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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, Inc.
3333 Piedmont Road NE, Suite 1500
Atlanta, GA 30305
(Address of principal executive offices)(Zip code)
(Name and Address of Agent for Service) | Copy to: | |||
Julia Short RidgeWorth Funds 3333 Piedmont Road NE, Suite 1500 Atlanta, GA 30305 | Thomas Harman, Esq. Bingham McCutchen 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, 2014
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Item 1. | Reports to Shareholders. |
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Collective Strength. Individual Insight.®
2014 ANNUAL REPORT
EQUITY FUNDS
MARCH 31, 2014
RidgeWorth Investments® is the trade name of RidgeWorth Capital Management, Inc.
Collective Strength. Individual Insight.® is a federally registered service mark of RidgeWorth Investments.®
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RIDGEWORTH FUNDS March 31, 2014
Letter to Shareholders | 1 | |||
Management Discussion of Fund Performance | ||||
Equity Funds: | ||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
17 | ||||
19 | ||||
Allocation Strategies: | ||||
21 | ||||
23 | ||||
25 | ||||
27 | ||||
Financial Statements | ||||
Schedules of Portfolio Investments | 29 | |||
Statements of Assets and Liabilities | 59 | |||
Statements of Operations | 62 | |||
Statements of Changes in Net Assets | 65 | |||
Financial Highlights | 70 | |||
Notes to Financial Statements | 76 | |||
Report of Independent Registered Public Accounting Firm | 95 | |||
Other Information | ||||
Other Federal Tax Information | 96 | |||
Trustees and Officers of the RidgeWorth Funds | 98 | |||
Additional Information | 100 |
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RIDGEWORTH FUNDS March 31, 2014
Dear Valued Client,
Before we begin, we want to thank you, our valued RidgeWorth Funds’ shareholders, for your continued business and support. We focus our efforts on helping you achieve your investment goals and we are grateful you have placed your confidence in us. Our primary mission is to earn your trust through providing competitive investment performance and excellent client service. We sincerely hope we have met your expectations in both of these measures and we look forward to continuing as your asset manager in the future.
There is an old saying that good things come in threes and we have three good things to discuss. First, we are pleased to report that the economic recovery that began in mid-2009 has continued and the U.S. equity bull market celebrated its fourth anniversary despite both persistent and new global economic and financial challenges. Second, we are pleased to report that RidgeWorth Funds (“Funds”) maintained its strong long-term investment performance record. Third, we are excited to announce our pending partnership with Lightyear Capital LLC which will acquire RidgeWorth Investments (“RidgeWorth”) from SunTrust Banks, Inc. RidgeWorth will become an independent investment firm with significant equity ownership by employees. This update will discuss all three of these topics as well as what we anticipate for both the broad economy and the capital markets in 2014.
In last year’s letter, we discussed why we remained positive regarding our outlook for the economy and the markets: improved job growth, a continued recovery in housing, an improving outlook for the European Union (“EU”), low interest rates, accommodative global monetary policies and strong, cash-rich corporate balance sheets. However, we cautioned that many of the challenges that affected the markets over the past several years would likely remain, including persistent underemployment, impaired consumer balance sheets, regulatory and geopolitical uncertainty and dysfunction in Washington. In such an environment, we stated the market could become more selective, sorting out those companies with disruptive products and services with strong earnings, from those that merely kept pace with a modestly growing economy.
In discussing the macroeconomic environment, we believe that both the economy and the capital markets continued the transition from crisis mode to cyclical growth mode. That said, the markets had their fair share of worries, both old and new, and they surfaced early in the fiscal year. In the second quarter of 2013, some of the developments included then-Federal Reserve Chairman Ben Bernanke’s announcement that the Federal Open Market Committee (“FOMC”) would likely begin reducing its massive and somewhat controversial quantitative easing (“QE”) program. In addition, market participants were concerned over Chinese banking liquidity and slowing growth in emerging markets. In the third quarter, threats of military surgical strikes in Syria, sequestration, threat of government shutdown, the uncertainty surrounding the Detroit bankruptcy and financial strains in Puerto Rico rattled investors. In the fourth quarter, the beginning of FOMC tapering and rising mortgage rates added to the list of concerns. Finally, the first quarter of 2014 saw the initial impact of the Affordable Care Act, concern over the cessation of long-term unemployment insurance benefits and one of the more severe winter seasons in recent memory. Additionally, geo-political turmoil created by Russia’s annexation of Crimea ignited fears of a land grab in Ukraine, and fanned fears of a renewed Cold War.
Despite the numerous concerns, the markets embraced the positives related to the continued post-financial crisis healing and cyclical improvement. These positives included steady and improved job growth, lower unemployment, rising home prices, falling loan-delinquency rates, increased manufacturing output, continued low inflation, steady recovery in the EU and Japan and an almost global commitment to maintaining accommodative monetary policies. In addition, companies enjoyed burgeoning free cash flows which were used for share buybacks, dividend payments, debt reduction and accretive bolt-on mergers and acquisitions. Taken together, this myriad of individual positives collectively reduced downside risks to the macro economy and bolstered investor confidence.
The result of all of these events was another strong year for equities in the U.S. and other developed markets. The S&P 500 Index gained an impressive 21.86% (including dividends) during the year ended March 31, 2014. Pro-cyclical sectors such as Industrials, Technology, Materials and Financials all posted above-market returns for the year, as did Health Care. More defensive and interest rate sensitive sectors such as Consumer Staples and Utilities, lagged. This combination of outperformance favored the Growth style over the Value style, with the Russell 1000 Growth Index gaining 23.22% versus 21.57% for the Russell 1000 Value Index. In other markets, both mid-cap stocks and small cap stocks outperformed the S&P 500 Index, while the MSCI EAFE (a developed, international markets index) lagged. Economic slowing as well as rising inflation pressures hurt emerging market stocks, which fell modestly for the year according to the MSCI Emerging Markets Index.
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LETTER TO SHAREHOLDERS (concluded)
RIDGEWORTH FUNDS March 31, 2014
On the fixed income side, the threat and eventual onset of FOMC tapering in response to the stronger economy pushed bond yields up from artificially low levels and the yield curve steepened, sapping strength from the bond market. The Barclays Aggregate Bond Index slipped -0.10% for the year ended March 31, 2014, with most of the weakness attributed to U.S. Treasuries. The strength in the economy, however, helped credit spreads narrow so that corporate and high yield bonds posted gains for the year.
In this economic and financial climate, RidgeWorth Funds continued to maintain its record of strong long-term performance, as two-thirds of our Funds beat their Lipper Peer Group medians for the 1- and 3-year periods, ended March 31, 20141. Moreover, more than 80% of our Funds finished in the first or second quartile for the 10-year period1.
We are very pleased with the continued success of our Funds and the dedicated investment professionals behind them. We want to do even more to meet our clients’ investment needs through expanded product lines, innovative solution development and placing an even greater focus on client and intermediary partner service. To that end, employees of RidgeWorth Investments in partnership with Lightyear Capital LLC, a financial services private equity firm, have entered into an agreement to acquire RidgeWorth from SunTrust Banks, Inc., with closing expected mid-2014. We appreciate our long affiliation with SunTrust, and we are excited to partner with Lightyear since they bring deep industry experience.
This transaction positions RidgeWorth to become a premier independent asset management company. Over the past several years, we have made significant enhancements to our operating platform in areas including risk management, compliance, portfolio accounting, technology infrastructure and client support functions, so we are confident it will be business as usual for our clients.
Looking ahead to the domestic markets, we anticipate continued moderate growth in the economy. Many of the economic and financial headwinds already mentioned should continue to dissipate, and cyclical forces such as job gains and production increases should continue fueling income growth, corporate profits and capital spending. We also believe inflation will remain relatively low which should be a favorable backdrop for the equity markets. As the Federal Reserve winds down QE this year, it is unlikely to actually raise short-term rates anytime soon. We continue to see a modest recovery in both the EU and Japan. Emerging markets continue to have structural problems but monetary and fiscal stabilization efforts are well underway.
That said, there are always risks to any financial forecast. In addition to those mentioned previously, a significant potential drag on the economy continues to exist from the Affordable Care Act as it becomes fully implemented. Many companies and employees will have higher premiums and deductibles which could, in turn, suppress disposable incomes. We will also closely monitor the housing market—both new home sales and refinancing activity—given its significant impact on the economy. Finally, we note that mid-term congressional elections have a long history of disrupting market advances.
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,
Ashi Parikh
Chairman, CEO, CIO
RidgeWorth Investments
1 | For the period ended March 31, 2014, 66% (21/32), 66% (21/32), 44% (14/32) and 81% (25/31) of the RidgeWorth Funds (I Shares) beat their Lipper peer group medians for the 1-, 3-, 5- and 10-year periods, respectively. The Lipper rankings are as of March 31, 2014, for I Shares only, based on total returns and do not reflect a sales charge. ©2014 Lipper Leader, Reuters. All Rights Reserved. Lipper Ratings are according to Lipper, a Thomson Reuters Company. Past performance is not indicative of future results. |
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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 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, 2014?
The RidgeWorth Aggressive Growth Stock Fund I Shares posted returns nearly double the Russell 3000® Growth Index (the Fund’s benchmark), up 43.70%, versus 23.53% for the fiscal year ended March 31, 2014.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Strong stock selection in Consumer Discretionary and Information Technology sectors produced outperformance relative to the benchmark. Both the Health Care and Energy sector returns were positive but still the greatest detractors, failing to keep pace with benchmark sector gains. Individually, Consumer Discretionary holdings Tesla Motors, Inc., Netflix, Inc., and Priceline.com Inc., were three of the top five performers for the period, while the Information Technology and Financials sectors contributed the remainder via Facebook, Inc. and Zillow, Inc.
Top-weighted Tesla shares finally woke up from nearly three years of slumber. Patient investors witnessed the shares notable appreciation as production and revenue goals were exceeded, and the map to future growth catalysts grew clearer. We elected to trim shares opportunistically, as interim stock prices reached near-term targets. Shares of Tesla were the most significant contributor to performance for three of the four quarters during the fiscal year.
Left for dead in 2011, Netflix CEO Reed Hastings remained steadfast in playing by his own rules by making ambitious investments in original programming, including “House of Cards” and “Orange is the New Black,” and international growth. Both actions were well received by consumers and investors. The 86% share price rebound in Netflix made it the third-highest Fund contributor.
The Information Technology sector delivered the second highest contribution to performance with significant returns led by Facebook. The company’s ascendancy in mobile advertising constitutes an ever-increasing component of its core revenue, catching most investors off guard. Arguably, digital advertising could be at an inflection point; after years of constrained interest, advertisers finally became convinced mobile was not only a viable investment, but a critical, necessary component of any marketing campaign, as U.S. adults spend an average 2.5 hours a day on mobile devices. As digital media continues to siphon dollars from traditional media, the options within digital advertising are also expanding. Social media (ranking number one in budget prioritizing) and mobile video are positioned to garner an increasing share of company budgets.
As U.S. home values have increased by the largest amount in eight years, Zillow shares mirrored that enthusiasm and appreciated significantly. Within the company, the addition of Premier Agent and the StreetEasy® support continuing secular growth. Zillow’s online data aggregation platform exhibits formidable reach and return on investment.
How do you plan to position the Fund, based on market conditions?
What should investors expect after a year like 2013 and headlines that warn the current bull market may be nearing its end? Aside from the usual market alarmists, pundits cite all sorts of statistics. However, there is seldom historical precedent that provides accurate insight into what will eventually unfold. Up, down, or sideways, we believe individual company fundamentals will be the primary influence on stock prices. The lessons we’ve learned after more than 25 years of portfolio management are being put to use today. We continue to research soundly and have patience, giving adequate time for investments to prosper.
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AGGRESSIVE GROWTH STOCK FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||
Aggressive Growth Stock Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | 43.45% | 12.06% | 24.38% | 9.29% | |||||||||||
with sales charge* | 35.24% | 9.88% | 22.93% | 8.65% | ||||||||||||
I Shares | 43.70% | 12.33% | 24.72% | 9.59% | ||||||||||||
Russell 3000® Growth Index | 23.53% | 14.53% | 21.94% | 7.95% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 1.35% | |||||||||||||||
I Shares | 1.39% |
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, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.50% and 1.29% 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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of investments
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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, 2014?
The RidgeWorth International Equity Fund I Shares returned 19.52% for the fiscal year ended March 31, 2014. The Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index, the RidgeWorth International Equity Fund’s benchmark, had a net return of 17.54% for the fiscal year ended March 31, 2014. During the year, the strongest-performing markets were Italy, Spain, Ireland, and Finland, returning 52.95%, 45.72%, 42.91%, and 42.21%, respectively. The worst-performing markets were Australia (up 1.17%), Hong Kong (up 3.74%), and Singapore (down -2.17%). MSCI EAFE Growth stocks led versus MSCI EAFE Value stocks by more than 5%. Small cap stocks modestly beat large cap stocks and developed markets led emerging markets (“EM”) by more than 20%.
What factors influenced the fund’s performance for the fiscal year ended March 31, 2014?
The Fund’s attention to the business cycle, strategic allocation, and risk control resulted in a solid outcome for the year as the global economic recovery continued. The Fund maintained overweight positions in cyclical sectors with the belief that the global economic recovery still has a few years to run and the global equity markets continue to rise. We were able to reduce our EM exposure early in the year, as we saw most EM stocks as fully-valued.
Performance was strong in Europe with good stock selection in the Consumer Discretionary, Materials, and Industrials sectors.
How do you plan to position the Fund, based on market conditions?
We believe there is still an opportunity for value investors to outperform with diligent stock selection. Global equity markets have priced in some positive trends in the global economy, as markets are trading close to historic averages in terms of valuations. As always, we are selective and try to purchase high quality securities at a discount to their true value when they are out of favor with the market. We will maintain our cyclical tilt and build our exposure to deep value names that are nearing some type of catalyst.
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Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||
International Equity Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | 19.72% | 7.56% | 18.34% | 6.10% | |||||||||||
with sales charge* | 12.86% | 5.46% | 16.93% | 5.47% | ||||||||||||
I Shares | 19.52% | 7.73% | 18.60% | 6.36% | ||||||||||||
MSCI EAFE Index | 17.54% | 7.21% | 16.02% | 6.53% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 1.33% | |||||||||||||||
I Shares | 1.15% |
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%. |
1 | This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of investments
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INTERNATIONAL EQUITY INDEX FUND
Portfolio Managers
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.
Small- and Mid-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.
It is important to remember that there are risks associated with index investing, including the potential risk of market decline, as well as the risks associated with investing in specific companies.
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
How did the Fund perform against its benchmark for the fiscal year ended March 31, 2014?
The RidgeWorth International Equity Index Fund I Shares returned 22.52% for the fiscal year ended March 31, 2014. The Morgan Stanley Europe, Australasia and Far East (“MSCI EAFE”) GDP Weighted Index Net Dividend, the RidgeWorth International Equity Index Fund’s benchmark, had a net return of 22.16% for the fiscal year ended March 31, 2014. During the year, the strongest-performing markets were Italy, Spain, Ireland, and Finland, returning 52.95%, 45.72%, 42.91%, and 42.21%, respectively. The worst-performing markets were Australia (up 1.17%), Hong Kong (up 3.74%), and Singapore (down -2.17%). MSCI EAFE Growth stocks led versus MSCI EAFE Value stocks by more than 5%. Small cap stocks modestly beat large cap stocks and developed markets led emerging markets by more than 20%.
What factors influenced the fund’s performance for the fiscal year ended March 31, 2014?
The Fund’s investment methodology and efficient management of cash flows allowed it to perform as expected, closely tracking its benchmark.
How do you plan to position the Fund, based on market conditions?
As the global economic expansion continues, it remains clear that economic and fiscal health vary from country-to-country. While some type of financial crisis could still emerge, central banks around the world have shown the resolve to act in a crisis, and stimulate the economy in weakness. Global equity markets have priced in some positive trends in the global economy, as markets are trading close to historic averages in terms of valuations. We await the earnings momentum improvements, which should support market trends while keeping valuations in check.
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INTERNATIONAL EQUITY INDEX FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 Europe Australasia and Far East (“MSCI EAFE”) GDP Weighted Index Net Dividend, which is a market capitalization index that measures market equity performance based upon indices from foreign and developed countries. The country weighting of the Index is calculated using the gross domestic product of each of the various countries and then with respect of the market capitalization of the various companies operating in each country. 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 3/31/14 | ||||||||||||||||
International Equity Index Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | 22.11% | 5.96% | 14.20% | 5.34% | |||||||||||
with sales charge* | 15.07% | 3.89% | 12.86% | 4.71% | ||||||||||||
I Shares | 22.52% | 6.29% | 14.55% | 5.65% | ||||||||||||
MSCI EAFE GDP Weighted Index Net Dividend | 22.16% | 6.62% | 15.11% | 6.07% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 1.09% | |||||||||||||||
I Shares | 1.05% |
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, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.02% and 0.68% 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 0.04% 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 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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of investments
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Portfolio Managers
Ÿ | Christopher Guinther |
Ÿ | Joe Ransom, CFA |
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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Large Cap Growth Stock Fund returned 27.35% (I Shares), while the Russell 1000® Growth Index returned 23.22%. The Fund outperformed the benchmark by 413 basis points.
For the fiscal year ended March 31, 2014, equities continued their five-year bull market run with strong results. Under this backdrop, the Fund’s investment in the Financials, Healthcare, Consumer Discretionary, and Consumer Staples sectors did well. In particular, stocks selection remained strong across various industries as 21 different stocks from 6 different major economic sectors gained more than 40% during the year.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Although weather had a negative impact on reported macroeconomic data in the fourth quarter of 2013, the general direction of the overall U.S. domestic economic growth remained positive. Investors saw economic activity continue to exceed expectations, highlighted by stronger gains in jobs and industrial production during the year. The steady improvement in the labor market and a modest 2014 budget compromise in Washington were likely key factors prompting the Federal Open Market Committee (“FOMC”) to decide to begin scaling back on securities purchased into 2014. There are still concerns as to the impact about potential damage from this shift in Federal Reserve policy. However, when the FOMC delivered the news that tapering will begin in January, stocks soared to record highs with the S&P 500 Index reaching another new high during the year. More recently, geopolitical risks have arisen as Russia’s decision to annex Crimea and threaten Ukraine still looms fresh in the mind of many investors.
As the U.S. economy continued to heal, the Fund’s investments in the Consumer Discretionary sector were among some of the strongest performers for the year, gaining 42.11%, while the benchmark’s Consumer Discretionary stocks rose by 26.23%. The Fund’s Consumer Discretionary related investments continued to report strong operating results throughout the year which exceeded investor expectations. The Fund’s shareholders benefited from holdings in Under Armour (specialty apparel), Priceline Group (online travel), Michael Kors (specialty apparel), BorgWarner (automotive parts), Netflix (online media), and Chipotle Mexican Grill (fast casual dining).
How do you plan to position the Fund, based on market conditions?
The investment team does not attempt to position the Fund based on predictions of macroeconomic conditions. The Fund’s strategy utilizes a balanced approach to stock selection, which, combined with multi-dimensional risk decomposition tools, allows the portfolio managers to control active risk through portfolio construction. The portfolio managers actively monitor the components of systematic risk, and aim to ensure that most of the risk relative to the index is derived from non-systematic (stock-specific) risk. Sector-rotation and tactical-sector allocations are de-emphasized. The Fund will be relatively sector and characteristic neutral relative to the Russell 1000 Growth Index, as the investment team attempts to generate alpha through bottom-up stock selection. The team believes that its investment strategy is objective, balanced, and designed to enable outperformance in most market cycles.
The Fund will invest in companies with reasonable valuations and improving fundamentals. Generally, the companies invested in will have shown year-over-year increases in operating margins, growth in revenues, and will exhibit improving financial returns as measured by return on incremental invested capital. By combining the income statement, balance sheet, and cash flow metrics to evaluate earnings quality, capital efficiency, and relative valuations, the portfolio managers avoid concentrating on any single attribute. Therefore, the team seeks to eliminate investment results that are directly attributable to market conditions, and add alpha through stock selection.
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LARGE CAP GROWTH STOCK FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||
Large Cap Growth Stock Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | 26.99% | 13.66% | 20.80% | 6.73% | |||||||||||
with sales charge* | 19.74% | 11.44% | 19.39% | 6.10% | ||||||||||||
C Shares | without CDSC | 26.09% | 12.84% | 19.93% | 6.03% | |||||||||||
with CDSC* | 25.09% | 12.84% | 19.93% | 6.03% | ||||||||||||
I Shares | 27.35% | 13.96% | 21.12% | 7.09% | ||||||||||||
Russell 1000® Growth Index | 23.22% | 14.62% | 21.68% | 7.86% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 1.12% | |||||||||||||||
C Shares | 1.81% | |||||||||||||||
I Shares | 0.92% |
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, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.20%, 1.90% and 0.90% 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 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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of investments
10
Table of Contents
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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Large Cap Value Equity Fund I Shares returned 22.94%, compared to a 21.57% return for the Russell 1000® Value Index.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The primary reasons for the Fund’s outperformance relative to the benchmark were stock selection in the Energy, Consumer Discretionary, and Materials sectors. In addition, the Fund benefitted from an underweight in the Utilities sector. Within the Energy sector, Occidental Petroleum Corp. contributed to returns as shareholders voted out the company’s former CEO and senior board member, Ray Irani, paving the way for the new management to enact a cost-cutting/asset-divesture program to improve returns. In the Consumer Discretionary sector, Johnson Controls Inc. aided results as new management came aboard and unlocked value at the corporation by selling off non-core assets, in order to maximize shareholder value, and investors rerated the firm to multi-industrial. In the Materials sector, Ashland Inc. improved Fund results as the company continued to execute on rationalizing its portfolio and focusing on higher margin businesses to improve returns for investors.
Detractors from performance were stock selection in the Consumer Staples, Financials, and Telecommunication Services sectors. Within the Consumer Staples sector, Phillip Morris International Inc. negatively contributed to performance as investors became concerned about the company’s exposure to the emerging market region, coupled with the headwinds regarding foreign exchange rates. In the Financials sector, Citigroup Inc. adversely impacted returns as investors became concerned with the company’s emerging market exposure, coupled with the poor comprehensive capital analysis and review results released to the market. In the Telecommunication Services sector AT&T Inc. underperformed due to competitive pressures increasing in the wireless arena and interest rate volatility.
How do you plan to position the Fund, based on market conditions?
During this volatile time, we remain steadfast in executing our bottom-up stock selection process. However, the investment landscape is not without pitfalls, such as the emerging geopolitical risks, the unknown adjustments related to tax/regulatory changes still pending in Congress, and headwinds that may arise during the upcoming mid-term elections. As we have communicated in the past, these macroeconomic distractions can cause investors to pull away from the focus on company fundamentals during a market cycle. Our investment mindset remains the same—that individual company fundamentals are the most important component in stock selection, once the macroeconomic environment normalizes for equity markets. We maintain the view that mid- to late-stage cyclical stocks will drive near-term performance and the Fund is positioned accordingly. As a result, the Fund is overweight the Industrials sector and underweight the Financials and Utilities sectors.
The Fund utilizes a bottom-up investment approach to stock selection, which seeks dividend-paying stocks trading at the lower end of historical trading ranges that display characteristics of financial strength and possess an identifiable catalyst to assist in realizing true value. The Fund does not make active sector allocations but allows the process to define sector weights.
11
Table of Contents
LARGE CAP VALUE EQUITY FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||
Large Cap Value Equity Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||
A Shares | without sales charge | 22.60% | 13.76% | 20.55% | 8.32% | |||||||||||||
with sales charge* | 15.52% | 11.53% | 19.11% | 7.68% | ||||||||||||||
C Shares | without CDSC | 21.98% | 13.08% | 19.75% | 7.60% | |||||||||||||
with CDSC* | 20.98% | 13.08% | 19.75% | 7.60% | ||||||||||||||
I Shares | 22.94% | 14.09% | 20.90% | 8.65% | ||||||||||||||
Russell 1000® Value Index | 21.57% | 14.80% | 21.75% | 7.58% | ||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||
A Shares | 1.34% | |||||||||||||||||
C Shares | 1.71% | |||||||||||||||||
I Shares | 1.05% |
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, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.20%, 1.90% and 0.90% 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 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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of investments
12
Table of Contents
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, 2014?
The RidgeWorth Mid-Cap Value Equity Fund I Shares appreciated 22.03% for the fiscal year ended March 31, 2014, underperforming the Russell Midcap® Value Index, which returned 22.95% for the fiscal year.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Relative results during the period lagged, primarily due to stock selection in the Industrials, Information Technology, and Health Care sectors. Within the Industrials sector, ADT Corp. underperformed as increased competition, a deteriorating customer base, and surging marketing costs disenchanted investors. In the Information Technology sector, Symantec Corporation detracted from performance as a result of reporting a disappointing quarter as well as announcing that the board of directors was relieving the company’s CEO of his duties. Within the Health Care sector, Zoetis Inc. reported poor quarterly results and the company issued 2014 guidance that stepped away from the margin expansion and tax savings goals that were discussed during the company’s initial public offering roadshow.
Positive contributors to performance were stock selection in the Financials, Energy, and Materials sectors. In the Financials sector, Hartford Financial Services Group Inc. outperformed as the company sold-off non-core business segments, in an effort to transition to a pure property/casualty centric insurer. In the Energy sector, Baker Hughes Inc. outperformed as rig counts increased, margins improved, and free cash flow increased. In the Materials sector, Cabot Corporation contributed to performance as tire shipments rebounded, and coal generation surprised to the upside this winter due to the extreme cold weather experienced in the United States.
How do you plan to position the Fund, based on market conditions?
During this volatile time, we remain steadfast in executing our bottom-up stock selection process. However, the investment landscape is not without pitfalls, such as the emerging geopolitical risks, the unknown adjustments related to tax/regulatory changes still pending in Congress, and headwinds that may arise during the upcoming mid-term elections. As we have communicated in the past, these macroeconomic distractions can cause investors to pull away from the focus on company fundamentals during a market cycle. Our investment mindset remains the same—that individual company fundamentals are the most important component in stock selection, once the macroeconomic environment normalizes for equity markets. We maintain the view that mid- to late-stage cyclical stocks will drive near-term performance and the Fund is positioned accordingly. As a result, the Fund is overweight the Industrials, Materials, and Energy sectors and underweight the Utilities sector.
The Fund utilizes a bottom-up investment approach to stock selection, which seeks dividend-paying stocks trading at the lower end of historical trading ranges that display characteristics of financial strength and possess an identifiable catalyst to assist in realizing true value. The Fund does not make active sector allocations but allows the process to define sector weights.
13
Table of Contents
MID-CAP VALUE EQUITY FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||
Mid-Cap Value Equity Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | 21.68% | 12.27% | 24.64% | 11.25% | |||||||||||
with sales charge* | 14.69% | 10.07% | 23.17% | 10.59% | ||||||||||||
C Shares | without CDSC | 21.26% | 11.66% | 23.89% | 10.59% | |||||||||||
with CDSC* | 20.26% | 11.66% | 23.89% | 10.59% | ||||||||||||
I Shares | 22.03% | 12.58% | 24.99% | 11.59% | ||||||||||||
Russell Midcap® Value Index | 22.95% | 15.17% | 26.35% | 10.24% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 1.41% | |||||||||||||||
C Shares | 1.78% | |||||||||||||||
I Shares | 1.09% |
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, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.35%, 1.95% and 1.10% 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 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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of investments
14
Table of Contents
SELECT LARGE CAP GROWTH STOCK FUND
Portfolio Managers
Ÿ | Christopher Guinther |
Ÿ | Joe Ransom, CFA |
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 inhigh-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- 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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Select Large Cap Growth Stock Fund (I Shares) outperformed its benchmark, the Russell 1000® Growth Index, by 75 basis points. The Fund returned 23.97%, while the benchmark returned 23.22%.
For the fiscal year ended March 31, 2014, equities continued their five-year bull market run with strong results. Under this back drop, the Fund’s investment in stocks in the Financials, Health Care, Energy, and Consumer Discretionary sectors performed well. In particular, stock selection remained strong across various industries as 13 different stocks from 5 different major economic sectors each gained more than 35% during the year.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Although weather had a negative impact on reported macroeconomic data in the fourth quarter, the general direction of the overall U.S. domestic economic growth remained positive. Investors saw economic activity continue to exceed expectations, highlighted by stronger gains in jobs and industrial production during the year. The steady improvement in the labor market and a modest 2014 budget compromise in Washington were likely key factors prompting the Federal Open Market Committee (“FOMC”) to decide to begin scaling back on securities purchased into 2014. There are still concerns as to the impact regarding potential damage from this shift in Federal Reserve policy. However, when the FOMC delivered the news that tapering will begin in January, stocks soared to record highs, with the S&P 500 Index reaching another new high during the year. More recently, geopolitical risks have arisen, as Russia’s decision to annex Crimea and threaten Ukraine, still looms fresh in the mind of many investors.
As the U.S. economy continued to heal, the Fund’s stocks in the Consumer Discretionary and Health Care sectors were among some of the strongest performers for the year. The Fund’s holdings within the Health Care sector gained 45.49%, while the benchmark’s Health Care stocks rose by 31.10%. Investments within the Biotechnology sector continued to exceed expectations throughout the year. Specifically, Biogen Idec Inc. was up 58.7%, Alexion Pharmaceuticals Inc. was up 65.5%, and Gilead Sciences, Inc. was up 44.3%. All three of these investments’ growth prospects remain strong into 2014. Additionally, Mylan Laboratories Inc., a generic pharmaceutical company, rose 68.5% as their penetration into European markets continued to gain strength while exceeding investor expectations. In the Consumer Discretionary sector, Priceline Group Inc. (online travel), Las Vegas Sands Corp. (gaming), and VF Corp (specialty apparel) also had strong positive price gains.
How do you plan to position the Fund, based on market conditions?
The investment team does not attempt to position the Fund based on predictions of macroeconomic conditions. The Fund’s strategy utilizes a balanced approach to stock selection, which, combined with multi-dimensional risk decomposition tools, allows the portfolio managers to control active risk through portfolio construction. The portfolio managers actively monitor the components of systematic risk, and aim to ensure that most of the risk relative to the index is derived from non-systematic (stock-specific) risk. Sector-rotation and tactical-sector allocations are de-emphasized. The Fund will be relatively sector and characteristic neutral relative to the Russell 1000® Growth Index, as the investment team attempts to generate alpha through bottom-up stock selection. The team believes that its investment strategy is objective, balanced, and designed to enable outperformance in most market cycles.
The Fund will invest in companies with reasonable valuations and improving fundamentals. Generally, the companies invested in will have shown year-over-year increases in operating margins, growth in revenues, and will exhibit improving financial returns as measured by return on incremental invested capital. By combining the income statement, balance sheet, and cash flow metrics to evaluate earnings quality, capital efficiency, and relative valuations, the portfolio managers avoid concentrating on any single attribute. Therefore, the team seeks to eliminate investment results that are directly attributable to market conditions, and add alpha through stock selection.
15
Table of Contents
SELECT LARGE CAP GROWTH STOCK FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||
Select Large Cap Growth Stock Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | 23.58% | 9.80% | 16.78% | 6.16% | |||||||||||
with sales charge* | 16.48% | 7.66% | 15.40% | 5.54% | ||||||||||||
C Shares | without CDSC | 22.72% | 9.03% | 15.94% | 5.42% | |||||||||||
with CDSC* | 21.72% | 9.03% | 15.94% | 5.42% | ||||||||||||
I Shares | 23.97% | 10.12% | 17.09% | 6.48% | ||||||||||||
Russell 1000® Growth Index | 23.22% | 14.62% | 21.68% | 7.86% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 1.28% | |||||||||||||||
C Shares | 1.98% | |||||||||||||||
I Shares | 1.05% |
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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of Investments
16
Table of Contents
Portfolio Managers
Ÿ | Christopher Guinther |
Ÿ | Joe Ransom, CFA |
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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Small Cap Growth Stock Fund I shares returned 25.98%, while the Russell 2000® Growth Index returned 27.19%. The Fund underperformed its benchmark by 121 basis points.
For the fiscal year ended March 31, 2014, equities continued their five-year bull market run with strong results. Under this backdrop, the Fund’s investments in the Financials and Consumer Discretionary sectors did particularly well, while holdings in the Healthcare, Industrials, and Technology sectors lagged the Fund’s benchmark.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Although weather had a negative impact on reported macroeconomic data in the fourth quarter of 2013, the general direction of the overall U.S. domestic economic growth remained positive. Investors saw economic activity continue to exceed expectations, highlighted by stronger gains in jobs and industrial production during the year. Steady improvement in the labor market combined with a modest 2014 budget compromise in Washington, were likely key factors prompting the Federal Open Market Committee (“FOMC”) to decide to begin scaling back on securities purchased into 2014. There are still concerns regarding the impact and potential damage from this shift in Federal Reserve (Fed) policy. However, when the FOMC delivered the news that its tapering would begin in January, stocks soared to record highs. The S&P 500 Index reached another new high during the year. More recently, geopolitical risks have risen as Russia’s decision to annex Crimea and threaten Ukraine still looms fresh in the mind of many investors.
As the U.S. economy continued to heal, the Fund’s Financials stocks were among some of the strongest outperformers, gaining 45.55%, while in comparison, the benchmark’s Financials stocks rose by 15.39%. The Fund’s holdings within insurance, debt collection, banking and financial services continued to be especially profitable, adding great value for shareholders. In addition, investments within the Consumer Discretionary sector also enhanced results. These investments included holdings in media/entertainment, fast casual restaurants, automotive, and apparel. A common theme among these investments was the ability of company management to exceed investor expectations with earnings growth above what was anticipated.
One of the Fund’s largest disappointments was an investment in Aruba Networks, a technology company that provides network access solutions for mobile enterprises worldwide. The stock price declined by more than 30% after negatively preannouncing quarterly financial results. Revenue and earnings growth were cut in half, as management sited a material softening in China as well as delayed deployments of projects at service providers within the Americas. The stock has been sold from the Fund.
How do you plan to position the Fund, based on market conditions?
The investment team does not attempt to position the Fund based on predictions of macroeconomic conditions. The Fund utilizes a balanced approach to stock selection, which, combined with multi-dimensional risk decomposition tools, allows the portfolio managers to control active risk through portfolio construction. The portfolio managers actively monitor the components of systematic risk, and aim to ensure that most of the risk relative to the index is derived from non-systematic (stock-specific) risk. Sector rotation and tactical sector allocations are de-emphasized. The Fund will be relatively sector and characteristic neutral relative to the Russell 2000® Growth Index, as the investment team attempts to generate alpha through bottom-up stock selection. The team believes that its investment strategy is objective, balanced, and designed to enable outperformance in most market cycles.
The Fund will continue to invest in companies with reasonable valuations and improving fundamentals. Generally, the companies invested in will have shown year-over-year increases in operating margins, growth in revenues, and exhibit improving financial returns as measured by return on incremental invested capital. By combining the income statement, balance sheet, and cash flow metrics to evaluate earnings quality, capital efficiency, and relative valuations, the portfolio managers avoid concentrating on a single attribute. Therefore, the investment team seeks to eliminate investment results that are directly attributed to market conditions, and add alpha through stock selection.
17
Table of Contents
SMALL CAP GROWTH STOCK FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||
Small Cap Growth Stock Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||
A Shares | without sales charge | 25.92% | 12.81% | 23.53% | 7.43% | |||||||||||||
with sales charge* | 18.70% | 10.60% | 22.08% | 6.80% | ||||||||||||||
C Shares | without CDSC | 25.10% | 12.06% | 22.66% | 6.71% | |||||||||||||
with CDSC* | 24.10% | 12.06% | 22.66% | 6.71% | ||||||||||||||
I Shares | 25.98% | 12.98% | 23.78% | 7.73% | ||||||||||||||
Russell 2000® Growth Index | 27.19% | 13.61% | 25.24% | 8.87% | ||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||
A Shares | 1.28% | |||||||||||||||||
C Shares | 1.93% | |||||||||||||||||
I Shares | 1.29% |
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, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.52%, 2.24% and 1.24% 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 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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of Investments
18
Table of Contents
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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Small Cap Value Equity Fund I Shares returned 21.34%, versus 22.65% for the Russell 2000® Value Index.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The primary reason for underperformance relative to the index was stock selection in the Consumer Discretionary, Health Care, and Industrials sectors. In the Consumer Discretionary sector, Arcos Dorados Holdings, Inc. underperformed due to weakening foreign exchange dynamics and macroeconomic challenges present in Latin America. Within the Health Care sector, Landauer Inc. detracted from performance as the company missed its earnings expectations, coupled with the rise in costs associated with the launch of new products. Within the Industrials sector, Titan International Inc. negatively contributed to performance as the company dealt with the destocking of inventory and the downturn of coal/agriculture markets.
Positive contributors to performance were stock selection in the Materials and Energy sectors. In the Materials sector, Cabot Corporation outperformed due to a strong rebound in tire shipments and coal generation surprised to the upside. In addition, Carpenter Technology Corporation contributed to results as the aerospace destocking ended, nickel prices rebounded, and there was improvement seen in oil/gas drilling. In the Energy sector, Carbo Ceramics Inc. outperformed as the North American rig count continued to exceed investor expectations. Bristow Group Inc. contributed to returns as the company won a large United Kingdom search-and-rescue contract and increased pricing to customers for the use their fleet of aircraft.
How do you plan to position the Fund, based on market conditions?
During this volatile time, we remain steadfast in executing our bottom-up stock selection process. However, the investment landscape is not without pitfalls, such as the emerging geopolitical risks, the unknown adjustments related to tax/regulatory changes still pending in Congress, and headwinds that may arise during the upcoming mid-term elections. As we have communicated in the past, these macroeconomic distractions can cause investors to pull away from the focus on company fundamentals during a market cycle. Our investment mindset remains the same—that individual company fundamentals are the most important component in stock selection, once the macroeconomic environment normalizes for equity markets. We maintain the view that mid- to late-stage cyclical stocks will drive near-term performance and the Fund is positioned accordingly. As a result, the Fund is overweight the Industrials sector and underweight the Financials and Utilities sectors.
The Fund utilizes a bottom-up investment approach to stock selection, which seeks dividend-paying stocks trading at the lower end of historical trading ranges that display characteristics of financial strength and possess an identifiable catalyst to assist in realizing true value. The Fund does not make active sector allocations but allows the process to define sector weights.
19
Table of Contents
SMALL CAP VALUE EQUITY FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||
Small Cap Value Equity Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||
A Shares | without sales charge | 20.96% | 12.50% | 22.64% | 10.84% | |||||||||||||
with sales charge* | 13.98% | 10.31% | 21.19% | 10.18% | ||||||||||||||
C Shares | without CDSC | 20.53% | 11.92% | 21.90% | 10.44% | |||||||||||||
with CDSC* | 19.53% | 11.92% | 21.90% | 10.44% | ||||||||||||||
I Shares | 21.34% | 12.84% | 23.00% | 11.15% | ||||||||||||||
Russell 2000® Value Index | 22.65% | 12.74% | 23.33% | 8.07% | ||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||
A Shares | 1.53% | |||||||||||||||||
C Shares | 1.89% | |||||||||||||||||
I Shares | 1.24% |
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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of Investments
20
Table of Contents
AGGRESSIVE GROWTH ALLOCATION STRATEGY
Portfolio Manager
Ÿ | Alan Gayle |
INVESTMENT CONCERNS
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, 2014?
For the fiscal year ended March 31, 2014, the Fund placed in the fifth percentile, returning 18.41% versus 13.76% for its Lipper peer group, while its hybrid benchmark returned 17.23% during the same time period. In the first quarter of 2014, the RidgeWorth Aggressive Growth Allocation Strategy I Shares returned 1.24%, lagging its benchmark (80% S&P 500 Index / 20% Barclay’s U.S. Aggregate Bond Index) which returned 1.85%, and underperformed versus the Lipper Mixed-Asset Target Allocation–Growth Classification, the Fund’s peer group, which returned 1.60%.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Broadly speaking, the asset allocation decision (equity/fixed/cash) had modest impact for the quarter, as the S&P 500 Index and the Barclays Aggregate Bond Index returns were comparable (1.81% and 1.84%, respectively). However, certain exposures had significant value-adds to performance, including mid cap exposure in the equity space, as well as high-yield, long-duration U.S. Treasury Exchange-Traded Funds (ETF), and exposure to the RidgeWorth Total Return Bond Fund, on the fixed-income side. Modest detractors to relative performance in the equity space included exposure to large-cap, small-cap, international mandates, and alternative securities, while short-term mandates and cash were modest detractors on the fixed income side.
For the trailing one year period, the Fund experienced positive relative total return versus its hybrid benchmark and its Lipper category, due to its asset allocation decision (equity/fixed/cash) and positive style selection (growth, core, value decision, with exposure to large-cap growth) combined with slightly negative relative returns in both the equity and fixed income spaces (manager selection decision).
How do you plan to position the Fund, based on market conditions?
We believe that the equity market has the potential for further improvement as numerous “headwinds” (geo-political flash points), including the Russian annexation of Crimea, continued rattling in Iran and North Korea, a constrained consumer, sub-par global economic growth, unintended impacts of the Affordable Care Act, unknown reforms to the U.S. tax code and other regulations, and a Capital Beltway still in the throes of dysfunction (this time linked to coming mid-term elections), continue to dissipate and 2014 metrics are recalibrated during-and-after the first quarter earnings cycle.
“Tailwinds” that could have a positive impact on the Fund include, additional job gains, incremental consumer balance sheet repair, continued European Union and Japanese recovery, Federal Reserve Chair Janet Yellen assuaging markets that accommodation will remain in place for a “prolonged period,” a percolation of accretive merger and acquisition activity, high free cash flow levels facilitating substantial buybacks, and potential reacceleration of earnings and capital expenditures. However, we would not be surprised to see at least a small amount of consolidation in the short-term, or at least until economic traction becomes more visible. A typical long-term consolidation would be roughly 4 to 5%, but may be short-lived since equity valuations are still attractive versus long-term medians, and fixed income alternatives are just not as favorable as in recent years.
21
Table of Contents
AGGRESSIVE GROWTH ALLOCATION STRATEGY
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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.
Effective September 30, 2012, the benchmark index for the Fund changed from the Standard & Poors 500 Index (“S&P 500 Index”) to the Hybrid 80/20 Blend Index. The Fund’s performance is compared to the Hybrid 80/20 Blend Index.
The 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 3/31/14 | ||||||||||||||||
Aggressive Growth Allocation Strategy | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | 18.11% | 8.03% | 16.80% | 5.94% | |||||||||||
with sales charge** | 11.34% | 5.92% | 15.41% | 5.32% | ||||||||||||
C Shares* | without CDSC | 17.50% | 7.34% | 16.06% | 5.33% | |||||||||||
with CDSC** | 16.50% | 7.34% | 16.06% | 5.33% | ||||||||||||
I Shares | 18.41% | 8.34% | 17.17% | 6.25% | ||||||||||||
Hybrid 80/20 Blend Index (80% of the S&P 500 Index, 20% of the Barclays Capital U.S. Aggregate Bond Index) | 17.23% | 12.55% | 17.91% | 7.02% | ||||||||||||
S&P 500 Index | 21.86% | 14.66% | 21.16% | 7.42% | ||||||||||||
Barclays Capital U.S. Aggregate Bond Index | –0.10% | 3.75% | 4.80% | 4.46% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 1.75% | |||||||||||||||
C Shares | 2.37% | |||||||||||||||
I Shares | 1.73% |
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, 2014 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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of Investments
22
Table of Contents
CONSERVATIVE ALLOCATION STRATEGY
Portfolio Manager
Ÿ | Alan Gayle |
INVESTMENT CONCERNS
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, 2014?
For the fiscal year ended March 31, 2014, the Fund placed it in the 22nd percentile, returning 7.40%, versus 6.18% for its hybrid benchmark, and 5.52% for its Lipper peer group. In the first quarter of 2014, the RidgeWorth Conservative Allocation Strategy I Shares returned 1.86%, slightly behind the 1.88% return for its hybrid benchmark (30% S&P 500 Index/70% Barclays U.S. Aggregate Bond Index) and ahead of the Lipper Mixed-Asset Target Allocation–Conservative Classification, the Fund’s peer group, which returned 1.83%.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Broadly speaking, the asset allocation decision (equity/fixed/cash) had modest impact for the quarter, as the S&P 500 Index and the Barclays Aggregate Bond Index returns were comparable (1.81% and 1.84%, respectively). However, certain exposures had significant value-adds to performance, including mid cap exposure in the equity space, as well as high-yield, long-duration U.S. Treasury Exchange-Traded Funds (ETF), and exposure to the RidgeWorth Total Return Bond Fund, on the fixed income side. Modest detractors to relative performance in the equity space included exposure to large cap, small-cap, international mandates, and alternative securities, while short-term mandates and cash were modest detractors on the fixed income side.
For the trailing one year period, the Fund experienced positive relative total return versus its hybrid benchmark and its Lipper category, due to its asset allocation decision (equity/fixed/cash) and positive style selection (growth, core, value decision, with exposure to large-cap growth) combined with slightly negative relative returns in both the equity and fixed income spaces (manager selection decision).
How do you plan to position the Fund, based on market conditions?
We believe that the equity market has the potential for further improvement as numerous “headwinds” (geo-political flash points), including the Russian annexation of Crimea, continued rattling in Iran and North Korea, a constrained consumer, sub-par global economic growth, unintended impacts of the Affordable Care Act, unknown reforms to the U.S. tax code and other regulations, and a Capital Beltway still in the throes of dysfunction (this time linked to coming mid-term elections), continue to dissipate and 2014 metrics are recalibrated during-and-after the first quarter earnings cycle.
“Tailwinds” that could have a positive impact on the Fund include, additional job gains, incremental consumer balance sheet repair, continued European Union and Japanese recovery, Federal Reserve Chair Janet Yellen assuaging markets that accommodation will remain in place for a “prolonged period,” a percolation of accretive merger and acquisition activity, high free cash flow levels facilitating substantial buybacks, and potential reacceleration of earnings and capital expenditures. However, we would not be surprised to see at least a small amount of consolidation in the short-term, or at least until economic traction becomes more visible. A typical long-term consolidation would be roughly 4 to 5%, but may be short-lived since equity valuations are still attractive versus long term medians, and fixed income alternatives are just not as favorable as in recent years.
23
Table of Contents
CONSERVATIVE ALLOCATION STRATEGY
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 & Poors 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 3/31/14 | ||||||||||||||||
Conservative Allocation Strategy | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | 7.14% | 5.91% | 9.21% | 5.51% | |||||||||||
with sales charge** | 2.09% | 4.21% | 8.15% | 5.00% | ||||||||||||
C Shares* | without CDSC | 6.29% | 5.14% | 8.42% | 4.90% | |||||||||||
with CDSC** | 5.29% | 5.14% | 8.42% | 4.90% | ||||||||||||
I Shares | 7.40% | 6.18% | 9.51% | 5.82% | ||||||||||||
Hybrid 30/70 Blend Index (30% of the S&P 500 Index, 70% of the Barclays Capital U.S. Aggregate Bond Index) | 6.18% | 7.11% | 9.73% | 5.59% | ||||||||||||
S&P 500 Index | 21.86% | 14.66% | 21.16% | 7.42% | ||||||||||||
Barclays Capital U.S. Aggregate Bond Index | -0.10% | 3.75% | 4.80% | 4.46% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 1.25% | |||||||||||||||
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, 2014 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 0.55% 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 4/1/05. 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. Effective close of business on 7/16/10, B Shares converted into A Shares. |
** | 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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of Investments
24
Table of Contents
Portfolio Manager
Ÿ | Alan Gayle |
INVESTMENT CONCERNS
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, 2014?
For the fiscal year ended March 31, 2014, the Fund placed in the 20th percentile, returning 15.96%, versus 13.76% for its Lipper peer group, while its hybrid benchmark returned 14.96% during the same period. In the first quarter of 2014, the RidgeWorth Growth Allocation Strategy I Shares returned 1.34%, lagging its benchmark (70% S&P 500 Index / 30% Barclays US Aggregate Bond Index) which returned 1.86%, and underperformed versus the Lipper Mixed-Asset Target Allocation–Growth Classification, the Fund’s peer group, which returned 1.60%.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Broadly speaking, the asset allocation decision (equity/fixed/cash) had modest impact for the quarter, as the S&P 500 Index and the Barclays Aggregate Bond Index returns were comparable (1.81% and 1.84%, respectively). However, certain exposures had significant value-adds to performance, including mid-cap exposure in the equity space, as well as high-yield, long-duration U.S. Treasury Exchange-Traded Funds (ETF), and exposure to the RidgeWorth Total Return Bond Fund, on the fixed income side. Modest detractors to relative performance in the equity space included exposure to large-cap, small-cap, international mandates, and alternative securities, while short-term mandates and cash were modest detractors on the fixed income side.
For the trailing one year period, the Fund experienced positive relative total return versus its hybrid benchmark and its Lipper category, due to its asset allocation decision (equity/fixed/cash) and positive style selection (growth, core, value decision, with exposure to large-cap growth) combined with slightly negative relative returns in both the equity and fixed income spaces (manager selection decision).
How do you plan to position the Fund, based on market conditions?
We believe that the equity market has the potential for further improvement as numerous “headwinds” (geo-political flash points), including the Russian annexation of Crimea, continued rattling in Iran and North Korea, a constrained consumer, sub-par global economic growth, unintended impacts of the Affordable Care Act, unknown reforms to the U.S. tax code and other regulations, and a Capital Beltway still in the throes of dysfunction (this time linked to coming mid-term elections), continue to dissipate and 2014 metrics are recalibrated during-and-after the first quarter earnings cycle.
“Tailwinds” that could have a positive impact on the Fund include, additional job gains, incremental consumer balance sheet repair, continued European Union and Japanese recovery, Federal Reserve Chair Janet Yellen assuaging markets that accommodation will remain in place for a “prolonged period,” a percolation of accretive merger and acquisition activity, high free cash flow levels facilitating substantial buybacks, and potential reacceleration of earnings and capital expenditures. However, we would not be surprised to see at least a small amount of consolidation in the short-term, or at least until economic traction becomes more visible. A typical long-term consolidation would be roughly 4 to 5%, but may be short-lived since equity valuations are still attractive versus long-term medians, and fixed income alternatives are just not as favorable as in recent years.
25
Table of Contents
GROWTH ALLOCATION STRATEGY
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 & Poors 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 3/31/14 | ||||||||||||||||
Growth Allocation Strategy | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | 15.84% | 8.45% | 14.73% | 6.28% | |||||||||||
with sales charge** | 9.13% | 6.34% | 13.37% | 5.66% | ||||||||||||
C Shares* | without CDSC | 15.05% | 7.74% | 13.95% | 5.59% | |||||||||||
with CDSC** | 14.05% | 7.74% | 13.95% | 5.59% | ||||||||||||
I Shares | 15.96% | 8.72% | 15.02% | 6.58% | ||||||||||||
Hybrid 70/30 Blend Index (70% of the S&P 500 Index, 30% of the Barclays Capital U.S. Aggregate Bond Index) | 14.96% | 11.48% | 16.28% | 6.78% | ||||||||||||
S&P 500 Index | 21.86% | 14.66% | 21.16% | 7.42% | ||||||||||||
Barclays Capital U.S. Aggregate Bond Index | –0.10% | 3.75% | 4.80% | 4.46% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 1.41% | |||||||||||||||
C Shares | 2.01% | |||||||||||||||
I Shares | 1.39% |
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, 2014 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 0.73% 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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of Investments
26
Table of Contents
Portfolio Manager
Ÿ | Alan Gayle |
INVESTMENT CONCERNS
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, 2014?
For the fiscal year ended March 31, 2014, the Fund placed in the 37th percentile, returning 11.56%, versus 10.46% for its Lipper peer group, while its hybrid benchmark returned 10.51% during the same time period. In the first quarter of 2014, the RidgeWorth Moderate Allocation Strategy I Shares returned 1.64%, lagging its benchmark (50% S&P 500 Index / 50% Barclays US Aggregate Bond Index) which returned 1.88%, and underperformed versus the Lipper Mixed-Asset Target Allocation–Moderate Classification, the Fund’s peer group, which returned 1.80%.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Broadly speaking, the asset allocation decision (equity/fixed/cash) had modest impact for the quarter, as the S&P 500 Index and the Barclays Aggregate Bond Index returns were comparable (1.81% and 1.84%, respectively). However, certain exposures had significant value-adds to performance, including mid-cap exposure in the equity space, as well as high-yield, long-duration U.S. Treasury Exchange-Traded Funds (ETF), and exposure to the RidgeWorth Total Return Bond Fund, on the fixed income side. Modest detractors to relative performance in the equity space included exposure to large-cap, small-cap, international mandates, and alternative securities, while short-term mandates and cash were modest detractors on the fixed income side.
For the trailing one year period, the Fund experienced positive relative total return versus its hybrid benchmark and its Lipper category, due to its asset allocation decision (equity/fixed/cash) and positive style selection (growth, core, value decision, with exposure to large-cap growth) combined with slightly negative relative returns in both the equity and fixed income spaces (manager selection decision).
How do you plan to position the Fund, based on market conditions?
We believe that the equity market has the potential for further improvement as numerous “headwinds” (geo-political flash points), including the Russian annexation of Crimea, continued rattling in Iran and North Korea, a constrained consumer, sub-par global economic growth, unintended impacts of the Affordable Care Act, unknown reforms to the U.S. tax code and other regulations, and a Capital Beltway still in the throes of dysfunction (this time linked to coming mid-term elections), continue to dissipate and 2014 metrics are recalibrated during-and-after the first quarter earnings cycle.
“Tailwinds” that could have a positive impact on the Fund include, additional job gains, incremental consumer balance sheet repair, continued European Union and Japanese recovery, Federal Reserve Chair Janet Yellen assuaging markets that accommodation will remain in place for a “prolonged period,” a percolation of accretive merger and acquisition activity, high free cash flow levels facilitating substantial buybacks, and potential reacceleration of earnings and capital expenditures. However, we would not be surprised to see at least a small amount of consolidation in the short-term, or at least until economic traction becomes more visible. A typical long-term consolidation would be roughly 4 to 5%, but may be short-lived since equity valuations are still attractive versus long-term medians, and fixed income alternatives are just not as favorable as in recent years.
27
Table of Contents
MODERATE ALLOCATION STRATEGY
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 & Poors 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 3/31/14 | ||||||||||||||||
Moderate Allocation Strategy | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | 11.48% | 7.35% | 12.18% | 5.93% | |||||||||||
with sales charge** | 5.03% | 5.24% | 10.86% | 5.30% | ||||||||||||
C Shares* | without CDSC | 10.81% | 6.66% | 11.42% | 5.27% | |||||||||||
with CDSC** | 9.81% | 6.66% | 11.42% | 5.27% | ||||||||||||
I Shares | 11.56% | 7.56% | 12.45% | 6.21% | ||||||||||||
Hybrid 50/50 Blend Index (50% of the Barclays Capital U.S. Aggregate Bond Index, 50% of the S&P 500 Index ) | 10.51% | 9.32% | 13.01% | 6.23% | ||||||||||||
S&P 500 Index | 21.86% | 14.66% | 21.16% | 7.42% | ||||||||||||
Barclays Capital U.S. Aggregate Bond Index | –0.10% | 3.75% | 4.80% | 4.46% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 1.27% | |||||||||||||||
C Shares | 1.86% | |||||||||||||||
I Shares | 1.19% |
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, 2014 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 0.65% 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 3/31/14 expense ratios can be found in the financial highlights. |
Sector Weightings (as of March 31, 2014)
as a percentage of Investments
28
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Aggressive Growth Stock Fund
Shares | Value($) | |||||||
Common Stocks 98.7% | ||||||||
Consumer Discretionary 30.2% |
| |||||||
Amazon.com, Inc.* | 8,900 | 2,995,028 | ||||||
Chipotle Mexican Grill, Inc.* | 2,500 | 1,420,125 | ||||||
HomeAway, Inc.* | 23,700 | 892,779 | ||||||
Lululemon Athletica, Inc.* | 21,800 | 1,146,462 | ||||||
Michael Kors Holdings Ltd.* | 12,100 | 1,128,567 | ||||||
Netflix, Inc.* | 6,550 | 2,305,797 | ||||||
Priceline.com, Inc.* | 1,950 | 2,324,185 | ||||||
Tesla Motors, Inc.* | 18,300 | 3,814,635 | ||||||
Vince Holding Corp.* | 20,700 | 545,652 | ||||||
Vipshop Holdings Ltd.* | 9,300 | 1,388,490 | ||||||
|
| |||||||
17,961,720 | ||||||||
|
| |||||||
Energy 2.5% | ||||||||
Pioneer Natural Resources Co. | 8,000 | 1,497,120 | ||||||
|
| |||||||
Financials 12.0% | ||||||||
Artisan Partners Asset Management, Inc. | 15,000 | 963,750 | ||||||
Charles Schwab Corp. (The) | 51,200 | 1,399,296 | ||||||
Financial Engines, Inc. | 22,600 | 1,147,628 | ||||||
First Republic Bank | 22,100 | 1,193,179 | ||||||
Portfolio Recovery Associates, Inc.* | 42,300 | 2,447,478 | ||||||
|
| |||||||
7,151,331 | ||||||||
|
| |||||||
Health Care 13.0% | ||||||||
Catamaran Corp.* | 34,650 | 1,550,934 | ||||||
Celgene Corp.* | 11,800 | 1,647,280 | ||||||
Fluidigm Corp.* | 9,900 | 436,293 | ||||||
Gilead Sciences, Inc.* | 21,000 | 1,488,060 | ||||||
IPC The Hospitalist Co.* | 12,250 | 601,230 | ||||||
Medidata Solutions, Inc.* | 20,950 | 1,138,423 | ||||||
Salix Pharmaceuticals Ltd.* | 8,300 | 859,963 | ||||||
|
| |||||||
7,722,183 | ||||||||
|
| |||||||
Industrials 6.7% | ||||||||
BE Aerospace, Inc.* | 17,100 | 1,484,109 | ||||||
PACCAR, Inc. | 10,500 | 708,120 | ||||||
Precision Castparts Corp. | 7,000 | 1,769,320 | ||||||
|
| |||||||
3,961,549 | ||||||||
|
| |||||||
Information Technology 34.3% | ||||||||
Alliance Data Systems Corp.* | 5,000 | 1,362,250 | ||||||
Cognizant Technology Solutions Corp., Cl A* | 28,500 | 1,442,385 |
Shares | Value($) | |||||||
Information Technology—continued |
| |||||||
eBay, Inc.* | 15,600 | 861,744 | ||||||
Envestnet, Inc.* | 5,200 | 208,936 | ||||||
F5 Networks, Inc.* | 7,000 | 746,410 | ||||||
Facebook, Inc., Cl A* | 37,000 | 2,228,880 | ||||||
Fireeye, Inc.* | 7,000 | 430,990 | ||||||
Google, Inc., Cl A* | 2,100 | 2,340,471 | ||||||
LinkedIn Corp., Cl A* | 12,150 | 2,247,021 | ||||||
MercadoLibre, Inc. | 10,500 | 998,655 | ||||||
Mitek Systems, Inc.* | 60,900 | 235,683 | ||||||
Pandora Media, Inc.* | 42,050 | 1,274,956 | ||||||
QUALCOMM, Inc. | 6,000 | 473,160 | ||||||
Rocket Fuel, Inc.* | 7,650 | 328,032 | ||||||
ServiceNow, Inc.* | 7,000 | 419,440 | ||||||
Splunk, Inc.* | 7,800 | 557,622 | ||||||
Twitter, Inc.* | 12,100 | 564,707 | ||||||
Workday, Inc., Cl A* | 2,500 | 228,575 | ||||||
Xoom Corp.* | 33,400 | 651,968 | ||||||
Yelp, Inc.* | 15,000 | 1,153,950 | ||||||
Zillow, Inc.* | 18,100 | 1,594,610 | ||||||
|
| |||||||
20,350,445 | ||||||||
|
| |||||||
Total Common Stocks |
| 58,644,348 | ||||||
|
| |||||||
Money Market Fund 1.1% | ||||||||
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.08%(a) | 674,888 | 674,888 | ||||||
|
| |||||||
Total Money Market Fund |
| 674,888 | ||||||
|
| |||||||
Total Investments |
| 59,319,236 | ||||||
Other Assets in Excess of | 125,923 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 59,445,159 | ||||||
|
|
* | Non-income producing security. |
(a) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
See Notes to Financial Statements.
29
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Fund
Shares | Value($) | |||||||
Common Stocks 96.8% | ||||||||
Australia 2.2% |
| |||||||
Flight Centre Travel Group Ltd. | 8,114 | 394,983 | ||||||
Fortescue Metals Group Ltd.(a) | 64,674 | 316,809 | ||||||
|
| |||||||
711,792 | ||||||||
|
| |||||||
Austria 2.2% | ||||||||
OMV AG | 9,127 | 414,118 | ||||||
Voestalpine AG(a) | 6,772 | 298,489 | ||||||
|
| |||||||
712,607 | ||||||||
|
| |||||||
Belgium 4.6% | ||||||||
Ageas(a) | 17,250 | 769,293 | ||||||
Anheuser-Busch InBev NV(a) | 6,582 | 691,829 | ||||||
|
| |||||||
1,461,122 | ||||||||
|
| |||||||
China 1.0% | ||||||||
Agricultural Bank of China Ltd., H Shares | 699,480 | 304,808 | ||||||
|
| |||||||
Denmark 1.5% | ||||||||
A.P. Moller—Maersk A/S, Cl B(a) | 40 | 480,894 | ||||||
|
| |||||||
France 18.6% | ||||||||
AXA SA(a) | 30,711 | 799,612 | ||||||
BNP Paribas(a) | 12,189 | 942,286 | ||||||
Cap Gemini SA(a) | 5,903 | 447,561 | ||||||
Publicis Groupe SA(a) | 7,063 | 638,805 | ||||||
Renault SA(a) | 5,516 | 537,414 | ||||||
Sanofi-Aventis(a) | 3,455 | 361,047 | ||||||
Societe Generale SA(a) | 9,088 | 561,013 | ||||||
Valeo SA | 3,889 | 547,823 | ||||||
Vinci SA(a) | 8,536 | 636,043 | ||||||
Vivendi SA(a) | 15,400 | 429,612 | ||||||
|
| |||||||
5,901,216 | ||||||||
|
| |||||||
Germany 17.9% | ||||||||
Adidas AG(a) | 4,028 | 436,382 | ||||||
Allianz SE | 2,787 | 471,108 | ||||||
BASF SE | 6,592 | 732,693 | ||||||
Continental AG | 2,035 | 487,531 | ||||||
Deutsche Lufthansa AG* | 19,304 | 505,688 | ||||||
Deutsche Post AG | 17,321 | 643,565 | ||||||
Fresenius SE | 2,806 | 439,142 | ||||||
Hannover Rueckversicherung AG | 4,281 | 382,939 | ||||||
Infineon Technologies AG | 35,236 | 420,478 | ||||||
SAP AG | 5,302 | 429,200 | ||||||
Siemens AG | 5,316 | 715,514 | ||||||
|
| |||||||
5,664,240 | ||||||||
|
| |||||||
Hong Kong 0.8% | ||||||||
New World Development Co. Ltd. | 259,600 | 261,056 | ||||||
|
| |||||||
Italy 3.1% | ||||||||
Intesa Sanpaolo SpA(a) | 139,609 | 474,093 | ||||||
Unipol Gruppo Finanziario SpA | 63,254 | 494,094 | ||||||
|
| |||||||
968,187 | ||||||||
|
|
Shares | Value($) | |||||||
Japan 19.5% | ||||||||
Aozora Bank Ltd.(a) | 111,255 | 316,640 | ||||||
Canon, Inc.(a) | 9,200 | 284,722 | ||||||
Hino Motors Ltd.(a) | 20,928 | 309,811 | ||||||
Honda Motor Co. Ltd.(a) | 12,341 | 433,921 | ||||||
ITOCHU Corp.(a) | 76,892 | 896,959 | ||||||
JFE Holdings, Inc. | 12,004 | 225,973 | ||||||
Marubeni Corp.(a) | 19,550 | 131,055 | ||||||
Mitsubishi UFJ Financial Group, Inc.(a) | 107,050 | 587,241 | ||||||
Mitsui & Co. Ltd.(a) | 22,708 | 320,470 | ||||||
NHK Spring Co. Ltd.(a) | 31,723 | 293,512 | ||||||
Resona Holdings, Inc.(a) | 80,743 | 389,743 | ||||||
Sekisui Chemical Co. Ltd. | 28,012 | 291,206 | ||||||
Sumitomo Corp.(a) | 56,911 | 723,280 | ||||||
Sumitomo Mitsui Financial Group, Inc.(a) | 13,725 | 585,048 | ||||||
Toyota Motor Corp.(a) | 7,049 | 396,709 | ||||||
|
| |||||||
6,186,290 | ||||||||
|
| |||||||
Netherlands 4.6% | ||||||||
Aegon NV(a) | 34,857 | 320,639 | ||||||
Koninklijke Ahold NV | 32,067 | 644,097 | ||||||
LyondellBasell Industries NV, Cl A | 5,683 | 505,446 | ||||||
|
| |||||||
1,470,182 | ||||||||
|
| |||||||
Norway 1.5% | ||||||||
Telenor ASA | 22,148 | 490,838 | ||||||
|
| |||||||
Russia 0.8% | ||||||||
Sberbank of Russia SP ADR(a) | 23,731 | 231,437 | ||||||
Sberbank of Russia SP ADR | 2,409 | 23,536 | ||||||
|
| |||||||
254,973 | ||||||||
|
| |||||||
Switzerland 5.6% | ||||||||
Roche Holding AG(a) | 2,313 | 695,257 | ||||||
Swiss Life Holding AG*(a) | 2,165 | 532,104 | ||||||
Swiss Re Ltd.* | 5,900 | 546,920 | ||||||
|
| |||||||
1,774,281 | ||||||||
|
| |||||||
Taiwan 1.1% | ||||||||
Hon Hai Precision Industry Co. Ltd. | 122,271 | 346,507 | ||||||
|
| |||||||
United Kingdom 11.8% | ||||||||
AstraZeneca PLC(a) | 10,389 | 673,135 | ||||||
Bodycote PLC(a) | 35,755 | 482,183 | ||||||
British American Tobacco PLC(a) | 13,222 | 736,122 | ||||||
BT Group PLC(a) | 135,483 | 862,274 | ||||||
SABMiller PLC | 9,277 | 463,211 | ||||||
WPP PLC(a) | 24,737 | 511,756 | ||||||
|
| |||||||
3,728,681 | ||||||||
|
| |||||||
Total Common Stocks |
| 30,717,674 | ||||||
|
|
See Notes to Financial Statements.
30
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Fund — concluded
Shares | Value($) | |||||||
Preferred Stock 1.8% | ||||||||
Germany 1.8% | ||||||||
Volkswagen AG, 1.78% | 2,192 | 568,026 | ||||||
|
| |||||||
Total Preferred Stock |
| 568,026 | ||||||
|
| |||||||
Rights 0.1% | ||||||||
Hong Kong 0.1% | ||||||||
New World Development Co. Ltd.* | 86,533 | 17,850 | ||||||
|
| |||||||
Total Rights |
| 17,850 | ||||||
|
| |||||||
Money Market Fund 0.3% | ||||||||
State Street Institutional Liquid Reserves Fund, Institutional Class(b) | 120,193 | 120,193 | ||||||
|
| |||||||
Total Money Market Fund |
| 120,193 | ||||||
|
| |||||||
Total Investments |
| 31,423,743 | ||||||
Other Assets in Excess of | 309,888 | |||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 31,733,631 | |||||
|
|
* | Non-income producing security. |
(a) | Valued at fair value using procedures approved by the Board (See Note 2(a)). |
(b) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
SP ADR — Sponsored American Depositary Receipt
See Notes to Financial Statements.
31
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund
Shares | Value($) | |||||||
Common Stocks 97.8% | ||||||||
Australia 5.8% | ||||||||
AGL Energy Ltd. | 1,669 | 23,496 | ||||||
ALS Ltd. | 1,041 | 7,077 | ||||||
Alumina Ltd.* | 7,656 | 8,485 | ||||||
Amcor Ltd. | 3,659 | 35,257 | ||||||
AMP Ltd.(a) | 8,883 | 41,090 | ||||||
APA Group | 2,508 | 14,956 | ||||||
Asciano Ltd. | 2,957 | 14,260 | ||||||
ASX Ltd. | 532 | 17,796 | ||||||
Aurizon Holdings Ltd.(a) | 6,155 | 29,405 | ||||||
Australia & New Zealand Banking Group Ltd.(a) | 8,317 | 255,608 | ||||||
Bank of Queensland Ltd.(a) | 942 | 11,251 | ||||||
Bendigo and Adelaide Bank Ltd.(a) | 1,237 | 13,085 | ||||||
BGP Holdings PLC*(a)(b) | 737,041 | — | ||||||
BHP Billiton Ltd.(a) | 9,633 | 326,137 | ||||||
Boral Ltd. | 2,325 | 12,183 | ||||||
Brambles Ltd. | 4,719 | 40,525 | ||||||
Caltex Australia Ltd.(a) | 410 | 8,421 | ||||||
CFS Retail Property Trust REIT | 6,430 | 11,270 | ||||||
Coca-Cola Amatil Ltd. | 1,733 | 17,727 | ||||||
Cochlear Ltd. | 174 | 9,198 | ||||||
Commonwealth Bank of Australia(a) | 4,878 | 351,142 | ||||||
Computershare Ltd. | 1,433 | 16,080 | ||||||
Crown Ltd. | 1,214 | 18,723 | ||||||
CSL Ltd. | 1,511 | 97,475 | ||||||
Dexus Property Group REIT | 14,667 | 14,418 | ||||||
Echo Entertainment Group Ltd. | 2,379 | 5,405 | ||||||
Federation Centres Ltd., REIT | 4,328 | 9,473 | ||||||
Flight Centre Travel Group Ltd. | 169 | 8,227 | ||||||
Fortescue Metals Group Ltd.(a) | 4,720 | 23,121 | ||||||
Goodman Group | 5,193 | 22,780 | ||||||
GPT Group REIT | 5,362 | 18,200 | ||||||
Harvey Norman Holdings Ltd. | 1,612 | 4,933 | ||||||
Iluka Resources Ltd. | 1,270 | 11,672 | ||||||
Incitec Pivot Ltd. | 4,938 | 13,555 | ||||||
Insurance Australia Group Ltd.(a) | 6,303 | 32,621 | ||||||
Leighton Holdings Ltd. | 514 | 10,063 | ||||||
Lend Lease Group | 1,655 | 18,188 | ||||||
Macquarie Group Ltd.(a) | 874 | 47,141 | ||||||
Metcash Ltd. | 2,671 | 6,490 | ||||||
Mirvac Group REIT | 11,102 | 17,503 | ||||||
National Australia Bank Ltd.(a) | 7,099 | 233,967 | ||||||
Newcrest Mining Ltd.* | 2,323 | 21,307 | ||||||
Orica Ltd. | 1,113 | 22,584 | ||||||
Origin Energy Ltd. | 3,317 | 43,959 | ||||||
Orora Ltd. | 3,902 | 4,976 | ||||||
Qantas Airways Ltd.* | 3,340 | 3,423 | ||||||
QBE Insurance Group Ltd. | 3,628 | 43,134 | ||||||
Ramsay Health Care Ltd. | 400 | 17,854 | ||||||
Recall Holdings Ltd.* | 1,007 | 4,343 |
Shares | Value($) | |||||||
Australia—continued | ||||||||
Rio Tinto Ltd.(a) | 1,322 | 78,195 | ||||||
Santos Ltd. | 2,915 | 36,495 | ||||||
Seek Ltd. | 974 | 15,871 | ||||||
Sonic Healthcare Ltd. | 1,142 | 18,290 | ||||||
SP Ausnet | 5,105 | 6,202 | ||||||
Stockland REIT | 6,676 | 23,217 | ||||||
Suncorp Group Ltd. | 3,901 | 46,561 | ||||||
Sydney Airport(a) | 1,491 | 5,810 | ||||||
TABCORP Holdings Ltd.(a) | 2,226 | 7,054 | ||||||
Tatts Group Ltd. | 4,208 | 11,317 | ||||||
Telstra Corp. Ltd.(a) | 13,200 | 62,264 | ||||||
Toll Holdings Ltd. | 2,067 | 9,968 | ||||||
Transurban Group | 4,266 | 28,723 | ||||||
Treasury Wine Estates Ltd. | 1,963 | 6,426 | ||||||
Wesfarmers Ltd. | 3,015 | 115,172 | ||||||
Westfield Group REIT | 6,416 | 60,990 | ||||||
Westfield Retail Trust REIT | 9,258 | 25,586 | ||||||
Westpac Banking Corp. | 9,407 | 301,503 | ||||||
Whitehaven Coal Ltd.* | 1,692 | 2,597 | ||||||
Woodside Petroleum Ltd. | 1,998 | 72,302 | ||||||
Woolworths Ltd. | 3,769 | 124,855 | ||||||
WorleyParsons Ltd. | 629 | 8,832 | ||||||
|
| |||||||
3,108,214 | ||||||||
|
| |||||||
Austria 1.5% | ||||||||
Andritz AG(c) | 1,629 | 100,663 | ||||||
Erste Group Bank AG(a) | 5,909 | 202,263 | ||||||
Immofinanz AG*(a) | 21,453 | 100,333 | ||||||
OMV AG | 3,294 | 149,459 | ||||||
Raiffeisen Bank International AG | 1,661 | 55,376 | ||||||
Telekom Austria AG(a) | 4,954 | 49,155 | ||||||
Vienna Insurance Group | 860 | 42,403 | ||||||
Voestalpine AG(a) | 2,507 | 110,501 | ||||||
|
| |||||||
810,153 | ||||||||
|
| |||||||
Belgium 1.9% | ||||||||
Ageas(a) | 1,508 | 67,252 | ||||||
Anheuser-Busch InBev NV(a) | 5,144 | 540,682 | ||||||
Belgacom SA(a) | 995 | 31,227 | ||||||
Colruyt SA(a) | 495 | 27,327 | ||||||
Delhaize Group SA(a) | 666 | 48,804 | ||||||
Groupe Bruxelles Lambert SA(a) | 528 | 52,757 | ||||||
KBC Groep NV(a) | 1,499 | 92,374 | ||||||
Solvay SA(a) | 387 | 60,827 | ||||||
Telenet Group Holding NV | 336 | 20,712 | ||||||
UCB SA(a) | 720 | 57,731 | ||||||
Umicore(a) | 746 | 38,085 | ||||||
|
| |||||||
1,037,778 | ||||||||
|
| |||||||
Cayman Islands 0.1% | ||||||||
Sands China Ltd.(a) | 3,197 | 23,964 | ||||||
Wynn Macau Ltd.(a) | 2,059 | 8,532 | ||||||
|
| |||||||
32,496 | ||||||||
|
|
See Notes to Financial Statements.
32
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — continued
Shares | Value($) | |||||||
China 0.0%(d) | ||||||||
AAC Technologies Holdings, Inc.(a) | 976 | 5,108 | ||||||
|
| |||||||
Denmark 1.5% | ||||||||
A.P. Moller—Maersk A/S, Cl B(a) | 6 | 72,134 | ||||||
A.P. Moller—Maersk A/S, Cl A(a) | 3 | 34,677 | ||||||
Carlsberg A/S, Cl B(a) | 474 | 47,235 | ||||||
Coloplast A/S, Cl B(a) | 490 | 39,705 | ||||||
Danske Bank A/S | 3,044 | 84,815 | ||||||
DSV A/S(a) | 827 | 26,723 | ||||||
Novo Nordisk A/S, Cl B(a) | 8,911 | 406,516 | ||||||
Novozymes A/S, Cl B(a) | 1,014 | 44,647 | ||||||
TDC A/S | 3,262 | 30,156 | ||||||
Tryg A/S | 110 | 10,880 | ||||||
William Demant Holding A/S*(a) | 116 | 9,937 | ||||||
|
| |||||||
807,425 | ||||||||
|
| |||||||
Finland 1.2% | ||||||||
Elisa Oyj | 720 | 20,721 | ||||||
Fortum Oyj | 2,245 | 51,032 | ||||||
Kesko Oyj, Cl B(a) | 323 | 14,107 | ||||||
Kone Oyj, Cl B(a) | 1,576 | 66,188 | ||||||
Metso Oyj | 647 | 21,151 | ||||||
Neste Oil Oyj | 649 | 13,233 | ||||||
Nokia Oyj*(a) | 18,921 | 139,311 | ||||||
Nokian Renkaat Oyj(a) | 570 | 23,099 | ||||||
Orion Oyj, Cl B(a)(c) | 496 | 14,986 | ||||||
Pohjola Bank PLC | 701 | 15,577 | ||||||
Sampo Oyj, Cl A(a) | 2,010 | 104,428 | ||||||
Stora Enso Oyj(a) | 2,785 | 29,832 | ||||||
UPM-Kymmene Oyj(a) | 2,662 | 45,585 | ||||||
Valmet Corp. | 647 | 6,939 | ||||||
Wartsila Oyj(a) | 899 | 48,988 | ||||||
|
| |||||||
615,177 | ||||||||
|
| |||||||
France 10.6% | ||||||||
Accor SA(a) | 688 | 35,267 | ||||||
Aeroports de Paris | 129 | 16,085 | ||||||
Air Liquide SA(a) | 1,309 | 177,553 | ||||||
Alcatel-Lucent*(a) | 11,732 | 46,356 | ||||||
Alstom(a) | 931 | 25,462 | ||||||
Arkema SA(a) | 271 | 30,739 | ||||||
Atos Origin SA(a) | 241 | 21,808 | ||||||
AXA SA(a) | 7,558 | 196,785 | ||||||
BNP Paribas(a) | 4,206 | 325,150 | ||||||
Bouygues SA(a) | 839 | 35,066 | ||||||
Bureau Veritas SA | 955 | 29,280 | ||||||
Cap Gemini SA(a) | 621 | 47,084 | ||||||
Carrefour SA(a) | 2,600 | 100,753 | ||||||
Casino Guichard-Perrachon SA(a) | 244 | 29,085 | ||||||
Christian Dior SA(a) | 236 | 45,497 | ||||||
CNP Assurances(a) | 694 | 14,706 | ||||||
Compagnie de Saint-Gobain(a) | 1,719 | 104,074 | ||||||
Compagnie Generale d’Optique Essilor International SA(a) | 880 | 88,923 |
Shares | Value($) | |||||||
France—continued | ||||||||
Compagnie Generale de Geophysique-Veritas* | 686 | 11,001 | ||||||
Compagnie Generale des Etablissements Michelin(a) | 788 | 98,706 | ||||||
Credit Agricole SA*(a) | 4,308 | 68,036 | ||||||
Danone SA | 2,389 | 168,938 | ||||||
Dassault Systemes SA | 270 | 31,632 | ||||||
Edenred | 878 | 27,548 | ||||||
Electricite de France(a) | 1,038 | 41,106 | ||||||
Eurazeo(a) | 166 | 14,934 | ||||||
European Aeronautic Defence and Space Co.(a) | 2,509 | 179,931 | ||||||
Eutelsat Communications | 618 | 20,987 | ||||||
Fonciere Des Regions | 126 | 11,672 | ||||||
France Telecom SA(a) | 7,568 | 111,914 | ||||||
GDF SUEZ(a) | 5,496 | 150,601 | ||||||
Gecina SA | 95 | 12,630 | ||||||
Groupe Eurotunnel SA(a) | 2,372 | 30,306 | ||||||
Groupe Fnac*(a) | 41 | 2,122 | ||||||
ICADE REIT(a) | 102 | 10,101 | ||||||
Iliad SA | 100 | 28,834 | ||||||
Imerys | 147 | 13,072 | ||||||
JCDecaux SA | 289 | 12,659 | ||||||
Klepierre | 431 | 19,286 | ||||||
L’Oreal SA | 1,025 | 169,027 | ||||||
Lafarge SA(a) | 807 | 63,257 | ||||||
Lagardere SCA(a) | 482 | 19,159 | ||||||
Legrand SA(a) | 1,079 | 67,099 | ||||||
LVMH Moet Hennessy Louis Vuitton SA(a) | 1,066 | 194,057 | ||||||
Natixis | 3,993 | 29,326 | ||||||
Pernod-Ricard SA | 875 | 101,860 | ||||||
PPR(a) | 327 | 66,788 | ||||||
Publicis Groupe SA(a) | 771 | 69,732 | ||||||
Remy Cointreau SA | 111 | 8,908 | ||||||
Renault SA(a) | 831 | 80,963 | ||||||
Rexel SA | 647 | 16,976 | ||||||
Safran SA(a) | 1,079 | 74,831 | ||||||
Sanofi-Aventis(a) | 5,032 | 525,844 | ||||||
Schneider Electric SA(a) | 2,276 | 202,351 | ||||||
Schneider Electric SA | 29 | 2,508 | ||||||
Scor SE(a) | 663 | 23,231 | ||||||
Societe BIC SA | 126 | 16,551 | ||||||
Societe Generale SA(a) | 3,028 | 186,922 | ||||||
Sodexo(a) | 407 | 42,728 | ||||||
Suez Environnement SA | 1,212 | 24,620 | ||||||
Technip SA | 440 | 45,408 | ||||||
Thales SA(a) | 394 | 26,158 | ||||||
Total SA(a) | 8,963 | 588,689 | ||||||
Unibail-Rodamco SE, REIT(a) | 410 | 106,606 | ||||||
Valeo SA | 328 | 46,204 | ||||||
Vallourec SA(a) | 459 | 24,951 |
See Notes to Financial Statements.
33
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — continued
Shares | Value($) | |||||||
France—continued | ||||||||
Veolia Environnement SA(a) | 1,463 | 29,014 | ||||||
Vinci SA(a) | 1,999 | 148,951 | ||||||
Vivendi SA(a) | 5,135 | 143,250 | ||||||
Wendel SA(a) | 140 | 21,780 | ||||||
Zodiac Aerospace | 740 | 26,149 | ||||||
|
| |||||||
5,629,587 | ||||||||
|
| |||||||
Germany 13.4% |
| |||||||
Adidas AG(a) | 1,302 | 141,055 | ||||||
Allianz SE | 2,814 | 475,672 | ||||||
Axel Springer AG | 248 | 15,872 | ||||||
BASF SE | 5,679 | 631,214 | ||||||
Bayer AG | 5,105 | 690,490 | ||||||
Bayerische Motoren Werke AG | 2,059 | 259,887 | ||||||
Beiersdorf AG | 629 | 61,351 | ||||||
Brenntag AG | 321 | 59,546 | ||||||
Celesio AG | 1,006 | 34,384 | ||||||
Commerzbank AG*(a) | 6,015 | 110,666 | ||||||
Continental AG | 685 | 164,108 | ||||||
Daimler AG | 5,947 | 561,950 | ||||||
Deutsche Bank AG | 6,339 | 283,602 | ||||||
Deutsche Boerse AG | 1,201 | 95,584 | ||||||
Deutsche Lufthansa AG* | 1,431 | 37,486 | ||||||
Deutsche Post AG | 5,637 | 209,444 | ||||||
Deutsche Telekom AG(a) | 17,461 | 282,426 | ||||||
E.ON AG | 11,195 | 218,849 | ||||||
Fraport AG(a) | 231 | 17,275 | ||||||
Fresenius Medical Care AG | 1,319 | 92,037 | ||||||
Fresenius SE | 778 | 121,758 | ||||||
GEA Group AG | 1,139 | 52,064 | ||||||
Hannover Rueckversicherung AG | 376 | 33,633 | ||||||
Heidelberg Cement AG | 876 | 75,076 | ||||||
Henkel AG & Co. KGaA | 808 | 81,204 | ||||||
Hochtief AG | 193 | 17,522 | ||||||
Hugo Boss AG(a) | 199 | 26,503 | ||||||
Infineon Technologies AG | 6,718 | 80,167 | ||||||
K+S AG | 1,072 | 35,215 | ||||||
Kabel Deutschland Holding AG | 154 | 21,154 | ||||||
Lanxess AG | 518 | 39,071 | ||||||
Linde AG(a) | 1,153 | 230,792 | ||||||
MAN SE | 221 | 28,163 | ||||||
Merck KGaA | 404 | 68,041 | ||||||
Metro AG* | 807 | 32,936 | ||||||
Muenchener Rueckversicherungs AG | 1,116 | 243,841 | ||||||
Osram Licht AG*(a) | 489 | 31,758 | ||||||
ProSiebenSat.1 Media AG(a) | 1,160 | 53,199 | ||||||
RWE AG | 3,043 | 123,502 | ||||||
SAP AG | 5,728 | 463,685 | ||||||
Siemens AG | 4,929 | 663,425 | ||||||
Suedzucker AG | 509 | 14,498 | ||||||
Telefonica Deutschland Holding AG | 1,736 | 13,838 |
Shares | Value($) | |||||||
Germany—continued |
| |||||||
ThyssenKrupp AG* | 2,400 | 64,358 | ||||||
United Internet AG | 664 | 31,180 | ||||||
Volkswagen AG | 184 | 46,642 | ||||||
|
| |||||||
7,136,123 | ||||||||
|
| |||||||
Guernsey 0.0%(d) | ||||||||
Resolution Ltd.(a) | 2,370 | 11,817 | ||||||
|
| |||||||
Hong Kong 0.9% | ||||||||
AIA Group Ltd. | 15,929 | 75,574 | ||||||
ASM Pacific Technology Ltd. | 317 | 3,098 | ||||||
Bank of East Asia Ltd.(a) | 1,620 | 6,347 | ||||||
BOC Hong Kong Holdings Ltd.(a) | 4,895 | 13,943 | ||||||
Cathay Pacific Airways Ltd. | 1,562 | 2,908 | ||||||
Cheung Kong (Holdings) Ltd.(a) | 1,840 | 30,550 | ||||||
Cheung Kong Infrastructure Holdings | 827 | 5,305 | ||||||
CLP Holdings Ltd.(a) | 2,340 | 17,683 | ||||||
First Pacific Co. Ltd.(a) | 2,786 | 2,775 | ||||||
Galaxy Entertainment Group Ltd.*(a) | 2,783 | 24,323 | ||||||
Hang Lung Properties Ltd. | 2,962 | 8,497 | ||||||
Hang Seng Bank Ltd.(a) | 1,012 | 16,118 | ||||||
Henderson Land Development Co. Ltd.(a) | 1,406 | 8,238 | ||||||
HK Electric Investments and HK Electric Investments Ltd.* | 460 | 296 | ||||||
HKT Trust / HKT Ltd. | 2,971 | 3,126 | ||||||
Hong Kong & China Gas Co. Ltd. (The)(a) | 7,586 | 16,575 | ||||||
Hong Kong Electric Holdings Ltd.(a) | 1,837 | 15,959 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,446 | 21,923 | ||||||
Hopewell Holdings Ltd.(a) | 753 | 2,588 | ||||||
Hutchison Whampoa Ltd.(a) | 2,821 | 37,487 | ||||||
Hysan Development Co. Ltd.(a) | 845 | 3,678 | ||||||
Kerry Logistics Network Ltd.* | 458 | 672 | ||||||
Kerry Properties Ltd.(a) | 858 | 2,871 | ||||||
Li & Fung Ltd.(a) | 7,741 | 11,476 | ||||||
Link REIT (The) | 3,027 | 14,927 | ||||||
MTR Corp.(a) | 1,917 | 7,113 | ||||||
New World Development Co. Ltd. | 4,971 | 4,999 | ||||||
Noble Group Ltd.(a) | 10,688 | 10,114 | ||||||
NWS Holdings Ltd. | 1,930 | 3,270 | ||||||
Orient Overseas International Ltd.(a) | 291 | 1,341 | ||||||
PCCW Ltd.(a) | 5,291 | 2,644 | ||||||
Shangri-La Asia Ltd.(a) | 2,072 | 3,403 | ||||||
Sino Land Co. Ltd. | 3,930 | 5,796 | ||||||
SJM Holdings Ltd.(a) | 2,568 | 7,246 | ||||||
Sun Hung Kai Properties Ltd.(a) | 2,110 | 25,872 | ||||||
Swire Pacific Ltd. | 899 | 10,472 | ||||||
Swire Properties Ltd.(a) | 1,549 | 4,448 |
See Notes to Financial Statements.
34
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — continued
Shares | Value($) | |||||||
Hong Kong—continued | ||||||||
Wharf Holdings Ltd. (The) | 2,004 | 12,815 | ||||||
Wheelock & Co. Ltd.(a) | 1,211 | 4,741 | ||||||
Yue Yuen Industrial (Holdings) Ltd.(a) | 982 | 3,210 | ||||||
|
| |||||||
454,421 | ||||||||
|
| |||||||
Ireland 1.1% | ||||||||
Bank of Ireland* | 290,639 | 123,323 | ||||||
CRH PLC(a) | 9,297 | 259,185 | ||||||
Experian PLC(a) | 1,768 | 31,890 | ||||||
Irish Bank Resolution Corp. Ltd.*(a)(b) | 8,839 | — | ||||||
Irish Bank Resolution Corp. Ltd.*(a)(b)(c) | 131,459 | — | ||||||
James Hardie Industries SE | 1,338 | 17,782 | ||||||
Kerry Group PLC, Cl A | 1,918 | 146,412 | ||||||
Ryanair Holdings PLC*(a) | 1,995 | 20,948 | ||||||
|
| |||||||
599,540 | ||||||||
|
| |||||||
Israel 1.0% | ||||||||
Bank Hapoalim BM | 7,888 | 45,010 | ||||||
Bank Leumi Le-Israel BM*(a) | 9,358 | 36,537 | ||||||
Bezeq Israeli Telecommunication Corp. Ltd. | 14,249 | 25,376 | ||||||
Delek Group Ltd. | 32 | 12,782 | ||||||
Israel Chemicals Ltd. | 3,329 | 29,104 | ||||||
Israel Corp. Ltd. (The)* | 23 | 12,834 | ||||||
Mizrahi Tefahot Bank Ltd.(a) | 936 | 12,806 | ||||||
NICE Systems Ltd.(a) | 436 | 19,438 | ||||||
Teva Pharmaceutical Industries Ltd.(a) | 6,323 | 333,435 | ||||||
Teva Pharmaceutical Industries Ltd. SP ADR | 318 | 16,803 | ||||||
|
| |||||||
544,125 | ||||||||
|
| |||||||
Italy 8.9% | ||||||||
Assicurazioni Generali SpA(a) | 17,155 | 382,823 | ||||||
Atlantia SpA(a) | 4,962 | 127,763 | ||||||
Banca Monte dei Paschi di Siena SpA* | 96,318 | 35,164 | ||||||
Enel Green Power SpA(a) | 26,236 | 73,732 | ||||||
Enel SpA(a) | 96,810 | 548,553 | ||||||
Eni SpA(a) | 37,345 | 937,831 | ||||||
Exor SpA(a) | 962 | 43,232 | ||||||
Fiat SpA*(c) | 13,123 | 152,767 | ||||||
Finmeccanica SpA*(a) | 6,068 | 60,108 | ||||||
Intesa Sanpaolo SpA(a) | 171,278 | 581,636 | ||||||
Luxottica Group SpA | 2,487 | 143,832 | ||||||
Mediobanca SpA*(a) | 7,747 | 88,742 | ||||||
Pirelli & C SpA | 3,568 | 56,036 | ||||||
Prysmian SpA(a) | 3,056 | 76,259 | ||||||
Saipem SpA | 3,972 | 96,964 | ||||||
Snam Rete Gas SpA | 30,419 | 178,104 | ||||||
Telecom Italia SpA | 150,854 | 177,897 |
Shares | Value($) | |||||||
Italy—continued | ||||||||
Telecom Italia SpA(a) | 90,342 | 84,620 | ||||||
Terna SpA | 22,601 | 121,058 | ||||||
UniCredit SpA(a) | 63,573 | 581,958 | ||||||
Unione di Banche Italiane ScpA(a) | 12,844 | 121,282 | ||||||
UnipolSai SpA* | 13,348 | 51,121 | ||||||
|
| |||||||
4,721,482 | ||||||||
|
| |||||||
Japan 21.1% | ||||||||
ABC-Mart, Inc.(a) | 117 | 5,070 | ||||||
Acom Co. Ltd.*(a) | 1,722 | 5,495 | ||||||
ADVANTEST Corp.(a) | 659 | 7,087 | ||||||
AEON Co. Ltd. | 2,637 | 29,713 | ||||||
AEON Credit Service Co. Ltd.(a) | 289 | 6,505 | ||||||
AEON Mall Co. Ltd.(a) | 319 | 8,185 | ||||||
Air Water, Inc. | 656 | 9,076 | ||||||
Aisin Seiki Co. Ltd.(a) | 842 | 30,327 | ||||||
Ajinomoto Co., Inc.(a) | 2,651 | 37,976 | ||||||
Alfresa Holdings Corp. | 181 | 11,802 | ||||||
All Nippon Airways Co. Ltd.(a)(c) | 5,097 | 11,037 | ||||||
Amada Co. Ltd.(a) | 1,569 | 11,017 | ||||||
Aozora Bank Ltd.(a) | 4,712 | 13,411 | ||||||
Asahi Breweries Ltd.(a) | 1,701 | 47,717 | ||||||
Asahi Glass Co. Ltd. | 4,431 | 25,672 | ||||||
Asahi Kasei Corp.(a) | 5,545 | 37,647 | ||||||
ASICS Corp.(a) | 704 | 13,810 | ||||||
Astellas Pharma, Inc. | 9,285 | 110,108 | ||||||
Bank of Kyoto Ltd. (The) | 1,416 | 11,689 | ||||||
Bank of Yokohama Ltd. (The) | 5,179 | 25,841 | ||||||
Benesse Holdings, Inc. | 316 | 12,078 | ||||||
Bridgestone Corp.(a) | 2,857 | 101,178 | ||||||
Brother Industries Ltd.(a) | 1,038 | 14,563 | ||||||
Calbee, Inc.(a) | 272 | 6,419 | ||||||
Canon, Inc.(a) | 4,902 | 151,707 | ||||||
Casio Computer Co. Ltd.(a) | 981 | 11,586 | ||||||
Central Japan Railway Co.(a) | 634 | 74,289 | ||||||
Chiba Bank Ltd. (The)(a) | 3,269 | 20,121 | ||||||
Chiyoda Corp.(a) | 688 | 8,940 | ||||||
Chubu Electric Power Co., Inc.*(a) | 2,830 | 33,249 | ||||||
Chugai Pharmaceutical Co. Ltd. | 984 | 25,121 | ||||||
Chugoku Bank Ltd. (The) | 720 | 9,599 | ||||||
Chugoku Electric Power Co., Inc. (The)(a) | 1,304 | 18,144 | ||||||
Chuo Mitsui Trust Holdings, Inc. | 13,681 | 61,768 | ||||||
Citizen Holdings Co. Ltd.(a) | 1,162 | 8,731 | ||||||
Coca-Cola West Co. Ltd. | 270 | 4,711 | ||||||
Credit Saison Co. Ltd. | 693 | 13,784 | ||||||
Dai Nippon Printing Co. Ltd. | 2,463 | 23,600 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The)(a) | 3,806 | 55,203 | ||||||
Daicel Corp.(a) | 1,284 | 10,604 | ||||||
Daido Steel Co. Ltd.(a) | 1,241 | 6,192 | ||||||
Daihatsu Motor Co. Ltd.(a) | 845 | 14,906 |
See Notes to Financial Statements.
35
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — continued
Shares | Value($) | |||||||
Japan—continued | ||||||||
Daiichi Sankyo Co. Ltd. | 2,960 | 49,842 | ||||||
Daikin Industries Ltd.(a) | 1,032 | 57,711 | ||||||
Dainippon Sumitomo Pharma Co. Ltd. | 700 | 11,122 | ||||||
Daito Trust Construction Co. Ltd.(a) | 319 | 29,474 | ||||||
Daiwa House Industry Co. Ltd.(a) | 2,241 | 37,940 | ||||||
Daiwa Securities Group, Inc.(a) | 7,299 | 63,394 | ||||||
DeNa Co. Ltd. | 465 | 8,398 | ||||||
DENSO Corp. | 2,136 | 102,397 | ||||||
Dentsu, Inc. | 795 | 30,155 | ||||||
Don Quijote Co. Ltd. | 239 | 12,342 | ||||||
East Japan Railway Co. | 1,444 | 106,410 | ||||||
Eisai Co. Ltd. | 1,108 | 43,133 | ||||||
Electric Power Development Co. Ltd. | 514 | 14,516 | ||||||
FamilyMart Co. Ltd. | 259 | 11,380 | ||||||
FANUC Ltd.(a) | 829 | 145,964 | ||||||
Fast Retailing Co. Ltd.(a) | 234 | 84,711 | ||||||
Fuji Electric Holdings Co. Ltd.(a) | 2,460 | 10,963 | ||||||
Fuji Heavy Industries Ltd.(a) | 2,580 | 69,652 | ||||||
FUJIFILM Holdings Corp. | 2,036 | 54,660 | ||||||
Fujitsu Ltd. | 8,183 | 49,471 | ||||||
Fukuoka Financial Group, Inc.(a) | 3,400 | 13,951 | ||||||
Gree, Inc. | 466 | 5,147 | ||||||
GungHo Online Entertainment, Inc. | 1,837 | 10,020 | ||||||
Gunma Bank Ltd. (The) | 1,670 | 9,093 | ||||||
Hachijuni Bank Ltd. (The)(a) | 1,832 | 10,394 | ||||||
Hakuhodo DY Holdings, Inc.(a) | 997 | 6,941 | ||||||
Hamamatsu Photonics K.K.(a) | 315 | 14,263 | ||||||
Hankyu Hanshin Holdings, Inc. | 5,026 | 27,366 | ||||||
Hino Motors Ltd.(a) | 1,137 | 16,832 | ||||||
Hirose Electric Co. Ltd. | 134 | 18,409 | ||||||
Hiroshima Bank Ltd. (The)(a) | 2,199 | 9,222 | ||||||
Hisamitsu Pharmaceutical Co., Inc.(a) | 272 | 12,267 | ||||||
Hitachi Chemical Co. Ltd.(a) | 459 | 6,238 | ||||||
Hitachi Construction Machinery Co. Ltd.(a) | 473 | 9,097 | ||||||
Hitachi High-Technologies Corp.(a) | 273 | 6,347 | ||||||
Hitachi Ltd.(a) | 20,845 | 153,555 | ||||||
Hitachi Metals Ltd. | 725 | 10,319 | ||||||
Hokkaido Electric Power Co., Inc.* | 806 | 6,809 | ||||||
Hokuhoku Financial Group, Inc. | 5,195 | 9,966 | ||||||
Hokuriku Electric Power Co.(a) | 741 | 9,637 | ||||||
Honda Motor Co. Ltd.(a) | 7,002 | 246,197 | ||||||
Hoya Corp.(a) | 1,911 | 59,748 | ||||||
Hulic Co. Ltd.(a) | 1,176 | 16,066 | ||||||
Ibiden Co. Ltd.(a) | 498 | 9,790 | ||||||
Idemitsu Kosan Co. Ltd.(a) | 387 | 7,970 |
Shares | Value($) | |||||||
Japan—continued | ||||||||
IHI Corp.(a) | 5,799 | 24,345 | ||||||
Iida Group Holdings Co. Ltd.(a) | 541 | 7,520 | ||||||
Inpex Corp. | 3,772 | 48,934 | ||||||
Isetan Mitsukoshi Holdings Ltd.(a) | 1,562 | 19,429 | ||||||
Isuzu Motors Ltd.(a) | 5,217 | 30,195 | ||||||
ITOCHU Corp.(a) | 6,614 | 77,153 | ||||||
Itochu Techno-Solutions Corp. | 111 | 4,683 | ||||||
Iyo Bank Ltd. (The) | 1,140 | 10,890 | ||||||
J. Front Retailing Co. Ltd.(a) | 2,120 | 14,699 | ||||||
Japan Airlines Co. Ltd. | 264 | 12,993 | ||||||
Japan Exchange Group, Inc.(a) | 1,088 | 26,488 | ||||||
Japan Petroleum Exploration Co.(a) | 127 | 4,219 | ||||||
Japan Prime Realty Investment Corp. REIT | 4 | 12,944 | ||||||
Japan Real Estate Investment Corp. REIT | 6 | 30,112 | ||||||
Japan Retail Fund Investment Corp. REIT | 11 | 21,656 | ||||||
Japan Steel Works Ltd. (The)(a) | 1,387 | 6,211 | ||||||
Japan Tobacco, Inc. | 4,753 | 149,200 | ||||||
JFE Holdings, Inc. | 2,160 | 40,662 | ||||||
JGC Corp. | 911 | 31,686 | ||||||
Joyo Bank Ltd. (The)(a) | 2,986 | 14,866 | ||||||
JS Group Corp.(a) | 1,170 | 32,209 | ||||||
JSR Corp.(a) | 785 | 14,526 | ||||||
JTEKT Corp.(a) | 903 | 13,392 | ||||||
JX Holdings, Inc.(a) | 9,863 | 47,417 | ||||||
Kajima Corp.(a) | 3,716 | 13,008 | ||||||
Kakaku.com, Inc.(a) | 527 | 8,554 | ||||||
Kamigumi Co. Ltd.(a) | 1,025 | 10,008 | ||||||
Kaneka Corp. | 1,231 | 7,466 | ||||||
Kansai Electric Power Co., Inc. (The)* | 3,093 | 31,735 | ||||||
Kansai Paint Co. Ltd. | 1,019 | 14,562 | ||||||
Kao Corp. | 2,229 | 78,975 | ||||||
Kawasaki Heavy Industries Ltd.(a) | 6,242 | 22,950 | ||||||
KDDI Corp.(a) | 2,319 | 134,950 | ||||||
Keikyu Corp. | 2,060 | 17,364 | ||||||
Keio Corp. | 2,541 | 17,701 | ||||||
Keisei Electric Railway Co. Ltd. | 1,213 | 10,518 | ||||||
Keyence Corp.(a) | 202 | 83,102 | ||||||
Kikkoman Corp. | 694 | 13,091 | ||||||
Kinden Corp. | 585 | 5,662 | ||||||
Kintetsu Corp. | 7,140 | 25,388 | ||||||
Kirin Holdings Co. Ltd.(a) | 3,815 | 53,032 | ||||||
Kobe Steel Ltd.(a) | 10,946 | 14,601 | ||||||
Koito Manufacturing Co. Ltd. | 426 | 7,210 | ||||||
Komatsu Ltd. | 4,103 | 84,990 | ||||||
Konami Corp.(a) | 443 | 10,258 | ||||||
Konica Minolta Holdings, Inc. | 2,103 | 19,621 | ||||||
Kubota Corp.(a) | 4,472 | 59,743 |
See Notes to Financial Statements.
36
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — continued
Shares | Value($) | |||||||
Japan—continued | ||||||||
Kuraray Co. Ltd.(a) | 1,515 | 17,300 | ||||||
Kurita Water Industries Ltd. | 496 | 10,760 | ||||||
Kyocera Corp.(a) | 1,359 | 61,179 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,013 | 10,796 | ||||||
Kyushu Electric Power Co., Inc. | 1,875 | 22,925 | ||||||
Lawson, Inc. | 289 | 20,440 | ||||||
M3, Inc. | 600 | 9,847 | ||||||
Mabuchi Motor Co. Ltd. | 110 | 7,204 | ||||||
Makita Corp.(a) | 494 | 27,276 | ||||||
Marubeni Corp.(a) | 7,252 | 48,615 | ||||||
Marui Group Co. Ltd.(a) | 981 | 8,468 | ||||||
Maruichi Steel Tube Ltd.(a) | 207 | 5,345 | ||||||
Mazda Motor Corp.(a) | 11,855 | 52,498 | ||||||
McDonald’s Holdings Co. (Japan) Ltd. | 293 | 7,883 | ||||||
Medipal Holdings Corp. | 592 | 9,051 | ||||||
Meiji Holdings Co. Ltd. | 270 | 17,030 | ||||||
Miraca Holdings, Inc. | 246 | 10,773 | ||||||
Mitsubishi Chemical Holdings Corp. | 5,954 | 24,747 | ||||||
Mitsubishi Corp.(a) | 6,174 | 114,492 | ||||||
Mitsubishi Electric Corp.(a) | 8,488 | 95,304 | ||||||
Mitsubishi Estate Co. Ltd.(a) | 5,497 | 130,817 | ||||||
Mitsubishi Gas Chemical Co., Inc.(a) | 1,700 | 9,569 | ||||||
Mitsubishi Heavy Industries Ltd.(a) | 13,335 | 77,620 | ||||||
Mitsubishi Logistics Corp. | 542 | 7,541 | ||||||
Mitsubishi Materials Corp.(a) | 4,909 | 14,029 | ||||||
Mitsubishi Motors Corp. | 1,830 | 19,148 | ||||||
Mitsubishi Tanabe Pharma Corp.(a) | 988 | 13,795 | ||||||
Mitsubishi UFJ Financial Group, Inc.(a) | 55,006 | 301,745 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd.(a) | 2,559 | 12,513 | ||||||
Mitsui & Co. Ltd.(a) | 7,633 | 107,722 | ||||||
Mitsui Chemicals, Inc. | 3,592 | 8,805 | ||||||
Mitsui Fudosan Co. Ltd.(a) | 3,679 | 111,999 | ||||||
Mitsui O.S.K. Lines Ltd.(a) | 4,769 | 18,553 | ||||||
Mizuho Financial Group, Inc.(a) | 99,328 | 195,979 | ||||||
MS&AD Insurance Group Holdings, Inc.(a) | 2,226 | 50,901 | ||||||
Murata Manufacturing Co. Ltd.(a) | 892 | 83,945 | ||||||
Nabtesco Corp.(a) | 480 | 11,086 | ||||||
Namco Bandai Holdings, Inc. | 781 | 18,486 | ||||||
NEC Corp. | 10,274 | 31,554 | ||||||
Nexon Co. Ltd.(a) | 479 | 4,029 | ||||||
NGK Insulators Ltd. | 1,187 | 24,726 | ||||||
NGK Spark Plug Co. Ltd.(a) | 787 | 17,650 | ||||||
NHK Spring Co. Ltd.(a) | 697 | 6,449 | ||||||
Nidec Corp.(a) | 896 | 54,403 |
Shares | Value($) | |||||||
Japan—continued | ||||||||
Nikon Corp.(a) | 1,499 | 24,097 | ||||||
Nintendo Co. Ltd. | 468 | 55,590 | ||||||
Nippon Building Fund, Inc. REIT | 6 | 31,333 | ||||||
Nippon Electric Glass Co. Ltd. | 1,640 | 8,437 | ||||||
Nippon Express Co. Ltd. | 3,501 | 17,129 | ||||||
Nippon Meat Packers, Inc.(a) | 754 | 11,261 | ||||||
Nippon Paint Co. Ltd. | 607 | 9,198 | ||||||
Nippon Prologis REIT, Inc., REIT | 5 | 10,086 | ||||||
Nippon Steel Corp.(a) | 33,386 | 91,029 | ||||||
Nippon Telegraph & Telephone Corp. | 1,626 | 88,519 | ||||||
Nippon Yusen Kabushiki Kaisha(a) | 7,096 | 20,724 | ||||||
Nishi-Nippon City Bank Ltd. (The)(a) | 2,975 | 6,673 | ||||||
Nissan Motor Co. Ltd.(a) | 10,920 | 97,187 | ||||||
Nisshin Seifun Group, Inc. | 907 | 9,965 | ||||||
Nissin Foods Holdings Co. Ltd.(a) | 260 | 11,713 | ||||||
Nitori Holdings Co. Ltd.(a) | 300 | 12,989 | ||||||
Nitto Denko Corp.(a) | 726 | 34,963 | ||||||
NKSJ Holdings, Inc.(a) | 1,461 | 37,479 | ||||||
NOK Corp. | 420 | 6,857 | ||||||
Nomura Holdings, Inc.(a) | 15,948 | 102,128 | ||||||
Nomura Real Estate Holdings, Inc.(a) | 546 | 10,401 | ||||||
Nomura Research Institute Ltd.(a) | 446 | 14,059 | ||||||
NSK Ltd.(a) | 2,059 | 21,145 | ||||||
NTT Data Corp. | 567 | 22,056 | ||||||
NTT DoCoMo, Inc.(a) | 6,479 | 102,042 | ||||||
NTT Urban Development Corp.(a) | 545 | 5,121 | ||||||
Obayashi Corp.(a) | 2,853 | 16,061 | ||||||
Odakyu Electric Railway Co. Ltd.(a) | 2,753 | 23,816 | ||||||
OJI Paper Co. Ltd. | 3,507 | 15,698 | ||||||
Olympus Corp.*(a) | 874 | 28,150 | ||||||
Omron Corp.(a) | 899 | 37,001 | ||||||
Ono Pharmaceutical Co. Ltd.(a) | 363 | 31,596 | ||||||
Oracle Corp. Japan(a) | 169 | 7,643 | ||||||
Oriental Land Co. Ltd.(a) | 222 | 33,729 | ||||||
ORIX Corp.(a) | 4,844 | 68,035 | ||||||
Osaka Gas Co. Ltd.(a) | 8,236 | 31,159 | ||||||
Otsuka Corp. | 71 | 9,273 | ||||||
Otsuka Holdings Co. Ltd.(a) | 1,594 | 47,589 | ||||||
Panasonic Corp.(a) | 9,697 | 110,626 | ||||||
Park24 Co. Ltd. | 431 | 8,193 | ||||||
Rakuten, Inc. | 3,191 | 42,571 | ||||||
Resona Holdings, Inc.(a) | 8,285 | 39,991 | ||||||
Ricoh Co. Ltd.(a) | 2,944 | 34,110 | ||||||
Rinnai Corp.(a) | 145 | 12,717 | ||||||
Rohm Co. Ltd. | 425 | 18,962 | ||||||
Sankyo Co. Ltd. | 237 | 9,977 | ||||||
Sanrio Co. Ltd. | 197 | 6,642 |
See Notes to Financial Statements.
37
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — continued
Shares | Value($) | |||||||
Japan—continued | ||||||||
Santen Pharmaceutical Co. Ltd.(a) | 327 | 14,483 | ||||||
SBI Holdings, Inc.(a) | 890 | 10,703 | ||||||
Secom Co. Ltd. | 923 | 53,172 | ||||||
Sega Sammy Holdings, Inc.(a) | 820 | 18,329 | ||||||
Seiko Epson Corp.(a) | 546 | 17,088 | ||||||
Sekisui Chemical Co. Ltd. | 1,872 | 19,461 | ||||||
Sekisui House Ltd.(a) | 2,379 | 29,476 | ||||||
Seven & I Holdings Co. Ltd.(a) | 3,311 | 126,285 | ||||||
Seven Bank Ltd.(a) | 2,617 | 10,250 | ||||||
Sharp Corp.*(a) | 4,511 | 13,698 | ||||||
Shikoku Electric Power Co., Inc.* | 785 | 10,648 | ||||||
Shimadzu Corp. | 1,041 | 9,249 | ||||||
Shimamura Co. Ltd. | 99 | 8,565 | ||||||
Shimano, Inc. | 347 | 34,863 | ||||||
Shimizu Corp.(a) | 2,598 | 13,436 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,805 | 103,143 | ||||||
Shinsei Bank Ltd.(a) | 7,248 | 14,221 | ||||||
Shionogi & Co. Ltd.(a) | 1,312 | 24,271 | ||||||
Shiseido Co. Ltd. | 1,582 | 27,834 | ||||||
Shizuoka Bank Ltd. (The) | 2,484 | 24,235 | ||||||
Showa Denko Kabushiki Kaisha | 6,576 | 9,302 | ||||||
Showa Shell Sekiyu Kabushiki Kaisha | 829 | 7,405 | ||||||
SMC Corp.(a) | 217 | 57,098 | ||||||
Softbank Corp.(a) | 4,169 | 314,424 | ||||||
Sojitz Corp.(a) | 5,498 | 9,356 | ||||||
Sony Corp.(a) | 4,445 | 84,736 | ||||||
Sony Financial Holdings, Inc. | 764 | 12,509 | ||||||
Stanley Electric Co. Ltd.(a) | 630 | 13,951 | ||||||
Sumco Corp.(a) | 512 | 3,968 | ||||||
Sumitomo Chemical Co. Ltd.(a) | 6,544 | 24,102 | ||||||
Sumitomo Corp.(a) | 4,944 | 62,833 | ||||||
Sumitomo Electric Industries Ltd. | 3,314 | 49,317 | ||||||
Sumitomo Heavy Industries Ltd.(a) | 2,430 | 9,913 | ||||||
Sumitomo Metal Mining Co. Ltd.(a) | 2,300 | 28,827 | ||||||
Sumitomo Mitsui Financial Group, Inc.(a) | 5,484 | 233,764 | ||||||
Sumitomo Realty & Development Co. | 1,570 | 61,354 | ||||||
Sumitomo Rubber Industries Ltd.(a) | 752 | 9,605 | ||||||
Suntory Beverage & Food Ltd. | 262 | 9,024 | ||||||
Suruga Bank Ltd.(a) | 794 | 13,955 | ||||||
Suzuken Co. Ltd. | 312 | 12,076 | ||||||
Suzuki Motor Corp.(a) | 1,603 | 41,759 | ||||||
Sysmex Corp.(a) | 636 | 20,406 | ||||||
T&D Holdings, Inc.(a) | 2,545 | 30,205 | ||||||
Taiheiyo Cement Corp. | 5,164 | 18,612 | ||||||
Taisei Corp.(a) | 4,258 | 18,981 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd.(a) | 139 | 11,240 |
Shares | Value($) | |||||||
Japan—continued | ||||||||
Taiyo Nippon Sanso Corp.(a) | 1,064 | 8,351 | ||||||
Takashimaya Co. Ltd.(a) | 1,164 | 10,903 | ||||||
Takeda Pharmaceutical Co. Ltd. | 3,401 | 161,195 | ||||||
TDK Corp.(a) | 542 | 22,592 | ||||||
Teijin Ltd.(a) | 4,109 | 10,173 | ||||||
Terumo Corp. | 1,336 | 29,163 | ||||||
THK Co. Ltd.(a) | 501 | 11,221 | ||||||
Tobu Railway Co. Ltd. | 4,488 | 21,698 | ||||||
Toho Co. Ltd.(a) | 499 | 10,050 | ||||||
Toho Gas Co. Ltd. | 1,799 | 9,795 | ||||||
Tohoku Electric Power Co., Inc.(a) | 1,989 | 20,459 | ||||||
Tokio Marine Holdings, Inc.(a) | 3,043 | 91,230 | ||||||
Tokyo Electric Power Co., Inc. (The)*(a) | 6,354 | 25,693 | ||||||
Tokyo Electron Ltd. | 755 | 46,266 | ||||||
Tokyo Gas Co. Ltd.(a) | 10,756 | 54,537 | ||||||
Tokyo Tatemono Co. Ltd.(a) | 1,809 | 15,479 | ||||||
Tokyu Corp.(a) | 4,995 | 30,697 | ||||||
Tokyu Fudosan Holdings Corp.(a) | 1,813 | 13,494 | ||||||
TonenGeneral Sekiyu KK(a) | 1,242 | 10,948 | ||||||
Toppan Printing Co. Ltd. | 2,459 | 17,606 | ||||||
Toray Industries, Inc.(a) | 6,449 | 42,565 | ||||||
Toshiba Corp.(a) | 17,680 | 74,729 | ||||||
TOTO Ltd.(a) | 1,307 | 18,090 | ||||||
Toyo Seikan Kaisha Ltd.(a) | 720 | 11,672 | ||||||
Toyo Suisan Kaisha Ltd. | 391 | 13,050 | ||||||
Toyoda Gosei Co. Ltd. | 288 | 5,522 | ||||||
Toyota Boshoku Corp.(a) | 289 | 2,926 | ||||||
Toyota Industries Corp.(a) | 718 | 34,431 | ||||||
Toyota Motor Corp.(a) | 11,900 | 669,717 | ||||||
Toyota Tsusho Corp.(a) | 935 | 23,696 | ||||||
Trend Micro, Inc. | 463 | 14,332 | ||||||
Tsumura & Co.(a) | 266 | 6,407 | ||||||
Ube Industries Ltd.(a) | 4,434 | 8,144 | ||||||
Uni-Charm Corp.(a) | 502 | 26,877 | ||||||
United Urban Investment Corp., REIT | 11 | 16,157 | ||||||
USS Co. Ltd.(a) | 970 | 13,595 | ||||||
West Japan Railway Co.(a) | 742 | 30,248 | ||||||
Yahoo Japan Corp. | 6,434 | 31,542 | ||||||
Yakult Honsha Co. Ltd. | 386 | 19,372 | ||||||
Yamada Denki Co. Ltd. | 4,042 | 13,471 | ||||||
Yamaguchi Financial Group, Inc.(a) | 930 | 8,361 | ||||||
Yamaha Corp. | 694 | 8,936 | ||||||
Yamaha Motor Co. Ltd.(a) | 1,231 | 19,577 | ||||||
Yamato Holdings Co. Ltd. | 1,621 | 34,928 | ||||||
Yamato Kogyo Co. Ltd.(a) | 184 | 5,756 | ||||||
Yamazaki Baking Co. Ltd.(a) | 486 | 5,747 | ||||||
Yaskawa Electric Corp.(a) | 944 | 13,021 | ||||||
Yokogawa Electric Corp.(a) | 945 | 15,235 | ||||||
Yokohama Rubber Co. Ltd. (The)(a) | 904 | 8,481 | ||||||
|
| |||||||
11,266,859 | ||||||||
|
|
See Notes to Financial Statements.
38
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — continued
Shares | Value($) | |||||||
Jersey 0.1% | ||||||||
Petrofac Ltd.(a) | 455 | 10,941 | ||||||
Randgold Resources Ltd. | 148 | 11,108 | ||||||
Shire PLC(a) | 1,020 | 50,191 | ||||||
|
| |||||||
72,240 | ||||||||
|
| |||||||
Luxembourg 0.6% | ||||||||
ArcelorMittal(a) | 4,308 | 69,791 | ||||||
Millicom International Cellular SA | 163 | 16,609 | ||||||
RTL Group SA* | 235 | 26,758 | ||||||
SES | 1,311 | 48,954 | ||||||
Tenaris SA(a) | 7,081 | 156,697 | ||||||
|
| |||||||
318,809 | ||||||||
|
| |||||||
Macau 0.0%(d) | ||||||||
MGM China Holdings Ltd. | 1,258 | 4,436 | ||||||
|
| |||||||
Mauritius 0.0%(d) | ||||||||
Golden Agri-Resources Ltd.(a) | 18,732 | 8,577 | ||||||
|
| |||||||
Netherlands 3.6% | ||||||||
Aegon NV(a) | 8,412 | 77,380 | ||||||
Akzo Nobel NV(a) | 1,130 | 92,586 | ||||||
ASML Holding NV | 1,697 | 157,175 | ||||||
CNH Industrial NV*(a) | 14,144 | 162,974 | ||||||
Corio NV REIT(a) | 320 | 14,635 | ||||||
Delta Lloyd NV(a) | 873 | 24,229 | ||||||
Fugro NV | 335 | 20,600 | ||||||
Gemalto NV(a) | 377 | 43,994 | ||||||
Heineken Holding NV | 479 | 30,926 | ||||||
Heineken NV(a) | 1,094 | 76,234 | ||||||
ING Groep NV*(a) | 18,152 | 257,987 | ||||||
Koninklijke Ahold NV | 4,410 | 88,589 | ||||||
Koninklijke Boskalis Westminster NV(a) | 361 | 19,904 | ||||||
Koninklijke DSM NV | 732 | 50,235 | ||||||
Koninklijke KPN NV*(a) | 15,265 | 54,017 | ||||||
Koninklijke Philips Electronics NV(a) | 4,537 | 159,610 | ||||||
Koninklijke Vopak NV | 335 | 18,705 | ||||||
OCI NV* | 457 | 20,736 | ||||||
QIAGEN NV* | 1,472 | 30,844 | ||||||
Randstad Holding NV(a) | 573 | 33,626 | ||||||
Reed Elsevier NV(a) | 3,270 | 70,762 | ||||||
TNT Express NV(a) | 1,689 | 16,636 | ||||||
Unilever NV | 7,752 | 318,624 | ||||||
Wolters Kluwer NV(a) | 1,432 | 40,446 | ||||||
Ziggo NV | 807 | 35,854 | ||||||
|
| |||||||
1,917,308 | ||||||||
|
| |||||||
New Zealand 0.7% | ||||||||
Auckland International Airport Ltd.* | 23,576 | 77,954 | ||||||
Contact Energy Ltd. | 8,204 | 37,877 | ||||||
Fletcher Building Ltd.(a) | 14,553 | 120,440 |
Shares | Value($) | |||||||
New Zealand—continued | ||||||||
Ryman Healthcare Ltd.(a) | 7,950 | 60,563 | ||||||
Telecom Corp. of New Zealand Ltd. | 39,757 | 84,188 | ||||||
|
| |||||||
381,022 | ||||||||
|
| |||||||
Norway 1.8% | ||||||||
Aker Solutions ASA | 1,508 | 23,485 | ||||||
DnB NOR ASA(a) | 8,964 | 155,996 | ||||||
Gjensidige Forsikring ASA | 1,836 | 37,347 | ||||||
Norsk Hydro ASA(a) | 8,540 | 42,651 | ||||||
Orkla ASA | 7,009 | 59,757 | ||||||
Seadrill Ltd. | 3,445 | 121,626 | ||||||
StatoilHydro ASA | 10,141 | 286,220 | ||||||
Telenor ASA | 6,513 | 144,339 | ||||||
Yara International ASA | 1,765 | 77,995 | ||||||
|
| |||||||
949,416 | ||||||||
|
| |||||||
Portugal 0.9% | ||||||||
Banco Espirito Santo SA*(a)(c) | 33,923 | 63,705 | ||||||
EDP-Energias de Portugal SA(a) | 38,495 | 179,005 | ||||||
Galp Energia SGPS SA(a) | 5,144 | 88,937 | ||||||
Jeronimo Martins SGPS SA(a) | 4,724 | 79,349 | ||||||
Portugal Telecom SGPS SA(a) | 12,252 | 52,182 | ||||||
|
| |||||||
463,178 | ||||||||
|
| |||||||
Singapore 0.9% | ||||||||
Ascendas REIT | 5,185 | 9,316 | ||||||
CapitaCommercial Trust, REIT(a) | 5,063 | 5,985 | ||||||
CapitaLand Ltd.(a) | 6,515 | 14,996 | ||||||
CapitaMall Trust REIT | 6,152 | 9,243 | ||||||
CapitaMalls Asia Ltd. | 3,464 | 4,929 | ||||||
City Developments Ltd.(a) | 1,041 | 8,376 | ||||||
ComfortDelGro Corp. Ltd.(a) | 5,116 | 8,082 | ||||||
DBS Group Holdings Ltd.(a) | 4,349 | 55,991 | ||||||
Genting Singapore PLC(a) | 15,526 | 16,512 | ||||||
Global Logistic Properties Ltd. | 7,861 | 16,561 | ||||||
Jardine Cycle & Carriage Ltd.(a) | 272 | 9,833 | ||||||
Keppel Corp. Ltd. | 3,668 | 31,755 | ||||||
Keppel Land Ltd.(a) | 1,769 | 4,738 | ||||||
Keppel REIT | 305 | 276 | ||||||
Olam International Ltd.(a) | 3,726 | 6,589 | ||||||
Oversea-Chinese Banking Corp. Ltd.(a) | 6,561 | 50,953 | ||||||
SembCorp Industries Ltd.(a) | 2,501 | 10,930 | ||||||
SembCorp Marine Ltd. | 2,126 | 6,845 | ||||||
Singapore Airlines Ltd.(a) | 1,373 | 11,449 | ||||||
Singapore Exchange Ltd. | 2,181 | 12,033 | ||||||
Singapore Press Holdings Ltd. | 4,061 | 13,559 | ||||||
Singapore Technologies Engineering | 3,927 | 11,943 | ||||||
Singapore Telecommunications Ltd.(a) | 20,264 | 58,922 | ||||||
StarHub Ltd.(a) | 1,530 | 5,114 |
See Notes to Financial Statements.
39
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — continued
Shares | Value($) | |||||||
Singapore—continued | ||||||||
United Overseas Bank Ltd.(a) | 3,235 | 55,801 | ||||||
UOL Group Ltd. | 1,176 | 5,853 | ||||||
Wilmar International Ltd.(a) | 4,878 | 13,431 | ||||||
Yangzijiang Shipbuilding Holdings Ltd.(a) | 4,877 | 4,195 | ||||||
|
| |||||||
464,210 | ||||||||
|
| |||||||
Spain 6.3% |
| |||||||
Abertis Infraestructuras SA(a) | 2,704 | 61,806 | ||||||
Acciona SA(a) | 191 | 16,564 | ||||||
Actividades de Construccion y Servicios | 1,045 | 41,107 | ||||||
Amadeus IT Holding SA, Cl A(a) | 2,806 | 116,679 | ||||||
Banco Bilbao Vizcaya Argentaria SA(a) | 42,017 | 505,539 | ||||||
Banco de Sabadell SA(a) | 19,811 | 61,273 | ||||||
Banco Popular Espanol SA(a) | 11,946 | 90,406 | ||||||
Banco Santander SA(a) | 83,459 | 796,970 | ||||||
Bankia SA*(a) | 29,715 | 62,833 | ||||||
Criteria Caixacorp SA(a) | 12,250 | 78,911 | ||||||
Distribuidora Internacional de Alimentacion SA(a) | 4,509 | 41,269 | ||||||
Enagas(a) | 1,410 | 42,913 | ||||||
Ferrovial SA(a) | 2,975 | 64,608 | ||||||
Gas Natural SDG SA(a) | 2,583 | 72,726 | ||||||
Grifols SA(a) | 1,100 | 60,391 | ||||||
Iberdrola SA(a) | 34,726 | 243,095 | ||||||
Inditex SA(a) | 1,610 | 241,991 | ||||||
Mapfre SA(a) | 7,849 | 33,140 | ||||||
Red Electrica Corporacion SA(a) | 800 | 65,089 | ||||||
Repsol YPF SA(a) | 6,146 | 157,051 | ||||||
Telefonica SA(a) | 29,724 | �� | 470,658 | |||||
Zardoya Otis SA(a) | 1,138 | 19,416 | ||||||
|
| |||||||
3,344,435 | ||||||||
|
| |||||||
Sweden 2.1% | ||||||||
Alfa Laval AB(a) | 810 | 21,988 | ||||||
Assa Abloy AB, Cl B(a) | 862 | 46,040 | ||||||
Atlas Copco AB, Cl A(a) | 1,730 | 50,066 | ||||||
Atlas Copco AB, Cl B(a) | 1,007 | 27,613 | ||||||
Boliden AB | 705 | 10,718 | ||||||
Electrolux AB, Cl B | 620 | 13,526 | ||||||
Elekta AB, B SHS | 951 | 12,673 | ||||||
Getinge AB(a) | 517 | 14,572 | ||||||
Hennes & Mauritz AB, Cl B | 2,446 | 104,305 | ||||||
Hexagon AB, Cl B(a) | 611 | 20,803 | ||||||
Husqvarna AB, Cl B | 1,040 | 7,263 | ||||||
Industrivarden AB, Cl C(a) | 305 | 5,917 | ||||||
Investor AB, Cl B(a) | 1,174 | 42,534 | ||||||
Kinnevik Investment AB, Cl B | 531 | 19,608 | ||||||
Lundin Petroleum AB* | 575 | 11,825 | ||||||
Nordea Bank AB(a) | 6,777 | 96,249 | ||||||
Ratos AB, B Shares(a) | 495 | 4,593 |
Shares | Value($) | |||||||
Sweden—continued | ||||||||
Sandvik AB(a) | 2,745 | 38,893 | ||||||
Scania AB, Cl B | 825 | 24,244 | ||||||
Securitas AB, Cl B(a) | 807 | 9,368 | ||||||
Skandinaviska Enskilda Banken AB, Cl A | 3,911 | 53,689 | ||||||
Skanska AB, Cl B(a) | 980 | 23,112 | ||||||
SKF AB, Cl B(a) | 1,010 | 25,889 | ||||||
Svenska Cellulosa AB, Cl B | 1,502 | 44,208 | ||||||
Svenska Handelsbanken AB, Cl A(a) | 1,281 | 64,381 | ||||||
Swedbank AB, Cl A | 2,333 | 62,612 | ||||||
Swedish Match AB | 531 | 17,352 | ||||||
Tele2 AB, B SHS | 821 | 10,186 | ||||||
Telefonaktiebolaget LM Ericsson, Cl B | 7,835 | 104,349 | ||||||
TeliaSonera AB(a) | 6,130 | 46,269 | ||||||
Volvo AB, Cl B | 3,872 | 61,499 | ||||||
|
| |||||||
1,096,344 | ||||||||
|
| |||||||
Switzerland 2.8% | ||||||||
ABB Ltd.*(a) | 2,410 | 62,399 | ||||||
Actelion Ltd.*(a) | 119 | 11,284 | ||||||
Adecco SA*(a) | 146 | 12,177 | ||||||
Aryzta AG* | 96 | 8,481 | ||||||
Baloise Holding AG | 54 | 6,792 | ||||||
Banque Cantonale Vaudoise | 4 | 2,332 | ||||||
Barry Callebaut AG* | 2 | 2,697 | ||||||
Cie Financiere Richemont SA(a) | 574 | 54,962 | ||||||
Coca-Cola HBC AG | 354 | 8,817 | ||||||
Credit Suisse Group AG*(a) | 1,643 | 53,203 | ||||||
EMS-Chemie Holding AG(a) | 11 | 4,169 | ||||||
Geberit AG(a) | 45 | 14,755 | ||||||
Givaudan SA*(a) | 11 | 17,032 | ||||||
Glencore Xstrata PLC(a) | 19,003 | 98,020 | ||||||
Holcim Ltd.*(a) | 253 | 21,009 | ||||||
Julius Baer Group Ltd.*(a) | 247 | 10,979 | ||||||
Kuehne + Nagel International AG(a) | 60 | 8,406 | ||||||
Lindt & Spruengli AG PC | 1 | 4,957 | ||||||
Lonza Group AG*(a) | 59 | 6,036 | ||||||
Nestle SA(a) | 3,427 | 258,221 | ||||||
Novartis AG(a) | 2,521 | 214,122 | ||||||
Pargesa Holding SA | 30 | 2,596 | ||||||
Partners Group Holding AG(a) | 21 | 5,906 | ||||||
Roche Holding AG(a) | 771 | 231,752 | ||||||
Schindler Holding AG PC(a) | 55 | 8,124 | ||||||
Schindler Holding AG RS | 25 | 3,673 | ||||||
SGS SA(a) | 8 | 19,762 | ||||||
Sika AG | 3 | 12,271 | ||||||
Sonova Holding AG*(a) | 56 | 8,193 | ||||||
STMicroelectronics NV | 2,748 | 25,456 | ||||||
Sulzer AG(a) | 30 | 4,128 |
See Notes to Financial Statements.
40
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — continued
Shares | Value($) | |||||||
Switzerland—continued | ||||||||
Swatch Group AG (The) BS(a) | 36 | 22,626 | ||||||
Swatch Group AG (The) RS | 49 | 5,681 | ||||||
Swiss Life Holding AG*(a) | 37 | 9,094 | ||||||
Swiss Prime Site AG*(a) | 61 | 5,189 | ||||||
Swiss Re Ltd.* | 386 | 35,782 | ||||||
Swisscom AG | 27 | 16,584 | ||||||
Syngenta AG(a) | 103 | 39,068 | ||||||
Transocean Ltd.(a) | 396 | 16,339 | ||||||
UBS AG* | 3,993 | 82,475 | ||||||
Wolseley PLC(a) | 464 | 26,458 | ||||||
Zurich Insurance Group AG*(a) | 164 | 50,397 | ||||||
|
| |||||||
1,512,404 | ||||||||
|
| |||||||
United Kingdom 9.0% | ||||||||
3i Group PLC(a) | 1,701 | 11,296 | ||||||
Aberdeen Asset Management PLC(a) | 1,678 | 10,940 | ||||||
Admiral Group PLC(a) | 337 | 8,031 | ||||||
Aggreko PLC(a) | 472 | 11,834 | ||||||
AMEC PLC | 521 | 9,746 | ||||||
Anglo American PLC(a) | 2,438 | 62,179 | ||||||
Antofagasta PLC | 692 | 9,639 | ||||||
ARM Holdings PLC(a) | 2,444 | 41,212 | ||||||
ASOS PLC* | 83 | 7,175 | ||||||
Associated British Foods PLC | 625 | 28,977 | ||||||
AstraZeneca PLC(a) | 2,215 | 143,517 | ||||||
Aviva PLC(a) | 5,154 | 41,050 | ||||||
Babcock International Group PLC(a) | 632 | 14,207 | ||||||
BAE Systems PLC(a) | 5,681 | 39,466 | ||||||
Barclays PLC(a) | 27,117 | 105,773 | ||||||
BG Group PLC | 6,092 | 113,496 | ||||||
BHP Billiton PLC(a) | 3,784 | 116,803 | ||||||
BP PLC(a) | 33,519 | 268,431 | ||||||
British American Tobacco PLC(a) | 3,376 | 187,955 | ||||||
British Land Co. PLC (The) REIT(a) | 1,640 | 17,901 | ||||||
British Sky Broadcasting Group PLC(a) | 1,841 | 28,059 | ||||||
BT Group PLC(a) | 13,785 | 87,734 | ||||||
Bunzl PLC(a) | 583 | 15,540 | ||||||
Burberry Group PLC(a) | 775 | 18,063 | ||||||
Capita Group PLC(a) | 1,148 | 21,012 | ||||||
Capital Shopping Centres Group PLC | 1,170 | 5,509 | ||||||
Carnival PLC(a) | 322 | 12,287 | ||||||
Centrica PLC(a) | 9,090 | 50,057 | ||||||
Cobham PLC(a) | 1,887 | 9,421 | ||||||
Compass Group PLC(a) | 3,202 | 48,940 | ||||||
Croda International PLC(a) | 238 | 10,134 | ||||||
Diageo PLC | 4,418 | 137,071 | ||||||
Direct Line Insurance Group PLC | 1,444 | 5,717 | ||||||
easyJet PLC(a) | 279 | 7,986 |
Shares | Value($) | |||||||
United Kingdom—continued |
| |||||||
Fresnillo PLC | 315 | 4,430 | ||||||
G4S PLC(a) | 2,469 | 9,958 | ||||||
GKN PLC | 2,855 | 18,577 | ||||||
GlaxoSmithKline PLC(a) | 8,668 | 230,912 | ||||||
Hammerson PLC REIT(a) | 1,248 | 11,539 | ||||||
Hargreaves Lansdown PLC | 375 | 9,115 | ||||||
HSBC Holdings PLC | 33,481 | 339,093 | ||||||
ICAP PLC(a) | 962 | 6,065 | ||||||
IMI PLC(a) | 492 | 11,971 | ||||||
Imperial Tobacco Group PLC(a) | 1,716 | 69,395 | ||||||
Inmarsat PLC | 785 | 9,508 | ||||||
InterContinental Hotels Group PLC(a) | 471 | 15,160 | ||||||
International Consolidated Airlines Group SA*(a) | 6,839 | 47,726 | ||||||
Intertek Group PLC(a) | 283 | 14,524 | ||||||
Investec PLC(a) | 1,007 | 8,151 | ||||||
ITV PLC(a) | 6,501 | 20,792 | ||||||
J Sainsbury PLC | 2,148 | 11,320 | ||||||
Johnson Matthey PLC(a) | 360 | 19,647 | ||||||
Kingfisher PLC(a) | 4,150 | 29,215 | ||||||
Land Securities Group PLC REIT(a) | 1,369 | 23,330 | ||||||
Legal & General Group PLC(a) | 10,343 | 35,347 | ||||||
Lloyds Banking Group PLC*(a) | 88,172 | 110,669 | ||||||
London Stock Exchange Group PLC(a) | 310 | 10,193 | ||||||
Marks & Spencer Group PLC | 2,824 | 21,257 | ||||||
Meggitt PLC(a) | 1,373 | 11,007 | ||||||
Melrose Industries PLC(a) | 1,875 | 9,292 | ||||||
National Grid PLC(a) | 6,581 | 90,385 | ||||||
Next PLC(a) | 284 | 31,310 | ||||||
Old Mutual PLC(a) | 8,559 | 28,739 | ||||||
Pearson PLC | 1,431 | 25,360 | ||||||
Persimmon PLC* | 531 | 11,916 | ||||||
Prudential PLC(a) | 4,473 | 94,757 | ||||||
Reckitt Benckiser Group PLC | 1,131 | 92,147 | ||||||
Reed Elsevier PLC(a) | 2,089 | 31,946 | ||||||
Rexam PLC(a) | 1,384 | 11,247 | ||||||
Rio Tinto PLC(a) | 2,245 | 125,203 | ||||||
Rolls-Royce Holdings PLC* | 3,290 | 58,908 | ||||||
Royal Bank of Scotland Group PLC*(a) | 3,722 | 19,335 | ||||||
Royal Dutch Shell PLC, Cl A | 6,897 | 251,928 | ||||||
Royal Dutch Shell PLC, Cl B | 4,573 | 178,437 | ||||||
Royal Mail PLC*(a) | 972 | 9,132 | ||||||
RSA Insurance Group PLC | 6,294 | 9,396 | ||||||
SABMiller PLC | 1,678 | 83,784 | ||||||
Sage Group PLC (The) | 1,976 | 13,773 | ||||||
Schroders PLC(a) | 180 | 7,808 | ||||||
Scottish & Southern Energy PLC(a) | 1,678 | 41,145 | ||||||
Segro PLC(a) | 1,300 | 7,204 |
See Notes to Financial Statements.
41
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — continued
Shares | Value($) | |||||||
United Kingdom—continued | ||||||||
Serco Group PLC | 873 | 6,127 | ||||||
Severn Trent PLC | 418 | 12,704 | ||||||
Smith & Nephew PLC | 1,585 | 24,020 | ||||||
Smiths Group PLC(a) | 690 | 14,649 | ||||||
Standard Chartered PLC | 4,221 | 88,209 | ||||||
Standard Life PLC(a) | 4,125 | 25,995 | ||||||
Subsea 7 SA | 2,421 | 45,001 | ||||||
Tate & Lyle PLC | 817 | 9,092 | ||||||
Tesco PLC | 14,087 | 69,375 | ||||||
Travis Perkins PLC(a) | 430 | 13,555 | ||||||
TUI Travel PLC | 783 | 5,718 | ||||||
Tullow Oil PLC(a) | 1,590 | 19,863 | ||||||
Unilever PLC | 2,246 | 95,895 | ||||||
United Utilities Group PLC(a) | 1,194 | 15,703 | ||||||
Vedanta Resources PLC(a) | 164 | 2,473 | ||||||
Vodafone Group PLC(a) | 46,678 | 171,846 | ||||||
Weir Group PLC (The)(a) | 373 | 15,795 | ||||||
Whitbread PLC | 315 | 21,857 | ||||||
William Hill PLC | 1,510 | 8,584 | ||||||
WM Morrison Supermarkets PLC | 3,862 | 13,714 | ||||||
WPP PLC(a) | 2,386 | 49,361 | ||||||
|
| |||||||
4,768,747 | ||||||||
|
| |||||||
Total Common Stocks |
| 52,081,431 | ||||||
|
| |||||||
Preferred Stocks 1.0% | ||||||||
Germany 1.0% | ||||||||
Bayerische Motoren Werke AG, 4.08%(a) | 334 | 31,570 | ||||||
Fuchs Petrolub AG, (Preference Shares) | 223 | 22,371 | ||||||
Henkel AG & Co. KGaA, 1.13% | 1,109 | 119,353 | ||||||
Porsche AG, 2.67% | 952 | 97,748 | ||||||
RWE AG, 8.62%(a) | 244 | 7,960 | ||||||
Volkswagen AG, 1.78% | 899 | 232,963 | ||||||
|
| |||||||
Total Preferred Stocks |
| 511,965 | ||||||
|
| |||||||
Rights 0.0%(d) | ||||||||
Austria 0.0%(a)(b)(d)(e) | ||||||||
IMMOEAST AG* | 175,419 | — | ||||||
|
| |||||||
Hong Kong 0.0%(d) | ||||||||
New World Development Co. Ltd.* | 1,657 | 342 | ||||||
|
| |||||||
Spain 0.0%(d) | ||||||||
BBVA* | 42,017 | 9,840 | ||||||
|
| |||||||
United Kingdom 0.0%(d) | ||||||||
Intu Properties PLC* | 334 | 512 | ||||||
RSA Insurance Group PLC* | 2,360 | 1,318 | ||||||
|
| |||||||
1,830 | ||||||||
|
| |||||||
Total Rights |
| 12,012 | ||||||
|
|
Shares | Value($) | |||||||
Exchange Traded Funds 1.2% | ||||||||
iShares MSCI Australia Index Fund(c) | 768 | 19,868 | ||||||
iShares MSCI Austria Investable Market Index Fund | 622 | 12,434 | ||||||
iShares MSCI Belgium Investable Market Index Fund | 114 | 1,979 | ||||||
iShares MSCI Denmark Capped ETF(c) | 226 | 11,361 | ||||||
iShares MSCI EAFE Fund | 660 | 44,332 | ||||||
iShares MSCI EMU Index Fund | 3,763 | 159,062 | ||||||
iShares MSCI France ETF | 18 | 526 | ||||||
iShares MSCI Germany Index Fund(c) | 2,403 | 75,334 | ||||||
iShares MSCI Ireland Capped ETF | 181 | 7,112 | ||||||
iShares MSCI Italy Index Fund | 7,334 | 129,885 | ||||||
iShares MSCI Japan Index Fund(c) | 8,267 | 93,665 | ||||||
iShares MSCI Netherlands Investable Market Index Fund | 28 | 731 | ||||||
iShares MSCI New Zealand Capped ETF | 25 | 1,074 | ||||||
iShares MSCI Norway Capped ETF | 1 | 31 | ||||||
iShares MSCI Singapore Index Fund | 107 | 1,397 | ||||||
iShares MSCI Spain Index Fund | 2,511 | 102,449 | ||||||
iShares MSCI Sweden Index Fund | 60 | 2,196 | ||||||
iShares MSCI United Kingdom Index Fund | 123 | 2,533 | ||||||
|
| |||||||
Total Exchange Traded Funds |
| 665,969 | ||||||
|
| |||||||
Trust 0.0%(d) | ||||||||
Singapore 0.0%(d) | ||||||||
Hutchison Port Holdings Trust(a) | 13,284 | 8,647 | ||||||
|
| |||||||
Total Trust |
| 8,647 | ||||||
|
| |||||||
Short-Term Investment 0.9% | ||||||||
RidgeWorth Funds Securities Lending Joint Account(f) | 472,435 | 472,435 | ||||||
|
| |||||||
Total Short-Term Investment | 472,435 | |||||||
|
| |||||||
Total Investments | 53,752,459 | |||||||
Liabilities in Excess of Other | (480,209 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 53,272,250 | ||||||
|
|
* | Non-income producing security. |
(a) | Valued at fair value using procedures approved by the Board (See Notes 2(a)). |
(b) | The Fund’s investment adviser/subadviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. |
See Notes to Financial Statements.
42
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
International Equity Index Fund — concluded
(c) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $455,573. |
(d) | Less than 0.05% of Net Assets. |
(e) | Escrowed rights that are not tradable. |
(f) | Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014 (See Note 2(h)). |
Investment Abbreviations
BS | — | Bearer Shares | ||
MSCI | — | Morgan Stanley Capital International | ||
PC | — | Participation Certificate | ||
REIT | — | Real Estate Investment Trust | ||
SP ADR | — | Sponsored American Depositary Receipt |
See Notes to Financial Statements.
43
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Large Cap Growth Stock Fund
Shares | Value($) | |||||||
Common Stocks 99.5% | ||||||||
Consumer Discretionary 21.4% |
| |||||||
Amazon.com, Inc.* | 19,490 | 6,558,775 | ||||||
BorgWarner, Inc. | 74,349 | 4,570,233 | ||||||
Chipotle Mexican Grill, Inc.* | 5,321 | 3,022,594 | ||||||
DR Horton, Inc. | 168,227 | 3,642,115 | ||||||
Home Depot, Inc. (The) | 32,661 | 2,584,465 | ||||||
Johnson Controls, Inc. | 60,626 | 2,868,822 | ||||||
Las Vegas Sands Corp. | 57,181 | 4,619,081 | ||||||
Michael Kors Holdings Ltd.* | 35,812 | 3,340,185 | ||||||
Netflix, Inc.* | 7,098 | 2,498,709 | ||||||
Priceline.com, Inc.* | 5,600 | 6,674,584 | ||||||
Scripps Networks Interactive, Cl A | 40,762 | 3,094,244 | ||||||
Starbucks Corp. | 82,976 | 6,088,779 | ||||||
Under Armour, Inc., Cl A* | 35,077 | 4,021,227 | ||||||
VF Corp. | 67,968 | 4,205,860 | ||||||
Viacom, Inc., Cl B | 43,000 | 3,654,570 | ||||||
|
| |||||||
61,444,243 | ||||||||
|
| |||||||
Consumer Staples 6.1% | ||||||||
Colgate-Palmolive Co. | 75,159 | 4,875,564 | ||||||
Costco Wholesale Corp. | 47,742 | 5,331,827 | ||||||
Estee Lauder Cos., Inc. (The), Cl A | 57,730 | 3,860,982 | ||||||
WhiteWave Foods Co. (The), Cl A* | 122,533 | 3,497,092 | ||||||
|
| |||||||
17,565,465 | ||||||||
|
| |||||||
Energy 5.1% | ||||||||
EOG Resources, Inc. | 24,181 | 4,743,587 | ||||||
Phillips 66 | 28,861 | 2,224,028 | ||||||
Schlumberger Ltd. | 77,136 | 7,520,760 | ||||||
|
| |||||||
14,488,375 | ||||||||
|
| |||||||
Financials 6.0% | ||||||||
Discover Financial Services | 55,284 | 3,216,976 | ||||||
Genworth Financial, Inc., Cl A* | 262,315 | 4,650,845 | ||||||
Morgan Stanley | 124,798 | 3,889,953 | ||||||
Santander Consumer USA Holdings, Inc.* | 87,124 | 2,097,946 | ||||||
T. Rowe Price Group, Inc. | 42,368 | 3,489,005 | ||||||
|
| |||||||
17,344,725 | ||||||||
|
| |||||||
Health Care 15.5% | ||||||||
Alexion Pharmaceuticals, Inc.* | 50,773 | 7,724,096 | ||||||
Biogen Idec, Inc.* | 28,017 | 8,569,560 | ||||||
Cerner Corp.*(a) | 61,706 | 3,470,962 | ||||||
Express Scripts Holding Co.* | 78,618 | 5,903,426 | ||||||
Gilead Sciences, Inc.* | 133,510 | 9,460,519 | ||||||
HCA Holdings, Inc.* | 32,722 | 1,717,905 | ||||||
Mylan, Inc.* | 123,510 | 6,030,993 | ||||||
Pharmacyclics, Inc.* | 16,241 | 1,627,673 | ||||||
|
| |||||||
44,505,134 | ||||||||
|
|
Shares | Value($) | |||||||
Industrials 13.7% | ||||||||
BE Aerospace, Inc.* | 16,765 | 1,455,034 | ||||||
Cummins, Inc. | 27,153 | 4,045,526 | ||||||
Delta Air Lines, Inc. | 102,188 | 3,540,814 | ||||||
Eaton Corp. PLC | 25,502 | 1,915,710 | ||||||
Fluor Corp. | 39,738 | 3,088,835 | ||||||
Fortune Brands Home & Security, Inc. | 95,146 | 4,003,744 | ||||||
HD Supply Holdings, Inc.* | 80,695 | 2,110,174 | ||||||
Honeywell International, Inc. | 60,788 | 5,638,695 | ||||||
IHS, Inc., CL A* | 14,094 | 1,712,421 | ||||||
J.B. Hunt Transport Services, Inc. | 41,059 | 2,952,963 | ||||||
Precision Castparts Corp. | 17,706 | 4,475,369 | ||||||
Union Pacific Corp. | 22,824 | 4,283,152 | ||||||
|
| |||||||
39,222,437 | ||||||||
|
| |||||||
Information Technology 29.4% | ||||||||
3D Systems Corp.*(a) | 18,909 | 1,118,467 | ||||||
Analog Devices, Inc. | 70,065 | 3,723,254 | ||||||
Apple, Inc. | 29,432 | 15,797,332 | ||||||
ARM Holdings PLC SP ADR | 66,998 | 3,414,888 | ||||||
ASML Holding NV NYS | 17,281 | 1,613,354 | ||||||
Baidu, Inc. SP ADR* | 8,577 | 1,306,963 | ||||||
Cognizant Technology Solutions Corp., Cl A* | 71,594 | 3,623,372 | ||||||
Facebook, Inc., Cl A* | 119,022 | 7,169,885 | ||||||
Google, Inc., Cl A* | 14,616 | 16,289,678 | ||||||
LinkedIn Corp., Cl A* | 11,071 | 2,047,471 | ||||||
QUALCOMM, Inc. | 97,708 | 7,705,253 | ||||||
Salesforce.com, Inc.* | 77,893 | 4,446,912 | ||||||
Splunk, Inc.* | 36,835 | 2,633,334 | ||||||
Twitter, Inc.*(a) | 1,565 | 73,039 | ||||||
Visa, Inc., Cl A | 32,421 | 6,998,397 | ||||||
Workday, Inc., Cl A* | 29,082 | 2,658,967 | ||||||
Xilinx, Inc. | 70,739 | 3,839,006 | ||||||
|
| |||||||
84,459,572 | ||||||||
|
| |||||||
Materials 2.3% | ||||||||
Monsanto Co. | 39,409 | 4,483,562 | ||||||
Vulcan Materials Co. | 29,767 | 1,978,017 | ||||||
|
| |||||||
6,461,579 | ||||||||
|
| |||||||
Total Common Stocks |
| 285,491,530 | ||||||
|
| |||||||
Short-Term Investment 0.6% | ||||||||
RidgeWorth Funds Securities Lending Joint Account(b) | 1,715,475 | 1,715,475 | ||||||
|
| |||||||
Total Short-Term Investment (Cost $1,715,475) |
| 1,715,475 | ||||||
|
|
See Notes to Financial Statements.
44
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Large Cap Growth Stock Fund — concluded
Shares | Value($) | |||||||
Money Market Fund 0.6% | ||||||||
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.08%(c) | 1,654,076 | 1,654,076 | ||||||
|
| |||||||
Total Money Market Fund |
| 1,654,076 | ||||||
|
| |||||||
Total Investments | 288,861,081 | |||||||
Liabilities in Excess of Other | (2,029,985 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 286,831,096 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $1,676,735. |
(b) | Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014 (See Note 2(h)). |
(c) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
NYS | — | New York Registered Shares | ||
SP ADR | — | Sponsored American Depositary Receipt |
See Notes to Financial Statements.
45
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Large Cap Value Equity Fund
Shares | Value($) | |||||||
Common Stocks 98.2% | ||||||||
Consumer Discretionary 7.4% |
| |||||||
Comcast Corp., Cl A | 638,660 | 31,945,773 | ||||||
DR Horton, Inc. | 434,396 | 9,404,673 | ||||||
Johnson Controls, Inc. | 693,450 | 32,814,054 | ||||||
Pearson PLC SP ADR(a) | 1,292,779 | 23,024,394 | ||||||
Walt Disney Co. (The) | 405,220 | 32,445,966 | ||||||
WPP PLC SP ADR(a) | 330,099 | 34,026,605 | ||||||
|
| |||||||
163,661,465 | ||||||||
|
| |||||||
Consumer Staples 6.1% | ||||||||
Coca-Cola Co. (The) | 1,037,630 | 40,114,776 | ||||||
Mondelez International, Inc., Cl A | 469,580 | 16,223,989 | ||||||
Philip Morris International, Inc. | 405,502 | 33,198,449 | ||||||
Procter & Gamble Co. (The) | 545,880 | 43,997,928 | ||||||
|
| |||||||
133,535,142 | ||||||||
|
| |||||||
Energy 11.9% | ||||||||
Chevron Corp. | 517,920 | 61,585,867 | ||||||
ConocoPhillips | 483,120 | 33,987,492 | ||||||
Exxon Mobil Corp. | 705,149 | 68,878,954 | ||||||
Occidental Petroleum Corp. | 347,817 | 33,143,482 | ||||||
Phillips 66 | 299,610 | 23,087,947 | ||||||
Schlumberger Ltd. | 417,270 | 40,683,825 | ||||||
|
| |||||||
261,367,567 | ||||||||
|
| |||||||
Financials 24.9% | ||||||||
American Tower Corp., REIT | 405,490 | 33,197,466 | ||||||
Ameriprise Financial, Inc. | 194,640 | 21,424,025 | ||||||
Aon PLC | 257,730 | 21,721,484 | ||||||
BlackRock, Inc. | 67,305 | 21,166,076 | ||||||
Citigroup, Inc. | 1,249,440 | 59,473,344 | ||||||
Crown Castle International Corp., REIT | 299,100 | 22,067,598 | ||||||
Franklin Resources, Inc. | 626,150 | 33,924,807 | ||||||
JPMorgan Chase & Co. | 831,700 | 50,492,507 | ||||||
MetLife, Inc. | 725,930 | 38,329,104 | ||||||
Simon Property Group, Inc., REIT | 285,837 | 46,877,268 | ||||||
T. Rowe Price Group, Inc. | 597,720 | 49,222,242 | ||||||
Travelers Cos., Inc. (The) | 452,080 | 38,472,008 | ||||||
U.S. Bancorp | 1,402,920 | 60,129,151 | ||||||
Wells Fargo & Co. | 1,034,460 | 51,454,041 | ||||||
|
| |||||||
547,951,121 | ||||||||
|
| |||||||
Health Care 12.7% | ||||||||
Agilent Technologies, Inc. | 391,669 | 21,902,130 | ||||||
Baxter International, Inc. | 512,800 | 37,731,824 | ||||||
Cigna Corp. | 713,330 | 59,727,121 | ||||||
Johnson & Johnson | 445,090 | 43,721,191 | ||||||
Merck & Co., Inc. | 1,079,190 | 61,265,616 | ||||||
Pfizer, Inc. | 1,699,790 | 54,597,255 | ||||||
|
| |||||||
278,945,137 | ||||||||
|
|
Shares | Value($) | |||||||
Industrials 16.6% | ||||||||
Caterpillar, Inc. | 165,670 | 16,462,628 | ||||||
Cummins, Inc. | 146,500 | 21,827,035 | ||||||
Delta Air Lines, Inc. | 365,240 | 12,655,566 | ||||||
FedEx Corp. | 75,980 | 10,071,909 | ||||||
Flowserve Corp. | 397,675 | 31,153,859 | ||||||
Fluor Corp. | 265,340 | 20,624,878 | ||||||
General Dynamics Corp. | 193,790 | 21,107,607 | ||||||
General Electric Co. | 1,722,690 | 44,600,444 | ||||||
Honeywell International, Inc. | 298,800 | 27,716,688 | ||||||
Illinois Tool Works, Inc. | 270,110 | 21,968,046 | ||||||
Pentair Ltd. | 271,420 | 21,534,463 | ||||||
Republic Services, Inc. | 483,159 | 16,504,711 | ||||||
Rockwell Automation, Inc. | 90,250 | 11,240,638 | ||||||
Rockwell Collins, Inc. | 260,800 | 20,777,936 | ||||||
Union Pacific Corp. | 59,640 | 11,192,042 | ||||||
United Parcel Service, Inc., Cl B | 223,954 | 21,808,641 | ||||||
United Technologies Corp. | 289,180 | 33,787,791 | ||||||
|
| |||||||
365,034,882 | ||||||||
|
| |||||||
Information Technology 11.7% |
| |||||||
Cisco Systems, Inc. | 2,704,030 | 60,597,312 | ||||||
EMC Corp. | 1,372,910 | 37,631,463 | ||||||
Intel Corp. | 1,321,950 | 34,119,530 | ||||||
Maxim Integrated Products, Inc. | 501,910 | 16,623,259 | ||||||
Microsoft Corp. | 946,427 | 38,794,043 | ||||||
NetApp, Inc. | 451,660 | 16,666,254 | ||||||
Oracle Corp. | 462,440 | 18,918,420 | ||||||
Texas Instruments, Inc. | 697,250 | 32,875,338 | ||||||
|
| |||||||
256,225,619 | ||||||||
|
| |||||||
Materials 1.2% | ||||||||
Airgas, Inc. | 123,970 | 13,204,045 | ||||||
Ashland, Inc. | 139,206 | 13,848,213 | ||||||
|
| |||||||
27,052,258 | ||||||||
|
| |||||||
Telecommunication Services 2.0% |
| |||||||
Verizon Communications, Inc. | 948,130 | 45,102,544 | ||||||
|
| |||||||
Utilities 3.7% | ||||||||
Duke Energy Corp. | 599,728 | 42,712,628 | ||||||
NextEra Energy, Inc. | 404,780 | 38,705,064 | ||||||
|
| |||||||
81,417,692 | ||||||||
|
| |||||||
Total Common Stocks |
| 2,160,293,427 | ||||||
|
| |||||||
Short-Term Investment 0.1% | ||||||||
RidgeWorth Funds Securities Lending Joint Account(b) | 3,281,000 | 3,281,000 | ||||||
|
| |||||||
Total Short-Term Investment (Cost $3,281,000) |
| 3,281,000 | ||||||
|
|
See Notes to Financial Statements.
46
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Large Cap Value Equity Fund — concluded
Shares | Value($) | |||||||
Money Market Fund 1.1% | ||||||||
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.08%(c) | 23,139,551 | 23,139,551 | ||||||
|
| |||||||
Total Money Market Fund |
| 23,139,551 | ||||||
|
| |||||||
Total Investments |
| 2,186,713,978 | ||||||
Other Assets in Excess of | 12,450,724 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 2,199,164,702 | ||||||
|
|
(a) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $3,291,545. |
(b) | Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014 (See Note 2(h)). |
(c) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
REIT | — | Real Estate Investment Trust | ||
SP ADR | — | Sponsored American Depositary Receipt |
See Notes to Financial Statements.
47
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Mid-Cap Value Equity Fund
Shares | Value($) | |||||||
Common Stocks 96.9% |
| |||||||
Consumer Discretionary 9.6% |
| |||||||
CST Brands, Inc. | 1,300,000 | 40,612,000 | ||||||
Kohl’s Corp. | 760,000 | 43,168,000 | ||||||
M.D.C. Holdings, Inc. | 2,062,300 | 58,321,844 | ||||||
Pearson PLC SP ADR | 2,370,000 | 42,209,700 | ||||||
PVH Corp. | 390,000 | 48,660,300 | ||||||
Ralph Lauren Corp. | 275,000 | 44,255,750 | ||||||
Regal Entertainment Group, | 2,470,000 | 46,139,600 | ||||||
WPP PLC SP ADR | 450,000 | 46,386,000 | ||||||
|
| |||||||
369,753,194 | ||||||||
|
| |||||||
Consumer Staples 1.9% | ||||||||
Bunge Ltd. | 465,000 | 36,972,150 | ||||||
Coty, Inc., Cl A | 2,550,000 | 38,199,000 | ||||||
|
| |||||||
75,171,150 | ||||||||
|
| |||||||
Energy 9.5% | ||||||||
Baker Hughes, Inc. | 950,000 | 61,769,000 | ||||||
HollyFrontier Corp. | 900,000 | 42,822,000 | ||||||
Noble Energy, Inc. | 1,000,000 | 71,040,000 | ||||||
Seadrill Ltd.(a) | 1,850,000 | 65,046,000 | ||||||
Tidewater, Inc. | 1,625,000 | 79,007,500 | ||||||
Valero Energy Corp. | 840,000 | 44,604,000 | ||||||
|
| |||||||
364,288,500 | ||||||||
|
| |||||||
Financials 28.0% | ||||||||
Allstate Corp. (The) | 890,000 | 50,356,200 | ||||||
American Campus Communities, Inc., REIT | 1,550,000 | 57,892,500 | ||||||
Ameriprise Financial, Inc. | 645,000 | 70,995,150 | ||||||
Aon PLC | 490,000 | 41,297,200 | ||||||
BankUnited, Inc. | 925,000 | 32,162,250 | ||||||
Chubb Corp. (The) | 510,000 | 45,543,000 | ||||||
Comerica, Inc. | 1,200,000 | 62,160,000 | ||||||
Crown Castle International Corp., REIT | 550,000 | 40,579,000 | ||||||
DDR Corp., REIT | 2,640,000 | 43,507,200 | ||||||
Hartford Financial Services Group, Inc. (The) | 3,025,000 | 106,691,750 | ||||||
Health Care REIT, Inc. | 950,000 | 56,620,000 | ||||||
Invesco Ltd. | 1,775,000 | 65,675,000 | ||||||
Lazard Ltd., Cl A | 1,500,000 | 70,635,000 | ||||||
MB Financial, Inc. | 800,000 | 24,768,000 | ||||||
Mid-America Apartment Communities, Inc., REIT | 925,000 | 63,149,750 | ||||||
Prologis, Inc., REIT | 1,000,000 | 40,830,000 | ||||||
Regions Financial Corp. | 5,500,000 | 61,105,000 | ||||||
Reinsurance Group of America, Inc. | 225,000 | 17,916,750 | ||||||
T. Rowe Price Group, Inc. | 960,000 | 79,056,000 | ||||||
Taubman Centers, Inc., REIT | 655,000 | 46,367,450 | ||||||
|
| |||||||
1,077,307,200 | ||||||||
|
|
Shares | Value($) | |||||||
Health Care 11.8% | ||||||||
Agilent Technologies, Inc. | 1,150,000 | 64,308,000 | ||||||
Cigna Corp. | 1,510,000 | 126,432,300 | ||||||
Hill-Rom Holdings, Inc. | 1,190,000 | 45,862,600 | ||||||
Omnicare, Inc. | 915,000 | 54,598,050 | ||||||
STERIS Corp. | 1,670,000 | 79,742,500 | ||||||
WellPoint, Inc. | 840,000 | 83,622,000 | ||||||
|
| |||||||
454,565,450 | ||||||||
|
| |||||||
Industrials 14.5% | ||||||||
A.O. Smith Corp. | 1,265,000 | 58,215,300 | ||||||
Alaska Air Group, Inc. | 375,000 | 34,991,250 | ||||||
Crane Co. | 450,000 | 32,017,500 | ||||||
CSX Corp. | 1,460,000 | 42,296,200 | ||||||
Cummins, Inc. | 294,300 | 43,847,757 | ||||||
Fluor Corp. | 400,000 | 31,092,000 | ||||||
Ingersoll-Rand PLC | 870,000 | 49,798,800 | ||||||
Manitowoc Co., Inc. (The) | 700,000 | 22,015,000 | ||||||
Parker Hannifin Corp. | 375,000 | 44,891,250 | ||||||
Pentair Ltd. | 375,000 | 29,752,500 | ||||||
Republic Services, Inc. | 1,160,000 | 39,625,600 | ||||||
Rockwell Automation, Inc. | 420,000 | 52,311,000 | ||||||
Timken Co. (The) | 695,000 | 40,852,100 | ||||||
Tyco International Ltd. | 915,000 | 38,796,000 | ||||||
|
| |||||||
560,502,257 | ||||||||
|
| |||||||
Information Technology 8.9% |
| |||||||
Intersil Corp., Cl A | 6,550,000 | 84,626,000 | ||||||
Juniper Networks, Inc.* | 2,270,000 | 58,475,200 | ||||||
Maxim Integrated Products, Inc. | 1,725,000 | 57,132,000 | ||||||
NetApp, Inc. | 2,650,000 | 97,785,000 | ||||||
Symantec Corp. | 2,350,000 | 46,929,500 | ||||||
|
| |||||||
344,947,700 | ||||||||
|
| |||||||
Materials 7.1% | ||||||||
Allegheny Technologies, Inc. | 1,365,000 | 51,433,200 | ||||||
Ashland, Inc. | 440,000 | 43,771,200 | ||||||
Cabot Corp. | 640,000 | 37,798,400 | ||||||
Martin Marietta Materials, Inc.(a) | 230,000 | 29,520,500 | ||||||
MeadWestvaco Corp. | 900,000 | 33,876,000 | ||||||
Rock Tenn Co., Cl A | 435,000 | 45,922,950 | ||||||
Sherwin-Williams Co. (The) | 150,000 | 29,569,500 | ||||||
|
| |||||||
271,891,750 | ||||||||
|
| |||||||
Utilities 5.6% | ||||||||
American Water Works Co., Inc. | 1,350,000 | 61,290,000 | ||||||
NRG Energy, Inc. | 3,000,000 | 95,400,000 | ||||||
Pinnacle West Capital Corp. | 1,050,000 | 57,393,000 | ||||||
|
| |||||||
214,083,000 | ||||||||
|
| |||||||
Total Common Stocks |
| 3,732,510,201 | ||||||
|
|
See Notes to Financial Statements.
48
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Mid-Cap Value Equity Fund — concluded
Shares | Value($) | |||||||
Short-Term Investment 3.0% |
| |||||||
RidgeWorth Funds Securities Lending Joint Account(b) | 114,504,510 | 114,504,510 | ||||||
|
| |||||||
Total Short-Term Investment |
| 114,504,510 | ||||||
|
| |||||||
Money Market Fund 2.7% | ||||||||
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.08%(c) | 105,645,976 | 105,645,976 | ||||||
|
| |||||||
Total Money Market Fund | 105,645,976 | |||||||
|
| |||||||
Total Investments |
| 3,952,660,687 | ||||||
Liabilities in Excess of Other | (99,234,036 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 3,853,426,651 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $112,038,424. |
(b) | Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014 (See Note 2(h)). |
(c) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
REIT | — | Real Estate Investment Trust | ||
SP ADR | — | Sponsored American Depositary Receipt |
See Notes to Financial Statements.
49
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Select Large Cap Growth Stock Fund
Shares | Value($) | |||||||
Common Stocks 99.8% |
| |||||||
Consumer Discretionary 22.0% |
| |||||||
Amazon.com, Inc.* | 1,507 | 507,136 | ||||||
Johnson Controls, Inc. | 8,045 | 380,689 | ||||||
Las Vegas Sands Corp. | 7,457 | 602,377 | ||||||
Lowe’s Cos., Inc. | 9,096 | 444,794 | ||||||
NIKE, Inc., CL B | 5,341 | 394,486 | ||||||
Polaris Industries, Inc. | 3,025 | 422,623 | ||||||
Priceline.com, Inc.* | 644 | 767,577 | ||||||
Starbucks Corp. | 6,434 | 472,127 | ||||||
VF Corp. | 7,066 | 437,244 | ||||||
|
| |||||||
4,429,053 | ||||||||
|
| |||||||
Consumer Staples 3.2% | ||||||||
Estee Lauder Cos., Inc. (The), Cl A | 6,229 | 416,596 | ||||||
Whole Foods Market, Inc. | 4,644 | 235,497 | ||||||
|
| |||||||
652,093 | ||||||||
|
| |||||||
Energy 4.9% | ||||||||
EOG Resources, Inc. | 2,720 | 533,582 | ||||||
Halliburton Co. | 7,573 | 445,974 | ||||||
|
| |||||||
979,556 | ||||||||
|
| |||||||
Financials 5.0% | ||||||||
American Express Co. | 5,742 | 516,952 | ||||||
Morgan Stanley | 15,529 | 484,039 | ||||||
|
| |||||||
1,000,991 | ||||||||
|
| |||||||
Health Care 19.2% | ||||||||
Alexion Pharmaceuticals, Inc.* | 4,723 | 718,510 | ||||||
Biogen Idec, Inc.* | 2,526 | 772,628 | ||||||
Cerner Corp.* | 7,903 | 444,544 | ||||||
Gilead Sciences, Inc.* | 11,282 | 799,443 | ||||||
McKesson Corp. | 2,920 | 515,584 | ||||||
Mylan, Inc.* | 12,763 | 623,217 | ||||||
|
| |||||||
3,873,926 | ||||||||
|
| |||||||
Industrials 9.3% | ||||||||
Cummins, Inc. | 3,171 | 472,447 | ||||||
Delta Air Lines, Inc. | 11,842 | 410,326 | ||||||
Fluor Corp. | 7,648 | 594,479 | ||||||
Precision Castparts Corp. | 1,541 | 389,503 | ||||||
|
| |||||||
1,866,755 | ||||||||
|
|
Shares | Value($) | |||||||
Information Technology 33.5% | ||||||||
Adobe Systems, Inc.* | 6,382 | 419,553 | ||||||
Analog Devices, Inc. | 10,549 | 560,574 | ||||||
Apple, Inc. | 1,903 | 1,021,416 | ||||||
ARM Holdings PLC SP ADR | 6,987 | 356,127 | ||||||
ASML Holding NV NYS | 4,949 | 462,039 | ||||||
Facebook, Inc., Cl A* | 7,332 | 441,680 | ||||||
Google, Inc., Cl A* | 1,082 | 1,205,900 | ||||||
QUALCOMM, Inc. | 4,904 | 386,729 | ||||||
Salesforce.com, Inc.* | 7,439 | 424,692 | ||||||
Visa, Inc., Cl A | 3,894 | 840,559 | ||||||
Xilinx, Inc. | 11,838 | 642,448 | ||||||
|
| |||||||
6,761,717 | ||||||||
|
| |||||||
Materials 2.7% | ||||||||
Monsanto Co. | 4,833 | 549,851 | ||||||
|
| |||||||
Total Common Stocks | 20,113,942 | |||||||
|
| |||||||
Money Market Fund 0.4% | ||||||||
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.08%(a) | 88,048 | 88,048 | ||||||
|
| |||||||
Total Money Market Fund | 88,048 | |||||||
|
| |||||||
Total Investments | 20,201,990 | |||||||
|
| |||||||
Liabilities in Excess of Other Assets — (0.2)% | (38,220 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 20,163,770 | ||||||
|
|
* | Non-income producing security. |
(a) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
NYS | — | New York Registered Shares | ||
SP ADR | — | Sponsored American Depositary Receipt |
See Notes to Financial Statements.
50
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Small Cap Growth Stock Fund
Shares | Value($) | |||||||
Common Stocks 102.4% | ||||||||
Consumer Discretionary 14.9% |
| |||||||
American Axle & Manufacturing Holdings, Inc.* | 82,339 | 1,524,918 | ||||||
Asbury Automotive Group, Inc.* | 27,004 | 1,493,591 | ||||||
Beazer Homes USA, Inc.* | 59,516 | 1,195,081 | ||||||
Buffalo Wild Wings, Inc.* | 9,710 | 1,445,819 | ||||||
Capella Education Co. | 31,214 | 1,971,164 | ||||||
Carmike Cinemas, Inc.* | 32,839 | 980,573 | ||||||
Five Below, Inc.*(a) | 47,602 | 2,022,133 | ||||||
G-III Apparel Group Ltd.* | 20,587 | 1,473,617 | ||||||
Gray Television, Inc.* | 87,514 | 907,520 | ||||||
HomeAway, Inc.* | 22,618 | 852,020 | ||||||
ITT Educational Services, Inc.*(a) | 23,428 | 671,915 | ||||||
Krispy Kreme Doughnuts, Inc.* | 67,152 | 1,190,605 | ||||||
LIN Media LLC* | 24,397 | 646,521 | ||||||
Lumber Liquidators Holdings, Inc.* | 23,944 | 2,245,947 | ||||||
Movado Group, Inc. | 20,965 | 954,956 | ||||||
Noodles & Co.*(a) | 44,547 | 1,758,270 | ||||||
Orient-Express Hotels Ltd.* | 77,404 | 1,115,392 | ||||||
Restoration Hardware Holdings, Inc.* | 13,813 | 1,016,499 | ||||||
Ryland Group, Inc. (The) | 40,027 | 1,598,278 | ||||||
Strayer Education, Inc.*(a) | 19,768 | 917,828 | ||||||
Tenneco, Inc.* | 36,399 | 2,113,690 | ||||||
|
| |||||||
28,096,337 | ||||||||
|
| |||||||
Consumer Staples 2.8% | ||||||||
Hain Celestial Group, Inc. (The)* | 30,484 | 2,788,371 | ||||||
United Natural Foods, Inc.* | 34,976 | 2,480,498 | ||||||
|
| |||||||
5,268,869 | ||||||||
|
| |||||||
Energy 3.8% | ||||||||
C&J Energy Services, Inc.* | 36,318 | 1,059,033 | ||||||
Callon Petroleum Co.* | 68,280 | 571,504 | ||||||
Comstock Resources, Inc. | 25,170 | 575,134 | ||||||
Helix Energy Solutions Group, Inc.* | 31,848 | 731,867 | ||||||
Kodiak Oil & Gas Corp.* | 122,044 | 1,481,614 | ||||||
RigNet, Inc.* | 27,326 | 1,470,959 | ||||||
Willbros Group, Inc.* | 92,323 | 1,165,116 | ||||||
|
| |||||||
7,055,227 | ||||||||
|
| |||||||
Financials 13.4% | ||||||||
Cardtronics, Inc.* | 74,844 | 2,907,690 | ||||||
Cathay General Bancorp | 51,122 | 1,287,763 | ||||||
eHealth, Inc.* | 52,149 | 2,649,169 | ||||||
Encore Capital Group, Inc.* | 46,860 | 2,141,502 |
Shares | Value($) | |||||||
Financials—continued | ||||||||
Financial Engines, Inc. | 20,528 | 1,042,412 | ||||||
Hanmi Financial Corp. | 38,278 | 891,877 | ||||||
Hilltop Holdings, Inc.* | 62,870 | 1,495,677 | ||||||
MGIC Investment Corp.* | 275,302 | 2,345,573 | ||||||
Portfolio Recovery Associates, Inc.* | 68,833 | 3,982,677 | ||||||
PrivateBancorp, Inc. | 45,301 | 1,382,134 | ||||||
Radian Group, Inc.(a) | 83,701 | 1,258,026 | ||||||
Stifel Financial Corp.* | 21,273 | 1,058,545 | ||||||
Texas Capital Bancshares, Inc.* | 18,037 | 1,171,323 | ||||||
United Community Banks, Inc.* | 83,646 | 1,623,569 | ||||||
|
| |||||||
25,237,937 | ||||||||
|
| |||||||
Health Care 21.3% | ||||||||
ABIOMED, Inc.*(a) | 29,971 | 780,445 | ||||||
Acadia Healthcare Co., Inc.* | 38,643 | 1,743,572 | ||||||
Air Methods Corp.* | 32,416 | 1,731,987 | ||||||
Align Technology, Inc.* | 36,208 | 1,875,212 | ||||||
Anika Therapeutics, Inc.* | 15,104 | 620,774 | ||||||
Arena Pharmaceuticals, Inc.*(a) | 113,489 | 714,981 | ||||||
athenahealth, Inc.* | 5,188 | 831,325 | ||||||
Auxilium Pharmaceuticals, Inc.* | 26,453 | 718,993 | ||||||
AVANIR Pharmaceuticals, Inc.* | 262,896 | 964,828 | ||||||
Cambrex Corp.* | 23,035 | 434,670 | ||||||
Cepheid, Inc.*(a) | 30,709 | 1,583,970 | ||||||
Endologix, Inc.* | 57,662 | 742,110 | ||||||
Exelixis, Inc.*(a) | 117,616 | 416,361 | ||||||
HealthSouth Corp. | 53,958 | 1,938,711 | ||||||
HeartWare International, Inc.* | 21,279 | 1,995,545 | ||||||
HMS Holdings Corp.* | 40,729 | 775,887 | ||||||
ICON PLC* | 35,741 | 1,699,485 | ||||||
Insmed, Inc.* | 31,085 | 591,858 | ||||||
Isis Pharmaceuticals, Inc.* | 29,174 | 1,260,609 | ||||||
Keryx Biopharmaceuticals, Inc.*(a) | 94,240 | 1,605,850 | ||||||
Lannett Co., Inc.* | 23,288 | 831,847 | ||||||
LifePoint Hospitals, Inc.* | 26,313 | 1,435,374 | ||||||
Ligand Pharmaceuticals, Inc.*(a) | 12,660 | 851,512 | ||||||
Medidata Solutions, Inc.* | 34,345 | 1,866,307 | ||||||
Neurocrine Biosciences, Inc.* | 43,058 | 693,234 | ||||||
NPS Pharmaceuticals, Inc.* | 52,855 | 1,581,950 | ||||||
NuVasive, Inc.* | 47,323 | 1,817,676 | ||||||
Omnicell, Inc.* | 51,198 | 1,465,287 | ||||||
Pacira Pharmaceuticals, Inc.* | 12,629 | 883,904 | ||||||
Portola Pharmaceuticals, Inc.* | 19,375 | 501,812 | ||||||
Puma Biotechnology, Inc.* | 7,301 | 760,326 | ||||||
Questcor Pharmaceuticals, Inc.(a) | 15,229 | 988,819 |
See Notes to Financial Statements.
51
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Small Cap Growth Stock Fund — concluded
Shares | Value($) | |||||||
Health Care—continued | ||||||||
Raptor Pharmaceutical Corp.*(a) | 52,455 | 524,550 | ||||||
Sangamo BioSciences, Inc.*(a) | 41,745 | 754,750 | ||||||
Team Health Holdings, Inc.* | 49,341 | 2,208,010 | ||||||
|
| |||||||
40,192,531 | ||||||||
|
| |||||||
Industrials 20.3% | ||||||||
Acuity Brands, Inc. | 6,231 | 826,044 | ||||||
Astronics Corp.* | 19,157 | 1,214,745 | ||||||
Chart Industries, Inc.* | 13,702 | 1,089,994 | ||||||
Corporate Executive Board Co. (The) | 16,005 | 1,188,051 | ||||||
EMCOR Group, Inc. | 25,620 | 1,198,760 | ||||||
H&E Equipment Services, Inc.* | 66,298 | 2,681,754 | ||||||
HEICO Corp. | 35,002 | 2,105,720 | ||||||
JetBlue Airways Corp.*(a) | 176,729 | 1,535,775 | ||||||
Kforce, Inc. | 105,914 | 2,258,087 | ||||||
MasTec, Inc.*(a) | 46,719 | 2,029,473 | ||||||
MSA Safety, Inc. | 27,159 | 1,548,063 | ||||||
Mueller Water Products, Inc., Cl A | 239,289 | 2,273,246 | ||||||
Powell Industries, Inc. | 26,155 | 1,694,844 | ||||||
Power Solutions International, Inc.* | 10,285 | 773,123 | ||||||
Proto Labs, Inc.* | 17,723 | 1,199,315 | ||||||
Rexnord Corp.* | 39,672 | 1,149,695 | ||||||
Simpson Manufacturing Co., Inc. | 58,756 | 2,075,850 | ||||||
Spirit Airlines, Inc.* | 42,578 | 2,529,133 | ||||||
Taser International, Inc.* | 119,689 | 2,189,112 | ||||||
TrueBlue, Inc.* | 77,240 | 2,260,042 | ||||||
Universal Forest Products, Inc. | 35,522 | 1,965,788 | ||||||
USG Corp.* | 75,261 | 2,462,540 | ||||||
|
| |||||||
38,249,154 | ||||||||
|
| |||||||
Information Technology 22.1% |
| |||||||
Aspen Technology, Inc.* | 66,738 | 2,827,022 | ||||||
Bottomline Technologies, Inc.* | 72,294 | 2,541,134 | ||||||
ChannelAdvisor Corp.* | 40,348 | 1,522,733 | ||||||
CommVault Systems, Inc.* | 15,521 | 1,008,089 | ||||||
Cornerstone OnDemand, Inc.* | 47,957 | 2,295,702 | ||||||
CoStar Group, Inc.* | 9,014 | 1,683,274 | ||||||
Ellie Mae, Inc.*(a) | 68,019 | 1,961,668 | ||||||
Guidewire Software, Inc.* | 36,420 | 1,786,401 | ||||||
Heartland Payment Systems, Inc.(a) | 54,235 | 2,248,041 | ||||||
Imperva, Inc.* | 33,680 | 1,875,976 | ||||||
Infoblox, Inc.* | 77,133 | 1,547,288 | ||||||
Integrated Device Technology, Inc.* | 157,485 | 1,926,041 | ||||||
Marketo, Inc.* | 20,487 | 669,310 |
Shares | Value($) | |||||||
Information Technology—continued |
| |||||||
MAXIMUS, Inc. | 38,901 | 1,745,099 | ||||||
Proofpoint, Inc.* | 46,350 | 1,718,658 | ||||||
PROS Holdings, Inc.* | 37,674 | 1,187,108 | ||||||
QLIK Technologies, Inc.* | 67,428 | 1,792,910 | ||||||
Qualys, Inc.* | 54,706 | 1,391,174 | ||||||
SciQuest, Inc.* | 23,047 | 622,615 | ||||||
Stratasys Ltd.*(a) | 7,651 | 811,695 | ||||||
Synaptics, Inc.*(a) | 35,719 | 2,143,854 | ||||||
Ultimate Software Group, Inc.* | 17,833 | 2,443,121 | ||||||
Universal Display Corp.*(a) | 28,428 | 907,137 | ||||||
Yelp, Inc.* | 23,763 | 1,828,088 | ||||||
Zillow, Inc.*(a) | 13,977 | 1,231,374 | ||||||
|
| |||||||
41,715,512 | ||||||||
|
| |||||||
Materials 2.6% | ||||||||
Flotek Industries, Inc.* | 46,427 | 1,292,992 | ||||||
Globe Specialty Metals, Inc. | 51,391 | 1,069,961 | ||||||
Headwaters, Inc.* | 186,921 | 2,469,226 | ||||||
|
| |||||||
4,832,179 | ||||||||
|
| |||||||
Telecommunication Services 1.2% |
| |||||||
8x8, Inc.* | 215,667 | 2,331,360 | ||||||
|
| |||||||
Total Common Stocks |
| 192,979,106 | ||||||
|
| |||||||
Short-Term Investment 12.9% | ||||||||
RidgeWorth Funds Securities Lending Joint Account(b) | 24,393,915 | 24,393,915 | ||||||
|
| |||||||
Total Short-Term Investment |
| 24,393,915 | ||||||
|
| |||||||
Money Market Fund 0.2% | ||||||||
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.08%(c) | 340,814 | 340,814 | ||||||
|
| |||||||
Total Money Market Fund |
| 340,814 | ||||||
|
| |||||||
Total Investments |
| 217,713,835 | ||||||
Liabilities in Excess of Other | (29,169,498 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 188,544,337 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $24,294,756. |
(b) | Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014 (See Note 2(h)). |
(c) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
See Notes to Financial Statements.
52
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Small Cap Value Equity Fund
Shares | Value($) | |||||||
Common Stocks 100.0% | ||||||||
Consumer Discretionary 22.8% |
| |||||||
AMC Entertainment Holdings, Inc., | 1,592,000 | 38,606,000 | ||||||
Arcos Dorados Holdings, Inc., Cl A | 2,669,600 | 26,909,568 | ||||||
Brunswick Corp. | 270,600 | 12,255,474 | ||||||
Chico’s FAS, Inc. | 1,735,600 | 27,821,668 | ||||||
CST Brands, Inc. | 747,400 | 23,348,776 | ||||||
Destination Maternity Corp. | 158,729 | 4,349,175 | ||||||
Einstein Noah Restaurant Group, Inc. | 149,400 | 2,459,124 | ||||||
Guess?, Inc. | 1,760,854 | 48,599,570 | ||||||
HSN, Inc. | 987,300 | 58,971,429 | ||||||
Lithia Motors, Inc., Cl A | 320,800 | 21,320,368 | ||||||
Matthews International Corp., Cl A | 310,100 | 12,655,181 | ||||||
Meredith Corp. | 550,700 | 25,569,001 | ||||||
NutriSystem, Inc. | 449,650 | 6,776,225 | ||||||
Ruth’s Hospitality Group, Inc. | 293,400 | 3,547,206 | ||||||
Scholastic Corp. | 529,900 | 18,270,952 | ||||||
Sonic Automotive, Inc., Cl A | 796,200 | 17,898,576 | ||||||
Sotheby’s | 265,000 | 11,540,750 | ||||||
Thor Industries, Inc. | 669,600 | 40,885,776 | ||||||
|
| |||||||
401,784,819 | ||||||||
|
| |||||||
Consumer Staples 1.2% | ||||||||
WD-40 Co. | 272,450 | 21,133,947 | ||||||
|
| |||||||
Energy 8.4% | ||||||||
Bristow Group, Inc. | 533,600 | 40,297,472 | ||||||
CARBO Ceramics, Inc. | 485,200 | 66,952,748 | ||||||
LinnCo LLC | 262,372 | 7,097,163 | ||||||
Patterson-UTI Energy, Inc. | 512,600 | 16,239,168 | ||||||
Tidewater, Inc. | 356,400 | 17,328,168 | ||||||
|
| |||||||
147,914,719 | ||||||||
|
| |||||||
Financials 25.5% | ||||||||
Alexander & Baldwin, Inc. | 452,300 | 19,249,888 | ||||||
Banco Latinoamericano de Expectaciones SA, Cl E | 249,750 | 6,595,898 | ||||||
Bank of Hawaii Corp. | 411,000 | 24,910,710 | ||||||
Campus Crest Communities, Inc., REIT | 1,037,800 | 9,008,104 | ||||||
Cash America International, Inc. | 989,050 | 38,296,016 | ||||||
Cohen & Steers, Inc. | 340,500 | 13,568,925 | ||||||
CubeSmart, REIT | 2,497,000 | 42,848,520 | ||||||
Evercore Partners, Inc., Cl A | 557,450 | 30,799,112 | ||||||
Hanover Insurance Group, Inc. (The) | 676,950 | 41,591,808 | ||||||
HCC Insurance Holdings, Inc. | 547,300 | 24,896,677 | ||||||
Horace Mann Educators Corp. | 591,400 | 17,150,600 | ||||||
JMP Group, Inc. | 526,700 | 3,744,837 |
Shares | Value($) | |||||||
Financials—continued | ||||||||
Medical Properties Trust, Inc., REIT | 1,279,000 | 16,358,410 | ||||||
Monmouth Real Estate Investment Corp., Cl A REIT | 107,000 | 1,020,780 | ||||||
Oppenheimer Holdings, Inc., Cl A | 189,100 | 5,304,255 | ||||||
Parkway Properties, Inc., REIT | 1,578,300 | 28,803,975 | ||||||
Post Properties, Inc., REIT | 496,400 | 24,373,240 | ||||||
StanCorp Financial Group, Inc. | 979,300 | 65,417,240 | ||||||
Trust Co Bank Corp. NY | 396,300 | 2,789,952 | ||||||
UMB Financial Corp. | 503,450 | 32,573,215 | ||||||
|
| |||||||
449,302,162 | ||||||||
|
| |||||||
Health Care 4.7% | ||||||||
Ensign Group, Inc. | 192,300 | 8,391,972 | ||||||
Hill-Rom Holdings, Inc. | 474,600 | 18,291,084 | ||||||
Landauer, Inc. | 309,400 | 14,025,102 | ||||||
STERIS Corp. | 861,557 | 41,139,347 | ||||||
|
| |||||||
81,847,505 | ||||||||
|
| |||||||
Industrials 24.2% | ||||||||
AAR Corp. | 508,100 | 13,185,195 | ||||||
ABM Industries, Inc. | 629,800 | 18,100,452 | ||||||
Barnes Group, Inc. | 88,800 | 3,416,136 | ||||||
China Yuchai International Ltd. | 114,200 | 2,418,756 | ||||||
CLARCOR, Inc. | 497,200 | 28,514,420 | ||||||
EMCOR Group, Inc. | 536,300 | 25,093,477 | ||||||
Granite Construction, Inc. | 259,300 | 10,353,849 | ||||||
Great Lakes Dredge & Dock Corp.* | 1,048,600 | 9,573,718 | ||||||
Grupo Aeroportuario del Pacifico SA de CV SP ADR | 252,076 | 14,743,925 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ADR | 46,900 | 5,751,816 | ||||||
Herman Miller, Inc. | 1,294,700 | 41,598,711 | ||||||
Interface, Inc. | 2,163,271 | 44,455,219 | ||||||
Kelly Services, Inc., Cl A | 615,900 | 14,615,307 | ||||||
Knoll, Inc. | 931,200 | 16,938,528 | ||||||
Luxfer Holdings PLC ADR | 502,900 | 9,846,782 | ||||||
Macquarie Infrastructure Co. LLC | 322,300 | 18,458,121 | ||||||
Manitowoc Co., Inc. (The) | 581,000 | 18,272,450 | ||||||
MSA Safety, Inc. | 373,500 | 21,289,500 | ||||||
Mueller Water Products, Inc., Cl A | 2,749,600 | 26,121,200 | ||||||
Progressive Waste Solutions Ltd. | 2,032,424 | 51,440,652 | ||||||
Ritchie Bros Auctioneers, Inc. | 373,200 | 9,005,316 | ||||||
Sun Hydraulics Corp. | 47,600 | 2,061,556 |
See Notes to Financial Statements.
53
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Small Cap Value Equity Fund — concluded
Shares | Value($) | |||||||
Industrials—continued | ||||||||
Tennant Co. | 148,300 | 9,731,446 | ||||||
Viad Corp. | 504,300 | 12,123,372 | ||||||
|
| |||||||
427,109,904 | ||||||||
|
| |||||||
Information Technology 5.4% | ||||||||
Black Box Corp. | 258,950 | 6,302,843 | ||||||
Daktronics, Inc. | 1,102,800 | 15,869,292 | ||||||
Fair Isaac Corp. | 698,700 | 38,652,084 | ||||||
Plantronics, Inc. | 779,350 | 34,642,107 | ||||||
|
| |||||||
95,466,326 | ||||||||
|
| |||||||
Materials 6.6% | ||||||||
A. Schulman, Inc. | 339,700 | 12,317,522 | ||||||
Cabot Corp. | 771,000 | 45,535,260 | ||||||
Carpenter Technology Corp. | 365,600 | 24,144,224 | ||||||
Globe Specialty Metals, Inc. | 129,600 | 2,698,272 | ||||||
Haynes International, Inc. | 159,900 | 8,634,600 | ||||||
Hecla Mining Co. | 7,434,400 | 22,823,608 | ||||||
|
| |||||||
116,153,486 | ||||||||
|
| |||||||
Utilities 1.2% | ||||||||
ALLETE, Inc. | 34,500 | 1,808,490 | ||||||
Avista Corp. | 58,350 | 1,788,427 | ||||||
California Water Service Group | 743,300 | 17,794,602 | ||||||
|
| |||||||
21,391,519 | ||||||||
|
| |||||||
Total Common Stocks |
| 1,762,104,387 | ||||||
|
| |||||||
Money Market Fund 0.2% | ||||||||
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.08%(a) | 3,160,307 | 3,160,307 | ||||||
|
| |||||||
Total Money Market Fund |
| 3,160,307 | ||||||
|
| |||||||
Total Investments |
| 1,765,264,694 | ||||||
Liabilities in Excess of Other | (3,584,841 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 1,761,679,853 | ||||||
|
|
* | Non-income producing security. |
(a) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
ADR | — | American Depositary Receipt | ||
REIT | — | Real Estate Investment Trust | ||
SP ADR | — | Sponsored American Depositary Receipt |
See Notes to Financial Statements.
54
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Aggressive Growth Allocation Strategy
Shares | Value($) | |||||||
Equity Funds 71.3%(a) | ||||||||
RidgeWorth International Equity Fund | 101,668 | 1,265,764 | ||||||
RidgeWorth International Equity Index Fund | 5,009 | 28,349 | ||||||
RidgeWorth Large Cap Growth Stock Fund | 561,107 | 5,442,741 | ||||||
RidgeWorth Large Cap Value Equity Fund | 235,151 | 4,002,262 | ||||||
RidgeWorth Mid-Cap Value Equity Fund | 121,106 | 1,706,386 | ||||||
RidgeWorth Select Large Cap Growth Stock Fund | 2,832 | 80,928 | ||||||
RidgeWorth Small Cap Growth Stock Fund | 43,703 | 735,081 | ||||||
RidgeWorth Small Cap Value Equity Fund | 38,938 | 698,940 | ||||||
|
| |||||||
Total Equity Funds | 13,960,451 | |||||||
|
| |||||||
Fixed Income Funds 10.5%(a) | ||||||||
RidgeWorth Corporate Bond Fund | 485 | 4,271 | ||||||
RidgeWorth High Income Fund | 18,815 | 136,600 | ||||||
RidgeWorth Intermediate Bond Fund | 151 | 1,476 | ||||||
RidgeWorth Seix Floating Rate High Income Fund | 15,129 | 137,069 | ||||||
RidgeWorth Seix High Yield Fund | 14,725 | 146,514 | ||||||
RidgeWorth Total Return Bond Fund | 147,878 | 1,542,371 | ||||||
RidgeWorth U.S. Government Securities Ultra-Short Bond Fund | 8,213 | 83,113 | ||||||
|
| |||||||
Total Fixed Income Funds | 2,051,414 | |||||||
|
| |||||||
Exchange Traded Funds 17.2% | ||||||||
Consumer Discretionary Select Sector SPDR Fund | 1,181 | 76,434 | ||||||
Consumer Staples Select Sector SPDR Fund | 1,015 | 43,706 | ||||||
Energy Select Sector SPDR Fund | 891 | 79,353 | ||||||
Financial Select Sector SPDR Fund | 5,276 | 117,866 | ||||||
Health Care Select Sector SPDR Fund | 1,761 | 103,001 | ||||||
Industrial Select Sector SPDR Fund | 1,500 | 78,495 |
Shares | Value($) | |||||||
Exchange Traded Funds—continued |
| |||||||
iShares Barclays 20+ Year Treasury Bond Fund | 738 | 80,516 | ||||||
iShares Barclays U.S. Treasury Inflation Protected Securities Fund | 29 | 3,251 | ||||||
iShares Core S&P 500 Fund | 8,637 | 1,625,224 | ||||||
iShares Core Total U.S. Bond Market Fund | 5,231 | 564,686 | ||||||
iShares Dow Jones U.S. Real Estate Index Fund | 152 | 10,286 | ||||||
iShares MSCI EAFE Fund | 2,793 | 187,606 | ||||||
iShares MSCI Emerging Markets Index Fund | 4,335 | 177,692 | ||||||
iShares Russell 2000 Index Fund | 330 | 38,392 | ||||||
Market Vectors Gold Miners Fund | 281 | 6,632 | ||||||
Materials Select Sector SPDR Fund | 571 | 26,997 | ||||||
Technology Select Sector SPDR Fund | 4,132 | 150,198 | ||||||
Utilities Select Sector SPDR Fund | 116 | 4,809 | ||||||
|
| |||||||
Total Exchange Traded Funds | 3,375,144 | |||||||
|
| |||||||
Money Market Fund 1.0% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional | 186,260 | 186,260 | ||||||
|
| |||||||
Total Money Market Fund (Cost $186,260) | 186,260 | |||||||
|
| |||||||
Total Investments | 19,573,269 | |||||||
Liabilities in Excess of Other | (3,686 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 19,569,583 | ||||||
|
|
(a) | Affiliated investments. Investments are in each Fund’s I Shares. |
(b) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
(c) | 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.
55
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Conservative Allocation Strategy
Shares | Value($) | |||||||
Equity Funds 28.8%(a) | ||||||||
RidgeWorth International Equity Fund | 116,873 | 1,455,067 | ||||||
RidgeWorth International Equity Index Fund | 8,364 | 47,343 | ||||||
RidgeWorth Large Cap Growth Stock Fund | 714,697 | 6,932,565 | ||||||
RidgeWorth Large Cap Value Equity Fund | 299,976 | 5,105,585 | ||||||
RidgeWorth Mid-Cap Value Equity Fund | 153,775 | 2,166,690 | ||||||
RidgeWorth Select Large Cap Growth Stock Fund | 3,818 | 109,126 | ||||||
RidgeWorth Small Cap Growth Stock Fund | 54,754 | 920,970 | ||||||
RidgeWorth Small Cap Value Equity Fund | 49,273 | 884,453 | ||||||
|
| |||||||
Total Equity Funds |
| 17,621,799 | ||||||
|
| |||||||
Fixed Income Funds 54.7%(a) | ||||||||
RidgeWorth Corporate Bond Fund | 10,004 | 88,037 | ||||||
RidgeWorth High Income Fund | 303,026 | 2,199,966 | ||||||
RidgeWorth Intermediate Bond Fund | 1,337 | 13,047 | ||||||
RidgeWorth Seix Floating Rate High Income Fund | 237,199 | 2,149,019 | ||||||
RidgeWorth Seix High Yield Fund | 233,435 | 2,322,675 | ||||||
RidgeWorth Total Return Bond Fund | 2,436,650 | 25,414,260 | ||||||
RidgeWorth U.S. Government Securities Ultra-Short Bond Fund | 129,608 | 1,311,632 | ||||||
|
| |||||||
Total Fixed Income Funds |
| 33,498,636 | ||||||
|
| |||||||
Exchange Traded Funds 15.9% | ||||||||
Consumer Discretionary Select Sector SPDR Fund | 1,223 | 79,153 | ||||||
Consumer Staples Select Sector SPDR Fund | 1,057 | 45,514 | ||||||
Energy Select Sector SPDR Fund | 956 | 85,141 | ||||||
Financial Select Sector SPDR Fund | 5,637 | 125,931 | ||||||
Health Care Select Sector SPDR Fund | 1,901 | 111,189 | ||||||
Industrial Select Sector SPDR Fund | 1,574 | 82,367 |
Shares | Value($) | |||||||
Exchange Traded Funds—continued |
| |||||||
iShares Barclays 20+ Year Treasury Bond Fund | 10,829 | 1,181,444 | ||||||
iShares Barclays U.S. Treasury Inflation Protected Securities Fund | 318 | 35,648 | ||||||
iShares Core S&P 500 Fund | 11,404 | 2,145,891 | ||||||
iShares Core Total U.S. Bond Market Fund | 46,003 | 4,966,024 | ||||||
iShares Dow Jones U.S. Real Estate Index Fund | 244 | 16,511 | ||||||
iShares MSCI EAFE Fund | 5,612 | 376,958 | ||||||
iShares MSCI Emerging Markets Index Fund | 5,545 | 227,290 | ||||||
iShares Russell 2000 Index Fund | 546 | 63,522 | ||||||
Market Vectors Gold Miners Fund | 235 | 5,546 | ||||||
Materials Select Sector SPDR Fund | 584 | 27,611 | ||||||
Technology Select Sector SPDR Fund | 4,483 | 162,957 | ||||||
Utilities Select Sector SPDR Fund | 171 | 7,090 | ||||||
|
| |||||||
Total Exchange Traded Funds | 9,745,787 | |||||||
|
| |||||||
Money Market Fund 0.9% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(b) | 571,187 | 571,187 | ||||||
|
| |||||||
Total Money Market Fund |
| 571,187 | ||||||
|
| |||||||
Total Investments | 61,437,409 | |||||||
Liabilities in Excess of Other | (162,412 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 61,274,997 | ||||||
|
|
(a) | Affiliated investments. Investments are in each Fund’s I Shares. |
(b) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
MSCI | — | Morgan Stanley Capital International | ||
SPDR | — | Standard & Poor’s Depositary Receipt |
See Notes to Financial Statements.
56
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Growth Allocation Strategy
Shares | Value($) | |||||||
Equity Funds 62.4%(a) | ||||||||
RidgeWorth International Equity Fund | 284,177 | 3,538,004 | ||||||
RidgeWorth International Equity Index Fund | 7,110 | 40,242 | ||||||
RidgeWorth Large Cap Growth Stock Fund | 1,633,141 | 15,841,468 | ||||||
RidgeWorth Large Cap Value Equity Fund | 692,219 | 11,781,574 | ||||||
RidgeWorth Mid-Cap Value Equity Fund | 358,553 | 5,052,012 | ||||||
RidgeWorth Select Large Cap Growth Stock Fund | 16,475 | 470,865 | ||||||
RidgeWorth Small Cap Growth Stock Fund | 127,507 | 2,144,674 | ||||||
RidgeWorth Small Cap Value Equity Fund | 114,855 | 2,061,647 | ||||||
|
| |||||||
Total Equity Funds | 40,930,486 | |||||||
|
| |||||||
Fixed Income Funds 19.7%(a) | ||||||||
RidgeWorth Corporate Bond Fund | 1,253 | 11,029 | ||||||
RidgeWorth High Income Fund | 118,209 | 858,201 | ||||||
RidgeWorth Intermediate Bond Fund | 163 | 1,592 | ||||||
RidgeWorth Seix Floating Rate High Income Fund | 98,806 | 895,180 | ||||||
RidgeWorth Seix High Yield Fund | 87,054 | 866,184 | ||||||
RidgeWorth Total Return Bond Fund | 939,499 | 9,798,977 | ||||||
RidgeWorth U.S. Government Securities Ultra-Short Bond Fund | 51,162 | 517,763 | ||||||
|
| |||||||
Total Fixed Income Funds | 12,948,926 | |||||||
|
| |||||||
Exchange Traded Funds 17.3% | ||||||||
Consumer Discretionary Select Sector SPDR Fund | 3,137 | 203,027 | ||||||
Consumer Staples Select Sector SPDR Fund | 2,883 | 124,142 | ||||||
Energy Select Sector SPDR Fund | 2,472 | 220,156 | ||||||
Financial Select Sector SPDR Fund | 14,677 | 327,884 | ||||||
Health Care Select Sector SPDR Fund | 4,975 | 290,988 |
Shares | Value($) | |||||||
Exchange Traded Funds—continued |
| |||||||
Industrial Select Sector SPDR Fund | 4,173 | 218,373 | ||||||
iShares Barclays 20+ Year Treasury Bond Fund | 4,051 | 441,964 | ||||||
iShares Barclays U.S. Treasury Inflation Protected Securities Fund | 152 | 17,039 | ||||||
iShares Core S&P 500 Fund | 26,780 | 5,039,193 | ||||||
iShares Core Total U.S. Bond Market Fund | 22,210 | 2,397,569 | ||||||
iShares Dow Jones U.S. Real Estate Index Fund | 586 | 39,655 | ||||||
iShares MSCI EAFE Fund | 12,086 | 811,817 | ||||||
iShares MSCI Emerging Markets Index Fund | 12,810 | 525,082 | ||||||
iShares Russell 2000 Index Fund | 1,309 | 152,289 | ||||||
Market Vectors Gold Miners Fund | 365 | 8,614 | ||||||
Materials Select Sector SPDR Fund | 1,435 | 67,847 | ||||||
Technology Select Sector SPDR Fund | 11,554 | 419,988 | ||||||
Utilities Select Sector SPDR Fund | 416 | 17,247 | ||||||
|
| |||||||
Total Exchange Traded Funds | 11,322,874 | |||||||
|
| |||||||
Money Market Fund 0.9% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional | 623,016 | 623,016 | ||||||
|
| |||||||
Total Money Market Fund | 623,016 | |||||||
|
| |||||||
Total Investments (Cost $53,950,555) — 100.3% | 65,825,302 | |||||||
Liabilities in Excess of Other | (184,021 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 65,641,281 | ||||||
|
|
(a) | Affiliated investments. Investments are in each Fund’s I Shares. |
(b) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
MSCI | — | Morgan Stanley Capital International | ||
SPDR | — | Standard & Poor’s Depositary Receipt |
See Notes to Financial Statements.
57
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Moderate Allocation Strategy
Shares | Value($) | |||||||
Equity Funds 45.5%(a) | ||||||||
RidgeWorth International Equity Fund | 453,632 | 5,647,723 | ||||||
RidgeWorth International Equity Index Fund | 13,499 | 76,405 | ||||||
RidgeWorth Large Cap Growth Stock Fund | 2,674,912 | 25,946,648 | ||||||
RidgeWorth Large Cap Value Equity Fund | 1,113,327 | 18,948,824 | ||||||
RidgeWorth Mid-Cap Value Equity Fund | 574,336 | 8,092,387 | ||||||
RidgeWorth Select Large Cap Growth Stock Fund | 7,493 | 214,148 | ||||||
RidgeWorth Small Cap Growth Stock Fund | 201,617 | 3,391,197 | ||||||
RidgeWorth Small Cap Value Equity Fund | 179,927 | 3,229,682 | ||||||
|
| |||||||
Total Equity Funds | 65,547,014 | |||||||
|
| |||||||
Fixed Income Funds 35.7%(a) | ||||||||
RidgeWorth Corporate Bond Fund | 3,590 | 31,591 | ||||||
RidgeWorth High Income Fund | 522,306 | 3,791,941 | ||||||
RidgeWorth Intermediate Bond Fund | 1,353 | 13,204 | ||||||
RidgeWorth Seix Floating Rate High Income Fund | 390,746 | 3,540,159 | ||||||
RidgeWorth Seix High Yield Fund | 401,805 | 3,997,959 | ||||||
RidgeWorth Total Return Bond Fund | 3,636,736 | 37,931,157 | ||||||
RidgeWorth U.S. Government Securities Ultra-Short Bond Fund | 214,411 | 2,169,838 | ||||||
|
| |||||||
Total Fixed Income Funds | 51,475,849 | |||||||
|
| |||||||
Exchange Traded Funds 18.1% | ||||||||
Consumer Discretionary Select Sector SPDR Fund | 4,971 | 321,723 | ||||||
Consumer Staples Select Sector SPDR Fund | 4,473 | 192,607 | ||||||
Energy Select Sector SPDR Fund | 4,016 | 357,665 | ||||||
Financial Select Sector SPDR Fund | 23,499 | 524,968 | ||||||
Health Care Select Sector SPDR Fund | 7,917 | 463,065 | ||||||
Industrial Select Sector SPDR Fund | 6,690 | 350,088 |
Shares | Value($) | |||||||
Exchange Traded Funds—continued |
| |||||||
iShares Barclays 20+ Year Treasury Bond Fund | 18,708 | 2,041,043 | ||||||
iShares Barclays U.S. Treasury Inflation Protected Securities Fund | 1,274 | 142,816 | ||||||
iShares Core S&P 500 Fund | 42,171 | 7,935,317 | ||||||
iShares Core Total U.S. Bond Market Fund | 96,655 | 10,433,907 | ||||||
iShares Dow Jones U.S. Real Estate Index Fund | 903 | 61,106 | ||||||
iShares MSCI EAFE Fund | 19,531 | 1,311,897 | ||||||
iShares MSCI Emerging Markets Index Fund | 20,390 | 835,786 | ||||||
iShares Russell 2000 Index Fund | 3,058 | 355,768 | ||||||
Market Vectors Gold Miners Fund | 484 | 11,422 | ||||||
Materials Select Sector SPDR Fund | 2,567 | 121,368 | ||||||
Technology Select Sector SPDR Fund | 18,703 | 679,854 | ||||||
Utilities Select Sector SPDR Fund | 534 | 22,140 | ||||||
|
| |||||||
Total Exchange Traded Funds | 26,162,540 | |||||||
|
| |||||||
Money Market Fund 0.9% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(b) | 1,298,021 | 1,298,021 | ||||||
|
| |||||||
Total Money Market Fund | 1,298,021 | |||||||
|
| |||||||
Total Investments | 144,483,424 | |||||||
Liabilities in Excess of Other | (264,467 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 144,218,957 | ||||||
|
|
(a) | Affiliated investments. Investments are in each Fund’s I Shares. |
(b) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
MSCI — Morgan Stanley Capital International
SPDR — Standard & Poor’s Depositary Receipt
See Notes to Financial Statements.
58
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
RIDGEWORTH FUNDS March 31, 2014
Aggressive Growth Stock Fund | International Equity Fund | International Equity Index Fund | Large Cap Growth Stock Fund | Large Cap Value Equity Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Total Investments, at Cost | $43,098,678 | $22,199,296 | $28,822,789 | $172,452,793 | $1,687,505,451 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investments, at Value* | $59,319,236 | $31,423,743 | $53,752,459 | $288,861,081 | $2,186,713,978 | |||||||||||||||
Cash | 332 | 466 | — | 2,809 | 19,728 | |||||||||||||||
Interest and Dividends Receivable | 3,513 | 172,202 | 190,709 | 88,031 | 3,782,695 | |||||||||||||||
Securities Lending Income Receivable | — | 200 | 1,381 | 3,523 | 1,100 | |||||||||||||||
Foreign Currency, at Value (Cost $—, $77,799, $76,799, $— and $—, respectively) | — | 78,418 | 76,944 | — | — | |||||||||||||||
Receivable for Capital Shares Issued | 335,084 | 4,102 | 106,981 | 84,871 | 2,042,305 | |||||||||||||||
Receivable for Investment Securities Sold | — | — | 233,478 | — | 20,878,686 | |||||||||||||||
Reclaims Receivable | — | 201,033 | 167,905 | — | — | |||||||||||||||
Receivable from Investment Adviser | — | — | 21,222 | 53,418 | 375,585 | |||||||||||||||
Prepaid Expenses and Other Assets | 7,024 | 10,271 | 7,327 | 13,468 | 45,353 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 59,665,189 | 31,890,435 | 54,558,406 | 289,107,201 | 2,213,859,430 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Payable for Investment Securities Purchased | — | — | — | — | 5,551,706 | |||||||||||||||
Due to Custodian | — | — | 243,064 | — | — | |||||||||||||||
Payable for Capital Shares Redeemed | 139,764 | 75,810 | 477,957 | 175,643 | 2,973,265 | |||||||||||||||
Payable Upon Return of Securities Loaned | — | — | 472,435 | 1,715,475 | 3,281,000 | |||||||||||||||
Investment Advisory Fees Payable | 45,736 | 46,748 | 20,435 | 176,865 | 1,210,500 | |||||||||||||||
Compliance and Fund Services Fees Payable | 758 | 439 | 792 | 4,384 | 31,721 | |||||||||||||||
Distribution and Service Fees Payable | 5,107 | 1,210 | 722 | 47,018 | 111,740 | |||||||||||||||
Other Accrued Expenses | 28,665 | 32,597 | 70,751 | 156,720 | 1,534,796 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 220,030 | 156,804 | 1,286,156 | 2,276,105 | 14,694,728 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Net Assets | $59,445,159 | $31,733,631 | $53,272,250 | $286,831,096 | $2,199,164,702 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Capital | $46,310,077 | $25,045,037 | $29,369,652 | $165,683,390 | $1,613,223,884 | |||||||||||||||
Accumulated Net Investment Income (Loss) | (152,057 | ) | 128,301 | (207,369 | ) | — | 7,309,830 | |||||||||||||
Accumulated Net Realized Gain (Loss) from Investments Transactions and Foreign Currencies Transactions | (2,933,419 | ) | (2,685,909 | ) | (824,271 | ) | 4,739,418 | 79,422,461 | ||||||||||||
Net Unrealized Appreciation on Investments and Foreign Currencies | 16,220,558 | 9,246,202 | 24,934,238 | 116,408,288 | 499,208,527 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $59,445,159 | $31,733,631 | $53,272,250 | $286,831,096 | $2,199,164,702 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets: | ||||||||||||||||||||
I Shares | $39,494,684 | $26,931,757 | $50,395,815 | $188,294,428 | $1,799,158,345 | |||||||||||||||
A Shares | 19,950,475 | 4,801,874 | 2,876,435 | 64,287,934 | 379,767,505 | |||||||||||||||
C Shares | — | — | — | 34,248,734 | 20,238,852 | |||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value) | ||||||||||||||||||||
I Shares | 1,863,096 | 2,162,331 | 8,902,246 | 19,405,106 | 105,736,317 | |||||||||||||||
A Shares | 971,758 | 388,899 | 519,935 | 7,695,413 | 22,469,723 | |||||||||||||||
C Shares | — | — | — | 5,415,422 | 1,219,934 | |||||||||||||||
Net Asset Value and Redemption Price Per Share: | ||||||||||||||||||||
I Shares | $21.20 | $12.45 | $5.66 | $9.70 | $17.02 | |||||||||||||||
A Shares | 20.53 | 12.35 | 5.53 | 8.35 | 16.90 | |||||||||||||||
C Shares(a) | — | — | — | 6.32 | 16.59 | |||||||||||||||
Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent): | ||||||||||||||||||||
A Shares | $21.78 | $13.10 | $5.87 | $8.86 | $17.93 | |||||||||||||||
Maximum Sales Charge — A Shares | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % |
* | Investments include securities on loan of $—, $—, $455,573, $1,676,735 and $3,291,545, respectively. |
(a) | Redemption price per share varies based on length of time shares are held. |
See Notes to Financial Statements.
59
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
RIDGEWORTH FUNDS March 31, 2014
Mid-Cap Value Equity Fund | Select Large Cap Growth Stock Fund | Small Cap Growth Stock Fund | Small Cap Value Equity Fund | |||||||||||||
Assets: | ||||||||||||||||
Total Investments, at Cost | $3,415,193,330 | $13,071,833 | $171,411,694 | $1,357,722,759 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments, at Value* | $3,952,660,687 | $20,201,990 | $217,713,835 | $1,765,264,694 | ||||||||||||
Cash | 33,357 | 313 | 1,942 | 17,566 | ||||||||||||
Interest and Dividends Receivable | 2,563,900 | 5,923 | 26,973 | 3,144,226 | ||||||||||||
Securities Lending Income Receivable | 21,835 | 16 | 21,700 | — | ||||||||||||
Receivable for Capital Shares Issued | 4,552,954 | 200 | 183,464 | 1,450,452 | ||||||||||||
Receivable for Investment Securities Sold | 69,412,577 | — | 3,383,638 | — | ||||||||||||
Reclaims Receivable | — | — | — | 44,701 | ||||||||||||
Receivable from Investment Adviser | 33,210 | — | 20,254 | — | ||||||||||||
Prepaid Expenses and Other Assets | 64,687 | 17,401 | 16,422 | 38,232 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 4,029,343,207 | 20,225,843 | 221,368,228 | 1,769,959,871 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Payable for Investment Securities Purchased | 47,455,770 | — | 3,406,159 | — | ||||||||||||
Payable for Capital Shares Redeemed | 8,930,691 | 29,438 | 4,682,492 | 5,671,341 | ||||||||||||
Payable Upon Return of Securities Loaned | 114,504,510 | — | 24,393,915 | — | ||||||||||||
Investment Advisory Fees Payable | 2,215,376 | 14,131 | 143,887 | 1,189,004 | ||||||||||||
Compliance and Fund Services Fees Payable | 53,727 | 318 | 2,935 | 25,019 | ||||||||||||
Distribution and Service Fees Payable | 223,722 | 12,722 | 9,302 | 81,958 | ||||||||||||
Other Accrued Expenses | 2,532,760 | 5,464 | 185,201 | 1,312,696 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 175,916,556 | 62,073 | 32,823,891 | 8,280,018 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $3,853,426,651 | $20,163,770 | $188,544,337 | $1,761,679,853 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Capital | $3,142,105,035 | $8,820,050 | $130,029,077 | $1,144,098,937 | ||||||||||||
Accumulated Net Investment Income (Loss) | 8,146,744 | — | — | 2,884,319 | ||||||||||||
Accumulated Net Realized Gain from Investments Transactions and Foreign currencies Transactions | 165,707,515 | 4,213,563 | 12,213,119 | 207,154,588 | ||||||||||||
Net Unrealized Appreciation on Investments and Foreign Currencies | 537,467,357 | 7,130,157 | 46,302,141 | 407,542,009 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $3,853,426,651 | $20,163,770 | $188,544,337 | $1,761,679,853 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
I Shares | $3,159,585,091 | $4,951,759 | $170,409,257 | $1,528,173,941 | ||||||||||||
A Shares | 611,880,404 | 999,681 | 10,879,962 | 195,098,011 | ||||||||||||
C Shares | 81,961,156 | 14,212,330 | 7,255,118 | 38,407,901 | ||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value) | ||||||||||||||||
I Shares | 224,248,151 | 173,286 | 10,131,213 | 85,148,106 | ||||||||||||
A Shares | 43,840,453 | 36,175 | 711,239 | 11,079,757 | ||||||||||||
C Shares | 5,975,281 | 617,292 | 613,898 | 2,298,396 | ||||||||||||
Net Asset Value and Redemption Price Per Share: | ||||||||||||||||
I Shares | $14.09 | $28.58 | $16.82 | $17.95 | ||||||||||||
A Shares | 13.96 | 27.63 | 15.30 | 17.61 | ||||||||||||
C Shares(a) | 13.72 | 23.02 | 11.82 | 16.71 | ||||||||||||
Offering Price per Share (100%/(100%-maximum sales charge) x net asset value) adjusted to the nearest cent): | ||||||||||||||||
A Shares | $14.81 | $29.32 | $16.23 | $18.68 | ||||||||||||
Maximum Sales Charge — A Shares | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % |
* | Investments include securities on loan of $112,038,424, $—, $24,294,756 and $—, respectively. |
(a) | Redemption price per share varies based on length of time shares are held. |
See Notes to Financial Statements.
60
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
RIDGEWORTH FUNDS March 31, 2014
Aggressive Growth Allocation Strategy | Conservative Allocation Strategy | Growth Allocation Strategy | Moderate Allocation Strategy | |||||||||||||
Assets: | ||||||||||||||||
Total Investments, at Cost | $15,563,876 | $57,885,746 | $53,950,555 | $123,841,056 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investments, at Value | $3,561,404 | $10,316,974 | $11,945,890 | $27,460,561 | ||||||||||||
Investments in Affiliates, at Value | 16,011,865 | 51,120,435 | 53,879,412 | 117,022,863 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 19,573,269 | 61,437,409 | 65,825,302 | 144,483,424 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Cash | 3,249 | 131,642 | 19,662 | 1,689 | ||||||||||||
Dividends Receivable | 5,506 | 89,964 | 34,831 | 152,331 | ||||||||||||
Receivable for Capital Shares Issued | 14,102 | 64,311 | 46,668 | 39,098 | ||||||||||||
Receivable for Investment Securities Sold | 2,500 | – | – | 302,000 | ||||||||||||
Receivable from Investment Adviser | 5,410 | 930 | 6,147 | 1,938 | ||||||||||||
Prepaid Expenses and Other Assets | 13,431 | 13,956 | 14,229 | 17,019 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 19,617,467 | 61,738,212 | 65,946,839 | 144,997,499 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Payable for Investment Securities Purchased | 23,013 | 242,022 | 91,809 | 602,684 | ||||||||||||
Payable for Capital Shares Redeemed | 572 | 183,182 | 140,345 | 21,569 | ||||||||||||
Investment Advisory Fees Payable | 1,668 | 5,189 | 5,599 | 13,075 | ||||||||||||
Compliance and Fund Services Fees Payable | 288 | 898 | 964 | 2,240 | ||||||||||||
Distribution and Service Fees Payable | 1,789 | 18,408 | 5,021 | 17,500 | ||||||||||||
Other Accrued Expenses | 20,554 | 13,516 | 61,820 | 121,474 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 47,884 | 463,215 | 305,558 | 778,542 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $19,569,583 | $61,274,997 | $65,641,281 | $144,218,957 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Capital | $14,756,821 | $56,592,664 | $52,268,753 | $119,134,707 | ||||||||||||
Accumulated Net Investment Gain | 782 | 233,854 | 82,308 | 469,254 | ||||||||||||
Accumulated Net Realized Gain from Investments Transactions | 802,587 | 896,816 | 1,415,473 | 3,972,628 | ||||||||||||
Net Unrealized Appreciation on Investments | 4,009,393 | 3,551,663 | 11,874,747 | 20,642,368 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $19,569,583 | $61,274,997 | $65,641,281 | $144,218,957 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
I Shares | $14,142,966 | $28,893,793 | $53,043,137 | $109,457,032 | ||||||||||||
A Shares | 4,751,639 | 15,271,232 | 9,609,422 | 20,171,256 | ||||||||||||
C Shares | 674,978 | 17,109,972 | 2,988,722 | 14,590,669 | ||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value) | ||||||||||||||||
I Shares | 1,575,543 | 2,293,864 | 4,661,346 | 9,793,486 | ||||||||||||
A Shares | 534,507 | 1,213,240 | 848,240 | 1,809,695 | ||||||||||||
C Shares | 77,937 | 1,373,571 | 268,522 | 1,319,109 | ||||||||||||
Net Asset Value and Redemption Price Per Share: | ||||||||||||||||
I Shares | $8.98 | $12.60 | $11.38 | $11.18 | ||||||||||||
A Shares | 8.89 | 12.59 | 11.33 | 11.15 | ||||||||||||
C Shares(a) | 8.66 | 12.46 | 11.13 | 11.06 | ||||||||||||
Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent): | ||||||||||||||||
A Shares | $9.43 | $13.22 | $12.02 | $11.83 | ||||||||||||
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.
61
Table of Contents
RIDGEWORTH FUNDS For the Fiscal Year Ended March 31, 2014
Aggressive Growth Stock Fund | International Equity Fund | International Equity Index Fund | Large Cap Growth Stock Fund | Large Cap Value Equity Fund | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Dividend Income | $74,059 | $4,103,575 | $4,314,916 | $2,722,619 | $45,776,424 | |||||||||||||||
Net Income from Securities Lending | — | 130,294 | 107,839 | 7,184 | 27,833 | |||||||||||||||
Less: Foreign Taxes Withheld | — | (537,671 | ) | (460,145 | ) | (3,844 | ) | (11,256 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investment Income | 74,059 | 3,696,198 | 3,962,610 | 2,725,959 | 45,793,001 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Investment Advisory Fees | 300,822 | 597,604 | 365,723 | 1,940,233 | 12,906,498 | |||||||||||||||
Administration Fees | 3,755 | 7,582 | 8,293 | 28,199 | 193,551 | |||||||||||||||
Fund Accounting Fees | 1,816 | 19,075 | 22,097 | 21,130 | 162,305 | |||||||||||||||
Transfer Agency Fees | 19,164 | 9,698 | 7,609 | 283,401 | 204,976 | |||||||||||||||
Compliance & Fund Services Fees | 1,618 | 4,245 | 4,648 | 16,833 | 122,382 | |||||||||||||||
Distribution and Service Fees — A Shares | 25,240 | 13,796 | 8,332 | 186,052 | 1,039,762 | |||||||||||||||
Distribution and Service Fees — C Shares | — | — | — | 332,102 | 179,763 | |||||||||||||||
Shareholder Servicing Fees — I Shares | 75,053 | 27,149 | 163,437 | 382,990 | 5,638,431 | |||||||||||||||
Shareholder Servicing Fees — A Shares | 901 | — | 1,891 | 14,984 | 1,224,844 | |||||||||||||||
Custodian Fees | 8,804 | 40,173 | 290,535 | 13,912 | 41,813 | |||||||||||||||
Printing Fees | 4,801 | — | 352 | 20,426 | 93,905 | |||||||||||||||
Registration Fees | 32,805 | 30,068 | 32,470 | 42,168 | 54,253 | |||||||||||||||
Trustee Fees | 1,177 | 2,692 | 3,140 | 10,020 | 70,955 | |||||||||||||||
Other Fees | 10,674 | 54,378 | 79,829 | 57,811 | 141,866 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 486,630 | 806,460 | 988,356 | 3,350,261 | 22,075,304 | |||||||||||||||
Less: Investment Advisory Fees Waived/Expenses Reimbursed | (21,142 | ) | (388 | ) | (391,395 | ) | (323,087 | ) | (3,069,235 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 465,488 | 806,072 | 596,961 | 3,027,174 | 19,006,069 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income (Loss) | (391,429 | ) | 2,890,126 | 3,365,649 | (301,215 | ) | 26,786,932 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||||||
Net Realized Gain from: | ||||||||||||||||||||
Investment Transactions and Foreign Currency Transactions | 3,058,325 | 53,712,113 | 91,324,160 | 20,411,263 | 238,119,315 | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||
Investments and Foreign Currencies | 5,731,042 | (32,717,065 | ) | (69,445,449 | ) | 46,686,566 | 136,182,530 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Realized and Unrealized Gain on Investments and Foreign Currencies | 8,789,367 | 20,995,048 | 21,878,711 | 67,097,829 | 374,301,845 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Net Assets from Operations | $8,397,938 | $23,885,174 | $25,244,360 | $66,796,614 | $401,088,777 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
62
Table of Contents
STATEMENTS OF OPERATIONS
RIDGEWORTH FUNDS For the Fiscal Year Ended March 31, 2014
Mid-Cap Value Equity Fund | Select Large Cap Growth Stock Fund | Small Cap Growth Stock Fund | Small Cap Value Equity Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend Income | $69,161,991 | $281,867 | $457,200 | $38,308,402 | ||||||||||||
Net Income from Securities Lending | 661,196 | 386 | 212,146 | — | ||||||||||||
Less: Foreign Taxes Withheld | — | (1,090 | ) | — | (206,009 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 69,823,187 | 281,163 | 669,346 | 38,102,393 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Investment Advisory Fees | 22,901,598 | 200,912 | 1,611,639 | 13,731,864 | ||||||||||||
Administration Fees | 325,133 | 2,901 | 19,066 | 167,938 | ||||||||||||
Fund Accounting Fees | 281,113 | 2,460 | 14,630 | 146,940 | ||||||||||||
Transfer Agency Fees | 589,403 | 22,695 | 35,042 | 221,959 | ||||||||||||
Compliance & Fund Services Fees | 206,863 | 1,792 | 11,218 | 107,034 | ||||||||||||
Distribution and Service Fees — A Shares | 1,677,243 | 2,870 | 32,956 | 575,767 | ||||||||||||
Distribution and Service Fees — C Shares | 701,326 | 140,991 | 72,232 | 370,288 | ||||||||||||
Shareholder Servicing Fees — I Shares | 9,180,236 | 6,187 | 627,721 | 5,138,689 | ||||||||||||
Shareholder Servicing Fees — A Shares | 1,948,694 | — | 5,679 | 630,081 | ||||||||||||
Custodian Fees | 72,521 | 9,624 | 17,184 | 34,472 | ||||||||||||
Printing Fees | 236,118 | 4,262 | 9,435 | 233,449 | ||||||||||||
Registration Fees | 82,801 | 42,015 | 41,577 | 69,067 | ||||||||||||
Trustee Fees | 119,231 | 1,047 | 6,768 | 62,244 | ||||||||||||
Other Fees | 217,105 | 8,510 | 20,473 | 118,408 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 38,539,385 | 446,266 | 2,525,620 | 21,608,200 | ||||||||||||
Less: Investment Advisory Fees Waived/Expenses Reimbursed | (437,950 | ) | (298 | ) | (78,271 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 38,101,435 | 445,968 | 2,447,349 | 21,608,200 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | 31,721,752 | (164,805 | ) | (1,778,003 | ) | 16,494,193 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||
Net Realized Gain from: | ||||||||||||||||
Investment Transactions and Foreign Currency Transactions | 406,615,454 | 6,965,313 | 39,190,020 | 237,771,487 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments and Foreign Currencies | 224,145,643 | (430,926 | ) | 5,191,009 | 79,725,267 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain on Investments and Foreign Currencies | 630,761,097 | 6,534,387 | 44,381,029 | 317,496,754 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Net Assets from Operations | $662,482,849 | $6,369,582 | $42,603,026 | $333,990,947 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
63
Table of Contents
STATEMENTS OF OPERATIONS
RIDGEWORTH FUNDS For the Fiscal Year Ended March 31, 2014
Aggressive Growth Allocation Strategy | Conservative Allocation Strategy | Growth Allocation Strategy | Moderate Allocation Strategy | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend Income | $61,501 | $121,158 | $180,556 | $374,217 | ||||||||||||
Dividend Income from Affiliated Investment Companies | 268,774 | 1,179,622 | 912,021 | 2,774,635 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 330,275 | 1,300,780 | 1,092,577 | 3,148,852 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Investment Advisory Fees | 21,681 | 59,736 | 65,235 | 162,493 | ||||||||||||
Administration Fees | 2,142 | 5,847 | 6,425 | 15,968 | ||||||||||||
Fund Accounting Fees | 20,000 | 20,000 | 20,000 | 20,000 | ||||||||||||
Transfer Agency Fees | 10,790 | 31,236 | 14,860 | 38,876 | ||||||||||||
Compliance & Fund Services Fees | 1,364 | 3,740 | 4,094 | 10,182 | ||||||||||||
Distribution and Service Fees — A Shares | 13,386 | 48,444 | 28,019 | 58,502 | ||||||||||||
Distribution and Service Fees — C Shares | 6,614 | 160,782 | 27,980 | 143,387 | ||||||||||||
Shareholder Servicing Fees — I Shares | �� | 62,783 | 16,272 | 208,026 | 423,721 | |||||||||||
Shareholder Servicing Fees — A Shares | 3,886 | 6,088 | 8,388 | 21,578 | ||||||||||||
Custodian Fees | 13,009 | 11,176 | 11,951 | 13,841 | ||||||||||||
Printing Fees | 4,614 | 7,632 | 5,172 | 10,200 | ||||||||||||
Registration Fees | 38,651 | 42,765 | 40,963 | 44,620 | ||||||||||||
Trustee Fees | 793 | 2,187 | 2,387 | 5,925 | ||||||||||||
Other Fees | 7,768 | 9,969 | 10,453 | 16,041 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 207,481 | 425,874 | 453,953 | 985,334 | ||||||||||||
Less: Investment Advisory Fees Waived/Expenses Reimbursed | (84,819 | ) | (37,397 | ) | (90,194 | ) | (48,002 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 122,662 | 388,477 | 363,759 | 937,332 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 207,613 | 912,303 | 728,818 | 2,211,520 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||
Investment Transactions | 794,478 | (370,643 | ) | 659,245 | 955,974 | |||||||||||
Capital Gain Received from Investments in Affiliated Investment Companies | 1,402,125 | 2,144,719 | 4,050,349 | 8,030,502 | ||||||||||||
Net Change in Unrealized Appreciation on: | ||||||||||||||||
Investments | 1,255,840 | 1,375,849 | 4,171,170 | 6,073,563 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain on Investments | 3,452,443 | 3,149,925 | 8,880,764 | 15,060,039 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Net Assets from Operations | $3,660,056 | $4,062,228 | $9,609,582 | $17,271,559 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
64
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
RIDGEWORTH FUNDS For the Fiscal Years Indicated
Aggressive Growth Stock Fund | International Equity Fund | International Equity Index Fund | ||||||||||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | $ | (391,429 | ) | $ | (656,980 | ) | $ | 2,890,126 | $ | 5,258,174 | $ | 3,365,649 | $ | 8,316,117 | ||||||||||
Net Realized Gain | 3,058,325 | 26,221,386 | 53,712,113 | 4,518,774 | 91,324,160 | 32,128,718 | ||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | 5,731,042 | (29,063,146 | ) | (32,717,065 | ) | 16,755,641 | (69,445,449 | ) | (15,314,641 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Operations | 8,397,938 | (3,498,740 | ) | 23,885,174 | 26,532,589 | 25,244,360 | 25,130,194 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||
I Shares | — | — | (3,262,772 | ) | (4,944,920 | ) | (4,227,792 | ) | (10,474,532 | ) | ||||||||||||||
A Shares | — | — | (397,768 | ) | (80,358 | ) | (160,960 | ) | (78,605 | ) | ||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||
I Shares | (1,962,804 | ) | (1,864,677 | ) | (423,409 | ) | — | (99,753,566 | ) | (6,082,841 | ) | |||||||||||||
A Shares | (550,359 | ) | (144,714 | ) | (76,227 | ) | — | (2,010,453 | ) | (49,337 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Dividends and Distributions | (2,513,163 | ) | (2,009,391 | ) | (4,160,176 | ) | (5,025,278 | ) | (106,152,771 | ) | (16,685,315 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Capital Transactions | 34,140,593 | (67,006,289 | ) | (265,108,721 | ) | (11,450,962 | ) | (91,279,292 | ) | (125,277,294 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets | 40,025,368 | (72,514,420 | ) | (245,383,723 | ) | 10,056,349 | (172,187,703 | ) | (116,832,415 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of Period | 19,419,791 | 91,934,211 | 277,117,354 | 267,061,005 | 225,459,953 | 342,292,368 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of Period | $ | 59,445,159 | $ | 19,419,791 | $ | 31,733,631 | $ | 277,117,354 | $ | 53,272,250 | $ | 225,459,953 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accumulated Net Investment Income (Loss), End of Period | $ | (152,057 | ) | $ | (95,143 | ) | $ | 128,301 | $ | 1,158,581 | $ | (207,369 | ) | $ | (1,530,587 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
65
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)
RIDGEWORTH FUNDS For the Fiscal Years Indicated
Large Cap Growth Stock Fund | Large Cap Value Equity Fund | Mid-Cap Value Equity Fund | ||||||||||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | $ | (301,215 | ) | $ | 351,522 | $ | 26,786,932 | $ | 31,103,786 | $ | 31,721,752 | $ | 30,195,304 | |||||||||||
Net Realized Gain | 20,411,263 | 86,033,018 | 238,119,315 | 154,363,603 | 406,615,454 | 217,650,368 | ||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | 46,686,566 | (79,684,004 | ) | 136,182,530 | 51,750,179 | 224,145,643 | 166,437,032 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Operations | 66,796,614 | 6,700,536 | 401,088,777 | 237,217,568 | 662,482,849 | 414,282,704 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||
I Shares | — | (172,924 | ) | (21,215,098 | ) | (22,686,220 | ) | (24,446,573 | ) | (20,301,518 | ) | |||||||||||||
A Shares | — | — | (3,895,087 | ) | (3,331,162 | ) | (3,551,681 | ) | (4,157,336 | ) | ||||||||||||||
C Shares | — | — | (113,863 | ) | (136,410 | ) | (260,783 | ) | (267,995 | ) | ||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||
I Shares | (16,215,038 | ) | (83,174,333 | ) | (184,943,407 | ) | — | (319,283,825 | ) | (4,946,664 | ) | |||||||||||||
A Shares | (6,369,584 | ) | (19,396,131 | ) | (40,911,570 | ) | — | (64,799,259 | ) | (1,207,086 | ) | |||||||||||||
C Shares | (4,254,946 | ) | (8,448,313 | ) | (2,145,183 | ) | — | (8,705,589 | ) | (128,159 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Dividends and Distributions | (26,839,568 | ) | (111,191,701 | ) | (253,224,208 | ) | (26,153,792 | ) | (421,047,710 | ) | (31,008,758 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Capital Transactions | (9,148,088 | ) | 36,206,330 | 304,794,679 | (700,801,676 | ) | 899,507,221 | 174,020,747 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets | 30,808,958 | (68,284,835 | ) | 452,659,248 | (489,737,900 | ) | 1,140,942,360 | 557,294,693 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of Period | 256,022,138 | 324,306,973 | 1,746,505,454 | 2,236,243,354 | 2,712,484,291 | 2,155,189,598 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of Period | $ | 286,831,096 | $ | 256,022,138 | $ | 2,199,164,702 | $ | 1,746,505,454 | $ | 3,853,426,651 | $ | 2,712,484,291 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accumulated Net Investment Income, End of Period | $ | — | $ | 7,574 | $ | 7,309,830 | $ | 5,925,183 | $ | 8,146,744 | $ | 5,566,759 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
66
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)
RIDGEWORTH FUNDS For the Fiscal Years Indicated
Select Large Cap Growth Stock Fund | Small Cap Growth Stock Fund | Small Cap Value Equity Fund | ||||||||||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | $ | (164,805 | ) | $ | (121,949 | ) | $ | (1,778,003 | ) | $ | (1,284,968 | ) | $ | 16,494,193 | $ | 19,977,131 | ||||||||
Net Realized Gain | 6,965,313 | 6,410,373 | 39,190,020 | 51,688,731 | 237,771,487 | 28,098,118 | ||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | (430,926 | ) | (6,845,136 | ) | 5,191,009 | (23,401,388 | ) | 79,725,267 | 198,175,851 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Operations | 6,369,582 | (556,712 | ) | 42,603,026 | 27,002,375 | 333,990,947 | 246,251,100 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||
I Shares | — | — | — | — | (11,800,535 | ) | (19,941,813 | ) | ||||||||||||||||
A Shares | — | — | — | — | (1,217,350 | ) | (2,324,205 | ) | ||||||||||||||||
C Shares | — | — | — | — | (175,499 | ) | (373,428 | ) | ||||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||
I Shares | (1,672,007 | ) | (5,021,063 | ) | (26,953,356 | ) | (47,793,289 | ) | (53,921,057 | ) | (35,626,220 | ) | ||||||||||||
A Shares | (159,488 | ) | (160,162 | ) | (1,849,209 | ) | (2,175,730 | ) | (7,240,038 | ) | (4,786,603 | ) | ||||||||||||
C Shares | (2,529,941 | ) | (3,312,715 | ) | (1,482,428 | ) | (1,768,606 | ) | (1,468,593 | ) | (1,033,131 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Dividends and Distributions | (4,361,436 | ) | (8,493,940 | ) | (30,284,993 | ) | (51,737,625 | ) | (75,823,072 | ) | (64,085,400 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Capital Transactions | (16,097,564 | ) | (8,043,600 | ) | 6,569,274 | (91,461,953 | ) | (122,408,735 | ) | 67,455,286 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets | (14,089,418 | ) | (17,094,252 | ) | 18,887,307 | (116,197,203 | ) | 135,759,140 | 249,620,986 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of Period | 34,253,188 | 51,347,440 | 169,657,030 | 285,854,233 | 1,625,920,713 | 1,376,299,727 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of Period | $ | 20,163,770 | $ | 34,253,188 | $ | 188,544,337 | $ | 169,657,030 | $ | 1,761,679,853 | $ | 1,625,920,713 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accumulated Net Investment Income (Loss), End of Period | $ | — | $ | (37,016 | ) | $ | — | $ | — | $ | 2,884,319 | $ | — | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
67
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)
RIDGEWORTH FUNDS For the Fiscal Years Indicated
Aggressive Growth Allocation Strategy | Conservative Allocation Strategy | |||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 207,613 | $ | 159,279 | $ | 912,303 | $ | 803,568 | ||||||||
Net Realized Gain(a) | 2,196,603 | 2,932,420 | 1,774,076 | 2,726,411 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation)(a) | 1,255,840 | (1,765,997 | ) | 1,375,849 | (574,940 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Net Assets from Operations | 3,660,056 | 1,325,702 | 4,062,228 | 2,955,039 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||
Net Investment Income: | ||||||||||||||||
I Shares | (431,164 | ) | (189,120 | ) | (682,255 | ) | (561,768 | ) | ||||||||
A Shares | (124,675 | ) | (36,669 | ) | (359,082 | ) | (382,735 | ) | ||||||||
C Shares | (15,532 | ) | (3,554 | ) | (282,703 | ) | (222,281 | ) | ||||||||
Net Realized Gains: | ||||||||||||||||
I Shares | (1,892,756 | ) | — | (1,046,909 | ) | (262,970 | ) | |||||||||
A Shares | (583,546 | ) | — | (629,265 | ) | (196,244 | ) | |||||||||
C Shares | (86,640 | ) | — | (675,285 | ) | (152,923 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Dividends and Distributions | (3,134,313 | ) | (229,343 | ) | (3,675,499 | ) | (1,778,921 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Net Assets from Capital Transactions | (4,347,245 | ) | (2,490,846 | ) | 1,150,817 | 207,365 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Net Assets | (3,821,502 | ) | (1,394,487 | ) | 1,537,546 | 1,383,483 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 23,391,085 | 24,785,572 | 59,737,451 | 58,353,968 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 19,569,583 | $ | 23,391,085 | $ | 61,274,997 | $ | 59,737,451 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated Net Investment Income, End of Period | $ | 782 | $ | 5,342 | $ | 233,854 | $ | 165,131 | ||||||||
|
|
|
|
|
|
|
|
(a) | Net realized gain (loss) from investment transactions and net change in unrealized appreciation/depreciation on investments for the Allocation Strategy Funds are primarily attributable to the underlying investments in affiliated investment companies. |
See Notes to Financial Statements.
68
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (concluded)
RIDGEWORTH FUNDS For the Fiscal Years Indicated
Growth Allocation Strategy | Moderate Allocation Strategy | |||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 728,818 | $ | 666,047 | $ | 2,211,520 | $ | 2,226,756 | ||||||||
Net Realized Gain(a) | 4,709,594 | 6,750,621 | 8,986,476 | 13,099,212 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation)(a) | 4,171,170 | (2,763,305 | ) | 6,073,563 | (4,143,403 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Net Assets from Operations | 9,609,582 | 4,653,363 | 17,271,559 | 11,182,565 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||
Net Investment Income: | ||||||||||||||||
I Shares | (1,427,037 | ) | (737,505 | ) | (3,318,303 | ) | (2,342,232 | ) | ||||||||
A Shares | (250,763 | ) | (120,331 | ) | (498,072 | ) | (305,300 | ) | ||||||||
C Shares | (65,359 | ) | (19,640 | ) | (281,147 | ) | (151,501 | ) | ||||||||
Net Realized Gains: | ||||||||||||||||
I Shares | (5,350,916 | ) | — | (9,210,989 | ) | (2,159,304 | ) | |||||||||
A Shares | (994,791 | ) | — | (1,440,691 | ) | (307,003 | ) | |||||||||
C Shares | (313,898 | ) | — | (1,051,732 | ) | (220,428 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Dividends and Distributions | (8,402,764 | ) | (877,476 | ) | (15,800,934 | ) | (5,485,768 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Net Assets from Capital Transactions | (2,364,949 | ) | (7,939,350 | ) | (30,892,330 | ) | (831,115 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Net Assets | (1,158,131 | ) | (4,163,463 | ) | (29,421,705 | ) | 4,865,682 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 66,799,412 | 70,962,875 | 173,640,662 | 168,774,980 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 65,641,281 | $ | 66,799,412 | $ | 144,218,957 | $ | 173,640,662 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated Net Investment Income, End of Period | $ | 82,308 | $ | 85,158 | $ | 469,254 | $ | 435,223 | ||||||||
|
|
|
|
|
|
|
|
(a) | Net realized gain (loss) from investment transactions and net change in unrealized appreciation/depreciation on investments for the Allocation Strategy Funds are primarily attributable to the underlying investments in affiliated investment companies. |
See Notes to Financial Statements.
69
Table of Contents
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) | 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 | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | ||||||||||||||||||||||||||||||||||||||||||||||
Aggressive Growth Stock Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $15.60 | $(0.22 | )(d) | $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 | )(d) | 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 | )(d) | (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 | )(d) | 3.71 | 3.59 | — | — | — | — | 16.45 | 134,643 | 27.99 | 1.19 | 1.19 | (0.89 | ) | 53 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.73 | (0.08 | )(d) | 5.21 | 5.13 | — | — | — | — | 12.86 | 108,754 | 66.36 | 1.21 | 1.21 | (0.77 | ) | 27 | |||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 15.16 | (0.24 | )(d) | 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 | )(d) | 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 | )(d) | (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 | )(d) | 3.64 | 3.48 | — | — | — | — | 16.10 | 3,519 | 27.58 | 1.49 | 1.49 | (1.19 | ) | 53 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.61 | (0.13 | )(d) | 5.14 | 5.01 | — | — | — | — | 12.62 | 2,502 | 65.83 | 1.52 | 1.52 | (1.12 | ) | 27 | |||||||||||||||||||||||||||||||||||||||||||
International Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.64 | 0.55 | (d) | 1.65 | 2.20 | (1.17 | ) | — | (0.22 | ) | (1.39 | ) | 12.45 | 26,932 | 19.52 | 1.20 | 1.20 | 4.55 | (i) | 43 | ||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 10.74 | 0.22 | (d) | 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 | (d) | (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 | (d) | 1.02 | 1.18 | (0.27 | ) | — | — | (0.27 | ) | 11.62 | 252,253 | 11.29 | 1.27 | 1.27 | 1.49 | 80 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 6.38 | 0.11 | (d) | 4.28 | 4.39 | (0.06 | ) | — | — | (0.06 | ) | 10.71 | 273,819 | 68.80 | 1.25 | 1.30 | 1.17 | 95 | ||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.51 | 0.20 | (d) | 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 | (d) | 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 | (d) | (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 | (d) | 1.01 | 1.14 | (0.24 | ) | — | — | (0.24 | ) | 11.49 | 7,227 | 10.98 | 1.57 | 1.57 | 1.24 | 80 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 6.32 | 0.09 | (d) | 4.22 | 4.31 | (0.04 | ) | — | — | (0.04 | ) | 10.59 | 8,104 | 68.22 | 1.55 | 1.59 | 0.68 | 95 | ||||||||||||||||||||||||||||||||||||||||||
International Equity Index Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 12.04 | 0.37 | (d) | 1.55 | 1.92 | (0.56 | ) | — | (7.74 | ) | (8.30 | ) | 5.66 | 50,396 | 22.52 | 0.72 | 1.21 | 4.20 | (i) | 26 | ||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 11.68 | 0.32 | (d) | 0.67 | 0.99 | (0.40 | ) | — | (0.23 | ) | (0.63 | ) | 12.04 | 222,839 | 8.62 | 0.73 | 0.76 | 2.79 | 24 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2012 | 13.52 | 0.38 | (d) | (1.77 | ) | (1.39 | ) | (0.45 | ) | — | — | (0.45 | ) | 11.68 | 339,763 | (9.78 | ) | 0.72 | 0.72 | 3.15 | 31 | |||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 12.72 | 0.33 | (d) | 0.86 | 1.19 | (0.39 | ) | — | — | (0.39 | ) | 13.52 | 478,223 | 9.55 | 0.66 | 0.66 | 2.65 | 43 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 8.75 | 0.34 | 4.03 | 4.37 | (0.40 | ) | — | — | (0.40 | ) | 12.72 | 839,582 | 49.93 | 0.64 | 0.64 | 2.46 | 36 | |||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.94 | 0.18 | (d) | 1.68 | 1.86 | (0.53 | ) | — | (7.74 | ) | (8.27 | ) | 5.53 | 2,876 | 22.11 | 1.02 | 1.51 | 2.36 | 26 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 11.59 | 0.27 | (d) | 0.68 | 0.95 | (0.37 | ) | — | (0.23 | ) | (0.60 | ) | 11.94 | 2,621 | 8.33 | 0.99 | 1.04 | 2.42 | 24 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2012 | 13.40 | 0.38 | (d) | (1.79 | ) | (1.41 | ) | (0.40 | ) | — | — | (0.40 | ) | 11.59 | 2,529 | (10.05 | ) | 1.02 | 1.02 | 3.11 | 31 | |||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 12.61 | 0.28 | (d) | 0.86 | 1.14 | (0.35 | ) | — | — | (0.35 | ) | 13.40 | 4,459 | 9.23 | 0.92 | 0.92 | 2.25 | 43 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 8.69 | 0.25 | 4.05 | 4.30 | (0.38 | ) | — | — | (0.38 | ) | 12.61 | 5,998 | 49.46 | 0.94 | 0.94 | 1.72 | 36 |
See Notes to Financial Statements.
70
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) | 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 | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | ||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Growth Stock Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $8.31 | $0.01 | (d) | $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 | (d) | 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 | )(d) | 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 | (d) | 1.95 | 1.96 | — | (e) | — | — | — | 11.55 | 406,017 | 20.48 | 1.04 | 1.06 | 0.06 | 30 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 6.57 | 0.01 | 3.02 | 3.03 | (0.01 | ) | — | — | (0.01 | ) | 9.59 | 443,918 | 46.20 | 0.99 | 1.04 | 0.19 | 62 | |||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 7.27 | (0.02 | )(d) | 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 | — | (d)(e) | 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 | )(d) | 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 | )(d) | 1.81 | 1.79 | — | — | — | — | 10.70 | 46,358 | 20.09 | 1.34 | 1.36 | (0.24 | ) | 30 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 6.11 | (0.01 | ) | 2.81 | 2.80 | — | — | — | — | 8.91 | 44,994 | 45.90 | 1.29 | 1.34 | (0.11 | ) | 62 | |||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 5.71 | (0.06 | )(d) | 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 | )(d) | 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 | )(d) | 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 | )(d) | 1.62 | 1.54 | — | — | — | — | 9.48 | 17,680 | 19.40 | 2.04 | 2.06 | (0.94 | ) | 30 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 5.49 | (0.06 | ) | 2.51 | 2.45 | — | — | — | — | 7.94 | 17,516 | 44.63 | 1.99 | 2.04 | (0.81 | ) | 62 | |||||||||||||||||||||||||||||||||||||||||||
Large Cap Value Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 15.76 | 0.24 | (d) | 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 | (d) | 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 | (d) | 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 | (d) | 1.75 | 1.93 | (0.17 | ) | — | — | (0.17 | ) | 13.47 | 1,348,969 | 16.69 | 0.83 | 0.83 | 1.48 | 134 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.99 | 0.17 | 3.72 | 3.89 | (0.17 | ) | — | — | (0.17 | ) | 11.71 | 1,288,962 | 49.03 | 0.81 | 0.82 | 1.67 | 105 | |||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 15.67 | 0.19 | (d) | 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 | (d) | 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 | (d) | 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 | (d) | 1.74 | 1.89 | (0.14 | ) | — | — | (0.14 | ) | 13.41 | 80,048 | 16.37 | 1.13 | 1.13 | 1.20 | 134 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.96 | 0.14 | 3.71 | 3.85 | (0.15 | ) | — | — | (0.15 | ) | 11.66 | 33,805 | 48.59 | 1.11 | 1.12 | 1.37 | 105 | |||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 15.42 | 0.10 | (d) | 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 | (d) | 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 | (d) | 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 | (d) | 1.72 | 1.78 | (0.06 | ) | — | — | (0.06 | ) | 13.21 | 18,686 | 15.53 | 1.83 | 1.83 | 0.48 | 134 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.87 | 0.07 | 3.65 | 3.72 | (0.10 | ) | — | — | (0.10 | ) | 11.49 | 19,823 | 47.43 | 1.81 | 1.82 | 0.67 | 105 | |||||||||||||||||||||||||||||||||||||||||||
Mid-Cap Value Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 13.06 | 0.14 | (d) | 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 | (d) | 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 | (d) | (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 | (d) | 2.26 | 2.36 | (0.09 | ) | — | (0.74 | ) | (0.83 | ) | 12.70 | 1,710,610 | 21.89 | 1.04 | 1.04 | 0.91 | 170 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 6.45 | 0.11 | 4.73 | 4.84 | (0.12 | ) | — | — | (0.12 | ) | 11.17 | 803,168 | 75.36 | 1.03 | 1.04 | 1.11 | 195 |
See Notes to Financial Statements.
71
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) | 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 | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | ||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $12.96 | $0.10 | (d) | $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 | (d) | 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 | (d) | (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 | (d) | 2.24 | 2.32 | (0.07 | ) | — | (0.74 | ) | (0.81 | ) | 12.62 | 252,165 | 21.55 | 1.35 | 1.35 | 0.70 | 170 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 6.42 | 0.09 | 4.70 | 4.79 | (0.10 | ) | — | — | (0.10 | ) | 11.11 | 36,756 | 74.87 | 1.32 | 1.34 | 0.70 | 195 | |||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 12.77 | 0.05 | (d) | 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 | (d) | 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 | (d) | (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 | — | (d) | 2.21 | 2.21 | (0.01 | ) | — | (0.74 | ) | (0.75 | ) | 12.48 | 24,496 | 20.71 | 2.04 | 2.04 | (0.04 | ) | 170 | ||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 6.38 | 0.02 | 4.67 | 4.69 | (0.05 | ) | — | — | (0.05 | ) | 11.02 | 5,853 | 73.71 | 2.03 | 2.04 | 0.13 | 195 | |||||||||||||||||||||||||||||||||||||||||||
Select Large Cap Growth Stock Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 26.91 | (0.02 | )(d) | 6.43 | 6.41 | — | — | (4.74 | ) | (4.74 | ) | 28.58 | 4,952 | 23.97 | 1.07 | 1.07 | (0.08 | ) | 48 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 33.89 | 0.01 | (d) | (0.26 | ) | (0.25 | ) | — | — | (6.73 | ) | (6.73 | ) | 26.91 | 19,813 | 0.37 | 1.06 | 1.06 | 0.04 | 57 | ||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2012 | 32.51 | (0.04 | )(d) | 2.24 | 2.20 | — | — | (0.82 | ) | (0.82 | ) | 33.89 | 34,499 | 7.31 | 1.05 | 1.05 | (0.13 | ) | 66 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 27.79 | 0.02 | (d) | 4.70 | 4.72 | — | — | — | — | 32.51 | 80,589 | 16.98 | 0.99 | 0.99 | 0.07 | 72 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 19.74 | 0.04 | 8.03 | 8.07 | (0.02 | ) | — | (e) | — | (0.02 | ) | 27.79 | 114,100 | 40.93 | 0.96 | 0.96 | 0.18 | 65 | ||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 26.22 | (0.10 | )(d) | 6.25 | 6.15 | — | — | (4.74 | ) | (4.74 | ) | 27.63 | 1,000 | 23.58 | 1.34 | 1.34 | (0.36 | ) | 48 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 33.28 | (0.06 | )(d) | (0.27 | ) | (0.33 | ) | — | — | (6.73 | ) | (6.73 | ) | 26.22 | 765 | 0.13 | 1.33 | 1.33 | (0.21 | ) | 57 | |||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2012 | 32.04 | (0.13 | )(d) | 2.19 | 2.06 | — | — | (0.82 | ) | (0.82 | ) | 33.28 | 796 | 6.98 | 1.36 | 1.36 | (0.43 | ) | 66 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 27.47 | (0.06 | )(d) | 4.63 | 4.57 | — | — | — | — | 32.04 | 698 | 16.64 | 1.29 | 1.29 | (0.21 | ) | 72 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 19.54 | (0.03 | ) | 7.97 | 7.94 | (0.01 | ) | — | (e) | — | (0.01 | ) | 27.47 | 244 | 40.65 | 1.25 | 1.26 | (0.10 | ) | 65 | ||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 22.64 | (0.26 | )(d) | 5.38 | 5.12 | — | — | (4.74 | ) | (4.74 | ) | 23.02 | 14,212 | 22.72 | 2.04 | 2.04 | (1.06 | ) | 48 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 29.90 | (0.24 | )(d) | (0.29 | ) | (0.53 | ) | — | — | (6.73 | ) | (6.73 | ) | 22.64 | 13,675 | (0.58 | ) | 2.02 | 2.02 | (0.91 | ) | 57 | ||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2012 | 29.08 | (0.31 | )(d) | 1.95 | 1.64 | — | — | (0.82 | ) | (0.82 | ) | 29.90 | 16,053 | 6.24 | 2.06 | 2.06 | (1.13 | ) | 66 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 25.10 | (0.23 | )(d) | 4.21 | 3.98 | — | — | — | — | 29.08 | 18,332 | 15.86 | 1.99 | 1.99 | (0.92 | ) | 72 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 17.99 | (0.19 | ) | 7.30 | 7.11 | — | — | (e) | — | — | 25.10 | 19,040 | 39.52 | 1.96 | 1.96 | (0.81 | ) | 65 | ||||||||||||||||||||||||||||||||||||||||||
Small Cap Growth Stock Fund |
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I Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 15.66 | (0.16 | )(d) | 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 | )(d) | 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 | )(d) | 0.14 | (f) | 0.04 | — | — | — | — | 17.21 | 267,694 | 0.23 | 1.23 | 1.23 | (0.62 | ) | 71 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 13.32 | (0.11 | )(d) | 3.96 | 3.85 | — | — | — | — | 17.17 | 408,399 | 28.90 | 1.23 | 1.23 | (0.81 | ) | 112 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 8.52 | (0.09 | ) | 4.89 | 4.80 | — | — | — | — | 13.32 | 358,947 | 56.34 | 1.22 | 1.22 | (0.76 | ) | 103 | |||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 14.46 | (0.15 | )(d) | 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 | )(d) | 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 | )(d) | 0.13 | (f) | (0.01 | ) | — | — | — | — | 16.18 | 10,032 | (0.06 | ) | 1.54 | 1.54 | (0.91 | ) | 71 | ||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 12.59 | (0.15 | )(d) | 3.75 | 3.60 | — | — | — | — | 16.19 | 12,235 | 28.59 | 1.53 | 1.53 | (1.11 | ) | 112 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 8.08 | (0.12 | ) | 4.63 | 4.51 | — | — | — | — | 12.59 | 11,517 | 55.82 | 1.52 | 1.52 | (1.06 | ) | 103 |
See Notes to Financial Statements.
72
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) | 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 | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | ||||||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $11.77 | $(0.20)(d) | $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)(d) | 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)(d) | 0.11(f) | (0.10) | — | — | — | — | 13.91 | 8,129 | (0.71) | 2.24 | 2.24 | (1.61) | 71 | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 10.98 | (0.21)(d) | 3.24 | 3.03 | — | — | — | — | 14.01 | 9,636 | 27.60 | 2.23 | 2.23 | (1.81) | 112 | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.10 | (0.17) | 4.05 | 3.88 | — | — | — | — | 10.98 | 8,827 | 54.65 | 2.22 | 2.22 | (1.76) | 103 | |||||||||||||||||||||||||||||||||||||||||||||
Small Cap Value Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 15.45 | 0.17(d) | 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(d) | 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(d) | (0.07)(f) | 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(d) | 2.79 | 2.89 | (0.11) | — | — | (0.11) | 14.54 | 1,002,005 | 24.68 | 1.21 | 1.21 | 0.82 | 72 | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.57 | 0.11 | 4.20 | 4.31 | (0.12) | — | — | (0.12) | 11.76 | 612,490 | 57.15 | 1.21 | 1.21 | 1.29 | 62 | |||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 15.19 | 0.12(d) | 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(d) | 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(d) | (0.08)(f) | — | (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(d) | 2.75 | 2.81 | (0.07) | — | — | (0.07) | 14.33 | 103,365 | 24.38 | 1.52 | 1.52 | 0.48 | 72 | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.47 | 0.07 | 4.15 | 4.22 | (0.10) | — | — | (0.10) | 11.59 | 17,826 | 56.66 | 1.50 | 1.50 | 1.00 | 62 | |||||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 14.47 | 0.06(d) | 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(d) | 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)(d) | (0.08)(f) | (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)(d) | 2.64 | 2.62 | (0.01) | — | — | (0.01) | 13.76 | 32,074 | 23.51 | 2.21 | 2.21 | (0.18) | 72 | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.20 | 0.02 | 3.97 | 3.99 | (0.04) | — | — | (0.04) | 11.15 | 17,601 | 55.48 | 2.21 | 2.21 | 0.30 | 62 | |||||||||||||||||||||||||||||||||||||||||||||
Aggressive Growth Allocation Strategy(g) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 8.95 | 0.09(d) | 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(d) | 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(d) | (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(d) | 1.18 | 1.23 | (0.09) | — | — | (0.09) | 8.57 | 22,524 | 16.73 | 0.20 | 0.52 | 0.71 | 19 | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 5.06 | 0.10 | 2.36 | 2.46 | (0.09) | — | — | (0.09) | 7.43 | 22,335 | 48.74 | — | 0.33 | 1.41 | 23 | |||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 8.88 | 0.09(d) | 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(d) | 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(d) | (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(d) | 1.17 | 1.21 | (0.07) | — | — | (0.07) | 8.52 | 4,655 | 16.48 | 0.50 | 0.84 | 0.51 | 19 | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 5.04 | 0.07 | 2.34 | 2.41 | (0.07) | — | — | (0.07) | 7.38 | 2,438 | 48.02 | — | 0.63 | 1.03 | 23 | |||||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 8.69 | 0.03(d) | 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)(d) | 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)(d) | (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)(d) | 1.16 | 1.14 | (0.05) | — | — | (0.05) | 8.39 | 1,059 | 15.70 | 1.20 | 1.52 | (0.33) | 19 | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 5.00 | 0.03 | 2.32 | 2.35 | (0.05) | — | — | (0.05) | 7.30 | 1,554 | 47.14 | — | 1.33 | 0.37 | 23 |
See Notes to Financial Statements.
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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) | 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 | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | ||||||||||||||||||||||||||||||||||||||||||||||
Conservative Allocation Strategy(g) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $12.54 | $0.24(d | ) | $0.68 | $0.92 | $(0.34 | ) | $— | $(0.52 | ) | $(0.86 | ) | $12.60 | $28,894 | 7.48 | %(h) | 0.30 | % | 0.38 | % | 1.88 | % | 24 | % | ||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 12.27 | 0.21(d | ) | 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(d | ) | 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(d | ) | 0.75 | 1.03 | (0.46 | ) | — | (0.01 | ) | (0.47 | ) | 12.07 | 12,897 | 9.15 | 0.20 | 0.66 | 2.41 | 28 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.81 | 0.27 | 1.72 | 1.99 | (0.28 | ) | — | (0.01 | ) | (0.29 | ) | 11.51 | 6,310 | 20.51 | 0.20 | 0.53 | 2.61 | 29 | ||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 12.53 | 0.20(d | ) | 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(d | ) | 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(d | ) | 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(d | ) | 0.71 | 0.99 | (0.43 | ) | — | (0.01 | ) | (0.44 | ) | 12.06 | 8,371 | 8.73 | 0.50 | 0.96 | 2.35 | 28 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.81 | 0.23 | 1.74 | 1.97 | (0.26 | ) | — | (0.01 | ) | (0.27 | ) | 11.51 | 3,137 | 20.25 | 0.50 | 0.89 | 2.27 | 29 | ||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 12.42 | 0.11(d | ) | 0.67 | 0.78 | (0.22 | ) | — | (0.52 | ) | (0.74 | ) | 12.46 | 17,110 | 6.38 | (h) | 1.30 | 1.32 | 0.89 | 24 | ||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 12.18 | 0.09(d | ) | 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(d | ) | 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(d | ) | 0.74 | 0.91 | (0.35 | ) | — | (0.01 | ) | (0.36 | ) | 11.99 | 7,305 | 8.07 | 1.20 | 1.65 | 1.47 | 28 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.77 | 0.16 | 1.71 | 1.87 | (0.19 | ) | — | (0.01 | ) | (0.20 | ) | 11.44 | 4,294 | 19.29 | 1.20 | 1.52 | 1.61 | 29 | ||||||||||||||||||||||||||||||||||||||||||
Growth Allocation Strategy(g) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.28 | 0.14(d | ) | 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(d | ) | 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(d | ) | 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(d | ) | 1.13 | 1.27 | (0.23 | ) | — | — | (0.23 | ) | 10.56 | 55,332 | 13.58 | 0.20 | 0.31 | 1.44 | 25 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.02 | 0.15 | 2.50 | 2.65 | (0.15 | ) | — | — | (0.15 | ) | 9.52 | 54,407 | 37.92 | 0.19 | 0.24 | 1.70 | 21 | |||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.23 | 0.12(d | ) | 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(d | ) | 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(d | ) | 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(d | ) | 1.12 | 1.25 | (0.20 | ) | — | — | (0.20 | ) | 10.53 | 10,934 | 13.35 | 0.50 | 0.61 | 1.35 | 25 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.00 | 0.13 | 2.48 | 2.61 | (0.13 | ) | — | — | (0.13 | ) | 9.48 | 3,638 | 37.46 | 0.49 | 0.54 | 1.39 | 21 | |||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.08 | 0.06(d | ) | 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(d | ) | 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(d | ) | 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(d | ) | 1.12 | 1.16 | (0.13 | ) | — | — | (0.13 | ) | 10.41 | 3,063 | 12.50 | 1.20 | 1.31 | 0.43 | 25 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 6.94 | 0.07 | 2.46 | 2.53 | (0.09 | ) | — | — | (0.09 | ) | 9.38 | 3,234 | 36.53 | 1.19 | 1.24 | 0.69 | 21 | |||||||||||||||||||||||||||||||||||||||||||
Moderate Allocation Strategy(g) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.11 | 0.16(d | ) | 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(d | ) | 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(d | ) | 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(d | ) | 0.90 | 1.10 | (0.34 | ) | — | — | (0.34 | ) | 10.60 | 122,804 | 11.45 | 0.20 | 0.23 | 2.00 | 33 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.76 | 0.20 | 2.09 | 2.29 | (0.21 | ) | — | — | (0.21 | ) | 9.84 | 125,016 | 29.66 | 0.19 | 0.21 | 2.22 | 21 |
See Notes to Financial Statements.
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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) | 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 | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | ||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $11.08 | $0.15(d | ) | $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(d | ) | 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(d | ) | 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(d | ) | 0.89 | 1.07 | (0.31 | ) | — | — | (0.31 | ) | 10.58 | 14,416 | 11.11 | 0.50 | 0.53 | 1.79 | 33 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.75 | 0.17 | 2.08 | 2.25 | (0.18 | ) | — | — | (0.18 | ) | 9.82 | 8,615 | 29.23 | 0.49 | 0.51 | 1.91 | 21 | |||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.00 | 0.08(d | ) | 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(d | ) | 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(d | ) | 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(d | ) | 0.90 | 0.99 | (0.24 | ) | — | — | (0.24 | ) | 10.52 | 15,252 | 10.29 | 1.20 | 1.23 | 0.95 | 33 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.72 | 0.11 | 2.07 | 2.18 | (0.13 | ) | — | — | (0.13 | ) | 9.77 | 15,431 | 28.31 | 1.19 | 1.21 | 1.21 | 21 |
(a) | Total return excludes sales charge. Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year. |
(c) | Not annualized for periods less than one year. |
(d) | Per share data calculated using average shares outstanding method. |
(e) | Rounds to less than $0.005 per share. |
(f) | 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. |
(g) | 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. |
(h) | 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. |
(i) | 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. |
See Notes to Financial Statements.
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RIDGEWORTH FUNDS March 31, 2014
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, International Equity Index Fund, Large Cap Growth Stock Fund, Large Cap Value Equity Fund, Mid-Cap Value Equity Fund, Select Large Cap Growth Stock 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”).
The Aggressive Growth Stock Fund, International Equity Fund and International Equity Index Fund offer I Shares and A Shares. The Large Cap Growth Stock Fund, Large Cap Value Equity Fund, Mid-Cap Value Equity Fund, Select Large Cap Growth Stock 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 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 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.
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, 2014
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 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.
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RIDGEWORTH FUNDS March 31, 2014
The following is a summary of the inputs used in valuing the Funds’ assets and liabilities carried at fair value as of March 31, 2014:
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Aggressive Growth Stock Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks1 | $58,644,348 | $— | $— | $58,644,348 | ||||||||||||
Money Market Fund | 674,888 | — | — | 674,888 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 59,319,236 | — | — | 59,319,236 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 11,182,474 | 19,535,200 | — | 30,717,674 | ||||||||||||
Preferred Stock1 | 568,026 | — | — | 568,026 | ||||||||||||
Rights1 | 17,850 | — | — | 17,850 | ||||||||||||
Money Market Fund | 120,193 | — | — | 120,193 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 11,888,543 | 19,535,200 | — | 31,423,743 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Index Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks1 | 18,666,604 | 33,414,827 | 0 | 2 | 52,081,431 | |||||||||||
Preferred Stock1 | 472,435 | 39,530 | — | 511,965 | ||||||||||||
Rights1 | 12,012 | — | 0 | 2 | 12,012 | |||||||||||
Exchange Traded Funds | 665,969 | — | — | 665,969 | ||||||||||||
Trust | — | 8,647 | — | 8,647 | ||||||||||||
Short-Term Investment | — | 472,435 | — | 472,435 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 19,817,020 | 33,935,439 | 0 | 2 | 53,752,459 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Large Cap Growth Stock Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks1 | 285,491,530 | — | — | 285,491,530 | ||||||||||||
Short-Term Investment | — | 1,715,475 | — | 1,715,475 | ||||||||||||
Money Market Fund | 1,654,076 | — | — | 1,654,076 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 287,145,606 | 1,715,475 | — | 288,861,081 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Large Cap Value Equity Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks1 | 2,160,293,427 | — | — | 2,160,293,427 | ||||||||||||
Short-Term Investment | — | 3,281,000 | — | 3,281,000 | ||||||||||||
Money Market Fund | 23,139,551 | — | — | 23,139,551 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 2,183,432,978 | 3,281,000 | — | 2,186,713,978 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Mid-Cap Value Equity Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks1 | 3,732,510,201 | — | — | 3,732,510,201 | ||||||||||||
Short-Term Investment | — | 114,504,510 | — | 114,504,510 | ||||||||||||
Money Market Fund | 105,645,976 | — | — | 105,645,976 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 3,838,156,177 | 114,504,510 | — | 3,952,660,687 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Select Large Cap Growth Stock Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks1 | 20,113,942 | — | — | 20,113,942 | ||||||||||||
Money Market Fund | 88,048 | — | — | 88,048 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 20,201,990 | — | — | 20,201,990 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Small Cap Growth Stock Fund |
| |||||||||||||||
Assets | ||||||||||||||||
Common Stocks1 | 192,979,106 | — | — | 192,979,106 | ||||||||||||
Short-Term Investment | — | 24,393,915 | — | 24,393,915 | ||||||||||||
Money Market Fund | 340,814 | — | — | 340,814 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 193,319,920 | 24,393,915 | — | 217,713,835 | ||||||||||||
|
|
|
|
|
|
|
|
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Small Cap Value Equity Fund |
| |||||||||||||||
Assets | ||||||||||||||||
Common Stocks1 | $1,762,104,387 | $— | $— | $1,762,104,387 | ||||||||||||
Money Market Fund | 3,160,307 | — | — | 3,160,307 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 1,765,264,694 | — | — | 1,765,264,694 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Aggressive Growth Allocation Strategy |
| |||||||||||||||
Assets | ||||||||||||||||
Equity Funds | 13,960,451 | — | — | 13,960,451 | ||||||||||||
Fixed Income Funds | 2,051,414 | — | — | 2,051,414 | ||||||||||||
Exchange Traded Funds | 3,375,144 | — | — | 3,375,144 | ||||||||||||
Money Market Fund | 186,260 | — | — | 186,260 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 19,573,269 | — | — | 19,573,269 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Conservative Allocation Strategy |
| |||||||||||||||
Assets | ||||||||||||||||
Equity Funds | 17,621,799 | — | — | 17,621,799 | ||||||||||||
Fixed Income Funds | 33,498,636 | — | — | 33,498,636 | ||||||||||||
Exchange Traded Funds | 9,745,787 | — | — | 9,745,787 | ||||||||||||
Money Market Fund | 571,187 | — | — | 571,187 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 61,437,409 | — | — | 61,437,409 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Growth Allocation Strategy |
| |||||||||||||||
Assets | ||||||||||||||||
Equity Funds | 40,930,486 | — | — | 40,930,486 | ||||||||||||
Fixed Income Funds | 12,948,926 | — | — | 12,948,926 | ||||||||||||
Exchange Traded Funds | 11,322,874 | — | — | 11,322,874 | ||||||||||||
Money Market Fund | 623,016 | — | — | 623,016 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 65,825,302 | — | — | 65,825,302 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Moderate Allocation Strategy |
| |||||||||||||||
Assets | ||||||||||||||||
Equity Funds | 65,547,014 | — | — | 65,547,014 | ||||||||||||
Fixed Income Funds | 51,475,849 | — | — | 51,475,849 | ||||||||||||
Exchange Traded Funds | 26,162,540 | — | — | 26,162,540 | ||||||||||||
Money Market Fund | 1,298,021 | — | — | 1,298,021 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $144,483,424 | $— | $— | $144,483,424 | ||||||||||||
|
|
|
|
|
|
|
|
1 | Please see the Schedule of Portfolio Investments for Sector or Country Classification. |
2 | As of March 31, 2014 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, 2014. 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 year. 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, 2014, securities valued at $19,535,199 and $33,463,005 were transferred from Level 1 to Level 2 pursuant to the Pricing and Valuation Procedures for International Equity Fund and International Equity Index Fund, respectively. The transfers were a result of certain equity securities including a fair valuation adjustment factor applied to their equity prices as of March 31, 2014.
(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. The cost of investments sold is determined by use of the specific identification method. To the extent
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RIDGEWORTH FUNDS March 31, 2014
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.
(c) Distributions to Shareholders — Distributions from net investment income of each of the Funds are declared quarterly to shareholders of record, and are paid quarterly, except for the International Equity Fund and the International Equity Index Fund for which distributions are declared and paid annually. 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 that share class.
(e) 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, 2014.
(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. The Funds did not hold any derivative instruments during the year ended March 31, 2014.
(g) 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.
(h) 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
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RIDGEWORTH FUNDS March 31, 2014
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, 2014, 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, 2014 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% | 88,099,772 | $88,099,772 | ||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.00% | 289,506,385 | 289,506,385 | ||||||
|
| |||||||
Total Investments (Cost $377,606,157) | 377,606,157 | |||||||
Amount due to Lending Agent | (31,180 | ) | ||||||
|
| |||||||
Net Investment Value | $377,574,977 | |||||||
|
|
The following Funds paid securities lending fees to the lending agent during the fiscal year ended March 31, 2014, which have been netted against Income from Securities Lending on the Statements of Operations. These fees are presented below:
Fund | Fee | |||
International Equity Fund | $22,948 | |||
International Equity Index Fund | 18,579 | |||
Large Cap Growth Stock Fund | 1,277 | |||
Large Cap Value Equity Fund | 4,913 | |||
Mid-Cap Value Equity Fund | 116,527 | |||
Select Large Cap Growth Stock Fund | 65 | |||
Small Cap Growth Stock Fund | 36,957 |
(i) 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.
(j) 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, 2014, the Funds’ did not have any restricted securities.
(k) 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
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RIDGEWORTH FUNDS March 31, 2014
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.
(l) 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, 2014, 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.
(m) 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.
(n) Line of Credit — The Funds 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 $100,000,000. 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. The Funds will pay a commitment fee to State Street Bank in the amount of 0.10% per annum on the daily unused portion of the LOC. 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 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, 2014, the Funds had no borrowings under the LOC.
3. | Investment Adviser and Other Service Providers |
Investment Adviser — RidgeWorth Investments (“Investment Adviser”), a majority subsidiary of SunTrust Banks, Inc. (“SunTrust”), 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 and International Equity Index Fund; Silvant Capital Management LLC serves as the Subadviser for the Large Cap Growth Stock Fund, Select Large Cap Growth Stock Fund and Small Cap Growth Stock Fund. Zevenbergen Capital Investments LLC serves as the Subadviser for the Aggressive Growth Stock Fund; and Zevenbergen Capital Investments LLC is a minority-owned subsidiary of the Investment Adviser. Each of the other Subadvisers is a wholly-owned 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. Effective August 1, 2013 the investment advisory fees changed as described in the table below. Breakpoints are used in computing the overall annual advisory fee. The
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RIDGEWORTH FUNDS March 31, 2014
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, 2014 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 | % | (0.06 | )% | 0.79 | % | ||||||||
International Equity Fund | 0.90 | 0.90 | — | 0.90 | ||||||||||||
International Equity Index Fund | 0.45 | 0.45 | (0.48 | ) | — | |||||||||||
Large Cap Growth Stock Fund | 0.70 | 0.70 | (0.12 | ) | 0.58 | |||||||||||
Large Cap Value Equity Fund | 0.70 | 0.66 | (0.16 | ) | 0.50 | |||||||||||
Mid-Cap Value Equity Fund | 0.75 | 0.69 | (0.01 | ) | 0.68 | |||||||||||
Select Large Cap Growth Stock Fund | 0.70 | 0.70 | (0.00 | )** | 0.70 | |||||||||||
Small Cap Growth Stock Fund | 0.85 | 0.85 | (0.04 | ) | 0.81 | |||||||||||
Small Cap Value Equity Fund | 0.85 | 0.80 | — | 0.80 | ||||||||||||
Aggressive Growth Allocation Strategy | 0.10 | 0.10 | (0.40 | ) | — | |||||||||||
Conservative Allocation Strategy | 0.10 | 0.10 | (0.07 | ) | 0.03 | |||||||||||
Growth Allocation Strategy | 0.10 | 0.10 | (0.14 | ) | — | |||||||||||
Moderate Allocation Strategy | 0.10 | 0.10 | (0.03 | ) | 0.07 |
* | Aggregate annual fees paid to the Investment Adviser, who pays the applicable Subadviser a portion of the fees for its services to the Funds. |
** | Rounds to less than 0.005% |
Amounts designated as “—” are 0%.
The Investment Adviser and the applicable Subadviser have contractually agreed, until at least August 1, 2014, 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, 2013 to March 31, 2014 | ||||||||||||
Fund | I Shares | A Shares | C Shares | |||||||||
Aggressive Growth Stock Fund | 1.29 | % | 1.50 | % | N/A | % | ||||||
International Equity Fund* | 1.37 | 1.57 | N/A | |||||||||
International Equity Index Fund* | 0.68 | 1.02 | N/A | |||||||||
Large Cap Growth Stock Fund* | 0.90 | 1.20 | 1.90 | |||||||||
Large Cap Value Equity Fund* | 0.90 | 1.20 | 1.90 | |||||||||
Mid-Cap Value Equity Fund* | 1.10 | 1.35 | 1.95 | |||||||||
Select Large Cap Growth Stock Fund* | 1.09 | 1.37 | 2.09 | |||||||||
Small Cap Growth Stock Fund* | 1.24 | 1.52 | 2.24 | |||||||||
Small Cap Value Equity Fund | 1.31 | 1.55 | 2.15 | |||||||||
Aggressive Growth Allocation Strategy | 0.50 | 0.70 | 1.30 | |||||||||
Conservative Allocation Strategy | 0.30 | 0.60 | 1.30 | |||||||||
Growth Allocation Strategy | 0.50 | 0.70 | 1.30 | |||||||||
Moderate Allocation Strategy | 0.50 | 0.70 | 1.30 |
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RIDGEWORTH FUNDS March 31, 2014
* | For the period April 1, 2013 to July 31, 2013 the Contractual Expense Limitations were as follows: |
Fund | I Shares | A Shares | C Shares | |||||||||
International Equity Fund | 1.37 | % | 1.67 | % | N/A | % | ||||||
International Equity Index Fund | 0.76 | 1.02 | N/A | |||||||||
Large Cap Growth Stock Fund | 1.16 | 1.40 | 2.10 | |||||||||
Large Cap Value Equity Fund | 0.93 | 1.18 | 1.88 | |||||||||
Mid-Cap Value Equity Fund | 1.14 | 1.35 | 1.95 | |||||||||
Select Large Cap Growth Stock Fund | 1.09 | 1.39 | 2.09 | |||||||||
Small Cap Growth Stock Fund | 1.33 | 1.60 | 2.25 |
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. During the fiscal year ended March 31, 2014, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. As of March 31, 2014, the cumulative potential recoupments recoverable pursuant to this agreement are as follows:
Expires | ||||||||||||
Fund | 2015 | 2016 | 2017 | |||||||||
Aggressive Growth Stock Fund | $— | $7,685 | $21,142 | |||||||||
International Equity Fund | — | — | 388 | |||||||||
International Equity Index Fund | — | 83,256 | 391,395 | |||||||||
Large Cap Growth Stock Fund | — | 373 | 323,087 | |||||||||
Large Cap Value Equity Fund | — | 275,540 | 3,069,235 | |||||||||
Mid-Cap Value Equity Fund | — | 174,546 | 437,950 | |||||||||
Select Large Cap Growth Stock Fund | — | 71 | 298 | |||||||||
Small Cap Growth Stock Fund | — | 24 | 78,271 | |||||||||
Small Cap Value Equity Fund | — | 2,051 | — | |||||||||
Aggressive Growth Allocation Strategy | 63,460 | 87,752 | 84,819 | |||||||||
Conservative Allocation Strategy | 75,713 | 65,489 | 37,397 | |||||||||
Growth Allocation Strategy | 42,458 | 86,203 | 90,194 | |||||||||
Moderate Allocation Strategy | 34,791 | 36,646 | 48,002 |
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
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RIDGEWORTH FUNDS March 31, 2014
monthly. For the fiscal year ended March 31, 2014, 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, 2014, the Distributor did not retain 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, 2014, 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 | ||||||
International Equity Index 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 | ||||||
Select Large Cap Growth Stock 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, 2014, the Investment Adviser was paid $1,474,486 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 its 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 membership at committee meetings. 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 | Net Increase (Decrease) in Shares Outstanding | Proceeds from Shares Issued | Issued- Merger | Dividends Reinvested | Cost of Shares Redeemed | Change in Net Assets from Capital Transactions | |||||||||||||||||||||||||||||||
Aggressive Growth Stock Fund |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3/31/2013 | 788,384 | 557,942 | 33,966 | (5,894,902) | (4,514,610) | 11,308,991 | 8,812,408 | 516,966 | (87,762,071) | (67,123,706) | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 834,895 | — | 22,771 | (122,112) | 735,554 | 17,394,636 | — | 457,695 | (2,446,166) | 15,406,165 | ||||||||||||||||||||||||||||||
3/31/2013 | 59,421 | 211,048 | 8,544 | (287,462) | (8,449) | 850,407 | 3,249,658 | 126,281 | (4,108,929) | 117,417 |
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RIDGEWORTH FUNDS March 31, 2014
Shares Issued | Shares Issued- Merger | Shares Reinvested | Shares Redeemed | Net Increase (Decrease) in Shares Outstanding | Proceeds from Shares Issued | Issued- Merger | Dividends Reinvested | Cost of Shares Redeemed | Change in Net Assets from Capital Transactions | |||||||||||||||||||||||||||||||
International Equity Fund |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||
3/31/2013 | 304,538 | — | 416,386 | (1,649,890) | (928,966) | 3,324,959 | — | 4,701,003 | (18,175,126) | (10,149,164) | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 22,485 | — | 38,365 | (68,627) | (7,777) | 272,452 | — | 452,044 | (841,713) | (117,217) | ||||||||||||||||||||||||||||||
3/31/2013 | 46,148 | — | 6,677 | (173,706) | (120,881) | 456,522 | — | 74,655 | (1,832,975) | (1,301,798) | ||||||||||||||||||||||||||||||
International Equity Index Fund |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 3,265,129 | — | 12,550,022 | (25,427,129) | (9,611,978) | 25,304,397 | — | 96,330,446 | (214,776,390) | (93,141,547) | ||||||||||||||||||||||||||||||
3/31/2013 | 4,332,693 | — | 1,348,589 | (16,251,788) | (10,570,506) | 48,282,851 | — | 15,845,914 | (189,428,895) | (125,300,130) | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 52,808 | — | 332,353 | (84,736) | 300,425 | 406,063 | — | 2,079,023 | (622,831) | 1,862,255 | ||||||||||||||||||||||||||||||
3/31/2013 | 40,234 | — | 9,776 | (48,644) | 1,366 | 462,359 | — | 114,083 | (553,606) | 22,836 | ||||||||||||||||||||||||||||||
Large Cap Growth Stock Fund |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||
3/31/2013 | 8,762,312 | 3,492,724 | 6,542,464 | (18,751,521) | 45,979 | 79,445,415 | $ | 28,329,532 | 60,617,967 | (182,678,497) | (14,285,583) | |||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 695,600 | — | 730,585 | (1,506,025) | (79,840) | 5,328,647 | — | 5,939,657 | (12,032,098) | (763,794) | ||||||||||||||||||||||||||||||
3/31/2013 | 158,522 | 2,081,782 | 2,317,669 | (616,140) | 3,941,833 | 1,681,719 | 14,767,859 | 18,358,150 | (6,317,343) | 28,490,385 | ||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 65,669 | — | 673,905 | (864,185) | (124,611) | 408,449 | — | 4,157,992 | (5,416,238) | (849,797) | ||||||||||||||||||||||||||||||
3/31/2013 | 132,952 | 2,887,824 | 1,226,477 | (358,038) | 3,889,215 | 1,079,328 | 16,103,232 | 7,826,769 | (3,007,801) | 22,001,528 | ||||||||||||||||||||||||||||||
Large Cap Value Equity Fund |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3/31/2013 | 25,077,003 | — | 1,207,277 | (78,972,114) | (52,687,834) | 354,165,533 | — | 16,765,852 | (1,086,885,991) | (715,954,606) | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3/31/2013 | 5,227,404 | — | 233,944 | (4,154,538) | 1,306,810 | 72,308,180 | — | 3,234,975 | (57,728,124) | 17,815,031 | ||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 216,646 | — | 128,261 | (188,024) | 156,883 | 3,600,719 | — | 2,057,309 | (3,092,929) | 2,565,099 | ||||||||||||||||||||||||||||||
3/31/2013 | 27,761 | — | 9,206 | (235,035) | (198,068) | 386,924 | — | 125,947 | (3,174,972) | (2,662,101) | ||||||||||||||||||||||||||||||
Mid-Cap Value Equity Fund |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3/31/2013 | 62,732,655 | — | 1,925,608 | (50,367,052) | 14,291,211 | 719,919,716 | — | 22,073,312 | (555,762,209) | 186,230,819 | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3/31/2013 | 11,406,198 | — | 461,060 | (13,492,122) | (1,624,864) | 129,440,290 | — | 5,246,696 | (150,886,423) | (16,199,437) | ||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3/31/2013 | 995,372 | — | 28,006 | (701,152) | 322,226 | 11,399,374 | — | 318,911 | (7,728,920) | 3,989,365 | ||||||||||||||||||||||||||||||
Select Large Cap Growth Stock Fund |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 17,999 | — | 57,439 | (638,390) | (562,952) | 486,690 | — | 1,627,817 | (18,580,282) | (16,465,775) | ||||||||||||||||||||||||||||||
3/31/2013 | 37,628 | — | 190,215 | (509,604) | (281,761) | 1,203,212 | — | 4,850,470 | (15,353,795) | (9,300,113) | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 4,751 | — | 5,061 | (2,829) | 6,983 | 133,300 | — | 138,812 | (79,377) | 192,735 | ||||||||||||||||||||||||||||||
3/31/2013 | 83 | — | 6,442 | (1,257) | 5,268 | 2,453 | — | 160,161 | (33,901) | 128,713 | ||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 2,274 | — | 109,812 | (98,872) | 13,214 | 54,462 | — | 2,514,677 | (2,393,663) | 175,476 | ||||||||||||||||||||||||||||||
3/31/2013 | 4,832 | — | 140,854 | (78,515) | 67,171 | 135,280 | — | 3,029,774 | (2,037,254) | 1,127,800 |
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RIDGEWORTH FUNDS ��March 31, 2014
Shares Issued | Shares Issued- Merger | Shares Reinvested | Shares Redeemed | Net Increase (Decrease) in Shares Outstanding | Proceeds from Shares Issued | Issued- Merger | Dividends Reinvested | Cost of Shares Redeemed | Change in Net Assets from Capital Transactions | |||||||||||||||||||||||||||||||
Small Cap Growth Stock Fund |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3/31/2013 | 2,798,661 | — | 2,789,975 | (11,396,095) | (5,807,459) | 45,926,399 | — | 42,259,903 | (180,400,770) | (92,214,468) | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 75,435 | — | 118,832 | (190,425) | 3,842 | 1,203,569 | — | 1,818,135 | (3,013,077) | 8,627 | ||||||||||||||||||||||||||||||
3/31/2013 | 60,266 | — | 149,202 | (122,170) | 87,298 | 903,912 | — | 2,088,761 | (1,867,429) | 1,125,244 | ||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 8,760 | — | 123,583 | (92,768) | 39,575 | 109,967 | — | 1,463,224 | (1,181,912) | 391,279 | ||||||||||||||||||||||||||||||
3/31/2013 | 4,954 | — | 143,157 | (158,324) | (10,213) | 64,955 | — | 1,652,832 | (2,090,516) | (372,729) | ||||||||||||||||||||||||||||||
Small Cap Value Equity Fund |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||
3/31/2013 | 29,517,746 | — | 3,934,578 | (27,033,313) | 6,419,011 | 394,490,003 | — | 54,130,475 | (368,373,204) | 80,247,274 | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||
3/31/2013 | 2,673,326 | — | 502,626 | (3,692,806) | (516,854) | 36,010,599 | — | 6,803,700 | (49,797,465) | (6,983,166) | ||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 104,590 | — | 93,730 | (388,356) | (190,036) | 1,639,182 | — | 1,531,552 | (6,029,056) | (2,858,322) | ||||||||||||||||||||||||||||||
3/31/2013 | 242,514 | — | 96,752 | (786,699) | (447,433) | 3,113,186 | — | 1,253,054 | (10,175,062) | (5,808,822) | ||||||||||||||||||||||||||||||
Aggressive Growth Allocation Strategy |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 236,721 | — | 259,224 | (996,358) | (500,413) | 2,175,408 | — | 2,250,063 | (9,341,843) | (4,916,372) | ||||||||||||||||||||||||||||||
3/31/2013 | 350,315 | — | 21,814 | (531,727) | (159,598) | 2,953,940 | — | 182,013 | (4,430,143) | (1,294,190) | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 29,169 | — | 81,687 | (39,363) | 71,493 | 267,352 | — | 702,509 | (368,235) | 601,626 | ||||||||||||||||||||||||||||||
3/31/2013 | 31,340 | — | 4,364 | (163,451) | (127,747) | 259,482 | — | 36,257 | (1,351,281) | (1,055,542) | ||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 3,519 | — | 12,178 | (18,692) | (2,995) | 31,648 | — | 102,172 | (166,319) | (32,499) | ||||||||||||||||||||||||||||||
3/31/2013 | 4,422 | — | 431 | (21,962) | (17,109) | 35,875 | — | 3,554 | (180,543) | (141,114) | ||||||||||||||||||||||||||||||
Conservative Allocation Strategy |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 768,494 | — | 106,405 | (764,858) | 110,041 | 9,667,820 | — | 1,303,459 | (9,694,615) | 1,276,664 | ||||||||||||||||||||||||||||||
3/31/2013 | 1,022,598 | — | 50,141 | (648,506) | 424,233 | 12,555,695 | — | 613,108 | (7,992,721) | 5,176,082 | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 109,511 | — | 78,559 | (326,814) | (138,744) | 1,383,058 | — | 962,342 | (4,115,209) | (1,769,809) | ||||||||||||||||||||||||||||||
3/31/2013 | 275,304 | — | 45,505 | (952,163) | (631,354) | 3,384,054 | — | 556,374 | (11,592,246) | (7,651,818) | ||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 381,780 | — | 68,359 | (317,613) | 132,526 | 4,775,567 | — | 830,558 | (3,962,163) | 1,643,962 | ||||||||||||||||||||||||||||||
3/31/2013 | 399,970 | — | 26,155 | (206,682) | 219,443 | 4,893,645 | — | 317,879 | (2,528,423) | 2,683,101 | ||||||||||||||||||||||||||||||
Growth Allocation Strategy |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 811,180 | — | 613,236 | (1,659,884) | (235,468) | 9,429,511 | — | 6,757,860 | (19,430,345) | (3,242,974) | ||||||||||||||||||||||||||||||
3/31/2013 | 1,299,488 | — | 69,802 | (1,834,564) | (465,274) | 13,790,952 | — | 737,347 | (19,498,083) | (4,969,784) | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 53,600 | — | 113,019 | (117,314) | 49,305 | 611,939 | — | 1,240,946 | (1,347,615) | 505,270 | ||||||||||||||||||||||||||||||
3/31/2013 | 58,650 | — | 11,031 | (316,332) | (246,651) | 624,908 | — | 116,319 | (3,380,801) | (2,639,574) | ||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 37,232 | — | 32,103 | (35,737) | 33,598 | 433,209 | — | 346,712 | (407,166) | 372,755 | ||||||||||||||||||||||||||||||
3/31/2013 | 19,707 | — | 1,761 | (53,088) | (31,620) | 207,384 | — | 18,512 | (555,888) | (329,992) | ||||||||||||||||||||||||||||||
Moderate Allocation Strategy |
| |||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||
3/31/2013 | 3,122,940 | — | 413,981 | (3,326,842) | 210,079 | 33,410,361 | — | 4,414,077 | (36,008,340) | 1,816,098 | ||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 128,195 | — | 177,337 | (266,651) | 38,881 | 1,447,503 | — | 1,918,786 | (3,008,128) | 358,161 | ||||||||||||||||||||||||||||||
3/31/2013 | 98,860 | — | 54,504 | (277,543) | (124,179) | 1,059,492 | — | 580,399 | (2,975,776) | (1,335,885) | ||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||
3/31/2014 | 118,735 | — | 117,312 | (198,858) | 37,189 | 1,323,537 | — | 1,262,275 | (2,247,999) | 337,813 | ||||||||||||||||||||||||||||||
3/31/2013 | 74,145 | — | 32,577 | (230,845) | (124,123) | 792,237 | — | 345,909 | (2,449,474) | (1,311,328) |
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
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, 2014 were as follows:
Fund | Purchases | Sales and Maturities | ||||||
Aggressive Growth Stock Fund | $48,146,179 | $17,433,876 | ||||||
International Equity Fund | 28,376,610 | 288,617,272 | ||||||
International Equity Index Fund | 21,555,754 | 214,663,586 | ||||||
Large Cap Growth Stock Fund | 57,522,783 | 94,926,952 | ||||||
Large Cap Value Equity Fund | 1,619,779,455 | 1,547,152,233 | ||||||
Mid-Cap Value Equity Fund | 3,973,258,415 | 3,445,198,390 | ||||||
Select Large Cap Growth Stock Fund | 13,532,551 | 33,508,212 | ||||||
Small Cap Growth Stock Fund | 167,192,777 | 184,959,368 | ||||||
Small Cap Value Equity Fund | 617,217,367 | 782,552,969 | ||||||
Aggressive Growth Allocation Strategy | 2,650,563 | 10,102,971 | ||||||
Conservative Allocation Strategy | 14,711,997 | 14,104,006 | ||||||
Growth Allocation Strategy | 9,022,032 | 19,412,144 | ||||||
Moderate Allocation Strategy | 29,543,669 | 65,448,787 |
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, 2014 were as follows:
Fund | Tax Cost | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Aggressive Growth Stock Fund | $43,464,730 | $16,761,554 | $(907,048 | ) | $15,854,506 | |||||||||||
International Equity Fund | 22,466,175 | 9,362,863 | (405,295 | ) | 8,957,568 | |||||||||||
International Equity Index Fund | 33,019,289 | 22,875,431 | (2,142,261 | ) | 20,733,170 | |||||||||||
Large Cap Growth Stock Fund | 173,354,182 | 117,309,674 | (1,802,775 | ) | 115,506,899 | |||||||||||
Large Cap Value Equity Fund | 1,694,121,852 | 497,953,641 | (5,361,515 | ) | 492,592,126 | |||||||||||
Mid-Cap Value Equity Fund | 3,423,185,638 | 575,836,996 | (46,361,947 | ) | 529,475,049 | |||||||||||
Select Large Cap Growth Stock | 13,144,850 | 7,128,240 | (71,100 | ) | 7,057,140 | |||||||||||
Small Cap Growth Stock Fund | 171,877,945 | 48,923,823 | (3,087,933 | ) | 45,835,890 | |||||||||||
Small Cap Value Equity Fund | 1,358,566,485 | 429,537,900 | (22,839,691 | ) | 406,698,209 | |||||||||||
Aggressive Growth Allocation Strategy | 16,136,188 | 3,514,665 | (77,584 | ) | 3,437,081 | |||||||||||
Conservative Allocation Strategy | 58,370,607 | 3,772,070 | (705,268 | ) | 3,066,802 | |||||||||||
Growth Allocation Strategy | 55,354,482 | 10,487,671 | (16,851 | ) | 10,470,820 | |||||||||||
Moderate Allocation Strategy | 126,240,146 | 18,264,353 | (21,075 | ) | 18,243,278 |
88
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
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 | 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 | ||||||||||||
International Equity Index Fund | 9,231,079 | 96,921,692 | — | 106,152,771 | ||||||||||||
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 | ||||||||||||
Select Large Cap Growth Stock Fund | 169,071 | 4,192,365 | — | 4,361,436 | ||||||||||||
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.
The tax character of distributions paid to shareholders during the fiscal year ended March 31, 2013 was as follows:
Distributions paid from | ||||||||||||||||
Fund | Net Investment Income** | Net Long Term Capital Gains | Return of Capital | Total Distributions Paid* | ||||||||||||
Aggressive Growth Stock Fund | $— | $2,009,391 | $— | $2,009,391 | ||||||||||||
International Equity Fund | 5,025,278 | — | — | 5,025,278 | ||||||||||||
International Equity Index Fund | 10,553,137 | 6,132,178 | — | 16,685,315 | ||||||||||||
Large Cap Growth Stock Fund | 1,385,081 | 109,806,620 | — | 111,191,701 | ||||||||||||
Large Cap Value Equity Fund | 26,153,792 | — | — | 26,153,792 | ||||||||||||
Mid-Cap Value Equity Fund | 31,008,758 | — | — | 31,008,758 | ||||||||||||
Select Large Cap Growth Stock Fund | — | 8,493,940 | — | 8,493,940 | ||||||||||||
Small Cap Growth Stock Fund | — | 51,737,625 | — | 51,737,625 | ||||||||||||
Small Cap Value Equity Fund | 23,854,316 | 40,231,084 | — | 64,085,400 | ||||||||||||
Aggressive Growth Allocation Strategy | 229,343 | — | — | 229,343 | ||||||||||||
Conservative Allocation Strategy | 1,277,134 | 501,787 | — | 1,778,921 | ||||||||||||
Growth Allocation Strategy | 877,476 | — | — | 877,476 | ||||||||||||
Moderate Allocation Strategy | 2,799,033 | 2,686,735 | — | 5,485,768 |
* | Total distributions paid are recognized on a when declared basis for the year ended March 31, 2013. |
** | 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, 2014
As of March 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:
Fund | Undistributed Ordinary Income | Undistributed Long Term Capital Gains | Net Unrealized Appreciation* | Loss Carryforwards And Deferrals | Total | |||||||||||||||
Aggressive Growth Stock Fund | $— | $601,545 | $15,854,506 | $(3,320,970) | $13,135,081 | |||||||||||||||
International Equity Fund | 123,886 | 883,573 | 8,979,323 | (3,298,188 | ) | 6,688,594 | ||||||||||||||
International Equity Index Fund | 591,626 | 2,573,234 | 20,737,738 | — | 23,902,598 | |||||||||||||||
Large Cap Growth Stock Fund | 2,744,037 | 7,816,391 | 115,506,899 | (4,919,621 | ) | 121,147,706 | ||||||||||||||
Large Cap Value Equity Fund | 36,433,819 | 56,914,873 | 492,592,126 | — | 585,940,818 | |||||||||||||||
Mid-Cap Value Equity Fund | 90,190,140 | 91,656,426 | 529,475,049 | — | 711,321,615 | |||||||||||||||
Select Large Cap Growth Stock Fund | 660,725 | 3,625,853 | 7,057,140 | — | 11,343,718 | |||||||||||||||
Small Cap Growth Stock Fund | 2,543,172 | 10,136,196 | 45,835,890 | — | 58,515,258 | |||||||||||||||
Small Cap Value Equity Fund | 12,666,581 | 198,216,053 | 406,698,283 | — | 617,580,917 | |||||||||||||||
Aggressive Growth Allocation Strategy | 64,840 | 1,310,842 | 3,437,209 | — | 4,812,891 | |||||||||||||||
Conservative Allocation Strategy | 211,933 | 1,403,597 | 3,066,802 | — | 4,682,332 | |||||||||||||||
Growth Allocation Strategy | 100,375 | 2,801,332 | 10,470,820 | — | 13,372,527 | |||||||||||||||
Moderate Allocation Strategy | 375,178 | 6,465,792 | 18,243,278 | — | 25,084,248 |
* | 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 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, 2014, the post-enactment accumulated short-term and long-term capital loss carryforwards were as follows:
Fund | Short Term | Long Term | Total | |||||||||
Aggressive Growth Stock Fund* | $1,381,083 | $— | $1,381,083 | |||||||||
International Equity Fund** | — | — | — |
* | Of the $2,132,646 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, $751,563 of capital loss carryforward was utilized. The remaining $1,381,083 has no expiration date. |
** | Of the $2,478,067 of capital loss carryforwards subject to limitations due to an ownership change on May 22, 2013, the entire amount was utilized. |
As of March 31, 2014, the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:
Expires | ||||||||||||
Fund | 2017 | 2018 | Total | |||||||||
Aggressive Growth Stock Fund* | $1,787,246 | $— | $1,787,246 | |||||||||
International Equity Fund** | — | 3,298,188 | 3,298,188 | |||||||||
Large Cap Growth Stock Fund*** | 4,919,621 | — | 4,919,621 |
* | Of the $1,857,837 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, $70,591 was written off as capital loss carryforward lost unused. The remaining $1,787,246 will expire in 2017. |
** | Of the $288,754,083 of capital loss carryforwards subject to limitations due to an ownership change on May 22, 2013, $238,884,792 was written off as capital loss carryforward lost unused, $46,571,103 was utilized, and the remaining $3,298,188, will expire in 2018. |
*** | Of the $6,559,495 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 $4,919,621, will expire in 2017. |
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
During the fiscal year ended March 31, 2014, the following Funds utilized capital loss carryforwards as follows:
Fund | Amount | |||
Aggressive Growth Stock Fund | $751,563 | |||
International Equity Fund | 49,049,170 | |||
Large Cap Growth Stock Fund | 1,639,874 |
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, 2014, 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, 2014.
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, 2014 were as follows:
Name of Affiliated Issuer | Share Balance at March 31, 2013 | Purchases | Sales | Share Balance at March 31, 2014 | Value at March 31, 2014 | Dividend Income | Realized Gain Distributions | Net Realized Gain (Loss) | ||||||||||||||||||||||||
Aggressive Growth Allocation Strategy | ||||||||||||||||||||||||||||||||
RidgeWorth Aggressive Growth Stock Fund | 2,828 | — | 2,828 | — | $— | $— | $— | $21,902 | ||||||||||||||||||||||||
RidgeWorth Corporate Bond Fund | 848 | 36 | 399 | 485 | 4,271 | 187 | 133 | (232 | ) | |||||||||||||||||||||||
RidgeWorth High Income Fund | 35,463 | 2,797 | 19,445 | 18,815 | 136,600 | 10,390 | 2,825 | 2,481 | ||||||||||||||||||||||||
RidgeWorth Intermediate Bond Fund | 15,418 | 13 | 15,280 | 151 | 1,476 | 74 | 56 | (3,382 | ) | |||||||||||||||||||||||
RidgeWorth International Equity Fund | 118,661 | 14,884 | 31,877 | 101,668 | 1,265,764 | 120,587 | 22,446 | 20,320 | ||||||||||||||||||||||||
RidgeWorth International Equity Index Fund | 2,272 | 3,268 | 531 | 5,009 | 28,349 | 1,567 | 19,761 | 79 | ||||||||||||||||||||||||
RidgeWorth Large Cap Growth Stock Fund | 554,025 | 66,320 | 59,238 | 561,107 | 5,442,741 | — | 485,815 | (103,870 | ) | |||||||||||||||||||||||
RidgeWorth Large Cap Value Equity Fund | 303,311 | 41,662 | 109,822 | 235,151 | 4,002,262 | 54,325 | 473,583 | 424,578 | ||||||||||||||||||||||||
RidgeWorth Mid-Cap Value Equity Fund | 150,309 | 18,374 | 47,577 | 121,106 | 1,706,386 | 15,077 | 196,905 | 128,479 | ||||||||||||||||||||||||
RidgeWorth Seix Floating Rate High Income Fund | 17,638 | 3,477 | 5,986 | 15,129 | 137,069 | 6,285 | — | (77 | ) | |||||||||||||||||||||||
RidgeWorth Seix High Yield Fund | 26,407 | 2,669 | 14,351 | 14,725 | 146,514 | 11,326 | 4,872 | 1,182 | ||||||||||||||||||||||||
RidgeWorth Select Large Cap Growth Stock Fund | 58,949 | 1,125 | 57,242 | 2,832 | 80,928 | — | 31,892 | 199,638 | ||||||||||||||||||||||||
RidgeWorth Small Cap Growth Stock Fund | 52,549 | 8,249 | 17,095 | 43,703 | 735,081 | — | 122,004 | 37,027 | ||||||||||||||||||||||||
RidgeWorth Small Cap Value Equity Fund | 53,752 | 2,901 | 17,715 | 38,938 | 698,940 | 5,905 | 26,980 | 101,610 | ||||||||||||||||||||||||
RidgeWorth Total Return Bond Fund | 253,200 | 12,190 | 117,512 | 147,878 | 1,542,371 | 42,348 | 14,853 | (77,094 | ) | |||||||||||||||||||||||
RidgeWorth U.S. Government Securities Ultra-Short Bond Fund | 18,000 | 69 | 9,856 | 8,213 | 83,113 | 703 | — | (343 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | $16,011,865 | $268,774 | $1,402,125 | $752,298 | ||||||||||||||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
Name of Affiliated Issuer | Share Balance at March 31, 2013 | Purchases | Sales | Share Balance at March 31, 2014 | Value at March 31, 2014 | Dividend Income | Realized Gain Distributions | Net Realized Gain (Loss) | ||||||||||||||||||||||||
Conservative Allocation Strategy | ||||||||||||||||||||||||||||||||
RidgeWorth Aggressive Growth Stock Fund | 2,596 | — | 2,596 | — | $— | $— | $— | $19,927 | ||||||||||||||||||||||||
RidgeWorth Corporate Bond Fund | 9,381 | 623 | — | 10,004 | 88,037 | 2,712 | 2,732 | — | ||||||||||||||||||||||||
RidgeWorth High Income Fund | 322,284 | 30,168 | 49,426 | 303,026 | 2,199,966 | 130,604 | 45,146 | (7,087 | ) | |||||||||||||||||||||||
RidgeWorth Intermediate Bond Fund | 151,145 | 284 | 150,092 | 1,337 | 13,047 | 2,391 | 492 | (10,859 | ) | |||||||||||||||||||||||
RidgeWorth International Equity Fund | 115,672 | 24,152 | 22,951 | 116,873 | 1,455,067 | 139,035 | 26,061 | 5,654 | ||||||||||||||||||||||||
RidgeWorth International Equity Index Fund | 3,727 | 5,986 | 1,349 | 8,364 | 47,343 | 2,985 | 35,373 | (4,733 | ) | |||||||||||||||||||||||
RidgeWorth Large Cap Growth Stock Fund | 580,122 | 160,811 | 26,236 | 714,697 | 6,932,565 | — | 534,136 | (71,536 | ) | |||||||||||||||||||||||
RidgeWorth Large Cap Value Equity Fund | 308,743 | 62,631 | 71,398 | 299,976 | 5,105,585 | 68,668 | 598,618 | 73,251 | ||||||||||||||||||||||||
RidgeWorth Mid-Cap Value Equity Fund | 150,552 | 27,172 | 23,949 | 153,775 | 2,166,690 | 18,496 | 241,563 | 11,136 | ||||||||||||||||||||||||
RidgeWorth Seix Floating Rate High Income Fund | 179,449 | 57,750 | — | 237,199 | 2,149,019 | 79,535 | — | — | ||||||||||||||||||||||||
RidgeWorth Seix High Yield Fund | 256,212 | 31,018 | 53,795 | 233,435 | 2,322,675 | 138,028 | 76,255 | (11,416 | ) | |||||||||||||||||||||||
RidgeWorth Select Large Cap Growth Stock Fund | 53,272 | 5,384 | 54,838 | 3,818 | 109,126 | — | 152,588 | 92,286 | ||||||||||||||||||||||||
RidgeWorth Small Cap Growth Stock Fund | 52,478 | 10,441 | 8,165 | 54,754 | 920,970 | — | 148,011 | 6,860 | ||||||||||||||||||||||||
RidgeWorth Small Cap Value Equity Fund | 53,578 | 3,972 | 8,277 | 49,273 | 884,453 | 7,248 | 33,117 | 15,824 | ||||||||||||||||||||||||
RidgeWorth Total Return Bond Fund | 2,604,637 | 276,662 | 444,649 | 2,436,650 | 25,414,260 | 579,209 | 250,627 | (284,787 | ) | |||||||||||||||||||||||
RidgeWorth U.S. Government Securities Ultra-Short Bond Fund | 207,684 | 27,291 | 105,367 | 129,608 | 1,311,632 | 10,711 | — | 1,247 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | $51,120,435 | $1,179,622 | $2,144,719 | $(164,233) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Growth Allocation Strategy | ||||||||||||||||||||||||||||||||
RidgeWorth Aggressive Growth Stock Fund | 5,072 | — | 5,072 | — | $— | $— | $— | $40,529 | ||||||||||||||||||||||||
RidgeWorth Corporate Bond Fund | 3,934 | 138 | 2,819 | 1,253 | 11,029 | 874 | 342 | (1,185 | ) | |||||||||||||||||||||||
RidgeWorth High Income Fund | 188,708 | 25,823 | 96,322 | 118,209 | 858,201 | 55,922 | 15,767 | 18,478 | ||||||||||||||||||||||||
RidgeWorth Intermediate Bond Fund | 66,503 | 44 | 66,384 | 163 | 1,592 | 393 | 60 | (428 | ) | |||||||||||||||||||||||
RidgeWorth International Equity Fund | 303,884 | 39,976 | 59,683 | 284,177 | 3,538,004 | 310,743 | 57,897 | 16,034 | ||||||||||||||||||||||||
RidgeWorth International Equity Index Fund | 3,790 | 4,929 | 1,609 | 7,110 | 40,242 | 2,269 | 30,505 | 579 | ||||||||||||||||||||||||
RidgeWorth Large Cap Growth Stock Fund | 1,376,930 | 297,816 | 41,605 | �� | 1,633,141 | 15,841,468 | — | 1,234,906 | (107,656 | ) | ||||||||||||||||||||||
RidgeWorth Large Cap Value Equity Fund | 774,279 | 104,488 | 186,548 | 692,219 | 11,781,574 | 153,469 | 1,337,872 | 576,964 | ||||||||||||||||||||||||
RidgeWorth Mid-Cap Value Equity Fund | 378,910 | 46,226 | 66,583 | 358,553 | 5,052,012 | 41,902 | 547,251 | 143,276 | ||||||||||||||||||||||||
RidgeWorth Seix Floating Rate High Income Fund | 79,556 | 26,989 | 7,739 | 98,806 | 895,180 | 33,553 | — | (1,427 | ) |
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
Name of Affiliated Issuer | Share Balance at March 31, 2013 | Purchases | Sales | Share Balance at March 31, 2014 | Value at March 31, 2014 | Dividend Income | Realized Gain Distributions | Net Realized Gain (Loss) | ||||||||||||||||||||||||
RidgeWorth Seix High Yield Fund | 137,247 | 14,252 | 64,445 | 87,054 | $866,184 | $61,704 | $29,470 | $35,966 | ||||||||||||||||||||||||
RidgeWorth Select Large Cap Growth Stock Fund | 148,432 | 10,279 | 142,236 | 16,475 | 470,865 | — | 291,318 | 357,852 | ||||||||||||||||||||||||
RidgeWorth Small Cap Growth Stock Fund | 131,660 | 21,331 | 25,484 | 127,507 | 2,144,674 | — | 335,045 | 43,577 | ||||||||||||||||||||||||
RidgeWorth Small Cap Value Equity Fund | 134,781 | 6,640 | 26,566 | 114,855 | 2,061,647 | 16,375 | 74,825 | 77,597 | ||||||||||||||||||||||||
RidgeWorth Total Return Bond Fund | 1,149,972 | 97,523 | 307,996 | 939,499 | 9,798,977 | 231,183 | 95,091 | (174,236 | ) | |||||||||||||||||||||||
RidgeWorth U.S. Government Securities Ultra-Short Bond Fund | 59,269 | 18,077 | 26,184 | 51,162 | 517,763 | 3,634 | — | (778 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||||||||
Total | $53,879,412 | $912,021 | $4,050,349 | $1,025,142 | ||||||||||||||||||||||||||||
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Moderate Allocation Strategy | ||||||||||||||||||||||||||||||||
RidgeWorth Corporate Bond Fund | 19,956 | 318 | 16,684 | 3,590 | $31,591 | $1,841 | $980 | $(4,927) | ||||||||||||||||||||||||
RidgeWorth High Income Fund | 816,510 | 63,636 | 357,840 | 522,306 | 3,791,941 | 254,768 | 80,015 | 43,203 | ||||||||||||||||||||||||
RidgeWorth Intermediate Bond Fund | 129,271 | 169 | 128,087 | 1,353 | 13,204 | 1,212 | 498 | 6,635 | ||||||||||||||||||||||||
RidgeWorth International Equity Fund | 555,833 | 62,093 | 164,294 | 453,632 | 5,647,723 | 593,375 | 110,805 | 23,042 | ||||||||||||||||||||||||
RidgeWorth International Equity Index Fund | 18,046 | 15,622 | 20,169 | 13,499 | 76,405 | 5,657 | 107,898 | (2,153 | ) | |||||||||||||||||||||||
RidgeWorth Large Cap Growth Stock Fund | 2,626,241 | 388,103 | 339,432 | 2,674,912 | 25,946,648 | — | 2,272,582 | (950,839 | ) | |||||||||||||||||||||||
RidgeWorth Large Cap Value Equity Fund | 1,480,871 | 192,863 | 560,407 | 1,113,327 | 18,948,824 | 286,657 | 2,498,940 | 1,597,822 | ||||||||||||||||||||||||
RidgeWorth Mid-Cap Value Equity Fund | 727,258 | 89,195 | 242,117 | 574,336 | 8,092,387 | 77,720 | 1,015,050 | 489,323 | ||||||||||||||||||||||||
RidgeWorth Seix Floating Rate High Income Fund | 362,831 | 61,025 | 33,110 | 390,746 | 3,540,159 | 148,733 | — | (5,601 | ) | |||||||||||||||||||||||
RidgeWorth Seix High Yield Fund | 579,165 | 54,834 | 232,194 | 401,805 | 3,997,959 | 274,636 | 148,329 | 57,858 | ||||||||||||||||||||||||
RidgeWorth Select Large Cap Growth Stock Fund | 275,025 | 20,506 | 288,038 | 7,493 | 214,148 | — | 581,134 | 848,820 | ||||||||||||||||||||||||
RidgeWorth Small Cap Growth Stock Fund | 246,656 | 38,359 | 83,398 | 201,617 | 3,391,197 | — | 614,914 | 84,663 | ||||||||||||||||||||||||
RidgeWorth Small Cap Value Equity Fund | 252,549 | 11,298 | 83,920 | 179,927 | 3,229,682 | 30,071 | 137,406 | 288,768 | ||||||||||||||||||||||||
RidgeWorth Total Return Bond Fund | 5,397,450 | 162,268 | 1,922,982 | 3,636,736 | 37,931,157 | 1,083,357 | 461,951 | (1,029,138 | ) | |||||||||||||||||||||||
RidgeWorth U.S. Government Securities Ultra-Short Bond Fund | 281,047 | 164,026 | 230,662 | 214,411 | 2,169,838 | 16,608 | — | (192 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||||||||
Total | $117,022,863 | $2,774,635 | $8,030,502 | $1,447,284 | ||||||||||||||||||||||||||||
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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.
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NOTES TO FINANCIAL STATEMENTS (concluded)
RIDGEWORTH FUNDS March 31, 2014
Employees of the Investment Adviser, in partnership with affiliated investment funds of Lightyear Capital, a private equity firm, have entered into an agreement to acquire all outstanding equity securities of the Adviser from SunTrust Banks, Inc. This transaction is expected to close on or about May 31, 2014. Because the existing advisory and subadvisory agreements for the Funds will terminate automatically upon the closing of the transaction, new advisory and subadvisory agreements that have been approved by shareholders, and are substantially identical in all material respects to the existing agreements, will take effect at that time. For any Fund whose shareholders have not yet approved a new advisory or subadvisory agreement, a substantially identical interim agreement that has been approved by the Board will take effect at the close of the transaction so as to permit additional time to obtain shareholder approval of a new agreement.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
RIDGEWORTH FUNDS March 31, 2014
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, International Equity Index Fund, Large Cap Growth Stock Fund, Large Cap Value Equity Fund, Mid-Cap Value Equity Fund, Select Large Cap Growth Stock 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 (thirteen of the funds constituting RidgeWorth Funds, collectively the “Funds”) at March 31, 2014, 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 five years in the period then ended, 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, 2014 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.
May 27, 3014
Boston, Massachusetts
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RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
The following Funds have designated long term capital gain distributions as follows:
Fund | Amount | |||
Aggressive Growth Stock Fund | $2,513,163 | |||
International Equity Fund | 499,636 | |||
International Equity Index Fund | 96,921,692 | |||
Large Cap Growth Stock Fund | 26,407,308 | |||
Large Cap Value Equity Fund | 151,917,675 | |||
Mid-Cap Value Equity Fund | 75,524,921 | |||
Select Large Cap Growth Stock Fund | 4,192,365 | |||
Small Cap Growth Stock Fund | 24,083,579 | |||
Small Cap Value Equity Fund | 54,048,842 | |||
Aggressive Growth Allocation Strategy Fund | 2,532,822 | |||
Conservative Allocation Strategy | 2,351,459 | |||
Growth Allocation Strategy Fund | 6,644,845 | |||
Moderate Allocation Strategy | 11,703,412 |
For corporate shareholders, the following percentages of the total ordinary income distributions paid by the following Funds during the year ended March 31, 2014 qualify for the corporate dividends received deductions:
Fund | Dividend Received Deduction | |||
Large Cap Growth Stock Fund | 100.00 | % | ||
Large Cap Value Equity Fund | 40.27 | |||
Mid-Cap Value Equity Fund | 19.11 | |||
Small Cap Value Equity Fund | 100.00 | |||
Select Large Cap Growth Stock Fund | 32.68 | |||
Small Cap Growth Stock Fund | 31.92 | |||
Aggressive Growth Allocation Strategy Fund | 11.95 | |||
Conservative Allocation Strategy Fund | 7.29 | |||
Growth Allocation Strategy Fund | 11.92 | |||
Moderate Allocation Strategy Fund | 10.39 |
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 years ended March 31, the following funds elected to pass through foreign taxes as follows:
Fund | 2014 | 2013 | ||||||
International Equity Fund | $323,593 | $289,152 | ||||||
International Equity Index Fund | 303,000 | 404,226 | ||||||
Aggressive Growth Allocation Strategy Fund | 3,883 | 1,840 | ||||||
Conservative Allocation Strategy Fund | 32,349 | 1,852 | ||||||
Growth Allocation Strategy Fund | 10,560 | 4,582 | ||||||
Moderate Allocation Strategy Fund | 19,195 | 9,096 |
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OTHER FEDERAL TAX INFORMATION (concluded)
RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
For the year ended March 31, 2014, the following Funds paid qualified dividend income:
Fund | Qualified Dividend Income | |||
International Equity Fund | 88.60 | % | ||
International Equity Index Fund | 46.97 | |||
Large Cap Growth Stock Fund | 100.00 | |||
Large Cap Value Equity Fund | 41.80 | |||
Mid-Cap Value Equity Fund | 20.01 | |||
Select Large Cap Growth Stock Fund | 32.57 | |||
Small Cap Growth Stock Fund | 31.92 | |||
Small Cap Value Equity Fund | 100.00 | |||
Aggressive Growth Allocation Strategy Fund | 29.30 | |||
Conservative Allocation Strategy Fund | 16.01 | |||
Growth Allocation Strategy Fund | 56.01 | |||
Moderate Allocation Strategy Fund | 23.36 |
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, 2014.
Fund | Foreign Source Income | Foreign Tax Expense | ||||||
International Equity Fund | $4,103,575 | $323,593 | ||||||
International Equity Index Fund | 4,314,822 | 303,000 | ||||||
Aggressive Growth Allocation Strategy Fund | 43,754 | 3,883 | ||||||
Conservative Allocation Strategy Fund | 406,450 | 32,349 | ||||||
Growth Allocation Strategy Fund | 120,748 | 10,560 | ||||||
Moderate Allocation Strategy Fund | 219,202 | 19,195 |
The following RidgeWorth Funds elected to pass through to shareholders the income tax credit for taxes paid to foreign countries for the year ended March 31, 2013.
Fund | Foreign Source Income | Foreign Tax Expense | ||||||
International Equity Fund | $8,675,528 | $289,152 | ||||||
International Equity Index Fund | 10,713,291 | 404,226 | ||||||
Aggressive Growth Allocation Strategy Fund | 45,522 | 1,840 | ||||||
Conservative Allocation Strategy Fund | 46,224 | 1,852 | ||||||
Growth Allocation Strategy Fund | 113,103 | 4,582 | ||||||
Moderate Allocation Strategy Fund | 224,268 | 9,096 |
The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record dates. These shareholders received or will receive more detailed information with their 2013 and 2014 Form 1099-DIV’s, respectively.
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TRUSTEES AND OFFICERS OF THE RIDGEWORTH FUNDS
RIDGEWORTH FUNDS March 31, 2014
(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.
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 Age: 60 | 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); Office Managing Partner (2003-2009), KPMG LLP. | 33 | None | |||||||
Jeffrey M. Biggar Age: 63 | 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 (2000-2006). | 33 | Multi-Manager Master Portfolios LLC (3 portfolios; thru 2013) | |||||||
George C. Guynn Age: 71 | Independent Trustee | Indefinite; since 2008 | Retired. President and CEO, Federal Reserve Bank of Atlanta (1996-2006). | 33 | Genuine Parts Company; Oxford Industries; Acuity Brands, Inc.; Multi-Manager Master Portfolios LLC (3 portfolios; thru 2013) | |||||||
Sidney E. Harris Age: 64 | Independent Trustee | Indefinite; since 2004 | Professor (since 1997), Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University. | 33 | Total System Services, Inc.; Multi-Manager Master Portfolios LLC (3 portfolios; thru 2013). | |||||||
Warren Y. Jobe Age: 73 | 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). | 33 | WellPoint; UNS Energy (thru 2013) | |||||||
Connie D. McDaniel Age: 55 | Independent Trustee | Indefinite; since 2005 | Retired. Vice President, Chief of Internal Audit, Corporate Audit Department (since 2009); Vice President Global Finance Transformation (2007-2009); Vice President and Controller (1999-2007), The Coca-Cola Company. | 33 | Total System Services, Inc. | |||||||
Ashi S. Parikh* Age: 47 | Interested Trustee | Trustee since 2013 | Chairman, Chief Executive Officer, and Chief Investment Officer, RidgeWorth Investments (2010-present); President and Chief Investment Officer (2008-2010). | 33 | None |
* | As an interested employee of the Adviser, Mr. Parikh is an “interested person” of the Trust, as defined in the 1940 Act. |
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TRUSTEES AND OFFICERS OF THE RIDGEWORTH FUNDS (concluded)
RIDGEWORTH FUNDS March 31, 2014
(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 Age: 41 | President and Chief Executive Officer | One year; since 2007 | Managing Director, Product Manager, RidgeWorth Investments (since 2004). | |||
Joseph M. O’Donnell Age: 59 | 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 Age: 50 | 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 Age: 36 | Assistant Treasurer | One year; since 2012 | Director of Fund Administration, RidgeWorth Investments (since 2011); Fund Controller, ALPS Fund Services, Inc. (2005-2011). | |||
James Bacik Age: 39 | Assistant Treasurer | One year; since 2010 | Vice President, State Street Bank and Trust Company (since 2001).* | |||
Patrick J. Keniston Age: 49 | Anti-Money Laundering Officer and Identity Theft Prevention Officer | One year; since October 2013 | Director, Foreside Compliance Services, LLC (October 2008-present). | |||
Francine S. Hayes State Street Bank and Trust Company Mailstop CPH 0326 4 Copley Place Boston, MA 02116 Age: 46 | Secretary and Chief Legal Officer | One year; since 2012 | Vice President and Managing Counsel, State Street Bank and Trust Company (since 1995).* | |||
Danio Mastropieri State Street Bank and Trust Company Mailstop CPH 0326 4 Copley Place Boston, MA 02116 Age: 41 | Assistant Secretary | One year; since October 2013 | Vice President and Counsel, State Street Bank and Trust Company (since 2013); Vice President, Citi Fund Services, Inc. (2007–2013).# |
* | 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. |
# | During the period indicated the Officer held various positions at Citi Fund Services, Inc. and had provided his final title. |
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RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
ANNUAL APPROVAL OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS
Renewal of Existing Advisory and Subadvisory Agreements
The continuance of the Trust’s investment advisory agreement with RidgeWorth Capital Management, Inc. (the “Adviser”) and subadvisory agreements between the Adviser and each of Ceredex Value Advisors LLC, Certium Asset Management LLC, Silvant Capital Management LLC, and Zevenbergen Capital Investments LLC (collectively, the “Subadvisers”) must be specifically approved at least annually by (i) the vote of the Trustees or a vote of the shareholders of the Funds and (ii) the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto (the “Independent Trustees”), as defined in the Investment Company Act of 1940 (the “1940 Act”), cast in person at a meeting called for the purpose of voting on such approval. New advisory agreements for the Trust are also subject to such approval initially and annually after their initial term is complete.
Each year, the Board of Trustees calls and holds a meeting to decide whether to approve and/or renew the Trust’s agreements for the upcoming year. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser and Subadvisers. The Trustees use this information, as well as other information that the Adviser, Subadvisers, and other service providers may submit to the Board, to help them decide whether to approve and/or renew the agreements.
In considering the renewal of the agreements with the Adviser and Subadvisers, the Board requested and received material from the Adviser and Subadvisers in preparation for a special meeting of the Board held on October 10, 2013, and requested and reviewed additional material from the Adviser and Subadvisers in preparation for its quarterly meeting held on November 20, 2013, at which it specifically considered the renewal of the agreements. Such material included, among other things, information about: (a) the quality of the Adviser’s and Subadvisers’ investment management and other services; (b) the Adviser’s and Subadvisers’ investment management personnel; (c) the Adviser’s and Subadvisers’ operations and financial condition; (d) the Adviser’s and Subadvisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that the Adviser and Subadvisers charge the Funds compared with the fees they charge to comparable mutual funds or accounts; (f) the Funds’ overall fees and operating expenses compared with similar mutual funds; (g) the level of the Adviser’s and Subadvisers’ profitability from their Fund-related operations; (h) the Adviser’s and Subadvisers’ compliance systems; (i) the Adviser’s and Subadvisers’ policies and procedures for personal securities transactions; (j) the Adviser’s and Subadvisers’ reputation, expertise, and resources in domestic financial markets; and (k) the Funds’ performance compared with similar mutual funds. The Board also received a memorandum from fund counsel regarding the responsibilities of the Trustees in connection with their consideration of the agreements.
At the meetings, representatives from the Adviser and Subadvisers presented additional oral and written information to the Board to help the Board evaluate the Adviser’s and Subadvisers’ fees and other aspects of the agreements. The Board also considered information presented by the Adviser, Subadvisers, and other service providers at meetings held throughout the year. The Trustees discussed the written materials, oral presentations, and any other information that the Board received, and considered the approval of the agreements in light of this information.
Based on the Board’s deliberations and evaluation of the information it received, the Board, all of whose members are Independent Trustees, approved the renewal of the agreements with the Adviser and Subadvisers and determined that the compensation under the agreements is fair and reasonable in light of the services to be performed. The Board considered the following specific factors, none of which was controlling, and made the following conclusions:
Nature, Extent, and Quality of Services. The Board received and considered information regarding the nature, extent, and quality of services to be provided to the Funds by the Adviser and Subadvisers. In this regard, the Trustees evaluated, among other things, the Adviser’s and Subadvisers’ personnel, experience, track record, and compliance program. The Board considered the background and experience of the Adviser’s and Subadvisers’ senior management and the expertise of, and amount of attention expected to be given to the Funds by, their portfolio management teams. The Board reviewed the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information
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ADDITIONAL INFORMATION (continued)
RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
pertaining to the Adviser’s and Subadvisers’ organizational structure, senior management, investment operations, and other relevant information. The Board concluded that, within the context of its full deliberations, the nature, extent, and quality of the services to be provided to the Funds by the Adviser and Subadvisers supported the approval of the agreements.
Performance. The Board considered the investment performance of each Fund, including any periods of outperformance and underperformance, both on an absolute basis and a comparative basis to indices and other funds within the same investment categories. Specifically, the Board considered each Fund’s performance relative to its peer group and appropriate benchmarks in light of total return, yield, and market trends. As part of this review, the Board considered the composition of the peer group and selection criteria, as well as market risk and shareholder risk expectations. The Board considered the Adviser’s and Subadvisers’ explanations regarding specific performance issues. The Board concluded that, within the context of its full deliberations, the performance of the Funds, the Adviser, and the Subadvisers supported the approval of the agreements.
Fund Expenses. With respect to advisory fees, the Board considered the rate of compensation under the agreements and each Fund’s net operating expense ratio in comparison to those of comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund’s peer group. Finally, the Trustees considered the effect of the Adviser’s and Subadvisers’ waiver and reimbursement of fees and expenses, where applicable, to prevent total expenses from exceeding a specified amount and that, due to these waivers and reimbursements, net operating expenses have been maintained at competitive levels. The Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval of the agreements.
Profitability. The Board reviewed information about the profitability of the Funds to the Adviser and Subadvisers and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Funds. The Board concluded that, within the context of its full deliberations, the profitability of the Adviser and Subadvisers is within the range the Board considered reasonable.
Economies of Scale. The Board considered the existence of economies of scale and whether they were passed along to Fund shareholders through a graduated advisory fee schedule or other means, including any fee and expense waivers and reimbursements by the Adviser and Subadvisers. The Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale.
Approval of New Advisory and Subadvisory Agreements
In addition to its consideration of the annual continuance of the existing advisory and subadvisory agreements discussed above, the Board met on December 20, 2013 to consider the approval of new advisory and subadvisory agreements in connection with a proposed transaction in which employees of the Adviser, in partnership with affiliated investment funds of private equity firm Lightyear Capital, will acquire all outstanding equity shares of the Adviser from SunTrust Banks, Inc. Under the 1940 Act, consummation of the transaction will result in the automatic termination of all of the existing investment advisory and subadvisory agreements. For the Adviser and Subadvisers to continue to provide investment advisory services to the Funds following the closing of the transaction, the Board must approve new agreements that, subject to shareholder approval, will take effect upon the consummation of the transaction, which is expected to occur on or about May 31, 2014.
The new agreements are identical in all materials respects to the existing agreements, except for the dates of execution, effectiveness, and termination. Advisory compensation for each Fund will not change, nor will the services provided under the agreements.
The Board met several times, including on May 22, 2013, June 3, 2013, August 20, 2013, September 10, 2013, October 10, 2013, November 20, 2013, December 13, 2013, and December 20, 2013, to review information about the transaction and its potential impact on the Funds and consider the terms of the new agreements. The Board, including the Independent Trustees, had an opportunity to review the information provided in advance of the meetings by the Adviser and counsel to the Funds. This information included materials that provided detailed information about the transaction, including information about the financial terms of the transaction, information from Lightyear Capital provided in response to a detailed series of questions submitted by counsel to the Independent Trustees, information about Lightyear Capital (affiliated investment funds of which will own a majority
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ADDITIONAL INFORMATION (continued)
RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
beneficial interest in the Adviser following the transaction), and memoranda outlining the legal duties of the Board. The Board also discussed the structure of the transaction with representatives of the Adviser and Lightyear Capital, and the Independent Trustees also met in executive session with their counsel on various occasions throughout the process.
The Board considered this information carefully in conjunction with the detailed information provided to it by the Adviser in connection with the Board meetings held on October 10, 2013 and November 20, 2013, with respect to the Board’s annual consideration and approval of the continuance of the Funds’ existing advisory agreements. In evaluating the new agreements on December 20, 2013, the Board conducted a review that was specifically focused upon the approval of those agreements, and relied upon its knowledge, resulting from its meetings throughout the year and over the years, of the Adviser and its services and the Funds.
In approving the new agreements, the Trustees considered several factors discussed below. The Board was advised by legal counsel with respect to its deliberations regarding the approval of the new agreements. The discussion below is not intended to be all-inclusive. The Board reviewed a variety of factors and considered a significant amount of information. Its determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process.
Nature, Extent, and Quality of Services. The Board considered information it believed necessary to assess the stability of the Adviser and Subadvisers as a result of the transaction and to assess the ongoing nature and quality of services to be provided to the Funds following the transaction. The Board reviewed the details of the anticipated equity structure of the Adviser and Subadvisers as a result of the transaction generally and with respect to the identity and business of the entities and individuals that are expected to become direct or indirect equity owners of the Adviser and Subadvisers as a result of the transaction, including the financial resources of those entities and their ability to assist in growing the Adviser’s business and/or in servicing the Funds.
In this regard, the Board considered information about how the Adviser’s and Subadvisers’ management and operations would be structured following the transaction, including in particular how the transaction might affect the Adviser’s and Subadvisers’ performance or delivery of services under the new agreements. In particular, the Board noted that the transaction would result in key investment personnel and executives of the Adviser having additional equity stakes in the Adviser, which should further align their long-term interests with the interests of the Adviser. In addition, the Board observed that these and other employees’ ownership in the Adviser, and the long-term nature of that ownership, and potentially increasing benefits to management from the growth of assets under management, should help the Adviser retain key management and investment personnel, which it deemed important when considering the stability of the Adviser.
The Board considered information addressing the projected benefits to the Adviser expected to result from the transaction. It received information describing how the transaction is expected to affect the Adviser’s business, including key personnel, the Adviser’s continuing relationship with SunTrust Banks, Inc. and/or new or changed agreements with SunTrust Banks, Inc. and its affiliates regarding the Adviser’s personnel or services. The Board reviewed the actions proposed to be taken to minimize the likelihood that the Adviser would have any departures of key management and/or investment personnel and whether compensation and other benefits expected to be offered by the Adviser following the transaction would be adequate to attract and retain high-caliber investment and other relevant professional employees. In addition, the Board considered information received from the Adviser outlining certain staff reductions that could result from efficiencies gained through the consolidation of duplicative administrative functions. Also, the Board considered information received from the Adviser regarding its proposed financial structure, including new debt of $115 million in a term credit facility and $10 million in a revolving credit facility, as well as its projected financial condition and resources following the closing of the transaction.
With respect to the Funds’ portfolio managers, the Board received information describing changes that the Adviser anticipated making in the structure of, and the method used in determining, the compensation and incentive programs (e.g., salary, bonus, deferred compensation, and pension and retirement plans and arrangements) received by key investment and management personnel and considered how these changes are expected to better align the interests of key investment and management personnel with those of the Funds’ shareholders and to promote the long term performance of the Funds.
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RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
The Adviser summarized for the Board its efforts both initially and on an ongoing basis to retain the Adviser’s clients and to respond to questions from clients and potential clients regarding the transaction. In this regard, the Board also considered information concerning SunTrust Banks, Inc.’s and the Adviser’s plans for the Adviser or its affiliates to continue to provide investment management and research to SunTrust Banks, Inc. and its clients on terms substantially similar to those currently in place. The Board also considered the general experience, business and operations of the Adviser.
With respect to Lightyear Capital, the Board engaged in a robust due diligence process, which included meeting Lightyear Capital personnel on multiple occasions and interviewing personnel from Lightyear Capital portfolio companies. The Board reviewed Lightyear Capital’s organizational and business structure and the experience of its key personnel. The Board also considered Lightyear Capital’s operating, transaction, and strategic management experience.
Based on these and other factors, the Board concluded that the information presented to and considered by the Board regarding advisory personnel and their retention justified approval of the new agreements. The Board concluded that it was reasonably likely that the Adviser and Subadvisers would continue to provide the same type and quality of services to the Funds following the transaction as they had historically provided.
Performance. In considering the investment performance of the Funds, the Board took note of its comprehensive review at its October 10, 2013 and November 20, 2013 meetings in connection with its consideration of the annual continuance of the existing agreements with the Adviser and Subadvisers. In this regard, it had reviewed each Fund’s performance, including any periods of outperformance and underperformance, both on an absolute basis and a comparative basis to indices and other funds within the same investment categories. Specifically, the Board considered each Fund’s performance relative to its peer group and appropriate benchmarks in light of total return, yield, and market trends. As part of this review, the Board considered the composition of the peer group and selection criteria, as well as market risk and shareholder risk expectations. The Board considered the Adviser’s and Subadvisers’ explanations regarding specific performance issues. Based on this review, the Board concluded that, within the context of its full deliberations, the performance of the Funds supported the approval of the new agreements.
Fund Expenses. With respect to advisory fees, the Board took note of its comprehensive review at its October 10, 2013 and November 20, 2013 meetings in connection with its consideration of the annual continuance of the existing agreements with the Adviser and Subadvisers. In this regard, the Board considered the rate of compensation under the agreements and each Fund’s net operating expense ratio in comparison to those of comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund’s peer group. Finally, the Trustees considered the effect of the Adviser’s and Subadvisers’ waiver and reimbursement of fees and expenses, where applicable, to prevent total expenses from exceeding a specified amount and that, due to these waivers and reimbursements, net operating expenses have been maintained at competitive levels. The Board also noted that the Adviser and Subadvisers did not propose or anticipate proposing any change in the current advisory fees or other fees applicable to the Funds as a result of the transaction. The Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval of the new agreements.
Profitability. With respect to profitability, the Board took note of its comprehensive review at its October 10, 2013 and November 20, 2013 meetings in connection with its consideration of the annual continuance of the existing agreements with the Adviser and Subadvisers. The Board also reviewed new information that described the anticipated effect of the transaction on the Adviser’s and Subadvisers’ profitability after the transaction. While the Board found that the profitability of the Adviser and Subadvisers generally is within the range the Board considered reasonable, the Board observed that any projection regarding profitability under the circumstances would depend on many assumptions as to the Adviser’s financial condition and operations following the transaction and would be speculative, but that profitability is expected to be moderately reduced.
Economies of Scale. In considering economies of scale, the Board took note of its comprehensive review at its October 10, 2013 and November 20, 2013 meetings in connection with its consideration of the annual continuance of the existing agreements with the Adviser and Subadvisers. In this regard, the Board considered the existence of economies of scale and whether they were passed along to shareholders through a graduated advisory fee schedule or other means, including any fee and expense waivers and reimbursements by the Adviser and
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ADDITIONAL INFORMATION (continued)
RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
Subadvisers. The Board considered the Adviser’s representation that it would continue to seek to share economies of scale with the Funds and their shareholders in the future. The Board concluded that, within the context of its full deliberations, the Adviser’s efforts in this regard supported the approval of the new agreements.
Approval of Interim Advisory and Subadvisory Agreements
If the transaction were to close without the new agreements being approved by shareholders, the existing advisory and subadvisory agreements would terminate as of the date of the transaction and the Adviser and Subadvisers for whom new agreements have not yet been approved by shareholders would cease to be able to provide services to the applicable Funds. To ensure that advisory services are continuously provided to each Fund, at the December 20, 2013 meeting, the Board also considered the approval of interim advisory agreements with the Adviser and Subadvisers in accordance with Rule 15a-4 under the 1940 Act. The interim agreements, which would take effect as necessary at the closing of the transaction, would provide the Board time to consider what other action is necessary, appropriate, and in the best interests of a Fund and its shareholders under the circumstances. Rule 15a-4 permits an investment adviser to provide services to a mutual fund for a temporary period of time without shareholder approval of the interim agreement so long as the fund’s board, including a majority of its members who are not “interested persons” (as defined by Section 2(a)(19) under the 1940 Act) of the mutual fund, approves the interim agreement and the following conditions, among others, are met:
Ÿ | The interim agreement terminates within 150 days after its effective date; |
Ÿ | Compensation to be received by the adviser under the interim agreement is no greater than the compensation the adviser would have received under the previous investment advisory agreement, and subject to certain exceptions, the interim agreement contains the same terms and conditions as the previous agreement; |
Ÿ | Compensation earned by the investment adviser under the interim agreement is held in an interest-bearing escrow account pending shareholder approval of a new investment advisory agreement with the adviser; |
Ÿ | If shareholders approve a new advisory agreement within 150 days of the effective date of the interim agreement, the amount held in the escrow account, including interest, will be paid to the investment adviser; and |
Ÿ | If shareholders do not approve a new advisory agreement within the above timeframe, the investment adviser will be paid the lesser of the costs incurred performing its services under the interim agreement or the total amount in the escrow account, including interest earned. |
The interim agreements are identical in all material respects to the existing agreements, except for the date of execution, effectiveness, termination, compensation conditions, and, with respect to the Seix agreement, the change to the fee split described above.
In approving the interim agreements, the Board took note of its comprehensive review, described above, in connection with its consideration of the annual continuance of the existing agreements and its consideration of the new agreements.
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ADDITIONAL INFORMATION (continued)
RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
Shareholder Meeting Results
Special meetings of shareholders (the “Meeting”) of each series of RidgeWorth Funds (the “Trust”) were held on March 12, 2014 and March 31, 2014. The details of the voting with respect to each Proposal are shown below. Each Proposal received the required number of affirmative votes for approval.
The March 12, 2014 Meeting was held to consider and act on the following proposals:
Proposal 1: To elect Trustees to the Board of Trustees of the Trust.
Tim E. Bentsen | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,458,657,147.458 | 0.000 | 20,279,356.809 |
Ashi S. Parikh | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,458,244,497.972 | 0.000 | 20,692,006.295 |
Proposal 2: To approve an amendment to the Trust’s Agreement and Declaration of Trust.
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,069,350,705.720 | 57,212,101.541 | 15,395,254.603 |
Proposal 3: To approve the implementation of a manager of managers arrangement that will permit RidgeWorth Investments (the “Adviser”), subject to prior approval by the Board of Trustees, to enter into and materially amend agreements with unaffiliated subadvisers without obtaining the approval of the applicable Fund’s shareholders.
International Equity Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,368,794.969 | 11,608.346 | 1,208.980 |
Proposal 4: To approve a new investment advisory agreement between the Adviser and the Trust, on behalf of each Fund.
International Equity Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,371,263.266 | 9,098.049 | 1,250.980 |
Proposal 6: To approve a new subadvisory agreement between the Adviser and Certium Asset Management LLC, on behalf of the International Equity Fund and International Equity Index Fund.
International Equity Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,377,797.266 | 2,564.049 | 1,250.980 |
A special meeting of shareholders (the “Meeting”) of each series of RidgeWorth Funds (the “Trust”) was held on March 31, 2014. The details of the voting with respect to each Proposal are shown below. Each Proposal received the required number of affirmative votes for approval.
The Meeting was held to consider and act on the following proposals:
Proposal 3: To approve the implementation of a manager of managers arrangement that will permit RidgeWorth Investments (the “Adviser”), subject to prior approval by the Board of Trustees, to enter into and materially amend agreements with unaffiliated subadvisers without obtaining the approval of the applicable Fund’s shareholders.
Aggressive Growth Allocation Strategy | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
981,206.654 | 19,745.371 | 7,967.000 |
Growth Allocation Strategy | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
2,734,664.505 | 25,015.000 | 14,761.000 |
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ADDITIONAL INFORMATION (continued)
RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
Proposal 4: To approve a new investment advisory agreement between the Adviser and the Trust, on behalf of each Fund.
Select Large Cap Growth Stock Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
579,446.617 | 7,170.278 | 11,626.589 |
Aggressive Growth Allocation Strategy | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
993,552.327 | 5,675.000 | 9,691.698 |
Growth Allocation Strategy | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
2,752,951.505 | 9,435.000 | 12,054.000 |
Proposal 8: To approve a new subadvisory agreement between the Adviser and Silvant Capital Management LLC, on behalf of the Large Cap Growth Stock Fund, Select Large Cap Growth Stock Fund, and Small Cap Growth Stock Fund.
Select Large Cap Growth Stock Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
572,472.154 | 13,768.214 | 12,003.616 |
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ADDITIONAL INFORMATION (continued)
RIDGEWORTH FUNDS March 31, 2014
(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, 2013 through March 31, 2014.
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 10/01/13 | Ending Account Value 03/31/14 | Expenses Paid During Period* 10/01/13-03/31/14 | Expense Ratio During Period** 10/01/13-03/31/14 | |||||||||||||||
Aggressive Growth Stock Fund | I Shares | $1,000.00 | $1,062.90 | $6.63 | 1.29 | % | ||||||||||||||
A Shares | 1,000.00 | 1,062.90 | 7.05 | 1.37 | ||||||||||||||||
International Equity Fund | I Shares | 1,000.00 | 1,084.30 | 6.70 | 1.29 | |||||||||||||||
A Shares | 1,000.00 | 1,084.20 | 7.53 | 1.45 | ||||||||||||||||
International Equity Index Fund | I Shares | 1,000.00 | 1,080.20 | 3.53 | 0.68 | |||||||||||||||
A Shares | 1,000.00 | 1,078.40 | 5.29 | 1.02 | ||||||||||||||||
Large Cap Growth Stock Fund | I Shares | 1,000.00 | 1,131.80 | 4.78 | 0.90 | |||||||||||||||
A Shares | 1,000.00 | 1,130.00 | 6.37 | 1.20 | ||||||||||||||||
C Shares | 1,000.00 | 1,124.90 | 10.07 | 1.90 | ||||||||||||||||
Large Cap Value Equity Fund | I Shares | 1,000.00 | 1,112.90 | 4.74 | 0.90 | |||||||||||||||
A Shares | 1,000.00 | 1,110.50 | 6.31 | 1.20 | ||||||||||||||||
C Shares | 1,000.00 | 1,107.70 | 8.99 | 1.71 | ||||||||||||||||
Mid-Cap Value Equity Fund | I Shares | 1,000.00 | 1,119.20 | 5.81 | 1.10 | |||||||||||||||
A Shares | 1,000.00 | 1,118.40 | 7.13 | 1.35 | ||||||||||||||||
C Shares | 1,000.00 | 1,116.40 | 9.23 | 1.75 | ||||||||||||||||
Select Large Cap Growth Stock Fund | I Shares | 1,000.00 | 1,110.90 | 5.53 | 1.05 | |||||||||||||||
A Shares | 1,000.00 | 1,109.00 | 6.99 | 1.33 | ||||||||||||||||
C Shares | 1,000.00 | 1,105.20 | 10.71 | 2.04 | ||||||||||||||||
Small Cap Growth Stock Fund | I Shares | 1,000.00 | 1,053.30 | 6.35 | 1.24 | |||||||||||||||
A Shares | 1,000.00 | 1,053.70 | 6.61 | 1.29 | ||||||||||||||||
C Shares | 1,000.00 | 1,050.20 | 9.87 | 1.93 | ||||||||||||||||
Small Cap Value Equity Fund | I Shares | 1,000.00 | 1,100.80 | 6.44 | 1.23 | |||||||||||||||
A Shares | 1,000.00 | 1,099.60 | 7.85 | 1.50 | ||||||||||||||||
C Shares | 1,000.00 | 1,097.60 | 9.78 | 1.87 | ||||||||||||||||
Aggressive Growth Allocation Strategy | I Shares | 1,000.00 | 1,099.40 | 2.62 | 0.50 | |||||||||||||||
A Shares | 1,000.00 | 1,098.20 | 3.66 | 0.70 | ||||||||||||||||
C Shares | 1,000.00 | 1,094.40 | 6.79 | 1.30 | ||||||||||||||||
Conservative Allocation Strategy | I Shares | 1,000.00 | 1,054.60 | 1.54 | 0.30 | |||||||||||||||
A Shares | 1,000.00 | 1,053.70 | 3.07 | 0.60 | ||||||||||||||||
C Shares | 1,000.00 | 1,049.40 | 6.64 | 1.30 | ||||||||||||||||
Growth Allocation Strategy | I Shares | 1,000.00 | 1,089.10 | 2.60 | 0.50 | |||||||||||||||
A Shares | 1,000.00 | 1,088.60 | 3.38 | 0.65 | ||||||||||||||||
C Shares | 1,000.00 | 1,084.90 | 6.60 | 1.27 | ||||||||||||||||
Moderate Allocation Strategy | I Shares | 1,000.00 | 1,072.20 | 2.58 | 0.50 | |||||||||||||||
A Shares | 1,000.00 | 1,071.30 | 3.10 | 0.60 | ||||||||||||||||
C Shares | 1,000.00 | 1,068.30 | 6.19 | 1.20 |
* | 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, 2014
(Unaudited)
aHypothetical 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 10/01/13 | Ending Account Value 03/31/14 | Expenses Paid During Period* 10/01/13-03/31/14 | Expense Ratio During Period** 10/01/13-03/31/14 | |||||||||||||||
Aggressive Growth Stock Fund | I Shares | $1,000.00 | $1,018.50 | $6.49 | 1.29 | % | ||||||||||||||
A Shares | 1,000.00 | 1,018.10 | 6.89 | 1.37 | ||||||||||||||||
International Equity Fund | I Shares | 1,000.00 | 1,018.50 | 6.49 | 1.29 | |||||||||||||||
A Shares | 1,000.00 | 1,017.70 | 7.29 | 1.45 | ||||||||||||||||
International Equity Index Fund | I Shares | 1,000.00 | 1,021.50 | 3.43 | 0.68 | |||||||||||||||
A Shares | 1,000.00 | 1,019.80 | 5.14 | 1.02 | ||||||||||||||||
Large Cap Growth Stock Fund | I Shares | 1,000.00 | 1,020.40 | 4.53 | 0.90 | |||||||||||||||
A Shares | 1,000.00 | 1,018.90 | 6.04 | 1.20 | ||||||||||||||||
C Shares | 1,000.00 | 1,015.50 | 9.55 | 1.90 | ||||||||||||||||
Large Cap Value Equity Fund | I Shares | 1,000.00 | 1,020.40 | 4.53 | 0.90 | |||||||||||||||
A Shares | 1,000.00 | 1,018.90 | 6.04 | 1.20 | ||||||||||||||||
C Shares | 1,000.00 | 1,016.40 | 8.60 | 1.71 | ||||||||||||||||
Mid-Cap Value Equity Fund | I Shares | 1,000.00 | 1,019.40 | 5.54 | 1.10 | |||||||||||||||
A Shares | 1,000.00 | 1,018.20 | 6.79 | 1.35 | ||||||||||||||||
C Shares | 1,000.00 | 1,016.20 | 8.80 | 1.75 | ||||||||||||||||
Select Large Cap Growth Stock Fund | I Shares | 1,000.00 | 1,019.70 | 5.29 | 1.05 | |||||||||||||||
A Shares | 1,000.00 | 1,018.30 | 6.69 | 1.33 | ||||||||||||||||
C Shares | 1,000.00 | 1,014.80 | 10.25 | 2.04 | ||||||||||||||||
Small Cap Growth Stock Fund | I Shares | 1,000.00 | 1,018.70 | 6.24 | 1.24 | |||||||||||||||
A Shares | 1,000.00 | 1,018.50 | 6.49 | 1.29 | ||||||||||||||||
C Shares | 1,000.00 | 1,015.30 | 9.70 | 1.93 | ||||||||||||||||
Small Cap Value Equity Fund | I Shares | 1,000.00 | 1,018.80 | 6.19 | 1.23 | |||||||||||||||
A Shares | 1,000.00 | 1,017.50 | 7.54 | 1.50 | ||||||||||||||||
C Shares | 1,000.00 | 1,015.60 | 9.40 | 1.87 | ||||||||||||||||
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 | 1,021.70 | 3.28 | 0.65 | ||||||||||||||||
C Shares | 1,000.00 | 1,018.60 | 6.39 | 1.27 | ||||||||||||||||
Moderate Allocation Strategy | I Shares | 1,000.00 | 1,022.40 | 2.52 | 0.50 | |||||||||||||||
A Shares | 1,000.00 | 1,021.90 | 3.02 | 0.60 | ||||||||||||||||
C Shares | 1,000.00 | 1,018.90 | 6.04 | 1.20 |
* | 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 (concluded)
RIDGEWORTH FUNDS March 31, 2014
(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
Lincoln Plaza, Suite 1600
300 South Orange Avenue
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 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
Not FDIC Insured • No Bank Guarantee • May Lose Value
RFAR-EQ-0314
Table of Contents
2014 ANNUAL REPORT
FIXED INCOME FUNDS
MARCH 31, 2014
RidgeWorth Investments® is the trade name of RidgeWorth Capital Management, Inc.
Collective Strength. Individual Insight.® is a federally registered service mark of RidgeWorth Investments.®
Table of Contents
RIDGEWORTH FUNDS March 31, 2014
Letter to Shareholders | 1 | |||
Management Discussion of Fund Performance | ||||
Fixed Income Funds: | ||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
17 | ||||
19 | ||||
21 | ||||
23 | ||||
25 | ||||
27 | ||||
29 | ||||
31 | ||||
33 | ||||
35 | ||||
37 | ||||
39 | ||||
41 | ||||
Financial Statements | ||||
Schedules of Portfolio Investments | 43 | |||
Statements of Assets and Liabilities | 150 | |||
Statements of Operations | 154 | |||
Statements of Changes in Net Assets | 158 | |||
Financial Highlights | 165 | |||
Notes to Financial Statements | 173 | |||
Report of Independent Registered Public Accounting Firm | 198 | |||
Other Information | ||||
Other Federal Tax Information | 199 | |||
Trustees and Officers of the RidgeWorth Funds | 200 | |||
Additional Information | 207 |
Table of Contents
RIDGEWORTH FUNDS March 31, 2014
Dear Valued Client,
Before we begin, we want to thank you, our valued RidgeWorth Funds’ shareholders, for your continued business and support. We focus our efforts on helping you achieve your investment goals and we are grateful you have placed your confidence in us. Our primary mission is to earn your trust through providing competitive investment performance and excellent client service. We sincerely hope we have met your expectations in both of these measures and we look forward to continuing as your asset manager in the future.
There is an old saying that good things come in threes and we have three good things to discuss. First, we are pleased to report that the economic recovery that began in mid-2009 has continued and the U.S. equity bull market celebrated its fourth anniversary despite both persistent and new global economic and financial challenges. Second, we are pleased to report that RidgeWorth Funds (“Funds”) maintained its strong long-term investment performance record. Third, we are excited to announce our pending partnership with Lightyear Capital LLC which will acquire RidgeWorth Investments (“RidgeWorth”) from SunTrust Banks, Inc. RidgeWorth will become an independent investment firm with significant equity ownership by employees. This update will discuss all three of these topics as well as what we anticipate for both the broad economy and the capital markets in 2014.
In last year’s letter, we discussed why we remained positive regarding our outlook for the economy and the markets: improved job growth, a continued recovery in housing, an improving outlook for the European Union (“EU”), low interest rates, accommodative global monetary policies and strong, cash-rich corporate balance sheets. However, we cautioned that many of the challenges that affected the markets over the past several years would likely remain, including persistent underemployment, impaired consumer balance sheets, regulatory and geopolitical uncertainty and dysfunction in Washington. In such an environment, we stated the market could become more selective, sorting out those companies with disruptive products and services with strong earnings, from those that merely kept pace with a modestly growing economy.
In discussing the macroeconomic environment, we believe that both the economy and the capital markets continued the transition from crisis mode to cyclical growth mode. That said, the markets had their fair share of worries, both old and new, and they surfaced early in the fiscal year. In the second quarter of 2013, some of the developments included then-Federal Reserve Chairman Ben Bernanke’s announcement that the Federal Open Market Committee (“FOMC”) would likely begin reducing its massive and somewhat controversial quantitative easing (“QE”) program. In addition, market participants were concerned over Chinese banking liquidity and slowing growth in emerging markets. In the third quarter, threats of military surgical strikes in Syria, sequestration, threat of government shutdown, the uncertainty surrounding the Detroit bankruptcy and financial strains in Puerto Rico rattled investors. In the fourth quarter, the beginning of FOMC tapering and rising mortgage rates added to the list of concerns. Finally, the first quarter of 2014 saw the initial impact of the Affordable Care Act, concern over the cessation of long-term unemployment insurance benefits and one of the more severe winter seasons in recent memory. Additionally, geo-political turmoil created by Russia’s annexation of Crimea ignited fears of a land grab in Ukraine, and fanned fears of a renewed Cold War.
Despite the numerous concerns, the markets embraced the positives related to the continued post-financial crisis healing and cyclical improvement. These positives included steady and improved job growth, lower unemployment, rising home prices, falling loan-delinquency rates, increased manufacturing output, continued low inflation, steady recovery in the EU and Japan and an almost global commitment to maintaining accommodative monetary policies. In addition, companies enjoyed burgeoning free cash flows which were used for share buybacks, dividend payments, debt reduction and accretive bolt-on mergers and acquisitions. Taken together, this myriad of individual positives collectively reduced downside risks to the macro economy and bolstered investor confidence.
The result of all of these events was another strong year for equities in the U.S. and other developed markets. The S&P 500 Index gained an impressive 21.86% (including dividends) during the year ended March 31, 2014. Pro-cyclical sectors such as Industrials, Technology, Materials and Financials all posted above-market returns for the year, as did Health Care. More defensive and interest rate sensitive sectors such as Consumer Staples and Utilities, lagged. This combination of outperformance favored the Growth style over the Value style, with the Russell 1000 Growth Index gaining 23.22% versus 21.57% for the Russell 1000 Value Index. In other markets, both mid-cap stocks and small cap stocks outperformed the S&P 500 Index, while the MSCI EAFE (a developed, international markets index) lagged. Economic slowing as well as rising inflation pressures hurt emerging market stocks, which fell modestly for the year according to the MSCI Emerging Markets Index.
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LETTER TO SHAREHOLDERS (concluded)
RIDGEWORTH FUNDS March 31, 2014
On the fixed income side, the threat and eventual onset of FOMC tapering in response to the stronger economy pushed bond yields up from artificially low levels and the yield curve steepened, sapping strength from the bond market. The Barclays Aggregate Bond Index slipped -0.10% for the year ended March 31, 2014, with most of the weakness attributed to U.S. Treasuries. The strength in the economy, however, helped credit spreads narrow so that corporate and high yield bonds posted gains for the year.
In this economic and financial climate, RidgeWorth Funds continued to maintain its record of strong long-term performance, as two-thirds of our Funds beat their Lipper Peer Group medians for the 1- and 3-year periods, ended March 31, 20141. Moreover, more than 80% of our Funds finished in the first or second quartile for the 10-year period1.
We are very pleased with the continued success of our Funds and the dedicated investment professionals behind them. We want to do even more to meet our clients’ investment needs through expanded product lines, innovative solution development and placing an even greater focus on client and intermediary partner service. To that end, employees of RidgeWorth Investments in partnership with Lightyear Capital LLC, a financial services private equity firm, have entered into an agreement to acquire RidgeWorth from SunTrust Banks, Inc., with closing expected mid-2014. We appreciate our long affiliation with SunTrust, and we are excited to partner with Lightyear since they bring deep industry experience.
This transaction positions RidgeWorth to become a premier independent asset management company. Over the past several years, we have made significant enhancements to our operating platform in areas including risk management, compliance, portfolio accounting, technology infrastructure and client support functions, so we are confident it will be business as usual for our clients.
Looking ahead to the domestic markets, we anticipate continued moderate growth in the economy. Many of the economic and financial headwinds already mentioned should continue to dissipate, and cyclical forces such as job gains and production increases should continue fueling income growth, corporate profits and capital spending. We also believe inflation will remain relatively low which should be a favorable backdrop for the equity markets. As the Federal Reserve winds down QE this year, it is unlikely to actually raise short-term rates anytime soon. We continue to see a modest recovery in both the EU and Japan. Emerging markets continue to have structural problems but monetary and fiscal stabilization efforts are well underway.
That said, there are always risks to any financial forecast. In addition to those mentioned previously, a significant potential drag on the economy continues to exist from the Affordable Care Act as it becomes fully implemented. Many companies and employees will have higher premiums and deductibles which could, in turn, suppress disposable incomes. We will also closely monitor the housing market—both new home sales and refinancing activity—given its significant impact on the economy. Finally, we note that mid-term congressional elections have a long history of disrupting market advances.
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,
Ashi Parikh
Chairman, CEO, CIO
RidgeWorth Investments
1 | For the period ended March 31, 2014, 66% (21/32), 66% (21/32), 44% (14/32) and 81% (25/31) of the RidgeWorth Funds (I Shares) beat their Lipper peer group medians for the 1-, 3-, 5- and 10-year periods, respectively. The Lipper rankings are as of March 31, 2014, for I Shares only, based on total returns and do not reflect a sales charge. ©2014 Lipper Leader, Reuters. All Rights Reserved. Lipper Ratings are according to Lipper, a Thomson Reuters Company. Past performance is not indicative of future results. |
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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, 2014?
For the fiscal year ended March 31, 2014, the Core Bond Fund returned -0.38% (I Shares), versus -0.10% for the Barclays Capital U.S. Aggregate Bond Index. For longer time periods, performance of the Fund exceeded the Index at 4.18% versus 3.75% over three years, 4.93% versus 4.80% over five years, and 4.80% versus 4.46% over 10 years, respectively.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Over the course of the past fiscal year, higher beta assets once again outperformed lower beta assets as central banks continued to provide generous amounts of liquidity to the global financial system. Against this backdrop, the Fund maintained a modest 1.1x overweight as credit spreads moved nearer to historical tights, with overweights in sectors that are traditionally more conservative such as Natural Gas, Technology, and Communications. Corporate allocation and security selection were positive contributors to performance for the Fund. Mortgage-backed security selection, while making a modest contribution to performance, also remained defensive with a bias towards 15-year collateral and well-structured collateralized mortgage obligations. Strategic yield curve positioning was a modest drag on performance as was our near-void position in the U.S. Government-related sector over the fiscal year period.
How do you plan to position the Fund, based on market conditions?
We believe current valuations within the corporate bond market remain rich. While the Fund has an overall modest overweight position in corporate securities relative to the Index, we are skeptical about the sustainability and veracity of the current macroeconomic environment. The Fund’s slight overweight in corporate securities will continue to emphasize the more defensive sectors of Natural Gas, Technology and Communications. We recently increased our exposure to the banking sector in response to improving leverage ratios and tighter regulatory oversight for the industry. The Fund remains slightly overweight in residential mortgage-backed securities (“RMBS”). Positioning within RMBS continues to favor 15-year collateral and well-structured CMOs. The Fund remains near void of U.S. Government Agency debentures, but has recently added a local authority obligation.
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CORE BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
Core Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares | without sales charge | –0.66% | 3.86% | 4.61% | 4.47% | |||||||||||||||
with sales charge* | –5.40% | 2.19% | 3.59% | 3.96% | ||||||||||||||||
R Shares^ | –0.80% | 3.65% | 4.37% | 4.00% | ||||||||||||||||
I Shares | –0.38% | 4.18% | 4.93% | 4.80% | ||||||||||||||||
Barclays Capital U.S. Aggregate Bond Index | –0.10% | 3.75% | 4.80% | 4.46% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 0.70% | |||||||||||||||||||
R Shares | 0.84% | |||||||||||||||||||
I Shares | 0.40% |
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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
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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, 2014?
For the fiscal year ended March 31, 2014, the Corporate Bond Fund (I Shares) returned 0.91%, versus 1.47% for the Barclays Capital U.S. Corporate Index.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The Fund’s positive contributors to relative performance were security selection in Finance Companies, Brokerage, and the Oil Field Services space. Negative contributions came from security selection in Gold Miners. Strategic yield curve positioning was a net detractor to overall performance during the year.
How do you plan to position the Fund, based on market conditions?
Currently, the Fund is overweight in natural gas, technology and communications, and underweight in Consumer Non-Cyclicals, Electric Utilities and Capital Goods. We have recently increased our exposure to the banking sector, based on improving leverage ratios and tighter regulatory oversight.
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CORPORATE BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
Corporate Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares | without sales charge | 0.52% | 5.17% | 7.93% | 5.18% | |||||||||||||||
with sales charge* | –4.29% | 3.48% | 6.88% | 4.67% | ||||||||||||||||
C Shares | without CDSC | –0.07% | 4.49% | 7.22% | 4.50% | |||||||||||||||
with CDSC* | –1.02% | 4.49% | 7.22% | 4.50% | ||||||||||||||||
I Shares | 0.91% | 5.51% | 8.27% | 5.49% | ||||||||||||||||
Barclays Capital U.S. Corporate Index | 1.47% | 6.08% | 9.69% | 5.29% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 0.90% | |||||||||||||||||||
C Shares | 1.60% | |||||||||||||||||||
I Shares | 0.63% |
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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
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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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Georgia Tax-Exempt Bond Fund’s I Shares had a total return of -0.37%, versus an average return of -1.71% for the Lipper Other States Municipal Debt Funds and a 0.39% total return for the Barclays Capital U.S. Municipal Bond Index. The short-to-intermediate portion of the municipal yield curve, defined as 2- to 6-year maturities, provided the greatest total return during the period, according to Barclays. Relative to the Barclays Capital U.S. Municipal Bond Index, the Fund maintained a higher allocation to the cash equivalent, 5-year, 7-year, and long-bond sectors, and a lower allocation to all other maturity sectors, as of March 31, 2014. Additionally, relative to the Index, the Fund maintained a higher allocation to securities rated AAA and AA, and a lower allocation to securities rated A and BAA. Trading activity and portfolio events during the period resulted in an increased exposure to the 5-year, 7-year, and long-bond sectors, and reduced exposure to all other sectors. According to Municipal Market Data Line, the 5-year, 10-year, and 30-year generic AAA rated municipal bond yields rose 47, 58, and 56 basis points, respectively, during the fiscal year ended March 31, 2014.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The Fund’s allocation to the 15- and 20-year sectors as well as its duration posture within those sectors, negatively impacted performance relative to the Index. Relative to its peers, the Fund’s more conservative approach to interest rate and credit risk was rewarded during the period and led to outperformance. The long-bond sector underperformed the 5-year sector by 179 basis points for the fiscal year ended March 31, 2014, according to Barclays. Many of the Fund’s peers had a greater level of exposure to longer maturities. In addition, the Fund held fewer BAA rated bonds than many of its peers, and BAA rated securities outperformed AAA rated securities by 227 basis points during the period, according to Barclays.
How do you plan to position the Fund, based on market conditions?
Going forward, we expect demand for tax-exempt bonds to increase as a consequence of higher tax rates and reduced issuance. Primary market supply is projected to decrease approximately 10% in 2014, driven primarily by fewer refundings. Credit quality continues to improve for the vast majority of state and local government issuers, yet negative headlines surrounding a few high-profile distressed entities have injected additional volatility into the asset class. We expect bouts of volatility again in 2014, but feel that municipal bonds potentially offer compelling tax-adjusted yield versus Treasuries. Additionally, we believe improving credit fundamentals, coupled with favorable market technicals, should finally mitigate negative headlines and contribute to outperformance versus Treasuries in 2014. The Fund’s present duration posture and sector allocations seem appropriate, given our forecasts for the economy and financial markets. We will continue to make tactical adjustments to the Fund, periodically, as a part of our active portfolio management process. All activity will occur within an investment grade construct, and the credit quality of the Fund’s holdings should remain high relative to its peers.
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GEORGIA TAX-EXEMPT BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 prerefunded 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 3/31/14 | ||||||||||||||||||||
Georgia Tax-Exempt Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares | without sales charge | –0.52% | 5.51% | 4.62% | 3.48% | |||||||||||||||
with sales charge* | –5.25% | 3.80% | 3.60% | 2.98% | ||||||||||||||||
I Shares | –0.37% | 5.67% | 4.78% | 3.65% | ||||||||||||||||
Barclays Capital U.S. Municipal Bond Index | 0.39% | 5.79% | 5.71% | 4.45% | ||||||||||||||||
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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
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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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth High Grade Municipal Bond Fund’s I Shares had a total return of 1.40%, versus an average return of -0.73% for the Lipper General & Insured Municipal Debt Fund and 0.39% total return for the Barclays Capital U.S. Municipal Bond Index. The short-to-intermediate portion of the municipal yield curve, defined as 2- to 6-year maturities, provided the greatest total return during the period, according to Barclays. Relative to the Barclays Capital U.S. Municipal Bond Index, the Fund maintained a higher allocation to the cash equivalent, 12 to 17 years, 17 to 22 years, and long-maturity (22+ years) buckets, as of March 31, 2014. Additionally, relative to the Index, the Fund maintained an overweight to AAA rated securities, and an underweight to the lower-rated investment grade paper. According to Municipal Market Data Line, the 5-year, 10-year, and 30-year generic AAA rated municipal bond yields increased 47, 58, and 56 basis points, respectively, during the fiscal year ended March 31, 2014.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The Fund’s allocation to the 20-year and long-bond sectors negatively impacted performance relative to the Index. Relative to its peers, the Fund’s more conservative approach to interest rate and credit risk was rewarded during the period and led to outperformance. The long bond sector underperformed the 5-year sector by 179 basis points for the fiscal year ended March 31, 2014, according to Barclays, as many peers had a greater level of exposure to longer maturities. In addition, the Fund held fewer BAA rated bonds than many of its peers, and BAA rated securities outperformed AAA rated securities by 227 basis points during the period, according to Barclays.
How do you plan to position the Fund, based on market conditions?
Going forward, we expect demand for tax-exempt bonds to increase as a consequence of higher tax rates and reduced issuance. Primary market supply is projected to decrease approximately 10% in 2014, driven primarily by fewer refundings. Credit quality continues to improve for the vast majority of state and local government issuers, yet negative headlines surrounding a few high-profile distressed entities have injected additional volatility into the asset class. We expect bouts of volatility again in 2014, but feel that municipal bonds potentially offer compelling tax-adjusted yield versus Treasuries. Additionally, we believe improving credit fundamentals, coupled with favorable market technicals, should finally mitigate negative headlines and contribute to outperformance versus Treasuries in 2014. The Fund’s present duration posture and sector allocations seem appropriate, given our forecasts for the economy and financial markets. We will continue to make tactical adjustments to the Fund, periodically, as a part of our active portfolio management process. All activity will occur within an investment grade construct, and the credit quality of the Fund’s holdings should remain high relative to its peers.
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HIGH GRADE MUNICIPAL BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 prerefunded 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 3/31/14 | ||||||||||||||||||||
High Grade Municipal Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares | without sales charge | 1.16% | 7.05% | 6.58% | 4.31% | |||||||||||||||
with sales charge* | –3.61% | 5.34% | 5.55% | 3.80% | ||||||||||||||||
I Shares | 1.40% | 7.21% | 6.74% | 4.47% | ||||||||||||||||
Barclays Capital U.S. Municipal Bond Index | 0.39% | 5.79% | 5.71% | 4.45% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 0.85% | |||||||||||||||||||
I Shares | 0.70% |
The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2014 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 0.03% 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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
10
Table of Contents
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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth High Income Fund (I Shares) return of 7.68% was 0.14% ahead of the 7.54% return of the Barclays Capital U.S. Corporate High Yield Bond Index. For longer time periods, the Fund lagged the Index at 7.89% versus 9.00% over three years, and 18.20% versus 18.25% over five years, respectively.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The Fund’s outperformance over the past year can be attributed to positive security selection in Transportation, Healthcare, Energy, Gaming and Building Products. Partially offsetting these positive factors were the modest cash position in a strong market, and the unfavorable security selection in Yankee Telecommunications.
How do you plan to position the Fund, based on market conditions?
Technicals are still positive as investors continue to favor higher-yielding sectors that offer protection from rising interest rates. Given their low correlation to other asset classes and historically strong performance in times of rising interest rates, demand remains solid for high yield with the re-emergence of interest rate concerns. We continue to expect some temporary volatility as the market adjusts to the Federal Reserve’s gradual withdrawal of stimulus, but are not concerned with a downturn in credit. The market is still attracting retail inflows and continues to price in a historically higher default environment than forecasted, even if the TXU Energy bankruptcy is taken into account. We maintain our conservative view on fundamentals for the high yield market going forward and our expectation for a benign investment environment. Given these conditions, we plan to remain overweight in the asset-rich broadcasting, cable, energy and telecommunications sectors and plan to continue to take advantage of opportunities in the new issue market.
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HIGH INCOME FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
High Income Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares | without sales charge | 7.46% | 7.61% | 17.86% | 8.68% | |||||||||||||||
with sales charge* | 2.30% | 5.90% | 16.74% | 8.16% | ||||||||||||||||
R Shares^ | 7.37% | 7.32% | 17.56% | 8.21% | ||||||||||||||||
I Shares | 7.68% | 7.89% | 18.20% | 9.00% | ||||||||||||||||
Barclays Capital U.S. Corporate High Yield Bond Index | 7.54% | 9.00% | 18.25% | 8.68% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 1.00% | |||||||||||||||||||
R Shares | 1.22% | |||||||||||||||||||
I Shares | 0.80% |
The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 1.08%, 1.50% and 0.78% for A, R 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%. |
^ | 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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
12
Table of Contents
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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Intermediate Bond Fund (I Shares) returned -0.24%, versus -0.13% for the Barclays Capital Intermediate U.S. Government/Credit Bond Index.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Over the course of the past fiscal year, higher beta assets once again outperformed lower beta assets as central banks continued to provide generous amounts of liquidity to the global financial system. Against this backdrop, the Fund maintained, on average, a modest 1.3x overweight as credit spreads moved closer to historical tights, with overweights in traditionally more conservative sectors such as natural gas, technology, and communications. Corporate allocation and security selection were positive contributors to performance for the Fund. Mortgage-backed security selection, while making a modest contribution to performance, also remained defensive with a bias towards 15-year collateral and well-structured collateralized mortgage obligations (“CMOs”). Strategic yield curve positioning was a modest drag on relative performance as was our near-void position in the U.S. Government-related sector over the 12-month period.
How do you plan to position the Fund, based on market conditions?
We believe current valuations within the corporate bond market remain rich. While the Fund has an overall modest overweight position in corporate securities relative to the Index, we are skeptical about the sustainability and veracity of the current macroeconomic environment. The Fund’s slight overweight in corporate securities continues to emphasize the more defensive sectors of natural gas, technology and communications. We have recently increased our exposure to the banking sector in response to improving leverage ratios and tighter regulatory oversight for the industry. The Fund remains overweight in residential mortgage-backed securities (“RMBS”), and positioning within RMBS continues to favor 15-year collateral and well-structured CMOs. The Fund remains near void of U.S. Government Agency debentures, but has recently added a local authority obligation.
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INTERMEDIATE BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
Intermediate Bond Fund | Inception Date† | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||
A Shares | without sales charge | 06/30/99 | –0.38% | 2.87% | 3.58% | 3.98% | ||||||||||||||
with sales charge* | –5.08% | 1.21% | 2.58% | 3.47% | ||||||||||||||||
R Shares | 06/30/99 | –0.74% | 2.49% | 3.19% | 3.50% | |||||||||||||||
I Shares | 06/30/99 | –0.24% | 3.11% | 3.83% | 4.24% | |||||||||||||||
Barclays Capital Intermediate U.S. Government/Credit Bond Index | –0.13% | 3.13% | 4.18% | 3.94% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 0.64% | |||||||||||||||||||
R Shares | 0.95% | |||||||||||||||||||
I Shares | 0.36% |
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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
14
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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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Investment Grade Tax-Exempt Bond Fund’s I Shares had a total return of 0.48%, versus an average return of -0.38% for the Lipper Intermediate Municipal Debt Funds and 0.84% total return for the Barclays Capital U.S. Municipal Bond 1-15 Year Blend Index. The short-to-intermediate portion of the municipal yield curve, defined as 2- to 6-year maturities, provided the greatest total return during the period, according to Barclays. Relative to the Barclays Capital U.S. 1 to 15 Year Municipal Blend Index, the Fund maintained a higher allocation to the cash equivalent, 17 to 22 year, and long-maturity (22+ years) buckets, as of March 31, 2014. Additionally, relative to the Index, the Fund maintained an overweight to AA rated securities while underweight AAA and the lower-rated investment grade paper. According to Municipal Market Data Line, the 5-year, 10-year, and 30-year generic AAA rated municipal bond yields increased 47, 58, and 56 basis points, respectively, during the fiscal year ended March 31, 2014.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Relative to its peers, the Fund’s more conservative approach to interest rate and credit risk was rewarded during the period and led to outperformance. The underperformance versus the benchmark was attributable to the curve distribution. The long-bond sector underperformed the 5-year sector by 179 basis points for the fiscal year ended March 31, 2014, according to Barclays. The Fund’s high quality bias further detracted from performance, as the Fund held fewer BAA rated bonds than many of its peers or the Index, and BAA rated securities outperformed AAA rated securities by 227 basis points during the period, according to Barclays.
How do you plan to position the Fund, based on market conditions?
Going forward, we expect demand for tax-exempt bonds to increase as a consequence of higher tax rates and reduced issuance. Primary market supply is projected to decrease approximately 10% in 2014, driven primarily by fewer refundings. Credit quality continues to improve for the vast majority of state and local government issuers, yet negative headlines surrounding a few high-profile distressed entities have injected additional volatility into the asset class. We expect bouts of volatility again in 2014, but feel that municipal bonds potentially offer compelling tax-adjusted yield versus Treasuries. Additionally, we believe improving credit fundamentals, coupled with favorable market technicals, should finally mitigate negative headlines and contribute to outperformance versus Treasuries in 2014. The Fund’s present duration posture and sector allocations seem appropriate, given our forecasts for the economy and financial markets. We will continue to make tactical adjustments to the Fund, periodically, as a part of our active portfolio management process. All activity will occur within an investment grade construct, and the credit quality of the Fund’s holdings should remain high relative to its peers.
15
Table of Contents
INVESTMENT GRADE TAX-EXEMPT BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares | without sales charge | 0.23% | 5.02% | 4.95% | 4.08% | |||||||||||||||
with sales charge* | –4.51% | 3.34% | 3.93% | 3.57% | ||||||||||||||||
I Shares | 0.48% | 5.24% | 5.20% | 4.38% | ||||||||||||||||
Barclays Capital U.S. Municipal Bond 1-15 Year Blend Index | 0.84% | 4.59% | 4.63% | 4.16% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 0.91% | |||||||||||||||||||
I Shares | 0.67% |
The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2014 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 0.03% 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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
16
Table of Contents
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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Limited Duration Bond Fund (I Shares) returned 0.21%, versus 0.04% for the Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index. For longer time periods, performance of the Fund has exceeded the Index at 0.62% versus 0.05% over 3 years, and 1.18% versus 0.09% over 5 years, respectively.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Income was the main performance driver as the Fund was invested in various short-to-average life securitized assets that offer income at a reasonable price.
How do you plan to position the Fund, based on market conditions?
When juxtaposing valuations against the challenging macroeconomic environment that persists, we find reason for caution. In our view, central bank aggression has fostered an overabundance of complacency globally.
Floating rate agency collateralized mortgage obligations make up the majority of the Fund’s allocation, in addition to several high quality asset-backed security floaters that make up the balance of the holdings. The conservative nature of the Fund is consistent with our “income at a reasonable price” theme that we have relied on for most of this economic crisis.
17
Table of Contents
LIMITED DURATION FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
Limited Duration Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||
I Shares† | 10/25/02 | 0.21% | 0.62% | 1.18% | 1.85% | |||||||||||||||
Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index | 0.04% | 0.05% | 0.09% | 1.57% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
I Shares | 0.37% |
The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.32%. 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 ratio 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.
† | I Shares were offered beginning on 10/11/04. The performance shown prior to such date is based on the performance of the Seix Limited Duration Fund, an open-end investment company that was the predecessor fund to the Limited Duration Fund |
1 | This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
18
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, 2014?
For the fiscal year ended March 31, 2014, the Limited-Term Federal Mortgage Securities Fund (I Shares) returned -0.38%, versus 0.20% for the Barclays Capital U.S. Mortgage Backed Securities Index. For longer time periods, performance of the Fund has exceeded the Index at 2.92% versus 2.76% over three years, and 3.77% versus 3.57% over five years, respectively.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Over the last year, performance was driven by the Fund’s use of structure, in lieu of 30-year current coupon pass through exposure. Additionally, a significant overweight in 15-year collateral and a consistent allocation to commercial mortgage-backed securities (“CMBS”) added to performance. This diversification and off-Index allocation provided a significant convexity advantage, while remaining underweight the most negatively convex portion of the Index.
How do you plan to position the Fund, based on market conditions?
When juxtaposing valuations against the challenging macroeconomic environment that persists, we find comfort in remaining defensive and less negatively convex relative to the benchmark. In our view, an overabundance of complacency exists globally.
We remain overweight in 15-year collateral and well-structured collateralized mortgage obligations and CMBS exposure. We still prefer this more convex, or defensive posture, until a more appealing risk-reward profile becomes evident. The Federal Reserve remains the ‘800-pound gorilla,’ in the mortgage market, but we find more value outside their current operational focus (the 30-year current coupon collateral).
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Table of Contents
LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
Limited-Term Federal Mortgage Securities Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares | without sales charge | –0.58% | 2.72% | 3.57% | 3.69% | |||||||||||||||
with sales charge* | –3.10% | 1.86% | 3.05% | 3.43% | ||||||||||||||||
C Shares | without CDSC | –1.36% | 1.90% | 2.75% | 2.91% | |||||||||||||||
with CDSC* | –2.34% | 1.90% | 2.75% | 2.91% | ||||||||||||||||
I Shares | –0.38% | 2.92% | 3.77% | 3.90% | ||||||||||||||||
Barclays Capital U.S. Mortgage Backed Securities Index | 0.20% | 2.76% | 3.57% | 4.58% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 1.13% | |||||||||||||||||||
C Shares | 1.90% | |||||||||||||||||||
I Shares | 0.97% |
The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.86%, 1.66% and 0.66% 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 0.02% 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.
* | 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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
20
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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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth North Carolina Tax-Exempt Bond Fund’s I Shares had a total return of -0.38%, versus an average return of -1.71% for the Lipper Other States Municipal Debt Funds and a 0.39% total return for the Barclays Capital U.S. Municipal Bond Index. The short-to-intermediate portion of the municipal yield curve, defined as 2- to 6-year maturities, provided the greatest total return during the period, according to Barclays. Relative to the Barclays Capital U.S. Municipal Bond Index, the Fund maintained a higher allocation to the cash equivalent, 7-year, 15-year, 20-year, and long-bond sectors, and a lower allocation to all other maturity sectors, as of March 31, 2014. Additionally, relative to the Index, the Fund maintained a higher allocation to securities rated AAA, and a lower allocation to securities in all other rating categories. Trading activity and portfolio events during the period resulted in an increased exposure to the less than 1-year, 5-year, 7-year, 15-year, and long-bond sectors, and reduced exposure to the 1-year, 3-year, and 10-year sectors. According to Municipal Market Data Line, the 5-year, 10-year, and 30-year generic AAA rated municipal bond yields rose 47, 58, and 56 basis points, respectively, during the fiscal year ended March 31, 2014.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Security selection within the 10-year sector negatively impacted performance relative to the Index. Relative to its peers, the Fund’s more conservative approach to interest rate and credit risk was rewarded during the period and led to outperformance. The long-bond sector underperformed the 5-year sector by 179 basis points for the fiscal year ended March 31, 2014, according to Barclays. Many of the Fund’s peers had a greater level of exposure to longer maturities. In addition, the Fund held fewer BAA rated bonds than many of its peers, and BAA rated securities outperformed AAA rated securities by 227 basis points during the period, according to Barclays.
How do you plan to position the Fund, based on market conditions?
Going forward, we expect demand for tax-exempt bonds to increase as a consequence of higher tax rates and reduced issuance. Primary market supply is projected to decrease approximately 10% in 2014, driven primarily by fewer refundings. Credit quality continues to improve for the vast majority of state and local government issuers, yet negative headlines surrounding a few high-profile distressed entities have injected additional volatility into the asset class. We expect bouts of volatility again in 2014, but feel that municipal bonds potentially offer compelling tax-adjusted yield versus Treasuries. Additionally, we believe improving credit fundamentals, coupled with favorable market technicals, should finally mitigate negative headlines and contribute to outperformance versus Treasuries in 2014. The Fund’s present duration posture and sector allocations seem appropriate, given our forecasts for the economy and financial markets. We will continue to make tactical adjustments to the Fund, periodically, as a part of our active portfolio management process. All activity will occur within an investment grade construct, and the credit quality of the Fund’s holdings should remain high relative to its peers.
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NORTH CAROLINA TAX-EXEMPT BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 prerefunded 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 3/31/14 | ||||||||||||||||||||
North Carolina Tax-Exempt Bond Fund | Inception Date† | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||
A Shares | without sales charge | –0.45% | 5.10% | 4.62% | 3.58% | |||||||||||||||
with sales charge* | –5.17% | 3.42% | 3.61% | 3.08% | ||||||||||||||||
I Shares | –0.38% | 5.22% | 4.77% | 3.66% | ||||||||||||||||
Barclays Capital U.S. Municipal Bond Index | 0.39% | 5.79% | 5.71% | 4.45% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 0.77% | |||||||||||||||||||
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% . |
† | I Shares and A Shares were offered beginning on 3/21/05. The performance shown prior to such date for I Shares and A Shares is based on the performance of the CCMI Tax-Exempt North Carolina Bond Fund, the predecessor fund. Historical performance has not been adjusted to reflect A 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 3/31/14 expense ratios can be found in the financial highlights |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
22
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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 DISCUSSIONOF FUND PERFORMANCE
How did the Fund perform against its benchmark for the fiscal year ended March 31, 2014?
For the fiscal year ended March 31, 2014, the Seix Floating Rate High Income Fund (I Shares) return of 4.16% lagged the 4.91% return of the CSFB Institutional Leveraged Loan Index by 0.75%. For longer time periods, the Fund’s three year return was 5.03% compared to 5.34% for the Index, and the five year return of 9.78% exceeded the benchmark return of 7.11%.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The performance lag over the past fiscal year was due to the modest cash position in a rising interest rate market, as well as, unfavorable security selection in Energy. Partially offsetting the negative factors was the favorable security selection in other sectors, particularly security selection in Telecommunications and Broadcasting sectors.
How do you plan to position the Fund, based on market conditions?
Technicals are still positive as investors continue to favor higher-yielding sectors that offer protection from rising interest rates. Given their floating rate features and low correlation to other asset classes, demand remains solid for leveraged loans with the re-emergence of interest rate concerns. We continue to expect some temporary volatility as the market adjusts to the Federal Reserve’s gradual withdrawal of stimulus, but are not concerned with a downturn in credit. The leveraged loan market is still attracting retail inflows and, although we do not expect a repeat of 2013’s record, the technical backdrop should be consistent with an estimated $15-20 billion in inflows for 2014. Additionally, the market continues to price in a historically higher default environment than forecasted, even with the pended TXU Energy bankruptcy. We maintain our conservative view on fundamentals for the leveraged loan market going forward and our expectation for a benign investment environment. We expect to continue to favor asset-rich industries, such as cable, energy and telecommunications, and underweight services where issuers offer less downside protection.
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SEIX FLOATING RATE HIGH INCOME FUND
Growth of a $10,000 Investment (as of March 31, 2014)
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 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 3/31/14 | ||||||||||||||||||||
Seix Floating Rate High Income Fund | Inception Date† | 1 Year | 3 Year | 5 Year | Since Inception | |||||||||||||||
A Shares | without sales charge | 03/01/06 | 3.86% | 4.75% | 9.44% | 4.45% | ||||||||||||||
with sales charge* | 1.28% | 3.87% | 8.88% | 4.12% | ||||||||||||||||
C Shares | without CDSC | 03/01/06 | 3.33% | 4.08% | 8.78% | 3.95% | ||||||||||||||
with CDSC* | 2.33% | 4.08% | 8.78% | 3.95% | ||||||||||||||||
I Shares | 03/01/06 | 4.16% | 5.03% | 9.78% | 4.75% | |||||||||||||||
CSFB Institutional Leveraged Loan Index | 4.91% | 5.34% | 7.11% | 3.43% | ** | |||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 0.88% | |||||||||||||||||||
C Shares | 1.52% | |||||||||||||||||||
I Shares | 0.60% |
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. |
† | 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 3/31/14. |
1 | This information is included in the most current prospectus available to current and prospective shareholders of the Fund. Additional information pertaining to the 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
* Less than 0.05% of Total Investment
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Table of Contents
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, 2014?
For the fiscal year ended March 31, 2014, the Seix High Yield Fund (I Shares) return of 6.65% lagged the 6.95% return of the Bank of America Merrill Lynch BB-B U.S. High Yield Constrained Index by 0.30%.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The Fund’s performance lag over the past year can be attributed to the modest cash position in a strong market, as well as negative security selection in forest products and Yankee Telecommunications. Partially offsetting these negative factors was positive security selection in Gaming, Healthcare, Energy and Transportation.
How do you plan to position the Fund, based on market conditions?
Technicals are still positive as investors continue to favor higher yielding sectors that offer protection from rising interest rates. Given their low correlation to other asset classes and historically strong performance in times of rising interest rates, demand remains solid for high yield with the re-emergence of interest rate concerns. We continue to expect some temporary volatility as the market adjusts to the Federal Reserve’s gradual withdrawal of stimulus, but are not concerned with a downturn in credit. The market is still attracting retail inflows and continues to price in a historically higher default environment than forecasted, even if the TXU Energy bankruptcy is taken into account. We maintain our conservative view on fundamentals for the high yield market going forward and our expectation for a benign investment environment. Given these conditions, we remain overweight in the asset-rich cable and telecom industries and will continue to search for opportunities in the new issue market.
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SEIX HIGH YIELD FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
Seix High Yield Fund | Inception Date† | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||
A Shares | without sales charge | 12/29/00 | 6.39% | 7.32% | 13.55% | 6.62% | ||||||||||||||
with sales charge* | 1.34% | 5.59% | 12.44% | 6.10% | ||||||||||||||||
R Shares^ | 12/29/00 | 6.04% | 6.96% | 13.09% | 6.02% | |||||||||||||||
I Shares | 12/29/00 | 6.65% | 7.56% | 13.77% | 6.79% | |||||||||||||||
Bank of America Merrill Lynch BB-B U.S. High Yield Constrained Index | 6.95% | 8.45% | 15.71% | 7.79% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 0.79% | |||||||||||||||||||
R Shares | 1.02% | |||||||||||||||||||
I Shares | 0.54% |
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%. |
† | The I Shares, A Shares and R Shares were offered beginning on 10/11/04. The performance shown prior to such date is based on the performance of the Class I Shares of the Seix High Yield Fund, an open-end investment company that was the predecessor fund to the Seix High Yield Fund. The historical performance has not been adjusted to reflect A Share or R Share expenses. If it had been, the performance would have been lower. |
^ | 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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
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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, 2014?
The RidgeWorth Short-Term Bond Fund outperformed its benchmark, the Barclays Capital 1-3 Year Government/Credit Index, for the fiscal year ended March 31, 2014. The Fund (I Shares) generated a return of 0.75%, while the Index return was 0.68%.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The Fund’s total return was driven both by income and price appreciation. During the fiscal year, the yield curve steepened. While interest rates at the very front end of the yield curve remained anchored by Federal Reserve (Fed) policy measures, 5-year U.S. Treasury notes rose by 95 basis points.
Holdings of U.S. Treasury and U.S. Government Agency debentures remained low for the period, while spread products (all fixed income securities that trade at a spread over a comparable U.S. Treasury security) consisting primarily of investment grade corporate credit and securitized assets contributed to the Fund’s performance.
Corporate credit spreads widened during the second quarter of 2013, and then tightened noticeably through March 31, 2014. While the Industrial and Utilities sectors experienced credit deterioration, in the Financial sector, capital ratios remained above historical levels and asset-quality ratios continued to improve. In contrast to recent years, in which European financial issuers were avoided, European-based global financial companies were added to the Fund in the third quarter of 2013.
In securitized assets, tapering of the Fed’s mortgage-backed security (“MBS”) purchases and mortgage extension fears weighed on investors. However, MBS, with shorter-average lives, outperformed U.S. Treasury securities over the fiscal year. Agency multifamily housing securities performed well due to improved market liquidity and increased market demand for high quality, predictable cash flow securitized products. Hybrid adjustable-rate mortgages (“ARMs”) performed well again this year given their short final maturities. High quality asset-backed securities, including auto and credit card-backed securities, were also stable performers. Commercial mortgage-backed securities (CMBS) were the best performers in the sector as investors in search for higher-yielding securities pushed valuations higher, amidst limited supply. Spread tightening in CMBS was also driven by improving market fundamentals. Mezzanine tranches outperformed senior tranches given less call risk from refinancing or liquidation.
How do you plan to position the Fund, based on market conditions?
We look to keep a short-to-neutral duration stance as risks remain higher for longer duration assets in a rising rate environment. We also believe that a neutral, laddered position is warranted, given that shifts and twists in the curve may be short lived and range-bound over the coming months.
We look to maintain current high levels of exposure to spread products with a bias toward corporate credit over securitized assets. While corporate credit spreads appear tight and corporate balance sheets, in general, are increasingly leveraged, market valuations are supported by strong market technicals. In securitized assets, our outlook is somewhat defensive as interest rate volatility may cause credit spreads to widen. We do find that CMBS and ARMs appear attractive on a relative value basis.
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SHORT-TERM BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 (Barclay’s 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 Braclay’s 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 3/31/14 | ||||||||||||||||||
Short-Term Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||
A Shares | without sales charge | 0.54% | 1.42% | 3.02% | 2.68% | |||||||||||||
with sales charge* | –2.00% | 0.55% | 2.50% | 2.42% | ||||||||||||||
C Shares | without CDSC | –0.24% | 0.63% | 2.24% | 1.95% | |||||||||||||
with CDSC* | –1.23% | 0.63% | 2.24% | 1.95% | ||||||||||||||
I Shares | 0.75% | 1.66% | 3.26% | 2.91% | ||||||||||||||
Barclays Capital 1-3 Year Government/Credit Index | 0.68% | 1.18% | 1.95% | 2.81% | ||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||
A Shares | 0.76% | |||||||||||||||||
C Shares | 1.48% | |||||||||||||||||
I Shares | 0.50% |
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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
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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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Short-Term Municipal Bond Fund’s I Shares had a total return of 0.37%, versus an average return of 0.21% for the Lipper Short Municipal Debt Funds and 0.97% total return for the Barclays Capital 1-5 Year Municipal Bond Index. Relative to the Index, the Fund maintained a higher allocation to all maturity sectors with the exception of the 0-2 years and 2-4 years maturity buckets, as of March 31, 2014. Additionally, relative to the Index, the Fund maintained an overweight to AAA and BBB rated securities, while underweight the mid-range investment grade paper. According to Municipal Market Data Line, the 3-year, 5-year, and 10-year generic AAA rated municipal bond yields increased 23, 47, and 58 basis points, respectively, during the fiscal year ended March 31, 2014.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Yield curve positioning contributed to the Fund’s outperformance for the period versus its Lipper peer group. However, an underweight of the 3-year area was a detriment to performance versus the Index as the 3-year area had the highest return for the period at 1.09%. The 5-year and 7-year areas underperformed the 3-year by 12 and 52 basis points, respectively, for the same period, according to Barclays. Overweights in the Education, Local General Obligations, Special Tax, and Transportation sectors also contributed positively to the Fund’s performance. The Fund’s high quality bias was a drag on performance versus both the Index and the peer group, as Barclays A rated Index returned 1.03% for the period ended March 31, 2014, versus the AAA Index return of -0.56%.
How do you plan to position the Fund, based on market conditions?
Going forward, we expect demand for tax-exempt bonds to increase as a consequence of higher tax rates and reduced issuance. Primary market supply is projected to decrease approximately 10% in 2014, driven primarily by fewer refundings. Credit quality continues to improve for the vast majority of state and local government issuers, yet negative headlines surrounding a few high-profile distressed entities have injected additional volatility into the asset class. We expect bouts of volatility again in 2014, but feel that municipal bonds potentially offer compelling tax-adjusted yield versus Treasuries. Additionally, we believe improving credit fundamentals, coupled with favorable market technicals, should finally mitigate negative headlines and contribute to outperformance versus Treasuries in 2014. The Fund’s present duration posture and sector allocations seem appropriate, given our forecasts for the economy and financial markets. We will continue to make tactical adjustments to the Fund, periodically, as a part of our active portfolio management process. All activity will occur within an investment grade construct, and the credit quality of the Fund’s holdings should remain high relative to its peers.
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Table of Contents
SHORT-TERM MUNICIPAL BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
Short-Term Municipal Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares* | without sales charge | 0.25% | 4.29% | 4.24% | 3.67% | |||||||||||||||
with sales charge** | –2.28% | 3.42% | 3.71% | 3.41% | ||||||||||||||||
I Shares | 0.37% | 4.43% | 4.37% | 3.74% | ||||||||||||||||
Barclays Capital 1-5 Year Municipal Bond Index | 0.97% | 2.00% | 2.39% | 2.93% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 1.13% | |||||||||||||||||||
I Shares | 1.03% |
The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2014 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 0.03% 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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
30
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SHORT-TERM U.S. TREASURY SECURITIES FUND
Portfolio Managers
Ÿ | H. Rick Nelson |
Ÿ | Chad K. Stephens |
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.
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.
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, 2014?
The RidgeWorth Short-Term U.S. Treasury Securities Fund underperformed its benchmark, the Barclays Capital 1-3 Year U.S. Treasury Bond Index, for the fiscal year ended March 31, 2014. The Fund (I Shares) generated a return of -0.30%, while the Index return was 0.38%.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Interest-rates increased in the 2- to 5-year part of the yield curve during the past twelve months. The 2-year U.S. Treasury rate rose 18 basis points, from 0.24% to 0.42%, for the period, and the 5-year U.S. Treasury rate rose 95 basis points, from 0.77% to 1.72%, over the same period. The Fund’s barbell yield-curve strategy hindered performance relative to the benchmark as the front-end of the yield curve steepened last year.
How do you plan to position the Fund, based on market conditions?
We believe U.S. Treasuries will continue to move in a range-bound environment. It’s likely the correction from the Federal Reserve’s tapering process already occurred, to a large extent, in 2013. Given our outlook for interest rate volatility amidst reduced Fed bond buying and uneven growth, we look to maintain a short-to-neutral duration positioning in our short duration funds. Our yield curve strategy for the Fund is shifting from a “barbell” posture to a more “laddered” posture, which should provide more consistent cash flow from maturing securities and coupon payments to reinvest in the prevailing interest rate environment.
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SHORT-TERM U.S. TREASURY SECURITIES FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 U.S. Treasury Index. The Barclays Capital 1-3 Year U.S. Treasury Index is the 1-3 year component of the Barclays Capital U.S. Treasury Index. It includes securities in the Treasury Index (i.e., public obligations of the U.S. Treasury) with a maturity from one up to (but not including) 3 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 3/31/14 | ||||||||||||||||||||
Short-Term U.S. Treasury Securities Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares | without sales charge | –0.58% | 0.06% | 0.40% | 1.87% | |||||||||||||||
with sales charge* | –3.03% | –0.79% | –0.10% | 1.61% | ||||||||||||||||
C Shares | without CDSC | –0.58% | –0.28% | –0.13% | 1.26% | |||||||||||||||
with CDSC* | –1.58% | –0.28% | –0.13% | 1.26% | ||||||||||||||||
I Shares | –0.30% | 0.27% | 0.60% | 2.06% | ||||||||||||||||
Barclays Capital 1-3 Year U.S. Treasury Index | 0.38% | 0.82% | 1.11% | 2.48% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 1.05% | |||||||||||||||||||
C Shares | 1.35% | |||||||||||||||||||
I Shares | 0.97% |
The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.73%, 1.55% and 0.55% 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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
32
Table of Contents
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, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Total Return Bond Fund (I Shares) returned -0.31%, versus -0.10% for the Barclays Capital U.S. Aggregate Bond Index. For longer time periods, performance of the Fund has exceeded the Index at 4.36% versus 3.75% over three years, and 5.28% versus 4.80% over five years, respectively.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Over the course of the past fiscal year, higher beta assets once again outperformed lower beta assets as central banks continued to provide generous amounts of liquidity to the global financial system. Against this backdrop, the Fund maintained a modest 1.1x overweight as credit spreads moved nearer to historical tights, with overweights in sectors that are traditionally more conservative such as Natural Gas, Technology, and Communications. Corporate allocation and security selection were positive contributors to performance for the Fund. Mortgage-backed security selection, while making a modest contribution to performance, also remained defensive with a bias towards 15-year collateral and well-structured collateralized mortgage obligations (‘CMOs’). Overall, the plus sectors were positive contributors to performance, with global strategies more than offsetting a high yield pairs trade, which was, on average, a net detractor from performance. Strategic yield curve positioning was a modest drag on relative performance, as was our near void position in the U.S. Government-related sector over the 12-month period.
How do you plan to position the Fund, based on market conditions?
We believe current valuations within the corporate bond market remain rich. While the Fund has an overall modest overweight position in corporate securities relative to the Index, we are skeptical about the sustainability and veracity of the current macroeconomic environment. The Fund’s slight overweight in corporate securities continues to emphasize the more defensive sectors of natural gas, technology, and communications. We recently increased our exposure to the banking sector, in response to improving leverage ratios and tighter regulatory oversight for the industry. The Fund remains slightly overweight in residential mortgage-backed securities (“RMBS’), and positioning within RMBS continues to favor 15-year collateral and well-structured CMOs. The Fund remains near void of U.S. Government Agency debentures, but has recently added a local authority obligation and other sovereign government bond obligations, based on improving credit and economic fundamentals. The Fund continues to have an allocation to the high yield leverage loan market, as valuations remain attractive. Additionally, the Fund utilizes tactical, global strategies in various foreign rate and currency markets.
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TOTAL RETURN BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
Total Return Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares | without sales charge | –0.70% | 4.04% | 4.95% | 4.59% | |||||||||||||||
with sales charge* | –5.45% | 2.35% | 3.93% | 4.08% | ||||||||||||||||
R Shares† | –0.93% | 3.77% | 4.70% | 4.23% | ||||||||||||||||
I Shares† | –0.31% | 4.36% | 5.28% | 4.95% | ||||||||||||||||
Barclays Capital U.S. Aggregate Bond Index | –0.10% | 3.75% | 4.80% | 4.46% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 0.68% | |||||||||||||||||||
R Shares | 1.07% | |||||||||||||||||||
I Shares | 0.41% |
The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2014 in order to keep total operating expenses (excluding underlying fund fees and expenses) from exceeding 0.75%, 1.05% and 0.45% for A, R 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%. |
† | The I Shares and R Shares were offered beginning on 10/11/04. The performance shown prior to such date is based on the performance of the Class I Shares of the Seix Core Bond Fund, the predecessor fund to the Total Return Bond Fund. The A Shares were offered beginning on 10/11/04. The performance |
shown from 4/1/04 to such date is based on the performance of the Class P Shares of the Seix Core Bond Fund. The historical performance 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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
34
Table of Contents
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 DISCUSSIONOF FUND PERFORMANCE
How did the Fund perform against its benchmark for the fiscal year ended March 31, 2014?
The RidgeWorth Ultra-Short Bond Fund (I Shares) outperformed its benchmark, the Barclays Capital 3-6 Month U.S. Treasury Bill Index, for the fiscal year ended March 31, 2014. The Fund (I Shares) generated a return of 0.76%, while the Index return was 0.11%.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The Fund’s total return was driven by income, credit-spread tightening, and yield curve roll down. Interest rates declined modestly during the past twelve months, with the one-year Treasury yields declining from 0.12% to 0.11%, as of March 31, 2014.
Holdings of U.S. Treasury and U.S. Government Agency debentures remained low for the period, while spread products (all fixed income securities that trade at a spread over a comparable U.S. Treasury security) consisting of investment grade corporate credit and securitized assets contributed to the Fund’s performance.
Corporate credit spreads widened during the second quarter of 2013, and then tightened noticeably through March 31, 2014. While the Industrial and Utilities sectors experienced credit deterioration, in the Financials sector, capital ratios remained above historical levels and asset-quality ratios continued to improve. In contrast to recent years, in which European financial issuers were avoided, European-based global financial companies were added to the Fund in the third quarter of 2013.
In securitized assets, tapering of the Federal Reserve’s mortgage-backed securities (“MBS”) purchases and mortgage-extension fears weighed on investors. However, MBS, with shorter-average lives, outperformed U.S. Treasury securities over the fiscal year. Agency multifamily housing securities performed well due to improved market liquidity and increased market demand for high quality, predictable cash flow securitized products. Hybrid adjustable-rate mortgages (“ARMs”) performed well again this year given their short final maturities. High quality asset-backed securities, including auto and credit card backed securities, were also stable performers. Commercial mortgage-backed securities (“CMBS”) were the best performers in the sector as investors, in search for higher yielding securities, pushed valuations higher amidst limited supply. Spread tightening in CMBS was also driven by improving market fundamentals. Mezzanine tranches outperformed senior tranches given less call risk from refinancing or liquidation.
How do you plan to position the Fund, based on market conditions?
We look to keep a short-to-neutral duration stance as risks remain higher for longer duration assets in a rising rate environment. We also believe that a neutral, laddered position is warranted, given that shifts and twists in the curve may be short lived and range-bound over the coming months.
We look to maintain current high levels of exposure to spread products with a bias towards corporate credit over securitized assets. While corporate credit spreads appear tight and corporate balance sheets, in general, are increasingly leveraged, market valuations are supported by strong market technicals. In securitized assets, our outlook is somewhat defensive as interest-rate volatility may cause credit spreads to widen. We do find that CMBS and ARMs appear attractive on a relative value basis.
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Table of Contents
ULTRA-SHORT BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||
Ultra-Short Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||
I Shares | 0.76% | 1.16% | 2.39% | 2.52% | ||||||||
Barclays Capital 3-6 Month U.S. Treasury Bill Index | 0.11% | 0.14% | 0.20% | 1.81% | ||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||
I Shares | 0.33% |
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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
36
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, 2014?
For the fiscal year ended March 31, 2014, the U.S. Government Securities Fund (I Shares) returned -1.86%, versus -1.17% for the Barclays Capital U.S. Government Bond Index.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Given the generosity of central banks globally, the fiscal year was marked by a broad “risk rally” that rewarded nearly all spread sectors, even higher quality sectors like the government-related exposure found in many competitor funds. The Fund was positioned to only have Treasury exposure, and the Fund’s void in agency debentures detracted from performance, as the sector produced positive excess returns over the fiscal year. Strategic yield curve positioning was not a contributor to performance during the year.
How do you plan to position the Fund, based on market conditions?
When juxtaposing these valuations against the challenging macroeconomic environment that persists, we find comfort in remaining defensive and maintaining a Treasury-only portfolio until risk assets re-price to reflect this challenged fundamental backdrop. Aggressive central bank intervention has supported excessive risk-taking, while offering little support to the economic recovery. An overabundance of complacency exists globally and warrants caution.
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U.S. GOVERNMENT SECURITIES FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||||||
U.S. Government Securities Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||||||
A Shares | without sales charge | –2.19% | 2.50% | 2.04% | 3.35% | |||||||||||||||
with sales charge* | –6.83% | 0.85% | 1.06% | 2.85% | ||||||||||||||||
C Shares | without CDSC | –2.45% | 2.12% | 1.54% | 2.75% | |||||||||||||||
with CDSC* | –3.42% | 2.12% | 1.54% | 2.75% | ||||||||||||||||
I Shares | –1.86% | 2.78% | 2.34% | 3.66% | ||||||||||||||||
Barclays Capital U.S. Government Index | –1.17% | 3.18% | 2.73% | 3.98% | ||||||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||||||
A Shares | 1.03% | |||||||||||||||||||
C Shares | 1.71% | |||||||||||||||||||
I Shares | 0.83% |
The Adviser has contractually agreed to waive fees and reimburse expenses until at least August 1, 2014 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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
38
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, 2014?
The RidgeWorth U.S. Government Securities Ultra-Short Bond Fund outperformed its benchmark, the Barclays Capital 3-6 Month U.S. Treasury Bill Index, for the fiscal year ended March 31, 2014. The Fund generated a return of 0.13%, while the benchmark index return was 0.11%.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
The Fund’s total return was driven by income, credit-spread tightening, and yield curve roll down. Interest rates declined modestly over the past twelve months, with the one-year Treasury yields declining from 0.12% to 0.11%, as March 31, 2014.
The Fund benefited from its allocation to U.S. Government Agency securitized assets, as spreads on short-term residential and multi-family securities tightened relative to U.S. Treasuries during the period. Once again, the Fund’s allocation to adjustable-rate mortgages drove performance and total return during the period. The Fund’s allocation to floating rate collateralized mortgage obligations contributed only modestly to total return while dampening volatility. The Fund also added exposure to agency multifamily housing securities, which benefited the Fund over the fiscal year as credit spreads tightened in the sector.
How do you plan to position the Fund, based on market conditions?
We look to keep a relatively short duration stance as risks remain higher for longer duration assets in a rising rate environment. We also believe that a neutral, laddered position is warranted, given that shifts and twists in the curve may be short lived and range-bound over the coming months.
In addition, we look to maintain limited exposure to U.S. Treasuries and Agency debentures. As historically low rates linger, investors are subject to wide-ranging returns—limited upside along with little coupon income to insulate against potential rising interest rates.
We will attempt to minimize the risks associated with rising longer-term rates by focusing on securities with shorter and well-defined principal payment periods. For example, we will look for securities that offer structural protections to investors. We will likely emphasize securities with floating rate coupons that offer investors more protection from rising interest rates or a steepening yield curve.
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U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||
U.S. Government Securities Ultra-Short Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||
I Shares | 0.13% | 1.00% | 1.64% | 2.76% | ||||||||
Barclays Capital 3-6 Month U.S. Treasury Bill Index | 0.11% | 0.14% | 0.20% | 1.81% | ||||||||
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 March 31, 2014 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
40
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 DISCUSSIONOF FUND PERFORMANCE
How did the Fund perform against its benchmark for the fiscal year ended March 31, 2014?
For the fiscal year ended March 31, 2014, the RidgeWorth Virginia Intermediate Municipal Bond Fund’s I Shares had a total return of -0.20%, versus an average return of -0.56% for the Lipper Other States Intermediate Municipal Debt Fund and a 0.84% total return for the Barclays Capital U.S. Municipal Bond 1 to 15 Year Blend Index. The short-to-intermediate portion of the municipal yield curve, defined as 2- to 6-year maturities, provided the greatest total return during the period, according to Barclays. Relative to the Barclays Capital U.S. Municipal Bond 1 to 15 Year Blend Index, the Fund maintained a higher allocation to the cash equivalent, 7-year, 20-year, and long-bond sectors, and a lower allocation to all other maturity sectors, as of March 31, 2014. Additionally, relative to the Index, the Fund maintained a higher allocation to non-rated bonds and securities rated AAA and AA, and a lower allocation to securities rated A and BAA. Trading activity and portfolio events during the period resulted in an increased exposure to the less than 1-year, 7-year, and 10-year sectors and reduced exposure to all other sectors. According to Municipal Market Data Line, the 5-year, 10-year, and 30-year generic AAA rated municipal bond yields rose 47, 58, and 56 basis points, respectively, during the fiscal year ended March 31, 2014.
What factors influenced the Fund’s performance for the fiscal year ended March 31, 2014?
Yield curve positioning contributed to the Fund’s underperformance during the period. The Fund maintained an overweight of bonds with final maturities of 17 years and longer, and the 20-year sector underperformed the 5-year sector by 83 basis points for the fiscal year ended March 31, 2014, according to Barclays.
Relative to its peers, the Fund’s more conservative approach to credit risk was rewarded during the period and led to outperformance. The Fund held fewer A and BAA rated bonds than many of its peers, and BAA rated securities outperformed AAA rated securities by 227 basis points during the period, according to Barclays.
How do you plan to position the Fund, based on market conditions?
Going forward, we expect demand for tax-exempt bonds to increase as a consequence of higher tax rates and reduced issuance. Primary market supply is projected to decrease approximately 10% in 2014, driven primarily by fewer refundings. Credit quality continues to improve for the vast majority of state and local government issuers, yet negative headlines surrounding a few high-profile distressed entities have injected additional volatility into the asset class. We expect bouts of volatility again in 2014, but feel that municipal bonds potentially offer compelling tax-adjusted yield versus Treasuries. Additionally, we believe improving credit fundamentals, coupled with favorable market technicals, should finally mitigate negative headlines and contribute to outperformance versus Treasuries in 2014. The Fund’s present duration posture and sector allocations seem appropriate, given our forecasts for the economy and financial markets. We will continue to make tactical adjustments to the Fund, periodically, as a part of our active portfolio management process. All activity will occur within an investment grade construct, and the credit quality of the Fund’s holdings should remain high relative to its peers.
41
Table of Contents
VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND
Growth of a $10,000 Investment (as of March 31, 2014)
This chart assumes an initial hypothetical investment of $10,000 made on 3/31/04. 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 3/31/14 | ||||||||||||||||
Virginia Intermediate Municipal Bond Fund | 1 Year | 3 Year | 5 Year | 10 Year | ||||||||||||
A Shares | without sales charge | –0.35% | 3.76% | 3.74% | 3.50% | |||||||||||
with sales charge* | –5.13% | 2.09% | 2.73% | 3.00% | ||||||||||||
I Shares | –0.20% | 3.96% | 3.91% | 3.65% | ||||||||||||
Barclays Capital U.S. Municipal Bond 1-15 Year Blend Index | 0.84% | 4.59% | 4.63% | 4.16% | ||||||||||||
Prospectus Expense Ratio1 | Gross | |||||||||||||||
A Shares | 0.73% | |||||||||||||||
I Shares | 0.58% |
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, visitour 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 3/31/14 expense ratios can be found in the financial highlights. |
Investment Weightings (as of March 31, 2014)
as a percentage of investments
42
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Core Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Asset-Backed Securities 3.5% |
| |||||||
Credit Card 1.8% | ||||||||
Cabela’s Master Credit Card Trust, Series 2014-1, Cl A, 0.504%, 03/16/20(a) | 413,000 | 413,034 | ||||||
Capital One Multi-Asset Execution Trust, Series 2006-A11, Cl A11, 0.245%, 06/17/19(a) | 813,000 | 809,754 | ||||||
Capital One Multi-Asset Execution Trust, Series 2006-B1, Cl B1, 0.435%, 01/15/19(a) | 823,000 | 816,195 | ||||||
Chase Issuance Trust, Series 2014-A1, Cl A1, 1.150%, 01/15/19 | 1,811,000 | 1,810,982 | ||||||
|
| |||||||
3,849,965 | ||||||||
|
| |||||||
Home Equity 0.9% | ||||||||
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Cl M1, 0.584%, 07/25/35(a) | 1,857,000 | 1,826,787 | ||||||
|
| |||||||
Other 0.8% | ||||||||
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Cl A2, 5.216%, 01/25/42(b) | 1,661,610 | 1,777,457 | ||||||
|
| |||||||
Total Asset-Backed Securities | 7,454,209 | |||||||
|
| |||||||
Collateralized Mortgage Obligations 7.1% |
| |||||||
Agency Collateralized Mortgage Obligations 4.1% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 3745, Cl AY, REMIC, 4.000%, 10/15/30 | 126,000 | 131,370 | ||||||
Series 3768, Cl CB, 3.500%, 12/15/25 | 36,000 | 36,704 | ||||||
Series 3788, Cl YB, 3.500%, 01/15/26 | 5,200,000 | 5,323,609 | ||||||
Series 3800, Cl CB, 3.500%, 02/15/26 | 42,000 | 42,681 | ||||||
Series 3806, Cl L, 3.500%, 02/15/26 | 399,000 | 402,802 | ||||||
Series 3877, Cl LM, 3.500%, 06/15/26 | 26,000 | 26,333 | ||||||
Series 4065, Cl CL, 3.000%, 06/15/27 | 838,000 | 800,770 | ||||||
Series 4077, Cl B, 3.000%, 07/15/27 | 731,000 | 698,303 | ||||||
|
| |||||||
7,462,572 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Agency Collateralized Mortgage Obligations—continued |
| |||||||
Federal National Mortgage Association | ||||||||
Series 2012-17, Cl BC, 3.500%, 03/25/27 | 1,379,000 | 1,378,524 | ||||||
|
| |||||||
8,841,096 | ||||||||
|
| |||||||
Commercial Mortgage Backed Securities 3.0% |
| |||||||
GS Mortgage Securities Corp. II | ||||||||
Series 2012-ALOH, Cl A, 3.551%, 04/10/34(b) | 746,000 | 751,370 | ||||||
Series 2012-BWTR, Cl B, 3.255%, 11/05/34(b) | 1,195,000 | 1,136,902 | ||||||
|
| |||||||
1,888,272 | ||||||||
|
| |||||||
GS Mortgage Securities Trust | ||||||||
Series 2011-GC5, Cl AS, 5.209%, 08/10/44(a)(b) | 440,000 | 489,640 | ||||||
|
| |||||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
Series 2011-C3, Cl D, 5.544%, 02/15/46(a)(b) | 927,000 | 1,006,169 | ||||||
|
| |||||||
JPMorgan Chase Commercial Mortgage Securities Corp. | ||||||||
Series 2010-C2, Cl C, 5.509%, 11/15/43(a)(b) | 906,000 | 1,002,876 | ||||||
|
| |||||||
OBP Depositor LLC Trust | ||||||||
Series 2010-OBP, Cl A, 4.646%, 07/15/45(b) | 866,000 | 951,632 | ||||||
|
| |||||||
WFRBS Commercial Mortgage Trust 2011-C3 | ||||||||
Series 2011-C3, Cl D, 5.549%, 03/15/44(a)(b) | 1,019,000 | 1,044,901 | ||||||
|
| |||||||
6,383,490 | ||||||||
|
| |||||||
Total Collateralized Mortgage Obligations | 15,224,586 | |||||||
|
| |||||||
Corporate Bonds 26.5% | ||||||||
Agriculture 0.4% | ||||||||
Japan Tobacco, Inc., 2.100%, 07/23/18(b) | 893,000 | 892,568 | ||||||
|
| |||||||
Airlines 0.9% | ||||||||
American Airlines Pass Through Trust, 4.950%, 01/15/23(b) | 1,329,449 | 1,425,834 | ||||||
United Airlines Pass Through Trust, Series 2014-1, Cl A, 4.000%, 04/11/23(c) | 535,000 | 537,675 | ||||||
|
| |||||||
1,963,509 | ||||||||
|
| |||||||
Auto Manufacturers 0.5% | ||||||||
Daimler Finance N.A. LLC, 3.875%, 09/15/21(b) | 434,000 | 455,497 |
See Notes to Financial Statements.
43
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Core Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Auto Manufacturers—continued |
| |||||||
Volkswagen International Finance, 2.375%, 03/22/17(b) | 490,000 | 504,063 | ||||||
|
| |||||||
959,560 | ||||||||
|
| |||||||
Auto Parts & Equipment 0.2% | ||||||||
Delphi Corp., 4.150%, 03/15/24 | 394,000 | 393,524 | ||||||
|
| |||||||
Banks 6.4% | ||||||||
Bank of America Corp., 2.600%, 01/15/19 | 707,000 | 709,789 | ||||||
Bank of America NA, 1.250%, 02/14/17 | 946,000 | 942,056 | ||||||
Citigroup, Inc., 2.500%, 09/26/18 | 1,063,000 | 1,068,771 | ||||||
Citigroup, Inc., 5.500%, 09/13/25 | 596,000 | 634,858 | ||||||
Citigroup, Inc., 6.675%, 09/13/43 | 305,000 | 357,155 | ||||||
Fifth Third Bank, 1.450%, 02/28/18 | 885,000 | 870,033 | ||||||
Goldman Sachs Group, Inc.(The), 2.900%, 07/19/18 | 993,000 | 1,012,655 | ||||||
HSBC Bank PLC, 3.500%, 06/28/15(b) | 575,000 | 596,082 | ||||||
Huntington National Bank(The), 1.300%, 11/20/16 | 602,000 | 603,863 | ||||||
JPMorgan Chase & Co., 1.625%, 05/15/18 | 1,110,000 | 1,090,099 | ||||||
JPMorgan Chase & Co., 3.875%, 02/01/24 | 802,000 | 809,196 | ||||||
KeyBank NA, 1.650%, 02/01/18 | 831,000 | 824,832 | ||||||
Lloyds Bank PLC, 2.300%, 11/27/18(d) | 304,000 | 303,699 | ||||||
Morgan Stanley, 2.500%, 01/24/19 | 957,000 | 954,335 | ||||||
Morgan Stanley, 5.000%, 11/24/25 | 817,000 | 840,628 | ||||||
PNC Funding Corp., 3.300%, 03/08/22 | 112,000 | 112,737 | ||||||
US Bank NA, 1.100%, 01/30/17 | 719,000 | 720,378 | ||||||
Wells Fargo & Co., 1.250%, 02/13/15, MTN | 757,000 | 762,864 | ||||||
Wells Fargo & Co., 5.375%, 11/02/43 | 460,000 | 484,560 | ||||||
|
| |||||||
13,698,590 | ||||||||
|
| |||||||
Beverages 0.3% | ||||||||
SABMiller Holdings, Inc., 2.450%, 01/15/17(b) | 683,000 | 702,335 | ||||||
|
| |||||||
Chemicals 0.3% | ||||||||
Praxair, Inc., 4.625%, 03/30/15 | 532,000 | 553,518 | ||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Commercial Services 0.8% | ||||||||
ERAC USA Finance LLC, 2.750%, 03/15/17(b) | 334,000 | 344,546 | ||||||
ERAC USA Finance LLC, 5.250%, 10/01/20(b) | 516,000 | 575,297 | ||||||
ERAC USA Finance LLC, 5.600%, 05/01/15(b) | 757,000 | 795,405 | ||||||
|
| |||||||
1,715,248 | ||||||||
|
| |||||||
Computers 0.5% | ||||||||
IBM Corp., 0.875%, 10/31/14 | 993,000 | 996,449 | ||||||
|
| |||||||
Diversified Financial Services 3.1% |
| |||||||
American Express Credit Corp., 2.375%, 03/24/17, MTN | 327,000 | 338,693 | ||||||
Ford Motor Credit Co. LLC, 5.000%, 05/15/18 | 942,000 | 1,039,713 | ||||||
General Electric Capital Corp., 3.100%, 01/09/23, MTN | 1,393,000 | 1,363,120 | ||||||
John Deere Capital Corp., 1.250%, 12/02/14, MTN | 524,000 | 527,346 | ||||||
Lazard Group LLC, 4.250%, 11/14/20 | 848,000 | 878,564 | ||||||
MassMutual Global Funding LLC, 2.000%, 04/05/17(b) | 476,000 | 485,806 | ||||||
Nomura Holdings, Inc., 2.750%, 03/19/19, MTN | 360,000 | 357,823 | ||||||
PACCAR Financial Corp., 1.550%, 09/29/14, MTN | 693,000 | 697,064 | ||||||
Toyota Motor Credit Corp., 3.200%, 06/17/15, MTN | 310,000 | 319,932 | ||||||
Woodside Finance Ltd., 4.600%, 05/10/21(b) | 492,000 | 526,577 | ||||||
|
| |||||||
6,534,638 | ||||||||
|
| |||||||
Electric 0.4% | ||||||||
Dominion Resources, Inc., 1.950%, 08/15/16 | 251,000 | 255,732 | ||||||
Exelon Generation Co. LLC, 6.200%, 10/01/17 | 286,000 | 323,155 | ||||||
MidAmerican Energy Holdings Co., 6.125%, 04/01/36 | 228,000 | 272,735 | ||||||
|
| |||||||
851,622 | ||||||||
|
| |||||||
Electronics 0.5% | ||||||||
Agilent Technologies, Inc., 3.875%, 07/15/23 | 848,000 | 838,227 | ||||||
Thermo Fisher Scientific, Inc., 5.300%, 02/01/44 | 244,000 | 262,950 | ||||||
|
| |||||||
1,101,177 | ||||||||
|
| |||||||
Healthcare-Services 0.3% | ||||||||
Howard Hughes Medical Institute, 3.500%, 09/01/23 | 415,000 | 422,185 |
See Notes to Financial Statements.
44
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Core Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Healthcare—Services—continued |
| |||||||
UnitedHealth Group, Inc., 4.250%, 03/15/43 | 196,000 | 186,706 | ||||||
|
| |||||||
608,891 | ||||||||
|
| |||||||
Insurance 1.7% | ||||||||
American International Group, Inc., 5.850%, 01/16/18, MTN | 718,000 | 820,503 | ||||||
Arch Capital Group US, Inc., 5.144%, 11/01/43 | 659,000 | 693,954 | ||||||
Berkshire Hathaway, Inc., 3.200%, 02/11/15 | 665,000 | 681,369 | ||||||
Fairfax Financial Holdings Ltd., 5.800%, 05/15/21(b) | 288,000 | 303,851 | ||||||
Nationwide Financial Services, Inc., 5.375%, 03/25/21(b) | 835,000 | 919,991 | ||||||
Reinsurance Group of America, Inc., 4.700%, 09/15/23, MTN | 266,000 | 279,365 | ||||||
|
| |||||||
3,699,033 | ||||||||
|
| |||||||
Internet 0.1% | ||||||||
eBay, Inc., 4.000%, 07/15/42 | 339,000 | 299,833 | ||||||
|
| |||||||
Media 0.4% | ||||||||
Comcast Corp., 4.650%, 07/15/42 | 368,000 | 367,054 | ||||||
Time Warner, Inc., 4.900%, 06/15/42 | 561,000 | 563,007 | ||||||
|
| |||||||
930,061 | ||||||||
|
| |||||||
Mining 2.2% | ||||||||
Barrick(PD) Australia Finance Property Ltd., 4.950%, 01/15/20 | 185,000 | 194,652 | ||||||
Barrick(PD) Australia Finance Property Ltd., 5.950%, 10/15/39 | 1,331,000 | 1,321,284 | ||||||
Barrick International Barbados Corp., 6.350%, 10/15/36(b) | 685,000 | 672,430 | ||||||
Barrick North America Finance LLC, 5.750%, 05/01/43 | 163,000 | 158,814 | ||||||
BHP Billiton Finance USA Ltd., 1.125%, 11/21/14 | 542,000 | 544,656 | ||||||
Newmont Mining Corp., 6.250%, 10/01/39 | 1,857,000 | 1,798,192 | ||||||
|
| |||||||
4,690,028 | ||||||||
|
| |||||||
Miscellaneous Manufacturer 0.4% |
| |||||||
3M Co., 1.375%, 09/29/16 | 250,000 | 254,592 | ||||||
General Electric Co., 4.125%, 10/09/42 | 250,000 | 240,223 | ||||||
General Electric Co., 5.250%, 12/06/17 | 233,000 | 264,043 | ||||||
|
| |||||||
758,858 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Oil & Gas 0.3% | ||||||||
BP Capital Markets PLC, 2.248%, 11/01/16 | 387,000 | 399,359 | ||||||
Ensco PLC, 4.700%, 03/15/21 | 310,000 | 333,077 | ||||||
|
| |||||||
732,436 | ||||||||
|
| |||||||
Oil & Gas Services 0.7% | ||||||||
Schlumberger Investment SA, 3.300%, 09/14/21(b) | 375,000 | 382,595 | ||||||
Weatherford International Ltd., 5.125%, 09/15/20 | 224,000 | 243,751 | ||||||
Weatherford International Ltd., 5.950%, 04/15/42 | 319,000 | 343,702 | ||||||
Weatherford International Ltd., 6.500%, 08/01/36 | 449,000 | 503,418 | ||||||
|
| |||||||
1,473,466 | ||||||||
|
| |||||||
Pharmaceuticals 0.7% | ||||||||
Express Scripts Holding Co., 2.650%, 02/15/17 | 347,000 | 358,857 | ||||||
Novartis Securities Investment Ltd., 5.125%, 02/10/19 | 208,000 | 236,144 | ||||||
Perrigo Co. PLC, 5.300%, 11/15/43(b) | 343,000 | 361,060 | ||||||
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/36 | 399,000 | 453,402 | ||||||
|
| |||||||
1,409,463 | ||||||||
|
| |||||||
Pipelines 0.8% | ||||||||
DCP Midstream Operating LP, 5.600%, 04/01/44 | 473,000 | 493,721 | ||||||
Enterprise Products Operating LLC, 4.850%, 03/15/44 | 476,000 | 474,790 | ||||||
Kinder Morgan Energy Partners LP, 5.000%, 08/15/42 | 849,000 | 805,108 | ||||||
|
| |||||||
1,773,619 | ||||||||
|
| |||||||
Real Estate Investment Trust 0.8% |
| |||||||
American Tower Corp., 3.500%, 01/31/23 | 374,000 | 353,669 | ||||||
American Tower Corp., 5.000%, 02/15/24 | 726,000 | 756,132 | ||||||
Digital Realty Trust LP, 5.875%, 02/01/20(d) | 607,000 | 664,565 | ||||||
|
| |||||||
1,774,366 | ||||||||
|
| |||||||
Retail 0.5% | ||||||||
Wal-Mart Stores, Inc., 1.125%, 04/11/18 | 1,147,000 | 1,124,471 | ||||||
|
| |||||||
Semiconductors 1.1% | ||||||||
Analog Devices, Inc., 3.000%, 04/15/16 | 169,000 | 175,508 | ||||||
Intel Corp., 1.950%, 10/01/16 | 290,000 | 298,002 | ||||||
Intel Corp., 4.250%, 12/15/42 | 140,000 | 132,739 |
See Notes to Financial Statements.
45
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Core Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Semiconductors—continued | ||||||||
Intel Corp., 4.800%, 10/01/41 | 802,000 | 828,657 | ||||||
TSMC Global Ltd., 1.625%, 04/03/18(b) | 857,000 | 830,806 | ||||||
|
| |||||||
2,265,712 | ||||||||
|
| |||||||
Software 0.2% | ||||||||
Oracle Corp., 1.200%, 10/15/17 | 228,000 | 226,208 | ||||||
Oracle Corp., 2.375%, 01/15/19 | 281,000 | 284,347 | ||||||
|
| |||||||
510,555 | ||||||||
|
| |||||||
Telecommunication Services 2.0% |
| |||||||
AT&T, Inc., 2.375%, 11/27/18 | 855,000 | 859,248 | ||||||
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849%, 04/15/23 | 914,000 | 889,113 | ||||||
Cisco Systems, Inc., 2.125%, 03/01/19 | 471,000 | 468,893 | ||||||
Cisco Systems, Inc., 5.500%, 02/22/16 | 294,000 | 321,092 | ||||||
Verizon Communications, Inc., 6.550%, 09/15/43 | 1,452,000 | 1,766,990 | ||||||
|
| |||||||
4,305,336 | ||||||||
|
| |||||||
Total Corporate Bonds | 56,718,866 | |||||||
|
| |||||||
Municipal Bonds 1.2% | ||||||||
Illinois 0.3% | ||||||||
Chicago, Series B, GO, 6.314%, 01/01/44 | 575,000 | 586,581 | ||||||
|
| |||||||
New York 0.9% | ||||||||
Utility Debt Securitization Authority, Series T, RB, 2.937%, 06/15/23 | 1,918,000 | 1,919,055 | ||||||
|
| |||||||
Total Municipal Bonds | 2,505,636 | |||||||
|
| |||||||
U.S. Government Agency Mortgages 29.8% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Pool #J14244, 3.000%, 01/01/26 | 779,436 | 801,444 | ||||||
Pool #J14245, 3.000%, 01/01/26 | 430,309 | 442,527 | ||||||
Pool #J17791, 3.000%, 01/01/27 | 510,282 | 524,397 | ||||||
Pool #J18800, 3.000%, 04/01/27 | 1,077,280 | 1,107,019 | ||||||
Pool #G14517, 2.500%, 07/01/27 | 1,362,380 | 1,363,629 | ||||||
Pool #E04075, 2.500%, 08/01/27 | 1,317,941 | 1,318,655 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #J20118, 2.500%, 08/01/27 | 695,760 | 696,137 | ||||||
Pool #G14599, 2.500%, 11/01/27 | 1,169,662 | 1,170,295 | ||||||
Pool #E09023, 2.000%, 02/01/28 | 718,845 | 700,771 | ||||||
Pool #J22872, 2.000%, 03/01/28 | 160,977 | 156,914 | ||||||
Pool #D99439, 3.500%, 06/01/32 | 302,583 | 311,220 | ||||||
Pool #G30614, 3.500%, 12/01/32 | 1,846,728 | 1,899,305 | ||||||
Pool #A12413, 5.000%, 08/01/33 | 199,679 | 217,607 | ||||||
Pool #G05052, 5.000%, 10/01/33 | 126,740 | 138,089 | ||||||
Pool #G01779, 5.000%, 04/01/35 | 257,741 | 280,850 | ||||||
Pool #G01837, 5.000%, 07/01/35 | 1,022,831 | 1,114,602 | ||||||
Pool #A37619, 4.500%, 09/01/35 | 34,522 | 36,843 | ||||||
Pool #G04997, 5.000%, 01/01/37 | 68,298 | 74,331 | ||||||
Pool #G05254, 5.000%, 01/01/37 | 698,390 | 759,816 | ||||||
Pool #Q06160, 4.000%, 02/01/37 | 143,280 | 148,701 | ||||||
Pool #G03296, 6.000%, 09/01/37 | 485,475 | 544,445 | ||||||
Pool #G05326, 5.000%, 02/01/38 | 335,292 | 364,901 | ||||||
Pool #G04337, 5.500%, 04/01/38 | 76,619 | 84,106 | ||||||
Pool #G08347, 4.500%, 06/01/39 | 274,648 | 293,555 | ||||||
Pool #G08353, 4.500%, 07/01/39 | 1,710,117 | 1,823,795 | ||||||
Pool #G06079, 6.000%, 07/01/39 | 119,924 | 133,099 | ||||||
Pool #A87874, 4.000%, 08/01/39 | 345,877 | 359,577 | ||||||
Pool #A89384, 4.000%, 10/01/39 | 103,819 | 107,732 | ||||||
Pool #A89148, 4.000%, 10/01/39 | 532,667 | 552,777 | ||||||
Pool #G08372, 4.500%, 11/01/39 | 917,604 | 978,461 | ||||||
Pool #A93101, 5.000%, 07/01/40 | 121,930 | 132,902 |
See Notes to Financial Statements.
46
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Core Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #G06990, 5.500%, 08/01/40 | 1,308,786 | 1,436,674 | ||||||
Pool #A93996, 4.500%, 09/01/40 | 399,734 | 426,388 | ||||||
Pool #G06061, 4.000%, 10/01/40(c) | 756,707 | 786,062 | ||||||
Pool #A94362, 4.000%, 10/01/40 | 488,989 | 508,515 | ||||||
Pool #A97047, 4.500%, 02/01/41 | 415,094 | 442,757 | ||||||
|
| |||||||
22,238,898 | ||||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Pool #471293, 2.500%, 07/01/22 | 648,312 | 629,803 | ||||||
Pool #AM2970, 2.450%, 04/01/23 | 1,370,000 | 1,313,685 | ||||||
Pool #AM3353, 2.450%, 05/01/23 | 164,506 | 156,326 | ||||||
Pool #AM3691, 2.540%, 06/01/23 | 338,674 | 325,922 | ||||||
Pool #AM3489, 2.560%, 06/01/23 | 126,940 | 122,808 | ||||||
Pool #AM3851, 3.020%, 07/01/23 | 1,249,000 | 1,235,388 | ||||||
Pool #AM3972, 3.000%, 08/01/23 | 753,097 | 751,096 | ||||||
Pool #AM4856, 3.520%, 12/01/23 | 99,624 | 102,391 | ||||||
Pool #AM5146, 3.470%, 01/01/24 | 742,158 | 759,272 | ||||||
Pool #932871, 3.000%, 01/01/26 | 177,263 | 182,325 | ||||||
Pool #AJ8325, 3.000%, 12/01/26 | 346,217 | 356,020 | ||||||
Pool #AL3274, 3.000%, 05/01/27 | 1,171,539 | 1,206,451 | ||||||
Pool #AB6472, 2.000%, 10/01/27 | 492,664 | 480,268 | ||||||
Pool #AP9623, 2.000%, 10/01/27 | 385,621 | 375,919 | ||||||
Pool #AB6644, 2.500%, 10/01/27 | 2,742,966 | 2,750,058 | ||||||
Pool #AB6480, 2.500%, 10/01/27 | 691,254 | 693,041 | ||||||
Pool #AB7081, 2.500%, 11/01/27 | 221,487 | 222,060 | ||||||
Pool #AL2716, 2.000%, 12/01/27 | 411,408 | 401,056 | ||||||
Pool #AB7142, 2.500%, 12/01/27 | 337,109 | 337,981 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #AB7158, 2.500%, 12/01/27 | 471,329 | 472,549 | ||||||
Pool #AR1524, 2.000%, 01/01/28 | 1,045,488 | 1,019,182 | ||||||
Pool #AQ9956, 2.000%, 01/01/28 | 999,011 | 973,875 | ||||||
Pool #AB7707, 2.000%, 01/01/28 | 354,023 | 345,115 | ||||||
Pool #AR3040, 2.000%, 01/01/28 | 197,368 | 192,402 | ||||||
Pool #AR6867, 2.000%, 02/01/28 | 1,220,291 | 1,189,587 | ||||||
Pool #AL3041, 2.000%, 02/01/28 | 79,078 | 77,089 | ||||||
Pool #AB7795, 2.500%, 02/01/28 | 1,086,259 | 1,086,510 | ||||||
Pool #AS0001, 2.000%, 07/01/28 | 714,131 | 696,162 | ||||||
Pool #AL4042, 2.000%, 08/01/28 | 431,706 | 420,844 | ||||||
Pool #MA0481, 4.500%, 08/01/30 | 1,185,703 | 1,271,796 | ||||||
Pool #AB1763, 4.000%, 11/01/30 | 178,944 | 188,894 | ||||||
Pool #MA0587, 4.000%, 12/01/30 | 598,853 | 632,091 | ||||||
Pool #MA0804, 4.000%, 07/01/31 | 487,538 | 514,630 | ||||||
Pool #MA0949, 3.500%, 01/01/32 | 302,899 | 311,674 | ||||||
Pool #AO3244, 3.500%, 08/01/32 | 504,663 | 520,125 | ||||||
Pool #AP9592, 3.500%, 10/01/32 | 1,257,774 | 1,296,283 | ||||||
Pool #AB7691, 3.500%, 01/01/33 | 637,936 | 657,480 | ||||||
Pool #AB8428, 3.500%, 02/01/33 | 1,339,978 | 1,378,901 | ||||||
Pool #MA1543, 3.500%, 08/01/33 | 811,618 | 835,064 | ||||||
Pool #MA1630, 4.000%, 10/01/33 | 197,437 | 207,624 | ||||||
Pool #745044, 4.500%, 08/01/35 | 323,727 | 345,935 | ||||||
Pool #878094, 6.000%, 04/01/36 | 1,508,526 | 1,690,588 | ||||||
Pool #190370, 6.000%, 06/01/36 | 857,235 | 957,309 | ||||||
Pool #AI7951, 4.500%, 08/01/36 | 403,274 | 429,907 |
See Notes to Financial Statements.
47
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Core Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #890547, 4.000%, 11/01/36 | 997,726 | 1,037,178 | ||||||
Pool #AJ5974, 4.000%, 12/01/36 | 138,011 | 143,495 | ||||||
Pool #995082, 5.500%, 08/01/37 | 747,052 | 830,874 | ||||||
Pool #890248, 6.000%, 08/01/37 | 146,123 | 164,319 | ||||||
Pool #889529, 6.000%, 03/01/38 | 30,220 | 33,774 | ||||||
Pool #995243, 4.500%, 08/01/38 | 529,336 | 564,133 | ||||||
Pool #930672, 4.500%, 03/01/39 | 194,870 | 209,226 | ||||||
Pool #AC5445, 5.000%, 11/01/39 | 311,523 | 342,203 | ||||||
Pool #932441, 4.000%, 01/01/40 | 1,291,618 | 1,342,078 | ||||||
Pool #AC9564, 4.500%, 02/01/40 | 372,267 | 399,258 | ||||||
Pool #AE0216, 4.000%, 08/01/40 | 510,856 | 530,744 | ||||||
Pool #AB1343, 4.500%, 08/01/40 | 690,522 | 741,625 | ||||||
Pool #AE4192, 4.000%, 10/01/40 | 705,680 | 735,323 | ||||||
Pool #AE0625, 4.000%, 12/01/40 | 240,706 | 251,283 | ||||||
Pool #AB2694, 4.500%, 04/01/41 | 481,693 | 516,674 | ||||||
Pool #AB3274, 4.500%, 07/01/41 | 1,780,968 | 1,909,322 | ||||||
Pool #AL1627, 4.500%, 09/01/41 | 213,258 | 227,798 | ||||||
|
| |||||||
40,092,793 | ||||||||
|
| |||||||
SLM Student Loan Trust | ||||||||
Series 2013-6, Cl A1, 0.434%, 02/25/19(a) | 1,473,531 | 1,474,101 | ||||||
|
| |||||||
Total U.S. Government Agency Mortgages | 63,805,792 | |||||||
|
| |||||||
U.S. Treasury Obligations 29.5% |
| |||||||
U.S. Treasury Bond 3.2% | ||||||||
3.750%, 11/15/43 | 6,619,000 | 6,852,730 | ||||||
|
| |||||||
U.S. Treasury Notes 26.3% |
| |||||||
0.750%, 06/15/14 | 12,681,000 | 12,698,830 | ||||||
0.375%, 11/15/15(e) | 11,375,000 | 11,392,324 | ||||||
0.500%, 06/15/16 | 4,643,000 | 4,640,098 | ||||||
0.875%, 02/28/17 | 5,193,000 | 5,193,405 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Treasury Notes—continued |
| |||||||
1.500%, 01/31/19 | 1,879,000 | 1,862,559 | ||||||
2.750%, 02/15/24 | 20,635,000 | 20,680,149 | ||||||
|
| |||||||
56,467,365 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 63,320,095 | |||||||
|
| |||||||
Foreign Government Bonds 0.5% |
| |||||||
Sovereign 0.5% | ||||||||
Brazilian Government International Bond, 7.125%, 01/20/37 | 232,000 | 278,110 | ||||||
Colombia Government International Bond, 7.375%, 09/18/37 | 134,000 | 171,520 | ||||||
Mexico Government International Bond, 5.550%, 01/21/45 | 614,000 | 652,375 | ||||||
|
| |||||||
Total Foreign Government Bonds | 1,102,005 | |||||||
|
| |||||||
Short-Term Investment 0.4% | ||||||||
RidgeWorth Funds Securities Lending Joint Account(f) | 987,000 | 987,000 | ||||||
|
| |||||||
Total Short-Term Investment | 987,000 | |||||||
|
| |||||||
Money Market Fund 3.7% |
| |||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(g) | 8,030,433 | 8,030,433 | ||||||
|
| |||||||
Total Money Market Fund | 8,030,433 | |||||||
|
| |||||||
Total Investments | 219,148,622 | |||||||
Liabilities in Excess of Other Assets — (2.2)% | (4,814,493 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 214,334,129 | ||||||
|
|
(a) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(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 8.8% of net assets as of March 31, 2014. |
(c) | All or a portion of this security has been purchased on a when-issued or delayed-delivery basis. |
(d) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $964,859. |
See Notes to Financial Statements.
48
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Core Bond Fund — concluded
(e) | All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments. |
(f) | Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014 (See Note 2(k)). |
(g) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
GO | — | General Obligation | ||
MTN | — | Medium Term Note | ||
RB | — | Revenue Bond | ||
REMIC | — | Real Estate Mortgage Investment Conduit |
See Notes to Financial Statements.
49
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Corporate Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Corporate Bonds 95.3% | ||||||||
Agriculture 1.2% | ||||||||
Japan Tobacco, Inc., 2.100%, 07/23/18(a) | 450,000 | 449,782 | ||||||
|
| |||||||
Airlines 3.0% | ||||||||
American Airlines Pass Through Trust, 4.950%, 07/15/24(a) | 665,695 | 713,957 | ||||||
United Airlines Pass Through Trust, Series 2014-1, Cl A, 4.000%, 10/11/27(b) | 442,000 | 444,210 | ||||||
|
| |||||||
1,158,167 | ||||||||
|
| |||||||
Auto Manufacturers 2.9% | ||||||||
General Motors Co., 6.250%, 10/02/43(a) | 759,000 | 821,618 | ||||||
Volkswagen International Finance, 2.375%, 03/22/17(a) | 313,000 | 321,983 | ||||||
|
| |||||||
1,143,601 | ||||||||
|
| |||||||
Auto Parts & Equipment 1.0% | ||||||||
Delphi Corp., 4.150%, 03/15/24 | 387,000 | 386,533 | ||||||
|
| |||||||
Banks 20.5% | ||||||||
Bank of America Corp., 2.600%, 01/15/19 | 537,000 | 539,119 | ||||||
Bank of America NA, 1.250%, 02/14/17 | 410,000 | 408,291 | ||||||
Citigroup, Inc., 2.500%, 09/26/18 | 794,000 | 798,311 | ||||||
Citigroup, Inc., 5.500%, 09/13/25 | 412,000 | 438,862 | ||||||
Citigroup, Inc., 6.675%, 09/13/43 | 211,000 | 247,081 | ||||||
Fifth Third Bank, 1.450%, 02/28/18 | 625,000 | 614,430 | ||||||
Goldman Sachs Group, Inc. (The), 2.900%, 07/19/18 | 800,000 | 815,835 | ||||||
JPMorgan Chase & Co., 1.625%, 05/15/18 | 415,000 | 407,559 | ||||||
JPMorgan Chase & Co., 3.875%, 02/01/24 | 609,000 | 614,464 | ||||||
KeyBank NA, 1.650%, 02/01/18 | 299,000 | 296,781 | ||||||
Lloyds Bank PLC, 2.300%, 11/27/18(c) | 343,000 | 342,660 | ||||||
Morgan Stanley, 2.500%, 01/24/19 | 728,000 | 725,973 | ||||||
Morgan Stanley, 5.000%, 11/24/25 | 610,000 | 627,641 | ||||||
PNC Funding Corp., 3.300%, 03/08/22 | 88,000 | 88,579 | ||||||
US Bank NA, 1.100%, 01/30/17 | 688,000 | 689,319 | ||||||
Wells Fargo & Co., 5.375%, 11/02/43 | 349,000 | 367,633 | ||||||
|
| |||||||
8,022,538 | ||||||||
|
| |||||||
Beverages 1.0% | ||||||||
SABMiller Holdings, Inc., 2.450%, 01/15/17(a) | 392,000 | 403,097 | ||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Commercial Services 3.2% | ||||||||
ERAC USA Finance LLC, 2.750%, 03/15/17(a) | 611,000 | 630,292 | ||||||
ERAC USA Finance LLC, 2.800%, 11/01/18(a) | 353,000 | 359,367 | ||||||
ERAC USA Finance LLC, 5.250%, 10/01/20(a) | 251,000 | 279,844 | ||||||
|
| |||||||
1,269,503 | ||||||||
|
| |||||||
Diversified Financial Services 13.6% |
| |||||||
American Express Credit Corp., 1.750%, 06/12/15, MTN | 705,000 | 714,779 | ||||||
Ford Motor Credit Co. LLC, 5.000%, 05/15/18 | 587,000 | 647,889 | ||||||
General Electric Capital Corp., 3.100%, 01/09/23, MTN | 1,104,000 | 1,080,319 | ||||||
Lazard Group LLC, 4.250%, 11/14/20 | 636,000 | 658,923 | ||||||
Lazard Group LLC, 6.850%, 06/15/17 | 596,000 | 677,613 | ||||||
MassMutual Global Funding LLC, 2.000%, 04/05/17(a) | 266,000 | 271,480 | ||||||
Nomura Holdings, Inc., 2.750%, 03/19/19, MTN | 296,000 | 294,211 | ||||||
Toyota Motor Credit Corp., 3.200%, 06/17/15, MTN | 419,000 | 432,424 | ||||||
Woodside Finance Ltd., 4.600%, 05/10/21(a) | 531,000 | 568,318 | ||||||
|
| |||||||
5,345,956 | ||||||||
|
| |||||||
Electric 2.0% | ||||||||
Dominion Resources, Inc., 1.950%, 08/15/16 | 220,000 | 224,148 | ||||||
Exelon Generation Co. LLC, 6.200%, 10/01/17 | 316,000 | 357,052 | ||||||
Pacific Gas & Electric Co., 5.125%, 11/15/43 | 202,000 | 215,101 | ||||||
|
| |||||||
796,301 | ||||||||
|
| |||||||
Electronics 2.9% | ||||||||
Agilent Technologies, Inc., 3.875%, 07/15/23 | 684,000 | 676,117 | ||||||
Thermo Fisher Scientific, Inc., 5.300%, 02/01/44 | 418,000 | 450,463 | ||||||
|
| |||||||
1,126,580 | ||||||||
|
| |||||||
Healthcare-Services 0.5% | ||||||||
UnitedHealth Group, Inc., 4.250%, 03/15/43 | 220,000 | 209,568 | ||||||
|
| |||||||
Insurance 8.2% | ||||||||
Allied World Assurance Co. Holdings Ltd., 5.500%, 11/15/20 | 221,000 | 245,772 |
See Notes to Financial Statements.
50
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Corporate Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Insurance—continued | ||||||||
American International Group, Inc., 5.850%, 01/16/18, MTN | 555,000 | 634,232 | ||||||
Arch Capital Group US, Inc., 5.144%, 11/01/43 | 521,000 | 548,634 | ||||||
AXIS Specialty Finance PLC, 5.150%, 04/01/45 | 246,000 | 247,657 | ||||||
Berkshire Hathaway, Inc., 3.200%, 02/11/15 | 971,000 | 994,901 | ||||||
Fairfax Financial Holdings Ltd., 5.800%, 05/15/21(a) | 308,000 | 324,952 | ||||||
Reinsurance Group of America, Inc., 4.700%, 09/15/23, MTN | 202,000 | 212,150 | ||||||
|
| |||||||
3,208,298 | ||||||||
|
| |||||||
Internet 0.6% | ||||||||
eBay, Inc., 4.000%, 07/15/42 | 262,000 | 231,729 | ||||||
|
| |||||||
Media 1.0% | ||||||||
Comcast Corp., 4.650%, 07/15/42 | 241,000 | 240,380 | ||||||
Time Warner, Inc., 4.900%, 06/15/42 | 159,000 | 159,569 | ||||||
|
| |||||||
399,949 | ||||||||
|
| |||||||
Mining 3.5% | ||||||||
Barrick (PD) Australia Finance Property Ltd., 5.950%, 10/15/39 | 157,000 | 155,854 | ||||||
Barrick International Barbados Corp., 6.350%, 10/15/36(a) | 554,000 | 543,834 | ||||||
Barrick North America Finance LLC, 5.750%, 05/01/43 | 174,000 | 169,532 | ||||||
Newmont Mining Corp., 6.250%, 10/01/39 | 526,000 | 509,343 | ||||||
|
| |||||||
1,378,563 | ||||||||
|
| |||||||
Miscellaneous Manufacturer 1.0% | ||||||||
General Electric Co., 5.250%, 12/06/17 | 335,000 | 379,633 | ||||||
|
| |||||||
Oil & Gas 2.1% | ||||||||
BP Capital Markets PLC, 2.248%, 11/01/16 | 349,000 | 360,145 | ||||||
Ensco PLC, 4.700%, 03/15/21 | 433,000 | 465,234 | ||||||
|
| |||||||
825,379 | ||||||||
|
| |||||||
Oil & Gas Services 2.7% | ||||||||
Weatherford International Ltd., 5.125%, 09/15/20 | 201,000 | 218,723 | ||||||
Weatherford International Ltd., 5.950%, 04/15/42 | 257,000 | 276,901 | ||||||
Weatherford International Ltd., 6.500%, 08/01/36 | 514,000 | 576,296 | ||||||
|
| |||||||
1,071,920 | ||||||||
|
| |||||||
Pharmaceuticals 2.5% | ||||||||
AstraZeneca PLC, 1.950%, 09/18/19 | 105,000 | 102,588 |
Shares or Principal Amount($) | Value($) | |||||||
Pharmaceuticals—continued | ||||||||
Express Scripts Holding Co., 2.650%, 02/15/17 | 485,000 | 501,572 | ||||||
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/36 | 346,000 | 393,176 | ||||||
|
| |||||||
997,336 | ||||||||
|
| |||||||
Pipelines 3.7% | ||||||||
DCP Midstream Operating LP, 5.600%, 04/01/44 | 366,000 | 382,033 | ||||||
Enterprise Products Operating LLC, 4.850%, 03/15/44 | 357,000 | 356,092 | ||||||
Kinder Morgan Energy Partners LP, 5.000%, 08/15/42 | 728,000 | 690,364 | ||||||
|
| |||||||
1,428,489 | ||||||||
|
| |||||||
Real Estate Investment Trust 4.2% |
| |||||||
American Tower Corp., 3.500%, 01/31/23 | 535,000 | 505,918 | ||||||
American Tower Corp., 5.000%, 02/15/24 | 558,000 | 581,159 | ||||||
Digital Realty Trust LP, 5.875%, 02/01/20(c) | 515,000 | 563,840 | ||||||
|
| |||||||
1,650,917 | ||||||||
|
| |||||||
Retail 2.4% | ||||||||
Wal-Mart Stores, Inc., 1.125%, 04/11/18 | 569,000 | 557,824 | ||||||
Wesfarmers Ltd., 1.874%, 03/20/18(a) | 381,000 | 376,715 | ||||||
|
| |||||||
934,539 | ||||||||
|
| |||||||
Semiconductors 3.9% | ||||||||
Analog Devices, Inc., 3.000%, 04/15/16 | 237,000 | 246,126 | ||||||
Intel Corp., 4.250%, 12/15/42 | 553,000 | 524,320 | ||||||
Intel Corp., 4.800%, 10/01/41 | 233,000 | 240,745 | ||||||
TSMC Global Ltd., 1.625%, 04/03/18(a) | 531,000 | 514,770 | ||||||
|
| |||||||
1,525,961 | ||||||||
|
| |||||||
Telecommunication Services 7.7% |
| |||||||
AT&T, Inc., 2.375%, 11/27/18 | 643,000 | 646,195 | ||||||
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849%, 04/15/23 | 686,000 | 667,321 | ||||||
Cisco Systems, Inc., 2.125%, 03/01/19 | 364,000 | 362,372 | ||||||
Verizon Communications, Inc., 6.550%, 09/15/43(d) | 1,089,000 | 1,325,242 | ||||||
|
| |||||||
3,001,130 | ||||||||
|
| |||||||
Total Corporate Bonds | 37,345,469 | |||||||
|
|
See Notes to Financial Statements.
51
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Corporate Bond Fund — concluded
Shares or Principal Amount($) | Value($) | |||||||
Municipal Bonds 0.7% | ||||||||
Illinois 0.3% | ||||||||
Chicago, Series B, GO, 6.314%, 01/01/44 | 106,000 | 108,135 | ||||||
|
| |||||||
Puerto Rico 0.4% | ||||||||
Commonwealth of Puerto Rico, Series A, GO, 8.000%, 07/01/35 | 180,000 | 168,113 | ||||||
|
| |||||||
Total Municipal Bonds | 276,248 | |||||||
|
| |||||||
Short-Term Investment 2.4% | ||||||||
RidgeWorth Funds Securities Lending Joint Account(e) | 924,340 | 924,340 | ||||||
|
| |||||||
Total Short-Term Investment | 924,340 | |||||||
|
| |||||||
Money Market Fund 3.1% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(f) | 1,234,570 | 1,234,570 | ||||||
|
| |||||||
Total Money Market Fund | 1,234,570 | |||||||
|
| |||||||
Total Investments | 39,780,627 | |||||||
Liabilities in Excess of Other Assets — (1.5)% | (594,852 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 39,185,775 | ||||||
|
|
(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 16.8% of net assets as of March 31, 2014. |
(b) | All or a portion of this security has been purchased on a when-issued or delayed-delivery basis. |
(c) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $903,608. |
(d) | All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments. |
(e) | Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014 (See Note 2(k)). |
(f) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
GO | — | General Obligation | ||
MTN | — | Medium Term Note |
See Notes to Financial Statements.
52
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Georgia Tax-Exempt Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Municipal Bonds 98.5% | ||||||||
Alabama 0.5% | ||||||||
Birmingham, Series A, GO, 0.000%, 03/01/32(a) | 640,000 | 586,515 | ||||||
|
| |||||||
California 5.2% | ||||||||
California State, GO, 5.000%, 02/01/20 | 1,910,000 | 2,241,347 | ||||||
California State, GO, 5.000%, 02/01/38 | 4,000,000 | 4,288,840 | ||||||
|
| |||||||
6,530,187 | ||||||||
|
| |||||||
Georgia 89.5% | ||||||||
Athens-Clarke County Unified Government Development Authority, RB, 5.250%, 07/01/27 | 1,885,000 | 2,102,208 | ||||||
Athens-Clarke County Unified Government Development Authority, RB, 5.250%, 07/01/29 | 1,690,000 | 1,865,321 | ||||||
Athens-Clarke County Unified Government Development Authority, Catholic Health East, RB, 6.250%, 11/15/32 | 1,440,000 | 1,597,176 | ||||||
Athens-Clarke County Unified Government Water & Sewerage, RB, 5.500%, 01/01/38(b) | 4,000,000 | 4,473,280 | ||||||
Athens-Clarke County Unified Government Water & Sewerage, RB, 5.625%, 01/01/33(b) | 3,000,000 | 3,395,760 | ||||||
Atlanta Airport Passenger Facility Charge, Series B, RB, 5.000%, 01/01/21 | 2,000,000 | 2,283,440 | ||||||
Atlanta Airport Project, Series B, RB, 5.000%, 01/01/42 | 4,235,000 | 4,448,317 | ||||||
Atlanta Development Authority, Series A, RB, 4.375%, 09/01/36, Pre-refunded 09/01/2015 @ 100, XLCA | 1,000,000 | 1,057,260 | ||||||
Atlanta GA Department of Aviation, Series C, AMT, RB, 5.000%, 01/01/30 | 1,500,000 | 1,599,015 | ||||||
Burke County Development Authority, RB, 1.200%, 10/01/32(c) | 2,500,000 | 2,500,000 | ||||||
Carroll County Water Authority, Water & Sewerage, RB, 5.250%, 07/01/22, Pre-refunded 07/01/2015 @ 100, AGM | 150,000 | 159,315 |
Shares or Principal Amount($) | Value($) | |||||||
Georgia—continued | ||||||||
Carroll County Water Authority, Water & Sewerage, RB, 5.250%, 07/01/22, AGM | 850,000 | 895,959 | ||||||
Cherokee County Board of Education, GO, 5.000%, 08/01/33, State Aid Withholding | 2,000,000 | 2,215,120 | ||||||
Cherokee County Board of Education, Series A, GO, 5.000%, 08/01/21, State Aid Withholding | 1,860,000 | 2,207,783 | ||||||
Cherokee County Georgia Resource Recovery Development Authority, Solid Waste Disposal, RB, 5.000%, 07/01/37, AMBAC/ County Guaranteed, AMT | 1,000,000 | 1,020,960 | ||||||
Clarke County Hospital Authority, Athens Regional Medical Center, RB, 5.000%, 01/01/32 | 1,180,000 | 1,245,018 | ||||||
Cobb County Kennestone Hospital Authority, RB, 5.250%, 04/01/41 | 1,000,000 | 1,056,280 | ||||||
College Park Business & Industrial Development Authority, RB, 5.250%, 09/01/19, AMBAC | 565,000 | 621,590 | ||||||
DeKalb County, Water & Sewerage Revenue, Series A, RB, 5.000%, 10/01/22 | 1,000,000 | 1,155,210 | ||||||
DeKalb County, Water & Sewerage Revenue, Series A, RB, 5.250%, 10/01/23 | 1,500,000 | 1,740,450 | ||||||
DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc., RB, 5.000%, 11/15/29(b) | 6,300,000 | 6,708,744 | ||||||
Douglasville-Douglas County Water & Sewer Authority, RB, 5.625%, 06/01/15, AMBAC | 255,000 | 261,694 | ||||||
Downtown Smyrna Development Authority, RB, 5.250%, 02/01/28 | 1,000,000 | 1,148,310 | ||||||
Forsyth County, GO, 5.000%, 03/01/25(b) | 6,825,000 | 7,781,524 | ||||||
Forsyth County School District, GO, 5.000%, 02/01/20 | 3,240,000 | 3,838,655 | ||||||
Forsyth County Water & Sewerage Authority, RB, 5.000%, 04/01/31, Country Guaranteed | 645,000 | 737,158 |
See Notes to Financial Statements.
53
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Georgia Tax-Exempt Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Georgia—continued | ||||||||
Fulton County Development Authority, 5.000%, 05/01/39(d) | 3,095,000 | 3,355,011 | ||||||
Fulton County Development Authority, Georgia Tech Athletic Association, RB, 5.000%, 10/01/42(b) | 3,025,000 | 3,159,098 | ||||||
Fulton County Development Authority, Robert Woodruff Arts Center, Inc., Series B, RB, 5.250%, 03/15/24 | 1,300,000 | 1,410,760 | ||||||
Fulton County Water & Sewer Revenue, RB, 5.000%, 01/01/20 | 2,485,000 | 2,920,422 | ||||||
Fulton County Water & Sewerage Revenue, RB, 5.000%, 01/01/29 | 975,000 | 1,100,034 | ||||||
Georgia State, Series D, GO, 5.000%, 05/01/15 | 600,000 | 631,602 | ||||||
Georgia State, Series D, GO, 5.000%, 02/01/22 | 2,590,000 | 3,114,578 | ||||||
Georgia State Higher Education Facilities Authority, USG Real Estate Foundation I LLC, RB, 6.000%, 06/15/34 | 1,065,000 | 1,197,060 | ||||||
Georgia State Road & Tollway Authority, Series A, RB, 5.000%, 06/01/19 | 1,750,000 | 2,041,830 | ||||||
Georgia State Road & Tollway Authority, Series A, RB, 5.000%, 03/01/21, ST GTD | 1,175,000 | 1,399,613 | ||||||
Greene County Development Authority, RB, 5.000%, 11/15/37 | 1,955,000 | 2,038,322 | ||||||
Gwinnett County School District, GO, 5.000%, 02/01/20 | 1,235,000 | 1,464,698 | ||||||
Gwinnett County School District, GO, 5.000%, 02/01/20 | 1,495,000 | 1,773,055 | ||||||
Gwinnett County School District, GO, 5.000%, 02/01/22 | 2,000,000 | 2,405,080 | ||||||
Gwinnett County Water & Sewerage Authority, RB, 5.000%, 08/01/22, Country Guaranteed | 1,500,000 | 1,774,800 | ||||||
Henry County Water & Sewerage Authority, RB, 6.150%, 02/01/20, AMBAC | 2,100,000 | 2,541,420 | ||||||
Lincoln County School District, GO, 5.500%, 04/01/37, State Aid Withholding | 1,000,000 | 1,106,470 |
Shares or Principal Amount($) | Value($) | |||||||
Georgia—continued | ||||||||
Milledgeville & Baldwin County Development Authority, Georgia College & State University Foundation, RB, 6.000%, 09/01/33, Pre-refunded 09/01/2014 @ 101 | 2,955,000 | 3,056,622 | ||||||
Municipal Electric Authority of Georgia, RB, 5.000%, 01/01/30 | 1,000,000 | 1,102,650 | ||||||
Municipal Electric Authority of Georgia, Series A, RB, 5.000%, 01/01/21 | 3,845,000 | 4,446,243 | ||||||
Newton County School District, Series A, GO, 5.000%, 04/01/21, State Aid Withholding | 1,200,000 | 1,418,424 | ||||||
Private Colleges & Universities Authority, Series A, RB, 5.000%, 10/01/43 | 3,500,000 | 3,809,015 | ||||||
Private Colleges & Universities Authority, Emory University, Series C, RB, 5.250%, 09/01/39 | 2,000,000 | 2,156,940 | ||||||
Richmond County Board of Education, GO, 5.000%, 10/01/15, State Aid Withholding | 1,500,000 | 1,607,550 | ||||||
Thomasville Hospital Authority, John D. Archhold Memorial Hospital, RB, 5.375%, 11/01/40 | 2,510,000 | 2,629,476 | ||||||
|
| |||||||
111,776,320 | ||||||||
|
| |||||||
Illinois 0.7% | ||||||||
City of Chicago IL, Series A, GO, 5.250%, 01/01/33 | 860,000 | 875,695 | ||||||
|
| |||||||
North Carolina 0.8% | ||||||||
North Carolina State Capital Facilities Finance Agency, Educational Facilities, RB, 5.000%, 05/01/32 | 970,000 | 994,958 | ||||||
|
| |||||||
Puerto Rico 0.0%(e) | ||||||||
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Series A, RB, 5.500%, 08/01/28, Pre-refunded 08/01/2019 @ 100 | 20,000 | 24,136 | ||||||
|
|
See Notes to Financial Statements.
54
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Georgia Tax-Exempt Bond Fund — concluded
Shares or Principal Amount($) | Value($) | |||||||
South Carolina 1.8% | ||||||||
South Carolina State Public Service Authority, Series A, RB, 5.750%, 12/01/43 | 2,000,000 | 2,261,060 | ||||||
|
| |||||||
Total Municipal Bonds (Cost $118,329,375) | 123,048,871 | |||||||
|
| |||||||
Money Market Fund 1.2% | ||||||||
Federated Tax-Free Obligations Fund, Institutional Shares, 0.01%(f) | 1,506,171 | 1,506,171 | ||||||
|
| |||||||
Total Money Market Fund | 1,506,171 | |||||||
|
| |||||||
Total Investments | 124,555,042 | |||||||
Other Assets in Excess of Liabilities — 0.3% | 418,915 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 124,973,957 | ||||||
|
|
(a) | Step bond. The rate shown is the rate in effect as of March 31, 2014. |
(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, 2014. |
(d) | All or a portion of this security has been purchased on a when-issued or delayed-delivery basis. |
(e) | Less than 0.05% of Net Assets. |
(f) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
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 | ||
GO | — | General Obligation | ||
RB | — | Revenue Bond | ||
ST GTD | — | State Guaranteed | ||
XLCA | — | Security guaranteed by XL Capital Assurance, Inc. |
See Notes to Financial Statements.
55
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Grade Municipal Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Municipal Bonds 86.6% | ||||||||
Alabama 7.2% | ||||||||
Birmingham, Series A, GO, 0.000%, 03/01/37(a) | 2,000,000 | 1,799,400 | ||||||
Birmingham Special Care Facilities Financing Authority Health Care Facilities, Children’s Hospital of Alabama, RB, 6.000%, 06/01/39, AGC | 2,000,000 | 2,285,540 | ||||||
|
| |||||||
4,084,940 | ||||||||
|
| |||||||
Alaska 4.2% | ||||||||
Matanuska-Susitna Borough Lease, Goose Creek Correctional Center, RB, 6.000%, 09/01/28, AGC(b) | 2,000,000 | 2,380,400 | ||||||
|
| |||||||
California 10.9% | ||||||||
California State, GO, 6.500%, 04/01/33(b) | 2,000,000 | 2,437,920 | ||||||
Orange County Community Facilities District, Series A, 5.000%, 08/15/34 | 1,000,000 | 1,062,200 | ||||||
South Orange County Public Financing Authority, Series A, 5.000%, 08/15/34 | 445,000 | 467,045 | ||||||
Southern California Public Power Authority, Series A, RB, 5.000%, 07/01/38 | 2,000,000 | 2,189,620 | ||||||
|
| |||||||
6,156,785 | ||||||||
|
| |||||||
District of Columbia 4.1% | ||||||||
District of Columbia, Income Tax, Series A, RB, 5.500%, 12/01/30 | 2,000,000 | 2,326,860 | ||||||
|
| |||||||
Florida 9.5% | ||||||||
Miami-Dade County FL Aviation Revenue, AMT, RB, 5.000%, 10/01/29 | 2,000,000 | 2,145,260 | ||||||
Orlando FL Contract Tourist DE, 5.000%, 11/01/44(c) | 2,000,000 | 2,130,360 | ||||||
Orlando FL Contract Tourist DE, 5.250%, 11/01/32(c) | 1,000,000 | 1,118,710 | ||||||
|
| |||||||
5,394,330 | ||||||||
|
| |||||||
Georgia 2.5% | ||||||||
Fulton County Development Authority, Georgia Tech Athletic Association, RB, 5.750%, 10/01/36 | 1,250,000 | 1,386,438 | ||||||
|
| |||||||
Idaho 4.9% | ||||||||
Idaho Health Facilities Authority, Series A, RB, 6.750%, 11/01/37 | 2,500,000 | 2,773,050 | ||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Illinois 2.0% | ||||||||
University of Illinois, Auxiliary Facilities System, Series A, RB, 5.750%, 04/01/38 | 1,000,000 | 1,126,940 | ||||||
|
| |||||||
Kansas 2.9% | ||||||||
Kansas State Development Finance Authority, Adventist Bolingbrook Hospital, RB, 5.750%, 11/15/38(b) | 1,500,000 | 1,657,125 | ||||||
|
| |||||||
Maine 5.1% | ||||||||
Maine State Turnpike Authority, RB, 6.000%, 07/01/38(b) | 2,500,000 | 2,907,200 | ||||||
|
| |||||||
Maryland 1.9% | ||||||||
Baltimore County, GO, 5.000%, 08/01/15 | 1,000,000 | 1,064,530 | ||||||
|
| |||||||
Massachusetts 3.1% | ||||||||
Commonwealth of Massachusetts, Series A, GO, 5.000%, 04/01/25 | 1,500,000 | 1,747,605 | ||||||
|
| |||||||
New Jersey 3.9% | ||||||||
New Jersey State Transportation Trust Fund Authority, Transportation System, Series A, RB, 6.000%, 12/15/38 | 1,955,000 | 2,236,422 | ||||||
|
| |||||||
New York 10.1% | ||||||||
Erie County Industrial Development Agency, City School District Buffalo, Series A, RB, 5.750%, 05/01/29, BHAC | 1,000,000 | 1,135,100 | ||||||
New York State Dormitory Authority, Series A, RB, 5.000%, 02/15/28 | 2,000,000 | 2,285,780 | ||||||
Utility Debt Securitization Authority, RB, 5.000%, 12/15/30 | 2,000,000 | 2,287,460 | ||||||
|
| |||||||
5,708,340 | ||||||||
|
| |||||||
Texas 11.0% | ||||||||
Dallas Independent School District, GO, 6.375%, 02/15/34, PSF-GTD(b) | 4,000,000 | 4,697,400 | ||||||
Texas State, GO, 5.000%, 04/01/28 | 1,350,000 | 1,555,025 | ||||||
|
| |||||||
6,252,425 | ||||||||
|
|
See Notes to Financial Statements.
56
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Grade Municipal Bond Fund — concluded
Shares or Principal Amount($) | Value($) | |||||||
Washington 3.3% | ||||||||
Seattle Washington Municipal Light & Power, RB, 5.750%, 04/01/29, | 1,635,000 | 1,884,125 | ||||||
|
| |||||||
Total Municipal Bonds | 49,087,515 | |||||||
|
| |||||||
Money Market Fund 11.7% | ||||||||
Federated Tax-Free Obligations Fund, Institutional Shares, 0.01%(d) | 6,649,451 | 6,649,451 | ||||||
|
| |||||||
Total Money Market Fund | 6,649,451 | |||||||
|
| |||||||
Total Investments | 55,736,966 | |||||||
Other Assets in Excess of Liabilities — 1.7% | 966,808 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 56,703,774 | ||||||
|
|
(a) | Step bond. The rate shown is the rate in effect as of March 31, 2014. |
(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, 2014. |
Investment Abbreviations
AGC | — | Security guaranteed by Assured Guaranty Corporation | ||
AMT | — | Income subject to Alternative Minimum Tax | ||
BHAC | — | Security guaranteed by Berkshire Hathaway Assurance Corporation | ||
GO | — | General Obligation | ||
RB | — | Revenue Bond |
See Notes to Financial Statements.
57
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Income Fund
Shares or Principal Amount($) | Value($) | |||||||
Bank Loans 4.6% | ||||||||
Aerospace/Defense 0.1% | ||||||||
DAE Aviation Holdings, Inc., | 770,000 | 782,513 | ||||||
|
| |||||||
Chemicals 0.3% | ||||||||
Ineos US Finance LLC, 6 Year Term Loan, 3.750%, 05/04/18(b)(d) | 2,904,302 | 2,885,104 | ||||||
|
| |||||||
Commercial Services 0.1% | ||||||||
Walter Energy, Inc., Term Loan B, 7.250%, 04/02/18(b)(d) | 953,846 | 921,062 | ||||||
|
| |||||||
Energy 0.1% | ||||||||
Aventine Renewable Energy Holdings, Inc., Extended PIK Term Loan B, 0.000% 09/22/17(a)(b)(e)(f) | 219,627 | 217,438 | ||||||
Endeavour International Holdings B.V., 1st Lien Term Loan, 8.250%, 11/30/17(b)(d) | 557,656 | 545,805 | ||||||
Endeavour International Holdings B.V., Term Loan B, 8.250%, 11/30/17(b)(d) | 399,100 | 390,619 | ||||||
|
| |||||||
1,153,862 | ||||||||
|
| |||||||
Health Care 0.1% | ||||||||
Community Health Systems, Inc., New Term Loan, 3.447%-3.583%, 01/25/17(b)(d) | 28,823 | 28,997 | ||||||
Community Health Systems, Inc., Term Loan D, 4.250%, 01/27/21(b)(d) | 76,822 | 77,412 | ||||||
Multiplan, Inc., New Term Loan, 4.000%, 03/06/21(b)(d) | 745,000 | 743,138 | ||||||
|
| |||||||
849,547 | ||||||||
|
| |||||||
Information Technology 0.2% |
| |||||||
Entegris, Inc., Unsecured Bridge Loan, 02/04/15(a)(c) | 2,445,000 | 2,445,000 | ||||||
|
| |||||||
Insurance 0.3% | ||||||||
Asurion LLC, New 2nd Lien Term Loan, 03/03/21(a)(b)(c) | 770,000 | 794,063 | ||||||
Asurion LLC, New Term Loan B1, 5.000%, 05/24/19(b)(d) | 2,350,696 | 2,354,527 | ||||||
|
| |||||||
3,148,590 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Lodging 0.4% | ||||||||
Caesars Entertainment Operating Co., Extended Term Loan B6, 01/26/18(a)(b)(c) | 2,995,000 | 2,821,530 | ||||||
Scientific Games International, Inc., New Term Loan B, 4.250%, 10/18/20(b)(d) | 1,271,812 | 1,271,812 | ||||||
|
| |||||||
4,093,342 | ||||||||
|
| |||||||
Media 0.5% | ||||||||
Clear Channel Communications, Inc., Term Loan D, 6.900%, 01/30/19(b)(d) | 4,620,000 | 4,521,363 | ||||||
|
| |||||||
Packaging & Containers 0.3% |
| |||||||
Berry Plastics Holding Corp., Term Loan D, 3.500%, 02/07/20(b)(d) | 2,811,600 | 2,797,542 | ||||||
|
| |||||||
Retail 1.1% | ||||||||
JC Penney Corp., Inc., 1st Lien Term Loan, 6.000%, 05/22/18(b)(d) | 2,377,038 | 2,363,180 | ||||||
Lands’ End, Inc., Term Loan B, 01/31/21(a)(b)(c) | 1,840,000 | 1,836,559 | ||||||
Sears Holding Corp., Term Loan, 5.500%, 06/30/18(b)(d) | 4,773,038 | 4,793,323 | ||||||
Toys ‘R’ Us-Delaware, Inc., New Term Loan, 6.000%, 09/01/16(b)(d) | 1,760,050 | 1,589,554 | ||||||
|
| |||||||
10,582,616 | ||||||||
|
| |||||||
Semiconductors 0.4% | ||||||||
Freescale Semiconductor, Inc., Term Loan B4, 4.250%, 02/28/20(b)(d) | 3,843,328 | 3,856,510 | ||||||
|
| |||||||
Telecommunication Services 0.7% |
| |||||||
Alcatel-Lucent USA, Inc., USD Term Loan C, 4.500%, 01/30/19(b)(d) | 1,278,813 | 1,284,209 | ||||||
Cequel Communications LLC, Term Loan B, 3.500%, 02/14/19(b)(d) | 1,523,900 | 1,523,260 | ||||||
Level 3 Financing, Inc., New 2019 Term Loan, 4.000%, 08/01/19(b)(d) | 965,000 | 967,171 |
See Notes to Financial Statements.
58
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services—continued |
| |||||||
Virgin Media Investment Holdings Ltd., USD Term Loan B, 3.500%, 06/08/20(b)(d) | 2,585,000 | 2,578,098 | ||||||
|
| |||||||
6,352,738 | ||||||||
|
| |||||||
Total Bank Loans | 44,389,789 | |||||||
|
| |||||||
Corporate Bonds 84.7% | ||||||||
Advertising 0.3% | ||||||||
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp., 5.250%, 02/15/22(b) | 3,299,000 | 3,381,475 | ||||||
|
| |||||||
Aerospace/Defense 1.0% | ||||||||
BE Aerospace, Inc., 5.250%, 04/01/22(g) | 1,945,000 | 2,000,919 | ||||||
Bombardier, Inc., 6.000%, 10/15/22(b) | 7,655,000 | 7,655,000 | ||||||
|
| |||||||
9,655,919 | ||||||||
|
| |||||||
Airlines 1.8% | ||||||||
Air Canada, 6.750%, 10/01/19(b) | 3,360,000 | 3,620,400 | ||||||
Air Canada, 8.750%, 04/01/20(b) | 7,950,000 | 8,615,812 | ||||||
American Airlines, 2013-2 Class B, 5.600%, 07/15/20(b) | 4,121,896 | 4,297,077 | ||||||
United Airlines Pass Through Trust, 2014-1 Class B, 4.750%, 04/11/22(a) | 1,072,000 | 1,077,360 | ||||||
|
| |||||||
17,610,649 | ||||||||
|
| |||||||
Auto Manufacturers 0.4% | ||||||||
General Motors Co., 3.500%, 10/02/18(b) | 2,000,000 | 2,037,500 | ||||||
General Motors Co., 6.250%, 10/02/43(b) | 1,910,000 | 2,067,575 | ||||||
General Motors Co. Escrow, 7.200%(e)(g)(h)(i) | 17,182,000 | — | ||||||
General Motors Co. Escrow, 8.375%(e)(g)(h)(i) | 36,800,000 | — | ||||||
|
| |||||||
4,105,075 | ||||||||
|
| |||||||
Auto Parts & Equipment 0.4% |
| |||||||
Schaeffler Holding Finance BV, PIK, 6.875%, 08/15/18(b) | 3,300,000 | 3,510,375 | ||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Banks 1.3% | ||||||||
Ally Financial, Inc., 8.000%, 11/01/31(j) | 1,815,000 | 2,236,987 | ||||||
CIT Group, Inc., 5.375%, 05/15/20 | 1,295,000 | 1,388,888 | ||||||
JPMorgan Chase & Co., Series S, 6.750%, 02/01/24(d)(i) | 4,865,000 | 5,120,412 | ||||||
Provident Funding Associates LP/PFG Finance Corp., 6.750%, 06/15/21(b) | 2,315,000 | 2,315,000 | ||||||
Provident Funding Associates LP/PFG Finance Corp., 10.125%, 02/15/19(b) | 1,645,000 | 1,797,163 | ||||||
|
| |||||||
12,858,450 | ||||||||
|
| |||||||
Building Materials 1.9% | ||||||||
Cemex Finance LLC, 9.375%, 10/12/22(b) | 5,600,000 | 6,573,000 | ||||||
Cemex SAB de CV, 7.250%, 01/15/21(b)(g) | 3,925,000 | 4,288,062 | ||||||
Masco Corp., 5.950%, 03/15/22 | 2,640,000 | 2,864,400 | ||||||
US Concrete, Inc., 8.500%, 12/01/18(b) | 1,330,000 | 1,443,050 | ||||||
USG Corp., 5.875%, 11/01/21(b) | 1,730,000 | 1,842,450 | ||||||
USG Corp., 9.750%, 01/15/18 | 1,135,000 | 1,370,513 | ||||||
|
| |||||||
18,381,475 | ||||||||
|
| |||||||
Chemicals 0.2% | ||||||||
Nufarm Australia Ltd., 6.375%, 10/15/19(b)(g) | 1,685,000 | 1,743,975 | ||||||
|
| |||||||
Coal 0.5% | ||||||||
Natural Resource Partners LP, 9.125%, 10/01/18(b) | 1,862,000 | 1,945,790 | ||||||
Peabody Energy Corp., 6.250%, 11/15/21(g) | 3,005,000 | 3,012,513 | ||||||
|
| |||||||
4,958,303 | ||||||||
|
| |||||||
Commercial Services 4.7% | ||||||||
Cenveo Corp., 11.500%, 05/15/17(g) | 3,310,000 | 3,285,175 | ||||||
FTI Consulting, Inc., 6.000%, 11/15/22 | 2,045,000 | 2,085,900 | ||||||
Harland Clarke Holdings Corp., 6.875%, 03/01/20(b) | 1,680,000 | 1,705,200 | ||||||
Harland Clarke Holdings Corp., 9.250%, 03/01/21(b) | 5,465,000 | 5,492,325 |
See Notes to Financial Statements.
59
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Commercial Services—continued |
| |||||||
Harland Clarke Holdings Corp., 9.750%, 08/01/18(b) | 13,287,000 | 14,582,482 | ||||||
National Money Mart Co., 10.375%, 12/15/16 | 2,665,000 | 2,678,325 | ||||||
Prospect Medical Holdings, Inc., 8.375%, 05/01/19(b) | 4,577,000 | 5,011,815 | ||||||
RR Donnelley & Sons Co., 6.500%, 11/15/23 | 2,615,000 | 2,762,094 | ||||||
TMS International Corp., 7.625%, 10/15/21(b) | 4,350,000 | 4,665,375 | ||||||
United Rentals North America, Inc., 5.750%, 11/15/24 | 3,435,000 | 3,460,763 | ||||||
|
| |||||||
45,729,454 | ||||||||
|
| |||||||
Computers 0.5% | ||||||||
j2 Global, Inc., 8.000%, 08/01/20 | 3,020,000 | 3,291,800 | ||||||
NCR Escrow Corp., 5.875%, 12/15/21(b) | 1,320,000 | 1,389,300 | ||||||
|
| |||||||
4,681,100 | ||||||||
|
| |||||||
Diversified Financial Services 4.3% |
| |||||||
CNG Holdings, Inc., 9.375%, 05/15/20(b) | 2,740,000 | 2,507,100 | ||||||
Community Choice Financial, Inc., 10.750%, 05/01/19 | 2,585,000 | 2,184,325 | ||||||
Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20(b)(g) | 4,505,000 | 4,583,837 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 03/15/19(b)(g) | 4,865,000 | 4,950,137 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.000%, 08/01/20(g) | 2,625,000 | 2,808,750 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., | 2,075,000 | 2,199,500 | ||||||
International Lease Finance Corp., 6.250%, 05/15/19 | 3,585,000 | 3,952,463 | ||||||
International Lease Finance Corp., 8.250%, 12/15/20 | 1,405,000 | 1,699,333 | ||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.375%, 04/01/20(b) | 2,610,000 | 2,740,500 |
Shares or Principal Amount($) | Value($) | |||||||
Diversified Financial Services—continued |
| |||||||
Nationstar Mortgage LLC/Nationstar Capital Corp., | 2,345,000 | 2,210,163 | ||||||
Nationstar Mortgage LLC/Nationstar Capital Corp., | 2,340,000 | 2,170,350 | ||||||
SLM Corp., | 2,600,000 | 2,642,058 | ||||||
SLM Corp., | 1,190,000 | 1,258,425 | ||||||
SLM Corp., | 5,740,000 | 5,732,825 | ||||||
|
| |||||||
41,639,766 | ||||||||
|
| |||||||
Electric 2.3% | ||||||||
Calpine Corp., 5.875%, 01/15/24(b) | 1,715,000 | 1,740,725 | ||||||
Calpine Corp., 6.000%, 01/15/22(b) | 2,225,000 | 2,336,250 | ||||||
Dynegy, Inc., 5.875%, 06/01/23(b) | 7,217,000 | 7,090,702 | ||||||
GenOn Energy, Inc., 9.500%, 10/15/18 | 5,655,000 | 5,782,238 | ||||||
GenOn Energy, Inc., 9.875%, 10/15/20 | 2,070,000 | 2,111,400 | ||||||
NRG Energy, Inc., 7.625%, 05/15/19(g) | 3,195,000 | 3,334,781 | ||||||
|
| |||||||
22,396,096 | ||||||||
|
| |||||||
Electrical Components & Equipment 0.2% |
| |||||||
GrafTech International Ltd., | 1,450,000 | 1,493,500 | ||||||
|
| |||||||
Energy-Alternate Sources 0.2% |
| |||||||
First Wind Capital LLC, | 1,600,000 | 1,736,000 | ||||||
|
| |||||||
Engineering & Construction 0.7% |
| |||||||
Aguila 3 SA, 7.875%, 01/31/18(b) | 6,485,000 | 6,890,313 | ||||||
|
| |||||||
Entertainment 2.2% |
| |||||||
Carmike Cinemas, Inc., 7.375%, 05/15/19 | 1,310,000 | 1,429,538 | ||||||
Diamond Resorts Corp., 12.000%, 08/15/18 | 5,555,000 | 6,075,781 | ||||||
Gibson Brands, Inc., 8.875%, 08/01/18(b)(g) | 1,412,000 | 1,503,780 | ||||||
GLP Capital LP/GLP Financing II, Inc., 4.875%, 11/01/20(b) | 5,430,000 | 5,572,537 | ||||||
Greektown Holdings LLC/Greektown Mothership Corp., 8.875%, 03/15/19(b) | 2,205,000 | 2,276,663 |
See Notes to Financial Statements.
60
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Entertainment—continued |
| |||||||
Mohegan Tribal Gaming Authority, 9.750%, 09/01/21(g) | 960,000 | 1,070,400 | ||||||
WMG Acquisition Corp., 5.625%, 04/15/22(a)(b) | 1,818,000 | 1,845,270 | ||||||
WMG Acquisition Corp., 6.750%, 04/15/22(a)(b) | 1,456,000 | 1,465,100 | ||||||
|
| |||||||
21,239,069 | ||||||||
|
| |||||||
Environmental Control 1.0% |
| |||||||
Nuverra Environmental Solutions, Inc., 9.875%, 04/15/18(g) | 7,195,000 | 7,428,837 | ||||||
Tervita Corp., 10.875%, 02/15/18(b) | 2,545,000 | 2,557,725 | ||||||
|
| |||||||
9,986,562 | ||||||||
|
| |||||||
Exploration & Production 0.2% |
| |||||||
Jones Energy Holdings, 6.750%, 04/01/22(b) | 1,708,000 | 1,740,025 | ||||||
Food 2.2% |
| |||||||
Hawk Acquisition Sub, Inc., 4.250%, 10/15/20(b) | 9,150,000 | 9,001,312 | ||||||
Post Holdings, Inc., 6.750%, 12/01/21(b)(g) | 6,105,000 | 6,463,669 | ||||||
Post Holdings, Inc., 7.375%, 02/15/22 | 3,445,000 | 3,703,375 | ||||||
Post Holdings, Inc., 7.375%, 02/15/22(b) | 1,680,000 | 1,806,000 | ||||||
|
| |||||||
20,974,356 | ||||||||
|
| |||||||
Forest Products & Paper 0.7% |
| |||||||
Resolute Forest Products, Inc., 5.875%, 05/15/23(b) | 4,699,000 | 4,581,525 | ||||||
Verso Paper Holdings LLC/Verso Paper, Inc., 11.750%, 01/15/19(g) | 2,490,000 | 2,315,700 | ||||||
|
| |||||||
6,897,225 | ||||||||
|
| |||||||
Gas 0.2% |
| |||||||
Sabine Pass LNG LP, 6.500%, 11/01/20 | 1,330,000 | 1,396,500 | ||||||
Sabine Pass LNG LP, 7.500%, 11/30/16 | 565,000 | 624,325 | ||||||
|
| |||||||
2,020,825 | ||||||||
|
| |||||||
Healthcare-Products 0.9% |
| |||||||
Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18 | 1,355,000 | 1,556,556 | ||||||
Physio-Control International, Inc., | 6,127,000 | 6,877,558 | ||||||
|
| |||||||
8,434,114 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Healthcare-Services 1.7% |
| |||||||
HCA, Inc., 3.750%, 03/15/19 | 6,390,000 | 6,413,963 | ||||||
MedImpact Holdings, Inc., 10.500%, 02/01/18(b) | 4,240,000 | 4,600,400 | ||||||
MPH Acquisition Holdings LLC, 6.625%, 04/01/22(b) | 5,585,000 | 5,731,606 | ||||||
|
| |||||||
16,745,969 | ||||||||
|
| |||||||
Holding Companies-Diversified 0.4% |
| |||||||
Nielsen Co. Luxembourg SARL(The), 5.500%, 10/01/21(b) | 3,335,000 | 3,480,906 | ||||||
|
| |||||||
Home Builders 0.7% |
| |||||||
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.125%, 07/01/22(b) | 1,695,000 | 1,750,088 | ||||||
KB Home, 7.500%, 09/15/22 | 850,000 | 930,750 | ||||||
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.250%, 04/15/21(b) | 1,605,000 | 1,621,050 | ||||||
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.625%, 03/01/24(b) | 2,310,000 | 2,281,125 | ||||||
|
| |||||||
6,583,013 | ||||||||
|
| |||||||
Household Products/Wares 0.6% |
| |||||||
Century Intermediate Holding Co. 2, PIK, 9.750%, 02/15/19(b) | 863,000 | 909,386 | ||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg I SA, 7.875%, 08/15/19 | 4,175,000 | 4,597,719 | ||||||
|
| |||||||
5,507,105 | ||||||||
|
| |||||||
Insurance 1.1% |
| |||||||
Assured Guaranty Municipal Holdings, Inc., 6.400%, 12/15/66(b)(d) | 3,560,000 | 3,079,400 | ||||||
Assured Guaranty US Holdings, Inc., Series A, 6.400%, 12/15/66, Series A(d) | 2,370,000 | 2,144,850 | ||||||
Genworth Financial, Inc., 6.150%, 11/15/66(d) | 1,125,000 | 1,039,219 | ||||||
MBIA, Inc., 5.700%, 12/01/34 | 105,000 | 97,650 | ||||||
MBIA, Inc., 6.625%, 10/01/28 | 4,300,000 | 4,450,500 | ||||||
|
| |||||||
10,811,619 | ||||||||
|
|
See Notes to Financial Statements.
61
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Internet 0.8% |
| |||||||
Mood Media Corp., 9.250%, 10/15/20(b)(g) | 2,010,000 | 1,914,525 | ||||||
Pacnet Ltd., 9.000%, 12/12/18(b) | 800,000 | 854,000 | ||||||
Zayo Escrow Corp., 8.125%, 01/01/20 | 4,175,000 | 4,582,063 | ||||||
|
| |||||||
7,350,588 | ||||||||
|
| |||||||
Iron/Steel 0.2% |
| |||||||
JMC Steel Group, 8.250%, 03/15/18(b)(g) | 1,610,000 | 1,646,225 | ||||||
|
| |||||||
Leisure Time 0.2% |
| |||||||
Viking Cruises Ltd., 8.500%, 10/15/22(b) | 1,505,000 | 1,708,175 | ||||||
|
| |||||||
Lodging 2.3% |
| |||||||
Caesars Entertainment Operating Co., Inc., 8.500%, 02/15/20 | 6,750,000 | 5,973,750 | ||||||
Caesars Entertainment Operating Co., Inc., 11.000%, 10/01/21(b)(g) | 6,430,000 | 6,751,500 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19(b) | 4,005,000 | 4,295,362 | ||||||
Golden Nugget Escrow, Inc., 8.500%, 12/01/21(b)(g) | 2,490,000 | 2,539,800 | ||||||
Wynn Macau Ltd., 5.250%, 10/15/21(b) | 2,830,000 | 2,879,525 | ||||||
|
| |||||||
22,439,937 | ||||||||
|
| |||||||
Media 6.2% |
| |||||||
Block Communications, Inc., 7.250%, 02/01/20(b) | 2,690,000 | 2,864,850 | ||||||
CCO Holdings LLC/Cap Corp., 5.125%, 02/15/23 | 2,870,000 | 2,762,375 | ||||||
CCO Holdings LLC/Cap Corp., 5.250%, 09/30/22(g)(j) | 5,920,000 | 5,846,000 | ||||||
CCO Holdings LLC/Cap Corp., 5.750%, 09/01/23 | 2,565,000 | 2,545,762 | ||||||
CCO Holdings LLC/Cap Corp., 5.750%, 01/15/24 | 6,970,000 | 6,917,725 | ||||||
Clear Channel Communications, Inc., 9.000%, 03/01/21(g) | 2,145,000 | 2,238,844 | ||||||
Columbus International, Inc., 7.375%, 03/30/21(b) | 2,370,000 | 2,438,138 | ||||||
DISH DBS Corp., 5.000%, 03/15/23(g) | 4,575,000 | 4,609,312 |
Shares or Principal Amount($) | Value($) | |||||||
Media—continued |
| |||||||
DISH DBS Corp., 5.125%, 05/01/20 | 1,910,000 | 1,991,175 | ||||||
DISH DBS Corp., 5.875%, 07/15/22 | 8,735,000 | 9,324,612 | ||||||
Lee Enterprises, Inc., 9.500%, 03/15/22(b) | 1,375,000 | 1,416,250 | ||||||
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 9.750%, 04/01/21(b) | 825,000 | 936,375 | ||||||
Nielsen Finance LLC, 5.000%, 04/15/22(a)(b) | 3,070,000 | 3,077,675 | ||||||
Townsquare Radio LLC/Townsquare Radio, Inc., 9.000%, 04/01/19(b) | 1,870,000 | 2,057,000 | ||||||
Univision Communications, Inc., 5.125%, 05/15/23(b)(g) | 1,545,000 | 1,579,763 | ||||||
Univision Communications, Inc., 6.750%, 09/15/22(b) | 3,925,000 | 4,342,031 | ||||||
VTR Finance BV, 6.875%, 01/15/24(b) | 4,530,000 | 4,711,200 | ||||||
|
| |||||||
59,659,087 | ||||||||
|
| |||||||
Metal Fabricate/Hardware 0.2% |
| |||||||
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18(b)(g) | 1,420,000 | 1,522,950 | ||||||
|
| |||||||
Mining 2.3% |
| |||||||
First Quantum Minerals Ltd., 6.750%, 02/15/20(b) | 3,001,000 | 3,038,512 | ||||||
First Quantum Minerals Ltd., 7.000%, 02/15/21(b) | 3,001,000 | 3,053,517 | ||||||
FMG Resources August 2006 Pty Ltd., 6.875%, 04/01/22(b)(g) | 1,895,000 | 2,041,863 | ||||||
FMG Resources August 2006 Pty Ltd., 8.250%, 11/01/19(b)(g) | 6,115,000 | 6,726,500 | ||||||
Imperial Metals Corp., 7.000%, 03/15/19(b) | 5,860,000 | 5,977,200 | ||||||
Vulcan Materials Co., 7.500%, 06/15/21 | 940,000 | 1,106,850 | ||||||
|
| |||||||
21,944,442 | ||||||||
|
| |||||||
Miscellaneous Manufacturer 0.6% |
| |||||||
Bombardier, Inc., 5.750%, 03/15/22(b)(g) | 1,065,000 | 1,075,650 | ||||||
Bombardier, Inc., 6.125%, 01/15/23(b)(j) | 4,830,000 | 4,878,300 | ||||||
|
| |||||||
5,953,950 | ||||||||
|
|
See Notes to Financial Statements.
62
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Oil & Gas 9.3% | ||||||||
Atlas Energy Holdings Operating Co. LLC/Atlas Resource Finance Corp., 7.750%, 01/15/21 | 2,525,000 | 2,651,250 | ||||||
Atlas Resource Escrow Corp., 9.250%, 08/15/21(b) | 4,513,000 | 4,964,300 | ||||||
Aurora USA Oil & Gas, Inc., 9.875%, 02/15/17(b) | 2,010,000 | 2,216,025 | ||||||
CITGO Petroleum Corp., 11.500%, 07/01/17(b) | 4,155,000 | 4,466,625 | ||||||
Halcon Resources Corp., 8.875%, 05/15/21 | 9,515,000 | 9,871,812 | ||||||
Halcon Resources Corp., 9.250%, 02/15/22(b) | 805,000 | 839,213 | ||||||
Halcon Resources Corp., 9.750%, 07/15/20(b) | 2,180,000 | 2,343,500 | ||||||
Halcon Resources Corp., 9.750%, 07/15/20 | 2,832,000 | 3,051,480 | ||||||
Linn Energy LLC/Finance Corp., 8.625%, 04/15/20 | 855,000 | 928,744 | ||||||
MEG Energy Corp., 6.375%, 01/30/23(b) | 3,880,000 | 4,015,800 | ||||||
MEG Energy Corp., 7.000%, 03/31/24(b) | 5,450,000 | 5,763,375 | ||||||
North Atlantic Drilling Ltd., 6.250%, 02/01/19(b) | 6,600,000 | 6,468,000 | ||||||
Oasis Petroleum, Inc., 6.875%, 03/15/22(b) | 1,615,000 | 1,748,238 | ||||||
Oasis Petroleum, Inc., 6.875%, 01/15/23 | 2,470,000 | 2,679,950 | ||||||
Ocean Rig UDW, Inc., 7.250%, 04/01/19(b) | 4,405,000 | 4,399,494 | ||||||
Offshore Drilling Holding SA, 8.375%, 09/20/20(b) | 3,725,000 | 4,064,906 | ||||||
Parsley Energy LLC/Parsley Finance Corp., 7.500%, 02/15/22(b) | 3,200,000 | 3,376,000 | ||||||
PetroQuest Energy, Inc., 10.000%, 09/01/17 | 1,935,000 | 2,060,775 | ||||||
Range Resources Corp., 5.000%, 08/15/22 | 1,525,000 | 1,555,500 | ||||||
Range Resources Corp., 5.000%, 03/15/23 | 3,270,000 | 3,310,875 | ||||||
Rex Energy Corp., 8.875%, 12/01/20 | 2,880,000 | 3,182,400 | ||||||
SandRidge Energy, Inc., 7.500%, 03/15/21 | 4,255,000 | 4,542,212 | ||||||
Ultra Petroleum Corp., 5.750%, 12/15/18(b) | 1,750,000 | 1,837,500 | ||||||
United Refining Co., 10.500%, 02/28/18(j) | 8,583,000 | 9,527,130 | ||||||
|
| |||||||
89,865,104 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Oil & Gas Services 1.0% | ||||||||
Forum Energy Technologies, Inc., 6.250%, 10/01/21(b) | 2,661,000 | 2,820,660 | ||||||
Hornbeck Offshore Services, Inc., 5.000%, 03/01/21 | 4,575,000 | 4,494,938 | ||||||
Oil States International, Inc., 6.500%, 06/01/19 | 2,140,000 | 2,252,350 | ||||||
|
| |||||||
9,567,948 | ||||||||
|
| |||||||
Pharmaceuticals 2.5% | ||||||||
Catamaran Corp., 4.750%, 03/15/21 | 3,430,000 | 3,477,162 | ||||||
ConvaTec Healthcare, 10.500%, 12/15/18(b)(j) | 6,620,000 | 7,364,750 | ||||||
Grifols Worldwide Operations Ltd., 5.250%, 04/01/22(b) | 4,630,000 | 4,734,175 | ||||||
VPII Escrow Corp., 6.750%, 08/15/18(b) | 2,160,000 | 2,376,000 | ||||||
VPII Escrow Corp., 7.500%, 07/15/21(b) | 5,525,000 | 6,215,625 | ||||||
|
| |||||||
24,167,712 | ||||||||
|
| |||||||
Pipelines 2.7% | ||||||||
Access Midstream Partners LP/ACMP Finance Corp., 5.875%, 04/15/21 | 2,660,000 | 2,832,900 | ||||||
Access Midstream Partners LP/ACMP Finance Corp., 6.125%, 07/15/22 | 1,635,000 | 1,759,669 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.125%, 03/01/22(b) | 4,520,000 | 4,723,400 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 5.500%, 02/15/23 | 1,050,000 | 1,078,875 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.250%, 06/15/22 | 315,000 | 340,200 | ||||||
Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 03/01/22 | 2,302,000 | 2,388,325 | ||||||
Sabine Pass Liquefaction LLC, 5.625%, 02/01/21 | 8,705,000 | 8,977,031 | ||||||
Sabine Pass Liquefaction LLC, 5.625%, 04/15/23 | 2,550,000 | 2,537,250 | ||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.125%, 10/15/21 | 1,475,000 | 1,563,500 | ||||||
|
| |||||||
26,201,150 | ||||||||
|
|
See Notes to Financial Statements.
63
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Real Estate 1.0% | ||||||||
CBRE Services, Inc., 5.000%, 03/15/23 | 3,225,000 | 3,229,031 | ||||||
Howard Hughes Corp., 6.875%, 10/01/21(b) | 6,035,000 | 6,517,800 | ||||||
|
| |||||||
9,746,831 | ||||||||
|
| |||||||
Retail 3.1% | ||||||||
Guitar Center, Inc., 6.500%, 04/15/19(b) | 3,345,000 | 3,324,094 | ||||||
Guitar Center, Inc., 9.625%, 04/15/20(b) | 5,380,000 | 5,339,650 | ||||||
JC Penney Corp., Inc., 5.650%, 06/01/20(g) | 5,765,000 | 4,727,300 | ||||||
JC Penney Corp., Inc., 6.375%, 10/15/36(g) | 3,552,000 | 2,708,400 | ||||||
Landry’s Holdings II, Inc., 10.250%, 01/01/18(b) | 720,000 | 770,400 | ||||||
rue21, Inc., 9.000%, 10/15/21(b)(g) | 1,645,000 | 1,102,150 | ||||||
Sears Holdings Corp., 6.625%, 10/15/18(g) | 10,045,000 | 9,140,950 | ||||||
Toys ‘R’ Us-Delaware, Inc., 7.375%, 09/01/16(b)(g) | 2,555,000 | 2,356,987 | ||||||
|
| |||||||
29,469,931 | ||||||||
|
| |||||||
Semiconductors 0.9% | ||||||||
Entegris, Inc., 6.000%, 04/01/22(a)(b) | 2,096,000 | 2,143,160 | ||||||
Micron Technology, Inc., 5.875%, 02/15/22(b) | 6,040,000 | 6,326,900 | ||||||
|
| |||||||
8,470,060 | ||||||||
|
| |||||||
Software 1.2% | ||||||||
Activision Blizzard, Inc., 5.625%, 09/15/21(b) | 4,625,000 | 4,948,750 | ||||||
Activision Blizzard, Inc., 6.125%, 09/15/23(b)(g) | 2,625,000 | 2,857,969 | ||||||
Audatex North America, Inc., 6.000%, 06/15/21(b) | 802,000 | 856,135 | ||||||
Audatex North America, Inc., 6.125%, 11/01/23(b) | 648,000 | 689,310 | ||||||
Blackboard, Inc., 7.750%, 11/15/19(b) | 2,160,000 | 2,262,600 | ||||||
|
| |||||||
11,614,764 | ||||||||
|
| |||||||
Telecommunication Services 15.8% |
| |||||||
Alcatel-Lucent USA, Inc., 6.750%, 11/15/20(b)(g) | 3,120,000 | 3,299,400 | ||||||
Altice Financing SA, 6.500%, 01/15/22(b) | 4,240,000 | 4,473,200 | ||||||
Avanti Communications Group PLC, 10.000%, 10/01/19(b) | 3,665,000 | 3,903,225 |
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services—continued |
| |||||||
Avaya, Inc., 7.000%, 04/01/19(b)(g) | 1,985,000 | 1,970,113 | ||||||
Avaya, Inc., 9.000%, 04/01/19(b) | 2,130,000 | 2,215,200 | ||||||
B Communications Ltd., 7.375%, 02/15/21(b) | 8,645,000 | 9,077,250 | ||||||
CenturyLink, Inc., Series V, 5.625%, 04/01/20 | 3,595,000 | 3,779,244 | ||||||
DigitalGlobe, Inc., 5.250%, 02/01/21(g) | 2,240,000 | 2,212,000 | ||||||
Level 3 Financing, Inc., 6.125%, 01/15/21(b) | 6,895,000 | 7,274,225 | ||||||
Level 3 Financing, Inc., 8.125%, 07/01/19 | 5,985,000 | 6,568,537 | ||||||
Level 3 Financing, Inc., 8.625%, 07/15/20 | 3,855,000 | 4,322,419 | ||||||
Lynx II Corp., 6.375%, 04/15/23(b)(g) | 2,775,000 | 2,941,500 | ||||||
NII Capital Corp., 7.625%, 04/01/21(g) | 2,310,000 | 646,800 | ||||||
NII International Telecom S.A.R.L., 11.375%, 08/15/19(b)(g) | 3,705,000 | 2,612,025 | ||||||
NII International Telecom SCA, 7.875%, 08/15/19(b)(g) | 4,815,000 | 3,262,163 | ||||||
Nortel Networks Ltd., 10.750%, 07/15/16(e)(g) | 3,885,000 | 4,632,862 | ||||||
Satmex Escrow SA de CV, 9.500%, 05/15/17(j) | 8,770,000 | 9,296,200 | ||||||
SBA Telecommunications, Inc., 5.750%, 07/15/20 | 3,565,000 | 3,734,338 | ||||||
Softbank Corp., 4.500%, 04/15/20(b) | 4,730,000 | 4,706,350 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 10,355,000 | 10,044,350 | ||||||
Sprint Capital Corp., 6.900%, 05/01/19(j) | 3,864,000 | 4,240,740 | ||||||
Sprint Communications, Inc., 7.000%, 08/15/20(j) | 4,175,000 | 4,550,750 | ||||||
Sprint Corp., 7.125%, 06/15/24(b) | 3,440,000 | 3,612,000 | ||||||
Sprint Corp., 7.875%, 09/15/23(b) | 3,570,000 | 3,927,000 | ||||||
T-Mobile USA, Inc., 6.125%, 01/15/22 | 3,630,000 | 3,802,425 | ||||||
T-Mobile USA, Inc., 6.250%, 04/01/21 | 2,340,000 | 2,474,550 | ||||||
T-Mobile USA, Inc., 6.542%, 04/28/20 | 3,140,000 | 3,379,425 |
See Notes to Financial Statements.
64
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services—continued |
| |||||||
T-Mobile USA, Inc., 6.633%, 04/28/21 | 3,890,000 | 4,181,750 | ||||||
Trilogy International Partners LLC, 10.250%, 08/15/16(b)(g) | 7,855,000 | 8,071,012 | ||||||
Tw telecom holdings, Inc., 5.375%, 10/01/22 | 3,985,000 | 4,064,700 | ||||||
ViaSat, Inc., 6.875%, 06/15/20 | 3,945,000 | 4,231,012 | ||||||
Wind Acquisition Finance Holdings, PIK, 12.250%, 07/15/17(b)(g) | 11,935,084 | 12,502,000 | ||||||
Wind Acquisition Finance SA, 7.250%, 02/15/18(b) | 1,775,000 | 1,872,625 | ||||||
|
| |||||||
151,881,390 | ||||||||
|
| |||||||
Transportation 1.7% | ||||||||
CHC Helicopter SA, 9.250%, 10/15/20(j) | 5,917,500 | 6,427,884 | ||||||
Eletson Holdings, 9.625%, 01/15/22(b) | 3,100,000 | 3,270,500 | ||||||
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.125%, 11/15/21(b)(g) | 1,916,000 | 1,997,430 | ||||||
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.375%, 01/15/22(b) | 2,375,000 | 2,428,438 | ||||||
Topaz Marine SA, 8.625%, 11/01/18(b)(g) | 1,925,000 | 2,021,250 | ||||||
|
| |||||||
16,145,502 | ||||||||
|
| |||||||
Trucking & Leasing 0.1% | ||||||||
Flexi-Van Leasing, Inc., 7.875%, 08/15/18(b) | 835,000 | 920,588 | ||||||
|
| |||||||
Total Corporate Bonds | 815,469,047 | |||||||
|
| |||||||
Convertible Corporate Bonds 0.5% | ||||||||
Auto Parts & Equipment 0.3% |
| |||||||
Meritor, Inc., 4.625%, 03/01/26(d)(g) | 2,145,000 | 2,233,481 | ||||||
|
| |||||||
Diversified Financial Services 0.2% |
| |||||||
DFC Global Corp., 3.250%, 04/15/17 | 2,536,000 | 2,161,940 | ||||||
|
| |||||||
Total Convertible Corporate Bonds | 4,395,421 | |||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Municipal Bonds 1.4% |
| |||||||
Puerto Rico 1.4% |
| |||||||
Commonwealth of Puerto Rico, Series A, GO, 8.000%, 07/01/35 | 7,800,000 | 7,284,888 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A, RB, 5.500%, 08/01/37 | 5,450,000 | 4,207,673 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A, RB, 6.500%, 08/01/44 | 2,165,000 | 1,861,402 | ||||||
|
| |||||||
Total Municipal Bonds (Cost $12,705,251) | 13,353,963 | |||||||
|
| |||||||
Preferred Stock 0.3% | ||||||||
Diversified Financial Services 0.3% |
| |||||||
GMAC Capital Trust I, Series 2, 8.125%(d) | 121,110 | 3,306,303 | ||||||
|
| |||||||
Total Preferred Stock | 3,306,303 | |||||||
|
| |||||||
Common Stock 0.9% | ||||||||
Auto Manufacturers 0.8% | ||||||||
General Motors Co.* | 228,862 | 7,877,430 | ||||||
|
| |||||||
Energy-Alternate Sources 0.1% |
| |||||||
Aventine Renewable Energy Holdings, Inc.*(a)(f) | 52,974 | 529,740 | ||||||
|
| |||||||
Total Common Stock | 8,407,170 | |||||||
|
| |||||||
Short-Term Investment 11.2% |
| |||||||
RidgeWorth Funds Securities Lending Joint Account(k) | 107,621,478 | 107,621,478 | ||||||
|
| |||||||
Total Short-Term Investment | 107,621,478 | |||||||
|
| |||||||
Money Market Fund 7.8% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(l) | 75,170,682 | 75,170,682 | ||||||
|
| |||||||
Total Money Market Fund | 75,170,682 | |||||||
|
| |||||||
Total Investments |
| 1,072,113,853 | ||||||
Liabilities in Excess of Other Assets — (11.4)% | (109,364,461 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 962,749,392 | ||||||
|
|
See Notes to Financial Statements.
65
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
High Income Fund — concluded
* | Non-income producing security. |
(a) | All or a portion of this security has been purchased on a when-issued or delayed-delivery basis. |
(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 53.3% of net assets as of March 31, 2014. |
(c) | The security does not have a stated settlement date and will receive a rate upon settling with the custodian. |
(d) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(e) | Security is in default. |
(f) | The Fund’s investment adviser/subadviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. |
(g) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $105,152,854. |
(h) | Valued at fair value using procedures approved by the Board of Trustees. Fair valued securities held by the Fund represent 0% of net assets as of March 31, 2014. |
(i) | Perpetual maturity. |
(j) | All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments. |
(k) | Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014 (See Note 2(k)). |
(l) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
GO | — | General Obligation | ||
MTN | — | Medium Term Note | ||
PIK | — | Payment in-kind | ||
RB | — | Revenue Bond |
See Notes to Financial Statements.
66
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Intermediate Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Collateralized Mortgage Obligations 1.5% | ||||||||
Agency Collateralized Planned Amortization Class Mortgage Obligations 1.1% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 4274, Cl PN, REMIC, 3.500%, 10/15/35 | 3,995,097 | 4,177,553 | ||||||
|
| |||||||
Commercial Mortgage Backed Securities 0.4% | ||||||||
LB-UBS Commercial Mortgage Trust | ||||||||
Series 2005-C7, Cl A3, 5.452%, 11/15/30(a) | 1,357,147 | 1,395,929 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations |
| 5,573,482 | ||||||
|
| |||||||
Corporate Bonds 32.1% | ||||||||
Agriculture 0.6% |
| |||||||
Japan Tobacco, Inc., 2.100%, 07/23/18(b) | 2,052,000 | 2,051,007 | ||||||
|
| |||||||
Airlines 0.9% |
| |||||||
American Airlines Pass Through Trust, 4.950%, 07/15/24(b) | 2,138,762 | 2,293,823 | ||||||
United Airlines Pass Through Trust, Series 2014-1, Cl A, 4.000%, 10/11/27(c) | 1,085,000 | 1,090,425 | ||||||
|
| |||||||
3,384,248 | ||||||||
|
| |||||||
Auto Manufacturers 0.4% |
| |||||||
Daimler Finance N.A. LLC, 3.875%, 09/15/21(b) | 675,000 | 708,435 | ||||||
Volkswagen International Finance, 2.375%, 03/22/17(b) | 723,000 | 743,750 | ||||||
|
| |||||||
1,452,185 | ||||||||
|
| |||||||
Auto Parts & Equipment 0.3% |
| |||||||
Delphi Corp., 4.150%, 03/15/24 | 903,000 | 901,910 | ||||||
|
| |||||||
Banks 8.1% |
| |||||||
Bank of America Corp., 2.600%, 01/15/19 | 1,643,000 | 1,649,482 | ||||||
Bank of America NA, 1.250%, 02/14/17 | 2,168,000 | 2,158,961 | ||||||
Citigroup, Inc., 2.500%, 09/26/18 | 2,575,000 | 2,588,980 | ||||||
Citigroup, Inc., 5.500%, 09/13/25 | 1,389,000 | 1,479,560 | ||||||
Fifth Third Bank, 1.450%, 02/28/18 | 1,441,000 | 1,416,630 | ||||||
Goldman Sachs Group, Inc. (The), 2.900%, 07/19/18 | 2,473,000 | 2,521,950 |
Shares or Principal Amount($) | Value($) | |||||||
Banks—continued |
| |||||||
HSBC Bank PLC, 3.500%, 06/28/15(b) | 751,000 | 778,535 | ||||||
Huntington National Bank (The), 1.300%, 11/20/16 | 1,414,000 | 1,418,375 | ||||||
JPMorgan Chase & Co., 1.625%, 05/15/18 | 2,691,000 | 2,642,753 | ||||||
JPMorgan Chase & Co., 3.875%, 02/01/24(d) | 1,861,000 | 1,877,697 | ||||||
KeyBank NA, 1.650%, 02/01/18 | 1,075,000 | 1,067,021 | ||||||
Lloyds Bank PLC, 2.300%, 11/27/18(d) | 709,000 | 708,298 | ||||||
Morgan Stanley, 2.500%, 01/24/19 | 2,219,000 | 2,212,820 | ||||||
Morgan Stanley, 5.000%, 11/24/25 | 1,951,000 | 2,007,423 | ||||||
PNC Funding Corp., 3.300%, 03/08/22 | 259,000 | 260,705 | ||||||
US Bank NA, 1.100%, 01/30/17 | 1,117,000 | 1,119,141 | ||||||
Wells Fargo & Co., 1.250%, 02/13/15, MTN | 1,202,000 | 1,211,311 | ||||||
Wells Fargo & Co., 4.125%, 08/15/23 | 2,133,000 | 2,157,837 | ||||||
|
| |||||||
29,277,479 | ||||||||
|
| |||||||
Beverages 0.5% | ||||||||
Anheuser-Busch InBev Worldwide, Inc., 2.500%, 07/15/22 | 935,000 | 882,817 | ||||||
SABMiller Holdings, Inc., 2.450%, 01/15/17(b) | 956,000 | 983,063 | ||||||
|
| |||||||
1,865,880 | ||||||||
|
| |||||||
Chemicals 0.3% | ||||||||
Praxair, Inc., 4.625%, 03/30/15 | 889,000 | 924,958 | ||||||
|
| |||||||
Commercial Services 0.5% | ||||||||
ERAC USA Finance LLC, 2.750%, 03/15/17(b) | 549,000 | 566,334 | ||||||
ERAC USA Finance LLC, 5.250%, 10/01/20(b) | 475,000 | 529,585 | ||||||
ERAC USA Finance LLC, 5.600%, 05/01/15(b) | 716,000 | 752,326 | ||||||
|
| |||||||
1,848,245 | ||||||||
|
| |||||||
Computers 0.8% | ||||||||
IBM Corp., 0.875%, 10/31/14 | 1,740,000 | 1,746,043 | ||||||
IBM Corp., 1.250%, 02/06/17 | 1,234,000 | 1,240,235 | ||||||
|
| |||||||
2,986,278 | ||||||||
|
| |||||||
Diversified Financial Services 3.5% |
| |||||||
American Express Credit Corp., 2.375%, 03/24/17, MTN | 480,000 | 497,165 | ||||||
Ford Motor Credit Co. LLC, 5.000%, 05/15/18 | 1,122,000 | 1,238,384 |
See Notes to Financial Statements.
67
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Intermediate Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Diversified Financial Services—continued |
| |||||||
General Electric Capital Corp., 3.100%, 01/09/23, MTN | 3,025,000 | 2,960,114 | ||||||
John Deere Capital Corp., 1.250%, 12/02/14, MTN | 998,000 | 1,004,372 | ||||||
Lazard Group LLC, 4.250%, 11/14/20 | 2,041,000 | 2,114,562 | ||||||
Lazard Group LLC, 6.850%, 06/15/17 | 356,000 | 404,749 | ||||||
MassMutual Global Funding LLC, 2.000%, 04/05/17(b) | 666,000 | 679,720 | ||||||
Nomura Holdings, Inc., 2.750%, 03/19/19, MTN | 799,000 | 794,169 | ||||||
PACCAR Financial Corp., 1.550%, 09/29/14, MTN | 1,200,000 | 1,207,038 | ||||||
Toyota Motor Credit Corp., 3.200%, 06/17/15, MTN | 603,000 | 622,319 | ||||||
Woodside Finance Ltd., 4.600%, 05/10/21(b) | 983,000 | 1,052,084 | ||||||
|
| |||||||
12,574,676 | ||||||||
|
| |||||||
Electric 0.2% | ||||||||
Dominion Resources, Inc., 1.950%, 08/15/16 | 366,000 | 372,900 | ||||||
Exelon Generation Co. LLC, 6.200%, 10/01/17 | 434,000 | 490,382 | ||||||
|
| |||||||
863,282 | ||||||||
|
| |||||||
Electronics 0.8% | ||||||||
Agilent Technologies, Inc., 3.875%, 07/15/23 | 1,682,000 | 1,662,615 | ||||||
Thermo Fisher Scientific, Inc., 4.150%, 02/01/24 | 1,001,000 | 1,029,861 | ||||||
|
| |||||||
2,692,476 | ||||||||
|
| |||||||
Healthcare-Services 0.5% | ||||||||
Howard Hughes Medical Institute, 3.500%, 09/01/23 | 824,000 | 838,266 | ||||||
WellPoint, Inc., 3.300%, 01/15/23 | 938,000 | 899,527 | ||||||
|
| |||||||
1,737,793 | ||||||||
|
| |||||||
Insurance 1.5% | ||||||||
American International Group, Inc., 5.850%, 01/16/18, MTN | 1,637,000 | 1,870,700 | ||||||
Berkshire Hathaway, Inc., 3.200%, 02/11/15 | 1,197,000 | 1,226,464 | ||||||
Fairfax Financial Holdings Ltd., 5.800%, 05/15/21(b) | 472,000 | 497,978 | ||||||
Nationwide Financial Services, Inc., 5.375%, 03/25/21(b) | 1,084,000 | 1,194,336 | ||||||
Reinsurance Group of America, Inc., 4.700%, 09/15/23, MTN | 621,000 | 652,202 | ||||||
|
| |||||||
5,441,680 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Internet 0.4% | ||||||||
eBay, Inc., 2.600%, 07/15/22(d) | 1,527,000 | 1,449,572 | ||||||
|
| |||||||
Media 0.8% | ||||||||
Time Warner, Inc., 3.400%, 06/15/22 | 2,775,000 | 2,760,281 | ||||||
|
| |||||||
Mining 3.3% | ||||||||
Barrick (PD) Australia Finance Property Ltd., 4.950%, 01/15/20 | 585,000 | 615,520 | ||||||
Barrick Gold Corp., 3.850%, 04/01/22 | 3,332,000 | 3,182,650 | ||||||
Barrick Gold Corp., 4.100%, 05/01/23 | 1,626,000 | 1,542,480 | ||||||
BHP Billiton Finance USA Ltd., 1.125%, 11/21/14 | 1,039,000 | 1,044,091 | ||||||
Newmont Mining Corp., 3.500%, 03/15/22 | 5,988,000 | 5,432,356 | ||||||
|
| |||||||
11,817,097 | ||||||||
|
| |||||||
Miscellaneous Manufacturer 0.4% |
| |||||||
3M Co., 1.375%, 09/29/16 | 376,000 | 382,906 | ||||||
General Electric Co., 2.700%, 10/09/22 | 762,000 | 738,535 | ||||||
General Electric Co., 5.250%, 12/06/17 | 314,000 | 355,835 | ||||||
|
| |||||||
1,477,276 | ||||||||
|
| |||||||
Oil & Gas 0.4% | ||||||||
BP Capital Markets PLC, 2.248%, 11/01/16 | 612,000 | 631,544 | ||||||
Ensco PLC, 4.700%, 03/15/21 | 589,000 | 632,847 | ||||||
|
| |||||||
1,264,391 | ||||||||
|
| |||||||
Oil & Gas Services 0.6% | ||||||||
Schlumberger Investment SA, 3.300%, 09/14/21(b) | 487,000 | 496,864 | ||||||
Weatherford International Ltd., 5.125%, 09/15/20 | 1,461,000 | 1,589,819 | ||||||
|
| |||||||
2,086,683 | ||||||||
|
| |||||||
Pharmaceuticals 0.2% | ||||||||
Express Scripts Holding Co., 2.650%, 02/15/17 | 446,000 | 461,240 | ||||||
Novartis Securities Investment Ltd., 5.125%, 02/10/19 | 327,000 | 371,246 | ||||||
|
| |||||||
832,486 | ||||||||
|
| |||||||
Pipelines 1.7% | ||||||||
DCP Midstream Operating LP, 2.700%, 04/01/19 | 3,229,000 | 3,221,224 | ||||||
Enterprise Products Operating LLC, 3.350%, 03/15/23 | 1,474,000 | 1,437,790 |
See Notes to Financial Statements.
68
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Intermediate Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Pipelines—continued |
| |||||||
Kinder Morgan Energy Partners LP, 3.450%, 02/15/23 | 1,665,000 | �� | 1,587,030 | |||||
|
| |||||||
6,246,044 | ||||||||
|
| |||||||
Real Estate Investment Trust 1.1% |
| |||||||
American Tower Corp., 3.500%, 01/31/23 | 609,000 | 575,895 | ||||||
American Tower Corp., 5.000%, 02/15/24 | 1,582,000 | 1,647,659 | ||||||
Digital Realty Trust LP, 5.875%, 02/01/20(d) | 1,438,000 | 1,574,373 | ||||||
|
| |||||||
3,797,927 | ||||||||
|
| |||||||
Retail 0.5% | ||||||||
Wal-Mart Stores, Inc., 1.125%, 04/11/18 | 1,958,000 | 1,919,541 | ||||||
|
| |||||||
Semiconductors 1.2% | ||||||||
Analog Devices, Inc., 3.000%, 04/15/16 | 530,000 | 550,409 | ||||||
Intel Corp., 1.950%, 10/01/16 | 438,000 | 450,085 | ||||||
Intel Corp., 2.700%, 12/15/22 | 2,209,000 | 2,108,705 | ||||||
TSMC Global Ltd., 1.625%, 04/03/18(b) | 1,400,000 | 1,357,209 | ||||||
|
| |||||||
4,466,408 | ||||||||
|
| |||||||
Software 0.3% | ||||||||
Oracle Corp., 1.200%, 10/15/17 | 475,000 | 471,267 | ||||||
Oracle Corp., 2.375%, 01/15/19 | 584,000 | 590,957 | ||||||
|
| |||||||
1,062,224 | ||||||||
|
| |||||||
Telecommunication Services 2.3% |
| |||||||
AT&T, Inc., 2.375%, 11/27/18 | 2,021,000 | 2,031,042 | ||||||
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849%, 04/15/23 | 1,266,000 | 1,231,528 | ||||||
Cisco Systems, Inc., 2.125%, 03/01/19 | 1,072,000 | 1,067,204 | ||||||
Cisco Systems, Inc., 5.500%, 02/22/16 | 438,000 | 478,362 | ||||||
Verizon Communications, Inc., 5.150%, 09/15/23 | 3,309,000 | 3,621,102 | ||||||
|
| |||||||
8,429,238 | ||||||||
|
| |||||||
Total Corporate Bonds | 115,611,265 | |||||||
|
| |||||||
Municipal Bond 1.7% | ||||||||
New York 1.7% | ||||||||
Utility Debt Securitization Authority, Series T, RB, 2.554%, 06/15/22 | 6,074,000 | 6,034,155 | ||||||
|
| |||||||
Total Municipal Bond | 6,034,155 | |||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages 3.9% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Pool #J20118, 2.500%, 08/01/27 | 728,739 | 729,133 | ||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Pool #AM0067, 2.740%, 08/01/22 | 4,766,000 | 4,699,642 | ||||||
Pool #AP1217, 2.500%, 07/01/27 | 1,228,612 | 1,231,791 | ||||||
Pool #AB7246, 2.500%, 12/01/27 | 2,682,553 | 2,689,491 | ||||||
Pool #AM2100, 2.250%, 01/01/28 | 2,033,580 | 1,945,740 | ||||||
Pool #AL4042, 2.000%, 08/01/28 | 2,763,681 | 2,694,144 | ||||||
|
| |||||||
13,260,808 | ||||||||
|
| |||||||
Total U.S. Government Agency Mortgages | 13,989,941 | |||||||
|
| |||||||
U.S. Treasury Obligations 58.6% | ||||||||
U.S. Treasury Notes 58.6% | ||||||||
0.750%, 06/15/14 | 7,411,000 | 7,421,420 | ||||||
0.375%, 11/15/15(e) | 73,626,000 | 73,738,132 | ||||||
0.500%, 06/15/16 | 37,196,000 | 37,172,753 | ||||||
0.875%, 02/28/17 | 12,510,000 | 12,510,976 | ||||||
0.750%, 02/28/18 | 23,464,000 | 22,923,225 | ||||||
1.375%, 07/31/18 | 31,422,000 | 31,235,416 | ||||||
1.500%, 01/31/19 | 12,143,000 | 12,036,749 | ||||||
2.750%, 02/15/24 | 14,092,000 | 14,122,833 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 211,161,504 | |||||||
|
| |||||||
Foreign Government Bonds 0.8% |
| |||||||
Sovereign 0.8% | ||||||||
Brazilian Government International Bond, 4.250%, 01/07/25 | 273,000 | 264,127 | ||||||
Colombia Government International Bond, 4.000%, 02/26/24 | 266,000 | 263,340 | ||||||
Mexico Government International Bond, 4.000%, 10/02/23 | 2,338,000 | 2,361,380 | ||||||
|
| |||||||
Total Foreign Government Bonds | 2,888,847 | |||||||
|
|
See Notes to Financial Statements.
69
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Intermediate Bond Fund — concluded
Shares or Principal Amount($) | Value($) | |||||||
Short-Term Investment 0.8% |
| |||||||
RidgeWorth Funds Securities Lending Joint Account(f) | 2,745,970 | 2,745,970 | ||||||
|
| |||||||
Total Short-Term Investment | 2,745,970 | |||||||
|
| |||||||
Money Market Fund 3.6% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(g) | 13,061,788 | 13,061,788 | ||||||
|
| |||||||
Total Money Market Fund | 13,061,788 | |||||||
|
| |||||||
Total Investments | 371,066,952 | |||||||
|
| |||||||
Liabilities in Excess of Other Assets — (3.0)% | (10,688,867 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 360,378,085 | ||||||
|
|
(a) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(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 4.1% of net assets as of March 31, 2014. |
(c) | All or a portion of this security has been purchased on a when-issued or delayed-delivery basis. |
(d) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $2,685,240. |
(e) | All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments. |
(f) | Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014 (See Note 2(k)). |
(g) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
MTN | — | Medium Term Note | ||
RB | — | Revenue Bond | ||
REMIC | — | Real Estate Mortgage Investment Conduit |
See Notes to Financial Statements.
70
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Investment Grade Tax-Exempt Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Municipal Bonds 95.0% | ||||||||
Alabama 2.3% | ||||||||
Birmingham, Series A, GO, 0.000%, 03/01/27(a) | 2,500,000 | 2,379,900 | ||||||
Birmingham, Series A, GO, 0.000%, 03/01/37(a) | 3,000,000 | 2,699,100 | ||||||
Birmingham Special Care Facilities Financing Authority Health Care Facilities, Children’s Hospital of Alabama, RB, 6.000%, 06/01/39, AGC(b) | 9,000,000 | 10,284,930 | ||||||
|
| |||||||
15,363,930 | ||||||||
|
| |||||||
Alaska 7.1% | ||||||||
Matanuska-Susitna Borough Lease, Goose Creek Correctional Center, RB, 5.500%, 09/01/23, AGC(b) | 18,000,000 | 21,022,560 | ||||||
Matanuska-Susitna Borough Lease, Goose Creek Correctional Center, RB, 6.000%, 09/01/28, AGC(b) | 15,500,000 | 18,448,100 | ||||||
Matanuska-Susitna Borough Lease, Goose Creek Correctional Center, RB, 6.000%, 09/01/32, AGC | 7,250,000 | 8,458,502 | ||||||
|
| |||||||
47,929,162 | ||||||||
|
| |||||||
California 19.8% | ||||||||
California Health Facilities Financing Authority, Series C, RB, 6.250%, 10/01/24 | 3,500,000 | 4,099,865 | ||||||
California Health Facilities Financing Authority, Series C, RB, 6.500%, 10/01/33 | 6,500,000 | 7,563,270 | ||||||
California Health Facilities Financing Authority, Series C, RB, 6.500%, 10/01/38(b) | 5,400,000 | 6,278,310 | ||||||
California State, GO, 5.000%, 12/01/27 | 8,890,000 | 10,165,982 | ||||||
California State, GO, 5.000%, 12/01/28 | 2,500,000 | 2,833,875 | ||||||
California State, GO, 5.000%, 12/01/30 | 5,000,000 | 5,579,950 | ||||||
California State, GO, 5.000%, 12/01/31 | 4,000,000 | 4,426,040 | ||||||
California State, GO, 6.500%, 04/01/33(b) | 24,500,000 | 29,864,520 | ||||||
Los Angeles California Community College District, Series A, GO, 6.000%, 08/01/33(b) | 10,000,000 | 11,745,700 |
Shares or Principal Amount($) | Value($) | |||||||
California—continued | ||||||||
Los Angeles California Wastewater System, Series A, RB, 5.750%, 06/01/34 | 5,000,000 | 5,784,000 | ||||||
Orange County Community Facilities District, Series A, 5.000%, 08/15/31 | 4,820,000 | 5,216,204 | ||||||
Orange County Community Facilities District, Series A, 5.000%, 08/15/32 | 3,500,000 | 3,771,145 | ||||||
Orange County Community Facilities District, Series A, 5.000%, 08/15/33 | 2,500,000 | 2,683,575 | ||||||
Orange County Community Facilities District, Series A, 5.000%, 08/15/34 | 1,500,000 | 1,593,300 | ||||||
San Francisco City & County Airports Commission, AMT, RB, 5.750%, 05/01/24, AGM | 5,000,000 | 5,621,450 | ||||||
South Orange County Public Financing Authority, Series A, 5.000%, 08/15/30 | 1,000,000 | 1,072,620 | ||||||
South Orange County Public Financing Authority, Series A, 5.000%, 08/15/31 | 1,000,000 | 1,065,400 | ||||||
South Orange County Public Financing Authority, Series A, 5.000%, 08/15/33 | 1,850,000 | 1,947,477 | ||||||
Southern California Public Power Authority, Series A, RB, 5.000%, 07/01/38 | 1,000,000 | 1,094,810 | ||||||
University of California, Series O, RB, 5.750%, 05/15/27 | 3,000,000 | 3,483,150 | ||||||
University of California, Series O, RB, 5.750%, 05/15/28(b) | 10,000,000 | 11,660,300 | ||||||
University of California, Series O, RB, 5.750%, 05/15/29(b) | 5,095,000 | 5,959,723 | ||||||
|
| |||||||
133,510,666 | ||||||||
|
| |||||||
District of Columbia 1.4% | ||||||||
District of Columbia, Income Tax, Series A, RB, 5.500%, 12/01/30(b) | 8,000,000 | 9,307,440 | ||||||
|
| |||||||
Florida 6.1% | ||||||||
Florida State, Series A, GO, 5.000%, 06/01/18(c) | 1,855,000 | 2,147,849 |
See Notes to Financial Statements.
71
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Investment Grade Tax-Exempt Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Florida—continued | ||||||||
Florida State Board of Governors, Series A, RB, 5.000%, 10/01/20 | 2,285,000 | 2,637,210 | ||||||
Florida State Board of Governors, Series A, RB, 5.000%, 10/01/21 | 2,410,000 | 2,783,188 | ||||||
Miami-Dade County, Building Better Communities Program, Series B, GO, 6.000%, 07/01/23 | 2,000,000 | 2,325,180 | ||||||
Miami-Dade County, Building Better Communities Program, Series B, GO, 6.125%, 07/01/25 | 3,000,000 | 3,483,030 | ||||||
Miami-Dade County FL Aviation Revenue, AMT, RB, 5.000%, 10/01/29 | 2,000,000 | 2,145,260 | ||||||
Orlando FL Contract Tourist DE, 5.000%, 11/01/39(c) | 8,240,000 | 8,847,206 | ||||||
Orlando FL Contract Tourist DE, 5.000%, 11/01/44(c) | 5,500,000 | 5,858,490 | ||||||
Orlando FL Contract Tourist DE, 5.250%, 11/01/34(c) | 7,785,000 | 8,626,636 | ||||||
Polk County School District Sales Tax Authority, RB, 5.250%, 10/01/15, AGM | 2,000,000 | 2,044,980 | ||||||
|
| |||||||
40,899,029 | ||||||||
|
| |||||||
Illinois 8.3% | ||||||||
Chicago, Series A, GO, 5.000%, 01/01/34 | 5,000,000 | 4,968,600 | ||||||
Chicago, Series A, GO, 5.000%, 01/01/35 | 5,000,000 | 4,955,000 | ||||||
Chicago, Series A, GO, 5.000%, 01/01/36 | 3,000,000 | 2,964,510 | ||||||
Chicago, Series A, GO, 5.250%, 01/01/30 | 7,200,000 | 7,449,408 | ||||||
Chicago, Series A, GO, 5.250%, 01/01/32 | 6,000,000 | 6,142,080 | ||||||
Chicago Board of Education, Series A, GO, 5.250%, 12/01/26, AGC-ICC | 3,290,000 | 3,494,408 | ||||||
Chicago IL O’ Hare International Airport Revenue, Series D, RB, 5.250%, 01/01/19, NATL-RE, AMT(b) | 7,680,000 | 7,936,742 | ||||||
Chicago Public Building Commission, RB, 5.250%, 12/01/18, NATL-RE | 2,625,000 | 2,962,365 | ||||||
City of Chicago IL, Series A, GO, 5.250%, 01/01/33 | 6,000,000 | 6,109,500 |
Shares or Principal Amount($) | Value($) | |||||||
Illinois—continued | ||||||||
Grundy Kendall & Will Counties Community School District No. 201, GO, 5.750%, 10/15/21, AGC | 4,340,000 | 4,959,318 | ||||||
Illinois State, GO, 5.250%, 04/01/27 | 1,500,000 | 1,606,440 | ||||||
University of Illinois, Auxiliary Facilities System, Series A, RB, 5.750%, 04/01/38 | 2,000,000 | 2,253,880 | ||||||
|
| |||||||
55,802,251 | ||||||||
|
| |||||||
Kansas 4.6% | ||||||||
Kansas State Development Finance Authority, Adventist Bolingbrook Hospital, RB, 5.750%, 11/15/38(b) | 26,090,000 | 28,822,928 | ||||||
Kansas State Development Finance Authority, Adventist Bolingbrook Hospital, Series D, RB, 5.000%, 11/15/22 | 2,000,000 | 2,210,040 | ||||||
|
| |||||||
31,032,968 | ||||||||
|
| |||||||
Maryland 2.8% | ||||||||
Baltimore County, GO, 5.000%, 08/01/15 | 2,810,000 | 2,991,329 | ||||||
Maryland State, GO, 5.000%, 03/01/21 | 5,000,000 | 5,845,300 | ||||||
Maryland State Department of Transportation, Series B, RB, 5.000%, 02/15/19 | 9,000,000 | 10,316,790 | ||||||
|
| |||||||
19,153,419 | ||||||||
|
| |||||||
Massachusetts 2.4% | ||||||||
Commonwealth of Massachusetts, Series A, GO, 5.000%, 04/01/25 | 5,520,000 | 6,431,186 | ||||||
Massachusetts School Building Authority, Series A, RB, 5.000%, 08/15/30, Pre-refunded 08/15/2015 @ 100, AGM | 3,500,000 | 3,728,095 | ||||||
Massachusetts State, Consolidated Lien, Series C, GO, 5.000%, 09/01/18, Pre- refunded 09/01/2015 @ 100 | 5,310,000 | 5,666,673 | ||||||
|
| |||||||
15,825,954 | ||||||||
|
| |||||||
Michigan 2.4% | ||||||||
Michigan Finance Authority, RB, 5.000%, 07/01/21 | 14,000,000 | 15,929,060 | ||||||
|
|
See Notes to Financial Statements.
72
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Investment Grade Tax-Exempt Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Missouri 3.5% | ||||||||
Missouri State Board of Public Buildings, Series A, RB, 5.000%, 10/01/21 | 13,875,000 | 16,395,533 | ||||||
Missouri State Highways & Transit Commission State Road, Second Lien, RB, 5.250%, 05/01/20 | 6,500,000 | 7,366,775 | ||||||
|
| |||||||
23,762,308 | ||||||||
|
| |||||||
New Jersey 7.2% | ||||||||
New Jersey Higher Education Student Assistance Authority, AMT, Series 1A, RB, 4.000%, 12/01/17 | 3,100,000 | 3,306,150 | ||||||
New Jersey Higher Education Student Assistance Authority, AMT, Series 1A, RB, 4.000%, 12/01/19 | 5,000,000 | 5,255,800 | ||||||
New Jersey Higher Education Student Assistance Authority, AMT, Series 1A, RB, 5.000%, 12/01/20 | 9,775,000 | 10,775,373 | ||||||
New Jersey State Transportation Trust Fund Authority, Transportation System, Series A, RB, 6.000%, 12/15/38 | 7,710,000 | 8,819,855 | ||||||
New Jersey State Transportation Trust Fund Authority, Transportation System, Series D, RB, 5.000%, 06/15/19, Pre-refunded 06/15/2015 @ 100, AGM(b) | 13,125,000 | 13,883,887 | ||||||
New Jersey Transportation Trust Fund Authority, Series A, RB, 6.000%, 06/15/35, ST APPROP | 5,305,000 | 6,192,527 | ||||||
|
| |||||||
48,233,592 | ||||||||
|
| |||||||
New Mexico 0.8% | ||||||||
New Mexico Finance Authority, Public Project Revolving Fund, Series C, RB, 5.000%, 06/01/21, AMBAC | 5,595,000 | 5,637,298 | ||||||
|
| |||||||
New York 14.7% | ||||||||
Erie County Industrial Development Agency, City School District Buffalo, Series A, RB, 5.750%, 05/01/29, BHAC | 5,340,000 | 6,061,434 |
Shares or Principal Amount($) | Value($) | |||||||
New York—continued | ||||||||
New York City, GO, 5.000%, 08/15/23, Pre-refunded 08/15/2014 @ 100 | 13,730,000 | 13,978,238 | ||||||
New York City Municipal Water Finance Authority, Water & Sewer System, Series A, RB, 5.750%, 06/15/40(b) | 15,330,000 | 17,300,671 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-2, RB, 6.000%, 07/15/38, State Aid Withholding(b) | 7,500,000 | 8,583,750 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, 5.000%, 11/01/15 | 21,125,000 | 22,717,614 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, 5.000%, 02/01/28 | 5,000,000 | 5,536,750 | ||||||
Port Authority of New York & New Jersey, AMT, RB, 5.000%, 12/01/32 | 2,295,000 | 2,464,050 | ||||||
Tobacco Settlement Financing Corp., Series B, RB, 5.000%, 06/01/20 | 2,000,000 | 2,170,400 | ||||||
Tobacco Settlement Financing Corp., Series B, RB, 5.000%, 06/01/21 | 2,000,000 | 2,227,460 | ||||||
Tobacco Settlement Financing Corp., Series B, RB, 5.000%, 06/01/22 | 1,000,000 | 1,108,880 | ||||||
Utility Debt Securitization Authority, RB, 5.000%, 12/15/29 | 6,000,000 | 6,916,320 | ||||||
Utility Debt Securitization Authority, RB, 5.000%, 12/15/30 | 9,000,000 | 10,293,570 | ||||||
|
| |||||||
99,359,137 | ||||||||
|
| |||||||
North Carolina 0.8% | ||||||||
Raleigh, Series B, GO, 5.000%, 04/01/20 | 4,700,000 | 5,584,916 | ||||||
|
| |||||||
Oregon 0.4% | ||||||||
Oregon State Department of Transportation, Highway User Tax, Series B, RB, 5.000%, 11/15/17, Pre-refunded 11/15/2014 @ 100 | 2,500,000 | 2,575,375 | ||||||
|
|
See Notes to Financial Statements.
73
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Investment Grade Tax-Exempt Bond Fund — concluded
Shares or Principal Amount($) | Value($) | |||||||
Pennsylvania 3.4% | ||||||||
Pennsylvania Economic Development Financing Authority, RB, 5.000%, 07/01/21 | 7,500,000 | 8,462,325 | ||||||
Pennsylvania Economic Development Financing Authority, RB, 5.000%, 01/01/22 | 3,000,000 | 3,365,010 | ||||||
University of Pittsburgh, Commonwealth System of Higher Education, Series B, RB, 5.500%, 09/15/23, GO of University | 6,750,000 | 7,870,230 | ||||||
University of Pittsburgh, Commonwealth System of Higher Education, Series B, RB, 5.500%, 09/15/24, GO of University | 2,500,000 | 2,908,750 | ||||||
|
| |||||||
22,606,315 | ||||||||
|
| |||||||
Texas 4.4% | ||||||||
Dallas Community College District, GO, 5.000%, 02/15/24 | 5,850,000 | 6,561,594 | ||||||
Dallas Independent School District, GO, 6.375%, 02/15/34, PSF-GTD(b) | 6,000,000 | 7,046,100 | ||||||
Lower Colorado River Authority, Series A, RB, 5.875%, 05/15/15, AGM | 1,185,000 | 1,190,475 | ||||||
North Harris County Regional Water Authority, RB, 5.250%, 12/15/18, NATL-RE | 2,690,000 | 2,777,156 | ||||||
San Antonio Electric & Gas, RB, 5.000%, 02/01/24, Pre-refunded 02/01/2015 @ 100 | 1,875,000 | 1,950,562 | ||||||
Texas State Public Finance Authority, Unemployment Comp., Series A, RB, 5.000%, 01/01/15 | 5,000,000 | 5,183,250 | ||||||
Texas State University Systems Financing, RB, 5.000%, 03/15/18, AGM | 5,035,000 | 5,258,655 | ||||||
|
| |||||||
29,967,792 | ||||||||
|
| |||||||
Virginia 0.7% | ||||||||
Arlington County, Series C, GO, 5.000%, 08/15/25, State Aid Withholding | 2,395,000 | 2,770,895 | ||||||
Norfolk, Series C, GO, 5.000%, 04/01/23 | 1,875,000 | 2,103,319 | ||||||
|
| |||||||
4,874,214 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Washington 1.9% | ||||||||
Energy Northwest, Series C, RB, 5.000%, 07/01/24 | 4,000,000 | 4,484,680 | ||||||
Washington State, Series A, GO, 5.000%, 07/01/20, Pre-refunded 07/01/2015 @ 100, AGM | 7,700,000 | 8,161,153 | ||||||
|
| |||||||
12,645,833 | ||||||||
|
| |||||||
Total Municipal Bonds | 640,000,659 | |||||||
|
| |||||||
Money Market Fund 4.3% | ||||||||
Federated Tax-Free Obligations Fund, Institutional Shares, 0.01%(d) | 29,108,575 | 29,108,575 | ||||||
|
| |||||||
Total Money Market Fund | 29,108,575 | |||||||
|
| |||||||
Total Investments | 669,109,234 | |||||||
Other Assets in Excess of Liabilities — 0.7% | 4,818,712 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 673,927,946 | ||||||
|
|
(a) | Step bond. The rate shown is the rate in effect as of March 31, 2014. |
(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, 2014. |
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 | ||
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 | ||
NATL-RE | — | Reinsurance provided by National Public Finance Guarantee Corporation | ||
RB | — | Revenue Bond | ||
ST APPROP | — | State Appropriation |
See Notes to Financial Statements.
74
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Limited Duration Fund
Shares or Principal Amount($) | Value($) | |||||||
Asset-Backed Securities 33.1% | ||||||||
Auto Floor Plan Asset Backed Security 4.5% |
| |||||||
Ally Master Owner Trust, Series 2011-3, Cl A2, 1.810%, 05/15/16 | 300,000 | 300,514 | ||||||
|
| |||||||
Automobiles 5.3% | ||||||||
AmeriCredit Automobile Receivables Trust, Series 2012-4, Cl A2, 0.490%, 04/08/16 | 91,554 | 91,559 | ||||||
Honda Auto Receivables Owner Trust, Series 2013-4, Cl A1, 0.240%, 11/18/14 | 259,870 | 259,870 | ||||||
|
| |||||||
351,429 | ||||||||
|
| |||||||
Credit Card 21.0% | ||||||||
American Express Issuance Trust II, Series 2013-1, Cl B, 0.605%, 02/15/19(a) | 400,000 | 397,629 | ||||||
Barclays Dryrock Issuance Trust, Series 2014-1, Cl A, 0.530%, 12/16/19(a) | 300,000 | 300,174 | ||||||
Capital One Multi-Asset Execution Trust, Series 2006-B1, Cl B1, 0.435%, 01/15/19(a) | 300,000 | 297,519 | ||||||
Discover Card Master Trust, Series 2013-A1, Cl A1, 0.455%, 08/17/20(a) | 400,000 | 400,187 | ||||||
|
| |||||||
1,395,509 | ||||||||
|
| |||||||
Student Loan Asset Backed Security 2.3% |
| |||||||
SLM Student Loan Trust, Series 2012-7, Cl A1, 0.314%, 02/27/17(a) | 154,475 | 154,417 | ||||||
|
| |||||||
Total Asset-Backed Securities (Cost $2,202,378) | 2,201,869 | |||||||
|
| |||||||
Collateralized Mortgage Obligations 60.7% | ||||||||
Agency Collateralized Mortgage Obligations 59.7% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 3066, Cl FG, REMIC, 0.355%, 03/15/24(a) | 1,449,785 | 1,451,505 |
Shares or Principal Amount($) | Value($) | |||||||
Agency Collateralized Mortgage Obligations—continued |
| |||||||
Series 4231, Cl FD, REMIC, 0.505%, 10/15/32(a) | 954,892 | 953,487 | ||||||
|
| |||||||
2,404,992 | ||||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Series 2004-79, Cl FM, 0.454%, 11/25/24(a) | 1,089,495 | 1,091,598 | ||||||
Series 2010-90, Cl MF, 0.554%, 04/25/28(a) | 467,728 | 469,017 | ||||||
|
| |||||||
1,560,615 | ||||||||
|
| |||||||
3,965,607 | ||||||||
|
| |||||||
Commercial Mortgage Backed Securities 1.0% | ||||||||
Credit Suisse First Boston Mortgage Securities Corp. | ||||||||
Series 2005-C2, Cl AAB, 4.681%, 04/15/37 | 66,474 | 66,466 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations | 4,032,073 | |||||||
|
| |||||||
Money Market Fund 6.2% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(b) | 413,923 | 413,923 | ||||||
|
| |||||||
Total Money Market Fund | 413,923 | |||||||
|
| |||||||
Total Investments | 6,647,865 | |||||||
Other Assets in Excess of Liabilities — 0.0%(c) | 2,222 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 6,650,087 | ||||||
|
|
(a) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(b) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
(c) | Less than 0.05% of Net Assets. |
Investment Abbreviations
REMIC — Real Estate Mortgage Investment Conduit
See Notes to Financial Statements.
75
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Limited-Term Federal Mortgage Securities Fund
Shares or Principal Amount($) | Value($) | |||||||
Collateralized Mortgage Obligations 11.8% | ||||||||
Agency Collateralized Mortgage Obligations 9.6% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 3800, Cl CB, 3.500%, 02/15/26 | 159,000 | 161,577 | ||||||
Series 3909, Cl UB, REMIC, 3.500%, 08/15/26 | 800,000 | 812,792 | ||||||
|
| |||||||
974,369 | ||||||||
|
| |||||||
Commercial Mortgage Backed Securities 2.2% |
| |||||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
Series 2011-C5, Cl AS, 5.331%, 08/15/46(a)(b) | 200,000 | 226,372 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations | 1,200,741 | |||||||
|
| |||||||
U.S. Government Agency Mortgages 82.9% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Pool #C91483, 3.500%, 07/01/32 | 24,969 | 25,708 | ||||||
Pool #C01785, 5.000%, 02/01/34 | 287,902 | 313,867 | ||||||
Pool #G01828, 4.500%, 04/01/35 | 247,436 | 264,390 | ||||||
Pool #A47828, 3.500%, 08/01/35 | 233,633 | 236,869 | ||||||
Pool #G03092, 5.500%, 07/01/37 | 228,978 | 253,030 | ||||||
Pool #A85718, 4.000%, 04/01/39 | 98,436 | 102,543 | ||||||
Pool #G08347, 4.500%, 06/01/39 | 51,810 | 55,377 | ||||||
Pool #A89148, 4.000%, 10/01/39 | 95,206 | 98,801 | ||||||
Pool #A93101, 5.000%, 07/01/40 | 125,754 | 137,069 | ||||||
Pool #A93617, 4.500%, 08/01/40 | 109,556 | 116,788 | ||||||
Pool #A94362, 4.000%, 10/01/40 | 61,528 | 63,985 | ||||||
|
| |||||||
1,668,427 | ||||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Pool #AM3604, 2.760%, 06/01/23 | 489,290 | 478,074 | ||||||
Pool #AM4001, 3.590%, 07/01/23 | 289,000 | 299,292 | ||||||
Pool #AM3972, 3.000%, 08/01/23 | 108,010 | 107,723 | ||||||
Pool #AM4158, 3.670%, 08/01/23 | 374,052 | 388,866 | ||||||
Pool #AK6980, 2.500%, 03/01/27 | 585,553 | 587,049 | ||||||
Pool #AP9623, 2.000%, 10/01/27 | 80,485 | 78,460 | ||||||
Pool #AL2716, 2.000%, 12/01/27 | 61,667 | 60,116 | ||||||
Pool #AQ9956, 2.000%, 01/01/28 | 163,802 | 159,680 | ||||||
Pool #AR3040, 2.000%, 01/01/28 | 88,725 | 86,493 | ||||||
Pool #MA0411, 4.000%, 05/01/30 | 354,570 | 373,943 | ||||||
Pool #MA0481, 4.500%, 08/01/30 | 155,630 | 166,930 | ||||||
Pool #AB1763, 4.000%, 11/01/30 | 129,625 | 136,833 | ||||||
Pool #MA0587, 4.000%, 12/01/30 | 41,819 | 44,140 | ||||||
Pool #MA0919, 3.500%, 12/01/31 | 340,504 | 350,354 | ||||||
Pool #MA0976, 3.500%, 02/01/32 | 157,809 | 162,623 | ||||||
Pool #MA1029, 3.500%, 04/01/32 | 469,430 | 483,748 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #AB8428, 3.500%, 02/01/33 | 171,956 | 176,951 | ||||||
Pool #730727, 5.000%, 08/01/33 | 202,905 | 222,726 | ||||||
Pool #745044, 4.500%, 08/01/35 | 78,857 | 84,266 | ||||||
Pool #AL0049, 6.000%, 12/01/35 | 96,686 | 108,793 | ||||||
Pool #AI7951, 4.500%, 08/01/36 | 113,881 | 121,402 | ||||||
Pool #AK6960, 4.000%, 03/01/37 | 563,975 | 586,802 | ||||||
Pool #AK6957, 4.000%, 03/01/37 | 484,916 | 505,296 | ||||||
Pool #889529, 6.000%, 03/01/38 | 189,625 | 211,920 | ||||||
Pool #AA9840, 4.500%, 06/01/39 | 238,062 | 254,082 | ||||||
Pool #AB1343, 4.500%, 08/01/40 | 128,181 | 137,667 | ||||||
Pool #AC4624, 3.500%, 10/01/40 | 254,496 | 256,503 | ||||||
Pool #AL0005, 4.500%, 01/01/41 | 61,838 | 66,017 | ||||||
Pool #AB2694, 4.500%, 04/01/41 | 81,921 | 87,870 | ||||||
|
| |||||||
6,784,619 | ||||||||
|
| |||||||
Total U.S. Government Agency Mortgages | 8,453,046 | |||||||
|
| |||||||
U.S. Treasury Obligation 3.9% |
| |||||||
U.S. Treasury Note 3.9% | ||||||||
2.750%, 02/15/24 | 399,000 | 399,873 | ||||||
|
| |||||||
Total U.S. Treasury Obligation | 399,873 | |||||||
|
| |||||||
Money Market Fund 2.3% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(c) | 227,136 | 227,136 | ||||||
|
| |||||||
Total Money Market Fund | 227,136 | |||||||
|
| |||||||
Total Investments | 10,280,796 | |||||||
Liabilities in Excess of Other Assets — (0.9)% | (87,363 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 10,193,433 | ||||||
|
|
(a) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(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 2.2% of net assets as of March 31, 2014. |
(c) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
REMIC — Real Estate Mortgage Investment Conduit
See Notes to Financial Statements.
76
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
North Carolina Tax-Exempt Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Municipal Bonds 94.3% | ||||||||
Alabama 0.5% | ||||||||
Birmingham, Series A, GO, 0.000%, 03/01/32(a) | 215,000 | 197,032 | ||||||
|
| |||||||
California 4.1% | ||||||||
California State, GO, 5.000%, 02/01/20 | 645,000 | 756,895 | ||||||
California State, GO, 5.000%, 09/01/33 | 750,000 | 818,797 | ||||||
|
| |||||||
1,575,692 | ||||||||
|
| |||||||
Georgia 2.2% | ||||||||
Private Colleges & Universities Authority, Series A, RB, 5.000%, 10/01/43 | 750,000 | 816,218 | ||||||
|
| |||||||
Illinois 0.7% | ||||||||
Chicago, Series A, GO, 5.250%, 01/01/33 | 260,000 | 264,745 | ||||||
|
| |||||||
North Carolina 84.6% | ||||||||
Charlotte, Series C, COP, 5.000%, 06/01/20 | 1,845,000 | 2,171,307 | ||||||
Charlotte Water & Sewer System, RB, 5.000%, 07/01/21 | 1,080,000 | 1,237,432 | ||||||
Charlotte-Mecklenburg Hospital Authority (The), Series A, RB, 5.250%, 01/15/42 | 1,500,000 | 1,580,325 | ||||||
Guilford County, GO, 4.000%, 10/01/14 | 1,825,000 | 1,860,204 | ||||||
New Hanover County Hospital, New Hanover Regional Medical Center, Series B, RB, 5.125%, 10/01/31, AGM | 1,500,000 | 1,585,605 | ||||||
North Carolina Capital Facilities Finance Agency, RB, 5.000%, 04/01/30 | 1,000,000 | 1,074,960 | ||||||
North Carolina Capital Facilities Finance Agency, RB, 5.250%, 03/01/33 | 1,500,000 | 1,563,465 | ||||||
North Carolina Eastern Municipal Power Agency, Series B, RB, 6.250%, 01/01/23 | 1,000,000 | 1,250,830 | ||||||
North Carolina Medical Care Commission Health Care Facilities, University Health Systems, Series D, RB, 6.250%, 12/01/33 | 1,500,000 | 1,709,460 | ||||||
North Carolina Municipal Power Agency, No. 1 Catawba Electric, RB, ETM, 5.000%, 01/01/20 | 1,600,000 | 1,876,640 | ||||||
North Carolina Municipal Power Agency, No. 1 Catawba Electric, Series A, RB, 5.000%, 01/01/30 | 2,000,000 | 2,168,420 |
Shares or Principal Amount($) | Value($) | |||||||
North Carolina—continued | ||||||||
North Carolina State, Series C, GO, 5.000%, 05/01/21 | 2,000,000 | 2,393,060 | ||||||
North Carolina State, Series D, GO, 4.000%, 06/01/21 | 1,500,000 | 1,696,440 | ||||||
North Carolina State Ports Authority Facilities, Series A, RB, 5.250%, 02/01/40 | 1,500,000 | 1,590,210 | ||||||
North Carolina State University at Raleigh, Series A, RB, 5.000%, 10/01/37 | 3,000,000 | 3,317,610 | ||||||
Raleigh, Series B, GO, 5.000%, 04/01/26 | 2,000,000 | 2,331,760 | ||||||
Raleigh Combined Enterprise System Revenue, Series A, RB, 5.000%, 03/01/27 | 1,250,000 | 1,455,287 | ||||||
Union County, Series A, GO, 5.000%, 03/01/22 | 1,190,000 | 1,419,801 | ||||||
|
| |||||||
32,282,816 | ||||||||
|
| |||||||
South Carolina 2.2% | ||||||||
South Carolina State Public Service Authority, Series A, RB, 5.750%, 12/01/43 | 750,000 | 847,898 | ||||||
|
| |||||||
Total Municipal Bonds | 35,984,401 | |||||||
|
| |||||||
Money Market Fund 4.8% | ||||||||
Federated Tax-Free Obligations Fund, Institutional Shares, 0.01%(b) | 1,851,309 | 1,851,309 | ||||||
|
| |||||||
Total Money Market Fund | 1,851,309 | |||||||
|
| |||||||
Total Investments | 37,835,710 | |||||||
Other Assets in Excess of Liabilities — 0.9% | 336,334 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 38,172,044 | ||||||
|
|
(a) | Step bond. The rate shown is the rate in effect as of March 31, 2014. |
(b) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
AGM | — | Security guaranteed by Assured Guaranty Municipal Corporation | ||
COP | — | Certificate of Participation | ||
ETM | — | Escrowed to Maturity | ||
GO | — | General Obligation | ||
RB | — | Revenue Bond |
See Notes to Financial Statements.
77
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund
Shares or Principal Amount($) | Value($) | |||||||
Bank Loans 89.0% | ||||||||
Aerospace/Defense 2.4% |
| |||||||
Air Canada, Term Loan B, 5.500%, 09/20/19(a)(b) | 37,855,000 | 38,517,462 | ||||||
Alliant Techsystems, Inc., Term Loan B, 3.500%, 11/01/20(a)(b) | 4,478,775 | 4,489,972 | ||||||
AM General LLC, Term Loan B, 10.250%, 03/22/18(a)(b) | 21,233,375 | 18,791,537 | ||||||
Atlantic Aviation FBO, Inc., Term Loan B, 3.250%, 06/01/20(a)(b)(c) | 10,107,500 | 10,069,597 | ||||||
AWAS Finance Luxembourg 2012 S.A., New Term Loan, 3.500%, 07/16/18(a)(b) | 4,292,391 | 4,297,757 | ||||||
CPI International, Inc., Term Loan B, 03/06/21(a)(c)(d) | 2,000,000 | 2,010,000 | ||||||
DAE Aviation Holdings, Inc., New Term Loan B1, 5.000%, 11/02/18(a)(b) | 13,958,656 | 14,141,933 | ||||||
DAE Aviation Holdings, Inc., 2018 Term Loan B2, 5.000%, 11/02/18(a)(b) | 5,653,480 | �� | 5,727,710 | |||||
DAE Aviation Holdings, Inc., 2nd Lien Term Loan, 7.750%, 08/05/19(a)(b)(c) | 6,485,000 | 6,590,381 | ||||||
DigitalGlobe, Inc., New Term Loan B, 3.750%, 01/31/20(a)(b) | 19,072,350 | 19,076,355 | ||||||
Flying Fortress, Inc., New Term Loan, 3.500%, 06/30/17(a)(b) | 9,430,000 | 9,414,252 | ||||||
Silver II US Holdings LLC, Term Loan, 4.000%, 12/13/19(a)(b) | 8,916,926 | 8,891,870 | ||||||
TASC, Inc., New Term Loan B, 4.500%, 12/18/15(a)(b) | 22,458,504 | 21,104,032 | ||||||
Transdigm, Inc., Term Loan C, 3.750%, 02/28/20(a)(b) | 25,502,535 | 25,502,535 | ||||||
US Airways Group, Inc., New Term Loan B1, 3.500%, 05/23/19(a)(b) | 22,010,000 | 21,968,841 | ||||||
WP CPP Holdings LLC, 1st Lien Term Loan, 4.750%, 12/27/19(a)(b) | 6,791,579 | 6,791,579 | ||||||
WP CPP Holdings LLC, New 2nd Lien Term Loan, 8.750%, 04/30/21(b) | 2,870,000 | 2,905,875 | ||||||
|
| |||||||
220,291,688 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Auto Manufacturers 1.4% |
| |||||||
Allison Transmission, Inc., New Term Loan B3, 3.750%, 08/23/19(a)(b) | 24,405,064 | 24,396,278 | ||||||
Chrysler Group LLC, 2018 Term Loan B, 3.250%, 12/31/18(a)(b) | 22,570,000 | 22,466,629 | ||||||
Chrysler Group LLC, New Term Loan B, 3.500%, 05/24/17(a)(b) | 45,045,168 | 45,017,240 | ||||||
Cooper Standard Automotive, Inc., New Term Loan B, 04/04/21(a)(c)(d) | 7,085,000 | 7,089,464 | ||||||
Navistar International Corp., Term Loan B, 5.750%, 08/17/17(b) | 3,000,000 | 3,047,490 | ||||||
Remy International, Inc., New Term Loan B, 4.250%, 03/05/20(b) | 6,603,015 | 6,623,682 | ||||||
Tower Automotive Holdings USA, LLC, New Term Loan, 4.000%, 04/23/20(a)(b) | 10,560,333 | 10,529,497 | ||||||
Wabash National Corp., Term Loan B, 4.500%, 05/08/19(a)(b) | 8,222,263 | 8,247,999 | ||||||
|
| |||||||
127,418,279 | ||||||||
|
| |||||||
Auto Parts & Equipment 0.2% |
| |||||||
Allison Transmission, Inc., Term Loan B2, 3.160%, 08/07/17(a)(b) | 1,045,449 | 1,048,062 | ||||||
Gates Investments, Inc., Term Loan B2, 3.750%, 09/29/16(a)(b) | 15,347,901 | 15,359,259 | ||||||
|
| |||||||
16,407,321 | ||||||||
|
| |||||||
Banks 0.8% | ||||||||
Istar Financial, Inc., Term Loan, 4.500%, 10/16/17(a)(b) | 76,976,798 | 77,145,377 | ||||||
|
| |||||||
Broadcasting 0.1% |
| |||||||
CBS Outdoor Americas Capital LLC, Term Loan B, 3.000%, 01/31/21(a)(b) | 9,220,000 | 9,179,709 | ||||||
NEP/NCP Holdco, Inc., Incremental Term Loan, 4.250%, 01/22/20(a)(b) | 2,500,000 | 2,505,200 | ||||||
|
| |||||||
11,684,909 | ||||||||
|
| |||||||
Chemicals 1.8% |
| |||||||
Axalta Coating Systems US Holdings, Inc., USD Term Loan, 4.000%, 02/01/20(a)(b) | 11,412,904 | 11,412,904 |
See Notes to Financial Statements.
78
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Chemicals—continued |
| |||||||
Eagle Spinco, Inc., Term Loan, 3.500%, 01/27/17(a)(b) | 4,524,700 | 4,536,012 | ||||||
Huntsman International LLC, Incremental Term Loan, 10/15/20(a)(c)(d) | 19,295,000 | 19,295,000 | ||||||
Ineos US Finance LLC, 6 Year Term Loan, 3.750%, 05/04/18(a)(b) | 60,287,976 | 59,889,473 | ||||||
Kronos Worldwide, Inc., 2014 Term Loan, 4.750%, 02/18/20(a)(b) | 4,450,000 | 4,477,812 | ||||||
MacDermid, Inc., 1st Lien Term Loan, 4.000%, 06/08/20(a)(b) | 11,510,811 | 11,530,955 | ||||||
Nexeo Solutions LLC, Term Loan B, 5.000%, 09/08/17(a)(b) | 5,023,453 | 5,023,453 | ||||||
OXEA Finance LLC, USD Term Loan B2, 4.250%, 01/15/20(a)(b) | 4,393,988 | 4,428,788 | ||||||
Polymer Group, Inc., 1st Lien Term Loan B, 5.250%, 12/19/19(a)(b) | 7,112,175 | 7,147,736 | ||||||
PQ Corp., Term Loan, 4.000%, 08/07/17(a)(b) | 6,339,750 | 6,349,640 | ||||||
Ravago Holdings America, Inc., Term Loan B, 5.500%, 12/20/20(a)(b) | 5,320,000 | 5,366,550 | ||||||
Royal Adhesives and Sealants LLC, 1st Lien Term Loan, 5.500%, 07/31/18(a)(b) | 2,968,003 | 3,003,263 | ||||||
Taminco Global Chemical Corp., Term Loan B3, 3.250%, 02/15/19(a)(b) | 4,484,042 | 4,469,469 | ||||||
Tata Chemicals North America, Inc., Term Loan B, 3.750%, 08/07/20(a)(b) | 3,761,575 | 3,770,979 | ||||||
Univar, Inc., Term Loan B, 5.000%, 06/30/17(a)(b) | 3,976,383 | 3,964,216 | ||||||
Utex Industries, Inc., 1st Lien Term Loan, 4.500%, 04/10/20(a)(b) | 5,875,600 | 5,884,766 | ||||||
WNA Holdings, Inc., USD 1st Lien US Borrower, 4.500%-5.500%, 06/07/20(a)(b)(c) | 4,098,654 | 4,103,777 | ||||||
WR Grace & Co., Delayed Draw Term Loan, 1.000%, 02/03/21(a)(b) | 1,706,579 | 1,701,596 |
Shares or Principal Amount($) | Value($) | |||||||
Chemicals—continued |
| |||||||
WR Grace & Co., USD Exit Term Loan, 3.000%, 01/31/21(a)(b) | 4,778,421 | 4,764,468 | ||||||
|
| |||||||
171,120,857 | ||||||||
|
| |||||||
Commercial Services 3.3% | ||||||||
ABC Supply Co., Inc., Term Loan, 3.500%, 04/16/20(a)(b) | 22,817,345 | 22,739,994 | ||||||
Freeport-McMoRan Copper & Gold, Inc., Term Loan A, 1.660%, 02/14/18(a)(b) | 55,922,000 | 55,488,605 | ||||||
Harland Clarke Holdings Corp., Extended Term Loan B2, 5.484%, 06/30/17(a)(b) | 38,274,852 | 38,215,143 | ||||||
Harland Clarke Holdings Corp., Term Loan B4, 6.000%, 08/04/19(a)(b) | 35,616,000 | 35,794,080 | ||||||
Hertz Corp. (The), Add-On Term Loan B, 3.750%, 03/12/18(a)(b) | 15,691,375 | 15,693,886 | ||||||
Infor (US), Inc., USD Term Loan B3, 3.750%, 06/03/20(a)(b) | 7,779,352 | 7,746,912 | ||||||
Infor (US), Inc., USD Term Loan B5, 3.750%, 06/03/20(a)(b) | 19,046,930 | 18,975,504 | ||||||
Merrill Communications, LLC, 1st Lien Term Loan, 5.750%, 03/08/18(a)(b) | 17,238,944 | 17,397,025 | ||||||
Moneygram International, Inc., New Term Loan B, 4.250%, 03/27/20(a)(b) | 6,108,300 | 6,115,935 | ||||||
Springer Science & Business Media Deutschland GmbH, USD Term Loan B2, 5.000%, 08/14/20(a)(b) | 8,830,625 | 8,837,248 | ||||||
Tribune Co., Term Loan B, 4.000%, 12/27/20(a)(b)(f) | 70,957,163 | 70,886,205 | ||||||
Vertafore, Inc., 1st Lien Term Loan, 4.250%, 10/03/19(b) | 5,638,301 | 5,650,987 | ||||||
Walter Energy, Inc., Term Loan B, 7.250%, 04/02/18(a)(b) | 4,609,717 | 4,451,281 | ||||||
|
| |||||||
307,992,805 | ||||||||
|
|
See Notes to Financial Statements.
79
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Consumer Discretionary 0.6% |
| |||||||
Atrium Innovations, Inc., USD Term Loan, 4.250%, 02/15/21(b) | 2,500,000 | 2,490,625 | ||||||
Atrium Innovations, Inc., 2nd Lien Term Loan, 7.750%, 08/13/21(b) | 2,000,000 | 2,027,500 | ||||||
Payless, Inc., 1st Lien Term Loan, 5.000%, 03/11/21(b) | 6,235,000 | 6,235,000 | ||||||
Revlon Consumer Products Corp., Acquisition Term Loan, 4.000%, 10/08/19(a)(b) | 26,683,125 | 26,705,272 | ||||||
Spectrum Brands, Inc., Term Loan C, 3.500%, 09/04/19(a)(b) | 2,800,925 | 2,800,028 | ||||||
Steinway Musical Instruments, Inc., 1st Lien Term Loan, 4.750%, 09/19/19(b) | 3,482,500 | 3,510,813 | ||||||
Sun Products Corp. (The), New Term Loan, 5.500%, 03/23/20(a)(b) | 10,929,600 | 10,342,134 | ||||||
|
| |||||||
54,111,372 | ||||||||
|
| |||||||
Consumer Staples 0.2%(e) | ||||||||
Serta Simmons Holdings LLC, Term Loan, 4.250%, 10/01/19(a)(b) | 20,914,351 | 20,978,349 | ||||||
|
| |||||||
Diversified Financial Services 3.9% |
| |||||||
Affinion Group, Inc., Term Loan B, 6.750%, 10/10/16(a)(b) | 10,860,178 | 10,694,126 | ||||||
American Capital Holdings, Inc., 2017 Term Loan, 3.500%, 08/22/17(a)(b) | 10,680,000 | 10,646,678 | ||||||
Ceridian Corp., New Term Loan B, 4.404%, 05/09/17(a)(b) | 14,268,250 | 14,318,188 | ||||||
Clipper Acquisitions Corp., New Term Loan B, 3.000%, 02/06/20(a)(b) | 8,043,391 | 7,973,011 | ||||||
Duff & Phelps Investment Management Co., Term Loan B, 4.500%, 04/23/20(a)(b) | 7,031,900 | 7,056,089 | ||||||
First Data Corp., 2018 Term Loan, 4.155%, 09/24/18(a)(b) | 38,273,139 | 38,310,264 | ||||||
First Data Corp., Extended 2018 Term Loan B, 4.155%, 03/23/18(a)(b)(c) | 64,417,214 | 64,524,790 |
Shares or Principal Amount($) | Value($) | |||||||
Diversified Financial Services—continued |
| |||||||
First Data Corp., Extended 2021 Term Loan, 4.155%, 03/24/21(a)(b) | 17,485,325 | 17,510,853 | ||||||
Getty Images, Inc., Term Loan B, 4.750%, 10/18/19(a)(b) | 13,507,433 | 12,936,204 | ||||||
Grosvenor Capital Management Holdings LLP, New Term Loan B, 3.750%, 01/04/21(a)(b) | 7,127,138 | 7,087,083 | ||||||
Interactive Data Corp., New Term Loan B, 3.750%, 02/11/18(a)(b) | 15,816,005 | 15,791,332 | ||||||
International Lease Finance Corp., New Term Loan B, 3.500%, 02/13/21(a)(b) | 10,240,000 | 10,242,150 | ||||||
MIPL (Lux) S.A.R.L, Term Loan B1, 4.000%, 03/09/20(a)(b) | 4,097,721 | 4,100,303 | ||||||
MX Holdings USA, Inc., USD Term Loan B, 4.500%, 08/14/20(a)(b) | 4,427,750 | 4,459,098 | ||||||
Nuveen Investments, Inc., New Term Loan, 4.153%, 05/15/17(a)(b) | 8,860,000 | 8,880,555 | ||||||
Nuveen Investments, Inc., New 2nd Lien Term Loan, 6.500%, 02/28/19(b)(c) | 10,920,000 | 10,933,650 | ||||||
Oberthur Technologies of America Corp., USD Term Loan B2, 4.500%, 10/18/19(a)(b) | 11,635,838 | 11,718,219 | ||||||
Open Text Corp., Term Loan B, 3.250%, 01/16/21(a)(b) | 14,159,513 | 14,153,566 | ||||||
Pre-Paid Legal Services, Inc., 1st Lien Term Loan, 6.250%, 07/01/19(a)(b) | 8,127,097 | 8,198,209 | ||||||
RPI Finance Trust, Term Loan B2, 3.250%, 05/09/18(b) | 49,770,048 | 49,925,829 | ||||||
SunGard Data Systems, Inc., Term Loan C, 3.907%, 02/28/17(b) | 4,349,742 | 4,355,092 | ||||||
SunGard Data Systems, Inc., Term Loan E, 4.000%, 03/09/20(a)(b) | 17,705,665 | 17,749,929 | ||||||
Triple Point Technology, Inc., 1st Lien Term Loan, 5.250%, 07/10/20(a)(b) | 6,303,325 | 5,925,126 |
See Notes to Financial Statements.
80
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Diversified Financial Services—continued |
| |||||||
USIC Holdings, Inc., 1st Lien Term Loan, 4.000%, 07/10/20(a)(b) | 6,168,388 | 6,156,853 | ||||||
|
| |||||||
363,647,197 | ||||||||
|
| |||||||
Diversified Media 0.1% | ||||||||
Inmar Holdings, Inc., 1st Lien Term Loan, 4.250%, 01/27/21(a)(b) | 7,375,000 | 7,310,469 | ||||||
Inmar Holdings, Inc., 2nd Lien Term Loan, 8.000%, 01/27/22(a)(b) | 2,000,000 | 1,997,500 | ||||||
|
| |||||||
9,307,969 | ||||||||
|
| |||||||
Electric 1.1% | ||||||||
Calpine Corp., Term Loan B1, 4.000%, 04/02/18(a)(b) | 16,977,432 | 17,015,122 | ||||||
Calpine Corp., Term Loan B2, 4.000%, 04/02/18(b) | 1,862,338 | 1,866,472 | ||||||
Calpine Corp., Term Loan B3, 4.000%, 10/09/19(a)(b) | 35,224,550 | 35,290,773 | ||||||
Calpine Corp., Delayed Draw Term Loan, 4.000%, 10/30/20(a)(b) | 16,114,613 | 16,149,903 | ||||||
NRG Energy, Inc., Refinance Term Loan B, 2.750%, 07/02/18(a)(b) | 29,001,102 | 28,720,081 | ||||||
Panda Temple Power II, LLC, New Term Loan B, 7.250%, 04/03/19(b) | 2,000,000 | 2,047,500 | ||||||
|
| |||||||
101,089,851 | ||||||||
|
| |||||||
Electronics 1.7% | ||||||||
Allflex Holdings III, Inc., New 1st Lien Term Loan, 4.250%, 07/17/20(a)(b) | 5,696,375 | 5,705,888 | ||||||
Blackboard, Inc., Term Loan B3, 4.750%, 10/04/18(a)(b) | 8,719,548 | 8,778,405 | ||||||
BMC Software Finance, Inc., USD Term Loan, 5.000%, 09/10/20(a)(b) | 27,052,200 | 27,081,146 | ||||||
Dell, Inc., USD Term Loan B, 4.500%, 04/29/20(a)(b) | 54,836,338 | 54,436,581 | ||||||
Eastman Kodak Co., Exit Term Loan, 7.250%, 09/03/19(a)(b) | 11,016,750 | 11,154,459 | ||||||
Freescale Semiconductor, Inc., Term Loan B5, 5.000%, 01/15/21(a)(b) | 8,900,275 | 8,981,802 |
Shares or Principal Amount($) | Value($) | |||||||
Electronics—continued |
| |||||||
Rovi Solutions Corp., Term Loan B3, 3.500%, 03/29/19(a)(b) | 8,436,196 | 8,404,560 | ||||||
Sabre, Inc., Incremental Term Loan, 4.500%, 02/19/19(a)(b) | 4,059,600 | 4,057,570 | ||||||
Shield Finance Co. S.A.R.L., USD Term Loan, 5.000%, 01/27/21(a)(b) | 11,060,000 | 11,087,650 | ||||||
Spansion LLC, 2013 Term Loan, 3.750%, 12/13/18(a)(b) | 7,094,350 | 7,103,218 | ||||||
Verint Systems Inc., USD Term Loan, 3.500%, 09/06/19(b) | 7,462,225 | 7,437,972 | ||||||
|
| |||||||
154,229,251 | ||||||||
|
| |||||||
Energy 2.8% | ||||||||
ADS Waste Holdings, Inc., New Term Loan, 3.750%, 10/09/19(a)(b) | 26,027,975 | 25,959,261 | ||||||
Aventine Renewable Energy Holdings, Inc., Extended PIK Term Loan B, 0.000%, 09/22/17(a)(c)(f)(g) | 286,225 | 283,375 | ||||||
Azure Midstream Energy LLC, Term Loan B, 6.500%, 11/15/18(a)(b) | 13,296,688 | 13,396,413 | ||||||
Chesapeake Energy Corp., New Unsecured Term Loan, 5.750%, 12/01/17(a)(b) | 88,370,000 | 90,284,978 | ||||||
Endeavour International Holdings B.V., 1st Lien Term Loan, 8.250%, 11/30/17(a)(b) | 4,062,380 | 3,976,055 | ||||||
Endeavour International Holdings B.V., LC Term Loan, 8.250%, 11/30/17(a)(b) | 2,907,339 | 2,845,558 | ||||||
Glenn Pool Oil & Gas Trust, Term Loan, 4.500%, 05/02/16(a)(b) | 25,104,071 | 25,355,111 | ||||||
HGIM Corp., Term Loan B, 5.500%, 06/18/20(a)(b)(c) | 30,375,355 | 30,388,113 | ||||||
Pacific Drilling S.A., Term Loan B, 4.500%, 06/04/18(a)(b) | 14,547,781 | 14,595,061 | ||||||
Philadelphia Energy Solutions LLC, Term Loan B, 6.250%, 04/04/18(a)(b) | 15,019,851 | 13,280,101 |
See Notes to Financial Statements.
81
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Energy—continued |
| |||||||
Seadrill Partners Finco LLC, Term Loan B, 4.000%, 02/21/21(a)(b) | 8,882,738 | 8,853,602 | ||||||
Templar Energy LLC, 2nd Lien Term Loan, 8.000%, 11/25/20(a)(b)(c) | 27,420,000 | 27,677,200 | ||||||
WTG Holdings III Corp., 1st Lien Term Loan, 4.750%, 01/15/21(a)(b) | 4,443,863 | 4,454,972 | ||||||
|
| |||||||
261,349,800 | ||||||||
|
| |||||||
Entertainment 3.1% |
| |||||||
Activision Blizzard, Inc., Term Loan B, 3.250%, 10/12/20(a)(b) | 43,197,075 | 43,153,878 | ||||||
Altice Financing SA, Delayed Draw Term Loan, 5.500%, 07/15/19(a)(b) | 64,488,375 | 65,751,057 | ||||||
Cedar Fair, L.P., New Term Loan B, 3.250%, 03/06/20(a)(b) | 9,022,440 | 9,003,673 | ||||||
Cinemark USA, Inc., New Term Loan, 3.154%-3.156%, 12/18/19(a)(b) | 5,717,899 | 5,714,697 | ||||||
CTI Foods Holding Co. LLC, New 1st Lien Term Loan, 4.500%, 06/29/20(a)(b) | 7,084,400 | 7,084,400 | ||||||
Delta 2 (LUX) S.A.R.L., USD Term Loan B, 4.500%, 04/30/19(a)(b) | 4,631,180 | 4,657,948 | ||||||
Great Wolf Resorts, Inc., Term Loan B, 4.500%, 08/06/20(a)(b) | 8,054,137 | 8,072,259 | ||||||
Hubbard Radio, LLC, Term Loan B, 4.500%, 04/29/19(b) | 6,295,063 | 6,308,849 | ||||||
IMG Worldwide, Inc., 1st Lien Term Loan, 02/26/21(a)(c)(d) | 57,575,000 | 57,179,460 | ||||||
IMG Worldwide, Inc., 2nd Lien Term Loan, 02/25/22(a)(c)(d) | 8,855,000 | 8,926,991 | ||||||
IMG Worldwide, Inc., New Term Loan B, 5.500%, 06/16/16 | 14,317,051 | 14,232,007 | ||||||
Kasima LLC, New Term Loan B, 3.250%, 05/17/21(a)(b) | 17,785,000 | 17,651,612 | ||||||
Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.500%, 08/17/20(a)(b) | 17,740,850 | 17,701,998 |
Shares or Principal Amount($) | Value($) | |||||||
Entertainment—continued |
| |||||||
Oceania Cruises, Inc., 2020 Term Loan B, 5.250%, 07/20/20(b) | 13,750,538 | 13,825,065 | ||||||
Regent Seven Seas Cruises, Inc., New Term Loan, 3.750%, 12/21/18(a)(b) | 4,354,088 | 4,354,088 | ||||||
WaveDivision Holdings LLC, Term Loan B, 4.000%, 10/15/19(a)(b) | 3,668,563 | 3,667,389 | ||||||
|
| |||||||
287,285,371 | ||||||||
|
| |||||||
Financial 0.7% | ||||||||
RCS Capital Corp., 1st Lien Term Loan, 03/31/19(a)(c)(d) | 13,285,000 | 13,351,425 | ||||||
RCS Capital Corp., 2nd Lien Term Loan, 01/16/21(a)(c)(d) | 1,000,000 | 1,021,670 | ||||||
SAM Finance Lux S.A.R.L, USD Term Loan, 4.250%, 12/17/20(a)(b) | 16,488,675 | 16,519,674 | ||||||
Sedgwick, Inc., 1st Lien Term Loan, 3.750%, 03/01/21(a)(b)(c) | 18,095,000 | 17,891,431 | ||||||
Sedgwick, Inc., 2nd Lien Term Loan, 6.750%, 02/28/22(a)(b) | 7,155,000 | 7,105,845 | ||||||
VFH Parent LLC, Extended Term Loan, 5.750%, 11/06/19(a)(b) | 5,770,538 | 5,828,243 | ||||||
|
| |||||||
61,718,288 | ||||||||
|
| |||||||
Food 3.2% | ||||||||
Aramark Corp., Extended Synthetic Letter of Credit 2, 0.084%-3.650%, 07/26/16(a)(b) | 975,000 | 975,234 | ||||||
Aramark Corp., USD Term Loan F, 3.250%, 02/24/21(a)(b) | 13,355,000 | 13,218,645 | ||||||
ARG IH Corporation, Term Loan B, 5.000%, 11/15/20(b) | 2,992,500 | 3,008,390 | ||||||
Blue Buffalo Co. Ltd., Term Loan B3, 4.000%, 08/08/19(a)(b) | 8,146,518 | 8,200,855 | ||||||
CEC Entertainment Concepts, L.P., Term Loan, 4.250%, 02/14/21(a)(b) | 8,905,000 | 8,838,213 | ||||||
Darling International, Inc., USD Term Loan B, 3.250%, 01/06/21(a)(b) | 11,090,000 | 11,066,933 |
See Notes to Financial Statements.
82
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Food—continued |
| |||||||
Del Monte Foods, Inc., 1st Lien Term Loan, 4.250%, 02/18/21(a)(b) | 8,930,000 | 8,940,984 | ||||||
Del Monte Foods, Inc., 2nd Lien Term Loan, 8.250%, 08/18/21(a)(b) | 3,000,000 | 2,981,250 | ||||||
Dunkin’ Brands, Inc., Term Loan B4, 3.250%, 02/07/21(a)(b) | 15,668,505 | 15,541,277 | ||||||
HJ Heinz Co., Term Loan B1, 3.250%, 06/07/19(a)(b) | 47,957,600 | 48,039,128 | ||||||
HJ Heinz Co., Term Loan B2, 3.500%, 06/05/20(a)(b) | 96,262,575 | 96,643,775 | ||||||
JBS USA Holdings, Inc., Incremental Term Loan, 3.750%, 09/18/20(a)(b) | 11,124,100 | 11,089,393 | ||||||
Landry’s, Inc., Term Loan B, 4.000%, 04/24/18(a)(b) | 17,251,886 | 17,338,145 | ||||||
OSI Restaurant Partners LLC, New Term Loan, 3.500%, 10/25/19(a)(b) | 3,376,250 | 3,367,033 | ||||||
Pacific Industrial Services US Finco LLC, USD 1st Lien Term Loan, 5.000%, 10/02/18(a)(b) | 8,049,550 | 8,150,169 | ||||||
Pinnacle Foods Finance LLC, Term Loan G, 3.250%, 04/29/20(a)(b) | 22,533,033 | 22,410,228 | ||||||
Pinnacle Foods Finance LLC, Incremental Term Loan H, 3.250%, 04/29/20(a)(b) | 8,004,775 | 7,954,745 | ||||||
Wendy’s International, Inc., New Term Loan B, 3.250%, 05/15/19(a)(b) | 6,261,558 | 6,234,195 | ||||||
|
| |||||||
293,998,592 | ||||||||
|
| |||||||
Health Care 5.3% | ||||||||
Accellent, Inc., 1st Lien Term Loan, 03/12/21(a)(c)(d) | 8,905,000 | 8,890,129 | ||||||
Accellent, Inc., 2nd Lien Term Loan, 02/21/22(a)(c)(d) | 1,000,000 | 990,630 | ||||||
Allscripts Healthcare Solutions, Inc., Term Loan A, 2.903%, 06/28/18(a)(b) | 15,084,596 | 15,046,885 | ||||||
Ardent Medical Services, Inc., Term Loan, 6.750%, 07/02/18(a)(b) | 8,015,607 | 8,035,646 | ||||||
Ascend Learning, Inc., New Term Loan B, 6.000%-7.250%, 07/31/19(b) | 2,992,500 | 3,018,684 |
Shares or Principal Amount($) | Value($) | |||||||
Health Care—continued |
| |||||||
Catalina Marketing Corp., New Term Loan B, 5.250%, 10/12/20(a)(b) | 15,626,475 | 15,606,942 | ||||||
Community Health Care Systems, Inc., 2017 Term Loan E, 3.447%-3.483%, 01/25/17(a)(b) | 2,961,263 | 2,979,208 | ||||||
Community Health Care Systems, Inc., Term Loan D, 4.250%, 01/27/21(a)(b) | 50,191,734 | 50,577,708 | ||||||
Community Health Care Systems,. Inc., New Term Loan A, 2.983%, 01/22/19(a)(b) | 10,000,000 | 9,939,300 | ||||||
Convatec, Inc., Term Loan, 4.000%, 12/22/16(a)(b) | 11,414,549 | 11,428,817 | ||||||
DaVita, Inc., Term Loan A3, 2.660%, 11/01/17(a)(b) | 281,250 | 281,076 | ||||||
DaVita, Inc., Term Loan B2, 4.000%, 11/01/19(a)(b) | 17,872,971 | 17,946,429 | ||||||
Drumm Investors LLC, Term Loan, 5.000%, 05/04/18(a)(b) | 13,710,638 | 13,539,255 | ||||||
Endo Luxembourg Finance Co. I S.A R.L., 2014 Term Loan B, 3.250%, 02/28/21(a)(b) | 5,345,000 | 5,326,292 | ||||||
Envision Acquisition Company, LLC, 1st Lien Term Loan, 5.750%, 11/04/20(a)(b) | 6,711,275 | 6,719,664 | ||||||
Gentiva Health Services, Inc., Term Loan C, 5.750%, 10/18/18(a)(b) | 5,377,250 | 5,303,313 | ||||||
Grifols Worldwide Operations USA, Inc., USD Term Loan B, 3.154%, 02/27/21(a)(b) | 61,920,000 | 61,855,603 | ||||||
HCA, Inc., Term Loan B5, 2.903%, 03/31/17(a)(b) | 14,925,000 | 14,912,015 | ||||||
HCA, Inc., Extended Term Loan B4, 2.984%, 05/01/18(b) | 29,329,343 | 29,311,159 | ||||||
Hologic, Inc., New Term Loan B, 3.250%, 08/01/19(a)(b) | 8,970,000 | 8,928,917 | ||||||
Iasis Healthcare LLC, Term Loan B2, 4.500%, 05/03/18(a)(b) | 14,292,341 | 14,331,074 | ||||||
IMS Health Incorporated, New USD Term Loan, 3.750%, 03/17/21(a)(b) | 6,080,320 | 6,066,214 |
See Notes to Financial Statements.
83
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Health Care—continued |
| |||||||
INC Research, Inc., Refinance Term Loan B, 4.250%, 07/12/18(a)(b) | 16,740,903 | 16,761,830 | ||||||
JLL/Delta Dutch Newco B.V., USD 2021 Term Loan, 4.250%, 03/11/21(a)(b)(c) | 14,840,000 | 14,752,592 | ||||||
Lifepoint Hospitals, Inc., Term Loan B, 2.660%, 07/24/17(a)(b) | 4,372,497 | 4,385,265 | ||||||
Mallinckrodt International Finance S.A., Term Loan B, 3.500%, 03/19/21(a)(b) | 7,125,000 | 7,124,145 | ||||||
Multiplan, Inc., New Term Loan, 03/06/21(a)(d) | 15,940,000 | 15,900,150 | ||||||
Onex Carestream Finance LP, 1st Lien Term Loan, 5.000%, 06/07/19(a)(b) | 12,859,975 | 12,969,799 | ||||||
P2 Newco Acquisition, Inc., 1st Lien Term Loan, 5.500%, 10/22/20(a)(b)(c) | 12,784,947 | 12,856,926 | ||||||
Par Pharmaceutical Cos., Inc., Term Loan B2, 4.000%, 09/30/19(a)(b) | 19,519,366 | 19,530,102 | ||||||
PharMedium Healthcare Corp., 1st Lien Term Loan, 01/28/21(a)(b)(d) | 4,000,000 | 3,997,520 | ||||||
PharMedium Healthcare Corp., 2nd Lien Term Loan, 7.750%, 01/28/22(b) | 2,000,000 | 2,022,500 | ||||||
Salix Pharmaceuticals Ltd., Term Loan, 4.250%, 01/02/20(a)(b) | 12,319,063 | 12,426,854 | ||||||
U.S. Renal Care, Inc., 2013 Term Loan, 4.250%, 07/03/19(a)(b) | 4,567,050 | 4,557,551 | ||||||
Valeant Pharmaceuticals International, Inc., Series E, Term Loan B, 3.750%, 08/05/20(a)(b) | 28,800,942 | 28,868,912 | ||||||
Valeant Pharmaceuticals International, Inc., Series C2, Term Loan B, 3.750%, 12/11/19(a)(b) | 16,232,800 | 16,269,324 | ||||||
Valeant Pharmaceuticals International, Inc., Series D2, Term Loan B, 3.750%, 02/13/19(a)(b) | 12,819,532 | 12,843,633 | ||||||
|
| |||||||
496,302,063 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Healthcare-Services 0.3% | ||||||||
Bright Horizons Family Solutions, Inc., New Term Loan B, 4.000%-5.250%, 01/30/20(a)(b) | 3,634,000 | 3,638,542 | ||||||
Regionalcare Hospital Partners, Inc., Refinance Term Loan, 7.000%, 11/04/18(a)(b) | 21,111,554 | 20,926,828 | ||||||
|
| |||||||
24,565,370 | ||||||||
|
| |||||||
Housing 0.0%(e) | ||||||||
Norcraft Cos., L.P., Term Loan, 5.250%, 11/12/20(a)(b) | 3,581,025 | 3,589,978 | ||||||
|
| |||||||
Information Technology 2.2% | ||||||||
Active Network, Inc. (The), 1st Lien Term Loan, 5.500%, 11/13/20(a)(b) | 4,473,788 | 4,510,159 | ||||||
AVSC Holdings Corp., 1st Lien Term Loan, 4.500%, 01/22/21(a)(b) | 6,485,000 | 6,517,425 | ||||||
CDW LLC, New Term Loan, 3.250%, 04/29/20(a)(b) | 41,286,781 | 40,873,913 | ||||||
Dealertrack Technologies, Inc., Term Loan B, 3.500%, 02/26/21(a)(b) | 4,450,000 | 4,461,125 | ||||||
Deluxe Entertainment Services Group, Inc., Term Loan, 6.500%, 02/07/20(a)(b) | 16,915,000 | 16,943,248 | ||||||
Entegris, Inc., Unsecured Bridge Loan, 02/04/15(a)(c)(d) | 5,150,000 | 5,150,000 | ||||||
FIDJI Luxembourg (BC4) S.A.R.L., Initial Term Loan, 6.250%, 12/24/20(a)(b) | 7,460,000 | 7,497,300 | ||||||
Flexera Software, Inc., 1st Lien Term Loan, 03/18/20(a)(c)(d) | 3,000,000 | 2,985,000 | ||||||
Flexera Software, Inc., 2nd Lien Term Loan, 03/18/21(a)(c)(d) | 1,000,000 | 995,000 | ||||||
Genesys Telecom Holdings, U.S., Inc., New Term Loan B, 4.000%, 02/07/20(a)(b) | 5,658,557 | 5,653,238 | ||||||
Internap Network Services Corp., Term Loan, 6.000%, 11/26/19(a)(b) | 8,912,663 | 8,957,226 | ||||||
IQOR US, Inc., Term Loan B, 02/19/21(a)(c)(d) | 30,270,000 | 29,361,900 |
See Notes to Financial Statements.
84
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Information Technology—continued |
| |||||||
Omnitracs LLC, 1st Lient Term Loan, 4.750%, 11/25/20(b) | 5,985,000 | 6,042,336 | ||||||
Presidio, Inc., New Term Loan B, 5.000%, 03/31/17(a)(d) | 14,687,063 | 14,661,952 | ||||||
RedTop Acquisitions Ltd., USD 1st Lien Term Loan, 4.500%, 12/03/20(a)(b) | 8,935,000 | 9,018,810 | ||||||
RedTop Acquisitions Ltd., USD 2nd Lien Term Loan, 8.250%, 06/03/21(a)(b) | 5,360,000 | 5,494,000 | ||||||
Southern Graphics, Inc., New Term Loan B, 4.250%, 10/17/19(a)(b) | 7,007,000 | 6,998,241 | ||||||
Spin Holdco, Inc., New Term Loan B, 4.250%, 11/14/19(a)(b) | 8,461,294 | 8,446,487 | ||||||
SS&C Technologies, Inc., New Term Loan B1, 3.250%, 06/07/19(a)(b) | 4,260,272 | 4,260,272 | ||||||
SS&C Technologies, Inc., New Term Loan B2, 3.250%, 06/07/19(a)(b) | 440,718 | 440,718 | ||||||
STG-Fairway Acquisitions, Term Loan B, 6.250%, 02/28/19(a)(b) | 14,335,324 | 14,371,163 | ||||||
|
| |||||||
203,639,513 | ||||||||
|
| |||||||
Insurance 2.2% | ||||||||
Alliance Data Systems Corp., Term Loan, 1.910%, 07/10/18(a)(b) | 26,110,504 | 26,029,039 | ||||||
Asurion LLC, New Term Loan B3, 3.750%, 02/18/17(a)(b) | 4,170,000 | 4,170,000 | ||||||
Asurion LLC, New Term Loan B2, 4.250%, 07/08/20(a)(b) | 38,965,550 | 38,805,402 | ||||||
Asurion LLC, New Term Loan B1, 5.000%, 05/24/19(a)(b) | 47,553,241 | 47,630,753 | ||||||
Asurion LLC, New 2nd Lien Term Loan, 8.500%, 03/03/21(a)(b)(c) | 28,310,000 | 29,194,687 | ||||||
Hub International Ltd., Term Loan B, 4.750%, 10/02/20(a)(b) | 13,545,641 | 13,551,330 | ||||||
ION Trading Technologies S.A.R.L., 1st Lien Term Loan, 4.500%, 05/22/20(a)(b) | 5,835,938 | 5,841,423 |
Shares or Principal Amount($) | Value($) | |||||||
Insurance—continued |
| |||||||
ION Trading Technologies S.A.R.L., 2nd Lien Term Loan, 8.250%, 05/21/21(a)(b) | 2,000,000 | 2,020,000 | ||||||
La Frontera Generation, LLC, Term Loan, 4.500%, 09/30/20(a)(b) | 16,230,711 | 16,235,742 | ||||||
LPL Holdings, Inc., Term Loan B, 3.250%, 03/29/19(a)(b) | 6,746,850 | 6,725,800 | ||||||
USI, Inc., Term Loan B, 4.250%, 12/27/19(a)(b) | 12,517,038 | 12,556,216 | ||||||
|
| |||||||
202,760,392 | ||||||||
|
| |||||||
Leisure Time 0.4% | ||||||||
Bombardier Recreational Products, Inc., New Term Loan B, 4.000%, 01/30/19(a)(b) | 4,797,257 | 4,795,770 | ||||||
La Quinta Intermediate Holdings LLC, Term Loan B, 02/19/21(a)(c)(d) | 18,250,000 | 18,238,685 | ||||||
Lions Gate Entertainment Corp., 2nd Lien Term Loan, 5.000%, 07/17/20(a)(b)(c) | 8,290,000 | 8,435,075 | ||||||
Orient-Express Hotels Ltd., USD Term Loan B, 02/28/21(a)(b) | 4,430,000 | 4,439,214 | ||||||
|
| |||||||
35,908,744 | ||||||||
|
| |||||||
Lodging 6.4% | ||||||||
Bally Technologies, Inc., Term Loan B, 4.250%, 11/25/20(a)(b) | 7,132,803 | 7,159,551 | ||||||
Boyd Gaming Corp., Term Loan B, 4.000%, 08/14/20(a)(b) | 6,751,075 | 6,754,451 | ||||||
Caesars Entertainment Operating Co., Extended Term Loan B6, 5.489%, 01/26/18(a)(b) | 107,508,691 | 101,281,787 | ||||||
Caesars Entertainment Operating Co., Term Loan B4, 9.500%, 10/31/16(a)(b) | 7,677,828 | 7,646,425 | ||||||
Caesars Entertainment Resort Properties LLC, Term Loan B, 7.000%, 10/12/20(a)(b) | 61,800,113 | 62,550,366 | ||||||
CCM Merger, Inc., New Term Loan B, 5.000%, 03/01/17(a)(b) | 2,929,355 | 2,936,679 |
See Notes to Financial Statements.
85
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Lodging—continued |
| |||||||
Golden Nugget, Inc., New Delayed Draw Term Loan, 5.500%, 11/21/19(a)(b) | 2,708,213 | 2,765,762 | ||||||
Golden Nugget, Inc., New Term Loan B, 5.500%, 11/21/19(a)(b) | 6,319,163 | 6,453,445 | ||||||
Hilton Worldwide Finance LLC, USD Term Loan B2, 3.750%, 10/26/20(a)(b) | 142,374,189 | 142,539,343 | ||||||
Las Vegas Sands LLC, New Term Loan B, 3.250%, 12/20/20(a)(b) | 51,944,813 | 51,854,948 | ||||||
Marina District Finance Co., Inc., Term Loan B, 6.750%, 08/15/18(a)(b) | 16,169,475 | 16,385,014 | ||||||
MGM Resorts International, Term Loan B, 3.500%, 12/20/19(a)(b) | 12,921,041 | 12,884,732 | ||||||
Mohegan Tribal Gaming Authority, New Term Loan B, 5.500%, 11/19/19(a)(b) | 9,027,375 | 9,202,326 | ||||||
Peninsula Gaming LLC, Term Loan, 4.250%, 11/20/17(b) | 5,342,239 | 5,351,053 | ||||||
Penn National Gaming, Inc., New Term Loan B, 3.250%, 10/30/20(a)(b) | 3,386,513 | 3,375,947 | ||||||
Pinnacle Entertainment, Inc., Term Loan B2, 3.750%, 08/13/20(a)(b) | 11,096,150 | 11,113,460 | ||||||
Playa Resorts Holding B.V., Term Loan B, 4.000%, 08/06/19(a)(b) | 6,183,925 | 6,203,281 | ||||||
Scientific Games International, Inc., New Term Loan B, 4.250%, 10/18/20(a)(b) | 83,356,087 | 83,356,087 | ||||||
SeaWorld Parks & Entertainment, Inc., Term Loan B2, 3.000%, 05/14/20(a)(b) | 14,974,657 | 14,737,608 | ||||||
Seminole Tribe of Florida, Term Loan B2, 2.234%, 10/20/17(a)(b) | 5 | 5 | ||||||
Seminole Tribe of Florida, Term Loan, 3.000%, 04/29/20(a)(b) | 18,066,894 | 17,999,143 | ||||||
Shingle Springs Tribal Gaming Authority, Term Loan B, 6.250%, 08/29/19(a)(b) | 5,309,150 | 5,415,333 |
Shares or Principal Amount($) | Value($) | |||||||
Lodging—continued |
| |||||||
Starwood Property Trust, Inc., Term Loan B, 3.500%, 04/17/20(a)(b) | 14,140,113 | 14,078,321 | ||||||
|
| |||||||
592,045,067 | ||||||||
|
| |||||||
Machinery-Diversified 1.5% | ||||||||
Alliance Laundry Systems LLC, Refinance Term Loan, 4.250%, 12/10/18(a)(b) | 18,177,251 | 18,237,781 | ||||||
Alliance Laundry Systems LLC, 2nd Lien Term Loan, 9.500%, 12/10/19(b) | 2,454,545 | 2,479,091 | ||||||
Brand Energy & Infrastructure Services, Inc., New Term Loan B, 4.750%, 11/26/20(a)(b) | 36,517,991 | 36,609,286 | ||||||
Generac Power Systems, Inc., Term Loan B, 3.500%, 05/31/20(a)(b) | 8,150,925 | 8,144,812 | ||||||
INA Beteilgungsgesellschaft MbH, USD Term Loan C, 4.250%, 01/27/17(a)(b) | 23,605,000 | 23,688,562 | ||||||
Interline Brands, Inc., 2021 Term Loan, 4.000%, 03/15/21(b) | 4,000,000 | 3,995,000 | ||||||
Key Safety Systems, Inc., Term Loan B, 4.750%, 05/09/18(a)(b) | 7,114,125 | 7,131,910 | ||||||
NewPage Corp., Term Loan, 9.500%, 02/05/21(a)(b) | 13,785,000 | 13,876,946 | ||||||
Southwire LLC, Term Loan B, 3.250%, 02/11/21(a) | 8,710,000 | 8,688,225 | ||||||
W3 Co., 1st Lien Term Loan, 5.750%, 03/13/20(a)(b) | 4,558,950 | 4,564,648 | ||||||
West Corporation, Term Loan B10, 3.250%, 06/30/18(b) | 11,661,235 | 11,597,448 | ||||||
|
| |||||||
139,013,709 | ||||||||
|
| |||||||
Manufacturing 0.2% |
| |||||||
Mirror Bidco Corp., New Term Loan, 4.250%, 12/27/19(a)(b) | 11,823,938 | 11,843,684 | ||||||
Virtuoso US LLC, USD Term Loan, 02/11/21(c)(d) | 4,000,000 | 4,018,320 | ||||||
|
| |||||||
15,862,004 | ||||||||
|
| |||||||
Media 6.3% |
| |||||||
CCO Holdings LLC, 3rd Lien Term Loan, 09/06/14(b) | 1,489,084 | 1,485,823 |
See Notes to Financial Statements.
86
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Media—continued |
| |||||||
Charter Communications Operating LLC, Term Loan F, 3.000%, 01/03/21(a)(b) | 8,982,125 | 8,896,346 | ||||||
Clear Channel Communications, Inc., Term Loan B, 3.803%, 01/29/16(a)(b)(c) | 75,822,140 | 74,881,187 | ||||||
Clear Channel Communications, Inc., Term Loan C, 3.803%, 01/29/16(a)(b) | 5,803,487 | 5,677,726 | ||||||
Clear Channel Communications, Inc., Term Loan D, 6.903%, 01/30/19(a)(b) | 71,489,393 | 69,963,094 | ||||||
Clear Channel Communications, Inc., USD Extended Term Loan E, 7.653%, 07/30/19(a)(b)(c) | 83,337,285 | 83,204,779 | ||||||
Emerald Expositions Holding, Inc., Term Loan B, 5.500%, 06/17/20(a)(b) | 10,113,715 | 10,181,174 | ||||||
EMI Music Publishing Ltd., Term Loan B, 3.750%, 06/29/18(b) | 7,343,972 | 7,338,758 | ||||||
Encompass Digital Media, Inc., New Term Loan B1, 6.750%, 08/10/17(a)(b) | 6,803,875 | 6,850,686 | ||||||
Granite Broadcasting Corp., Term Loan B, 6.750%, 05/23/18(a)(b) | 5,312,628 | 5,335,897 | ||||||
Hoyts Group Holdings, LLC, 1st Lien Term Loan, 4.000%, 05/29/20(a)(b) | 5,294,988 | 5,291,705 | ||||||
McGraw-Hill Global Education Holdings, LLC, New 1st Lien Term Loan, 5.750%, 03/22/19(a)(b) | 6,610,657 | 6,651,973 | ||||||
Nine Entertainment Group Ltd., Term Loan B, 3.250%, 02/05/20(a)(b) | 10,835,550 | 10,767,828 | ||||||
Radio One, Inc., Term Loan B, 7.500%, 03/31/16(a)(b) | 11,680,664 | 11,958,080 | ||||||
Syniverse Holdings, Inc., Term Loan, 4.000%, 04/23/19(a)(b) | 15,188,013 | 15,162,649 |
Shares or Principal Amount($) | Value($) | |||||||
Media—continued |
| |||||||
TWCC Holdings Corp., Refinance Term Loan B, 3.500%, 02/13/17(a)(b) | 3,790,259 | 3,712,104 | ||||||
Univision Communications, Inc., Term Loan C4, 4.000%, 03/01/20(a)(b) | 33,115,130 | 33,151,887 | ||||||
Univision Communications, Inc., Term Loan C3, 4.000%, 03/02/20(a)(b) | 35,765,326 | 35,695,225 | ||||||
Village Roadshow Films (BVI) Ltd., Term Loan B, 4.750%, 11/21/17(a)(b) | 50,418,060 | 50,922,240 | ||||||
WideOpenWest Finance LLC, Term Loan B, 4.750%, 04/01/19(a)(b) | 10,474,200 | 10,477,447 | ||||||
Ziggo N.V., USD Term Loan B2, 01/15/22(a)(c)(d) | 31,095,489 | 30,741,312 | ||||||
Ziggo N.V., USD Term Loan B3, 01/15/22(a)(c)(d) | 51,140,974 | 50,558,479 | ||||||
Ziggo N.V., USD Term Loan B1, 01/15/22(a)(c)(d) | 48,253,536 | 47,703,928 | ||||||
|
| |||||||
586,610,327 | ||||||||
|
| |||||||
Metals 0.3%(e) |
| |||||||
Arch Coal, Inc., Term Loan B, 6.250%, 05/16/18(a)(b)(c) | 15,211,956 | 14,979,518 | ||||||
Atlas Iron Ltd., Term Loan B, 8.750%, 12/07/17(a)(b) | 11,618,510 | 11,647,556 | ||||||
|
| |||||||
26,627,074 | ||||||||
|
| |||||||
Metals/Minerals 0.5%(e) |
| |||||||
Atkore International, Inc., 1st Lien Term Loan, 03/26/21(a)(c)(d) | 8,860,000 | 8,843,432 | ||||||
Atkore International, Inc., 2nd Lien Term Loan, 09/10/21(c)(d) | 2,000,000 | 2,010,000 | ||||||
Murray Energy Corp., 1st Lien Term Loan, 5.250%, 12/05/19(a)(b)(c) | 13,630,000 | 13,732,225 | ||||||
Peabody Energy Corp., Term Loan B, 4.250%, 09/24/20(a)(b) | 20,799,016 | 20,829,798 | ||||||
|
| |||||||
45,415,455 | ||||||||
|
| |||||||
Mining 1.9% |
| |||||||
Fairmount Minerals Ltd., Term Loan B1, 3.750%, 03/15/17(b) | 2,487,500 | 2,499,938 | ||||||
Fairmount Minerals Ltd., Term Loan B2, 4.500%, 09/05/19(a)(b) | 3,557,125 | 3,573,808 |
See Notes to Financial Statements.
87
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Mining—continued |
| |||||||
FMG Resources (August 2006) Pty Ltd., New Term Loan B, 4.250%, 06/28/19(a)(b) | 133,715,497 | 134,679,585 | ||||||
Foresight Energy LLC, Term Loan B, 5.500%, 08/19/20(a)(b) | 8,870,425 | 8,909,277 | ||||||
Novelis, Inc., New Term Loan, 3.750%, 03/10/17(a)(b) | 18,804,375 | 18,770,715 | ||||||
Oxbow Carbon LLC, New Term Loan B, 4.250%, 07/19/19(a)(b) | 4,249,438 | 4,268,900 | ||||||
TMS International Corp., New Term Loan B, 4.500%, 10/16/20(a)(b) | 4,478,775 | 4,484,374 | ||||||
|
| |||||||
177,186,597 | ||||||||
|
| |||||||
Miscellaneous Manufacturer 1.3% |
| |||||||
Boomerang Tube LLC, Term Loan, 11.000%, 10/11/17(a)(b) | 21,856,209 | 21,200,523 | ||||||
Harland Clarke Holdings, Corp., Term Loan B3, 7.000%, 05/22/18(a)(b)(c) | 99,573,089 | 100,867,539 | ||||||
|
| |||||||
122,068,062 | ||||||||
|
| |||||||
Oil & Gas 5.6% |
| |||||||
Alon USA Energy, Inc., Master Limited Partnership Term Loan, 9.250%, 11/26/18(a)(b) | 16,975,525 | 17,527,229 | ||||||
Atlas Energy L.P., Term Loan B, 6.500%, 07/31/19(a)(b) | 18,437,350 | 18,921,331 | ||||||
Bronco Midstream Funding LLC, Term Loan B, 5.000%, 08/17/20(a)(b) | 25,829,491 | 26,039,484 | ||||||
Citgo Petroleum Corp., Term Loan B, 8.000%, 06/24/15(a) | 1,542,857 | 1,550,571 | ||||||
Citgo Petroleum Corp., Term Loan C, 9.000%, 06/23/17(a)(b) | 3,364,286 | 3,400,721 | ||||||
Drillships Financing Holding, Inc., Term Loan B1, 6.000%, 03/31/21(a)(b) | 46,886,600 | 47,716,962 | ||||||
EMG Utica LLC, Term Loan, 4.750%, 03/27/20(a)(b) | 30,670,000 | 30,746,675 | ||||||
Energy Transfer Equity, L.P., New Term Loan, 3.250%, 12/02/19(a)(b)(c) | 81,675,000 | 81,456,928 |
Shares or Principal Amount($) | Value($) | |||||||
Oil & Gas—continued |
| |||||||
EP Energy LLC, Term Loan B3, 3.500%, 05/24/18(a)(b) | 15,148,964 | 15,130,028 | ||||||
EP Energy LLC, Term Loan B2, 4.500%, 04/30/19(a)(b) | 6,922,500 | 6,936,899 | ||||||
Fieldwood Energy LLC, 1st Lien Term Loan, 3.875%, 09/28/18(a)(b) | 17,851,460 | 17,848,246 | ||||||
Fieldwood Energy LLC, 2nd Lien Term Loan, 8.375%, 09/30/20(b) | 2,387,611 | 2,483,617 | ||||||
Frac Tech International LLC, Term Loan B, 8.500%, 05/06/16(a)(b) | 43,418,946 | 44,134,924 | ||||||
MEG Energy Corp., Refinance Term Loan, 3.750%, 03/31/20(a)(b) | 43,869,585 | 44,006,897 | ||||||
Obsidian Holdings LLC, Term Loan A, 6.750%, 11/02/15(b) | 1,394,782 | 1,415,704 | ||||||
Obsidian Natural Gas Trust, Term Loan, 7.000%, 11/02/15(a)(b) | 14,404,816 | 14,584,876 | ||||||
Offshore Group Investment Ltd., New Term Loan B, 5.000%, 10/25/17(a)(b) | 20,594,311 | 20,577,218 | ||||||
Petroleum Geo-Services ASA, New Term Loan B, 3.250%, 03/14/21(a)(b) | 19,925,000 | 19,781,739 | ||||||
Ruby Western Pipeline Holdings, LLC, Term Loan B, 3.500%, 03/27/20(a)(b) | 13,126,542 | 13,069,179 | ||||||
Samson Investment Co., New 2nd Lien Term Loan, 5.000%, 09/25/18(a)(b) | 8,248,908 | 8,323,643 | ||||||
Sheridan Investment Partners II, L.P., Term Loan A, 4.250%, 12/16/20(a)(b) | 11,193,734 | 11,256,755 | ||||||
Sheridan Investment Partners II, L.P., Term Loan B, 4.250%, 12/16/20(a)(b) | 1,557,129 | 1,565,896 | ||||||
Sheridan Investment Partners II, L.P., Term Loan M, 4.250%, 12/16/20(a)(b) | 580,724 | 583,993 | ||||||
Sheridan Production Partners I, LLC, Term Loan B2 I-A, 4.250%, 09/25/19(b) | 518,852 | 521,228 |
See Notes to Financial Statements.
88
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Oil & Gas—continued |
| |||||||
Sheridan Production Partners I, LLC, Term Loan B2 I-M, 4.250%, 09/25/19(b) | 316,918 | 318,369 | ||||||
Sheridan Production Partners I, LLC, Term Loan B2, 4.250%, 10/01/19(b) | 3,915,622 | 3,933,556 | ||||||
Teine Energy Ltd., 2nd Lien Term Loan, 7.500%, 05/09/19(a)(b) | 4,317,947 | 4,371,921 | ||||||
Tervita Corp., Term Loan, 05/15/18(a)(c)(d) | 4,943,827 | 4,896,861 | ||||||
TPF Generation Holdings LLC, Term Loan B, 4.750%, 12/29/17(a)(b) | 22,752,800 | 21,861,573 | ||||||
TPF Generation Holdings LLC, Term Loan B, 6.500%, 08/21/19(a)(b) | 6,332,150 | 6,411,302 | ||||||
Vantage Drilling Co., Term Loan B, 5.750%, 03/28/19(a)(b) | 8,649,237 | 8,730,367 | ||||||
Western Refining, Inc., Term Loan B, 4.250%, 11/12/20(a)(b) | 20,498,625 | 20,652,365 | ||||||
|
| |||||||
520,757,057 | ||||||||
|
| |||||||
Packaging & Containers 2.0% |
| |||||||
Ardagh Holdings USA, Inc., Institutional Term Loan, 12/17/19(a)(c)(d) | 7,355,000 | 7,351,911 | ||||||
Ardagh Holdings USA, Inc., Term Loan B, 4.250%, 12/17/19(a)(b) | 8,887,725 | 8,915,544 | ||||||
Berry Plastics Holding Corp., Term Loan D, 3.500%, 02/07/20(a)(b) | 103,000,064 | 102,485,064 | ||||||
Berry Plastics Holding Corp., Term Loan E, 3.750%, 01/06/21(a)(b) | 13,310,000 | 13,274,862 | ||||||
BWAY Corp., Term Loan B, 4.500%, 08/07/17(a)(b) | 5,386,813 | 5,405,343 | ||||||
Caraustar Industries, Inc., Term Loan, 7.500%, 05/01/19(a)(b) | 9,640,895 | 9,791,582 | ||||||
Reynolds Group Holdings, Inc., New Dollar Term Loan, 4.000%, 12/01/18(a)(b) | 18,269,213 | 18,311,414 |
Shares or Principal Amount($) | Value($) | |||||||
Packaging & Containers—continued |
| |||||||
Tronox Pigments (Netherlands) BV, 2013 Term Loan, 4.500%, 03/19/20(a)(b) | 18,475,388 | 18,570,166 | ||||||
|
| |||||||
184,105,886 | ||||||||
|
| |||||||
Real Estate 1.2% |
| |||||||
Alliant Holdings I, Inc., New Term Loan B, 4.250%, 12/20/19(a)(b) | 10,606,507 | 10,641,826 | ||||||
CB Richard Ellis Services, Inc., New Term Loan B, 2.905%, 03/29/21(a)(b) | 18,357,887 | 18,300,611 | ||||||
Continental Building Products LLC, 1st Lien Term Loan, 4.750%, 08/28/20(a)(b) | 16,860,275 | 16,874,269 | ||||||
CPG International, Inc., New Term Loan, 4.750%, 09/30/20(a)(b) | 8,945,050 | 8,959,988 | ||||||
Four Seasons Holdings, Inc., 1st Lien Term Loan, 3.500%, 06/27/20(a)(b) | 15,417,525 | 15,417,525 | ||||||
Four Seasons Holdings, Inc., 2nd Lien Term Loan, 6.250%, 12/28/20(a)(b) | 6,565,000 | 6,655,269 | ||||||
Istar Financial, Inc., Add on Term Loan A2, 7.000%, 03/17/17(a)(b) | 4,726,435 | 4,868,228 | ||||||
Ply Gem Industries, Inc., Term Loan, 4.000%, 02/01/21(a)(b) | 3,000,000 | 3,001,260 | ||||||
Quikrete Holdings, Inc., 1st Lien Term Loan, 4.000%, 09/28/20(a)(b) | 11,278,325 | 11,290,055 | ||||||
Realogy Corp., Extended Letter of Credit, 0.205%-4.400%, 10/10/16(a)(b) | 747,784 | 750,274 | ||||||
Realogy Corp., New Term Loan B, 3.750%, 03/05/20(a)(b) | 12,731,641 | 12,769,836 | ||||||
|
| |||||||
109,529,141 | ||||||||
|
| |||||||
Retail 6.7% | ||||||||
Academy, Ltd., Term Loan, 4.500%, 08/03/18(a)(b) | 5,825,278 | 5,840,598 | ||||||
Albertson’s, LLC, Term Loan B1, 4.250%, 03/21/16(a)(b) | 8,546,072 | 8,567,437 | ||||||
Albertson’s, LLC, Term Loan B2, 4.750%, 03/21/19(a)(b) | 20,047,683 | 20,164,561 |
See Notes to Financial Statements.
89
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Retail—continued |
| |||||||
BJ’s Wholesale Club, Inc., New 1st Lien Term Loan, 4.500%, 09/26/19(a)(b) | 4,235,074 | 4,245,661 | ||||||
BJ’s Wholesale Club, Inc., New 2nd Lien Term Loan, 8.500%, 03/26/20(a)(b) | 4,545,000 | 4,644,990 | ||||||
Camping World, Inc., Term Loan, 5.750%, 02/20/20(a)(b) | 11,726,250 | 11,784,881 | ||||||
Capital Automotive LP, New Term Loan B, 4.000%, 04/10/19(a)(b) | 56,130,480 | 56,253,406 | ||||||
Capital Automotive LP, New 2nd Lien Term Loan, 6.000%, 04/30/20(a)(b) | 15,155,000 | 15,477,044 | ||||||
Evergreen Acqco 1 LP, New Term Loan, 5.000%-6.000%, 07/09/19(a)(b) | 6,364,438 | 6,404,215 | ||||||
Harbor Freight Tools USA, Inc., New 1st Lien Term Loan, 4.750%, 07/26/19(a)(b) | 2,753,752 | 2,779,582 | ||||||
HMK Intermediate Holdings LLC, Term Loan, 5.000%, 03/29/19(b) | 9,084,600 | 9,130,023 | ||||||
Hudson’s Bay Co., 1st Lien Term Loan, 4.750%, 11/04/20(a)(b) | 19,508,250 | 19,752,103 | ||||||
J Crew Group, Inc., New Term Loan B, 4.000%, 03/05/21(a)(b)(c) | 31,917,764 | 31,829,990 | ||||||
JC Penney Corp., Inc., 1st Lien Term Loan, 6.000%, 05/22/18(a)(b) | 69,443,720 | 69,038,863 | ||||||
Jo-Ann Stores, Inc., Term Loan, 4.000%, 03/16/18(a)(b) | 14,904,599 | 14,867,337 | ||||||
Lands’ End, Inc., Term Loan B, 01/31/21(a)(c)(d) | 22,145,000 | 22,103,589 | ||||||
Michaels Stores, Inc., New Term Loan, 3.750%, 01/28/20(a)(b) | 12,629,563 | 12,637,519 | ||||||
NBTY, Inc., Term Loan B2, 3.500%, 10/01/17(b) | 9,075,518 | 9,091,400 | ||||||
Neiman Marcus Group, Inc. (The), 2020 Term Loan, 4.250%, 10/25/20(a)(b) | 88,179,000 | 88,408,265 | ||||||
Ollie’s Bargain Outlet, Inc., Term Loan, 5.250%-6.250%, 09/27/19(a)(b) | 5,444,887 | 5,424,469 |
Shares or Principal Amount($) | Value($) | |||||||
Retail—continued |
| |||||||
Party City Holdings, Inc., Term Loan, 4.000%, 07/27/19(a)(b) | 14,112,529 | 14,109,848 | ||||||
Petco Animal Supplies, Inc., New Term Loan, 4.000%, 11/24/17(a)(b) | 12,507,998 | 12,530,637 | ||||||
Phillips-Van Heusen Corp., Term Loan B, 3.250%, 02/13/20(a)(b) | 6,982,576 | 6,993,678 | ||||||
Rite Aid Corp., Term Loan 7, 3.500%, 02/21/20(a)(b) | 18,172,675 | 18,144,326 | ||||||
Rite Aid Corp., New 2nd Lien Term Loan, 4.875%, 06/21/21(a)(b) | 13,350,000 | 13,533,562 | ||||||
Rite Aid Corp., 2nd Lien Term Loan, 5.750%, 08/21/20(a)(b) | 15,855,000 | 16,182,089 | ||||||
Sears Holding Corp., Term Loan, 5.500%, 06/30/18(a)(b)(c) | 59,139,662 | 59,391,006 | ||||||
Supervalu, Inc., Refinance Term Loan B, 4.500%, 03/21/19(a)(b) | 10,073,848 | 10,082,209 | ||||||
Toys ‘R’ Us Property Co. I LLC, New Term Loan B, 6.000%, 08/21/19(a)(b) | 31,735,463 | 30,664,391 | ||||||
Toys ‘R’ Us-Delaware, Inc., Term Loan B3, 5.250%, 05/25/18(a)(b) | 3,922,276 | 3,265,295 | ||||||
Toys ‘R’ Us-Delaware, Inc., Incremental Term Loan B2, 5.250%, 05/25/18(a)(b) | 2,915,047 | 2,426,777 | ||||||
Toys ‘R’ Us-Delaware, Inc., New Term Loan, 6.000%, 09/01/16(a)(b)(c) | 13,942,604 | 12,591,984 | ||||||
|
| |||||||
618,361,735 | ||||||||
|
| |||||||
Semiconductors 1.5% | ||||||||
Freescale Semiconductor, Inc., Term Loan B4, 4.250%, 02/28/20(a)(b) | 86,463,156 | 86,759,725 | ||||||
Microsemi Corp., Term Loan B1, 3.250%, 02/19/20(a)(b) | 11,380,274 | 11,348,978 | ||||||
ON Semiconductor Corp., Term Loan A, 1.997%, 01/02/18(a)(b) | 42,922,702 | 41,849,634 | ||||||
|
| |||||||
139,958,337 | ||||||||
|
|
See Notes to Financial Statements.
90
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Software 0.1% | ||||||||
Sophia, L.P., 2014 Term Loan B, 4.000%, 07/19/18(a)(b) | 9,880,055 | 9,880,055 | ||||||
|
| |||||||
Telecommunication Services 11.9% |
| |||||||
Alcatel-Lucent USA, Inc., USD Term Loan C, 4.500%, 01/30/19(a)(b) | 56,781,104 | 57,020,720 | ||||||
Arris Group, Inc., Term Loan B, 3.500%, 04/17/20(a)(b) | 20,298,471 | 20,202,053 | ||||||
Atlantic Broadband Finance, LLC, New Term Loan B, 3.250%, 12/02/19(a)(b)(c) | 3,764,009 | 3,741,425 | ||||||
Avaya, Inc., Extended Term Loan B3, 4.734%, 10/26/17(a)(b) | 33,440,339 | 32,621,719 | ||||||
Avaya, Inc., Term Loan B6, 6.500%, 03/30/18(a)(b)(c) | 14,629,513 | 14,644,728 | ||||||
Cellular South, Inc., New Term Loan, 3.250%, 05/22/20(a)(b) | 3,519,450 | 3,493,054 | ||||||
Cequel Communications LLC, Term Loan B, 3.500%, 02/14/19(a)(b) | 29,561,170 | 29,548,754 | ||||||
Charter Communications Operating LLC, Term Loan E, 3.000%, 07/01/20(a)(b) | 45,243,112 | 44,824,614 | ||||||
Cincinnati Bell, Inc., New Term Loan B, 4.000%, 09/10/20(a)(b)(c) | 33,348,909 | 33,328,233 | ||||||
Consolidated Communications, Inc., New Term Loan B, 4.250%, 12/23/20(a)(b) | 9,735,600 | 9,790,411 | ||||||
Crown Castle Operating Co., Term Loan B2, 3.250%, 01/31/21(a)(b) | 71,986,936 | 71,716,986 | ||||||
CSC Holdings, Inc., New Term Loan B, 2.653%, 04/17/20(a)(b) | 57,837,938 | 57,064,644 | ||||||
Cumulus Media Holdings, Inc., 2013 Term Loan, 4.250%, 12/23/20(a)(b) | 37,011,172 | 37,149,964 | ||||||
DataPipe, Inc., 1st Lien Term Loan, 5.750%, 03/15/19(a)(b) | 4,558,950 | 4,558,950 | ||||||
Evertec, Inc., New Term Loan A, 2.742%, 04/16/18(a)(b) | 18,326,000 | 18,051,110 | ||||||
Evertec, Inc., New Term Loan B, 3.500%, 04/17/20(a)(b) | 9,067,706 | 8,940,214 |
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services—continued |
| |||||||
Frontier Communications Corp., Unsecured Term Loan, 3.035%, 10/14/16(b) | 12,267,143 | 12,236,475 | ||||||
Gray Television, Inc., New Term Loan B, 4.500%, 10/15/19(a)(b) | 4,951,919 | 4,972,568 | ||||||
Integra Telecom, Inc., Term Loan B, 5.250%, 02/22/19(a)(b) | 18,156,600 | 18,234,492 | ||||||
Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 02/21/20(b) | 7,530,000 | 7,695,660 | ||||||
Intelsat Jackson Holdings S.A., Term Loan B2, 3.750%, 06/30/19(a)(b) | 57,153,549 | 57,242,708 | ||||||
Learfield Communications, Inc., 1st Lien Term Loan, 5.000%, 10/08/20(a)(b) | 9,211,913 | 9,234,942 | ||||||
Level 3 Financing, Inc., New 2019 Term Loan, 4.000%, 08/01/19(a)(b) | 29,765,000 | 29,831,971 | ||||||
Level 3 Financing, Inc., 2020 Term Loan B, 4.000%, 01/15/20(a)(b) | 112,365,000 | 112,505,456 | ||||||
Liberty Cablevision of Puerto Rico LLC, New Term Loan B, 6.000%, 06/09/17(a)(b) | 7,104,113 | 7,118,321 | ||||||
Liberty Cablevision of Puerto Rico LLC, New 2nd Lien Term Loan, 10.000%, 06/08/18(b) | 11,745,000 | 11,789,044 | ||||||
Lightsquared LP, Term Loan B, 10/01/14(b)(f)(j) | 7,236,851 | 8,702,313 | ||||||
LIN Television Corp., Term Loan B, 4.000%, 12/21/18(a)(b) | 5,352,988 | 5,352,988 | ||||||
Media General, Inc., Delayed Draw Term Loan B, 4.250%, 07/31/20(a)(b) | 7,674,011 | 7,717,216 | ||||||
Mediacom Communications Corp., Term Loan F, 2.630%, 01/31/18(a)(b) | 5,515,000 | 5,487,425 | ||||||
Mediacom Communications Corp., Term Loan H, 3.250%, 01/29/21(a)(b) | 12,497,941 | 12,408,080 | ||||||
Mediacom Communications Corp., Term Loan G, 4.000%, 01/20/20(a)(b) | 25,925,200 | 25,925,200 |
See Notes to Financial Statements.
91
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services—continued |
| |||||||
Mitel US Holdings, Inc., New Term Loan, 5.250%, 01/31/20(b) | 2,244,375 | 2,265,427 | ||||||
NTELOS Inc., New Term Loan B, 5.750%, 11/08/19(a)(b) | 22,911,848 | 22,701,747 | ||||||
Nuance Communications, Inc., Term Loan C, 2.910%, 08/07/19(a)(b) | 6,168,388 | 6,100,104 | ||||||
Peak Ten, Inc., 2018 Term Loan B, 8.250%, 10/25/18(a)(b) | 9,134,375 | 9,225,719 | ||||||
Quebecor Media, Inc., Term Loan B1, 3.250%, 08/17/20(a)(b) | 30,914,650 | 30,734,418 | ||||||
Sinclair Television Group, Inc., Term Loan B, 3.000%, 04/09/20(a)(b) | 7,667,625 | 7,557,441 | ||||||
Syniverse Holdings, Inc., Term Loan B, 4.000%, 04/23/19(a)(b) | 22,202,042 | 22,211,367 | ||||||
Telx Group, Inc., Term Loan B, 5.250%, 09/26/17(a)(b) | 18,493,936 | 18,609,524 | ||||||
UPC Financing Partnership, USD Term Loan AH, 3.250%, 06/30/21(a)(b) | 27,166,632 | 27,084,046 | ||||||
Van Wagner Communications LLC, New Term Loan, 6.250%- 7.250%, 08/03/18(a)(b) | 15,524,388 | 15,684,445 | ||||||
Virgin Media Investment Holdings Ltd., USD Term Loan B, 3.500%, 06/08/20(a)(b) | 64,575,000 | 64,402,585 | ||||||
WMG Acquisition Corp., New Term Loan, 3.750%, 07/01/20(a)(b) | 30,641,025 | 30,464,839 | ||||||
Zayo Group, LLC, PIK, Term Loan B, 4.000%, 07/02/19(a)(b) | 61,063,077 | 61,078,343 | ||||||
|
| |||||||
1,101,272,443 | ||||||||
|
| |||||||
Telecommunications 0.5% | ||||||||
CompuCom Systems, Inc., Refinance Term Loan B, 4.250%, 05/11/20(a)(b) | 7,066,600 | 7,051,124 | ||||||
LTS Buyer LLC, 1st Lien Term Loan, 4.000%, 04/13/20(a)(b) | 22,961,488 | 22,803,742 | ||||||
LTS Buyer LLC, 2nd Lien Term Loan, 8.000%, 04/12/21(a)(b) | 2,286,488 | 2,323,643 |
Shares or Principal Amount($) | Value($) | |||||||
Telecommunications—continued |
| |||||||
Windstream Corp., Term Loan B4, 3.500%, 01/23/20(a)(b) | 10,724,250 | 10,694,758 | ||||||
|
| |||||||
42,873,267 | ||||||||
|
| |||||||
Transportation 1.5% | ||||||||
Affinia Group Intermediate Holdings, Inc., Term Loan B2, 4.750%-5.750%, 04/27/20(a)(b) | 5,285,062 | 5,285,062 | ||||||
American Airlines, Inc., Exit Term Loan, 3.750%, 06/27/19(a)(b) | 62,209,900 | 62,376,622 | ||||||
Avis Budget Car Rental, LLC, New Term Loan B, 3.000%, 03/15/19(a)(b) | 9,225,845 | 9,147,979 | ||||||
Commercial Barge Line Co., 1st Lien Term Loan, 7.500%, 09/23/19(a)(b) | 13,112,550 | 13,112,550 | ||||||
Delta Air Lines, Inc., 2018 Term Loan B1, 3.500%, 10/18/18(a)(b) | 18,488,766 | 18,480,076 | ||||||
FleetPride Corp., 1st Lien Term Loan, 5.250%, 11/19/19(a)(b) | 7,184,063 | 7,083,486 | ||||||
Navios Partners Finance (US), Inc., Term Loan B, 5.250%, 06/27/18(a)(b) | 13,704,135 | 13,915,453 | ||||||
Sabre, Inc., Term Loan C, 4.000%, 02/19/18(a)(b) | 8,853,504 | 8,855,363 | ||||||
|
| |||||||
138,256,591 | ||||||||
|
| |||||||
Utilities 1.4% |
| |||||||
Astoria Generating Company Acquisitions, LLC, New Term Loan, 8.500%, 10/26/17(a)(b) | 8,045,099 | 8,286,452 | ||||||
Calpine Construction Finance Co., L.P., Original Term Loan B1, 3.000%, 05/03/20(a)(b) | 22,807,650 | 22,391,410 | ||||||
Calpine Construction Finance Co., L.P., Original Term Loan B2, 3.250%, 01/31/22(a)(b) | 12,680,545 | 12,449,124 | ||||||
Dynegy Holdings, Inc., Term Loan B2, 4.000%, 04/23/20(a)(b) | 14,077,602 | 14,121,665 | ||||||
EFS Cogen Holdings I LLC, Term Loan B, 3.750%, 12/17/20(a)(b) | 14,583,940 | 14,644,755 |
See Notes to Financial Statements.
92
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Utilities—continued |
| |||||||
Empire Generating Co., LLC, Term Loan B, 5.250%, 03/12/21(a)(b) | 10,759,348 | 10,752,677 | ||||||
Empire Generating Co., LLC, Term Loan C, 5.250%, 03/12/21(a)(b) | 750,652 | 750,187 | ||||||
Exgen Renewables I, LLC, Term Loan, 5.250%, 02/08/21(a)(b) | 9,190,000 | 9,316,362 | ||||||
NGPL PipeCo LLC, Term Loan B, 6.750%, 09/15/17(a)(b) | 4,495,815 | 4,381,172 | ||||||
Power Team Services, LLC, Delayed Draw Term Loan, 3.250%-4.250%, 05/06/20(a)(b) | 1,827,334 | 1,816,681 | ||||||
Power Team Services, LLC, 1st Lien Term Loan, 4.250%, 05/06/20(a)(b) | 14,655,588 | 14,570,146 | ||||||
Power Team Services, LLC, 2nd Lien Term Loan, 8.250%, 11/06/20(b) | 7,890,000 | 7,811,100 | ||||||
Viva Alamo LLC, Term Loan B, 4.750%, 02/17/21(a)(b) | 6,675,000 | 6,687,549 | ||||||
WNA Holdings, Inc., USD 1st Lien Canadian Borrower, 4.500%-5.500%, 06/05/20(a)(b) | 5,705,400 | 5,712,532 | ||||||
|
| |||||||
133,691,812 | ||||||||
|
| |||||||
Wireless Communication 0.4% |
| |||||||
GOGO LLC, Term Loan, 11.250%, 06/21/17(a)(b) | 18,758,691 | 20,259,386 | ||||||
SBA Senior Finance II LLC, Term Loan B1, 03/24/21(b)(c) | 18,380,000 | 18,298,025 | ||||||
|
| |||||||
38,557,411 | ||||||||
|
| |||||||
Total Bank Loans |
| 8,248,615,366 | ||||||
|
| |||||||
Corporate Bonds 6.2% | ||||||||
Aerospace/Defense 0.2% |
| |||||||
Bombardier, Inc., 4.250%, 01/15/16(a) | 15,000,000 | 15,600,000 | ||||||
Bombardier, Inc., 6.000%, 10/15/22(a) | 4,000,000 | 4,000,000 | ||||||
General Motors Co. Escrow, 7.200%(f)(g)(h)(i) | 10,000,000 | — | ||||||
General Motors Co. Escrow, 8.375%(f)(g)(h)(i) | 10,000,000 | — | ||||||
|
| |||||||
19,600,000 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Airlines 0.0%(e) |
| |||||||
Air Canada, 8.750%, 04/01/20(a) | 1,000,000 | 1,083,750 | ||||||
|
| |||||||
Auto Manufacturers 0.1% |
| |||||||
General Motors Co., 6.250%, 10/02/43(a) | 4,500,000 | 4,871,250 | ||||||
|
| |||||||
Banks 0.1% |
| |||||||
Ally Financial, Inc., 3.500%, 07/18/16 | 8,000,000 | 8,240,000 | ||||||
|
| |||||||
Commercial Services 0.2% |
| |||||||
Ceridian Corp., 11.250%, 11/15/15 | 10,000,000 | 10,075,000 | ||||||
Harland Clarke Holdings Corp., 9.250%, 03/01/21(a) | 3,330,000 | 3,346,650 | ||||||
Harland Clarke Holdings Corp., 9.750%, 08/01/18(a) | 3,715,000 | 4,077,213 | ||||||
|
| |||||||
17,498,863 | ||||||||
|
| |||||||
Diversified Financial Services 0.3% |
| |||||||
General Motors Financial Co., Inc., 2.750%, 05/15/16 | 5,000,000 | 5,065,500 | ||||||
General Motors Financial Co., Inc., 3.250%, 05/15/18 | 2,000,000 | 2,017,500 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 03/15/19(a) | 2,275,000 | 2,314,812 | ||||||
International Lease Finance Corp., 3.875%, 04/15/18 | 9,890,000 | 10,087,800 | ||||||
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 07/01/21 | 1,500,000 | 1,413,750 | ||||||
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 06/01/22 | 1,500,000 | 1,391,250 | ||||||
SLM Corp., 6.125%, 03/25/24, MTN | 2,000,000 | 1,997,500 | ||||||
|
| |||||||
24,288,112 | ||||||||
|
| |||||||
Energy 0.4% | ||||||||
GenOn Energy, Inc., 9.875%, 10/15/20 | 5,000,000 | 5,100,000 | ||||||
Glenn Pool Oil & Gas Trust, 6.000%, 08/02/21 | 34,512,074 | 35,719,996 | ||||||
|
| |||||||
40,819,996 | ||||||||
|
|
See Notes to Financial Statements.
93
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Entertainment 0.1% | ||||||||
GLP Capital LP/GLP Financing II, Inc., 4.375%, 11/01/18(a) | 2,900,000 | 2,976,125 | ||||||
GLP Capital LP/GLP Financing II, Inc., 4.875%, 11/01/20(a) | 3,990,000 | 4,094,738 | ||||||
Mohegan Tribal Gaming Authority, 9.750%, 09/01/21 | 1,435,000 | 1,600,025 | ||||||
|
| |||||||
8,670,888 | ||||||||
|
| |||||||
Food 0.1% | ||||||||
Hawk Acquisition Sub, Inc., 4.250%, 10/15/20(a) | 13,100,000 | 12,887,125 | ||||||
|
| |||||||
Healthcare-Services 0.2% | ||||||||
CHS/Community Health Systems, Inc., 5.125%, 08/01/21(a) | 3,115,000 | 3,192,875 | ||||||
CHS/Community Health Systems, Inc., 6.875%, 02/01/22(a) | 10,000,000 | 10,450,000 | ||||||
|
| |||||||
13,642,875 | ||||||||
|
| |||||||
Holding Companies-Diversified 0.0%(e) |
| |||||||
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.125%, 09/01/20(a) | 2,195,000 | 2,348,650 | ||||||
|
| |||||||
Internet 0.0%(e) |
| |||||||
Zayo Escrow Corp., 10.125%, 07/01/20 | 2,365,000 | 2,743,400 | ||||||
|
| |||||||
Lodging 0.1% |
| |||||||
Caesars Entertainment Operating Co., Inc., 11.000%, 10/01/21(a) | 5,000,000 | 5,250,000 | ||||||
Caesars Entertainment Resort Properties, LLC, 8.000%, 10/01/20(a) | 5,000,000 | 5,262,500 | ||||||
|
| |||||||
10,512,500 | ||||||||
|
| |||||||
Media 0.9% | ||||||||
CCO Holdings LLC/Cap Corp., 5.750%, 01/15/24 | 9,000,000 | 8,932,500 | ||||||
Clear Channel Communications, Inc., 9.000%, 12/15/19 | 10,353,000 | 10,870,650 | ||||||
Clear Channel Communications, Inc., 11.250%, 03/01/21 | 1,185,000 | 1,318,313 | ||||||
Columbus International, Inc., 7.375%, 03/30/21(a) | 960,000 | 987,600 |
Shares or Principal Amount($) | Value($) | |||||||
Media—continued |
| |||||||
DISH DBS Corp., 5.000%, 03/15/23 | 30,235,000 | 30,461,762 | ||||||
DISH DBS Corp., 5.125%, 05/01/20 | 3,590,000 | 3,742,575 | ||||||
LIN Television Corp., 8.375%, 04/15/18 | 17,555,000 | 18,608,300 | ||||||
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 9.750%, 04/01/21(a) | 1,585,000 | 1,798,975 | ||||||
Univision Communications, Inc., 6.875%, 05/15/19(a) | 1,925,000 | 2,069,375 | ||||||
VTR Finance BV, 6.875%, 01/15/24(a) | 5,500,000 | 5,720,000 | ||||||
|
| |||||||
84,510,050 | ||||||||
|
| |||||||
Oil & Gas 0.8% | ||||||||
Chesapeake Energy Corp., 3.250%, 03/15/16 | 10,000,000 | 10,100,000 | ||||||
Halcon Resources Corp., 8.875%, 05/15/21 | 10,000,000 | 10,375,000 | ||||||
MEG Energy Corp., 7.000%, 03/31/24(a) | 2,275,000 | 2,405,813 | ||||||
North Atlantic Drilling Ltd., 6.250%, 02/01/19(a) | 1,840,000 | 1,803,200 | ||||||
Offshore Drilling Holding SA, 8.375%, 09/20/20(a) | 3,375,000 | 3,682,969 | ||||||
Plains Exploration & Production Co., 6.125%, 06/15/19 | 30,426,000 | 33,582,697 | ||||||
United Refining Co., 10.500%, 02/28/18 | 9,921,000 | 11,012,310 | ||||||
|
| |||||||
72,961,989 | ||||||||
|
| |||||||
Packaging & Containers 0.1% | ||||||||
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Is, 5.625%, 12/15/16(a) | 10,600,000 | 10,865,000 | ||||||
|
| |||||||
Pharmaceuticals 0.3% | ||||||||
Grifols Worldwide Operations Ltd., 5.250%, 04/01/22(a) | 2,260,000 | 2,310,850 | ||||||
Valeant Pharmaceuticals International, Inc., 5.625%, 12/01/21(a) | 19,000,000 | 19,950,000 | ||||||
VPII Escrow Corp., 6.750%, 08/15/18(a) | 4,300,000 | 4,730,000 | ||||||
VPII Escrow Corp., 7.500%, 07/15/21(a) | 2,150,000 | 2,418,750 | ||||||
|
| |||||||
29,409,600 | ||||||||
|
|
See Notes to Financial Statements.
94
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Pipelines 0.1% | ||||||||
Access Midstream Partners LP/ACMP Finance Corp., 4.875%, 05/15/23 | 5,000,000 | 5,037,500 | ||||||
|
| |||||||
Retail 0.1% | ||||||||
Guitar Center, Inc., 6.500%, 04/15/19(a) | 1,000,000 | 993,750 | ||||||
Guitar Center, Inc., 9.625%, 04/15/20(a) | 1,000,000 | 992,500 | ||||||
Toys ‘R’ Us-Delaware, Inc., 7.375%, 09/01/16(a) | 5,000,000 | 4,612,500 | ||||||
|
| |||||||
6,598,750 | ||||||||
|
| |||||||
Software 0.1% | ||||||||
Activision Blizzard, Inc., 6.125%, 09/15/23(a) | 7,500,000 | 8,165,625 | ||||||
|
| |||||||
Telecommunication Services 2.0% |
| |||||||
Altice Financing SA, 6.500%, 01/15/22(a) | 1,675,000 | 1,767,125 | ||||||
Avanti Communications Group PLC, 10.000%, 10/01/19(a) | 3,275,000 | 3,487,875 | ||||||
B Communications Ltd., 7.375%, 02/15/21(a) | 6,800,000 | 7,140,000 | ||||||
Intelsat Jackson Holdings S.A., 5.500%, 08/01/23(a) | 4,920,000 | 4,821,600 | ||||||
Intelsat Jackson Holdings S.A., 7.250%, 10/15/20 | 3,750,000 | 4,068,750 | ||||||
Intelsat Jackson Holdings S.A., 7.500%, 04/01/21 | 1,250,000 | 1,371,875 | ||||||
Level 3 Communications, Inc., 11.875%, 02/01/19 | 3,000,000 | 3,390,000 | ||||||
Level 3 Financing, Inc., 3.846%, 01/15/18(a)(b) | 8,000,000 | 8,140,000 | ||||||
Level 3 Financing, Inc., 6.125%, 01/15/21(a) | 10,000,000 | 10,550,000 | ||||||
Level 3 Financing, Inc., 8.125%, 07/01/19 | 4,065,000 | 4,461,337 | ||||||
Lynx II Corp., 6.375%, 04/15/23(a) | 1,600,000 | 1,696,000 | ||||||
NII International Telecom S.A.R.L., 11.375%, 08/15/19(a) | 2,560,000 | 1,804,800 | ||||||
NII International Telecom SCA, 7.875%, 08/15/19(a) | 2,285,000 | 1,548,088 | ||||||
Satmex Escrow SA de CV, 9.500%, 05/15/17 | 6,000,000 | 6,360,000 | ||||||
Softbank Corp., 4.500%, 04/15/20(a) | 8,400,000 | 8,358,000 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 2,000,000 | 1,940,000 | ||||||
Sprint Capital Corp., 8.750%, 03/15/32(k) | 1,700,000 | 1,870,000 |
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services—continued |
| |||||||
Sprint Communications, Inc., 7.000%, 08/15/20 | 5,680,000 | 6,191,200 | ||||||
Sprint Corp., 7.125%, 06/15/24(a) | 5,950,000 | 6,247,500 | ||||||
Sprint Corp., 7.875%, 09/15/23(a) | 14,720,000 | 16,192,000 | ||||||
T-Mobile USA, Inc., 6.125%, 01/15/22 | 4,000,000 | 4,190,000 | ||||||
T-Mobile USA, Inc., 6.250%, 04/01/21 | 3,945,000 | 4,171,838 | ||||||
T-Mobile USA, Inc., 6.542%, 04/28/20 | 3,125,000 | 3,363,281 | ||||||
T-Mobile USA, Inc., 6.633%, 04/28/21 | 5,355,000 | 5,756,625 | ||||||
Trilogy International Partners LLC, 10.250%, 08/15/16(a) | 12,958,000 | 13,314,345 | ||||||
Wind Acquisition Finance Holdings, PIK, 12.250%, 07/15/17(a) | 32,776,473 | 34,333,355 | ||||||
Wind Acquisition Finance SA, 7.250%, 02/15/18(a) | 9,940,000 | 10,486,700 | ||||||
Windstream Holding of the Midwest, Inc., 6.750%, 04/01/28(k) | 8,088,000 | 7,602,720 | ||||||
|
| |||||||
184,625,014 | ||||||||
|
| |||||||
Total Corporate Bonds (Cost $550,904,429) | 569,380,937 | |||||||
|
| |||||||
Municipal Bonds 0.5% | ||||||||
Puerto Rico 0.5% |
| |||||||
Commonwealth of Puerto Rico, Series A, GO, 8.000%, 07/01/35 | 26,640,000 | 24,880,695 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A, RB, 5.500%, 08/01/37 | 3,300,000 | 2,547,765 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A, RB, 5.500%, 08/01/42 | 6,910,000 | 5,262,794 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A, RB, 6.500%, 08/01/44 | 5,125,000 | 4,406,321 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1, RB, 5.000%, 08/01/43 | 1,000,000 | 712,240 | ||||||
Puerto Rico Sales Tax Financing Corp., Series C, RB, 5.250%, 08/01/41 | 5,285,000 | 3,935,105 | ||||||
|
| |||||||
Total Municipal Bonds (Cost $40,914,403) | 41,744,920 | |||||||
|
|
See Notes to Financial Statements.
95
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund — concluded
Shares or Principal Amount($) | Value($) | |||||||
Preferred Stock 0.0%(e) | ||||||||
Diversified Financial Services 0.0%(e) |
| |||||||
GMAC Capital Trust I, Series 2, 8.125%(b) | 94,025 | 2,566,883 | ||||||
|
| |||||||
Total Preferred Stock (Cost $2,350,625) | 2,566,883 | |||||||
|
| |||||||
Common Stock 0.0%(e) | ||||||||
Energy-Alternate Sources 0.0%(e) |
| |||||||
Aventine Renewable Energy Holdings, Inc.*(c)(g) | 69,037 | 690,370 | ||||||
|
| |||||||
Total Common Stock (Cost $8,201,222) | 690,370 | |||||||
|
| |||||||
Money Market Fund 6.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.00%(l) | 563,907,620 | 563,907,620 | ||||||
|
| |||||||
Total Money Market Fund | 563,907,620 | |||||||
|
| |||||||
Total Investments |
| 9,426,906,096 | ||||||
Liabilities in Excess of Other |
| (166,108,725 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 9,260,797,371 | ||||||
|
|
* | Non-income producing security. |
(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 88.5% of net assets as of March 31, 2014. |
(b) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(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) | Security is in default. |
(g) | The Fund’s investment adviser/subadviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. |
(h) | Valued at fair value using procedures approved by the Board of Trustees. Fair valued securities held by the Fund represent 0% of net assets as of March 31, 2014. |
(i) | Perpetual maturity. |
(j) | Bankrupt issuer. |
(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, 2014. |
Investment Abbreviations
GO | — | General Obligation | ||
MTN | — | Medium Term Note | ||
PIK | — | Payment in-kind | ||
RB | — | Revenue Bond |
As of March 31, 2014, the Fund had the following unfunded loan commitments:
Borrower | Unfunded Commitments | Unrealized Appreciation | ||||||
PowerTeam Services, LLC | $1,042,855 | $1,205 | ||||||
WR Grace & Co. | 2,926,316 | 95 | ||||||
|
|
|
| |||||
$3,969,171 | $1,300 | |||||||
|
|
|
|
The commitments are available until the maturity date of the respective security.
See Notes to Financial Statements.
96
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix High Yield Fund
Shares or Principal Amount($) | Value($) | |||||||
Bank Loans 6.2% | ||||||||
Chemicals 0.4% |
| |||||||
Ineos US Finance LLC, 6 Year Term Loan, 3.750%, 05/04/18(a)(b) | 4,860,669 | 4,828,540 | ||||||
|
| |||||||
Commercial Services 0.3% |
| |||||||
Walter Energy, Inc., Term Loan B, 7.250%, 04/02/18(a)(b) | 3,920,176 | 3,785,439 | ||||||
|
| |||||||
Health Care 0.1% |
| |||||||
Mulltiplan, Inc., New Term Loan, 4.000%, 03/06/21(a)(b) | 1,030,000 | 1,027,425 | ||||||
|
| |||||||
Information Technology 0.3% |
| |||||||
Entegris, Inc., Unsecured Bridge Loan, 02/04/15(c)(d) | 3,650,000 | 3,650,000 | ||||||
|
| |||||||
Insurance 0.4% |
| |||||||
Asurion LLC, New Term Loan B1, 5.000%, 05/24/19(a)(b) | 4,707,767 | 4,715,440 | ||||||
|
| |||||||
Lodging 0.3% |
| |||||||
Caesars Entertainment Operating Co., Extended Term Loan B6, 01/26/18(a)(c)(d) | 4,095,000 | 3,857,818 | ||||||
|
| |||||||
Packaging & Containers 0.4% |
| |||||||
Berry Plastics Holding Corp., Term Loan D, 3.500%, 02/07/20(a)(b) | 5,776,650 | 5,747,767 | ||||||
|
| |||||||
Retail 1.5% |
| |||||||
JC Penney Corp., Inc., 1st Lien Term Loan, 6.000%, 05/22/18(a)(b) | 4,724,300 | 4,696,757 | ||||||
Lands End, Inc., Term Loan B, 01/31/21(a)(c)(d) | 2,595,000 | 2,590,147 | ||||||
Sears Holding Corp., Term Loan, 5.500%, 06/30/18(a)(b) | 8,004,938 | 8,038,959 | ||||||
Toys ‘R’ Us-Delaware, Inc., New Term Loan, 6.000%, 09/01/16(a)(b) | 4,018,227 | 3,628,982 | ||||||
|
| |||||||
18,954,845 | ||||||||
|
| |||||||
Semiconductors 0.5% |
| |||||||
Freescale Semiconductor, Inc., Term Loan B4, 4.250%, 02/28/20(a)(b) | 6,582,368 | 6,604,946 | ||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services 2.0% |
| |||||||
Alcatel-Lucent USA, Inc., USD Term Loan C, 4.500%, 01/30/19(a)(b) | 2,611,938 | 2,622,960 | ||||||
Cequel Communications LLC, Term Loan B, 3.500%, 02/14/19(a)(b) | 9,823,889 | 9,819,763 | ||||||
Crown Castle Operating Co., Term Loan B2, 3.250%, 01/31/21(a)(b) | 5,880,587 | 5,858,535 | ||||||
Level 3 Financing, Inc., New 2019 Term Loan, 4.000%, 08/01/19(a)(b) | 2,755,000 | 2,761,199 | ||||||
Virgin Media Investment Holdings Ltd., USD Term Loan B, 3.500%, 06/08/20(a)(b) | 5,305,000 | 5,290,836 | ||||||
|
| |||||||
26,353,293 | ||||||||
|
| |||||||
Total Bank Loans | 79,525,513 | |||||||
|
| |||||||
Corporate Bonds 87.6% | ||||||||
Advertising 0.6% |
| |||||||
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp., 5.250%, 02/15/22(a) | 7,041,000 | 7,217,025 | ||||||
|
| |||||||
Aerospace/Defense 1.4% |
| |||||||
BE Aerospace, Inc., 5.250%, 04/01/22 | 4,105,000 | 4,223,019 | ||||||
Bombardier, Inc., 6.000%, 10/15/22(a) | 10,320,000 | 10,320,000 | ||||||
Ducommun, Inc., 9.750%, 07/15/18 | 2,680,000 | 3,001,600 | ||||||
|
| |||||||
17,544,619 | ||||||||
|
| |||||||
Airlines 1.9% |
| |||||||
Air Canada, 6.750%, 10/01/19(a) | 15,050,000 | 16,216,375 | ||||||
American Airlines, 2013-2 Class B, 5.600%, 07/15/20(a) | 5,851,534 | 6,100,224 | ||||||
United Airlines Pass Through Trust, 2014-1 Class B, 4.750%, 10/11/23, Series B(c) | 1,705,000 | 1,713,525 | ||||||
|
| |||||||
24,030,124 | ||||||||
|
| |||||||
Auto Manufacturers 0.2% |
| |||||||
General Motors Co., 6.250%, 10/02/43(a) | 1,920,000 | 2,078,400 | ||||||
|
|
See Notes to Financial Statements.
97
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix High Yield Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Auto Parts & Equipment 1.2% |
| |||||||
Cooper-Standard Automotive, Inc., 8.500%, 05/01/18 | 8,893,000 | 9,315,507 | ||||||
Schaeffler Holding Finance BV, PIK, 6.875%, 08/15/18(a) | 5,395,000 | 5,738,931 | ||||||
|
| |||||||
15,054,438 | ||||||||
|
| |||||||
Banks 1.6% |
| |||||||
Ally Financial, Inc., 8.000%, 11/01/31 | 2,660,000 | 3,278,450 | ||||||
CIT Group, Inc., 5.375%, 05/15/20 | 1,945,000 | 2,086,013 | ||||||
JPMorgan Chase & Co., Series S, 6.750%, 02/01/24, Series S(b)(e) | 7,940,000 | 8,356,850 | ||||||
Provident Funding Associates LP/PFG Finance Corp., 6.750%, 06/15/21(a) | 3,405,000 | 3,405,000 | ||||||
Provident Funding Associates LP/PFG Finance Corp., 10.125%, 02/15/19(a) | 2,685,000 | 2,933,362 | ||||||
|
| |||||||
20,059,675 | ||||||||
|
| |||||||
Building Materials 2.3% |
| |||||||
Building Materials Corp. of America, 6.750%, 05/01/21(a)(f) | 2,885,000 | 3,130,225 | ||||||
Cemex Finance LLC, 9.375%, 10/12/22(a) | 9,900,000 | 11,620,125 | ||||||
Cemex SAB de CV, 7.250%, 01/15/21(a)(f) | 7,455,000 | 8,144,587 | ||||||
US Concrete, Inc., 8.500%, 12/01/18(a)(f) | 3,000,000 | 3,255,000 | ||||||
USG Corp., 5.875%, 11/01/21(a) | 3,400,000 | 3,621,000 | ||||||
|
| |||||||
29,770,937 | ||||||||
|
| |||||||
Chemicals 0.3% |
| |||||||
Nufarm Australia Ltd., 6.375%, 10/15/19(a)(f) | 3,280,000 | 3,394,800 | ||||||
|
| |||||||
Coal 0.7% |
| |||||||
Natural Resource Partners LP, 9.125%, 10/01/18(a) | 3,165,000 | 3,307,425 | ||||||
Peabody Energy Corp., 6.250%, 11/15/21(f) | 5,070,000 | 5,082,675 | ||||||
|
| |||||||
8,390,100 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Commercial Services 4.2% |
| |||||||
FTI Consulting, Inc., 6.000%, 11/15/22 | 3,100,000 | 3,162,000 | ||||||
Harland Clarke Holdings Corp., 6.875%, 03/01/20(a) | 6,395,000 | 6,490,925 | ||||||
Harland Clarke Holdings Corp., 9.750%, 08/01/18(a) | 13,724,000 | 15,062,090 | ||||||
National Money Mart Co., 10.375%, 12/15/16 | 3,700,000 | 3,718,500 | ||||||
Prospect Medical Holdings, Inc., 8.375%, 05/01/19(a) | 6,875,000 | 7,528,125 | ||||||
RR Donnelley & Sons Co., 6.500%, 11/15/23(f) | 4,230,000 | 4,467,937 | ||||||
TMS International Corp., 7.625%, 10/15/21(a) | 8,591,000 | 9,213,847 | ||||||
United Rentals North America, Inc., 5.750%, 11/15/24 | 4,175,000 | 4,206,313 | ||||||
|
| |||||||
53,849,737 | ||||||||
|
| |||||||
Computers 0.5% |
| |||||||
j2 Global, Inc., 8.000%, 08/01/20 | 4,565,000 | 4,975,850 | ||||||
NCR Escrow Corp., 5.875%, 12/15/21(a) | 1,880,000 | 1,978,700 | ||||||
|
| |||||||
6,954,550 | ||||||||
|
| |||||||
Diversified Financial Services 5.6% |
| |||||||
CNG Holdings, Inc., 9.375%, 05/15/20(a) | 3,995,000 | 3,655,425 | ||||||
Community Choice Financial, Inc., 10.750%, 05/01/19 | 3,825,000 | 3,232,125 | ||||||
Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20(a)(f) | 7,270,000 | 7,397,225 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 03/15/19(a)(f) | 7,850,000 | 7,987,375 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.000%, 08/01/20(f) | 4,970,000 | 5,317,900 | ||||||
ILFC E-Capital Trust I, 5.210%, 12/21/65(a)(b)(f) | 12,420,000 | 11,736,900 | ||||||
ILFC E-Capital Trust II, 6.250%, 12/21/65(a)(b) | 2,490,000 | 2,415,300 | ||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.375%, 04/01/20(a) | 2,120,000 | 2,226,000 |
See Notes to Financial Statements.
98
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix High Yield Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Diversified Financial Services—continued |
| |||||||
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 07/01/21 | 4,515,000 | 4,255,387 | ||||||
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 06/01/22 | 4,525,000 | 4,196,938 | ||||||
SLM Corp., 4.875%, 06/17/19, MTN | 3,825,000 | 3,886,873 | ||||||
SLM Corp., 5.500%, 01/15/19, MTN | 3,360,000 | 3,553,200 | ||||||
SLM Corp., 6.125%, 03/25/24, MTN | 7,855,000 | 7,845,181 | ||||||
SquareTwo Financial Corp., 11.625%, 04/01/17(f) | 3,570,000 | 3,587,850 | ||||||
|
| |||||||
71,293,679 | ||||||||
|
| |||||||
Electric 3.0% |
| |||||||
Calpine Corp., 5.875%, 01/15/24(a) | 3,540,000 | 3,593,100 | ||||||
Calpine Corp., 6.000%, 01/15/22(a) | 3,700,000 | 3,885,000 | ||||||
Dynegy, Inc., 5.875%, 06/01/23(a) | 12,540,000 | 12,320,550 | ||||||
GenOn Energy, Inc., 9.500%, 10/15/18 | 655,000 | 669,737 | ||||||
GenOn Energy, Inc., 9.875%, 10/15/20 | 12,789,000 | 13,044,780 | ||||||
NRG Energy, Inc., 7.875%, 05/15/21 | 4,155,000 | 4,570,500 | ||||||
|
| |||||||
38,083,667 | ||||||||
|
| |||||||
Electrical Components & Equipment 0.2% |
| |||||||
GrafTech International Ltd., 6.375%, 11/15/20 | 3,150,000 | 3,244,500 | ||||||
|
| |||||||
Energy-Alternate Sources 0.4% |
| |||||||
First Wind Capital LLC, 10.250%, 06/01/18(a) | 5,075,000 | 5,506,375 | ||||||
|
| |||||||
Engineering & Construction 0.6% |
| |||||||
Aguila 3 SA, 7.875%, 01/31/18(a) | 7,125,000 | 7,570,313 | ||||||
|
| |||||||
Entertainment 2.3% |
| |||||||
Diamond Resorts Corp., 12.000%, 08/15/18 | 6,729,000 | 7,359,844 | ||||||
Gibson Brands, Inc., 8.875%, 08/01/18(a) | 2,882,000 | 3,069,330 | ||||||
GLP Capital LP/GLP Financing II, Inc., 4.875%, 11/01/20(a) | 10,430,000 | 10,703,787 | ||||||
Greektown Holdings LLC/Greektown Mothership Corp., 8.875%, 03/15/19(a) | 3,005,000 | 3,102,662 |
Shares or Principal Amount($) | Value($) | |||||||
Entertainment—continued | ||||||||
WMG Acquisition Corp., 5.625%, 04/15/22(a)(c) | 2,479,000 | 2,516,185 | ||||||
WMG Acquisition Corp., 6.750%, 04/15/22(a)(c) | 2,534,000 | 2,549,838 | ||||||
|
| |||||||
29,301,646 | ||||||||
|
| |||||||
Environmental Control 1.1% |
| |||||||
Covanta Holding Corp., 7.250%, 12/01/20 | 2,305,000 | 2,518,213 | ||||||
Nuverra Environmental Solutions, Inc., 9.875%, 04/15/18(f) | 11,245,000 | 11,610,462 | ||||||
|
| |||||||
14,128,675 | ||||||||
|
| |||||||
Exploration & Production 0.2% |
| |||||||
Jones Energy Holdings, 6.750%, 04/01/22(a) | 2,805,000 | 2,857,594 | ||||||
|
| |||||||
Food 2.7% |
| |||||||
Hawk Acquisition Sub, Inc., 4.250%, 10/15/20(a) | 14,635,000 | 14,397,181 | ||||||
Post Holdings, Inc., 6.750%, 12/01/21(a) | 9,140,000 | 9,676,975 | ||||||
Post Holdings, Inc., 7.375%, 02/15/22(a) | 3,730,000 | 4,009,750 | ||||||
Post Holdings, Inc., 7.375%, 02/15/22 | 6,230,000 | 6,697,250 | ||||||
|
| |||||||
34,781,156 | ||||||||
|
| |||||||
Forest Products & Paper 0.5% |
| |||||||
Resolute Forest Products, Inc., 5.875%, 05/15/23(a) | 6,782,000 | 6,612,450 | ||||||
|
| |||||||
Gas 0.6% |
| |||||||
Sabine Pass LNG LP, 6.500%, 11/01/20(f) | 5,775,000 | 6,063,750 | ||||||
Sabine Pass LNG LP, 7.500%, 11/30/16 | 1,385,000 | 1,530,425 | ||||||
|
| |||||||
7,594,175 | ||||||||
|
| |||||||
Healthcare-Products 0.6% |
| |||||||
Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18 | 4,700,000 | 5,399,125 | ||||||
Physio-Control International, Inc., 9.875%, 01/15/19(a) | 1,887,000 | 2,118,158 | ||||||
|
| |||||||
7,517,283 | ||||||||
|
| |||||||
Healthcare—Services 0.7% |
| |||||||
HCA, Inc., 3.750%, 03/15/19 | 9,280,000 | 9,314,800 | ||||||
|
|
See Notes to Financial Statements.
99
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix High Yield Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Home Builders 0.7% |
| |||||||
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.125%, 07/01/22(a) | 2,865,000 | 2,958,113 | ||||||
KB Home, 7.500%, 09/15/22 | 2,265,000 | 2,480,175 | ||||||
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.625%, 03/01/24(a) | 3,375,000 | 3,332,812 | ||||||
|
| |||||||
8,771,100 | ||||||||
|
| |||||||
Household Products/Wares 0.6% |
| |||||||
Century Intermediate Holding Co. 2, PIK, 9.750%, 02/15/19(a) | 1,368,000 | 1,441,530 | ||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg I SA, 7.875%, 08/15/19 | 5,945,000 | 6,546,931 | ||||||
|
| |||||||
7,988,461 | ||||||||
|
| |||||||
Insurance 2.2% |
| |||||||
Assured Guaranty Municipal Holdings, Inc., 6.400%, 12/15/66(a)(b) | 4,525,000 | 3,914,125 | ||||||
Assured Guaranty US Holdings, Inc., Series A, 6.400%, 12/15/66, Series A(b) | 7,037,000 | 6,368,485 | ||||||
Genworth Financial, Inc., 6.150%, 11/15/66(b) | 3,805,000 | 3,514,869 | ||||||
MBIA, Inc., 5.700%, 12/01/34 | 3,770,000 | 3,506,100 | ||||||
MBIA, Inc., 6.625%, 10/01/28 | 5,295,000 | 5,480,325 | ||||||
White Mountains Re Group Ltd., 7.506%(a)(b)(e) | 5,270,000 | 5,532,572 | ||||||
|
| |||||||
28,316,476 | ||||||||
|
| |||||||
Internet 0.1% |
| |||||||
Pacnet Ltd., 9.000%, 12/12/18(a) | 1,600,000 | 1,708,000 | ||||||
|
| |||||||
Leisure Time 0.3% |
| |||||||
Viking Cruises Ltd., 8.500%, 10/15/22(a) | 3,690,000 | 4,188,150 | ||||||
|
| |||||||
Lodging 2.9% |
| |||||||
Caesars Entertainment Operating Co., Inc., 8.500%, 02/15/20 | 6,555,000 | 5,801,175 |
Shares or Principal Amount($) | Value($) | |||||||
Lodging—continued | ||||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19(a) | 7,755,000 | 8,317,238 | ||||||
Caesars Entertainment Resort Properties, LLC, 8.000%, 10/01/20(a)(f) | 18,135,000 | 19,087,087 | ||||||
Wynn Macau Ltd., 5.250%, 10/15/21(a) | 4,590,000 | 4,670,325 | ||||||
|
| |||||||
37,875,825 | ||||||||
|
| |||||||
Media 7.1% |
| |||||||
Block Communications, Inc., 7.250%, 02/01/20(a) | 3,260,000 | 3,471,900 | ||||||
CCO Holdings LLC/Cap Corp., 5.125%, 02/15/23 | 4,170,000 | 4,013,625 | ||||||
CCO Holdings LLC/Cap Corp., 5.250%, 09/30/22 | 1,015,000 | 1,002,313 | ||||||
CCO Holdings LLC/Cap Corp., 5.750%, 01/15/24 | 20,160,000 | 20,008,800 | ||||||
CCO Holdings LLC/Cap Corp., 5.750%, 09/01/23 | 5,230,000 | 5,190,775 | ||||||
Columbus International, Inc., 7.375%, 03/30/21(a) | 3,425,000 | 3,523,469 | ||||||
DISH DBS Corp., 5.000%, 03/15/23(g) | 3,925,000 | 3,954,438 | ||||||
DISH DBS Corp., 5.125%, 05/01/20 | 4,155,000 | 4,331,587 | ||||||
DISH DBS Corp., 5.875%, 07/15/22(g) | 12,715,000 | 13,573,262 | ||||||
Lee Enterprises, Inc., 9.500%, 03/15/22(a) | 2,160,000 | 2,224,800 | ||||||
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 9.750%, 04/01/21(a) | 3,390,000 | 3,847,650 | ||||||
Nielsen Finance LLC, 5.000%, 04/15/22(a)(c) | 4,235,000 | 4,245,588 | ||||||
Townsquare Radio LLC/Townsquare Radio, Inc., 9.000%, 04/01/19(a) | 3,520,000 | 3,872,000 | ||||||
Univision Communications, Inc., 5.125%, 05/15/23(a)(f) | 2,590,000 | 2,648,275 | ||||||
Univision Communications, Inc., 6.750%, 09/15/22(a) | 6,530,000 | 7,223,812 | ||||||
VTR Finance BV, 6.875%, 01/15/24(a) | 7,635,000 | 7,940,400 | ||||||
|
| |||||||
91,072,694 | ||||||||
|
|
See Notes to Financial Statements.
100
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix High Yield Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Mining 1.9% |
| |||||||
First Quantum Minerals Ltd., 6.750%, 02/15/20(a) | 4,850,000 | 4,910,625 | ||||||
First Quantum Minerals Ltd., 7.000%, 02/15/21(a) | 4,850,000 | 4,934,875 | ||||||
FMG Resources August 2006 Pty Ltd., 6.875%, 04/01/22(a)(f) | 2,650,000 | 2,855,375 | ||||||
Imperial Metals Corp., 7.000%, 03/15/19(a) | 8,304,000 | 8,470,080 | ||||||
Vulcan Materials Co., 7.500%, 06/15/21 | 2,795,000 | 3,291,113 | ||||||
|
| |||||||
24,462,068 | ||||||||
|
| |||||||
Miscellaneous Manufacturer 1.5% |
| |||||||
Bombardier, Inc., 5.750%, 03/15/22(a)(g) | 5,890,000 | 5,948,900 | ||||||
Bombardier, Inc., 6.125%, 01/15/23(a)(f)(g) | 8,120,000 | 8,201,200 | ||||||
Polymer Group, Inc., 7.750%, 02/01/19 | 4,410,000 | 4,718,700 | ||||||
|
| |||||||
18,868,800 | ||||||||
|
| |||||||
Oil & Gas 7.1% |
| |||||||
CITGO Petroleum Corp., 11.500%, 07/01/17(a) | 2,910,000 | 3,128,250 | ||||||
Linn Energy LLC/Finance Corp., 6.500%, 05/15/19 | 4,450,000 | 4,639,125 | ||||||
Linn Energy LLC/Finance Corp., 8.625%, 04/15/20 | 4,065,000 | 4,415,606 | ||||||
MEG Energy Corp., 6.375%, 01/30/23(a) | 7,395,000 | 7,653,825 | ||||||
MEG Energy Corp., 7.000%, 03/31/24(a) | 9,935,000 | 10,506,262 | ||||||
North Atlantic Drilling Ltd., 6.250%, 02/01/19(a) | 10,650,000 | 10,437,000 | ||||||
Oasis Petroleum, Inc., 6.875%, 01/15/23 | 3,660,000 | 3,971,100 | ||||||
Offshore Drilling Holding SA, 8.375%, 09/20/20(a) | 5,675,000 | 6,192,844 | ||||||
PetroQuest Energy, Inc., 10.000%, 09/01/17 | 3,770,000 | 4,015,050 | ||||||
Range Resources Corp., 5.000%, 08/15/22 | 2,380,000 | 2,427,600 | ||||||
Range Resources Corp., 5.000%, 03/15/23 | 6,570,000 | 6,652,125 | ||||||
Rex Energy Corp., 8.875%, 12/01/20 | 4,621,000 | 5,106,205 | ||||||
SandRidge Energy, Inc., 7.500%, 03/15/21(g) | 4,490,000 | 4,793,075 | ||||||
SandRidge Energy, Inc., 8.125%, 10/15/22 | 2,150,000 | 2,343,500 |
Shares or Principal Amount($) | Value($) | |||||||
Oil & Gas—continued | ||||||||
Ultra Petroleum Corp., 5.750%, 12/15/18(a) | 3,400,000 | 3,570,000 | ||||||
United Refining Co., 10.500%, 02/28/18 | 10,319,000 | 11,454,090 | ||||||
|
| |||||||
91,305,657 | ||||||||
|
| |||||||
Oil & Gas Services 2.1% |
| |||||||
Forum Energy Technologies, Inc., 6.250%, 10/01/21(a) | 4,412,000 | 4,676,720 | ||||||
Hornbeck Offshore Services, Inc., 5.000%, 03/01/21 | 7,105,000 | 6,980,663 | ||||||
Oil States International, Inc., 5.125%, 01/15/23 | 3,220,000 | 3,606,400 | ||||||
Oil States International, Inc., 6.500%, 06/01/19 | 10,685,000 | 11,245,962 | ||||||
|
| |||||||
26,509,745 | ||||||||
|
| |||||||
Packaging & Containers 0.7% |
| |||||||
Sealed Air Corp., 8.125%, 09/15/19(a) | 4,095,000 | 4,576,163 | ||||||
Sealed Air Corp., 8.375%, 09/15/21(a) | 4,060,000 | 4,674,075 | ||||||
|
| |||||||
9,250,238 | ||||||||
|
| |||||||
Pharmaceuticals 2.2% |
| |||||||
Catamaran Corp., 4.750%, 03/15/21 | 4,855,000 | 4,921,756 | ||||||
ConvaTec Healthcare, 10.500%, 12/15/18(a) | 2,850,000 | 3,170,625 | ||||||
Grifols Worldwide Operations Ltd., 5.250%, 04/01/22(a) | 6,655,000 | 6,804,738 | ||||||
Valeant Pharmaceuticals International, 7.000%, 10/01/20(a)(f) | 3,900,000 | 4,221,750 | ||||||
VPII Escrow Corp., 6.750%, 08/15/18(a) | 5,000,000 | 5,500,000 | ||||||
VPII Escrow Corp., 7.500%, 07/15/21(a) | 3,515,000 | 3,954,375 | ||||||
|
| |||||||
28,573,244 | ||||||||
|
| |||||||
Pipelines 2.7% |
| |||||||
Access Midstream Partners LP/ACMP Finance Corp., 5.875%, 04/15/21 | 5,555,000 | 5,916,075 | ||||||
Access Midstream Partners LP/ACMP Finance Corp., 6.125%, 07/15/22 | 2,620,000 | 2,819,775 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.125%, 03/01/22(a) | 6,165,000 | 6,442,425 |
See Notes to Financial Statements.
101
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix High Yield Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Pipelines—continued | ||||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 5.500%, 02/15/23 | 2,035,000 | 2,090,963 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.250%, 06/15/22 | 615,000 | 664,200 | ||||||
Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 03/01/22 | 3,414,000 | 3,542,025 | ||||||
Sabine Pass Liquefaction LLC, 5.625%, 02/01/21 | 13,285,000 | 13,700,156 | ||||||
|
| |||||||
35,175,619 | ||||||||
|
| |||||||
Real Estate 1.2% |
| |||||||
CBRE Services, Inc., 5.000%, 03/15/23 | 4,585,000 | 4,590,731 | ||||||
Howard Hughes Corp., 6.875%, 10/01/21(a) | 9,800,000 | 10,584,000 | ||||||
|
| |||||||
15,174,731 | ||||||||
|
| |||||||
Retail 2.3% |
| |||||||
Guitar Center, Inc., 6.500%, 04/15/19(a) | 3,968,000 | 3,943,200 | ||||||
Limited Brands, Inc., 6.625%, 04/01/21 | 2,900,000 | 3,258,875 | ||||||
Sears Holdings Corp., 6.625%, 10/15/18(f) | 19,315,000 | 17,576,650 | ||||||
Toys R US-Delaware, Inc., 7.375%, 09/01/16(a)(f) | 4,665,000 | 4,303,463 | ||||||
|
| |||||||
29,082,188 | ||||||||
|
| |||||||
Semiconductors 0.9% |
| |||||||
Entegris, Inc., 6.000%, 04/01/22(a)(c) | 2,869,000 | 2,933,553 | ||||||
Micron Technology, Inc., 5.875%, 02/15/22(a)(f) | 8,540,000 | 8,945,650 | ||||||
|
| |||||||
11,879,203 | ||||||||
|
| |||||||
Software 1.4% |
| |||||||
Activision Blizzard, Inc., 5.625%, 09/15/21(a) | 9,810,000 | 10,496,700 | ||||||
Activision Blizzard, Inc., 6.125%, 09/15/23(a) | 4,310,000 | 4,692,512 | ||||||
Audatex North America, Inc., 6.000%, 06/15/21(a) | 1,820,000 | 1,942,850 | ||||||
Audatex North America, Inc., 6.125%, 11/01/23(a) | 1,097,000 | 1,166,934 | ||||||
|
| |||||||
18,298,996 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services 13.8% |
| |||||||
Altice Financing SA, 6.500%, 01/15/22(a) | 8,150,000 | 8,598,250 | ||||||
Avanti Communications Group PLC, 10.000%, 10/01/19(a) | 7,430,000 | 7,912,950 | ||||||
Avaya, Inc., 7.000%, 04/01/19(a)(f) | 2,965,000 | 2,942,762 | ||||||
Avaya, Inc., 9.000%, 04/01/19(a) | 3,415,000 | 3,551,600 | ||||||
B Communications Ltd., 7.375%, 02/15/21(a) | 12,945,000 | 13,592,250 | ||||||
CenturyLink, Inc., Series V, 5.625%, 04/01/20 | 2,075,000 | 2,181,344 | ||||||
DigitalGlobe, Inc., 5.250%, 02/01/21(f) | 3,535,000 | 3,490,812 | ||||||
Hughes Satellite Systems Corp., 6.500%, 06/15/19 | 2,235,000 | 2,452,912 | ||||||
Level 3 Financing, Inc., 6.125%, 01/15/21(a) | 9,230,000 | 9,737,650 | ||||||
Level 3 Financing, Inc., 8.125%, 07/01/19 | 2,010,000 | 2,205,975 | ||||||
Level 3 Financing, Inc., 8.625%, 07/15/20 | 7,565,000 | 8,482,256 | ||||||
Level 3 Financing, Inc., 9.375%, 04/01/19 | 4,000,000 | 4,440,000 | ||||||
Lynx II Corp., 6.375%, 04/15/23(a) | 2,625,000 | 2,782,500 | ||||||
NII International Telecom S.A.R.L., 11.375%, 08/15/19(a)(f) | 6,700,000 | 4,723,500 | ||||||
NII International Telecom SCA, 7.875%, 08/15/19(a)(f) | 2,325,000 | 1,575,188 | ||||||
Satmex Escrow SA de CV, 9.500%, 05/15/17 | 2,075,000 | 2,199,500 | ||||||
Softbank Corp., 4.500%, 04/15/20(a) | 5,065,000 | 5,039,675 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28(g) | 8,800,000 | 8,536,000 | ||||||
Sprint Capital Corp., 8.750%, 03/15/32(g) | 5,505,000 | 6,055,500 | ||||||
Sprint Communications, Inc., 7.000%, 08/15/20(g) | 7,810,000 | 8,512,900 | ||||||
Sprint Corp., 7.875%, 09/15/23(a) | 9,215,000 | 10,136,500 | ||||||
T-Mobile USA, Inc., 6.250%, 04/01/21 | 5,580,000 | 5,900,850 | ||||||
T-Mobile USA, Inc., 6.542%, 04/28/20 | 7,400,000 | 7,964,250 | ||||||
T-Mobile USA, Inc., 6.633%, 04/28/21 | 5,565,000 | 5,982,375 |
See Notes to Financial Statements.
102
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Seix High Yield Fund — concluded
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services—continued |
| |||||||
Tw telecom holdings, Inc., 5.375%, 10/01/22 | 3,855,000 | 3,932,100 | ||||||
ViaSat, Inc., 6.875%, 06/15/20(f) | 7,760,000 | 8,322,600 | ||||||
Wind Acquisition Finance Holdings, PIK, 12.250%, 07/15/17(a)(f) | 9,609,804 | 10,066,270 | ||||||
Wind Acquisition Finance SA, 7.250%, 02/15/18(a) | 10,405,000 | 10,977,275 | ||||||
Wind Acquisition Finance SA, 11.750%, 07/15/17(a) | 3,985,000 | 4,199,194 | ||||||
|
| |||||||
176,494,938 | ||||||||
|
| |||||||
Transportation 2.4% | ||||||||
CHC Helicopter SA, 9.250%, 10/15/20 | 12,379,500 | 13,447,232 | ||||||
Eletson Holdings, 9.625%, 01/15/22(a) | 5,365,000 | 5,660,075 | ||||||
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.125%, 11/15/21(a)(f) | 3,069,000 | 3,199,432 | ||||||
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.375%, 01/15/22(a) | 3,920,000 | 4,008,200 | ||||||
Topaz Marine SA, 8.625%, 11/01/18(a) | 3,755,000 | 3,942,750 | ||||||
|
| |||||||
30,257,689 | ||||||||
|
| |||||||
Trucking & Leasing 0.1% | ||||||||
Flexi-Van Leasing, Inc., 7.875%, 08/15/18(a) | 1,600,000 | 1,764,000 | ||||||
|
| |||||||
Total Corporate Bonds | 1,123,168,540 | |||||||
|
| |||||||
Convertible Corporate Bond 0.2% |
| |||||||
Diversified Financial Services 0.2% |
| |||||||
DFC Global Corp., 3.250%, 04/15/17 | 3,398,000 | 2,896,795 | ||||||
|
| |||||||
Total Convertible Corporate Bond | 2,896,795 | |||||||
|
| |||||||
U.S. Treasury Obligation 0.1% |
| |||||||
U.S. Treasury Bill 0.1% | ||||||||
0.000%, 06/12/14 | 675,000 | 674,973 | ||||||
|
| |||||||
Total U.S. Treasury Obligation | 674,973 | |||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Short-Term Investment 9.0% |
| |||||||
RidgeWorth Funds Securities Lending Joint Account(h) | 115,263,845 | 115,263,845 | ||||||
|
| |||||||
Total Short-Term Investment | 115,263,845 | |||||||
|
| |||||||
Money Market Fund 6.7% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(i) | 86,307,432 | 86,307,432 | ||||||
|
| |||||||
Total Money Market Fund | 86,307,432 | |||||||
|
| |||||||
Total Investments |
| 1,407,837,098 | ||||||
Liabilities in Excess of Other Assets — (9.8)% | (125,533,822 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 1,282,303,276 | ||||||
|
|
(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 55.8% of net assets as of March 31, 2014. |
(b) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(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) | Perpetual maturity. |
(f) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $112,825,706. |
(g) | All or a portion of this security has been segregated, or otherwise earmarked, in connection with obligations for when-issued or delayed-delivery purchase commitments. |
(h) | Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014 (See Note 2(k)). |
(i) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
MTN | — | Medium Term Note | ||
PIK | — | Payment in-kind |
See Notes to Financial Statements.
103
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Short-Term Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Asset-Backed Securities 10.6% | ||||||||
Automobiles 7.5% | ||||||||
California Republic Auto Receivables Trust, Series 2014-1, Cl A3, 0.850%, 05/15/18 | 235,000 | 235,105 | ||||||
Ford Credit Auto Owner Trust, Series 2014-A, Cl A3, 0.790%, 05/15/18 | 610,000 | 609,958 | ||||||
Honda Auto Receivables Owner Trust, Series 2011-3, Cl A4, 1.170%, 12/21/17 | 500,000 | 502,901 | ||||||
Honda Auto Receivables Owner Trust, Series 2013-2, Cl A3, 0.530%, 02/16/17 | 700,000 | 700,637 | ||||||
Hyundai Auto Receivables Trust, Series 2011-C, Cl A4, 1.300%, 02/15/18 | 925,000 | 933,837 | ||||||
Volkswagen Auto Lease Trust, Series 2014-A, Cl A3, 0.800%, 04/20/17 | 225,000 | 224,716 | ||||||
|
| |||||||
3,207,154 | ||||||||
|
| |||||||
Credit Card 2.2% | ||||||||
American Express Credit Account Master Trust, Series 2013-2, Cl A, 0.575%, 05/17/21(a) | 410,000 | 411,356 | ||||||
Chase Issuance Trust, Series 2014-A1, Cl A1, 1.150%, 01/15/19 | 515,000 | 514,995 | ||||||
|
| |||||||
926,351 | ||||||||
|
| |||||||
Student Loan Asset Backed Security 0.9% |
| |||||||
SLM Student Loan Trust, Series 2013-5, Cl A1, 0.414%, 05/25/18(a) | 402,571 | 402,784 | ||||||
|
| |||||||
Total Asset-Backed Securities | 4,536,289 | |||||||
|
| |||||||
Collateralized Mortgage Obligations 25.7% |
| |||||||
Agency Collateralized Mortgage Obligations 6.9% |
| |||||||
Federal National Mortgage Association | ||||||||
Series 2009-37, Cl HA, 4.000%, 04/25/19(b) | 771,649 | 806,881 | ||||||
Series 2011-38, Cl AH, 2.750%, 05/25/20 | 2,094,151 | 2,157,541 | ||||||
|
| |||||||
2,964,422 | ||||||||
|
| |||||||
Commercial Mortgage Backed Securities 18.8% |
| |||||||
Banc of America Commercial Mortgage, Inc. | ||||||||
Series 2005-2, Cl AM, 4.913%, 07/10/43(a) | 605,000 | 630,954 | ||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Commercial Mortgage Backed Securities—continued |
| |||||||
Commercial Mortgage Trust | ||||||||
Series 2005-C6, Cl A5A, 5.116%, 06/10/44(a) | 458,312 | 478,273 | ||||||
Series 2005-C6, Cl AJ, 5.209%, 06/10/44(a) | 335,000 | 349,958 | ||||||
|
| |||||||
828,231 | ||||||||
|
| |||||||
Credit Suisse Commercial Mortgage Trust | ||||||||
Series 2006-C3, Cl A3, 5.792%, 06/15/38(a) | 304,639 | 330,123 | ||||||
Series 2006-C5, Cl A3, 5.311%, 12/15/39 | 570,000 | 617,507 | ||||||
|
| |||||||
947,630 | ||||||||
|
| |||||||
CS First Boston Mortgage Securities Corp. | ||||||||
Series 2005-C5, Cl AM, 5.100%, 08/15/38(a) | 595,000 | 628,174 | ||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Series 2014-M2, Cl ASQ2, 0.478%, 09/25/15 | 265,000 | 264,996 | ||||||
|
| |||||||
GE Capital Commercial Mortgage Corp. | ||||||||
Series 2005-C3, Cl A7A, 4.974%, 07/10/45(a) | 835,000 | 871,951 | ||||||
|
| |||||||
JPMorgan Chase Commercial Mortgage Securities Corp. | ||||||||
Series 2005-LDP3, Cl A4A, 4.936%, 08/15/42(a) | 1,040,330 | 1,082,731 | ||||||
|
| |||||||
LB-UBS Commercial Mortgage Trust | ||||||||
Series 2004-C4, Cl A4, 6.000%, 06/15/29(a) | 64,352 | 64,396 | ||||||
Series 2006-C7, Cl A3, 5.347%, 11/15/38 | 365,000 | 400,171 | ||||||
|
| |||||||
464,567 | ||||||||
|
| |||||||
Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||
Series 2013-C12, Cl A1, 1.313%, 10/15/46 | 616,733 | 617,531 | ||||||
Series 2014-C14, Cl A1, 1.250%, 02/15/47 | 172,874 | 172,311 | ||||||
|
| |||||||
789,842 | ||||||||
|
| |||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
Series 2005-C20, Cl A7, 5.118%, 07/15/42(a) | 343,903 | 359,286 |
See Notes to Financial Statements.
104
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Short-Term Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Commercial Mortgage Backed Securities—continued |
| |||||||
Series 2005-C22, Cl A4, 5.289%, 12/15/44(a) | 1,175,000 | 1,244,218 | ||||||
|
| |||||||
1,603,504 | ||||||||
|
| |||||||
8,112,580 | ||||||||
|
| |||||||
Total Collateralized Mortgage Obligations | 11,077,002 | |||||||
|
| |||||||
Corporate Bonds 49.6% |
| |||||||
Auto Manufacturers 3.4% |
| |||||||
Daimler Finance North America LLC, 1.098%, 08/01/18(a)(c) | 295,000 | 298,139 | ||||||
Daimler Finance North America LLC, 1.450%, 08/01/16(c) | 440,000 | 444,136 | ||||||
Kia Motors Corp., 3.625%, 06/14/16(c) | 500,000 | 520,332 | ||||||
PACCAR Financial Corp., 0.835%, 12/06/18, MTN(a) | 200,000 | 201,105 | ||||||
|
| |||||||
1,463,712 | ||||||||
|
| |||||||
Banks 14.8% |
| |||||||
Bank of America Corp., 3.625%, 03/17/16, MTN | 500,000 | 524,456 | ||||||
Bank of Montreal, 2.500%, 01/11/17, MTN | 705,000 | 730,128 | ||||||
Bank of Nova Scotia, 0.428%, 02/19/15 | 280,000 | 280,476 | ||||||
Branch Banking & Trust Co., 0.553%, 09/13/16(a) | 630,000 | 626,284 | ||||||
Capital One Financial Corp., 6.750%, 09/15/17 | 345,000 | 402,139 | ||||||
Citigroup, Inc., 1.350%, 03/10/17 | 325,000 | 323,429 | ||||||
Fifth Third Bank, 0.900%, 02/26/16 | 215,000 | 215,270 | ||||||
Goldman Sachs Group, Inc. (The), 5.950%, 01/18/18 | 595,000 | 673,830 | ||||||
JPMorgan Chase & Co., 6.125%, 06/27/17 | 335,000 | 379,748 | ||||||
Morgan Stanley, 5.375%, 10/15/15 | 550,000 | 586,347 | ||||||
PNC Funding Corp., 2.700%, 09/19/16 | 580,000 | 602,833 | ||||||
Toronto-Dominion Bank (The), 1.500%, 09/09/16, MTN | 445,000 | 451,627 | ||||||
Wells Fargo & Co., 1.250%, 07/20/16 | 560,000 | 564,699 | ||||||
|
| |||||||
6,361,266 | ||||||||
|
| |||||||
Biotechnology 0.5% |
| |||||||
Gilead Sciences, Inc., 2.400%, 12/01/14 | 210,000 | 212,531 | ||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Commercial Services 0.8% |
| |||||||
ERAC USA Finance LLC, 1.400%, 04/15/16(c) | 335,000 | 336,678 | ||||||
|
| |||||||
Computers 0.8% |
| |||||||
Hewlett-Packard Co., 3.000%, 09/15/16 | 330,000 | 344,542 | ||||||
|
| |||||||
Distribution/Wholesale 0.9% |
| |||||||
Glencore Funding LLC, 1.394%, 05/27/16(a)(c) | 380,000 | 380,498 | ||||||
|
| |||||||
Diversified Financial Services 5.4% |
| |||||||
American Express Credit Corp., 1.300%, 07/29/16 | 550,000 | 554,282 | ||||||
Ford Motor Credit Co. LLC, 1.018%, 01/17/17, Series 00, MTN(a) | 175,000 | 175,965 | ||||||
Ford Motor Credit Co. LLC, 5.000%, 05/15/18 | 355,000 | 391,824 | ||||||
General Electric Capital Corp., 0.941%, 04/02/18(a) | 810,000 | 817,656 | ||||||
Woodside Finance Ltd., 4.500%, 11/10/14(c) | 395,000 | 404,020 | ||||||
|
| |||||||
2,343,747 | ||||||||
|
| |||||||
Electric 3.0% | ||||||||
Constellation Energy Group, Inc., 4.550%, 06/15/15 | 340,000 | 354,774 | ||||||
Duke Energy Corp., 3.350%, 04/01/15 | 135,000 | 138,609 | ||||||
NextEra Energy Capital Holdings, Inc., 1.611%, 06/01/14 | 405,000 | 405,775 | ||||||
Nisource Finance Corp., 5.400%, 07/15/14 | 290,000 | 293,911 | ||||||
PSEG Power LLC, 2.750%, 09/15/16 | 100,000 | 103,928 | ||||||
|
| |||||||
1,296,997 | ||||||||
|
| |||||||
Electronics 0.4% | ||||||||
Amphenol Corp., 4.750%, 11/15/14 | 170,000 | 174,249 | ||||||
|
| |||||||
Food 0.6% | ||||||||
Kraft Foods Group, Inc., 1.625%, 06/04/15 | 270,000 | 273,029 | ||||||
|
| |||||||
Healthcare-Services 2.1% | ||||||||
Aetna, Inc., 1.750%, 05/15/17 | 210,000 | 212,057 | ||||||
Providence Health & Services-Washington, 1.033%, 10/01/16(a) | 495,000 | 492,468 | ||||||
UnitedHealth Group, Inc., 1.875%, 11/15/16 | 210,000 | 214,733 | ||||||
|
| |||||||
919,258 | ||||||||
|
|
See Notes to Financial Statements.
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Short-Term Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Housewares 0.5% | ||||||||
Newell Rubbermaid, Inc., 2.050%, 12/01/17 | 210,000 | 210,597 | ||||||
|
| |||||||
Insurance 3.4% | ||||||||
MetLife, Inc., 6.750%, 06/01/16 | 480,000 | 538,301 | ||||||
Prudential Covered Trust, 2.997%, 09/30/15(c) | 896,000 | 919,732 | ||||||
|
| |||||||
1,458,033 | ||||||||
|
| |||||||
Machinery-Construction & Mining 1.1% |
| |||||||
Caterpillar Financial Services Corp., 1.000%, 03/03/17, MTN | 475,000 | 473,112 | ||||||
|
| |||||||
Media 4.3% |
| |||||||
CBS Corp., 4.625%, 05/15/18 | 380,000 | 413,233 | ||||||
Comcast Corp., 5.900%, 03/15/16 | 510,000 | 560,537 | ||||||
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 4.750%, 10/01/14 | 500,000 | 509,777 | ||||||
Viacom, Inc., 1.250%, 02/27/15(b) | 345,000 | 347,071 | ||||||
|
| |||||||
1,830,618 | ||||||||
|
| |||||||
Mining 0.6% | ||||||||
Freeport-McMoRan Copper & Gold, Inc., 2.375%, 03/15/18 | 275,000 | 274,211 | ||||||
|
| |||||||
Oil & Gas 3.7% |
| |||||||
BP Capital Markets PLC, 3.200%, 03/11/16 | 630,000 | 660,401 | ||||||
Devon Energy Corp., 1.875%, 05/15/17 | 390,000 | 392,829 | ||||||
Marathon Oil Corp., 0.900%, 11/01/15 | 270,000 | 270,506 | ||||||
Petrohawk Energy Corp., 7.250%, 08/15/18 | 245,000 | 259,945 | ||||||
|
| |||||||
1,583,681 | ||||||||
|
| |||||||
Pharmaceuticals 0.2% |
| |||||||
McKesson Corp., 1.292%, 03/10/17 | 75,000 | 74,813 | ||||||
|
| |||||||
Pipelines 1.6% |
| |||||||
Enbridge, Inc., 0.883%, 10/01/16(a) | 110,000 | 110,326 | ||||||
Energy Transfer Partners LP, 5.950%, 02/01/15 | 325,000 | 338,833 | ||||||
Kinder Morgan Energy Partners LP, 3.500%, 03/01/16 | 220,000 | 229,189 | ||||||
|
| |||||||
678,348 | ||||||||
|
| |||||||
Software 0.4% |
| |||||||
Fiserv, Inc., 3.125%, 10/01/15 | 180,000 | 185,442 | ||||||
|
| |||||||
Telecommunication Services 1.1% |
| |||||||
American Tower Corp., 4.500%, 01/15/18 | 280,000 | 301,963 |
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services—continued |
| |||||||
Verizon Communications, Inc., 2.500%, 09/15/16 | 160,000 | 165,675 | ||||||
|
| |||||||
467,638 | ||||||||
|
| |||||||
Total Corporate Bonds | 21,343,000 | |||||||
|
| |||||||
Municipal Bond 1.7% | ||||||||
South Carolina 1.7% |
| |||||||
South Carolina State Public Service Authority, Series D, RB, 1.255%, 06/01/16(a) | 725,000 | 728,603 | ||||||
|
| |||||||
Total Municipal Bond | 728,603 | |||||||
|
| |||||||
U.S. Government Agency Mortgages 5.4% |
| |||||||
Federal National Mortgage Association | ||||||||
Pool #725877, 5.250%, 09/01/14 | 284,614 | 284,670 | ||||||
Pool #462085, 5.315%, 11/01/15 | 1,620,778 | 1,705,141 | ||||||
Pool #745935, 5.681%, 08/01/16 | 321,610 | 348,376 | ||||||
|
| |||||||
Total U.S. Government Agency Mortgages | 2,338,187 | |||||||
|
| |||||||
U.S. Treasury Obligations 4.7% | ||||||||
U.S. Treasury Notes 4.7% |
| |||||||
0.875%, 12/31/16 | 830,000 | 831,946 | ||||||
1.000%, 03/31/17 | 1,201,000 | 1,204,002 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 2,035,948 | |||||||
|
| |||||||
Money Market Fund 2.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.00%(d) | 1,064,950 | 1,064,950 | ||||||
|
| |||||||
Total Money Market Fund | 1,064,950 | |||||||
|
| |||||||
Total Investments | 43,123,979 | |||||||
Liabilities in Excess of Other Assets — (0.2)% | (77,161 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 43,046,818 | ||||||
|
|
(a) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(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. |
See Notes to Financial Statements.
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Short-Term Bond Fund — concluded
(c) | 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 7.7% of net assets as of March 31, 2014. |
(d) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
MTN | — | Medium Term Note | ||
RB | — | Revenue Bond |
See Notes to Financial Statements.
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Short-Term Municipal Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Municipal Bonds 82.8% | ||||||||
California 3.6% |
| |||||||
San Diego County Regional Airport Authority, RB, 2.537%, 07/01/18 | 300,000 | 298,521 | ||||||
South Orange County Public Financing Authority, Series A, 5.000%, 08/15/20 | 500,000 | 579,845 | ||||||
South Orange County Public Financing Authority, Series A, 5.000%, 08/15/21 | 400,000 | 462,400 | ||||||
|
| |||||||
1,340,766 | ||||||||
|
| |||||||
Florida 3.2% |
| |||||||
Florida State, Series A, GO, 5.000%, 06/01/18(a) | 1,000,000 | 1,157,870 | ||||||
|
| |||||||
Hawaii 1.1% |
| |||||||
Hawaii State, GO, 5.000%, 05/01/15 | 400,000 | 420,976 | ||||||
|
| |||||||
Illinois 14.2% |
| |||||||
Chicago, Series A, GO, 4.000%, 01/01/20 | 1,225,000 | 1,304,539 | ||||||
Chicago Public Building Commission, RB, 5.250%, 12/01/18, NATL-RE | 1,500,000 | 1,692,780 | ||||||
Illinois State, GO, 4.000%, 02/01/18 | 1,000,000 | 1,084,660 | ||||||
Illinois State, GO, 5.000%, 02/01/20 | 1,000,000 | 1,126,560 | ||||||
|
| |||||||
5,208,539 | ||||||||
|
| |||||||
Indiana 4.8% |
| |||||||
Iindiana State Finance Auth Revenue Insgen, 5.000%, 02/01/20(a) | 1,500,000 | 1,769,835 | ||||||
|
| |||||||
Maryland 5.9% |
| |||||||
Harford County, GO, 5.000%, 07/01/15 | 1,500,000 | 1,591,005 | ||||||
Maryland State Transportation Authority, Transportation Facilities Project, RB, 5.000%, 07/01/23(b) | 500,000 | 564,065 | ||||||
|
| |||||||
2,155,070 | ||||||||
|
| |||||||
Massachusetts 2.9% |
| |||||||
Massachusetts School Building Authority, Series A, RB, 5.000%, 08/15/30, Pre-refunded 08/15/2015 @ 100, AGM | 1,000,000 | 1,065,170 | ||||||
|
| |||||||
Michigan 4.6% |
| |||||||
University of Michigan, Series A, RB, 0.060%, 04/01/38(b)(c) | 1,700,000 | 1,700,000 | ||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Mississippi 2.3% |
| |||||||
Mississippi Development Bank, RB, 5.000%, 11/01/20, Pre-refunded 11/01/2014 @ 100, AMBAC | 815,000 | 837,959 | ||||||
|
| |||||||
New Jersey 5.4% |
| |||||||
New Jersey Economic Development Authority, Series O, RB, 5.250%, 03/01/25, Pre-refunded 03/01/2015 @ 100(b) | 1,500,000 | 1,569,810 | ||||||
New Jersey Higher Education Student Assistance Authority, AMT, Series 1A, RB, 4.000%, 12/01/17 | 400,000 | 426,600 | ||||||
|
| |||||||
1,996,410 | ||||||||
|
| |||||||
New York 14.9% |
| |||||||
New York City, Series F, GO, 0.080%, 03/01/42(b)(c) | 1,700,000 | 1,700,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, 5.000%, 11/01/15 | 1,000,000 | 1,075,390 | ||||||
New York State Dormitory Authority, Series A, RB, 5.000%, 03/15/15 | 400,000 | 418,668 | ||||||
New York State Dormitory Authority, Series A, RB, 5.000%, 02/15/21 | 1,000,000 | 1,177,060 | ||||||
Tobacco Settlement Financing Corp., Series B, RB, 5.000%, 06/01/22 | 1,000,000 | 1,108,880 | ||||||
|
| |||||||
5,479,998 | ||||||||
|
| |||||||
North Carolina 2.8% |
| |||||||
University of North Carolina at Chapel Hill, Series B, RB, 0.080%, 02/15/31(c) | 1,015,000 | 1,015,000 | ||||||
|
| |||||||
Ohio 1.4% |
| |||||||
Ohio State Water Development Authority, RB, 4.750%, 12/01/22, Pre-refunded 06/01/2014 @ 100 | 500,000 | 503,845 | ||||||
|
| |||||||
Oklahoma 6.0% |
| |||||||
Oklahoma Capital Improvement Authority, RB, 0.110%, 07/01/31(c) | 1,790,000 | 1,790,000 | ||||||
Oklahoma City, GO, 4.000%, 03/01/15 | 400,000 | 414,228 | ||||||
|
| |||||||
2,204,228 | ||||||||
|
|
See Notes to Financial Statements.
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Short-Term Municipal Bond Fund — concluded
Shares or Principal Amount($) | Value($) | |||||||
Texas 2.8% |
| |||||||
City Public Service Board of San Antonio, RB, 4.000%, 02/01/15(b) | 1,000,000 | 1,032,110 | ||||||
|
| |||||||
Virginia 4.1% |
| |||||||
Fairfax County, Series A, GO, 5.000%, 04/01/16, Pre-refunded 04/01/2014 @ 100, State Aid Withholding | 265,000 | 265,000 | ||||||
Virginia Commonwealth Transportation Board, RB, 5.000%, 03/15/15 | 1,200,000 | 1,255,452 | ||||||
|
| |||||||
1,520,452 | ||||||||
|
| |||||||
West Virginia 2.8% |
| |||||||
West Virginia State, 5.000%, 11/01/14, NATL-RE(b) | 1,000,000 | 1,028,409 | ||||||
|
| |||||||
Total Municipal Bonds | 30,436,637 | |||||||
|
| |||||||
Money Market Fund 17.1% |
| |||||||
Federated Tax-Free Obligations Fund, Institutional Shares, 0.01%(d) | 6,278,938 | 6,278,938 | ||||||
|
| |||||||
Total Money Market Fund | 6,278,938 | |||||||
|
| |||||||
Total Investments | 36,715,575 | |||||||
Other Assets in Excess of Liabilities — 0.1% | 36,632 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 36,752,207 | ||||||
|
|
(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, 2014. |
(d) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
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 | ||
GO | — | General Obligation | ||
NATL-RE | — | Reinsurance provided by National Public Finance Guarantee Corporation | ||
RB | — | Revenue Bond |
See Notes to Financial Statements.
109
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Short-Term U.S. Treasury Securities Fund
Shares or Principal Amount($) | Value($) | |||||||
U.S. Treasury Obligations 96.3% | ||||||||
U.S. Treasury Notes 96.3% |
| |||||||
0.250%, 04/30/14 | 120,000 | 120,014 | ||||||
0.250%, 02/15/15 | 1,000,000 | 1,001,016 | ||||||
2.375%, 02/28/15 | 720,000 | 734,625 | ||||||
2.500%, 04/30/15 | 3,205,000 | 3,285,750 | ||||||
1.750%, 07/31/15 | 1,795,000 | 1,832,372 | ||||||
1.000%, 08/31/16 | 910,000 | 918,033 | ||||||
0.875%, 12/31/16 | 420,000 | 420,984 | ||||||
0.750%, 06/30/17 | 1,275,000 | 1,263,047 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 9,575,841 | |||||||
|
| |||||||
Money Market Fund 3.1% |
| |||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(a) | 301,540 | 301,540 | ||||||
|
| |||||||
Total Money Market Fund |
| 301,540 | ||||||
|
| |||||||
Total Investments | 9,877,381 | |||||||
Other Assets in Excess of Liabilities — 0.6% | 64,096 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 9,941,477 | ||||||
|
|
(a) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
See Notes to Financial Statements.
110
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Asset-Backed Securities 3.1% | ||||||||
Credit Card 1.6% |
| |||||||
Cabela’s Master Credit Card Trust, Series 2014-1, Cl A, 0.504%, 03/16/20(a) | 1,926,000 | 1,926,160 | ||||||
Capital One Multi-Asset Execution Trust, Series 2006-A11, Cl A11, 0.245%, 06/17/19(a) | 3,971,000 | 3,955,148 | ||||||
Capital One Multi-Asset Execution Trust, Series 2006-B1, Cl B1, 0.435%, 01/15/19(a) | 2,624,000 | 2,602,302 | ||||||
Chase Issuance Trust, Series 2014-A1, Cl A1, 1.150%, 01/15/19 | 9,435,000 | 9,434,906 | ||||||
|
| |||||||
17,918,516 | ||||||||
|
| |||||||
Home Equity 0.4% |
| |||||||
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Cl M1, 0.584%, 07/25/35(a) | 4,743,812 | 4,666,630 | ||||||
|
| |||||||
Manufactured Housing 0.4% |
| |||||||
Newcastle Investment Trust, Series 2010-MH1, Cl M1, 6.000%, 07/10/35(b) | 4,660,000 | 4,802,554 | ||||||
|
| |||||||
Other 0.7% |
| |||||||
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Cl A2, 5.216%, 01/25/42(b) | 7,003,400 | 7,491,677 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 34,879,377 | ||||||
|
| |||||||
Collateralized Mortgage Obligations 6.6% | ||||||||
Agency Collateralized Mortgage Obligations 3.3% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 3745, Cl AY, REMIC, 4.000%, 10/15/30 | 660,000 | 688,126 | ||||||
Series 3768, Cl CB, 3.500%, 12/15/25 | 2,366,874 | 2,413,149 | ||||||
Series 3800, Cl CB, 3.500%, 02/15/26 | 2,820,000 | 2,865,698 | ||||||
Series 3806, Cl L, 3.500%, 02/15/26 | 6,923,000 | 6,988,962 | ||||||
Series 3816, Cl HA, 3.500%, 11/15/25 | 781,542 | 790,038 | ||||||
Series 3877, Cl LM, 3.500%, 06/15/26 | 1,412,000 | 1,430,099 | ||||||
Series 3909, Cl UB, REMIC, 3.500%, 08/15/26 | 3,156,000 | 3,206,465 |
Shares or Principal Amount($) | Value($) | |||||||
Agency Collateralized Mortgage Obligations—continued |
| |||||||
Series 3942, Cl KB, 3.000%, 10/15/26 | 4,411,556 | 4,327,582 | ||||||
Series 3978, Cl B, 3.000%, 12/15/26 | 4,636,000 | 4,504,064 | ||||||
Series 4034, Cl B, 3.500%, 04/15/27 | 1,653,521 | 1,640,961 | ||||||
Series 4065, Cl CL, 3.000%, 06/15/27 | 1,902,575 | 1,818,049 | ||||||
Series 4077, Cl B, 3.000%, 07/15/27 | 1,718,283 | 1,641,426 | ||||||
Series 4136, Cl HZ, REMIC, 3.500%, 11/15/27 | 643,501 | 632,032 | ||||||
|
| |||||||
32,946,651 | ||||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Series 2012-17, Cl BC, 3.500%, 03/25/27 | 4,687,240 | 4,685,623 | ||||||
|
| |||||||
37,632,274 | ||||||||
|
| |||||||
Agency Collateralized Planned Amortization Class Mortgage Obligations 0.4% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 3959, Cl PB, 3.000%, 11/15/26 | 4,683,638 | 4,525,828 | ||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Series 2011-89, Cl BT, 3.500%, 09/25/26 | 600,000 | 596,751 | ||||||
|
| |||||||
5,122,579 | ||||||||
|
| |||||||
Commercial Mortgage Backed Securities 2.9% |
| |||||||
Extended Stay America Trust | ||||||||
Series 2013-ESH5, Cl B5, 2.278%, 12/05/31(b) | 2,940,000 | 2,897,103 | ||||||
|
| |||||||
GS Mortgage Securities Corp. II | ||||||||
Series 2012-ALOH, Cl A, 3.551%, 04/10/34(b) | 5,795,000 | 5,836,712 | ||||||
Series 2012-BWTR, Cl B, 3.255%, 11/05/34(b) | 2,890,000 | 2,749,497 | ||||||
|
| |||||||
8,586,209 | ||||||||
|
| |||||||
GS Mortgage Securities Trust | ||||||||
Series 2011-GC5, Cl AS, 5.209%, 08/10/44(a)(b) | 2,014,000 | 2,241,216 | ||||||
|
| |||||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
Series 2011-C3, Cl D, 5.544%, 02/15/46(a)(b) | 4,268,000 | 4,632,504 | ||||||
|
|
See Notes to Financial Statements.
111
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Commercial Mortgage Backed Securities—continued |
| |||||||
JPMorgan Chase Commercial Mortgage Securities Corp. | ||||||||
Series 2010-C2, Cl C, 5.509%, 11/15/43(a)(b) | 3,863,000 | 4,276,059 | ||||||
|
| |||||||
OBP Depositor LLC Trust | ||||||||
Series 2010-OBP, Cl A, 4.646%, 07/15/45(b) | 4,150,000 | 4,560,360 | ||||||
|
| |||||||
WFRBS Commercial Mortgage Trust | ||||||||
Series 2011-C3, Cl D, 5.549%, 03/15/44(a)(b) | 4,677,367 | 4,796,255 | ||||||
|
| |||||||
31,989,706 | ||||||||
|
| |||||||
Total Collateralized Mortgage |
| 74,744,559 | ||||||
|
| |||||||
Bank Loans 11.5% | ||||||||
Aerospace/Defense 0.3% | ||||||||
Air Canada, Term Loan B, 5.500%, 09/20/19(a)(b) | 555,000 | 564,712 | ||||||
Alliant Techsystems, Inc., Term Loan B, 3.500%, 11/01/20(a)(b) | 79,800 | 80,000 | ||||||
AM General LLC, Term Loan B, 10.250%, 03/22/18(a)(b) | 286,750 | 253,774 | ||||||
Atlantic Aviation FBO, Inc., Term Loan B, 3.250%, 06/01/20(a)(b) | 79,401 | 79,103 | ||||||
AWAS Finance Luxembourg 2012 S.A., New Term Loan, 3.500%, 07/16/18(a)(b) | 87,506 | 87,615 | ||||||
DAE Aviation Holdings, Inc., New Term Loan B1, 5.000%, 11/02/18(a)(b) | 131,415 | 133,140 | ||||||
DAE Aviation Holdings, Inc., 2018 Term Loan B2, 5.000%, 11/02/18(a)(b) | 59,575 | 60,357 | ||||||
DigitalGlobe, Inc., New Term Loan B, 3.750%, 01/31/20(a)(b) | 321,750 | 321,818 | ||||||
Flying Fortress, Inc., New Term Loan, 3.500%, 06/30/17(a)(b) | 190,000 | 189,683 | ||||||
Silver II US Holdings LLC, Term Loan, 4.000%, 12/13/19(a)(b) | 140,158 | 139,764 | ||||||
TASC, Inc., New Term Loan B, 4.500%, 12/18/15(a)(b) | 630,827 | 592,782 | ||||||
Transdigm, Inc., Term Loan C, 3.750%, 02/28/20(a)(b) | 450,528 | 450,528 |
Shares or Principal Amount($) | Value($) | |||||||
Aerospace/Defense—continued |
| |||||||
US Airways Group, Inc., New Term Loan B1, 3.500%, 05/23/19(a)(b) | 350,000 | 349,345 | ||||||
WP CPP Holdings LLC, 1st Lien Term Loan, 4.750%, 12/27/19(a)(b)(c) | 102,989 | 102,989 | ||||||
|
| |||||||
3,405,610 | ||||||||
|
| |||||||
Auto Manufacturers 0.2% |
| |||||||
Allison Transmission, Inc., New Term Loan B3, 3.750%, 08/23/19(a)(b) | 109,824 | 109,785 | ||||||
Chrysler Group LLC, 2018 Term Loan B, 3.250%, 12/31/18(a)(b) | 435,000 | 433,007 | ||||||
Chrysler Group LLC, New Term Loan B, 3.500%, 05/24/17(a)(b) | 895,919 | 895,364 | ||||||
Cooper Standard Automotive, Inc., New Term Loan B, 04/04/21(b)(c)(d) | 105,000 | 105,066 | ||||||
Tower Automotive Holdings USA, LLC, New Term Loan, 4.000%, 04/23/20(a)(b) | 133,989 | 133,598 | ||||||
Wabash National Corp., Term Loan B, 4.500%, 05/08/19(a)(b) | 101,503 | 101,821 | ||||||
|
| |||||||
1,778,641 | ||||||||
|
| |||||||
Auto Parts & Equipment 0.1% |
| |||||||
Allison Transmission, Inc., Term Loan B2, 3.160%, 08/07/17(a)(b) | 87,874 | 88,094 | ||||||
Gates Investments, Inc., Term Loan B2, 3.750%, 09/29/16(a)(b) | 482,704 | 483,061 | ||||||
|
| |||||||
571,155 | ||||||||
|
| |||||||
Banks 0.1% |
| |||||||
Istar Financial, Inc., Term Loan, 4.500%, 10/16/17(a)(b) | 1,465,097 | 1,468,305 | ||||||
|
| |||||||
Broadcasting 0.0%(e) |
| |||||||
CBS Outdoor Americas Capital LLC, Term Loan B, 3.000%, 01/31/21(a)(b) | 145,000 | 144,366 | ||||||
|
| |||||||
Chemicals 0.3% |
| |||||||
Axalta Coating Systems US Holdings, Inc., USD Term Loan, 4.000%, 02/01/20(a)(b) | 198,313 | 198,313 |
See Notes to Financial Statements.
112
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Chemicals—continued |
| |||||||
Eagle Spinco, Inc., Term Loan, 3.500%, 01/27/17(a)(b) | 63,867 | 64,026 | ||||||
Huntsman International LLC, Incremental Term Loan, 10/15/20(b)(c)(d) | 340,000 | 340,000 | ||||||
Ineos US Finance LLC, 6 Year Term Loan, 3.750%, 05/04/18(a)(b) | 1,324,361 | 1,315,607 | ||||||
Kronos Worldwide, Inc., 2014 Term Loan, 4.750%, 02/18/20(a)(b) | 65,000 | 65,406 | ||||||
MacDermid, Inc., 1st Lien Term Loan, 4.000%, 06/08/20(a)(b) | 99,250 | 99,424 | ||||||
Nexeo Solutions LLC, Term Loan B, 5.000%, 09/08/17(a)(b) | 180,915 | 180,915 | ||||||
OXEA Finance LLC, USD Term Loan B2, 4.250%, 01/15/20(a)(b) | 69,825 | 70,378 | ||||||
Polymer Group, Inc., 1st Lien Term Loan B, 5.250%, 12/19/19(a)(b) | 114,713 | 115,286 | ||||||
PQ Corp., Term Loan, 4.000%, 08/07/17(a)(b) | 93,813 | 93,959 | ||||||
Ravago Holdings America, Inc., Term Loan B, 5.500%, 12/20/20(a)(b) | 90,000 | 90,787 | ||||||
Taminco Global Chemical Corp., Term Loan B3, 3.250%, 02/15/19(a)(b) | 98,012 | 97,693 | ||||||
Tata Chemicals North America, Inc., Term Loan B, 3.750%, 08/07/20(a)(b) | 69,475 | 69,649 | ||||||
Utex Industries, Inc., 1st Lien Term Loan, 4.500%, 04/10/20(a)(b) | 54,588 | 54,673 | ||||||
WNA Holdings, Inc., USD 1st Lien US Borrower, 4.500%-5.500%, 06/07/20(a)(b) | 47,161 | 47,220 | ||||||
WR Grace & Co., Delayed Draw Term Loan, 02/03/21(b)(c)(d) | 27,632 | 27,551 | ||||||
WR Grace & Co., USD Exit Term Loan, 3.000%, 01/31/21(a)(b)(c) | 77,368 | 77,143 | ||||||
|
| |||||||
3,008,030 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Commercial Services 0.5% |
| |||||||
ABC Supply Co., Inc., Term Loan, 3.500%, 04/16/20(a)(b) | 681,188 | 678,879 | ||||||
Freeport-McMoRan Copper & Gold, Inc., Term Loan A, 1.660%, 02/14/18(a)(b)(c) | 1,000,000 | 992,250 | ||||||
Harland Clarke Holdings Corp., Extended Term Loan B2, 5.484%, 06/30/17(a)(b) | 549,144 | 548,288 | ||||||
Harland Clarke Holdings Corp., Term Loan B4, 6.000%, 08/04/19(a)(b) | 556,500 | 559,282 | ||||||
Hertz Corp.(The), Add-On Term Loan B, 3.750%, 03/12/18(a)(b) | 128,375 | 128,396 | ||||||
Infor(US), Inc., USD Term Loan B3, 3.750%, 06/03/20(a)(b) | 118,048 | 117,556 | ||||||
Infor(US), Inc., Term Loan B5, 3.750%, 06/03/20(a)(b) | 264,979 | 263,985 | ||||||
Merrill Communications, LLC, 1st Lien Term Loan, 5.750%, 03/08/18(a)(b) | 243,263 | 245,494 | ||||||
Moneygram International, Inc., New Term Loan B, 4.250%, 03/27/20(a)(b) | 79,200 | 79,299 | ||||||
Springer Science & Business Media Deutschland GmbH, USD Term Loan B2, 5.000%, 08/14/20(a)(b) | 169,150 | 169,277 | ||||||
Tribune Co., Term Loan B, 4.000%, 12/27/20(a)(b)(f) | 1,152,113 | 1,150,960 | ||||||
Walter Energy, Inc., Term Loan B, 7.250%, 04/02/18(a)(b) | 366,864 | 354,255 | ||||||
|
| |||||||
5,287,921 | ||||||||
|
| |||||||
Consumer Discretionary 0.1% |
| |||||||
Payless, Inc., 1st Lien Term Loan, 5.000%, 03/11/21 | 95,000 | 95,000 | ||||||
Revlon Consumer Products Corp., Acquisition Term Loan, 4.000%, 10/08/19(a)(b) | 488,775 | 489,181 | ||||||
Spectrum Brands, Inc., Term Loan C, 3.500%, 09/04/19(a)(b)(c) | 64,675 | 64,654 | ||||||
Sun Products Corp.(The), New Term Loan, 5.500%, 03/23/20(a)(b) | 148,500 | 140,518 | ||||||
|
| |||||||
789,353 | ||||||||
|
|
See Notes to Financial Statements.
113
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Consumer Staples 0.0%(e) |
| |||||||
Serta Simmons Holdings LLC, Term Loan, 4.250%, 10/01/19(a)(b) | 447,926 | 449,297 | ||||||
|
| |||||||
Diversified Financial Services 0.5% |
| |||||||
Affinion Group, Inc., Term Loan B, 6.750%, 10/10/16(a)(b)(c) | 339,919 | 334,722 | ||||||
American Capital Holdings, Inc., 2017 Term Loan, 3.500%, 08/22/17(a)(b) | 170,000 | 169,470 | ||||||
Ceridian Corp., New Term Loan B, 4.404%, 05/09/17(a)(b) | 129,552 | 130,005 | ||||||
Clipper Acquisitions Corp., New Term Loan B, 3.000%, 02/06/20(a)(b) | 143,191 | 141,938 | ||||||
Duff & Phelps Investment Management Co., Term Loan B, 4.500%, 04/23/20(a)(b) | 69,475 | 69,714 | ||||||
First Data Corp., Extended 2018 Term Loan B, 4.155%, 03/23/18(a)(b) | 1,090,000 | 1,091,820 | ||||||
First Data Corp., 2018 Term Loan, 4.155%, 09/24/18(a)(b) | 600,000 | 600,582 | ||||||
First Data Corp., Extended 2021 Term Loan, 4.155%, 03/24/21(a)(b) | 360,000 | 360,525 | ||||||
Getty Images, Inc., Term Loan B, 4.750%, 10/18/19(a)(b) | 83,938 | 80,388 | ||||||
Grosvenor Capital Management Holdings LLP, New Term Loan B, 3.750%, 01/04/21(a)(b) | 119,700 | 119,027 | ||||||
Interactive Data Corp., New Term Loan B, 3.750%, 02/11/18(a)(b) | 385,433 | 384,832 | ||||||
International Lease Finance Corp., New Term Loan B, 3.500%, 02/13/21(a)(b) | 160,000 | 160,034 | ||||||
MIPL(Lux) S.A.R.L, Term Loan B1, 4.000%, 03/09/20(a)(b) | 59,344 | 59,382 | ||||||
MX Holdings USA, Inc.,, USD Term Loan B, 4.500%, 08/14/20(a)(b) | 84,575 | 85,174 | ||||||
Nuveen Investments, Inc., New Term Loan, 4.153%, 05/15/17(a)(b) | 85,000 | 85,197 |
Shares or Principal Amount($) | Value($) | |||||||
Diversified Financial Services—continued |
| |||||||
Oberthur Technologies of America Corp., USD Term Loan B2, 4.500%, 10/18/19(a)(b) | 204,488 | 205,935 | ||||||
Open Text Corp., Term Loan B, 3.250%, 01/16/21(a)(b) | 229,425 | 229,329 | ||||||
Pre-Paid Legal Services, Inc., 1st Lien Term Loan, 6.250%, 07/01/19(a)(b) | 121,613 | 122,677 | ||||||
SunGard Data Systems, Inc., Term Loan E, 4.000%, 03/09/20(a)(b) | 680,912 | 682,615 | ||||||
Triple Point Technology, Inc., 1st Lien Term Loan, 5.250%, 07/10/20(a)(b) | 89,550 | 84,177 | ||||||
USIC Holdings, Inc., 1st Lien Term Loan, 4.000%, 07/10/20(a)(b) | 119,100 | 118,877 | ||||||
|
| |||||||
5,316,420 | ||||||||
|
| |||||||
Diversified Media 0.0%(e) |
| |||||||
Inmar Holdings, Inc., 1st Lien Term Loan, 4.250%, 01/27/21(a)(b) | 120,000 | 118,950 | ||||||
|
| |||||||
Electric 0.2% |
| |||||||
Calpine Corp., Term Loan B1, 4.000%, 04/02/18(a)(b) | 567,830 | 569,091 | ||||||
Calpine Corp., Term Loan B3, 4.000%, 10/09/19(a)(b) | 498,998 | 499,937 | ||||||
Calpine Corp., Delayed Draw Term Loan, 4.000%, 10/30/20(a)(b) | 284,288 | 284,910 | ||||||
NRG Energy, Inc., Refinance Term Loan B, 2.750%, 07/02/18(a)(b) | 514,180 | 509,197 | ||||||
|
| |||||||
1,863,135 | ||||||||
|
| |||||||
Electronics 0.2% |
| |||||||
Allflex Holdings III, Inc., New 1st Lien Term Loan, 4.250%, 07/17/20(a)(b) | 84,575 | 84,716 | ||||||
Blackboard, Inc., Term Loan B3, 4.750%, 10/04/18(a)(b) | 149,625 | 150,635 | ||||||
BMC Software Finance, Inc., USD Term Loan, 5.000%, 09/10/20(a)(b)(c) | 503,738 | 504,277 | ||||||
Dell, Inc., USD Term Loan B, 4.500%, 04/29/20(a)(b) | 638,400 | 633,746 | ||||||
Eastman Kodak Co., Exit Term Loan, 7.250%, 09/03/19(a)(b) | 208,425 | 211,030 |
See Notes to Financial Statements.
114
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Electronics—continued |
| |||||||
Freescale Semiconductor, Inc., Term Loan B5, 5.000%, 01/15/21(a)(b) | 164,175 | 165,679 | ||||||
Rovi Solutions Corp., Term Loan B3, 3.500%, 03/29/19(a)(b) | 135,696 | 135,187 | ||||||
Sabre, Inc., Incremental Term Loan, 4.500%, 02/19/19(a)(b) | 74,625 | 74,588 | ||||||
Shield Finance Co. S.A.R.L., USD Term Loan, 5.000%, 01/27/21(a)(b) | 170,000 | 170,425 | ||||||
Spansion LLC, 2013 Term Loan, 3.750%, 12/13/18(a)(b) | 119,400 | 119,549 | ||||||
|
| |||||||
2,249,832 | ||||||||
|
| |||||||
Energy 0.3% |
| |||||||
ADS Waste Holdings, Inc., New Term Loan, 3.750%, 10/09/19(a)(b) | 434,500 | 433,353 | ||||||
Azure Midstream Energy LLC, Term Loan B, 6.500%, 11/15/18(a)(b) | 232,063 | 233,803 | ||||||
Chesapeake Energy Corp., New Unsecured Term Loan, 5.750%, 12/01/17(a)(b) | 1,545,000 | 1,578,480 | ||||||
Endeavour International Holdings B.V., 1st Lien Term Loan, 8.250%, 11/30/17(a)(b) | 62,470 | 61,142 | ||||||
Endeavour International Holdings B.V., Term Loan, 8.250%, 11/30/17(a)(b) | 44,708 | 43,758 | ||||||
HGIM Corp., Term Loan B, 5.500%-6.750%, 06/18/20(a)(b) | 597,000 | 597,251 | ||||||
Pacific Drilling S.A., Term Loan B, 4.500%, 06/04/18(a)(b) | 173,663 | 174,227 | ||||||
Philadelphia Energy Solutions LLC, Term Loan B, 6.250%, 04/04/18(a)(b) | 223,073 | 197,234 | ||||||
Seadrill Partners Finco LLC, Term Loan B, 4.000%, 02/21/21(a)(b) | 139,650 | 139,192 | ||||||
Templar Energy LLC, 2nd Lien Term Loan, 8.000%, 11/25/20(a)(b) | 370,000 | 373,471 | ||||||
WTG Holdings III Corp., 1st Lien Term Loan, 4.750%, 01/15/21(a)(b) | 74,813 | 74,999 | ||||||
|
| |||||||
3,906,910 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Entertainment 0.3% |
| |||||||
Activision Blizzard, Inc., Term Loan B, 3.250%, 10/12/20(a)(b) | 796,650 | 795,853 | ||||||
Altice Financing SA, Delayed Draw Term Loan, 5.500%, 07/15/19(a)(b) | 723,188 | 737,348 | ||||||
Cedar Fair, L.P., New Term Loan B, 3.250%, 03/06/20(a)(b) | 132,611 | 132,335 | ||||||
Cinemark USA, Inc., New Term Loan, 3.154%-5.250%, 12/18/19(a)(b) | 103,352 | 103,294 | ||||||
CTI Foods Holding Co. LLC, New 1st Lien Term Loan, 4.500%, 06/29/20(a)(b) | 144,275 | 144,275 | ||||||
Delta 2(LUX) S.A.R.L., USD Term Loan B, 4.500%, 04/30/19(a)(b)(c) | 96,282 | 96,838 | ||||||
Great Wolf Resorts, Inc., Term Loan B, 4.500%, 08/06/20(a)(b) | 153,838 | 154,184 | ||||||
IMG Worldwide, Inc., 1st Lien Term Loan, 02/26/21(b)(c)(d) | 865,000 | 859,057 | ||||||
IMG Worldwide, Inc., 2nd Lien Term Loan, 02/25/22(b)(c)(d) | 135,000 | 136,098 | ||||||
Kasima LLC, New Term Loan B, 3.250%, 05/17/21(a)(b) | 215,000 | 213,387 | ||||||
Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.500%, 08/17/20(a)(b) | 328,350 | 327,631 | ||||||
Oceania Cruises, Inc., 2020 Term Loan B, 5.250%, 07/20/20(a)(b) | 219,450 | 220,639 | ||||||
Regent Seven Seas Cruises, Inc., New Term Loan, 3.750%, 12/21/18(a)(b) | 69,825 | 69,825 | ||||||
|
| |||||||
3,990,764 | ||||||||
|
| |||||||
Financial 0.1% |
| |||||||
RCS Capital Corp., 1st Lien Term Loan, 03/31/19(b)(c)(d) | 200,000 | 201,000 | ||||||
SAM Finance Lux S.A.R.L, USD Term Loan, 4.250%, 12/17/20(a)(b) | 269,325 | 269,831 | ||||||
Sedgwick, Inc., 1st Lien Term Loan, 3.750%, 03/01/21(a)(b) | 210,000 | 207,638 |
See Notes to Financial Statements.
115
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Financial—continued |
| |||||||
Sedgwick, Inc., 2nd Lien Term Loan, 6.750%, 02/28/22(a)(b) | 115,000 | 114,210 | ||||||
VFH Parent LLC, Extended Term Loan, 5.750%, 11/06/19(a)(b)(c) | 104,738 | 105,785 | ||||||
|
| |||||||
898,464 | ||||||||
|
| |||||||
Food 0.4% |
| |||||||
Aramark Corp., Extended Synthetic Letter of Credit 2, 0.084%-3.605%, 07/26/16(a)(b) | 15,000 | 15,004 | ||||||
Aramark Corp., USD Term Loan F, 3.250%, 02/24/21(a)(b) | 210,000 | 207,856 | ||||||
Blue Buffalo Co. Ltd., Term Loan B3, 4.000%, 08/08/19(a)(b) | 162,536 | 163,620 | ||||||
CEC Entertainment Concepts, L.P., Term Loan, 4.250%, 02/14/21(a)(b) | 140,000 | 138,950 | ||||||
Darling International, Inc., USD Term Loan B, 3.250%, 01/06/21(a)(b) | 180,000 | 179,626 | ||||||
Del Monte Foods, Inc., 1st Lien Term Loan, 4.250%, 02/18/21(a)(b) | 145,000 | 145,178 | ||||||
Dunkin’ Brands, Inc., Term Loan B4, 3.250%, 02/07/21(a)(b) | 497,281 | 493,243 | ||||||
HJ Heinz Co., Term Loan B1, 3.250%, 06/07/19(a)(b) | 843,625 | 845,059 | ||||||
HJ Heinz Co., Term Loan B2, 3.500%, 06/05/20(a)(b) | 1,275,363 | 1,280,413 | ||||||
JBS USA Holdings, Inc., Incremental Term Loan, 3.750%, 09/18/20(a)(b) | 203,975 | 203,339 | ||||||
Landry’s, Inc., Term Loan B, 4.000%, 04/24/18(a)(b) | 378,277 | 380,168 | ||||||
OSI Restaurant Partners LLC, New Term Loan, 3.500%, 10/25/19(a)(b) | 64,750 | 64,573 | ||||||
Pacific Industrial Services US Finco LLC, USD 1st Lien Term Loan, 5.000%, 10/02/18(a)(b) | 139,300 | 141,041 | ||||||
Pinnacle Foods Finance LLC, Term Loan G, 3.250%, 04/29/20(a)(b) | 347,952 | 346,055 |
Shares or Principal Amount($) | Value($) | |||||||
Food—continued | ||||||||
Pinnacle Foods Finance LLC, Incremental Term Loan H, 3.250%, 04/29/20(a)(b) | 149,250 | 148,317 | ||||||
Wendy’s International, Inc., New Term Loan B, 3.250%, 05/15/19(a)(b) | 128,964 | 128,401 | ||||||
|
| |||||||
4,880,843 | ||||||||
|
| |||||||
Health Care 0.6% |
| |||||||
Accellent, Inc., 1st Lien Term Loan, 02/19/21(b)(c)(d) | 140,000 | 139,766 | ||||||
Allscripts Healthcare Solutions, Inc., Term Loan A, 2.903%, 06/28/18(a)(b) | 134,750 | 134,413 | ||||||
Ardent Medical Services, Inc., Term Loan, 6.750%, 07/02/18(a)(b)(c) | 152,564 | 152,945 | ||||||
Catalina Marketing Corp., New Term Loan B, 5.250%, 10/12/20(a)(b) | 273,625 | 273,283 | ||||||
Community Health Care Systems, Inc., 2017 Term Loan E, 3.447%-3.483%, 01/25/17(a)(b) | 32,629 | 32,827 | ||||||
Community Health Care Systems, Inc., Term Loan D, 4.250%, 01/27/21(a)(b) | 750,305 | 756,075 | ||||||
Convatec, Inc., Term Loan, 4.000%, 12/22/16(a)(b) | 29,088 | 29,124 | ||||||
DaVita, Inc., Term Loan B2, 4.000%, 11/01/19(a)(b) | 463,128 | 465,031 | ||||||
Drumm Investors LLC, Term Loan, 5.000%, 05/04/18(a)(b) | 366,806 | 362,221 | ||||||
Endo Luxembourg Finance Co. I S.A R.L., 2014 Term Loan B, 3.250%, 02/28/21(a)(b) | 90,000 | 89,685 | ||||||
Envision Acquisition Company, LLC, 1st Lien Term Loan, 5.750%, 11/04/20(a)(b) | 119,400 | 119,549 | ||||||
Gentiva Health Services, Inc., Term Loan C, 5.750%, 10/18/18(a)(b) | 93,219 | 91,937 | ||||||
Grifols Worldwide Operations USA, Inc., USD Term Loan B, 3.154%, 02/27/21(a)(b)(c) | 945,000 | 944,017 | ||||||
HCA, Inc., Term Loan B5, 2.903%, 03/31/17(a)(b) | 263,675 | 263,446 |
See Notes to Financial Statements.
116
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Health Care—continued | ||||||||
Hologic, Inc., New Term Loan B, 3.250%, 08/01/19(a)(b) | 140,000 | 139,359 | ||||||
Iasis Healthcare LLC, Term Loan B2, 4.500%, 05/03/18(a)(b)(c) | 226,427 | 227,040 | ||||||
IMS Health Incorporated, New USD Term Loan, 3.750%, 03/17/21(a)(b) | 108,663 | 108,411 | ||||||
INC Research, Inc., Refinance Term Loan B, 4.250%, 07/12/18(a)(b) | 380,186 | 380,661 | ||||||
JLL/Delta Dutch Newco B.V., USD 2021 Term Loan, 4.250%, 03/11/21(a)(b)(c) | 235,000 | 233,616 | ||||||
Lifepoint Hospitals, Inc., Term Loan B, 2.660%, 07/24/17(a)(b) | 71,905 | 72,115 | ||||||
Mallinckrodt International Finance S.A., Term Loan B, 3.500%, 03/19/21(a)(b) | 105,000 | 104,987 | ||||||
Multiplan, Inc., New Term Loan, 4.000%, 03/06/21(a)(b) | 240,000 | 239,400 | ||||||
Onex Carestream Finance LP, 1st Lien Term Loan, 5.000%, 06/07/19(a)(b) | 216,563 | 218,412 | ||||||
P2 Newco Acquisition, Inc., 1st Lien Term Loan, 5.500%, 10/22/20(a)(b) | 190,776 | 191,850 | ||||||
Par Pharmaceutical Cos., Inc., Term Loan B2, 4.000%, 09/30/19(a)(b) | 380,118 | 380,327 | ||||||
Salix Pharmaceuticals Ltd., Term Loan, 4.250%, 01/02/20(a)(b) | 202,438 | 204,209 | ||||||
U.S. Renal Care, Inc., 2013 Term Loan, 4.250%-5.500%, 07/03/19(a)(b) | 99,500 | 99,293 | ||||||
Valeant Pharmaceuticals International, Inc., Series E, Term Loan B, 3.750%, 08/05/20(a)(b) | 593,123 | 594,523 | ||||||
Valeant Pharmaceuticals International, Inc., Series C2, Term Loan B, 3.750%, 12/11/19(a)(b) | 83,725 | 83,913 | ||||||
Valeant Pharmaceuticals International, Inc., Series D2, Term Loan B, 3.750%, 02/13/19(a)(b) | 113,337 | 113,550 | ||||||
|
| |||||||
7,245,985 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Healthcare-Services 0.0%(e) |
| |||||||
Bright Horizons Family Solutions, Inc., New Term Loan B, 4.000%-5.250%, 01/30/20(a)(b) | 59,250 | 59,324 | ||||||
Regionalcare Hospital Partners, Inc., Refinance Term Loan, 7.000%, 11/04/18(a)(b) | 194,509 | 192,807 | ||||||
|
| |||||||
252,131 | ||||||||
|
| |||||||
Housing 0.0%(e) |
| |||||||
Norcraft Cos., L.P., Term Loan, 5.250%, 11/12/20(a)(b) | 59,850 | 60,000 | ||||||
|
| |||||||
Information Technology 0.2% |
| |||||||
Active Network, Inc.(The), 1st Lien Term Loan, 5.500%, 11/13/20(a)(b) | 79,800 | 80,449 | ||||||
AVSC Holdings Corp., 1st Lien Term Loan, 4.500%, 01/22/21(a)(b) | 100,000 | 100,500 | ||||||
CDW LLC, New Term Loan, 3.250%, 04/29/20(a)(b) | 664,282 | 657,639 | ||||||
Dealertrack Technologies, Inc., Term Loan B, 3.500%, 02/26/21(a)(b) | 70,000 | 70,175 | ||||||
Deluxe Entertainment Services Group, Inc., Term Loan, 6.500%, 02/07/20(a)(b) | 265,000 | 265,442 | ||||||
FIDJI Luxembourg(BC4) S.A.R.L., Initial Term Loan, 6.250%, 12/24/20(a)(b) | 125,000 | 125,625 | ||||||
Genesys Telecom Holdings, U.S., Inc., New Term Loan B, 4.000%, 02/07/20(a)(b) | 59,549 | 59,493 | ||||||
Internap Network Services Corp., Term Loan, 6.000%, 11/26/19(a)(b) | 144,638 | 145,361 | ||||||
IQOR US, Inc., Term Loan B, 02/19/21(b)(c)(d) | 470,000 | 455,900 | ||||||
RedTop Acquisitions Ltd, USD 1st Lien Term Loan, 4.500%, 12/03/20(a)(b) | 150,000 | 151,407 | ||||||
RedTop Acquisitions Ltd, USD 2nd Lien Term Loan, 8.250%, 06/03/21(a)(b) | 90,000 | 92,250 | ||||||
Southern Graphics, Inc., New Term Loan B, 4.250%, 10/17/19(a)(b) | 139,563 | 139,388 |
See Notes to Financial Statements.
117
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Information Technology—continued |
| |||||||
Spin Holdco, Inc., New Term Loan B, 4.250%, 11/14/19(a)(b) | 79,800 | 79,660 | ||||||
SS&C Technologies, Inc., New Term Loan B1, 3.250%, 06/07/19(a)(b) | 87,872 | 87,872 | ||||||
SS&C Technologies, Inc., New Term Loan B2, 3.250%, 06/07/19(a)(b) | 9,090 | 9,090 | ||||||
STG-Fairway Acquisitions, Term Loan B, 6.250%-7.250%, 02/28/19(a)(b) | 173,251 | 173,684 | ||||||
|
| |||||||
2,693,935 | ||||||||
|
| |||||||
Insurance 0.4% |
| |||||||
Alliance Data Systems Corp., Term Loan, 1.910%, 07/10/18(a)(b)(c) | 484,042 | 482,532 | ||||||
Asurion LLC, New Term Loan B3, 3.750%, 02/18/17(a)(b) | 65,000 | 65,000 | ||||||
Asurion LLC, New Term Loan B2, 4.250%, 07/08/20(a)(b) | 794,000 | 790,737 | ||||||
Asurion LLC, New Term Loan B1, 5.000%, 05/24/19(a)(b) | 1,712,830 | 1,715,622 | ||||||
Asurion LLC, New 2nd Lien Term Loan, 8.500%, 03/03/21(a)(b) | 385,000 | 397,031 | ||||||
Hub International Ltd., Term Loan B, 4.750%, 10/02/20(a)(b)(c) | 248,551 | 248,655 | ||||||
ION Trading Technologies S.A.R.L., 1st Lien Term Loan, 4.500%, 05/22/20(a)(b) | 70,313 | 70,379 | ||||||
La Frontera Generation, LLC, Term Loan, 4.500%, 09/30/20(a)(b) | 139,745 | 139,788 | ||||||
LPL Holdings, Inc., Term Loan B, 3.250%, 03/29/19(a)(b) | 54,450 | 54,280 | ||||||
USI, Inc., Term Loan B, 4.250%, 12/27/19(a)(b) | 222,196 | 222,891 | ||||||
|
| |||||||
4,186,915 | ||||||||
|
| |||||||
Leisure Time 0.0%(e) |
| |||||||
Bombardier Recreational Products, Inc., New Term Loan B, 4.000%, 01/30/19(a)(b) | 79,200 | 79,175 | ||||||
La Quinta Intermediate Holdings LLC, Term Loan B, 02/19/21(b)(c)(d) | 285,000 | 284,823 |
Shares or Principal Amount($) | Value($) | |||||||
Leisure Time—continued | ||||||||
Lions Gate Entertainment Corp., 2nd Lien Term Loan, 5.000%, 07/17/20(a)(b) | 90,000 | 91,575 | ||||||
Orient-Express Hotels Ltd., USD Term Loan B, 4.000%, 02/28/21(a)(b) | 70,000 | 70,146 | ||||||
|
| |||||||
525,719 | ||||||||
|
| |||||||
Lodging 0.8% |
| |||||||
Bally Technologies, Inc., Term Loan B, 4.250%, 11/25/20(a)(b)(c) | 129,138 | 129,622 | ||||||
Boyd Gaming Corp., Term Loan B, 4.000%, 08/14/20(a)(b) | 124,375 | 124,437 | ||||||
Caesars Entertainment Operating Co., Extended Term Loan B6, 5.489%, 01/26/18(a)(b) | 1,833,267 | 1,727,084 | ||||||
Caesars Entertainment Resort Properties LLC, Term Loan B, 7.000%, 10/12/20(a)(b) | 952,613 | 964,177 | ||||||
CCM Merger, Inc., New Term Loan B, 5.000%, 03/01/17(a)(b) | 86,672 | 86,889 | ||||||
Golden Nugget, Inc., New Delayed Draw Term Loan, 0.500%-5.500%, 11/21/19(a)(b) | 47,880 | 48,898 | ||||||
Golden Nugget, Inc., New Term Loan B, 5.500%, 11/21/19(a)(b) | 111,720 | 114,094 | ||||||
Hilton Worldwide Finance LLC, USD Term Loan B2, 3.750%, 10/26/20(a)(b)(c) | 1,032,315 | 1,033,513 | ||||||
Las Vegas Sands LLC, New Term Loan B, 3.250%, 12/20/20(a)(b)(c) | 852,863 | 851,387 | ||||||
Marina District Finance Co., Inc., Term Loan B, 6.750%, 08/15/18(a)(b) | 264,338 | 267,861 | ||||||
MGM Resorts International, Term Loan B, 3.500%, 12/20/19(a)(b)(c) | 479,904 | 478,555 | ||||||
Mohegan Tribal Gaming Authority, New Term Loan B, 5.500%, 11/19/19(a)(b) | 159,600 | 162,693 | ||||||
Penn National Gaming, Inc., New Term Loan B, 3.250%, 10/30/20(a)(b) | 59,850 | 59,663 |
See Notes to Financial Statements.
118
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Lodging—continued | ||||||||
Pinnacle Entertainment, Inc., Term Loan B2, 3.750%, 08/13/20(a)(b) | 213,388 | 213,720 | ||||||
Playa Resorts Holding B.V., Term Loan B, 4.000%, 08/06/19(a)(b) | 119,400 | 119,774 | ||||||
Scientific Games International, Inc., New Term Loan B, 4.250%, 10/18/20(a)(b) | 1,501,238 | 1,501,238 | ||||||
SeaWorld Parks & Entertainment, Inc., Term Loan B2, 3.000%, 05/14/20(a)(b) | 556,085 | 547,282 | ||||||
Seminole Tribe of Florida, Term Loan, 3.000%, 04/29/20(a)(b)(c) | 224,758 | 223,915 | ||||||
Shingle Springs Tribal Gaming Authority, Term Loan B, 6.250%, 08/29/19(a)(b) | 98,500 | 100,470 | ||||||
Starwood Property Trust, Inc., Term Loan B, 3.500%, 04/17/20(a)(b) | 218,445 | 217,491 | ||||||
|
| |||||||
8,972,763 | ||||||||
|
| |||||||
Machinery-Diversified 0.2% |
| |||||||
Alliance Laundry Systems LLC, Refinance Term Loan, 4.250%, 12/10/18(a)(b) | 381,741 | 383,012 | ||||||
Brand Energy & Infrastructure Services, Inc., New Term Loan B, 4.750%, 11/26/20(a)(b) | 598,165 | 599,661 | ||||||
Generac Power Systems, Inc., Term Loan B, 3.500%, 05/31/20(a)(b) | 129,176 | 129,079 | ||||||
INA Beteilgungsgesellschaft MbH, USD Term Loan C, 4.250%, 01/27/17(a)(b) | 980,000 | 983,469 | ||||||
Key Safety Systems, Inc., Term Loan B, 4.750%, 05/09/18(a)(b) | 87,688 | 87,907 | ||||||
NewPage Corp., Term Loan, 9.500%, 02/05/21(a)(b) | 215,000 | 216,434 | ||||||
Southwire LLC, Term Loan B, 3.250%, 02/11/21(a)(b)(c) | 135,000 | 134,663 | ||||||
W3 Co., 1st Lien Term Loan, 5.750%, 03/13/20(a)(b) | 64,350 | 64,430 | ||||||
|
| |||||||
2,598,655 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Manufacturing 0.0%(e) |
| |||||||
Mirror Bidco Corp., New Term Loan, 4.250%, 12/27/19(a)(b) | 192,567 | 192,889 | ||||||
|
| |||||||
Media 0.8% |
| |||||||
Charter Communications Operating LLC, Term Loan F, 3.000%, 01/03/21(a)(b) | 109,175 | 108,132 | ||||||
Clear Channel Communications, Inc., Term Loan C, 3.803%, 01/29/16(a)(b) | 138,660 | 135,655 | ||||||
Clear Channel Communications, Inc., Term Loan B, 3.803%, 01/29/16(a)(b) | 90,000 | 88,883 | ||||||
Clear Channel Communications, Inc., Term Loan D, 6.903%, 01/30/19(a)(b) | 90,000 | 88,079 | ||||||
Clear Channel Communications, Inc., USD Extended Term Loan E, 7.653%, 07/30/19(a)(b) | 2,830,376 | 2,825,876 | ||||||
Emerald Expositions Holding, Inc., Term Loan B, 5.500%, 06/17/20(a)(b) | 94,288 | 94,917 | ||||||
Encompass Digital Media, Inc., New Term Loan B1, 6.750%, 08/10/17(a)(b) | 98,750 | 99,429 | ||||||
Granite Broadcasting Corp., Term Loan B, 6.750%, 05/23/18(a)(b) | 109,626 | 110,106 | ||||||
Hoyts Group Holdings, LLC, 1st Lien Term Loan, 4.000%, 05/29/20(a)(b) | 64,513 | 64,473 | ||||||
McGraw-Hill Global Education Holdings, LLC, New 1st Lien Term Loan, 5.750%-7.000%, 03/22/19(a)(b) | 99,750 | 100,374 | ||||||
Nine Entertainment Group Ltd., Term Loan B, 3.250%, 02/05/20(a)(b) | 173,250 | 172,167 | ||||||
Syniverse Holdings, Inc., Term Loan, 4.000%, 04/23/19(a)(b) | 273,550 | 273,094 | ||||||
Univision Communications, Inc., Term Loan C4, 4.000%, 03/01/20(a)(b) | 448,875 | 449,373 |
See Notes to Financial Statements.
119
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Media—continued | ||||||||
Univision Communications, Inc., Term Loan C3, 4.000%, 03/02/20(a)(b) | 1,085,712 | 1,083,584 | ||||||
Village Roadshow Films(BVI) Ltd., Term Loan B, 4.750%, 11/21/17(a)(b) | 931,406 | 940,720 | ||||||
WideOpenWest Finance LLC, Term Loan B, 4.750%, 04/01/19(a)(b) | 138,600 | 138,643 | ||||||
Ziggo N.V., USD Term Loan B1, 01/15/22(b)(c)(d) | 759,913 | 751,257 | ||||||
Ziggo N.V., USD Term Loan B2, 01/15/22(b)(c)(d) | 489,702 | 484,124 | ||||||
Ziggo N.V., USD Term Loan B3, 01/15/22(b)(c)(d) | 805,385 | 796,212 | ||||||
|
| |||||||
8,805,098 | ||||||||
|
| |||||||
Metals 0.0%(e) |
| |||||||
Arch Coal, Inc., Term Loan B, 6.250%, 05/16/18(a)(b) | 241,365 | 237,677 | ||||||
Atlas Iron Ltd., Term Loan B, 8.750%, 12/07/17(a)(b) | 128,674 | 128,996 | ||||||
|
| |||||||
366,673 | ||||||||
|
| |||||||
Metals/Minerals 0.1% |
| |||||||
Atkore International, Inc., 1st Lien Term Loan, 03/26/21(b)(c)(d) | 135,000 | 134,748 | ||||||
Murray Energy Corp., 1st Lien Term Loan, 5.250%, 12/05/19(a)(b) | 180,000 | 181,350 | ||||||
Peabody Energy Corp., Term Loan B, 4.250%, 09/24/20(a)(b)(c) | 298,338 | 298,779 | ||||||
|
| |||||||
614,877 | ||||||||
|
| |||||||
Mining 0.3% |
| |||||||
Fairmount Minerals Ltd., Term Loan B2, 4.500%, 09/05/19(a)(b) | 64,675 | 64,978 | ||||||
FMG Resources(August 2006) Pty Ltd., New Term Loan B, 4.250%, 06/28/19(a)(b) | 2,303,425 | 2,320,033 | ||||||
Foresight Energy LLC, Term Loan B, 5.500%, 08/19/20(a)(b) | 164,175 | 164,894 | ||||||
Novelis, Inc., New Term Loan, 3.750%, 03/10/17(a)(b) | 331,549 | 330,955 | ||||||
Oxbow Carbon LLC, New Term Loan B, 4.250%, 07/19/19(a)(b) | 86,625 | 87,022 |
Shares or Principal Amount($) | Value($) | |||||||
Mining—continued | ||||||||
TMS International Corp., New Term Loan B, 4.500%, 10/16/20(a)(b) | 79,800 | 79,900 | ||||||
|
| |||||||
3,047,782 | ||||||||
|
| |||||||
Miscellaneous Manufacturer 0.1% |
| |||||||
Boomerang Tube LLC, Term Loan, 11.000%-11.750%, 10/11/17(a)(b) | 217,375 | 210,854 | ||||||
Harland Clarke Holdings, Corp., Term Loan B3, 7.000%, 05/22/18(a)(b)(c) | 1,362,009 | 1,379,715 | ||||||
|
| |||||||
1,590,569 | ||||||||
|
| |||||||
Oil & Gas 0.7% |
| |||||||
Alon USA Energy, Inc., Master Limited Partnership Term Loan, 9.250%, 11/26/18(a)(b) | 194,943 | 201,278 | ||||||
Atlas Energy L.P., Term Loan B, 6.500%, 07/31/19(a)(b) | 308,450 | 316,547 | ||||||
Bronco Midstream Funding LLC, Term Loan B, 5.000%, 08/17/20(a)(b) | 473,138 | 476,985 | ||||||
Drillships Financing Holding, Inc., Term Loan B1, 6.000%, 03/31/21(a)(b) | 808,350 | 822,666 | ||||||
EMG Utica LLC, Term Loan, 4.750%, 03/27/20(a)(b) | 730,000 | 731,825 | ||||||
Energy Transfer Equity, L.P., New Term Loan, 3.250%, 12/02/19(a)(b)(c) | 1,345,000 | 1,341,409 | ||||||
EP Energy LLC, Term Loan B3, 3.500%, 05/24/18(a)(b) | 303,333 | 302,954 | ||||||
EP Energy LLC, Term Loan B2, 4.500%, 04/30/19(a)(b) | 84,375 | 84,551 | ||||||
Fieldwood Energy LLC, 1st Lien Term Loan, 3.875%, 09/28/18(a)(b) | 303,650 | 303,595 | ||||||
Frac Tech International LLC, Term Loan B, 8.500%, 05/06/16(a)(b)(c) | 961,785 | 977,645 | ||||||
MEG Energy Corp., Refinance Term Loan, 3.750%, 03/31/20(a)(b) | 879,954 | 882,708 | ||||||
Offshore Group Investment Ltd., New Term Loan B, 5.000%, 10/25/17(a)(b)(c) | 141,446 | 141,329 | ||||||
Petroleum Geo-Services ASA, New Term Loan B, 3.250%, 03/14/21(a)(b) | 300,000 | 297,843 |
See Notes to Financial Statements.
120
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Oil & Gas—continued | ||||||||
Ruby Western Pipeline Holdings, LLC, Term Loan B, 3.500%, 03/27/20(a)(b) | 184,383 | 183,577 | ||||||
Samson Investment Co., New 2nd Lien Term Loan, 5.000%, 09/25/18(a)(b) | 135,000 | 136,223 | ||||||
Sheridan Investment Partners II, L.P., Term Loan A, 4.250%, 12/16/20(a)(b) | 184,259 | 185,296 | ||||||
Sheridan Investment Partners II, L.P., Term Loan B, 4.250%, 12/16/20(a)(b) | 25,632 | 25,776 | ||||||
Sheridan Investment Partners II, L.P., Term Loan M, 4.250%, 12/16/20(a)(b) | 9,559 | 9,613 | ||||||
Teine Energy Ltd., 2nd Lien Term Loan, 7.500%, 05/09/19(a)(b) | 69,824 | 70,696 | ||||||
Tervita Corp., Term Loan, 05/15/18(b)(c)(d) | 74,811 | 74,100 | ||||||
TPF Generation Holdings LLC, Term Loan B, 4.750%, 12/29/17(a)(b) | 104,475 | 100,383 | ||||||
TPF Generation Holdings LLC, Term Loan B, 6.500%, 08/21/19(a)(b) | 114,138 | 115,564 | ||||||
Vantage Drilling Co., Term Loan B, 5.750%, 03/28/19(a)(b) | 413,930 | 417,812 | ||||||
Western Refining, Inc., Term Loan B, 4.250%, 11/12/20(a)(b) | 339,150 | 341,694 | ||||||
|
| |||||||
8,542,069 | ||||||||
|
| |||||||
Packaging & Containers 0.3% |
| |||||||
Ardagh Holdings USA, Inc., Institutional Term Loan, 12/17/19(b)(c)(d) | 115,000 | 114,952 | ||||||
Ardagh Holdings USA, Inc., Term Loan B, 4.250%, 12/17/19(a)(b) | 144,638 | 145,090 | ||||||
Berry Plastics Holding Corp., Term Loan D, 3.500%, 02/07/20(a)(b) | 2,493,495 | 2,481,027 | ||||||
Berry Plastics Holding Corp., Term Loan E, 3.750%, 01/06/21(a)(b) | 220,000 | 219,419 | ||||||
BWAY Corp., Term Loan B, 4.500%, 08/07/17(a)(b) | 98,750 | 99,090 | ||||||
Caraustar Industries, Inc., Term Loan, 7.500%, 05/01/19(a)(b) | 85,483 | 86,819 |
Shares or Principal Amount($) | Value($) | |||||||
Packaging & Containers—continued |
| |||||||
Reynolds Group Holdings, Inc., New Dollar Term Loan, 4.000%, 12/01/18(a)(b) | 232,068 | 232,604 | ||||||
Tronox Pigments(Netherlands) BV, 2013 Term Loan, 4.500%, 03/19/20(a)(b) | 263,013 | 264,362 | ||||||
|
| |||||||
3,643,363 | ||||||||
|
| |||||||
Real Estate 0.1% |
| |||||||
Alliant Holdings I, Inc., New Term Loan B, 4.250%, 12/20/19(a)(b) | 190,273 | 190,907 | ||||||
CB Richard Ellis Services, Inc., New Term Loan B, 2.905%-5.000%, 03/29/21(a)(b) | 345,329 | 344,251 | ||||||
Continental Building Products LLC, 1st Lien Term Loan, 4.750%, 08/28/20(a)(b) | 303,475 | 303,727 | ||||||
CPG International, Inc., New Term Loan, 4.750%, 09/30/20(a)(b) | 159,200 | 159,466 | ||||||
Four Seasons Holdings, Inc., 1st Lien Term Loan, 3.500%-5.000%, 06/27/20(a)(b) | 278,600 | 278,600 | ||||||
Four Seasons Holdings, Inc., 2nd Lien Term Loan, 6.250%, 12/28/20(a)(b) | 35,000 | 35,481 | ||||||
Istar Financial, Inc., Add on Term Loan A2, 7.000%, 03/17/17(a)(b) | 13,345 | 13,745 | ||||||
Quikrete Holdings, Inc., 1st Lien Term Loan, 4.000%, 09/28/20(a)(b) | 199,000 | 199,207 | ||||||
Realogy Corp., Extended Letter of Credit, 0.205%-4.400%, 10/10/16(a)(b) | 17,893 | 17,953 | ||||||
Realogy Corp., New Term Loan B, 3.750%, 03/05/20(a)(b) | 188,104 | 188,668 | ||||||
|
| |||||||
1,732,005 | ||||||||
|
| |||||||
Retail 0.8% |
| |||||||
Academy, Ltd., Term Loan, 4.500%, 08/03/18(a)(b) | 108,225 | 108,510 | ||||||
Albertson’s, LLC, Term Loan B1, 4.250%, 03/21/16(a)(b) | 128,162 | 128,482 | ||||||
Albertson’s, LLC, Term Loan B2, 4.750%, 03/21/19(a)(b) | 318,866 | 320,725 |
See Notes to Financial Statements.
121
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Retail—continued | ||||||||
BJ’s Wholesale Club, Inc., New 1st Lien Term Loan, 4.500%, 09/26/19(a)(b) | 69,825 | 70,000 | ||||||
BJ’s Wholesale Club, Inc., New 2nd Lien Term Loan, 8.500%, 03/26/20(a)(b) | 75,000 | 76,650 | ||||||
Camping World, Inc., Term Loan, 5.750%, 02/20/20(a)(b) | 193,781 | 194,750 | ||||||
Capital Automotive LP, New 2nd Lien Term Loan, 6.000%, 04/30/20(a)(b) | 180,000 | 183,825 | ||||||
Evergreen Acqco 1 LP, New Term Loan, 5.000%-6.00%, 07/09/19(a)(b) | 123,438 | 124,209 | ||||||
Harbor Freight Tools USA, Inc., New 1st Lien Term Loan, 4.750%, 07/26/19(a)(b)(c) | 49,500 | 49,964 | ||||||
Hudson’s Bay Co., 1st Lien Term Loan, 4.750%, 11/04/20(a)(b) | 342,250 | 346,528 | ||||||
J Crew Group, Inc., New Term Loan B, 4.000%, 03/05/21(a)(b) | 395,000 | 393,914 | ||||||
JC Penney Corp., Inc., 1st Lien Term Loan, 6.000%, 05/22/18(a)(b) | 754,300 | 749,902 | ||||||
Jo-Ann Stores, Inc., Term Loan, 4.000%, 03/16/18(a)(b) | 396,585 | 395,593 | ||||||
Lands’ End, Inc., Term Loan B, 01/31/21(b)(c)(d) | 335,000 | 334,374 | ||||||
Michaels Stores, Inc., New Term Loan, 3.750%, 01/28/20(a)(b) | 208,425 | 208,556 | ||||||
Neiman Marcus Group, Inc.(The), 2020 Term Loan, 4.250%, 10/25/20(a)(b) | 1,541,138 | 1,545,144 | ||||||
Ollie’s Bargain Outlet, Inc., Term Loan, 5.250%-6.250%, 09/27/19(a)(b) | 84,148 | 83,833 | ||||||
Party City Holdings, Inc., Term Loan, 4.000%, 07/27/19(a)(b) | 378,969 | 378,897 | ||||||
Petco Animal Supplies, Inc., New Term Loan, 4.000%, 11/24/17(a)(b) | 220,738 | 221,137 | ||||||
Phillips-Van Heusen Corp., Term Loan B, 3.250%, 02/13/20(a)(b) | 166,295 | 166,560 |
Shares or Principal Amount($) | Value($) | |||||||
Retail—continued | ||||||||
Rite Aid Corp., Term Loan 7, 3.500%, 02/21/20(a)(b) | 277,900 | 277,467 | ||||||
Rite Aid Corp., New 2nd Lien Term Loan, 4.875%, 06/21/21(a)(b) | 275,000 | 278,781 | ||||||
Rite Aid Corp., 2nd Lien Term Loan, 5.750%, 08/21/20(a)(b) | 260,000 | 265,364 | ||||||
Sears Holding Corp., Term Loan, 5.500%, 06/30/18(a)(b) | 927,675 | 931,618 | ||||||
Supervalu, Inc., Refinance Term Loan B, 4.500%, 03/21/19(a)(b) | 167,104 | 167,243 | ||||||
Toys ‘R’ Us Property Co. I LLC, New Term Loan B, 6.000%, 08/21/19(a)(b) | 558,600 | 539,747 | ||||||
Toys ‘R’ Us-Delaware, Inc., Term Loan B3, 5.250%, 05/25/18(a)(b) | 130,849 | 108,932 | ||||||
Toys ‘R’ Us-Delaware, Inc., New Term Loan, 6.000%, 09/01/16(a)(b) | 170,947 | 154,387 | ||||||
|
| |||||||
8,805,092 | ||||||||
|
| |||||||
Semiconductors 0.2% |
| |||||||
Freescale Semiconductor, Inc., Term Loan B4, 4.250%, 02/28/20(a)(b) | 1,302,702 | 1,307,171 | ||||||
Microsemi Corp., Term Loan B1, 3.250%, 02/19/20(a)(b) | 176,425 | 175,940 | ||||||
ON Semiconductor Corp., Term Loan A, 1.997%, 01/02/18(a)(b) | 336,875 | 328,453 | ||||||
|
| |||||||
1,811,564 | ||||||||
|
| |||||||
Telecommunication Services 1.8% |
| |||||||
Alcatel-Lucent USA, Inc., USD Term Loan C, 4.500%, 01/30/19(a)(b) | 1,218,382 | 1,223,523 | ||||||
Arris Group, Inc., Term Loan B, 3.500%, 04/17/20(a)(b)(c) | 312,648 | 311,163 | ||||||
Avaya, Inc., Extended Term Loan B3, 4.734%, 10/26/17(a)(b) | 311,377 | 303,754 | ||||||
Avaya, Inc., Term Loan B6, 6.500%, 03/30/18(a)(b) | 152,765 | 152,924 | ||||||
Cellular South, Inc., New Term Loan, 3.250%, 05/22/20(a)(b) | 44,550 | 44,216 |
See Notes to Financial Statements.
122
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services—continued |
| |||||||
Cequel Communications LLC, Term Loan B, 3.500%, 02/14/19(a)(b) | 521,779 | 521,559 | ||||||
Charter Communications Operating LLC, Term Loan E, 3.000%, 07/01/20(a)(b) | 1,960,188 | 1,942,056 | ||||||
Cincinnati Bell, Inc., New Term Loan B, 4.000%, 09/10/20(a)(b) | 487,550 | 487,248 | ||||||
Consolidated Communications, Inc., New Term Loan B, 4.250%, 12/23/20(a)(b) | 159,600 | 160,499 | ||||||
Crown Castle Operating Co., Term Loan B2, 3.250%, 01/31/21(a)(b) | 1,858,044 | 1,851,076 | ||||||
CSC Holdings, Inc., New Term Loan B, 2.653%, 04/17/20(a)(b) | 1,538,375 | 1,517,807 | ||||||
Cumulus Media Holdings, Inc., 2013 Term Loan, 4.250%, 12/23/20(a)(b) | 608,212 | 610,492 | ||||||
DataPipe, Inc., 1st Lien Term Loan, 5.750%, 03/15/19(a)(b) | 64,350 | 64,350 | ||||||
Evertec, Inc., New Term Loan A, 2.742%, 04/16/18(a)(b) | 529,375 | 521,434 | ||||||
Evertec, Inc., New Term Loan B, 3.500%, 04/17/20(a)(b) | 114,088 | 112,484 | ||||||
Gray Television, Inc., New Term Loan B, 4.500%, 10/15/19(a)(b) | 97,405 | 97,812 | ||||||
Integra Telecom, Inc., Term Loan B, 5.250%, 02/22/19(a)(b) | 272,250 | 273,418 | ||||||
Intelsat Jackson Holdings S.A., Term Loan B2, 3.750%, 06/30/19(a)(b) | 359,597 | 360,158 | ||||||
Learfield Communications, Inc., 1st Lien Term Loan, 5.000%, 10/08/20(a)(b) | 119,700 | 119,999 | ||||||
Level 3 Financing, Inc., New 2019 Term Loan, 4.000%, 08/01/19(a)(b) | 525,000 | 526,181 | ||||||
Level 3 Financing, Inc., 2020 Term Loan B, 4.000%, 01/15/20(a)(b) | 1,025,000 | 1,026,281 | ||||||
Liberty Cablevision of Puerto Rico LLC, New Term Loan B, 6.000%, 06/09/17(a)(b) | 489,924 | 490,904 |
Shares or Principal Amount($) | Value($) | |||||||
Telecommunication Services—continued |
| |||||||
LIN Television Corp., Term Loan B, 4.000%, 12/21/18(a)(b) | 93,567 | 93,567 | ||||||
Media General, Inc., Delayed Draw Term Loan B, 4.250%, 07/31/20(a)(b) | 148,870 | 149,708 | ||||||
Mediacom Communications Corp., Term Loan F, 2.630%, 01/31/18(a)(b) | 90,000 | 89,550 | ||||||
Mediacom Communications Corp., Term Loan H, 3.250%, 01/29/21(a)(b) | 218,350 | 216,780 | ||||||
Mediacom Communications Corp., Term Loan G, 4.000%, 01/20/20(a)(b) | 522,050 | 522,050 | ||||||
NTELOS Inc., New Term Loan B, 5.750%, 11/08/19(a)(b) | 359,089 | 355,796 | ||||||
Nuance Communications, Inc., Term Loan C, 2.910%, 08/07/19(a)(b) | 119,100 | 117,782 | ||||||
Peak Ten, Inc., 2018 Term Loan B, 8.250%, 10/25/18(a)(b) | 93,813 | 94,751 | ||||||
Quebecor Media, Inc., Term Loan B1, 3.250%, 08/17/20(a)(b) | 592,025 | 588,574 | ||||||
Sinclair Television Group, Inc., Term Loan B, 3.000%, 04/09/20(a)(b) | 99,001 | 97,578 | ||||||
Syniverse Holdings, Inc., Term Loan B, 4.000%, 04/23/19(a)(b) | 828,941 | 829,289 | ||||||
UPC Financing Partnership, USD Term Loan AH, 3.250%, 06/30/21(a)(b) | 530,000 | 528,389 | ||||||
Van Wagner Communications LLC, New Term Loan, 6.250%-7.250%, 08/03/18(a)(b) | 312,048 | 315,265 | ||||||
Virgin Media Investment Holdings Ltd., USD Term Loan B, 3.500%, 06/08/20(a)(b)(c) | 1,440,000 | 1,436,155 | ||||||
WMG Acquisition Corp., New Term Loan, 3.750%, 07/01/20(a)(b) | 646,750 | 643,031 | ||||||
Zayo Group, LLC, PIK, Term Loan B, 4.000%, 07/02/19(a)(b) | 1,369,142 | 1,369,485 | ||||||
|
| |||||||
20,167,088 | ||||||||
|
|
See Notes to Financial Statements.
123
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Telecommunications 0.1% |
| |||||||
CompuCom Systems, Inc., Refinance Term Loan B, 4.250%, 05/11/20(a)(b) | 84,363 | 84,178 | ||||||
LTS Buyer LLC, 1st Lien Term Loan, 4.000%, 04/13/20(a)(b) | 302,713 | 300,633 | ||||||
Windstream Corp., Term Loan B4, 3.500%, 01/23/20(a)(b) | 187,625 | 187,109 | ||||||
|
| |||||||
571,920 | ||||||||
|
| |||||||
Transportation 0.2% |
| |||||||
Affinia Group Intermediate Holdings, Inc., Term Loan B2, 4.750%-5.750%, 04/27/20(a)(b) | 64,513 | 64,513 | ||||||
American Airlines, Inc., Exit Term Loan, 3.750%, 06/27/19(a)(b) | 1,250,550 | 1,253,901 | ||||||
Avis Budget Car Rental, LLC, New Term Loan B, 3.000%, 03/15/19(a)(b) | 59,251 | 58,751 | ||||||
Commercial Barge Line Co., 1st Lien Term Loan, 7.500%, 09/23/19(a)(b) | 178,200 | 178,200 | ||||||
Delta Air Lines, Inc., 2018 Term Loan B1, 3.500%, 10/18/18(a)(b) | 346,096 | 345,934 | ||||||
FleetPride Corp., 1st Lien Term Loan, 5.250%, 11/19/19(a)(b) | 133,313 | 131,446 | ||||||
Navios Partners Finance(US), Inc., Term Loan B, 5.250%, 06/27/18(a)(b) | 218,353 | 221,720 | ||||||
Sabre, Inc., Term Loan C, 4.000%, 02/19/18(a)(b) | 142,188 | 142,217 | ||||||
|
| |||||||
2,396,682 | ||||||||
|
| |||||||
Utilities 0.1% |
| |||||||
Astoria Generating Company Acquisitions, LLC, New Term Loan, 8.500%, 10/26/17(a)(b) | 115,500 | 118,965 | ||||||
Calpine Construction Finance Co., L.P., Original Term Loan B1, 3.000%, 05/03/20(a)(b) | 322,563 | 316,676 | ||||||
Calpine Construction Finance Co., L.P., Original Term Loan B2, 3.250%, 01/31/22(a)(b)(c) | 143,540 | 140,920 | ||||||
Dynegy Holdings, Inc., Term Loan B2, 4.000%, 04/23/20(a)(b) | 99,250 | 99,561 |
Shares or Principal Amount($) | Value($) | |||||||
Utilities—continued | ||||||||
EFS Cogen Holdings I LLC, Term Loan B, 3.750%, 12/17/20(a)(b) | 240,025 | 241,026 | ||||||
Empire Generating Co., LLC, Term Loan C, 5.250%, 03/12/21(a)(b) | 11,087 | 11,080 | ||||||
Empire Generating Co., LLC, Term Loan B, 5.250%, 03/12/21(a)(b) | 158,913 | 158,815 | ||||||
Exgen Renewables I, LLC, Term Loan, 5.250%, 02/08/21(a)(b) | 145,000 | 146,994 | ||||||
NGPL PipeCo LLC, Term Loan B, 6.750%, 09/15/17(a)(b) | 90,869 | 88,552 | ||||||
Power Team Services, LLC, Delayed Draw Term Loan, 3.250%-4.250%, 05/06/20(a)(b) | 23,679 | 23,541 | ||||||
Power Team Services, LLC, 1st Lien Term Loan, 4.250%, 05/06/20(a)(b) | 189,914 | 188,807 | ||||||
Viva Alamo LLC, Term Loan B, 4.750%, 02/17/21(a)(b) | 105,000 | 105,197 | ||||||
WNA Holdings, Inc., USD 1st Lien Canadian Borrower, 4.500%-5.500%, 06/05/20(a)(b) | 86,835 | 86,944 | ||||||
|
| |||||||
1,727,078 | ||||||||
|
| |||||||
Wireless Communication 0.1% |
| |||||||
GOGO LLC, Term Loan, 11.250%, 06/21/17(a)(b) | 303,037 | 327,280 | ||||||
SBA Senior Finance II LLC, Term Loan B1, 1.000%, 03/24/21(a)(b)(c) | 290,000 | 288,706 | ||||||
|
| |||||||
615,986 | ||||||||
|
| |||||||
Total Bank Loans |
| 131,294,834 | ||||||
|
| |||||||
Corporate Bonds 24.4% |
| |||||||
Agriculture 0.3% |
| |||||||
Japan Tobacco, Inc., 2.100%, 07/23/18(b) | 2,959,000 | 2,957,568 | ||||||
|
| |||||||
Airlines 0.9% |
| |||||||
American Airlines Pass Through Trust, 4.950%, 07/15/24(b) | 6,572,522 | 7,049,030 | ||||||
United Airlines Pass Through Trust, Series 2014-1, Cl A, 4.000%, 10/11/27, Series A(c) | 2,830,000 | 2,844,150 | ||||||
|
| |||||||
9,893,180 | ||||||||
|
|
See Notes to Financial Statements.
124
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Auto Manufacturers 0.8% |
| |||||||
Daimler Finance N.A. LLC, 3.875%, 09/15/21(b) | 1,632,000 | 1,712,838 | ||||||
General Motors Co., 6.250%, 10/02/43(b) | 4,935,000 | 5,342,137 | ||||||
Volkswagen International Finance, 2.375%, 03/22/17(b) | 1,988,000 | 2,045,056 | ||||||
|
| |||||||
9,100,031 | ||||||||
|
| |||||||
Auto Parts & Equipment 0.2% |
| |||||||
Delphi Corp., 4.150%, 03/15/24 | 2,088,000 | 2,085,480 | ||||||
|
| |||||||
Banks 5.9% |
| |||||||
Bank of America Corp., 2.600%, 01/15/19 | 3,690,000 | 3,704,557 | ||||||
Bank of America NA, 1.250%, 02/14/17 | 4,916,000 | 4,895,505 | ||||||
Citigroup, Inc., 2.500%, 09/26/18 | 5,481,000 | 5,510,756 | ||||||
Citigroup, Inc., 5.500%, 09/13/25 | 3,182,000 | 3,389,460 | ||||||
Citigroup, Inc., 6.675%, 09/13/43 | 1,632,000 | 1,911,074 | ||||||
Fifth Third Bank, 1.450%, 02/28/18 | 4,330,000 | 4,256,771 | ||||||
Goldman Sachs Group, Inc.(The), 2.900%, 07/19/18 | 5,323,000 | 5,428,363 | ||||||
HSBC Bank PLC, 3.500%, 06/28/15(b) | 2,067,000 | 2,142,785 | ||||||
Huntington National Bank(The), 1.300%, 11/20/16 | 2,582,000 | 2,589,989 | ||||||
JPMorgan Chase & Co., 1.625%, 05/15/18 | 5,714,000 | 5,611,554 | ||||||
JPMorgan Chase & Co., 3.875%, 02/01/24 | 4,184,000 | 4,221,539 | ||||||
KeyBank NA, 1.650%, 02/01/18 | 2,151,000 | 2,135,035 | ||||||
Lloyds Bank PLC, 2.300%, 11/27/18(g) | 1,516,000 | 1,514,499 | ||||||
Morgan Stanley, 2.500%, 01/24/19 | 4,989,000 | 4,975,106 | ||||||
Morgan Stanley, 5.000%, 11/24/25 | 3,975,000 | 4,089,957 | ||||||
PNC Funding Corp., 3.300%, 03/08/22 | 626,000 | 630,121 | ||||||
US Bank NA, 1.100%, 01/30/17 | 3,743,000 | 3,750,175 | ||||||
Wells Fargo & Co., 1.250%, 02/13/15, MTN | 3,463,000 | 3,489,824 | ||||||
Wells Fargo & Co., 5.375%, 11/02/43 | 2,396,000 | 2,523,925 | ||||||
|
| |||||||
66,770,995 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Beverages 0.2% |
| |||||||
SABMiller Holdings, Inc., 2.450%, 01/15/17(b) | 2,790,000 | 2,868,982 | ||||||
|
| |||||||
Chemicals 0.2% |
| |||||||
Praxair, Inc., 4.625%, 03/30/15 | 2,138,000 | 2,224,478 | ||||||
|
| |||||||
Commercial Services 0.4% |
| |||||||
ERAC USA Finance LLC, 2.750%, 03/15/17(b) | 1,292,000 | 1,332,794 | ||||||
ERAC USA Finance LLC, 5.250%, 10/01/20(b) | 1,449,000 | 1,615,513 | ||||||
ERAC USA Finance LLC, 5.600%, 05/01/15(b) | 1,115,000 | 1,171,568 | ||||||
|
| |||||||
4,119,875 | ||||||||
|
| |||||||
Computers 0.5% |
| |||||||
IBM Corp., 0.875%, 10/31/14 | 6,104,000 | 6,125,199 | ||||||
|
| |||||||
Diversified Financial Services 2.6% |
| |||||||
American Express Credit Corp., 2.375%, 03/24/17, MTN | 1,745,000 | 1,807,399 | ||||||
Ford Motor Credit Co. LLC, 5.000%, 05/15/18 | 2,857,000 | 3,153,354 | ||||||
General Electric Capital Corp., 3.100%, 01/09/23, MTN | 6,749,000 | 6,604,234 | ||||||
John Deere Capital Corp., 1.250%, 12/02/14, MTN | 2,195,000 | 2,209,015 | ||||||
Lazard Group LLC, 4.250%, 11/14/20 | 4,389,000 | 4,547,188 | ||||||
MassMutual Global Funding LLC, 2.000%, 04/05/17(b) | 1,783,000 | 1,819,732 | ||||||
Nomura Holdings, Inc., 2.750%, 03/19/19, MTN | 1,892,000 | 1,880,561 | ||||||
PACCAR Financial Corp., 1.550%, 09/29/14, MTN | 2,900,000 | 2,917,008 | ||||||
Toyota Motor Credit Corp., 3.200%, 06/17/15, MTN | 970,000 | 1,001,077 | ||||||
Woodside Finance Ltd., 4.600%, 05/10/21(b) | 3,100,000 | 3,317,865 | ||||||
|
| |||||||
29,257,433 | ||||||||
|
| |||||||
Electric 0.4% |
| |||||||
Dominion Resources, Inc., 1.950%, 08/15/16 | 647,000 | 659,199 | ||||||
Exelon Generation Co. LLC, 6.200%, 10/01/17 | 1,395,000 | 1,576,227 | ||||||
MidAmerican Energy Holdings Co., 6.125%, 04/01/36 | 1,561,000 | 1,867,274 | ||||||
|
| |||||||
4,102,700 | ||||||||
|
|
See Notes to Financial Statements.
125
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Electronics 0.5% |
| |||||||
Agilent Technologies, Inc., 3.875%, 07/15/23 | 4,394,000 | 4,343,359 | ||||||
Thermo Fisher Scientific, Inc., 5.300%, 02/01/44 | 1,269,000 | 1,367,556 | ||||||
|
| |||||||
5,710,915 | ||||||||
|
| |||||||
Healthcare-Services 0.3% |
| |||||||
Howard Hughes Medical Institute, 3.500%, 09/01/23 | 2,160,000 | 2,197,396 | ||||||
UnitedHealth Group, Inc., 4.250%, 03/15/43 | 1,006,000 | 958,296 | ||||||
|
| |||||||
3,155,692 | ||||||||
|
| |||||||
Insurance 1.5% |
| |||||||
American International Group, Inc., 5.850%, 01/16/18, MTN | 3,592,000 | 4,104,797 | ||||||
Arch Capital Group US, Inc., 5.144%, 11/01/43 | 3,166,000 | 3,333,928 | ||||||
Berkshire Hathaway, Inc., 3.200%, 02/11/15 | 3,622,000 | 3,711,156 | ||||||
Fairfax Financial Holdings Ltd., 5.800%, 05/15/21(b)(g) | 1,036,000 | 1,093,020 | ||||||
Nationwide Financial Services, Inc., 5.375%, 03/25/21(b) | 2,594,000 | 2,858,033 | ||||||
Reinsurance Group of America, Inc., 4.700%, 09/15/23, MTN | 1,387,000 | 1,456,690 | ||||||
|
| |||||||
16,557,624 | ||||||||
|
| |||||||
Internet 0.1% |
| |||||||
eBay, Inc., 4.000%, 07/15/42 | 1,788,000 | 1,581,418 | ||||||
|
| |||||||
Media 0.5% |
| |||||||
Comcast Corp., 4.650%, 07/15/42 | 2,631,000 | 2,624,233 | ||||||
Time Warner, Inc., 4.900%, 06/15/42 | 2,908,000 | 2,918,405 | ||||||
|
| |||||||
5,542,638 | ||||||||
|
| |||||||
Mining 1.8% |
| |||||||
Barrick(PD) Australia Finance Property Ltd., 4.950%, 01/15/20 | 667,000 | 701,798 | ||||||
Barrick(PD) Australia Finance Property Ltd., 5.950%, 10/15/39 | 6,210,000 | 6,164,667 | ||||||
Barrick International Barbados Corp., 6.350%, 10/15/36(b) | 1,083,000 | 1,063,127 |
Shares or Principal Amount($) | Value($) | |||||||
Mining—continued | ||||||||
Barrick North America Finance LLC, 5.750%, 05/01/43 | 2,289,000 | 2,230,223 | ||||||
BHP Billiton Finance USA Ltd., 1.125%, 11/21/14 | 2,260,000 | 2,271,074 | ||||||
Newmont Mining Corp., 6.250%, 10/01/39 | 8,490,000 | 8,221,139 | ||||||
|
| |||||||
20,652,028 | ||||||||
|
| |||||||
Miscellaneous Manufacturer 0.4% |
| |||||||
3M Co., 1.375%, 09/29/16 | 1,247,000 | 1,269,904 | ||||||
General Electric Co., 4.125%, 10/09/42 | 1,441,000 | 1,384,647 | ||||||
General Electric Co., 5.250%, 12/06/17 | 1,214,000 | 1,375,746 | ||||||
|
| |||||||
4,030,297 | ||||||||
|
| |||||||
Oil & Gas 0.4% | ||||||||
BP Capital Markets PLC, 2.248%, 11/01/16 | 2,636,000 | 2,720,181 | ||||||
Ensco PLC, 4.700%, 03/15/21 | 2,163,000 | 2,324,020 | ||||||
|
| |||||||
5,044,201 | ||||||||
|
| |||||||
Oil & Gas Services 0.7% |
| |||||||
Schlumberger Investment SA, 3.300%, 09/14/21(b) | 1,946,000 | 1,985,414 | ||||||
Weatherford International Ltd., 5.125%, 09/15/20 | 1,330,000 | 1,447,269 | ||||||
Weatherford International Ltd., 5.950%, 04/15/42 | 1,706,000 | 1,838,107 | ||||||
Weatherford International Ltd., 6.500%, 08/01/36 | 2,651,000 | 2,972,296 | ||||||
|
| |||||||
8,243,086 | ||||||||
|
| |||||||
Pharmaceuticals 0.7% |
| |||||||
Express Scripts Holding Co., 2.650%, 02/15/17 | 1,830,000 | 1,892,531 | ||||||
Novartis Securities Investment Ltd., 5.125%, 02/10/19 | 1,137,000 | 1,290,847 | ||||||
Perrigo Co. PLC, 5.300%, 11/15/43(b) | 1,643,000 | 1,729,507 | ||||||
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/36 | 2,850,000 | 3,238,589 | ||||||
|
| |||||||
8,151,474 | ||||||||
|
| |||||||
Pipelines 0.8% |
| |||||||
DCP Midstream Operating LP, 5.600%, 04/01/44 | 2,500,000 | 2,609,517 | ||||||
Enterprise Products Operating LLC, 4.850%, 03/15/44 | 2,483,000 | 2,476,686 | ||||||
Kinder Morgan Energy Partners LP, 5.000%, 08/15/42 | 4,375,000 | 4,148,821 | ||||||
|
| |||||||
9,235,024 | ||||||||
|
|
See Notes to Financial Statements.
126
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Real Estate Investment Trust 0.8% |
| |||||||
American Tower Corp., 3.500%, 01/31/23 | 2,285,000 | 2,160,787 | ||||||
American Tower Corp., 5.000%, 02/15/24 | 3,680,000 | 3,832,735 | ||||||
Digital Realty Trust LP, 5.875%, 02/01/20(g) | 3,192,000 | 3,494,713 | ||||||
|
| |||||||
9,488,235 | ||||||||
|
| |||||||
Retail 0.5% | ||||||||
Wal-Mart Stores, Inc., 1.125%, 04/11/18 | 6,152,000 | 6,031,162 | ||||||
|
| |||||||
Semiconductors 0.9% |
| |||||||
Analog Devices, Inc., 3.000%, 04/15/16 | 377,000 | 391,518 | ||||||
Intel Corp., 1.950%, 10/01/16 | 1,424,000 | 1,463,291 | ||||||
Intel Corp., 4.250%, 12/15/42 | 428,000 | 405,803 | ||||||
Intel Corp., 4.800%, 10/01/41 | 5,117,000 | 5,287,084 | ||||||
TSMC Global Ltd., 1.625%, 04/03/18(b) | 2,920,000 | 2,830,750 | ||||||
|
| |||||||
10,378,446 | ||||||||
|
| |||||||
Software 0.3% |
| |||||||
Oracle Corp., 1.200%, 10/15/17 | 1,573,000 | 1,560,636 | ||||||
Oracle Corp., 2.375%, 01/15/19 | 1,921,000 | 1,943,885 | ||||||
|
| |||||||
3,504,521 | ||||||||
|
| |||||||
Telecommunication Services 1.8% |
| |||||||
AT&T, Inc., 2.375%, 11/27/18 | 4,266,000 | 4,287,198 | ||||||
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849%, 04/15/23 | 3,737,000 | 3,635,245 | ||||||
Cisco Systems, Inc., 2.125%, 03/01/19 | 2,475,000 | 2,463,927 | ||||||
Cisco Systems, Inc., 5.500%, 02/22/16 | 1,378,000 | 1,504,983 | ||||||
Verizon Communications, Inc., 6.550%, 09/15/43 | 6,670,000 | 8,116,956 | ||||||
|
| |||||||
20,008,309 | ||||||||
|
| |||||||
Total Corporate Bonds | 276,820,991 | |||||||
|
| |||||||
Municipal Bonds 1.4% | ||||||||
Illinois 0.3% | ||||||||
City of Chicago, Series B, GO, 6.314%, 01/01/44 | 3,014,000 | 3,074,702 | ||||||
|
| |||||||
New York 0.7% | ||||||||
Utility Debt Securitization Authority, Series T, RB, 2.937%, 06/15/23 | 8,531,000 | 8,535,692 | ||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Puerto Rico 0.4% | ||||||||
Commonwealth of Puerto Rico, Series A, GO, 8.000%, 07/01/35 | 4,345,000 | 4,058,056 | ||||||
|
| |||||||
Total Municipal Bonds (Cost $15,585,809) | 15,668,450 | |||||||
|
| |||||||
U.S. Government Agency Mortgages 29.7% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Pool #J14244, 3.000%, 01/01/26 | 2,484,343 | 2,554,489 | ||||||
Pool #J14245, 3.000%, 01/01/26 | 1,371,612 | 1,410,558 | ||||||
Pool #J17791, 3.000%, 01/01/27 | 6,103,523 | 6,272,350 | ||||||
Pool #J18800, 3.000%, 04/01/27 | 9,066,661 | 9,316,954 | ||||||
Pool #G14517, 2.500%, 07/01/27 | 3,162,453 | 3,165,351 | ||||||
Pool #J20118, 2.500%, 08/01/27 | 2,930,237 | 2,931,825 | ||||||
Pool #E04075, 2.500%, 08/01/27 | 5,088,594 | 5,091,352 | ||||||
Pool #G14599, 2.500%, 11/01/27 | 4,181,065 | 4,183,330 | ||||||
Pool #J21439, 2.500%, 12/01/27 | 3,342,583 | 3,347,516 | ||||||
Pool #J22047, 2.000%, 01/01/28 | 1,156,935 | 1,129,139 | ||||||
Pool #E09023, 2.000%, 02/01/28 | 3,310,136 | 3,226,909 | ||||||
Pool #J22872, 2.000%, 03/01/28 | 752,133 | 733,151 | ||||||
Pool #J22899, 2.000%, 03/01/28 | 238,014 | 231,945 | ||||||
Pool #D99439, 3.500%, 06/01/32 | 994,479 | 1,022,865 | ||||||
Pool #G30614, 3.500%, 12/01/32 | 6,156,177 | 6,331,446 | ||||||
Pool #A12413, 5.000%, 08/01/33 | 448,469 | 488,734 | ||||||
Pool #G05052, 5.000%, 10/01/33 | 279,507 | 304,535 | ||||||
Pool #G04918, 5.000%, 04/01/34 | 1,040,966 | 1,135,098 | ||||||
Pool #G01828, 4.500%, 04/01/35 | 60,532 | 64,679 | ||||||
Pool #G01779, 5.000%, 04/01/35 | 564,257 | 614,849 | ||||||
Pool #G01837, 5.000%, 07/01/35 | 3,903,983 | 4,254,256 |
See Notes to Financial Statements.
127
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #A37619, 4.500%, 09/01/35 | 1,869,996 | 1,995,731 | ||||||
Pool #A37900, 4.500%, 09/01/35 | 496,255 | 529,838 | ||||||
Pool #A39731, 5.000%, 11/01/35 | 882,302 | 959,252 | ||||||
Pool #G05325, 4.500%, 03/01/36 | 4,792,174 | 5,123,084 | ||||||
Pool #G02069, 5.500%, 03/01/36 | 245,527 | 271,046 | ||||||
Pool #Q01807, 4.500%, 07/01/36 | 2,275,380 | 2,427,915 | ||||||
Pool #Z40004, 6.000%, 08/01/36 | 785,026 | 870,407 | ||||||
Pool #G04997, 5.000%, 01/01/37 | 1,200,962 | 1,307,037 | ||||||
Pool #Q06160, 4.000%, 02/01/37 | 754,706 | 783,262 | ||||||
Pool #G05521, 5.500%, 05/01/37 | 556,329 | 614,645 | ||||||
Pool #G05326, 5.000%, 02/01/38 | 4,733,529 | 5,151,547 | ||||||
Pool #G04337, 5.500%, 04/01/38 | 650,468 | 714,029 | ||||||
Pool #G07135, 6.000%, 10/01/38 | 3,396,608 | 3,776,579 | ||||||
Pool #G08347, 4.500%, 06/01/39 | 4,516,914 | 4,827,855 | ||||||
Pool #G08353, 4.500%, 07/01/39 | 5,466,045 | 5,829,395 | ||||||
Pool #G06079, 6.000%, 07/01/39 | 1,431,887 | 1,589,206 | ||||||
Pool #A87874, 4.000%, 08/01/39 | 1,373,855 | 1,428,272 | ||||||
Pool #A89148, 4.000%, 10/01/39 | 2,076,963 | 2,155,376 | ||||||
Pool #A89384, 4.000%, 10/01/39 | 287,397 | 298,229 | ||||||
Pool #G08372, 4.500%, 11/01/39 | 2,985,739 | 3,183,758 | ||||||
Pool #A93101, 5.000%, 07/01/40 | 1,466,898 | 1,598,893 | ||||||
Pool #G06990, 5.500%, 08/01/40 | 7,145,943 | 7,844,209 | ||||||
Pool #A93996, 4.500%, 09/01/40 | 1,291,353 | 1,377,460 | ||||||
Pool #A94362, 4.000%, 10/01/40 | 2,597,795 | 2,701,530 | ||||||
Pool #G06061, 4.000%, 10/01/40(c) | 3,964,424 | 4,118,215 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #A97047, 4.500%, 02/01/41 | 1,477,899 | 1,576,388 | ||||||
Pool #Q00291, 5.000%, 04/01/41 | 469,128 | 511,013 | ||||||
|
| |||||||
121,375,502 | ||||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Pool #471235, 3.120%, 05/01/22 | 357,476 | 365,032 | ||||||
Pool #AM0345, 2.460%, 08/01/22 | 873,382 | 845,129 | ||||||
Pool #AM0463, 2.720%, 09/01/22 | 1,643,295 | 1,615,275 | ||||||
Pool #AM2685, 2.670%, 03/01/23 | 1,219,129 | 1,170,314 | ||||||
Pool #AM3353, 2.450%, 05/01/23 | 719,099 | 683,339 | ||||||
Pool #AM3691, 2.540%, 06/01/23 | 1,378,394 | 1,326,492 | ||||||
Pool #AM3489, 2.560%, 06/01/23 | 1,118,847 | 1,082,428 | ||||||
Pool #AM3851, 3.020%, 07/01/23 | 3,122,000 | 3,087,975 | ||||||
Pool #AM3916, 3.080%, 07/01/23 | 2,382,794 | 2,387,623 | ||||||
Pool #AM4001, 3.590%, 07/01/23 | 1,857,000 | 1,923,131 | ||||||
Pool #AM3972, 3.000%, 08/01/23 | 2,683,402 | 2,676,272 | ||||||
Pool #AM4233, 3.440%, 08/01/23 | 1,644,553 | 1,687,103 | ||||||
Pool #AM4025, 3.650%, 08/01/23 | 373,848 | 388,331 | ||||||
Pool #AM4407, 3.650%, 09/01/23 | 4,177,184 | 4,335,502 | ||||||
Pool #AM4353, 3.740%, 09/01/23 | 993,219 | 1,023,595 | ||||||
Pool #AM5146, 3.470%, 01/01/24 | 5,714,814 | 5,846,598 | ||||||
Pool #932871, 3.000%, 01/01/26 | 567,380 | 583,581 | ||||||
Pool #AJ8325, 3.000%, 12/01/26 | 2,322,043 | 2,387,788 | ||||||
Pool #AL3274, 3.000%, 05/01/27 | 2,758,205 | 2,840,399 | ||||||
Pool #AB5967, 2.500%, 08/01/27(c) | 236,716 | 237,329 | ||||||
Pool #AB6472, 2.000%, 10/01/27 | 5,437,442 | 5,300,630 |
See Notes to Financial Statements.
128
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #AP9623, 2.000%, 10/01/27 | 1,682,229 | 1,639,902 | ||||||
Pool #AB6644, 2.500%, 10/01/27 | 9,757,029 | 9,782,258 | ||||||
Pool #AB6480, 2.500%, 10/01/27 | 3,001,364 | 3,009,123 | ||||||
Pool #AP6251, 2.500%, 10/01/27 | 477,391 | 478,625 | ||||||
Pool #AB7081, 2.500%, 11/01/27 | 787,710 | 789,747 | ||||||
Pool #AL2716, 2.000%, 12/01/27 | 1,461,510 | 1,424,737 | ||||||
Pool #AR0379, 2.000%, 12/01/27 | 1,624,365 | 1,583,494 | ||||||
Pool #AB7142, 2.500%, 12/01/27 | 1,337,707 | 1,341,166 | ||||||
Pool #AB7158, 2.500%, 12/01/27 | 1,869,360 | 1,874,198 | ||||||
Pool #AQ9956, 2.000%, 01/01/28 | 226,802 | 221,096 | ||||||
Pool #AR1524, 2.000%, 01/01/28 | 11,336,634 | 11,051,391 | ||||||
Pool #AB7707, 2.000%, 01/01/28 | 1,565,529 | 1,526,138 | ||||||
Pool #AR3040, 2.000%, 01/01/28 | 1,032,082 | 1,006,113 | ||||||
Pool #AR6867, 2.000%, 02/01/28 | 5,472,166 | 5,334,480 | ||||||
Pool #AL3041, 2.000%, 02/01/28 | 407,972 | 397,707 | ||||||
Pool #AB7795, 2.500%, 02/01/28 | 14,628,749 | 14,632,123 | ||||||
Pool #AS0001, 2.000%, 07/01/28 | 2,427,484 | 2,366,405 | ||||||
Pool #MA0199, 4.000%, 10/01/29 | 321,778 | 339,094 | ||||||
Pool #MA0427, 4.000%, 05/01/30 | 438,852 | 463,035 | ||||||
Pool #MA0481, 4.500%, 08/01/30 | 5,545,992 | 5,948,680 | ||||||
Pool #AB1763, 4.000%, 11/01/30 | 712,719 | 752,350 | ||||||
Pool #MA0587, 4.000%, 12/01/30 | 2,135,713 | 2,254,251 | ||||||
Pool #MA0804, 4.000%, 07/01/31 | 1,592,754 | 1,681,262 | ||||||
Pool #AB4168, 3.500%, 01/01/32 | 5,912,420 | 6,092,737 | ||||||
Pool #MA0949, 3.500%, 01/01/32 | 4,097,615 | 4,216,327 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #AK4899, 3.500%, 02/01/32 | 210,794 | 217,209 | ||||||
Pool #AK4934, 3.500%, 02/01/32 | 101,205 | 104,288 | ||||||
Pool #MA0976, 3.500%, 02/01/32 | 875,180 | 901,880 | ||||||
Pool #MA1107, 3.500%, 07/01/32 | 461,460 | 475,597 | ||||||
Pool #AO3244, 3.500%, 08/01/32 | 2,205,783 | 2,273,363 | ||||||
Pool #AP6368, 3.500%, 09/01/32 | 3,633,405 | 3,744,643 | ||||||
Pool #AP9592, 3.500%, 10/01/32 | 4,290,408 | 4,421,769 | ||||||
Pool #AB7691, 3.500%, 01/01/33 | 2,062,152 | 2,125,329 | ||||||
Pool #AB8428, 3.500%, 02/01/33 | 4,323,384 | 4,448,967 | ||||||
Pool #MA1543, 3.500%, 08/01/33 | 4,294,932 | 4,419,007 | ||||||
Pool #MA1630, 4.000%, 10/01/33 | 1,033,610 | 1,086,943 | ||||||
Pool #255458, 5.500%, 11/01/34 | 366,579 | 407,919 | ||||||
Pool #843434, 5.500%, 05/01/35 | 619,735 | 688,905 | ||||||
Pool #745044, 4.500%, 08/01/35 | 1,151,693 | 1,230,701 | ||||||
Pool #190370, 6.000%, 06/01/36 | 4,333,935 | 4,839,881 | ||||||
Pool #AI7951, 4.500%, 08/01/36 | 1,300,927 | 1,386,842 | ||||||
Pool #890547, 4.000%, 11/01/36 | 3,543,987 | 3,684,122 | ||||||
Pool #745950, 6.000%, 11/01/36 | 3,027,167 | 3,381,017 | ||||||
Pool #AJ5974, 4.000%, 12/01/36 | 727,464 | 756,367 | ||||||
Pool #995082, 5.500%, 08/01/37 | 1,826,038 | 2,030,925 | ||||||
Pool #890248, 6.000%, 08/01/37 | 637,312 | 716,674 | ||||||
Pool #889643, 6.000%, 03/01/38 | 333,311 | 371,631 | ||||||
Pool #889529, 6.000%, 03/01/38 | 284,437 | 317,880 | ||||||
Pool #995243, 4.500%, 08/01/38 | 2,784,046 | 2,967,062 | ||||||
Pool #930672, 4.500%, 03/01/39 | 2,113,572 | 2,269,268 |
See Notes to Financial Statements.
129
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #995724, 6.000%, 04/01/39 | 2,424,101 | 2,708,741 | ||||||
Pool #AC5445, 5.000%, 11/01/39 | 1,618,505 | 1,777,900 | ||||||
Pool #932441, 4.000%, 01/01/40 | 9,301,416 | 9,664,793 | ||||||
Pool #AC9564, 4.500%, 02/01/40 | 1,166,471 | 1,251,045 | ||||||
Pool #AE0216, 4.000%, 08/01/40 | 2,701,269 | 2,806,431 | ||||||
Pool #AB1343, 4.500%, 08/01/40 | 2,601,708 | 2,794,248 | ||||||
Pool #AE4192, 4.000%, 10/01/40 | 3,733,329 | 3,890,154 | ||||||
Pool #AE0625, 4.000%, 12/01/40 | 1,272,098 | 1,327,998 | ||||||
Pool #AL0005, 4.500%, 01/01/41 | 1,408,571 | 1,503,766 | ||||||
Pool #AB2694, 4.500%, 04/01/41 | 1,559,820 | 1,673,094 | ||||||
Pool #AB3274, 4.500%, 07/01/41 | 4,563,529 | 4,892,422 | ||||||
Pool #AL1627, 4.500%, 09/01/41 | 4,407,997 | 4,708,534 | ||||||
Pool #AM5397, 3.150%, 04/01/44(c) | 623,000 | 635,460 | ||||||
|
| |||||||
210,903,080 | ||||||||
|
| |||||||
SLM Student Loan Trust | ||||||||
Series 2013-6, Cl A1, 0.434%, 02/25/19(a) | 6,379,123 | 6,381,592 | ||||||
|
| |||||||
Total U.S. Government Agency Mortgages | 338,660,174 | |||||||
|
| |||||||
U.S. Treasury Obligations 21.6% |
| |||||||
U.S. Treasury Bond 2.7% | ||||||||
3.750%, 11/15/43 | 29,671,000 | 30,718,742 | ||||||
|
| |||||||
U.S. Treasury Note 10.5% | ||||||||
2.750%, 02/15/24 | 118,084,000 | 118,342,368 | ||||||
|
| |||||||
U.S. Treasury Notes 8.4% | ||||||||
0.500%, 06/15/16 | 90,000 | 89,944 | ||||||
0.875%, 02/28/17 | 74,040,000 | 74,045,775 | ||||||
1.500%, 01/31/19 | 21,973,000 | 21,780,736 | ||||||
|
| |||||||
95,916,455 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 244,977,565 | |||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Foreign Government Bonds 0.5% |
| |||||||
Sovereign 0.5% |
| |||||||
Brazilian Government International Bond, 7.125%, 01/20/37 | 1,218,000 | 1,460,078 | ||||||
Colombia Government International Bond, 7.375%, 09/18/37 | 709,000 | 907,520 | ||||||
Mexico Government International Bond, 5.550%, 01/21/45 | 3,192,000 | 3,391,500 | ||||||
|
| |||||||
Total Foreign Government Bonds | 5,759,098 | |||||||
|
| |||||||
Short-Term Investment 0.5% |
| |||||||
RidgeWorth Funds Securities Lending Joint Account(h) | 5,665,800 | 5,665,800 | ||||||
|
| |||||||
Total Short-Term Investment | 5,665,800 | |||||||
|
| |||||||
Money Market Fund 3.3% |
| |||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(i) | 37,206,751 | 37,206,751 | ||||||
|
| |||||||
Total Money Market Fund | 37,206,751 | |||||||
|
| |||||||
Total Investments |
| 1,165,677,599 | ||||||
Liabilities in Excess of Other Assets — (2.6)% |
| (29,886,898 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 1,135,790,701 | ||||||
|
|
(a) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(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 19.4% of net assets as of March 31, 2014. |
(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) | Security is in default. |
(g) | The security or a partial position of the security was on loan as of March 31, 2014. The total value of securities on loan as of March 31, 2014 was $5,539,511. |
See Notes to Financial Statements.
130
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — continued
(h) | 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, 2014 (See Note 2(k)). |
(i) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
ADS | — | American Depositary Shares | ||
GO | — | General Obligation |
MTN | — | Medium Term Note | ||
PIK | — | Payment in-kind | ||
RB | — | Revenue Bond | ||
REMIC | — | Real Estate Mortgage Investment Conduit |
At March 31, 2014, 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 | Implied Credit Spread* | Upfront Payments Made | Value | Unrealized Appreciation | ||||||||||||||||||||||
Hillshire Brands Co.(The) | Barclays Bank PLC | $3,000,000 | 1.000 | % | 03/20/19 | 10.247 | % | $(5,887 | ) | $3,709 | $9,596 |
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.
OTC Credit Default Swap Contract — Sell Protection
Underlying Instrument | Counterparty | Notional Amount | Fixed Rate | Expiration Date | Implied Credit Spread | Upfront Payments Received | Value | Unrealized Depreciation | ||||||||||||||||||||||
General Electric Capital Corp. | JPMorgan | $5,000,000 | 1.000 | % | 06/20/19 | 5.961 | % | $102,248 | $101,398 | $(850 | ) |
The notional amount represents the maximum potential amount the Fund could be required to make as seller of credit protection if a credit event occurs, as defined under the terms of swap contract, for each security included in the General Electric Capital Corp.
The value column indicates the impact each respective swap agreement has on the Fund’s Net Assets at March 31, 2014.
* | 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 buying/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. |
OTC Interest Rate Swap Contracts
At March 31, 2014, the Fund’s open interest rate swap contracts were as follows:
Counterparty | Payments Made by Fund | Payments Received by Fund | Notional Amount | Expiration Date | Upfront Payments Made (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
JPMorgan | BZDIOVRA-Floating | 11.08%-Fixed | BRL 44,516,980 | 1/2/2017 | $— | $(559,592 | ) | $(559,592 | ) | |||||||||||||||||
JPMorgan | BZDIOVRA-Floating | 11.76-Fixed | BRL 19,028,954 | 1/2/2017 | — | (80,979 | ) | (80,979 | ) | |||||||||||||||||
JPMorgan | BZDIOVRA-Floating | 12.58-Fixed | BRL 7,064,605 | 1/2/2017 | — | 25,665 | 25,665 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$— | $(614,906 | ) | $(614,906 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
BRL | — | Brazilian Real | ||
BZDIOVRA | — | Brazil Interbank |
The value column indicates the impact each respective swap agreement has on the Fund’s Net Assets at March 31, 2014.
See Notes to Financial Statements.
131
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund — concluded
Forward Foreign Currency Contracts
At March 31, 2014, 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 | ||||||||||||||||
Short | ||||||||||||||||||||||
Euro | JPMorgan | 05/12/14 | 15,209,587 | $ | 21,088,311 | $ | 20,951,817 | $ | 136,494 | |||||||||||||
|
|
|
|
|
| |||||||||||||||||
Total Short Contracts | $ | 21,088,311 | $ | 20,951,817 | $ | 136,494 | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
Long | ||||||||||||||||||||||
Mexican Peso | JPMorgan | 04/11/14 | 742,740,760 | $ | 55,585,423 | $ | 56,851,506 | $ | 1,266,083 | |||||||||||||
|
|
|
|
|
| |||||||||||||||||
Total Long Contracts | $ | 55,585,423 | $ | 56,851,506 | $ | 1,266,083 | ||||||||||||||||
|
|
|
|
|
|
As of March 31, 2014, the Fund had the following unfunded loan commitments:
Borrower | Unfunded Commitments | Unrealized Appreciation (Depreciation) | ||||||
Power Team Services LLC | $13,514 | $9 | ||||||
WR Grace & Co. | 46,053 | (11 | ) | |||||
|
|
|
| |||||
$59,567 | $(2 | ) | ||||||
|
|
|
|
The commitments are available until the maturity date of the respective security.
See Notes to Financial Statements.
132
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Ultra-Short Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Asset-Backed Securities 9.4% | ||||||||
Automobiles 4.4% |
| |||||||
Ally Auto Receivables Trust, Series 2010-4, Cl A4, 1.350%, 12/15/15 | 725,203 | 727,170 | ||||||
California Republic Auto Receivables Trust, Series 2014-1, Cl A3, 0.850%, 05/15/18 | 520,000 | 520,231 | ||||||
Ford Credit Auto Owner Trust, Series 2010-B, Cl A4, 1.580%, 09/15/15 | 68,448 | 68,635 | ||||||
Harley-Davidson Motorcycle Trust, Series 2011-1, Cl A3, 0.960%, 05/16/16 | 203,547 | 203,718 | ||||||
Harley-Davidson Motorcycle Trust, Series 2011-2, Cl A3, 1.110%, 09/15/16 | 260,501 | 261,034 | ||||||
Honda Auto Receivables Owner Trust, Series 2014-1, Cl A2, 0.410%, 09/21/16 | 400,000 | 399,741 | ||||||
Hyundai Auto Receivables Trust, Series 2011-C, Cl A4, 1.300%, 02/15/18 | 1,700,000 | 1,716,240 | ||||||
Mercedes-Benz Auto Lease Trust, Series 2013-A, Cl A3, 0.590%, 02/15/16 | 1,340,000 | 1,341,095 | ||||||
Nissan Auto Receivables Owner Trust, Series 2013-A, Cl A2, 0.370%, 09/15/15 | 120,529 | 120,528 | ||||||
|
| |||||||
5,358,392 | ||||||||
|
| |||||||
Credit Card 3.7% | ||||||||
Chase Issuance Trust, Series 2014-A1, Cl A1, 1.150%, 01/15/19 | 1,300,000 | 1,299,987 | ||||||
Citibank Credit Card Issuance Trust, Series 2013-A10, Cl A10, 0.730%, 02/07/18 | 1,300,000 | 1,301,932 | ||||||
Discover Card Master Trust, Series 2012-A3, Cl A, 0.860%, 11/15/17 | 1,875,000 | 1,883,715 | ||||||
|
| |||||||
4,485,634 | ||||||||
|
| |||||||
Other 0.8% | ||||||||
John Deere Owner Trust, Series 2011-A, Cl A4, 1.960%, 04/16/18 | 950,167 | 953,420 | ||||||
|
| |||||||
Student Loan Asset Backed Security 0.5% |
| |||||||
SLM Student Loan Trust, Series 2013-5, Cl A1, 0.414%, 05/25/18(a) | 684,370 | 684,734 | ||||||
|
| |||||||
Total Asset-Backed Securities | 11,482,180 | |||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Collateralized Mortgage Obligations 30.2% |
| |||||||
Agency Collateralized Mortgage Obligations 7.5% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 3792, Cl DF, REMIC, 0.555%, 11/15/40(a)(b) | 1,647,774 | 1,655,040 | ||||||
Series 3824, Cl FA, REMIC, 0.305%, 03/15/26(a) | 933,857 | 932,564 | ||||||
|
| |||||||
2,587,604 | ||||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Series 2005-92, Cl UF, 0.504%, 10/25/25(a) | 216,774 | 217,602 | ||||||
Series 2007-109, Cl NF, 0.704%, 12/25/37(a)(b) | 748,760 | 754,135 | ||||||
Series 2007-54, Cl KF, 0.464%, 06/25/37(a) | 432,470 | 431,966 | ||||||
Series 2009-37, Cl HA, 4.000%, 04/25/19 | 76,335 | 79,820 | ||||||
Series 2010-134, Cl BF, 0.584%, 10/25/40(a)(b) | 946,363 | 948,090 | ||||||
Series 2011-M1, Cl FA, 0.604%, 06/25/21(a)(b) | 1,494,429 | 1,503,735 | ||||||
Series 2013-M5, Cl ASQ2, 0.595%, 08/25/15 | 1,463,883 | 1,466,487 | ||||||
|
| |||||||
5,401,835 | ||||||||
|
| |||||||
NCUA Guaranteed Notes | ||||||||
Series 2011-R5, Cl 1A, 0.536%, 04/06/20(a) | 606,136 | 607,356 | ||||||
Series 2011-R6, Cl 1A, 0.536%, 05/07/20(a) | 531,754 | 532,340 | ||||||
|
| |||||||
1,139,696 | ||||||||
|
| |||||||
9,129,135 | ||||||||
|
| |||||||
Agency Collateralized Planned Amortization Class Mortgage Obligations 0.4% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 3200, Cl FP, 0.355%, 08/15/36(a) | 362,727 | 360,809 | ||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Series 2005-42, Cl PF, 0.354%, 05/25/35(a) | 203,811 | 203,881 | ||||||
|
| |||||||
564,690 | ||||||||
|
| |||||||
Commercial Mortgage Backed Securities 22.0% |
| |||||||
Banc of America Commercial Mortgage, Inc. | ||||||||
Series 2004-3, Cl A5, 5.380%, 06/10/39(a)(b) | 385,088 | 385,007 |
See Notes to Financial Statements.
133
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Ultra-Short Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Commercial Mortgage Backed Securities—continued |
| |||||||
Series 2004-6, Cl AJ, 4.870%, 12/10/42(a)(b) | 1,535,000 | 1,569,782 | ||||||
Series 2005-2, Cl AM, 4.913%, 07/10/43(a) | 185,000 | 192,936 | ||||||
|
| |||||||
2,147,725 | ||||||||
|
| |||||||
Bear Stearns Commercial Mortgage Securities Trust | ||||||||
Series 2006-PW14, Cl A4, 5.201%, 12/11/38 | 1,715,000 | 1,871,466 | ||||||
|
| |||||||
Commercial Mortgage Trust | ||||||||
Series 2005-C6, Cl A5A, 5.116%, 06/10/44(a) | 986,368 | 1,029,326 | ||||||
Series 2005-C6, Cl AJ, 5.209%, 06/10/44(a) | 405,000 | 423,083 | ||||||
|
| |||||||
1,452,409 | ||||||||
|
| |||||||
Credit Suisse Commercial Mortgage Trust | ||||||||
Series 2006-C3, Cl A3, 5.792%, 06/15/38(a) | 822,043 | 890,807 | ||||||
Series 2006-C5, Cl A3, 5.311%, 12/15/39 | 1,580,000 | 1,711,685 | ||||||
|
| |||||||
2,602,492 | ||||||||
|
| |||||||
FDIC Structured Sale Guaranteed Notes | ||||||||
Series 2011-C1, Cl A, 1.840%, 04/25/31(a)(b)(c) | 368,084 | 369,718 | ||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Series 2013-M11, Cl A, 1.500%, 01/25/18 | 2,166,558 | 2,186,960 | ||||||
|
| |||||||
GMAC Commercial Mortgage Securities, Inc. | ||||||||
Series 2004-C3, Cl A4, 4.547%, 12/10/41 | 284,071 | 284,749 | ||||||
Series 2005-C1, Cl AM, 4.754%, 05/10/43 | 1,681,925 | 1,743,371 | ||||||
|
| |||||||
2,028,120 | ||||||||
|
| |||||||
JPMorgan Chase Commercial Mortgage Securities Trust | ||||||||
Series 2004-CBX, Cl A5, 4.654%, 01/12/37(b) | 951,762 | 953,231 | ||||||
Series 2005-LDP1, Cl A4, 5.038%, 03/15/46(a) | 1,249,111 | 1,275,276 | ||||||
|
| |||||||
2,228,507 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Commercial Mortgage Backed Securities—continued |
| |||||||
JPMorgan Chase Commercial Mortgage Securities Corp. | ||||||||
Series 2004-CB8, Cl A4, 4.404%, 01/12/39 | 44,859 | 44,840 | ||||||
Series 2005-LDP3, Cl A4A, 4.936%, 08/15/42(a) | 318,570 | 331,554 | ||||||
|
| |||||||
376,394 | ||||||||
|
| |||||||
LB Commercial Mortgage Trust | ||||||||
Series 1998-C4, Cl G, 5.600%, 10/15/35(c) | 243,485 | 245,301 | ||||||
|
| |||||||
LB-UBS Commercial Mortgage Trust | ||||||||
Series 2004-C4, Cl A4, 6.000%, 06/15/29(a) | 20,240 | 20,254 | ||||||
Series 2004-C7, Cl A6, 4.786%, 10/15/29(a)(b) | 1,395,756 | 1,406,066 | ||||||
Series 2006-C7, Cl A3, 5.347%, 11/15/38 | 1,020,000 | 1,118,287 | ||||||
|
| |||||||
2,544,607 | ||||||||
|
| |||||||
Merrill Lynch Mortgage Trust | ||||||||
Series 2005-CKI1, Cl A6, 5.283%, 11/12/37(a) | 1,463,460 | 1,537,612 | ||||||
|
| |||||||
Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||
Series 2013-C12, Cl A1, 1.313%, 10/15/46 | 1,238,137 | 1,239,741 | ||||||
Series 2014-C14, Cl A1, 1.250%, 02/15/47 | 439,593 | 438,162 | ||||||
|
| |||||||
1,677,903 | ||||||||
|
| |||||||
Morgan Stanley Capital I | ||||||||
Series 2004-IQ7, Cl A4, 5.427%, 06/15/38(a) | 232,412 | 232,318 | ||||||
|
| |||||||
Morgan Stanley Capital I Trust | ||||||||
Series 2006-IQ12, Cl A1A, 5.319%, 12/15/43 | 533,469 | 582,669 | ||||||
Series 2006-T23, Cl A4, 5.811%, 08/12/41(a) | 1,645,000 | 1,792,186 | ||||||
|
| |||||||
2,374,855 | ||||||||
|
| |||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
Series 2005-C20, Cl A7, 5.118%, 07/15/42(a) | 353,198 | 368,996 | ||||||
Series 2005-C21, Cl A4, 5.240%, 10/15/44(a) | 953,973 | 1,003,909 | ||||||
Series 2005-C22, Cl A4, 5.289%, 12/15/44(a)(b) | 1,500,000 | 1,588,363 | ||||||
|
| |||||||
2,961,268 | ||||||||
|
| |||||||
26,837,655 | ||||||||
|
|
See Notes to Financial Statements.
134
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Ultra-Short Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Whole Loan Collateral Mortgage Obligation 0.3% |
| |||||||
Banc of America Mortgage Securities, Inc. | ||||||||
Series 2003-F, Cl 1A1, 2.623%, 07/25/33(a)(b) | 386,396 | 367,796 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations | 36,899,276 | |||||||
|
| |||||||
Corporate Bonds 46.2% | ||||||||
Advertising 0.5% | ||||||||
Omnicom Group, Inc., 5.900%, 04/15/16 | 505,000 | 552,426 | ||||||
|
| |||||||
Auto Manufacturers 3.0% | ||||||||
Daimler Finance North America LLC, 1.098%, 08/01/18(a)(c) | 1,665,000 | 1,682,719 | ||||||
PACCAR Financial Corp., 0.835%, 12/06/18, MTN(a) | 445,000 | 447,459 | ||||||
Volkswagen International Finance, 0.676%, 11/18/16(a)(c) | 785,000 | 786,232 | ||||||
Volkswagen International Finance, 1.150%, 11/20/15(c) | 750,000 | 754,616 | ||||||
|
| |||||||
3,671,026 | ||||||||
|
| |||||||
Banks 12.3% | ||||||||
Bank of America Corp., 1.054%, 03/22/16, MTN(a) | 725,000 | 730,033 | ||||||
Bank of America Corp., 5.300%, 09/30/15, Series B, MTN | 865,000 | 918,868 | ||||||
Bank of Nova Scotia, 0.428%, 02/19/15 | 405,000 | 405,689 | ||||||
Branch Banking & Trust Co., 0.553%, 09/13/16(a) | 900,000 | 894,692 | ||||||
Branch Banking & Trust Co., 0.666%, 12/01/16(a) | 615,000 | 617,271 | ||||||
Capital One Financial Corp., 0.877%, 11/06/15(a) | 740,000 | 742,275 | ||||||
Citigroup, Inc., 1.350%, 03/10/17 | 890,000 | 885,698 | ||||||
Fifth Third Bank, 0.900%, 02/26/16 | 1,130,000 | 1,131,419 | ||||||
Goldman Sachs Group, Inc. (The), 5.950%, 01/18/18 | 955,000 | 1,081,525 | ||||||
HSBC USA, Inc., 2.375%, 02/13/15 | 1,465,000 | 1,489,986 | ||||||
JPMorgan Chase & Co., 0.854%, 02/26/16, MTN(a) | 725,000 | 728,477 | ||||||
JPMorgan Chase & Co., 5.150%, 10/01/15 | 635,000 | 673,894 | ||||||
JPMorgan Chase & Co., 6.125%, 06/27/17(b) | 295,000 | 334,405 |
Shares or Principal Amount($) | Value($) | |||||||
Banks—continued | ||||||||
Morgan Stanley, 1.485%, 02/25/16(a) | 720,000 | 730,345 | ||||||
Morgan Stanley, 5.375%, 10/15/15 | 465,000 | 495,730 | ||||||
PNC Funding Corp., 2.700%, 09/19/16 | 1,085,000 | 1,127,714 | ||||||
Wachovia Bank NA, 0.563%, 03/15/16, MTN(a) | 1,081,000 | 1,079,133 | ||||||
Wells Fargo & Co., 1.250%, 07/20/16 | 860,000 | 867,216 | ||||||
|
| |||||||
14,934,370 | ||||||||
|
| |||||||
Beverages 0.4% | ||||||||
Dr. Pepper Snapple Group, Inc., 2.900%, 01/15/16 | 425,000 | 440,537 | ||||||
|
| |||||||
Biotechnology 0.4% | ||||||||
Gilead Sciences, Inc., 2.400%, 12/01/14 | 525,000 | 531,328 | ||||||
|
| |||||||
Chemicals 1.5% | ||||||||
Ecolab, Inc., 2.375%, 12/08/14 | 735,000 | 744,197 | ||||||
Sherwin-Williams Co. (The), 3.125%, 12/15/14 | 1,065,000 | 1,083,901 | ||||||
|
| |||||||
1,828,098 | ||||||||
|
| |||||||
Commercial Services 0.5% |
| |||||||
ERAC USA Finance LLC, 1.400%, 04/15/16(c) | 590,000 | 592,955 | ||||||
|
| |||||||
Computers 0.5% | ||||||||
Hewlett-Packard Co., 3.000%, 09/15/16(b) | 555,000 | 579,457 | ||||||
|
| |||||||
Distribution/Wholesale 0.6% |
| |||||||
Glencore Funding LLC, 1.394%, 05/27/16(a)(c) | 745,000 | 745,976 | ||||||
|
| |||||||
Diversified Financial Services 4.1% |
| |||||||
American Express Credit Corp., 0.746%, 07/29/16(a) | 1,175,000 | 1,182,890 | ||||||
Ford Motor Credit Co. LLC, 1.018%, 01/17/17, Series 00, MTN(a) | 550,000 | 553,034 | ||||||
Ford Motor Credit Co. LLC, 5.000%, 05/15/18 | 665,000 | 733,980 | ||||||
General Electric Capital Corp., 0.892%, 07/12/16, MTN(a) | 1,435,000 | 1,448,318 | ||||||
Hyundai Capital America, 1.875%, 08/09/16(c) | 495,000 | 500,594 | ||||||
Woodside Finance Ltd., 4.500%, 11/10/14(b)(c) | 665,000 | 680,186 | ||||||
|
| |||||||
5,099,002 | ||||||||
|
|
See Notes to Financial Statements.
135
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Ultra-Short Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Electric 2.4% | ||||||||
Constellation Energy Group, Inc., 4.550%, 06/15/15 | 695,000 | 725,200 | ||||||
Duke Energy Ohio, Inc., 0.375%, 03/06/15(a) | 280,000 | 280,246 | ||||||
NextEra Energy Capital Holdings, Inc., 1.611%, 06/01/14(b) | 387,000 | 387,741 | ||||||
NextEra Energy Capital Holdings, Inc., 2.600%, 09/01/15 | 411,000 | 420,890 | ||||||
Nisource Finance Corp., 5.400%, 07/15/14 | 600,000 | 608,091 | ||||||
PSEG Power LLC, 2.750%, 09/15/16 | 480,000 | 498,854 | ||||||
|
| |||||||
2,921,022 | ||||||||
|
| |||||||
Electronics 0.6% | ||||||||
Amphenol Corp., 4.750%, 11/15/14 | 700,000 | 717,497 | ||||||
|
| |||||||
Food 0.5% | ||||||||
Kraft Foods Group, Inc., 1.625%, 06/04/15 | 610,000 | 616,844 | ||||||
|
| |||||||
Healthcare-Services 3.4% | ||||||||
Aetna, Inc., 1.750%, 05/15/17 | 590,000 | 595,780 | ||||||
Providence Health & Services-Washington, 1.033%, 10/01/16(a) | 1,520,000 | 1,512,225 | ||||||
UnitedHealth Group, Inc., 1.875%, 11/15/16 | 565,000 | 577,734 | ||||||
UnitedHealth Group, Inc., 4.875%, 03/15/15 | 545,000 | 567,994 | ||||||
WellPoint, Inc., 5.000%, 12/15/14 | 899,000 | 927,097 | ||||||
|
| |||||||
4,180,830 | ||||||||
|
| |||||||
Housewares 0.4% | ||||||||
Newell Rubbermaid, Inc., 2.000%, 06/15/15 | 520,000 | 526,309 | ||||||
|
| |||||||
Insurance 4.4% | ||||||||
ACE INA Holdings, Inc., 5.875%, 06/15/14(b) | 650,000 | 656,942 | ||||||
Metropolitan Life Global Funding I, 0.769%, 07/15/16(a)(c) | 1,000,000 | 1,006,595 | ||||||
Metropolitan Life Global Funding I, 1.700%, 06/29/15(c) | 220,000 | 222,900 | ||||||
New York Life Global Funding, 1.125%, 03/01/17(c) | 1,000,000 | 995,608 | ||||||
Principal Life Global Funding II, 1.125%, 02/24/17(c) | 805,000 | 799,903 |
Shares or Principal Amount($) | Value($) | |||||||
Insurance—continued | ||||||||
Prudential Covered Trust 2012-1, 2.997%, 09/30/15(c) | 1,596,000 | 1,638,272 | ||||||
|
| |||||||
5,320,220 | ||||||||
|
| |||||||
Media 2.6% |
| |||||||
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 4.750%, 10/01/14 | 475,000 | 484,287 | ||||||
NBCUniversal Enterprise, Inc., 0.776%, 04/15/16(a)(c) | 1,780,000 | 1,784,767 | ||||||
Time Warner Cable, Inc., 7.500%, 04/01/14 | 115,000 | 115,000 | ||||||
Viacom, Inc., 1.250%, 02/27/15 | 725,000 | 729,353 | ||||||
|
| |||||||
3,113,407 | ||||||||
|
| |||||||
Mining 1.2% |
| |||||||
Freeport-McMoRan Copper & Gold, Inc., 2.375%, 03/15/18 | 735,000 | 732,890 | ||||||
Rio Tinto Finance USA Ltd., 8.950%, 05/01/14 | 710,000 | 714,755 | ||||||
|
| |||||||
1,447,645 | ||||||||
|
| |||||||
Oil & Gas 2.2% |
| |||||||
BP Capital Markets PLC, 0.865%, 09/26/18(a) | 1,450,000 | 1,462,206 | ||||||
Devon Energy Corp., 0.683%, 12/15/15(a) | 340,000 | 340,407 | ||||||
Ensco PLC, 3.250%, 03/15/16 | 340,000 | 354,533 | ||||||
Marathon Oil Corp., 0.900%, 11/01/15(b) | 573,000 | 574,075 | ||||||
|
| |||||||
2,731,221 | ||||||||
|
| |||||||
Pharmaceuticals 0.5% |
| |||||||
McKesson Corp., 1.292%, 03/10/17 | 205,000 | 204,489 | ||||||
McKesson Corp., 2.284%, 03/15/19 | 375,000 | 371,912 | ||||||
|
| |||||||
576,401 | ||||||||
|
| |||||||
Pipelines 2.4% |
| |||||||
Enbridge, Inc., 0.883%, 10/01/16(a) | 195,000 | 195,578 | ||||||
Enbridge, Inc., 5.800%, 06/15/14 | 365,000 | 368,881 | ||||||
Energy Transfer Partners LP, 5.950%, 02/01/15 | 690,000 | 719,368 | ||||||
Enterprise Products Operating LLC, 3.200%, 02/01/16 | 535,000 | 556,756 | ||||||
Kinder Morgan Energy Partners LP, 3.500%, 03/01/16 | 545,000 | 567,765 | ||||||
Spectra Energy Partners LP, 2.950%, 06/15/16 | 488,000 | 507,131 | ||||||
|
| |||||||
2,915,479 | ||||||||
|
|
See Notes to Financial Statements.
136
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Ultra-Short Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Real Estate Investment Trust 0.3% |
| |||||||
Simon Property Group LP, 4.200%, 02/01/15 | 385,000 | 393,073 | ||||||
|
| |||||||
Software 0.2% |
| |||||||
Fiserv, Inc., 3.125%, 10/01/15 | 290,000 | 298,768 | ||||||
|
| |||||||
Telecommunication Services 0.9% |
| |||||||
American Tower Corp., 4.500%, 01/15/18(b) | 670,000 | 722,553 | ||||||
Verizon Communications, Inc., 1.763%, 09/15/16(a) | 90,000 | 92,581 | ||||||
Verizon Communications, Inc., 2.550%, 06/17/19 | 325,000 | 326,877 | ||||||
|
| |||||||
1,142,011 | ||||||||
|
| |||||||
Toys/Games/Hobbies 0.4% |
| |||||||
Hasbro, Inc., 6.125%, 05/15/14 | 470,000 | 472,975 | ||||||
|
| |||||||
Total Corporate Bonds | 56,348,877 | |||||||
|
| |||||||
Municipal Bond 1.2% |
| |||||||
South Carolina 1.2% |
| |||||||
South Carolina State Public Service Authority, Series D, RB, 1.255%, 06/01/16(a) | 1,490,000 | 1,497,405 | ||||||
|
| |||||||
Total Municipal Bond | 1,497,405 | |||||||
|
| |||||||
U.S. Government Agency Mortgages 9.7% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Pool #1Q1404, 2.369%, 01/01/37(a) | 891,802 | 945,983 | ||||||
Pool #848852, 2.499%, 08/01/37(a) | 1,342,804 | 1,425,117 | ||||||
|
| |||||||
2,371,100 | ||||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Pool #387206, 5.500%, 01/01/15 | 1,237,259 | 1,254,537 | ||||||
Pool #745935, 5.682%, 08/01/16 | 1,596,043 | 1,728,875 | ||||||
Pool #745889, 5.970%, 08/01/16 | 283,085 | 312,207 | ||||||
Pool #469408, 0.907%, 11/01/18(a)(b) | 2,774,302 | 2,770,449 | ||||||
Pool #635082, 2.249%, 05/01/32(a) | 63,353 | 66,645 | ||||||
Pool #995542, 2.304%, 02/01/36(a)(b) | 442,315 | 469,812 | ||||||
Pool #AL0968, 2.410%, 12/01/36(a) | 381,659 | 405,924 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #AD0380, 2.353%, 10/01/37(a)(b) | 583,072 | 617,713 | ||||||
Pool #AL0966, 2.405%, 11/01/37(a) | 453,147 | 479,624 | ||||||
Pool #AL0967, 2.359%, 04/01/38(a) | 601,158 | 639,206 | ||||||
Pool #889807, 2.420%, 08/01/38(a) | 691,625 | 738,599 | ||||||
|
| |||||||
9,483,591 | ||||||||
|
| |||||||
Total U.S. Government Agency Mortgages | 11,854,691 | |||||||
|
| |||||||
U.S. Treasury Obligation 0.5% |
| |||||||
U.S. Treasury Note 0.5% |
| |||||||
1.375%, 09/30/18 | 620,000 | 614,430 | ||||||
|
| |||||||
Total U.S. Treasury Obligation | 614,430 | |||||||
|
| |||||||
Money Market Fund 0.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.00%(d) | 801,527 | 801,527 | ||||||
|
| |||||||
Total Money Market Fund | 801,527 | |||||||
|
| |||||||
Total Investments | 119,498,386 | |||||||
Other Assets in Excess of Liabilities — 2.1% | 2,554,716 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 122,053,102 | ||||||
|
|
(a) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(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) | 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 10.5% of net assets as of March 31, 2014. |
(d) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
MTN | — | Medium Term Note | ||
RB | — | Revenue Bond | ||
REMIC | — | Real Estate Mortgage Investment Conduit |
See Notes to Financial Statements.
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Ultra-Short Bond Fund — concluded
Open Futures Contracts
At March 31, 2014, the Fund’s open futures contracts was as follows:
Description | Position | Notional Amount | Expiration Month | Contracts | Unrealized Appreciation | |||||||||||||
U.S. Treasury 5 Year Note | Short | $(5,375,586 | ) | June 2014 | 45 | $22,695 | ||||||||||||
|
|
See Notes to Financial Statements.
138
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
U.S. Government Securities Fund
Shares or Principal Amount($) | Value($) | |||||||
U.S. Treasury Obligations 97.9% |
| |||||||
U.S. Treasury Bonds 20.0% | ||||||||
7.125%, 02/15/23 | 1,551,000 | 2,117,599 | ||||||
6.000%, 02/15/26 | 226,000 | 297,155 | ||||||
4.500%, 02/15/36 | 967,000 | 1,135,016 | ||||||
3.750%, 11/15/43 | 1,112,000 | 1,151,267 | ||||||
|
| |||||||
4,701,037 | ||||||||
|
| |||||||
U.S. Treasury Notes 77.9% | ||||||||
0.750%, 06/15/14 | 600,000 | 600,844 | ||||||
0.375%, 11/15/15 | 2,692,000 | 2,696,100 | ||||||
0.500%, 06/15/16 | 3,465,000 | 3,462,834 | ||||||
1.000%, 03/31/17 | 2,780,000 | 2,786,950 | ||||||
0.750%, 03/31/18 | 4,920,000 | 4,798,151 | ||||||
1.500%, 01/31/19 | 1,540,000 | 1,526,525 | ||||||
2.625%, 08/15/20 | 2,360,000 | 2,426,927 | ||||||
|
| |||||||
18,298,331 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 22,999,368 | |||||||
|
| |||||||
Money Market Fund 6.1% | ||||||||
State Street Institutional Treasury Money Market Fund, Institutional Class, 0.00%(a) | 1,447,761 | 1,447,761 | ||||||
|
| |||||||
Total Money Market Fund (Cost $1,447,761) | 1,447,761 | |||||||
|
| |||||||
Total Investments (Cost $24,321,776) —104.0% | 24,447,129 | |||||||
Liabilities in Excess of Other Assets — (4.0)% | (945,687 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 23,501,442 | ||||||
|
|
(a) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
See Notes to Financial Statements.
139
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
U.S. Government Securities Ultra-Short Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Asset-Backed Security 0.1% | ||||||||
Student Loan Asset Backed Security 0.1% |
| |||||||
SMS Student Loan Trust, Series 1999-B, Cl A2, 0.475%, 04/30/29(a) | 1,544,159 | 1,542,460 | ||||||
|
| |||||||
Total Asset-Backed Securities | 1,542,460 | |||||||
|
| |||||||
Collateralized Mortgage Obligations 33.4% |
| |||||||
Agency Collateralized Support Mortgage Obligations 0.0%(b) |
| |||||||
Federal National Mortgage Association | ||||||||
Series 1994-22, Cl F, REMIC, 1.354%, 01/25/24(a) | 521,847 | 536,849 | ||||||
|
| |||||||
Agency Collateralized Mortgage Obligations 19.0% |
| |||||||
Federal Home Loan Bank | ||||||||
Series Y2-2015, Cl 1, 2.600%, 04/20/15 | 2,189,169 | 2,228,272 | ||||||
|
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 3000, Cl FG, 0.455%, 07/15/25(a) | 2,671,226 | 2,675,842 | ||||||
Series 3065, Cl DF, REMIC, 0.535%, 04/15/35(a) | 37,545,651 | 37,586,312 | ||||||
Series 3135, Cl FC, 0.455%, 04/15/26(a) | 2,983,528 | 2,990,259 | ||||||
Series 3232, Cl KF, 0.605%, 10/15/36(a) | 3,157,740 | 3,166,932 | ||||||
Series 3264, Cl FB, 0.525%, 01/15/37(a) | 1,702,715 | 1,702,887 | ||||||
Series 3320, Cl FC, 0.325%, 05/15/37(a) | 6,052,492 | 6,047,148 | ||||||
Series 3450, Cl AF, 0.865%, 05/15/38(a) | 2,005,819 | 2,029,993 | ||||||
Series 3511, Cl FA, 1.155%, 02/15/39(a) | 7,528,737 | 7,703,464 | ||||||
Series 3574, Cl MA, 4.000%, 09/15/21 | 1,970,337 | 2,017,850 | ||||||
Series 3593, Cl F, 0.659%, 03/15/36(a) | 5,762,125 | 5,836,843 | ||||||
Series 3792, Cl DF, REMIC, 0.555%, 11/15/40(a) | 4,234,602 | 4,253,276 | ||||||
Series 3812, Cl BE, 2.750%, 09/15/18 | 5,181,754 | 5,340,579 | ||||||
Series 3824, Cl FA, REMIC, 0.305%, 03/15/26(a) | 14,290,508 | 14,270,715 | ||||||
Series 3838, Cl LE, REMIC, 3.500%, 04/15/22 | 7,213,302 | 7,528,805 | ||||||
Series K501, Cl A1, 1.337%, 06/25/16 | 1,712,465 | 1,720,051 | ||||||
|
| |||||||
104,870,956 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Agency Collateralized Mortgage Obligations—continued |
| |||||||
Federal National Mortgage Association | ||||||||
Series 2005-40, Cl FB, 0.404%, 05/25/35(a) | 2,162,713 | 2,163,878 | ||||||
Series 2005-92, Cl UF, 0.504%, 10/25/25(a) | �� | 2,580,307 | 2,590,156 | |||||
Series 2006-84, Cl FQ, 0.704%, 09/25/36(a) | 3,284,000 | 3,307,619 | ||||||
Series 2007-102, Cl FA, 0.724%, 11/25/37(a) | 4,234,456 | 4,268,450 | ||||||
Series 2007-109, Cl NF, 0.704%, 12/25/37(a) | 10,265,936 | 10,339,635 | ||||||
Series 2007-2, Cl FM, 0.404%, 02/25/37(a) | 2,011,410 | 2,006,761 | ||||||
Series 2007-30, Cl WF, 0.394%, 04/25/37(a) | 11,566,199 | 11,531,153 | ||||||
Series 2007-4, Cl DF, 0.599%, 02/25/37(a) | 1,388,229 | 1,388,436 | ||||||
Series 2007-54, Cl KF, 0.464%, 06/25/37(a) | 5,582,797 | 5,576,293 | ||||||
Series 2007-88, CI JF, 0.704%, 04/25/37(a) | 7,227,023 | 7,277,070 | ||||||
Series 2009-37, Cl HA, 4.000%, 04/25/19 | 199,965 | 209,095 | ||||||
Series 2010-134, Cl BF, 0.584%, 10/25/40(a) | 10,167,391 | 10,185,937 | ||||||
Series 2010-42, Cl AF, 0.754%, 05/25/40(a) | 6,174,995 | 6,224,994 | ||||||
Series 2011-38, Cl AH, 2.750%, 05/25/20 | 4,072,560 | 4,195,837 | ||||||
Series 2011-M1, Cl FA, 0.604%, 06/25/21(a) | 32,034,749 | 32,234,230 | ||||||
Series 2012-142, Cl AC, REMIC, 2.000%, 12/25/42 | 9,994,074 | 9,870,047 | ||||||
Series 2012-M11, Cl FA, 0.613%, 08/25/19(a) | 11,977,158 | 11,996,813 | ||||||
Series 2012-M9, Cl ASQ2, 1.513%, 12/25/17 | 4,835,081 | 4,820,808 | ||||||
Series 3726, Cl DE, REMIC, 1.500%, 08/15/20 | 3,386,123 | 3,421,021 | ||||||
|
| |||||||
133,608,233 | ||||||||
|
| |||||||
Mortgage-Linked Amortizing Notes | ||||||||
Series 2012-1, Cl A10, 2.060%, 01/15/22 | 9,873,768 | 9,943,881 | ||||||
|
| |||||||
NCUA Guaranteed Notes | ||||||||
Series 2010-R1, Cl 1A, 0.606%, 10/07/20(a) | 24,052,375 | 24,193,731 | ||||||
Series 2010-R1, Cl 2A, 1.840%, 10/07/20 | 7,877,829 | 7,942,711 |
See Notes to Financial Statements.
140
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
U.S. Government Securities Ultra-Short Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Agency Collateralized Mortgage Obligations—continued |
| |||||||
Series 2011-C1, Cl 2A, 0.686%, 03/09/21(a) | 22,507,250 | 22,614,947 | ||||||
Series 2011-R1, Cl 1A, 0.606%, 01/08/20(a) | 15,662,676 | 15,742,885 | ||||||
Series 2011-R2, Cl 1A, 0.556%, 02/06/20(a) | 28,516,941 | 28,616,522 | ||||||
Series 2011-R4, Cl 1A, 0.536%, 03/06/20(a) | 24,353,958 | 24,416,450 | ||||||
Series 2011-R5, Cl 1A, 0.536%, 04/06/20(a) | 430 | 430 | ||||||
Series 2011-R6, Cl 1A, 0.536%, 05/07/20(a) | 4,258,548 | 4,263,241 | ||||||
|
| |||||||
127,790,917 | ||||||||
|
| |||||||
378,442,259 | ||||||||
|
| |||||||
Agency Collateralized Planned Amortization Class Mortgage Obligations 3.2% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 3200, Cl FP, 0.355%, 08/15/36(a) | 5,372,108 | 5,343,695 | ||||||
Series 3925, Cl FD, REMIC, 0.605%, 07/15/40(a) | 3,472,748 | 3,485,740 | ||||||
Series 4080, Cl NF, REMIC, 0.405%, 05/15/32(a) | 14,567,828 | 14,593,817 | ||||||
|
| |||||||
23,423,252 | ||||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Series 2003-73, Cl DF, 0.604%, 10/25/32(a) | 2,183,325 | 2,192,927 | ||||||
Series 2005-42, Cl PF, 0.354%, 05/25/35(a) | 2,897,707 | 2,898,707 | ||||||
Series 2005-57, Cl EG, 0.454%, 03/25/35(a) | 2,450,969 | 2,454,464 | ||||||
Series 2006-123, Cl PF, 0.414%, 01/25/37(a) | 8,689,490 | 8,661,293 | ||||||
Series 2006-79, Cl GF, 0.554%, 08/25/36(a) | 19,023,435 | 19,055,337 | ||||||
Series 2008-24, Cl PF, REMIC, 0.804%, 02/25/38(a) | 3,809,927 | 3,856,827 | ||||||
|
| |||||||
39,119,555 | ||||||||
|
| |||||||
Government National Mortgage Association | ||||||||
Series 2009-69, Cl PV, REMIC, 4.000%, 08/20/39 | 1,722,242 | 1,810,119 | ||||||
|
| |||||||
64,352,926 | ||||||||
|
|
Shares or Principal Amount($) | Value($) | |||||||
Commercial Mortgage Backed Securities 11.2% |
| |||||||
FDIC Structured Sale Guaranteed Notes | ||||||||
Series 2011-C1, Cl A, 1.840%, 04/25/31(a)(c) | 7,790,053 | 7,824,641 | ||||||
|
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series K003, Cl A3, 4.324%, 12/25/15 | 72,553 | 76,470 | ||||||
Series K502, Cl A2, 1.426%, 08/25/17 | 50,000 | 50,248 | ||||||
Series K701, Cl A1, 2.776%, 06/25/17 | 47,969 | 49,452 | ||||||
Series K705, Cl A1, 1.626%, 07/25/18 | 2,807,098 | 2,830,667 | ||||||
Series KF01, Cl A, 0.504%, 04/25/19(a) | 13,075,762 | 13,061,941 | ||||||
Series KF02, Cl A1, 0.534%, 07/25/20(a) | 19,295,508 | 19,343,129 | ||||||
Series KF02, Cl A2, 0.704%, 07/25/20(a) | 9,647,754 | 9,661,550 | ||||||
Series KF02, Cl A3, 0.784%, 07/25/20(a) | 9,647,754 | 9,660,151 | ||||||
|
| |||||||
54,733,608 | ||||||||
|
| |||||||
Federal National Mortgage Association | ||||||||
Series 2009-M1, Cl A1, 3.400%, 07/25/19 | 6,877,922 | 7,175,873 | ||||||
Series 2010-M4, Cl A1, 2.520%, 06/25/20 | 1,220,666 | 1,243,487 | ||||||
Series 2012-M13, Cl ASQ2, 1.246%, 08/25/17 | 145,267 | 145,060 | ||||||
Series 2012-M14, Cl ASQ2, 1.114%, 02/25/17 | 55,000 | 54,761 | ||||||
Series 2012-M17, Cl ASQ2, 0.953%, 11/25/15 | 20,457,955 | 20,590,359 | ||||||
Series 2013-M1, Cl ASQ2, 1.074%, 11/25/16 | 19,718,230 | 19,782,748 | ||||||
Series 2013-M11, Cl A, 1.500%, 01/25/18 | 9,693,770 | 9,785,057 | ||||||
Series 2013-M11, Cl FA, 0.484%, 01/25/18(a) | 394,445 | 394,715 | ||||||
Series 2013-M12, Cl A, 1.532%, 10/25/17 | 38,519,006 | 38,658,252 | ||||||
Series 2013-M13, Cl FA, 0.504%, 05/25/18(a) | 24,119,274 | 24,188,690 | ||||||
Series 2013-M14, Cl FA, 0.504%, 08/25/18(a) | 27,129,624 | 27,227,671 | ||||||
Series 2013-M3, Cl ASQ2, 1.083%, 02/25/16 | 88,491 | 89,088 | ||||||
Series 2013-M4, Cl ASQ2, 1.451%, 02/25/18 | 75,000 | 74,473 |
See Notes to Financial Statements.
141
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
U.S. Government Securities Ultra-Short Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Commercial Mortgage Backed Securities—continued |
| |||||||
Series 2013-M7, Cl ASQ2, 1.233%, 03/26/18 | 120,000 | 119,412 | ||||||
Series 2014-M3, Cl ASQ2, 0.558%, 03/25/16 | 11,200,000 | 11,196,987 | ||||||
|
| |||||||
160,726,633 | ||||||||
|
| |||||||
223,284,882 | ||||||||
|
| |||||||
Total Collateralized Mortgage Obligations | 666,616,916 | |||||||
|
| |||||||
U.S. Government Agency Mortgages 65.5% |
| |||||||
Federal Home Loan Mortgage Corporation | ||||||||
Pool #G14516, 3.500%, 05/01/27 | 11,798,117 | 12,345,260 | ||||||
Pool #972122, 2.100%, 06/01/33(a) | 35,926 | 37,017 | ||||||
Pool #847615, 2.537%, 07/01/33(a) | 5,962,580 | 6,391,582 | ||||||
Pool #781028, 2.349%, 11/01/33(a) | 3,122,328 | 3,322,204 | ||||||
Pool #1B8683, 2.598%, 04/01/34(a) | 17,986,910 | 19,156,735 | ||||||
Pool #848744, 2.466%, 05/01/34(a) | 24,615,746 | 26,098,511 | ||||||
Pool #847498, 2.460%, 06/01/34(a) | 101,757 | 108,441 | ||||||
Pool #847308, 2.441%, 07/01/34(a) | 219,084 | 232,553 | ||||||
Pool #1B1889, 2.540%, 07/01/34(a) | 23,180,052 | 24,703,217 | ||||||
Pool #847991, 2.350%, 03/01/35(a) | 12,084,416 | 12,832,786 | ||||||
Pool #848736, 2.400%, 05/01/35(a) | 38,951,107 | 41,158,425 | ||||||
Pool #1H1484, 2.090%, 06/01/35(a) | 161,837 | 171,318 | ||||||
Pool #848797, 2.489%, 07/01/35(a) | 4,992,071 | 5,289,378 | ||||||
Pool #1L0256, 2.375%, 11/01/35(a) | 5,380,002 | 5,731,884 | ||||||
Pool #1Q0025, 2.415%, 02/01/36(a) | 4,687,422 | 4,992,568 | ||||||
Pool #1H2602, 2.350%, 03/01/36(a) | 4,843,603 | 5,159,646 | ||||||
Pool #1N0169, 1.996%, 07/01/36(a) | 705,404 | 750,989 | ||||||
Pool #1Q1407, 2.373%, 07/01/36(a) | 13,733,305 | 14,633,626 | ||||||
Pool #848747, 2.582%, 07/01/36(a) | 23,270,161 | 24,868,073 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #848795, 2.530%, 10/01/36(a) | 2,473,853 | 2,632,393 | ||||||
Pool #848569, 2.373%, 11/01/36(a) | 19,575,179 | 20,685,611 | ||||||
Pool #848133, 2.375%, 11/01/36(a) | 1,687,368 | 1,797,714 | ||||||
Pool #1G2585, 2.850%, 12/01/36(a) | 171,504 | 183,168 | ||||||
Pool #1Q1404, 2.369%, 01/01/37(a) | 17,067,662 | 18,104,590 | ||||||
Pool #1J0331, 2.633%, 03/01/37(a) | 716,938 | 767,372 | ||||||
Pool #1Q1195, 2.316%, 05/01/37(a) | 20,798,648 | 22,165,458 | ||||||
Pool #848796, 2.483%, 05/01/37(a) | 39,650,024 | 42,054,814 | ||||||
Pool #1Q1282, 2.136%, 07/01/37(a) | 4,846,026 | 5,150,306 | ||||||
Pool #1N1664, 2.395%, 07/01/37(a) | 5,769,702 | 6,165,185 | ||||||
Pool #1J0533, 2.617%, 07/01/37(a) | 32,911 | 35,490 | ||||||
Pool #848852, 2.499%, 08/01/37(a) | 28,689,325 | 30,447,977 | ||||||
Pool #1Q0652, 2.331%, 02/01/38(a) | 2,878,449 | 3,063,267 | ||||||
Pool #1Q1405, 2.512%, 04/01/39(a) | 5,760,226 | 6,121,867 | ||||||
Pool #1Q1420, 2.586%, 09/01/39(a) | 23,863,300 | 25,484,462 | ||||||
Pool #1B4755, 3.526%, 06/01/40(a) | 5,774,014 | 6,148,531 | ||||||
|
| |||||||
398,992,418 | ||||||||
|
| |||||||
Federal National Mortgage Association |
| |||||||
Pool #386925, 4.360%, 04/01/14 | 410,865 | 412,062 | ||||||
Pool #462846, 4.150%, 07/01/14 | 1,767,637 | 1,768,642 | ||||||
Pool #735028, 5.770%, 09/01/14 | 2,697,725 | 2,705,109 | ||||||
Pool #735387, 4.908%, 04/01/15 | 137,362 | 140,573 | ||||||
Pool #735953, 4.997%, 08/01/15 | 14,133 | 14,685 | ||||||
Pool #462011, 5.155%, 08/01/15 | 137,542 | 141,771 | ||||||
Pool #465821, 2.900%, 09/01/15 | 1,036,142 | 1,059,282 | ||||||
Pool #387590, 4.900%, 09/01/15 | 1,941,420 | 2,025,421 |
See Notes to Financial Statements.
142
Table of Contents
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
U.S. Government Securities Ultra-Short Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #462018, 5.365%, 09/01/15 | 434,523 | 449,954 | ||||||
Pool #466111, 2.030%, 10/01/15 | 11,220,336 | 11,258,825 | ||||||
Pool #466534, 2.040%, 11/01/15 | 1,295,000 | 1,315,651 | ||||||
Pool #745100, 4.849%, 11/01/15 | 6,731,223 | 7,025,234 | ||||||
Pool #462085, 5.315%, 11/01/15 | 4,646,230 | 4,888,070 | ||||||
Pool #387740, 5.245%, 12/01/15 | 1,143,185 | 1,209,695 | ||||||
Pool #467123, 2.760%, 01/01/16 | 12,500,000 | 12,826,856 | ||||||
Pool #467141, 2.780%, 01/01/16 | 6,766,187 | 6,954,823 | ||||||
Pool #467080, 3.090%, 01/01/16 | 15,270,000 | 15,699,388 | ||||||
Pool #467200, 3.360%, 01/01/16 | 4,760,992 | 4,759,835 | ||||||
Pool #745504, 5.132%, 02/01/16 | 3,670,354 | 3,885,536 | ||||||
Pool #745530, 5.273%, 04/01/16 | 125,876 | 134,393 | ||||||
Pool #467607, 3.090%, 05/01/16 | 4,872,065 | 5,039,590 | ||||||
Pool #995887, 4.499%, 05/01/16 | 23,332 | 24,616 | ||||||
Pool #745727, 5.261%, 05/01/16 | 4,676,545 | 4,922,609 | ||||||
Pool #468647, 2.260%, 07/01/16 | 17,930,000 | 18,420,120 | ||||||
Pool #462237, 5.525%, 07/01/16 | 155,625 | 170,907 | ||||||
Pool #745764, 5.732%, 07/01/16 | 11,436,246 | 12,480,952 | ||||||
Pool #468795, 2.470%, 08/01/16 | 15,200,000 | 15,676,382 | ||||||
Pool #463420, 4.050%, 09/01/16 | 6,297,759 | 6,406,591 | ||||||
Pool #888015, 5.538%, 11/01/16 | 521,734 | 568,689 | ||||||
Pool #469673, 2.080%, 12/01/16 | 5,208,627 | 5,335,113 | ||||||
Pool #469807, 2.250%, 12/01/16 | 67,097 | 69,100 | ||||||
Pool #874196, 5.360%, 12/01/16 | 730,000 | 801,394 | ||||||
Pool #470340, 2.090%, 01/01/17 | 4,476,079 | 4,583,527 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #735745, 4.998%, 01/01/17 | 636,071 | 648,447 | ||||||
Pool #464600, 3.735%, 02/01/17 | 940,660 | 994,564 | ||||||
Pool #470775, 2.300%, 03/01/17 | 57,894 | 59,061 | ||||||
Pool #471016, 1.700%, 04/01/17 | 50,000 | 50,835 | ||||||
Pool #874903, 5.520%, 05/01/17 | 964,718 | 1,068,558 | ||||||
Pool #889232, 5.495%, 06/01/17 | 3,002,654 | 3,314,922 | ||||||
Pool #466009, 2.840%, 09/01/17 | 1,034,174 | 1,080,796 | ||||||
Pool #466487, 2.770%, 11/01/17 | 2,166,072 | 2,258,006 | ||||||
Pool #888969, 5.933%, 11/01/17 | 3,044,017 | 3,461,917 | ||||||
Pool #467010, 3.520%, 01/01/18 | 5,623,377 | 5,991,628 | ||||||
Pool #385912, 5.350%, 02/01/18 | 5,853,254 | 6,327,017 | ||||||
Pool #467288, 2.800%, 03/01/18 | 1,623,095 | 1,694,712 | ||||||
Pool #AM3464, 1.180%, 05/01/18 | 17,165,000 | 16,756,607 | ||||||
Pool #AM3462, 1.360%, 05/01/18 | 11,795,441 | 11,469,040 | ||||||
Pool #AL0561, 3.743%, 06/01/18 | 19,750,763 | 21,367,430 | ||||||
Pool #469087, 3.450%, 09/01/18 | 3,761,760 | 4,003,691 | ||||||
Pool #469334, 0.587%, 10/01/18(a) | 5,000,000 | 4,990,984 | ||||||
Pool #469482, 0.987%, 10/01/18(a) | 13,369,494 | 13,351,640 | ||||||
Pool #469408, 0.907%, 11/01/18(a) | 37,928,739 | 37,876,071 | ||||||
Pool #466263, 2.970%, 11/01/18 | 6,127,452 | 6,385,546 | ||||||
Pool #467059, 3.810%, 01/01/19 | 6,133,596 | 6,600,774 | ||||||
Pool #958815, 4.506%, 06/01/19 | 15,750,000 | 17,248,727 | ||||||
Pool #466804, 0.737%, 12/01/20(a) | 13,370,000 | 13,348,094 | ||||||
Pool #470556, 0.857%, 12/01/20(a) | 21,070,000 | 21,034,172 | ||||||
Pool #469856, 0.947%, 12/01/21(a)(c) | 17,690,000 | 17,667,806 |
See Notes to Financial Statements.
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RIDGEWORTH FUNDS March 31, 2014
U.S. Government Securities Ultra-Short Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #AM0400, 0.637%, 08/01/22(a) | 17,500,000 | 17,472,380 | ||||||
Pool #AM1102, 0.452%, 10/01/22(a) | 26,750,000 | 26,665,857 | ||||||
Pool #AM1444, 0.422%, 11/01/22(a) | 12,882,607 | 12,842,895 | ||||||
Pool #AM1796, 0.457%, 12/01/22(a) | 19,412,754 | 19,353,962 | ||||||
Pool #AM2292, 0.507%, 01/01/23(a) | 36,885,160 | 36,808,000 | ||||||
Pool #AM2923, 0.497%, 04/01/23(a) | 17,335,000 | 17,293,306 | ||||||
Pool #AP6765, 2.500%, 09/01/27 | 4,296,069 | 4,297,060 | ||||||
Pool #AP6769, 2.500%, 09/01/27 | 1,877,653 | 1,882,507 | ||||||
Pool #AP6771, 2.500%, 10/01/27 | 2,790,005 | 2,790,648 | ||||||
Pool #635082, 2.249%, 05/01/32(a) | 72,079 | 75,824 | ||||||
Pool #604921, 2.123%, 10/01/32(a) | 90,202 | 95,832 | ||||||
Pool #671993, 2.105%, 12/01/32(a) | 13,903 | 14,319 | ||||||
Pool #AE0044, 1.792%, 03/01/33(a) | 2,068,853 | 2,261,841 | ||||||
Pool #689966, 2.260%, 04/01/33(a) | 865,871 | 922,200 | ||||||
Pool #555468, 2.313%, 05/01/33(a) | 202,031 | 215,219 | ||||||
Pool #733703, 2.259%, 08/01/33(a) | 2,865,905 | 3,088,802 | ||||||
Pool #555756, 2.431%, 08/01/33(a) | 2,277,543 | 2,443,021 | ||||||
Pool #725126, 2.625%, 12/01/33(a) | 2,276,686 | 2,428,526 | ||||||
Pool #793025, 1.928%, 07/01/34(a) | 849,257 | 906,034 | ||||||
Pool #AL0222, 2.319%, 07/01/34(a) | 14,607,755 | 15,569,969 | ||||||
Pool #801510, 1.900%, 08/01/34(a) | 1,473,281 | 1,543,683 | ||||||
Pool #794939, 1.760%, 10/01/34(a) | 27,368 | 28,313 | ||||||
Pool #745707, 2.323%, 12/01/34(a) | 11,051,650 | 11,709,125 | ||||||
Pool #810896, 1.899%, 01/01/35(a) | 42,636 | 44,797 | ||||||
Pool #AD0064, 1.935%, 01/01/35(a) | 14,489,234 | 15,224,591 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #809384, 2.215%, 01/01/35(a) | 393,220 | 411,084 | ||||||
Pool #805338, 2.260%, 01/01/35(a) | 149,734 | 156,969 | ||||||
Pool #813718, 2.298%, 01/01/35(a) | 10,728,996 | 11,383,826 | ||||||
Pool #809324, 1.980%, 02/01/35(a) | 11,610 | 12,352 | ||||||
Pool #809772, 2.285%, 02/01/35(a) | 285,637 | 296,838 | ||||||
Pool #820598, 1.827%, 03/01/35(a) | 685,886 | 734,674 | ||||||
Pool #814686, 2.100%, 03/01/35(a) | 198,236 | 203,528 | ||||||
Pool #735545, 2.466%, 03/01/35(a) | 3,568,163 | 3,808,268 | ||||||
Pool #AD7165, 2.002%, 04/01/35(a) | 2,306,233 | 2,434,506 | ||||||
Pool #995609, 2.511%, 04/01/35(a) | 2,749,762 | 2,933,532 | ||||||
Pool #822302, 2.470%, 05/01/35(a) | 4,866,571 | 5,151,104 | ||||||
Pool #821373, 2.343%, 06/01/35(a) | 885,136 | 940,185 | ||||||
Pool #735766, 2.254%, 07/01/35(a) | 772,191 | 832,651 | ||||||
Pool #838958, 2.260%, 08/01/35(a) | 1,035,393 | 1,105,374 | ||||||
Pool #735810, 2.917%, 08/01/35(a) | 1,428,909 | 1,526,269 | ||||||
Pool #817467, 1.913%, 09/01/35(a) | 3,202,207 | 3,402,870 | ||||||
Pool #829334, 2.359%, 09/01/35(a) | 64,527 | 68,473 | ||||||
Pool #AL0505, 2.380%, 11/01/35(a) | 12,790,027 | 13,560,638 | ||||||
Pool #AD0377, 1.949%, 01/01/36(a) | 2,948,488 | 3,141,269 | ||||||
Pool #995540, 2.291%, 01/01/36(a) | 9,052,303 | 9,627,576 | ||||||
Pool #888722, 2.297%, 01/01/36(a) | 2,685,770 | 2,829,675 | ||||||
Pool #995542, 2.302%, 02/01/36(a) | 5,237,010 | 5,562,571 | ||||||
Pool #888782, 2.356%, 03/01/36(a) | 2,112,051 | 2,233,307 | ||||||
Pool #AE0329, 2.246%, 06/01/36(a) | 1,749,286 | 1,855,620 | ||||||
Pool #AL2202, 2.426%, 06/01/36(a) | 12,596,067 | 13,417,974 |
See Notes to Financial Statements.
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RIDGEWORTH FUNDS March 31, 2014
U.S. Government Securities Ultra-Short Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #AL0854, 2.438%, 06/01/36(a) | 8,093,770 | 8,557,060 | ||||||
Pool #AL1535, 2.587%, 06/01/36(a) | 21,993,434 | 23,479,372 | ||||||
Pool #888859, 2.415%, 10/01/36(a) | 988,765 | 1,037,918 | ||||||
Pool #AA3517, 2.223%, 11/01/36(a) | 7,351,867 | 7,795,045 | ||||||
Pool #745975, 2.257%, 11/01/36(a) | 2,765,347 | 2,959,175 | ||||||
Pool #917290, 2.329%, 11/01/36(a) | 3,635,114 | 3,856,015 | ||||||
Pool #903166, 2.400%, 11/01/36(a) | 2,973,690 | 3,173,926 | ||||||
Pool #909313, 1.950%, 12/01/36(a) | 1,588,325 | 1,690,311 | ||||||
Pool #AL0968, 2.391%, 12/01/36(a) | 19,969,400 | 21,238,971 | ||||||
Pool #905857, 2.460%, 12/01/36(a) | 162,339 | 172,902 | ||||||
Pool #906216, 2.292%, 01/01/37(a) | 2,378,268 | 2,564,511 | ||||||
Pool #888180, 2.319%, 01/01/37(a) | 3,211,516 | 3,398,998 | ||||||
Pool #535990, 2.372%, 04/01/37(a) | 649,365 | 696,826 | ||||||
Pool #AA3518, 2.246%, 05/01/37(a) | 8,915,324 | 9,460,023 | ||||||
Pool #AL0872, 1.914%, 07/01/37(a) | 4,797,448 | 5,114,425 | ||||||
Pool #AL0960, 2.405%, 07/01/37(a) | 20,601,249 | 21,829,975 | ||||||
Pool #995059, 2.384%, 08/01/37(a) | 1,938,470 | 2,063,231 | ||||||
Pool #AL1306, 2.311%, 09/01/37(a) | 8,745,033 | 9,264,013 | ||||||
Pool #AE0427, 2.310%, 10/01/37(a) | 8,095,809 | 8,643,678 | ||||||
Pool #AD0380, 2.353%, 10/01/37(a) | 11,091,688 | 11,750,659 | ||||||
Pool #AE0332, 2.291%, 11/01/37(a) | 7,192,117 | 7,666,861 | ||||||
Pool #AL0966, 2.376%, 11/01/37(a) | 7,192,812 | 7,613,077 | ||||||
Pool #AL0967, 2.359%, 04/01/38(a) | 19,047,696 | 20,253,232 | ||||||
Pool #AL0270, 2.351%, 08/01/38(a) | 17,267,400 | 18,369,032 | ||||||
Pool #889807, 2.411%, 08/01/38(a) | 10,231,439 | 10,926,341 |
Shares or Principal Amount($) | Value($) | |||||||
U.S. Government Agency Mortgages—continued |
| |||||||
Pool #AE0107, 2.347%, 10/01/38(a) | 4,012,125 | 4,289,938 | ||||||
Pool #AE0279, 2.297%, 11/01/38(a) | 1,710,248 | 1,831,974 | ||||||
Pool #AE0057, 2.320%, 02/01/39(a) | 6,746,697 | 7,180,451 | ||||||
Pool #AE0066, 2.284%, 09/01/39(a) | 20,520,672 | 21,876,937 | ||||||
Pool #725874, 2.345%, 09/01/39(a) | 92,848 | 98,837 | ||||||
|
| |||||||
904,689,998 | ||||||||
|
| |||||||
NCUA Guaranteed Notes Trust 2010-A1 | ||||||||
Series 2010-A1, Cl A, 0.506%, 12/07/20(a) | 2,018,530 | 2,021,195 | ||||||
|
| |||||||
Total U.S. Government Agency Mortgages | 1,305,703,611 | |||||||
|
| |||||||
Total Investments |
| 1,973,862,987 | ||||||
Other Assets in Excess of Liabilities — 1.0% | 19,351,968 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 1,993,214,955 | ||||||
|
|
(a) | Variable or floating rate security. Rate disclosed is as of March 31, 2014. |
(b) | Less than 0.05% of Net Assets. |
(c) | 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 0.4% of net assets as of March 31, 2014. |
Investment Abbreviations
REMIC | — | Real Estate Mortgage Investment Conduit |
See Notes to Financial Statements.
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
U.S. Government Securities Ultra-Short Bond Fund — concluded
Open Futures Contracts
At March 31, 2014, the Fund’s open futures contracts were as follows:
Description | Position | Notional Amount | Expiration Month | Contracts | Unrealized Appreciation (Depreciation) | |||||||||||
U.S. Treasury 5 Year Note | Short | $(59,884,198 | ) | June 2014 | 500 | $407,635 | ||||||||||
U.S. Treasury 10 Year Note | Short | (24,861,804 | ) | June 2014 | 200 | 161,804 | ||||||||||
90day Euro Future | Long | 2,479,409 | September 2015 | 10 | (1,534 | ) | ||||||||||
90day Euro Future | Long | 2,473,284 | December 2015 | 10 | (2,159 | ) | ||||||||||
|
| |||||||||||||||
$565,746 | ||||||||||||||||
|
|
See Notes to Financial Statements.
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Virginia Intermediate Municipal Bond Fund
Shares or Principal Amount($) | Value($) | |||||||
Municipal Bonds 95.8% | ||||||||
Alabama 0.5% | ||||||||
Birmingham, Series A, GO, 0.000%, 03/01/32(a) | 645,000 | 591,097 | ||||||
|
| |||||||
California 4.5% | ||||||||
California State, GO, 5.000%, 02/01/20 | 1,945,000 | 2,282,419 | ||||||
California State, GO, 5.000%, 09/01/33 | 3,250,000 | 3,548,122 | ||||||
|
| |||||||
5,830,541 | ||||||||
|
| |||||||
District of Columbia 3.6% | ||||||||
Metropolitan Washington D.C. Airports Authority, Airport System, Series B, RB, 5.000%, 10/01/26, BHAC | 2,175,000 | 2,449,028 | ||||||
Washington D.C. Metropolitan Area Transit Authority, Gross Revenue, Series A, RB, 5.125%, 07/01/32 | 2,000,000 | 2,148,560 | ||||||
|
| |||||||
4,597,588 | ||||||||
|
| |||||||
Georgia 0.9% | ||||||||
Fulton County Water & Sewer Revenue, RB, 5.000%, 01/01/20 | 1,000,000 | 1,175,220 | ||||||
|
| |||||||
Illinois 0.7% | ||||||||
Chicago, Series A, GO, 5.250%, 01/01/33 | 880,000 | 896,060 | ||||||
|
| |||||||
North Carolina 0.8% | ||||||||
North Carolina State Capital Facilities Finance Agency, Educational Facilities, RB, 5.000%, 05/01/32 | 1,030,000 | 1,056,502 | ||||||
|
| |||||||
Virginia 84.8% | ||||||||
Arlington County, Series A, GO, 5.000%, 08/01/22, State Aid Withholding | 1,500,000 | 1,810,140 | ||||||
Bedford County Economic Development Authority, Public Facilities Lease, RB, 5.250%, 05/01/24, NATL-RE | 255,000 | 277,284 | ||||||
Commonwealth of Virginia, Series A, GO, ETM, 5.000%, 06/01/14 | 2,860,000 | 2,883,137 | ||||||
Fairfax County Economic Development Authority, RB, 5.000%, 08/01/22 | 3,700,000 | 4,220,183 | ||||||
Fairfax County Industrial Development Authority, RB, 5.000%, 05/15/37 | 2,810,000 | 3,003,103 |
Shares or Principal Amount($) | Value($) | |||||||
Virginia—continued | ||||||||
Fairfax County Industrial Development Authority, Series D, RB, 5.000%, 05/15/27 | 1,300,000 | 1,446,133 | ||||||
Greater Richmond Convention Center Authority, Hotel Tax, RB, 5.000%, 06/15/16, NATL-RE | 2,855,000 | 2,997,921 | ||||||
Hampton Roads Sanitation District Wastewater, RB, 5.000%, 04/01/23 | 1,060,000 | 1,195,807 | ||||||
Hampton Roads Sanitation District Wastewater, RB, 5.000%, 04/01/24 | 2,425,000 | 2,727,689 | ||||||
Hanover County Development Authority, Regional Medical Care Project, RB, 6.375%, 08/15/18, NATL-RE | 4,155,000 | 4,522,593 | ||||||
James City County Economic Development Authority, Public Facility Project, RB, 5.000%, 06/15/21, AGM | 2,215,000 | 2,421,084 | ||||||
Loudoun County, Series A, GO, 5.000%, 12/01/21 | 3,585,000 | 4,247,472 | ||||||
Loudoun County, Series B, GO, 5.000%, 11/01/20 | 1,000,000 | 1,168,920 | ||||||
Loudoun County Industrial Development Authority, Series A, RB, 5.000%, 06/01/31 | 1,000,000 | 1,090,990 | ||||||
Loudoun County Sanitation Authority, RB, 5.000%, 01/01/21 | 1,125,000 | 1,339,425 | ||||||
Loudoun County Sanitation Authority, RB, 5.000%, 01/01/22 | 1,130,000 | 1,350,723 | ||||||
Loudoun County Sanitation Authority, Water & Sewage, Series A, RB, 5.000%, 01/01/21 | 2,460,000 | 2,928,876 | ||||||
New Kent County Economic Development Authority, School & Governmental Projects, RB, 5.000%, 02/01/18, AGM | 2,225,000 | 2,457,913 | ||||||
Newport News, GO, 5.250%, 07/01/15, State Aid Withholding | 3,000,000 | 3,190,590 | ||||||
Pittsylvania County, Series B, GO, 5.000%, 03/01/21 | 1,000,000 | 1,143,330 |
See Notes to Financial Statements.
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Virginia Intermediate Municipal Bond Fund — continued
Shares or Principal Amount($) | Value($) | |||||||
Virginia—continued | ||||||||
Pittsylvania County, Series B, GO, 5.000%, 03/01/22 | 1,000,000 | 1,131,050 | ||||||
Portsmouth, Series D, GO, 5.000%, 07/15/23 | 1,250,000 | 1,433,925 | ||||||
Richmond, GO, 5.000%, 07/15/24, Pre-refunded 07/15/2016 @ 100, AGM | 1,435,000 | 1,585,402 | ||||||
Richmond Industrial Development Authority, Government Facilities, RB, 5.000%, 07/15/18, AMBAC | 1,795,000 | 1,962,474 | ||||||
Roanoke Economic Development Authority, Hospital Revenue, RB, 5.000%, 07/01/27 | 1,000,000 | 1,089,050 | ||||||
Suffolk, GO, 5.000%, 06/01/20, State Aid Withholding | 1,545,000 | 1,826,128 | ||||||
Tobacco Settlement Financing Corp., RB, 5.500%, 06/01/26, MSF | 3,440,000 | 3,579,767 | ||||||
Virginia College Building Authority, Educational Facilities Project, Series A, RB, 5.000%, 09/01/17, Pre-refunded 09/01/2016 @ 100, ST INTERCEPT | 155,000 | 171,878 | ||||||
Virginia College Building Authority, Educational Facilities Project, Series A, RB, 5.000%, 09/01/17, ST INTERCEPT | 2,845,000 | 3,127,964 | ||||||
Virginia College Building Authority, Educational Facilities Project, Series A, RB, 5.000%, 02/01/26 | 2,750,000 | 3,171,190 | ||||||
Virginia College Building Authority, Educational Facilities Project, Series B, RB, 5.000%, 03/01/21 | 1,700,000 | 2,010,522 | ||||||
Virginia College Building Authority, Educational Facilities Project, Washington & Lee University, RB, 5.375%, 01/01/21 | 3,950,000 | 4,591,599 | ||||||
Virginia Commonwealth Transportation Board, RB, 5.000%, 05/15/20, ST APPROP | 1,580,000 | 1,866,817 |
Shares or Principal Amount($) | Value($) | |||||||
Virginia—continued | ||||||||
Virginia Commonwealth Transportation Board, RB, 5.000%, 05/15/21 | 3,500,000 | 4,145,925 | ||||||
Virginia Commonwealth Transportation Board, RB, 5.000%, 05/15/25, ST APPROP | 2,750,000 | 3,134,395 | ||||||
Virginia Commonwealth University, Health System Authority, RB, 5.000%, 07/01/30 | 1,460,000 | 1,567,164 | ||||||
Virginia Housing Development Authority, Commonwealth Mortgage, Series A-1, RB, 3.650%, 01/01/18, GO of Authority | 1,205,000 | 1,304,617 | ||||||
Virginia Public Building Authority, Series A, RB, 5.000%, 08/01/31 | 1,250,000 | 1,374,538 | ||||||
Virginia Public Building Authority Facilities, Series B, RB, 5.000%, 08/01/20, ST APPROP | 4,000,000 | 4,646,360 | ||||||
Virginia Public School Authority, RB, 5.000%, 08/01/22, State Aid Withholding | 3,400,000 | 4,052,936 | ||||||
Virginia Public School Authority, Series A, RB, 5.000%, 08/01/27, State Aid Withholding | 2,060,000 | 2,398,005 | ||||||
Virginia Public School Authority, School Financing, RB, 5.000%, 07/15/26, State Aid Withholding | 2,000,000 | 2,258,040 | ||||||
Virginia Resources Authority, RB, 5.000%, 10/01/21 | 2,865,000 | 3,439,318 | ||||||
Virginia Resources Authority Clean Water, Revolving Fund, RB, 5.000%, 10/01/16 | 2,030,000 | 2,258,274 | ||||||
Virginia Resources Authority Infrastructure, Pooled Financing Program, Series A, RB, 5.000%, 11/01/28 | 3,300,000 | 3,799,224 | ||||||
Virginia Resources Authority Infrastructure, Pooled Financing Program, Series B, RB, 5.000%, 11/01/20 | 305,000 | 363,752 | ||||||
|
| |||||||
108,713,627 | ||||||||
|
| |||||||
Total Municipal Bonds | 122,860,635 | |||||||
|
|
See Notes to Financial Statements.
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SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH FUNDS March 31, 2014
Virginia Intermediate Municipal Bond Fund — concluded
Shares or Principal Amount($) | Value($) | |||||||
Money Market Fund 3.0% | ||||||||
Federated Virginia Municipal Cash Trust, Institutional Share, 0.01%(b) | 3,884,496 | 3,884,496 | ||||||
|
| |||||||
Total Money Market Fund | 3,884,496 | |||||||
|
| |||||||
Total Investments (Cost $121,289,506) — 98.8% | 126,745,131 | |||||||
Other Assets in Excess of Liabilities — 1.2% | 1,523,009 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 128,268,140 | ||||||
|
|
(a) | Step bond. The rate shown is the rate in effect as of March 31, 2014. |
(b) | Rate disclosed, the 7 day net yield, is as of March 31, 2014. |
Investment Abbreviations
AGM | — | Security guaranteed by Assured Guaranty Municipal Corporation | ||
AMBAC | — | Security guaranteed by American Municipal Bond Assurance Corporation | ||
BHAC | — | Security guaranteed by Berkshire Hathaway Assurance Corporation | ||
ETM | — | Escrowed to Maturity | ||
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.
149
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
RIDGEWORTH FUNDS March 31, 2014
Core Bond Fund | Corporate Bond Fund | Georgia Tax-Exempt Bond Fund | High Grade Municipal Bond Fund | High Income Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Total Investments, at Cost | $216,925,905 | $38,985,951 | $119,835,546 | $52,073,463 | $1,045,092,489 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investments, at Value* | $219,148,622 | $39,780,627 | $124,555,042 | $55,736,966 | $1,072,113,853 | |||||||||||||||
Cash | 3,062 | 649 | 1,396 | 609 | — | |||||||||||||||
Interest Receivable | 1,016,955 | 345,888 | 1,429,161 | 619,580 | 15,438,204 | |||||||||||||||
Securities Lending Income Receivable | 2,922 | 41 | — | — | 52,807 | |||||||||||||||
Receivable for Capital Shares Issued | 106,869 | 718 | 88,199 | 1,692,056 | 4,095,061 | |||||||||||||||
Receivable for Investment Securities Sold | — | 2,198,848 | 2,871,070 | 2,053,195 | 23,841,390 | |||||||||||||||
Receivable for Investment Securities Sold on a When-issued Basis | — | — | — | 1,759,320 | 3,525,810 | |||||||||||||||
Receivable from Investment Adviser | — | — | — | 778 | — | |||||||||||||||
Prepaid Expenses and Other Assets | 13,898 | 18,783 | 5,496 | 9,632 | 29,155 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 220,292,328 | 42,345,554 | 128,950,364 | 61,872,136 | 1,119,096,280 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Payable for Investment Securities Purchased | 3,325,265 | 1,672,404 | — | — | 26,921,541 | |||||||||||||||
Payable for Investment Securities Purchased on a When-issued Basis | 1,322,969 | 442,000 | 3,354,888 | 4,972,835 | 18,232,709 | |||||||||||||||
Due to Custodian | — | — | — | — | 618,878 | |||||||||||||||
Payable for Capital Shares Redeemed | 118,395 | 79,157 | 289,522 | 111,168 | 1,754,836 | |||||||||||||||
Payable Upon Return of Securities Loaned | 987,000 | 924,340 | — | — | 107,621,478 | |||||||||||||||
Income Distributions Payable | 63,012 | 3,882 | 266,069 | 51,694 | 393,079 | |||||||||||||||
Investment Advisory Fees Payable | 53,598 | 15,061 | 53,115 | 22,799 | 448,588 | |||||||||||||||
Compliance and Fund Services Fees Payable | 3,210 | 702 | 1,865 | 764 | 13,484 | |||||||||||||||
Distribution and Service Fees Payable | 4,250 | 9,178 | 527 | 1,131 | 49,167 | |||||||||||||||
Other Accrued Expenses | 80,500 | 13,055 | 10,421 | 7,971 | 293,128 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 5,958,199 | 3,159,779 | 3,976,407 | 5,168,362 | 156,346,888 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Net Assets | $214,334,129 | $39,185,775 | $124,973,957 | $56,703,774 | $962,749,392 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Capital | $216,487,666 | $38,609,097 | $123,361,538 | $53,191,393 | $923,448,818 | |||||||||||||||
Accumulated Net Investment Income (Loss) | (386,757 | ) | (79,808 | ) | 190,597 | (7,139 | ) | (363,403 | ) | |||||||||||
Accumulated Net Realized Loss from Investments and Swap Transactions | (3,989,497 | ) | (138,190 | ) | (3,297,674 | ) | (143,983 | ) | 12,642,613 | |||||||||||
Net Unrealized Appreciation on Investments | 2,222,717 | 794,676 | 4,719,496 | 3,663,503 | 27,021,364 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $214,334,129 | $39,185,775 | $124,973,957 | $56,703,774 | $962,749,392 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets: | ||||||||||||||||||||
I Shares | $200,371,313 | $28,017,146 | $120,834,740 | $47,737,153 | $783,071,740 | |||||||||||||||
A Shares | 9,848,217 | 783,316 | 4,139,217 | 8,966,621 | 157,360,423 | |||||||||||||||
C Shares | — | 10,385,313 | — | — | — | |||||||||||||||
R Shares | 4,114,599 | — | — | — | 22,317,229 | |||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value) | ||||||||||||||||||||
I Shares | 18,817,607 | 3,184,731 | 11,597,271 | 4,026,607 | 107,834,805 | |||||||||||||||
A Shares | 925,110 | 88,645 | 396,617 | 756,056 | 21,649,413 | |||||||||||||||
C Shares | — | 1,180,725 | — | — | — | |||||||||||||||
R Shares | 386,130 | — | — | — | 3,071,569 | |||||||||||||||
Net Asset Value and Redemption Price Per Share: | ||||||||||||||||||||
I Shares | $10.65 | $8.80 | $10.42 | $11.86 | $7.26 | |||||||||||||||
A Shares | 10.65 | 8.84 | 10.44 | 11.86 | 7.27 | |||||||||||||||
C Shares(a) | — | 8.80 | — | — | — | |||||||||||||||
R Shares | 10.66 | — | — | — | 7.27 | |||||||||||||||
Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent): | ||||||||||||||||||||
A Shares | $11.18 | $9.28 | $10.96 | $12.45 | $7.63 | |||||||||||||||
Maximum Sales Charge — A Shares | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % |
* | Investments include securities on loan of $964,859, $903,608, $—, $— and $105,152,854, respectively. |
(a) | Redemption price per share varies based on length of time shares are held. |
See Notes to Financial Statements.
150
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
RIDGEWORTH FUNDS March 31, 2014
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 | $368,926,756 | $635,106,744 | $6,632,412 | $10,210,578 | $36,516,139 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investments, at Value* | $371,066,952 | $669,109,234 | $6,647,865 | $10,280,796 | $37,835,710 | |||||||||||||||
Cash | 6,236 | 8,120 | 73 | 146 | 496 | |||||||||||||||
Interest Receivable | 1,251,764 | 7,701,054 | 1,487 | 31,167 | 515,906 | |||||||||||||||
Securities Lending Income Receivable | 3,070 | — | — | — | — | |||||||||||||||
Receivable for Capital Shares Issued | 55,431 | 529,663 | — | 100 | 240 | |||||||||||||||
Receivable for Investment Securities Sold | — | 24,160,053 | — | — | 1,338,279 | |||||||||||||||
Receivable from Investment Adviser | — | — | 679 | 3,977 | — | |||||||||||||||
Prepaid Expenses and Other Assets | 21,570 | 17,458 | 2,386 | 9,207 | 5,524 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 372,405,023 | 701,525,582 | 6,652,490 | 10,325,393 | 39,696,155 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Payable for Investment Securities Purchased | 7,308,848 | — | — | 100,553 | 1,426,271 | |||||||||||||||
Payable for Investment Securities Purchased on a When-issued Basis | 1,085,000 | 25,457,367 | — | — | — | |||||||||||||||
Payable for Capital Shares Redeemed | 531,609 | 1,135,402 | — | 18,156 | 2,991 | |||||||||||||||
Payable Upon Return of Securities Loaned | 2,745,970 | — | — | — | — | |||||||||||||||
Income Distributions Payable | 153,671 | 531,467 | 748 | 686 | 74,479 | |||||||||||||||
Investment Advisory Fees Payable | 79,164 | 289,990 | 565 | 4,326 | 16,112 | |||||||||||||||
Compliance and Fund Services Fees Payable | 5,724 | 10,198 | 99 | 166 | 563 | |||||||||||||||
Distribution and Service Fees Payable | 788 | 7,742 | — | 4,436 | 109 | |||||||||||||||
Other Accrued Expenses | 116,164 | 165,470 | 991 | 3,637 | 3,586 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 12,026,938 | 27,597,636 | 2,403 | 131,960 | 1,524,111 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Net Assets | $360,378,085 | $673,927,946 | $6,650,087 | $10,193,433 | $38,172,044 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Capital | $359,872,476 | $639,293,773 | $7,466,031 | $11,002,024 | $37,875,254 | |||||||||||||||
Accumulated Net Investment Loss | (431,903 | ) | (228,387 | ) | (715 | ) | (15,718 | ) | (63,115 | ) | ||||||||||
Accumulated Net Realized Gain (Loss) from Investments Transactions | (1,202,684 | ) | 860,070 | (830,682 | ) | (863,091 | ) | (959,666 | ) | |||||||||||
Net Unrealized Appreciation on Investments | 2,140,196 | 34,002,490 | 15,453 | 70,218 | 1,319,571 | |||||||||||||||
|
|
|
|
|
| �� |
|
|
| |||||||||||
Net Assets | $360,378,085 | $673,927,946 | $6,650,087 | $10,193,433 | $38,172,044 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets: | ||||||||||||||||||||
I Shares | $356,688,702 | $643,828,006 | $6,650,087 | $3,692,002 | $37,311,223 | |||||||||||||||
A Shares | 3,671,021 | 30,099,940 | — | 1,720,935 | 860,821 | |||||||||||||||
C Shares | — | — | — | 4,780,496 | — | |||||||||||||||
R Shares | 18,362 | — | — | — | — | |||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value) | ||||||||||||||||||||
I Shares | 36,555,038 | 53,083,992 | 676,440 | 338,703 | 3,708,086 | |||||||||||||||
A Shares | 375,907 | 2,478,779 | — | 158,206 | 85,775 | |||||||||||||||
C Shares | — | — | — | 438,590 | — | |||||||||||||||
R Shares | 1,882 | — | — | — | — | |||||||||||||||
Net Asset Value and Redemption Price Per Share: | ||||||||||||||||||||
I Shares | $9.76 | $12.13 | $9.83 | $10.90 | $10.06 | |||||||||||||||
A Shares | 9.77 | 12.14 | — | 10.88 | 10.04 | |||||||||||||||
C Shares(a) | — | — | — | 10.90 | — | |||||||||||||||
R Shares | 9.76 | — | — | — | — | |||||||||||||||
Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent): | ||||||||||||||||||||
A Shares | $10.26 | $12.75 | $ — | $11.16 | $10.54 | |||||||||||||||
Maximum Sales Charge — A Shares | 4.75 | % | 4.75 | % | — | 2.50 | % | 4.75 | % |
* | Investments include securities on loan of $2,685,240, $—, $—, $— and $—, respectively. |
(a) | Redemption price per share varies based on length of time shares are held. |
See Notes to Financial Statements.
151
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
RIDGEWORTH FUNDS March 31, 2014
Seix Floating Rate High Income Fund | Seix High Yield Fund | Short-Term Bond Fund | Short-Term Municipal Bond Fund | Short-Term U.S. Treasury Securities Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Total Investments, at Cost | $9,360,804,666 | $1,355,228,209 | $42,826,701 | $36,650,117 | $9,841,049 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investments, at Value* | $9,426,906,096 | $1,407,837,098 | $43,123,979 | $36,715,575 | $9,877,381 | |||||||||||||||
Cash | 6,018,097 | — | 408,002 | 215 | 105 | |||||||||||||||
Interest Receivable | 38,469,174 | 20,968,862 | 186,025 | 188,123 | 44,893 | |||||||||||||||
Securities Lending Income Receivable | — | 44,151 | — | — | — | |||||||||||||||
Receivable for Capital Shares Issued | 15,067,936 | 644,439 | 12,064 | 538 | 10,906 | |||||||||||||||
Receivable for Investment Securities Sold | 66,512,365 | 22,871,902 | — | 2,798,138 | — | |||||||||||||||
Receivable for Investment Securities Sold on a When-issued Basis | 209,867,715 | — | — | 1,179,950 | — | |||||||||||||||
Receivable from Investment Adviser | 122 | — | — | 3,052 | 4,801 | |||||||||||||||
Prepaid Expenses and Other Assets | 151,722 | 44,150 | 14,423 | 6,026 | 13,658 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 9,762,993,227 | 1,452,410,602 | 43,744,493 | 40,891,617 | 9,951,744 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Payable for Investment Securities Purchased | 15,617,983 | 18,044,338 | 502,350 | — | — | |||||||||||||||
Payable for Investment Securities Purchased on a When-issued Basis | 442,348,982 | 23,965,050 | — | 4,093,610 | — | |||||||||||||||
Due to Custodian | — | 934,610 | — | — | — | |||||||||||||||
Payable for Capital Shares Redeemed | 27,618,439 | 6,918,852 | 150,205 | 21,050 | 1,801 | |||||||||||||||
Payable Upon Return of Securities Loaned | — | 115,263,845 | — | — | — | |||||||||||||||
Income Distributions Payable | 10,506,235 | 4,219,677 | 20,048 | 3,264 | 57 | |||||||||||||||
Investment Advisory Fees Payable | 3,123,813 | 480,528 | 14,928 | 10,661 | 2,971 | |||||||||||||||
Compliance and Fund Services Fees Payable | 134,071 | 20,419 | 645 | 508 | 151 | |||||||||||||||
Distribution and Service Fees Payable | 123,849 | 15,296 | 2,071 | 792 | 2,439 | |||||||||||||||
Other Accrued Expenses | 2,722,484 | 244,711 | 7,428 | 9,525 | 2,848 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 502,195,856 | 170,107,326 | 697,675 | 4,139,410 | 10,267 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Net Assets | $9,260,797,371 | $1,282,303,276 | $43,046,818 | $36,752,207 | $9,941,477 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Capital | $9,233,922,252 | $1,194,655,064 | $44,171,536 | $36,522,235 | $9,905,068 | |||||||||||||||
Accumulated Net Investment Loss | (1,354 | ) | (1,256,315 | ) | (1,583 | ) | (1,449 | ) | (96 | ) | ||||||||||
Accumulated Net Realized Gain (Loss) from Investments and Swap Transactions | (39,224,957 | ) | 36,295,638 | (1,420,413 | ) | 165,963 | 173 | |||||||||||||
Net Unrealized Appreciation on Investments | 66,101,430 | 52,608,889 | 297,278 | 65,458 | 36,332 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $9,260,797,371 | $1,282,303,276 | $43,046,818 | $36,752,207 | $9,941,477 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets: | ||||||||||||||||||||
I Shares | $8,965,312,014 | $1,211,145,810 | $38,400,206 | $30,852,236 | $2,867,960 | |||||||||||||||
A Shares | 212,335,979 | 69,920,920 | 2,747,714 | 5,899,971 | 2,088,917 | |||||||||||||||
C Shares | 83,149,378 | — | 1,898,898 | — | 4,984,600 | |||||||||||||||
R Shares | — | 1,236,546 | — | — | — | |||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value) | ||||||||||||||||||||
I Shares | 989,204,352 | 121,720,222 | 3,858,518 | 3,088,510 | 292,187 | |||||||||||||||
A Shares | 23,432,631 | 7,193,796 | 275,377 | 590,864 | 213,098 | |||||||||||||||
C Shares | 9,172,384 | — | 190,382 | — | 508,839 | |||||||||||||||
R Shares | — | 124,350 | — | — | — | |||||||||||||||
Net Asset Value and Redemption Price Per Share: | ||||||||||||||||||||
I Shares | $9.06 | $9.95 | $9.95 | $9.99 | $9.82 | |||||||||||||||
A Shares | 9.06 | 9.72 | 9.98 | 9.99 | 9.80 | |||||||||||||||
C Shares(a) | 9.07 | — | 9.97 | — | 9.80 | |||||||||||||||
R Shares | — | 9.94 | — | — | — | |||||||||||||||
Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent): | ||||||||||||||||||||
A Shares | $9.29 | $10.20 | $10.24 | $10.25 | $10.05 | |||||||||||||||
Maximum Sales Charge — A Shares | 2.50 | % | 4.75 | % | 2.50 | % | 2.50 | % | 2.50 | % |
* | Investments include securities on loan of $-, $112,825,706, $—, $— and $—, respectively. |
(a) | Redemption price per share varies based on length of time shares are held. |
See Notes to Financial Statements.
152
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
RIDGEWORTH FUNDS March 31, 2014
Total Return Bond Fund | 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 | $1,153,922,325 | $119,140,004 | $24,321,776 | $1,947,880,011 | $121,289,506 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investments, at Value* | $1,165,677,599 | $119,498,386 | $24,447,129 | $1,973,862,987 | $126,745,131 | |||||||||||||||
Cash | 593,961 | 681,949 | 319 | — | 1,498 | |||||||||||||||
Cash Collateral on Deposit at Broker | — | 1,533,781 | — | 1,530,864 | — | |||||||||||||||
Interest Receivable | 5,438,930 | 453,458 | 58,556 | 3,506,782 | 1,466,074 | |||||||||||||||
Appreciated Swap Contracts, at Value | 130,772 | — | — | — | — | |||||||||||||||
Securities Lending Income Receivable | 19,230 | — | — | — | — | |||||||||||||||
Receivable for Capital Shares Issued | 1,398,955 | 66,974 | 11,015 | 1,736,140 | 492,443 | |||||||||||||||
Receivable for Investment Securities Sold | 1,172,336 | 23,700 | — | 17,929,198 | — | |||||||||||||||
Receivable for Investment Securities Sold on a When-issued Basis | 3,527,856 | — | — | — | — | |||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | 1,402,577 | — | — | — | — | |||||||||||||||
Unrealized Appreciation on Futures Contracts | — | 22,695 | — | 569,439 | — | |||||||||||||||
Premiums Receivable on Open Swap Contracts | 667 | — | — | — | — | |||||||||||||||
Receivable from Investment Adviser | 290 | — | 1,917 | — | — | |||||||||||||||
Prepaid Expenses and Other Assets | 37,577 | 14,203 | 9,708 | 44,754 | 5,886 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 1,179,400,750 | 122,295,146 | 24,528,644 | 1,999,180,164 | 128,711,032 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Payable for Investment Securities Purchased | 21,599,697 | — | 991,830 | — | — | |||||||||||||||
Payable for Investment Securities Purchased on a When-issued Basis | 13,535,303 | — | — | — | — | |||||||||||||||
Due to Custodian | — | — | — | 574,800 | — | |||||||||||||||
Depreciated Swap Contracts, at Value | 640,571 | — | — | — | — | |||||||||||||||
Payable for Capital Shares Redeemed | 1,443,000 | 177,118 | 12,762 | 4,216,526 | 131,812 | |||||||||||||||
Payable Upon Return of Securities Loaned | 5,665,800 | — | — | — | — | |||||||||||||||
Income Distributions Payable | 96,552 | 21,019 | 324 | 137,272 | 241,997 | |||||||||||||||
Unrealized Depreciation on Futures Contracts | — | — | — | 3,693 | — | |||||||||||||||
Investment Advisory Fees Payable | 233,391 | 22,978 | 10,002 | 319,950 | 54,725 | |||||||||||||||
Compliance and Fund Services Fees Payable | 16,930 | 1,793 | 356 | 30,545 | 1,947 | |||||||||||||||
Distribution and Service Fees Payable | 39,941 | — | 1,456 | — | 1,008 | |||||||||||||||
Other Accrued Expenses | 338,864 | 19,136 | 10,472 | 682,423 | 11,403 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 43,610,049 | 242,044 | 1,027,202 | 5,965,209 | 442,892 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Net Assets | $1,135,790,701 | $122,053,102 | $23,501,442 | $1,993,214,955 | $128,268,140 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Capital | $1,147,681,391 | $124,380,979 | $23,611,607 | $1,988,631,534 | $123,136,631 | |||||||||||||||
Accumulated Net Investment Income (Loss) | 525,408 | (2,435 | ) | (138 | ) | (2,331 | ) | 19,233 | ||||||||||||
Accumulated Net Realized Loss from Investments, Futures, Swap and Foreign Currency Transactions | (24,967,789 | ) | (2,706,519 | ) | (235,380 | ) | (21,962,970 | ) | (343,349 | ) | ||||||||||
Net Unrealized Appreciation on Investments, Futures, Swaps and Foreign Currency Contracts | 12,551,691 | 381,077 | 125,353 | 26,548,722 | 5,455,625 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $1,135,790,701 | $122,053,102 | $23,501,442 | $1,993,214,955 | $128,268,140 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets: | ||||||||||||||||||||
I Shares | $1,022,100,545 | $122,053,102 | $21,191,760 | $1,993,214,955 | $120,599,754 | |||||||||||||||
A Shares | 41,134,190 | — | 866,916 | — | 7,668,386 | |||||||||||||||
C Shares | — | — | 1,442,766 | — | — | |||||||||||||||
R Shares | 72,555,966 | — | — | — | — | |||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value) | ||||||||||||||||||||
I Shares | 98,023,122 | 12,233,514 | 2,585,609 | 196,981,713 | 11,922,755 | |||||||||||||||
A Shares | 3,818,000 | — | 105,786 | — | 758,328 | |||||||||||||||
C Shares | — | — | 176,060 | — | — | |||||||||||||||
R Shares | 6,957,031 | — | — | — | — | |||||||||||||||
Net Asset Value and Redemption Price Per Share: | ||||||||||||||||||||
I Shares | $10.43 | $9.98 | $8.20 | $10.12 | $10.12 | |||||||||||||||
A Shares | 10.77 | — | 8.19 | — | 10.11 | |||||||||||||||
C Shares(a) | — | — | 8.19 | — | — | |||||||||||||||
R Shares | 10.43 | — | — | — | — | |||||||||||||||
Offering Price per Share (100%/(100%-maximum sales charge x net asset value) adjusted to the nearest cent): | ||||||||||||||||||||
A Shares | $11.31 | $ — | $8.60 | $ — | $10.61 | |||||||||||||||
Maximum Sales Charge — A Shares | 4.75 | % | — | 4.75 | % | — | 4.75 | % |
* | Investments include securities on loan of $5,539,511, $—, $—, $— and $—, respectively. |
(a) | Redemption price per share varies based on length of time shares are held. |
See Notes to Financial Statements.
153
Table of Contents
RIDGEWORTH FUNDS For the Fiscal Year Ended March 31, 2014
Core Bond Fund | Corporate Bond Fund | Georgia Tax-Exempt Bond Fund | High Grade Municipal Bond Fund | High Income Fund | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Interest Income | $5,967,742 | $2,174,133 | $4,848,254 | $2,089,116 | $59,218,090 | |||||||||||||||
Dividend Income | 106,689 | 124,790 | — | 976 | 611,502 | |||||||||||||||
Net Income from Securities Lending | 23,533 | 1,566 | — | — | 391,962 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investment Income | 6,097,964 | 2,300,489 | 4,848,254 | 2,090,092 | 60,221,554 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Investment Advisory Fees | 726,308 | 241,714 | 675,650 | 294,671 | 4,783,322 | |||||||||||||||
Administration Fees | 28,313 | 5,907 | 13,274 | 5,783 | 87,126 | |||||||||||||||
Fund Accounting Fees | 22,553 | 4,971 | 11,188 | 5,029 | 75,000 | |||||||||||||||
Transfer Agency Fees | 44,240 | 46,421 | 13,323 | 22,324 | 253,627 | |||||||||||||||
Compliance & Fund Services Fees | 17,574 | 3,791 | 8,561 | 3,738 | 55,715 | |||||||||||||||
Distribution and Service Fees — A Shares | 47,063 | 5,365 | 6,444 | 14,312 | 433,147 | |||||||||||||||
Distribution and Service Fees — C Shares | — | 119,908 | — | — | — | |||||||||||||||
Distribution and Service Fees — R Shares | 22,123 | — | — | — | 112,160 | |||||||||||||||
Shareholder Servicing Fees — I Shares | 233,508 | 9,807 | 2,415 | 11,931 | 1,051,955 | |||||||||||||||
Shareholder Servicing Fees — A Shares | 10,735 | 139 | 111 | 1,251 | 69,156 | |||||||||||||||
Shareholder Servicing Fees — R Shares | 469 | — | — | — | 16,383 | |||||||||||||||
Custodian Fees | 20,995 | 10,316 | 8,310 | 7,400 | 43,208 | |||||||||||||||
Printing Fees | 29,553 | 8,359 | 5,646 | 4,622 | 113,110 | |||||||||||||||
Registration Fees | 51,990 | 41,991 | 15,615 | 33,076 | 61,978 | |||||||||||||||
Trustee Fees | 10,963 | 2,225 | 5,017 | 2,201 | 32,489 | |||||||||||||||
Other Fees | 29,090 | 11,115 | 15,335 | 9,760 | 66,230 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 1,295,477 | 512,029 | 780,889 | 416,098 | 7,254,606 | |||||||||||||||
Less: Investment Advisory Fees Waived/Expenses Reimbursed | (42 | ) | (5,345 | ) | — | (18,615 | ) | (26,432 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 1,295,435 | 506,684 | 780,889 | 397,483 | 7,228,174 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 4,802,529 | 1,793,805 | 4,067,365 | 1,692,609 | 52,993,380 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Swaps: | ||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||
Investment Transactions | (2,247,406 | ) | 168,518 | (1,723,221 | ) | (143,983 | ) | 24,559,799 | ||||||||||||
Swap Contracts | — | — | — | — | 613,061 | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||
Investments | (7,335,675 | ) | (2,208,835 | ) | (3,893,136 | ) | (1,431,114 | ) | (12,580,067 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Swaps | (9,583,081 | ) | (2,040,317 | ) | (5,616,357 | ) | (1,575,097 | ) | 12,592,793 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Net Assets from Operations | $(4,780,552 | ) | $(246,512 | ) | $(1,548,992 | ) | $117,512 | $65,586,173 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
154
Table of Contents
STATEMENTS OF OPERATIONS
RIDGEWORTH FUNDS For the Fiscal Year Ended March 31, 2014
Intermediate Bond Fund | Investment Grade Tax-Exempt Bond Fund | Limited Duration Fund | Limited-Term Federal Mortgage Securities Fund | NorthCarolina Tax-Exempt Bond Fund | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Interest Income | $9,747,500 | $23,087,955 | $42,135 | $250,265 | $1,468,225 | |||||||||||||||
Dividend Income | 283,281 | — | — | — | 283 | |||||||||||||||
Net Income from Securities Lending | 64,548 | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investment Income | 10,095,329 | 23,087,955 | 42,135 | 250,265 | 1,468,508 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Investment Advisory Fees | 1,465,292 | 3,869,508 | 7,186 | 68,760 | 229,364 | |||||||||||||||
Administration Fees | 58,661 | 77,525 | 738 | 1,429 | 4,493 | |||||||||||||||
Fund Accounting Fees | 47,736 | 65,725 | 573 | 1,109 | 3,909 | |||||||||||||||
Transfer Agency Fees | 76,256 | 131,735 | 530 | 10,681 | 5,649 | |||||||||||||||
Compliance & Fund Services Fees | 37,935 | 49,908 | 456 | 874 | 2,904 | |||||||||||||||
Distribution and Service Fees — A Shares | 16,318 | 101,168 | — | 3,935 | 1,293 | |||||||||||||||
Distribution and Service Fees — C Shares | — | — | — | 52,954 | — | |||||||||||||||
Distribution and Service Fees — R Shares | 124 | — | — | — | — | |||||||||||||||
Shareholder Servicing Fees — I Shares | 452,937 | 612,480 | — | 4,757 | 569 | |||||||||||||||
Shareholder Servicing Fees — A Shares | 5,291 | 13,751 | — | 507 | 87 | |||||||||||||||
Shareholder Servicing Fees — R Shares | 45 | — | — | — | — | |||||||||||||||
Custodian Fees | 20,144 | 17,103 | 4,647 | 8,474 | 6,329 | |||||||||||||||
Printing Fees | 24,953 | 36,508 | 1,821 | 3,543 | 3,103 | |||||||||||||||
Registration Fees | 45,680 | 37,870 | 8,806 | 39,470 | 13,148 | |||||||||||||||
Trustee Fees | 23,088 | 29,509 | 265 | 514 | 1,725 | |||||||||||||||
Other Fees | 52,386 | �� | 61,652 | 6,013 | 7,658 | 9,219 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 2,326,846 | 5,104,442 | 31,035 | 204,665 | 281,792 | |||||||||||||||
Less: Investment Advisory Fees Waived/Expenses Reimbursed | (12 | ) | (32,500 | ) | (8,069 | ) | (56,990 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 2,326,834 | 5,071,942 | 22,966 | 147,675 | 281,792 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 7,768,495 | 18,016,013 | 19,169 | 102,590 | 1,186,716 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||||||
Net Realized Gain from: | ||||||||||||||||||||
Investment Transactions | 537,085 | 860,369 | 24,325 | 16,458 | (959,666 | ) | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||
Investments | (17,001,122 | ) | (20,781,122 | ) | (26,466 | ) | (347,602 | ) | (863,905 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (16,464,037 | ) | (19,920,753 | ) | (2,141 | ) | (331,144 | ) | (1,823,571 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Net Assets from Operations | $(8,695,542 | ) | $(1,904,740 | ) | $17,028 | $(228,554 | ) | $(636,855 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
155
Table of Contents
STATEMENTS OF OPERATIONS
RIDGEWORTH FUNDS For the Fiscal Year Ended March 31, 2014
Seix Floating Rate High Income Fund | Seix High Yield Fund | Short-Term Bond Fund | Short-Term Municipal Bond Fund | Short-Term U.S. Treasury Securities Fund | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Interest Income | $371,081,459 | $104,622,256 | $1,106,479 | $174,553 | $86,636 | |||||||||||||||
Dividend Income | 210,307 | 422,049 | — | 466 | — | |||||||||||||||
Net Income from Securities Lending | — | 419,476 | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investment Income | 371,291,766 | 105,463,781 | 1,106,479 | 175,019 | 86,636 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Investment Advisory Fees | 31,631,285 | 7,071,344 | 246,437 | 81,848 | 36,270 | |||||||||||||||
Administration Fees | 770,505 | 163,746 | 6,398 | 2,335 | 1,037 | |||||||||||||||
Fund Accounting Fees | 663,514 | 141,311 | 2,550 | 1,847 | 787 | |||||||||||||||
Transfer Agency Fees | 3,525,372 | 1,091,270 | 12,862 | 7,195 | 8,392 | |||||||||||||||
Compliance & Fund Services Fees | 495,410 | 102,292 | 3,615 | 1,448 | 651 | |||||||||||||||
Distribution and Service Fees — A Shares | 507,127 | 152,046 | 4,841 | 6,962 | 3,671 | |||||||||||||||
Distribution and Service Fees — C Shares | 649,755 | — | 21,097 | — | 28,828 | |||||||||||||||
Distribution and Service Fees — R Shares | — | 8,718 | — | — | — | |||||||||||||||
Shareholder Servicing Fees — I Shares | 6,731,249 | 188,269 | 9,112 | 13,746 | 2,858 | |||||||||||||||
Shareholder Servicing Fees — A Shares | 143,428 | 12,543 | 1,052 | 772 | 184 | |||||||||||||||
Shareholder Servicing Fees — R Shares | — | — | — | — | — | |||||||||||||||
Custodian Fees | 1,409,031 | 61,609 | 8,164 | 6,947 | 6,417 | |||||||||||||||
Printing Fees | 540,703 | 125,502 | 4,904 | 5,811 | 2,711 | |||||||||||||||
Registration Fees | 84,508 | 59,792 | 42,722 | 33,367 | 40,537 | |||||||||||||||
Trustee Fees | 285,041 | 60,293 | 2,323 | 828 | 385 | |||||||||||||||
Other Fees | 527,200 | 125,795 | 15,652 | 7,587 | 7,418 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 47,964,128 | 9,364,530 | 381,729 | 170,693 | 140,146 | |||||||||||||||
Less: Investment Advisory Fees Waived/Expenses Reimbursed | (122 | ) | — | (1,491 | ) | (39,770 | ) | (62,811 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 47,964,006 | 9,364,530 | 380,238 | 130,923 | 77,335 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 323,327,760 | 96,099,251 | 726,241 | 44,096 | 9,301 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Swaps: | ||||||||||||||||||||
Net Realized Gain from: | ||||||||||||||||||||
Investment Transactions | 11,462,727 | 67,370,513 | 714,197 | 197,237 | 5,064 | |||||||||||||||
Swap Contracts | — | 3,172,834 | — | — | — | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||
Investments | (6,274,675 | ) | (65,722,730 | ) | (1,063,778 | ) | (56,592 | ) | (68,118 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Swaps | 5,188,052 | 4,820,617 | (349,581 | ) | 140,645 | (63,054 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Net Assets from Operations | $328,515,812 | $100,919,868 | $376,660 | $184,741 | $(53,753 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
156
Table of Contents
STATEMENTS OF OPERATIONS
RIDGEWORTH FUNDS For the Fiscal Year Ended March 31, 2014
Total Return Bond Fund | 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 | $30,449,718 | $1,283,718 | $360,300 | $15,126,272 | $4,877,952 | |||||||||||||||
Dividend Income | 413,943 | 396 | — | 713 | — | |||||||||||||||
Net Income from Securities Lending | 151,145 | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investment Income | 31,014,806 | 1,284,114 | 360,300 | 15,126,985 | 4,877,952 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Investment Advisory Fees | 2,946,100 | 281,939 | 149,883 | 4,058,773 | 715,780 | |||||||||||||||
Administration Fees | 119,837 | 12,580 | 3,022 | 212,959 | 14,092 | |||||||||||||||
Fund Accounting Fees | 103,315 | 10,378 | 2,517 | 182,320 | 11,975 | |||||||||||||||
Transfer Agency Fees | 278,795 | 53,081 | 9,159 | 505,531 | 19,378 | |||||||||||||||
Compliance & Fund Services Fees | 77,202 | 8,112 | 1,891 | 136,656 | 9,055 | |||||||||||||||
Distribution and Service Fees — A Shares | 113,277 | — | 3,603 | — | 14,159 | |||||||||||||||
Distribution and Service Fees — C Shares | — | — | 16,420 | — | — | |||||||||||||||
Distribution and Service Fees — R Shares | 366,385 | — | — | — | — | |||||||||||||||
Shareholder Servicing Fees — I Shares | 988,268 | 16,334 | 32,592 | 2,750,114 | 2,485 | |||||||||||||||
Shareholder Servicing Fees — A Shares | 55,749 | — | 132 | — | 651 | |||||||||||||||
Shareholder Servicing Fees — R Shares | 182,344 | — | — | — | — | |||||||||||||||
Custodian Fees | 119,850 | 12,875 | 6,972 | 42,399 | 8,415 | |||||||||||||||
Printing Fees | 92,457 | 7,092 | 4,549 | 120,207 | 6,400 | |||||||||||||||
Registration Fees | 71,521 | 23,777 | 38,651 | 106,126 | 18,933 | |||||||||||||||
Trustee Fees | 45,494 | 4,795 | 1,113 | 80,079 | 5,333 | |||||||||||||||
Other Fees | 103,763 | 14,399 | 8,610 | 154,010 | 15,897 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 5,664,357 | 445,362 | 279,114 | 8,349,174 | 842,553 | |||||||||||||||
Less: Investment Advisory Fees Waived/Expenses Reimbursed | (30,144 | ) | — | (47,535 | ) | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 5,634,213 | 445,362 | 231,579 | 8,349,174 | 842,553 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 25,380,593 | 838,752 | 128,721 | 6,777,811 | 4,035,399 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments, Futures, Swaps and Foreign Currencies: | ||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||
Investment and Foreign Currency Transactions | (11,957,803 | ) | 24,923 | (158,272 | ) | (867,158 | ) | (343,350 | ) | |||||||||||
Futures Contracts | — | 133,781 | — | (520,443 | ) | — | ||||||||||||||
Swap Contracts | (5,915,362 | ) | — | — | — | — | ||||||||||||||
Forward Foreign Currency Contracts | 1,030,489 | — | — | — | — | |||||||||||||||
Payments by affiliates (see Note 3) | — | — | 38,190 | — | — | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||
Investments and Foreign Currencies | (18,597,351 | ) | (227,622 | ) | (773,072 | ) | (3,520,890 | ) | (4,565,246 | ) | ||||||||||
Futures Contracts | — | 22,695 | — | 656,052 | — | |||||||||||||||
Swap Contracts | (465,253 | ) | — | — | — | — | ||||||||||||||
Forward Foreign Currency Contracts | 1,323,976 | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments, Futures, Swaps and Foreign Currencies | (34,581,304 | ) | (46,223 | ) | (893,154 | ) | (4,252,439 | ) | (4,908,596 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Net Assets from Operations | $(9,200,711 | ) | $792,529 | $(764,433 | ) | $2,525,372 | $(873,197 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
157
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 | ||||||||||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income | $ | 4,802,529 | $ | 6,424,040 | $ | 1,793,805 | $ | 2,659,796 | $ | 4,067,365 | $ | 4,837,505 | ||||||||||||
Net Realized Gain (Loss) | (2,247,406 | ) | 9,783,817 | 168,518 | 4,214,550 | (1,723,221 | ) | 4,725,574 | ||||||||||||||||
Net Change in Unrealized Depreciation | (7,335,675 | ) | (4,439 | ) | (2,208,835 | ) | (1,384,022 | ) | (3,893,136 | ) | (1,459,254 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Operations | (4,780,552 | ) | 16,203,418 | (246,512 | ) | 5,490,324 | (1,548,992 | ) | 8,103,825 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||
I Shares | (5,267,601 | ) | (8,053,233 | ) | (1,483,306 | ) | (2,056,712 | ) | (3,944,136 | ) | (4,702,696 | ) | ||||||||||||
A Shares | (260,196 | ) | (319,708 | ) | (49,480 | ) | (170,577 | ) | (123,282 | ) | (135,016 | ) | ||||||||||||
C Shares | — | — | (261,000 | ) | (433,099 | ) | — | — | ||||||||||||||||
R Shares | (69,297 | ) | (72,608 | ) | — | — | — | — | ||||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||
I Shares | (4,708,330 | ) | (5,872,395 | ) | (1,574,501 | ) | (2,186,344 | ) | — | — | ||||||||||||||
A Shares | (252,957 | ) | (259,548 | ) | (27,525 | ) | (191,370 | ) | — | — | ||||||||||||||
C Shares | — | — | (346,555 | ) | (646,870 | ) | — | — | ||||||||||||||||
R Shares | (91,976 | ) | (64,572 | ) | — | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Dividends and Distributions | (10,650,357 | ) | (14,642,064 | ) | (3,742,367 | ) | (5,684,972 | ) | (4,067,418 | ) | (4,837,712 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Capital Transactions | (166,511,487 | ) | (71,898,387 | ) | (28,232,711 | ) | (8,242,894 | ) | (22,129,077 | ) | (629,852 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets | (181,942,396 | ) | (70,337,033 | ) | (32,221,590 | ) | (8,437,542 | ) | (27,745,487 | ) | 2,636,261 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of Period | 396,276,525 | 466,613,558 | 71,407,365 | 79,844,907 | 152,719,444 | 150,083,183 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of Period | $ | 214,334,129 | $ | 396,276,525 | $ | 39,185,775 | $ | 71,407,365 | $ | 124,973,957 | $ | 152,719,444 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accumulated Net Investment Income (Loss), End of Period | $ | (386,757 | ) | $ | (562,821 | ) | $ | (79,808 | ) | $ | (192,954 | ) | $ | 190,597 | $ | 190,650 | ||||||||
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|
|
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|
|
See Notes to Financial Statements.
158
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
RIDGEWORTH FUNDS For the Fiscal Years Indicated
High Grade Municipal Bond Fund | High Income Fund | Intermediate Bond Fund | ||||||||||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income | $ | 1,692,609 | $ | 1,567,817 | $ | 52,993,380 | $ | 51,100,174 | $ | 7,768,495 | $ | 18,266,339 | ||||||||||||
Net Realized Gain (Loss) | (143,983 | ) | 1,043,022 | 25,172,860 | 9,708,279 | 537,085 | 37,775,410 | |||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | (1,431,114 | ) | 1,055,712 | (12,580,067 | ) | 41,072,116 | (17,001,122 | ) | (19,448,314 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Operations | 117,512 | 3,666,551 | 65,586,173 | 101,880,569 | (8,695,542 | ) | 36,593,435 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||
I Shares | (1,430,378 | ) | (1,324,687 | ) | (43,729,034 | ) | (42,786,055 | ) | (7,790,843 | ) | (18,296,426 | ) | ||||||||||||
A Shares | (262,202 | ) | (243,149 | ) | (8,470,656 | ) | (6,857,685 | ) | (70,662 | ) | (162,141 | ) | ||||||||||||
R Shares | — | — | (1,261,457 | ) | (1,256,539 | ) | (186 | ) | (698 | ) | ||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||
I Shares | (193,807 | ) | (1,469,635 | ) | (15,228,470 | ) | — | (15,653,552 | ) | (30,465,039 | ) | |||||||||||||
A Shares | (35,607 | ) | (275,382 | ) | (3,562,894 | ) | — | (212,227 | ) | (344,694 | ) | |||||||||||||
R Shares | — | — | (470,570 | ) | — | (718 | ) | (775 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Dividends and Distributions | (1,921,994 | ) | (3,312,853 | ) | (72,723,081 | ) | (50,900,279 | ) | (23,728,188 | ) | (49,269,773 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Capital Transactions | (7,745,895 | ) | 14,781,785 | 42,054,508 | 180,698,581 | (559,824,062 | ) | (240,973,715 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets | (9,550,377 | ) | 15,135,483 | 34,917,600 | 231,678,871 | (592,247,792 | ) | (253,650,053 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of Period | 66,254,151 | 51,118,668 | 927,831,792 | 696,152,921 | 952,625,877 | 1,206,275,930 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of Period | $ | 56,703,774 | $ | 66,254,151 | $ | 962,749,392 | $ | 927,831,792 | $ | 360,378,085 | $ | 952,625,877 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accumulated Net Investment Loss, End of Period | $ | (7,139 | ) | $ | (7,143 | ) | $ | (363,403 | ) | $ | (350,046 | ) | $ | (431,903 | ) | $ | (1,172,775 | ) | ||||||
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|
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|
|
See Notes to Financial Statements.
159
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
RIDGEWORTH FUNDS For the Fiscal Years Indicated
Investment Grade Tax-Exempt Bond Fund | Limited Duration Fund | Limited-Term Federal Mortgage Securities Fund | ||||||||||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income | $ | 18,016,013 | $ | 20,256,618 | $ | 19,169 | $ | 56,456 | $ | 102,590 | $ | 22,778 | ||||||||||||
Net Realized Gain | 860,369 | 19,891,403 | 24,325 | 39,606 | 16,458 | 1,250,502 | ||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | (20,781,122 | ) | 8,822,011 | (26,466 | ) | 19,238 | (347,602 | ) | (599,719 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Operations | (1,904,740 | ) | 48,970,032 | 17,028 | 115,300 | (228,554 | ) | 673,561 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||
I Shares | (17,296,851 | ) | (19,608,181 | ) | (14,851 | ) | (41,881 | ) | (122,073 | ) | (274,801 | ) | ||||||||||||
A Shares | (719,739 | ) | (651,933 | ) | — | — | (34,674 | ) | (42,708 | ) | ||||||||||||||
C Shares | — | — | — | — | (51,259 | ) | (41,189 | ) | ||||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||
I Shares | (5,168,338 | ) | (30,115,855 | ) | — | — | — | — | ||||||||||||||||
A Shares | (228,704 | ) | (1,134,849 | ) | — | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Dividends and Distributions | (23,413,632 | ) | (51,510,818 | ) | (14,851 | ) | (41,881 | ) | (208,006 | ) | (358,698 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Capital Transactions | (319,882,736 | ) | 33,200,723 | (2,709,499 | ) | (6,718,359 | ) | (6,531,861 | ) | (21,495,655 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets | (345,201,108 | ) | 30,659,937 | (2,707,322 | ) | (6,644,940 | ) | (6,968,421 | ) | (21,180,792 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of Period | 1,019,129,054 | 988,469,117 | 9,357,409 | 16,002,349 | 17,161,854 | 38,342,646 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of Period | $ | 673,927,946 | $ | 1,019,129,054 | $ | 6,650,087 | $ | 9,357,409 | $ | 10,193,433 | $ | 17,161,854 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accumulated Net Investment Loss, End of Period | $ | (228,387 | ) | $ | (227,700 | ) | $ | (715 | ) | $ | (1,856 | ) | $ | (15,718 | ) | $ | (19,256 | ) | ||||||
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|
|
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|
|
|
|
|
|
|
See Notes to Financial Statements.
160
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
RIDGEWORTH FUNDS For the Fiscal Years Indicated
North Carolina Tax-Exempt Bond Fund | Seix Floating Rate High Income Fund | Seix High Yield Fund | ||||||||||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income | $ | 1,186,716 | $ | 1,486,954 | $ | 323,327,760 | $ | 215,111,306 | $ | 96,099,251 | $ | 133,070,532 | ||||||||||||
Net Realized Gain (Loss) | (959,666 | ) | 1,975,936 | 11,462,727 | 18,424,010 | 70,543,347 | 53,623,005 | |||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | (863,905 | ) | (929,051 | ) | (6,274,675 | ) | 78,561,655 | (65,722,730 | ) | 63,484,472 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Operations | (636,855 | ) | 2,533,839 | 328,515,812 | 312,096,971 | 100,919,868 | 250,178,009 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||
I Shares | (1,165,690 | ) | (1,467,922 | ) | (312,044,616 | ) | (198,173,277 | ) | (94,634,944 | ) | (128,076,933 | ) | ||||||||||||
A Shares | (21,050 | ) | (19,014 | ) | (6,400,576 | ) | (2,386,027 | ) | (3,456,272 | ) | (3,752,431 | ) | ||||||||||||
C Shares | — | — | (2,065,373 | ) | (1,259,361 | ) | — | — | ||||||||||||||||
R Shares | — | — | — | — | (94,538 | ) | (139,203 | ) | ||||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||
I Shares | (1,161,841 | ) | — | — | — | (58,467,007 | ) | — | ||||||||||||||||
A Shares | (25,030 | ) | — | — | — | (2,326,532 | ) | — | ||||||||||||||||
R Shares | — | — | — | — | (54,118 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Dividends and Distributions | (2,373,611 | ) | (1,486,936 | ) | (320,510,565 | ) | (201,818,665 | ) | (159,033,411 | ) | (131,968,567 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Capital Transactions | (10,718,709 | ) | (190,751 | ) | 3,332,412,383 | 2,309,433,271 | (527,438,582 | ) | (414,422,342 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets | (13,729,175 | ) | 856,152 | 3,340,417,630 | 2,419,711,577 | (585,552,125 | ) | (296,212,900 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of Period | 51,901,219 | 51,045,067 | 5,920,379,741 | 3,500,668,164 | 1,867,855,401 | 2,164,068,301 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of Period | $ | 38,172,044 | $ | 51,901,219 | $ | 9,260,797,371 | $ | 5,920,379,741 | $ | 1,282,303,276 | $ | 1,867,855,401 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accumulated Net Investment Income (Loss), End of Period | $ | (63,115 | ) | $ | (63,078 | ) | $ | (1,354 | ) | $ | 23,943 | $ | (1,256,315 | ) | $ | (407,000 | ) | |||||||
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|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
161
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
RIDGEWORTH FUNDS For the Fiscal Years Indicated
Short-Term Bond Fund | Short-Term Municipal Bond Fund | Short-Term U.S. Treasury Securities Fund | ||||||||||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income | $ | 726,241 | $ | 3,481,845 | $ | 44,096 | $ | 54,074 | $ | 9,301 | $ | 41,075 | ||||||||||||
Net Realized Gain | 714,197 | 4,460,680 | 197,237 | 585,879 | 5,064 | 36,023 | ||||||||||||||||||
Net Change in Unrealized Depreciation | (1,063,778 | ) | (3,615,526 | ) | (56,592 | ) | (323,208 | ) | (68,118 | ) | (92,516 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Operations | 376,660 | 4,326,999 | 184,741 | 316,745 | (53,753 | ) | (15,418 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||
I Shares | (715,698 | ) | (3,498,056 | ) | (39,355 | ) | (40,271 | ) | (7,202 | ) | (29,693 | ) | ||||||||||||
A Shares | (25,093 | ) | (29,322 | ) | (4,738 | ) | (13,801 | ) | (2,095 | ) | (9,848 | ) | ||||||||||||
C Shares | (5,646 | ) | (14,318 | ) | — | — | — | (1,520 | ) | |||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||
I Shares | — | — | (87,967 | ) | (703,504 | ) | (4,867 | ) | (12,659 | ) | ||||||||||||||
A Shares | — | — | (19,996 | ) | (317,101 | ) | (4,741 | ) | (6,894 | ) | ||||||||||||||
C Shares | — | — | — | — | (11,663 | ) | (17,222 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Dividends and Distributions | (746,437 | ) | (3,541,696 | ) | (152,056 | ) | (1,074,677 | ) | (30,568 | ) | (77,836 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Capital Transactions | (39,461,972 | ) | (234,247,904 | ) | 21,903,965 | 6,172,270 | (2,196,147 | ) | (7,571,951 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets | (39,831,749 | ) | (233,462,601 | ) | 21,936,650 | 5,414,338 | (2,280,468 | ) | (7,665,205 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of Period | 82,878,567 | 316,341,168 | 14,815,557 | 9,401,219 | 12,221,945 | 19,887,150 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of Period | $ | 43,046,818 | $ | 82,878,567 | $ | 36,752,207 | $ | 14,815,557 | $ | 9,941,477 | $ | 12,221,945 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accumulated Net Investment Loss, End of Period | $ | (1,583 | ) | $ | (1,347 | ) | $ | (1,449 | ) | $ | (1,452 | ) | $ | (96 | ) | $ | (100 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
162
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
RIDGEWORTH FUNDS For the Fiscal Years Indicated
Total Return Bond Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund | ||||||||||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income | $ | 25,380,593 | $ | 20,831,585 | $ | 838,752 | $ | 1,135,594 | $ | 128,721 | $ | 185,915 | ||||||||||||
Net Realized Gain (Loss) | (16,842,676 | ) | 21,606,898 | 158,704 | 566,410 | (120,082 | ) | 767,150 | ||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | (17,738,628 | ) | 2,564,055 | (204,927 | ) | (6,011 | ) | (773,072 | ) | 30,778 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Assets from Operations | (9,200,711 | ) | 45,002,538 | 792,529 | 1,695,993 | (764,433 | ) | 983,843 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||
I Shares | (23,280,438 | ) | (21,920,205 | ) | (969,033 | ) | (1,236,755 | ) | (125,734 | ) | (181,707 | ) | ||||||||||||
A Shares | (817,396 | ) | (863,304 | ) | — | — | (3,032 | ) | (4,244 | ) | ||||||||||||||
R Shares | (1,109,995 | ) | (595,142 | ) | — | — | — | — | ||||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||
I Shares | (9,776,080 | ) | (22,724,839 | ) | — | — | (102,240 | ) | (1,742,333 | ) | ||||||||||||||
A Shares | (377,861 | ) | (979,427 | ) | — | — | (4,216 | ) | (77,637 | ) | ||||||||||||||
C Shares | — | — | — | — | (6,158 | ) | (96,769 | ) | ||||||||||||||||
R Shares | (686,006 | ) | (1,094,431 | ) | — | — | — | — | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Dividends and Distributions | (36,047,776 | ) | (48,177,348 | ) | (969,033 | ) | (1,236,755 | ) | (241,380 | ) | (2,102,690 | ) | ||||||||||||
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| |||||||||||||
Change in Net Assets from Capital Transactions | (146,164,164 | ) | 269,491,980 | 13,005,312 | (3,851,548 | ) | (14,946,754 | ) | (4,378,712 | ) | ||||||||||||||
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|
|
|
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|
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Change in Net Assets | (191,412,651 | ) | 266,317,170 | 12,828,808 | (3,392,310 | ) | (15,952,567 | ) | (5,497,559 | ) | ||||||||||||||
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Net Assets: | ||||||||||||||||||||||||
Beginning of Period | 1,327,203,352 | 1,060,886,182 | 109,224,294 | 112,616,604 | 39,454,009 | 44,951,568 | ||||||||||||||||||
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End of Period | $ | 1,135,790,701 | $ | 1,327,203,352 | $ | 122,053,102 | $ | 109,224,294 | $ | 23,501,442 | $ | 39,454,009 | ||||||||||||
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Accumulated Net Investment Income (Loss), End of Period | $ | 525,408 | $ | (1,397,738 | ) | $ | (2,435 | ) | $ | (2,449 | ) | $ | (138 | ) | $ | (78 | ) | |||||||
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See Notes to Financial Statements.
163
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
RIDGEWORTH FUNDS For the Fiscal Years Indicated
U.S. Government Securities Ultra-Short Bond Fund | Virginia Intermediate Municipal Bond Fund | |||||||||||||||
04/01/13- 03/31/14 | 04/01/12- 03/31/13 | 04/01/13- 03/31/14 | 04/01/12- 03/31/13 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 6,777,811 | $ | 6,719,005 | $ | 4,035,399 | $ | 4,647,658 | ||||||||
Net Realized Gain (Loss) | (1,387,601 | ) | 14,982,909 | (343,350 | ) | 3,083,203 | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) | (2,864,838 | ) | 2,192,598 | (4,565,246 | ) | (1,915,193 | ) | |||||||||
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| |||||||||
Change in Net Assets from Operations | 2,525,372 | 23,894,512 | (873,197 | ) | 5,815,668 | |||||||||||
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| |||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||
Net Investment Income: | ||||||||||||||||
I Shares | (13,537,248 | ) | (18,391,336 | ) | (3,783,005 | ) | (4,325,538 | ) | ||||||||
A Shares | — | — | (252,522 | ) | (322,474 | ) | ||||||||||
Net Realized Gains: | ||||||||||||||||
I Shares | — | — | (1,295,751 | ) | (2,258,696 | ) | ||||||||||
A Shares | — | — | (89,534 | ) | (170,718 | ) | ||||||||||
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Total Dividends and Distributions | (13,537,248 | ) | (18,391,336 | ) | (5,420,812 | ) | (7,077,426 | ) | ||||||||
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| |||||||||
Change in Net Assets from Capital Transactions | (327,686,238 | ) | 292,644,954 | (21,322,420 | ) | (2,961,697 | ) | |||||||||
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|
|
|
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|
|
| |||||||||
Change in Net Assets | (338,698,114 | ) | 298,148,130 | (27,616,429 | ) | (4,223,455 | ) | |||||||||
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| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 2,331,913,069 | 2,033,764,939 | 155,884,569 | 160,108,024 | ||||||||||||
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End of Period | $ | 1,993,214,955 | $ | 2,331,913,069 | $ | 128,268,140 | $ | 155,884,569 | ||||||||
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| |||||||||
Accumulated Net Investment Income (Loss), End of Period | $ | (2,331 | ) | $ | (3,259 | ) | $ | 19,233 | $ | 19,519 | ||||||
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See Notes to Financial Statements.
164
Table of Contents
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) | 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 | Payment by Affiliate | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | |||||||||||||||||||||||||||||||||||||||||||||||||
Core Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $11.16 | $0.18 | (d) | $(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 | (d) | 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 | (d) | 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 | (d) | 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) | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.93 | 0.43 | 0.46 | 0.89 | (0.39 | ) | — | (0.01 | ) | (0.40 | ) | — | 11.42 | 372,232 | 8.26 | 0.57 | 0.57 | 3.89 | 99 | |||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.16 | 0.15 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 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) | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.93 | 0.41 | 0.45 | 0.86 | (0.36 | ) | — | (0.01 | ) | (0.37 | ) | — | 11.42 | 26,790 | 7.91 | 0.89 | 0.89 | 3.59 | 99 | |||||||||||||||||||||||||||||||||||||||||||||
R Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.17 | 0.14 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 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) | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.93 | 0.37 | 0.45 | 0.82 | (0.32 | ) | — | (0.01 | ) | (0.33 | ) | — | 11.42 | 9,616 | 7.54 | 1.23 | 1.23 | 3.23 | 99 | |||||||||||||||||||||||||||||||||||||||||||||
Corporate Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 9.30 | 0.28 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 0.20 | 0.65 | (0.45 | ) | — | (0.24 | ) | (0.69 | ) | — | 9.59 | 63,132 | 6.92 | 0.52 | 0.52 | 4.56 | 45 | (e) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 8.53 | 0.46 | (d) | 1.09 | 1.55 | (0.45 | ) | — | — | (0.45 | ) | — | 9.63 | 157,739 | 18.49 | 0.50 | 0.50 | 4.86 | 75 | |||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 9.35 | 0.25 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 0.21 | 0.63 | (0.42 | ) | — | (0.24 | ) | (0.66 | ) | — | 9.64 | 2,198 | 6.67 | 0.83 | 0.83 | 4.25 | 45 | (e) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 8.57 | 0.43 | (d) | 1.10 | 1.53 | (0.43 | ) | — | — | (0.43 | ) | — | 9.67 | 4,524 | 18.05 | 0.80 | 0.80 | 4.52 | 75 | |||||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 9.30 | 0.19 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 0.20 | 0.56 | (0.36 | ) | — | (0.24 | ) | (0.60 | ) | — | 9.59 | 16,193 | 5.87 | 1.50 | 1.50 | 3.64 | 45 | (e) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 8.53 | 0.36 | 1.10 | 1.46 | (0.36 | ) | — | — | (0.36 | ) | — | 9.63 | 18,885 | 17.32 | 1.50 | 1.50 | 3.89 | 75 | ||||||||||||||||||||||||||||||||||||||||||||||
Georgia Tax-Exempt Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.78 | 0.31 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | (0.50 | ) | (0.11 | ) | (0.39 | ) | — | — | (0.39 | ) | — | 9.73 | 159,996 | (1.19 | ) | 0.61 | 0.61 | 3.81 | 44 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.81 | 0.39 | 0.42 | 0.81 | (0.39 | ) | — | — | (0.39 | ) | — | 10.23 | 205,856 | 8.32 | 0.60 | 0.60 | 3.80 | 45 |
See Notes to Financial Highlights and Notes to Financial Statements.
165
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) | 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 | Payment by Affiliate | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | |||||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $10.80 | $0.30 | (d) | $(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 | (d) | 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 | (d) | 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 | (d) | (0.49 | ) | (0.12 | ) | (0.37 | ) | — | — | (0.37 | ) | — | 9.75 | 5,557 | (1.24 | ) | 0.76 | 0.76 | 3.64 | 44 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.83 | 0.36 | 0.42 | 0.78 | (0.37 | ) | — | — | (0.37 | ) | — | 10.24 | 10,184 | 8.03 | 0.75 | 0.75 | 3.56 | 45 | ||||||||||||||||||||||||||||||||||||||||||||||
High Grade Municipal Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 12.10 | 0.34 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | (0.23 | ) | 0.21 | (0.44 | ) | — | — | (0.44 | ) | — | 10.92 | 47,695 | 1.82 | 0.65 | 0.71 | 3.90 | 122 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.49 | 0.42 | 0.66 | 1.08 | (0.42 | ) | — | — | (0.42 | ) | — | 11.15 | 55,203 | 10.43 | 0.64 | 0.66 | 3.83 | 123 | ||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 12.11 | 0.32 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | (0.23 | ) | 0.19 | (0.42 | ) | — | — | (0.42 | ) | — | 10.92 | 7,914 | 1.66 | 0.80 | 0.87 | 3.72 | 122 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.49 | 0.40 | 0.66 | 1.06 | (0.40 | ) | — | — | (0.40 | ) | — | 11.15 | 5,605 | 10.26 | 0.79 | 0.81 | 3.66 | 123 | ||||||||||||||||||||||||||||||||||||||||||||||
High Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 7.32 | 0.43 | (d) | 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 | (d) | 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 | (d) | (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 | (d) | 0.54 | 1.04 | (0.50 | ) | — | (0.02 | ) | (0.52 | ) | — | 7.29 | 394,690 | 15.83 | 0.70 | 0.70 | 7.10 | 259 | (e) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 4.67 | 0.55 | 2.09 | 2.64 | (0.54 | ) | — | — | (0.54 | ) | — | 6.77 | 148,252 | 58.65 | 0.70 | 0.72 | 8.97 | 466 | ||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 7.32 | 0.42 | (d) | 0.11 | 0.53 | (0.42 | ) | — | (0.16 | ) | (0.58 | ) | — | 7.27 | 157,360 | 7.60 | (h) | 0.97 | 0.97 | 5.82 | 110 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 6.90 | 0.43 | (d) | 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 | (d) | (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 | (d) | 0.54 | 1.01 | (0.48 | ) | — | (0.02 | ) | (0.50 | ) | — | 7.29 | 70,552 | 15.47 | 1.00 | 1.00 | 6.62 | 259 | (e) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 4.68 | 0.53 | 2.09 | 2.62 | (0.52 | ) | — | — | (0.52 | ) | — | 6.78 | 3,822 | 58.07 | 0.99 | 1.01 | 8.67 | 466 | ||||||||||||||||||||||||||||||||||||||||||||||
R Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 7.32 | 0.40 | (d) | 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 | (d) | 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 | (d) | (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 | (d) | 0.53 | 0.98 | (0.45 | ) | — | (0.02 | ) | (0.47 | ) | — | 7.29 | 15,671 | 15.07 | 1.40 | 1.40 | 6.54 | 259 | (e) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 4.67 | 0.51 | 2.10 | 2.61 | (0.50 | ) | — | — | (0.50 | ) | — | 6.78 | 16,176 | 57.86 | 1.35 | 1.38 | 8.68 | 466 | ||||||||||||||||||||||||||||||||||||||||||||||
Intermediate Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.31 | 0.13 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 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) | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.27 | 0.34 | (d) | 0.27 | 0.61 | (0.30 | ) | — | (0.05 | ) | (0.35 | ) | — | 10.53 | 1,559,191 | 6.08 | 0.31 | 0.31 | 3.24 | 122 |
See Notes to Financial Highlights and Notes to Financial Statements.
166
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) | 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 | Payment by Affiliate | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | |||||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $10.31 | $0.11 | (d) | $(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 | (d) | 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 | (d) | 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 | (d) | 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) | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.27 | 0.31 | (d) | 0.28 | 0.59 | (0.28 | ) | — | (0.05 | ) | (0.33 | ) | — | 10.53 | 11,916 | 5.83 | 0.55 | 0.55 | 2.96 | 122 | ||||||||||||||||||||||||||||||||||||||||||||
R Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.30 | 0.07 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 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) | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.27 | 0.27 | (d) | 0.28 | 0.55 | (0.24 | ) | — | (0.05 | ) | (0.29 | ) | — | 10.53 | 1,068 | 5.47 | 0.91 | 0.91 | 2.56 | 122 | ||||||||||||||||||||||||||||||||||||||||||||
Investment Grade Tax-Exempt Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 12.45 | 0.28 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | (0.06 | ) | 0.27 | (0.33 | ) | — | (0.28 | ) | (0.61 | ) | — | 11.65 | 1,067,672 | 2.22 | 0.57 | 0.57 | 2.71 | 159 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 11.60 | 0.37 | 0.56 | 0.93 | (0.37 | ) | — | (0.17 | ) | (0.54 | ) | — | 11.99 | 1,037,972 | 8.15 | 0.55 | 0.56 | 3.08 | 169 | |||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 12.47 | 0.26 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | (0.06 | ) | 0.23 | (0.29 | ) | — | (0.28 | ) | (0.57 | ) | — | 11.66 | 31,189 | 1.93 | 0.85 | 0.85 | 2.42 | 159 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 11.61 | 0.34 | 0.56 | 0.90 | (0.34 | ) | — | (0.17 | ) | (0.51 | ) | — | 12.00 | 24,344 | 7.82 | 0.84 | 0.85 | 2.74 | 169 | |||||||||||||||||||||||||||||||||||||||||||||
Limited Duration Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 9.83 | 0.03 | (d) | (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 | (d) | 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 | (d) | (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 | (d) | 0.03 | 0.13 | (0.08 | ) | — | — | (0.08 | ) | — | 9.76 | 21,883 | 1.37 | 0.22 | 0.22 | 1.11 | 74 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.52 | 0.08 | 0.18 | 0.26 | (0.07 | ) | — | — | (0.07 | ) | — | 9.71 | 22,482 | 2.69 | 0.23 | 0.23 | 0.82 | 124 | ||||||||||||||||||||||||||||||||||||||||||||||
Limited-Term Federal Mortgage Securities Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.16 | 0.12 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 0.30 | 0.49 | (0.28 | ) | — | — | (0.28 | ) | — | 10.59 | 30,522 | 4.73 | 0.65 | 0.80 | 1.77 | 443 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.19 | 0.31 | 0.23 | 0.54 | (0.35 | ) | — | — | (0.35 | ) | — | 10.38 | 20,998 | 5.41 | 0.62 | 0.66 | 3.25 | 435 | ||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.14 | 0.11 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 0.30 | 0.47 | (0.26 | ) | — | — | (0.26 | ) | — | 10.57 | 2,924 | 4.53 | 0.85 | 1.01 | 1.63 | 443 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.17 | 0.30 | 0.22 | 0.52 | (0.33 | ) | — | — | (0.33 | ) | — | 10.36 | 2,598 | 5.21 | 0.82 | 0.88 | 2.91 | 435 |
See Notes to Financial Highlights and Notes to Financial Statements.
167
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) | 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 | Payment by Affiliate | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | |||||||||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $11.16 | $0.03 | (d) | $(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 | )(d) | 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 | (d) | 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 | (d) | 0.29 | 0.38 | (0.17 | ) | — | — | (0.17 | ) | — | 10.59 | 7,375 | 3.69 | 1.66 | 1.82 | 0.82 | 443 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.19 | 0.22 | 0.22 | 0.44 | (0.25 | ) | — | — | (0.25 | ) | — | 10.38 | 8,265 | 4.36 | 1.62 | 1.67 | 2.15 | 435 | ||||||||||||||||||||||||||||||||||||||||||||||
North Carolina Tax-Exempt Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.68 | 0.26 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | (0.37 | ) | (0.01 | ) | (0.36 | ) | — | — | (0.36 | ) | — | 9.70 | 51,372 | (0.14 | ) | 0.64 | 0.64 | 3.61 | 49 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.63 | 0.37 | 0.44 | 0.81 | (0.37 | ) | — | — | (0.37 | ) | — | 10.07 | 51,866 | 8.53 | 0.62 | 0.62 | 3.72 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.65 | 0.25 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | (0.37 | ) | (0.02 | ) | (0.35 | ) | — | — | (0.35 | ) | — | 9.67 | 693 | (0.30 | ) | 0.79 | 0.79 | 3.47 | 49 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.61 | 0.36 | 0.43 | 0.79 | (0.36 | ) | — | — | (0.36 | ) | — | 10.04 | 762 | 8.28 | 0.77 | 0.77 | 3.57 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||
Seix Floating Rate High Income Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 9.06 | 0.38 | (d) | (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 | (d) | 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 | (d) | (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 | (d) | 0.15 | 0.74 | (0.53 | ) | — | — | (0.53 | ) | — | 9.01 | 3,078,972 | 8.64 | 0.51 | 0.51 | 6.62 | 98 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.37 | 0.53 | 1.40 | 1.93 | (0.50 | ) | — | — | (0.50 | ) | — | 8.80 | 1,173,308 | 26.68 | 0.50 | 0.50 | 7.08 | 117 | ||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 9.06 | 0.35 | (d) | (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 | (d) | 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 | (d) | (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 | (d) | 0.16 | 0.71 | (0.50 | ) | — | — | (0.50 | ) | — | 9.01 | 69,159 | 8.29 | 0.84 | 0.84 | 6.22 | 98 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.38 | 0.50 | 1.39 | 1.89 | (0.47 | ) | — | — | (0.47 | ) | — | 8.80 | 22,298 | 26.11 | 0.81 | 0.81 | 6.81 | 117 | ||||||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 9.06 | 0.29 | (d) | 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 | (d) | 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 | (d) | (0.23 | ) | 0.19 | (0.38 | ) | — | — | (0.38 | ) | — | 8.83 | 30,132 | 2.26 | 1.52 | 1.52 | 4.77 | 72 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 8.81 | 0.50 | (d) | 0.15 | 0.65 | (0.44 | ) | — | — | (0.44 | ) | — | 9.02 | 22,234 | 7.57 | 1.50 | 1.50 | 5.65 | 98 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2010 | 7.37 | 0.45 | 1.41 | 1.86 | (0.42 | ) | — | — | (0.42 | ) | — | 8.81 | 7,402 | 25.59 | 1.49 | 1.49 | 6.35 | 117 | ||||||||||||||||||||||||||||||||||||||||||||||
Seix High Yield Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.26 | 0.58 | (d) | 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 | (d) | 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 | (d) | (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 | (d) | 0.61 | 1.38 | (0.77 | ) | — | — | (0.77 | ) | — | 10.07 | 1,724,652 | 15.24 | 0.51 | 0.51 | 7.96 | 108 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.75 | 0.77 | 1.70 | 2.47 | (0.76 | ) | — | — | (0.76 | ) | — | 9.46 | 1,723,678 | 32.91 | 0.48 | 0.49 | 8.54 | 116 |
See Notes to Financial Highlights and Notes to Financial Statements.
168
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) | 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 | Payment by Affiliate | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | |||||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $10.03 | $0.55 | (d) | $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 | (d) | 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 | (d) | (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 | (d) | 0.60 | 1.33 | (0.74 | ) | — | — | (0.74 | ) | — | 9.84 | 35,238 | 14.99 | 0.77 | 0.77 | 7.74 | 108 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.58 | 0.74 | 1.67 | 2.41 | (0.74 | ) | — | — | (0.74 | ) | — | 9.25 | 28,378 | 32.81 | 0.75 | 0.75 | 8.51 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||
R Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.26 | 0.53 | (d) | 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 | (d) | 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 | (d) | (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 | (d) | 0.62 | 1.33 | (0.71 | ) | — | — | (0.71 | ) | — | 10.07 | 3,341 | 14.61 | 1.20 | 1.20 | 7.43 | 108 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 7.75 | 0.71 | 1.69 | 2.40 | (0.70 | ) | — | — | (0.70 | ) | — | 9.45 | 6,347 | 31.92 | 1.14 | 1.14 | 7.92 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.00 | 0.12 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 0.02 | 0.23 | (0.22 | ) | — | — | (0.22 | ) | — | 9.95 | 350,162 | 2.28 | 0.48 | 0.48 | 2.12 | 150 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.40 | 0.30 | 0.53 | 0.83 | (0.29 | ) | — | — | (0.29 | ) | — | 9.94 | 489,413 | 8.91 | 0.46 | 0.46 | 3.00 | 122 | ||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.03 | 0.10 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 0.03 | 0.22 | (0.20 | ) | — | — | (0.20 | ) | — | 9.98 | 2,642 | 2.18 | 0.67 | 0.67 | 1.94 | 150 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.42 | 0.28 | 0.53 | 0.81 | (0.27 | ) | — | — | (0.27 | ) | — | 9.96 | 3,389 | 8.65 | 0.68 | 0.68 | 2.78 | 122 | ||||||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.02 | 0.02 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 0.03 | 0.14 | (0.12 | ) | — | — | (0.12 | ) | — | 9.98 | 2,685 | 1.36 | 1.47 | 1.47 | 1.12 | 150 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.42 | 0.20 | 0.53 | 0.73 | (0.19 | ) | — | — | (0.19 | ) | — | 9.96 | 2,754 | 7.81 | 1.46 | 1.46 | 2.03 | 122 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Municipal Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.01 | 0.02 | (d) | 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 | (d) | 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 | (d) | 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 | (d) | (0.29 | ) | 0.06 | (0.35 | ) | — | (0.03 | ) | (0.38 | ) | — | 10.16 | 21,302 | 0.53 | 0.68 | 0.68 | 3.32 | 33 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.04 | 0.37 | 0.44 | 0.81 | (0.37 | ) | — | — | (0.37 | ) | — | 10.48 | 24,332 | 8.18 | 0.65 | 0.65 | 3.58 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.01 | 0.01 | (d) | 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 | (d) | 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 | (d) | 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 | (d) | (0.29 | ) | 0.04 | (0.33 | ) | — | (0.03 | ) | (0.36 | ) | — | 10.16 | 4,081 | 0.38 | 0.83 | 0.83 | 3.18 | 33 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010# | 10.29 | 0.24 | 0.19 | 0.43 | (0.24 | ) | — | — | (0.24 | ) | — | 10.48 | 5,200 | 4.18 | 0.81 | 0.81 | 3.38 | 35 |
See Notes to Financial Highlights and Notes to Financial Statements.
169
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) | 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 | Payment by Affiliate | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | |||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term U.S. Treasury Securities Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $9.90 | $0.03 | (d) | $(0.06 | ) | $(0.03 | ) | $(0.03 | ) | $— | $(0.02 | ) | $(0.05) | $— | $9.82 | $2,868 | (0.30 | )% | 0.55 | % | 1.12 | % | 0.28 | % | 28 | % | ||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 9.96 | 0.05 | (d) | (0.03 | ) | 0.02 | (0.05 | ) | — | (0.03 | ) | (0.08) | — | 9.90 | 3,339 | 0.15 | 0.55 | 0.89 | 0.52 | 14 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2012 | 10.10 | 0.10 | (d) | — | (f) | 0.10 | (0.10 | ) | — | (0.14 | ) | (0.24) | — | 9.96 | 8,502 | 0.96 | 0.55 | 0.74 | 1.01 | 31 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 10.27 | 0.13 | (d) | (0.01 | ) | 0.12 | (0.13 | ) | — | (0.16 | ) | (0.29) | — | 10.10 | 22,875 | 1.16 | 0.53 | 0.62 | 1.23 | 36 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.33 | 0.14 | (0.03 | ) | 0.11 | (0.14 | ) | — | (0.03 | ) | (0.17) | — | 10.27 | 33,504 | 1.03 | 0.49 | 0.54 | 1.29 | 147 | |||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 9.89 | 0.01 | (d) | (0.07 | ) | (0.06 | ) | (0.01 | ) | — | (0.02 | ) | (0.03) | — | 9.80 | 2,089 | (0.58 | ) | 0.73 | 1.20 | 0.10 | 28 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 9.95 | 0.03 | (d) | (0.03 | ) | — | (0.03 | ) | — | (0.03 | ) | (0.06) | — | 9.89 | 2,107 | (0.03 | ) | 0.73 | 1.04 | 0.33 | 14 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2012 | 10.09 | 0.08 | (d) | — | (f) | 0.08 | (0.08 | ) | — | (0.14 | ) | (0.22) | — | 9.95 | 3,455 | 0.78 | 0.73 | 0.94 | 0.80 | 31 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 10.26 | 0.11 | (d) | (0.01 | ) | 0.10 | (0.11 | ) | — | (0.16 | ) | (0.27) | — | 10.09 | 5,562 | 0.98 | 0.71 | 0.80 | 1.05 | 36 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.32 | 0.12 | (0.03 | ) | 0.09 | (0.12 | ) | — | (0.03 | ) | (0.15) | — | 10.26 | 5,839 | 0.85 | 0.67 | 0.71 | 1.20 | 147 | |||||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 9.88 | — | (d) | (0.06 | ) | (0.06 | ) | — | (f) | — | (0.02 | ) | (0.02) | — | 9.80 | 4,985 | (0.58 | ) | 0.84 | 1.51 | — | 28 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 9.94 | — | (d)(f) | (0.03 | ) | (0.03 | ) | — | (f) | — | (0.03 | ) | (0.03) | — | 9.88 | 6,776 | (0.33 | ) | 1.04 | 1.42 | 0.02 | 14 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2012 | 10.08 | 0.01 | (d) | — | (f) | 0.01 | (0.01 | ) | — | (0.14 | ) | (0.15) | — | 9.94 | 7,931 | 0.07 | 1.44 | 1.74 | 0.07 | 31 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2011 | 10.25 | 0.02 | (d) | (0.01 | ) | 0.01 | (0.02 | ) | — | (0.16 | ) | (0.18) | — | 10.08 | 7,699 | 0.16 | 1.53 | 1.62 | 0.21 | 36 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.31 | 0.03 | (0.03 | ) | — | (0.03 | ) | — | (0.03 | ) | (0.06) | — | 10.25 | 6,426 | 0.04 | 1.49 | 1.55 | 0.33 | 147 | |||||||||||||||||||||||||||||||||||||||||||||
Total Return Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.79 | 0.22 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 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) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.26 | 0.40 | 0.43 | 0.83 | (0.36 | ) | — | (0.13 | ) | (0.49) | — | 10.60 | 724,588 | 8.17 | 0.31 | 0.31 | 3.72 | 326 | ||||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 11.15 | 0.20 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 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) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.57 | 0.38 | 0.43 | 0.81 | (0.33 | ) | — | (0.13 | ) | (0.46) | — | 10.92 | 8,540 | 7.75 | 0.55 | 0.55 | 3.14 | 326 | ||||||||||||||||||||||||||||||||||||||||||||||
R Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.80 | 0.16 | (d) | (0.27 | ) | (0.11 | ) | (0.16 | ) | — | (0.10 | ) | (0.26) | — | 10.43 | 72,556 | (1.02 | )(h) | 1.03 | 1.07 | 1.52 | 217 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 10.78 | 0.12 | (d) | 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 | (d) | 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 | (d) | 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) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.26 | 0.35 | 0.42 | 0.77 | (0.30 | ) | — | (0.13 | ) | (0.43) | — | 10.60 | 710 | 7.61 | 0.82 | 0.82 | 3.11 | 326 | ||||||||||||||||||||||||||||||||||||||||||||||
Ultra-Short Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 9.98 | 0.07 | (d) | 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 | (d) | 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 | (d) | 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 | (d) | 0.04 | 0.17 | (0.15 | ) | — | — | (0.15) | — | 9.93 | 115,795 | 1.76 | 0.32 | 0.32 | 1.31 | 229 | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 9.52 | 0.25 | 0.39 | 0.64 | (0.25 | ) | — | — | (0.25) | — | 9.91 | 92,528 | 6.82 | 0.34 | 0.37 | 2.51 | 130 |
See Notes to Financial Highlights and Notes to Financial Statements.
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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) | 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 | Payment by Affiliate | Net Asset Value, End of Period | Net Assets End of Period (000) | Total Return(a) | Ratio of Net Expenses to Average Net Assets(b) | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements) (b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(c) | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government Securities Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | $8.43 | $0.04 | (d) | $(0.21 | ) | $(0.17 | ) | $(0.04 | ) | $— | $(0.03 | ) | $(0.07 | ) | $0.01 | $8.20 | $21,192 | (1.86 | )%(g) | 0.74 | % | 0.87 | % | 0.46 | % | 96 | % | |||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 8.69 | 0.04 | (d) | 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 | (d) | 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 | (d) | 0.22 | 0.40 | (0.18 | ) | — | (0.35 | ) | (0.53 | ) | — | 8.63 | 48,580 | 4.50 | 0.62 | 0.62 | 2.02 | 92 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 11.11 | 0.26 | (0.37 | ) | (0.11 | ) | (0.27 | ) | — | (1.97 | ) | (2.24 | ) | — | 8.76 | 71,910 | (1.07 | ) | 0.58 | 0.58 | 2.35 | 85 | ||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 8.43 | 0.02 | (d) | (0.22 | ) | (0.20 | ) | (0.02 | ) | — | (0.03 | ) | (0.05 | ) | 0.01 | 8.19 | 867 | (2.19 | )(g) | 0.95 | 1.07 | 0.25 | 96 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 8.69 | 0.02 | (d) | 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 | (d) | 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 | (d) | 0.22 | 0.37 | (0.15 | ) | — | (0.35 | ) | (0.50 | ) | — | 8.63 | 2,089 | 4.18 | 0.93 | 0.93 | 1.71 | 92 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 11.11 | 0.21 | (0.35 | ) | (0.14 | ) | (0.24 | ) | — | (1.97 | ) | (2.21 | ) | — | 8.76 | 2,314 | (1.38 | ) | 0.89 | 0.89 | 1.98 | 85 | ||||||||||||||||||||||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 8.43 | — | (d) | (0.22 | ) | (0.22 | ) | — | — | (0.03 | ) | (0.03 | ) | 0.01 | 8.19 | 1,443 | (2.45 | )(g) | 1.21 | 1.76 | — | (f) | 96 | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2013 | 8.69 | — | (d) | 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 | (d) | 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 | (d) | 0.22 | 0.31 | (0.09 | ) | — | (0.35 | ) | (0.44 | ) | — | 8.63 | 2,471 | 3.46 | 1.62 | 1.62 | 1.02 | 92 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 11.11 | 0.14 | (0.35 | ) | (0.21 | ) | (0.17 | ) | — | (1.97 | ) | (2.14 | ) | — | 8.76 | 3,038 | (2.05 | ) | 1.58 | 1.58 | 1.28 | 85 | ||||||||||||||||||||||||||||||||||||||||||
U.S. Government Securities Ultra-Short Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.17 | 0.03 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | 0.09 | 0.16 | (0.16 | ) | — | — | (0.16 | ) | — | 10.07 | 1,648,792 | 1.61 | 0.33 | 0.33 | 0.73 | 126 | (e) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.03 | 0.30 | 0.06 | 0.36 | (0.32 | ) | — | — | (0.32 | ) | — | 10.07 | 1,340,992 | 3.62 | 0.29 | 0.29 | 2.15 | 119 | ||||||||||||||||||||||||||||||||||||||||||||||
Virginia Intermediate Municipal Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.54 | 0.29 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | (0.11 | ) | 0.23 | (0.34 | ) | — | (0.07 | ) | (0.41 | ) | — | 10.21 | 165,536 | 2.15 | 0.62 | 0.62 | 3.23 | 17 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.22 | 0.37 | 0.19 | 0.56 | (0.37 | ) | — | (0.02 | ) | (0.39 | ) | — | 10.39 | 191,537 | 5.58 | 0.61 | 0.61 | 3.56 | 33 | |||||||||||||||||||||||||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2014 | 10.53 | 0.27 | (d) | (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 | (d) | 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 | (d) | 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 | (d) | (0.11 | ) | 0.21 | (0.32 | ) | — | (0.07 | ) | (0.39 | ) | — | 10.21 | 12,471 | 2.00 | 0.77 | 0.77 | 3.09 | 17 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, 2010 | 10.22 | 0.35 | 0.20 | 0.55 | (0.36 | ) | — | (0.02 | ) | (0.38 | ) | — | 10.39 | 14,236 | 5.44 | �� | 0.75 | 0.75 | 3.35 | 33 |
See Notes to Financial Highlights and Notes to Financial Statements.
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NOTES TO FINANCIAL HIGHLIGHTS
# | Prior to August 1, 2009, there were no assets in Class A during the current period. Effective at the close of business July 31, 2009, Class A received assets from the conversion from Class C. The net asset value shown for the beginning of the period reflects the initial converted net asset value from Class C and the amounts shown thereafter reflect operations for Class A from August 1, 2009 through March 31, 2010. |
(a) | Total return excludes sales charge. Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year. |
(c) | Not annualized for periods less than one year. |
(d) | Per share data calculated using average shares outstanding method. |
(e) | The amount previously reported has been adjusted to exclude an overstatement of mortgage-backed transactions and/or other corporate actions. |
(f) | Rounds to less than $0.005 per share or 0.005%. |
(g) | Total return includes payment by Affiliates (see Note 3). Excluding this payment, total return would have been (1.98)% for Class I, (2.31)% for Class A and (2.57)% for Class C. |
(h) | 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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RIDGEWORTH FUNDS March 31, 2014
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, Short-Term U.S. Treasury Securities 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”).
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 Municipal Bond Fund offer I Shares and A Shares. The Core Bond Fund, High Income Fund, Intermediate Bond Fund, Seix High Yield Fund and Total Return Bond Fund offer I Shares, A Shares and R 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, Short-Term Municipal Bond Fund and Short-Term U.S. Treasury Securities 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, Short-Term Municipal Bond and Short-Term U.S. Treasury Securities Fund 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 or R 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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RIDGEWORTH FUNDS March 31, 2014
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: if a subadviser determines that the valuation of a security does not reflect its fair value; 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
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RIDGEWORTH FUNDS March 31, 2014
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.
The following is a summary of the inputs used in valuing the Funds’ assets and liabilities carried at fair value as of March 31, 2014:
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Core Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities1 | $— | $7,454,209 | $— | $7,454,209 | ||||||||||||
Collateralized Mortgage Obligations1 | — | 15,224,586 | — | 15,224,586 | ||||||||||||
Corporate Bonds1 | — | 56,718,866 | — | 56,718,866 | ||||||||||||
Municipal Bonds2 | — | 2,505,636 | — | 2,505,636 | ||||||||||||
U.S. Government Agency Mortgages1 | — | 63,805,792 | — | 63,805,792 | ||||||||||||
U.S. Treasury Obligation1 | — | 63,320,095 | — | 63,320,095 | ||||||||||||
Foreign Government Bonds1 | — | 1,102,005 | — | 1,102,005 | ||||||||||||
Short-Term Investment | — | 987,000 | — | 987,000 | ||||||||||||
Money Market Fund | 8,030,433 | — | — | 8,030,433 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 8,030,433 | 211,118,189 | — | 219,148,622 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Corporate Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds1 | — | 37,345,469 | — | 37,345,469 | ||||||||||||
Municipal Bonds2 | — | 276,248 | — | 276,248 | ||||||||||||
Short-Term Investment | — | 924,340 | — | 924,340 | ||||||||||||
Money Market Fund | 1,234,570 | — | — | 1,234,570 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 1,234,570 | 38,546,057 | — | 39,780,627 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Georgia Tax-Exempt Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Municipal Bonds2 | — | 123,048,871 | — | 123,048,871 | ||||||||||||
Money Market Fund | 1,506,171 | — | — | 1,506,171 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 1,506,171 | 123,048,871 | — | 124,555,042 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
High Grade Municipal Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Municipal Bonds2 | — | 49,087,515 | — | 49,087,515 | ||||||||||||
Money Market Fund | 6,649,451 | — | — | 6,649,451 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 6,649,451 | 49,087,515 | — | 55,736,966 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
High Income Fund | ||||||||||||||||
Assets | ||||||||||||||||
Bank Loans1 | — | 44,389,789 | — | 44,389,789 | ||||||||||||
Corporate Bonds1 | — | 815,469,047 | 0 | 4 | 815,469,047 | |||||||||||
Convertible Corporate Bond1 | — | 4,395,421 | — | 4,395,421 | ||||||||||||
Municipal Bonds2 | — | 13,353,963 | — | 13,353,963 | ||||||||||||
Preferred Stock1 | 3,306,303 | — | — | 3,306,303 | ||||||||||||
Common Stock1 | 7,877,430 | 529,740 | — | 8,407,170 | ||||||||||||
Short-Term Investment | — | 107,621,478 | — | 107,621,478 | ||||||||||||
Money Market Fund | 75,170,682 | — | — | 75,170,682 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 86,354,415 | 985,759,438 | 0 | 4 | 1,072,113,853 | |||||||||||
|
|
|
|
|
|
|
|
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RIDGEWORTH FUNDS March 31, 2014
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Intermediate Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Collateralized Mortgage Obligations1 | $— | $5,573,482 | $— | $5,573,482 | ||||||||||||
Corporate Bonds1 | — | 115,611,265 | — | 115,611,265 | ||||||||||||
Municipal Bond2 | — | 6,034,155 | — | 6,034,155 | ||||||||||||
U.S. Government Agency Mortgages1 | — | 13,989,941 | — | 13,989,941 | ||||||||||||
U.S. Treasury Obligation1 | — | 211,161,504 | — | 211,161,504 | ||||||||||||
Foreign Government Bonds1 | — | 2,888,847 | — | 2,888,847 | ||||||||||||
Short-Term Investment | — | 2,745,970 | — | 2,745,970 | ||||||||||||
Money Market Fund | 13,061,788 | — | — | 13,061,788 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 13,061,788 | 358,005,164 | — | 371,066,952 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investment Grade Tax-Exempt Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Municipal Bonds2 | — | 640,000,659 | — | 640,000,659 | ||||||||||||
Money Market Fund | 29,108,575 | — | — | 29,108,575 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 29,108,575 | 640,000,659 | — | 669,109,234 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Limited Duration Fund | ||||||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities1 | — | 2,201,869 | — | 2,201,869 | ||||||||||||
Collateralized Mortgage Obligations1 | — | 4,032,073 | — | 4,032,073 | ||||||||||||
Money Market Fund | 413,923 | — | — | 413,923 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 413,923 | 6,233,942 | — | 6,647,865 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Limited-Term Federal Mortgage Securities Fund | ||||||||||||||||
Assets | ||||||||||||||||
Collateralized Mortgage Obligations1 | — | 1,200,741 | — | 1,200,741 | ||||||||||||
U.S. Government Agency Mortgages1 | — | 8,453,046 | — | 8,453,046 | ||||||||||||
U.S. Treasury Obligation1 | — | 399,873 | — | 399,873 | ||||||||||||
Money Market Fund | 227,136 | — | — | 227,136 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 227,136 | 10,053,660 | — | 10,280,796 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
North Carolina Tax-Exempt Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Municipal Bonds2 | — | 35,984,401 | — | 35,984,401 | ||||||||||||
Money Market Fund | 1,851,309 | — | — | 1,851,309 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 1,851,309 | 35,984,401 | — | 37,835,710 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Seix Floating Rate High Income Fund | ||||||||||||||||
Assets | ||||||||||||||||
Bank Loans1 | — | 8,248,615,366 | 0 | 4 | 8,248,615,366 | |||||||||||
Corporate Bonds1 | — | 569,380,937 | — | 569,380,937 | ||||||||||||
Municipal Bonds2 | — | 41,744,920 | — | 41,744,920 | ||||||||||||
Preferred Stock1 | 2,566,883 | — | — | 2,566,883 | ||||||||||||
Common Stock1 | — | 690,370 | — | 690,370 | ||||||||||||
Money Market Fund | 563,907,620 | — | — | 563,907,620 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 566,474,503 | 8,860,431,593 | 0 | 4 | 9,426,906,096 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Seix High Yield Fund | ||||||||||||||||
Assets | ||||||||||||||||
Bank Loans1 | — | 79,525,513 | — | 79,525,513 | ||||||||||||
Corporate Bonds1 | — | 1,123,168,540 | — | 1,123,168,540 | ||||||||||||
Convertible Corporate Bond1 | — | 2,896,795 | — | 2,896,795 | ||||||||||||
U.S. Treasury Obligation1 | — | 674,973 | — | 674,973 | ||||||||||||
Short-Term Investment | — | 115,263,845 | — | 115,263,845 | ||||||||||||
Money Market Fund | 86,307,432 | — | — | 86,307,432 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 86,307,432 | 1,321,529,666 | — | 1,407,837,098 | ||||||||||||
|
|
|
|
|
|
|
|
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Short-Term Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities1 | $— | $4,536,289 | $— | $4,536,289 | ||||||||||||
Collateralized Mortgage Obligations1 | — | 11,077,002 | — | 11,077,002 | ||||||||||||
Corporate Bonds1 | — | 21,343,000 | — | 21,343,000 | ||||||||||||
Municipal Bonds2 | — | 728,603 | — | 728,603 | ||||||||||||
U.S. Government Agency Mortgages1 | — | 2,338,187 | — | 2,338,187 | ||||||||||||
U.S. Treasury Obligation1 | — | 2,035,948 | — | 2,035,948 | ||||||||||||
Money Market Fund | 1,064,950 | — | — | 1,064,950 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 1,064,950 | 42,059,029 | — | 43,123,979 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Municipal Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Municipal Bonds2 | — | 30,436,637 | — | 30,436,637 | ||||||||||||
Money Market Fund | 6,278,938 | — | — | 6,278,938 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 6,278,938 | 30,436,637 | — | 36,715,575 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term U.S. Treasury Securities Fund | ||||||||||||||||
Assets | ||||||||||||||||
U.S. Treasury Obligation1 | — | 9,575,841 | — | 9,575,841 | ||||||||||||
Money Market Fund | 301,540 | — | — | 301,540 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 301,540 | 9,575,841 | — | 9,877,381 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities1 | — | 34,879,377 | — | 34,879,377 | ||||||||||||
Collateralized Mortgage Obligations1 | — | 74,744,559 | — | 74,744,559 | ||||||||||||
Bank Loans1 | — | 131,294,834 | — | 131,294,834 | ||||||||||||
Corporate Bonds1 | — | 276,820,991 | — | 276,820,991 | ||||||||||||
Municipal Bonds2 | — | 15,668,450 | — | 15,668,450 | ||||||||||||
U.S. Government Agency Mortgages1 | — | 338,660,174 | — | 338,660,174 | ||||||||||||
U.S. Treasury Obligation1 | — | 244,977,565 | — | 244,977,565 | ||||||||||||
Foreign Government Bonds1 | — | 5,759,098 | — | 5,759,098 | ||||||||||||
Short-Term Investment | — | 5,665,800 | — | 5,665,800 | ||||||||||||
Money Market Fund | 37,206,751 | — | — | 37,206,751 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 37,206,751 | 1,128,470,848 | — | 1,165,677,599 | ||||||||||||
|
|
|
|
|
| �� |
|
| ||||||||
Other Financial Instruments3 | ||||||||||||||||
Credit Default Swap Contracts | ||||||||||||||||
Credit Risk | — | 105,107 | — | 105,107 | ||||||||||||
Interest Rate Swaps | ||||||||||||||||
Interest Rate Risk | — | 25,665 | — | 25,665 | ||||||||||||
Forward Foreign Currency Contracts | ||||||||||||||||
Foreign Currency Risk | — | 1,402,577 | — | 1,402,577 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 37,206,751 | 1,130,004,197 | — | 1,167,210,948 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||
Interest Rate Risk | — | (640,571 | ) | — | (640,571 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | — | (640,571 | ) | — | (640,571 | ) | ||||||||||
|
|
|
|
|
|
|
|
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Ultra-Short Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities1 | $— | $11,482,180 | $— | $11,482,180 | ||||||||||||
Collateralized Mortgage Obligations1 | — | 36,899,276 | — | 36,899,276 | ||||||||||||
Corporate Bonds1 | — | 56,348,877 | — | 56,348,877 | ||||||||||||
Municipal Bonds2 | — | 1,497,405 | — | 1,497,405 | ||||||||||||
U.S. Government Agency Mortgages1 | — | 11,854,691 | — | 11,854,691 | ||||||||||||
U.S. Treasury Obligation1 | — | 614,430 | — | 614,430 | ||||||||||||
Money Market Fund | 801,527 | — | — | 801,527 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 801,527 | 118,696,859 | — | 119,498,386 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments3 | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Interest Rate Risk | 22,695 | — | — | 22,695 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 824,222 | 118,696,859 | — | 119,521,081 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Government Securities Fund | ||||||||||||||||
Assets | ||||||||||||||||
U.S. Treasury Obligation1 | — | 22,999,368 | — | 22,999,368 | ||||||||||||
Money Market Fund | 1,447,761 | — | — | 1,447,761 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 1,447,761 | 22,999,368 | — | 24,447,129 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Government Securities Ultra-Short Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities1 | — | 1,542,460 | — | 1,542,460 | ||||||||||||
Collateralized Mortgage Obligations1 | — | 666,616,916 | — | 666,616,916 | ||||||||||||
U.S. Government Agency Mortgages1 | — | 1,305,703,611 | — | 1,305,703,611 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | — | 1,973,862,987 | — | 1,973,862,987 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments3 | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Interest Rate Risk | 569,439 | — | — | 569,439 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 569,439 | 1,973,862,987 | — | 1,974,432,426 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Interest Rate Risk | (3,693 | ) | — | — | (3,693 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | (3,693 | ) | — | — | (3,693 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Virginia Intermediate Municipal Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Municipal Bonds2 | — | 122,860,635 | — | 122,860,635 | ||||||||||||
Money Market Fund | 3,884,496 | — | — | 3,884,496 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 3,884,496 | 122,860,635 | — | 126,745,131 | ||||||||||||
|
|
|
|
|
|
|
|
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 not reflected in the value of Total Investments in the Schedules of Portfolio Investments, such as credit default swaps, forward foreign currency contracts, futures and interest rate swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. |
4 | As of March 31, 2014, 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, 2014. 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, 2014, there were no transfers from Level 1 to Level 2 pursuant to the Pricing and Valuation Procedures.
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
(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. 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.
(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 that 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, 2014 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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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
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 Fund’s 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 Fund 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.
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
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’ 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, 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, 2014, are presented in the table below:
Credit Risk | Foreign Exchange Risk | Interest Rate Risk | Total | |||||||||||||
High Income Fund | ||||||||||||||||
Realized Gain (Loss)# | ||||||||||||||||
Swap Contracts | $ | 613,061 | $ | — | $ | — | $ | 613,061 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Realized Gain (Loss) | $ | 613,061 | $ | — | $ | — | $ | 613,061 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Contracts, Notional Amounts or Shares† | ||||||||||||||||
Swap Contracts | $ | 105,722,222 | $ | — | $ | — | $ | 105,722,222 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Seix High Yield Fund | ||||||||||||||||
Realized Gain (Loss)# | ||||||||||||||||
Swap Contracts | $ | 3,172,834 | $ | — | $ | — | $ | 3,172,834 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Realized Gain (Loss) | $ | 3,172,834 | $ | — | $ | — | $ | 3,172,834 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Contracts, Notional Amounts or Shares† | ||||||||||||||||
Swap Contracts | $ | 203,388,889 | $ | — | $ | — | $ | 203,388,889 | ||||||||
|
|
|
|
|
|
|
|
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
Credit Risk | Foreign Exchange Risk | Interest Rate Risk | Total | |||||||||||||
Total Return Bond Fund | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
Forward Currency Contracts* | $ | — | $ | 1,402,577 | $ | — | $ | 1,402,577 | ||||||||
Swap Contracts* | 105,107 | 25,665 | 130,772 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Value | $ | 105,107 | $ | 1,402,577 | $ | 25,665 | $ | 1,533,349 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Swap Contracts^ | $ | — | $ | — | $ | (640,571 | ) | $ | (640,571 | ) | ||||||
Forward Currency Contracts^ | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Value | $ | — | $ | — | $ | (640,571 | ) | $ | (640,571 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Realized Gain (Loss)# | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | 1,030,489 | $ | — | $ | 1,030,489 | ||||||||
Swap Contracts | (5,910,501 | ) | — | (4,861 | ) | (5,915,362 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Realized Gain (Loss) | $ | (5,910,501 | ) | $ | 1,030,489 | $ | (4,861 | ) | $ | (4,884,873 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | 1,323,976 | $ | — | $ | 1,323,976 | ||||||||
Swap Contracts | (465,254 | ) | — | — | (465,254 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Change in Appreciation (Depreciation) | $ | (465,254 | ) | $ | 1,323,976 | $ | — | $ | 858,722 | |||||||
|
|
|
|
|
|
|
| |||||||||
Number of Contracts, Notional Amounts or Shares† | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | 148,420,670 | $ | — | $ | 148,420,670 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Swap Contracts | $ | 82,020,455 | $ | — | $ | 62,785,042 | $ | 144,805,497 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ultra-Short Bond Fund | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts* | $ | — | $ | — | $ | 22,695 | $ | 22,695 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Value | $ | — | $ | — | $ | 22,695 | $ | 22,695 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Realized Gain (Loss)# | ||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | 133,781 | $ | 133,781 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Realized Gain (Loss) | $ | — | $ | — | $ | 133,781 | $ | 133,781 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | 22,695 | $ | 22,695 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Change in Appreciation (Depreciation) | $ | — | $ | — | $ | 22,695 | $ | 22,695 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Contracts, Notional Amounts or Shares† | ||||||||||||||||
Futures Contracts | — | — | (38 | ) | (38 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Government Securities Ultra-Short Bond Fund | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts* | $ | — | $ | — | $ | 569,439 | $ | 569,439 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Value | $ | — | $ | — | $ | 569,439 | $ | 569,439 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts^ | $ | — | $ | — | $ | (3,693 | ) | $ | (3,693 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Value | $ | — | $ | — | $ | (3,693 | ) | $ | (3,693 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Realized Gain (Loss)# | ||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | (520,443 | ) | $ | (520,443 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Realized Gain (Loss) | $ | — | $ | — | $ | (520,443 | ) | $ | (520,443 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | 656,052 | $ | 656,052 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Change in Appreciation (Depreciation) | $ | — | $ | — | $ | 656,052 | $ | 656,052 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Contracts, Notional Amounts or Shares† | ||||||||||||||||
Futures Short Contracts | $ | — | $ | — | $ | (583 | ) | $ | (583 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Futures Long Contracts | $ | — | $ | — | $ | 20 | $ | 20 | ||||||||
|
|
|
|
|
|
|
|
* | Statements of Assets and Liabilities location: Investments, at value, Unrealized Appreciation on: Forward Foreign Currency Contracts, Swap Contracts, or Futures Contracts , as applicable. |
^ | Statements of Assets and Liabilities location: Unrealized Depreciation on: Futures Contracts, or Swap Contracts, as applicable. |
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
^^ | Cumulative appreciation (depreciation) on futures contracts is reported in “Futures Contracts”. The outstanding variation margin, if any, is reported within the Statements of Assets and Liabilities. |
# | Statements of Operations location: Amounts are included in net realized gain (loss) on: Investment and Foreign Currency Transactions, Futures Contracts, Swap Contracts, or Forward Foreign Currency Contracts, as applicable. |
## | Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: Investment and Foreign Currency Transactions, 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 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, 2014. |
The following table summarizes any OTC derivatives at March 31, 2014 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 | |||||||||||||
Total Return Bond Fund | ||||||||||||||||
Assets | ||||||||||||||||
Counterparty | ||||||||||||||||
JPMorgan | $1,529,640 | $— | ($881,971 | ) | $647,669 | |||||||||||
Barclays | 3,709 | 3,709 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||
$1,533,349 | $— | ($881,971 | ) | $651,378 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
JPMorgan | $640,571 | $— | $— | $640,571 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$640,571 | $— | $— | $640,571 | |||||||||||||
|
|
|
|
|
|
|
|
(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, 2014, the cash collateral received by the Funds was pooled and invested in the following
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
securities. Each of the Funds participating in securities lending as of March 31, 2014 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% | 88,099,772 | $88,099,772 | ||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.00% | 289,506,385 | 289,506,385 | ||||||
|
| |||||||
Total Investments (Cost $377,606,157) | 377,606,157 | |||||||
Amount due to Lending Agent | (31,180 | ) | ||||||
|
| |||||||
Net Investment Value | $377,574,977 | |||||||
|
|
The following Funds paid securities lending fees to the lending agent during the fiscal year ended March 31, 2014, which have been netted against Income from Securities Lending on the Statements of Operations. These fees are presented below:
Fund | Fee | |||
Core Bond Fund | $4,153 | |||
Corporate Bond Fund | 277 | |||
High Income Fund | 69,117 | |||
Intermediate Bond Fund | 11,387 | |||
Seix High Yield Fund | 73,801 | |||
Total Return Bond Fund | 26,579 |
(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. 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. 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, 2014, Seix Floating Rate High Income Fund and Total Return Bond Fund had unfunded loan commitments which are presented within the Funds’ Schedules of Portfolio Investments.
(n) Restricted Securities — Certain Funds’ investments are restricted as to resale. As of March 31, 2014, 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.
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(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.
(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.
(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, 2014, 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.
(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 Funds 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 $100,000,000. 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. The Funds will pay a commitment fee to State Street Bank in the amount of 0.10% per annum on the daily unused portion of the LOC. 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 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, 2014, the Funds had no borrowings under the LOC.
U.S Government Securities Ultra-Short Bond Fund incurred interest on a borrowing of $132 for the fiscal year ended March 31, 2014. The average dollar amount of the borrowings was $1,123,405, the weighted average interest
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rate on these borrowings was 1.41% and the Fund had an outstanding loan for three days during the year. The borrowings were valued at cost, which approximates fair value.
3. | Investment Adviser and Other Service Providers |
Investment Adviser — RidgeWorth Investments (“Investment Adviser”), a majority-owned subsidiary of SunTrust Banks, Inc. (“SunTrust”), 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 are as follows: Seix Investment Advisors LLC (“Seix”) serves as the Subadviser for the Core Bond Fund, Corporate Bond Fund, High Income Fund, Intermediate Bond Fund, Limited Duration Fund, Limited-Term Federal Mortgage Securities Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund, Total Return Bond Fund and U.S. Government Securities Fund; and StableRiver Capital Management LLC (“StableRiver”) serves as the Subadviser for 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 Bond Fund, Short-Term Municipal Bond Fund, Short-Term U.S. Treasury Securities Fund, Ultra-Short Bond Fund, U.S. Government Securities Ultra-Short Bond Fund, and Virginia Intermediate Municipal Bond Fund. Seix and StableRiver are each wholly-owned subsidiaries 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 fiscal year ended March 31, 2014 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 | (0.01 | ) | 0.39 | |||||||||||
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 | — | 0.49 | ||||||||||||
Limited Duration Fund | 0.10 | 0.10 | (0.11 | ) | — | |||||||||||
Limited-Term Federal Mortgage Securities Fund | 0.50 | 0.50 | (0.42 | ) | 0.08 | |||||||||||
North Carolina Tax-Exempt Bond Fund | 0.50 | 0.50 | — | 0.50 | ||||||||||||
Seix Floating Rate High Income Fund | 0.45 | 0.40 | — | 0.40 | ||||||||||||
Seix High Yield Fund | 0.45 | 0.43 | — | 0.43 | ||||||||||||
Short-Term Bond Fund | 0.40 | 0.40 | — | 0.40 | ||||||||||||
Short-Term Municipal Bond Fund | 0.35 | 0.35 | (0.15 | ) | 0.20 | |||||||||||
Short-Term U.S. Treasury Securities Fund | 0.35 | 0.35 | (0.49 | ) | — | |||||||||||
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 | (0.14 | ) | 0.36 | |||||||||||
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 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, 2014, to waive fees and/or reimburse expenses for each of the following Funds to the extent necessary to maintain each
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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, 2013 to March 31, 2014 | ||||||||||||||||
Fund | I Shares | A Shares | C Shares | R Shares | ||||||||||||
Core Bond Fund* | 0.45 | % | 0.75 | % | N/A | % | 1.05 | % | ||||||||
Corporate Bond Fund* | 0.65 | 0.95 | 1.65 | N/A | ||||||||||||
Georgia Tax-Exempt Bond Fund | 0.65 | 0.80 | N/A | N/A | ||||||||||||
High Grade Municipal Bond Fund | 0.65 | 0.80 | N/A | N/A | ||||||||||||
High Income Fund* | 0.78 | 1.08 | N/A | 1.50 | ||||||||||||
Intermediate Bond Fund* | 0.45 | 0.75 | N/A | 1.05 | ||||||||||||
Investment Grade Tax-Exempt Bond Fund | 0.65 | 0.80 | N/A | N/A | ||||||||||||
Limited Duration Fund | 0.32 | N/A | N/A | N/A | ||||||||||||
Limited-Term Federal Mortgage Securities Fund | 0.66 | 0.86 | 1.66 | N/A | ||||||||||||
North Carolina Tax-Exempt Bond Fund | 0.65 | 0.80 | N/A | N/A | ||||||||||||
Seix Floating Rate High Income Fund* | 0.67 | 0.97 | 1.61 | N/A | ||||||||||||
Seix High Yield Fund | 0.61 | 0.87 | N/A | 1.30 | ||||||||||||
Short-Term Bond Fund* | 0.60 | 0.80 | 1.60 | N/A | ||||||||||||
Short-Term Municipal Bond Fund | 0.55 | 0.70 | N/A | N/A | ||||||||||||
Short-Term U.S. Treasury Securities Fund | 0.55 | 0.73 | 1.55 | N/A | ||||||||||||
Total Return Bond Fund* | 0.45 | 0.75 | N/A | 1.05 | ||||||||||||
Ultra-Short Bond Fund* | 0.46 | N/A | N/A | N/A | ||||||||||||
U.S. Government Securities Fund* | 0.75 | 0.95 | 1.70 | N/A | ||||||||||||
U.S. Government Securities Ultra-Short Bond Fund* | 0.46 | N/A | N/A | N/A | ||||||||||||
Virginia Intermediate Municipal Bond Fund | 0.65 | 0.80 | N/A | N/A |
* | For the period April 1, 2013 to July 31, 2013 the Contractual Expense Limitations were as follows: |
Fund | I Shares | A Shares | C Shares | R Shares | ||||||||||||
Core Bond Fund | 0.45 | % | 0.72 | % | N/A | % | 1.05 | % | ||||||||
Corporate Bond Fund | 0.62 | 0.93 | 1.60 | N/A | ||||||||||||
High Income Fund | 0.76 | 1.06 | N/A | 1.46 | ||||||||||||
Intermediate Bond Fund | 0.44 | 0.70 | N/A | 1.20 | ||||||||||||
Seix Floating Rate High Income Fund | 0.62 | 0.95 | 1.61 | N/A | ||||||||||||
Short-Term Bond Fund | 0.58 | 0.77 | 1.57 | N/A | ||||||||||||
Total Return Bond Fund | 0.43 | 0.68 | N/A | 0.99 | ||||||||||||
Ultra-Short Bond Fund | 0.42 | N/A | N/A | N/A | ||||||||||||
U.S. Government Securities Fund | 0.72 | 0.95 | 1.70 | N/A | ||||||||||||
U.S. Government Securities Ultra-Short Bond Fund | 0.43 | N/A | N/A | 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. During the fiscal year ended March 31, 2014, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. As of March 31, 2014, the cumulative potential recoupments recoverable pursuant to this agreement are as follows:
Expires | ||||||||||||
2015 | 2016 | 2017 | ||||||||||
Core Bond Fund | $— | $1,227 | $42 | |||||||||
Corporate Bond Fund | — | 10,691 | 5,345 |
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Expires | ||||||||||||
2015 | 2016 | 2017 | ||||||||||
High Grade Municipal Bond Fund | $11,057 | $17,205 | $18,615 | |||||||||
High Income Fund | — | 85,675 | 26,432 | |||||||||
Intermediate Bond Fund | — | 580 | 12 | |||||||||
Investment Grade Tax-Exempt Bond Fund | — | 53,503 | 32,500 | |||||||||
Limited Duration Fund | — | 3,221 | 8,029 | |||||||||
Limited-Term Federal Mortgage Securities Fund | 26,833 | 49,640 | 56,990 | |||||||||
Seix Floating Rate High Income Fund | — | — | 122 | |||||||||
Short-Term Bond Fund | — | 2,491 | 1,467 | |||||||||
Short-Term Municipal Bond Fund | 22,692 | 36,571 | 35,071 | |||||||||
Short-Term US Treasury Securities Fund | 44,910 | 49,079 | 50,632 | |||||||||
Total Return Bond Fund | — | 134,555 | 30,144 | |||||||||
US Government Securities Fund | — | 26,551 | 39,498 |
Amounts designated as “—” are $0.
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, Short-Term U.S. Treasury Securities 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. There can be no assurance that this fee reduction will be sufficient to avoid any loss. During the fiscal year ended March 31, 2014, Limited Duration Fund, Short-Term Bond Fund, Short-Term Municipal Bond Fund, Short-Term U.S. Treasury Securities Fund and U.S. Government Securities Fund had voluntary reimbursements in the amount of $40, $24, $4,699, $12,178 and $8,038, 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, 2014, 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, 2014, 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, 2014, were as follows:
Fund | A Share Distribution and Service Fee | C Share Distribution and Service Fee | R Share Distribution and Service Fee | |||||||||
Core Bond Fund | 0.30 | % | N/A | % | 0.50 | % | ||||||
Corporate Bond Fund | 0.30 | 1.00 | N/A |
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Fund | A Share Distribution and Service Fee | C Share Distribution and Service Fee | R Share Distribution and Service Fee | |||||||||
Georgia Tax-Exempt Bond Fund | 0.15 | % | N/A | % | N/A | % | ||||||
High Grade Municipal Bond Fund | 0.15 | N/A | N/A | |||||||||
High Income Fund | 0.30 | N/A | 0.50 | |||||||||
Intermediate Bond Fund | 0.25 | N/A | 0.50 | |||||||||
Investment Grade Tax-Exempt Bond Fund | 0.30 | N/A | N/A | |||||||||
Limited-Term Federal Mortgage Securities Fund | 0.20 | 1.00 | N/A | |||||||||
North Carolina Tax-Exempt Bond Fund | 0.15 | N/A | N/A | |||||||||
Seix Floating Rate High Income Fund | 0.30 | 1.00 | N/A | |||||||||
Seix High Yield Fund | 0.25 | N/A | 0.50 | |||||||||
Short-Term Bond Fund | 0.20 | 1.00 | * | N/A | ||||||||
Short-Term Municipal Bond Fund | 0.15 | N/A | N/A | |||||||||
Short-Term U.S. Treasury Securities Fund | 0.18 | 1.00 | N/A | |||||||||
Total Return Bond Fund | 0.25 | N/A | 0.50 | |||||||||
U.S. Government Securities Fund | 0.30 | 1.00 | N/A | |||||||||
Virginia Intermediate Municipal Bond Fund | 0.15 | N/A | N/A |
* | For the fiscal year ended March 31, 2014 the distribution fees were temporarily reduced from 1.00% to 0.50%. |
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 a services fee. 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, 2014, the Investment Adviser was paid $1,474,486 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 its 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 membership at committee meetings. Information on the aggregate remuneration paid to the Trustees can be found on the Statements of Operations.
Payment by Affiliates — During the fiscal year ended March 31, 2014, the subadvisor fully reimbursed the U.S. Government Securities Fund for $38,190 for losses incurred on trades executed incorrectly. The amount of this reimbursement was 0.15% of the Fund’s average net assets.
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4. | Capital Stock Transactions |
Transactions in capital shares and dollars for the fiscal years ended March 31 were as follows:
Shares Issued | Shares Reinvested | Shares Redeemed | Net Increase (Decrease) in Shares Outstanding | Proceeds from Shares Issued | Dividends Reinvested | Cost of Shares Redeemed | Change in Net Assets from Capital Transactions | |||||||||||||||||||||||||
Core Bond Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
3/31/2013 | 15,150,156 | 1,003,059 | (22,520,877 | ) | (6,367,662 | ) | 170,890,899 | 11,280,597 | (252,118,768 | ) | (69,947,272 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 501,179 | 46,195 | (1,475,984 | ) | (928,610 | ) | 5,432,645 | 491,829 | (15,953,019 | ) | (10,028,545 | ) | ||||||||||||||||||||
3/31/2013 | 542,528 | 47,009 | (686,479 | ) | (96,942 | ) | 6,113,163 | 528,383 | (7,733,353 | ) | (1,091,807 | ) | ||||||||||||||||||||
R Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 19,213 | 14,852 | (107,714 | ) | (73,649 | ) | 203,068 | 157,799 | (1,172,656 | ) | (811,789 | ) | ||||||||||||||||||||
3/31/2013 | 7,978 | 10,828 | (95,008 | ) | (76,202 | ) | 89,791 | 121,788 | (1,070,887 | ) | (859,308 | ) | ||||||||||||||||||||
Corporate Bond Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
3/31/2013 | 1,982,956 | 434,731 | (2,962,851 | ) | (545,164 | ) | 18,861,172 | 4,110,294 | (28,188,098 | ) | (5,216,632 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 29,837 | 6,213 | (377,467 | ) | (341,417 | ) | 267,829 | 55,067 | (3,363,570 | ) | (3,040,674 | ) | ||||||||||||||||||||
3/31/2013 | 327,279 | 22,799 | (380,224 | ) | (30,146 | ) | 3,102,078 | 216,200 | (3,630,328 | ) | (312,050 | ) | ||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 5,313 | 66,392 | (563,453 | ) | (491,748 | ) | 49,253 | 577,793 | (5,047,594 | ) | (4,420,548 | ) | ||||||||||||||||||||
3/31/2013 | 103,335 | 85,637 | (475,178 | ) | (286,206 | ) | 996,415 | 807,662 | (4,518,289 | ) | (2,714,212 | ) | ||||||||||||||||||||
Georgia Tax-Exempt Bond Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
3/31/2013 | 2,831,504 | 20,748 | (2,923,235 | ) | (70,983 | ) | 30,603,687 | 224,250 | (31,648,061 | ) | (820,124 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 22,297 | 10,650 | (59,259 | ) | (26,312 | ) | 238,966 | 110,131 | (606,721 | ) | (257,624 | ) | ||||||||||||||||||||
3/31/2013 | 54,802 | 6,860 | (43,641 | ) | 18,021 | 590,388 | 74,262 | (474,378 | ) | 190,272 | ||||||||||||||||||||||
High Grade Municipal Bond Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 2,617,079 | 61,485 | (3,187,674 | ) | (509,110 | ) | 30,893,654 | 716,398 | (37,282,031 | ) | (5,671,979 | ) | ||||||||||||||||||||
3/31/2013 | 2,956,341 | 62,484 | (2,074,029 | ) | 944,796 | 36,263,488 | 756,064 | (25,383,903 | ) | 11,635,649 | ||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 368,393 | 19,911 | (570,774 | ) | (182,470 | ) | 4,335,898 | 232,188 | (6,642,002 | ) | (2,073,916 | ) | ||||||||||||||||||||
3/31/2013 | 369,896 | 24,900 | (137,597 | ) | 257,199 | 4,526,852 | 302,002 | (1,682,718 | ) | 3,146,136 | ||||||||||||||||||||||
High Income Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
3/31/2013 | 63,456,336 | 4,997,397 | (44,901,177 | ) | 23,552,556 | 447,059,168 | 35,281,125 | (316,563,071 | ) | 165,777,222 | ||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
3/31/2013 | 10,886,569 | 778,455 | (9,805,619 | ) | 1,859,405 | 76,434,488 | 5,495,991 | (69,328,992 | ) | 12,601,487 | ||||||||||||||||||||||
R Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 715,308 | 221,520 | (1,136,782 | ) | (199,954 | ) | 5,184,036 | 1,592,910 | (8,212,927 | ) | (1,435,981 | ) | ||||||||||||||||||||
3/31/2013 | 1,008,470 | 136,362 | (820,532 | ) | 324,300 | 7,132,330 | 961,340 | (5,773,798 | ) | 2,319,872 | ||||||||||||||||||||||
Intermediate Bond Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||
3/31/2013 | 16,739,307 | 2,522,665 | (42,042,210 | ) | (22,780,238 | ) | 175,567,635 | 26,162,518 | (440,706,666 | ) | (238,976,513 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 130,408 | 26,128 | (738,824 | ) | (582,288 | ) | 1,310,933 | 255,977 | (7,371,579 | ) | (5,804,669 | ) | ||||||||||||||||||||
3/31/2013 | 329,512 | 40,273 | (494,247 | ) | (124,462 | ) | 3,462,213 | 417,927 | (5,156,768 | ) | (1,276,628 | ) | ||||||||||||||||||||
R Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | — | 90 | (1,356 | ) | (1,266 | ) | — | 874 | (13,778 | ) | (12,904 | ) | ||||||||||||||||||||
3/31/2013 | 5,295 | 132 | (73,924 | ) | (68,497 | ) | 55,307 | 1,373 | (777,254 | ) | (720,574 | ) |
190
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
Shares Issued | Shares Reinvested | Shares Redeemed | Net Increase (Decrease) in Shares Outstanding | Proceeds from Shares Issued | Dividends Reinvested | Cost of Shares Redeemed | Change in Net Assets from Capital Transactions | |||||||||||||||||||||||||
Investment Grade Tax-Exempt Bond Fund |
| |||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
3/31/2013 | 25,364,479 | 2,556,547 | (25,177,845 | ) | 2,743,181 | 321,422,608 | 31,929,508 | (319,378,757 | ) | 33,973,359 | ||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 968,802 | 59,113 | (1,513,367 | ) | (485,452 | ) | 11,874,624 | 712,329 | (18,242,631 | ) | (5,655,678 | ) | ||||||||||||||||||||
3/31/2013 | 627,050 | 80,768 | (770,243 | ) | (62,425 | ) | 7,963,610 | 1,008,871 | (9,745,117 | ) | (772,636 | ) | ||||||||||||||||||||
Limited Duration Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | — | 85 | (276,001 | ) | (275,916 | ) | — | 834 | (2,710,333 | ) | (2,709,499 | ) | ||||||||||||||||||||
3/31/2013 | — | 1,795 | (688,748 | ) | (686,953 | ) | — | 17,573 | (6,735,932 | ) | (6,718,359 | ) | ||||||||||||||||||||
Limited-Term Federal Mortgage Securities Fund |
| |||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 60,641 | 9,302 | (524,309 | ) | (454,366 | ) | 662,667 | 101,517 | (5,683,200 | ) | (4,919,016 | ) | ||||||||||||||||||||
3/31/2013 | 324,611 | 16,574 | (1,774,341 | ) | (1,433,156 | ) | 3,631,796 | 185,548 | (19,879,334 | ) | (16,061,990 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 3,344 | 2,973 | (52,023 | ) | (45,706 | ) | 36,398 | 32,360 | (564,660 | ) | (495,902 | ) | ||||||||||||||||||||
3/31/2013 | 12,930 | 2,717 | (378,991 | ) | (363,344 | ) | 144,522 | 30,356 | (4,222,167 | ) | (4,047,289 | ) | ||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 13,487 | 4,495 | (120,524 | ) | (102,542 | ) | 148,351 | 49,021 | (1,314,315 | ) | (1,116,943 | ) | ||||||||||||||||||||
3/31/2013 | 19,025 | 2,933 | (145,883 | ) | (123,925 | ) | 212,895 | 32,830 | (1,632,101 | ) | (1,386,376 | ) | ||||||||||||||||||||
North Carolina Tax-Exempt Bond Fund |
| |||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 585,857 | 58,643 | (1,711,383 | ) | (1,066,883 | ) | 6,008,053 | 579,532 | (17,308,582 | ) | (10,720,997 | ) | ||||||||||||||||||||
3/31/2013 | 814,545 | 4,249 | (856,799 | ) | (38,005 | ) | 8,700,825 | 45,645 | (9,203,531 | ) | (457,061 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 8,849 | 4,340 | (12,853 | ) | 336 | 89,260 | 43,174 | (130,146 | ) | 2,288 | ||||||||||||||||||||||
3/31/2013 | 27,037 | 858 | (3,042 | ) | 24,853 | 289,648 | 9,177 | (32,515 | ) | 266,310 | ||||||||||||||||||||||
Seix Floating Rate High Income Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
3/31/2013 | 404,801,992 | 12,393,422 | (166,301,380 | ) | 250,894,034 | 3,623,676,264 | 110,642,663 | (1,480,951,289 | ) | 2,253,367,638 | ||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
3/31/2013 | 7,494,467 | 186,533 | (2,545,591 | ) | 5,135,409 | 67,443,345 | 1,664,277 | (22,575,703 | ) | 46,531,919 | ||||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
3/31/2013 | 1,666,689 | 77,164 | (686,469 | ) | 1,057,384 | 14,952,802 | 688,547 | (6,107,635 | ) | 9,533,714 | ||||||||||||||||||||||
Seix High Yield Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
3/31/2013 | 87,306,757 | 4,448,330 | (136,305,874 | ) | (44,550,787 | ) | 862,445,636 | 44,104,060 | (1,351,388,077 | ) | (444,838,381 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
3/31/2013 | 7,150,408 | 299,831 | (4,219,958 | ) | 3,230,281 | 69,009,998 | 2,932,488 | (41,347,650 | ) | 30,594,836 | ||||||||||||||||||||||
R Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 2,373 | 12,533 | (123,064 | ) | (108,158 | ) | 23,931 | 124,339 | (1,237,608 | ) | (1,089,338 | ) | ||||||||||||||||||||
3/31/2013 | 5,113 | 8,840 | (32,159 | ) | (18,206 | ) | 50,214 | 87,833 | (316,844 | ) | (178,797 | ) | ||||||||||||||||||||
Short-Term Bond Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 543,689 | 26,176 | (4,549,476 | ) | (3,979,611 | ) | 5,416,209 | 260,604 | (45,307,997 | ) | (39,631,184 | ) | ||||||||||||||||||||
3/31/2013 | 3,470,249 | 97,589 | (26,854,233 | ) | (23,286,395 | ) | 34,716,711 | 976,861 | (268,943,424 | ) | (233,249,852 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 162,922 | 2,434 | (96,359 | ) | 68,997 | 1,622,054 | 24,299 | (962,809 | ) | 683,544 | ||||||||||||||||||||||
3/31/2013 | 26,407 | 2,368 | (69,779 | ) | (41,004 | ) | 264,900 | 23,770 | (699,939 | ) | (411,269 | ) | ||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 8,341 | 475 | (60,400 | ) | (51,584 | ) | 83,343 | 4,743 | (602,418 | ) | (514,332 | ) | ||||||||||||||||||||
3/31/2013 | 26,988 | 1,026 | (86,555 | ) | (58,541 | ) | 270,704 | 10,289 | (867,776 | ) | (586,783 | ) |
191
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
Shares Issued | Shares Reinvested | Shares Redeemed | Net Increase (Decrease) in Shares Outstanding | Proceedsfrom Shares Issued | Dividends Reinvested | Cost of Shares Redeemed | Change in Net Assets from Capital Transactions | |||||||||||||||||||||||||
Short-Term Municipal Bond Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 2,793,828 | 6,454 | (823,172 | ) | 1,977,110 | $27,861,596 | $64,360 | $(8,227,668 | ) | $19,698,288 | ||||||||||||||||||||||
3/31/2013 | 558,184 | 59,062 | (60,939 | ) | 556,307 | 5,751,667 | 589,875 | (651,080 | ) | 5,690,462 | ||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 470,366 | 2,331 | (251,053 | ) | 221,644 | 4,689,027 | 23,246 | (2,506,596 | ) | 2,205,677 | ||||||||||||||||||||||
3/31/2013 | 50,302 | 28,732 | (30,895 | ) | 48,139 | 527,368 | 286,738 | (332,298 | ) | 481,808 | ||||||||||||||||||||||
Short-Term U.S. Treasury Securities Fund |
| |||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 111,099 | 1,053 | (157,352 | ) | (45,200 | ) | 1,091,608 | 10,366 | (1,552,652 | ) | (450,678 | ) | ||||||||||||||||||||
3/31/2013 | 115,958 | 2,083 | (634,242 | ) | (516,201 | ) | 1,154,142 | 20,694 | (6,305,766 | ) | (5,130,930 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 92,079 | 433 | (92,525 | ) | (13 | ) | 905,137 | 4,261 | (911,395 | ) | (1,997 | ) | ||||||||||||||||||||
3/31/2013 | 6,636 | 921 | (141,657 | ) | (134,100 | ) | �� | 65,903 | 9,130 | (1,405,325 | ) | (1,330,292 | ) | |||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 18,635 | 1,145 | (196,978 | ) | (177,198 | ) | 182,981 | 11,228 | (1,937,681 | ) | (1,743,472 | ) | ||||||||||||||||||||
3/31/2013 | 88,635 | 1,683 | (202,166 | ) | (111,848 | ) | 879,321 | 16,650 | (2,006,700 | ) | (1,110,729 | ) | ||||||||||||||||||||
Total Return Bond Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
3/31/2013 | 53,695,087 | 3,450,575 | (38,033,874 | ) | 19,111,788 | 587,970,113 | 37,602,169 | (415,117,943 | ) | 210,454,339 | ||||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
3/31/2013 | 2,420,995 | 146,515 | (2,045,673 | ) | 521,837 | 27,388,217 | 1,649,647 | (23,091,925 | ) | 5,945,939 | ||||||||||||||||||||||
R Shares | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
3/31/2013 | 5,860,073 | 153,477 | (1,164,359 | ) | 4,849,191 | 64,188,443 | 1,670,614 | (12,767,355 | ) | 53,091,702 | ||||||||||||||||||||||
Ultra-Short Bond Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
3/31/2013 | 10,370,480 | 75,875 | (10,825,088 | ) | (378,733 | ) | 103,337,932 | 756,107 | (107,945,587 | ) | (3,851,548 | ) | ||||||||||||||||||||
U.S. Government Securities Fund | ||||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 446,246 | 26,718 | (2,140,610 | ) | (1,667,646 | ) | 3,686,095 | 219,336 | (17,665,676 | ) | (13,760,245 | ) | ||||||||||||||||||||
3/31/2013 | 1,111,216 | 195,444 | (1,743,213 | ) | (436,553 | ) | 9,711,509 | 1,657,012 | (15,235,513 | ) | (3,866,992 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 5,348 | 810 | (97,821 | ) | (91,663 | ) | 44,468 | 6,634 | (809,768 | ) | (758,666 | ) | ||||||||||||||||||||
3/31/2013 | 14,273 | 8,436 | (31,982 | ) | (9,273 | ) | 122,865 | 71,433 | (280,206 | ) | (85,908 | ) | ||||||||||||||||||||
C Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 1,177 | 755 | (53,881 | ) | (51,949 | ) | 9,665 | 6,158 | (443,666 | ) | (427,843 | ) | ||||||||||||||||||||
3/31/2013 | 2,372 | 10,185 | (60,846 | ) | (48,289 | ) | 21,123 | 86,065 | (533,000 | ) | (425,812 | ) | ||||||||||||||||||||
U.S. Government Securities Ultra-Short Bond Fund |
| |||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
3/31/2013 | 175,905,609 | 1,420,235 | (148,517,021 | ) | 28,808,823 | 1,788,421,958 | 14,444,404 | (1,510,221,408 | ) | 292,644,954 | ||||||||||||||||||||||
Virginia Intermediate Municipal Bond Fund |
| |||||||||||||||||||||||||||||||
I Shares | ||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
3/31/2013 | 1,419,812 | 107,996 | (1,663,125 | ) | (135,317 | ) | 15,183,825 | 1,144,606 | (17,855,818 | ) | (1,527,387 | ) | ||||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||||||
3/31/2014 | 77,740 | 28,685 | (391,881 | ) | (285,456 | ) | 800,578 | 289,700 | (3,970,093 | ) | (2,879,815 | ) | ||||||||||||||||||||
3/31/2013 | 159,410 | 19,266 | (312,015 | ) | (133,339 | ) | 1,700,748 | 205,329 | (3,340,387 | ) | (1,434,310 | ) |
192
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
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, 2014, were as follows:
Fund | Purchases | Sales and Maturities | ||||||
Core Bond Fund | $80,556,077 | $117,709,852 | ||||||
Corporate Bond Fund | 67,622,136 | 98,887,700 | ||||||
Georgia Tax-Exempt Bond Fund | 86,915,199 | 98,104,654 | ||||||
High Grade Municipal Bond Fund | 119,472,529 | 125,855,884 | ||||||
High Income Fund | 931,929,339 | 909,174,589 | ||||||
Intermediate Bond Fund | 179,753,602 | 310,890,448 | ||||||
Investment Grade Tax-Exempt Bond Fund | 760,428,513 | 1,010,555,378 | ||||||
Limited Duration Fund | 4,987,135 | 7,347,369 | ||||||
Limited-Term Federal Mortgage Securities Fund | 1,321,520 | 2,863,568 | ||||||
North Carolina Tax-Exempt Bond Fund | 33,537,127 | 42,741,937 | ||||||
Seix Floating Rate High Income Fund | 7,591,459,118 | 3,552,386,120 | ||||||
Seix High Yield Fund | 1,352,062,314 | 1,889,879,429 | ||||||
Short-Term Bond Fund | 31,877,074 | 63,633,281 | ||||||
Short-Term Municipal Bond Fund | 71,320,348 | 52,600,442 | ||||||
Total Return Bond Fund | 499,587,749 | 407,470,494 | ||||||
Ultra-Short Bond Fund | 169,010,138 | 147,574,116 | ||||||
U.S. Government Securities Ultra-Short Bond Fund | 276,827,869 | 269,202,919 | ||||||
Virginia Intermediate Municipal Bond Fund | 89,105,004 | 111,955,134 |
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, 2014, were as follows:
Fund | Purchases | Sales and Maturities | ||||||
Core Bond Fund | $483,542,684 | $603,823,009 | ||||||
Corporate Bond Fund | 14,981,497 | 15,082,652 | ||||||
Intermediate Bond Fund | 658,684,610 | 1,105,145,857 | ||||||
Limited Duration Fund | 1,651,031 | 1,656,178 | ||||||
Limited-Term Federal Mortgage Securities Fund | 30,530,392 | 35,286,609 | ||||||
Short-Term Bond Fund | 14,507,711 | 19,469,585 | ||||||
Short-Term U.S. Treasury Securities Fund | 2,756,361 | 5,183,417 | ||||||
Total Return Bond Fund | 2,129,781,435 | 2,365,021,737 | ||||||
Ultra-Short Bond Fund | 8,399,276 | 12,531,087 | ||||||
U.S. Government Securities Fund | 28,211,578 | 42,852,507 | ||||||
U.S. Government Securities Ultra-Short Bond Fund | 493,698,025 | 741,482,713 |
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.
193
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
The cost of investments and aggregate gross unrealized appreciation and depreciation for securities held by the Funds as of March 31, 2014 were as follows:
Fund | Tax Cost | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Core Bond Fund | $216,946,180 | $3,066,419 | $(863,977) | $2,202,442 | ||||||||||||
Corporate Bond Fund | 38,986,918 | 1,155,146 | (361,437 | ) | 793,709 | |||||||||||
Georgia Tax-Exempt Bond Fund | 119,922,795 | 5,113,764 | (481,517 | ) | 4,632,247 | |||||||||||
High Grade Municipal Bond Fund | 52,073,463 | 3,741,831 | (78,328 | ) | 3,663,503 | |||||||||||
High Income Fund | 1,045,391,613 | 39,444,320 | (12,722,080 | ) | 26,722,240 | |||||||||||
Intermediate Bond Fund | 369,322,234 | 2,657,731 | (913,013 | ) | 1,744,718 | |||||||||||
Investment Grade Tax-Exempt Bond Fund | 635,106,744 | 34,765,513 | (763,023 | ) | 34,002,490 | |||||||||||
Limited Duration Fund | 6,632,412 | 18,361 | (2,908 | ) | 15,453 | |||||||||||
Limited-Term Federal Mortgage Securities Fund | 10,210,979 | 144,612 | (74,795 | ) | 69,817 | |||||||||||
North Carolina Tax-Exempt Bond Fund | 36,516,139 | 1,420,404 | (100,833 | ) | 1,319,571 | |||||||||||
Seix Floating Rate High Income Fund | 9,363,147,308 | 91,129,747 | (27,370,959 | ) | 63,758,788 | |||||||||||
Seix High Yield Fund | 1,355,996,297 | 57,228,024 | (5,387,223 | ) | 51,840,801 | |||||||||||
Short-Term Bond Fund | 42,826,716 | 340,626 | (43,363 | ) | 297,263 | |||||||||||
Short-Term Municipal Bond Fund | 36,650,117 | 110,026 | (44,568 | ) | 65,458 | |||||||||||
Short-Term U.S. Treasury Securities Fund | 9,841,049 | 52,152 | (15,820) | 36,332 | ||||||||||||
Total Return Bond Fund | 1,154,015,800 | 17,360,453 | (5,698,654 | ) | 11,661,799 | |||||||||||
Ultra-Short Bond Fund | 119,140,080 | 471,944 | (113,638 | ) | 358,306 | |||||||||||
U.S. Government Securities Fund | 24,450,398 | 123,118 | (126,387 | ) | (3,269 | ) | ||||||||||
U.S. Government Securities Ultra-Short Bond Fund | 1,947,880,011 | 28,929,364 | (2,946,388 | ) | 25,982,976 | |||||||||||
Virginia Intermediate Municipal Bond Fund | 121,289,506 | 5,491,301 | (35,676 | ) | 5,455,625 |
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* | |||||||||||||||
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 | |||||||||||||||
Short-Term U.S. Treasury Securities Fund | 9,459 | 21,109 | — | — | 30,568 | |||||||||||||||
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.
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
The tax character of distributions paid to shareholders during the fiscal year ended March 31, 2013 were 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 | $13,062,342 | $1,579,722 | $— | $— | $14,642,064 | |||||||||||||||
Corporate Bond Fund | 3,858,458 | 1,826,514 | — | — | 5,684,972 | |||||||||||||||
Georgia Tax-Exempt Bond Fund | 38 | — | 4,837,674 | — | 4,837,712 | |||||||||||||||
High Grade Municipal Bond Fund | 1,657,649 | 87,877 | 1,567,327 | — | 3,312,853 | |||||||||||||||
High Income Fund | 50,900,279 | — | — | — | 50,900,279 | |||||||||||||||
Intermediate Bond Fund | 30,286,567 | 18,983,206 | — | — | 49,269,773 | |||||||||||||||
Investment Grade Tax-Exempt Bond Fund | 26,205,811 | 5,046,345 | 20,258,662 | — | 51,510,818 | |||||||||||||||
Limited Duration Fund | 41,881 | — | — | — | 41,881 | |||||||||||||||
Limited-Term Federal Mortgage Securities Fund | 358,698 | — | — | — | 358,698 | |||||||||||||||
North Carolina Tax-Exempt Bond Fund | 782 | — | 1,486,154 | — | 1,486,936 | |||||||||||||||
Seix Floating Rate High Income Fund | 201,818,665 | — | — | — | 201,818,665 | |||||||||||||||
Seix High Yield Fund | 131,968,567 | — | — | — | 131,968,567 | |||||||||||||||
Short-Term Bond Fund | 3,541,696 | — | — | — | 3,541,696 | |||||||||||||||
Short-Term Municipal Bond Fund | 175,546 | 856,881 | 42,250 | — | 1,074,677 | |||||||||||||||
Short-Term U.S. Treasury Securities Fund | 42,985 | 34,851 | — | — | 77,836 | |||||||||||||||
Total Return Bond Fund | 38,738,671 | 9,438,677 | — | — | 48,177,348 | |||||||||||||||
Ultra-Short Bond Fund | 1,236,755 | — | — | — | 1,236,755 | |||||||||||||||
U.S. Government Securities Fund | 1,361,976 | 740,714 | — | — | 2,102,690 | |||||||||||||||
U.S. Government Securities Ultra-Short Bond Fund | 18,391,336 | — | — | — | 18,391,336 | |||||||||||||||
Virginia Intermediate Municipal Bond Fund | 474,292 | 1,955,122 | 4,648,012 | — | 7,077,426 |
* | 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.
As of March 31, 2014 the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:
Undistributed | Long Term Capital Gains | Net Unrealized Appreciation (Depreciation)* | Loss Carryforwards and Deferrals | |||||||||||||||||||||
Fund | Tax Exempt Income | Ordinary Income | Total | |||||||||||||||||||||
Core Bond Fund | $— | $— | $— | $2,202,442 | $(3,969,222 | ) | $(1,766,780 | ) | ||||||||||||||||
Corporate Bond Fund | — | — | — | 793,709 | (137,223 | ) | 656,486 | |||||||||||||||||
Georgia Tax-Exempt Bond Fund | 483,607 | — | — | 4,632,247 | (3,210,425 | ) | 1,905,429 | |||||||||||||||||
High Grade Municipal Bond Fund | 116,465 | — | — | 3,663,503 | (143,983 | ) | 3,635,985 | |||||||||||||||||
High Income Fund | — | 9,473,387 | 7,253,184 | 26,722,240 | — | 43,448,811 | ||||||||||||||||||
Intermediate Bond Fund | — | — | — | 1,744,718 | (807,208 | ) | 937,510 | |||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | 1,086,932 | — | 860,070 | 34,002,490 | — | 35,949,492 | ||||||||||||||||||
Limited Duration Fund | — | — | — | 15,453 | (830,682 | ) | (815,229 | ) | ||||||||||||||||
Limited-Term Federal Mortgage Securities Fund | — | — | — | 69,817 | (862,691 | ) | (792,874 | ) | ||||||||||||||||
North Carolina Tax-Exempt Bond Fund | 16,496 | — | — | 1,319,571 | (959,666 | ) | 376,401 | |||||||||||||||||
Seix Floating Rate High Income Fund | — | 32,192,449 | — | 63,758,788 | (36,882,314 | ) | 59,068,923 | |||||||||||||||||
Seix High Yield Fund | — | 14,262,462 | 27,673,717 | 51,840,801 | — | 93,776,980 | ||||||||||||||||||
Short-Term Bond Fund | — | 32,246 | — | 297,263 | (1,420,398 | ) | (1,090,889 | ) | ||||||||||||||||
Short-Term Municipal Bond Fund | 3,943 | 165,963 | — | 65,458 | — | 235,364 | ||||||||||||||||||
Short-Term U.S. Treasury Securities Fund | — | 559 | 140 | 36,332 | — | 37,031 | ||||||||||||||||||
Total Return Bond Fund | — | 3,046,909 | — | 11,046,893 | (23,471,737 | ) | (9,377,935 | ) | ||||||||||||||||
Ultra-Short Bond Fund | — | 71,698 | — | 358,306 | (2,683,748 | ) | (2,253,744 | ) |
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NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH FUNDS March 31, 2014
Undistributed | Long Term Capital Gains | Net Unrealized Appreciation (Depreciation)* | Loss Carryforwards and Deferrals | |||||||||||||||||||||
Fund | Tax Exempt Income | Ordinary Income | Total | |||||||||||||||||||||
U.S. Government Securities Fund | $— | $11,402 | $— | $(3,269 | ) | $(106,759 | ) | $(98,626 | ) | |||||||||||||||
U.S. Government Securities Ultra-Short Bond Fund | — | 1,061,154 | — | 25,982,976 | (21,397,226 | ) | 5,646,904 | |||||||||||||||||
Virginia Intermediate Municipal Bond Fund | 292,562 | — | — | 5,455,625 | (343,350 | ) | 5,404,837 |
* | 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, forward contracts mark to market 988(a)(1)(b), and mark to market on credit default swaps. |
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, 2014, the post-enactment accumulated short-term and long-term capital loss carryforwards were as follows:
Fund | Short Term | Long Term | Total | |||||||||
Core Bond Fund | 3,969,222 | — | 3,969,222 | |||||||||
Georgia Tax-Exempt Bond Fund | 1,336,447 | 299,525 | 1,635,972 | |||||||||
High Grade Municipal Bond Fund | 143,983 | — | 143,983 | |||||||||
Limited-Term Federal Mortgage Securities Fund* | 89,069 | — | 89,069 | |||||||||
North Carolina Tax-Exempt Bond Fund | 901,982 | 57,684 | 959,666 | |||||||||
Total Return Bond Fund | 23,471,737 | — | 23,471,737 | |||||||||
U.S. Government Securities Fund | 106,759 | — | 106,759 | |||||||||
U.S. Government Securities Ultra-Short Bond Fund | 8,450,644 | 4,538,098 | 12,988,742 | |||||||||
Virginia Intermediate Municipal Bond Fund | 343,350 | — | 343,350 |
* | Of the $89,069 of current year losses with no expiration date, $74,672 of pre-change losses are subject to limitations due to an ownership change on January 31, 2014. The remaining $14,397 of post-change losses are not limited. |
As of March 31, 2014, the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:
Expires | ||||||||||||||||||||||||
Fund | 2015 | 2016 | 2017 | 2018 | 2019 | Total | ||||||||||||||||||
Georgia Tax-Exempt Bond Fund | $— | $— | $119,406 | $1,455,047 | $— | $1,574,453 | ||||||||||||||||||
Limited Duration Fund* | — | — | — | 830,682 | — | 830,682 | ||||||||||||||||||
Limited-Term Federal Mortgage Securities Fund** | — | 773,622 | — | — | — | 773,622 | ||||||||||||||||||
Seix Floating Rate High Income Fund | — | 7,726,431 | 28,987,345 | — | — | 36,713,776 | ||||||||||||||||||
Short Term Bond Fund | — | — | — | 1,420,398 | — | 1,420,398 | ||||||||||||||||||
Ultra-Short Bond Fund | 667,058 | — | 202,726 | 1,362,740 | 451,224 | 2,683,748 | ||||||||||||||||||
U.S. Government Securities | — | — | — | — | 8,408,484 | 8,408,484 |
* | Of the $1,457,939 of capital loss carryforwards subject to limitations due to an ownership change on June 30, 2013, $598,615 was written off as capital loss carryforward lost unused, $28,642 was utilized, and the remaining $830,682, will expire in 2018. |
** | Of the $12,251,718 of capital loss carryforwards subject to limitations due to an ownership change on January 31, 2014, $6,269,536 was written off as capital loss carryforward lost unused, $5,208,560 expired unused, and the remaining $773,622, 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.
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NOTES TO FINANCIAL STATEMENTS (concluded)
RIDGEWORTH FUNDS March 31, 2014
During the fiscal year ended March 31, 2014, the following Funds utilized capital loss carryforwards as follows:
Fund | Amount | |||
Limited Duration Fund | $28,642 | |||
Seix Floating Rate High Income Fund | 9,954,624 | |||
Short-Term Bond Fund | 692,511 | |||
Ultra-Short Bond Fund | 50,370 |
During the fiscal year ended March 31, 2014, the following Funds had capital loss carryforwards that expired in fiscal 2014 as follows:
Fund | Amount | |||
Limited-Term Federal Mortgage Securities Fund | $5,208,560 | |||
Ultra-Short Bond Fund | 522,402 |
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, 2014, the following Funds had net capital losses:
Fund | Short Term | Long Term | Total | |||||||||
Corporate Bond Fund | $137,223 | $— | $137,223 | |||||||||
Intermediate Bond Fund | 807,208 | — | 807,208 | |||||||||
Seix Floating Rate High Income Fund | 168,538 | — | 168,538 |
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, 2014, 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, 2014.
7. | 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.
Employees of the Investment Adviser, in partnership with affiliated investment funds of Lightyear Capital, a private equity firm, have entered into an agreement to acquire all outstanding equity securities of the Adviser from SunTrust Banks, Inc. This transaction is expected to close on, or about, May 31, 2014. Because the existing advisory and subadvisory agreements for the Funds will terminate automatically upon the closing of the transaction, new advisory and subadvisory agreements that have been approved by shareholders, and are substantially identical in all material respects to the existing agreements, will take effect at that time, except with respect to StableRiver Capital Management LLC (“StableRiver”) (as described below). For any Fund whose shareholders have not yet approved a new advisory or subadvisory agreement, a substantially identical interim agreement that has been approved by the Board will take effect at the close of the transaction so as to permit additional time to obtain shareholder approval of a new agreement. Because StableRiver will be integrating into Seix Investment Advisors LLC (“Seix”) concurrent with the transaction, the new agreement between the Adviser and Seix will apply to the Funds currently subadvised by StableRiver and there will be no new agreement with StableRiver. In connection with the integration, the advisory/subadvisory fee split between the Adviser and Seix will change from 40%/60%, respectively, to 50%/50%. Importantly, the total advisory fee will not change for any Fund.
At a meeting held 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. The reorganization is expected to be effective at the close of business on July 31, 2014. Each shareholder of the A, C and I Shares of the Target Fund will become a shareholder of the Acquiring Fund, and receive I Shares of the Acquiring Fund in an amount equal in value to the shares of the Fund the shareholder had immediately before the reorganization.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
RIDGEWORTH FUNDS March 31, 2014
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, Short-Term U.S. Treasury Securities 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 (twenty of the funds constituting RidgeWorth Funds, collectively the “Funds”) at March 31, 2014, 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, 2014 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.
May 27, 2014
Boston, Massachusetts
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RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
The following Funds hereby designate the following amounts as long term capital gain distributions:
Fund | Long Term Capital Dividend | |||
Core Bond Fund | $5,053,263 | |||
Corporate Bond Fund | 1,794,331 | |||
High Income Fund | 7,154,960 | |||
Intermediate Bond Fund | 16,244,063 | |||
Investment Grade Tax-Exempt Bond Fund | 300,882 | |||
North Carolina Tax-Exempt Bond Fund | 1,186,858 | |||
Seix High Yield Fund | 57,275,214 | |||
Short-Term U.S. Treasury Securities Fund | 21,109 | |||
Total Return Bond Fund | 10,839,079 | |||
U.S. Government Securities Fund | 112,599 | |||
Virginia Intermediate Municipal Bond Fund | 1,042,800 |
For corporate shareholders, the following percentages of the total ordinary income distributions paid by the following Funds during the fiscal year ended March 31, 2014 qualify for the corporate dividends received deduction:
Fund | Dividends Received Deductions | |||
Core Bond Fund | 1.27 | % | ||
Corporate Bond Fund | 4.93 | |||
High Income Fund | 0.74 | |||
Intermediate Bond Fund | 2.50 | |||
Seix Floating Rate High Income Fund | 0.06 | |||
Seix High Yield Fund | 0.32 | |||
Total Return Bond Fund | 1.10 |
For the year ended March 31, 2014, the following Funds paid qualified dividend income:
Fund | Qualified Dividend Income | |||
Core Bond Fund | 1.55 | % | ||
Corporate Bond Fund | 4.93 | |||
High Income Fund | 0.74 | |||
Intermediate Bond Fund | 3.00 | |||
Seix Floating Rate High Income Fund | 0.06 | |||
Seix High Yield Fund | 0.32 | |||
Total Return Bond Fund | 1.10 |
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TRUSTEES AND OFFICERS OF THE RIDGEWORTH FUNDS
RIDGEWORTH FUNDS March 31, 2014
(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.
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 Age: 60 | 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); Office Managing Partner (2003-2009), KPMG LLP. | 33 | None | |||||||
Jeffrey M. Biggar Age: 63 | 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 (2000-2006). | 33 | Multi-Manager Master Portfolios LLC (3 portfolios; thru 2013) | |||||||
George C. Guynn Age: 71 | Independent Trustee | Indefinite; since 2008 | Retired. President and CEO, Federal Reserve Bank of Atlanta (1996-2006). | 33 | Genuine Parts Company; Oxford Industries; Acuity Brands, Inc.; Multi-Manager Master Portfolios LLC (3 portfolios; thru 2013) | |||||||
Sidney E. Harris Age: 64 | Independent Trustee | Indefinite; since 2004 | Professor (since 1997), Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University. | 33 | Total System Services, Inc.; Multi-Manager Master Portfolios LLC (3 portfolios; thru 2013). | |||||||
Warren Y. Jobe Age: 73 | 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). | 33 | WellPoint; UNS Energy (thru 2013) | |||||||
Connie D. McDaniel Age: 55 | Independent Trustee | Indefinite; since 2005 | Retired. Vice President, Chief of Internal Audit, Corporate Audit Department (since 2009); Vice President Global Finance Transformation (2007-2009); Vice President and Controller (1999-2007), The Coca-Cola Company. | 33 | Total System Services, Inc. | |||||||
Ashi S. Parikh* Age: 47 | Interested Trustee | Trustee since 2013 | Chairman, Chief Executive Officer, and Chief Investment Officer, RidgeWorth Investments (2010-present); President and Chief Investment Officer (2008-2010). | 33 | None |
* | As an interested employee of the Adviser, Mr. Parikh is an “interested person” of the Trust, as defined in the 1940 Act. |
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TRUSTEES AND OFFICERS OF THE RIDGEWORTH FUNDS (concluded)
RIDGEWORTH FUNDS March 31, 2014
(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 Age: 41 | President and Chief Executive Officer | One year; since 2007 | Managing Director, Product Manager, RidgeWorth Investments (since 2004). | |||
Joseph M. O’Donnell Age: 59 | 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 Age: 50 | 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 Age: 36 | 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 Co. 4 Copley Place, 5th Fl. Boston, MA 02116 Age: 39 | 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 Age: 49 | Anti-Money Laundering Officer and Identity Theft Prevention Officer | One year; since October 2013 | Director, Foreside Compliance Services, LLC (October 2008-present). | |||
Francine S. Hayes State Street Bank and Trust Company Mailstop CPH 0326 4 Copley Place Boston, MA 02116 Age: 46 | Secretary and Chief Legal Officer | One year; since 2012 | Vice President and Managing Counsel, State Street Bank and Trust Company (since 1995).* | |||
Danio Mastropieri State Street Bank and Trust Company Mailstop CPH 0326 4 Copley Place Boston, MA 02116 Age: 41 | Assistant Secretary | One year; since October 2013 | Vice President and Counsel, State Street Bank and Trust Company (since 2013); Vice President, Citi Fund Services, Inc. (2007-2013).# |
* | 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. |
# | During the period indicated the Officer held various positions at Citi Fund Services, Inc. and had provided his final title. |
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INVESTMENT ADVISORY AGREEMENT
RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
ANNUAL APPROVAL OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS
Renewal of Existing Advisory and Subadvisory Agreements
The continuance of the Trust’s investment advisory agreement with RidgeWorth Capital Management, Inc. (the “Adviser”) and subadvisory agreements between the Adviser and each of Seix Investment Advisors LLC (“Seix”) and StableRiver Capital Management LLC (“StableRiver”; together with Seix, the “Subadvisers”) must be specifically approved at least annually by (i) the vote of the Trustees or a vote of the shareholders of the Funds and (ii) the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto (the “Independent Trustees”), as defined in the Investment Company Act of 1940 (the “1940 Act”), cast in person at a meeting called for the purpose of voting on such approval. New advisory agreements for the Trust are also subject to such approval initially and annually after their initial term is complete.
Each year, the Board of Trustees calls and holds a meeting to decide whether to approve and/or renew the Trust’s agreements for the upcoming year. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser and Subadvisers. The Trustees use this information, as well as other information that the Adviser, Subadvisers, and other service providers may submit to the Board, to help them decide whether to approve and/or renew the agreements.
In considering the renewal of the agreements with the Adviser and Subadvisers, the Board requested and received material from the Adviser and Subadvisers in preparation for a special meeting of the Board held on October 10, 2013, and requested and reviewed additional material from the Adviser and Subadvisers in preparation for its quarterly meeting held on November 20, 2013, at which it specifically considered the renewal of the agreements. Such material included, among other things, information about: (a) the quality of the Adviser’s and Subadvisers’ investment management and other services; (b) the Adviser’s and Subadvisers’ investment management personnel; (c) the Adviser’s and Subadvisers’ operations and financial condition; (d) the Adviser’s and Subadvisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that the Adviser and Subadvisers charge the Funds compared with the fees they charge to comparable mutual funds or accounts; (f) the Funds’ overall fees and operating expenses compared with similar mutual funds; (g) the level of the Adviser’s and Subadvisers’ profitability from their Fund-related operations; (h) the Adviser’s and Subadvisers’ compliance systems; (i) the Adviser’s and Subadvisers’ policies and procedures for personal securities transactions; (j) the Adviser’s and Subadvisers’ reputation, expertise, and resources in domestic financial markets; and (k) the Funds’ performance compared with similar mutual funds. The Board also received a memorandum from fund counsel regarding the responsibilities of the Trustees in connection with their consideration of the agreements.
At the meetings, representatives from the Adviser and Subadvisers presented additional oral and written information to the Board to help the Board evaluate the Adviser’s and Subadvisers’ fees and other aspects of the agreements. The Board also considered information presented by the Adviser, Subadvisers, and other service providers at meetings held throughout the year. The Trustees discussed the written materials, oral presentations, and any other information that the Board received, and considered the approval of the agreements in light of this information.
Based on the Board’s deliberations and evaluation of the information it received, the Board, all of whose members are Independent Trustees, approved the renewal of the agreements with the Adviser and Subadvisers and determined that the compensation under the agreements is fair and reasonable in light of the services to be performed. The Board considered the following specific factors, none of which was controlling, and made the following conclusions:
Nature, Extent, and Quality of Services. The Board received and considered information regarding the nature, extent, and quality of services to be provided to the Funds by the Adviser and Subadvisers. In this regard, the Trustees evaluated, among other things, the Adviser’s and Subadvisers’ personnel, experience, track record, and compliance program. The Board considered the background and experience of the Adviser’s and Subadvisers’ senior management and the expertise of, and amount of attention expected to be given to the Funds by, their portfolio management teams. The Board reviewed the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser’s and Subadvisers’ organizational structure, senior management, investment operations, and other relevant information. The Board concluded that, within the context of its full deliberations, the nature,
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extent, and quality of the services to be provided to the Funds by the Adviser and Subadvisers supported the approval of the agreements.
Performance. The Board considered the investment performance of each Fund, including any periods of outperformance and underperformance, both on an absolute basis and a comparative basis to indices and other funds within the same investment categories. Specifically, the Board considered each Fund’s performance relative to its peer group and appropriate benchmarks in light of total return, yield, and market trends. As part of this review, the Board considered the composition of the peer group and selection criteria, as well as market risk and shareholder risk expectations. The Board considered the Adviser’s and Subadvisers’ explanations regarding specific performance issues. The Board concluded that, within the context of its full deliberations, the performance of the Funds, the Adviser, and the Subadvisers supported the approval of the agreements.
Fund Expenses. With respect to advisory fees, the Board considered the rate of compensation under the agreements and each Fund’s net operating expense ratio in comparison to those of comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund’s peer group. Finally, the Trustees considered the effect of the Adviser’s and Subadvisers’ waiver and reimbursement of fees and expenses, where applicable, to prevent total expenses from exceeding a specified amount and that, due to these waivers and reimbursements, net operating expenses have been maintained at competitive levels. The Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval of the agreements.
Profitability. The Board reviewed information about the profitability of the Funds to the Adviser and Subadvisers and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Funds. The Board concluded that, within the context of its full deliberations, the profitability of the Adviser and Subadvisers is within the range the Board considered reasonable.
Economies of Scale. The Board considered the existence of economies of scale and whether they were passed along to Fund shareholders through a graduated advisory fee schedule or other means, including any fee and expense waivers and reimbursements by the Adviser and Subadvisers. The Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale.
Approval of New Advisory and Subadvisory Agreements
In addition to its consideration of the annual continuance of the existing advisory and subadvisory agreements discussed above, the Board met on December 20, 2013 to consider the approval of new advisory and subadvisory agreements (except with respect to StableRiver as described below) in connection with a proposed transaction in which employees of the Adviser, in partnership with affiliated investment funds of private equity firm Lightyear Capital, will acquire all outstanding equity shares of the Adviser from SunTrust Banks, Inc. Under the 1940 Act, consummation of the transaction will result in the automatic termination of all of the existing investment advisory and subadvisory agreements. For the Adviser and Seix to continue to provide investment advisory services to the Funds following the closing of the transaction, the Board must approve new agreements that, subject to shareholder approval, will take effect upon the consummation of the transaction, which is expected to occur on or about May 31, 2014.
The new agreements are identical in all materials respects to the existing agreements, except for the dates of execution, effectiveness, and termination. Advisory compensation for each Fund will not change, nor will the services provided under the agreements. However, because StableRiver will be integrating into Seix concurrent with the transaction, the new agreement between the Adviser and Seix will apply to the Funds currently subadvised by StableRiver and there will be no new agreement with StableRiver. In connection with the integration, the advisory/subadvisory fee split between the Adviser and Seix will change from 40%/60%, respectively, to 50%/50%. Importantly, the total advisory fee will not change for any Fund.
The Board met several times, including on May 22, 2013, June 3, 2013, August 20, 2013, September 10, 2013, October 10, 2013, November 20, 2013, December 13, 2013, and December 20, 2013, to review information about the transaction and its potential impact on the Funds and consider the terms of the new agreements. The Board, including the Independent Trustees, had an opportunity to review the information provided in advance of the meetings by the Adviser and counsel to the Funds. This information included materials that provided detailed information about the transaction, including information about the financial terms of the transaction, information
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RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
from Lightyear Capital provided in response to a detailed series of questions submitted by counsel to the Independent Trustees, information about Lightyear Capital (affiliated investment funds of which will own a majority beneficial interest in the Adviser following the transaction), and memoranda outlining the legal duties of the Board. The Board also discussed the structure of the transaction with representatives of the Adviser and Lightyear Capital, and the Independent Trustees also met in executive session with their counsel on various occasions throughout the process.
The Board considered this information carefully in conjunction with the detailed information provided to it by the Adviser in connection with the Board meetings held on October 10, 2013 and November 20, 2013, with respect to the Board’s annual consideration and approval of the continuance of the Funds’ existing advisory agreements. In evaluating the new agreements on December 20, 2013, the Board conducted a review that was specifically focused upon the approval of those agreements, and relied upon its knowledge, resulting from its meetings throughout the year and over the years, of the Adviser and its services and the Funds.
In approving the new agreements, the Trustees considered several factors discussed below. The Board was advised by legal counsel with respect to its deliberations regarding the approval of the new agreements. The discussion below is not intended to be all-inclusive. The Board reviewed a variety of factors and considered a significant amount of information. Its determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process.
Nature, Extent, and Quality of Services. The Board considered information it believed necessary to assess the stability of the Adviser and Seix as a result of the transaction and to assess the ongoing nature and quality of services to be provided to the Funds following the transaction. The Board reviewed the details of the anticipated equity structure of the Adviser and Seix as a result of the transaction generally and with respect to the identity and business of the entities and individuals that are expected to become direct or indirect equity owners of the Adviser and Subadvisers as a result of the transaction, including the financial resources of those entities and their ability to assist in growing the Adviser’s business and/or in servicing the Funds.
In this regard, the Board considered information about how the Adviser’s and Seix’s management and operations would be structured following the transaction, including in particular how the transaction might affect the Adviser’s and Seix’s performance or delivery of services under the new agreements. In particular, the Board noted that the transaction would result in key investment personnel and executives of the Adviser having additional equity stakes in the Adviser, which should further align their long-term interests with the interests of the Adviser. In addition, the Board observed that these and other employees’ ownership in the Adviser, and the long-term nature of that ownership, and potentially increasing benefits to management from the growth of assets under management, should help the Adviser retain key management and investment personnel, which it deemed important when considering the stability of the Adviser.
The Board considered information addressing the projected benefits to the Adviser expected to result from the transaction. It received information describing how the transaction is expected to affect the Adviser’s business, including key personnel, the Adviser’s continuing relationship with SunTrust Banks, Inc. and/or new or changed agreements with SunTrust Banks, Inc. and its affiliates regarding the Adviser’s personnel or services. The Board reviewed the actions proposed to be taken to minimize the likelihood that the Adviser would have any departures of key management and/or investment personnel and whether compensation and other benefits expected to be offered by the Adviser following the transaction would be adequate to attract and retain high-caliber investment and other relevant professional employees. In addition, the Board considered information received from the Adviser outlining certain staff reductions that could result from efficiencies gained through the consolidation of duplicative administrative functions. Also, the Board considered information received from the Adviser regarding its proposed financial structure, including new debt of $115 million in a term credit facility and $10 million in a revolving credit facility, as well as its projected financial condition and resources following the closing of the transaction.
With respect to the Funds’ portfolio managers, the Board received information describing changes that the Adviser anticipated making in the structure of, and the method used in determining, the compensation and incentive programs (e.g., salary, bonus, deferred compensation, and pension and retirement plans and arrangements) received by key investment and management personnel and considered how these changes are expected to better
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RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
align the interests of key investment and management personnel with those of the Funds’ shareholders and to promote the long term performance of the Funds. The Board considered the integration of StableRiver into Seix and the potential impacts of the integration on the affected Funds and their shareholders.
The Adviser summarized for the Board its efforts both initially and on an ongoing basis to retain the Adviser’s clients and to respond to questions from clients and potential clients regarding the transaction. In this regard, the Board also considered information concerning SunTrust Banks, Inc.’s and the Adviser’s plans for the Adviser or its affiliates to continue to provide investment management and research to SunTrust Banks, Inc. and its clients on terms substantially similar to those currently in place. The Board also considered the general experience, business and operations of the Adviser.
With respect to Lightyear Capital, the Board engaged in a robust due diligence process, which included meeting Lightyear Capital personnel on multiple occasions and interviewing personnel from Lightyear Capital portfolio companies. The Board reviewed Lightyear Capital’s organizational and business structure and the experience of its key personnel. The Board also considered Lightyear Capital’s operating, transaction, and strategic management experience.
Based on these and other factors, the Board concluded that the information presented to and considered by the Board regarding advisory personnel and their retention justified approval of the new agreements. The Board concluded that it was reasonably likely that the Adviser and Seix would continue to provide the same type and quality of services to the Funds following the transaction as they had historically provided.
Performance. In considering the investment performance of the Funds, the Board took note of its comprehensive review at its October 10, 2013 and November 20, 2013 meetings in connection with its consideration of the annual continuance of the existing agreements with the Adviser and Subadvisers. In this regard, it had reviewed each Fund’s performance, including any periods of outperformance and underperformance, both on an absolute basis and a comparative basis to indices and other funds within the same investment categories. Specifically, the Board considered each Fund’s performance relative to its peer group and appropriate benchmarks in light of total return, yield, and market trends. As part of this review, the Board considered the composition of the peer group and selection criteria, as well as market risk and shareholder risk expectations. The Board considered the Adviser’s and Subadvisers’ explanations regarding specific performance issues. Based on this review, the Board concluded that, within the context of its full deliberations, the performance of the Funds supported the approval of the new agreements.
Fund Expenses. With respect to advisory fees, the Board took note of its comprehensive review at its October 10, 2013 and November 20, 2013 meetings in connection with its consideration of the annual continuance of the existing agreements with the Adviser and Subadvisers. In this regard, the Board considered the rate of compensation under the agreements and each Fund’s net operating expense ratio in comparison to those of comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund’s peer group. Finally, the Trustees considered the effect of the Adviser’s and Subadvisers’ waiver and reimbursement of fees and expenses, where applicable, to prevent total expenses from exceeding a specified amount and that, due to these waivers and reimbursements, net operating expenses have been maintained at competitive levels. The Board also noted that the Adviser and Subadvisers did not propose or anticipate proposing any change in the current advisory fees or other fees applicable to the Funds as a result of the transaction. The Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval of the new agreements.
Profitability. With respect to profitability, the Board took note of its comprehensive review at its October 10, 2013 and November 20, 2013 meetings in connection with its consideration of the annual continuance of the existing agreements with the Adviser and Subadvisers. The Board also reviewed new information that described the anticipated effect of the transaction on the Adviser’s and Seix’s profitability after the transaction. While the Board found that the profitability of the Adviser and Seix generally is within the range the Board considered reasonable, the Board observed that any projection regarding profitability under the circumstances would depend on many assumptions as to the Adviser’s financial condition and operations following the transaction and would be speculative, but that profitability is expected to be moderately reduced.
Economies of Scale. In considering economies of scale, the Board took note of its comprehensive review at its October 10, 2013 and November 20, 2013 meetings in connection with its consideration of the annual continuance
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RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
of the existing agreements with the Adviser and Subadvisers. In this regard, the Board considered the existence of economies of scale and whether they were passed along to shareholders through a graduated advisory fee schedule or other means, including any fee and expense waivers and reimbursements by the Adviser and Subadvisers. The Board considered the Adviser’s representation that it would continue to seek to share economies of scale with the Funds and their shareholders in the future. The Board concluded that, within the context of its full deliberations, the Adviser’s efforts in this regard supported the approval of the new agreements.
Approval of Interim Advisory and Subadvisory Agreements
If the transaction were to close without the new agreements being approved by shareholders, the existing advisory and subadvisory agreements would terminate as of the date of the transaction and the Adviser and Subadvisers for whom new agreements have not yet been approved by shareholders would cease to be able to provide services to the applicable Funds. To ensure that advisory services are continuously provided to each Fund, at the December 20, 2013 meeting, the Board also considered the approval of interim advisory agreements with the Adviser and Subadvisers in accordance with Rule 15a-4 under the 1940 Act. The interim agreements, which would take effect as necessary at the closing of the transaction, would provide the Board time to consider what other action is necessary, appropriate, and in the best interests of a Fund and its shareholders under the circumstances. Rule 15a-4 permits an investment adviser to provide services to a mutual fund for a temporary period of time without shareholder approval of the interim agreement so long as the fund’s board, including a majority of its members who are not “interested persons” (as defined by Section 2(a)(19) under the 1940 Act) of the mutual fund, approves the interim agreement and the following conditions, among others, are met:
Ÿ | The interim agreement terminates within 150 days after its effective date; |
Ÿ | Compensation to be received by the adviser under the interim agreement is no greater than the compensation the adviser would have received under the previous investment advisory agreement, and subject to certain exceptions, the interim agreement contains the same terms and conditions as the previous agreement; |
Ÿ | Compensation earned by the investment adviser under the interim agreement is held in an interest-bearing escrow account pending shareholder approval of a new investment advisory agreement with the adviser; |
Ÿ | If shareholders approve a new advisory agreement within 150 days of the effective date of the interim agreement, the amount held in the escrow account, including interest, will be paid to the investment adviser; and |
Ÿ | If shareholders do not approve a new advisory agreement within the above timeframe, the investment adviser will be paid the lesser of the costs incurred performing its services under the interim agreement or the total amount in the escrow account, including interest earned. |
The interim agreements are identical in all material respects to the existing agreements, except for the date of execution, effectiveness, termination, compensation conditions, and, with respect to the Seix agreement, the change to the fee split described above.
In approving the interim agreements, the Board took note of its comprehensive review, described above, in connection with its consideration of the annual continuance of the existing agreements and its consideration of the new agreements.
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(Unaudited)
Shareholder Meeting Results
Special meetings of shareholders (the “Meeting”) of each series of RidgeWorth Funds (the “Trust”) were held on March 12, 2014 and March 31, 2014. The details of the voting with respect to each Proposal are shown below. Each Proposal received the required number of affirmative votes for approval.
The March 12, 2014 Meeting was held to consider and act on the following proposals:
Proposal 1: To elect Trustees to the Board of Trustees of the Trust.
Tim E. Bentsen | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,458,657,147.458 | 0.000 | 20,279,356.809 |
Ashi S. Parikh | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,458,244,497.972 | 0.000 | 20,692,006.295 |
Proposal 2: To approve an amendment to the Trust’s Agreement and Declaration of Trust.
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,069,350,705.720 | 57,212,101.541 | 15,395,254.603 |
Proposal 3: To approve the implementation of a manager of managers arrangement that will permit RidgeWorth Investments (the “Adviser”), subject to prior approval by the Board of Trustees, to enter into and materially amend agreements with unaffiliated subadvisers without obtaining the approval of the applicable Fund’s shareholders.
Corporate Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
7,212,907.891 | 57,129.636 | 48,503.947 |
Intermediate Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
17,111,758.192 | 1,300,332.779 | 164,430.049 |
Limited Duration Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
676,438.964 | 0.000 | 0.000 |
Seix Floating Rate High Income Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
529,622,452.552 | 15,403,023.021 | 5,991,650.314 |
Seix High Yield Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
124,475,332.375 | 664,251.666 | 109,926.801 |
Short-Term Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
3,506,854.939 | 7,203.096 | 1,004.000 |
U.S. Government Securities Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,269,642.156 | 63,626.029 | 25,418.353 |
Ultra Short Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
6,305,724.336 | 87,308.397 | 128,058.065 |
Georgia Tax-Exempt Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
10,494,140.265 | 70,924.107 | 7,043.000 |
High Grade Municipal Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
2,259,490.792 | 140,046.055 | 20,618.000 |
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(Unaudited)
Investment Grade Tax-Exempt Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
34,273,810.594 | 610,771.139 | 263,690.168 |
North Carolina Tax Exempt Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
3,568,434.985 | 0.000 | 0.000 |
Short-Term Municipal Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,851,089.674 | 6,042.352 | 62,203.104 |
Virginia Intermediate Municipal Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
10,753,061.291 | 36,474.000 | 3,879.908 |
Proposal 4: To approve a new investment advisory agreement between the Adviser and the Trust, on behalf of each Fund.
Corporate Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
7,245,265.181 | 24,596.100 | 48,680.193 |
Intermediate Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
18,121,129.926 | 298,407.530 | 156,983.564 |
Limited Duration Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
676,438.964 | 0.000 | 0.000 |
Seix Floating Rate High Income Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
540,374,171.826 | 4,472,518.743 | 6,170,435.318 |
Seix High Yield Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
125,045,511.361 | 96,514.555 | 107,484.926 |
Short-Term Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
3,511,915.035 | 2,143.000 | 1,004.000 |
Total Return Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
40,843,115.931 | 609,231.706 | 708,673.416 |
U.S. Government Securities Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,319,457.156 | 13,811.029 | 25,418.353 |
Ultra Short Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
6,438,356.312 | 74,338.272 | 8,396.214 |
Georgia Tax-Exempt Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
10,538,598.497 | 26,465.875 | 7,043.000 |
High Grade Municipal Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
2,327,400.407 | 64,382.718 | 28,371.722 |
Investment Grade Tax-Exempt Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
34,593,204.819 | 299,049.228 | 256,017.854 |
North Carolina Tax-Exempt Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
3,568,434.985 | 0.000 | 0.000 |
Short-Term Municipal Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,858,574.959 | 0.000 | 60,760.138 |
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Virginia Intermediate Municipal Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
10,762,285.291 | 27,250.000 | 3,879.908 |
Proposal 7: To approve a new subadvisory agreement between the Adviser and Seix Investment Advisors LLC, on behalf 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, Short-Term U.S. Treasury Securities 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.
Corporate Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
7,226,404.712 | 42,584.569 | 49,552.193 |
Intermediate Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
18,091,972.232 | 301,479.265 | 183,069.523 |
Limited Duration Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
676,438.964 | 0.000 | 0.000 |
Seix Floating Rate High Income Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
542,520,010.432 | 2,170,811.123 | 6,326,304.332 |
Seix High Yield Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
124,969,254.447 | 154,883.332 | 125,373.063 |
Short-Term Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
3,507,165.510 | 3,909.000 | 3,987.525 |
Total Return Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
40,765,970.711 | 683,755.471 | 711,294.871 |
U.S. Government Securities Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,319,457.156 | 13,811.029 | 25,418.353 |
Ultra-Short Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
6,441,026.088 | 70,403.193 | 9,661.517 |
Georgia Tax-Exempt Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
10,496,810.231 | 68,254.141 | 7,043.000 |
High Grade Municipal Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
2,322,173.951 | 67,125.174 | 30,855.722 |
Investment Grade Tax-Exempt Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
34,542,314.936 | 332,519.662 | 272,015.916 |
North Carolina Tax-Exempt Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
3,568,434.985 | 0.000 | 0.000 |
Short-Term Municipal Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
1,828,738.115 | 3,031.911 | 87,565.104 |
Virginia Intermediate Municipal Bond Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
10,762,285.291 | 27,250.000 | 3,879.908 |
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ADDITIONAL INFORMATION (continued)
RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
A special meeting of shareholders (the “Meeting”) of each series of RidgeWorth Funds (the “Trust”) was held on March 31, 2014. The details of the voting with respect to each Proposal are shown below. Each Proposal received the required number of affirmative votes for approval.
The Meeting was held to consider and act on the following proposals:
Proposal 3: To approve the implementation of a manager of managers arrangement that will permit RidgeWorth Investments (the “Adviser”), subject to prior approval by the Board of Trustees, to enter into and materially amend agreements with unaffiliated subadvisers without obtaining the approval of the applicable Fund’s shareholders.
High Income Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
44,495,917.255 | 3,807,939.822 | 1,852,716.056 |
Proposal 4: To approve a new investment advisory agreement between the Adviser and the Trust, on behalf of each Fund.
High Income Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
46,464,200.437 | 1,859,986.110 | 1,832,386.836 |
Proposal 7: To approve a new subadvisory agreement between the Adviser and Seix Investment Advisors LLC, on behalf 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, Short-Term U.S. Treasury Securities 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.
High Income Fund | ||||||||
Affirmative Votes | Objecting Votes | Abstaining Votes | ||||||
45,639,177.513 | 1,708,696.803 | 2,808,699.067 |
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ADDITIONAL INFORMATION (continued)
RIDGEWORTH FUNDS March 31, 2014
(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, 2013 through March 31, 2014.
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 10/01/13 | Ending Account Value 03/31/14 | Expenses Paid During Period* 10/01/13-03/31/14 | Expense Ratio During Period** 10/01/13-03/31/14 | |||||||||||||||
Core Bond Fund | I Shares | $1,000.00 | $1,019.10 | $2.21 | 0.44 | % | ||||||||||||||
A Shares | 1,000.00 | 1,018.80 | 3.47 | 0.69 | ||||||||||||||||
R Shares | 1,000.00 | 1,018.00 | 4.23 | 0.84 | ||||||||||||||||
Corporate Bond Fund | I Shares | 1,000.00 | 1,048.80 | 3.27 | 0.64 | |||||||||||||||
A Shares | 1,000.00 | 1,047.10 | 4.85 | 0.95 | ||||||||||||||||
C Shares | 1,000.00 | 1,043.70 | 8.36 | 1.64 | ||||||||||||||||
Georgia Tax-Exempt Bond Fund | I Shares | 1,000.00 | 1,032.20 | 2.89 | 0.57 | |||||||||||||||
A Shares | 1,000.00 | 1,031.40 | 3.65 | 0.72 | ||||||||||||||||
High Grade Municipal Bond Fund | I Shares | 1,000.00 | 1,045.00 | 3.31 | 0.65 | |||||||||||||||
A Shares | 1,000.00 | 1,044.20 | 4.08 | 0.80 | ||||||||||||||||
High Income Fund | I Shares | 1,000.00 | 1,071.70 | 3.98 | 0.77 | |||||||||||||||
A Shares | 1,000.00 | 1,072.10 | 5.01 | 0.97 | ||||||||||||||||
R Shares | 1,000.00 | 1,070.90 | 6.20 | 1.20 | ||||||||||||||||
Intermediate Bond Fund | I Shares | 1,000.00 | 1,011.60 | 2.01 | 0.40 | |||||||||||||||
A Shares | 1,000.00 | 1,010.60 | 3.06 | 0.61 | ||||||||||||||||
R Shares | 1,000.00 | 1,008.50 | 5.16 | 1.03 | ||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | I Shares | 1,000.00 | 1,030.20 | 3.19 | 0.63 | |||||||||||||||
A Shares | 1,000.00 | 1,028.40 | 4.05 | 0.80 | ||||||||||||||||
Limited Duration Fund | I Shares | 1,000.00 | 1,004.20 | 1.60 | 0.32 | |||||||||||||||
Limited-Term Federal Mortgage Securities Fund | I Shares | 1,000.00 | 1,012.50 | 3.31 | 0.66 | |||||||||||||||
A Shares | 1,000.00 | 1,011.50 | 4.31 | 0.86 | ||||||||||||||||
C Shares | 1,000.00 | 1,007.50 | 8.31 | 1.66 | ||||||||||||||||
North Carolina Tax-Exempt Bond Fund | I Shares | 1,000.00 | 1,031.90 | 3.09 | 0.61 | |||||||||||||||
A Shares | 1,000.00 | 1,032.20 | 3.90 | 0.77 | ||||||||||||||||
Seix Floating Rate High Income Fund | I Shares | 1,000.00 | 1,028.90 | 3.14 | 0.62 | |||||||||||||||
A Shares | 1,000.00 | 1,027.30 | 4.70 | 0.93 | ||||||||||||||||
C Shares | 1,000.00 | 1,025.40 | 7.68 | 1.52 | ||||||||||||||||
Seix High Yield Fund | I Shares | 1,000.00 | 1,066.20 | 2.83 | 0.55 | |||||||||||||||
A Shares | 1,000.00 | 1,064.50 | 4.22 | 0.82 | ||||||||||||||||
R Shares | 1,000.00 | 1,063.60 | 5.30 | 1.03 | ||||||||||||||||
Short-Term Bond Fund | I Shares | 1,000.00 | 1,007.00 | 2.90 | 0.58 | |||||||||||||||
A Shares | 1,000.00 | 1,005.90 | 3.90 | 0.78 | ||||||||||||||||
C Shares | 1,000.00 | 1,002.10 | 7.79 | 1.56 | ||||||||||||||||
Short-Term Municipal Bond Fund | I Shares | 1,000.00 | 1,008.40 | 2.65 | 0.53 | |||||||||||||||
A Shares | 1,000.00 | 1,007.90 | 3.10 | 0.62 | ||||||||||||||||
Short-Term U.S. Treasury Securities Fund | I Shares | 1,000.00 | 999.40 | 2.74 | 0.55 | |||||||||||||||
A Shares | 1,000.00 | 998.50 | 3.64 | 0.73 | ||||||||||||||||
C Shares | 1,000.00 | 998.20 | 3.99 | 0.80 | ||||||||||||||||
Total Return Bond Fund | I Shares | 1,000.00 | 1,019.60 | 2.11 | 0.42 | |||||||||||||||
A Shares | 1,000.00 | 1,017.90 | 3.57 | 0.71 | ||||||||||||||||
R Shares | 1,000.00 | 1,016.40 | 5.28 | 1.05 |
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ADDITIONAL INFORMATION (continued)
RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
Fund | Class | Beginning Account Value 10/01/13 | Ending Account Value 03/31/14 | Expenses Paid During Period* 10/01/13-03/31/14 | Expense Ratio During Period** 10/01/13-03/31/14 | |||||||||||||||
Ultra-Short Bond Fund | I Shares | $1,000.00 | $1,006.90 | $1.85 | $0.37 | |||||||||||||||
U.S. Government Securities Fund | I Shares | 1,000.00 | 1,001.90 | 3.74 | 0.75 | |||||||||||||||
A Shares | 1,000.00 | 999.70 | 4.74 | 0.95 | ||||||||||||||||
C Shares | 1,000.00 | 998.00 | 6.43 | 1.29 | ||||||||||||||||
U.S. Government Securities Ultra-Short Bond Fund | I Shares | 1,000.00 | 1,005.20 | 1.95 | 0.39 | |||||||||||||||
Virginia Intermediate Municipal Bond Fund | I Shares | 1,000.00 | 1,021.60 | 2.92 | 0.58 | |||||||||||||||
A Shares | 1,000.00 | 1,020.80 | 3.68 | 0.73 |
* | 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. |
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 10/01/13 | Ending Account Value 03/31/14 | Expenses Paid During Period* 10/01/13-03/31/14 | Expense Ratio During Period** 10/01/13-03/31/14 | |||||||||||||||
Core Bond Fund | I Shares | $1,000.00 | $1,022.70 | $2.22 | 0.44 | % | ||||||||||||||
A Shares | 1,000.00 | 1,021.50 | 3.48 | 0.69 | ||||||||||||||||
R Shares | 1,000.00 | 1,020.70 | 4.23 | 0.84 | ||||||||||||||||
Corporate Bond Fund | I Shares | 1,000.00 | 1,021.70 | 3.23 | 0.64 | |||||||||||||||
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 | 1,022.10 | 2.87 | 0.57 | |||||||||||||||
A Shares | 1,000.00 | 1,021.30 | 3.63 | 0.72 | ||||||||||||||||
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 | 4.03 | 0.80 | ||||||||||||||||
High Income Fund | I Shares | 1,000.00 | 1,021.10 | 3.88 | 0.77 | |||||||||||||||
A Shares | 1,000.00 | 1,020.10 | 4.89 | 0.97 | ||||||||||||||||
R Shares | 1,000.00 | 1,018.90 | 6.04 | 1.20 | ||||||||||||||||
Intermediate Bond Fund | I Shares | 1,000.00 | 1,022.90 | 2.02 | 0.40 | |||||||||||||||
A Shares | 1,000.00 | 1,021.90 | 3.07 | 0.61 | ||||||||||||||||
R Shares | 1,000.00 | 1,019.80 | 5.19 | 1.03 | ||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | I Shares | 1,000.00 | 1,021.80 | 3.18 | 0.63 | |||||||||||||||
A Shares | 1,000.00 | 1,020.90 | 4.03 | 0.80 | ||||||||||||||||
Limited Duration Fund | I Shares | 1,000.00 | 1,023.30 | 1.61 | 0.32 | |||||||||||||||
Limited-Term Federal Mortgage Securities Fund | I Shares | 1,000.00 | 1,021.60 | 3.33 | 0.66 | |||||||||||||||
A Shares | 1,000.00 | 1,020.60 | 4.33 | 0.86 | ||||||||||||||||
C Shares | 1,000.00 | 1,016.70 | 8.35 | 1.66 | ||||||||||||||||
North Carolina Tax-Exempt Bond Fund | I Shares | 1,000.00 | 1,021.90 | 3.07 | 0.61 | |||||||||||||||
A Shares | 1,000.00 | 1,021.10 | 3.88 | 0.77 | ||||||||||||||||
Seix Floating Rate High Income Fund | I Shares | 1,000.00 | 1,021.80 | 3.13 | 0.62 | |||||||||||||||
A Shares | 1,000.00 | 1,020.30 | 4.68 | 0.93 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.40 | 7.65 | 1.52 | ||||||||||||||||
Seix High Yield Fund | I Shares | 1,000.00 | 1,022.20 | 2.77 | 0.55 | |||||||||||||||
A Shares | 1,000.00 | 1,020.80 | 4.13 | 0.82 | ||||||||||||||||
R Shares | 1,000.00 | 1,019.80 | 5.19 | 1.03 |
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ADDITIONAL INFORMATION (concluded)
RIDGEWORTH FUNDS March 31, 2014
(Unaudited)
Fund | Class | Beginning Account Value 10/01/13 | Ending Account Value 03/31/14 | Expenses Paid During Period* 10/01/13-03/31/14 | Expense Ratio During Period** 10/01/13-03/31/14 | |||||||||||||||
Short-Term Bond Fund | I Shares | $1,000.00 | $1,022.00 | $2.92 | $0.58 | |||||||||||||||
A Shares | 1,000.00 | 1,021.00 | 3.93 | 0.78 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.20 | 7.85 | 1.56 | ||||||||||||||||
Short-Term Municipal Bond Fund | I Shares | 1,000.00 | 1,022.30 | 2.67 | 0.53 | |||||||||||||||
A Shares | 1,000.00 | 1,021.80 | 3.13 | 0.62 | ||||||||||||||||
Short-Term U.S. Treasury Securities Fund | I Shares | 1,000.00 | 1,022.20 | 2.77 | 0.55 | |||||||||||||||
A Shares | 1,000.00 | 1,021.30 | 3.68 | 0.73 | ||||||||||||||||
C Shares | 1,000.00 | 1,020.90 | 4.03 | 0.80 | ||||||||||||||||
Total Return Bond Fund | I Shares | 1,000.00 | 1,022.80 | 2.12 | 0.42 | |||||||||||||||
A Shares | 1,000.00 | 1,021.40 | 3.58 | 0.71 | ||||||||||||||||
R Shares | 1,000.00 | 1,019.70 | 5.29 | 1.05 | ||||||||||||||||
Ultra-Short Bond Fund | I Shares | 1,000.00 | 1,023.10 | 1.87 | 0.37 | |||||||||||||||
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 | 1,018.50 | 6.49 | 1.29 | ||||||||||||||||
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 | 1,022.00 | 2.92 | 0.58 | |||||||||||||||
A Shares | 1,000.00 | 1,021.30 | 3.68 | 0.73 |
* | 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. |
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:
Seix Investment Advisors LLC
10 Mountainview Road, Suite C-200
Upper Saddle River, New Jersey 07458
www.seixadvisors.com
StableRiver Capital Management LLC
3333 Piedmont Road, NE, Suite 1500
Atlanta, Georgia 30305
www.stableriver.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
Not FDIC Insured • No Bank Guarantee • May Lose Value
RFAR-FI-0314
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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 McDaniel and Tim 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 the those fiscal years are set forth below.
March 31, 2014 | March 31, 2013 | |||
Audit Fees | $489,490 | $487,140 |
(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, 2014 | March 31, 2013 | |||
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.
(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
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planning are set forth below. PWC is engaged to review and sign the Federal Income and Excise returns, along with review excise distributions.
March 31, 2014 | March 31, 2013 | |||
Tax Fees | $186,360 | $174,635 |
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 paragraph (a) – (c) of this Item 4 are set forth below.
March 31, 2014 | March 31, 2013 | |||
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 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
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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 |
Amended |
Appendix A
Service Affiliates Subject to Pre-Approval of Non-Audit Services
Including, but not limited to:
RidgeWorth Capital Management, Inc. 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 (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, 2014 | March 31, 2013 | |||
$186,360 | $174,635 |
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, 2014 | March 31, 2013 | |||
$12,800,000 | $53,100,000 |
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 6, 2014 |
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 6, 2014 |
By: | /s/ Denise R. Lewis | |
Denise R. Lewis Treasurer | ||
Date: | June 6, 2014 |