Mutual Fund Summary Prospectus (497k)
17 Março 2014 - 2:11PM
Edgar (US Regulatory)
Summary Prospectus
U.S. Government Securities Ultra-Short Bond Fund
AUGUST 1, 2013
(as revised March 17, 2014)
Class
/ Ticker Symbol
I
/ SIGVX
Before you invest, you may want to review the Fund’s Prospectus and
Statement of Additional Information, which contain more information about the Fund and its risks. You can find the Fund’s Prospectus, Statement of Additional Information and other information about the Fund online at
http://www.ridgeworth.com/resources/regulatory-tax-info. You can also get this information at no cost by calling the Funds at
1-888-784-3863
or by sending an email request to info@ridgeworth.com. The current Prospectus and Statement of Additional
Information, dated August 1, 2013, are incorporated by reference into this summary prospectus.
Investment Objective
The
U.S. Government Securities Ultra-Short Bond Fund (the “Fund”) seeks high current income consistent with preserving capital and maintaining liquidity.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of
the value of your investment)
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I Shares
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Management Fees
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0.19%
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Other
Expenses
(1)
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0.19%
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Total Annual Fund Operating Expenses
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0.38%
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(1)
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Restated to reflect current fees.
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Example
This example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the
Fund’s operating expenses remain the same and that you reinvest all dividends and distributions. The example reflects contractual fee waivers and reimbursements for the first year only. Although your actual costs may be higher or lower, based
on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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I Shares
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$
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39
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$
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122
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$
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214
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$
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483
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Portfolio Turnover
The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes
when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate
was 137% of the average value of its portfolio.
Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in short duration U.S. Treasury securities, U.S. agency securities,
U.S. agency mortgage-backed securities, repurchase agreements, other U.S. government securities and shares of registered money market mutual funds that invest in the foregoing. The Fund expects to maintain an average effective duration
between 3 months and 1 year. Individual purchases will generally be limited to securities with an effective duration of less than 5 years. Duration measures a bond or Fund’s sensitivity to interest rate changes and is expressed
as a number of years. The higher the number, the greater the risk. Under normal circumstances, for example, if a portfolio has a duration of five years, its value will change by 5% if rates change by 1%. Shorter duration bonds result in lower
expected volatility.
In selecting securities for purchase and sale, the Fund’s Subadviser, StableRiver Capital Management LLC
(“StableRiver” or the “Subadviser”), attempts to maximize
1
income by identifying securities that offer an acceptable yield for a given maturity.
In addition,
to implement its investment strategy, the Fund may buy or sell, to a limited extent, derivative instruments (such as futures, options and swaps) to use as a substitute for a purchase or sale of a position in the underlying assets and/or as part of a
strategy designed to reduce exposure to other risks, such as interest rate risk.
Principal Investment Risks
You may lose money if you invest in the Fund.
A Fund share is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency.
Debt Securities Risk:
Debt securities, such as bonds, involve credit risk. Credit risk is the risk that the
borrower will not make timely payments of principal or interest or will default. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment
in that issuer. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities. Debt securities are also subject to interest rate risk, which is the risk that the value of a debt security may fall when
interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter term securities.
Derivatives Risk:
In the course of pursuing its investment strategies, the Fund may invest in certain types of derivatives including swaps, foreign currency
forward contracts and futures. The Fund is exposed to additional volatility and potential loss with these investments. Losses in these investments may exceed the Fund’s initial investment. Derivatives may be difficult to value, may
become illiquid and may not correlate perfectly with the overall securities market.
Futures Contract Risk:
The Fund may enter into futures
contracts. The risks associated with futures include: the Subadviser’s ability to manage these instruments, the potential inability to terminate or sell a position, the lack of a liquid secondary market for the Fund’s position, the risk
that the counterparty to the transaction will not meet its obligations, mispricing or improper valuation and that the other party to a derivative transaction will not meet its obligations. The prices of derivatives may move in unexpected ways,
especially in unusual market conditions, and may result in increased volatility and unexpected losses.
A liquid secondary market may not always exist for the Fund’s derivative positions at any time. In fact, many
over-the-counter instruments (instruments not traded on exchange) may not be liquid. Over-the-counter instruments also involve the risk that the other party to the derivative transaction will not meet its obligations.
Mortgage-Backed and Asset-Backed Securities Risk:
Mortgage- and asset-backed securities are debt instruments that are secured by interests in pools of
mortgage loans or other financial assets. The value of these securities will be influenced by the factors affecting the assets underlying such securities, swings in interest rates, changes in default rates, or deteriorating economic conditions.
During periods of declining asset values, mortgage-backed and asset-backed securities may face valuation difficulties and may become more volatile and/or illiquid. The risk of default is generally higher in the case of securities backed by loans
made to borrowers with “sub-prime” credit metrics.
If market interest rates increase substantially and the Fund’s adjustable-rate
securities are not able to reset to market interest rates during any one adjustment period, the value of the Fund’s holdings and its net asset value may decline until the adjustable-rate securities are able to reset to market rates. In the
event of a dramatic increase in interest rates, the lifetime limit on a security’s interest rate may prevent the rate from adjusting to prevailing market rates. In such an event, the security could underperform and affect the Fund’s net
asset value.
Prepayment and Call Risk:
During periods of falling interest rates, an issuer of a callable bond held by the Fund may
“call” or prepay the bond before its stated maturity date. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest the proceeds in securities with a lower yield or fail to recover
additional amounts paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decline in the Fund’s income.
Swap Risk:
The Fund may enter into swap agreements, including credit default and interest rate swaps, for purposes of attempting to gain exposure to a
particular asset without actually purchasing that asset or to hedge a position. Credit default swaps may increase or decrease the Fund’s exposure to credit risk and could result in losses if the Subadviser does not correctly evaluate the
creditworthiness of the entity on which the credit default swap is based. Swap agreements may also subject the Fund to the risk that the counterparty to the transaction may not meet its obligations.
2
U.S. Government Securities Risk:
U.S. Treasury securities are backed by the full faith and credit of the U.S.
government, while other types of securities issued or guaranteed by federal agencies, instrumentalities, and U.S. government-sponsored entities may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities
may underperform other segments of the fixed income market or the fixed income market as a whole.
Performance
The bar chart and the performance table that follow illustrate the risks and volatility of an investment in the Fund. The Fund’s past performance (before and
after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available by contacting the RidgeWorth Funds at
1-888-784-3863
or by visiting www.ridgeworth.com.
The annual returns in the bar chart which follows are for the I Shares without reflecting payment of any sales
charge; if they did reflect such payment of sales charges, annual returns would be lower.
This bar chart shows the changes in performance of the
Fund’s I Shares from year to year.*
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Best Quarter
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Worst Quarter
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2.14%
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-0.10%
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(3/31/2009)
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(12/31/2012)
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*
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The performance information shown above is based on a calendar year. The Fund’s total return for the six months ended June 30, 2013 was -0.06%.
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The following table compares the Fund’s average annual total returns for the periods indicated with those of a broad measure of
market performance.
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AVERAGE ANNUAL TOTAL RETURNS
(for periods ended December 31, 2012)
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1 Year
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5 Years
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10 Years
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I Shares Returns Before Taxes
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1.55
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%
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2.72
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%
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2.88
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%
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I Shares Returns After Taxes on Distributions
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1.25
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%
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1.88
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%
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1.91
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I Shares Returns After Taxes on Distributions and Sale of Fund Shares
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1.01
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%
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1.83
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%
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1.89
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%
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Barclays 3-6 Month U.S. Treasury Bill Index (reflects no deductions for fees, expenses or taxes)
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0.15
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%
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0.76
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%
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1.94
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After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect
the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (“IRAs”).
Investment Adviser and Subadviser
RidgeWorth Investments is the Fund’s investment adviser (the “Adviser”). StableRiver Capital Management LLC is the Fund’s Subadviser.
Portfolio Management
Mr. H. Rick Nelson, Chief Executive Officer and Chief Investment Officer of StableRiver,
has been a member of the management team for the Fund since 2004. Mr. Chad Stephens, Managing Director of StableRiver, has been a member of the management team for the Fund since 2006. Mr. Perry Troisi, Managing Director and Senior Portfolio Manager
of StableRiver, has been a member of the Fund’s management team since 2014. Mr. Michael Rieger, Managing Director and Senior Portfolio Manager of StableRiver, has been a member of the Fund’s management team since 2014.
Purchasing and Selling Your Shares
You may purchase or
redeem Fund shares on any business day. You may purchase and redeem I Shares of the Fund through financial institutions or intermediaries that are authorized to place transactions in Fund shares for their customers or for their own accounts.
There is no minimum initial investment amount for the Fund’s I Shares. There are no minimums for subsequent investments.
3
Tax Information
The Fund’s distributions are generally taxable and will be taxed as ordinary income or capital gains unless you are investing through a tax-deferred
arrangement, such as a 401(k) plan or an IRA, which may be taxed upon withdrawal.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a financial intermediary, such as a broker-dealer or investment adviser, the Fund, the Adviser or the Distributor may pay
the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment.
Ask your financial intermediary or visit your financial intermediary’s website for more information.
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