Mutual Fund Summary Prospectus (497k)
March 17 2014 - 5:19PM
Edgar (US Regulatory)
Summary Prospectus
Short-Term Bond
Fund
AUGUST 1, 2013
(as revised March 17,
2014)
Class
/ Ticker Symbol
A
/ STSBX
C
/ SCBSX
I
/ SSBTX
Before you invest, you may want to review the Funds Prospectus and
Statement of Additional Information, which contain more information about the Fund and its risks. You can find the Funds Prospectus, Statement of Additional Information and other information about the Fund online at
http://www.ridgeworth.com/resources/regulatory-tax-info. You can also get this information at no cost by calling the Funds at
1-888-784-3863
or by sending an email request to info@ridgeworth.com. The current Prospectus and Statement of Additional
Information, dated August 1, 2013, are incorporated by reference into this summary prospectus.
Investment Objective
The
Short-Term Bond Fund (the Fund) seeks high current income, while preserving capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at
least $50,000 in RidgeWorth Funds. More information about these and other discounts is available from your financial professional and in Sales Charges on page 91 of the Funds prospectus and Rights of Accumulation on page 60 of the Funds
statement of additional information.
|
|
|
|
|
|
|
Shareholder Fees
(fees paid directly from your investment)
|
|
|
A Shares
|
|
C Shares
|
|
I Shares
|
Maximum Sales Charge (load) Imposed on Purchases (as a % of offering price)
|
|
2.50%
|
|
None
|
|
None
|
Maximum Deferred Sales Charge (load) (as a % of net asset value)
|
|
None
|
|
1.00%
|
|
None
|
|
|
|
|
|
|
|
Annual Fund Operating
Expenses
(expenses that you pay each year as a percentage of
the value of your investment)
|
|
|
A Shares
|
|
C Shares
|
|
I Shares
|
Management Fees
|
|
0.40%
|
|
0.40%
|
|
0.40%
|
Distribution (12b-1) Fees
|
|
0.20%
|
|
1.00%
|
|
None
|
Other
Expenses
(1)
|
|
0.16%
|
|
0.08%
|
|
0.10%
|
|
|
|
|
|
|
|
Total Annual Fund Operating Expenses
|
|
0.76%
|
|
1.48%
|
|
0.50%
|
(1)
|
Restated to reflect current fees.
|
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 Funds 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
|
3 Years
|
|
|
5 Years
|
|
|
10 Years
|
|
A Shares
|
|
$
|
326
|
|
|
$
|
488
|
|
|
$
|
663
|
|
|
$
|
1,171
|
|
C Shares
|
|
$
|
251
|
|
|
$
|
469
|
|
|
$
|
809
|
|
|
$
|
1,774
|
|
I Shares
|
|
$
|
51
|
|
|
$
|
161
|
|
|
$
|
280
|
|
|
$
|
631
|
|
You would pay the following expenses if you did not redeem your shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
|
3 Years
|
|
|
5 Years
|
|
|
10 Years
|
|
A Shares
|
|
$
|
326
|
|
|
$
|
488
|
|
|
$
|
663
|
|
|
$
|
1,171
|
|
C Shares
|
|
$
|
151
|
|
|
$
|
469
|
|
|
$
|
809
|
|
|
$
|
1,774
|
|
I Shares
|
|
$
|
51
|
|
|
$
|
161
|
|
|
$
|
280
|
|
|
$
|
631
|
|
Portfolio Turnover
The Fund
pays transaction costs when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 128% of the average value of its portfolio.
1
Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of short- to medium-term investment grade U.S. Treasury,
corporate debt, mortgage-backed and asset-backed securities. These securities may be rated investment grade by at least one national securities rating agency or may be unrated securities that the Funds Subadviser, StableRiver Capital
Management LLC (StableRiver or the Subadviser), believes are of comparable quality. The Fund expects that it will normally maintain an effective maturity of 3 years or less. The Fund may invest in foreign securities,
which at times may be significant. The Fund may invest a portion of its assets in securities that are restricted as to resale. As a result of its investment strategy, the Funds portfolio turnover rate may be 100% or more.
In selecting securities for purchase and sale, the Subadviser attempts to identify securities that are expected to offer a comparably better investment return for a
given level of risk. For example, short-term bonds generally have better returns than money market instruments with a fairly modest increase in risk and/or volatility. The Subadviser manages the Fund from a total return perspective. That is, the
Subadviser makes day-to-day investment decisions for the Fund with a view towards maximizing returns. The Subadviser analyzes, among other things, yields, market sectors and credit risk in an effort to identify attractive investments with attractive
risk/reward trade-offs.
The Subadviser may retain securities if the rating of the security falls below investment grade and the Subadviser deems
retention of the security to be in the best interests of the Fund.
In addition, to implement its investment strategy, the Fund may buy or sell
derivative instruments (such as swaps, including credit default swaps, futures and options) to use as a substitute for a purchase or sale of a position in the underlying assets and/or as part of a strategy designed to reduce exposure to other risks,
such as interest rate risk.
Principal Investment Risks
You may lose money if you invest in the Fund.
A Fund share is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Below Investment Grade Securities Risk:
Securities that are rated below investment grade (sometimes referred to as junk bonds, including those
bonds rated lower than BBB- by Standard & Poors Financial Services LLC and Fitch, Inc. or Baa3 by Moodys Investors Service), or that
are unrated but judged by the Subadviser to be of comparable quality at the time of purchase, involve greater risk of default and are more volatile than investment grade securities and are
considered speculative. Below investment grade securities may also be less liquid than higher quality securities, and may cause income and principal losses for the Fund.
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
issuers credit rating or the markets perception of an issuers creditworthiness may also affect the value of the Funds investment in that issuer. The degree of credit risk depends on the issuers financial condition and
on the terms of the securities. Debt securities are also subject to interest rate risk, which is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities
will go up or down more in response to changes in interest rates than the market price of shorter term securities.
Derivatives Risk:
In the
course of pursuing its investment strategies, the Fund may invest in certain types of derivatives including swaps, foreign currency forward contracts and futures. The Fund is exposed to additional volatility and potential loss with these
investments. Losses in these investments may exceed the Funds initial investment. Derivatives may be difficult to value, may become illiquid and may not correlate perfectly with the overall securities market.
Foreign Securities Risk:
Foreign securities involve special risks such as currency fluctuations, economic or financial instability, lack of timely or
reliable financial information and unfavorable political or legal developments and delays in enforcement of rights.
Frequent Trading Risk:
Frequent buying and selling of investments may involve higher trading costs and other expenses and may affect the Funds performance over time. High rates of portfolio turnover may result in the realization of short-term capital gains and
losses. The payment of taxes on these gains could adversely affect your after tax return on your investment in the Fund. Any distributions resulting from such gains or losses may be considered ordinary income for federal income tax purposes.
Futures Contract Risk:
The risks associated with futures include: the Subadvisers ability to manage these instruments, the potential
inability to terminate or sell a position, the lack of a liquid secondary market for the Funds position, 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,
2
especially in unusual market conditions, and may result in increased volatility and unexpected losses.
A liquid secondary market may not always exist for the Funds 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 Funds adjustable-rate securities are not able to reset to market interest rates during any one
adjustment period, the value of the Funds holdings and its net asset value may decline until the adjustable-rate securities are able to reset to market rates. In the event of a dramatic increase in interest rates, the lifetime limit on a
securitys interest rate may prevent the rate from adjusting to prevailing market rates. In such an event, the security could underperform and affect the Funds net asset value.
Prepayment and Call Risk:
During periods of falling interest rates, an issuer of a callable bond held by the Fund may call or prepay the bond before its stated maturity date. When mortgages and
other obligations are prepaid and when securities are called, the Fund may have to reinvest the proceeds in securities with a lower yield or fail to recover additional amounts paid for securities with higher interest rates, resulting in an
unexpected capital loss and/or a decline in the Funds income.
Restricted Securities Risk:
Certain debt securities may be restricted
securities, which are not registered with the SEC and thus may not be sold publicly until registration has been made. Therefore, there is the absence of a public market and there is limited investor information.
Swap Risk:
The Fund may enter into swap agreements, including credit default and interest rate swaps, for purposes of attempting to gain exposure to a
particular asset without actually purchasing that asset or to hedge a position. Credit default swaps may increase or decrease the Funds exposure to credit risk and could result in losses if the Subadviser does not correctly evaluate the
creditworthiness of the entity on which the
credit default swap is based. Swap agreements may also subject the Fund to the risk that the counterparty to the transaction may not meet its obligations.
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 Funds past performance (before and after taxes) does not indicate how the Fund will
perform in the future. Updated performance information is available by contacting the RidgeWorth Funds at
1-888-784-3863
or by visiting www.ridgeworth.com.
The annual returns in the bar chart which follows are for the I Shares without reflecting payment of any sales charge; if they did reflect such payment of sales
charges, annual returns would be lower.
This bar chart shows the changes in performance of the Funds I Shares from year to year.*
|
|
|
Best Quarter
|
|
Worst Quarter
|
3.85%
|
|
-2.34%
|
(6/30/2009)
|
|
(9/30/2008)
|
*
|
The performance information shown above is based on a calendar year. The Funds total return for the six months ended June 30, 2013 was -0.29%.
|
3
The following table compares the Funds average annual total returns for the periods indicated with those of a
broad measure of market performance.
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE ANNUAL TOTAL RETURNS
(for periods ended December 31, 2012)
|
|
|
|
1 Year
|
|
|
5 Years
|
|
|
10 Years
|
|
A Shares Returns Before Taxes
|
|
|
2.40%
|
|
|
|
2.82%
|
|
|
|
2.93%
|
|
C Shares Returns Before Taxes
|
|
|
1.60%
|
|
|
|
2.02%
|
|
|
|
2.24%
|
|
I Shares Returns Before Taxes
|
|
|
2.62%
|
|
|
|
3.05%
|
|
|
|
3.17%
|
|
I Shares Returns After Taxes on Distributions
|
|
|
2.05%
|
|
|
|
2.06%
|
|
|
|
2.07%
|
|
I Shares Returns After Taxes on Distributions and Sale of Fund Shares
|
|
|
1.70%
|
|
|
|
2.02%
|
|
|
|
2.05%
|
|
Barclays 1-3 Year Government/Credit Index (reflects no deduction for fees, expenses or taxes)
|
|
|
1.26%
|
|
|
|
2.88%
|
|
|
|
3.13%
|
|
After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect
the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (IRAs). After-tax returns are shown for only the I Shares. After-tax returns for other share classes will vary.
Investment Adviser and Subadviser
RidgeWorth Investments is the Funds investment adviser (the Adviser). StableRiver Capital Management LLC is the Funds Subadviser.
Portfolio Management
Mr. H. Rick Nelson, Chief Executive Officer and Chief Investment Officer of StableRiver,
has been a member of the management team for the Fund since 2003. Mr. Chad Stephens, Managing Director of StableRiver, has been a member of the management team for the Fund since 2008. Mr. Adrien Webb, CFA, Managing Director and Senior Portfolio
Manager of StableRiver, has been a member of the Funds management team since 2014. Mr. Perry Troisi, Managing Director and Senior Portfolio Manager of StableRiver, has been a member of the Funds management team since 2014. Mr. Michael
Rieger, Managing Director and Senior Portfolio Manager of StableRiver, has been a member of the Funds 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 A, C, and I Shares of the Fund through financial institutions or intermediaries that are authorized to place transactions
in Fund shares for their customers or for their own accounts.
The minimum initial investment amounts for each share class are shown below, although
these minimums may be reduced or waived in some cases.
|
|
|
Class
|
|
Dollar Amount
|
A Shares
|
|
$2,000
|
C Shares
|
|
$5,000 ($2,000 for IRAs or other tax-deferred accounts)
|
I Shares
|
|
None
|
Subsequent investments in A or C Shares must be made in amounts of at least $1,000. The Fund may accept investments of smaller
amounts for either class of shares at its discretion. There are no minimums for subsequent investments in I Shares.
Tax Information
The Funds distributions are generally taxable and will be taxed as ordinary income or capital gains unless you are investing through a tax-deferred
arrangement, such as a 401(k) plan or an IRA, 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 intermediarys website for more information.
|
|
|
|
|
RFSUM-STB-0314
|
M2i Global (QB) (USOTC:MTWO)
Historical Stock Chart
From Feb 2025 to Mar 2025
M2i Global (QB) (USOTC:MTWO)
Historical Stock Chart
From Mar 2024 to Mar 2025