA,
6.625%, 02/15/23(b)

  2,205,000      2,271,150   

Altice Finco SA, 7.625%, 02/15/25(b)

  550,000      563,750   

Altice SA, 7.625%, 02/15/25(b)

  3,025,000      3,030,672   

Avaya, Inc., 7.000%, 04/01/19(b)

  1,985,000      1,970,113   

Avaya, Inc., 9.000%, 04/01/19(b)

  2,130,000      2,183,250   

B Communications Ltd., 7.375%, 02/15/21(b)

  3,975,000      4,259,212   
 

 

See Notes to Financial Statements.

 

62


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Telecommunication Services—continued

  

DigitalGlobe, Inc., 5.250%, 02/01/21(b)

  2,550,000      2,550,000   

Intelsat Luxembourg SA, 7.750%, 06/01/21

  14,284,000      13,176,990   

Level 3 Communications, Inc., 5.750%, 12/01/22

  6,065,000      6,228,148   

Level 3 Financing, Inc., 6.125%, 01/15/21

  6,895,000      7,231,131   

Level 3 Financing, Inc., 8.125%, 07/01/19

  1,695,000      1,781,869   

Level 3 Financing, Inc., 8.625%, 07/15/20

  3,855,000      4,177,856   

NII International Telecom SCA, 7.875%, 08/15/19(b)(d)

  4,815,000      4,465,912   

NII International Telecom SCA., 11.375%, 08/15/19(b)(d)

  3,705,000      3,519,750   

Nortel Networks Ltd., 10.750%, 07/15/16(d)(k)

  2,385,000      2,680,144   

PAETEC Holding Corp., 9.875%, 12/01/18

  465,000      490,575   

Sprint Capital Corp., 6.875%, 11/15/28

  14,848,000      13,623,040   

Sprint Capital Corp., 8.750%, 03/15/32

  1,605,000      1,657,163   

Sprint Corp., 7.125%, 06/15/24

  3,440,000      3,354,000   

Sprint Corp., 7.875%, 09/15/23

  1,970,000      2,009,400   

T-Mobile USA, Inc., 6.125%, 01/15/22

  3,630,000      3,743,438   

T-Mobile USA, Inc., 6.375%, 03/01/25

  2,330,000      2,404,327   

T-Mobile USA, Inc., 6.633%, 04/28/21

  3,890,000      4,074,775   

Trilogy International Partners LLC/Trilogy International Finance, Inc., 10.250%, 08/15/16(b)(k)

  7,855,000      7,589,438   

ViaSat, Inc., 6.875%, 06/15/20

  3,945,000      4,157,044   

Wind Acquisition Finance SA, 7.375%, 04/23/21(b)

  6,925,000      7,184,687   
    

 

 

 
  116,991,009   
    

 

 

 

Transportation 0.9%

CHC Helicopter SA, 9.250%, 10/15/20

  3,807,000      3,216,915   

Eletson Holdings, 9.625%, 01/15/22(b)

  2,330,000      2,271,750   
   Shares or
Principal
Amount($)
  Value($)  

Transportation—continued

Florida East Coast Holdings Corp., 6.750%, 05/01/19(b)

  2,270,000      2,287,025   
    

 

 

 
  7,775,690   
    

 

 

 

Trucking & Leasing 0.1%

Flexi-Van Leasing, Inc., 7.875%, 08/15/18(b)

  835,000      847,525   
    

 

 

 

Total Corporate Bonds
(Cost $702,818,543)

   

  696,048,983   
    

 

 

 

Convertible Preferred Stocks 0.3%

  

Telecommunication Services 0.3%

  

Intelsat SA, Series A, 5.750%, 05/01/16

  23,470      816,756   

T-Mobile US, Inc., 5.500%, 12/15/17

  24,485      1,436,290   
    

 

 

 

Total Convertible Preferred Stocks
(Cost $2,306,167)

  

  2,253,046   
    

 

 

 

Municipal Bonds 0.9%

Puerto Rico 0.9%

Commonwealth of Puerto Rico, Series A, GO, 8.000%, 07/01/35

  7,800,000      6,405,984   

Puerto Rico Sales Tax Financing Corp., Series A, RB, 6.500%, 08/01/44

  2,165,000      1,380,815   
    

 

 

 

Total Municipal Bonds
(Cost $8,916,945)

   

  7,786,799   
    

 

 

 

Preferred Stock 0.4%

Diversified Financial Services 0.4%

  

GMAC Capital Trust I,
Series 2, 8.125%(a)

  121,110      3,179,138   
    

 

 

 

Total Preferred Stock
(Cost $3,027,750)

  3,179,138   
    

 

 

 

Common Stocks 1.1%

Auto Manufacturers 1.0%

General Motors Co.

  228,862      8,582,325   
    

 

 

 

Energy-Alternate Sources 0.1%

  

Aventine Renewable Energy Holdings, Inc.*(h)

  52,974      715,149   
    

 

 

 

Total Common Stocks
(Cost $12,340,553)

   

  9,297,474   
    

 

 

 

Short-Term Investment 1.9%

RidgeWorth Funds Securities Lending Joint Account(m)

  16,090,878      16,090,878   
    

 

 

 

Total Short-Term Investment
(Cost $16,090,878)

   

  16,090,878   
    

 

 

 
 

 

See Notes to Financial Statements.

 

63


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

High Income Fund — concluded

 

     Shares or
Principal
Amount($)
     Value($)  
    

Money Market Fund 8.2%

    

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(n)

    69,435,123         69,435,123   
    

 

 

 

Total Money Market Fund
(Cost $69,435,123)

  69,435,123   
    

 

 

 

Total Investments
(Cost $865,084,152) — 101.0%

   

  851,785,814   

Liabilities in Excess of Other Assets — (1.0)%

  (8,471,123
    

 

 

 

Net Assets — 100.0%

$ 843,314,691   
    

 

 

 

 

* Non-income producing security.

 

(a) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 46.1% of net assets as of March 31, 2015.

 

(c) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(d) Security is in default.

 

(e) The security has not settled as of March 31, 2015 and thus does not have a rate in effect. The security does not have a stated settlement date and will receive a rate upon settling with the custodian.
(f) Less than 0.05% of Net Assets.

 

(g) The security or a partial position of the security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015 was $15,578,432.

 

(h) The Fund’s investment adviser/subadviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.

 

(i) Valued at fair value using procedures approved by the Board of Trustees (See Note 2(a)). Fair valued securities held by the Fund represent 0% of net assets as of March 31, 2015.

 

(j) Perpetual maturity.

 

(k) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(l) Rate shown is 12.000% Cash and 2.000% PIK.

 

(m) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015 (See Note 2(k)).

 

(n) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

 

GO     General Obligation
MTN     Medium Term Note
PIK     Payment in-kind
RB     Revenue Bond
ULC     Unlimited Liability Company
 

 

At March 31, 2015, the Fund’s open credit default swap contracts were as follows:

Centrally Cleared Credit Default Swap Contracts — Sell Protection

 

Underlying Instrument

 

Broker (Exchange)

   Notional
Amount
     Fixed
Rate
    Expiration
Date
     Implied
Credit
Spread*
    Value      Unrealized
Appreciation
 

CDX.NA.HY.23

  JPMorgan (CME)      $29,400,000         5.000     12/20/19         3.058     $2,402,561         $224,551   

The notional amount represents the maximum potential amount the Fund could be required to pay as seller of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in CDX.NA.HY.23.

The value column indicates the impact each respective swap agreement has on the Fund’s Net Assets at March 31, 2015.

 

* Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

See Notes to Financial Statements.

 

64


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Intermediate Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Asset-Backed Securities 6.1%   

Automobiles 0.6%

  

Ford Credit Auto Owner Trust, Series 2014-2, Cl A, 2.310%, 04/15/26(a)

  1,655,000      1,685,929   
    

 

 

 

Credit Card 4.9%

BA Credit Card Trust, Series 2015-A1, Cl A, 0.505%, 06/15/20(b)

  2,660,000      2,660,630   

Barclays Dryrock Issuance Trust, Series 2014-3, Cl A, 2.410%, 07/15/22

  2,920,000      2,984,567   

Cabela’s Credit Card Master Note Trust, Series 2015-1A, Cl A1, 2.260%, 03/15/23

  1,270,000      1,284,079   

Capital One Multi-Asset Execution Trust, Series 2015-A1, Cl A, 1.390%, 01/15/21

  2,494,000      2,496,165   

Citibank Credit Card Issuance Trust, Series 2014-A6, Cl A6, 2.150%, 07/15/21

  2,900,000      2,948,981   
    

 

 

 
  12,374,422   
    

 

 

 

Other 0.6%

DB Master Finance LLC, Series 2015-1A, Cl A2II, 3.980%, 02/20/45(a)

  1,435,000      1,465,508   
    

 

 

 

Total Asset-Backed Securities
(Cost $15,336,955)

   

  15,525,859   
    

 

 

 

Collateralized Mortgage Obligations 3.8%

  

Commercial Mortgage Backed Securities 3.8%

  

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2010-C2, Cl A2, 3.616%, 11/15/43(a)

  1,310,000      1,377,392   
    

 

 

 

Madison Avenue Trust

Series 2013-650M, Cl B, 4.034%, 10/12/32(a)(b)

  1,815,000      1,947,976   
    

 

 

 

Morgan Stanley Capital I Trust

Series 2014-CPT, Cl A, 3.350%, 07/13/29(a)

  2,430,000      2,563,409   
    

 

 

 

VNDO Mortgage Trust

Series 2013-PENN, Cl B, 3.947%, 12/13/29(a)(b)

  1,125,000      1,207,240   
    

 

 

 

WFRBS Commercial Mortgage Trust

Series 2012-C9, Cl A2, 1.829%, 11/15/45

  1,569,000      1,585,617   
   Shares or
Principal
Amount($)
  Value($)  

Commercial Mortgage Backed Securities—continued

  

Series 2013-C13, Cl A2, 1.964%, 05/15/45

  845,000      856,352   
    

 

 

 
  2,441,969   
    

 

 

 

Total Collateralized Mortgage
Obligations
(Cost $9,489,119)

    

  9,537,986   
    

 

 

 
Corporate Bonds 31.0%

Aerospace/Defense 0.4%

  

L-3 Communications Corp., 3.950%, 05/28/24

  989,000      1,015,017   
    

 

 

 

Agriculture 0.5%

Japan Tobacco, Inc.,
2.100%, 07/23/18(a)

  1,147,000      1,163,532   
    

 

 

 

Airlines 0.9%

American Airlines Pass Through Trust, Series 2013-2, 4.950%, 07/15/24

  1,144,799      1,253,555   

United Airlines Pass Through Trust, Series 2014-1, Cl A, 4.000%, 10/11/27

  882,000      930,510   
    

 

 

 
  2,184,065   
    

 

 

 

Auto Manufacturers 1.0%

Daimler Finance North America LLC, 2.250%, 03/02/20(a)

  488,000      491,351   

Ford Motor Credit Co. LLC, 2.145%, 01/09/18

  237,000      239,707   

Ford Motor Credit Co. LLC, 5.000%, 05/15/18

  549,000      598,666   

Harley-Davidson Financial Services, Inc., 2.150%, 02/26/20(a)

  385,000      387,284   

Toyota Motor Credit Corp., 3.200%, 06/17/15, MTN

  410,000      412,495   

Volkswagen International Finance, 2.375%, 03/22/17(a)

  492,000      503,365   
    

 

 

 
  2,632,868   
    

 

 

 

Auto Parts & Equipment 0.2%

Delphi Corp., 4.150%, 03/15/24

  505,000      536,852   
    

 

 

 

Banks 6.6%

Bank of America Corp., 1.700%, 08/25/17, MTN

  845,000      848,268   

Bank of America Corp., 4.250%, 10/22/26, MTN

  627,000      647,278   

Bank of America Corp., Series L, 2.600%, 01/15/19

  919,000      935,351   
 

 

See Notes to Financial Statements.

 

65


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Intermediate Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Banks—continued

Bank of America NA, 1.250%, 02/14/17

  512,000      512,998   

Citigroup, Inc., 2.500%, 09/26/18

  1,440,000      1,468,224   

Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/20(a)

  388,000      390,214   

Credit Suisse Group Funding Guernsey Ltd., 3.750%, 03/26/25(a)

  1,007,000      1,018,776   

Goldman Sachs Group, Inc.(The), 2.550%, 10/23/19

  526,000      533,311   

Goldman Sachs Group, Inc.(The), 2.625%, 01/31/19

  723,000      738,665   

Huntington National Bank(The), 1.300%, 11/20/16

  962,000      962,946   

ING Bank NV, 1.800%, 03/16/18(a)

  422,000      424,613   

JPMorgan Chase & Co., 2.250%, 01/23/20

  1,137,000      1,139,435   

KeyBank NA, 1.650%, 02/01/18

  731,000      734,136   

Morgan Stanley, 2.650%, 01/27/20

  1,562,000      1,583,746   

Morgan Stanley, 3.700%, 10/23/24, MTN

  915,000      953,963   

Morgan Stanley, Series F, 3.875%, 04/29/24

  661,000      695,097   

UBS AG, 2.375%, 08/14/19, MTN

  1,183,000      1,192,434   

US Bancorp, 3.600%, 09/11/24, MTN

  1,141,000      1,190,360   

US Bank NA, 1.100%, 01/30/17

  760,000      762,370   
    

 

 

 
  16,732,185   
    

 

 

 

Beverages 0.5%

Anheuser-Busch InBev Worldwide, Inc., 2.500%, 07/15/22

  523,000      515,978   

SABMiller Holdings, Inc., 2.450%, 01/15/17(a)

  650,000      664,261   
    

 

 

 
  1,180,239   
    

 

 

 

Biotechnology 0.4%

Gilead Sciences, Inc., 3.500%, 02/01/25

  895,000      943,807   
    

 

 

 

Commercial Services 0.5%

ERAC USA Finance LLC, 2.750%, 03/15/17(a)

  307,000      315,139   
   Shares or
Principal
Amount($)
  Value($)  

Commercial Services—continued

  

ERAC USA Finance LLC, 3.850%, 11/15/24(a)

  363,000      378,095   

ERAC USA Finance LLC, 5.600%, 05/01/15(a)

  487,000      488,638   
    

 

 

 
  1,181,872   
    

 

 

 

Computers 0.7%

Apple, Inc., 2.850%, 05/06/21

  1,057,000      1,101,318   

IBM Corp., 1.250%, 02/06/17

  690,000      696,532   
    

 

 

 
  1,797,850   
    

 

 

 

Diversified Financial Services 1.5%

  

American Express Credit Corp.,
2.375%, 03/24/17, MTN

  326,000      334,745   

General Electric Capital Corp.,
3.450%, 05/15/24, MTN

  577,000      607,655   

Lazard Group LLC, 3.750%, 02/13/25

  790,000      779,124   

Lazard Group LLC, 4.250%, 11/14/20

  1,141,000      1,219,420   

MassMutual Global Funding LLC, 2.000%, 04/05/17(a)

  454,000      460,899   

TD Ameritrade Holding Corp., 2.950%, 04/01/22

  501,000      509,385   
    

 

 

 
  3,911,228   
    

 

 

 

Electric 0.2%

Dominion Resources, Inc., 1.950%, 08/15/16

  249,000      251,957   

Exelon Generation Co. LLC, 6.200%, 10/01/17

  243,000      269,170   
    

 

 

 
  521,127   
    

 

 

 

Electronics 0.2%

Thermo Fisher Scientific, Inc., 4.150%, 02/01/24

  560,000      604,636   
    

 

 

 

Healthcare-Products 1.0%

Becton Dickinson and Co., 3.734%, 12/15/24

  1,117,000      1,169,053   

Medtronic, Inc., 3.500%, 03/15/25(a)

  1,439,000      1,504,318   
    

 

 

 
  2,673,371   
    

 

 

 

Healthcare-Services 0.2%

Howard Hughes Medical Institute, 3.500%, 09/01/23

  461,000      490,722   
    

 

 

 

Insurance 1.1%

American International Group, Inc., 5.850%, 01/16/18, MTN

  539,000      602,137   
 

 

See Notes to Financial Statements.

 

66


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Intermediate Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Insurance—continued

Fairfax Financial Holdings Ltd., 5.800%, 05/15/21(a)

  163,000      172,633   

Nationwide Financial Services, Inc., 5.375%, 03/25/21(a)

  606,000      682,532   

Reinsurance Group of America, Inc., 4.700%, 09/15/23, MTN

  347,000      379,077   

TIAA Asset Management Finance Co. LLC, 2.950%, 11/01/19(a)

  192,000      196,779   

TIAA Asset Management Finance Co. LLC, 4.125%, 11/01/24(a)

  569,000      600,577   

XLIT Ltd., 4.450%, 03/31/25

  249,000      250,612   
    

 

 

 
  2,884,347   
    

 

 

 

Media 1.7%

Comcast Corp., 3.375%, 02/15/25

  2,511,000      2,625,918   

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 3.950%, 01/15/25

  240,000      247,266   

Sky PLC, 2.625%, 09/16/19(a)

  354,000      359,496   

Time Warner Cable, Inc., 4.000%, 09/01/21

  992,000      1,061,809   
    

 

 

 
  4,294,489   
    

 

 

 

Mining 2.5%

Barrick(PD) Australia Finance Property Ltd., 4.950%, 01/15/20

  327,000      353,417   

Barrick Gold Corp., 3.850%, 04/01/22

  1,864,000      1,822,722   

Barrick Gold Corp., 4.100%, 05/01/23

  910,000      897,725   

Newmont Mining Corp., 3.500%, 03/15/22

  3,349,000      3,252,428   
    

 

 

 
  6,326,292   
    

 

 

 

Miscellaneous Manufacturer 0.4%

  

3M Co., 1.375%, 09/29/16

  256,000      259,274   

General Electric Co., 2.700%, 10/09/22

  426,000      433,286   

General Electric Co., 5.250%, 12/06/17

  214,000      236,231   
    

 

 

 
  928,791   
    

 

 

 

Oil & Gas 2.7%

BP Capital Markets PLC, 2.248%, 11/01/16

  342,000      348,472   

Continental Resources, Inc., 3.800%, 06/01/24

  1,038,000      956,766   
   Shares or
Principal
Amount($)
  Value($)  

Oil & Gas—continued

Ensco PLC, 4.500%, 10/01/24

  573,000      555,383   

Exxon Mobil Corp., 1.912%, 03/06/20

  798,000      805,753   

Helmerich & Payne International Drilling Co., 4.650%, 03/15/25(a)

  790,000      818,135   

Marathon Petroleum Corp., 3.625%, 09/15/24

  1,961,000      1,983,350   

Noble Holding International Ltd., 4.625%, 03/01/21

  113,000      106,832   

Woodside Finance Ltd., 3.650%, 03/05/25(a)

  653,000      647,127   

Woodside Finance Ltd., 4.600%, 05/10/21(a)

  549,000      593,708   
    

 

 

 
  6,815,526   
    

 

 

 

Oil & Gas Services 0.5%

  

FMC Technologies, Inc., 3.450%, 10/01/22

  179,000      175,990   

Schlumberger Investment SA, 3.300%, 09/14/21(a)

  272,000      285,350   

Weatherford International Ltd., 5.125%, 09/15/20

  817,000      795,560   
    

 

 

 
  1,256,900   
    

 

 

 

Pharmaceuticals 0.6%

Actavis Funding SCS, 3.800%, 03/15/25

  980,000      1,011,389   

Express Scripts Holding Co., 2.650%, 02/15/17

  303,000      310,376   

Novartis Securities Investment Ltd., 5.125%, 02/10/19

  183,000      206,527   
    

 

 

 
  1,528,292   
    

 

 

 

Pipelines 1.7%

Boardwalk Pipelines LP, 4.950%, 12/15/24

  209,000      210,650   

Energy Transfer Partners LP, 4.900%, 02/01/24

  104,000      111,441   

EnLink Midstream Partners LP, 4.400%, 04/01/24

  102,000      107,220   

Enterprise Products Operating LLC, 3.350%, 03/15/23

  932,000      942,161   

Kinder Morgan Energy Partners LP, 3.450%, 02/15/23

  931,000      915,273   

Phillips 66 Partners LP, 3.605%, 02/15/25

  460,000      460,774   

Spectra Energy Partners LP, 2.950%, 09/25/18

  1,017,000      1,048,358   
 

 

See Notes to Financial Statements.

 

67


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Intermediate Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Pipelines—continued

Williams Partners LP/ACMP Finance Corp., 4.875%, 05/15/23

  510,000      513,825   
    

 

 

 
  4,309,702   
    

 

 

 

Real Estate Investment Trust 0.9%

  

American Tower Corp., 3.500%, 01/31/23

  340,000      337,021   

American Tower Corp., 5.000%, 02/15/24

  885,000      967,742   

Digital Realty Trust LP, 5.875%, 02/01/20

  804,000      911,812   
    

 

 

 
  2,216,575   
    

 

 

 

Retail 0.4%

Wal-Mart Stores, Inc., 1.125%, 04/11/18

  1,095,000      1,096,335   
    

 

 

 

Semiconductors 0.8%

Analog Devices, Inc., 3.000%, 04/15/16

  360,000      367,453   

Intel Corp., 1.950%, 10/01/16

  298,000      303,603   

TSMC Global Ltd., 1.625%, 04/03/18(a)

  1,304,000      1,292,726   
    

 

 

 
  1,963,782   
    

 

 

 

Software 0.2%

Oracle Corp., 1.200%, 10/15/17

  266,000      266,865   

Oracle Corp., 2.375%, 01/15/19

  326,000      334,953   
    

 

 

 
  601,818   
    

 

 

 

Telecommunication Services 1.8%

  

AT&T, Inc., 2.375%, 11/27/18

  697,000      705,972   

CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849%, 04/15/23

  708,000      716,774   

Cisco Systems, Inc., 2.125%, 03/01/19

  600,000      612,286   

Cisco Systems, Inc., 5.500%, 02/22/16

  298,000      311,067   

Verizon Communications, Inc., 5.150%, 09/15/23

  1,850,000      2,120,995   
    

 

 

 
  4,467,094   
    

 

 

 

Transportation 0.9%

Burlington Northern Santa Fe LLC, 3.400%, 09/01/24

  1,716,000      1,790,979   

Union Pacific Corp., 3.250%, 01/15/25

  497,000      520,493   
    

 

 

 
  2,311,472   
    

 

 

 

Total Corporate Bonds
(Cost $76,001,613)

   

  78,570,786   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages 3.0%

  

Federal National Mortgage Association

Pool #AM7670, 2.850%, 01/01/25

  1,068,947      1,098,120   

Pool #AM7583, 2.860%, 01/01/25

  1,058,870      1,088,625   

Pool #AM7772, 2.890%, 01/01/25

  875,000      905,923   

Pool #AM7820, 3.110%, 01/01/25

  930,000      978,991   

Pool #AM8024, 2.510%, 02/01/25

  837,419      848,110   

Pool #AM8051, 2.680%, 02/01/25

  1,450,000      1,469,643   

Pool #AM7981, 2.980%, 02/01/25

  748,807      778,453   

Pool #AM8239, 2.870%, 04/01/25(c)

  507,000      518,250   
    

 

 

 

Total U.S. Government Agency
Mortgages
(Cost $7,574,743)

    

  7,686,115   
    

 

 

 

U.S. Treasury Obligations 54.1%

  

U.S. Treasury Notes 54.1%

0.375%, 04/15/15

  4,112,000      4,112,321   

0.500%, 06/15/16(d)

  7,148,000      7,159,730   

0.875%, 02/28/17

  46,053,000      46,344,423   

0.625%, 09/30/17

  20,030,000      19,978,363   

1.375%, 07/31/18

  1,583,000      1,601,428   

1.500%, 01/31/19

  38,593,000      39,093,512   

1.500%, 10/31/19

  17,559,000      17,697,558   

2.000%, 02/15/25

  1,109,000      1,116,018   
    

 

 

 

Total U.S. Treasury Obligations
(Cost $135,865,812)

   

  137,103,353   
    

 

 

 

Foreign Government Bonds 1.1%

  

Sovereign 1.1%

Brazilian Government International Bond, 4.250%, 01/07/25

  923,000      904,540   

Indonesia Government International Bond, 3.375%, 04/15/23(a)

  1,125,000      1,102,500   

Mexico Government International Bond, 3.600%, 01/30/25

  300,000      307,875   

Turkey Government International Bond, 7.375%, 02/05/25

  392,000      486,394   
    

 

 

 

Total Foreign Government Bonds
(Cost $2,709,161)

   

  2,801,309   
    

 

 

 
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Intermediate Bond Fund — concluded

 

     Shares or
Principal
Amount($)
     Value($)  

Money Market Fund 1.5%

    

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(e)

    3,658,404         3,658,404   
    

 

 

 

Total Money Market Fund
(Cost $3,658,404)

  3,658,404   
    

 

 

 

Total Investments
(Cost $250,635,807) — 100.6%

   

  254,883,812   

Liabilities in Excess of Other Assets —(0.6)%

  (1,494,957
    

 

 

 

Net Assets — 100.0%

$ 253,388,855   
    

 

 

 

 

(a) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 9.9% of net assets as of March 31, 2015.

 

(b) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(c) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(d) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(e) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviation

 

MTN     Medium Term Note
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Investment Grade Tax-Exempt Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Municipal Bonds 95.5%

Alabama 3.7%

Baldwin County Board of Education, RB, 5.000%, 06/01/31

  6,650,000      7,801,248   

Baldwin County Board of Education, RB, 5.000%, 06/01/32

  1,000,000      1,168,540   

Birmingham, Series A, GO, 0.000%, 03/01/27(a)

  2,500,000      2,609,625   

Birmingham, Series A, GO, 0.000%, 03/01/37(a)

  3,000,000      3,022,350   

Birmingham Special Care Facilities Financing Authority Health Care Facilities, Children’s Hospital of Alabama, RB, 6.000%, 06/01/39, AGC(b)

  9,000,000      10,522,440   
   

 

 

 
      25,124,203   
   

 

 

 

Alaska 7.0%

Matanuska-Susitna Borough Lease, Goose Creek Correctional Center, RB, 5.500%, 09/01/23, AGC(b)

  18,000,000      21,063,960   

Matanuska-Susitna Borough Lease, Goose Creek Correctional Center, RB, 6.000%, 09/01/28, AGC(b)

  15,500,000      18,516,145   

Matanuska-Susitna Borough Lease, Goose Creek Correctional Center, RB, 6.000%, 09/01/32, AGC

  7,250,000      8,599,225   
   

 

 

 
  48,179,330   
   

 

 

 

California 15.1%

California Health Facilities Financing Authority, Series C, RB, 6.250%, 10/01/24

  3,500,000      4,138,400   

California Health Facilities Financing Authority, Series C, RB, 6.500%, 10/01/38(b)

  5,400,000      6,431,292   

California State, GO, 5.000%, 12/01/27

  8,890,000      10,700,182   

California State, GO, 5.000%, 03/01/45

  3,000,000      3,472,260   

California State, GO, 6.500%, 04/01/33(b)

  24,500,000      29,717,030   

Los Angeles California Wastewater System, Series A, RB, 5.750%, 06/01/34

  5,000,000      5,868,600   
   Shares or
Principal
Amount($)
  Value($)  

California—continued

Los Angeles County Regional Financing Authority, Series B-2, RB, 3.000%, 11/15/20, CA MTG INS

  1,500,000      1,521,195   

Port of Los Angeles, Series B, RB, 5.000%, 08/01/30

  1,285,000      1,533,198   

Port of Los Angeles, Series B, RB, 5.000%, 08/01/36

  1,985,000      2,327,194   

San Francisco CA Public Utilities Commission Water Revenue, RB, 5.000%, 11/01/36(c)

  2,500,000      2,941,750   

San Francisco City & County Airports Commission, AMT, RB, 5.750%, 05/01/24, AGM

  5,000,000      5,606,450   

Santa Clara Valley Transportation Authority, Series A, RB, 5.000%, 04/01/31

  1,000,000      1,201,360   

Santa Clara Valley Transportation Authority, Series A, RB, 5.000%, 04/01/33

  3,000,000      3,575,070   

Santa Clara Valley Transportation Authority, Series A, RB, 5.000%, 04/01/34

  2,500,000      2,969,625   

University of California, Series O, RB, 5.750%, 05/15/27

  3,000,000      3,562,350   

University of California, Series O, RB, 5.750%, 05/15/28(b)

  10,000,000      11,874,500   

University of California, Series O, RB, 5.750%, 05/15/29(b)

  5,095,000      6,050,058   
   

 

 

 
    103,490,514   
   

 

 

 

District of Columbia 1.4%

District of Columbia, Income Tax, Series A, RB, 5.500%, 12/01/30(b)

  8,000,000      9,404,560   
   

 

 

 

Florida 5.7%

Miami-Dade County, Building Better Communities Program, Series B, GO, 6.000%, 07/01/23

  2,000,000      2,300,640   

Miami-Dade County, Building Better Communities Program, Series B, GO, 6.125%, 07/01/25

  3,000,000      3,451,470   
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Investment Grade Tax-Exempt Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Florida—continued

Miami-Dade County School Board Foundation, Inc, Series A, COP, 5.000%, 05/01/28

  5,000,000      5,796,850   

Miami-Dade County School Board Foundation, Inc, Series A, COP, 5.000%, 05/01/31

  6,590,000      7,538,037   

Miami-Dade County School Board Foundation, Inc., Series A, COP, 5.000%, 05/01/25

  6,000,000      7,218,960   

Orange County School Board, Series C, COP, 5.000%, 08/01/31

  5,000,000      5,897,300   

Orlando FL Contract Tourist DE, 5.250%, 11/01/34

  3,785,000      4,477,466   

South Broward Hospital District, RB, 4.000%, 05/01/36(c)

  2,390,000      2,439,712   
   

 

 

 
      39,120,435   
   

 

 

 

Georgia 2.2%

Gwinnett County School District, GO, 5.000%, 02/01/35

  11,000,000      13,278,650   

Private Colleges & Universities Authority, RB, 5.000%, 04/01/27

  1,900,000      2,174,436   
   

 

 

 
  15,453,086   
   

 

 

 

Guam 0.2%

Guam Power Authority, Series A, RB, 5.000%, 10/01/28

  1,000,000      1,134,830   
   

 

 

 

Illinois 7.6%

Chicago, Series A, GO, 5.250%, 01/01/30

  7,200,000      7,501,896   

Chicago, Series A, GO, 5.250%, 01/01/32

  2,000,000      2,066,420   

Chicago, Series A, GO, 5.250%, 01/01/33

  6,000,000      6,177,660   

Chicago, Series C, GO, 5.000%, 01/01/26

  3,400,000      3,489,692   

Chicago, Series C, GO, 5.000%, 01/01/27

  8,000,000      8,174,800   

Chicago Board of Education, Series A, GO, 5.250%, 12/01/26, AGC-ICC

  3,290,000      3,625,646   

Chicago IL O’ Hare International Airport Revenue, Series D, RB, 5.250%, 01/01/19, NATL-RE, AMT(b)

  7,680,000      7,712,026   
   Shares or
Principal
Amount($)
  Value($)  

Illinois—continued

Chicago IL Waterworks Revenue, RB, 5.000%, 11/01/31

  1,500,000      1,697,475   

Chicago Public Building Commission, RB, 5.250%, 12/01/18, NATL-RE

  2,625,000      2,916,532   

Grundy Kendall & Will Counties Community School District No. 201, GO, 5.750%, 10/15/21, AGC

  4,340,000      4,970,081   

Illinois State, GO, 5.250%, 04/01/27

  1,500,000      1,600,590   

University of Illinois, Auxiliary Facilities System, Series A, RB, 5.750%, 04/01/38

  2,000,000      2,350,960   
   

 

 

 
      52,283,778   
   

 

 

 

Kansas 4.7%

Kansas State Development Finance Authority, Adventist Bolingbrook Hospital, RB, 5.750%, 11/15/38(b)

  26,090,000      30,413,374   

Kansas State Development Finance Authority, Adventist Bolingbrook Hospital, Series D, RB, 5.000%, 11/15/22

  2,000,000      2,205,320   
   

 

 

 
  32,618,694   
   

 

 

 

Kentucky 2.6%

Kentucky Municipal Power Agency, Series A, RB, 5.000%, 09/01/26, NATL-RE(c)

  8,495,000      9,993,943   

Kentucky Municipal Power Agency, Series A, RB, 5.000%, 09/01/30, NATL-RE(c)

  3,000,000      3,415,170   

Kentucky Municipal Power Agency, Series A, RB, 5.000%, 09/01/42, NATL-RE(c)

  4,000,000      4,438,680   
   

 

 

 
  17,847,793   
   

 

 

 

Maryland 2.4%

Anne County Arundel, GO, 5.000%, 04/01/33(c)

  7,655,000      9,233,691   

Anne County Arundel, GO, 5.000%, 04/01/33(c)

  2,185,000      2,635,612   

Maryland State, Series A, GO, 5.000%, 03/01/24

  3,640,000      4,364,542   
   

 

 

 
  16,233,845   
   

 

 

 
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Investment Grade Tax-Exempt Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Massachusetts 2.2%

Commonwealth of Massachusetts, Series A, GO, 5.000%, 04/01/25

  5,520,000      6,615,057   

Massachusetts State College Building Authority, Series B, RB, 5.000%, 05/01/34, ST INTERCEPT

  4,045,000      4,715,459   

Massachusetts State College Building Authority, Series B, RB, 5.000%, 05/01/39, ST INTERCEPT

  3,250,000      3,757,780   
   

 

 

 
  15,088,296   
   

 

 

 

Michigan 2.3%

Michigan Finance Authority, RB, 5.000%, 07/01/21

  14,000,000          15,693,440   
   

 

 

 

Missouri 6.0%

Missouri Joint Municipal Electric Utility Commission, Series A, RB, 5.000%, 06/01/23(c)

  6,510,000      7,794,814   

Missouri Joint Municipal Electric Utility Commission, Series A, RB, 5.000%, 06/01/24(c)

  3,000,000      3,605,700   

Missouri Joint Municipal Electric Utility Commission, Series A, RB, 5.000%, 12/01/24(c)

  1,435,000      1,733,896   

Missouri Joint Municipal Electric Utility Commission, Series A, RB, 5.000%, 06/01/25(c)

  1,600,000      1,934,208   

Missouri Joint Municipal Electric Utility Commission, Series A, RB, 5.000%, 12/01/25(c)

  2,270,000      2,748,607   

Missouri Joint Municipal Electric Utility Commission, Series A, RB, 5.000%, 12/01/29(c)

  2,500,000      2,928,075   

Missouri Joint Municipal Electric Utility Commission, Series A, RB, 5.000%, 12/01/30(c)

  3,000,000      3,490,830   

Missouri Joint Municipal Electric Utility Commission, Series A, RB, 5.000%, 12/01/31(c)

  2,500,000      2,897,225   

Missouri State Board of Public Buildings, RB, 5.000%, 10/01/24(c)

  11,695,000      14,391,633   
   

 

 

 
  41,524,988   
   

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Nebraska 0.3%

Lincoln NE Electric System Revenue, Series A, RB, 5.000%, 09/01/34

  2,000,000      2,381,180   
   

 

 

 

New Jersey 2.2%

New Jersey State Transportation Trust Fund Authority, Transportation System, Series A, RB, 6.000%, 12/15/38

  7,710,000      8,837,356   

New Jersey Transportation Trust Fund Authority, Series A, RB, 6.000%, 06/15/35, ST APPROP

  5,305,000      6,429,872   
   

 

 

 
      15,267,228   
   

 

 

 

New York 9.4%

Erie County Industrial Development Agency, City School District Buffalo, Series A, RB, 5.750%, 05/01/29, BHAC

  5,340,000      6,045,521   

New York City Municipal Water Finance Authority, Water & Sewer System, Series A, RB, 5.750%, 06/15/40(b)

  15,330,000      17,574,772   

New York City Transitional Finance Authority, Building Aid, Series S-2, RB, 6.000%, 07/15/38, State Aid Withholding(b)

  7,500,000      8,646,975   

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, 5.000%, 02/01/28

  5,000,000      5,577,300   

New York State Dormitory Authority, Series A, RB, 5.000%, 03/15/28

  2,500,000      3,023,175   

New York State Dormitory Authority, Series A, RB, 5.000%, 03/15/32

  14,250,000      16,854,045   

Sales Tax Asset Receivable Corp., Series A, RB, 5.000%, 10/15/27

  4,000,000      4,932,880   

Sales Tax Asset Receivable Corp., Series A, RB, 5.000%, 10/15/30

  1,750,000      2,122,540   
   

 

 

 
  64,777,208   
   

 

 

 

North Carolina 0.9%

North Carolina State, Series C, GO, 5.000%, 05/01/18

  1,880,000      2,115,320   
 

 

See Notes to Financial Statements.

 

72


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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Investment Grade Tax-Exempt Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

North Carolina—continued

Raleigh NC Combined Enterprise System Revenue, Series B, RB, 5.000%, 12/01/23(c)

  2,000,000      2,381,080   

Raleigh NC Combined Enterprise System Revenue, Series B, RB, 5.000%, 12/01/25(c)

  1,110,000      1,346,929   
   

 

 

 
  5,843,329   
   

 

 

 

Ohio 0.9%

Ohio State, Series A, GO, 5.000%, 09/15/25

  5,000,000      6,326,000   
   

 

 

 

Oregon 3.2%

Oregon State, Series F, GO, 5.000%, 05/01/32

  5,100,000      6,124,284   

Oregon State, Series F, GO, 5.000%, 05/01/39

  1,250,000      1,475,650   

Oregon State Department of Transportation, Series A, RB, 5.000%, 11/15/29

  12,000,000      14,505,600   
   

 

 

 
      22,105,534   
   

 

 

 

Pennsylvania 5.2%

Pennsylvania Economic Development Financing Authority, AMT, RB, 5.000%, 12/31/34

  12,000,000      13,272,840   

Pennsylvania Economic Development Financing Authority, RB, 5.000%, 07/01/21

  7,500,000      8,320,275   

Pennsylvania Economic Development Financing Authority, RB, 5.000%, 01/01/22

  3,000,000      3,286,530   

University of Pittsburgh, Commonwealth System of Higher Education, Series B, RB, 5.500%, 09/15/23, GO of University

  6,750,000      7,869,690   

University of Pittsburgh, Commonwealth System of Higher Education, Series B, RB, 5.500%, 09/15/24, GO of University

  2,500,000      2,911,750   
   

 

 

 
  35,661,085   
   

 

 

 

Texas 6.1%

Central Texas Turnpike System, Series C, RB, 5.000%, 08/15/24

  1,000,000      1,190,230   
   Shares or
Principal
Amount($)
  Value($)  

Texas—continued

Central Texas Turnpike System, Series C, RB, 5.000%, 08/15/25

  1,000,000      1,182,060   

Cypress-Fairbanks Independent School District, Series C, GO, 5.000%, 02/15/28, PSF-GTD

  1,000,000      1,197,260   

Dallas Community College District, GO, 5.000%, 02/15/24

  5,850,000      6,493,559   

Dallas Independent School District, GO, 6.375%, 02/15/34, PSF-GTD(b)

  6,000,000      6,934,440   

Lower Colorado River Authority, Series A, RB, 5.875%, 05/15/15, AGM

  1,185,000      1,190,652   

Texas State, GO, 5.000%, 04/01/31

         

Texas State, Series A, GO, 5.000%, 10/01/28

  2,000,000      2,423,300   

Texas State Public Finance Authority, Unemployment Comp., Series B, RB, 4.000%, 07/01/17

  10,000,000      10,622,300   

Texas State University Systems Financing, RB, 5.000%, 03/15/18, AGM

  5,035,000      5,061,937   

United Independent School District, GO, 5.000%, 08/15/44, PSF-GTD

  5,000,000      5,829,350   
   

 

 

 
      42,125,088   
   

 

 

 

Virginia 2.0%

Fairfax County, Series B, GO, 5.000%, 10/01/26, State Aid Withholding

  7,335,000      9,287,064   

Greater Richmond Convention Center Authority, RB, 5.000%, 06/15/19

  1,240,000      1,423,160   

Greater Richmond Convention Center Authority, RB, 5.000%, 06/15/21

  2,755,000      3,257,484   
   

 

 

 
  13,967,708   
   

 

 

 

Washington 2.2%

Energy Northwest, Series C, RB, 5.000%, 07/01/24

  4,000,000      4,466,200   

Washington State, Series A, GO, 5.000%, 08/01/24

  8,880,000      10,621,457   
   

 

 

 
  15,087,657   
   

 

 

 

Total Municipal Bonds
(Cost $620,559,048)

  656,739,809   
   

 

 

 
 

 

See Notes to Financial Statements.

 

73


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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Investment Grade Tax-Exempt Bond Fund — concluded

 

     Shares or
Principal
Amount($)
    Value($)  

Money Market Fund 13.9%

   

Federated Tax-Free Obligations Fund, Institutional Shares, 0.01%(d)

    95,310,090        95,310,090   
   

 

 

 

Total Money Market Fund
(Cost $95,310,090)

  95,310,090   
   

 

 

 

Total Investments
(Cost $715,869,138) — 109.4%

  752,049,899   

Liabilities in Excess of Other Assets — (9.4)%

  (64,759,139
   

 

 

 

Net Assets — 100.0%

$ 687,290,760   
   

 

 

 

 

(a) Step bond. The rate shown is the rate in effect as of March 31, 2015.

 

(b) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(c) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(d) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

 

AGC  

  Security guaranteed by Assured Guaranty Corporation
AGC-ICC  

  Assured Guaranty Corporation Insured Custody Certificates
AGM     Security guaranteed by Assured Guaranty Municipal Corporation
AMT     Income subject to Alternative Minimum Tax
BHAC     Security guaranteed by Berkshire Hathaway Assurance Corporation
CA MTG INS     California Mortgage Insurance
COP     Certificate of Participation
GO     General Obligation
NATL-RE     Reinsurance provided by National Public Finance Guarantee Corporation
PSF-GTD     Security guaranteed by Permanent School Fund Guarantee Program
RB     Revenue Bond
ST APPROP     State Appropriation
ST INTERCEPT     State Interception
 

 

See Notes to Financial Statements.

 

74


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Limited Duration Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Asset-Backed Securities 33.2%

Automobiles 6.5%

  

AmeriCredit Automobile Receivables Trust, Series 2014-2, Cl A2B, 0.455%, 10/10/17(a)

  210,264      210,150   

Mercedes Benz Auto Lease Trust, Series 2014-A, Cl A2B, 0.355%, 06/15/16(a)

  214,829      214,792   

Santander Drive Auto Receivables Trust, Series 2012-AA, Cl A3, 0.650%, 03/15/17(b)

  3,983      3,983   
   

 

 

 
  428,925   
   

 

 

 

Credit Card 24.0%

American Express Issuance Trust II, Series 2013-1, Cl B, 0.625%, 02/15/19(a)

  400,000      398,269   

Barclays Dryrock Issuance Trust, Series 2014-1, Cl A, 0.535%, 12/16/19(a)

  300,000      299,613   

Cabela’s Master Credit Card Trust, Series 2014-1, Cl A, 0.525%, 03/16/20(a)

  200,000      200,011   

Capital One Multi-Asset Execution Trust, Series 2006-B1, Cl B1, 0.455%, 01/15/19(a)

  300,000      299,216   

Discover Card Execution Note Trust, Series 2013-A1, Cl A1, 0.475%, 08/17/20(a)

  400,000      399,559   
   

 

 

 
  1,596,668   
   

 

 

 

Student Loan Asset Backed Security 2.7%

  

SLM Student Loan Trust, Series 2013-1, Cl A2, 0.424%, 09/25/19(a)

  182,696      182,384   
   

 

 

 

Total Asset-Backed Securities
(Cost $2,209,796)

  2,207,977   
   

 

 

 
Collateralized Mortgage Obligations 46.2%   

Agency Collateralized Mortgage Obligations 46.2%

  

Federal Home Loan Mortgage Corporation

Series 3066, Cl FG, REMIC, 0.375%, 03/15/24(a)

  1,114,624      1,118,375   

Series 4231, Cl FD, REMIC, 0.525%, 10/15/32(a)

  869,268      869,923   
   

 

 

 
  1,988,298   
   

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Agency Collateralized Mortgage Obligations—continued

  

Federal National Mortgage Association

Series 2004-79, Cl FM, 0.474%, 11/25/24(a)

  849,114      850,842   

Series 2010-90, Cl MF, 0.574%, 04/25/28(a)

  231,956      232,306   
   

 

 

 
  1,083,148   
   

 

 

 

Total Collateralized Mortgage Obligations
(Cost $3,057,585)

  3,071,446   
   

 

 

 
U.S. Government Agency Mortgages 19.0%   

Federal National Mortgage Association

Pool #469408, 0.921%, 11/01/18(a)

  226,466      226,347   

Pool #AM6261, 0.391%, 07/01/19(a)

  620,000      619,780   

Pool #AM7028, 0.411%, 10/01/19(a)

  420,000      420,276   
   

 

 

 

Total U.S. Government Agency Mortgages
(Cost $1,264,942)

  1,266,403   
   

 

 

 

Money Market Fund 11.8%

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(c)

  782,188      782,188   
   

 

 

 

Total Money Market Fund
(Cost $782,188)

  782,188   
   

 

 

 

Total Investments
(Cost $7,314,511) — 110.2%

  7,328,014   

Liabilities in Excess of
Other Assets — (10.2)%

  (678,346
   

 

 

 

Net Assets — 100.0%

$ 6,649,668   
   

 

 

 

 

(a) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 0.1% of net assets as of March 31, 2015.
(c) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviation

REMIC —Real Estate Mortgage Investment Conduit

 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Limited-Term Federal Mortgage Securities Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Collateralized Mortgage Obligations 10.3%   

Agency Collateralized Mortgage Obligation 6.7%

  

Federal Home Loan Mortgage Corporation

Series 3909, Cl UB, REMIC, 3.500%, 08/15/26(a)

  800,000      865,782   
    

 

 

 

Commercial Mortgage Backed Securities 3.6%

  

GS Mortgage Securities Corp. II

Series 2012-BWTR, Cl B, 3.255%, 11/05/34(b)

  109,000      111,727   

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2011-C5, Cl AS, 5.323%, 08/15/46(b)(c)

  300,000      350,165   
    

 

 

 
  461,892   
    

 

 

 

Total Collateralized Mortgage Obligations
(Cost $1,293,779)

   

  1,327,674   
    

 

 

 

U.S. Government Agency Mortgages 82.9%

  

Federal Home Loan Mortgage Corporation

Pool #G14517, 2.500%, 07/01/27

  94,542      97,186   

Pool #C01785, 5.000%, 02/01/34

  227,603      253,517   

Pool #G01828, 4.500%, 04/01/35

  201,140      220,163   

Pool #G03092, 5.500%, 07/01/37

  176,116      200,108   

Pool #A85718, 4.000%, 04/01/39

  83,478      90,564   

Pool #G08347, 4.500%, 06/01/39

  41,655      45,431   

Pool #A89148, 4.000%, 10/01/39

  82,627      88,577   

Pool #G08372, 4.500%, 11/01/39

  211,278      230,488   

Pool #A93101, 5.000%, 07/01/40

  169,900      188,613   

Pool #A93617, 4.500%, 08/01/40

  87,489      95,329   

Pool #A94362, 4.000%, 10/01/40

  55,029      59,626   

Pool #A95085, 4.000%, 11/01/40

  145,998      156,462   

Pool #A95084, 4.000%, 11/01/40

  44,738      48,516   

Pool #A97047, 4.500%, 02/01/41

  310,689      339,476   

Pool #G06802, 4.500%, 10/01/41

  236,973      258,468   

Pool #G08499, 3.000%, 07/01/42

  71,445      73,068   

Pool #849167, 2.992%, 10/01/43(c)

  157,310      163,150   
    

 

 

 
      2,608,742   
    

 

 

 

Federal National Mortgage Association

Pool #AM7839, 3.210%, 09/01/21

  148,667      158,085   

Pool #AM7583, 2.860%, 01/01/25

  109,367      112,440   

Pool #AM8705, 2.570%, 04/01/25(d)

  580,000      586,890   

Pool #AR1524, 2.000%, 01/01/28

  182,091      182,448   

Pool #AB1763, 4.000%, 11/01/30

  107,044      115,274   

Pool #MA0919, 3.500%, 12/01/31

  291,240      307,889   

Pool #730727, 5.000%, 08/01/33

  154,697      173,178   

Pool #745044, 4.500%, 08/01/35

  62,482      68,597   
   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #AL0049, 6.000%, 12/01/35

  63,284      72,591   

Pool #AI7951, 4.500%, 08/01/36

  135,287      148,259   

Pool #AK6957, 4.000%, 03/01/37

  406,693      441,255   

Pool #AK6960, 4.000%, 03/01/37

  514,042      554,559   

Pool #889529, 6.000%, 03/01/38

  129,045      148,506   

Pool #AU4728, 4.000%, 09/01/38

  156,557      168,708   

Pool #AC2817, 4.000%, 10/01/39

  13,455      14,389   

Pool #AE0215, 4.000%, 12/01/39

  37,463      40,057   

Pool #AD1649, 4.000%, 03/01/40

  21,132      22,635   

Pool #AD8033, 4.000%, 08/01/40

  141,905      152,128   

Pool #AB1343, 4.500%, 08/01/40

  154,892      171,231   

Pool #AC4624, 3.500%, 10/01/40

  245,087      259,065   

Pool #AE4113, 4.000%, 10/01/40

  44,285      47,743   

Pool #190405, 4.000%, 10/01/40

  42,373      45,423   

Pool #AE5143, 4.000%, 11/01/40

  45,181      48,453   

Pool #AE0624, 4.000%, 11/01/40

  122,938      132,169   

Pool #AE4414, 4.000%, 11/01/40

  48,986      52,530   

Pool #MA0583, 4.000%, 12/01/40

  113,136      121,286   

Pool #AL0005, 4.500%, 01/01/41

  96,991      106,128   

Pool #AB2265, 4.000%, 02/01/41

  352,103      382,907   

Pool #MA0639, 4.000%, 02/01/41

  339,140      363,557   

Pool #AL0215, 4.500%, 04/01/41

  219,177      240,197   

Pool #AK0205, 4.500%, 09/01/41

  30,872      33,766   

Pool #MA1044, 3.000%, 04/01/42

  542,291      555,786   

Pool #AP4613, 4.000%, 08/01/42

  79,480      85,653   

Pool #AW4685, 2.799%, 05/01/44(c)

  157,513      162,959   
    

 

 

 
  6,276,741   
    

 

 

 

Government National Mortgage Association

Pool #004396, 4.000%, 03/20/39

  196,002      209,248   

Pool #778882, 3.500%, 02/15/42

  632,184      666,767   

Pool #MA0154, 3.500%, 06/20/42

  272,355      287,390   

Pool #AB5640, 3.500%, 11/15/42

  161,213      169,990   

Pool #AE7700, 3.500%, 08/15/43

  405,171      429,874   
    

 

 

 
  1,763,269   
    

 

 

 

Total U.S. Government Agency Mortgages
(Cost $10,368,711)

   

    10,648,752   
    

 

 

 

U.S. Treasury Obligation 1.0%

  

U.S. Treasury Note 1.0%

1.500%, 10/31/19

  125,000      125,986   
    

 

 

 

Total U.S. Treasury Obligation
(Cost $125,043)

  125,986   
    

 

 

 
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Limited-Term Federal Mortgage Securities Fund — concluded

 

   Shares or
Principal
Amount($)
  Value($)  

Money Market Fund 4.2%

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(e)

  538,199      538,199   
    

 

 

 

Total Money Market Fund
(Cost $538,199)

  538,199   
    

 

 

 

Total Investments
(Cost $12,325,732) — 98.4%

  12,640,611   

Other Assets in Excess of Liabilities — 1.6%

  200,432   
    

 

 

 

Net Assets — 100.0%

$ 12,841,043   
    

 

 

 

 

(a) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 3.6% of net assets as of March 31, 2015.

 

(c) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(d) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(e) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

REMIC —Real Estate Mortgage Investment Conduit

 

See Notes to Financial Statements.

 

77


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

North Carolina Tax-Exempt Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Municipal Bonds 94.9%

Alabama 0.6%

Birmingham, Series A, GO, 0.000%, 03/01/32(a)

  215,000      218,915   
    

 

 

 

Guam 3.0%

Guam Power Authority, Series A, RB, 5.000%, 10/01/44, AGM

  1,000,000      1,155,320   
    

 

 

 

Illinois 0.7%

Chicago, Series A, GO, 5.250%, 01/01/33

  260,000      267,699   
    

 

 

 

North Carolina 88.2%

Buncombe County Metropolitan Sewerage District, RB, 5.000%, 07/01/39

  1,000,000      1,164,850   

Charlotte Storm Water Revenue, RB, 4.000%, 12/01/43

  1,000,000      1,069,470   

Charlotte Storm Water Revenue, RB, 5.000%, 12/01/15

  1,255,000      1,295,737   

Charlotte Water & Sewer System, RB, 5.000%, 07/01/21

  1,080,000      1,220,983   

Charlotte-Mecklenburg Hospital Authority (The), Series A, RB, 5.250%, 01/15/42

  1,000,000      1,135,200   

Iredell County, COP, 5.000%, 06/01/17, AMBAC

  1,020,000      1,075,723   

New Hanover County Hospital, New Hanover Regional Medical Center, Series B, RB, 5.125%, 10/01/31,
AGM(b)

  1,000,000      1,119,200   

North Carolina Capital Facilities Finance Agency, RB, 5.000%, 04/01/30

  1,000,000      1,147,440   

North Carolina Capital Facilities Finance Agency, RB, 5.250%, 03/01/33(b)

  1,500,000      1,638,315   

North Carolina Eastern Municipal Power Agency, Series B, RB, 6.250%, 01/01/23

  1,000,000          1,278,480   

North Carolina Medical Care Commission Health Care Facilities, University Health Systems, Series D, RB, 6.250%, 12/01/33(b)

  1,500,000      1,780,005   

North Carolina Municipal Power Agency No. 1, Series A, RB, 5.000%,
01/01/30(b)

  2,000,000      2,234,880   

North Carolina State, Series A, GO, 5.000%, 03/01/16

  1,000,000      1,043,810   

North Carolina State, Series A, GO, 5.000%, 06/01/17

  1,950,000      2,134,840   
   Shares or
Principal
Amount($)
  Value($)  

North Carolina—continued

North Carolina State Ports Authority Facilities, Series A, RB, 5.250%,
02/01/40(b)

  1,500,000      1,699,785   

North Carolina State University at Raleigh, Series A, RB, 5.000%, 10/01/37

  2,000,000      2,322,580   

Pitt County, RB, 4.000%, 04/01/16

  1,325,000      1,373,707   

Pitt County, RB, 5.000%, 04/01/28

  1,000,000      1,196,280   

Raleigh, Series B, GO, 5.000%, 04/01/26

  1,000,000      1,195,970   

Raleigh Combined Enterprise System Revenue, Series B, RB, 5.000%, 12/01/24(c)

  1,000,000      1,202,580   

Union County, Series A, GO, 5.000%, 03/01/22

  1,190,000      1,445,124   

University of North Carolina at Charlotte, RB, 5.000%, 04/01/45(c)

  1,750,000      2,008,073   

University of North Carolina at Greensboro, RB, 5.000%, 04/01/39

  1,500,000      1,724,880   
    

 

 

 
  33,507,912   
    

 

 

 

South Carolina 2.4%

South Carolina State Public Service Authority, Series A, RB, 5.750%, 12/01/43

  750,000      908,257   
    

 

 

 

Total Municipal Bonds
(Cost $33,907,075)

  36,058,103   
    

 

 

 

Money Market Fund 12.5%

Federated Tax-Free Obligations Fund, Institutional Shares, 0.01%(d)

  4,739,426      4,739,426   
    

 

 

 

Total Money Market Fund
(Cost $4,739,426)

  4,739,426   
    

 

 

 

Total Investments
(Cost $38,646,501) — 107.4%

  40,797,529   

Liabilities in Excess of Other Assets — (7.4)%

  (2,812,577
    

 

 

 

Net Assets — 100.0%

$ 37,984,952   
    

 

 

 

 

(a) Step bond. The rate shown is the rate in effect as of March 31, 2015.

 

(b) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(c) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(d) Rate disclosed, the 7 day net yield, is as of March 31, 2015.
 

 

See Notes to Financial Statements.

 

78


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

North Carolina Tax-Exempt Bond Fund — concluded

 

Investment Abbreviations

 

AGM     Security guaranteed by Assured Guaranty Municipal Corporation
AMBAC     Security guaranteed by American Municipal Bond Assurance Corporation
COP     Certificate of Participation
GO     General Obligation
RB     Revenue Bond
 

 

See Notes to Financial Statements.

 

79


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Bank Loans 92.2%   

Aerospace/Defense 3.2%

  

Air Canada, Term Loan B, 5.500%, 09/26/19(a)(b)

  37,571,088      37,963,330   

AM General LLC, Term Loan B, 10.250%, 03/22/18(a)(b)

  15,271,405      14,507,835   

BE Aerospace, Inc., 2014 Term Loan B, 4.000%, 12/16/21(a)(b)

  10,982,475      11,060,231   

DAE Aviation Holdings, Inc., New Term Loan B1, 5.000%,
11/02/18(a)(b)

  13,692,060      13,700,686   

DAE Aviation Holdings, Inc., 2nd Lien Term Loan, 7.750%, 08/05/19(a)(b)

  12,910,000      12,926,138   

DigitalGlobe, Inc., New Term Loan B, 3.750%, 01/31/20(a)(b)

  13,201,799      13,210,116   

Standard Aero Ltd, Term Loan B2, 5.000%, 11/02/18(a)(b)

  5,545,420      5,548,913   

TASC, Inc., 2014 Term Loan B, 7.000%, 05/30/20(a)(b)

  17,722,334      17,921,711   

TASC, Inc., 2nd Lien Term Loan, 12.000%, 05/30/21(a)(b)

  8,960,000      9,430,400   

Transdigm, Inc., Term Loan C, 3.750%, 02/28/20(a)(b)

  25,244,281      25,184,452   

Transdigm, Inc., Term Loan D, 3.750%, 06/04/21(a)(b)

  8,967,238      8,940,784   

US Airways Group, Inc., New Term Loan B1, 3.500%, 05/23/19(a)(b)

  13,789,900      13,740,394   

WP CPP Holdings LLC, 1st Lien Term Loan, 4.750%,
12/28/19(a)(b)

  6,722,804      6,737,930   

WP CPP Holdings LLC, New 2nd Lien Term Loan, 8.750%, 04/30/21(a)(b)

  2,870,000      2,841,300   

Wyle Services Corp., New Term Loan B, 5.000%, 05/21/21(a)(b)

  5,551,214      5,533,894   
    

 

 

 
       199,248,114   
    

 

 

 

Auto Manufacturers 1.0%

Allison Transmission, Inc., New Term Loan B3,
08/23/19(a)(b)(c)(d)

  6,180,000      6,174,623   
   Shares or
Principal
Amount($)
  Value($)  

Auto Manufacturers—continued

  

Chrysler Group LLC, 2018 Term Loan B, 3.250%, 12/31/18(a)(b)

  19,292,008      19,264,420   

Chrysler Group LLC, New Term Loan B, 3.500%, 05/24/17(a)(b)

  20,547,164      20,542,850   

CS Intermediate Holdco 2 LLC, New Term Loan B, 4.000%,
04/04/21(a)(b)

  7,031,863      7,009,009   

Tower Automotive Holdings USA LLC, New Term Loan, 4.000%, 04/23/20(a)(b)

  9,868,045      9,839,230   
    

 

 

 
         62,830,132   
    

 

 

 

Broadcasting 0.0%(e)

Townsquare Media, Inc., 2015 Term Loan B, 03/17/22(b)(c)(d)

  2,000,000      2,001,260   
    

 

 

 

Chemicals 2.6%

Axalta Coating Systems US Holdings, Inc., USD Term Loan, 3.750%, 02/01/20(a)(b)

  10,797,950      10,727,979   

Gemini HDPE LLC, Term Loan B, 4.750%, 08/07/21(a)(b)

  14,193,743      14,164,220   

Ineos US Finance LLC, 2015 Term Loan, 03/31/22(b)(c)(d)

  5,225,000      5,226,306   

Ineos US Finance LLC, USD 6 Year Term Loan, 3.750%,
05/04/18(a)(b)

  59,682,636      59,235,016   

MacDermid, Inc., Usd 1st Lien Term Loan, 4.500%, 06/07/20(a)(b)

  11,394,833      11,430,499   

Minerals Technologies Inc., Term Loan B, 4.000%, 05/07/21(a)(b)

  11,343,204      11,385,741   

Nexeo Solutions LLC, Term Loan B, 5.000%, 09/08/17(a)(f)

  4,971,665      4,826,642   

Polymer Group, Inc., 1st Lien Term Loan, 5.250%, 12/19/19(a)(b)

  7,040,875      7,058,477   

Styrolution US Holding LLC, USD Term Loan B, 6.500%, 11/07/19(a)(b)

  23,630,775      23,630,775   

UTEX Industries Inc., 1st Lien Term Loan 2014, 5.000%,
05/22/21(a)(b)

  11,240,691      10,097,850   
 

 

See Notes to Financial Statements.

 

80


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Chemicals—continued

WNA Holdings, Inc., USD 1st Lien US Borrower, 4.500%,
06/07/20(a)(b)

  3,811,788      3,807,023   
    

 

 

 
  161,590,528   
    

 

 

 

Commercial Services 4.3%

ABC Supply Co., Inc., Term Loan, 3.500%, 04/16/20(a)(b)

  13,344,099      13,307,403   

Harland Clarke Holdings Corp., Extended Term Loan B2, 5.525%, 06/30/17(a)(b)

  31,911,728      31,931,832   

Harland Clarke Holdings Corp., Term Loan B4, 6.000%,
08/04/19(a)(b)

  32,745,478      32,843,714   

Harland Clarke Holdings, Corp., Term Loan B3, 7.000%,
05/22/18(a)(b)

  97,036,195      97,582,509   

Infor (US), Inc., USD Term Loan B5, 3.750%, 06/03/20(a)(b)

  18,490,288      18,308,343   

Infor (US), Inc., USD Term Loan B3, 3.750%, 06/03/20(a)(b)

  7,590,658      7,505,263   

Merrill Communications LLC, 1st Lien Term Loan, 5.750%, 03/08/18(a)(b)

  11,306,968      11,349,369   

Tribune Co., 2013 Term Loan B, 4.000%, 12/27/20(a)(b)

  53,594,558      53,607,957   

Vertafore, Inc., 1st Lien Term Loan, 4.250%, 10/03/19(a)(b)

  5,612,879      5,610,522   
    

 

 

 
       272,046,912   
    

 

 

 

Consumer Discretionary 0.1%

  

Steinway Musical Instruments, Inc., 1st Lien Term Loan, 4.750%, 09/19/19(a)(b)

  5,804,295      5,789,784   
    

 

 

 

Consumer Non-Durables 0.2%

  

Kate Spade & Co., Term Loan B, 4.000%, 04/09/21(a)(b)

  6,606,800      6,595,767   

Libbey Glass Inc., Term Loan B, 3.750%, 04/09/21(a)(b)

  6,148,538      6,110,109   
    

 

 

 
  12,705,876   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Diversified Financial Services 2.5%

  

Affinion Group, Inc., Term Loan B, 6.750%, 04/30/18(a)(b)

  7,815,314      7,401,103   

American Capital, Ltd., 2017 Term Loan, 3.500%, 08/22/17(a)(b)

  8,593,200      8,577,131   

Clipper Acquisitions Corp., New Term Loan B, 3.000%,
02/06/20(a)(b)

  3,012,881      2,975,220   

First Data Corp., New 2018 Extended Term Loan, 3.674%, 03/24/18(a)(b)

  74,482,214      74,407,731   

First Data Corp., New 2018 Term Loan, 3.674%, 09/24/18(a)(b)

  38,273,139      38,217,260   

First Data Corp., Extended 2021 Term Loan, 4.174%,
03/24/21(a)(b)

  15,485,325      15,524,038   

Grosvenor Capital Management Holdings LLP, New Term Loan B, 3.750%, 01/04/21(a)(b)

  6,932,471      6,854,480   

Pre-Paid Legal Services, Inc., 1st Lien Term Loan, 6.250%, 07/01/19(a)(b)

  2,778,229      2,774,756   
    

 

 

 
       156,731,719   
    

 

 

 

Diversified Media 1.6%

ALM Media Holdings, Inc., 1st Lien Term Loan, 5.500%,
07/31/20(a)(b)

  5,278,188      5,146,233   

AP NMT Acquisition BV, USD 1st Lien Term Loan, 6.750%, 08/13/21(a)(b)

  5,676,475      5,629,190   

Block Communications, Inc., Term Loan B, 4.250%, 11/07/21(a)(b)

  3,930,250      3,935,163   

Lions Gate Entertainment Corp., 2015 2nd Lien Term Loan, 5.000%, 03/17/22(a)(b)

  14,085,000      14,096,690   

Regal Cinemas Corp., 2015 Term Loan, 03/25/22(b)(c)(d)

  8,395,000      8,405,494   

William Morris Endeavor Entertainment LLC, 2nd Lien Term Loan, 8.250%,
05/01/22(a)(b)

  8,855,000      8,445,456   

William Morris Endeavor Entertainment, LLC, 1st Lien Term Loan, 5.250%,
05/06/21(a)(b)

  57,639,438      57,077,453   
    

 

 

 
  102,735,679   
    

 

 

 
 

 

See Notes to Financial Statements.

 

81


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Electric 1.1%

Calpine Corp., Term Loan B3, 4.000%, 10/09/19(a)(b)

  34,866,941      34,915,057   

Calpine Corp., Delayed Draw Term Loan, 4.000%, 10/30/20(a)(b)

  11,579,756      11,596,315   

Panda Temple II Power LLC, New Term Loan B, 7.250%,
04/03/19(a)(b)

  4,685,000      4,567,875   

Texas Competitive Electric Holdings Company LLC, Extended Term Loan, 4.662%, 10/10/17(a)(b)(c)(g)

  28,245,000      16,939,939   
   

 

 

 
  68,019,186   
   

 

 

 

Electronics 1.4%

Blackboard, Inc., Term Loan B3, 4.750%, 10/04/18(a)(b)(c)

  9,126,115      9,114,708   

Dell, Inc., USD Term Loan B, 4.500%, 04/29/20(a)(b)

  56,805,582      57,170,842   

Eastman Kodak Co., Exit Term Loan, 7.250%, 09/03/19(a)(b)

  10,905,750      10,851,221   

Rovi Solutions Corp., New Term Loan B, 3.750%, 07/02/21(a)(b)

  7,781,188      7,737,458   

Shield Finance Co. S.A.R.L., USD Term Loan, 5.000%,
01/29/21(a)(b)

  5,986,994      5,999,447   
   

 

 

 
         90,873,676   
   

 

 

 

Energy 3.9%

ADS Waste Holdings, Inc., New Term Loan, 3.750%,
10/09/19(a)(b)

  18,831,369      18,606,146   

Azure Midstream Energy LLC, Term Loan B, 7.500%,
11/15/18(a)(b)

  10,297,665      9,744,165   

BlackBrush Oil & Gas, L.P., 2nd Lien Term Loan, 7.500%, 06/19/21(a)(b)

  9,005,000      7,219,038   

Chief Exploration & Development LLC, 2nd Lien Term Loan, 7.500%, 05/12/21(a)(b)

  14,210,000      13,080,305   

CITGO Holding, Inc., 2015 Term Loan B, 9.500%, 05/12/18(a)(b)

  28,648,200      28,481,181   

FTS International, Inc., New Term Loan B, 5.750%, 04/16/21(a)(b)

  15,936,000      12,300,680   
   Shares or
Principal
Amount($)
  Value($)  

Energy—continued

Glenn Pool Oil & Gas Trust, Term Loan, 4.500%, 05/02/16(a)(b)

  13,187,353      13,121,416   

HGIM Corp., Term Loan B, 5.500%-6.750%, 06/18/20(a)(b)(f)

  30,070,075      20,560,414   

KCA Deutag US Finance LLC, Term Loan, 6.250%, 05/13/20(a)(b)(c)

  6,222,476      5,206,159   

Osum Productions Corp., Term Loan, 6.500%, 07/28/20(a)(f)

  1,990,824      1,552,843   

Pacific Drilling SA, Term Loan B, 4.500%, 06/03/18(a)(b)(c)

  18,595,531      15,377,388   

Philadelphia Energy Solutions LLC, Term Loan B, 6.250%,
04/04/18(a)(b)

  14,868,135      14,186,728   

Pinnacle Holdco S.A.R.L., Term Loan, 4.750%,
07/30/19(a)(b)

  4,410,551      3,947,443   

Seadrill Partners Finco LLC, Term Loan B, 4.000%, 02/21/21(a)(b)

  33,775,705      26,737,186   

Southcross Holdings Borrower LP, Term Loan B, 6.000%,
08/04/21(a)(b)

  4,416,625      4,173,711   

Stonewall Gas Gathering LLC, Term Loan B, 8.750%, 01/28/22(a)(b)

  7,085,000      7,102,712   

Templar Energy LLC, New 2nd Lien Term Loan, 8.500%,
11/25/20(a)(b)

  56,810,000      38,370,610   

Veresen Midstream Ltd. Partnership, Term Loan B, 02/25/22(b)(c)(d)

  4,390,000      4,382,318   
    

 

 

 
       244,150,443   
    

 

 

 

Entertainment 0.7%

ClubCorp Club Operations, Inc., New Term Loan, 4.500%, 07/24/20(a)(b)

  7,085,000      7,120,425   

Diamond Resorts Corp., New Term Loan, 5.500%, 05/09/21(a)(b)

  9,910,200      9,947,363   

Great Wolf Resorts, Inc., Term Loan B, 5.750%, 08/06/20(a)(b)

  11,505,013      11,519,394   
 

 

See Notes to Financial Statements.

 

82


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Entertainment—continued

Hubbard Radio LLC, Term Loan B, 4.500%, 04/29/19(a)(b)

  5,634,906      5,611,409   

Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.500%, 08/17/20(a)(b)

  12,600,333      12,568,833   
    

 

 

 
  46,767,424   
    

 

 

 

Financial 0.8%

RCS Capital Corp., 1st Lien Term Loan, 6.500%, 04/29/19(a)(b)

  12,786,813      12,658,944   

Sedgwick, Inc., 1st Lien Term Loan, 3.750%, 03/01/21(a)(b)

  24,948,522      24,630,429   

Sedgwick, Inc., 2nd Lien Term Loan, 6.750%, 02/28/22(a)(b)

  7,155,000      6,958,238   

Victory Capital Management Inc., Term Loan B, 7.000%,
10/01/21(a)(b)

  6,020,625      5,975,470   
    

 

 

 
         50,223,081   
    

 

 

 

Food 1.3%

Albertson’s Holdings LLC, Term Loan B3, 5.000%, 08/25/19(a)(b)

  7,565,000      7,609,482   

Albertson’s Holdings LLC, Term Loan B4, 5.500%, 08/25/21(a)(b)

  2,635,000      2,655,869   

JBS USA Holdings, Inc., Incremental Term Loan, 3.750%, 09/18/20(a)(b)

  11,012,300      11,005,472   

Landry’s, Inc., Term Loan B, 4.000%, 04/24/18(a)(b)

  12,130,173      12,145,336   

New Albertson’s, Inc., Term Loan, 4.750%, 06/27/21(a)(b)

  12,407,650      12,438,669   

Post Holdings Inc., Series A Incremental Term Loan, 3.750%, 06/02/21(a)(b)(c)

  19,025,813      19,054,922   

Rite Aid Corporation,
02/10/16(b)(c)(d)

  7,500,000      7,575,000   

Stater Bros. Markets, Term Loan B, 4.750%, 05/12/21(a)(b)

  6,970,850      6,953,423   
    

 

 

 
  79,438,173   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Forest Products & Paper 0.3%

  

Anchor Glass Container Corp., New 1st Lien Term Loan, 4.250%, 06/30/21(a)(b)

  7,644,627      7,646,232   

CD&R Millennium Holdco 6 S.A.R.L., USD 2nd Lien Term Loan, 8.250%, 07/31/22(a)(b)

  3,610,000      3,514,335   

Onex Wizard US Acquisition Inc., USD Term Loan,
03/13/22(b)(c)(d)

  6,150,000      6,199,938   
    

 

 

 
  17,360,505   
    

 

 

 

Health Care 6.4%

Allscripts Healthcare Solutions, Inc., Term Loan A, 2.928%, 06/28/18(a)(b)

  8,983,539      8,961,081   

Capella Healthcare, Inc., Term Loan B, 5.250%, 12/31/21(a)(b)

  6,144,600      6,175,323   

CDRH Parent, Inc., New 1st Lien Term Loan, 5.250%,
07/01/21(a)(b)

  1,994,987      1,996,244   

Community Health Care Systems, Inc., New Term Loan A, 2.511%, 01/22/19(a)(b)

  9,250,000      9,107,365   

Community Health Systems, Inc., Term Loan F, 3.428%, 12/31/18(a)(b)

  29,185,721             29,176,673   

Community Health Systems, Inc., Term Loan D, 4.250%, 01/27/21(a)(b)

  33,781,663      33,938,748   

DPx Holdings B.V., USD Term Loan,
4.250%-5.500%, 03/11/21(a)(b)

  20,008,800      19,902,553   

Envision Acquisition Company LLC, Term Loan, 5.750%, 11/04/20(a)(b)

  6,643,825      6,648,011   

Grifols Worldwide Operations USA, Inc., USD Term Loan B, 3.178%, 02/27/21(a)(b)

  23,525,308      23,488,138   

Halyard Health, Inc., Term Loan B, 4.000%, 11/01/21(a)(b)

  7,915,163      7,981,966   
 

 

See Notes to Financial Statements.

 

83


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Health Care—continued

Hologic, Inc., New Term Loan B, 3.250%, 08/01/19(a)(b)

  6,518,330      6,524,653   

IMS Health, Inc., New USD Term Loan, 3.500%, 03/17/21(a)(b)

  6,019,517      5,992,790   

Indivior Finance S.A.R.L., USD Term Loan B, 7.000%, 12/19/19(a)(b)

  7,569,188      7,152,882   

inVentiv Health, Inc., Term Loan B4, 7.750%, 05/15/18(a)(b)

  11,200,000      11,232,704   

Kindred Healthcare, Inc., New Term Loan, 4.250%, 04/09/21(a)(b)(c)

  8,728,015      8,763,451   

Kinetic Concepts, Inc., USD Term Loan E1, 4.500%, 05/04/18(a)(b)(c)

  4,847,727      4,863,288   

Onex Carestream Finance LP, 1st Lien Term Loan, 5.000%, 06/07/19(a)(b)

  11,846,588      11,877,863   

P2 Newco Acquisition, Inc., 1st Lien Term Loan, 5.500%, 10/22/20(a)(b)

  13,176,421      13,143,480   

Par Pharmaceutical Cos., Inc., Term Loan B2, 4.000%, 09/30/19(a)(b)

  19,391,189      19,351,825   

Par Pharmaceutical Cos., Inc., Incremental Term Loan B3, 4.250%, 09/30/19(a)(b)

  4,379,025      4,373,551   

PharMedium Healthcare Corp., 1st Lien Term Loan, 4.250%, 01/28/21(a)(b)

  6,399,559      6,335,563   

PharMedium Healthcare Corp., 2nd Lien Term Loan, 7.750%, 01/28/22(a)(b)

  2,000,000      1,995,000   

Regionalcare Hospital Partners, Inc., 2nd Lien Term Loan, 10/23/19(b)(c)(d)

  1,790,000      1,807,900   

RPI Finance Trust, Term Loan B4, 3.500%, 11/09/20(a)(b)

  6,339,113      6,373,471   

Salix Pharmaceuticals Ltd., Term Loan, 5.500%, 01/02/20(a)(b)

  23,369,638             23,369,638   

Surgical Care Affiliates, Inc., Term Loan B, 4.250%, 03/17/22(a)(b)

  2,000,000      2,005,840   
   Shares or
Principal
Amount($)
  Value($)  

Health Care—continued

Valeant Pharmaceuticals International, Delayed Draw TL B F2, 03/10/22(b)(c)(d)

  23,848,916      23,949,081   

Valeant Pharmaceuticals International, Term Loan B F1, 03/13/22(b)(c)(d)

  31,136,084      31,266,856   

Valeant Pharmaceuticals International, Inc., Series E, Term Loan B, 3.500%, 08/05/20(a)(b)

  28,031,878      28,031,878   

Valeant Pharmaceuticals International, Inc., Series C2, Term Loan B, 3.500%, 12/11/19(a)(b)

  20,214,218      20,214,218   

Valeant Pharmaceuticals International, Inc., Series D2, Term Loan B, 3.500%, 02/13/19(a)(b)

  12,648,897      12,670,653   
    

 

 

 
  398,672,687   
    

 

 

 

Healthcare-Services 0.6%

MPH Acquisition Holdings LLC, Term Loan, 3.750%, 03/31/21(a)(b)

  22,580,820      22,496,142   

Regionalcare Hospital Partners, Inc., 1st Lien Term Loan, 6.000%, 04/19/19(a)(b)

  17,562,288             17,576,864   
    

 

 

 
  40,073,006   
    

 

 

 

Housing 0.1%

DTZ U.S. Borrower, LLC, 1st Lien Term Loan, 5.500%, 11/04/21(a)(b)

  5,007,450      5,032,487   
    

 

 

 

Information Technology 3.4%

  

Active Network, Inc. (The), 1st Lien Term Loan, 5.500%, 11/13/20(a)(b)

  6,650,785      6,620,324   

Aricent Technologies, 1st Lien Term Loan, 5.500%, 04/14/21(a)(b)

  10,540,370      10,562,294   

Avago Technologies Cayman Ltd., USD Term Loan B, 3.750%, 05/06/21(a)(b)

  37,817,502      37,871,959   

CDW LLC, New Term Loan, 3.250%, 04/29/20(a)(b)

  20,081,310      19,883,107   

Deluxe Entertainment Services Group, Inc., Term Loan 2014, 6.500%, 02/28/20(a)(b)

  15,875,402      15,399,140   
 

 

See Notes to Financial Statements.

 

84


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Information Technology—continued

  

Digital River, Inc., 1st Lien Term Loan, 7.500%, 02/12/21(a)(b)

  5,745,000      5,673,188   

FIDJI Luxembourg (BC4) S.A.R.L., Initial Term Loan, 6.250%, 12/24/20(a)(b)

  5,431,718      5,415,857   

Internap Corp., Term Loan, 6.000%, 11/26/19(a)(b)

  8,823,312      8,823,312   

iParadigms Holdings, LLC, 1st Lien Term Loan, 5.000%, 07/30/21(a)(b)

  3,228,775      3,212,631   

IQOR US Inc., Term Loan B, 6.000%, 04/01/21(a)(b)

  29,162,502      27,631,471   

Presidio, Inc. (new), 2015 Term Loan B, 6.250%, 02/02/22(a)(b)

  9,400,000      9,364,750   

RedTop Luxembourg S.A.R.L., USD 2nd Lien Term Loan, 8.250%, 06/03/21(a)(b)

  5,306,400      5,319,666   

RedTop Luxembourg S.A.R.L., USD 1st Lien Term Loan, 4.500%, 12/03/20(a)(b)

  8,845,650      8,819,821   

Riverbed Technology, Inc., Term Loan B, 02/19/22(b)(c)(d)

  12,745,000      12,859,705   

Southern Graphics, Inc., New Term Loan B, 4.250%, 10/17/19(a)(b)

  6,734,000      6,721,407   

Spin Holdco, Inc., New Term Loan B, 4.250%-5.500%, 11/14/19(a)(b)

  8,376,681      8,341,750   

STG-Fairway Acquisitions, Inc., Term Loan B, 6.250%, 02/28/19(a)(b)

  14,190,623      14,101,932   

ViaWest, Inc., Term Loan B, 03/11/22(b)(c)(d)

  4,830,000      4,848,113   
    

 

 

 
       211,470,427   
    

 

 

 

Insurance 2.7%

Asurion LLC, Term Loan B3, 3.750%, 03/03/17(a)(b)

  4,170,000      4,156,114   

Asurion LLC, New Term Loan B2, 4.250%, 07/08/20(a)(b)

  38,572,950      38,442,959   

Asurion LLC, New Term Loan B1, 5.000%, 05/24/19(a)(b)

  44,736,571      44,835,886   
   Shares or
Principal
Amount($)
  Value($)  

Insurance—continued

Asurion LLC, New 2nd Lien Term Loan, 8.500%, 03/03/21(a)(b)

  35,661,489      35,777,389   

Hub International Ltd., Term Loan B, 4.000%, 10/02/20(a)(b)

  10,425,260      10,332,162   

Hyperion Insurance Group Ltd., 2015 Term Loan B, 03/26/22(b)(c)(d)

  4,390,000      4,411,950   

La Frontera Generation LLC, Term Loan, 4.500%, 09/30/20(a)(b)

  19,974,498      19,991,077   

USI, Inc., Term Loan B, 4.250%, 12/27/19(a)(b)

  12,391,238      12,396,443   
    

 

 

 
  170,343,980   
    

 

 

 

Leisure Time 0.9%

Amaya Holdings B.V., 1st Lien Term Loan, 5.000%, 08/01/21(a)(b)

  12,507,150      12,382,078   

Belmond Interfin Ltd., USD Term Loan B, 4.000%, 03/21/21(a)(b)

  9,791,100      9,748,313   

Global Cash Access, LLC, New Term Loan B, 6.250%, 12/18/20(a)(b)

  8,830,625      8,760,686   

La Quinta Intermediate Holdings LLC, Term Loan B, 4.000%, 04/14/21(a)(b)

  15,867,169      15,901,918   

Mohegan Tribal Gaming Authority, New Term Loan B, 5.500%, 11/19/19(a)(b)

  8,936,875      8,856,801   

NCL Corp. Ltd., Term Loan B, 4.000%, 10/19/21(a)(b)

  3,815,438      3,839,284   
    

 

 

 
         59,489,080   
    

 

 

 

Lodging 5.6%

Boyd Gaming Corp., Term Loan B, 4.000%, 08/14/20(a)(b)

  6,321,358      6,326,605   

Caesars Entertainment Operating Co., Term Loan B7, 9.750%, 01/28/18(a)(b)(g)

  18,571,675      16,915,639   

Caesars Entertainment Operating Co., Term Loan B4, 10.500%, 10/31/16(a)(b)(g)

  4,726,001      4,375,473   
 

 

See Notes to Financial Statements.

 

85


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Lodging—continued

Caesars Entertainment Operating Company, Extended Term Loan B6, 7.005%, 03/01/17(a)(b)(g)

  80,340,967      73,687,932   

Caesars Entertainment Resort Properties LLC, Term Loan B, 7.000%, 10/11/20(a)(b)

  46,412,723      43,886,014   

Hilton Worldwide Finance LLC, USD Term Loan B2, 3.500%, 10/26/20(a)(b)

  127,303,942      127,419,789   

Playa Resorts Holding B.V., Term Loan B, 4.000%, 08/09/19(a)(b)

  6,121,775      6,114,123   

Scientific Games International, Inc., New Term Loan B, 6.000%, 10/18/20(a)(b)

  57,005,821      57,162,587   

Shingle Springs Tribal Gaming Authority, Term Loan B, 6.250%, 08/29/19(a)(b)

  4,532,726      4,544,058   

Starwood Property Trust, Inc., Term Loan B, 3.500%, 04/17/20(a)(b)

  13,997,284             13,851,432   
    

 

 

 
  354,283,652   
    

 

 

 

Machinery-Diversified 1.1%

Alliance Laundry Systems LLC, Refinance Term Loan, 4.250%, 12/10/18(a)(b)

  17,506,095      17,527,978   

Alliance Laundry Systems LLC, 2nd Lien Term Loan, 9.500%, 12/10/19(a)(b)

  2,454,545      2,457,614   

Brand Energy & Infrastructure Services, Inc., New Term Loan B, 4.750%, 11/26/20(a)(b)

  20,979,177      20,354,207   

Key Safety Systems, Inc., New 1st Lien Term Loan, 4.750%, 08/29/21(a)(b)

  4,427,750      4,438,819   

NewPage Corp., Term Loan, 9.500%, 02/11/21(a)(b)

  13,499,537      12,917,437   

West Corporation, Term Loan B10, 3.250%, 06/30/18(a)(b)

  10,248,266      10,222,645   
    

 

 

 
  67,918,700   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Manufacturing 0.9%

Doosan Infracore International, Inc., Term Loan B, 4.500%, 05/28/21(a)(b)

  6,643,914      6,710,354   

Mirror Bidco Corp., New Term Loan, 4.250%, 12/28/19(a)(b)

  11,705,403      11,666,424   

Otter Products LLC, 2014 Term Loan, 5.750%, 06/03/20(a)(b)

  5,180,601      5,146,046   

Signode Industrial Group US Inc., USD Term Loan B, 3.750%, 05/01/21(a)(b)

  10,496,724      10,421,252   

Zebra Technologies Corp., Term Loan B, 4.750%, 10/27/21(a)(b)

  19,477,045             19,686,424   
    

 

 

 
  53,630,500   
    

 

 

 

Media 6.7%

Charter Communications Operating LLC, Term Loan F, 3.000%, 01/03/21(a)(b)

  8,891,625      8,856,859   

Clear Channel Communications, Inc., Term Loan D, 6.928%, 01/30/19(a)(b)(c)

  78,665,459      74,696,786   

Clear Channel Communications, Inc., USD Extended Term Loan E, 7.678%, 07/30/19(a)(b)

  83,337,285      80,188,802   

Emerald Expositions Holding, Inc., Term Loan B, 4.750%, 06/17/20(a)(b)

  7,171,979      7,189,909   

McGraw-Hill Global Education Holdings LLC, New 1st Lien Term Loan, 5.750%, 03/22/19(a)(b)

  6,544,384      6,590,195   

Radio One, Inc., Term Loan B, 7.500%, 03/31/16(a)(b)

  11,560,246      11,497,590   

Syniverse Holdings, Inc., Term Loan, 4.000%, 04/23/19(a)(b)

  11,328,013      10,662,492   

Univision Communications, Inc., Term Loan C4, 4.000%, 03/01/20(a)(b)

  32,776,932      32,700,889   
 

 

See Notes to Financial Statements.

 

86


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Media—continued

Univision Communications, Inc., Term Loan C3, 4.000%, 03/01/20(a)(b)

  35,397,295      35,308,802   

Village Roadshow Films (BVI) Ltd., Term Loan B, 5.750%, 11/21/17(a)(b)

  24,988,762      24,988,762   

Ziggo Financing Partnership, USD Term Loan B1, 3.500%, 01/15/22(a)(b)

  47,144,174      46,829,723   

Ziggo Financing Partnership, USD Term Loan B2, 3.500%, 01/15/22(a)(b)

  30,380,596      30,177,957   

Ziggo Financing Partnership, USD Term Loan B3, 3.500%, 01/15/22(a)(b)

  49,965,230      49,631,962   
    

 

 

 
       419,320,728   
    

 

 

 

Metals 0.1%

Atlas Iron Ltd., Term Loan B, 8.750%, 12/10/17(a)(f)

  8,808,398      5,285,039   
    

 

 

 

Metals/Minerals 0.8%

Atkore International, Inc., 1st Lien Term Loan, 4.500%, 04/09/21(a)(b)

  8,793,550      8,705,614   

Atkore International, Inc., 2nd Lien Term Loan, 7.750%, 10/09/21(a)(b)

  2,000,000      1,930,000   

Dynacast International LLC, Term Loan, 5.250%, 01/28/22(a)(b)

  6,970,000      7,030,988   

Murray Energy Corp., 1st Lien Term Loan, 5.250%, 12/05/19(a)(b)

  13,493,700      13,228,009   

Peabody Energy Corp., Term Loan B, 4.250%, 09/24/20(a)(b)

  20,589,981      18,479,508   
    

 

 

 
  49,374,119   
    

 

 

 

Mining 1.7%

FMG Resources (August 2006) Pty Ltd., New Term Loan B, 3.750%, 06/30/19(a)(b)

  116,056,345           104,607,387   
    

 

 

 

Miscellaneous Manufacturer 0.2%

  

Boomerang Tube LLC, Term Loan, 11.750%, 10/11/17(a)(f)

  20,970,146      11,533,580   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Oil & Gas 4.2%

Alon USA Energy, Inc., Master Limited Partnership Term Loan, 9.250%, 11/26/18(a)(b)

  17,974,647      17,794,900   

Bronco Midstream Funding LLC, Term Loan B, 5.000%, 08/15/20(a)(b)

  19,635,802             18,948,549   

Citgo Petroleum Corp., New Term Loan B, 4.500%, 07/29/21(a)(b)

  4,792,558      4,747,652   

Drillships Financing Holding, Inc., Term Loan B1, 6.000%, 03/31/21(a)(b)

  44,653,791      33,965,013   

EMG Utica LLC, Term Loan, 4.750%, 03/27/20(a)(b)

  25,440,000      23,691,000   

Energy Transfer Equity, L.P., New Term Loan, 3.250%, 12/02/19(a)(b)

  62,865,000      61,804,467   

Energy Transfer Equity, L.P., 2015 Term Loan, 4.000%, 12/02/19(a)(b)

  11,005,000      10,969,234   

EP Energy LLC, Term Loan B3, 3.500%, 05/24/18(a)(b)

  13,238,964      12,734,295   

MEG Energy Corp., Refinance Term Loan, 3.750%, 03/31/20(a)(b)

  7,824,972      7,485,603   

Obsidian Holdings LLC, Term Loan A, 6.750%, 11/02/15(a)(b)

  557,082      559,868   

Obsidian Natural Gas Trust, Term Loan, 7.000%, 11/02/15(a)(b)

  5,753,351      5,782,117   

Offshore Group Investment Ltd., New Term Loan B, 5.000%, 10/25/17(a)(b)(f)

  17,891,496      11,120,638   

Offshore Group Investment Ltd., Term Loan B, 5.750%, 03/28/19(a)(b)(f)

  6,933,487      3,943,421   

Petroleum Geo-Services ASA, New Term Loan B, 3.250%, 03/19/21(a)(b)

  11,581,317      9,878,863   

Sheridan Investment Partners II L.P., Term Loan B, 4.250%, 12/16/20(a)(b)

  7,015,434      6,091,712   

Sheridan Investment Partners II L.P., Term Loan A, 4.250%, 12/16/20(a)(b)

  975,898      847,401   
 

 

See Notes to Financial Statements.

 

87


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Oil & Gas—continued

Sheridan Investment Partners II L.P., Term Loan M, 4.250%, 12/16/20(a)(b)

  363,956      316,034   

TPF Generation Holdings LLC, Term Loan B, 4.750%, 12/29/17(a)(b)

  22,524,129      21,116,371   

Western Refining, Inc., Term Loan B, 4.250%, 11/12/20(a)(b)

  13,854,426      13,746,222   
    

 

 

 
       265,543,360   
    

 

 

 

Packaging & Containers 1.7%

  

Ardagh Holdings USA, Inc., Incremental Term Loan, 4.000%, 12/17/19(a)(b)

  7,281,450      7,299,653   

Berry Plastics Holding Corporation, Term Loan D, 3.500%, 02/08/20(a)(b)

  70,667,291      70,455,289   

Caraustar Industries, Inc., Term Loan B, 8.000%, 05/01/19(a)(b)

  9,540,510      9,453,023   

Reynolds Group Holdings, Inc., New Dollar Term Loan, 4.500%, 12/01/18(a)(b)

  21,926,043      22,008,266   
    

 

 

 
  109,216,231   
    

 

 

 

Real Estate 1.1%

Alliant Holdings I, Inc., New Term Loan B, 5.000%, 12/20/19(a)(b)

  10,514,656      10,540,943   

Continental Building Products LLC, 1st Lien Term Loan, 4.000%, 08/28/20(a)(b)

  9,484,773      9,425,494   

Four Seasons Holdings, Inc., New 1st Lien Term Loan, 3.500%, 06/27/20(a)(b)

  15,180,910      15,149,334   

Four Seasons Holdings, Inc., 2nd Lien Term Loan, 6.250%, 12/27/20(a)(b)

  6,565,000      6,597,825   

Istar Financial, Inc., Add on Term Loan A2, 7.000%, 03/19/17(a)(b)

  3,935,653      4,020,938   

Quikrete Holdings, Inc., 1st Lien Term Loan, 4.000%, 09/28/20(a)(b)

  10,715,492      10,755,675   

Realogy Corp., New Term Loan B, 3.750%, 03/05/20(a)(b)

  12,604,006      12,584,343   
    

 

 

 
         69,074,552   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Retail 8.1%

Albertson’s LLC, Term Loan B2, 5.375%, 03/21/19(a)(b)

  28,522,270      28,716,507   

Camping World, Inc., Term Loan, 5.750%, 02/20/20(a)(b)

  15,769,249      15,880,895   

Capital Automotive LP, New Term Loan B, 4.000%, 04/10/19(a)(b)

  41,214,107      41,317,143   

Capital Automotive LP, New 2nd Lien Term Loan, 6.000%, 04/30/20(a)(b)

  17,805,000      18,072,075   

Dollar Tree, Inc., Term Loan B, 4.250%, 03/09/22(a)(b)

  58,000,000      58,588,120   

HMK Intermediate Holdings LLC, Term Loan, 5.000%, 03/30/19(a)(b)

  8,858,673      8,770,086   

Hudson’s Bay Co., 1st Lien Term Loan, 4.750%, 11/04/20(a)(b)

  5,800,196      5,805,996   

J Crew Group, Inc., New Term Loan B, 4.000%, 03/05/21(a)(b)

  22,519,521             20,848,122   

J.C. Penney Corporation, Inc., 1st Lien Term Loan, 6.000%, 05/22/18(a)(b)

  50,795,628      50,641,210   

Jo-Ann Stores, Inc., Term Loan, 4.000%, 03/16/18(a)(b)

  14,252,599      14,145,705   

Lands’ End, Inc., Term Loan B, 4.250%, 04/04/21(a)(b)

  7,660,029      7,296,178   

Michaels Stores, Inc., Term Loan B, 3.750%, 01/28/20(a)(b)

  12,502,313      12,504,938   

Neiman Marcus Group, Inc. (The), 2020 Term Loan, 4.250%, 10/25/20(a)(b)

  43,242,815      43,072,438   

Party City Holdings, Inc., Term Loan,
4.000%-5.250%, 07/27/19(a)(b)

  13,971,050      13,947,718   

Petco Animal Supplies, Inc., New Term Loan, 4.000%, 11/24/17(a)(b)

  8,507,508      8,502,744   

PetSmart, Inc., 1st Lien Term Loan, 5.000%, 03/11/22(a)(b)

  23,725,000      23,896,532   
 

 

See Notes to Financial Statements.

 

88


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Retail—continued

Rite Aid Corp., New 2nd Lien Term Loan, 4.875%, 06/21/21(a)(b)

  13,350,000      13,358,144   

Rite Aid Corp., 2nd Lien Term Loan, 5.750%, 08/21/20(a)(b)

  15,855,000      16,013,550   

Sears Holding Corporation, Term Loan, 5.500%, 06/30/18(a)(b)

  35,726,928      35,157,441   

Supervalu, Inc., Refinance Term Loan B, 4.500%, 03/21/19(a)(b)

  11,805,713      11,843,373   

Toys ‘R’ Us Property Co. I LLC, New Term Loan B, 6.000%, 08/21/19(a)(b)

  31,417,313      29,663,284   

Toys ‘R’ Us-Delaware, Inc., Term Loan B3, 5.250%, 05/25/18(a)(b)

  944,655      740,770   

Toys ‘R’ Us-Delaware, Inc., FILO CAD Term Loan, 8.250%, 10/24/19(a)(b)

  2,745,536      2,714,648   

Toys ‘R’ Us-Delaware, Inc., FILO Term Loan, 8.250%, 10/24/19(a)(b)

  3,404,464      3,366,164   

Toys ‘R’ Us-Delaware, Inc., Term Loan B4, 9.750%, 04/24/20(a)(b)

  25,474,724      23,656,083   
    

 

 

 
       508,519,864   
    

 

 

 

Semiconductors 1.1%

Freescale Semiconductor, Inc., Term Loan B4, 4.250%, 02/28/20(a)(b)

  29,238,685      29,283,128   

Microsemi Corp., Term Loan B1, 3.250%, 02/19/20(a)(b)

  5,323,958      5,307,986   

Semiconductor Components Industries, LLC, Term Loan A, 2.005%, 01/02/18(a)(b)(f)

  36,884,637      35,593,675   
    

 

 

 
  70,184,789   
    

 

 

 

Service 0.2%

4L Holdings LLC, 1st Lien Term Loan,
5.500%-6.750%, 05/08/20(a)(b)

  1,568,696      1,521,149   

IPC Corp., 1st Lien Term Loan, 6.500%, 08/06/21(a)(b)

  5,275,000      5,301,375   

PODS, LLC, 1st Lien Term Loan, 5.250%, 02/02/22(a)(b)

  3,525,000      3,547,031   
   Shares or
Principal
Amount($)
  Value($)  

Service—continued

  

PODS, LLC, 2nd Lien Term Loan, 9.250%, 02/02/23(a)(b)

  2,000,000      2,005,000   
    

 

 

 
         12,374,555   
    

 

 

 

Software 0.2%

Sophia, L.P., 2014 Term Loan B, 4.000%, 07/19/18(a)(b)

  9,429,242      9,415,098   
    

 

 

 

Telecommunication Services 13.1%

  

Altice Financing SA, USD Term Loan, 5.250%, 02/04/22(a)(b)

  4,430,000      4,463,225   

Altice Financing SA, Delayed Draw Term Loan, 5.500%, 07/02/19(a)(b)

  74,113,892      75,132,958   

Arris Group, Inc., Term Loan B, 3.250%, 04/17/20(a)(b)

  9,910,008      9,889,395   

Avaya, Inc., Extended Term Loan B3, 4.676%, 10/26/17(a)(b)

  41,962,165      41,266,013   

Avaya, Inc., Term Loan B6, 6.500%, 03/30/18(a)(b)

  14,458,257      14,412,135   

Cequel Communications LLC, Term Loan B, 3.500%, 02/14/19(a)(b)

  23,814,354      23,825,071   

Charter Communications Operating LLC, Term Loan E, 3.000%, 07/01/20(a)(b)

  41,026,230      40,849,407   

Cincinnati Bell, Inc., New Term Loan B, 4.000%, 09/10/20(a)(b)

  18,701,637      18,666,665   

Crown Castle Operating Co., Term Loan B2, 3.000%, 01/31/21(a)(b)

  17,237,598      17,182,955   

CSC Holdings, Inc., New Term Loan B, 2.678%, 04/17/20(a)(b)

  29,528,351      29,380,709   

Cumulus Media Holdings, Inc., 2013 Term Loan, 4.250%, 12/23/20(a)(b)

  26,426,030      25,917,329   

DataPipe, Inc., 1st Lien Term Loan, 5.250%, 03/15/19(a)(b)

  4,513,392      4,403,401   

Evertec Group, LLC, New Term Loan A,
2.672%-2.676%, 04/17/18(a)(b)

  17,374,000      17,113,390   
 

 

See Notes to Financial Statements.

 

89


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Telecommunication Services—continued

  

Evertec Group, LLC, New Term Loan B, 3.500%, 04/17/20(a)(b)

  4,542,626      4,460,313   

Frontier Communications Corp., Unsecured Term Loan, 3.555%, 10/14/16(a)(b)

  3,437,710      3,386,144   

Integra Telecom, Inc., Term Loan B, 5.250%, 02/22/19(a)(b)

  12,903,927             12,875,668   

Intelsat Jackson Holdings S.A., Term Loan B2, 3.750%, 06/30/19(a)(b)

  44,788,549      44,598,197   

Learfield Communications, Inc., New 1st Lien Term Loan, 4.500%, 10/09/20(a)(b)

  7,129,934      7,150,753   

Level 3 Financing, Inc., New 2019 Term Loan, 4.000%, 08/01/19(a)(b)

  12,285,000      12,302,936   

Level 3 Financing, Inc., 2020 Term Loan B, 4.000%, 01/15/20(a)(b)

  94,720,000      94,878,182   

Liberty Cablevision of Puerto Rico LLC, 2014 1st Lien Term Loan, 01/07/22(b)(c)(d)

  6,585,000      6,482,142   

Liberty Cablevision of Puerto Rico LLC, 2014 2nd Lien Term Loan, 07/07/23(b)(c)(d)

  1,000,000      1,000,000   

Liberty Cablevision of Puerto Rico LLC, 2014 1st Lien Term Loan, 4.500%, 01/07/22(a)(b)

  8,010,000      7,964,984   

Liberty Cablevision of Puerto Rico LLC, 2014 2nd Lien Term Loan, 7.750%, 07/07/23(a)(b)

  4,945,000      4,941,934   

MCC Iowa LLC, Term Loan H, 3.250%, 01/29/21(a)(b)

  12,372,017      12,248,297   

MCC Iowa LLC, Term Loan J, 3.750%, 06/30/21(a)(b)

  1,776,575      1,767,692   

MCC Iowa LLC, Term Loan G, 4.000%, 01/20/20(a)(b)

  24,931,947      24,880,089   

Media General, Inc., Term Loan B, 4.250%, 07/31/20(a)(b)

  15,804,710      15,871,880   
   Shares or
Principal
Amount($)
  Value($)  

Telecommunication Services—continued

  

NTELOS Inc., New Term Loan B, 5.750%, 11/09/19(a)(b)

  21,381,149      18,280,883   

Nuance Communications, Inc., Term Loan C, 2.930%, 08/07/19(a)(b)

  5,108,776      5,047,470   

Quebecor Media, Inc., Term Loan B1, 3.250%, 08/17/20(a)(b)

  32,439,292      31,973,139   

Sinclair Television Group, Inc., Term Loan B, 3.000%, 04/09/20(a)(b)

  7,590,324      7,533,397   

Syniverse Holdings, Inc., Term Loan B, 4.000%, 04/23/19(a)(b)

  17,982,042      16,880,642   

Telx Group, Inc. (The), 1st Lien Term Loan, 4.500%, 04/09/20(a)(b)

  14,058,763      13,964,991   

Telx Group, Inc. (The), 2nd Lien Term Loan, 7.500%, 04/09/21(a)(b)

  2,000,000      1,972,500   

UPC Financing Partnership, USD Term Loan AH, 3.250%, 06/30/21(a)(b)

  25,166,632      25,005,817   

Virgin Media Bristol LLC, USD Term Loan B, 3.500%, 06/07/20(a)(b)

  49,869,583      49,776,326   

WMG Acquisition Corp., New Term Loan, 3.750%, 07/01/20(a)(b)

  30,333,075      29,574,748   

Zayo Group LLC, PIK, Term Loan B, 4.000%, 07/02/19(a)(b)

  43,152,965      43,187,488   
    

 

 

 
       820,509,265   
    

 

 

 

Telecommunications 2.0%

CompuCom Systems, Inc., Refinance Term Loan B, 4.250%, 05/11/20(a)(b)

  6,792,714      6,317,224   

CWC Cayman Finance Ltd., Secured Term Loan, 5.500%, 04/28/17(a)(b)

  14,904,783      14,904,783   

CWC Cayman Finance Ltd., Unsecured Term Loan, 6.500%, 11/06/16(a)(b)

  17,575,000      17,618,937   

LTS Buyer LLC, 1st Lien Term Loan, 4.000%, 04/13/20(a)(b)

  18,241,559      18,161,843   

Numericable U.S. LLC, USD Term Loan B2, 4.500%, 05/21/20(a)(b)

  32,758,207      32,821,103   
 

 

See Notes to Financial Statements.

 

90


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Telecommunications—continued

  

Numericable U.S. LLC, USD Term Loan B1, 4.500%, 05/21/20(a)(b)

  37,864,793      37,937,493   
    

 

 

 
  127,761,383   
    

 

 

 

Transportation 1.8%

American Airlines, Inc., Exit Term Loan, 3.750%, 06/27/19(a)(b)

  36,614,066      36,568,299   

Commercial Barge Line Co., 1st Lien Term Loan, 7.500%, 09/23/19(a)(b)

  12,980,100      12,963,875   

FPC Holdings, Inc., 1st Lien Term Loan, 5.250%, 11/19/19(a)(b)

  6,082,374      6,029,153   

MPG Holdco I Inc., Term Loan B, 4.250%, 10/20/21(a)(b)

  10,538,043      10,582,829   

Navios Partners Finance (US), Inc., Term Loan B, 5.250%, 06/27/18(a)(b)

  12,907,372      12,923,506   

Travelport Finance (Luxembourg) S.A.R.L., 2014 Term Loan B, 5.750%, 09/02/21(a)(b)

  8,877,750      8,950,636   

U.S. Shipping Corp., Term Loan, 5.500%, 04/30/18(a)(b)

  4,857,333      4,820,903   

Visteon Corp., Delayed Draw Term Loan B, 3.500%, 04/09/21(a)(b)

  13,180,400      13,152,985   

Wabash National Corp., 2015 Term Loan B, 03/16/22(b)(c)(d)

  6,160,000      6,172,813   
    

 

 

 
       112,164,999   
    

 

 

 

Utilities 1.9%

Calpine Construction Finance Co., L.P., Original Term Loan B1, 3.000%, 05/03/20(a)(b)

  22,577,850      22,274,404   

Calpine Construction Finance Co., L.P., Original Term Loan B2, 3.250%, 01/31/22(a)(b)

  12,553,157      12,427,625   

EFS Cogen Holdings I LLC, Term Loan B, 3.750%, 12/17/20(a)(b)

  10,487,315      10,504,829   

Empire Generating Co. LLC, Term Loan B, 5.250%, 03/12/21(a)(b)

  15,769,411      15,756,323   
   Shares or
Principal
Amount($)
  Value($)  

Utilities—continued

Empire Generating Co. LLC, Term Loan C, 5.250%, 03/12/21(a)(b)

  1,111,304      1,110,382   

Exgen Renewables I LLC, Term Loan, 5.250%, 02/08/21(a)(b)

  8,625,196      8,668,322   

Green Energy Partners/Stonewall LLC, Term Loan B1, 6.500%, 11/13/21(a)(b)

  4,475,000      4,497,375   

Lonestart Generation LLC, Term Loan B, 5.250%, 02/20/21(a)(b)

  11,468,771      11,325,412   

Polarpak, Inc., USD 1st Lien Canadian Borrower, 4.500%-5.500%, 06/07/20(a)(b)

  5,510,547      5,503,659   

Power Team Services LLC, 1st Lien Term Loan, 4.250%, 05/06/20(a)(b)

  14,507,925      14,362,846   

Power Team Services LLC, Delayed Draw Term Loan, 4.250%, 05/06/20(a)(b)

  776,634      768,868   

Power Team Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/20(a)(b)

  7,890,000      7,673,025   

Terra-Gen Finance Company, LLC, Term Loan B, 5.250%, 12/09/21(a)(b)

  7,075,000      7,101,531   
    

 

 

 
  121,974,601   
    

 

 

 

Wireless Communication 0.6%

  

Aircell Business Aviation Services, LLC, Term Loan B2, 7.500%, 03/21/18(a)(b)

  5,457,965      5,239,646   

GOGO LLC, Term Loan, 11.250%, 06/21/17(a)(b)

  18,220,868      18,585,285   

Lightsquared LP, Term Loan B, 01/01/16(a)(b)(h)

  7,236,851      10,638,171   
    

 

 

 
  34,463,102   
    

 

 

 

Total Bank Loans
(Cost $5,883,571,703)

   

    5,784,749,663   
    

 

 

 
Corporate Bonds 4.6%   

Auto Manufacturers 0.0%(a)(e)

  

General Motors Co. Escrow, 7.200% (f)(g)(i)(j)

  10,000,000        

General Motors Co. Escrow, 8.375% (f)(g)(i)(j)

  10,000,000        
    

 

 

 
    
    

 

 

 
 

 

See Notes to Financial Statements.

 

91


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Commercial Services 0.1%

Harland Clarke Holdings Corp., 9.250%, 03/01/21(b)

  3,330,000      3,230,100   

Harland Clarke Holdings Corp., 9.750%, 08/01/18(b)

  3,715,000      3,928,613   
    

 

 

 
  7,158,713   
    

 

 

 

Diversified Financial Services 0.0%(e)

  

Ally Financial, Inc., 4.125%, 03/30/20

  2,530,000      2,514,188   
    

 

 

 

Electric 0.6%

GenOn Energy, Inc., 9.875%, 10/15/20

  5,000,000      5,062,500   

Glenn Pool Oil & Gas Trust, 6.000%, 08/02/21

  33,050,432      33,380,936   
    

 

 

 
         38,443,436   
    

 

 

 

Healthcare-Services 0.2%

Tenet Healthcare Corp., 8.125%, 04/01/22

  10,000,000      11,025,000   
    

 

 

 

Holding Companies-Diversified 0.0%(e)

  

Argos Merger Sub, Inc., 7.125%, 03/15/23(b)

  700,000      725,375   
    

 

 

 

Internet 0.2%

Zayo Group LLC/Zayo Capital, Inc., 6.000%, 04/01/23(b)

  11,100,000      11,155,500   
    

 

 

 

Media 1.1%

DISH DBS Corp., 5.000%, 03/15/23

  25,235,000      24,535,990   

DISH DBS Corp., 5.125%, 05/01/20

  3,590,000      3,616,925   

iHeartCommunications, Inc., 9.000%, 12/15/19

  10,353,000      10,249,470   

Numericable-SFR, 6.000%, 05/15/22(b)

  6,000,000      6,075,000   

Numericable-SFR, 6.250%, 05/15/24(b)

  6,000,000      6,075,000   

WideOpenWest Finance LLC/WideOpenWest Capital Corp., 10.250%, 07/15/19

  14,000,000      15,050,000   
    

 

 

 
  65,602,385   
    

 

 

 

Oil & Gas 0.3%

Citgo Holding, Inc., 10.750%, 02/15/20(b)

  2,400,000      2,472,000   

Halcon Resources Corp., 8.875%, 05/15/21

  5,435,000      3,777,325   
   Shares or
Principal
Amount($)
  Value($)  

Oil & Gas—continued

Linn Energy LLC/Linn Energy Finance Corp., 8.625%, 04/15/20

  10,000,000      8,525,000   

MEG Energy Corp., 7.000%, 03/31/24(b)

  1,275,000      1,201,687   

Whiting Petroleum Corp., 6.250%, 04/01/23(b)

  1,200,000      1,194,000   
    

 

 

 
  17,170,012   
    

 

 

 

Pharmaceuticals 0.4%

Valeant Pharmaceuticals International, Inc., 5.500%, 03/01/23(b)

  3,000,000      3,022,500   

VRX Escrow Corp., 5.375%, 03/15/20(b)

  8,620,000      8,695,425   

VRX Escrow Corp., 5.875%, 05/15/23(b)

  5,920,000      6,068,000   

VRX Escrow Corp., 6.125%, 04/15/25(b)

  8,620,000      8,921,700   
    

 

 

 
         26,707,625   
    

 

 

 

Retail 0.1%

Family Tree Escrow LLC, 5.750%, 03/01/23(b)

  2,000,000      2,105,000   

Rite Aid Corp., 6.125%, 04/01/23(b)(c)

  1,100,000      1,127,500   
    

 

 

 
  3,232,500   
    

 

 

 

Telecommunication Services 1.6%

  

Altice Financing SA, 6.500%, 01/15/22(b)

  1,675,000      1,718,969   

Altice SA, 7.625%, 02/15/25(b)

  3,635,000      3,641,816   

B Communications Ltd., 7.375%, 02/15/21(b)

  6,800,000      7,286,200   

Level 3 Financing, Inc., 6.125%, 01/15/21

  3,750,000      3,932,812   

NII Capital Corp., 7.625%, 04/01/21(g)

  5,000,000      1,520,846   

NII International Telecom SCA, 7.875%, 08/15/19(b)(g)

  2,285,000      2,119,338   

NII International Telecom SCA., 11.375%, 08/15/19(b)(g)

  2,560,000      2,432,000   

Softbank Corp., 4.500%, 04/15/20(b)

  3,400,000      3,472,250   

Sprint Capital Corp., 6.875%, 11/15/28

  2,000,000      1,835,000   

Sprint Capital Corp., 8.750%, 03/15/32(k)

  1,700,000      1,755,250   
 

 

See Notes to Financial Statements.

 

92


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix Floating Rate High Income Fund — concluded

 

     Shares or
Principal
Amount($)
     Value($)  

Telecommunication Services—continued

  

Sprint Corp., 7.875%, 09/15/23

    9,000,000         9,180,000   

T-Mobile USA, Inc., 6.125%, 01/15/22

    4,000,000         4,125,000   

T-Mobile USA, Inc., 6.250%, 04/01/21

    3,945,000         4,102,800   

T-Mobile USA, Inc., 6.542%, 04/28/20

    3,125,000         3,289,062   

T-Mobile USA, Inc., 6.633%, 04/28/21

    5,355,000         5,609,362   
    

Trilogy International Partners LLC/Trilogy International Finance, Inc., 10.250%, 08/15/16(b)

    12,958,000         12,519,916   

Wind Acquisition Finance SA, 7.375%, 04/23/21(b)

    28,500,000         29,568,750   

Windstream Holding of the Midwest, Inc., 6.750%, 04/01/28(k)

    4,850,000         4,534,750   
    

 

 

 
       102,644,121   
    

 

 

 

Total Corporate Bonds (Cost $283,765,279)

  286,378,855   
    

 

 

 
Municipal Bonds 0.3%

Puerto Rico 0.3%

  

Commonwealth of Puerto Rico, Series A, GO, 8.000%, 07/01/35

  18,640,000      15,308,659   

Puerto Rico Sales Tax Financing Corp., Series A, RB, 6.500%, 08/01/44

  5,125,000      3,268,674   

Puerto Rico Sales Tax Financing Corp., Series C, RB, 5.250%, 08/01/41

  5,285,000      3,210,849   
    

 

 

 

Total Municipal Bonds (Cost $25,855,649)

  21,788,182   
    

 

 

 
Preferred Stock 0.0%(e)

Diversified Financial Services 0.0%(e)

  

GMAC Capital Trust I, Series 2, 8.125%(a)

  94,025      2,468,156   
    

 

 

 

Total Preferred Stock (Cost $2,350,625)

  2,468,156   
    

 

 

 
Common Stock 0.0%(e)

Energy-Alternate Sources 0.0%(e)

  

Aventine Renewable Energy Holdings, Inc.*(f)

  69,037      932,000   
    

 

 

 

Total Common Stock (Cost $8,201,222)

  932,000   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Money Market Fund 2.4%

State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.00%(l)

  148,112,786      148,112,786   
    

 

 

 

Total Money Market Fund
(Cost $148,112,786)

  148,112,786   
    

 

 

 

Total Investments
(Cost $6,351,857,264) — 99.5%

   

  6,244,429,642   
    

 

 

 

Other Assets in Excess of
Liabilities — 0.5%

   

  28,976,151   
    

 

 

 

Net Assets — 100.0%

$ 6,273,405,793   
    

 

 

 

 

* Non-income producing security.

 

(a) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 93.9% of net assets as of March 31, 2015.

 

(c) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(d) The security does not have a stated settlement date and will receive a rate upon settling with the custodian.

 

(e) Less than 0.05% of Net Assets.

 

(f) The Fund’s investment adviser/subadviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.

 

(g) Security is in default.

 

(h) Bankrupt issuer.

 

(i) Valued at fair value using procedures approved by the Board of Trustees (See Note 2(a)). Fair valued securities held by the Fund represent 0 % of net assets as of March 31, 2015.

 

(j) Perpetual maturity.

 

(k) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(l) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

 

GO     General Obligation
PIK     Payment in-kind
RB     Revenue Bond

As of March 31, 2015, the Fund had the following unfunded Loan commitments:

 

Borrower    Unfunded
Commitments
     Unrealized
Depreciation
 

Green Energy Partners/Stonewall LLC

     $1,000,000         $ (313) 

The commitments are available until the maturity date of the respective security.

 

 

See Notes to Financial Statements.

 

93


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix High Yield Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Bank Loans 5.8%   

Energy 0.8%

  

CITGO Holding, Inc., 2015 Term Loan B, 9.500%, 05/12/18(a)(b)

  2,294,250      2,280,875   

Templar Energy LLC, New 2nd Lien Term Loan, 8.500%, 11/25/20(a)(b)

  4,610,000      3,113,686   
    

 

 

 
  5,394,561   
    

 

 

 

Food 0.2%

  

Rite Aid Corporation, 02/10/16(b)(c)(d)

  1,140,000      1,151,400   
    

 

 

 

Health Care 0.3%

inVentiv Health, Inc., Term Loan B4, 7.750%, 05/15/18(a)(b)

  2,120,000      2,126,190   
    

 

 

 

Information Technology 0.3%

  

Presidio, Inc. (new), 2015 Term Loan B, 6.250%, 02/02/22(a)(b)

  1,840,000      1,833,100   
    

 

 

 

Insurance 0.7%

  

Asurion LLC, New Term Loan B1, 5.000%, 05/24/19(a)(b)

  4,624,918      4,635,186   
    

 

 

 

Lodging 0.3%

  

Caesars Entertainment Operating Company, Extended Term Loan B6, 7.005%, 03/01/17(a)(b)(e)

  2,690,931      2,468,095   
    

 

 

 

Mining 0.5%

  

FMG Resources (August 2006) Pty Ltd., New Term Loan B, 3.750%, 06/30/19(a)(b)

  3,900,101      3,515,356   
    

 

 

 

Retail 2.1%

  

J.C. Penney Corporation, Inc., 1st Lien Term Loan, 6.000%, 05/22/18(a)(b)

  4,258,827      4,245,880   

Lands’ End, Inc., Term Loan B, 4.250%, 04/04/21(a)(b)

  1,864,751      1,776,175   

Sears Holding Corporation, Term Loan, 5.500%, 06/30/18(a)(b)

  4,322,045      4,253,152   

Toys ‘R’ Us-Delaware, Inc., Term Loan B4, 9.750%, 04/24/20(a)(b)

  5,148,661      4,781,098   
    

 

 

 
      15,056,305   
    

 

 

 

Telecommunication Services 0.6%

  

Virgin Media Bristol LLC, USD Term Loan B, 3.500%, 06/07/20(a)(b)

  4,534,764      4,526,284   
    

 

 

 

Total Bank Loans
(Cost $42,509,565)

  40,706,477   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  
Corporate Bonds 80.9%   

Aerospace/Defense 0.7%

  

Ducommun, Inc., 9.750%, 07/15/18

  2,280,000      2,411,100   

Triumph Group, Inc., 5.250%, 06/01/22

  2,570,000      2,525,025   
    

 

 

 
  4,936,125   
    

 

 

 

Airlines 1.5%

  

Air Canada, 6.750%, 10/01/19(b)

  3,325,000      3,549,437   

American Airlines Pass Through Trust, Series 2013-2, Cl B, 5.600%, 07/15/20(b)

  3,696,161      3,862,488   

United Airlines Pass Through Trust, Series 2014-1, Cl B, 4.750%, 04/11/22

  3,420,000      3,471,300   
    

 

 

 
      10,883,225   
    

 

 

 

Banks 1.5%

  

CIT Group, Inc., 5.375%, 05/15/20

  6,152,000      6,474,980   

Provident Funding Associates LP/PFG Finance Corp., 6.750%, 06/15/21(b)

  4,320,000      4,114,800   
    

 

 

 
  10,589,780   
    

 

 

 

Building Materials 2.2%

  

Cemex Finance LLC, 9.375%, 10/12/22(b)

  7,230,000      8,206,050   

Cemex SAB de CV, 5.700%, 01/11/25(b)

  3,930,000      3,876,945   

Cemex SAB de CV, 7.250%, 01/15/21(b)

  1,155,000      1,232,963   

USG Corp., 5.875%, 11/01/21(b)

  2,075,000      2,204,687   
    

 

 

 
  15,520,645   
    

 

 

 

Chemicals 0.4%

  

Nufarm Australia Ltd., 6.375%, 10/15/19(b)

  2,480,000      2,511,000   
    

 

 

 

Coal 1.1%

  

CONSOL Energy, Inc., 5.875%, 04/15/22

  3,915,000      3,543,075   

Natural Resource Partners LP/NRP Finance Corp., 9.125%, 10/01/18

  1,840,000      1,748,000   

Peabody Energy Corp., 10.000%, 03/15/22(b)

  3,033,000      2,699,370   
    

 

 

 
  7,990,445   
    

 

 

 

Commercial Services 5.7%

  

Alliance Data Systems Corp., 5.375%, 08/01/22(b)

  2,910,000      2,902,725   
 

 

See Notes to Financial Statements.

 

94


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix High Yield Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Commercial Services—continued

  

Cenveo Corp., 6.000%, 08/01/19(b)

  4,905,000      4,598,437   

Harland Clarke Holdings Corp., 6.875%, 03/01/20(b)

  5,195,000      5,285,912   

Harland Clarke Holdings Corp., 9.750%, 08/01/18(b)

  7,474,000      7,903,755   

Hertz Corp. (The), 5.875%, 10/15/20

  3,170,000      3,257,175   

Prospect Medical Holdings, Inc., 8.375%, 05/01/19(b)

  3,675,000      3,904,688   

Quad/Graphics, Inc., 7.000%, 05/01/22(b)

  3,530,000      3,397,625   

TMS International Corp., 7.625%, 10/15/21(b)(f)

  8,591,000      8,591,000   
    

 

 

 
      39,841,317   
    

 

 

 

Computers 0.4%

  

j2 Global, Inc., 8.000%, 08/01/20

  2,360,000      2,548,800   
    

 

 

 

Diversified Financial Services 8.5%

  

Ally Financial, Inc., 4.125%, 03/30/20

  1,830,000      1,818,562   

Ally Financial, Inc., 5.125%, 09/30/24

  3,415,000      3,521,719   

Ally Financial, Inc., 7.500%, 09/15/20

  4,556,000      5,336,215   

Ally Financial, Inc., 8.000%, 03/15/20

  5,673,000      6,765,052   

Community Choice Financial, Inc., 10.750%, 05/01/19

  1,540,000      820,050   

DFC Finance Corp., 10.500%, 06/15/20(b)

  4,425,000      3,462,562   

Enova International, Inc., 9.750%, 06/01/21(b)

  1,370,000      1,301,500   

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 03/15/19

  2,065,000      2,103,719   

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.000%, 08/01/20

  3,000,000      3,116,400   

ILFC E-Capital Trust I, 4.090%, 12/21/65(a)(b)

  6,750,000      6,361,875   

International Lease Finance Corp., 8.250%, 12/15/20

  2,500,000      3,043,750   

Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.375%, 04/01/20(b)

  2,515,000      2,439,550   

Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 07/01/21

  4,115,000      3,991,550   
   Shares or
Principal
Amount($)
  Value($)  

Diversified Financial Services—continued

  

Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 06/01/22

  3,435,000      3,297,600   

Nationstar Mortgage LLC/Nationstar Capital Corp., 7.875%, 10/01/20

  1,085,000      1,112,125   

Navient Corp., 4.875%, 06/17/19, MTN

  2,000,000      1,995,000   

Navient Corp., 5.000%, 10/26/20

  1,690,000      1,658,313   

Navient Corp., 6.125%, 03/25/24, MTN

  3,025,000      2,904,000   

SquareTwo Financial Corp., 11.625%, 04/01/17(g)

  2,530,000      2,245,375   

Walter Investment Management Corp., 7.875%, 12/15/21(g)

  2,670,000      2,389,650   
    

 

 

 
  59,684,567   
    

 

 

 

Electric 3.3%

  

Calpine Corp., 5.500%, 02/01/24

  3,660,000      3,692,025   

Dynegy Finance I, Inc./Dynegy Finance II, Inc., 6.750%, 11/01/19(b)

  1,700,000      1,759,500   

Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.375%, 11/01/22(b)

  2,315,000      2,433,644   

Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.625%, 11/01/24(b)

  2,500,000      2,618,750   

Dynegy, Inc., 5.875%, 06/01/23

  1,628,000      1,583,230   

GenOn Energy, Inc., 9.875%, 10/15/20

  4,804,000      4,864,050   

NRG Energy, Inc., 6.250%, 05/01/24

  4,160,000      4,191,200   

NRG Energy, Inc., 7.875%, 05/15/21

  2,155,000      2,316,625   
    

 

 

 
      23,459,024   
    

 

 

 

Electrical Components & Equipment 0.2%

  

Zebra Technologies Corp., 7.250%, 10/15/22(b)

  1,605,000      1,729,388   
    

 

 

 

Engineering & Construction 0.4%

  

Aguila 3 SA, 7.875%, 01/31/18(b)

  2,625,000      2,625,000   
    

 

 

 

Entertainment 1.0%

  

Gibson Brands, Inc., 8.875%, 08/01/18(b)

  3,607,000      3,611,509   

Greektown Holdings LLC/Greektown Mothership Corp., 8.875%, 03/15/19(b)

  3,375,000      3,560,625   
    

 

 

 
  7,172,134   
    

 

 

 
 

 

See Notes to Financial Statements.

 

95


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix High Yield Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Food 2.4%

  

Pilgrim’s Pride Corp., 5.750%, 03/15/25(b)

  1,730,000      1,768,925   

Post Holdings, Inc., 6.000%, 12/15/22(b)

  1,580,000      1,524,700   

Post Holdings, Inc., 6.750%, 12/01/21(b)

  4,140,000      4,181,400   

Post Holdings, Inc., 7.375%, 02/15/22

  6,230,000      6,448,050   

SUPERVALU, Inc., 7.750%, 11/15/22

  2,985,000      3,179,025   
    

 

 

 
  17,102,100   
    

 

 

 

Forest Products & Paper 0.5%

  

Resolute Forest Products, Inc., 5.875%, 05/15/23

  3,447,000      3,312,567   
    

 

 

 

Gas 0.3%

  

NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19

  2,029,000      1,988,420   
    

 

 

 

Healthcare-Products 1.3%

  

Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18

  4,450,000      4,817,125   

Physio-Control International, Inc., 9.875%, 01/15/19(b)

  1,887,000      2,004,937   

Teleflex, Inc., 5.250%, 06/15/24(b)

  2,123,000      2,165,460   
    

 

 

 
  8,987,522   
    

 

 

 

Healthcare-Services 1.3%

  

HCA Holdings, Inc., 6.250%, 02/15/21

  3,188,000      3,446,866   

HCA, Inc., 6.500%, 02/15/20

  1,195,000      1,345,570   

Tenet Healthcare Corp., 6.000%, 10/01/20

  2,695,000      2,856,700   

WellCare Health Plans, Inc., 5.750%, 11/15/20

  1,250,000      1,312,500   
    

 

 

 
        8,961,636   
    

 

 

 

Holding Companies-Diversified 0.4%

  

Argos Merger Sub, Inc., 7.125%, 03/15/23(b)

  2,690,000      2,787,513   
    

 

 

 

Home Builders 1.6%

  

DR Horton, Inc., 4.000%, 02/15/20

  5,260,000      5,333,640   

Shea Homes LP/Shea Homes Funding Corp., 5.875%, 04/01/23(b)

  1,755,000      1,785,712   

Shea Homes LP/Shea Homes Funding Corp., 6.125%, 04/01/25(b)

  1,755,000      1,768,163   

Standard Pacific Corp., 5.875%, 11/15/24

  2,230,000      2,291,325   
    

 

 

 
  11,178,840   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Household Products/Wares 0.2%

  

Century Intermediate Holding Co. 2, PIK, 9.750%, 02/15/19(b)

  1,368,000      1,453,500   
    

 

 

 

Insurance 1.1%

  

Assured Guaranty Municipal Holdings, Inc., 6.400%, 12/15/66(a)(b)

  2,795,000      2,375,750   

Assured Guaranty US Holdings, Inc., Series A, 6.400%, 12/15/66(a)

  1,827,000      1,562,085   

Sirius International Group Ltd., 7.506%(a)(b)(h)

  3,570,000      3,761,888   
    

 

 

 
  7,699,723   
    

 

 

 

Iron/Steel 0.4%

  

Steel Dynamics, Inc., 5.125%, 10/01/21(b)

  1,380,000      1,388,625   

Steel Dynamics, Inc., 5.500%, 10/01/24(b)

  1,335,000      1,353,356   
    

 

 

 
  2,741,981   
    

 

 

 

Leisure Time 0.6%

  

NCL Corp. Ltd., 5.250%, 11/15/19(b)

  1,285,000      1,317,125   

Viking Cruises Ltd., 8.500%, 10/15/22(b)

  2,825,000      3,142,813   
    

 

 

 
  4,459,938   
    

 

 

 

Lodging 0.7%

  

Caesars Entertainment Resort Properties LLC, 8.000%, 10/01/20

  2,070,000      2,054,475   

Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19(b)(f)

  3,195,000      2,819,588   
    

 

 

 
        4,874,063   
    

 

 

 

Media 6.2%

  

Block Communications, Inc., 7.250%, 02/01/20(b)

  3,260,000      3,317,050   

CCO Holdings LLC/Cap Corp., 5.250%, 09/30/22

  1,015,000      1,037,838   

CCO Holdings LLC/Cap Corp., 5.750%, 09/01/23

  2,485,000      2,596,825   

Cequel Communications Holdings I LLC/Cequel Capital Corp., 5.125%, 12/15/21(b)

  3,610,000      3,605,487   

DISH DBS Corp., 5.125%, 05/01/20

  2,455,000      2,473,412   

DISH DBS Corp., 5.875%, 07/15/22(f)

  4,915,000      4,994,869   
 

 

See Notes to Financial Statements.

 

96


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix High Yield Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Media—continued

  

DISH DBS Corp., 6.750%, 06/01/21

  2,335,000      2,486,775   

Lee Enterprises, Inc., 9.500%, 03/15/22(b)

  2,160,000      2,230,200   

McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 9.750%, 04/01/21

  2,790,000      3,082,950   

Numericable-SFR, 6.000%, 05/15/22(b)

  2,830,000      2,865,375   

Numericable-SFR, 6.250%, 05/15/24(b)

  2,045,000      2,070,563   

Sinclair Television Group, Inc., 5.625%, 08/01/24(b)

  2,735,000      2,782,862   

Sirius XM Radio, Inc., 6.000%, 07/15/24(b)

  2,595,000      2,724,750   

Townsquare Media, Inc., 6.500%, 04/01/23(b)(c)

  712,000      715,560   

Townsquare Radio LLC/Townsquare Radio, Inc., 9.000%, 04/01/19(b)

  2,920,000      3,112,311   

Univision Communications, Inc., 5.125%, 05/15/23(b)

  1,655,000      1,679,825   

VTR Finance BV, 6.875%, 01/15/24(b)

  2,000,000      2,075,000   
    

 

 

 
      43,851,652   
    

 

 

 

Mining 1.7%

  

First Quantum Minerals Ltd., 6.750%, 02/15/20(b)

  2,800,000      2,590,000   

First Quantum Minerals Ltd., 7.000%, 02/15/21(b)

  3,110,000      2,868,975   

FMG Resources August 2006 Pty Ltd., 8.250%, 11/01/19(b)

  3,610,000      3,104,600   

Imperial Metals Corp., 7.000%, 03/15/19(b)(g)

  3,554,000      3,385,185   
    

 

 

 
  11,948,760   
    

 

 

 

Miscellaneous Manufacturer 0.9%

  

Bombardier, Inc., 7.500%, 03/15/25(b)

  4,395,000      4,337,316   

Polymer Group, Inc., 7.750%, 02/01/19

  2,169,000      2,250,337   
    

 

 

 
  6,587,653   
    

 

 

 

Oil & Gas 6.4%

  

Antero Resources Corp., 5.125%, 12/01/22

  4,025,000      3,864,000   

Antero Resources Corp., 6.000%, 12/01/20

  1,010,000      1,010,505   

Chesapeake Energy Corp., 6.875%, 11/15/20

  5,930,000      6,196,850   
   Shares or
Principal
Amount($)
  Value($)  

Oil & Gas—continued

  

CITGO Petroleum Corp., 6.250%, 08/15/22(b)

  2,550,000      2,473,500   

EP Energy LLC/Everest Acquisition Finance, Inc., 7.750%, 09/01/22

  2,330,000      2,376,600   

EP Energy LLC/Everest Acquisition Finance, Inc., 9.375%, 05/01/20

  715,000      748,963   

Hilcorp Energy I LP/Hilcorp Finance Co., 5.000%, 12/01/24(b)

  5,355,000      5,033,700   

Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 04/01/22

  2,020,000      1,888,700   

KCA Deutag UK Finance PLC, 7.250%, 05/15/21(b)

  2,670,000      2,109,300   

Linn Energy LLC/Linn Energy Finance Corp., 8.625%, 04/15/20

  3,775,000      3,218,187   

MEG Energy Corp., 6.375%, 01/30/23(b)

  955,000      878,600   

Offshore Drilling Holding SA, 8.625%, 09/20/20(b)

  2,020,000      1,618,020   

Precision Drilling Corp., 5.250%, 11/15/24(b)

  2,167,000      1,809,445   

Range Resources Corp., 5.000%, 03/15/23

  4,050,000      4,029,750   

United Refining Co., 10.500%, 02/28/18

  4,664,000      4,897,200   

Whiting Petroleum Corp., 6.250%, 04/01/23(b)

  2,995,000      2,980,025   
    

 

 

 
      45,133,345   
    

 

 

 

Oil & Gas Services 0.5%

  

Hornbeck Offshore Services, Inc., 5.000%, 03/01/21

  4,045,000      3,215,775   
    

 

 

 

Pharmaceuticals 2.7%

  

Endo Finance LLC/Endo Ltd./Endo Finco, Inc., 6.000%, 02/01/25(b)

  2,200,000      2,266,000   

Grifols Worldwide Operations Ltd., 5.250%, 04/01/22(b)

  2,530,000      2,571,112   

Valeant Pharmaceuticals International, 7.000%, 10/01/20(b)

  3,900,000      4,070,625   

Valeant Pharmaceuticals International, Inc., 5.500%, 03/01/23(b)

  3,260,000      3,284,450   

VRX Escrow Corp., 5.375%, 03/15/20(b)

  2,290,000      2,310,038   

VRX Escrow Corp., 5.875%, 05/15/23(b)

  2,330,000      2,388,250   
 

 

See Notes to Financial Statements.

 

97


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix High Yield Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Pharmaceuticals—continued

  

VRX Escrow Corp., 6.125%, 04/15/25(b)

  2,280,000      2,359,800   
    

 

 

 
  19,250,275   
    

 

 

 

Pipelines 4.6%

  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.125%, 03/01/22

  3,725,000      3,752,937   

Energy Transfer Equity LP, 5.875%, 01/15/24

  2,235,000      2,357,925   

Energy Transfer Equity LP, 7.500%, 10/15/20

  2,870,000      3,214,400   

Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 03/01/22

  5,274,000      5,722,290   

Sabine Pass Liquefaction LLC, 5.625%, 02/01/21

  7,085,000      7,131,478   

Sabine Pass Liquefaction LLC, 5.625%, 04/15/23

  4,460,000      4,448,850   

Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 05/01/23

  2,064,000      2,074,320   

Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/19(b)

  2,256,000      2,323,680   

Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/22(b)

  1,276,000      1,320,660   
    

 

 

 
      32,346,540   
    

 

 

 

Real Estate 1.1%

  

Howard Hughes Corp., 6.875%, 10/01/21(b)

  7,565,000      7,924,338   
    

 

 

 

Real Estate Investment Trust 0.5%

  

iStar Financial, Inc., 5.000%, 07/01/19

  3,230,000      3,230,000   
    

 

 

 

Retail 3.9%

  

Family Tree Escrow LLC, 5.250%, 03/01/20(b)

  1,820,000      1,906,450   

Family Tree Escrow LLC, 5.750%, 03/01/23(b)

  3,550,000      3,736,375   

GameStop Corp., 5.500%, 10/01/19(b)

  2,090,000      2,157,925   

Guitar Center, Inc., 6.500%, 04/15/19(b)

  2,463,000      2,148,967   

Limited Brands, Inc., 6.625%, 04/01/21

  5,215,000      5,973,835   

Rite Aid Corp., 6.125%, 04/01/23(b)(c)

  3,175,000      3,254,375   
   Shares or
Principal
Amount($)
  Value($)  

Retail—continued

  

Sears Holdings Corp., 6.625%, 10/15/18(g)

  7,115,000      6,616,950   

Toys R Us Property Co. II LLC, 8.500%, 12/01/17

  1,625,000      1,643,281   
    

 

 

 
      27,438,158   
    

 

 

 

Semiconductors 0.7%

  

Micron Technology, Inc., 5.250%, 08/01/23(b)

  2,260,000      2,299,550   

Micron Technology, Inc., 5.875%, 02/15/22

  2,600,000      2,744,326   
    

 

 

 
  5,043,876   
    

 

 

 

Software 0.3%

  

Audatex North America, Inc., 6.000%, 06/15/21(b)

  1,832,000      1,937,340   
    

 

 

 

Telecommunication Services 12.3%

  

Altice Financing SA, 6.500%, 01/15/22(b)

  3,330,000      3,417,413   

Altice Financing SA, 6.625%, 02/15/23(b)

  2,510,000      2,585,300   

Altice Finco SA, 7.625%, 02/15/25(b)

  475,000      486,875   

Avaya, Inc., 7.000%, 04/01/19(b)

  2,665,000      2,645,013   

Avaya, Inc., 9.000%, 04/01/19(b)

  2,565,000      2,629,125   

CenturyLink, Inc., Series V, 5.625%, 04/01/20

  2,075,000      2,178,750   

DigitalGlobe, Inc., 5.250%, 02/01/21(b)

  2,685,000      2,685,000   

Intelsat Jackson Holdings SA, 7.500%, 04/01/21

  8,300,000      8,538,625   

Level 3 Communications, Inc., 5.750%, 12/01/22

  3,785,000      3,886,816   

Level 3 Financing, Inc., 6.125%, 01/15/21

  5,500,000      5,768,125   

Level 3 Financing, Inc., 8.625%, 07/15/20(f)

  6,990,000      7,575,412   

NII International Telecom SCA., 11.375%, 08/15/19(b)(e)

  6,700,000      6,365,000   

PAETEC Holding Corp., 9.875%, 12/01/18

  430,000      453,650   

Sprint Capital Corp., 6.875%, 11/15/28(f)

  9,110,000      8,358,425   

Sprint Capital Corp., 8.750%, 03/15/32(f)

  3,880,000      4,006,100   

Sprint Communications, Inc., 6.000%, 11/15/22

  2,365,000      2,246,750   

Sprint Corp., 7.875%, 09/15/23

  1,040,000      1,060,800   
 

 

See Notes to Financial Statements.

 

98


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix High Yield Fund — continued

 

     Shares or
Principal
Amount($)
     Value($)  

Telecommunication Services—continued

  

T-Mobile USA, Inc., 6.375%, 03/01/25

    3,305,000         3,410,430   

T-Mobile USA, Inc., 6.633%, 04/28/21

    4,865,000         5,096,087   

ViaSat, Inc., 6.875%, 06/15/20

    5,985,000         6,306,694   

Wind Acquisition Finance SA, 7.375%, 04/23/21(b)

    6,685,000         6,935,687   
    

 

 

 
  86,636,077   
    

 

 

 

Transportation 1.2%

  

CHC Helicopter SA, 9.250%, 10/15/20

  3,591,000      3,034,395   

Eletson Holdings, 9.625%, 01/15/22 (b)

  2,110,000      2,057,250   

Florida East Coast Holdings Corp., 6.750%, 05/01/19(b)

  3,035,000      3,057,762   
    

 

 

 
  8,149,407   
    

 

 

 

Trucking & Leasing 0.2%

Flexi-Van Leasing, Inc., 7.875%, 08/15/18(b)

  1,600,000      1,624,000   
    

 

 

 

Total Corporate Bonds
(Cost $565,120,401)

    569,356,449   
    

 

 

 

Convertible Preferred Stock 0.2%

  

Telecommunication Services 0.2%

  

T-Mobile US, Inc., 5.500%, 12/15/17

  24,985      1,465,620   
    

 

 

 

Total Convertible Preferred Stock
(Cost $1,249,250)

   

  1,465,620   
    

 

 

 

Short-Term Investment 1.4%

  

RidgeWorth Funds Securities Lending Joint Account(i)

  9,517,598      9,517,598   
    

 

 

 

Total Short-Term Investment (Cost $9,517,598)

  9,517,598   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Money Market Fund 11.7%

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(j)

  82,721,663      82,721,663   
    

 

 

 

Total Money Market Fund
(Cost $82,721,663)

  82,721,663   
    

 

 

 

Total Investments
(Cost $701,118,477) — 100.0%

   

  703,767,807   

Other Assets in Excess of Liabilities — 0.0%(k)

  184,990   
    

 

 

 

Net Assets — 100.0%

$ 703,952,797   
    

 

 

 

 

(a) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 45.5% of net assets as of March 31, 2015.

 

(c) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(d) The security has not settled as of March 31, 2015 and thus does not have a rate in effect. The security does not have a stated settlement date and will receive a rate upon settling with the custodian.

 

(e) Security is in default.

 

(f) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(g) The security or a partial position of the security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015 was $9,311,716.

 

(h) Perpetual maturity.

 

(i) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015 (See Note 2(k)).

 

(j) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

 

(k) Less than 0.05% of Net Assets.

Investment Abbreviations

 

MTN     Medium Term Note
PIK     Payment in-kind
 

 

See Notes to Financial Statements.

 

99


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Seix High Yield Fund — concluded

 

At March 31, 2015, the Fund’s open credit default swap contracts were as follows:

Centrally Cleared Credit Default Swap Contracts — Sell Protection

 

Underlying Instrument

Broker (Exchange)   Notional
Amount
  Fixed
Rate
  Expiration
Date
  Implied
Credit
Spread*
  Value   Unrealized
Appreciation
 

CDX.NA.HY.23

  JPMorgan (CME)      $49,000,000      5.000   12/20/19      3.058   $4,004,268      $367,750   

The notional amount represents the maximum potential amount the Fund could be required to pay as seller of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in CDX.NA.HY.23.

The value column indicates the impact each respective swap agreement has on the Fund’s Net Assets at March 31, 2015.

 

* Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

See Notes to Financial Statements.

 

100


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Short-Term Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  

Asset-Backed Securities 13.7%

  

Auto Floor Plan 0.6%

Mercedes-Benz Master Owner Trust, Series 2012-AA, Cl A, 0.790%, 11/15/17(a)

  300,000      300,089   
    

 

 

 
Automobiles 2.0%

AmeriCredit Automobile Receivables Trust, Series 2014-2, Cl A2A, 0.540%, 10/10/17

  221,528      221,372   

California Republic Auto Receivables Trust, Series 2014-1, Cl A3, 0.850%, 05/15/18

  235,000      235,076   

Ford Credit Auto Owner Trust, Series 2014-A, Cl A3, 0.790%, 05/15/18

  610,000      610,456   
    

 

 

 
      1,066,904   
    

 

 

 
Credit Card 8.8%

American Express Credit Account Master Trust, Series 2013-1, Cl A, 0.595%, 02/16/21(b)

  645,000      646,495   

BA Credit Card Trust, Series 2014-A2, Cl A, 0.445%, 09/16/19(b)

  630,000      630,130   

Barclays Dryrock Issuance Trust, Series 2014-1, Cl A, 0.535%, 12/16/19(b)

  700,000      699,097   

Cabela’s Master Credit Card Trust, Series 2014-1, Cl A, 0.525%, 03/16/20(b)

  627,000      627,035   

Capital One Multi-Asset Execution Trust, Series 2014-A5, Cl A, 1.480%, 07/15/20

  325,000      327,389   

Capital One Multi-Asset Execution Trust, Series 2015-A1, Cl A, 1.390%, 01/15/21

  312,000      312,271   

Chase Issuance Trust, Series 2014-A7, Cl A, 1.380%, 11/15/19

  500,000      501,896   

Citibank Credit Card Issuance Trust, Series 2013-A10, Cl A10, 0.730%, 02/07/18

  400,000      400,314   

Discover Card Execution Note Trust, Series 2013-A1, Cl A1, 0.475%, 08/17/20(b)

  272,000      271,700   

Discover Card Execution Note Trust, Series 2014-A1, Cl A1, 0.605%, 07/15/21(b)

  425,000      425,971   
    

 

 

 
  4,842,298   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  
Other 1.5%

AEP Texas Central Transition Funding III LLC, Series 2012-1, Cl A1, 0.880%, 12/01/18

  389,961      390,389   

Centerpoint Energy Transition Bond Co. II LLC, Series 2005-A, Cl A4, 5.170%, 08/01/19

  111,231      116,976   

CenterPoint Energy Transition Bond Co. IV LLC, Series 2012-1, Cl A1, 0.901%, 04/15/18

  268,234      268,550   

FPL Recovery Funding LLC, Series 2007-A, Cl A3, 5.127%, 08/01/17

  18,741      19,023   

Oncor Electric Delivery Transition Bond Co. LLC, Series 2004-1, Cl A3, 5.290%, 05/15/18

  44,051      45,330   
    

 

 

 
  840,268   
    

 

 

 
Student Loan Asset Backed Securities 0.8%   

SLM Student Loan Trust, Series 2013-1, Cl A2, 0.424%, 09/25/19(b)

  356,257      355,650   

SLM Student Loan Trust, Series 2013-5, Cl A1, 0.434%, 05/25/18(b)

  82,799      82,801   
    

 

 

 
  438,451   
    

 

 

 

Total Asset-Backed Securities
(Cost $7,479,065)

      7,488,010   
    

 

 

 

Collateralized Mortgage Obligations 12.7%

  

Agency Collateralized Mortgage Obligations 0.8%

  

Federal Home Loan Mortgage Corporation

Series 3772, Cl HE, REMIC, 2.500%, 10/15/18

  125,979      128,234   
    

 

 

 

Federal National Mortgage Association

Series 2010-153, Cl AB, REMIC, 2.000%, 11/25/18

  196,672      199,455   

Series 2010-153, Cl AC, REMIC, 2.000%, 11/25/18

  129,890      131,897   
    

 

 

 
  331,352   
    

 

 

 
  459,586   
    

 

 

 

Agency Collateralized Planned Amortization Class Mortgage Obligations 0.2%

   

Federal Home Loan Mortgage Corporation

Series 3864, Cl KM, REMIC, 3.000%, 02/15/41

  92,625      95,800   
    

 

 

 
 

 

See Notes to Financial Statements.

 

101


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Short-Term Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Commercial Mortgage Backed Securities 11.7%

  

Citigroup Commercial Mortgage Trust

Series 2012-GC8, Cl A1, 0.685%, 09/10/45

  51,705      51,683   
    

 

 

 

Commercial Mortgage Trust

Series 2005-C6, Cl AJ, 5.209%, 06/10/44(b)

  335,000      338,989   

Series 2012-9W57, Cl A, 2.365%, 02/10/29(a)

  500,000      510,594   
    

 

 

 
  849,583   
    

 

 

 

Credit Suisse Commercial Mortgage Trust

Series 2006-C3, Cl A3, 5.807%, 06/15/38(b)

  293,350      302,985   

Series 2006-C5, Cl A3, 5.311%, 12/15/39

  544,922      568,920   
    

 

 

 
  871,905   
    

 

 

 

GS Mortgage Securities Trust

Series 2011-GC5, Cl A2, 2.999%, 08/10/44

  305,000      312,192   

Series 2013-GC14, Cl A1, 1.217%, 08/10/46

  69,780      69,920   
    

 

 

 
  382,112   
    

 

 

 

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2010-C2, Cl A2, 3.616%, 11/15/43(a)

  780,000      820,126   

Series 2013-C13, Cl A1, 1.303%, 01/15/46

  433,531      435,515   
    

 

 

 
      1,255,641   
    

 

 

 

LB-UBS Commercial Mortgage Trust

Series 2006-C7, Cl A3, 5.347%, 11/15/38

  365,000      385,673   
    

 

 

 

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2013-C12, Cl A1, 1.313%, 10/15/46

  509,905      513,003   

Series 2014-C14, Cl A1, 1.250%, 02/15/47

  150,111      149,678   
    

 

 

 
  662,681   
    

 

 

 

Morgan Stanley Capital I Trust

Series 2012-C4, Cl A3, 2.991%, 03/15/45

  196,000      202,976   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Commercial Mortgage Backed Securities—continued

  

Wachovia Bank Commercial Mortgage Trust

Series 2005-C22, Cl A4, 5.271%, 12/15/44(b)

  341,082      345,274   
    

 

 

 

WFRBS Commercial Mortgage Trust

Series 2012-C10, Cl A2, 1.765%, 12/15/45

  600,000      606,092   

Series 2012-C8, Cl A2, 1.881%, 08/15/45

  785,731      796,095   
    

 

 

 
  1,402,187   
    

 

 

 
      6,409,715   
    

 

 

 

Total Collateralized Mortgage Obligations
(Cost $6,945,073)

  6,965,101   
    

 

 

 

Corporate Bonds 34.9%

Aerospace/Defense 1.7%

Boeing Co. (The), 0.380%, 10/30/17(b)

  530,000      530,460   

L-3 Communications Corp., 1.500%, 05/28/17

  379,000      376,625   
    

 

 

 
  907,085   
    

 

 

 

Auto Manufacturers 0.8%

PACCAR Financial Corp., 0.864%, 12/06/18, MTN(b)

  200,000      201,073   

PACCAR Financial Corp., 1.450%, 03/09/18, MTN

  239,000      240,136   
    

 

 

 
  441,209   
    

 

 

 

Banks 10.8%

Bank of America Corp., 3.625%, 03/17/16, MTN

  835,000      855,347   

Citigroup, Inc., 1.350%, 03/10/17

  541,000      540,085   

Credit Suisse New York, 1.375%, 05/26/17, MTN

  845,000      846,523   

Fifth Third Bank, 0.900%, 02/26/16

  215,000      214,977   

Goldman Sachs Group, Inc. (The), 5.950%, 01/18/18

  783,000      871,849   

ING Bank NV, 1.800%, 03/16/18(a)

  414,000      416,564   

JPMorgan Chase & Co., 6.125%, 06/27/17

  558,000      611,426   

Morgan Stanley, 5.375%, 10/15/15

  410,000      420,024   

UBS AG/Stamford CT, 1.800%, 03/26/18, MTN

  383,000      384,063   

Wells Fargo & Co., 1.250%, 07/20/16

  740,000      744,077   
    

 

 

 
  5,904,935   
    

 

 

 
 

 

See Notes to Financial Statements.

 

102


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Short-Term Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Commercial Services 1.2%

ERAC USA Finance LLC, 1.400%, 04/15/16(a)

  632,000      634,015   
    

 

 

 

Computers 0.5%

Apple, Inc., 1.050%, 05/05/17

  266,000      267,319   
    

 

 

 

Diversified Financial Services 3.4%

  

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 2.750%, 05/15/17(a)

  150,000      148,500   

American Express Credit Corp., 1.300%, 07/29/16

  916,000      921,263   

General Electric Capital Corp., 2.450%, 03/15/17, MTN

  766,000      789,189   
    

 

 

 
  1,858,952   
    

 

 

 

Electric 0.5%

Duke Energy Corp., 0.651%, 04/03/17(b)

  141,000      141,307   

Duke Energy Corp., 3.350%, 04/01/15

  135,000      135,000   
    

 

 

 
  276,307   
    

 

 

 

Healthcare-Products 1.4%

Becton Dickinson and Co., 1.800%, 12/15/17

  265,000      267,031   

Medtronic, Inc., 1.500%, 03/15/18(a)

  498,000      500,163   
    

 

 

 
  767,194   
    

 

 

 

Healthcare-Services 0.6%

UnitedHealth Group, Inc., 1.875%, 11/15/16

  349,000      354,819   
    

 

 

 

Information Technology 1.2%

Oracle Corp., 0.454%, 07/07/17(b)

  683,000      683,764   
    

 

 

 

Insurance 4.2%

Berkshire Hathaway, Inc., 1.900%, 01/31/17

  596,000      607,832   

MetLife, Inc., 6.750%, 06/01/16

  800,000      853,825   

Prudential Covered Trust, 2.997%, 09/30/15(a)

  819,000      827,116   
    

 

 

 
      2,288,773   
    

 

 

 

Machinery-Diversified 1.0%

  

John Deere Capital Corp., 1.350%, 01/16/18, MTN

  528,000      530,100   
    

 

 

 

Oil & Gas 2.6%

  

BP Capital Markets PLC, 3.200%, 03/11/16

  325,000      332,500   

Chevron Corp., 1.365%, 03/02/18

  552,000      554,689   

Exxon Mobil Corp., 1.305%, 03/06/18

  553,000      556,184   
    

 

 

 
  1,443,373   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Pharmaceuticals 0.5%

  

Actavis Funding SCS, 2.350%, 03/12/18

  263,000      266,557   
    

 

 

 

Pipelines 0.8%

  

Kinder Morgan, Inc., 2.000%, 12/01/17

  269,000      268,581   

Spectra Energy Partners LP, 2.950%, 09/25/18

  158,000      162,872   
    

 

 

 
  431,453   
    

 

 

 

Semiconductors 1.1%

  

Intel Corp., 1.350%, 12/15/17

  429,000      431,162   

TSMC Global Ltd., 1.625%, 04/03/18(a)

  200,000      198,271   
    

 

 

 
  629,433   
    

 

 

 

Telecommunication Services 1.6%

  

American Tower Corp., 4.500%, 01/15/18

  225,000      241,533   

AT&T, Inc., 5.500%, 02/01/18

  488,000      537,212   

Verizon Communications, Inc., 2.500%, 09/15/16

  97,000      99,064   
    

 

 

 
  877,809   
    

 

 

 

Transportation 1.0%

  

Canadian National Railway Co., 0.427%, 11/14/17(b)

  554,000      553,211   
    

 

 

 

Total Corporate Bonds
(Cost $19,053,586)

    19,116,308   
    

 

 

 

Municipal Bonds 3.3%

  

Louisiana 1.0%

  

Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2010-ELL, CI A3, RB, 3.450%, 02/01/22

  515,000      540,580   
    

 

 

 

New Jersey 1.0%

  

New Jersey Economic Development Authority, Series Q, RB, 1.096%, 06/15/16

  530,000      529,587   
    

 

 

 

South Carolina 1.3%

  

South Carolina State Public Service Authority, Series D, RB, 1.272%, 06/01/16(b)

  725,000      726,435   
    

 

 

 

Total Municipal Bonds
(Cost $1,797,130)

  1,796,602   
    

 

 

 

U.S. Government Agency Mortgages 13.5%

  

Federal Home Loan Mortgage Corporation

Pool #J06026, 5.500%, 11/01/20

  184,918      193,883   
 

 

See Notes to Financial Statements.

 

103


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Short-Term Bond Fund — concluded

 

     Shares or
Principal
Amount($)
     Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #G14525, 2.500%, 08/01/22

    278,222         288,002   

Pool #J22421, 2.000%, 02/01/23

    177,106         179,832   

Pool #J23435, 2.500%, 04/01/23

    695,541         720,005   

Pool #J28472, 3.000%, 06/01/24

    1,424,433         1,497,492   
    

 

 

 
  2,879,214   
    

 

 

 

Federal National Mortgage Association

Pool #745935, 5.683%, 08/01/16

  311,192      322,548   

Pool #AL5640, 2.293%, 08/01/44(b)

  487,624      501,379   

Pool #AX3644, 2.360%, 10/01/44(b)

  457,079      470,727   

Pool #AX5937, 2.533%, 11/01/44(b)

  1,109,517      1,145,713   

Pool #AX2167, 2.545%, 11/01/44(b)

  1,980,059      2,046,280   
    

 

 

 
  4,486,647   
    

 

 

 

Total U.S. Government Agency Mortgages
(Cost $7,298,144)

  7,365,861   
    

 

 

 

U.S. Treasury Obligations 21.1%

U.S. Treasury Notes 21.1%

1.000%, 03/31/17

  3,315,000      3,342,710   

0.625%, 09/30/17

  179,000      178,538   

0.750%, 12/31/17

  8,037,000      8,021,931   
    

 

 

 

Total U.S. Treasury Obligations
(Cost $11,506,023)

    11,543,179   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Money Market Fund 0.4%

State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.00%(c)

  229,034      229,034   
    

 

 

 

Total Money Market Fund
(Cost $229,034)

  229,034   
    

 

 

 

Total Investments
(Cost $54,308,055) — 99.6%

   

  54,504,095   

Other Assets in Excess of Liabilities — 0.4%

  231,333   
    

 

 

 

Net Assets — 100.0%

$ 54,735,428   
    

 

 

 

 

(a) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 8.0% of net assets as of March 31, 2015.

 

(b) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(c) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

 

MTN     Medium Term Note
RB     Revenue Bond
REMIC     Real Estate Mortgage Investment Conduit
 

 

See Notes to Financial Statements.

 

104


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Short-Term Municipal Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  

Municipal Bonds 83.3%

  

Alabama 3.4%

Baldwin County Board of Education, RB, 5.000%, 06/01/19

  1,250,000      1,439,350   
    

 

 

 
Arizona 5.0%

Arizona Department of Transportation State Highway Fund Revenue, RB, 5.000%, 07/01/25, Pre-refunded 07/01/2016 @ 100

  1,000,000      1,058,460   

Phoenix Civic Improvement Corp., Series B, RB, 5.000%, 07/01/16

  1,000,000      1,058,590   
    

 

 

 
  2,117,050   
    

 

 

 
California 8.4%

Los Angeles County Regional Financing Authority, Series B-1, RB, 3.000%, 11/15/21, CA MTG INS

  1,500,000      1,518,960   

Riverside Unified School District Financing Authority, 5.000%, 09/01/21, BAM

  850,000      1,010,149   

Riverside Unified School District Financing Authority, 5.000%, 09/01/22, BAM

  215,000      257,555   

San Diego County Regional Airport Authority, RB, 2.537%, 07/01/18

  300,000      306,849   

South Orange County Public Financing Authority, Series A, 5.000%, 08/15/21

  400,000      468,956   
    

 

 

 
      3,562,469   
    

 

 

 
Guam 2.5%

Guam Power Authority, Series A, RB, 5.000%, 10/01/20, AGM

  920,000      1,077,973   
    

 

 

 
Hawaii 1.0%

Hawaii State, GO, 5.000%, 05/01/15

  400,000      401,640   
    

 

 

 
Illinois 3.9%

Chicago Public Building Commission, RB, 5.250%, 12/01/18, NATL-RE

  1,500,000      1,666,590   
    

 

 

 
Indiana 2.5%

Indiana University, Series R, RB, 5.000%, 08/01/16, AMBAC

  1,000,000      1,062,340   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Kentucky 4.1%

Kentucky Municipal Power Agency, Series A, RB, 5.000%, 09/01/20, NATL-RE(a)

  500,000      577,180   

Kentucky Municipal Power Agency, Series A, RB, 5.000%, 09/01/22, NATL-RE(a)

  1,000,000      1,171,950   
    

 

 

 
  1,749,130   
    

 

 

 
Maryland 7.4%

Harford County, GO, 5.000%, 07/01/15

  1,500,000      1,518,330   

Maryland State, Series A, GO, 5.000%, 11/01/16

  1,000,000      1,072,620   

Maryland State Transportation Authority, Transportation Facilities Project, RB, 5.000%, 07/01/23(b)

  500,000      559,800   
    

 

 

 
  3,150,750   
    

 

 

 
Massachusetts 3.5%

Commonwealth of Massachusetts, Series A, GO, 0.030%, 12/01/30(c)

  1,500,000          1,500,000   
    

 

 

 
Michigan 10.1%

Michigan Finance Authority, Series E, RB, 2.850%, 08/20/15, State Aid Withholding(b)

  2,600,000      2,610,374   

University of Michigan, Series A, RB, 0.030%, 04/01/38(b)(c)

  1,700,000      1,700,000   
    

 

 

 
  4,310,374   
    

 

 

 
Missouri 4.6%

Missouri Joint Municipal Electric Utility Commission, Series A, RB, 5.000%, 06/01/22(a)

  1,630,000      1,947,964   
    

 

 

 
New York 4.7%

Suffolk County, GO, 2.000%, 07/30/15(b)

  2,000,000      2,009,780   
    

 

 

 
North Carolina 2.6%

Raleigh Combined Enterprise System Revenue, Series B, RB, 5.000%, 12/01/18(a)

  1,000,000      1,099,180   
    

 

 

 
South Carolina 4.4%

SCAGO Educational Facilities Corp. for Pickens School District, RB, 5.000%, 12/01/16(a)

  750,000      804,480   
 

 

See Notes to Financial Statements.

 

105


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Short-Term Municipal Bond Fund — concluded

 

     Shares or
Principal
Amount($)
     Value($)  

South Carolina—continued

    

South Carolina State Public Service Authority, Series C, RB, 5.000%, 12/01/17(a)

    1,000,000         1,077,420   
    

 

 

 
  1,881,900   
    

 

 

 
Texas 12.4%

Central Texas Turnpike System, Series C, RB, 5.000%, 08/15/23

  500,000      591,725   

Harris County, Series A, GO, 5.000%, 10/01/18

  1,000,000      1,139,080   

New Hope Cultural Education Facilities Financing Corp., Student Housing Corp., Series A, RB, 4.000%, 04/01/17, AGM

  200,000      211,382   

New Hope Cultural Education Facilities Financing Corp., Student Housing Corp., Series A, RB, 4.000%, 04/01/18, AGM

  200,000      214,160   

Texas Public Finance Authority, Series B, RB, 4.000%, 01/01/18(b)

  3,000,000      3,136,290   
    

 

 

 
  5,292,637   
    

 

 

 

Virginia 2.8%

  

Greater Richmond Convention Center Authority, RB, 5.000%, 06/15/20

  1,000,000      1,167,710   
    

 

 

 

Total Municipal Bonds
(Cost $35,278,340)

    35,436,837   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  
Money Market Fund 31.7%

Federated Tax-Free Obligations Fund, Institutional Shares, 0.01%(d)

  13,487,313      13,487,313   
    

 

 

 

Total Money Market Fund
(Cost $13,487,313)

  13,487,313   
    

 

 

 

Total Investments
(Cost $48,765,653) — 115.0%

  48,924,150   

Liabilities in Excess of Other Assets — (15.0)%

  (6,391,192
    

 

 

 

Net Assets — 100.0%

$ 42,532,958   
    

 

 

 

 

(a) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(b) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(c) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(d) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

 

AGM     Security guaranteed by Assured Guaranty Municipal Corporation
AMBAC     Security guaranteed by American Municipal Bond Assurance Corporation
BAM     Build America Mutual Assurance Company
CA MTG INS     California Mortgage Insurance
GO     General Obligation
NATL-RE     Reinsurance provided by National Public Finance Guarantee Corporation
RB     Revenue Bond
 

 

See Notes to Financial Statements.

 

106


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Total Return Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  

Asset-Backed Securities 4.4%

  

Automobiles 0.5%

Ford Credit Auto Owner Trust, Series 2014-2, Cl A, 2.310%, 04/15/26(a)

  5,520,000      5,623,158   
    

 

 

 

Credit Card 2.4%

  

Barclays Dryrock Issuance Trust, Series 2014-3, Cl A, 2.410%, 07/15/22

  9,179,000      9,381,966   

Cabela’s Master Credit Card Trust,
Series 2014-1, Cl A, 0.525%, 03/16/20(b)

  2,166,000      2,166,119   

Capital One Multi-Asset Execution Trust, Series 2006-B1, Cl B1, 0.455%, 01/15/19(b)

  2,624,000      2,617,138   

Chase Issuance Trust, Series 2014-A7, Cl A, 1.380%, 11/15/19

  5,685,000      5,706,552   

Discover Card Execution Note Trust, Series 2012-B3, Cl B3, 0.625%, 05/15/18(b)

  7,475,000      7,470,620   
    

 

 

 
         27,342,395   
    

 

 

 

Other 1.5%

DB Master Finance LLC, Series 2015-1A, Cl A2II, 3.980%, 02/20/45(a)

  6,170,000      6,301,174   

Domino’s Pizza Master Issuer LLC, Series 2012-1A, Cl A2, 5.216%, 01/25/42(a)

  6,976,325      7,253,871   

SBA Tower Trust, Series 2014-2A, Cl C, 3.869%, 10/15/49(a)

  3,942,000      4,102,964   
    

 

 

 
  17,658,009   
    

 

 

 

Total Asset-Backed Securities
(Cost $49,901,893)

   

  50,623,562   
    

 

 

 

Collateralized Mortgage Obligations 4.7%

  

Agency Collateralized Mortgage Obligations 0.7%

  

Federal Home Loan Mortgage Corporation

Series 3768, Cl CB, 3.500%, 12/15/25

  2,489,874      2,694,644   

Series 3877, Cl LM, 3.500%, 06/15/26

  1,502,000      1,627,112   

Series 3909, Cl UB, REMIC, 3.500%, 08/15/26

  3,156,000      3,415,511   
    

 

 

 
  7,737,267   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Commercial Mortgage Backed Securities 4.0%

  

Extended Stay America Trust

Series 2013-ESH5, Cl B5, 2.278%, 12/05/31(a)

  2,940,000      2,932,721   
    

 

 

 

Federal National Mortgage Association

Series 2013-M14, Cl A2, 3.329%, 10/25/23(b)

  1,707,000      1,827,029   

Series 2014-M8, Cl A2, 3.056%, 06/25/24(b)

  3,364,000      3,522,892   
    

 

 

 
  5,349,921   
    

 

 

 

GS Mortgage Securities Corp. II

Series 2012-ALOH, Cl A, 3.551%, 04/10/34(a)

  5,795,000      6,191,871   

Series 2012-BWTR, Cl A, 2.954%, 11/05/34(a)

  2,235,000      2,286,327   

Series 2012-BWTR, Cl B, 3.255%, 11/05/34(a)

  2,890,000      2,962,296   
    

 

 

 
         11,440,494   
    

 

 

 

GS Mortgage Securities Trust

Series 2010-C1, Cl A2, 4.592%, 08/10/43(a)

  1,593,000      1,778,839   

Series 2011-GC5, Cl AS, 5.209%, 08/10/44(a)(b)

  2,014,000      2,315,804   
    

 

 

 
  4,094,643   
    

 

 

 

JPMorgan Chase Commercial Mortgage Securities Trust

   

Series 2011-C3, Cl D, 5.568%, 02/15/46(a)(b)

  5,897,000      6,569,382   

Series 2012-HSBC, Cl B, 3.722%, 07/05/32(a)

  1,790,000      1,897,285   
    

 

 

 
  8,466,667   
    

 

 

 

Morgan Stanley Capital I Trust

Series 2014-CPT, Cl A, 3.350%, 07/13/29(a)

  1,890,000      1,993,763   
    

 

 

 

OBP Depositor LLC Trust

Series 2010-OBP, Cl A, 4.646%, 07/15/45(a)

  4,150,000      4,658,736   
    

 

 

 

VNDO 2013-PENN Mortgage Trust

Series 2013-PENN, Cl A, 3.808%, 12/13/29(a)

  1,865,000      2,010,325   
    

 

 

 

WFRBS Commercial Mortgage Trust

Series 2011-C3, Cl D, 5.553%, 03/15/44(a)(b)

  4,794,367      5,241,403   
    

 

 

 
  46,188,673   
    

 

 

 

Total Collateralized Mortgage Obligations
(Cost $52,048,723)

  53,925,940   
    

 

 

 
 

 

See Notes to Financial Statements.

 

107


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Total Return Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Bank Loans 0.1%

Chemicals 0.0%(d)

Nexeo Solutions LLC, Term Loan B, 5.000%, 09/08/17(b)(c)

  179,050      173,827   
    

 

 

 
Electric 0.0%(d)

Texas Competitive Electric Holdings Company LLC, Extended Term Loan, 4.662%, 10/10/17(a)(b)(e)

  65,000      38,984   
    

 

 

 
Energy 0.0%(d)

BlackBrush Oil & Gas, L.P., 2nd Lien Term Loan, 7.500%, 06/19/21(a)(b)

  55,000      44,092   
    

 

 

 
Health Care 0.0%(d)

Allscripts Healthcare Solutions, Inc., Term Loan A, 3.025%, 06/28/18(a)(b)

  122,500      122,194   
    

 

 

 
Miscellaneous Manufacturer 0.0%(d)   

Boomerang Tube LLC, Term Loan, 11.750%, 10/11/17(b)(c)

  208,563                  114,709   
    

 

 

 
Semiconductors 0.1%

Semiconductor Components Industries, LLC, Term Loan A, 2.005%, 01/02/18(b)(c)

  288,750      278,644   
    

 

 

 

Total Bank Loans
(Cost $887,052)

  772,450   
    

 

 

 

Corporate Bonds 22.5%

  

Aerospace/Defense 0.3%

  

L-3 Communications Corp., 3.950%, 05/28/24

  2,969,000      3,047,102   
    

 

 

 

Agriculture 0.2%

  

Japan Tobacco, Inc., 2.100%, 07/23/18(a)

  2,346,000      2,379,813   
    

 

 

 

Airlines 0.8%

  

American Airlines Pass Through Trust, Series 2013-2, 4.950%, 07/15/24

  4,918,974      5,386,276   

United Airlines Pass Through Trust, Series 2014-1, Cl A, 4.000%, 10/11/27, Series A

  3,252,000      3,430,860   
    

 

 

 
  8,817,136   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Auto Manufacturers 1.1%

  

Daimler Finance North America LLC, 2.250%, 03/02/20(a)

  1,622,000      1,633,138   

Ford Motor Credit Co. LLC, 2.145%, 01/09/18

  700,000      707,996   

Ford Motor Credit Co. LLC, 5.000%, 05/15/18

  1,660,000      1,810,175   

General Motors Co., 5.200%, 04/01/45

  5,133,000      5,571,030   

Harley-Davidson Financial Services, Inc., 2.150%, 02/26/20(a)

  1,266,000      1,273,510   

Toyota Motor Credit Corp., 3.200%, 06/17/15, MTN

  702,000      706,271   

Volkswagen International Finance, 2.375%, 03/22/17(a)

  1,439,000      1,472,241   
    

 

 

 
         13,174,361   
    

 

 

 

Auto Parts & Equipment 0.3%

  

Delphi Corp., 4.150%, 03/15/24

  1,656,000      1,760,449   

Lear Corp., 4.750%, 01/15/23

  1,338,000      1,344,690   
    

 

 

 
  3,105,139   
    

 

 

 

Banks 5.0%

  

Bank of America Corp., 1.700%, 08/25/17, MTN

  2,820,000      2,830,905   

Bank of America Corp., 4.250%, 10/22/26, MTN

  2,347,000      2,422,907   

Bank of America Corp., Series L, 2.600%, 01/15/19

  2,926,000      2,978,059   

Bank of America NA, 1.250%, 02/14/17

  1,217,000      1,219,373   

Citigroup, Inc., 2.500%, 09/26/18

  4,346,000      4,431,182   

Citigroup, Inc., 4.950%, 11/07/43

  2,934,000      3,390,516   

Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/20(a)

  1,645,000      1,654,385   

Credit Suisse Group Funding Guernsey Ltd., 3.750%, 03/26/25(a)

  3,500,000      3,540,929   

Fifth Third Bank, 1.450%, 02/28/18

  400,000      398,828   

Goldman Sachs Group, Inc. (The), 2.550%, 10/23/19

  2,929,000      2,969,713   

Goldman Sachs Group, Inc. (The), 2.625%, 01/31/19

  2,340,000      2,390,698   
 

 

See Notes to Financial Statements.

 

108


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Total Return Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Banks—continued

  

Huntington National Bank (The), 1.300%, 11/20/16

  1,869,000      1,870,837   

ING Bank NV, 1.800%, 03/16/18(a)

  1,452,000      1,460,992   

JPMorgan Chase & Co., 2.250%, 01/23/20

  3,480,000      3,487,454   

KeyBank NA, 1.650%, 02/01/18

  1,557,000      1,563,680   

Morgan Stanley, 2.650%, 01/27/20

  2,212,000      2,242,796   

Morgan Stanley, 4.300%, 01/27/45

  5,808,000      6,018,406   

Morgan Stanley, Series F, 3.875%, 04/29/24

  1,485,000      1,561,602   

UBS AG, 2.375%, 08/14/19, MTN

  3,829,000      3,859,536   

US Bancorp, 3.600%, 09/11/24, MTN

  4,017,000      4,190,775   

US Bank NA, 1.100%, 01/30/17

  2,968,000      2,977,254   
    

 

 

 
         57,460,827   
    

 

 

 

Beverages 0.2%

  

SABMiller Holdings, Inc., 2.450%, 01/15/17(a)

  2,020,000      2,064,319   
    

 

 

 

Biotechnology 0.2%

  

Celgene Corp., 4.625%, 05/15/44

  965,000      1,026,477   

Gilead Sciences, Inc., 4.500%, 02/01/45

  1,241,000      1,370,582   
    

 

 

 
  2,397,059   
    

 

 

 

Commercial Services 0.5%

  

ERAC USA Finance LLC, 2.750%, 03/15/17(a)

  935,000      959,789   

ERAC USA Finance LLC, 3.850%, 11/15/24(a)

  1,085,000      1,130,117   

ERAC USA Finance LLC, 4.500%, 02/15/45(a)

  1,002,000      1,013,689   

ERAC USA Finance LLC, 5.250%, 10/01/20(a)

  1,149,000      1,311,007   

ERAC USA Finance LLC, 5.600%, 05/01/15(a)

  807,000      809,715   
    

 

 

 
  5,224,317   
    

 

 

 

Computers 0.3%

  

Apple, Inc., 2.850%, 05/06/21

  3,785,000      3,943,697   
    

 

 

 

Diversified Financial Services 1.4%

  

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 2.750%, 05/15/17(a)

  3,276,000      3,243,240   
   Shares or
Principal
Amount($)
  Value($)  

Diversified Financial Services—continued

  

American Express Credit Corp., 2.375%, 03/24/17, MTN

  1,383,000      1,420,101   

General Electric Capital Corp., 3.450%, 05/15/24, MTN

  2,393,000      2,520,135   

Lazard Group LLC, 3.750%, 02/13/25

  2,657,000      2,620,421   

Lazard Group LLC, 4.250%, 11/14/20

  3,178,000      3,396,421   

MassMutual Global Funding LLC, 2.000%, 04/05/17(a)

  1,291,000      1,310,618   

TD Ameritrade Holding Corp., 2.950%, 04/01/22

  1,707,000      1,735,570   
    

 

 

 
         16,246,506   
    

 

 

 

Electric 0.7%

  

Berkshire Hathaway Energy Co., 6.125%, 04/01/36

  1,238,000      1,613,753   

Dominion Resources, Inc., 1.950%, 08/15/16

  468,000      473,557   

Exelon Generation Co. LLC, 6.200%, 10/01/17

  1,106,000      1,225,111   

FirstEnergy Transmission LLC, 5.450%, 07/15/44(a)

  4,069,000      4,580,583   
    

 

 

 
  7,893,004   
    

 

 

 

Electronics 0.1%

  

Thermo Fisher Scientific, Inc., 5.300%, 02/01/44

  1,007,000      1,202,792   
    

 

 

 

Healthcare-Products 0.3%

  

Becton Dickinson and Co., 4.685%, 12/15/44

  896,000      973,701   

Medtronic, Inc., 3.500%, 03/15/25(a)

  730,000      763,136   

Medtronic, Inc., 4.625%, 03/15/45(a)

  1,882,000      2,133,194   
    

 

 

 
  3,870,031   
    

 

 

 

Healthcare-Services 0.2%

  

Howard Hughes Medical Institute, 3.500%, 09/01/23

  1,713,000      1,823,444   
    

 

 

 

Insurance 1.0%

  

American International Group, Inc., 5.850%, 01/16/18, MTN

  1,557,000      1,739,384   

Arch Capital Group US, Inc., 5.144%, 11/01/43

  2,510,000      2,773,414   

Fairfax Financial Holdings Ltd., 5.800%, 05/15/21(a)

  381,000      403,515   
 

 

See Notes to Financial Statements.

 

109


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Total Return Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Insurance—continued

  

Nationwide Financial Services, Inc., 5.375%, 03/25/21(a)

  2,057,000      2,316,781   

Reinsurance Group of America, Inc., 4.700%, 09/15/23, MTN

  1,004,000      1,096,812   

TIAA Asset Management Finance Co. LLC, 2.950%, 11/01/19(a)

  545,000      558,566   

TIAA Asset Management Finance Co. LLC, 4.125%, 11/01/24(a)

  1,611,000      1,700,404   

XLIT Ltd., 4.450%, 03/31/25

  880,000      885,695   
    

 

 

 
         11,474,571   
    

 

 

 

Media 0.8%

  

Comcast Corp., 4.650%, 07/15/42

  4,898,000      5,459,752   

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 3.950%, 01/15/25

  697,000      718,103   

Sky PLC, 2.625%, 09/16/19(a)

  940,000      954,592   

Time Warner Cable, Inc., 4.500%, 09/15/42

  1,730,000      1,774,572   
    

 

 

 
  8,907,019   
    

 

 

 

Mining 1.3%

  

Barrick (PD) Australia Finance Property Ltd., 4.950%, 01/15/20

  483,000      522,019   

Barrick (PD) Australia Finance Property Ltd., 5.950%, 10/15/39

  4,196,000      4,202,194   

Barrick International Barbados Corp., 6.350%, 10/15/36(a)

  1,083,000      1,130,016   

Barrick North America Finance LLC, 5.750%, 05/01/43

  2,335,000      2,421,862   

Newmont Mining Corp., 6.250%, 10/01/39

  6,732,000      6,852,267   
    

 

 

 
  15,128,358   
    

 

 

 

Miscellaneous Manufacturer 0.3%

  

3M Co., 1.375%, 09/29/16

  903,000      914,548   

General Electric Co., 4.125%, 10/09/42

  1,142,000      1,205,325   

General Electric Co., 5.250%, 12/06/17

  963,000      1,063,040   
    

 

 

 
  3,182,913   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Oil & Gas 1.8%

  

BP Capital Markets PLC, 2.248%, 11/01/16

  1,908,000      1,944,109   

Continental Resources, Inc., 3.800%, 06/01/24

  3,788,000      3,491,551   

Ensco PLC, 4.500%, 10/01/24

  406,000      393,517   

Ensco PLC, 5.750%, 10/01/44

  1,647,000      1,595,151   

Exxon Mobil Corp., 1.912%, 03/06/20

  2,767,000      2,793,881   

Helmerich & Payne International Drilling Co., 4.650%, 03/15/25(a)

  2,732,000      2,829,298   

Marathon Petroleum Corp., 3.625%, 09/15/24

  411,000      415,684   

Marathon Petroleum Corp., 5.000%, 09/15/54

  2,806,000      2,816,323   

Noble Holding International Ltd., 4.625%, 03/01/21

  390,000      368,714   

Woodside Finance Ltd., 3.650%, 03/05/25(a)

  1,855,000      1,838,316   

Woodside Finance Ltd., 4.600%, 05/10/21(a)

  2,458,000      2,658,170   
    

 

 

 
         21,144,714   
    

 

 

 

Oil & Gas Services 0.6%

  

FMC Technologies, Inc., 3.450%, 10/01/22

  610,000      599,744   

Schlumberger Investment SA, 3.300%, 09/14/21(a)

  1,543,000      1,618,730   

Weatherford International Ltd., 5.125%, 09/15/20

  1,055,000      1,027,315   

Weatherford International Ltd., 5.950%, 04/15/42

  2,057,000      1,808,064   

Weatherford International Ltd., 6.500%, 08/01/36

  1,919,000      1,756,294   
    

 

 

 
  6,810,147   
    

 

 

 

Pharmaceuticals 0.3%

  

Actavis Funding SCS, 4.750%, 03/15/45

  1,291,000      1,372,147   

Express Scripts Holding Co., 2.650%, 02/15/17

  1,451,000      1,486,323   

Novartis Securities Investment Ltd., 5.125%, 02/10/19

  901,000      1,016,833   
    

 

 

 
  3,875,303   
    

 

 

 

Pipelines 1.0%

  

Boardwalk Pipelines LP, 4.950%, 12/15/24

  604,000      608,767   

Energy Transfer Partners LP, 4.900%, 02/01/24

  351,000      376,113   
 

 

See Notes to Financial Statements.

 

110


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Total Return Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Pipelines—continued

  

EnLink Midstream Partners LP, 4.400%, 04/01/24

  349,000      366,861   

Enterprise Products Operating LLC, 3.350%, 03/15/23

  356,000      359,882   

Enterprise Products Operating LLC, 4.850%, 03/15/44

  865,000      932,450   

Kinder Morgan Energy Partners LP, 5.000%, 08/15/42

  3,470,000      3,369,897   

NuStar Logistics LP, 4.800%, 09/01/20

  2,870,000      2,819,775   

Phillips 66 Partners LP, 3.605%, 02/15/25

  435,000      435,732   

Phillips 66 Partners LP, 4.680%, 02/15/45

  553,000      554,445   

Williams Partners LP/ACMP Finance Corp., 4.875%, 05/15/23

  1,731,000      1,743,983   
    

 

 

 
         11,567,905   
    

 

 

 

Real Estate Investment Trust 0.7%

  

American Tower Corp., 3.500%, 01/31/23

  1,654,000      1,639,508   

American Tower Corp., 5.000%, 02/15/24

  3,081,000      3,369,055   

Digital Realty Trust LP, 5.875%, 02/01/20

  2,531,000      2,870,392   
    

 

 

 
  7,878,955   
    

 

 

 

Retail 0.6%

  

Kohl’s Corp., 6.875%, 12/15/37

  1,771,000      2,293,489   

Wal-Mart Stores, Inc., 1.125%, 04/11/18

  4,878,000      4,883,947   
    

 

 

 
  7,177,436   
    

 

 

 

Semiconductors 0.4%

  

Analog Devices, Inc., 3.000%, 04/15/16

  273,000      278,652   

Intel Corp., 1.950%, 10/01/16

  1,031,000      1,050,387   

TSMC Global Ltd., 1.625%, 04/03/18(a)

  3,589,000      3,557,969   
    

 

 

 
  4,887,008   
    

 

 

 

Software 0.3%

  

Oracle Corp., 1.200%, 10/15/17

  1,247,000      1,251,055   

Oracle Corp., 2.375%, 01/15/19

  1,523,000      1,564,825   
    

 

 

 
  2,815,880   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Telecommunication Services 1.3%

  

AT&T, Inc., 2.375%, 11/27/18

  2,184,000      2,212,112   

AT&T, Inc., 4.350%, 06/15/45

  824,000      788,139   

CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849%, 04/15/23

  2,964,000      3,000,730   

Cisco Systems, Inc., 2.125%, 03/01/19

  1,963,000      2,003,194   

Cisco Systems, Inc., 5.500%, 02/22/16

  998,000      1,041,762   

Verizon Communications, Inc., 5.012%, 08/21/54

  5,959,000      6,182,999   
    

 

 

 
         15,228,936   
    

 

 

 

Transportation 0.5%

  

Burlington Northern Santa Fe LLC, 4.550%, 09/01/44

  4,432,000      4,856,656   

Union Pacific Corp., 4.150%, 01/15/45

  1,256,000      1,355,895   
    

 

 

 
  6,212,551   
    

 

 

 

Total Corporate Bonds
(Cost $250,163,126)

  258,941,243   
    

 

 

 

U.S. Government Agency Mortgages 26.0%

  

Federal Home Loan Mortgage Corporation

Pool #G14517, 2.500%, 07/01/27

  2,730,836      2,807,206   

Pool #J20118, 2.500%, 08/01/27

  2,219,428      2,281,389   

Pool #G14599, 2.500%, 11/01/27

  868,995      893,286   

Pool #G30614, 3.500%, 12/01/32

  5,449,156      5,778,138   

Pool #A12413, 5.000%, 08/01/33

  337,117      375,346   

Pool #G05052, 5.000%, 10/01/33

  200,500      222,276   

Pool #G04918, 5.000%, 04/01/34

  859,058      956,235   

Pool #G01828, 4.500%, 04/01/35

  49,206      53,860   

Pool #G01779, 5.000%, 04/01/35

  439,331      488,798   

Pool #G01837, 5.000%, 07/01/35

  3,008,903      3,348,433   

Pool #G01838, 5.000%, 07/01/35

  238,809      265,837   

Pool #A37900, 4.500%, 09/01/35

  390,392      427,379   
 

 

See Notes to Financial Statements.

 

111


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Total Return Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #A39731, 5.000%, 11/01/35

  646,143      715,650   

Pool #G05325, 4.500%, 03/01/36

  3,873,373      4,238,306   

Pool #G02069, 5.500%, 03/01/36

  174,706      196,597   

Pool #Q01807, 4.500%, 07/01/36

  2,066,506             2,259,058   

Pool #G04997, 5.000%, 01/01/37

  908,131      1,009,396   

Pool #Q06160, 4.000%, 02/01/37

  595,374      636,206   

Pool #G05521, 5.500%, 05/01/37

  408,314      461,431   

Pool #G05326, 5.000%, 02/01/38

  1,854,703      2,061,410   

Pool #G04337, 5.500%, 04/01/38

  469,494      527,143   

Pool #G07135, 6.000%, 10/01/38

  2,413,535      2,749,224   

Pool #G08347, 4.500%, 06/01/39

  3,697,005      4,032,161   

Pool #G08353, 4.500%, 07/01/39

  4,519,719      4,929,906   

Pool #G06079, 6.000%, 07/01/39

  1,076,348      1,225,880   

Pool #A87874, 4.000%, 08/01/39

  1,245,537      1,349,572   

Pool #A89148, 4.000%, 10/01/39

  1,802,532      1,932,343   

Pool #A89384, 4.000%, 10/01/39

  245,942      263,553   

Pool #G08372, 4.500%, 11/01/39

  2,677,815      2,921,286   

Pool #G07074, 5.500%, 01/01/40

  416,608      473,516   

Pool #A93101, 5.000%, 07/01/40

  1,185,048      1,315,575   

Pool #G06990, 5.500%, 08/01/40

  3,990,209      4,475,237   

Pool #A93996, 4.500%, 09/01/40

  1,061,119      1,158,425   

Pool #G06061, 4.000%, 10/01/40

  3,555,105      3,829,998   

Pool #A94362, 4.000%, 10/01/40

  2,323,396      2,517,462   

Pool #A95084, 4.000%, 11/01/40

  398,490      432,136   

Pool #A95085, 4.000%, 11/01/40

  2,062,172      2,209,969   
   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #A94742, 4.000%, 11/01/40

  382,444      413,226   

Pool #A95796, 4.000%, 12/01/40

  1,527,371      1,640,585   

Pool #A95822, 4.000%, 12/01/40

  3,479,794      3,760,307   

Pool #A97047, 4.500%, 02/01/41

  548,406      599,217   

Pool #Q00291, 5.000%, 04/01/41

  383,038      425,713   

Pool #Q17103, 4.000%, 06/01/41

  311,828      333,112   

Pool #G06802, 4.500%, 10/01/41

  3,500,075      3,817,551   

Pool #G08499, 3.000%, 07/01/42

  1,329,392      1,359,594   

Pool #849167, 2.992%, 10/01/43(b)

  5,597,051      5,804,829   

Pool #Q30036, 4.000%, 03/01/44

  916,805      979,381   
    

 

 

 
         84,953,138   
    

 

 

 

Federal National Mortgage Association

Pool #AM0322, 2.440%, 08/01/22

  2,275,799      2,312,206   

Pool #AM3353, 2.450%, 05/01/23

  705,573      714,419   

Pool #AM5146, 3.470%, 01/01/24

  1,258,213      1,357,134   

Pool #AM6713, 2.890%, 10/01/24

  5,247,989      5,437,228   

Pool #AM6855, 3.150%, 11/01/24

  2,143,000      2,249,568   

Pool #AM6979, 3.310%, 11/01/24

  4,974,000      5,254,134   

Pool #AM7528, 2.930%, 12/01/24

  2,492,768      2,583,579   

Pool #AM7421, 3.030%, 12/01/24

  9,316,000      9,745,683   

Pool #AM7760, 3.090%, 01/01/25

  2,836,997      2,980,803   

Pool #AM8051, 2.680%, 02/01/25

  5,840,000      5,919,112   

Pool #AM8705, 2.570%, 04/01/25(f)

  8,604,000      8,706,216   

Pool #AM3933, 3.360%, 07/01/25

  1,021,540      1,091,768   

Pool #AB6472, 2.000%, 10/01/27

  3,778,324      3,785,729   

Pool #AQ1688, 2.000%, 12/01/27

  317,289      317,912   
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Total Return Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #AR1524, 2.000%, 01/01/28

  7,366,686      7,381,144   

Pool #AB1763, 4.000%, 11/01/30

  790,758      851,556   

Pool #AB4168, 3.500%, 01/01/32

  2,503,632      2,647,940   

Pool #MA0949, 3.500%, 01/01/32

  2,373,260             2,509,128   

Pool #AK4934, 3.500%, 02/01/32

  83,836      88,665   

Pool #AP9592, 3.500%, 10/01/32

  3,856,474      4,097,607   

Pool #MA1630, 4.000%, 10/01/33

  1,375,797      1,485,635   

Pool #255458, 5.500%, 11/01/34

  291,285      329,714   

Pool #843434, 5.500%, 05/01/35

  490,608      555,327   

Pool #745044, 4.500%, 08/01/35

  912,536      1,001,855   

Pool #190370, 6.000%, 06/01/36

  2,178,094      2,490,496   

Pool #AI7951, 4.500%, 08/01/36

  1,076,754      1,179,996   

Pool #890547, 4.000%, 11/01/36

  3,018,820      3,238,925   

Pool #745950, 6.000%, 11/01/36

  2,294,822      2,622,454   

Pool #AJ5974, 4.000%, 12/01/36

  657,954      705,166   

Pool #888128, 6.000%, 01/01/37

  340,919      389,401   

Pool #995082, 5.500%, 08/01/37

  1,399,087      1,582,186   

Pool #890248, 6.000%, 08/01/37

  509,464      585,166   

Pool #AB7572, 3.000%, 01/01/38

  538,511      554,797   

Pool #889529, 6.000%, 03/01/38

  193,567      222,758   

Pool #995243, 4.500%, 08/01/38

  2,162,878      2,363,651   

Pool #AU4728, 4.000%, 09/01/38

  1,856,686      2,000,790   

Pool #971036, 4.500%, 02/01/39

  96,647      105,380   

Pool #930672, 4.500%, 03/01/39

  1,826,524      2,028,757   

Pool #995724, 6.000%, 04/01/39

  1,800,420      2,075,473   
   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #931578, 5.500%, 07/01/39

  488,174      556,022   

Pool #AC1877, 4.500%, 09/01/39

  1,170,081      1,278,788   

Pool #AC2817, 4.000%, 10/01/39

  605,425      647,446   

Pool #AC5401, 5.000%, 10/01/39

  73,987      82,181   

Pool #AE0215, 4.000%, 12/01/39

  999,617             1,068,825   

Pool #932441, 4.000%, 01/01/40

  8,174,398      8,739,415   

Pool #AC9564, 4.500%, 02/01/40

  993,628      1,095,257   

Pool #AD1649, 4.000%, 03/01/40

  1,101,976      1,180,352   

Pool #AE0216, 4.000%, 08/01/40

  2,276,817      2,439,278   

Pool #AD8033, 4.000%, 08/01/40

  2,524,333      2,706,192   

Pool #AB1343, 4.500%, 08/01/40

  2,286,451      2,527,643   

Pool #AE4192, 4.000%, 10/01/40

  3,304,797      3,584,347   

Pool #AE4113, 4.000%, 10/01/40

  681,186      734,374   

Pool #190405, 4.000%, 10/01/40

  483,319      518,111   

Pool #AE3860, 5.000%, 10/01/40

  658,501      738,784   

Pool #AE0624, 4.000%, 11/01/40

  1,508,256      1,621,503   

Pool #AE4414, 4.000%, 11/01/40

  3,749,914      4,021,173   

Pool #AE5143, 4.000%, 11/01/40

  505,652      542,282   

Pool #AE9284, 4.000%, 11/01/40

  864,377      926,862   

Pool #AE0625, 4.000%, 12/01/40

  1,115,300      1,216,828   

Pool #MA0583, 4.000%, 12/01/40

  1,958,377      2,099,448   

Pool #AH3586, 4.000%, 01/01/41

  548,824      588,416   

Pool #AL0005, 4.500%, 01/01/41

  1,162,795      1,272,341   

Pool #AL0240, 4.000%, 04/01/41

  2,710,678      2,940,656   

Pool #AL0215, 4.500%, 04/01/41

  5,620,145      6,159,150   
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Total Return Bond Fund — continued

 

     Shares or
Principal
Amount($)
     Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #AB3274, 4.500%, 07/01/41

    3,953,364         4,370,876   

Pool #AL1627, 4.500%, 09/01/41

    265,225         292,295   

Pool #MA1044, 3.000%, 04/01/42

    2,687,050         2,753,919   

Pool #AP4613, 4.000%, 08/01/42

    2,435,393         2,624,552   

Pool #AL4755, 3.090%, 02/01/44(b)

    7,957,892         8,278,057   

Pool #AW4685, 2.783%, 05/01/44(b)

    2,069,888         2,141,463   
    

 

 

 
  165,296,294   
    

 

 

 

Government National Mortgage Association

Pool #778882, 3.500%, 02/15/42

  33,516,884      35,350,404   

Pool #MA0154, 3.500%, 06/20/42

  6,407,664      6,761,394   

Pool #AB5640, 3.500%, 11/15/42

  2,092,451      2,206,372   

Pool #AE7700, 3.500%, 08/15/43

  4,251,167      4,510,359   
    

 

 

 
  48,828,529   
    

 

 

 

Total U.S. Government Agency Mortgages
(Cost $290,356,058)

  299,077,961   
    

 

 

 

U.S. Treasury Obligations 39.8%

  

U.S. Treasury Bond 3.1%

3.000%, 11/15/44

  32,869,000      36,014,662   
    

 

 

 

U.S. Treasury Notes 36.7%

0.375%, 04/15/15

  70,071,000      70,076,465   

0.875%, 02/28/17(g)

  109,588,000      110,281,473   

0.625%, 09/30/17

  27,496,000      27,425,115   

1.500%, 01/31/19(g)

  51,261,000      51,925,804   

1.500%, 10/31/19

  79,924,000      80,554,680   

2.000%, 02/15/25

  82,228,000      82,748,339   
    

 

 

 
       423,011,876   
    

 

 

 

Total U.S. Treasury Obligations
(Cost $454,330,894)

  459,026,538   
    

 

 

 

Foreign Government Bonds 0.9%

  

Sovereign 0.9%

Brazilian Government International Bond, 7.125%, 01/20/37

  3,154,000      3,745,375   

Indonesia Government International Bond, 6.625%, 02/17/37(a)

  2,912,000      3,530,800   
   Shares or
Principal
Amount($)
  Value($)  

Sovereign—continued

Mexico Government International Bond, 4.600%, 01/23/46

  1,600,000      1,636,000   

Turkey Government International Bond, 6.875%, 03/17/36

  1,509,000      1,868,927   
    

 

 

 

Total Foreign Government Bonds
(Cost $10,438,636)

  10,781,102   
    

 

 

 
Money Market Fund 3.4%

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(h)

  38,821,546      38,821,546   
    

 

 

 

Total Money Market Fund
(Cost $38,821,546)

  38,821,546   
    

 

 

 

Total Investments
(Cost $1,146,947,928) — 101.8%

   

  1,171,970,342   

Liabilities in Excess of Other Assets — (1.8)%

  (20,393,900
    

 

 

 

Net Assets — 100.0%

$ 1,151,576,442   
    

 

 

 

 

(a) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 10.4% of net assets as of March 31, 2015.

 

(b) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(c) The Fund’s investment adviser/subadviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.

 

(d) Less than 0.05% of Net Assets.

 

(e) Security is in default.

 

(f) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.

 

(g) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.

 

(h) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

 

MTN     Medium Term Note
REMIC     Real Estate Mortgage Investment Conduit
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Total Return Bond Fund — concluded

 

At March 31, 2015, the Fund’s open credit default swap contracts were as follows:

OTC Credit Default Swap Contract — Buy Protection

 

Underlying Instrument

Counterparty Notional
Amount
  Fixed
Rate
  Expiration
Date
  Upfront
Payments

Made
  Value   Unrealized
Appreciation

(Depreciation)
 
Banco Bilbao Vizcaya Argentaria Credit Suisse First Boston   $11,230,000      1.000   03/20/20      $(104,694   $(88,934   $15,760   
Intesa Sanpaolo SpA Credit Suisse First Boston   11,230,000      1.000      03/20/20      (55,236   (121,256   (66,020
         

 

 

   

 

 

   

 

 

 
  $(159,930   $(210,190   $(50,260
         

 

 

   

 

 

   

 

 

 

As the buyer of protection, the Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity.

The value column indicates the impact each respective swap agreement has on the Fund’s Net Assets at March 31, 2015.

Forward Foreign Currency Contracts

At March 31, 2015, the Fund’s open forward foreign currency contracts were as follows:

 

Currency

Counterparty Delivery
Date
  Contract
Amount
in Local
Currency
  Contract
Value in
USD
  Market
Value
  Unrealized
Appreciation

(Depreciation)
 

Short:

Euro

JPMorgan   04/13/15      19,843,341    $ 22,480,000    $ 21,339,655    $ 1,140,345   

Euro

JPMorgan   02/05/16      19,622,137      22,610,000      21,220,807      1,389,193   

Japanese Yen

JPMorgan   04/13/15      1,303,622,544      10,874,124      10,871,086      3,038   

Japanese Yen

JPMorgan   06/26/15      2,725,603,200      22,800,000      22,753,193      46,807   

Yuan Renminbi Offshore

JPMorgan   01/29/16      144,584,955      22,357,000      22,608,451      (251,451
           

 

 

    

 

 

    

 

 

 

Total Short Contracts

$ 101,121,124    $ 98,793,192    $ 2,327,932   
           

 

 

    

 

 

    

 

 

 

Long:

Danish Krone

JPMorgan   02/05/16      144,834,844      22,610,000      21,052,825      (1,557,175

Japanese Yen

JPMorgan   04/13/15      1,303,622,543      11,090,000      10,871,085      (218,915
           

 

 

    

 

 

    

 

 

 

Total Long Contracts

$ 33,700,000    $ 31,923,910    $ (1,776,090
           

 

 

    

 

 

    

 

 

 

 

See Notes to Financial Statements.

 

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Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Ultra-Short Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Asset-Backed Securities 15.6%   

Auto Floor Plan 0.5%

  

Mercedes-Benz Master Owner Trust, Series 2012-AA, Cl A, 0.790%, 11/15/17(a)

  687,000      687,204   
     

 

 

 

Automobiles 6.8%

AmeriCredit Automobile Receivables Trust, Series 2014-2, Cl A2A, 0.540%, 10/10/17

  799,754      799,192   

California Republic Auto Receivables Trust, Series 2014-1, Cl A3, 0.850%, 05/15/18

  620,000      620,200   

Ford Credit Auto Owner Trust, Series 2011-B, Cl A4, 1.350%, 12/15/16

  247,642      248,063   

Honda Auto Receivables Owner Trust, Series 2013-2, Cl A3, 0.530%, 02/16/17

  2,061,465      2,061,123   

Honda Auto Receivables Owner Trust, Series 2014-1, Cl A2, 0.410%, 09/21/16

  327,481      327,314   

Hyundai Auto Receivables Trust, Series 2011-C, Cl A4, 1.300%, 02/15/18

  834,638      837,716   

Santander Drive Auto Receivables Trust, Series 2012-AA, Cl B, 1.210%, 10/16/17(a)

  1,455,000            1,456,035   

Toyota Auto Receivables 2015-A Owner Trust, Series 2015-A, Cl A3, 1.120%, 02/15/19

  1,600,000      1,605,102   

USAA Auto Owner Trust 2014-1, Series 2014-1, Cl A3, 0.580%, 12/15/17

  1,695,000      1,693,473   

Volkswagen Auto Loan Enhanced Trust, Series 2012-1, Cl A3, 0.850%, 08/22/16

  86,010      86,074   
     

 

 

 
  9,734,292   
     

 

 

 

Credit Card 6.2%

American Express Credit Account Master Trust, Series 2013-1, Cl A, 0.595%, 02/16/21(b)

  508,000      509,178   

BA Credit Card Trust, Series 2014-A2, Cl A, 0.445%, 09/16/19(b)

  1,450,000      1,450,300   
   Shares or
Principal
Amount($)
  Value($)  

Credit Card—continued

Barclays Dryrock Issuance Trust, Series 2014-1, Cl A, 0.535%, 12/16/19(b)

  280,000      279,639   

Cabela’s Master Credit Card Trust, Series 2014-1, Cl A, 0.525%, 03/16/20(b)

  1,481,000      1,481,081   

Capital One Multi-Asset Execution Trust, Series 2015-A1, Cl A, 1.390%, 01/15/21

  873,000      873,758   

Citibank Credit Card Issuance Trust, Series 2013-A10, Cl A10, 0.730%, 02/07/18

  1,300,000      1,301,021   

Discover Card Execution Note Trust, Series 2013-A5, Cl A5, 1.040%, 04/15/19

  694,000      695,965   

Discover Card Execution Note Trust, Series 2014-A1, Cl A1, 0.605%, 07/15/21(b)

  800,000      801,828   

GE Capital Credit Card Master Note Trust, Series 2011-2, Cl A, 0.655%, 05/15/19

  1,500,000      1,501,890   
     

 

 

 
  8,894,660   
     

 

 

 

Other 1.0%

AEP Texas Central Transition Funding LLC, Series 2002-1, Cl A5, 6.250%, 01/15/17

  306,527      316,374   

Centerpoint Energy Transition Bond Co. III LLC, Series 2008-A, Cl A1, 4.192%, 02/01/20

  735,335      756,986   

FPL Recovery Funding LLC, Series 2007-A, Cl A3, 5.127%, 08/01/17

  53,099      53,897   

Ohio Phase-In-Recovery Funding LLC, Series 2013-1, Cl A1, 0.958%, 07/01/18

  290,811      291,194   
     

 

 

 
  1,418,451   
     

 

 

 

Student Loan Asset Backed Securities 1.1%

  

SLM Student Loan Trust, Series 2013-1, Cl A2, 0.424%, 09/25/19(b)

  1,433,248      1,430,806   

SLM Student Loan Trust, Series 2013-5, Cl A1, 0.434%, 05/25/18(b)

  140,759      140,762   
     

 

 

 
  1,571,568   
     

 

 

 

Total Asset-Backed Securities
(Cost $22,286,905)

      22,306,175   
     

 

 

 
 

 

See Notes to Financial Statements.

 

116


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Ultra-Short Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  
Collateralized Mortgage Obligations 22.0%   

Agency Collateralized Mortgage Obligations 3.7%

  

Federal Home Loan Mortgage Corporation

Series 3792, Cl DF, REMIC, 0.575%, 11/15/40(b)

  1,346,458      1,352,951   

Series 3824, Cl FA, REMIC, 0.325%, 03/15/26(b)

  578,794      579,018   
     

 

 

 
  1,931,969   
     

 

 

 

Federal National Mortgage Association

Series 2005-92, Cl UF, REMIC, 0.524%, 10/25/25(b)

  168,008      168,659   

Series 2007-109, Cl NF, REMIC, 0.724%, 12/25/37(b)

  637,254      644,896   

Series 2010-134, Cl BF, REMIC, 0.604%, 10/25/40(b)

  718,228      722,794   
     

 

 

 
  1,536,349   
     

 

 

 

Government National Mortgage Association

Series 2014-167, Cl WF, 0.622%, 07/20/44(b)

  1,303,166      1,302,716   
     

 

 

 

NCUA Guaranteed Notes

Series 2011-R5, Cl 1A, 0.555%, 04/06/20(b)

  371,457      372,113   

Series 2011-R6, Cl 1A, 0.555%, 05/07/20(b)

  171,305      171,396   
     

 

 

 
  543,509   
     

 

 

 
        5,314,543   
     

 

 

 

Commercial Mortgage Backed Securities 17.1%

  

Banc of America Commercial Mortgage, Inc.

Series 2005-2, Cl AM, 4.913%, 07/10/43(b)

  35,332      35,312   
     

 

 

 

Bear Stearns Commercial Mortgage Securities Trust

Series 2005-PW10, Cl A4, 5.405%, 12/11/40(b)

  770,564      782,853   

Series 2006-PW14, Cl A4, 5.201%, 12/11/38

  1,715,000      1,805,408   
     

 

 

 
  2,588,261   
     

 

 

 

Commercial Mortgage Trust

Series 2005-C6, Cl A5A, 5.116%, 06/10/44(b)

  435,099      437,160   

Series 2005-C6, Cl AJ, 5.209%, 06/10/44(b)

  760,000      769,051   

Series 2012-CR2, Cl A2, 2.025%, 08/15/45

  425,000      431,952   
     

 

 

 
  1,638,163   
     

 

 

 
   Shares or
Principal
Amount($)
  Value($)  

Commercial Mortgage Backed Securities—continued

  

Credit Suisse Commercial Mortgage Trust

Series 2006-C3, Cl A3, 5.807%, 06/15/38(b)

  791,581      817,578   

Series 2006-C5, Cl A3, 5.311%, 12/15/39

  1,551,310      1,619,628   
     

 

 

 
  2,437,206   
     

 

 

 

Federal Home Loan Mortgage Corporation

Series KF04, Cl A, 0.481%, 06/25/21(b)

  1,256,287      1,256,219   
     

 

 

 

Federal National Mortgage Association

Series 2011-M1, Cl FA, 0.624%, 06/25/21(b)

  1,469,744      1,482,854   

Series 2013-M11, Cl A, 1.500%, 01/25/18

  1,474,336      1,488,431   

Series 2013-M5, Cl ASQ2, 0.595%, 08/25/15

  563,809      563,936   
     

 

 

 
  3,535,221   
     

 

 

 

GMAC Commercial Mortgage Securities, Inc.

Series 2005-C1, Cl AM, 4.754%, 05/10/43

  1,445,593      1,444,798   
     

 

 

 

JP Morgan Chase Commercial Mortgage Securities Trust

Series 2013-C13, Cl A1, 1.303%, 01/15/46

  1,445,102            1,451,717   
     

 

 

 

LB-UBS Commercial Mortgage Trust

Series 2006-C7, Cl A3, 5.347%, 11/15/38

  1,020,000      1,077,771   
     

 

 

 

Merrill Lynch Mortgage Trust

Series 2005-CKI1, Cl A6, 5.282%, 11/12/37(b)

  1,186,721      1,196,603   
     

 

 

 

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2013-C12, Cl A1, 1.313%, 10/15/46

  1,023,673      1,029,892   

Series 2014-C14, Cl A1, 1.250%, 02/15/47

  381,712      380,610   
     

 

 

 
  1,410,502   
     

 

 

 

Morgan Stanley Capital I Trust

Series 2006-IQ12, Cl A1A, 5.319%, 12/15/43

  494,277      522,036   

Series 2012-C4, Cl A2, 2.111%, 03/15/45

  1,830,000      1,845,848   
     

 

 

 
  2,367,884   
     

 

 

 
 

 

See Notes to Financial Statements.

 

117


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Ultra-Short Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Commercial Mortgage Backed Securities—continued

  

Wachovia Bank Commercial Mortgage Trust

Series 2005-C21, Cl A4, 5.272%, 10/15/44(b)

  1,209,438      1,218,173   

Series 2005-C22, Cl A4, 5.271%, 12/15/44(b)

  1,213,720      1,228,637   
     

 

 

 
  2,446,810   
     

 

 

 

WF-RBS Commercial Mortgage Trust

Series 2012-C10, Cl A2, 1.765%, 12/15/45

  1,500,000      1,515,229   
     

 

 

 
      24,401,696   
     

 

 

 

Whole Loan Collateral Mortgage Obligations 1.2%

  

Banc of America Mortgage Securities, Inc.

Series 2003-F, Cl 1A1, 2.498%, 07/25/33(b)

  315,229      301,297   
     

 

 

 

Firstmac Mortgage Funding Trust Series

Series 2014-1AA, Cl A2A, 0.523%, 06/26/15(a)(b)

  1,350,000      1,349,594   
     

 

 

 
  1,650,891   
     

 

 

 

Total Collateralized Mortgage Obligations
(Cost $31,310,716)

  31,367,130   
     

 

 

 
Corporate Bonds 51.9%

Advertising 0.4%

Omnicom Group, Inc., 5.900%, 04/15/16

  505,000      528,608   
     

 

 

 

Aerospace/Defense 1.0%

Boeing Co. (The), 0.380%, 10/30/17(b)

  1,385,000      1,386,201   
     

 

 

 

Auto Manufacturers 5.2%

Daimler Finance North America LLC, 1.115%, 08/01/18(a)(b)

  1,665,000      1,670,964   

Ford Motor Credit Co. LLC, 1.037%, 01/17/17, Series 00, MTN(b)

  550,000      550,660   

Ford Motor Credit Co. LLC, 2.145%, 01/09/18

  206,000      208,353   

Ford Motor Credit Co. LLC, 5.000%, 05/15/18

  465,000      507,067   

Hyundai Capital America, 1.875%, 08/09/16(a)

  570,000      574,932   

PACCAR Financial Corp., 0.864%, 12/06/18, MTN(b)

  445,000      447,388   
   Shares or
Principal
Amount($)
  Value($)  

Auto Manufacturers—continued

  

PACCAR Financial Corp., 1.450%, 03/09/18, MTN

  724,000      727,442   

Toyota Motor Credit Corp., 1.375%, 01/10/18, MTN

  1,440,000      1,444,911   

Volkswagen Group of America Finance LLC, 1.250%, 05/23/17(a)

  455,000      455,539   

Volkswagen International Finance, 0.696%, 11/18/16(a)(b)

  785,000      786,481   
     

 

 

 
  7,373,737   
     

 

 

 

Banks 15.2%

Bank of America Corp., 1.085%, 03/22/16, MTN(b)

  725,000      727,576   

Bank of America Corp., 2.000%, 01/11/18

  1,432,000      1,442,810   

Branch Banking & Trust Co., 0.590%, 09/13/16(b)

  900,000      896,722   

Branch Banking & Trust Co., 0.692%, 12/01/16(b)

  1,215,000      1,216,522   

Citigroup, Inc., 1.350%, 03/10/17

  1,167,000      1,165,026   

Fifth Third Bank, 0.900%, 02/26/16

  2,020,000      2,019,784   

Goldman Sachs Group, Inc. (The), 5.950%, 01/18/18

  1,750,000      1,948,578   

ING Bank NV, 1.800%, 03/16/18(a)

  1,537,000      1,546,519   

JPMorgan Chase & Co., 5.150%, 10/01/15

  635,000      648,157   

JPMorgan Chase & Co., 6.125%, 06/27/17

  595,000      651,968   

KeyBank NA, 0.752%, 11/25/16(b)

  1,620,000      1,624,403   

KeyBank NA, 1.100%, 11/25/16

  600,000      600,568   

Morgan Stanley, 1.512%, 02/25/16(b)

  720,000      725,290   

Morgan Stanley, 5.375%, 10/15/15

  780,000      799,070   

PNC Funding Corp., 2.700%, 09/19/16

  1,940,000      1,986,110   

UBS AG, 1.800%, 03/26/18, MTN

  1,561,000      1,565,332   

US Bank NA, 1.375%, 09/11/17

  1,178,000      1,185,102   

Wells Fargo & Co., 1.250%, 07/20/16, MTN

  860,000      864,739   
     

 

 

 
      21,614,276   
     

 

 

 
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Ultra-Short Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Beverages 0.8%

Dr. Pepper Snapple Group, Inc., 2.900%, 01/15/16

  425,000      431,839   

SABMiller Holdings, Inc., 2.450%, 01/15/17(a)

  755,000      771,565   
     

 

 

 
  1,203,404   
     

 

 

 

Commercial Services 0.4%

ERAC USA Finance LLC, 1.400%, 04/15/16(a)

  590,000      591,881   
     

 

 

 

Computers 0.8%

Apple, Inc., 1.050%, 05/05/17

  340,000      341,686   

Hewlett-Packard Co., 3.000%, 09/15/16

  770,000      790,316   
     

 

 

 
  1,132,002   
     

 

 

 

Distribution/Wholesale 0.5%

Glencore Funding LLC, 1.421%, 05/27/16(a)(b)

  745,000      747,517   
     

 

 

 

Diversified Financial Services 2.0%

  

American Express Credit Corp., 0.763%, 07/29/16(b)

  2,154,000      2,161,308   

General Electric Capital Corp., 0.902%, 07/12/16, MTN(b)

  695,000      699,652   
     

 

 

 
        2,860,960   
     

 

 

 

Electric 1.9%

Duke Energy Corp., 0.651%, 04/03/17(b)

  1,010,000      1,012,199   

MidAmerican Energy Co., 5.300%, 03/15/18

  1,100,000      1,221,930   

PSEG Power LLC, 2.750%, 09/15/16

  530,000      542,892   
     

 

 

 
  2,777,021   
     

 

 

 

Food 0.4%

ConAgra Foods, Inc., 0.626%, 07/21/16(b)

  615,000      612,621   
     

 

 

 

Healthcare-Products 1.5%

Becton Dickinson and Co., 1.800%, 12/15/17

  727,000      732,570   

Medtronic, Inc., 1.500%, 03/15/18(a)

  1,342,000      1,347,830   
     

 

 

 
  2,080,400   
     

 

 

 

Healthcare-Services 3.5%

Aetna, Inc., 1.750%, 05/15/17

  590,000      597,568   

Providence Health & Services Obligated Group, 1.074%, 10/01/16(b)

  1,520,000      1,526,658   

UnitedHealth Group, Inc., 1.875%, 11/15/16

  1,450,000      1,474,176   
   Shares or
Principal
Amount($)
  Value($)  

Healthcare-Services—continued

  

UnitedHealth Group, Inc., 6.000%, 02/15/18

  1,254,000      1,419,058   
     

 

 

 
  5,017,460   
     

 

 

 

Information Technology 1.0%

Oracle Corp., 0.454%, 07/07/17(b)

  1,440,000      1,441,610   
     

 

 

 

Insurance 5.6%

Metropolitan Life Global Funding I, 0.783%, 07/15/16(a)(b)

  2,100,000      2,110,408   

New York Life Global Funding, 1.125%, 03/01/17(a)

  2,015,000      2,022,838   

Principal Life Global Funding II, 1.125%, 02/24/17(a)

  805,000      806,434   

Principal Life Global Funding II, 1.200%, 05/19/17(a)

  1,320,000      1,322,503   

Prudential Covered Trust, 2.997%, 09/30/15(a)

  1,746,500      1,763,808   
     

 

 

 
  8,025,991   
     

 

 

 

Machinery-Diversified 1.0%

John Deere Capital Corp., 1.350%, 01/16/18, MTN

  1,395,000      1,400,549   
     

 

 

 

Oil & Gas 2.7%

BP Capital Markets PLC, 0.899%, 09/26/18(b)

  1,450,000      1,449,923   

Exxon Mobil Corp., 1.305%, 03/06/18

  1,560,000      1,568,981   

Marathon Oil Corp., 0.900%, 11/01/15

  808,000      808,168   
     

 

 

 
  3,827,072   
     

 

 

 

Pharmaceuticals 2.5%

AbbVie, Inc., 1.200%, 11/06/15

  1,995,000      1,997,912   

Actavis Funding SCS, 2.350%, 03/12/18

  740,000      750,008   

McKesson Corp., 1.292%, 03/10/17

  445,000      445,452   

McKesson Corp., 2.284%, 03/15/19

  375,000      379,204   
     

 

 

 
        3,572,576   
     

 

 

 

Pipelines 1.8%

Enbridge, Inc., 0.924%, 10/01/16(b)

  636,000      633,381   

Enterprise Products Operating LLC, 3.200%, 02/01/16

  770,000      783,644   

Kinder Morgan, Inc., 2.000%, 12/01/17

  719,000      717,881   
 

 

See Notes to Financial Statements.

 

119


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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Ultra-Short Bond Fund — continued

 

      Shares or
Principal
Amount($)
     Value($)  

Pipelines—continued

  

Spectra Energy Partners LP, 2.950%, 06/15/16

     488,000         498,922   
     

 

 

 
  2,633,828   
     

 

 

 

Telecommunication Services 1.4%

  

American Tower Corp., 4.500%, 01/15/18

  670,000      719,231   

Verizon Communications, Inc., 0.664%, 06/09/17(b)

  390,000      389,381   

Verizon Communications, Inc., 2.550%, 06/17/19

  815,000      834,545   
     

 

 

 
  1,943,157   
     

 

 

 

Transportation 2.3%

Burlington Northern Santa Fe LLC, 5.750%, 03/15/18

  1,265,000      1,418,404   

Canadian National Railway Co., 0.427%, 11/14/17(b)

  1,454,000      1,451,928   

Norfolk Southern Corp., 5.750%, 01/15/16

  350,000      363,374   
     

 

 

 
  3,233,706   
     

 

 

 

Total Corporate Bonds
(Cost $73,840,507)

   

      74,004,577   
     

 

 

 
Municipal Bonds 2.4%

New Jersey 1.2%

New Jersey Economic Development Authority, Series Q, RB, 1.096%, 06/15/16

  1,755,000      1,753,631   
     

 

 

 

South Carolina 1.2%

South Carolina State Public Service Authority, Series D, RB, 1.272%, 06/01/16(b)

  1,690,000      1,693,346   
     

 

 

 

Total Municipal Bonds
(Cost $3,446,283)

   

  3,446,977   
     

 

 

 

U.S. Government Agency Mortgages 7.3%

  

Federal Home Loan Mortgage Corporation

Pool #1Q1404, 2.270%, 01/01/37(b)

  836,485      892,812   

Pool #848852, 2.342%, 08/01/37(b)

  1,124,558      1,196,977   

Pool #849139, 3.156%, 09/01/43(b)

  1,245,306      1,294,298   
     

 

 

 
  3,384,087   
     

 

 

 

Federal National Mortgage Association

Pool #745935, 5.683%, 08/01/16

  1,544,343      1,600,698   
   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #745889, 5.970%, 08/01/16

  278,706      293,399   

Pool #469408, 0.921%, 11/01/18(b)

  2,742,207      2,740,768   

Pool #AL0968, 2.265%, 12/01/36(b)

  329,320      350,641   

Pool #AD0380, 2.205%, 10/01/37(b)

  495,714      527,883   

Pool #AL0966, 2.331%, 11/01/37(b)

  415,542      442,709   

Pool #AT1150, 2.834%, 09/01/43(b)

  1,116,763      1,160,742   
     

 

 

 
  7,116,840   
     

 

 

 

Total U.S. Government Agency Mortgages
(Cost $10,317,436)

  10,500,927   
     

 

 

 
Money Market Fund 0.8%

State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.00%(c)

  1,110,600      1,110,600   
     

 

 

 

Total Money Market Fund
(Cost $1,110,600)

  1,110,600   
     

 

 

 

Total Investments (Cost $142,312,447) — 100.0%

  142,736,386   

Liabilities in Excess of Other Assets — (0.0)%(d)

  (56,780
     

 

 

 

Net Assets — 100.0%

  $142,679,606   
     

 

 

 

 

(a) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s investment adviser/subadviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 14.0% of net assets as of March 31, 2015.

 

(b) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(c) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

 

(d) Less than 0.05% of Net Assets.

Investment Abbreviations

 

MTN     Medium Term Note
RB     Revenue Bond
REMIC     Real Estate Mortgage Investment Conduit
 

 

See Notes to Financial Statements.

 

120


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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Ultra-Short Bond Fund — concluded

 

Open Futures Contracts

At March 31, 2015, the Fund’s open futures contracts were as follows:

 

Description

Position Notional
Amount
  Expiration
Month
  Contracts   Unrealized
Depreciation
 

U.S. Treasury 5 Year Note

Short   $(4,642,406)      June 2015      39      $(45,820)   
              

 

 

 

 

See Notes to Financial Statements.

 

121


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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

U.S. Government Securities Fund

 

   Shares or
Principal
Amount($)
  Value($)  

U.S. Treasury Obligations 99.0%

  

U.S. Treasury Bonds 22.3%

7.125%, 02/15/23

  1,039,000      1,453,301   

6.000%, 02/15/26

  226,000      314,829   

4.500%, 02/15/36

  875,000      1,191,983   

3.000%, 11/15/44

  1,084,000      1,187,742   
    

 

 

 
  4,147,855   
    

 

 

 

U.S. Treasury Notes 76.7%

1.000%, 03/31/17

  3,360,000      3,388,086   

0.625%, 09/30/17

  2,205,000      2,199,315   

0.750%, 03/31/18

  2,990,000      2,976,686   

1.500%, 01/31/19

  3,215,000      3,256,695   

1.375%, 02/29/20

  665,000      665,156   

1.625%, 11/15/22

  1,813,000      1,795,579   
    

 

 

 
  14,281,517   
    

 

 

 

Total U.S. Treasury Obligations
(Cost $17,787,936)

  18,429,372   
    

 

 

 
   Shares or
Principal
Amount($)
  Value($)  
Money Market Fund 0.6%

State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(a)

  123,485      123,485   
    

 

 

 

Total Money Market Fund
(Cost $123,485)

  123,485   
    

 

 

 

Total Investments
(Cost $17,911,421) — 99.6%

  18,552,857   

Other Assets in Excess of Liabilities — 0.4%

  68,283   
    

 

 

 

Net Assets — 100.0%

$ 18,621,140   
    

 

 

 

 

(a) Rate disclosed, the 7 day net yield, is as of March 31, 2015.
 

 

See Notes to Financial Statements.

 

122


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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

U.S. Government Securities Ultra-Short Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Asset-Backed Security 0.5%   

Agency Collateralized Mortgage Obligation 0.5%

  

NCUA Guaranteed Notes Trust 2010-A1
Series 2010-A1, Cl A, 0.528%, 12/07/20(a)

  8,856,734      8,864,882   
     

 

 

 

Total Asset-Backed Security
(Cost $8,862,885)

   

  8,864,882   
     

 

 

 

Collateralized Mortgage Obligation 36.0%

  

Agency Collateralized Mortgage Obligations 19.8%

  

Federal Home Loan Bank

Series Y2-2015, Cl 1, 2.600%, 04/20/15

  1,724,924      1,726,728   
     

 

 

 

Federal Home Loan Mortgage Corporation

Series 3000, Cl FG, 0.475%, 07/15/25(a)

  2,037,318      2,041,657   

Series 3065, Cl DF, REMIC, 0.555%, 04/15/35(a)

  33,629,683      33,801,262   

Series 3135, Cl FC, 0.475%, 04/15/26(a)

  2,407,873      2,413,411   

Series 328, Cl F4, STRIPS, 0.521%, 02/15/38(a)

  24,612,185      24,549,286   

Series 3320, Cl FC, 0.345%, 05/15/37(a)

  4,825,896      4,839,467   

Series 3450, Cl AF, 0.885%, 05/15/38(a)

  1,545,144      1,571,311   

Series 3511, Cl FA, 1.175%, 02/15/39(a)

  5,234,583      5,386,841   

Series 3593, Cl F, 0.671%, 03/15/36(a)

  4,723,563      4,791,601   

Series 3792, Cl DF, REMIC, 0.575%, 11/15/40(a)

  3,124,306      3,139,371   

Series 3812, Cl BE, 2.750%, 09/15/18

  3,316,125      3,393,596   

Series 3824, Cl FA, REMIC, 0.325%, 03/15/26(a)

  6,538,478      6,541,009   

Series 3838, Cl LE, REMIC, 3.500%, 04/15/22

  5,132,164      5,357,389   

Series 4247, Cl EF, REMIC, 0.575%, 03/15/32(a)

  3,117,402      3,131,636   

Series 4413, Cl WF, REMIC, 0.521%, 10/15/41(a)

  7,953,516      7,964,293   

Series 4416, Cl FB, REMIC, 0.491%, 01/15/40(a)

  17,182,411      17,181,105   
     

 

 

 
  126,103,235   
     

 

 

 

Federal National Mortgage Association

Series 2005-92, Cl UF, 0.524%, 10/25/25(a)

  1,999,828      2,007,576   
   Shares or
Principal
Amount($)
  Value($)  

Agency Collateralized Mortgage Obligations—continued

  

Series 2006-84, Cl FQ, 0.724%, 09/25/36(a)

  2,212,138      2,236,900   

Series 2007-102, Cl FA, 0.744%, 11/25/37(a)

  2,973,873      3,018,594   

Series 2007-109, Cl NF, 0.724%, 12/25/37(a)

  8,737,123      8,841,907   

Series 2007-2, Cl FM, 0.424%, 02/25/37(a)

  1,429,874      1,433,496   

Series 2007-30, Cl WF, 0.414%, 04/25/37(a)

  9,321,638      9,344,793   

Series 2007-88, CI JF, 0.724%, 04/25/37(a)

  5,855,821      5,921,043   

Series 2010-134, Cl BF, 0.604%, 10/25/40(a)

  7,716,385      7,765,446   

Series 2012-120, Cl AF, REMIC, 0.424%, 02/25/32(a)

  1,304,947      1,301,792   

Series 2012-73, Cl LF, REMIC, 0.624%, 06/25/39(a)

  5,179,186      5,196,485   

Series 2012-96, Cl PF, REMIC, 0.474%, 07/25/41(a)

  989,138      987,923   

Series 2014-75, Cl FK, REMIC, 0.524%, 12/25/41(a)

  5,344,732      5,333,444   

Series 2015-22, Cl AF, REMIC, 0.527%, 04/25/45(a)

  38,470,000      38,494,044   

Series 3726, Cl DE, REMIC, 1.500%, 08/15/20

  2,355,441      2,373,279   
     

 

 

 
  94,256,722   
     

 

 

 

Government National Mortgage Association

Series 2012-98, Cl FM, 0.376%, 12/20/38(a)

  2,332,594      2,315,664   

Series 2014-167, Cl WF, 0.622%, 07/20/44(a)

  6,174,531      6,172,395   
     

 

 

 
  8,488,059   
     

 

 

 

NCUA Guaranteed Notes

Series 2010-R1, Cl 1A, 0.621%, 10/07/20(a)

  20,971,286      21,094,052   

Series 2010-R1, Cl 2A, 1.840%, 10/07/20

  3,328,116      3,344,660   

Series 2010-R2, Cl 2A, 0.645%, 11/05/20(a)

  31,539,922      31,732,127   

Series 2011-R1, Cl 1A, 0.625%, 01/08/20(a)

  13,627,280      13,701,467   

Series 2011-R2, Cl 1A, 0.575%, 02/06/20(a)

  17,708,154      17,791,984   
 

 

See Notes to Financial Statements.

 

123


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

U.S. Government Securities Ultra-Short Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Agency Collateralized Mortgage Obligations—continued

  

Series 2011-R4, Cl 1A, 0.551%, 03/06/20(a)

  12,157,939      12,188,260   
     

 

 

 
  99,852,550   
     

 

 

 
  330,427,294   
     

 

 

 

Agency Collateralized Planned Amortization Class Mortgage Obligations 4.8%

   

Federal Home Loan Mortgage Corporation

Series 3071, Cl ZX, REMIC, 0.475%, 04/15/35(a)

  2,355,663      2,334,664   

Series 3767, Cl JF, REMIC, 0.475%, 02/15/39(a)

  2,535,472      2,542,574   

Series 3925, Cl FD, REMIC, 0.625%, 07/15/40(a)

  2,852,691      2,870,027   

Series 4203, Cl PF, REMIC, 0.425%, 09/15/42(a)

  28,381,791      28,386,843   

Series 4381, Cl FK, REMIC, 0.525%, 06/15/44(a)

  17,351,539      17,331,446   
     

 

 

 
  53,465,554   
     

 

 

 

Federal National Mortgage Association

Series 2003-73, Cl DF, 0.624%, 10/25/32(a)

  1,476,263      1,484,121   

Series 2006-123, Cl PF, 0.434%, 01/25/37(a)

  7,026,685      7,032,468   

Series 2006-79, Cl GF, 0.574%, 08/25/36(a)

  15,236,923      15,335,231   

Series 2008-24, Cl PF, REMIC, 0.824%, 02/25/38(a)

  3,116,580      3,159,711   
     

 

 

 
  27,011,531   
     

 

 

 
  80,477,085   
     

 

 

 

Agency Collateralized Support Mortgage Obligation 0.0%(b)

  

Federal National Mortgage Association

Series 1994-22, Cl F, REMIC, 1.374%, 01/25/24(a)

  425,372      438,289   
     

 

 

 

Commercial Mortgage Backed Securities 11.4%

  

Federal Home Loan Mortgage Corporation

Series K003, Cl A3, 4.324%, 12/25/15

  56,786      57,757   

Series KF02, Cl A2, 0.721%, 07/25/20(a)

  5,794,437      5,833,382   

Series KF02, Cl A3, 0.801%, 07/25/20(a)

  5,794,437      5,832,924   
   Shares or
Principal
Amount($)
  Value($)  

Commercial Mortgage Backed Securities—continued

  

Series KF03, Cl A, 0.511%, 01/25/21(a)

  5,383,837      5,385,737   

Series KF04, Cl A, 0.481%, 06/25/21(a)

  6,494,884      6,494,533   

Series KF05, Cl A, 0.521%, 09/25/21(a)

  12,854,327      12,861,886   
     

 

 

 
  36,466,219   
     

 

 

 

Federal National Mortgage Association

Series 2011-M1, Cl FA, 0.624%, 06/25/21(a)

  31,505,592      31,786,621   

Series 2012-M13, Cl ASQ2, 1.246%, 08/25/17

  127,492      128,145   

Series 2012-M14, Cl ASQ2, 1.114%, 02/25/17

  52,393      52,670   

Series 2012-M9, Cl ASQ2, 1.513%, 12/25/17

  4,835,081      4,880,270   

Series 2013-M1, Cl ASQ2, 1.074%, 11/25/16

  16,046,394      16,105,702   

Series 2013-M11, Cl A, 1.500%, 01/25/18

  6,596,584      6,659,647   

Series 2013-M11, Cl FA, 0.504%, 01/25/18(a)

  1,865,757      1,869,893   

Series 2013-M12, Cl A, 1.532%, 10/25/17

  7,056,010      7,141,077   

Series 2013-M13, Cl FA, 0.524%, 05/25/18(a)

  21,190,232      21,232,930   

Series 2013-M14, Cl FA, 0.524%, 08/25/18(a)

  26,398,432      26,399,699   

Series 2014-M4, Cl ASQ2, 1.272%, 01/25/17

  3,415,000      3,436,975   

Series 2014-M6, Cl FA, 0.442%, 12/25/17(a)

  1,003,116      1,003,935   

Series 2014-M8, Cl FA, 0.403%, 05/25/18(a)

  4,940,318      4,946,479   

Series 2015-M1, Cl ASQ2, 1.626%, 02/25/18

  6,000,000      6,053,568   
     

 

 

 
  131,697,611   
     

 

 

 

NCUA Guaranteed Notes

Series 2010-C1, Cl A1, 1.600%, 10/29/20

  2,830,925      2,834,014   

Series 2011-C1, Cl 2A, 0.705%, 03/09/21(a)

  17,821,560      17,846,493   
     

 

 

 
  20,680,507   
     

 

 

 
  188,844,337   
     

 

 

 

Total Collateralized Mortgage Obligations
(Cost $598,339,982)

  600,187,005   
     

 

 

 
 

 

See Notes to Financial Statements.

 

124


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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

U.S. Government Securities Ultra-Short Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages 57.3%

  

Federal Home Loan Mortgage Corporation

Pool #847615, 2.552%, 07/01/33(a)

  5,055,652      5,418,596   

Pool #1B8683, 2.461%, 04/01/34(a)

  15,649,848      16,730,401   

Pool #848744, 2.320%, 05/01/34(a)

  20,697,523      22,010,436   

Pool #847991, 2.351%, 03/01/35(a)

  10,696,077      11,422,500   

Pool #848736, 2.291%, 05/01/35(a)

  33,158,138      35,207,092   

Pool #848797, 2.315%, 07/01/35(a)

  4,652,502      4,942,005   

Pool #1Q0025, 2.293%, 02/01/36(a)

  3,981,410      4,240,101   

Pool #1H2602, 2.369%, 03/01/36(a)

  4,274,818      4,559,042   

Pool #1Q1407, 2.372%, 07/01/36(a)

  11,798,779      12,640,700   

Pool #848747, 2.394%, 07/01/36(a)

  18,864,416      20,164,802   

Pool #848569, 2.373%, 11/01/36(a)

  16,225,625      17,369,532   

Pool #1Q1404, 2.270%, 01/01/37(a)

  16,008,974      17,086,982   

Pool #1Q1195, 2.149%, 05/01/37(a)

  17,421,198      18,482,193   

Pool #848796, 2.366%, 05/01/37(a)

  33,978,643      36,196,033   

Pool #1Q1282, 2.134%, 07/01/37(a)

  4,453,745      4,704,642   

Pool #848852, 2.342%, 08/01/37(a)

  24,026,448      25,573,705   

Pool #1Q0652, 2.331%, 02/01/38(a)

  2,806,016      3,003,155   

Pool #1Q1405, 2.333%, 04/01/39(a)

  4,978,625      5,323,911   

Pool #1Q1420, 2.378%, 09/01/39(a)

  21,151,272      22,667,288   

Pool #849139, 3.156%, 09/01/43(a)

  4,149,894      4,313,153   
     

 

 

 
  292,056,269   
     

 

 

 

Federal National Mortgage Association

Pool #735953, 5.036%, 08/01/15

  5,493      5,497   

Pool #462011, 5.155%, 08/01/15

  37,867      37,796   

Pool #387590, 4.900%, 09/01/15

  1,897,785      1,900,408   
   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #462018, 5.365%, 09/01/15

  210,297      210,050   

Pool #745100, 4.864%, 11/01/15

  2,166,696      2,176,575   

Pool #467200, 3.360%, 01/01/16

  4,679,207      4,669,904   

Pool #745504, 5.138%, 02/01/16

  3,394,306      3,437,526   

Pool #383143, 6.750%, 02/01/16

  803,982      825,642   

Pool #745530, 5.288%, 04/01/16

  114,505      117,414   

Pool #995887, 4.757%, 05/01/16

  12,864      13,213   

Pool #462237, 5.525%, 07/01/16

  152,332      157,738   

Pool #745764, 5.732%, 07/01/16

  10,870,394      11,365,586   

Pool #888015, 5.526%, 11/01/16

  466,230      488,619   

Pool #469673, 2.080%, 12/01/16

  5,103,328      5,194,967   

Pool #469807, 2.250%, 12/01/16

  65,726      67,107   

Pool #874196, 5.360%, 12/01/16

  730,000      775,100   

Pool #470340, 2.090%, 01/01/17

  4,379,397      4,458,870   

Pool #735745, 4.911%, 01/01/17

  138,598      138,310   

Pool #464600, 3.735%, 02/01/17

  923,493      961,939   

Pool #470775, 2.300%, 03/01/17

  56,775      58,102   

Pool #471016, 1.700%, 04/01/17

  50,000      50,773   

Pool #874903, 5.520%, 05/01/17

  950,739      1,026,974   

Pool #889232, 5.495%, 06/01/17

  2,947,706      3,160,746   

Pool #466009, 2.840%, 09/01/17

  1,013,483      1,052,076   

Pool #466149, 3.070%, 10/01/17

  1,392,000      1,452,579   

Pool #466487, 2.770%, 11/01/17

  2,121,207      2,200,576   

Pool #888969, 5.933%, 11/01/17

  2,991,764      3,274,521   

Pool #467010, 3.520%, 01/01/18

  5,532,891      5,858,478   
 

 

See Notes to Financial Statements.

 

125


Table of Contents

SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

U.S. Government Securities Ultra-Short Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #AM7696, 0.461%, 02/01/18(a)

  13,035,000      13,029,786   

Pool #385912, 5.350%, 02/01/18

  5,686,062      6,231,816   

Pool #467288, 2.800%, 03/01/18

  1,586,640      1,648,740   

Pool #AM3464, 1.180%, 05/01/18

  17,165,000      17,019,148   

Pool #AM3462, 1.360%, 05/01/18

  11,543,256      11,549,299   

Pool #468279, 3.470%, 06/01/18

  3,872,195      4,111,183   

Pool #AL0561, 3.743%, 06/01/18

  19,624,708      20,925,941   

Pool #469334, 0.601%, 10/01/18(a)

  4,963,762      4,961,227   

Pool #469408, 0.921%, 11/01/18(a)

  37,489,955      37,470,285   

Pool #AM7163, 0.621%, 05/01/19(a)

  11,000,999      10,999,608   

Pool #AM6261, 0.391%, 07/01/19(a)

  15,370,000      15,364,545   

Pool #AM7028, 0.411%, 10/01/19(a)

  18,405,000      18,417,091   

Pool #466804, 0.751%, 12/01/20(a)

  13,370,000      13,364,652   

Pool #470556, 0.871%, 12/01/20(a)

  21,070,000      21,061,572   

Pool #469856, 0.961%, 12/01/21(a)(c)

  17,690,000      17,680,736   

Pool #AM0400, 0.651%, 08/01/22(a)

  17,500,000      17,491,002   

Pool #AM7213, 0.821%, 08/01/22(a)

  4,540,000      4,539,474   

Pool #AM1171, 0.521%, 10/01/22(a)

  9,328,000      9,323,244   

Pool #AM2923, 0.511%, 04/01/23(a)

  17,335,000      17,326,161   

Pool #793025, 1.937%, 07/01/34(a)

  694,352      729,382   

Pool #AL0222, 2.337%, 07/01/34(a)

  12,120,100      12,930,878   

Pool #AD0064, 1.934%, 01/01/35(a)

  11,873,531      12,466,010   

Pool #809384, 2.215%, 01/01/35(a)

  378,197      397,568   

Pool #805338, 2.260%, 01/01/35(a)

  133,441      137,177   

Pool #813718, 2.303%, 01/01/35(a)

  8,509,979      9,032,343   
   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #809324, 1.950%, 02/01/35(a)

  10,176      10,798   

Pool #814686, 2.225%, 03/01/35(a)

  190,743      198,515   

Pool #AD7165, 1.833%, 04/01/35(a)

  2,210,529      2,334,844   

Pool #995609, 2.361%, 04/01/35(a)

  2,239,594      2,394,517   

Pool #822302, 2.450%, 05/01/35(a)

  4,064,253      4,334,094   

Pool #AL0505, 2.200%, 11/01/35(a)

  10,875,417      11,601,325   

Pool #AL0345, 2.345%, 11/01/35(a)

  5,290,144      5,625,531   

Pool #AD0377, 1.948%, 01/01/36(a)

  2,718,588      2,862,095   

Pool #888722, 2.179%, 01/01/36(a)

  2,269,057      2,415,573   

Pool #995540, 2.327%, 01/01/36(a)

  7,867,228      8,399,054   

Pool #888782, 2.249%, 03/01/36(a)

  1,813,109      1,924,722   

Pool #AL1015, 2.206%, 04/01/36(a)

  2,629,822      2,802,019   

Pool #AL2202, 2.282%, 06/01/36(a)

  10,714,577      11,378,489   

Pool #AL0854, 2.326%, 06/01/36(a)

  6,774,464      7,216,180   

Pool #888859, 2.289%, 10/01/36(a)

  875,425      931,154   

Pool #AA3517, 2.078%, 11/01/36(a)

  6,735,172      7,165,865   

Pool #903166, 2.400%, 11/01/36(a)

  2,959,623      3,176,962   

Pool #AL0968, 2.265%, 12/01/36(a)

  17,230,895      18,346,456   

Pool #906216, 2.232%, 01/01/37(a)

  2,362,095      2,525,187   

Pool #AL0872, 1.912%, 07/01/37(a)

  4,199,283      4,425,105   

Pool #AL0960, 2.251%, 07/01/37(a)

  17,721,849      18,821,294   

Pool #AD0380, 2.205%, 10/01/37(a)

  9,429,901      10,041,843   

Pool #AE0332, 2.239%, 11/01/37(a)

  6,578,299      6,989,033   

Pool #AL0966, 2.331%, 11/01/37(a)

  6,595,912      7,027,130   

Pool #AL0270, 2.188%, 08/01/38(a)

  15,389,678      16,400,155   
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

U.S. Government Securities Ultra-Short Bond Fund — concluded

 

   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #AE0066, 2.294%, 09/01/39(a)

  17,232,639      18,448,671   

Pool #725874, 2.375%, 09/01/39(a)

  75,245      80,376   

Pool #AL2013, 2.227%, 10/01/39(a)

  399,303      425,420   

Pool #AL1801, 2.940%, 05/01/42(a)

  7,711,160      8,007,952   

Pool #AT1150, 2.834%, 09/01/43(a)

  13,773,348      14,315,753   

Pool #AT1155, 2.964%, 09/01/43(a)

  4,033,398      4,193,804   

Pool #AW6998, 3.194%, 06/01/44(a)

  3,444,666      3,588,581   

Pool #AL5406, 3.228%, 06/01/44(a)

  11,009,508      11,499,087   

Pool #AW9723, 2.325%, 07/01/44(a)

  10,871,843      11,192,505   

Pool #AL5640, 2.293%, 08/01/44(a)

  7,075,869      7,275,465   

Pool #AW2253, 3.020%, 08/01/44(a)

  4,589,400      4,776,144   

Pool #AL5643, 3.012%, 09/01/44(a)

  2,766,547      2,870,859   

Pool #AL5793, 3.151%, 09/01/44(a)

  5,379,247      5,600,949   

Pool #AX3646 FN, 2.282%, 10/01/44(a)

  6,511,379      6,694,246   

Pool #AW3236, 2.522%, 10/01/44(a)

  11,032,699      11,412,071   

Pool #AX5937, 2.533%, 11/01/44(a)

  2,633,898      2,719,826   

Pool #AX6452, 2.536%, 11/01/44(a)

  6,540,432      6,757,579   

Pool #AX9332, 3.038%, 12/01/44(a)

  10,375,625      10,776,967   

Pool #AY0836, 2.370%, 01/01/45(a)

  4,305,323      4,431,967   

Pool #AY3142, 2.604%, 01/01/45(a)

  1,112,442      1,146,726   
   Shares or
Principal
Amount($)
  Value($)  

U.S. Government Agency Mortgages—continued

  

Pool #AY2431, 2.257%, 02/01/45(a)

  6,580,736      6,757,114   

Pool #AY7185, 2.463%, 04/01/45(a)

  5,949,750      6,108,394   
     

 

 

 
  661,774,350   
     

 

 

 

Total U.S. Government Agency Mortgages
(Cost $932,684,362)

  953,830,619   
     

 

 

 

U.S. Treasury Obligations 2.9%

  

U.S. Treasury Notes 2.9%

2.500%, 04/30/15

  2,905,000      2,910,447   

0.625%, 05/31/17(c)

  45,000,000      45,003,510   
     

 

 

 

Total U.S. Treasury Obligations
(Cost $47,716,564)

   

  47,913,957   
     

 

 

 

Money Market Fund 2.9%

State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.00%(d)

  48,328,265      48,328,265   
     

 

 

 

Total Money Market Fund
(Cost $48,328,265)

   

  48,328,265   
     

 

 

 

Total Investments
(Cost $1,635,932,058) — 99.6%

   

  1,659,124,728   

Other Assets in Excess of Liabilities — 0.4%

  

  6,762,929   
     

 

 

 

Net Assets — 100.0%

  $1,665,887,657   
     

 

 

 

 

(a) Variable or floating rate security. Rate disclosed is as of March 31, 2015.

 

(b) Less than 0.05% of Net Assets.

 

(c) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for whenissued or delayed-delivery purchase commitments.

 

(d) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

 

REMIC     Real Estate Mortgage Investment Conduit
STRIPS     Separate Trading of Registered Interest and Principal Securities
 

 

Open Futures Contracts

At March 31, 2015, the Fund’s open futures contracts were as follows:

 

Description

   Position    Notional
Amount
     Expiration
Month
   Contracts      Unrealized
Depreciation
 

U.S. Treasury 2 Year Note

   Short      $(39,719,697)       June 2015      182         $(166,740)   

U.S. Treasury 5 Year Note

   Short      (36,305,999)       June 2015      305         (358,337)   
              

 

 

 
  $(525,077)   
              

 

 

 

 

See Notes to Financial Statements.

 

127


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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Virginia Intermediate Municipal Bond Fund

 

   Shares or
Principal
Amount($)
  Value($)  
Municipal Bonds 98.4%

Alabama 0.5%

Birmingham, Series A, GO, 0.000%, 03/01/32(a)

  645,000      656,745   
    

 

 

 

District of Columbia 2.9%

Metropolitan Washington D.C. Airports Authority, Airport System, Series B, RB, 5.000%, 10/01/26, BHAC

  2,175,000      2,492,180   

Washington D.C. Metropolitan Area Transit Authority, Gross Revenue, Series A, RB, 5.125%, 07/01/32

  1,000,000      1,147,140   
    

 

 

 
  3,639,320   
    

 

 

 

Illinois 0.7%

Chicago, Series A, GO, 5.250%, 01/01/33

  880,000      906,057   
    

 

 

 

North Carolina 1.5%

North Carolina Capital Facilities Finance Agency, Educational Facilities, RB, 5.000%, 05/01/32

  1,740,000      1,880,853   
    

 

 

 

Virginia 92.8%

Chesterfield County, Series A, GO, 5.000%, 01/01/17

  1,550,000      1,671,644   

Fairfax County, Series C, GO, 5.000%, 10/01/25, State Aid Withholding(b)

  1,000,000      1,255,030   

Fairfax County Economic Development Authority, RB, 5.000%, 08/01/22(c)

  3,700,000      4,327,483   

Fairfax County Industrial Development Authority, RB, 5.000%, 05/15/37

  2,810,000      3,179,431   

Fairfax County Industrial Development Authority, Series D, RB, 5.000%, 05/15/27

  1,300,000      1,504,035   

Fairfax County Water Authority, RB, 5.000%, 04/01/27

  600,000      713,376   

Greater Richmond Convention Center Authority, RB, 5.000%, 06/15/30

  1,000,000      1,167,960   

Greater Richmond Convention Center Authority, RB, 5.000%, 06/15/32

  2,000,000      2,315,020   

Greater Richmond Convention Center Authority, Hotel Tax, RB, 5.000%, 06/15/16, NATL-RE

  1,855,000      1,873,383   
   Shares or
Principal
Amount($)
  Value($)  

Virginia—continued

Hampton Roads Sanitation District Wastewater, RB, 5.000%, 04/01/23

  1,060,000      1,188,525   

Hampton Roads Sanitation District Wastewater, RB, 5.000%, 04/01/24

  2,425,000      2,719,031   

Hampton Roads Sanitation District Wastewater, Series A, RB, 5.000%, 07/01/25

  2,000,000      2,479,580   

Hanover County, GO, 5.000%, 07/15/26, State Aid Withholding

  750,000      945,743   

Hanover County Economic Development Authority, Regional Medical Care Project, RB, 6.375%, 08/15/18, NATL-RE(c)

  3,425,000      3,665,366   

Henrico County, GO, 4.000%, 08/01/16

  1,435,000      1,505,415   

Henrico County, GO, 5.000%, 07/15/17

  1,450,000      1,594,029   

Henrico County, GO, 5.000%, 08/01/17

  405,000      445,856   

Henrico County Economic Development Authority, RB, 4.000%, 10/01/35(b)

  1,000,000      975,380   

Isle County Wight, Series A, GO, 5.000%, 07/01/35, State Aid Withholding

  750,000      878,940   

James City County Economic Development Authority, Public Facility Project, RB, 5.000%, 06/15/21, AGM

  2,215,000      2,399,953   

Loudoun County Industrial Development Authority, Series A, RB, 5.000%, 06/01/31

  1,000,000      1,147,830   

Manassas, Series C, GO, 5.000%, 07/01/27, State Aid Withholding

  3,080,000      3,773,616   

New Kent County Economic Development Authority, School & Governmental Projects, RB, 5.000%, 02/01/18, AGM

  2,225,000      2,401,287   

Newport News, Series A, GO, 5.000%, 07/15/33, State Aid Withholding

  1,240,000      1,468,408   

Northern Virginia Transportation Authority, RB, 5.000%, 06/01/26

  1,250,000      1,533,663   
 

 

See Notes to Financial Statements.

 

128


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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Virginia Intermediate Municipal Bond Fund — continued

 

   Shares or
Principal
Amount($)
  Value($)  

Virginia—continued

Pittsylvania County, Series B, GO, 5.000%, 03/01/22

  1,000,000      1,166,160   

Portsmouth, Series D, GO, 5.000%, 07/15/23

  1,250,000      1,457,000   

Prince County William, GO, 5.000%, 08/01/16, State Aid Withholding

  1,035,000      1,099,553   

Richmond, GO, 5.000%, 07/15/24, Pre-refunded 07/15/2016 @ 100, AGM

  1,435,000      1,521,416   

Richmond, Series A, GO, 5.000%, 03/01/22, State Aid Withholding

  1,975,000      2,396,011   

Richmond, Series A, GO, 5.000%, 03/01/23, State Aid Withholding

  2,960,000      3,648,289   

Richmond, Series A, GO, 5.000%, 07/15/27

  1,000,000      1,141,890   

Richmond, Series A, RB, 5.000%, 01/15/28

  1,000,000      1,183,490   

Richmond Industrial Development Authority, Government Facilities, RB, 5.000%, 07/15/18, AMBAC

  1,795,000      1,943,411   

Roanoke Economic Development Authority, Hospital Revenue, RB, 5.000%, 07/01/27

  1,000,000      1,136,390   

Tobacco Settlement Financing Corp., RB, 5.500%, 06/01/26, MSF(c)

  2,380,000      2,401,111   

Virginia College Building Authority, RB, 5.000%, 09/01/29, State Aid Withholding

  2,610,000      3,120,542   

Virginia College Building Authority, Series A, RB, 5.000%, 09/01/17, ST INTERCEPT

  1,035,000      1,141,615   

Virginia College Building Authority, Educational Facilities Project, Series A, RB, 5.000%, 09/01/17, Pre-refunded 09/01/2016 @ 100, ST INTERCEPT

  155,000      165,075   

Virginia College Building Authority, Educational Facilities Project, Series A, RB, 5.000%, 02/01/26, ST INTERCEPT

  2,750,000      3,233,422   
   Shares or
Principal
Amount($)
  Value($)  

Virginia—continued

Virginia College Building Authority, Educational Facilities Project, Series B, RB, 5.000%, 03/01/21

  1,700,000      2,024,241   

Virginia College Building Authority, Educational Facilities Project, Washington & Lee University, RB, 5.375%, 01/01/21(c)

  3,950,000      4,497,825   

Virginia Commonwealth Transportation Board, RB, 5.000%, 05/15/25, ST APPROP

  2,750,000      3,250,197   

Virginia Commonwealth University, Health System Authority, RB, 5.000%, 07/01/30

  1,460,000      1,669,933   

Virginia Housing Development Authority, Commonwealth Mortgage, Series A-1, RB, 3.650%, 01/01/18, GO of Authority

  1,205,000      1,289,350   

Virginia Port Authority, Series A, AMT, RB, 5.000%, 07/01/32

  5,000,000      5,724,500   

Virginia Public Building Authority, Series A, RB, 5.000%, 08/01/31, Pre-refunded 08/01/2021 @ 100

  10,000      12,098   

Virginia Public Building Authority, Series A, RB, 5.000%, 08/01/31

  1,240,000      1,457,694   

Virginia Public School Authority, RB, 5.000%, 08/01/18, State Aid Withholding

  4,000,000      4,525,480   

Virginia Public School Authority, RB, 5.000%, 08/01/22, State Aid Withholding

  3,400,000      4,140,554   

Virginia Public School Authority, Series A, RB, 5.000%, 08/01/27, State Aid Withholding

  2,060,000      2,471,052   

Virginia Public School Authority, School Financing, RB, 5.000%, 07/15/26, State Aid Withholding

  2,000,000      2,240,720   
 

 

See Notes to Financial Statements.

 

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SCHEDULES OF PORTFOLIO INVESTMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

Virginia Intermediate Municipal Bond Fund — concluded

 

     Shares or
Principal
Amount($)
     Value($)  

Virginia—continued

    

Virginia Resources Authority, Series A, RB, 5.000%, 11/01/24

    1,075,000         1,245,646   

Virginia Resources Authority, Series A, RB, 5.000%, 11/01/30

    1,000,000         1,167,200   

Virginia Resources Authority, Series A, RB, 5.000%, 11/01/32

    300,000         352,869   

Virginia Resources Authority Clean Water, Revolving Fund, RB, 5.000%, 10/01/16

    2,030,000         2,169,969   

Virginia Resources Authority Infrastructure, Pooled Financing Program, Series A, RB, 5.000%, 11/01/28

    2,300,000         2,741,876   

Virginia Resources Authority Infrastructure, Pooled Financing Program, Series B, RB, 5.000%, 11/01/20

    305,000         363,673   
    

 

 

 
  115,230,236   
    

 

 

 

Total Municipal Bonds
(Cost $116,659,578)

   

  122,313,211   
    

 

 

 

Money Market Fund 2.3%

Federated Virginia Municipal Cash Trust, Institutional Share, 0.01%(d)

  2,849,491      2,849,491   
    

 

 

 

Total Money Market Fund
(Cost $2,849,491)

   

  2,849,491   
    

 

 

 

Total Investments (Cost $119,509,069) — 100.7%

  125,162,702   

Liabilities in Excess of Other Assets — (0.7)%

  (907,722
    

 

 

 

Net Assets — 100.0%

$ 124,254,980   
    

 

 

 

 

(a) Step bond. The rate shown is the rate in effect as of March 31, 2015.
(b) All or a portion of this security has been purchased on a when-issued or delayed-delivery basis.
(c) All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments.
(d) Rate disclosed, the 7 day net yield, is as of March 31, 2015.

Investment Abbreviations

 

AGM     Security guaranteed by Assured Guaranty Municipal Corporation
AMBAC     Security guaranteed by American Municipal Bond Assurance Corporation
AMT     Income subject to Alternative Minimum Tax
BHAC     Security guaranteed by Berkshire Hathaway Assurance Corporation
GO     General Obligation
MSF     Mandatory Sinking Fund
NATL-RE     Reinsurance provided by National Public Finance Guarantee Corporation
RB     Revenue Bond
ST APPROP     State Appropriation
ST INTERCEPT     State Interception
 

 

See Notes to Financial Statements.

 

130


Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES

 

RIDGEWORTH FUNDS    March 31, 2015

 

     Core Bond
Fund
    Corporate
Bond Fund
    Georgia
Tax-Exempt
Bond Fund
    High Grade
Municipal

Bond Fund
    High Income
Fund
 

Assets:

          

Total Investments, at Cost

     $202,110,842        $29,717,257        $127,255,524        $113,739,628        $865,084,152   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments, at Value*

     $206,877,578        $30,535,074        $135,179,315        $118,695,650        $851,785,814   

Cash

                                 1,231,021   

Interest Receivable

     972,688        273,635        1,740,115        982,003        13,911,665   

Securities Lending Income Receivable

     109        58                      17,507   

Foreign Currency, at Value (Cost $—, $4,362, $—, $— and $—, respectively)

            4,084                        

Receivable for Capital Shares Issued

     99,295        435        8,530        231,564        1,223,993   

Receivable for Investment Securities Sold

     1,591,911        3,500,145        1,828,535               1,224,613   

Receivable for Investment Securities Sold on a When-issued or Delayed Delivery Basis

                          3,427,890          

Receivable for Variation Margin on Centrally Cleared Swaps

                                 1,360,562   

Receivable from Investment Adviser

                          3,760          

Prepaid Expenses and Other Assets

     16,735        20,283        8,040        13,431        36,999   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

     209,558,316        34,333,714        138,764,535        123,354,298        870,792,174   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

          

Payable for Investment Securities Purchased

     4,789,797               2,919,147                 

Payable for Investment Securities Purchased on a When-issued Basis

     698,093                      10,815,580        8,852,063   

Depreciated Swap Contracts, at Value

            6,925                        

Payable for Capital Shares Redeemed

     1,067,914        26,849        227,208        156,921        1,580,667   

Payable Upon Return of Securities Loaned

                                 16,090,878   

Interest Payable on Open Swap Contracts

            267                        

Income Distributions Payable

     68,711        857        5,696        48,939        194,176   

Investment Advisory Fees Payable

     43,037        10,783        55,876        46,869        389,626   

Compliance and Fund Services Fees Payable

     3,861        671        2,272        1,894        15,024   

Distribution and Service Fees Payable

     3,358        8,199        460        2,084        25,543   

Trustee Fees Payable

     346        75        201        192        1,787   

Other Accrued Expenses

     77,180        10,120        35,309        22,315        327,719   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

     6,752,297        64,746        3,246,169        11,094,794        27,477,483   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Net Assets

     $202,806,019        $34,268,968        $135,518,366        $112,259,504        $843,314,691   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets Consist of:

          

Capital

     $197,308,723        $33,105,889        $128,566,889        $106,279,680        $878,973,002   

Accumulated Net Investment Income (Loss)

     (340,461     (64,835     190,524        (7,071     (367,341

Accumulated Net Realized Gain (Loss) from Investments, Swap and Foreign Currency Transactions

     1,071,021        412,029        (1,162,838     1,030,873        (22,217,183

Net Unrealized Appreciation (Depreciation) on Investments, Swap and Foreign Currency Transactions

     4,766,736        815,885        7,923,791        4,956,022        (13,073,787
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets

     $202,806,019        $34,268,968        $135,518,366        $112,259,504        $843,314,691   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

          

I Shares

     $191,905,414        $24,172,295        $131,881,373        $95,760,869        $753,851,226   

A Shares

     7,410,883        807,353        3,636,993        16,498,635        65,121,480   

C Shares

            9,289,320                        

R Shares

     3,489,722                             20,886,552   

IS Shares

                                 3,455,433   

Shares Outstanding (unlimited number of shares authorized, no par value)

          

I Shares

     17,377,231        2,700,823        12,143,715        7,794,091        112,965,544   

A Shares

     671,221        89,805        334,373        1,342,327        9,750,176   

C Shares

            1,038,050                        

R Shares

     315,764                             3,128,034   

IS Shares

                                 517,652   

Net Asset Value and Redemption Price Per Share:

          

I Shares

     $11.04        $8.95        $10.86        $12.29        $6.67   

A Shares

     11.04        8.99        10.88        12.29        6.68   

C Shares(a)

            8.95                        

R Shares

     11.05                             6.68   

IS Shares

                                 6.68   

Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent):

          

A Shares

     $11.59        $9.44        $11.42        $12.90        $7.01   

Maximum Sales Charge — A Shares

     4.75     4.75     4.75     4.75     4.75

* Investments include securities on loan of $—, $—, $—, $— and $15,578,432, respectively.

 

(a) Redemption price per share varies based on length of time shares are held.

 

See Notes to Financial Statements.

 

131


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STATEMENTS OF ASSETS AND LIABILITIES

 

RIDGEWORTH FUNDS    March 31, 2015

 

     Intermediate
Bond Fund
    Investment Grade
Tax-Exempt

Bond Fund
    Limited
Duration Fund
    Limited-Term
Federal Mortgage
Securities Fund
    North Carolina
Tax-Exempt

Bond Fund
 

Assets:

          

Total Investments, at Cost

     $250,635,807        $715,869,138        $7,314,511        $12,325,732        $38,646,501   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments, at Value

     $254,883,812        $752,049,899        $7,328,014        $12,640,611        $40,797,529   

Interest Receivable

     898,778        6,755,641        1,248        39,045        431,338   

Securities Lending Income Receivable

     138                               

Receivable for Capital Shares Issued

     60,508        1,102,881               5,022        200   

Receivable for Investment Securities Sold

            19,527,658               1,301,040          

Receivable for Investment Securities Sold on a When-issued or Delayed Delivery Basis

            8,303,112                        

Receivable from Investment Adviser

            19,268        1,514        6,893        1,334   

Prepaid Expenses and Other Assets

     24,599        19,175        3,926        16,236        7,738   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

     255,867,835        787,777,634        7,334,702        14,008,847        41,238,139   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

          

Payable for Investment Securities Purchased

     1,118,645               680,999        563,785          

Payable for Investment Securities Purchased on a When-issued Basis

     510,232        98,822,361               581,745        3,149,938   

Payable for Capital Shares Redeemed

     644,110        977,798               5,662        19,558   

Income Distributions Payable

     42,618        161,927        820        224        55,983   

Investment Advisory Fees Payable

     54,310        285,543        565        5,363        15,813   

Compliance and Fund Services Fees Payable

     4,896        12,576        121        245        639   

Distribution and Service Fees Payable

     643        7,390               4,270        101   

Trustee Fees Payable

     484        1,380        12        22        59   

Other Accrued Expenses

     103,042        217,899        2,517        6,488        11,096   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

     2,478,980        100,486,874        685,034        1,167,804        3,253,187   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Net Assets

     $253,388,855        $687,290,760        $6,649,668        $12,841,043        $37,984,952   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets Consist of:

          

Capital

     $247,769,254        $643,914,985        $7,466,031        $13,238,116        $36,120,288   

Accumulated Net Investment Loss

     (316,257     (228,438     (715     (15,691     (63,143

Accumulated Net Realized Gain (Loss) from Investments Transactions

     1,687,853        7,423,452        (829,151     (696,261     (223,221

Net Unrealized Appreciation on Investments

     4,248,005        36,180,761        13,503        314,879        2,151,028   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets

     $253,388,855        $687,290,760        $6,649,668        $12,841,043        $37,984,952   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

          

I Shares

     $250,283,745        $657,851,407        $6,649,668        $3,650,411        $37,190,109   

A Shares

     3,085,760        29,439,353               5,201,370        794,843   

C Shares

                          3,989,262          

R Shares

     19,350                               

Shares Outstanding (unlimited number of shares authorized, no par value)

          

I Shares

     25,231,107        53,536,060        676,440        322,589        3,544,911   

A Shares

     310,775        2,392,787               460,511        75,961   

C Shares

                          352,549          

R Shares

     1,951                               

Net Asset Value and Redemption Price Per Share:

          

I Shares

     $9.92        $12.29        $9.83        $11.32        $10.49   

A Shares

     9.93        12.30               11.29        10.46   

C Shares(a)

                          11.32          

R Shares

     9.92                               

Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent):

          

A Shares

     $10.43        $12.91        $—        $11.58        $10.98   

Maximum Sales Charge — A Shares

     4.75     4.75            2.50     4.75

 

(a) Redemption price per share varies based on length of time shares are held.

 

See Notes to Financial Statements.

 

132


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STATEMENTS OF ASSETS AND LIABILITIES

 

RIDGEWORTH FUNDS    March 31, 2015

 

     Seix Floating
Rate High
Income Fund
    Seix High
Yield Fund
    Short-Term
Bond Fund
    Short-Term
Municipal

Bond Fund
    Total Return
Bond Fund
 

Assets:

          

Total Investments, at Cost

     $6,351,857,264        $701,118,477        $54,308,055        $48,765,653        $1,146,947,928   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments, at Value*

     $6,244,429,642        $703,767,807        $54,504,095        $48,924,150        $1,171,970,342   

Cash

     11,094,005        1,559,639                      42,050   

Interest Receivable

     39,908,993        11,548,392        152,461        304,438        5,286,175   

Securities Lending Income Receivable

            13,830                      332   

Foreign Currency, at Value (Cost $—, $—, $—, $— and $141,667, respectively)

                                 133,239   

Receivable for Capital Shares Issued

     6,726,628        2,262,940        25,973        55,486        1,343,715   

Receivable for Investment Securities Sold

     154,147,035        1,608,949        3,202,379               16,866,111   

Receivable for Investment Securities Sold on a When-issued or Delayed Delivery Basis

     3,654,274                             29,025   

Unrealized Appreciation on Forward Foreign Currency Contracts

                                 2,579,383   

Receivable for Variation Margin on Centrally Cleared Swaps

            2,267,603                        

Receivable from Investment Adviser

                   8,789        3,137          

Prepaid Expenses and Other Assets

     132,664        42,367        19,925        9,101        43,445   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

     6,460,093,241        723,071,527        57,913,622        49,296,312        1,198,293,817   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

          

Payable for Investment Securities Purchased

     784,387               3,047,950               32,921,906   

Payable for Investment Securities Purchased on a When-issued Basis

     158,369,966        5,027,000               6,639,286        8,658,991   

Depreciated Swap Contracts, at Value

                                 210,190   

Payable for Capital Shares Redeemed

     16,755,277        2,547,833        80,324        88,102        2,166,561   

Payable Upon Return of Securities Loaned

            9,517,598                        

Interest Payable on Open Swap Contracts

                                 8,109   

Income Distributions Payable

     5,750,002        1,577,963        4,965        6,448        51,661   

Unrealized Depreciation on Forward Foreign Currency Contracts

                                 2,027,541   

Unrealized Depreciation on Unfunded Commitments

     313                               

Investment Advisory Fees Payable

     2,180,677        271,915        20,737        12,362        232,331   

Compliance and Fund Services Fees Payable

     119,116        13,502        1,142        753        20,261   

Distribution and Service Fees Payable

     92,724        2,109        1,899        493        36,486   

Trustee Fees Payable

     11,779        1,741        69        69        1,952   

Other Accrued Expenses

     2,623,207        159,069        21,108        15,841        381,386   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

     186,687,448        19,118,730        3,178,194        6,763,354        46,717,375   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Net Assets

     $6,273,405,793        $703,952,797        $54,735,428        $42,532,958        $1,151,576,442   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets Consist of:

          

Capital

     $6,431,362,245        $722,292,880        $55,753,871        $42,290,654        $1,130,286,267   

Accumulated Net Investment Income (Loss)

     511,077        (1,258,535     (1,569     (1,445     (3,037,962

Accumulated Net Realized Gain (Loss) from Investments, Swap and Foreign Currency Transactions

     (51,039,595     (20,098,628     (1,212,914     85,252        (1,187,489

Net Unrealized Appreciation (Depreciation) on Investments, Unfunded Commitments, Swaps and Foreign Currency Transactions

     (107,427,934     3,017,080        196,040        158,497        25,515,626   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets

     $6,273,405,793        $703,952,797        $54,735,428        $42,532,958        $1,151,576,442   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

          

I Shares

     $6,048,771,364        $695,060,466        $50,689,178        $38,669,482        $972,117,044   

A Shares

     147,559,924        8,110,376        2,316,265        3,863,476        43,400,551   

C Shares

     64,445,354               1,729,985                 

R Shares

            781,955                      64,538,598   

IS Shares

     12,629,151                             71,520,249   

Shares Outstanding (unlimited number of shares authorized, no par value)

          

I Shares

     682,743,779        79,647,517        5,079,683        3,866,811        90,422,053   

A Shares

     16,656,720        952,845        231,555        386,493        3,907,078   

C Shares

     7,272,338               173,004                 

R Shares

            89,662                      6,001,811   

IS Shares

     1,425,211                             6,650,763   

Net Asset Value and Redemption Price Per Share:

          

I Shares

     $8.86        $8.73        $9.98        $10.00        $10.75   

A Shares

     8.86        8.51        10.00        10.00        11.11   

C Shares(a)

     8.86               10.00                 

R Shares

            8.72                      10.75   

IS Shares

     8.86                             10.75   

Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent):

          

A Shares

     $9.09        $8.93        $10.26        $10.26        $11.66   

Maximum Sales Charge — A Shares

     2.50     4.75     2.50     2.50     4.75

* Investments include securities on loan of $—, $9,311,716, $—, $— and $—, respectively.

 

(a) Redemption price per share varies based on length of time shares are held.

 

See Notes to Financial Statements.

 

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STATEMENTS OF ASSETS AND LIABILITIES

 

RIDGEWORTH FUNDS    March 31, 2015

 

     Ultra-Short
Bond Fund
    U.S. Government
Securities Fund
    U.S. Government
Securities
Ultra-Short
Bond Fund
    Virginia
Intermediate
Municipal
Bond Fund
 

Assets:

        

Total Investments, at Cost

     $142,312,447        $17,911,421        $1,635,932,058        $119,509,069   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments, at Value

     $142,736,386        $18,552,857        $1,659,124,728        $125,162,702   

Interest Receivable

     374,289        48,231        2,548,162        1,225,531   

Cash Collateral on Deposit at Broker

     35,100               392,800          

Receivable for Capital Shares Issued

     16,357        6,691        13,273,075        48,016   

Receivable for Investment Securities Sold

     63,211        814,724        3,558,397        1,790,379   

Receivable from Investment Adviser

            2,927                 

Prepaid Expenses and Other Assets

     13,425        15,176        35,745        8,641   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

     143,238,768        19,440,606        1,678,932,907        128,235,269   
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

        

Payable for Investment Securities Purchased

            665,925        6,188,799        1,202,056   

Payable for Investment Securities Purchased on a When-issued Basis

                          2,212,710   

Payable for Capital Shares Redeemed

     473,905        133,593        5,801,293        287,637   

Income Distributions Payable

     13,752        228        120,757        190,104   

Payable for variation margin on futures contracts

     7,922               87,547          

Investment Advisory Fees Payable

     28,271        7,882        262,982        52,889   

Compliance and Fund Services Fees Payable

     2,728        328        30,498        2,175   

Distribution and Service Fees Payable

            1,290               673   

Trustee Fees Payable

     281        27        2,199        210   

Other Accrued Expenses

     32,303        10,193        551,175        31,835   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

     559,162        819,466        13,045,250        3,980,289   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Net Assets

     $142,679,606        $18,621,140        $1,665,887,657        $124,254,980   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets Consist of:

        

Capital

     $144,486,333        $18,004,672        $1,660,978,421        $117,547,705   

Accumulated Net Investment Income (Loss)

     (2,391     (144     (517     19,175   

Accumulated Net Realized Gain (Loss) from Investments and Futures Transactions

     (2,182,455     (24,824     (17,757,840     1,034,467   

Net Unrealized Appreciation on Investments and Futures

     378,119        641,436        22,667,593        5,653,633   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets

     $142,679,606        $18,621,140        $1,665,887,657        $124,254,980   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

        

I Shares

     $142,679,606        $16,702,490        $1,665,887,657        $119,103,409   

A Shares

            572,955               5,151,571   

C Shares

            1,345,695                 

Shares Outstanding (unlimited number of shares authorized, no par value)

        

I Shares

     14,311,780        1,964,164        164,629,149        11,634,926   

A Shares

            67,390               503,389   

C Shares

            158,274                 

Net Asset Value and Redemption Price Per Share:

        

I Shares

     $9.97        $8.50        $10.12        $10.24   

A Shares

            8.50               10.23   

C Shares

            8.50                 

Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent):

        

A Shares

     $—        $8.92        $—        $10.74   

Maximum Sales Charge — A Shares

            4.75            4.75

 

See Notes to Financial Statements.

 

134


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STATEMENTS OF OPERATIONS

 

RIDGEWORTH FUNDS    For the Fiscal Year Ended March 31, 2015

 

  Core Bond
Fund
  Corporate
Bond Fund
  Georgia
Tax-Exempt
Bond Fund
  High Grade
Municipal

Bond Fund
  High Income
Fund
 

Investment Income:

           

Interest Income

     $4,893,183        $1,298,979        $4,196,631         $2,720,830        $57,408,053   

Dividend Income

                                  563,416   

Net Income from Securities Lending

     19,112        1,316                       512,043   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total Investment Income

     4,912,295        1,300,295        4,196,631         2,720,830        58,483,512   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Expenses:

           

Investment Advisory Fees

     521,323        144,084        640,018         428,125        4,913,079   

Administration Fees

     21,394        3,698        13,130         8,761        93,854   

Fund Accounting Fees

     17,361        2,849        11,019         6,947        81,519   

Transfer Agency Fees

     25,311        22,009        11,657         26,653        231,149   

Compliance & Fund Services Fees

     14,258        2,491        8,645         5,905        62,511   

Distribution and Service Fees — A Shares

     25,004        2,574        5,771         21,441        296,655   

Distribution and Service Fees — C Shares

            98,721                         

Distribution and Service Fees — R Shares

     19,098                              108,722   

Shareholder Servicing Fees — I Shares

     228,140        6,139        87,960         41,935        1,172,015   

Shareholder Servicing Fees — A Shares

     2,365        156        344         2,905        63,915   

Shareholder Servicing Fees — R Shares

     659                              19,119   

Custodian Fees

     16,093        10,544        7,056         7,199        48,123   

Printing Fees

     5,785        3,694        5,727         7,079        103,637   

Registration Fees

     42,900        40,007        13,742         31,558        62,570   

Trustee Fees

     9,165        1,657        5,493         3,587        39,526   

Other Fees

     26,591        9,887        16,402         13,137        80,868   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total Expenses

     975,447        348,510        826,964         605,232        7,377,262   

Less: Investment Advisory Fees Waived/Expenses Reimbursed

     (3,506     (11,677             (26,689       
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net Expenses

     971,941        336,833        826,964         578,543        7,377,262   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net Investment Income

     3,940,354        963,462        3,369,667         2,142,287        51,106,250   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currencies:

           

Net Realized Gain (Loss) from:

           

Investment and Foreign Currency Transactions

     5,407,610        1,210,124        2,134,836         2,385,295        (9,363,326

Swap Contracts

            (630                    187,965   

Net Change in Unrealized Appreciation (Depreciation) on:

           

Investments and Foreign Currencies

     2,544,019        22,865        3,204,295         1,292,519        (40,319,702

Swap Contracts

            (1,656                    224,551   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currencies

     7,951,629        1,230,703        5,339,131         3,677,814        (49,270,512
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Change in Net Assets from Operations

     $11,891,983        $2,194,165        $8,708,798         $5,820,101        $1,835,738   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

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STATEMENTS OF OPERATIONS

 

RIDGEWORTH FUNDS    For the Fiscal Year Ended March 31, 2015

 

  Intermediate
Bond Fund
  Investment Grade
Tax-Exempt

Bond Fund
  Limited
Duration Fund
  Limited-Term
Federal Mortgage
Securities Fund
  North
Carolina
Tax-Exempt
Bond Fund
 

Investment Income:

           

Interest Income

     $5,465,772         $21,329,847        $36,327        $265,125        $1,121,371   

Net Income from Securities Lending

     24,890                                
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Investment Income

     5,490,662         21,329,847        36,327        265,125        1,121,371   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

           

Investment Advisory Fees

     758,586         3,313,851        6,650        54,958        183,654   

Administration Fees

     31,175         68,863        682        1,126        3,769   

Fund Accounting Fees

     25,993         56,881        575        820        3,037   

Transfer Agency Fees

     70,772         120,746        644        8,715        5,523   

Compliance & Fund Services Fees

     20,589         45,962        454        760        2,482   

Distribution and Service Fees — A Shares

     7,144         86,993               6,235        1,186   

Distribution and Service Fees — C Shares

                           43,802          

Distribution and Service Fees — R Shares

     94                                

Shareholder Servicing Fees — I Shares

     362,411         715,030               4,049        24,255   

Shareholder Servicing Fees — A Shares

     603         12,286               2,785        106   

Shareholder Servicing Fees — R Shares

     39                                

Custodian Fees

     13,278         14,981        4,180        7,487        5,412   

Printing Fees

     21,628         35,112        1,513        2,608        2,629   

Registration Fees

     42,255         40,895        7,172        39,071        12,191   

Trustee Fees

     13,563         29,439        290        467        1,596   

Other Fees

     35,416         62,506        8,558        9,645        9,248   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Expenses

     1,403,546         4,603,545        30,718        182,528        255,088   

Less: Investment Advisory Fees Waived/Expenses Reimbursed

             (189,341     (8,094     (58,174     (14,868
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net Expenses

     1,403,546         4,414,204        22,624        124,354        240,220   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net Investment Income

     4,087,116         16,915,643        13,703        140,771        881,151   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments:

           

Net Realized Gain (Loss) from:

           

Investment Transactions

     4,124,597         15,090,036        (350     217,709        736,445   

Net Change in Unrealized Appreciation (Depreciation) on:

           

Investments

     2,107,809         2,178,271        (1,950     244,661        831,457   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments

     6,232,406         17,268,307        (2,300     462,370        1,567,902   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

     $10,319,522         $34,183,950        $11,403        $603,141        $2,449,053   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

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STATEMENTS OF OPERATIONS

 

RIDGEWORTH FUNDS    For the Fiscal Year Ended March 31, 2015

 

  Seix Floating
Rate High
Income Fund
  Seix High
Yield Fund
  Short-Term
Bond Fund
  Short-Term
Municipal
Bond Fund
  Total Return
Bond Fund
 

Investment Income:

          

Interest Income

     $375,863,775        $55,117,401        $545,601        $393,338        $27,725,220   

Dividend Income

     190,988        17,177                        

Net Income from Securities Lending

            363,453                      95,486   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Investment Income

     376,054,763        55,498,031        545,601        393,338        27,820,706   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

          

Investment Advisory Fees

     30,524,990        3,935,731        193,656        142,012        2,591,697   

Administration Fees

     780,429        92,143        4,959        4,158        109,621   

Fund Accounting Fees

     691,650        74,783        3,267        3,659        89,989   

Transfer Agency Fees

     2,830,272        417,620        9,526        11,941        129,759   

Compliance & Fund Services Fees

     515,983        61,433        3,357        2,784        72,758   

Distribution and Service Fees — A Shares

     567,225        79,183        4,984        7,319        101,602   

Distribution and Service Fees — C Shares

     757,962               18,260                 

Distribution and Service Fees — R Shares

            5,316                      343,710   

Shareholder Servicing Fees — I Shares

     7,988,624        303,892        42,692        33,485        1,128,696   

Shareholder Servicing Fees — A Shares

     194,877        15,200        764        3,290        56,928   

Shareholder Servicing Fees — R Shares

            9                      167,675   

Custodian Fees

     1,343,645        41,643        7,131        6,382        71,545   

Printing Fees

     482,352        69,791        5,010        3,521        87,924   

Registration Fees

     106,554        48,046        38,362        29,993        54,394   

Trustee Fees

     336,097        42,578        1,990        1,737        47,039   

Other Fees

     597,972        88,701        11,180        9,037        106,808   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Expenses

     47,718,632        5,276,069        345,138        259,318        5,160,145   

Less: Investment Advisory Fees Waived/Expenses Reimbursed

                   (37,811     (28,444     (5,518
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Expenses

     47,718,632        5,276,069        307,327        230,874        5,154,627   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Investment Income

     328,336,131        50,221,962        238,274        162,464        22,666,079   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currencies:

          

Net Realized Gain (Loss) from:

          

Investment, Unfunded Commitments and Foreign Currency Transactions

     (10,116,412     8,567,477        240,074        210,677        22,135,421   

Swap Contracts

            167,848                      (321,525

Forward Foreign Currency Contracts

                                 (50,549

Net Change in Unrealized Appreciation (Depreciation) on:

          

Investments, Unfunded Commitments and Foreign Currencies

     (173,529,364     (49,959,559     (101,238     93,039        13,258,771   

Swap Contracts

            367,750                      555,899   

Forward Foreign Currency Contracts

                                 (850,735
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currencies

     (183,645,776     (40,856,484     138,836        303,716        34,727,282   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

     $144,690,355        $9,365,478        $377,110        $466,180        $57,393,361   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

137


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STATEMENTS OF OPERATIONS

 

RIDGEWORTH FUNDS    For the Fiscal Year Ended March 31, 2015

 

  Ultra-Short
Bond Fund
  U.S. Government
Securities Fund
  U.S. Government
Securities
Ultra-Short
Bond Fund
  Virginia
Intermediate
Municipal
Bond Fund
 

Investment Income:

        

Interest Income

     $1,354,175        $304,964        $16,686,086        $3,819,589   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Investment Income

     1,354,175        304,964        16,686,086        3,819,589   
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

        

Investment Advisory Fees

     315,772        99,785        3,341,968        621,366   

Administration Fees

     14,709        2,049        182,049        12,751   

Fund Accounting Fees

     12,380        1,667        152,096        10,609   

Transfer Agency Fees

     46,953        6,860        266,935        18,023   

Compliance & Fund Services Fees

     9,847        1,340        119,876        8,399   

Distribution and Service Fees — A Shares

            1,925               9,035   

Distribution and Service Fees — C Shares

            14,311                 

Shareholder Servicing Fees — I Shares

     68,676        21,308        2,496,404        80,484   

Shareholder Servicing Fees — A Shares

            25               559   

Custodian Fees

     10,615        6,092        41,247        7,233   

Printing Fees

     8,786        2,100        97,808        5,618   

Registration Fees

     24,185        38,852        47,997        16,806   

Trustee Fees

     6,113        884        78,360        5,409   

Other Fees

     17,122        8,287        154,812        16,221   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Expenses

     535,158        205,485        6,979,552        812,513   

Less: Investment Advisory Fees Waived/Expenses Reimbursed

            (43,130              
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Expenses

     535,158        162,355        6,979,552        812,513   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Investment Income

     819,017        142,609        9,706,534        3,007,076   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments and Futures:

        

Net Realized Gain (Loss) from:

        

Investment Transactions

     88,095        210,556        9,367,131        2,395,690   

Futures contracts

     (117,245            (1,378,719       

Net Change in Unrealized Appreciation (Depreciation) on:

        

Investments

     65,557        516,083        (2,790,306     198,008   

Futures Contracts

     (68,515            (1,090,823       
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments and Futures

     (32,108     726,639        4,107,283        2,593,698   
  

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

     $786,909        $869,248        $13,813,817        $5,600,774   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

138


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

  Core Bond Fund   Corporate Bond Fund   Georgia Tax-Exempt Bond Fund  
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

           

Net Investment Income

    $3,940,354        $4,802,529        $963,462        $1,793,805        $3,369,667        $4,067,365   

Net Realized Gain (Loss)

    5,407,610        (2,247,406     1,209,494        168,518        2,134,836        (1,723,221

Net Change in Unrealized Appreciation (Depreciation)

    2,544,019        (7,335,675     21,209        (2,208,835     3,204,295        (3,893,136
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

    11,891,983        (4,780,552     2,194,165        (246,512     8,708,798        (1,548,992
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

           

Net Investment Income:

           

I Shares

    (4,024,505     (5,267,601     (745,708     (1,483,306     (3,271,526     (3,944,136

A Shares

    (153,575     (260,196     (22,880     (49,480     (98,214     (123,282

C Shares

                  (194,180     (261,000              

R Shares

    (63,070     (69,297                            

Net Realized Gains:

           

I Shares

           (4,708,330     (450,254     (1,574,501              

A Shares

           (252,957     (15,424     (27,525              

C Shares

                  (179,318     (346,555              

R Shares

           (91,976                            
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Dividends and Distributions

    (4,241,150     (10,650,357     (1,607,764     (3,742,367     (3,369,740     (4,067,418
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    (19,178,943     (166,511,487     (5,503,208     (28,232,711     5,205,351        (22,129,077
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets

    (11,528,110     (181,942,396     (4,916,807     (32,221,590     10,544,409        (27,745,487
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

           

Beginning of Period

    214,334,129        396,276,525        39,185,775        71,407,365        124,973,957        152,719,444   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of Period

  $ 202,806,019      $ 214,334,129      $ 34,268,968      $ 39,185,775      $ 135,518,366      $ 124,973,957   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated Net Investment Income (Loss), End of Period

  $ (340,461   $ (386,757   $ (64,835   $ (79,808   $ 190,524      $ 190,597   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

139


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (continued)

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

  High Grade Municipal Bond Fund   High Income Fund   Intermediate Bond Fund  
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

           

Net Investment Income

    $2,142,287        $1,692,609        $51,106,250        $52,993,380        $4,087,116        $7,768,495   

Net Realized Gain (Loss)

    2,385,295        (143,983     (9,175,361     25,172,860        4,124,597        537,085   

Net Change in Unrealized Appreciation (Depreciation)

    1,292,519        (1,431,114     (40,095,151     (12,580,067     2,107,809        (17,001,122
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

    5,820,101        117,512        1,835,738        65,586,173        10,319,522        (8,695,542
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

           

Net Investment Income:

           

I Shares

    (1,802,016     (1,430,378     (44,865,842     (43,729,034     (4,076,198     (7,790,843

A Shares

    (340,203     (262,202     (5,308,612     (8,470,656     (34,675     (70,662

R Shares

                  (1,140,516     (1,261,457     (146     (186

IS Shares*

                  (203,040                     

Net Realized Gains:

           

I Shares

    (1,021,985     (193,807     (22,443,420     (15,228,470     (1,085,525     (15,653,552

A Shares

    (188,454     (35,607     (2,009,392     (3,562,894     (8,908     (212,227

R Shares

                  (657,683     (470,570     (78     (718

IS Shares*

                  (166,118                     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Dividends and Distributions

    (3,352,658     (1,921,994     (76,794,623     (72,723,081     (5,205,530     (23,728,188
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    53,088,287        (7,745,895     (44,475,816     42,054,508        (112,103,222     (559,824,062
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets

    55,555,730        (9,550,377     (119,434,701     34,917,600        (106,989,230     (592,247,792
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

           

Beginning of Period

    56,703,774        66,254,151        962,749,392        927,831,792        360,378,085        952,625,877   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of Period

  $ 112,259,504      $ 56,703,774      $ 843,314,691      $ 962,749,392      $ 253,388,855      $ 360,378,085   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated Net Investment Income (Loss), End of Period

  $ (7,071   $ (7,139   $ (367,341   $ (363,403   $ (316,257   $ (431,903
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* IS Shares commenced operations on August 1, 2014.

 

See Notes to Financial Statements.

 

140


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (continued)

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

  Investment Grade Tax-Exempt
Bond Fund
  Limited Duration Fund   Limited-Term Federal
Mortgage Securities Fund
 
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

           

Net Investment Income

    $16,915,643        $18,016,013        $13,703        $19,169        $140,771        $102,590   

Net Realized Gain (Loss)

    15,090,036        860,369        (350     24,325        217,709        16,458   

Net Change in Unrealized Appreciation (Depreciation)

    2,178,271        (20,781,122     (1,950     (26,466     244,661        (347,602
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

    34,183,950        (1,904,740     11,403        17,028        603,141        (228,554
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

           

Net Investment Income:

           

I Shares

    (16,227,546     (17,296,851     (11,822     (14,851     (77,129     (122,073

A Shares

    (688,148     (719,739                   (59,757     (34,674

C Shares

                                (54,737     (51,259

Net Realized Gains:

           

I Shares

    (8,172,201     (5,168,338                            

A Shares

    (354,453     (228,704                            
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Dividends and Distributions

    (25,442,348     (23,413,632     (11,822     (14,851     (191,623     (208,006
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    4,621,212        (319,882,736            (2,709,499     2,236,092        (6,531,861
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets

    13,362,814        (345,201,108     (419     (2,707,322     2,647,610        (6,968,421
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

           

Beginning of Period

    673,927,946        1,019,129,054        6,650,087        9,357,409        10,193,433        17,161,854   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of Period

  $ 687,290,760      $ 673,927,946      $ 6,649,668      $ 6,650,087      $ 12,841,043      $ 10,193,433   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated Net Investment Loss, End of Period

  $ (228,438   $ (228,387   $ (715   $ (715   $ (15,691   $ (15,718
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

141


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (continued)

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

  North Carolina Tax-Exempt
Bond Fund
  Seix Floating Rate High Income Fund   Seix High Yield Fund  
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

           

Net Investment Income

    $881,151        $1,186,716        $328,336,131        $323,327,760        $50,221,962        $96,099,251   

Net Realized Gain (Loss)

    736,445        (959,666     (10,116,412     11,462,727        8,735,325        70,543,347   

Net Change in Unrealized Appreciation (Depreciation)

    831,457        (863,905     (173,529,364     (6,274,675     (49,591,809     (65,722,730
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

    2,449,053        (636,855     144,690,355        328,515,812        9,365,478        100,919,868   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

           

Net Investment Income:

           

I Shares

    (863,258     (1,165,690     (319,113,755     (312,044,616     (49,018,736     (94,634,944

A Shares

    (17,921     (21,050     (7,712,075     (6,400,576     (1,686,559     (3,456,272

C Shares

                  (2,637,461     (2,065,373              

R Shares

                                (55,575     (94,538

IS Shares*

                  (58,635                     

Net Realized Gains:

           

I Shares

           (1,161,841                   (63,887,145     (58,467,007

A Shares

           (25,030                   (626,273     (2,326,532

R Shares

                                (79,485     (54,118
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Dividends and Distributions

    (881,179     (2,373,611     (329,521,926     (320,510,565     (115,353,773     (159,033,411
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    (1,754,966     (10,718,709     (2,802,560,007     3,332,412,383        (472,362,184     (527,438,582
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets

    (187,092     (13,729,175     (2,987,391,578     3,340,417,630        (578,350,479     (585,552,125
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

           

Beginning of Period

    38,172,044        51,901,219        9,260,797,371        5,920,379,741        1,282,303,276        1,867,855,401   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of Period

  $ 37,984,952      $ 38,172,044      $ 6,273,405,793      $ 9,260,797,371      $ 703,952,797      $ 1,282,303,276   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated Net Investment Income (Loss), End of Period

  $ (63,143   $ (63,115   $ 511,077      $ (1,354   $ (1,258,535   $ (1,256,315
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* IS Shares commenced operations on February 2, 2015.

 

See Notes to Financial Statements.

 

142


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (continued)

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

  Short-Term Bond Fund   Short-Term Municipal
Bond Fund
  Total Return Bond Fund  
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

           

Net Investment Income

    $238,274        $726,241        $162,464        $44,096        $22,666,079        $25,380,593   

Net Realized Gain (Loss)

    240,074        714,197        210,677        197,237        21,763,347        (16,842,676

Net Change in Unrealized Appreciation (Depreciation)

    (101,238     (1,063,778     93,039        (56,592     12,963,935        (17,738,628
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

    377,110        376,660        466,180        184,741        57,393,361        (9,200,711
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

           

Net Investment Income:

           

I Shares

    (259,957     (715,698     (149,835     (39,355     (21,115,553     (23,280,438

A Shares

    (10,802     (25,093     (12,625     (4,738     (830,587     (817,396

C Shares

    (76     (5,646                            

R Shares

                                (1,171,743     (1,109,995

IS Shares*

                                (1,094,613       

Net Realized Gains:

           

I Shares

                  (260,009     (87,967            (9,776,080

A Shares

                  (31,379     (19,996            (377,861

R Shares

                                       (686,006
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Dividends and Distributions

    (270,835     (746,437     (453,848     (152,056     (24,212,496     (36,047,776
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    11,582,335        (39,461,972     5,768,419        21,903,965        (17,395,124     (146,164,164
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets

    11,688,610        (39,831,749     5,780,751        21,936,650        15,785,741        (191,412,651
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

           

Beginning of Period

    43,046,818        82,878,567        36,752,207        14,815,557        1,135,790,701        1,327,203,352   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of Period

  $ 54,735,428      $ 43,046,818      $ 42,532,958      $ 36,752,207      $ 1,151,576,442      $ 1,135,790,701   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated Net Investment Income (Loss), End of Period

  $ (1,569   $ (1,583   $ (1,445   $ (1,449   $ (3,037,962   $ 525,408   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* IS Shares commenced operations on August 1, 2014.

 

See Notes to Financial Statements.

 

143


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (continued)

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

  Ultra-Short Bond Fund   U.S. Government
Securities Fund
  U.S. Government Securities
Ultra-Short Bond Fund
 
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

           

Net Investment Income

    $819,017        $838,752        $142,609        $128,721        $9,706,534        $6,777,811   

Net Realized Gain (Loss)

    (29,150     158,704        210,556        (120,082     7,988,412        (1,387,601

Net Change in Unrealized Appreciation (Depreciation)

    (2,958     (204,927     516,083        (773,072     (3,881,129     (2,864,838
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Operations

    786,909        792,529        869,248        (764,433     13,813,817        2,525,372   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

           

Net Investment Income:

           

I Shares

    (932,817     (969,033     (138,908     (125,734     (13,488,002     (13,537,248

A Shares

                  (3,707     (3,032              

Net Realized Gains:

           

I Shares

                         (102,240              

A Shares

                         (4,216              

C Shares

                         (6,158              
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Dividends and Distributions

    (932,817     (969,033     (142,615     (241,380     (13,488,002     (13,537,248
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    20,772,412        13,005,312        (5,606,935     (14,946,754     (327,653,113     (327,686,238
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in Net Assets

    20,626,504        12,828,808        (4,880,302     (15,952,567     (327,327,298     (338,698,114
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

           

Beginning of Period

    122,053,102        109,224,294        23,501,442        39,454,009        1,993,214,955        2,331,913,069   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of Period

  $ 142,679,606      $ 122,053,102      $ 18,621,140      $ 23,501,442      $ 1,665,887,657      $ 1,993,214,955   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated Net Investment Loss, End of Period

  $ (2,391   $ (2,435   $ (144   $ (138   $ (517   $ (2,331
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

144


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

 

RIDGEWORTH FUNDS    For the Fiscal Years Indicated

 

  Virginia Intermediate
Municipal Bond Fund
 
  04/01/14-
03/31/15
  04/01/13-
03/31/14
 

Operations:

   

Net Investment Income

    $3,007,076        $4,035,399   

Net Realized Gain (Loss)

    2,395,690        (343,350

Net Change in Unrealized Appreciation (Depreciation)

    198,008        (4,565,246
 

 

 

   

 

 

 

Change in Net Assets from Operations

    5,600,774        (873,197
 

 

 

   

 

 

 

Dividends and Distributions to Shareholders:

   

Net Investment Income:

   

I Shares

    (2,866,071     (3,783,005

A Shares

    (141,063     (252,522

Net Realized Gains:

   

I Shares

    (973,740     (1,295,751

A Shares

    (44,134     (89,534
 

 

 

   

 

 

 

Total Dividends and Distributions

    (4,025,008     (5,420,812
 

 

 

   

 

 

 

Change in Net Assets from Capital Transactions

    (5,588,926     (21,322,420
 

 

 

   

 

 

 

Change in Net Assets

    (4,013,160     (27,616,429
 

 

 

   

 

 

 

Net Assets:

   

Beginning of Period

    128,268,140        155,884,569   
 

 

 

   

 

 

 

End of Period

  $ 124,254,980      $ 128,268,140   
 

 

 

   

 

 

 

Accumulated Net Investment Income, End of Period

  $ 19,175      $ 19,233   
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

145


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS    Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

Core Bond Fund

I Shares

Year Ended March 31, 2015

  $10.65      $0.21      $0.40      $0.61      $(0.22   $—      $—      $(0.22   $—      $11.04      $191,905      5.80   0.45   0.45   1.90   168

Year Ended March 31, 2014

  11.16      0.18      (0.23   (0.05   (0.22        (0.24   (0.46        10.65      200,371      (0.38   0.42      0.42      1.67      208   

Year Ended March 31, 2013

  11.10      0.15      0.24      0.39      (0.20        (0.13   (0.33        11.16      370,455      3.53      0.38      0.38      1.33      151   

Year Ended March 31, 2012

  11.00      0.24      0.81      1.05      (0.27        (0.68   (0.95        11.10      439,017      9.65      0.48      0.48      2.15      211   

Year Ended March 31, 2011

  11.42      0.36      0.09      0.45      (0.25   (0.10   (0.52   (0.87        11.00      295,931      3.91      0.60      0.60      3.11      119 (e) 

A Shares

Year Ended March 31, 2015

  10.65      0.18      0.41      0.59      (0.20             (0.20        11.04      7,411      5.58      0.67      0.67      1.70      168   

Year Ended March 31, 2014

  11.16      0.15      (0.23   (0.08   (0.19        (0.24   (0.43        10.65      9,848      (0.66   0.71      0.71      1.38      208   

Year Ended March 31, 2013

  11.10      0.11      0.24      0.35      (0.16        (0.13   (0.29        11.16      20,687      3.20      0.69      0.70      1.02      151   

Year Ended March 31, 2012

  11.00      0.21      0.80      1.01      (0.23        (0.68   (0.91        11.10      21,644      9.29      0.82      0.82      1.84      211   

Year Ended March 31, 2011

  11.42      0.35      0.06      0.41      (0.21   (0.10   (0.52   (0.83        11.00      19,087      3.61      0.87      0.87      3.03      119 (e) 

R Shares

Year Ended March 31, 2015

  10.66      0.16      0.41      0.57      (0.18             (0.18        11.05      3,490      5.37      0.85      0.85      1.51      168   

Year Ended March 31, 2014

  11.17      0.14      (0.24   (0.10   (0.17        (0.24   (0.41        10.66      4,115      (0.80   0.85      0.85      1.29      208   

Year Ended March 31, 2013

  11.10      0.10      0.24      0.34      (0.14        (0.13   (0.27        11.17      5,135      3.15      0.84      0.84      0.87      151   

Year Ended March 31, 2012

  11.01      0.18      0.78      0.96      (0.19        (0.68   (0.87        11.10      5,952      8.83      1.16      1.16      1.55      211   

Year Ended March 31, 2011

  11.42      0.31      0.08      0.39      (0.18   (0.10   (0.52   (0.80        11.01      6,648      3.41      1.20      1.20      2.71      119 (e) 

Corporate Bond Fund

I Shares

Year Ended March 31, 2015

  8.80      0.26      0.32      0.58      (0.26        (0.17   (0.43        8.95      24,172      6.73      0.66      0.69      2.95      90   

Year Ended March 31, 2014

  9.30      0.28      (0.21   0.07      (0.28        (0.29   (0.57        8.80      28,017      0.91      0.63      0.64      3.18      143   

Year Ended March 31, 2013

  9.35      0.32      0.30      0.62      (0.32        (0.35   (0.67        9.30      51,828      6.71      0.60      0.61      3.36      58   

Year Ended March 31, 2012

  9.59      0.39      0.46      0.85      (0.39        (0.70   (1.09        9.35      57,203      9.10      0.61      0.61      3.98      88   

Year Ended March 31, 2011

  9.63      0.45      0.20      0.65      (0.45        (0.24   (0.69        9.59      63,132      6.92      0.52      0.52      4.56      45 (e) 

A Shares

Year Ended March 31, 2015

  8.84      0.24      0.32      0.56      (0.24        (0.17   (0.41        8.99      807      6.40      0.95      0.99      2.67      90   

Year Ended March 31, 2014

  9.35      0.25      (0.21   0.04      (0.26        (0.29   (0.55        8.84      783      0.52      0.92      0.93      2.76      143   

Year Ended March 31, 2013

  9.40      0.29      0.30      0.59      (0.29        (0.35   (0.64        9.35      4,020      6.39      0.88      0.88      3.06      58   

Year Ended March 31, 2012

  9.64      0.36      0.46      0.82      (0.36        (0.70   (1.06        9.40      4,325      8.78      0.88      0.88      3.68      88   

Year Ended March 31, 2011

  9.67      0.42      0.21      0.63      (0.42        (0.24   (0.66        9.64      2,198      6.67      0.83      0.83      4.25      45 (e) 

C Shares

Year Ended March 31, 2015

  8.80      0.18      0.32      0.50      (0.18        (0.17   (0.35        8.95      9,289      5.69      1.64      1.67      1.97      90   

Year Ended March 31, 2014

  9.30      0.19      (0.21   (0.02   (0.19        (0.29   (0.48        8.80      10,385      (0.07   1.62      1.63      2.18      143   

Year Ended March 31, 2013

  9.35      0.23      0.30      0.53      (0.23        (0.35   (0.58        9.30      15,558      5.67      1.57      1.58      2.39      58   

Year Ended March 31, 2012

  9.59      0.29      0.46      0.75      (0.29        (0.70   (0.99        9.35      18,317      8.05      1.58      1.58      3.00      88   

Year Ended March 31, 2011

  9.63      0.36      0.20      0.56      (0.36        (0.24   (0.60        9.59      16,193      5.87      1.50      1.50      3.64      45 (e) 

Georgia Tax-Exempt Bond Fund

I Shares

Year Ended March 31, 2015

  10.42      0.28      0.44      0.72      (0.28             (0.28        10.86      131,881      7.00      0.64      0.64      2.63      55   

Year Ended March 31, 2014

  10.78      0.31      (0.36   (0.05   (0.31             (0.31        10.42      120,835      (0.37   0.57      0.57      3.01      67   

Year Ended March 31, 2013

  10.55      0.34      0.23      0.57      (0.34             (0.34        10.78      148,153      5.44      0.59      0.59      3.15      50   

Year Ended March 31, 2012

  9.73      0.36      0.82      1.18      (0.36             (0.36        10.55      145,803      12.33      0.62      0.62      3.55      57   

Year Ended March 31, 2011

  10.23      0.39      (0.50   (0.11   (0.39             (0.39        9.73      159,996      (1.19   0.61      0.61      3.81      44   

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

146


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS    Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

A Shares

Year Ended March 31, 2015

  $10.44      $0.27      $0.44      $0.71      $(0.27   $—      $—      $(0.27   $—      $10.88      $3,637      6.89   0.73   0.73   2.55   55

Year Ended March 31, 2014

  10.80      0.30      (0.36   (0.06   (0.30             (0.30        10.44      4,139      (0.52   0.72      0.72      2.87      67   

Year Ended March 31, 2013

  10.57      0.32      0.23      0.55      (0.32             (0.32        10.80      4,566      5.27      0.74      0.74      2.99      50   

Year Ended March 31, 2012

  9.75      0.35      0.82      1.17      (0.35             (0.35        10.57      4,280      12.14      0.77      0.77      3.39      57   

Year Ended March 31, 2011

  10.24      0.37      (0.49   (0.12   (0.37             (0.37        9.75      5,557      (1.24   0.76      0.76      3.64      44   

High Grade Municipal Bond Fund

I Shares

Year Ended March 31, 2015

  11.86      0.31      0.59      0.90      (0.31        (0.16   (0.47        12.29      95,761      7.64      0.65      0.69      2.53      228   

Year Ended March 31, 2014

  12.10      0.34      (0.19   0.15      (0.34        (0.05   (0.39        11.86      47,737      1.40      0.65      0.68      2.90      227   

Year Ended March 31, 2013

  11.96      0.34      0.50      0.84      (0.34        (0.36   (0.70        12.10      54,892      7.12      0.65      0.68      2.78      168   

Year Ended March 31, 2012

  10.92      0.38      1.07      1.45      (0.38        (0.03   (0.41        11.96      42,963      13.43      0.64      0.66      3.29      218   

Year Ended March 31, 2011

  11.15      0.44      (0.23   0.21      (0.44             (0.44        10.92      47,695      1.82      0.65      0.71      3.90      122   

A Shares

Year Ended March 31, 2015

  11.86      0.29      0.59      0.88      (0.29        (0.16   (0.45        12.29      16,499      7.48      0.80      0.80      2.38      228   

Year Ended March 31, 2014

  12.11      0.32      (0.20   0.12      (0.32        (0.05   (0.37        11.86      8,967      1.16      0.80      0.82      2.75      227   

Year Ended March 31, 2013

  11.97      0.32      0.50      0.82      (0.32        (0.36   (0.68        12.11      11,363      6.97      0.80      0.83      2.63      168   

Year Ended March 31, 2012

  10.92      0.36      1.08      1.44      (0.36        (0.03   (0.39        11.97      8,155      13.36      0.79      0.81      3.15      218   

Year Ended March 31, 2011

  11.15      0.42      (0.23   0.19      (0.42             (0.42        10.92      7,914      1.66      0.80      0.87      3.72      122   

High Income Fund

I Shares

Year Ended March 31, 2015

  7.26      0.40      (0.38   0.02      (0.40        (0.21   (0.61        6.67      753,851      0.47      0.77      0.77      5.63      86   

Year Ended March 31, 2014

  7.32      0.43      0.11      0.54      (0.44        (0.16   (0.60        7.26      783,072      7.68      0.77      0.77      6.00      110   

Year Ended March 31, 2013

  6.89      0.45      0.43      0.88      (0.45             (0.45        7.32      784,870      13.17      0.74      0.75      6.33      118   

Year Ended March 31, 2012

  7.29      0.51      (0.32   0.19      (0.52        (0.07   (0.59        6.89      576,626      3.04      0.71      0.71      7.37      148   

Year Ended March 31, 2011

  6.77      0.50      0.54      1.04      (0.50        (0.02   (0.52        7.29      394,690      15.83      0.70      0.70      7.10      259 (e) 

A Shares

Year Ended March 31, 2015

  7.27      0.38      (0.38        (0.38        (0.21   (0.59        6.68      65,121      0.26      0.99      0.99      5.34      86   

Year Ended March 31, 2014

  7.32      0.42      0.11      0.53      (0.42        (0.16   (0.58        7.27      157,360      7.60 (f)    0.97      0.97      5.82      110   

Year Ended March 31, 2013

  6.90      0.43      0.42      0.85      (0.43             (0.43        7.32      119,006      12.72      0.99      0.99      6.09      118   

Year Ended March 31, 2012

  7.29      0.49      (0.31   0.18      (0.50        (0.07   (0.57        6.90      99,210      2.74      1.00      1.00      7.09      148   

Year Ended March 31, 2011

  6.78      0.47      0.54      1.01      (0.48        (0.02   (0.50        7.29      70,552      15.47      1.00      1.00      6.62      259 (e) 

R Shares

Year Ended March 31, 2015

  7.27      0.37      (0.38   (0.01   (0.37        (0.21   (0.58        6.68      20,887      0.05      1.21      1.21      5.20      86   

Year Ended March 31, 2014

  7.32      0.40      0.12      0.52      (0.41        (0.16   (0.57        7.27      22,317      7.37      1.20      1.20      5.57      110   

Year Ended March 31, 2013

  6.89      0.41      0.43      0.84      (0.41             (0.41        7.32      23,956      12.61      1.23      1.23      5.85      118   

Year Ended March 31, 2012

  7.29      0.47      (0.33   0.14      (0.47        (0.07   (0.54        6.89      20,317      2.25      1.35      1.35      6.76      148   

Year Ended March 31, 2011

  6.78      0.45      0.53      0.98      (0.45        (0.02   (0.47        7.29      15,671      15.07      1.40      1.40      6.54      259 (e) 

IS Shares(g)

Period Ended March 31, 2015

  7.22      0.28      (0.33   (0.05   (0.28        (0.21   (0.49        6.68      3,455      (0.51   0.63      0.63      5.99      86   

Intermediate Bond Fund

I Shares

Year Ended March 31, 2015

  9.76      0.13      0.20      0.33      (0.13        (0.04   (0.17        9.92      250,284      3.46      0.46      0.46      1.35      111   

Year Ended March 31, 2014

  10.31      0.13      (0.16   (0.03   (0.14        (0.38   (0.52        9.76      356,689      (0.24   0.39      0.39      1.31      149   

Year Ended March 31, 2013

  10.45      0.17      0.16      0.33      (0.17        (0.30   (0.47        10.31      942,715      3.24      0.35      0.35      1.63      116   

Year Ended March 31, 2012

  10.35      0.22      0.45      0.67      (0.22        (0.35   (0.57        10.45      1,194,207      6.45      0.35      0.35      2.04      139   

Year Ended March 31, 2011

  10.53      0.29      0.11      0.40      (0.25   (0.03   (0.30   (0.58        10.35      1,305,914      3.75      0.34      0.34      2.73      127 (e) 

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

147


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS    Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

A Shares

Year Ended March 31, 2015

  $9.77      $0.12      $0.20      $0.32      $(0.12   $—      $(0.04   $(0.16   $—      $9.93      $3,086      3.31   0.61   0.61   1.21   111

Year Ended March 31, 2014

  10.31      0.11      (0.16   (0.05   (0.11        (0.38   (0.49        9.77      3,671      (0.38   0.65      0.65      1.07      149   

Year Ended March 31, 2013

  10.46      0.14      0.15      0.29      (0.14        (0.30   (0.44        10.31      9,878      2.85      0.63      0.63      1.34      116   

Year Ended March 31, 2012

  10.35      0.19      0.46      0.65      (0.19        (0.35   (0.54        10.46      11,320      6.26      0.62      0.62      1.75      139   

Year Ended March 31, 2011

  10.53      0.28      0.09      0.37      (0.22   (0.03   (0.30   (0.55        10.35      12,926      3.49      0.60      0.60      2.62      127 (e) 

R Shares

Year Ended March 31, 2015

  9.76      0.08      0.20      0.28      (0.08        (0.04   (0.12        9.92      19      2.86      1.05      1.05      0.77      111   

Year Ended March 31, 2014

  10.30      0.07      (0.15   (0.08   (0.08        (0.38   (0.46        9.76      18      (0.74   0.99      0.99      0.74      149   

Year Ended March 31, 2013

  10.45      0.11      0.15      0.26      (0.11        (0.30   (0.41        10.30      32      2.58      0.92      1.82      1.06      116   

Year Ended March 31, 2012

  10.35      0.14      0.45      0.59      (0.14        (0.35   (0.49        10.45      749      5.72      1.04      1.04      1.36      139   

Year Ended March 31, 2011

  10.53      0.23      0.09      0.32      (0.17   (0.03   (0.30   (0.50        10.35      901      3.03      1.10      1.10      2.13      127 (e) 

Investment Grade Tax-Exempt Bond Fund

  

I Shares

Year Ended March 31, 2015

  12.13      0.31      0.32      0.63      (0.31        (0.16   (0.47        12.29      657,851      5.25      0.65      0.68      2.53      144   

Year Ended March 31, 2014

  12.45      0.28      (0.23   0.05      (0.28        (0.09   (0.37        12.13      643,828      0.48      0.64      0.64      2.29      104   

Year Ended March 31, 2013

  12.49      0.25      0.35      0.60      (0.25        (0.39   (0.64        12.45      982,171      4.87      0.62      0.63      1.98      151   

Year Ended March 31, 2012

  11.65      0.29      0.93      1.22      (0.29        (0.09   (0.38        12.49      950,629      10.62      0.61      0.61      2.38      199   

Year Ended March 31, 2011

  11.99      0.33      (0.06   0.27      (0.33        (0.28   (0.61        11.65      1,067,672      2.22      0.57      0.57      2.71      159   

A Shares

Year Ended March 31, 2015

  12.14      0.29      0.32      0.61      (0.29        (0.16   (0.45        12.30      29,439      5.09      0.80      0.91      2.37      144   

Year Ended March 31, 2014

  12.47      0.26      (0.24   0.02      (0.26        (0.09   (0.35        12.14      30,100      0.23      0.80      0.90      2.13      104   

Year Ended March 31, 2013

  12.50      0.23      0.36      0.59      (0.23        (0.39   (0.62        12.47      36,958      4.75      0.82      0.87      1.78      151   

Year Ended March 31, 2012

  11.66      0.26      0.93      1.19      (0.26        (0.09   (0.35        12.50      37,840      10.33      0.87      0.87      2.12      199   

Year Ended March 31, 2011

  12.00      0.29      (0.06   0.23      (0.29        (0.28   (0.57        11.66      31,189      1.93      0.85      0.85      2.42      159   

Limited Duration Fund

I Shares

Year Ended March 31, 2015

  9.83      0.02      (h)    0.02      (0.02             (0.02        9.83      6,650      0.18      0.34      0.46      0.21      45   

Year Ended March 31, 2014

  9.83      0.03      (0.01   0.02      (0.02             (0.02        9.83      6,650      0.21      0.32      0.43      0.27      104   

Year Ended March 31, 2013

  9.76      0.05      0.06      0.11      (0.04             (0.04        9.83      9,357      1.08      0.30      0.33      0.50      56   

Year Ended March 31, 2012

  9.76      0.07      (0.01   0.06      (0.06             (0.06        9.76      16,002      0.58      0.28      0.28      0.68      58   

Year Ended March 31, 2011

  9.71      0.10      0.03      0.13      (0.08             (0.08        9.76      21,883      1.37      0.22      0.22      1.11      74 (e) 

Limited-Term Federal Mortgage Securities Fund

  

I Shares

Year Ended March 31, 2015

  10.90      0.19      0.48      0.67      (0.25             (0.25        11.32      3,650      6.16      0.69      1.26      1.75      165   

Year Ended March 31, 2014

  11.16      0.12      (0.16   (0.04   (0.22             (0.22        10.90      3,692      (0.38   0.66      1.10      1.08      236   

Year Ended March 31, 2013

  11.09      0.04      0.21      0.25      (0.18             (0.18        11.16      8,851      2.26      0.66      0.85      0.37      163   

Year Ended March 31, 2012

  10.59      0.12      0.62      0.74      (0.24             (0.24        11.09      24,688      7.01      0.66      0.72      1.06      299   

Year Ended March 31, 2011

  10.38      0.19      0.30      0.49      (0.28             (0.28        10.59      30,522      4.73      0.65      0.80      1.77      443 (e) 

A Shares

Year Ended March 31, 2015

  10.88      0.16      0.47      0.63      (0.22             (0.22        11.29      5,201      5.86      0.89      1.43      1.45      165   

Year Ended March 31, 2014

  11.14      0.11      (0.18   (0.07   (0.19             (0.19        10.88      1,721      (0.58   0.86      1.27      1.02      236   

Year Ended March 31, 2013

  11.07      0.02      0.21      0.23      (0.16             (0.16        11.14      2,271      2.06      0.86      1.05      0.15      163   

Year Ended March 31, 2012

  10.57      0.09      0.62      0.71      (0.21             (0.21        11.07      6,279      6.81      0.86      0.93      0.78      299   

Year Ended March 31, 2011

  10.36      0.17      0.30      0.47      (0.26             (0.26        10.57      2,924      4.53      0.85      1.01      1.63      443 (e) 

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

148


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS    Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

C Shares

Year Ended March 31, 2015

  $10.90      $0.09      $0.47      $0.56      $(0.14   $—      $—      $(0.14   $—      $11.32      $3,989      5.15   1.65   2.15   0.79   165

Year Ended March 31, 2014

  11.16      0.03      (0.18   (0.15   (0.11             (0.11        10.90      4,780      (1.36   1.66      2.04      0.23      236   

Year Ended March 31, 2013

  11.09      (0.07   0.21      0.14      (0.07             (0.07        11.16      6,039      1.25      1.66      1.84      (0.65   163   

Year Ended March 31, 2012

  10.59      0.01      0.62      0.63      (0.13             (0.13        11.09      7,376      5.94      1.66      1.71      0.06      299   

Year Ended March 31, 2011

  10.38      0.09      0.29      0.38      (0.17             (0.17        10.59      7,375      3.69      1.66      1.82      0.82      443 (e) 

North Carolina Tax-Exempt Bond Fund

I Shares

Year Ended March 31, 2015

  10.06      0.25      0.43      0.68      (0.25             (0.25        10.49      37,190      6.80      0.65      0.69      2.40      51   

Year Ended March 31, 2014

  10.68      0.26      (0.31   (0.05   (0.27        (0.30   (0.57        10.06      37,311      (0.38   0.61      0.61      2.59      77   

Year Ended March 31, 2013

  10.47      0.30      0.21      0.51      (0.30             (0.30        10.68      50,991      4.88      0.62      0.62      2.79      79   

Year Ended March 31, 2012

  9.70      0.33      0.77      1.10      (0.33             (0.33        10.47      50,412      11.51      0.67      0.67      3.27      39   

Year Ended March 31, 2011

  10.07      0.36      (0.37   (0.01   (0.36             (0.36        9.70      51,372      (0.14   0.64      0.64      3.61      49   

A Shares

Year Ended March 31, 2015

  10.04      0.23      0.42      0.65      (0.23             (0.23        10.46      795      6.56      0.79      0.79      2.27      51   

Year Ended March 31, 2014

  10.65      0.25      (0.31   (0.06   (0.25        (0.30   (0.55        10.04      861      (0.45   0.77      0.77      2.44      77   

Year Ended March 31, 2013

  10.45      0.28      0.20      0.48      (0.28             (0.28        10.65      910      4.63      0.77      0.77      2.60      79   

Year Ended March 31, 2012

  9.67      0.32      0.78      1.10      (0.32             (0.32        10.45      633      11.47      0.82      0.82      3.11      39   

Year Ended March 31, 2011

  10.04      0.35      (0.37   (0.02   (0.35             (0.35        9.67      693      (0.30   0.79      0.79      3.47      49   

Seix Floating Rate High Income Fund

I Shares

Year Ended March 31, 2015

  9.06      0.39      (0.20   0.19      (0.39             (0.39        8.86      6,048,771      2.17      0.61      0.61      4.34      29   

Year Ended March 31, 2014

  9.06      0.38      (0.01   0.37      (0.37             (0.37        9.06      8,965,312      4.16      0.60      0.60      4.13      47   

Year Ended March 31, 2013

  8.83      0.46      0.20      0.66      (0.43             (0.43        9.06      5,780,847      7.67      0.60      0.60      5.13      70   

Year Ended March 31, 2012

  9.01      0.50      (0.22   0.28      (0.46             (0.46        8.83      3,419,351      3.31      0.60      0.60      5.69      72   

Year Ended March 31, 2011

  8.80      0.59      0.15      0.74      (0.53             (0.53        9.01      3,078,972      8.64      0.51      0.51      6.62      98 (e) 

A Shares

Year Ended March 31, 2015

  9.06      0.36      (0.19   0.17      (0.37             (0.37        8.86      147,560      1.88      0.91      0.91      4.06      29   

Year Ended March 31, 2014

  9.06      0.35      (0.01   0.34      (0.34             (0.34        9.06      212,336      3.86      0.89      0.89      3.82      47   

Year Ended March 31, 2013

  8.83      0.43      0.21      0.64      (0.41             (0.41        9.06      99,040      7.39      0.85      0.85      4.85      70   

Year Ended March 31, 2012

  9.01      0.48      (0.22   0.26      (0.44             (0.44        8.83      51,185      3.05      0.85      0.85      5.47      72   

Year Ended March 31, 2011

  8.80      0.55      0.16      0.71      (0.50             (0.50        9.01      69,159      8.29      0.84      0.84      6.22      98 (e) 

C Shares

Year Ended March 31, 2015

  9.07      0.31      (0.21   0.10      (0.31             (0.31        8.86      64,445      1.16      1.50      1.50      3.46      29   

Year Ended March 31, 2014

  9.06      0.29      0.01      0.30      (0.29             (0.29        9.07      83,149      3.33      1.51      1.51      3.21      47   

Year Ended March 31, 2013

  8.83      0.38      0.20      0.58      (0.35             (0.35        9.06      40,493      6.69      1.51      1.51      4.22      70   

Year Ended March 31, 2012

  9.02      0.42      (0.23   0.19      (0.38             (0.38        8.83      30,132      2.26      1.52      1.52      4.77      72   

Period Ended March 31, 2011

  8.81      0.50      0.15      0.65      (0.44             (0.44        9.02      22,234      7.57      1.50      1.50      5.65      98 (e) 

IS Shares(g)

Period Ended March 31, 2015

  8.74      0.07      0.12      0.19      (0.07             (0.07        8.86      12,629      2.15      0.47      0.47      5.08      29   

Seix High Yield Fund

I Shares

Year Ended March 31, 2015

  9.95      0.54      (0.43   0.11      (0.54        (0.79   (1.33        8.73      695,060      1.53      0.58      0.58      5.63      72   

Year Ended March 31, 2014

  10.26      0.58      0.06      0.64      (0.59        (0.36   (0.95        9.95      1,211,146      6.65      0.55      0.55      5.79      89   

Year Ended March 31, 2013

  9.69      0.64      0.56      1.20      (0.63             (0.63        10.26      1,792,768      12.80      0.54      0.54      6.41      79   

Year Ended March 31, 2012

  10.07      0.70      (0.38   0.32      (0.70             (0.70        9.69      2,123,625      3.44      0.54      0.54      7.27      83   

Year Ended March 31, 2011

  9.46      0.77      0.61      1.38      (0.77             (0.77        10.07      1,724,652      15.24      0.51      0.51      7.96      108 (e) 

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

149


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS    Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net
Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

A Shares

Year Ended March 31, 2015

  $9.72      $0.51      $(0.43   $0.08      $(0.50   $—      $(0.79   $(1.29   $—      $8.51      $8,110      1.24   0.87   0.87   5.31   72

Year Ended March 31, 2014

  10.03      0.55      0.05      0.60      (0.55        (0.36   (0.91        9.72      69,921      6.39      0.81      0.81      5.57      89   

Year Ended March 31, 2013

  9.47      0.59      0.56      1.15      (0.59             (0.59        10.03      72,703      12.56      0.79      0.79      6.09      79   

Year Ended March 31, 2012

  9.84      0.65      (0.36   0.29      (0.66             (0.66        9.47      38,016      3.21      0.78      0.78      6.91      83   

Year Ended March 31, 2011

  9.25      0.73      0.60      1.33      (0.74             (0.74        9.84      35,238      14.99      0.77      0.77      7.74      108 (e) 

R Shares

Year Ended March 31, 2015

  9.94      0.49      (0.42   0.07      (0.50        (0.79   (1.29        8.72      782      1.05      1.04      1.04      5.18      72   

Year Ended March 31, 2014

  10.26      0.53      0.05      0.58      (0.54        (0.36   (0.90        9.94      1,237      6.04      1.04      1.04      5.31      89   

Year Ended March 31, 2013

  9.68      0.59      0.57      1.16      (0.58             (0.58        10.26      2,385      12.36      1.03      1.03      5.92      79   

Year Ended March 31, 2012

  10.07      0.65      (0.40   0.25      (0.64             (0.64        9.68      2,427      2.69      1.18      1.18      6.68      83   

Year Ended March 31, 2011

  9.45      0.71      0.62      1.33      (0.71             (0.71        10.07      3,341      14.61      1.20      1.20      7.43      108 (e) 

Short-Term Bond Fund

I Shares

Year Ended March 31, 2015

  9.95      0.05      0.04      0.09      (0.06             (0.06        9.98      50,689      0.93      0.60      0.67      0.52      199   

Year Ended March 31, 2014

  10.00      0.12      (0.05   0.07      (0.12             (0.12        9.95      38,400      0.75      0.58      0.58      1.22      79   

Year Ended March 31, 2013

  9.99      0.15      0.01      0.16      (0.15             (0.15        10.00      78,383      1.65      0.48      0.48      1.51      128   

Year Ended March 31, 2012

  9.95      0.20      0.06      0.26      (0.22             (0.22        9.99      310,854      2.60      0.48      0.48      2.00      86   

Year Ended March 31, 2011

  9.94      0.21      0.02      0.23      (0.22             (0.22        9.95      350,162      2.28      0.48      0.48      2.12      150 (e) 

A Shares

Year Ended March 31, 2015

  9.98      0.04      0.02      0.06      (0.04             (0.04        10.00      2,316      0.63      0.80      0.81      0.37      199   

Year Ended March 31, 2014

  10.03      0.10      (0.05   0.05      (0.10             (0.10        9.98      2,748      0.54      0.78      0.80      1.00      79   

Year Ended March 31, 2013

  10.02      0.13      0.01      0.14      (0.13             (0.13        10.03      2,069      1.40      0.73      0.74      1.27      128   

Year Ended March 31, 2012

  9.98      0.17      0.06      0.23      (0.19             (0.19        10.02      2,478      2.32      0.76      0.76      1.75      86   

Year Ended March 31, 2011

  9.96      0.19      0.03      0.22      (0.20             (0.20        9.98      2,642      2.18      0.67      0.67      1.94      150 (e) 

C Shares

Year Ended March 31, 2015

  9.97      (0.01   0.04      0.03      (h)              (h)         10.00      1,730      0.31      1.22      1.58      (0.06   199   

Year Ended March 31, 2014

  10.02      0.02      (0.04   (0.02   (0.03             (0.03        9.97      1,899      (0.24   1.56      1.56      0.23      79   

Year Ended March 31, 2013

  10.01      0.05      0.01      0.06      (0.05             (0.05        10.02      2,425      0.65      1.48      1.48      0.52      128   

Year Ended March 31, 2012

  9.98      0.10      0.05      0.15      (0.12             (0.12        10.01      3,009      1.48      1.48      1.48      1.01      86   

Year Ended March 31, 2011

  9.96      0.11      0.03      0.14      (0.12             (0.12        9.98      2,685      1.36      1.47      1.47      1.12      150 (e) 

Short-Term Municipal Bond Fund

I Shares

Year Ended March 31, 2015

  9.99      0.04      0.08      0.12      (0.04        (0.07   (0.11        10.00      38,669      1.21      0.55      0.62      0.42      148   

Year Ended March 31, 2014

  10.01      0.02      0.01      0.03      (0.02        (0.03   (0.05        9.99      30,852      0.37      0.54      0.71      0.21      260   

Year Ended March 31, 2013

  10.73      0.05      0.27      0.32      (0.06        (0.98   (1.04        10.01      11,121      3.01      0.58      0.91      0.52      199   

Year Ended March 31, 2012

  10.16      0.32      0.70      1.02      (0.31        (0.14   (0.45        10.73      5,956      10.16      0.67      0.77      3.00      27   

Year Ended March 31, 2011

  10.48      0.35      (0.29   0.06      (0.35        (0.03   (0.38        10.16      21,302      0.53      0.68      0.68      3.32      33   

A Shares

Year Ended March 31, 2015

  9.99      0.03      0.08      0.11      (0.03        (0.07   (0.10        10.00      3,863      1.06      0.70      0.75      0.26      148   

Year Ended March 31, 2014

  10.01      0.01      0.01      0.02      (0.01        (0.03   (0.04        9.99      5,900      0.25      0.65      0.82      0.10      260   

Year Ended March 31, 2013

  10.73      0.04      0.26      0.30      (0.04        (0.98   (1.02        10.01      3,694      2.86      0.73      1.04      0.39      199   

Year Ended March 31, 2012

  10.16      0.29      0.71      1.00      (0.29        (0.14   (0.43        10.73      3,445      10.00      0.82      0.97      2.77      27   

Year Ended March 31, 2011

  10.48      0.33      (0.29   0.04      (0.33        (0.03   (0.36        10.16      4,081      0.38      0.83      0.83      3.18      33   

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

150


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS    Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

Total Return Bond Fund

I Shares

Year Ended March 31, 2015

  $10.43      $0.23      $0.34      $0.57      $(0.25   $—      $—      $(0.25   $—      $10.75      $972,117      5.47   0.44   0.44   2.17   173

Year Ended March 31, 2014

  10.79      0.22      (0.26   (0.04   (0.22        (0.10   (0.32        10.43      1,022,101      (0.31   0.41      0.41      2.12      217   

Year Ended March 31, 2013

  10.77      0.18      0.25      0.43      (0.21        (0.20   (0.41        10.79      1,204,228      4.01      0.39      0.40      1.69      139   

Year Ended March 31, 2012

  10.40      0.25      0.73      0.98      (0.36        (0.25   (0.61        10.77      996,213      9.62      0.37      0.37      2.30      170   

Year Ended March 31, 2011

  10.60      0.33      0.22      0.55      (0.27   (0.08   (0.40   (0.75        10.40      684,952      5.20      0.33      0.33      3.05      251 (e) 

A Shares

Year Ended March 31, 2015

  10.77      0.21      0.35      0.56      (0.22             (0.22        11.11      43,401      5.28      0.71      0.71      1.90      173   

Year Ended March 31, 2014

  11.15      0.20      (0.28   (0.08   (0.20        (0.10   (0.30        10.77      41,134      (0.70   0.70      0.70      1.82      217   

Year Ended March 31, 2013

  11.12      0.16      0.25      0.41      (0.18        (0.20   (0.38        11.15      50,279      3.76      0.66      0.68      1.42      139   

Year Ended March 31, 2012

  10.73      0.22      0.76      0.98      (0.34        (0.25   (0.59        11.12      44,359      9.31      0.65      0.65      1.95      170   

Year Ended March 31, 2011

  10.92      0.33      0.21      0.54      (0.25   (0.08   (0.40   (0.73        10.73      17,589      4.93      0.58      0.58      2.94      251 (e) 

R Shares

Year Ended March 31, 2015

  10.43      0.17      0.33      0.50      (0.18             (0.18        10.75      64,539      4.83      1.05      1.06      1.56      173   

Year Ended March 31, 2014

  10.80      0.16      (0.27   (0.11   (0.16        (0.10   (0.26        10.43      72,556      (1.02   1.03      1.07      1.52      217   

Year Ended March 31, 2013

  10.78      0.12      0.25      0.37      (0.15        (0.20   (0.35        10.80      72,697      3.34      0.96      1.05      1.11      139   

Year Ended March 31, 2012

  10.40      0.18      0.76      0.94      (0.31        (0.25   (0.56        10.78      20,315      9.15      0.90      0.90      1.63      170   

Year Ended March 31, 2011

  10.60      0.30      0.19      0.49      (0.21   (0.08   (0.40   (0.69        10.40      2,825      4.63      0.89      0.89      2.74      251 (e) 

IS Shares(g)

Period Ended March 31, 2015

  10.56      0.16      0.20      0.36      (0.17             (0.17        10.75      71,520      3.39      0.31      0.31      2.20      173   

Ultra-Short Bond Fund

I Shares

Year Ended March 31, 2015

  9.98      0.06      (h)    0.06      (0.07             (0.07        9.97      142,680      0.55      0.37      0.37      0.57      54   

Year Ended March 31, 2014

  9.98      0.07      0.01      0.08      (0.08             (0.08        9.98      122,053      0.76      0.35      0.35      0.65      134   

Year Ended March 31, 2013

  9.95      0.10      0.04      0.14      (0.11             (0.11        9.98      109,224      1.39      0.33      0.33      0.98      127   

Year Ended March 31, 2012

  9.93      0.10      0.03      0.13      (0.11             (0.11        9.95      112,617      1.34      0.34      0.34      0.99      97   

Year Ended March 31, 2011

  9.91      0.13      0.04      0.17      (0.15             (0.15        9.93      115,795      1.76      0.32      0.32      1.31      229   

U.S. Government Securities Fund

I Shares

Year Ended March 31, 2015

  8.20      0.06      0.31      0.37      (0.07             (0.07        8.50      16,702      4.47      0.75      0.96      0.78      67   

Year Ended March 31, 2014

  8.43      0.04      (0.21   (0.17   (0.04        (0.03   (0.07   0.01      8.20      21,192      (1.86 )(i)    0.74      0.87      0.46      96   

Year Ended March 31, 2013

  8.69      0.04      0.15      0.19      (0.04        (0.41   (0.45        8.43      35,866      2.19      0.75      0.81      0.47      75   

Year Ended March 31, 2012

  8.63      0.11      0.61      0.72      (0.11        (0.55   (0.66        8.69      40,754      8.27      0.73      0.73      1.18      94   

Year Ended March 31, 2011

  8.76      0.18      0.22      0.40      (0.18        (0.35   (0.53        8.63      48,580      4.50      0.62      0.62      2.02      92   

A Shares

Year Ended March 31, 2015

  8.19      0.05      0.31      0.36      (0.05             (0.05        8.50      573      4.39      0.95      1.15      0.58      67   

Year Ended March 31, 2014

  8.43      0.02      (0.22   (0.20   (0.02        (0.03   (0.05   0.01      8.19      867      (2.19 )(i)    0.95      1.07      0.25      96   

Year Ended March 31, 2013

  8.69      0.02      0.15      0.17      (0.02        (0.41   (0.43        8.43      1,665      1.97      0.97      1.02      0.24      75   

Year Ended March 31, 2012

  8.63      0.08      0.61      0.69      (0.08        (0.55   (0.63        8.69      1,797      7.98      1.00      1.00      0.90      94   

Year Ended March 31, 2011

  8.76      0.15      0.22      0.37      (0.15        (0.35   (0.50        8.63      2,089      4.18      0.93      0.93      1.71      92   

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

151


Table of Contents

FINANCIAL HIGHLIGHTS

 

RIDGEWORTH FUNDS    Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.

 

  Net Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(a)
  Net
Realized
and
Unrealized
Gains
(Losses) on
Investments
  Total from
Operations
  Dividends
from Net
Investment
Income
  Distributions
from Tax
Return of
Capital
  Distributions
from
Realized
Capital
Gains
  Total
Dividends
and
Distributions
  Payments
by
Affiliates
  Net Asset
Value,
End of
Period
  Net Assets
End of
Period
(000)
  Total
Return(b)
  Ratio of
Net
Expenses
to Average
Net
Assets(c)
  Ratio of
Expenses to
Average Net
Assets
(Excluding
Waivers and
Reimbursements)(c)
  Ratio of
Net
Investment
Income to
Average
Net
Assets(c)
  Portfolio
Turnover
Rate(d)
 

C Shares

Year Ended March 31, 2015

  $8.19      $—      $0.31      $0.31      $— (h)    $—      $—      $— (h)    $—      $8.50      $1,346      3.79   1.53   1.84   %(h)    67

Year Ended March 31, 2014

  8.43           (0.22   (0.22             (0.03   (0.03   0.01      8.19      1,443      (2.45 )(i)    1.21      1.76           96   

Year Ended March 31, 2013

  8.69           0.15      0.15                (0.41   (0.41        8.43      1,923      1.72      1.22      1.70           75   

Year Ended March 31, 2012

  8.63      0.03      0.61      0.64      (0.03        (0.55   (0.58        8.69      2,401      7.32      1.61      1.67      0.28      94   

Year Ended March 31, 2011

  8.76      0.09      0.22      0.31      (0.09        (0.35   (0.44        8.63      2,471      3.46      1.62      1.62      1.02      92   

U.S. Government Securities Ultra-Short Bond Fund

  

I Shares

Year Ended March 31, 2015

  10.12      0.06      0.02      0.08      (0.08             (0.08        10.12      1,665,888      0.77      0.39      0.39      0.55      34   

Year Ended March 31, 2014

  10.17      0.03      (0.02   0.01      (0.06             (0.06        10.12      1,993,215      0.13      0.38      0.38      0.31      36   

Year Ended March 31, 2013

  10.14      0.03      0.08      0.11      (0.08             (0.08        10.17      2,331,913      1.10      0.36      0.36      0.29      137   

Year Ended March 31, 2012

  10.07      0.06      0.12      0.18      (0.11             (0.11        10.14      2,033,765      1.76      0.36      0.36      0.55      70   

Year Ended March 31, 2011

  10.07      0.07      0.09      0.16      (0.16             (0.16        10.07      1,648,792      1.61      0.33      0.33      0.73      126 (e) 

Virginia Intermediate Municipal Bond Fund

  

I Shares

Year Ended March 31, 2015

  10.12      0.25      0.21      0.46      (0.25        (0.09   (0.34        10.24      119,103      4.54      0.65      0.65      2.42      59   

Year Ended March 31, 2014

  10.54      0.29      (0.32   (0.03   (0.29        (0.10   (0.39        10.12      120,600      (0.20   0.58      0.58      2.83      65   

Year Ended March 31, 2013

  10.63      0.31      0.08      0.39      (0.31        (0.17   (0.48        10.54      144,889      3.70      0.59      0.59      2.93      33   

Year Ended March 31, 2012

  10.21      0.33      0.53      0.86      (0.33        (0.11   (0.44        10.63      147,599      8.55      0.63      0.63      3.12      23   

Year Ended March 31, 2011

  10.39      0.34      (0.11   0.23      (0.34        (0.07   (0.41        10.21      165,536      2.15      0.62      0.62      3.23      17   

A Shares

Year Ended March 31, 2015

  10.11      0.24      0.21      0.45      (0.24        (0.09   (0.33        10.23      5,152      4.45      0.74      0.74      2.34      59   

Year Ended March 31, 2014

  10.53      0.27      (0.32   (0.05   (0.27        (0.10   (0.37        10.11      7,668      (0.35   0.73      0.73      2.67      65   

Year Ended March 31, 2013

  10.63      0.30      0.07      0.37      (0.30        (0.17   (0.47        10.53      10,996      3.45      0.74      0.74      2.78      33   

Year Ended March 31, 2012

  10.21      0.31      0.53      0.84      (0.31        (0.11   (0.42        10.63      12,509      8.38      0.78      0.78      2.97      23   

Year Ended March 31, 2011

  10.39      0.32      (0.11   0.21      (0.32        (0.07   (0.39        10.21      12,471      2.00      0.77      0.77      3.09      17   

 

See Notes to Financial Highlights and Notes to Financial Statements.

 

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NOTES TO FINANCIAL HIGHLIGHTS

 

 

(a) Per share data calculated using average shares outstanding method.

 

(b) Total return excludes sales charge. Not annualized for periods less than one year.

 

(c) Annualized for periods less than one year.

 

(d) Not annualized for periods less than one year.

 

(e) The amount previously reported has been adjusted to exclude an overstatement of mortgage-backed transactions and/or other corporate actions.

 

(f) Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the management’s discussion of Fund performance.

 

(g) IS Shares commenced operations on August 1, 2014 (February 2, 2015 for Seix Floating Rate High Income Fund).

 

(h) Rounds to less than $0.005 per share

 

(i) Total return includes payment by Affiliates. Excluding this payment, total return would have been (1.98)%for Class I, (2.31)% for Class A and (2.57)% for Class C.

 

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NOTES TO FINANCIAL STATEMENTS

 

RIDGEWORTH FUNDS    March 31, 2015

 

1. Organization

The RidgeWorth Funds (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is authorized to issue an unlimited number of shares without par value. The financial statements presented herein are those of the Core Bond Fund, Corporate Bond Fund, Georgia Tax-Exempt Bond Fund, High Grade Municipal Bond Fund, High Income Fund, Intermediate Bond Fund, Investment Grade Tax-Exempt Bond Fund, Limited Duration Fund, Limited-Term Federal Mortgage Securities Fund, North Carolina Tax-Exempt Bond Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund, Short-Term Bond Fund, Short-Term Municipal Bond Fund, Total Return Bond Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, U.S. Government Securities Ultra-Short Bond Fund and Virginia Intermediate Municipal Bond Fund (each, a “Fund” and collectively, the “Funds”), which are each a diversified series of the Trust.

The Limited Duration Fund, Ultra-Short Bond Fund and U.S. Government Securities Ultra-Short Bond Fund offer I Shares only. The Georgia Tax-Exempt Bond Fund, High Grade Municipal Bond Fund, Investment Grade Tax-Exempt Bond Fund, North Carolina Tax-Exempt Bond Fund, Short-Term Municipal Bond Fund and Virginia Intermediate Bond Fund offer I Shares and A Shares. The Core Bond Fund, Intermediate Bond Fund and Seix High Yield Fund offer I Shares, A Shares and R Shares. High Income Fund and Total Return Bond Fund offer I Shares, A Shares, R Shares and IS Shares. The Seix Floating Rate High Income Fund offers I Shares, A Shares, C Shares and IS Shares. The remaining Funds offer I Shares, A Shares and C Shares.

The assets of each Fund are segregated and a shareholder’s interest is limited to the Fund in which shares are held. Each class of shares has identical rights and privileges except with respect to the fees paid under the Distribution and Service Plan, voting rights on matters affecting a single class of shares and sales charges. The A Shares of the Funds (except Limited-Term Federal Mortgage Securities Fund, Seix Floating Rate High Income Fund, Short-Term Bond Fund and Short-Term Municipal Bond Fund) have a maximum sales charge on purchases of 4.75% as a percentage of original purchase price. The A Shares of the Limited-Term Federal Mortgage Securities Fund, Seix Floating Rate High Income Fund, Short-Term Bond Fund and Short-Term Municipal Bond have a maximum sales charge on purchases of 2.50% as a percentage of original purchase price. Certain purchases of A Shares will not be subject to a front-end sales charge but will be subject to a contingent deferred sales charge (“CDSC”) of 0.50%, if redeemed within two years of purchase. The deferred sale charges may be waived from time to time for certain broker-dealers that waive payment of compensation to them. The C Shares have a maximum CDSC of 1.00% as a percentage of either the original purchase price or the next calculated price after the Funds receive a redemption request, whichever is less, if shares are redeemed within one year of purchase. There is no sales charge on purchases of I, R or IS Shares.

The Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

 

2. Significant Accounting Policies

The following are significant accounting policies consistently followed by the Funds which are in conformity with accounting principles generally accepted in the U.S. (“GAAP”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

(a) Investment Valuation — Debt securities are valued at the last quoted bid price provided by independent pricing vendors approved by the Board of Trustees of the Trust (the “Board”) that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities.

The Funds, in accordance with GAAP, have adopted Financial Accounting Standards Board Codification Topic 820 (“ASC Topic 820”). ASC Topic 820 establishes a single definition of fair value, creates a three-tier hierarchy as a

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

framework for measuring fair value based on inputs used to value the Funds’ investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below:

 

  Ÿ   Level 1 — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. Investments in underlying funds and money market funds are valued at their net asset value (“NAV”) daily and are classified as Level 1 prices.

 

  Ÿ   Level 2 — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain asset and mortgage backed products, less liquid listed equities, and state, municipal and provincial obligations.

 

  Ÿ   Level 3 — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the Funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Funds in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Funds in the absence of market information. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

The independent pricing vendor may value bank loans and debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, and/or other methodologies designed to identify the market value for such securities and such securities are considered Level 2 in the fair value hierarchy. Publicly-traded foreign government debt securities are typically traded internationally in the over-the-counter market and are valued at the bid prices as of the close of business of that market and such securities are considered Level 2 in the fair value hierarchy. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded and such securities may be considered Level 1 in the fair value hierarchy. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade and such securities may be considered Level 1 in the fair value hierarchy. Centrally cleared credit default and interest rate swaps are valued at the price determined by the relevant exchange and such securities may be considered Level 2 in the fair value hierarchy. Forward foreign exchange contracts are valued using daily forward exchange rates and such securities may be considered Level 2 in the fair value hierarchy.

When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before each Fund calculates its NAV, each of the Funds will value the security as determined in accordance with the Pricing and Valuation Procedures approved by the Board. The Pricing and Valuation Procedures are performed and monitored by a Valuation Committee (the “Committee”) designated by the Board. Some of the more common reasons which may necessitate that a security be fair valued in accordance with the Pricing and Valuation Procedures include, but are not limited to: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

security is fair valued in accordance with the Pricing and Valuation Procedures, the Committee determines the value after taking into consideration relevant information reasonably available to the Committee. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value and such securities are considered Level 2 in the fair value hierarchy. Under the Pricing and Valuation Procedures, such securities may be considered Level 2 or Level 3 in the fair value hierarchy.

The following is a summary of the inputs used in valuing the Funds’ assets and liabilities carried at fair value as of March 31, 2015:

 

     Level 1 -
Quoted Prices
     Level 2 -
Other Significant
Observable
Inputs
    Level 3 -
Significant
Unobservable
Inputs
    Total  

Core Bond Fund

         

Assets

         

Asset-Backed Securities1

     $—         $10,853,513        $—        $10,853,513   

Collateralized Mortgage Obligations1

             8,302,792               8,302,792   

Corporate Bonds1

             49,187,056               49,187,056   

U.S. Government Agency Mortgages1

             57,405,974               57,405,974   

U.S. Treasury Obligations1

             74,053,976               74,053,976   

Foreign Government Bonds

             2,205,876               2,205,876   

Money Market Fund

     4,868,391                       4,868,391   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  4,868,391      202,009,187           206,877,578   
  

 

 

    

 

 

   

 

 

   

 

 

 

Corporate Bond Fund

Assets

Corporate Bonds1

       28,966,582           28,966,582   

Money Market Fund

  1,568,492                1,568,492   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  1,568,492      28,966,582           30,535,074   
  

 

 

    

 

 

   

 

 

   

 

 

 

Other Financial Instruments3

Liabilities

Credit Default Swap Contracts

       (6,925        (6,925
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Liabilities

       (6,925        (6,925
  

 

 

    

 

 

   

 

 

   

 

 

 

Georgia Tax-Exempt Bond Fund

Assets

Municipal Bonds2

       129,699,308           129,699,308   

Money Market Fund

  5,480,007                5,480,007   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  5,480,007      129,699,308           135,179,315   
  

 

 

    

 

 

   

 

 

   

 

 

 

High Grade Municipal Bond Fund

Assets

Municipal Bonds2

       98,545,510           98,545,510   

Money Market Fund

  20,150,140                20,150,140   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  20,150,140      98,545,510           118,695,650   
  

 

 

    

 

 

   

 

 

   

 

 

 

High Income Fund

Assets

Bank Loans1

       47,694,373           47,694,373   

Corporate Bonds1

       696,048,983      0 4    696,048,983   

Convertible Preferred Stocks1

  2,253,046                2,253,046   

Municipal Bonds2

       7,786,799           7,786,799   

Preferred Stock1

  3,179,138                3,179,138   

Common Stocks1

  8,582,325      715,149           9,297,474   

Short-Term Investment

       16,090,878           16,090,878   

Money Market Fund

  69,435,123                69,435,123   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  83,449,632      768,336,182      0 4    851,785,814   
  

 

 

    

 

 

   

 

 

   

 

 

 

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

     Level 1 -
Quoted Prices
     Level 2 -
Other Significant
Observable
Inputs
    Level 3 -
Significant
Unobservable
Inputs
    Total  

Other Financial Instruments3

         

Credit Default Swap Contracts

     $—         $2,402,561        $—        $2,402,561   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Assets

  83,449,632      770,738,743           854,188,375   
  

 

 

    

 

 

   

 

 

   

 

 

 

Intermediate Bond Fund

Assets

Asset-Backed Securities1

       15,525,859           15,525,859   

Collateralized Mortgage Obligations1

       9,537,986           9,537,986   

Corporate Bonds1

       78,570,786           78,570,786   

U.S. Government Agency Mortgages1

       7,686,115           7,686,115   

U.S. Treasury Obligations1

       137,103,353           137,103,353   

Foreign Government Bonds

       2,801,309           2,801,309   

Money Market Fund

  3,658,404                3,658,404   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  3,658,404      251,225,408           254,883,812   
  

 

 

    

 

 

   

 

 

   

 

 

 

Investment Grade Tax-Exempt Bond Fund

Assets

Municipal Bonds2

       656,739,809           656,739,809   

Money Market Fund

  95,310,090                95,310,090   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  95,310,090      656,739,809           752,049,899   
  

 

 

    

 

 

   

 

 

   

 

 

 

Limited Duration Fund

Assets

Asset-Backed Securities1

       2,207,977           2,207,977   

Collateralized Mortgage Obligations1

       3,071,446           3,071,446   

U.S. Government Agency Mortgages1

       1,266,403           1,266,403   

Money Market Fund

  782,188                782,188   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  782,188      6,545,826           7,328,014   
  

 

 

    

 

 

   

 

 

   

 

 

 

Limited-Term Federal Mortgage Securities Fund

Assets

Collateralized Mortgage Obligations1

       1,327,674           1,327,674   

U.S. Government Agency Mortgages1

       10,648,752           10,648,752   

U.S. Treasury Obligation1

       125,986           125,986   

Money Market Fund

  538,199                538,199   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  538,199      12,102,412           12,640,611   
  

 

 

    

 

 

   

 

 

   

 

 

 

North Carolina Tax-Exempt Bond Fund

Assets

Municipal Bonds2

       36,058,103           36,058,103   

Money Market Fund

  4,739,426                4,739,426   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  4,739,426      36,058,103           40,797,529   
  

 

 

    

 

 

   

 

 

   

 

 

 

Seix Floating Rate High Income Fund

Assets

Bank Loans1

       5,784,749,663           5,784,749,663   

Corporate Bonds1

       286,378,855      0 4    286,378,855   

Municipal Bonds2

       21,788,182           21,788,182   

Preferred Stock1

  2,468,156                2,468,156   

Common Stock1

       932,000           932,000   

Money Market Fund

  148,112,786                148,112,786   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments

  150,580,942      6,093,848,700      0 4    6,244,429,642   
  

 

 

    

 

 

   

 

 

   

 

 

 

Other Financial Instruments3

Liabilities

Unfunded Loan Commitments

       (313        (313
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Liabilities

       (313        (313
  

 

 

    

 

 

   

 

 

   

 

 

 

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

     Level 1 -
Quoted Prices
     Level 2 -
Other Significant
Observable
Inputs
    Level 3 -
Significant
Unobservable
Inputs
     Total  

Seix High Yield Fund

          

Assets

          

Bank Loans1

     $—         $40,706,477        $—         $40,706,477   

Corporate Bonds1

             569,356,449                569,356,449   

Convertible Preferred Stock1

     1,465,620                        1,465,620   

Short-Term Investment

             9,517,598                9,517,598   

Money Market Fund

     82,721,663                        82,721,663   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments

  84,187,283      619,580,524           703,767,807   
  

 

 

    

 

 

   

 

 

    

 

 

 

Other Financial Instruments3

Credit Default Swap Contracts

       4,004,268           4,004,268   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Assets

  84,187,283      623,584,792           707,772,075   
  

 

 

    

 

 

   

 

 

    

 

 

 

Short-Term Bond Fund

Assets

Asset-Backed Securities1

       7,488,010           7,488,010   

Collateralized Mortgage Obligations1

       6,965,101           6,965,101   

Corporate Bonds1

       19,116,308           19,116,308   

Municipal Bonds2

       1,796,602           1,796,602   

U.S. Government Agency Mortgages1

       7,365,861           7,365,861   

U.S. Treasury Obligations1

       11,543,179           11,543,179   

Money Market Fund

  229,034                229,034   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments

  229,034      54,275,061           54,504,095   
  

 

 

    

 

 

   

 

 

    

 

 

 

Short-Term Municipal Bond Fund

Assets

Municipal Bonds2

       35,436,837           35,436,837   

Money Market Fund

  13,487,313                13,487,313   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments

  13,487,313      35,436,837           48,924,150   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Return Bond Fund

Assets

Asset-Backed Securities1

       50,623,562           50,623,562   

Collateralized Mortgage Obligations1

       53,925,940           53,925,940   

Bank Loans1

       772,450           772,450   

Corporate Bonds1

       258,941,243           258,941,243   

U.S. Government Agency Mortgages1

       299,077,961           299,077,961   

U.S. Treasury Obligations1

       459,026,538           459,026,538   

Foreign Government Bonds

       10,781,102           10,781,102   

Money Market Fund

  38,821,546                38,821,546   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments

  38,821,546      1,133,148,796           1,171,970,342   
  

 

 

    

 

 

   

 

 

    

 

 

 

Other Financial Instruments3

Forward Foreign Currency Contracts

       2,579,383           2,579,383   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Assets

  38,821,546      1,135,728,179           1,174,549,725   
  

 

 

    

 

 

   

 

 

    

 

 

 

Liabilities

Credit Default Swap Contracts

       (210,190        (210,190

Forward Foreign Currency Contracts

       (2,027,541        (2,027,541
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Liabilities

       (2,237,731        (2,237,731
  

 

 

    

 

 

   

 

 

    

 

 

 

 

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Table of Contents

NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

     Level 1 -
Quoted Prices
    Level 2 -
Other
Significant
Observable
Inputs
     Level 3 -
Significant
Unobservable
Inputs
     Total  

Ultra-Short Bond Fund

          

Assets

          

Asset-Backed Securities1

     $—        $22,306,175         $—         $22,306,175   

Collateralized Mortgage Obligations1

            31,367,130                 31,367,130   

Corporate Bonds1

            74,004,577                 74,004,577   

Municipal Bonds2

            3,446,977                 3,446,977   

U.S. Government Agency Mortgages1

            10,500,927                 10,500,927   

Money Market Fund

     1,110,600                        1,110,600   
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

  1,110,600      141,625,786           142,736,386   
  

 

 

   

 

 

    

 

 

    

 

 

 

Other Financial Instruments3

Liabilities

Futures Contracts

  (45,820             (45,820
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Liabilities

  (45,820             (45,820
  

 

 

   

 

 

    

 

 

    

 

 

 

U.S. Government Securities Fund

Assets

U.S. Treasury Obligations1

       18,429,372           18,429,372   

Money Market Fund

  123,485                123,485   
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

  123,485      18,429,372           18,552,857   
  

 

 

   

 

 

    

 

 

    

 

 

 

U.S. Government Securities Ultra-Short Bond Fund

Assets

Asset-Backed Security1

       8,864,882           8,864,882   

Collateralized Mortgage Obligations1

       600,187,005           600,187,005   

U.S. Government Agency Mortgages1

       953,830,619           953,830,619   

U.S. Treasury Obligations1

       47,913,957           47,913,957   

Money Market Fund

  48,328,265                48,328,265   
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

  48,328,265      1,610,796,463           1,659,124,728   
  

 

 

   

 

 

    

 

 

    

 

 

 

Other Financial Instruments3

Liabilities

Futures Contracts

  (525,077             (525,077
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Liabilities

  (525,077             (525,077
  

 

 

   

 

 

    

 

 

    

 

 

 

Virginia Intermediate Municipal Bond Fund

Assets

Municipal Bonds2

       122,313,211           122,313,211   

Money Market Fund

  2,849,491                2,849,491   
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

  2,849,491      122,313,211           125,162,702   
  

 

 

   

 

 

    

 

 

    

 

 

 

 

1  Please see the Schedules of Portfolio Investments for Sector Classifications.

 

2  Please see the Schedules of Portfolio Investments for State Classifications.

 

3  Other Financial Instruments are derivative instruments and depreciation on unfunded loan commitments not reflected in the value of Total Investments in the Schedules of Portfolio Investments, such as credit default swap contracts, forward foreign currency contracts and futures, which are shown at the unrealized appreciation (depreciation) on the instrument.
4  As of March 31, 2015, the securities designated as Level 3 were fair valued using significant unobservable inputs under procedures adopted by the Board. Such valuations were based on a review of inputs such as, but not limited to, similar securities, company specific financial information, and company specific news. Each of these securities are Board fair valued securities for the fiscal year ended March 31, 2015. The Level 3 securities comprised 0.0% of net assets of each Fund. As such, the Level 3 roll forward and change in unrealized appreciation (depreciation) of Level 3 securities held at year end have not been presented.

The Funds’ policy is to disclose transfers between levels based on valuations at the end of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Pricing and Valuation Procedures. This may result in movements between Level 1 and Level 2 throughout the period. As of March 31, 2015, there were no transfers from Level 1 to Level 2 pursuant to the Pricing and Valuation Procedures.

(b) Security Transactions and Investment Income — Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount over the life of the securities, is recorded on the accrual basis. Domestic and foreign dividend income is recorded on the ex-dividend date or as

 

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RIDGEWORTH FUNDS    March 31, 2015

 

soon as practicable after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Funds may halt any additional interest income accruals and consider the Funds’ ability to realize interest accrued up to the date of default or credit event. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date.

(c) Distributions to Shareholders — Distributions from net investment income of each of the Funds are declared each business day to shareholders of record and are paid monthly. Distributions of net realized capital gains, if any, are declared at least annually. Distributions to shareholders from each of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(d) Expenses and Share Class Accounting — Expenses that are directly related to a specific Fund are charged to that Fund. Other operating expenses of the Trust are allocated pro-rata to the Funds on the basis of relative net assets or another appropriate basis. Investment income, common expenses, and realized/unrealized capital gains (losses) on investments are allocated to the various share classes of the Funds on the basis of relative daily net assets of each share class. Fees relating to a specific share class are charged directly to the share class.

(e) Securities Traded on a To-Be-Announced Basis — Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

(f) Derivative Instruments — Certain Funds may enter into derivative contracts for purposes of pursuing their investment objectives, 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. Open derivative positions as of March 31, 2015 are included on each Fund’s Schedule of Portfolio Investments.

(g) Forward Foreign Currency Contracts — Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statements of Assets and Liabilities. The Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(h) Futures Contracts — Certain Funds may enter into futures contracts to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or cash equivalents with a broker in an amount equal to a certain percentage of the contract amount. This is known as the “initial margin” and subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. The daily changes in contract value are recorded as unrealized gains or losses in the Statements of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

 

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RIDGEWORTH FUNDS    March 31, 2015

 

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the Statements of Assets and Liabilities. In addition, there is the risk that the Funds may not be able to enter into a closing transaction because of an illiquid secondary market.

(i) Foreign Currency Translation — Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates, as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time), on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments and foreign currencies.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the amount actually received.

(j) Swap Contracts — Certain Funds may invest in swap contracts for the purpose of managing exposure to interest rate, credit or market risk, or for other purposes. The use of swap contracts involves risks that are different from those associated with ordinary portfolio transactions. Swap contracts may be privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).

OTC swap contracts are marked-to-market daily using an independent pricing vendor and changes in value are recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable, as applicable, for variation margin on centrally cleared swaps on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap contract. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Funds’ custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedules of Portfolio Investments and restricted cash, if any, is identified on the Statements of Assets and Liabilities. Risks may exceed amounts recorded in the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms, and the possible lack of liquidity with respect to the swap contracts. Payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statements of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statements of Operations. Net periodic payments received or paid by the Funds are recognized as a realized gain or loss in the Statements of Operations.

Credit Default Swaps

Certain Funds enter into credit default swap (“CDS”) contracts for investment purposes, to manage its credit risk or to add leverage. CDS contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Funds may use a CDS contract to provide protection against defaults of the issuers (i.e., to reduce risk where the Funds have exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

As a seller of protection, a Fund generally receives an upfront payment or a stream of payments throughout the term of the swap contracts provided that there is no credit event. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, a Fund effectively adds leverage to its portfolio because, in addition to its total net assets, a Fund is subject to investment exposure on the notional amount of the swap contract. As a buyer of protection, a Fund generally receives an amount up to the notional value of the swap contract if a defined credit event occurs.

The Funds’ maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the swap contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Funds’

 

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RIDGEWORTH FUNDS    March 31, 2015

 

exposure to the counterparty). As the protection seller, the Funds’ maximum risk is the notional amount of the contract. CDS contracts are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the contract. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. Credit spreads utilized in determining the period end market value of CDS contracts on corporate or sovereign issues are disclosed in the Schedules of Portfolio Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. The quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk for CDS contracts on asset-backed securities and credit indices.

Entering into a CDS contract involves, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that there will be no liquid market for these contracts, and that the counterparty to the contract may default on its obligation to perform or disagree as to the meaning of the contractual terms in the contract, and that there are unfavorable changes in net interest rates.

Interest Rate Swaps

Certain Funds may enter into interest rate swap (“IRS”) contracts to manage exposure to interest rate risk. IRS contracts are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional principal amount. IRS contracts are marked-to-market daily based upon quotations from market makers. When a swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the original cost and the settlement amount of the closing transaction.

The risks of IRS contracts include changes in market conditions that will affect the value of the contract or changes in the present value of the future cash flow streams and the possible inability of the counterparty to fulfill its obligations under the contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that that amount is positive. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

The fair value of derivative instruments not accounted for as hedging instruments on the Statements of Assets and Liabilities and the effect of derivative instruments not accounted for as hedging instruments, on the Statements of Operations as of March 31, 2015, are presented in the table below:

 

     Credit
Risk
    Foreign
Exchange
Risk
     Interest
Rate
Risk
     Total  
Corporate Bond Fund           

Liability Derivatives

          

Swaps Contracts^

   $ (6,925   $       $       $ (6,925
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Value

$ (6,925 $    $    $ (6,925
  

 

 

   

 

 

    

 

 

    

 

 

 

Realized Gain (Loss)#

Swaps Contracts

$ (630 $    $    $ (630
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Realized Gain (Loss)

$ (630 $    $    $ (630
  

 

 

   

 

 

    

 

 

    

 

 

 

Change in Unrealized Appreciation (Depreciation)##

Swaps Contracts

$ (1,656 $    $    $ (1,656
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Change in Appreciation (Depreciation)

$ (1,656 $    $    $ (1,656
  

 

 

   

 

 

    

 

 

    

 

 

 

Average Number of Contracts, Notional Amounts or Shares+

Swaps Contracts

  342,000                342,000   
  

 

 

   

 

 

    

 

 

    

 

 

 

 

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RIDGEWORTH FUNDS    March 31, 2015

 

     Credit
Risk
    Foreign
Exchange
Risk
    Interest
Rate
Risk
    Total  
High Income Fund         

Asset Derivatives

        

Swaps Contracts*

   $ 2,402,561      $      $      $ 2,402,561   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

$ 2,402,561    $    $    $ 2,402,561   
  

 

 

   

 

 

   

 

 

   

 

 

 

Realized Gain (Loss)#

Swaps Contracts

$ 187,965    $    $    $ 187,965   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Realized Gain (Loss)

$ 187,965    $    $    $ 187,965   
  

 

 

   

 

 

   

 

 

   

 

 

 

Change in Unrealized Appreciation (Depreciation)##

Swaps Contracts

$ 224,551    $    $    $ 224,551   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Change in Appreciation (Depreciation)

$ 224,551    $    $    $ 224,551   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average Number of Contracts, Notional Amounts or Shares+

Swaps Contracts

  45,048,000                45,048,000   
  

 

 

   

 

 

   

 

 

   

 

 

 
Seix High Yield Fund

Asset Derivatives

Swaps Contracts*

$ 4,004,268    $    $    $ 4,004,268   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

$ 4,004,268    $    $    $ 4,004,268   
  

 

 

   

 

 

   

 

 

   

 

 

 

Realized Gain (Loss)#

Swaps Contracts

$ 167,848    $    $    $ 167,848   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Realized Gain (Loss)

$ 167,848    $    $    $ 167,848   
  

 

 

   

 

 

   

 

 

   

 

 

 

Change in Unrealized Appreciation (Depreciation)##

Swaps Contracts

$ 367,750    $    $    $ 367,750   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Change in Appreciation (Depreciation)

$ 367,750    $    $    $ 367,750   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average Number of Contracts, Notional Amounts or Shares+

Swaps Contracts

  48,158,000                48,158,000   
  

 

 

   

 

 

   

 

 

   

 

 

 
Total Return Bond Fund

Asset Derivatives

Forward Contracts**

$    $ 2,579,383    $    $ 2,579,383   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

$    $ 2,579,383    $    $ 2,579,383   
  

 

 

   

 

 

   

 

 

   

 

 

 

Liability Derivatives

Forward Contracts^

       (2,027,541        (2,027,541

Swaps Contracts^

$ (210,190 $    $      $ (210,190
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

$ (210,190 $ (2,027,541 $    $ (2,237,731
  

 

 

   

 

 

   

 

 

   

 

 

 

Realized Gain (Loss)#

Forward Contracts

       (50,549        (50,549

Swaps Contracts

$ 112,529    $    $ (434,054 $ (321,525
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Realized Gain (Loss)

$ 112,529    $ (50,549 $ (434,054 $ (372,074
  

 

 

   

 

 

   

 

 

   

 

 

 

Change in Unrealized Appreciation (Depreciation)##

Forward Contracts

       (850,735        (850,735

Swaps Contracts

$ (59,007 $    $ 614,906    $ 555,899   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Change in Appreciation (Depreciation)

$ (59,007 $ (850,735 $ 614,906    $ (294,836
  

 

 

   

 

 

   

 

 

   

 

 

 

Average Number of Contracts, Notional Amounts or Shares+

Forward Currency Contracts

       113,751,331           113,751,331   
  

 

 

   

 

 

   

 

 

   

 

 

 

Swaps Contracts

  10,031,667           64,229,614      74,261,281   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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RIDGEWORTH FUNDS    March 31, 2015

 

     Credit
Risk
     Foreign
Exchange
Risk
     Interest
Rate
Risk
    Total  
Ultra-Short Bond Fund           

Liability Derivatives

          

Futures Contracts^

   $       $       $ (45,820   $ (45,820
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Value

$    $    $ (45,820 $ (45,820
  

 

 

    

 

 

    

 

 

   

 

 

 

Realized Gain (Loss)#

Futures Contracts

$    $    $ (117,245 $ (117,245
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Realized Gain (Loss)

$    $    $ (117,245 $ (117,245
  

 

 

    

 

 

    

 

 

   

 

 

 

Change in Unrealized Appreciation (Depreciation)##

Futures Contracts

$    $    $ (68,515 $ (68,515
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Change in Appreciation (Depreciation)

$    $    $ (68,515 $ (68,515
  

 

 

    

 

 

    

 

 

   

 

 

 

Average Number of Contracts, Notional Amounts or Shares+

Futures Short Contracts

            (42   (42
  

 

 

    

 

 

    

 

 

   

 

 

 
U.S. Government Securities Ultra-Short Bond Fund

Asset Derivatives

Liability Derivatives

Futures Contracts^

$    $    $ (525,077 $ (525,077
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Value

$    $    $ (525,077 $ (525,077
  

 

 

    

 

 

    

 

 

   

 

 

 

Realized Gain (Loss)#

Futures Contracts

$    $    $ (1,378,719 $ (1,378,719
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Realized Gain (Loss)

$    $    $ (1,378,719 $ (1,378,719
  

 

 

    

 

 

    

 

 

   

 

 

 

Change in Unrealized Appreciation (Depreciation)##

Futures Contracts

$    $    $ (1,090,823 $ (1,090,823
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Change in Appreciation (Depreciation)

$    $    $ (1,090,823 $ (1,090,823
  

 

 

    

 

 

    

 

 

   

 

 

 

Average Number of Contracts, Notional Amounts or Shares+

Futures Short Contracts

            (541   (541
  

 

 

    

 

 

    

 

 

   

 

 

 

Futures Long Contracts

            36      36   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

* Represents cumulative value of centrally cleared swap contracts. Only the variation margin on centrally cleared swap contracts is reported within the Statement of Assets and Liabilities as receivable for variation margin.

 

** Statements of Assets and Liabilities location: Appreciated Swap Contracts, at Value, Unrealized Appreciation on Forward Foreign Currency Contracts, as applicable. Futures Contracts value represents cumulative unrealized appreciation. Only the current day’s variation margin on futures contracts is reported within the Statement of Assets and Liabilities as receivable or payable for variation margin, as applicable.

 

^ Statements of Assets and Liabilities location: Depreciated Swap Contracts, at Value, Unrealized Depreciation on Forward Foreign Currency Contracts, as applicable. Futures Contracts value represents cumulative unrealized depreciation. Only the current day’s variation margin on futures contracts is reported within the Statement of Assets and Liabilities as receivable or payable for variation margin, as applicable.

 

# Statements of Operations location: Net Realized Gain (Loss) from: Futures Contracts, Swap Contracts, or Forward Foreign Currency Contracts, as applicable.

 

## Statements of Operations location: Net Change in Unrealized Appreciation (Depreciation) on: Futures Contracts, Swap Contracts, or Forward Foreign Currency Contracts, as applicable.

 

+ Amount(s) disclosed represent the average number of contracts for futures contracts, notional amounts for forward foreign currency contracts and swap contracts, which are indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended March 31, 2015.

 

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RIDGEWORTH FUNDS    March 31, 2015

 

The following table summarizes any OTC derivatives at March 31, 2015 that are subject to an enforceable master netting agreement or similar agreement and net of the related collateral received by the Funds.

 

     Gross Amounts of
Assets/Liabilities
Presented in the
Statement of
Assets and
Liabilities(a)
     Financial
Instruments and
Derivatives
Available for
Offset
     Collateral
(Received)/Pledged(b)
    Net Amount of
Derivative
Assets/Liabilities
 
Corporate Bond Fund           

Liabilities Counterparty

  

Credit Suisse First Boston

   $ 6,925       $       $      $ 6,925   
  

 

 

    

 

 

    

 

 

   

 

 

 
$ 6,925    $    $    $ 6,925   
  

 

 

    

 

 

    

 

 

   

 

 

 
Total Return Bond Fund

Assets Counterparty

JPMorgan

$ 2,579,383    $    $    $ 2,579,383   
  

 

 

    

 

 

    

 

 

   

 

 

 
$ 2,579,383    $    $    $ 2,579,383   
  

 

 

    

 

 

    

 

 

   

 

 

 
Liabilities Counterparty

JPMorgan

$ 2,027,541    $    $    $ 2,027,541   

Credit Suisse First Boston

  210,190           (210,190     
  

 

 

    

 

 

    

 

 

   

 

 

 
$ 2,237,731    $    $ (210,190 $ 2,027,541   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(a) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Asset and Liabilities.

 

(b) The amount presented here may be less than the total amount of collateral received/pledged, as the net amount of the derivative assets and liabilities for a counterparty cannot be less than $0.

(k) Securities Lending — Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans may not exceed either (i) 50% of the sum of the market value of all securities of the Fund and the market value of securities purchased with cash collateral or (ii) 33.33% of the total market value of all securities of the Fund. No Fund will lend portfolio securities to its investment adviser, subadviser, or its affiliates unless it has applied for and received specific authority to do so from the Securities and Exchange Commission. Loans of portfolio securities are required to be fully collateralized by cash, letters of credit or U.S. government securities. The initial value of the collateral must be at least 102% of the market value of the securities loaned, if the securities loaned are U.S. securities (105% for non-U.S. securities); and maintained in an amount equal to at least 100% (103% for non-U.S. securities) thereafter. However, due to market fluctuations during the day, the value of securities loaned on a particular day may exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks; including the risk that a Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. A fee will be obtained from the borrower if letters of credit or U.S. government securities are used as collateral.

In accordance with the exemptive order obtained from the SEC, the Funds pool their money in a joint trading account, as described below. The cash collateral received is aggregated in a joint account by the Funds, providing RidgeWorth Investments a pool of cash to invest in short-term investments that have a remaining maturity of 397 days or less. The Funds are joint participants with other affiliated Funds of the Trust that are not presented in this report. As of March 31, 2015, the cash collateral received by the Funds was pooled and invested in the following securities. Each of the Funds participating in securities lending as of March 31, 2015 owned a pro-rata portion of the assets and liabilities listed below:

 

     Shares      Value  

JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.01%

     2,711       $ 2,711   

Cash

        25,608,475   
     

 

 

 

Total Investments (Cost $25,611,186)

  25,611,186   

Amount due to Lending Agent

  (10,310
     

 

 

 

Net Investment Value

$ 25,600,876   
     

 

 

 

 

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RIDGEWORTH FUNDS    March 31, 2015

 

The following Funds paid securities lending fees to the lending agent during the fiscal year ended March 31, 2015, which have been netted against Income from Securities Lending on the Statements of Operations. These fees are presented below:

 

Fund

   Fee  

Core Bond Fund

     $3,370   

Corporate Bond Fund

     231   

High Income Fund

     89,709   

Intermediate Bond Fund

     4,387   

Seix High Yield Fund

     63,635   

Total Return Bond Fund

     16,838   

(l) When-Issued Securities and Forward Commitments — Delivery and payment for securities that have been purchased by a Fund on a forward commitment or when-issued basis can take place up to a month or more after the transaction date at a fixed price. During this period, such securities are subject to market fluctuations. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of a Fund’s NAV if the Fund makes such investments while remaining substantially fully invested. A Fund records when-issued securities on trade date and will segregate or earmark liquid assets in an amount at least equal in value to its commitments to purchase when-issued and forward commitment securities or engage in other appropriate measures to “cover” its obligation. When-issued securities and the segregated liquid assets associated with such investments are presented within the Funds’ Schedules of Portfolio Investments.

(m) Bank Loans — Certain Funds may invest in first and second lien senior floating-rate loans (“bank loans”). These loans are made by banks and other large financial institutions to various companies and are senior in the borrowing companies’ capital structure. Coupon rates are floating, not fixed, and are tied to a benchmark lending rate. A Fund records an investment when the borrower withdraws money and records the interest as earned. Some types of senior loans in which these Funds may invest require that an open loan for a specific amount be continually offered to a borrower. These types of senior loans, commonly referred to as revolvers, contractually obligate the lender (and therefore those with an interest in the loan) to fund the loan at the borrower’s discretion. A Fund will maintain, on a daily basis, high quality, liquid assets in an amount at least equal in value to its contractual obligation to fulfill the revolving senior loan. Therefore, a Fund must have funds sufficient to cover its contractual obligation. In addition, bank loans generally are subject to extended settlement periods, which may impair the Fund’s ability to sell or realize the full value of its loans in the event of a need to liquidate such loans. As of March 31, 2015, Seix Floating Rate High Income Fund had unfunded loan commitments which are presented in the Funds Schedule of Portfolio Investments.

(n) Restricted Securities — Certain Funds’ investments are restricted as to resale. As of March 31, 2015, all of these restricted securities have been deemed liquid by the Funds’ investment adviser based upon procedures approved by the Board, unless stated otherwise on the Funds’ Schedules of Portfolio Investments.

(o) Credit and Market Risk — Certain Funds’ investments in securities that are collateralized by residential real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

(p) Foreign Investment Risks — Certain Funds’ investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

For securities subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

 

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RIDGEWORTH FUNDS    March 31, 2015

 

(q) Counterparty Risk and Credit-Risk-Related Contingent Features of Derivative Instruments — Certain Funds may invest in certain securities or engage in other transactions where the Funds are exposed to counterparty credit risk in addition to broader market risks. The Funds may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Funds’ Investment Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the investment manager. In addition, declines in the values of underlying collateral received may expose the Funds to increased risk of loss.

(r) Other Risks — Certain Funds invest in high yield corporate, government, and other debt instruments of U.S. and non-U.S. issuers. High yield securities involve greater risk of default or downgrade and are more volatile than investment grade securities. A Fund’s concentration of investments in securities of issuers located in a specific region or state, subjects that Fund to the economic and government policies of the region or state, and may increase risk versus that of a fund whose investments are more diversified. Please refer to each Fund’s prospectus for additional risks that may be associated with the Funds.

At March 31, 2015, one shareholder owned 39% of Corporate Bond Fund, one shareholder owned 30% of Ultra-Short Bond Fund, and one shareholder owned 100% of Limited Duration Fund. Transaction activities of these shareholders may have a material effect on the respective Fund. Redemptions of these shareholders’ holdings in the Fund may impact the Fund’s liquidity and net asset value. Such redemptions may force the Fund to sell securities.

(s) Federal and Other Taxes — It is the Funds’ policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Funds’ financial statements.

Management has analyzed the Funds’ tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2015, no provision for income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

(t) Reclassification — GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share.

(u) Line of Credit —The Trust entered into a committed unsecured revolving line of credit agreement (“LOC”) with State Street Bank and Trust (“State Street Bank”) for an aggregate amount of $250,000,000. The proceeds may be used only to (1) temporarily finance the purchase and sale of securities; or (2) finance the redemption of shares of the Funds. Each of the Funds in the Trust will pay a commitment fee to State Street Bank in the amount of 0.11% per annum on the daily unused portion of the LOC allocated pro rata to each of the Funds. Borrowings under the LOC will accrue interest at the higher of (a) the Federal Funds Rate, or (b) the One-month LIBOR Rate, plus 1.25% per annum. Generally, repayments must be made within 60 days of the borrowings. Commitment fees and interest expense paid to State Street Bank pursuant to this agreement are reflected on the Statements of Operations as a component of Other Fees. As of March 31, 2015, the Funds had no outstanding borrowings under the LOC.

U.S Government Securities Ultra-Short Bond Fund incurred interest on a borrowing of $84 for the fiscal year ended March 31, 2015. The average dollar amount of the borrowings was $2,156,814, the weighted average interest rate on these borrowings was 1.42% and the Fund had an outstanding loan for one day during the year. The borrowings were valued at cost, which approximates fair value.

 

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RIDGEWORTH FUNDS    March 31, 2015

 

3. Investment Adviser and Other Service Providers

Investment Adviser — RidgeWorth Investments (“Investment Adviser”) serves as the investment adviser to the Funds. The Trust and the Investment Adviser have entered into an investment advisory agreement (“Advisory Agreement”). The Investment Adviser is a money-management holding company with multiple style-focused investment boutiques. The subadviser for the Funds is Seix Investment Advisors LLC (“Subadviser”). Seix is a wholly-owned subsidiary of the Investment Adviser. The Investment Adviser pays the Subadviser out of the investment advisory fees it receives from the Funds.

Under the terms of the Advisory Agreement, the Funds are charged annual advisory fees, which are computed daily and paid monthly based upon average daily net assets. Breakpoints are used in computing the overall annual advisory fee. The maximum annual advisory fee is charged on average daily net assets of each Fund up to $500 million. A discount of 5% applies on the next $500 million, a discount of 10% applies on the next $4 billion and a discount of 15% applies on amounts over $5 billion. Fee rates for the fiscal year ended March 31, 2015 were as follows:

 

Fund

   Maximum
Advisory Fee
    Discounted
Annual
Advisory Fee
    Advisory Fees
Waived/Expense
Reimbursed
    Net Annual
fees Paid*
 

Core Bond Fund

     0.25     0.25         0.25

Corporate Bond Fund

     0.40        0.40        (0.03     0.37   

Georgia Tax-Exempt Bond Fund

     0.50        0.50               0.50   

High Grade Municipal Bond Fund

     0.50        0.50        (0.03     0.47   

High Income Fund

     0.55        0.54               0.54   

Intermediate Bond Fund

     0.25        0.25               0.25   

Investment Grade Tax-Exempt Bond Fund

     0.50        0.49        (0.03     0.46   

Limited Duration Fund

     0.10        0.10        (0.12       

Limited-Term Federal Mortgage Securities Fund

     0.50        0.50        (0.53       

North Carolina Tax-Exempt Bond Fund

     0.50        0.50        (0.04     0.46   

Seix Floating Rate High Income Fund

     0.45        0.40               0.40   

Seix High Yield Fund

     0.45        0.44               0.44   

Short-Term Bond Fund

     0.40        0.40        (0.06     0.34   

Short-Term Municipal Bond Fund

     0.35        0.35        (0.07     0.28   

Total Return Bond Fund

     0.25        0.24               0.24   

Ultra-Short Bond Fund

     0.22        0.22               0.22   

U.S. Government Securities Fund

     0.50        0.50        (0.20     0.30   

U.S. Government Securities Ultra-Short Bond Fund

     0.20        0.19               0.19   

Virginia Intermediate Municipal Bond Fund

     0.50        0.50               0.50   

 

* Aggregate annual fees paid to the Investment Adviser, who pays the Subadviser a portion of the fees for its services to the Funds. Amounts designated as “—” are 0%.

The Investment Adviser and the Subadviser have contractually agreed, until at least August 1, 2015, to waive fees and/or reimburse expenses for each of the following Funds to the extent necessary to maintain each Fund’s total annual fund operating expenses (excluding, as applicable, taxes, brokerage commissions, substitute dividend expenses on securities sold short, interest expense, extraordinary expenses and indirect expenses attributable to the Fund’s investment in other funds), expressed as a percentage of average daily net assets, as noted below:

 

     Contractual Expense Limitations
August 1, 2014 to March 31, 2015
 

Fund

   I Shares     A Shares     C Shares     R Shares     IS Shares  

Core Bond Fund*

     0.50     0.75     N/A     1.05     N/A

Corporate Bond Fund*

     0.70        0.95        1.65        N/A        N/A   

Georgia Tax-Exempt Bond Fund

     0.65        0.80        N/A        N/A        N/A   

High Grade Municipal Bond Fund

     0.65        0.80        N/A        N/A        N/A   

High Income Fund*

     0.80        1.05        N/A        1.50        0.70   

Intermediate Bond Fund*

     0.50        0.75        N/A        1.05        N/A   

Investment Grade Tax-Exempt Bond Fund

     0.65        0.80        N/A        N/A        N/A   

Limited Duration Fund*

     0.35        N/A        N/A        N/A        N/A   

 

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RIDGEWORTH FUNDS    March 31, 2015

 

     Contractual Expense Limitations
August 1, 2014 to March 31, 2015
 

Fund

   I Shares     A Shares     C Shares     R Shares     IS Shares  

Limited-Term Federal Mortgage Securities Fund*

     0.70 %       0.90 %       1.65 %       N/A %       N/A %  

North Carolina Tax-Exempt Bond Fund

     0.65        0.80        N/A        N/A        N/A   

Seix Floating Rate High Income Fund*

     0.70        1.00        1.60        N/A        0.60   

Seix High Yield Fund*

     0.65        0.90        N/A        1.30        N/A   

Short-Term Bond Fund

     0.60        0.80        1.60        N/A        N/A   

Short-Term Municipal Bond Fund

     0.55        0.70        N/A        N/A        N/A   

Total Return Bond Fund*

     0.50        0.75        N/A        1.05        0.40   

Ultra-Short Bond Fund

     0.46        N/A        N/A        N/A        N/A   

U.S. Government Securities Fund

     0.75        0.95        1.70        N/A        N/A   

U.S. Government Securities Ultra-Short Bond Fund

     0.46        N/A        N/A        N/A        N/A   

Virginia Intermediate Municipal Bond Fund

     0.65        0.80        N/A        N/A        N/A   

 

* For the period April 1, 2014 to July 31, 2014 the Contractual Expense Limitations were as follows:

 

Fund

   I Shares     A Shares     C Shares     R Shares     IS Shares  

Core Bond Fund

     0.45     0.75     N/A     1.05     N/A

Corporate Bond Fund

     0.65        0.95        1.65        N/A        N/A   

High Income Fund

     0.78        1.08        N/A        1.50        N/A   

Intermediate Bond Fund

     0.45        0.75        N/A        1.05        N/A   

Limited Duration Fund

     0.32        N/A        N/A        N/A        N/A   

Limited-Term Federal Mortgage Securities Fund

     0.66        0.86        1.66        N/A        N/A   

Seix Floating Rate High Income Fund

     0.67        0.97        1.61        N/A        N/A   

Seix High Yield Fund

     0.61        0.87        N/A        1.30        N/A   

Total Return Bond Fund

     0.45        0.75        N/A        1.05        N/A   

Under the Expense Limitation Agreement, the Investment Adviser may retain the difference between the Contractual Expense Limitation identified above and the actual total expenses to recapture any of its prior contractual waivers or reimbursements at a date not to exceed three years from the date of such waivers or reimbursements. Such repayments shall be made monthly, but only to the extent that such repayments would not cause the annualized total expense ratio to exceed the contractual expense limitation in place at that time. Under certain circumstances, the Advisor may choose to voluntarily waive fees. In the event that the Advisor voluntarily waives any fees, these waived fees are not subject to recoupment by the Advisor.

During the fiscal year ended March 31, 2015, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. As of March 31, 2015, the cumulative potential recoupments recoverable pursuant to this agreement are as follows:

 

     Expires  
     2016      2017      2018  

Core Bond Fund

     $1,227         $42         $3,506   

Corporate Bond Fund

     10,691         5,345         11,677   

High Grade Municipal Bond Fund

     17,205         18,165         26,689   

High Income Fund

     85,675         26,432           

Intermediate Bond Fund

     580         12           

Investment Grade Tax-Exempt Bond Fund

     53,503         32,500         189,341   

Limited Duration Fund

     3,221         8,029         8,039   

Limited-Term Federal Mortgage Securities Fund

     49,640         56,990         58,174   

North Carolina Tax-Exempt Bond Fund

                     14,868   

Seix Floating Rate High Income Fund

             122           

Short-Term Bond Fund

     2,491         1,467         31,360   

Short-Term Municipal Bond Fund

     36,571         35,071         28,407   

Total Return Bond Fund

     134,555         30,144         5,518   

US Government Securities Fund

     26,551         39,498         40,723   

Amounts designated as “—” are $0.

 

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RIDGEWORTH FUNDS    March 31, 2015

 

The Investment Adviser has voluntarily undertaken to reduce and/or subsidize certain expenses of the Limited-Term Federal Mortgage Securities Fund, Short-Term Bond Fund and U.S. Government Securities Fund to the extent necessary to maintain a minimum annualized yield of 0.00% for each of the Fund’s share classes. This voluntary expense reduction and/or expense subsidy may be modified or discontinued at any time without prior notice and is not subject to recoupment. There can be no assurance that this fee reduction will be sufficient to avoid any loss. During the fiscal year ended March 31, 2015, Limited Duration Fund, Short-Term Bond Fund, Short-Term Municipal Bond Fund and U.S. Government Securities Fund had voluntary reimbursements in the amount of $55, $6,451, $37 and $2,408, respectively.

Fund Accounting, Custody, Administration, and Transfer Agency — State Street Bank and Trust Company (“State Street Bank”) serves as the fund accounting agent and custodian for the Trust pursuant to a Master Custodian Agreement. The custodian is responsible for the safekeeping of the assets of the Funds and the fund accounting agent is responsible for calculating the Funds’ NAVs. State Street Bank, as the Funds’ custodian and fund accounting agent, is paid on the basis of net assets and transaction costs of the Funds. State Street Bank also serves as the administrator for the Trust pursuant to an administration agreement. State Street Bank, as the Funds’ administrator, is paid on the basis of net assets of the Funds which are allocated among the series of the Trust, on the basis of relative net assets.

Boston Financial Data Services, Inc. (“BFDS”) serves as the transfer agent to the Trust pursuant to a Transfer Agency and Service Agreement. BFDS is paid on the basis of net assets, per account fees and certain transaction costs.

Custodian Credits — The Funds have an agreement with their custodian under which custody fees may be reduced by balance credits. These credits, if any, are shown as a reduction of custody expenses on the Statements of Operations.

Distribution — The Trust and RidgeWorth Distributors LLC (the “Distributor”) are parties to a Distribution Agreement.

In addition, with respect to the A Shares, C Shares and R Shares, the Distributor receives amounts, pursuant to a Distribution and Service Plan, based upon average daily net assets of each respective class, which are computed daily and paid monthly. For the fiscal year ended March 31, 2015, the Distributor did not retain any of the front end sales charges assessed on the sale of Class A shares. For the fiscal year ended March 31, 2015, the Distributor did not retain any commissions from contingent deferred sales charges assessed on redemptions of Class C Shares. These current board approved fees, expressed as a percentage of average daily net assets, for the fiscal year ended March 31, 2015, were as follows:

 

Fund

   A Share
Distribution
and Service
Fee
    C Share
Distribution
and Service
Fee
    R Share
Distribution
and Service
Fee
    IS Share
Distribution
and Service
Fee
 

Core Bond Fund

     0.30     N/A     0.50     N/A

Corporate Bond Fund

     0.30        1.00        N/A        N/A   

Georgia Tax-Exempt Bond Fund

     0.15        N/A        N/A        N/A   

High Grade Municipal Bond Fund

     0.15        N/A        N/A        N/A   

High Income Fund

     0.30        N/A        0.50        N/A   

Intermediate Bond Fund

     0.25        N/A        0.50        N/A   

Investment Grade Tax-Exempt Bond Fund

     0.30        N/A        N/A        N/A   

Limited-Term Federal Mortgage Securities Fund

     0.20        1.00        N/A        N/A   

North Carolina Tax-Exempt Bond Fund

     0.15        N/A        N/A        N/A   

Seix Floating Rate High Income Fund

     0.30        1.00        N/A        N/A   

Seix High Yield Fund

     0.25        N/A        0.50        N/A   

Short-Term Bond Fund

     0.20        1.00        N/A        N/A   

Short-Term Municipal Bond Fund

     0.15        N/A        N/A        N/A   

Total Return Bond Fund

     0.25        N/A        0.50        N/A   

U.S. Government Securities Fund

     0.30        1.00        N/A        N/A   

Virginia Intermediate Municipal Bond Fund

     0.15        N/A        N/A        N/A   

 

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RIDGEWORTH FUNDS    March 31, 2015

 

Shareholder Servicing Fees — The Funds have adopted shareholder services fees for the I Shares and A Shares of such Funds. Each of these Funds (or class thereof, as the case may be) may pay a services fee to financial institutions that provide certain services to the Funds. The services may include, among others, providing general shareholder liaison services (including responding to shareholder inquiries) providing information on shareholder investments, and establishing and maintaining shareholder accounts and records. The Funds may pay a shareholder services fee up to an annual rate of 0.20% of average daily net assets of a Fund’s I Shares or A Shares. The Core Bond Fund, High Income Fund, Intermediate Bond Fund, Seix High Yield Fund, and Total Return Bond Fund have adopted a shareholder services fee for the R Shares. Each Fund pays specified benefit plans or other financial service firms for shareholder support services they provide, at an annual rate of up to 0.25% of the average daily net assets of R Shares.

Other Fees — The Investment Adviser provides compliance and certain administrative services to the Trust to ensure compliance with applicable laws and regulations. For the fiscal year ended March 31, 2015, the Investment Adviser was paid $1,618,129 for these services. Foreside Compliance Services, LLC (“FCS”) an affiliate of the Distributor, provides an Anti-Money Laundering Officer/Identity Theft Prevention Officer (“AML Officer”) to the Trust. Fees paid to FCS pursuant to these agreements are reflected on the Statements of Operations as a component of “Other Fees” as applicable.

Neither FCS nor any of their officers or employees who serve as an officer of the Trust, have any role in determining the Funds’ investment policies or which securities are to be purchased or sold by the Trust or its Funds.

Certain officers of the Trust are also officers or employees of the Investment Adviser, FCS and the administrator. Such officers receive no fees from the Trust for serving as officers of the Trust.

Each of the Trustees receives an annual retainer and an additional fee for each meeting attended, plus reimbursement for certain expenses incurred. Trustees receive an additional fee for committee service, paid on a per committee meeting basis. Information on the aggregate remuneration paid to the Trustees can be found on the Statements of Operations.

 

4. Capital Stock Transactions

Transactions in capital shares and dollars for the fiscal years ended March 31 were as follows:

 

  Shares
Issued
  Shares
Issued-
Merger
  Shares
Reinvested
  Shares
Redeemed
  Shares
Converted
  Net
Increase
(Decrease)
in Shares
Outstanding
  Proceeds
from Shares
Issued
  Issued-
Merger
  Dividends
Reinvested
  Cost of Shares
Redeemed
  Shares
Converted
  Change in
Net Assets
from Capital
Transactions
 

Core Bond Fund

  

I Shares

3/31/2015

  4,510,931           302,569      (6,253,876        (1,440,376   49,062,356           3,294,024      (68,021,150        (15,664,770

3/31/2014

  3,381,088           762,147      (18,518,562        (14,375,327   36,663,040           8,117,846      (200,452,039        (155,671,153

A Shares

3/31/2015

  54,092           13,538      (321,519        (253,889   589,429           147,238      (3,486,043        (2,749,376

3/31/2014

  501,179           46,195      (1,475,984        (928,610   5,432,645           491,829      (15,953,019        (10,028,545

R Shares

3/31/2015

  17,918           5,424      (93,708        (70,366   194,681           59,073      (1,018,551        (764,797

3/31/2014

  19,213           14,852      (107,714        (73,649   203,068           157,799      (1,172,656        (811,789

Corporate Bond Fund

  

I Shares

3/31/2015

  955,616           134,258      (1,573,782        (483,908   8,532,909           1,191,441      (13,966,065        (4,241,715

3/31/2014

  711,418           345,401      (3,443,282        (2,386,463   6,444,355           3,014,656      (30,230,500        (20,771,489

A Shares

3/31/2015

  90,712           3,551      (93,103        1,160      814,568           31,615      (834,348        11,835   

3/31/2014

  29,837           6,213      (377,467        (341,417   267,829           55,067      (3,363,570        (3,040,674

C Shares

3/31/2015

  4,778           41,097      (188,550        (142,675   42,519           363,642      (1,679,489        (1,273,328

3/31/2014

  5,313           66,392      (563,453        (491,748   49,253           577,793      (5,047,594        (4,420,548

 

171


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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

  Shares
Issued
  Shares
Issued-
Merger
  Shares
Reinvested
  Shares
Redeemed
  Shares
Converted
  Net
Increase
(Decrease)
in Shares
Outstanding
  Proceeds
from Shares
Issued
  Issued-
Merger
  Dividends
Reinvested
  Cost of Shares
Redeemed
  Shares
Converted
  Change in
Net Assets
from Capital
Transactions
 

Georgia Tax-Exempt Bond Fund

  

I Shares

3/31/2015

  2,592,909           224,078      (2,270,543        546,444      27,818,184           2,418,136      (24,363,603        5,872,717   

3/31/2014

  2,180,151           32,813      (4,359,350        (2,146,386   22,646,321           338,683      (44,856,457        (21,871,453

A Shares

3/31/2015

  8,488           8,921      (79,653        (62,244   90,157           96,012      (853,535        (667,366

3/31/2014

  22,297           10,650      (59,259        (26,312   238,966           110,131      (606,721        (257,624

High Grade Municipal Bond Fund

  

I Shares

3/31/2015

  4,745,372           159,946      (1,137,834        3,767,484      57,975,527           1,960,186      (13,933,474        46,002,239   

3/31/2014

  2,617,079           61,485      (3,187,674        (509,110   30,893,654           716,398      (37,282,031        (5,671,979

A Shares

3/31/2015

  1,054,618           37,938      (506,285        586,271      12,792,276           464,617      (6,170,845        7,086,048   

3/31/2014

  368,393           19,911      (570,774        (182,470   4,335,898           232,188      (6,642,002        (2,073,916

High Income Fund

  

I Shares

3/31/2015

  82,575,974           8,843,693      (86,288,928        5,130,739      579,568,804           60,279,865      (601,990,156        37,858,513   

3/31/2014

  61,365,620           7,258,926      (68,025,196        599,350      443,208,494           52,200,825      (491,210,375        4,198,944   

A Shares

3/31/2015

  7,667,812           976,856      (20,543,905        (11,899,237   54,340,109           6,753,578      (147,628,392        (86,534,705

3/31/2014

  16,874,723           1,534,313      (13,006,161        5,402,875      121,875,949           11,029,068      (93,613,472        39,291,545   

R Shares

3/31/2015

  810,510           254,230      (1,008,275        56,465      5,667,370           1,729,645      (7,052,708        344,307   

3/31/2014

  715,308           221,520      (1,136,782        (199,954   5,184,036           1,592,910      (8,212,927        (1,435,981

IS Shares*

3/31/2015

  835,524           55,114      (372,986        517,652      5,992,270           369,144      (2,505,345        3,856,069   

Intermediate Bond Fund

  

I Shares

3/31/2015

  3,732,207           418,182      (15,474,320        (11,323,931   36,735,831           4,116,409      (152,313,561        (111,461,321

3/31/2014

  5,698,274           1,608,408      (62,230,976        (54,924,294   57,311,604           15,747,823      (627,065,916        (554,006,489

A Shares

3/31/2015

  189,494           3,996      (258,622        (65,132   1,865,107           39,395      (2,547,080        (642,578

3/31/2014

  130,408           26,128      (738,824        (582,288   1,310,933           255,977      (7,371,579        (5,804,669

R Shares

3/31/2015

  56           22      (9        69      552           214      (89        677   

3/31/2014

            90      (1,356        (1,266             874      (13,778        (12,904

Investment Grade Tax-Exempt Bond Fund

  

I Shares

3/31/2015

  14,602,298           1,646,853      (15,797,083        452,068      179,985,612           20,298,292      (194,601,088        5,682,816   

3/31/2014

  16,405,379           1,155,356      (43,346,151        (25,785,416   198,451,877           13,920,762      (526,599,697        (314,227,058

A Shares

3/31/2015

  602,590           67,708      (756,290        (85,992   7,434,825           835,425      (9,331,854        (1,061,604

3/31/2014

  968,802           59,113      (1,513,367        (485,452   11,874,624           712,329      (18,242,631        (5,655,678

Limited Duration Fund

  

I Shares

3/31/2015

                                                           

3/31/2014

            85      (276,001        (275,916             834      (2,710,333        (2,709,499

Limited-Term Federal Mortgage Securities Fund

  

I Shares

3/31/2015

  111,347           6,642      (134,103        (16,114   1,244,455           74,071      (1,490,918        (172,392

3/31/2014

  60,641           9,302      (524,309        (454,366   662,667           101,517      (5,683,200        (4,919,016

A Shares

3/31/2015

  435,295           5,234      (138,224        302,305      4,856,654           58,527      (1,550,996        3,364,185   

3/31/2014

  3,344           2,973      (52,023        (45,706   36,398           32,360      (564,660        (495,902

C Shares

3/31/2015

  6,873           4,872      (97,786        (86,041   76,671           54,280      (1,086,652        (955,701

3/31/2014

  13,487           4,495      (120,524        (102,542   148,351           49,021      (1,314,315        (1,116,943

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

  Shares
Issued
  Shares
Issued-
Merger
  Shares
Reinvested
  Shares
Redeemed
  Shares
Converted
  Net
Increase
(Decrease)
in Shares
Outstanding
  Proceeds
from Shares
Issued
  Issued-
Merger
  Dividends
Reinvested
  Cost of Shares
Redeemed
  Shares
Converted
  Change in
Net Assets
from Capital
Transactions
 

North Carolina Tax-Exempt Bond Fund

  

I Shares

3/31/2015

  456,959           7,666      (627,800        (163,175   4,742,649           79,506      (6,477,472        (1,655,317

3/31/2014

  585,857           58,643      (1,711,383        (1,066,883   6,008,053           579,532      (17,308,582        (10,720,997

A Shares

3/31/2015

  970           1,647      (12,431        (9,814   10,050           17,015      (126,714        (99,649

3/31/2014

  8,849           4,340      (12,853        336      89,260           43,174      (130,146        2,288   

Seix Floating Rate High Income Fund

  

I Shares

3/31/2015

  250,862,178           25,936,211      (583,258,962        (306,460,573   2,241,961,673           231,690,008      (5,212,104,240        (2,738,452,559

3/31/2014

  628,444,241           22,304,080      (299,577,130        351,171,191      5,683,184,415           201,766,750      (2,707,946,527        3,177,004,638   

A Shares

3/31/2015

  5,311,892           789,523      (12,877,326        (6,775,911   47,521,598           7,051,575      (114,351,918        (59,778,745

3/31/2014

  16,188,285           615,510      (4,302,643        12,501,152      146,213,918           5,566,938      (38,906,052        112,874,804   

C Shares

3/31/2015

  1,255,960           186,092      (3,342,098        (1,900,046   11,262,053           1,660,627      (29,808,639        (16,885,959

3/31/2014

  5,464,357           129,066      (889,187        4,704,236      49,415,633           1,168,010      (8,050,702        42,532,941   

IS Shares*

3/31/2015

  1,578,189           4,668      (157,646        1,425,211      13,911,350           41,378      (1,395,472        12,557,256   

Seix High Yield Fund

  

I Shares

3/31/2015

  59,991,586           5,890,762      (107,955,053        (42,072,705   566,345,748           51,929,938      (1,029,523,302        (411,247,616

3/31/2014

  61,690,195           4,192,490      (118,828,265        (52,945,580   621,989,604           41,645,303      (1,188,807,521        (525,172,614

A Shares

3/31/2015

  4,637,962           224,812      (11,103,725        (6,240,951   43,055,711           2,074,573      (105,914,466        (60,784,182

3/31/2014

  4,654,381           547,554      (5,253,197        (51,262   45,581,021           5,304,484      (52,062,135        (1,176,630

R Shares

3/31/2015

  2,288           15,091      (52,067        (34,688   21,707           133,652      (485,745        (330,386

3/31/2014

  2,373           12,533      (123,064        (108,158   23,931           124,339      (1,237,608        (1,089,338

Short-Term Bond Fund

  

I Shares

3/31/2015

  4,689,209           15,007      (3,483,051        1,221,165      46,705,550           149,489      (34,661,784        12,193,255   

3/31/2014

  543,689           26,176      (4,549,476        (3,979,611   5,416,209           260,604      (45,307,997        (39,631,184

A Shares

3/31/2015

  31,643           1,080      (76,545        (43,822   315,855           10,786      (764,100        (437,459

3/31/2014

  162,922           2,434      (96,359        68,997      1,622,054           24,299      (962,809        683,544   

C Shares

3/31/2015

  30,224           7      (47,609        (17,378   301,471           69      (475,001        (173,461

3/31/2014

  8,341           475      (60,400        (51,584   83,343           4,743      (602,418        (514,332

Short-Term Municipal Bond Fund

  

I Shares

3/31/2015

  2,495,504           13,203      (1,730,406        778,301      25,027,144           131,989      (17,344,646        7,814,487   

3/31/2014

  2,793,828           6,454      (823,172        1,977,110      27,861,596           64,360      (8,227,668        19,698,288   

A Shares

3/31/2015

  112,743           4,253      (321,367        (204,371   1,130,952           42,495      (3,219,515        (2,046,068

3/31/2014

  470,366           2,331      (251,053        221,644      4,689,027           23,246      (2,506,596        2,205,677   

Total Return Bond Fund

  

I Shares

3/31/2015

  34,898,907           1,913,702      (44,413,678        (7,601,069   370,723,813           20,363,610      (469,786,413        (78,698,990

3/31/2014

  35,442,280           3,020,514      (52,014,206        (13,551,412   372,317,749           31,431,487      (544,946,298        (141,197,062

A Shares

3/31/2015

  1,172,422           67,076      (1,150,420        89,078      12,923,984           737,622      (12,606,489        1,055,117   

3/31/2014

  1,198,287           99,910      (1,990,077        (691,880   13,074,700           1,073,867      (21,523,689        (7,375,122

R Shares

3/31/2015

  1,423,952           108,564      (2,487,736        (955,220   15,230,786           1,154,903      (26,504,553        (10,118,864

3/31/2014

  2,179,751           171,423      (2,128,405        222,769      22,904,252           1,780,896      (22,277,128        2,408,020   

IS Shares*

3/31/2015

  7,452,851           102,410      (904,498        6,650,763      78,912,819           1,094,608      (9,639,814        70,367,613   

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

    Shares
Issued
    Shares
Issued-
Merger
    Shares
Reinvested
    Shares
Redeemed
    Shares
Converted
    Net
Increase
(Decrease)
in Shares
Outstanding
    Proceeds
from Shares
Issued
    Issued-
Merger
    Dividends
Reinvested
    Cost of Shares
Redeemed
    Shares
Converted
    Change in
Net Assets
from Capital
Transactions
 

Ultra-Short Bond Fund

  

             

I Shares

                     

3/31/2015

    8,677,771               74,912        (6,674,417            2,078,266        86,577,985               747,060        (66,552,633            20,772,412   

3/31/2014

    13,410,368               67,500        (12,188,417            1,289,451        133,672,653               672,246        (121,339,587            13,005,312   

U.S. Government Securities Fund

  

             

I Shares

                     

3/31/2015

    582,454               16,281        (1,220,180            (621,445     4,887,059               136,139        (10,162,531            (5,139,333

3/31/2014

    446,246               26,718        (2,140,610            (1,667,646     3,686,095               219,336        (17,665,676            (13,760,245

A Shares

                     

3/31/2015

                  420        (38,816            (38,396                   3,509        (321,310            (317,801

3/31/2014

    5,348               810        (97,821            (91,663     44,468               6,634        (809,768            (758,666

C Shares

                     

3/31/2015

    8,236                      (26,022            (17,786     67,874                      (217,675            (149,801

3/31/2014

    1,177               755        (53,881            (51,949     9,665               6,158        (443,666            (427,843

U.S. Government Securities Ultra-Short Bond Fund

  

             

I Shares

                     

3/31/2015

    83,380,029        784,751        1,171,622        (117,688,966            (32,352,564     844,619,459        7,953,747        11,867,837        (1,192,094,156            (327,653,113

3/31/2014

    101,427,494               1,181,944        (134,947,231            (32,337,793     1,026,896,037               11,963,094        (1,366,545,369            (327,686,238

Virginia Intermediate Municipal Bond Fund

  

             

I Shares

                     

3/31/2015

    1,641,414               61,789        (1,991,032            (287,829     16,795,290               633,563        (20,408,382            (2,979,529

3/31/2014

    1,595,936               73,607        (3,496,655            (1,827,112     16,250,026               741,171        (35,433,802            (18,442,605

A Shares

                     

3/31/2015

    57,972               16,745        (329,656            (254,939     593,372               171,735        (3,374,504            (2,609,397

3/31/2014

    77,740               28,685        (391,881            (285,456     800,578               289,700        (3,970,093            (2,879,815

 

* IS Shares commenced operations on August 1, 2014 (February 2, 2015 for Seix Floating Rate High Income Fund).

 

5. Investment Transactions

The cost of security purchases and the proceeds from sales and maturities of securities, excluding securities maturing less than one year from acquisition and U.S. government securities, for the fiscal year ended March 31, 2015, were as follows:

 

Fund

   Purchases      Sales and
Maturities
 

Core Bond Fund

     $51,452,693         $67,247,350   

Corporate Bond Fund

     30,892,604         39,693,221   

Georgia Tax-Exempt Bond Fund

     68,751,539         68,139,168   

High Grade Municipal Bond Fund

     222,291,273         176,002,439   

High Income Fund

     714,700,780         789,461,640   

Intermediate Bond Fund

     91,482,276         117,629,894   

Investment Grade Tax-Exempt Bond Fund

     936,678,920         929,857,755   

Limited Duration Fund

     2,091,842         2,787,675   

Limited-Term Federal Mortgage Securities Fund

     1,608,941         1,002,542   

North Carolina Tax-Exempt Bond Fund

     17,824,831         19,960,070   

Seix Floating Rate High Income Fund

     2,116,783,474         4,718,936,953   

Seix High Yield Fund

     585,106,226         1,135,023,337   

Short-Term Bond Fund

     32,139,182         34,194,285   

Short-Term Municipal Bond Fund

     51,383,536         50,458,305   

Total Return Bond Fund

     342,538,897         514,848,261   

Ultra-Short Bond Fund

     98,362,405         69,660,122   

U.S. Government Securities Ultra-Short Bond Fund

     293,118,635         351,166,729   

Virginia Intermediate Municipal Bond Fund

     71,575,246         70,481,007   

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

The cost of security purchases and proceeds from sales and maturities of U.S. government securities, excluding short-term investments, for the fiscal year ended March 31, 2015, were as follows:

 

Fund

   Purchases—US
Government
Securities
     Sales—US
Government
Securities
 

Core Bond Fund

     $270,539,491         $267,740,382   

Intermediate Bond Fund

     235,750,118         316,623,502   

Limited Duration Fund

     1,264,867           

Limited-Term Federal Mortgage Securities Fund

     17,716,158         16,620,145   

Short-Term Bond Fund

     75,623,463         61,092,298   

Total Return Bond Fund

     1,434,835,048         1,354,309,392   

Ultra-Short Bond Fund

     2,834,228         4,698,974   

U.S. Government Securities Fund

     13,180,274         17,846,485   

U.S. Government Securities Ultra-Short Bond Fund

     299,546,997         603,322,969   

 

6. Federal Income Tax Information

The following information is presented on an income tax basis and takes into consideration differences between amounts for financial statement and income tax purposes. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., foreign currency transactions and return of capital on securities), such amounts are reclassified within the composition of net assets based on their U.S. federal tax-basis treatment; temporary differences do not require reclassification.

The cost of investments and aggregate gross unrealized appreciation and depreciation for securities held by the Funds as of March 31, 2015 were as follows:

 

Fund

   Tax Cost      Aggregate
Gross
Unrealized
Appreciation
     Aggregate
Gross
Unrealized
(Depreciation)
     Net Unrealized
Appreciation
(Depreciation)
 

Core Bond Fund

     $202,141,218         $4,965,461         $(229,101)         $4,736,360   

Corporate Bond Fund

     29,718,083         1,002,472         (185,481)         816,991   

Georgia Tax-Exempt Bond Fund

     127,255,524         7,977,857         (54,066)         7,923,791   

High Grade Municipal Bond Fund

     113,739,628         5,243,858         (287,836)         4,956,022   

High Income Fund

     865,845,350         16,325,252         (30,384,788)         (14,059,536)   

Intermediate Bond Fund

     250,709,172         4,398,416         (223,776)         4,174,640   

Investment Grade Tax-Exempt Bond Fund

     715,869,138         37,294,939         (1,114,178)         36,180,761   

Limited Duration Fund

     7,314,511         16,366         (2,863)         13,503   

Limited-Term Federal Mortgage Securities Fund

     12,326,236         314,795         (420)         314,375   

North Carolina Tax-Exempt Bond Fund

     38,646,501         2,151,539         (511)         2,151,028   

Seix Floating Rate High Income Fund

     6,355,643,014         39,844,167         (151,057,539)         (111,213,372)   

Seix High Yield Fund

     701,948,402         15,517,127         (13,697,722)         1,819,405   

Short-Term Bond Fund

     54,309,997         205,472         (11,374)         194,098   

Short-Term Municipal Bond Fund

     48,765,653         184,036         (25,539)         158,497   

Total Return Bond Fund

     1,147,210,896         27,520,080         (2,760,634)         24,759,446   

Ultra-Short Bond Fund

     142,312,447         502,181         (78,242)         423,939   

U.S. Government Securities Fund

     17,980,559         572,298                 572,298   

U.S. Government Securities Ultra-Short Bond Fund

     1,636,129,451         23,654,033         (658,756)         22,995,277   

Virginia Intermediate Municipal Bond Fund

     119,509,069         5,661,670         (8,037)         5,653,633   

Amounts designated as “—” are $0.

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

The tax character of distributions paid to shareholders during the fiscal year ended March 31, 2015 was as follows:

 

     Distributions paid from                       

Fund

   Net
Investment
Income*
     Net Long
Term Capital
Gains
     Tax-Exempt
Distributions **
     Return
of
Capital
     Total
Distributions
Paid
 

Core Bond Fund

     $4,241,150         $—         $—         $—         $4,241,150   

Corporate Bond Fund

     1,518,635         89,129                         1,607,764   

Georgia Tax-Exempt Bond Fund

     42                 3,369,698                 3,369,740   

High Grade Municipal Bond Fund

     1,210,439                 2,142,219                 3,352,658   

High Income Fund

     63,083,214         13,711,409                         76,794,623   

Intermediate Bond Fund

     5,205,530                                 5,205,530   

Investment Grade Tax-Exempt Bond Fund

     6,178,999         2,347,656         16,915,693                 25,442,348   

Limited Duration Fund

     11,822                                 11,822   

Limited-Term Federal Mortgage Securities Fund

     191,623                                 191,623   

North Carolina Tax-Exempt Bond Fund

                     881,179                 881,179   

Seix Floating Rate High Income Fund

     329,521,926                                 329,521,926   

Seix High Yield Fund

     71,059,727         44,294,046                         115,353,773   

Short-Term Bond Fund

     270,835                                 270,835   

Short-Term Municipal Bond Fund

     274,833         22,750         156,265                 453,848   

Total Return Bond Fund

     24,212,496                                 24,212,496   

Ultra-Short Bond Fund

     932,817                                 932,817   

U.S. Government Securities Fund

     142,615                                 142,615   

U.S. Government Securities Ultra-Short Bond Fund

     13,488,002                                 13,488,002   

Virginia Intermediate Municipal Bond Fund

     21,988         995,886         3,007,134                 4,025,008   

 

* Net Investment income includes taxable market discount income and short-term capital gains, if any.

 

** The Funds hereby designate these amounts as Exempt Interest Dividends.

Amounts designated as “—” are $0.

The tax character of distributions paid to shareholders during the year ended March 31, 2014 was as follows:

 

     Distributions paid from                       

Fund

   Net
Investment
Income*
     Net Long
Term Capital
Gains
     Tax-Exempt
Distributions **
     Return
of
Capital
     Total
Distributions
Paid
 

Core Bond Fund

     $5,597,094         $5,053,263         $—         $—         $10,650,357   

Corporate Bond Fund

     1,948,036         1,794,331                         3,742,367   

Georgia Tax-Exempt Bond Fund

     110                 4,067,308                 4,067,418   

High Grade Municipal Bond Fund

     231,448                 1,690,546                 1,921,994   

High Income Fund

     65,568,121         7,154,960                         72,723,081   

Intermediate Bond Fund

     7,484,125         16,244,063                         23,728,188   

Investment Grade Tax-Exempt Bond Fund

     5,104,197         300,882         18,008,553                 23,413,632   

Limited Duration Fund

     14,851                                 14,851   

Limited-Term Federal Mortgage Securities Fund

     208,006                                 208,006   

North Carolina Tax-Exempt Bond Fund

     163         1,186,858         1,186,590                 2,373,611   

Seix Floating Rate High Income Fund

     320,510,565                                 320,510,565   

Seix High Yield Fund

     101,758,197         57,275,214                         159,033,411   

Short-Term Bond Fund

     746,437                                 746,437   

Short-Term Municipal Bond Fund

     110,145                 41,911                 152,056   

Total Return Bond Fund

     25,208,697         10,839,079                         36,047,776   

Ultra-Short Bond Fund

     969,033                                 969,033   

U.S. Government Securities Fund

     128,781         112,599                         241,380   

U.S. Government Securities Ultra-Short Bond Fund

     13,537,248                                 13,537,248   

Virginia Intermediate Municipal Bond Fund

     342,328         1,042,800         4,035,684                 5,420,812   

 

* Net Investment income includes taxable market discount income and short-term capital gains, if any.

 

** The Funds hereby designate these amounts as Exempt Interest Dividends.

Amounts designated as “—” are $0 or have been rounded to $0.

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

As of March 31, 2015 the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

 

Fund

  Undistributed
Tax Exempt
Income
    Undistributed
Ordinary
Income
    Undistributed
Long Term
Capital Gains
    Net Unrealized
Appreciation
(Depreciation)
    Loss
Carryforwards
and Deferrals
    Total  

Core Bond Fund

    $—        $467,186        $634,212        $4,736,360        $—        $5,837,758   

Corporate Bond Fund

           141,035        271,821        816,714               1,229,570   

Georgia Tax-Exempt Bond Fund

    451,060                      7,923,791        (1,162,838     7,212,013   

High Grade Municipal Bond Fund

    182,061        1,029,111        1,762        4,956,022               6,168,956   

High Income Fund

           3,766,213               (14,059,534     (21,455,989     (31,749,310

Intermediate Bond Fund

           1,060,785        700,432        4,174,640               5,935,857   

Investment Grade Tax-Exempt Bond Fund

    1,078,190        2,967,745        4,455,707        36,180,761               44,682,403   

Limited Duration Fund

           105               13,503        (829,151     (815,543

Limited-Term Federal Mortgage Securities Fund

           2,174               314,376        (695,758     (379,208

North Carolina Tax-Exempt Bond Fund

    308                      2,151,028        (223,221     1,928,115   

Seix Floating Rate High Income Fund

           25,430,878               (111,213,685     (47,253,844     (133,036,651

Seix High Yield Fund

           2,265,985               1,819,408        (19,268,707     (15,183,314

Short-Term Bond Fund

           24,131               194,097        (1,210,971     (992,743

Short-Term Municipal Bond Fund

    8,040        30,391        54,861        158,497               251,789   

Total Return Bond Fund

                  1,184,497        23,193,900        (1,268,093     23,110,304   

Ultra-Short Bond Fund

           82,532               423,939        (2,228,275     (1,721,804

U.S. Government Securities Fund

           56,886               572,298               629,184   

U.S. Government Securities Ultra-Short Bond Fund

           1,050,646               22,995,279        (18,085,526     5,960,399   

Virginia Intermediate Municipal Bond Fund

    247,958        36,840        997,626        5,653,633               6,936,057   

 

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales, futures contract mark to market, dividends payable, bank loan adjustments, forward contracts mark to market 988(a)(1)(b), mark to market on credit default swaps, trust adjustments and straddle loss deferrals.

Amounts designated as “—” are $0.

The Funds utilize the provisions of the federal income tax laws that provide for the carryforward of capital losses from prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized in taxable years beginning after December 22, 2010 (“post-enactment”), may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses (“pre-enactment”). The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of March 31, 2015, the post-enactment accumulated short-term and long-term capital loss carryforwards were as follows:

 

Fund

   Short Term      Long Term      Total  

North Carolina Tax-Exempt Bond Fund

     $223,221         $—         $223,221   

Ultra-Short Bond Fund

     98,445         113,140         211,585   

U.S. Government Securities Ultra-Short Bond Fund

     9,677,042                 9,677,042   

 

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NOTES TO FINANCIAL STATEMENTS  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

 

As of March 31, 2015, the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

 

     Expires  

Fund

   2016      2017      2018      2019      Total  

Georgia Tax-Exempt Bond Fund

     $—         $—         $1,162,838         $—         $1,162,838   

Limited Duration Fund*

                     829,060                 829,060   

Limited-Term Federal Mortgage Securities Fund**

     695,758                                 695,758   

Seix Floating Rate High Income Fund

             25,038,485                         25,038,485   

Short-Term Bond Fund

                     1,201,749                 1,201,749   

Ultra-Short Bond Fund

             202,726         1,362,740         451,224         2,016,690   

U.S. Government Securities Ultra-Short Bond Fund

                             8,408,484         8,408,484   

 

* Of the $830,682 of capital loss carryforwards subject to limitations due to an ownership change on June 30, 2013, $1,622 was utilized, and the remaining $829,060, will expire in 2018.

 

** Of the $773,622 of capital loss carryforwards subject to limitations due to an ownership change on January 31, 2014, $77,864 was utilized, and the remaining $695,758, will expire in 2016.

Amounts designated as “—” are $0.

Capital loss carryforwards may be applied to offset future realized capital gains and therefore may reduce future capital gain distributions.

During the fiscal year ended March 31, 2015, the following Funds utilized capital loss carryforwards as follows:

 

Fund

   Amount  

Core Bond Fund

     $3,969,222   

Georgia Tax-Exempt Bond Fund

     2,047,587   

High Grade Municipal Bond Fund

     143,983   

Limited Duration Fund

     1,622   

Limited-Term Federal Mortgage Securities Fund

     166,933   

North Carolina Tax-Exempt Bond Fund

     736,445   

Seix Floating Rate High Income Fund

     11,675,291   

Short-Term Bond Fund

     218,649   

Total Return Bond Fund

     23,471,737   

U.S. Government Securities Fund

     106,759   

U.S. Government Securities Ultra-Short Bond Fund

     3,311,700   

Virginia Intermediate Municipal Bond Fund

     343,350   

During the fiscal year ended March 31, 2015, the following Fund had capital loss carryforwards that expired in fiscal 2015 as follows:

 

Fund

   Amount  

Ultra-Short Bond Fund

     $667,058   

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next fiscal year. During the fiscal year ended March 31, 2015, the following Funds had net capital losses:

 

Fund

   Short Term      Long Term      Total  

High Income Fund

     $13,775,359         $7,680,630         $21,455,989   

Limited Duration Fund

     91                 91   

Seix Floating Rate High Income Fund

     12,013,274         10,202,085         22,215,359   

Seix High Yield Fund

     9,318,463         9,950,244         19,268,707   

Short-Term Bond Fund

     9,222                 9,222   

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and March 31 and late year ordinary losses (i) ordinary losses between January 1 and March 31, and (ii) specified ordinary and currency losses between November 1 and March 31 as

 

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NOTES TO FINANCIAL STATEMENTS  (concluded)

 

RIDGEWORTH FUNDS    March 31, 2015

 

occurring on the first day of the following tax year. For the fiscal year ended March 31, 2015, any amount of losses elected as late year ordinary losses within the tax return will not be recognized for federal income tax purposes until April 1, 2015.

 

7. Reorganizations

On May 20, 2014, the Board approved the reorganization of the RidgeWorth Short-Term U.S. Treasury Securities Fund (the “Target Fund”) into the RidgeWorth U.S. Government Securities Ultra-Short Bond Fund (the “Acquiring Fund”), a separate series of the Trust. On August 1, 2014, the Acquiring Fund acquired all of the net assets of the Target Fund in a tax-free exchange of shares. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies.

 

Target Fund

   Shares Prior to
Reorganization
     Shares
Issued by the
Acquiring
Fund
     Net Assets
Prior to
Reorganization
 

I Shares

     292,773         282,619         $2,864,452   

A Shares

     106,635         102,792         1,041,835   

C Shares

     414,503         399,340         4,047,460   

The appreciation (depreciation) of the acquired fund was $9,669 as of the date of the merger. The combined net assets of the Acquiring Fund immediately after the reorganization were $1,786,800,909.

Assuming the acquisition had been completed on April 1, 2014, the beginning of the reporting period of the Acquiring Fund, the Acquiring Fund’s pro forma results of operations for the fiscal year ended March 31, 2015, were as follows:

 

Net Investment Income (Loss)

     $9,708,863   

Net Realized and Unrealized Gains/Losses on Investments

     $4,096,899   

Net Increase/Decrease in Net Assets resulting from Operations

     $13,805,762   

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Acquiring Fund’s Statement of Operations as of March 31, 2015.

 

8. Subsequent Events

Management has evaluated subsequent events through the date these financial statements were available to be issued. Management has determined, except as set forth below, that there are no material events that would require disclosure in the Funds’ financial statements through this date.

Effective April 1, 2015, Funds participating in securities lending will no longer utilize the joint trading account for management of the cash collateral, and instead will sweep cash collateral from each participating fund directly into a government money market fund provided through the lending agent.

At a meeting held on May 21, 2015, the Board approved the reorganization of the RidgeWorth Intermediate Bond Fund (the “Target Fund”) into the RidgeWorth Core Bond Fund (the “Acquiring Fund”), a separate series of the Trust. The reorganization is expected to be effective at the close of business on or around July 31, 2015. Each shareholder of the A, R and I Shares of the Target Fund will receive A, R and I Shares of the Acquiring Fund, respectively, in an amount equal in value to the shares of the Fund the shareholder had immediately before the reorganization.

At a meeting held on May 21, 2015, the Board approved the reorganization of the RidgeWorth U.S. Government Securities Fund (the “Target Fund”) into the RidgeWorth Limited-Term Federal Mortgage Securities Fund (the “Acquiring Fund”), a separate series of the Trust. The reorganization is expected to be effective at the close of business on or around July 31, 2015. Each shareholder of the A, C and I Shares of the Target Fund will receive A, C and I Shares of the Acquiring Fund, respectively, in an amount equal in value to the shares of the Fund the shareholder had immediately before the reorganization. Effective August 1, 2015, the Acquiring Fund will be renamed the RidgeWorth Seix U.S. Mortgage Fund.

On May 21, 2015, the Board approved a change in the LOC from a dedicated aggregate amount of $250,000,000 to a syndicated aggregate amount of $200,000,000.

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

RIDGEWORTH FUNDS    March 31, 2015

 

To the Board of Trustees and Shareholders of RidgeWorth Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Core Bond Fund, Corporate Bond Fund, Georgia Tax-Exempt Bond Fund, High Grade Municipal Bond Fund, High Income Fund, Intermediate Bond Fund, Investment Grade Tax-Exempt Bond Fund, Limited Duration Fund, Limited-Term Federal Mortgage Securities Fund, North Carolina Tax-Exempt Bond Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund, Short-Term Bond Fund, Short-Term Municipal Bond Fund, Total Return Bond Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, U.S. Government Securities Ultra-Short Bond Fund, and Virginia Intermediate Municipal Bond Fund (nineteen of the funds constituting RidgeWorth Funds, collectively the “Funds”) at March 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2015 by correspondence with the custodian and brokers, and application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 22, 2015

 

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OTHER FEDERAL TAX INFORMATION

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

The following Funds hereby designate the following amounts as long term capital gain distributions:

 

Fund

   Long Term
Capital
Dividend
 

Corporate Bond Fund

     $89,129   

High Income Fund

     13,711,409   

Investment Grade Tax-Exempt Bond Fund

     2,347,656   

Seix High Yield Fund

     44,294,046   

Short-Term Municipal Bond Fund

     22,750   

Virginia Intermediate Municipal Bond Fund

     995,886   

For corporate shareholders, the following percentages of the total ordinary income distributions paid by the following Funds during the fiscal year ended March 31, 2015 qualify for the corporate dividends received deduction:

 

Fund

   Dividends
Received
Deductions
 

High Income Fund

     0.91

Seix Floating Rate High Income Fund

     0.06   

Seix High Yield Fund

     0.09   

Total Return Bond Fund

     0.13   

For the year ended March 31, 2015, the following Funds paid qualified dividend income:

 

Fund

   Qualified
Dividend
Income
 

High Income Fund

     0.94

Seix Floating Rate High Income Fund

     0.06   

Seix High Yield Fund

     0.09   

Total Return Bond Fund

     0.13   

 

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TRUSTEES AND OFFICERS OF THE RIDGEWORTH FUNDS

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

Set forth below are the names, age, position with the Trust, length of term of office, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee of the Trust. Unless otherwise noted, the address of each Trustee and officer is c/o RidgeWorth Investments®, 3333 Piedmont Road, Suite 1500, Atlanta, Georgia 30305. The Funds’ Statement of Additional Information includes more information about the Trustees and is available without charge, upon request, by calling 1-888-784-3863 and on the Funds’ website at www.ridgeworth.com.

 

Name and Age   Position
Held with
the Trust
  Term of Office
and Length of
Time Served
 

Principal Occupation(s)

During the Past 5 Years

  Number of
Portfolios in the
RidgeWorth
Complex Overseen
by Trustees
 

Other Directorships

Held By Trustee

During the Past

5 Years

Tim E. Bentsen

(August 1953)

  Independent Trustee   Indefinite; since 2012   Lecturer- J.M. Tull School of Accounting, Terry College of Business at University of Georgia (2013-Present); Retired. Audit Partner and Account Executive (1993-2012); Lead Area Managing Partner (2005-2009); Atlanta Office Managing Partner (2003-2009), KPMG LLP.   30   Synovus Financial Corp.: Krispy Kreme Doughnuts, Inc.

Jeffrey M. Biggar

(February 1950)

  Independent Trustee   Indefinite; since 2007   Director of Special Gifts for Hawken School (since May 2013); Managing Director, Little Mountain Group, LLC (an independent Registered Investment Advisor consulting firm) (2011-2013); Chief Operating Officer, Cedar Brook Financial Partners LLC (2008-2010); Chief Executive Officer and Senior Managing Director, Sterling (National City Corp.) (2000-2006).   30  

Multi-Manager

Master Portfolios LLC (3 portfolios; thru 2013)

George C. Guynn

(December 1942)

  Independent Trustee   Indefinite; since 2008   Retired. President and CEO, Federal Reserve Bank of Atlanta (1996-2006).   30   Genuine Parts Company; Oxford Industries; Acuity Brands, Inc.; SUSA Registered Fund LLC; Multi-Manager Master Portfolios LLC (3 portfolios; thru 2013)

Sidney E. Harris

(July 1949)

  Independent Trustee   Indefinite; since 2004   Adjunct Professor (since May 2014), Professor (1997-April 2014), Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University.   30   Total System Services, Inc.; Multi-Manager Master Portfolios LLC (3 portfolios; thru 2013).

Warren Y. Jobe**

(November 1940)

  Independent Trustee   Indefinite; since 2004   Retired. Executive Vice President and Chief Financial Officer, Georgia Power Company (1982-1998) and Senior Vice President, Southern Company (1998-2001).   30   WellPoint (thru May 2014); UNS Energy (thru 2013)

Connie D. McDaniel

(April 1958)

  Independent Trustee   Indefinite; since 2005   Retired. Vice President, Chief of Internal Audit, Corporate Audit Department (2009-2013); Vice President Global Finance Transformation (2007-2009); Vice President and Controller (1999-2007), The Coca-Cola Company.   30   Total System Services, Inc.

Ashi S. Parikh*

(February 1966)

 

Interested

Trustee

  Indefinite; since 2013   Chief Executive Officer and Chief Investment Officer, RidgeWorth Investments (2010-present); President and Chief Investment Officer (2008-2010).   30   None

 

* Mr. Parikh is an “interested person” of the Trust, as defined in the 1940 Act, because he is an employee of the Adviser.

 

** Effective May 12, 2015, Mr. Jobe resigned as an Independent Trustee of the Trust.

 

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TRUSTEES AND OFFICERS OF THE RIDGEWORTH FUNDS  (concluded)

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

Name, Address

and Age

  Position(s) Held with
the Trust
 

Term of Office
and Length of

Time Served

 

Principal Occupation(s)

During the Past 5 Years

Julia R. Short

(November 1972)

  President and Chief Executive Officer   One year; since 2007   Managing Director, Product Manager, RidgeWorth Investments (since 2004).

Joseph M. O’Donnell

(November 1954)

  Executive Vice President and Chief Compliance Officer   One year; since 2011   Managing Director, RidgeWorth Investments (since 2011); Executive Vice President and Chief Compliance Officer, ING Funds (2004–2011); Senior Vice President and Chief Compliance Officer, ING Investments, LLC (2006–2008 and October 2009–2011); and Senior Vice President and Investment Advisor Chief Compliance Officer, Directed Services LLC (2006–2008 and 2009–2011).

Denise R. Lewis

(October 1963)

  Treasurer and Chief Financial Officer   One year; since 2012   Director of Fund Administration, RidgeWorth Investments (since 2012); Vice President of Fund Analysis and Reporting, ING Investments Management, LLC (2006–2012).

Benjamin H. Lowe

(March 1978)

  Assistant Treasurer   One year; since 2012  

Director of Fund Administration, RidgeWorth Investments (since 2011);

Fund Controller, ALPS Fund Services, Inc. (2005–2011).

James Bacik

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02110

(May 1975)

  Assistant Treasurer   One year; since 2010   Vice President, State Street Bank and Trust Company (since 2001).*

Patrick J. Keniston

Foreside Compliance Services, LLC

Three Canal Plaza,

Suite 100

Portland, ME 04101

(January 1964)

  Anti-Money Laundering Officer and Identity Theft Prevention Officer   One year; since 2013   Director, Foreside Compliance Services, LLC (October 2008 – present).

Karen Jacoppo-Wood

State Street Bank and Trust Company

100 Huntington Avenue

Tower 2, Third Floor,

CPH0326

Boston, MA 02116

(December 1966)

  Secretary and Chief Legal Officer   One year; since November 2014   Vice President and Senior Counsel, State Street Bank and Trust Company (since 2014); Vice President, RMR Advisors, Inc/RMR Funds (2007-2014)

Timothy J. Burdick

State Street Bank and Trust Company

100 Huntington Avenue

Tower 2, 3rd Floor,

CPH0326

Boston, MA 02116

(October 1986)

  Assistant Secretary  

One year; since

May 2014

  Assistant Vice President and Associate Counsel, State Street Bank and Trust Company (since 2011); Student Northeastern University School of Law (2008–2011).*

 

* During the period indicated the officer has held various positions at State Street Bank and Trust Company and has provided his or her current title.

 

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ADDITIONAL INFORMATION

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

Expense Examples

As a shareholder of the RidgeWorth Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees, 12b-1 distribution and/or service fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the RidgeWorth Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2014 through March 31, 2015.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

Fund

   Class     Beginning
Account Value
10/01/14
     Ending
Account Value
03/31/15
     Expenses Paid
During  Period*
10/01/14-03/31/15
     Expense Ratio
During  Period**
10/01/14-03/31/15
 

Core Bond Fund

     I Shares        $1,000.00         $1,034.30         $2.23         0.44
     A Shares        1,000.00         1,033.30         3.24         0.64   
     R Shares        1,000.00         1,032.20         4.31         0.85   

Corporate Bond Fund

     I Shares        1,000.00         1,039.90         3.31         0.65   
     A Shares        1,000.00         1,038.20         4.83         0.95   
     C Shares        1,000.00         1,036.00         8.32         1.64   

Georgia Tax-Exempt Bond Fund

     I Shares        1,000.00         1,024.00         3.38         0.67   
     A Shares        1,000.00         1,023.70         3.68         0.73   

High Grade Municipal Bond Fund

     I Shares        1,000.00         1,026.90         3.28         0.65   
     A Shares        1,000.00         1,026.10         4.09         0.81   

High Income Fund

     I Shares        1,000.00         1,001.90         3.89         0.78   
     A Shares        1,000.00         1,000.80         5.14         1.03   
     R Shares        1,000.00         999.80         6.18         1.24   
     IS Shares        1,000.00         1,007.30         4.30         0.86   

Intermediate Bond Fund

     I Shares        1,000.00         1,024.50         2.37         0.47   
     A Shares        1,000.00         1,023.90         3.03         0.60   
     R Shares        1,000.00         1,020.50         5.29         1.05   

Investment Grade Tax-Exempt Bond Fund

     I Shares        1,000.00         1,017.60         3.27         0.65   
     A Shares        1,000.00         1,016.80         4.02         0.80   

Limited Duration Fund

     I Shares        1,000.00         1,000.90         1.75         0.35   

Limited-Term Federal Mortgage Securities Fund

     I Shares        1,000.00         1,034.10         3.55         0.70   
     A Shares        1,000.00         1,032.10         4.56         0.90   
     C Shares        1,000.00         1,029.20         8.35         1.65   

North Carolina Tax-Exempt Bond Fund

     I Shares        1,000.00         1,026.40         3.28         0.65   
     A Shares        1,000.00         1,025.70         4.04         0.80   

Seix Floating Rate High Income Fund

     I Shares        1,000.00         1,016.30         3.07         0.61   
     A Shares        1,000.00         1,014.80         4.57         0.91   
     C Shares        1,000.00         1,011.80         7.52         1.50   
     IS Shares ***      1,000.00         1,016.30         0.77         0.47   

Seix High Yield Fund

     I Shares        1,000.00         1,008.10         2.70         0.54   
     A Shares        1,000.00         1,006.00         4.30         0.86   
     R Shares        1,000.00         1,005.70         4.95         0.99   

Short-Term Bond Fund

     I Shares        1,000.00         1,007.30         3.00         0.60   
     A Shares        1,000.00         1,005.30         4.00         0.80   
     C Shares        1,000.00         1,005.00         5.30         1.06   

Short-Term Municipal Bond Fund

     I Shares        1,000.00         1,004.40         2.75         0.55   
     A Shares        1,000.00         1,004.60         3.50         0.70   

Total Return Bond Fund

     I Shares        1,000.00         1,031.00         2.28         0.45   
     A Shares        1,000.00         1,030.00         3.54         0.70   
     R Shares        1,000.00         1,027.90         5.31         1.05   
     IS Shares        1,000.00         1,031.80         1.52         0.30   

 

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ADDITIONAL INFORMATION  (continued)

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

Fund

   Class      Beginning
Account Value
10/01/14
     Ending
Account Value
03/31/15
     Expenses Paid
During Period*
10/01/14-03/31/15
     Expense Ratio
During Period**
10/01/14-03/31/15
 

Ultra-Short Bond Fund

     I Shares         $1,000.00         $1,003.00         $1.90         0.38

U.S. Government Securities Fund

     I Shares         1,000.00         1,032.10         3.80         0.75   
     A Shares         1,000.00         1,031.00         4.81         0.95   
     C Shares         1,000.00         1,027.80         7.99         1.58   

U.S. Government Securities Ultra-Short Bond Fund

     I Shares         1,000.00         1,002.30         1.95         0.39   

Virginia Intermediate Municipal Bond Fund

     I Shares         1,000.00         1,017.40         3.37         0.67   
     A Shares         1,000.00         1,016.10         3.77         0.75   

 

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

 

** Annualized.

 

*** IS Shares for Seix Floating Rate High Income Fund commenced operations on February 2, 2015. Expenses are equal to annualized expense ratio, multiplied by the average account value over the period, multiplied by 58 (the number of days since the commencement of the Class on February 2, 2015), then divided by 365.

Hypothetical Example

The table below provides information about hypothetical account values and hypothetical expenses based on each RidgeWorth Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

Fund

   Class     Beginning
Account Value
10/01/14
     Ending
Account Value
03/31/15
     Expenses Paid
During  Period*
10/01/14-03/31/15
     Expense Ratio
During  Period**
10/01/14-03/31/15
 

Core Bond Fund

     I Shares        $1,000.00         $1,022.70         $2.22         0.44
     A Shares        1,000.00         1,021.70         3.23         0.64   
     R Shares        1,000.00         1,020.70         4.28         0.85   

Corporate Bond Fund

     I Shares        1,000.00         1,021.70         3.28         0.65   
     A Shares        1,000.00         1,020.20         4.78         0.95   
     C Shares        1,000.00         1,016.80         8.25         1.64   

Georgia Tax-Exempt Bond Fund

     I Shares        1,000.00         1,021.60         3.38         0.67   
     A Shares        1,000.00         1,021.30         3.68         0.73   

High Grade Municipal Bond Fund

     I Shares        1,000.00         1,021.70         3.28         0.65   
     A Shares        1,000.00         1,020.90         4.08         0.81   

High Income Fund

     I Shares        1,000.00         1,021.00         3.93         0.78   
     A Shares        1,000.00         1,019.80         5.19         1.03   
     R Shares        1,000.00         1,018.70         6.24         1.24   
     IS Shares ***      1,000.00         1,020.64         4.33         0.86   

Intermediate Bond Fund

     I Shares        1,000.00         1,022.60         2.37         0.47   
     A Shares        1,000.00         1,021.90         3.02         0.60   
     R Shares        1,000.00         1,019.70         5.29         1.05   

Investment Grade Tax-Exempt Bond Fund

     I Shares        1,000.00         1,021.70         3.28         0.65   
     A Shares        1,000.00         1,020.90         4.03         0.80   

Limited Duration Fund

     I Shares        1,000.00         1,023.20         1.77         0.35   

Limited-Term Federal Mortgage Securities Fund

     I Shares        1,000.00         1,021.40         3.53         0.70   
     A Shares        1,000.00         1,020.40         4.53         0.90   
     C Shares        1,000.00         1,016.70         8.30         1.65   

North Carolina Tax-Exempt Bond Fund

     I Shares        1,000.00         1,021.70         3.28         0.65   
     A Shares        1,000.00         1,020.90         4.03         0.80   

Seix Floating Rate High Income Fund

     I Shares        1,000.00         1,021.90         3.07         0.61   
     A Shares        1,000.00         1,020.40         4.58         0.91   
     C Shares        1,000.00         1,017.50         7.54         1.50   
     IS Shares ***      1,000.00         1,007.32         0.76         0.47   

 

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ADDITIONAL INFORMATION  (concluded)

 

RIDGEWORTH FUNDS    March 31, 2015

(Unaudited)

 

Fund

   Class     Beginning
Account Value
10/01/14
     Ending
Account Value
03/31/15
     Expenses Paid
During Period*
10/01/14-03/31/15
     Expense Ratio
During Period**
10/01/14-03/31/15
 

Seix High Yield Fund

     I Shares        $1,000.00         $1,022.20         $2.72         0.54
     A Shares        1,000.00         1,020.60         4.33         0.86   
     R Shares        1,000.00         1,020.00         4.99         0.99   

Short-Term Bond Fund

     I Shares        1,000.00         1,021.90         3.02         0.60   
     A Shares        1,000.00         1,020.90         4.03         0.80   
     C Shares        1,000.00         1,019.60         5.34         1.06   

Short-Term Municipal Bond Fund

     I Shares        1,000.00         1,022.20         2.77         0.55   
     A Shares        1,000.00         1,021.40         3.53         0.70   

Total Return Bond Fund

     I Shares        1,000.00         1,022.70         2.27         0.45   
     A Shares        1,000.00         1,021.40         3.53         0.70   
     R Shares        1,000.00         1,019.70         5.29         1.05   
     IS Shares ***      1,000.00         1,023.44         1.51         0.30   

Ultra-Short Bond Fund

     I Shares        1,000.00         1,023.00         1.92         0.38   

U.S. Government Securities Fund

     I Shares        1,000.00         1,021.20         3.78         0.75   
     A Shares        1,000.00         1,020.20         4.78         0.95   
     C Shares        1,000.00         1,017.10         7.95         1.58   

U.S. Government Securities Ultra-Short Bond Fund

     I Shares        1,000.00         1,023.00         1.97         0.39   

Virginia Intermediate Municipal Bond Fund

     I Shares        1,000.00         1,021.60         3.38         0.67   
     A Shares        1,000.00         1,021.20         3.78         0.75   

 

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

 

** Annualized.

 

*** IS Shares Commenced operations on August 1, 2014 (February 2, 2015 for Seix Floating Rate High Income Fund). Expenses (hypothetical expenses if IS Shares had been in existence from April 1, 2014) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

Proxy Voting Information

Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-888-784-3863. The information also is included in the Funds’ Statement of Additional Information, which is available on the Funds’ website at www.ridgeworth.com and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the Funds’ website at www.ridgeworth.com and on the SEC’s website at www.sec.gov.

Quarterly Portfolio Holdings Information

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available free of charge on the SEC’s website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330.

 

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Table of Contents

INVESTMENT ADVISER:

RidgeWorth Investments

3333 Piedmont Road, NE, Suite 1500

Atlanta, Georgia 30305

www.ridgeworth.com

INVESTMENT SUBADVISER:

Seix Investment Advisors LLC

One Maynard Drive

Suite 3200

Park Ridge, NJ USA 07656

www.seixadvisors.com

This information must be preceded or accompanied by a current prospectus for each Fund described. An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about RidgeWorth Funds can be found in the Fund’s prospectus. For additional information, please call 1-888-784-3863, or visit www.ridgeworth.com. Please read the prospectus carefully before investing.

DISTRIBUTOR:

RIDGEWORTH DISTRIBUTORS LLC

 

LOGO

RFAR-FI-0315

 

LOGO


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Item 2. Code of Ethics.

 

(a) RidgeWorth Funds (the “Registrant”) has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer.

 

(b) No disclosures are required by this Item 2(b).

 

(c) The Registrant has not made any amendments to its Code of Ethics during the reporting period for this Form N-CSR.

 

(d) There have been no waivers granted by the Registrant to individuals covered by the Registrant’s Code of Ethics during the reporting period for this Form N-CSR.

 

(e) Not applicable.

 

(f) A copy of the Registrant’s Code of Ethics is attached as an exhibit to this Form N-CSR.

 

Item 3. Audit Committee Financial Expert.

 

(a)   (1)

The Board of Trustees of the Registrant has determined that the Registrant has at least one member serving on the Registrant’s Audit Committee that possesses the attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as “audit committee financial expert.”

 

  (2) The names of the audit committee financial expert are Connie D. McDaniel and Tim E. Bentsen. Each audit committee financial expert has been deemed to be “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.

 

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees - The aggregate fees billed for the last two fiscal years ended March 31 for professional services rendered by the principal accountant to the Registrant for the annual audit of the Registrant’s financial statements or services normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are set forth below.

 

     March 31, 2015      March 31, 2014  

Audit Fees

   $ 483,490       $ 489,490   

(b) Audit-Related Fees - The aggregate fees billed for the last two fiscal years ended March 31 for professional services rendered by the principal accountant to the Registrant for assurance and related services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4 are set forth below.

 

     March 31, 2015      March 31, 2014  

Audit-Related Fees

   $ 0       $ 0   

There were no fees billed for the last two fiscal years ended March 31 for assurance and related services rendered by the principal accountant to the investment adviser that are reasonably related to the performance of the audit of the Registrant’s financial statements that were required to be pre-approved by the Audit Committee as described in paragraph (e)(1) of this Item 4.


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(c) Tax Fees - The aggregate fees billed for the last two fiscal years ended March 31 for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning are set forth below. The principal accountant is engaged to review and sign the Federal Income and Excise returns, along with reviewing excise distributions.

 

     March 31, 2015      March 31, 2014  

Tax Fees

   $ 186,500       $ 186,360   

There were no fees billed for the last two fiscal years ended March 31 for professional services rendered by the principal accountant to the investment adviser for tax compliance, tax advice and tax planning that were required to be pre-approved by the Audit Committee as described in paragraph (e)(1) of this Item 4.

(d) All Other Fees - The aggregate fees billed for the last two fiscal years ended March 31 for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) – (c) of this Item 4 are set forth below.

 

     March 31, 2015      March 31, 2014  

All Other Fees

   $ 0       $ 0   

There were no fees billed for the last two fiscal years ended March 31 for products and services provided by the principal accountant to the investment adviser that were required to be pre-approved by the Audit Committee as described in paragraph (e)(1) of this Item 4.

(e) (1) Audit Committee’s Pre-Approval Policies and Procedures

RIDGEWORTH FUNDS

Audit and Non-Audit Services Pre-Approval Policy

 

I. Statement of Principles

As set forth in the chart below, the Sarbanes-Oxley Act of 2002 (the “Act”), and rules adopted by the Securities and Exchange Commission (“SEC”) require that the Audit Committee of the Board of Trustees pre-approve all audit services and non-audit services provided to RidgeWorth Funds (the “Trust”) and its portfolios (the “Funds”) by its independent accountant (“Auditor”), as well as non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”), listed on Appendix A, if the services directly impact the Funds’ operations and financial reporting.1

Where Pre-Approval is Required

 

  

Audit

Service

  

Non-Audit Service

Fund    Yes    Yes
Adviser    No    Yes, if directly related to Fund operation and financial reporting
Service Affiliate    No    Yes, if directly related to Fund operation and financial reporting

 

1  The Audit Committee also is permitted to ratify the provision of inadvertent non-audit services, but only if:

 

  the value of all such services do not exceed 5% of total revenues paid by the Trust and Service Affiliates to the Auditor in the fiscal year when services are provided;

 

  the services were not recognized as non-audit services at the time they were provided; and

 

  the services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit.


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The following policies and procedures (except Section IX) govern the ways in which the Audit Committee will pre-approve audit and various types of non-audit services that the Auditor provides to the Trust and to Service Affiliates. These policies and procedures do not apply in the case of audit services that the Auditor provides to Service Affiliates, nor do they apply to services that an audit firm other than the Auditor provides to such entities.

These policies and procedures comply with the requirements for pre-approval, but also provide a mechanism by which management of the Trust may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations. Pre-approval of non-audit services by the Auditor may be achieved through a combination of the procedures described in Section VI below.

With respect to non-audit services that may be provided to the Trust by an accounting firm other than the Auditor, the Chairperson of the Audit Committee is authorized to pre-approve such services in accordance with the procedures described in Section IX below.

 

II. Audit Services

The annual audit services engagement scope and terms will be subject to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit (including required rating agency reviews) and other procedures required to be performed by the independent auditor to be able to form an opinion on the Trust’s financial statements. The Audit Committee will monitor the audit services engagement throughout the year and will also approve, if necessary, any changes in terms and conditions resulting from changes in audit scope, Fund structure or other items. The Audit Committee will pre-approve all audit services for the Trust.

 

III. Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s financial statements or that are traditionally performed by the Auditor. The Audit Committee will pre-approve all audit-related services for the Trust.

 

IV. Tax Services

Tax services to the Trust include tax compliance, tax planning and tax advice. The Audit Committee will review all proposed tax related services to assure that their provision would not impair the independence of the Auditor. The Audit Committee will pre-approve all tax services for the Trust.

 

V. All Other Services

While the SEC’s rules prohibit the Auditor from providing specific non-audit services, as listed on Appendix A, certain other types of non-audit services are permitted. Accordingly, the Audit Committee believes it may pre-approve those permissible non-audit services classified as All Other Services that it believes would not impair the independence of the Auditor, and are consistent with the SEC’s rules on auditor independence. The Audit Committee will pre-approve all other services for the Trust.

 

VI. Procedures

 

  A. Regular Pre-Approval Procedures

The Audit Committee shall pre-approve at its regularly scheduled meetings the audit, audit-related, tax and other non-audit services to be rendered by the Auditor to the Trust and those non-audit


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services to be rendered by the Auditor to the Service Affiliates that require pre-approval by the Audit Committee. In connection with such pre-approvals, the Auditor, or the President and/or Treasurer with the assistance of the Auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting, an explanation of why the service is being performed, and projected fees.

The Auditor shall notify the President, Treasurer, and Chairperson of the Audit Committee as soon as practicable regarding its engagement to provide Fund-related non-audit services to Service Affiliates.

 

  B. Interim Pre-Approval Procedures

If, in the opinion of the President and/or Treasurer, a proposed engagement needs to commence before the next regularly scheduled Audit Committee meeting, the Chairperson of the Audit Committee (the “Chairperson”) is authorized to pre-approve the engagement so long as the amount to be paid to the Auditor would not exceed $50,000. The President and/or Treasurer will coordinate with the Chairperson and provide to the Chairperson, with the assistance of the Auditor, information about the service to be considered for pre-approval. The Auditor may not commence the engagement under consideration until the President and/or Treasurer has indicated that pre-approval has been obtained from the Chairperson. The Chairperson will report any interim pre-approval decisions to the Audit Committee at its next regularly scheduled meeting.

 

VII. Recordkeeping

The Trust shall maintain a written record of all decisions made by the Audit Committee or by the Chairperson of the Audit Committee pursuant to these procedures, together with appropriate supporting material. In connection with the ratification of any inadvertent non-audit services, a record shall be made indicating that each of the conditions for this exception to the pre-approval requirement has been satisfied.

 

VIII. Amendment

The Audit Committee may review and amend these policies and procedures from time to time as it deems appropriate.

 

IX. Interim Pre-Approval of Non-Audit Services By Other Accounting Firms

If, in the opinion of the President and/or Treasurer, a proposed engagement for non-audit services to the Trust by an accounting firm other than the Auditor needs to commence before the next regularly scheduled Audit Committee meeting, the Chairperson is authorized to pre-approve the engagement so long as the amount to be paid to the accounting firm would not exceed $50,000. The Chairperson will report any interim pre-approval decisions to the Audit Committee at its next regularly scheduled meeting.

Adopted: March 1, 2012

Appendix A

Service Affiliates Subject to Pre-Approval of Non-Audit Services

Including, but not limited to:

RidgeWorth Capital Management LLC and its subsidiaries.

Zevenbergen Capital Investments LLC


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Prohibited Non-Audit Services

 

  Bookkeeping or other services related to the accounting records or financial statements of the audit client;

 

  Financial information systems design and implementation;

 

  Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

 

  Actuarial services;

 

  Internal audit outsourcing services;

 

  Management functions or human resources;

 

  Broker or dealer, investment adviser, or investment banking services;

 

  Legal services and expert services unrelated to the audit.

(e) (2) Percentage of Services - None of the services summarized in paragraphs (b)-(d), above, were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The aggregate non-audit fees billed for the last two fiscal years ended March 31 for services rendered by the principal accountant to the Registrant are set forth below.

 

March 31, 2015

 

March 31, 2014

$179,000

  $186,360

The approximate aggregate non-audit fees billed for the last two fiscal years ended March 31 for services rendered by the Registrant’s principal accountant to the Registrant’s investment adviser, and any other entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant are set forth below.

 

March 31, 2015

 

March 31, 2014

$0

  $12,800,000

Services for which the non-audit fees were billed relate principally to mortgage compliance reviews, general corporate and state and local tax assistance and accounting matters, and various strategic reporting consulting projects.

(h) In regards to Item 4(g), the Audit Committee has considered that the provision of non-audit services that were rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

 

Item 5. Audit Committee of Listed Registrants.

Not applicable.


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Item 6. Schedule of Investments.

 

(a) Schedule of Investments is included as a part of the reports to shareholders filed under Item 1 of this Form N-CSR.

 

(b) Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Investment Companies.

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

The Board of Trustees has not adopted formal procedures by which shareholders may recommend nominees to the Board of Trustees.

 

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

 

(a)  

(1)

Code of Ethics described in Item 2 is attached hereto.

 

  (2) The certifications required by Rule 30a-2(a) of the 1940 Act are attached hereto.

 

  (3) Not applicable.

(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

RIDGEWORTH FUNDS
By:

/s/ Julia R. Short

Julia R. Short
President
Date: June 4, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:

/s/ Julia R. Short

Julia R. Short
President
Date: June 4, 2015
By:

/s/ Denise R. Lewis

Denise R. Lewis
Treasurer
Date: June 4, 2015