UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09032
RidgeWorth Variable Trust
| Citi Fund Services Ohio, Inc., 3435 Stelzer Road Columbus, Ohio | 43219 | |
| Citi Fund Services Ohio, Inc., 3435 Stelzer Road Columbus, Ohio | 43219 | |
Registrant’s telephone number, including area code: 614-470-8000
Date of fiscal year end: 12/31
Date of reporting period: 06/30/08
Item 1. Reports to Stockholders.
2008 Semi - Annual Report
RidgeWorth Variable Trust
June 30, 2008
As of May 1, 2008, the STI Classic Variable Trust became RidgeWorth Variable Trust.
Effective March 31, 2008, Trusco Capital Management, Inc. became RidgeWorth Capital Management, Inc. RidgeWorth Investments is the trade name of RidgeWorth Capital Management, Inc.
TABLE OF CONTENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008
| Letter to Shareholders | 1 | |||
| Industry Allocation | 3 | |||
| Schedules of Portfolio Investments | 4 | |||
| Statements of Assets and Liabilities | 15 | |||
| Statements of Operations | 16 | |||
| Statements of Changes in Net Assets | 17 | |||
| Financial Highlights | 19 | |||
| Notes to Financial Statements | 21 | |||
| Trustees and Officers of the RidgeWorth Variable Trust | 27 | |||
| Additional Information | 29 |
Past performance does not guarantee future results.
The following information and opinions are for general information only. RidgeWorth Variable Trust and RidgeWorth Capital Management, Inc. do not assume liability for any loss which may result from the reliance by any person upon such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation with respect to the purchase or sale of any security, or as offering individual or personalized investment advice.
This material is authorized for distribution only when preceded or accompanied by a current prospectus. An investor should consider the fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the RidgeWorth Variable Trust can be found in the fund’s prospectus. To obtain more information, call 1-888-784-3863. Please read the prospectus carefully before investing.
RidgeWorth Funds are distributed by RidgeWorth Distributors LLC. RidgeWorth Investments is the trade name for RidgeWorth Capital Management, Inc., the adviser to the RidgeWorth Funds, and is not affiliated with the distributor.
LETTER TO SHAREHOLDERS
RIDGEWORTH VARIABLE TRUST June 30, 2008
Dear Valued RidgeWorth Variable Trust Shareholder,
Financial markets continued to adjust to the challenging economic and credit environment in the second quarter following a difficult first quarter. A volatile blend of hope and reality bisected performance for the quarter, with markets up sharply at first and then falling. However by the close of the quarter domestic and international large-cap equity indexes as well as investment-grade bonds all finished only slightly lower. The Russell 1000® Index slipped a modest 1.89% and the MSCI EAFE International Index lost 2.25%, while the Lehman Aggregate Bond Index fell 1.02%.
The quarter began on a strong note. Hope that the worst of the credit crisis was over helped drive the S&P 500 up 12% from its mid-March low through mid-May. The arranged sale of Bear Stearns was seen as the catalyst to the rally and reflected a proactive effort from the Federal Reserve (the “Fed”) and the Treasury to maintain orderly and functioning markets by acting as a “lender of last resort.”
However, market pessimism returned in the latter half of the period amid signs of broader economic weakness leading to a sharp cyclical rise in credit losses and liquidity fears. Record energy prices, rising inflation expectations, and anti-inflation rhetoric from central bankers around the globe added to the selling pressure. The combination of slow growth, rising inflation and higher yields sent the S&P 500 down 12% by the end of the quarter, and the downward momentum continued early into the third quarter. In aggregate, second quarter performance was only off modestly with some bright spots.
Much of the equity market weakness was concentrated in Financials which lost 27% over May and June due to concerns mentioned above. Industrial and Consumer Discretionary stocks were also down, while the Energy sector rose sharply in response to surging oil prices. Gains in Technology and significantly lower exposure to Financials helped the Growth style outperform Value for the quarter and move ahead year to date. Small-Caps benefited from a steeper yield curve, a moderate narrowing in credit spreads and limited index exposure to Diversified Commercial Banks, while International stocks lagged as evidence of a global slowdown intensified and the dollar stabilized. Tighter credit conditions and weakening demand hurt Real Estate, while Hedge Funds experienced modest gains.
Long-term Treasury bond yields rose during the quarter in response to ongoing inflation pressures and a shift in Fed policy from ease to neutral. Treasury securities, which were strongest in the first quarter lagged in the second quarter, while High Yield bonds outperformed amid improved liquidity and a moderate narrowing of credit spreads from extreme levels.
We began the quarter skeptical of reports of a near-term economic recovery and felt strongly that traditional cyclical credit strains remained an issue for the markets. Our strategy during the quarter was one of relative caution with a neutral allocation to equities despite relatively attractive valuations. Moreover, the continued emphasis on the Growth style and reduced exposure to the International markets also helped relative performance.
Looking ahead, we believe the current consumer-centric pressures related to weak housing, a soft job market, high gasoline costs, and tight credit conditions will severely limit the pace of growth in the second half of the year despite healthy export gains. However we believe this economic “slack” could reduce the current build up in inflation pressures, and we see an increased likelihood that oil prices may fall moderately during the next six- to nine-months. We anticipate a steady policy from the Fed and bond yields to be range-bound while the risks to growth remain elevated.
1
We were cautious at the beginning of the second quarter as we said earlier. However, the markets seem to have largely adjusted to the issues and concerns mentioned above, and amid this turmoil, we see emerging investment opportunities. Credit spreads, which were extremely narrow in 2006 and 2007, are now well above average, and equity market sentiment is sharply lower despite attractive valuations. We have urged caution and patience and emphasized strength, quality and sustainability in portfolio construction while these events unfolded. Market corrections are unsettling no matter how many times we hear about the frequency and duration of “average” bear market. However these periods ultimately reveal new opportunities for renewed growth and we believe that process is well underway. We feel our patience has been rewarded and we hope to see attractive entry points for both credit and equity opportunities in the near future.
I want to take this time to thank you again for the opportunity to provide our investment expertise and services as we work together to achieve your long term investment goals.
Sincerely,
 |  | |
| David H. Eidson | Ashi Parikh | |
| Chairman and CEO | President and CIO | |
| RidgeWorth Capital Management, Inc. | RidgeWorth Capital Management, Inc. |
2
INDUSTRY ALLOCATION (As a Percentage of Total Investments)
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
Large Cap Core Equity Fund
| Information Technology | 20.7 | % | ||
| Financials | 13.4 | % | ||
| Energy | 12.2 | % | ||
| Health Care | 11.1 | % | ||
| Consumer Staples | 10.8 | % | ||
| Industrials | 9.9 | % | ||
| Consumer Discretionary | 9.6 | % | ||
| Short-Term Investment | 4.6 | % | ||
| Telecommunication Services | 3.2 | % | ||
| Materials | 2.7 | % | ||
| Utilities | 1.3 | % | ||
| Money Market Fund | 0.5 | % |
Large Cap Growth Stock Fund
| Information Technology | 22.2 | % | ||
| Health Care | 13.2 | % | ||
| Energy | 11.5 | % | ||
| Industrials | 11.1 | % | ||
| Short-Term Investment | 10.3 | % | ||
| Consumer Staples | 9.8 | % | ||
| Consumer Discretionary | 8.0 | % | ||
| Financials | 7.7 | % | ||
| Materials | 5.3 | % | ||
| Money Market Fund | 0.9 | % |
Large Cap Value Equity Fund
| Financials | 18.3 | % | ||
| Industrials | 15.0 | % | ||
| Consumer Discretionary | 11.4 | % | ||
| Energy | 10.7 | % | ||
| Consumer Staples | 10.1 | % | ||
| Health Care | 8.4 | % | ||
| Utilities | 4.9 | % | ||
| Information Technology | 4.7 | % | ||
| Money Market Fund | 4.7 | % | ||
| Telecommunication Services | 4.7 | % | ||
| Short-Term Investment | 4.4 | % | ||
| Materials | 2.7 | % |
Mid-Cap Core Equity Fund
| Information Technology | 14.9 | % | ||
| Financials | 12.4 | % | ||
| Consumer Discretionary | 12.1 | % | ||
| Industrials | 11.7 | % | ||
| Energy | 10.5 | % | ||
| Short-Term Investment | 10.3 | % | ||
| Health Care | 9.0 | % | ||
| Utilities | 6.4 | % | ||
| Materials | 5.5 | % | ||
| Consumer Staples | 4.4 | % | ||
| Money Market Fund | 1.5 | % | ||
| Telecommunication Services | 1.3 | % |
Small Cap Value Equity Fund
| Short-Term Investment | 23.2 | % | ||
| Consumer Discretionary | 20.2 | % | ||
| Financials | 13.0 | % | ||
| Health Care | 10.9 | % | ||
| Industrials | 10.4 | % | ||
| Energy | 6.3 | % | ||
| Materials | 5.4 | % | ||
| Information Technology | 4.4 | % | ||
| Money Market Fund | 1.9 | % | ||
| Telecommunication Services | 1.8 | % | ||
| Consumer Staples | 1.6 | % | ||
| Utilities | 0.9 | % |
Industry Allocation percentages are as of June 30, 2008 and subject to change.
Past performance does not guarantee future results.
3
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands, except Shares)
(Unaudited)
(Unaudited)
Large Cap Core Equity Fund
| Shares | Value($) | |||||||
Common Stocks (99.4%) | ||||||||
Consumer Discretionary (10.0%) | ||||||||
| Home Depot, Inc. (The) | 4,150 | 97 | ||||||
| Johnson Controls, Inc. | 3,350 | 96 | ||||||
| McDonald’s Corp. | 2,800 | 158 | ||||||
| McGraw-Hill Cos., Inc. (The) | 2,750 | 110 | ||||||
| Omnicom Group, Inc. (a) | 2,500 | 112 | ||||||
| Sony Corp. ADR | 1,775 | 78 | ||||||
| Target Corp. | 1,500 | 70 | ||||||
| Time Warner, Inc. | 10,000 | 148 | ||||||
| Walt Disney Co. (The) (a) | 4,400 | 137 | ||||||
| Whirlpool Corp. | 800 | 49 | ||||||
| 1,055 | ||||||||
Consumer Staples (11.3%) | ||||||||
| Cadbury PLC SP ADR | 2,560 | 129 | ||||||
| Clorox Co. (The) | 2,700 | 141 | ||||||
| CVS Caremark Corp. | 5,500 | 218 | ||||||
| Dr Pepper Snapple Group, Inc.* (a) | 4,620 | 97 | ||||||
| Kraft Foods, Inc. | 6,100 | 174 | ||||||
| PepsiCo, Inc. | 2,300 | 146 | ||||||
| Procter & Gamble Co. (The) | 2,500 | 152 | ||||||
| Wal-Mart Stores, Inc. | 2,500 | 140 | ||||||
| �� | ||||||||
| 1,197 | ||||||||
Energy (12.8%) | ||||||||
| Anadarko Petroleum Corp. | 2,600 | 195 | ||||||
| Baker Hughes, Inc. | 1,950 | 170 | ||||||
| Chevron Corp. | 2,800 | 278 | ||||||
| Exxon Mobil Corp. | 2,800 | 247 | ||||||
| Halliburton Co. | 4,400 | 233 | ||||||
| Marathon Oil Corp. | 4,550 | 236 | ||||||
| 1,359 | ||||||||
Financials (14.0%) | ||||||||
| Ameriprise Financial, Inc. | 4,310 | 175 | ||||||
| Bank of America Corp. | 5,450 | 130 | ||||||
| Berkshire Hathaway, Inc., Cl B* | 50 | 200 | ||||||
| JPMorgan Chase & Co. | 4,100 | 141 | ||||||
| Marshall & Ilsley Corp. (a) | 7,300 | 112 | ||||||
| MetLife, Inc. | 3,000 | 158 | ||||||
| Morgan Stanley | 3,800 | 137 | ||||||
| Principal Financial Group, Inc. | 3,500 | 147 | ||||||
| State Street Corp. | 2,450 | 157 | ||||||
| Wells Fargo & Co. (a) | 5,000 | 119 | ||||||
| 1,476 | ||||||||
Health Care (11.6%) | ||||||||
| Abbott Laboratories | 1,850 | 98 | ||||||
| Bristol-Myers Squibb Co. | 5,500 | 113 | ||||||
| Cardinal Health, Inc. | 1,900 | 98 | ||||||
| Covidien Ltd. | 4,000 | 191 | ||||||
| Johnson & Johnson | 2,000 | 129 | ||||||
| Medtronic, Inc. | 4,000 | 207 | ||||||
| Schering-Plough Corp. | 7,900 | 155 | ||||||
| Teva Pharmaceutical Industries Ltd. ADR | 3,050 | 140 | ||||||
| UnitedHealth Group, Inc. | 3,500 | 92 | ||||||
| 1,223 | ||||||||
Industrials (10.4%) | ||||||||
| Danaher Corp. | 1,650 | 128 | ||||||
| Eaton Corp. | 1,000 | 85 | ||||||
| Emerson Electric Co. | 2,500 | 124 | ||||||
| Equifax, Inc. | 5,000 | 168 | ||||||
| General Electric Co. | 8,000 | 213 | ||||||
| Goodrich Corp. | 2,500 | 119 | ||||||
| Tyco International Ltd. | 3,500 | 140 | ||||||
| United Technologies Corp. | 2,040 | 126 | ||||||
| 1,103 | ||||||||
Information Technology (21.8%) | ||||||||
| Accenture Ltd., Cl A | 5,900 | 240 | ||||||
| Agilent Technologies, Inc.* | 3,900 | 139 | ||||||
| Cisco Systems, Inc.* | 10,000 | 233 | ||||||
| Dell, Inc.* | 7,025 | 154 | ||||||
| eBay, Inc.* | 4,650 | 127 | ||||||
| Google, Inc., Cl A* | 280 | 147 | ||||||
| Intel Corp. | 10,000 | 215 | ||||||
| Microsoft Corp. | 5,600 | 154 | ||||||
| Nokia Corp. ADR | 7,450 | 182 | ||||||
| Oracle Corp.* | 7,950 | 167 | ||||||
| Symantec Corp.* | 4,450 | 86 | ||||||
| Texas Instruments, Inc. | 4,500 | 127 | ||||||
| Tyco Electronics Ltd. | 4,800 | 172 | ||||||
| Western Union Co. | 6,650 | 164 | ||||||
| 2,307 | ||||||||
Materials (2.8%) | ||||||||
| Alcoa, Inc. | 4,250 | 151 | ||||||
| Praxair, Inc. | 1,600 | 151 | ||||||
| 302 | ||||||||
Telecommunication Services (3.3%) | ||||||||
| AT&T, Inc. | 6,050 | 204 | ||||||
| Telefonica SA ADR | 1,800 | 143 | ||||||
| 347 | ||||||||
See Notes to Financial Statements.
4
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands, except Shares)
(Unaudited)
(Unaudited)
Large Cap Core Equity Fund–concluded
| Shares | Value($) | |||||||
Utilities (1.4%) | ||||||||
| Edison International | 2,800 | 144 | ||||||
| Total Common Stocks | 10,513 | |||||||
Short-Term Investment (4.8%) | ||||||||
| Credit Suisse Enhanced Liquidity Fund (b) | 503,500 | 504 | ||||||
| Total Short-Term Investment | 504 | |||||||
Money Market Fund (0.5%) | ||||||||
| RidgeWorth Institutional Cash Management Money Market Fund (c) | 56,151 | 56 | ||||||
| Total Money Market Fund | 56 | |||||||
| Total Investments (Cost $10,443) (d) — 104.7% | 11,073 | |||||||
| Liabilities in excess of other assets — (4.7)% | (500 | ) | ||||||
| Net Assets — 100.0% | $ | 10,573 | ||||||
| * | Non-income producing security. | |
| (a) | This security or a partial position of the security was on loan as of June 30, 2008. The total value of securities on loan as of June 30, 2008, in thousands, was $472. | |
| (b) | This security was purchased with cash collateral held from securities lending. | |
| (c) | Affiliate investment. | |
| (d) | Represents cost for financial reporting purposes. | |
| ADR – American Depositary Receipt | ||
See Notes to Financial Statements.
5
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands, except Shares)
(Unaudited)
(Unaudited)
Large Cap Growth Stock Fund
| Shares | Value($) | |||||||
Common Stocks (97.3%) | ||||||||
Consumer Discretionary (8.8%) | ||||||||
| DIRECTV Group, Inc. (The)* | 13,735 | 356 | ||||||
| GameStop Corp., Cl A* (a) | 6,234 | 252 | ||||||
| International Game Technology | 13,225 | 331 | ||||||
| McDonald’s Corp. | 8,295 | 466 | ||||||
| NIKE, Inc., Cl B (a) | 7,035 | 419 | ||||||
| Nordstrom, Inc. (a) | 8,850 | 268 | ||||||
| Priceline.com, Inc.* (a) | 1,265 | 146 | ||||||
| Target Corp. | 3,610 | 168 | ||||||
| 2,406 | ||||||||
Consumer Staples (10.7%) | ||||||||
| Avon Products, Inc. | 9,625 | 347 | ||||||
| Colgate-Palmolive Co. | 5,430 | 375 | ||||||
| Costco Wholesale Corp. | 4,760 | 334 | ||||||
| CVS Caremark Corp. | 11,125 | 440 | ||||||
| PepsiCo, Inc. | 8,495 | 540 | ||||||
| Philip Morris International, Inc. | 11,250 | 556 | ||||||
| TJX Cos., Inc. (The) (a) | 10,695 | 336 | ||||||
| 2,928 | ||||||||
Energy (12.6%) | ||||||||
| Cameron International Corp.* | 7,165 | 397 | ||||||
| Chesapeake Energy Corp. (a) | 4,215 | 278 | ||||||
| Exxon Mobil Corp. | 5,860 | 516 | ||||||
| Halliburton Co. | 9,685 | 514 | ||||||
| Occidental Petroleum Corp. | 5,299 | 476 | ||||||
| Schlumberger Ltd. | 7,230 | 777 | ||||||
| Transocean, Inc.* | 3,149 | 480 | ||||||
| 3,438 | ||||||||
Financials (8.4%) | ||||||||
| AFLAC, Inc. | 7,370 | 463 | ||||||
| American Express Co. | 8,760 | 330 | ||||||
| Goldman Sachs Group, Inc. (The) | 2,320 | 406 | ||||||
| MasterCard, Inc., Cl A (a) | 1,180 | 313 | ||||||
| State Street Corp. | 5,310 | 340 | ||||||
| Visa, Inc., Cl A* | 5,480 | 445 | ||||||
| 2,297 | ||||||||
Health Care (14.4%) | ||||||||
| Aetna, Inc. | 7,285 | 295 | ||||||
| Allergan, Inc. (a) | 9,600 | 500 | ||||||
| Baxter International, Inc. | 9,630 | 616 | ||||||
| Becton, Dickinson & Co. | 4,295 | 349 | ||||||
| Covance, Inc.* | 1,850 | 159 | ||||||
| Express Scripts, Inc.* (a) | 7,965 | 499 | ||||||
| Gilead Sciences, Inc.* | 11,835 | 627 | ||||||
| Johnson & Johnson | 3,405 | 219 | ||||||
| Merck & Co., Inc. | 4,930 | 186 | ||||||
| Novartis AG ADR | 5,430 | 299 | ||||||
| Thermo Fisher Scientific, Inc.* | 3,155 | 176 | ||||||
| 3,925 | ||||||||
Industrials (12.1%) | ||||||||
| ABB, Ltd. SP ADR* | 9,060 | 257 | ||||||
| Deere & Co. | 3,450 | 249 | ||||||
| Emerson Electric Co. | 10,080 | 498 | ||||||
| First Solar, Inc.* | 416 | 113 | ||||||
| Fluor Corp. | 1,940 | 361 | ||||||
| Honeywell International, Inc. | 9,835 | 494 | ||||||
| Raytheon Co. | 8,530 | 480 | ||||||
| Roper Industries, Inc. | 2,820 | 186 | ||||||
| SPX Corp. | 1,600 | 211 | ||||||
| Union Pacific Corp. | 5,730 | 432 | ||||||
| 3,281 | ||||||||
Information Technology (24.5%) | ||||||||
| Adobe Systems, Inc.* (a) | 11,540 | 455 | ||||||
| Analog Devices, Inc. | 9,270 | 294 | ||||||
| Apple, Inc.* | 4,340 | 727 | ||||||
| Cisco Systems, Inc.* | 17,320 | 403 | ||||||
| Google, Inc., Cl A* | 1,541 | 811 | ||||||
| Intel Corp. | 27,890 | 599 | ||||||
| International Business Machines Corp. | 5,185 | 615 | ||||||
| Juniper Networks, Inc.* | 10,830 | 240 | ||||||
| Microsoft Corp. | 27,810 | 765 | ||||||
| NVIDIA Corp.* | 16,890 | 316 | ||||||
| Oracle Corp.* | 22,905 | 481 | ||||||
| QUALCOMM, Inc. | 15,120 | 671 | ||||||
| Research In Motion, Ltd.* | 2,440 | 285 | ||||||
| 6,662 | ||||||||
Materials (5.8%) | ||||||||
| Arch Coal, Inc. | 3,710 | 278 | ||||||
| Monsanto Co. | 4,545 | 575 | ||||||
| Mosaic Co. (The)* | 1,430 | 207 | ||||||
| Praxair, Inc. | 5,570 | 526 | ||||||
| 1,586 | ||||||||
| Total Common Stocks | 26,523 | |||||||
Short-Term Investment (11.3%) | ||||||||
| Credit Suisse Enhanced Liquidity Fund (b) | 3,091,875 | 3,092 | ||||||
| Total Short-Term Investment | 3,092 | |||||||
See Notes to Financial Statements.
6
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands, except Shares)
(Unaudited)
(Unaudited)
Large Cap Growth Stock Fund–concluded
| Shares | Value($) | |||||||
Money Market Fund (0.9%) | ||||||||
| RidgeWorth Institutional Cash Management Money Market Fund (c) | 237,897 | 238 | ||||||
| Total Money Market Fund | 238 | |||||||
| Total Investments (Cost $26,664) (d) — 109.5% | 29,853 | |||||||
| Liabilities in excess of other assets — (9.5)% | (2,597 | ) | ||||||
| Net Assets — 100.0% | $ | 27,256 | ||||||
| * | Non-income producing security. | |
| (a) | This security or a partial position of the security was on loan as of June 30, 2008. The total value of securities on loan as of June 30, 2008, in thousands, was $2,977. | |
| (b) | This security was purchased with cash collateral held from securities lending. | |
| (c) | Affiliate investment. | |
| (d) | Represents cost for financial reporting purposes. | |
| ADR – American Depositary Receipt | ||
See Notes to Financial Statements.
7
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands, except Shares)
(Unaudited)
(Unaudited)
Large Cap Value Equity Fund
| Shares | Value($) | |||||||
Common Stocks (95.3%) | ||||||||
Consumer Discretionary (11.9%) | ||||||||
| Carnival Corp. (a) | 5,700 | 188 | ||||||
| Darden Restaurants, Inc. | 3,176 | 101 | ||||||
| Harley-Davidson, Inc. | 5,250 | 190 | ||||||
| Harman International Industries, Inc. | 3,792 | 157 | ||||||
| Home Depot, Inc. (The) | 17,850 | 418 | ||||||
| J.C. Penney Co., Inc. | 12,500 | 454 | ||||||
| Mattel, Inc. | 11,600 | 199 | ||||||
| Newell Rubbermaid, Inc. | 25,050 | 421 | ||||||
| News Corp., Cl A | 16,150 | 243 | ||||||
| Time Warner, Inc. | 31,100 | 460 | ||||||
| 2,831 | ||||||||
Consumer Staples (10.6%) | ||||||||
| Campbell Soup Co. | 13,850 | 463 | ||||||
| Clorox Co. (The) | 8,750 | 457 | ||||||
| Colgate-Palmolive Co. | 3,800 | 263 | ||||||
| CVS Caremark Corp. | 5,600 | 222 | ||||||
| Hershey Co. (The) (a) | 5,450 | 179 | ||||||
| Procter & Gamble Co. (The) | 4,300 | 261 | ||||||
| Safeway, Inc. | 5,100 | 146 | ||||||
| Sara Lee Corp. | 36,200 | 443 | ||||||
| Wal-Mart Stores, Inc. | 1,750 | 98 | ||||||
| 2,532 | ||||||||
Energy (11.2%) | ||||||||
| Chevron Corp. | 6,500 | 644 | ||||||
| ConocoPhillips | 6,801 | 642 | ||||||
| Exxon Mobil Corp. | 9,300 | 820 | ||||||
| Marathon Oil Corp. | 10,950 | 568 | ||||||
| 2,674 | ||||||||
Financials (19.2%) | ||||||||
| Bank of America Corp. | 7,750 | 185 | ||||||
| Citigroup, Inc. | 11,891 | 199 | ||||||
| Franklin Resources, Inc. | 2,900 | 266 | ||||||
| Genworth Financial, Inc., Cl A | 11,500 | 205 | ||||||
| Hartford Financial Services Group, Inc. (The) | 7,850 | 507 | ||||||
| HCC Insurance Holdings, Inc. | 6,850 | 145 | ||||||
| JPMorgan Chase & Co. | 14,195 | 487 | ||||||
| Lincoln National Corp. | 10,350 | 469 | ||||||
| Morgan Stanley | 3,871 | 140 | ||||||
| National City Corp. (a) | 32,500 | 155 | ||||||
| Northern Trust Corp. | 4,000 | 274 | ||||||
| State Street Corp. | 6,800 | 435 | ||||||
| Travelers Cos., Inc. (The) | 11,400 | 495 | ||||||
| Wachovia Corp. | 8,900 | 138 | ||||||
| Wells Fargo & Co. (a) | 20,800 | 494 | ||||||
| 4,594 | ||||||||
Health Care (8.8%) | ||||||||
| Bristol-Myers Squibb Co. | 12,950 | 266 | ||||||
| Cardinal Health, Inc. | 4,042 | 208 | ||||||
| Johnson & Johnson | 8,200 | 528 | ||||||
| Merck & Co., Inc. | 16,200 | 610 | ||||||
| Pfizer, Inc. | 11,100 | 194 | ||||||
| Quest Diagnostics, Inc. | 2,100 | 102 | ||||||
| Wyeth | 4,000 | 192 | ||||||
| 2,100 | ||||||||
Industrials (15.9%) | ||||||||
| 3M Co. | 6,200 | 431 | ||||||
| Eaton Corp. | 1,100 | 93 | ||||||
| Emerson Electric Co. | 3,804 | 188 | ||||||
| Empresa Brasileira de Aeronautica SA ADR | 5,200 | 138 | ||||||
| General Electric Co. | 27,150 | 725 | ||||||
| PPG Industries, Inc. | 8,950 | 513 | ||||||
| R.R. Donnelley & Sons Co. | 6,950 | 206 | ||||||
| Rockwell Automation, Inc. | 5,800 | 254 | ||||||
| Southwest Airlines Co. (a) | 7,200 | 94 | ||||||
| United Parcel Service, Inc., Cl B | 9,550 | 587 | ||||||
| United Technologies Corp. | 6,800 | 420 | ||||||
| Waste Management, Inc. | 3,950 | 149 | ||||||
| 3,798 | ||||||||
Information Technology (4.9%) | ||||||||
| Harris Corp. | 1,747 | 88 | ||||||
| Intel Corp. | 11,600 | 249 | ||||||
| International Business Machines Corp. | 850 | 101 | ||||||
| Microsoft Corp. | 9,550 | 263 | ||||||
| Motorola, Inc. | 28,350 | 208 | ||||||
| Texas Instruments, Inc. | 9,100 | 256 | ||||||
| 1,165 | ||||||||
Materials (2.8%) | ||||||||
| Alcoa, Inc. | 3,900 | 139 | ||||||
| Allegheny Technologies, Inc. | 1,800 | 107 | ||||||
| E.I. du Pont de Nemours & Co. | 5,950 | 255 | ||||||
| Sonoco Products Co. | 5,705 | 176 | ||||||
| 677 | ||||||||
Telecommunication Services (4.9%) | ||||||||
| AT&T, Inc. | 18,150 | 612 | ||||||
| Verizon Communications, Inc. | 15,690 | 555 | ||||||
| 1,167 | ||||||||
See Notes to Financial Statements.
8
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands, except Shares)
(Unaudited)
(Unaudited)
Large Cap Value Equity Fund–concluded
| Shares | Value($) | |||||||
Utilities (5.1%) | ||||||||
| Dominion Resources, Inc. | 3,478 | 165 | ||||||
| Duke Energy Corp. | 5,624 | 98 | ||||||
| Edison International | 3,000 | 154 | ||||||
| Entergy Corp. | 1,350 | 163 | ||||||
| PG&E Corp. | 7,750 | 308 | ||||||
| Public Service Enterprise Group, Inc. | 3,600 | 165 | ||||||
| Xcel Energy, Inc. (a) | 7,650 | 153 | ||||||
| 1,206 | ||||||||
| Total Common Stocks | 22,744 | |||||||
Short-Term Investment (4.6%) | ||||||||
| Credit Suisse Enhanced Liquidity Fund (b) | 1,106,175 | 1,106 | ||||||
| Total Short-Term Investment | 1,106 | |||||||
Money Market Fund (4.9%) | ||||||||
| RidgeWorth Institutional Cash Management Money Market Fund (c) | 1,166,256 | 1,166 | ||||||
| Total Money Market Fund | 1,166 | |||||||
| Total Investments (Cost $25,647) (d) — 104.8% | 25,016 | |||||||
| Liabilities in excess of other assets — (4.8)% | (1,140 | ) | ||||||
| Net Assets — 100.0% | $ | 23,876 | ||||||
| (a) | This security or a partial position of the security was on loan as of June 30, 2008. The total value of securities on loan as of June 30, 2008, in thousands, was $1,065. | |
| (b) | This security was purchased with cash collateral held from securities lending. | |
| (c) | Affiliate investment. | |
| (d) | Represents cost for financial reporting purposes. | |
| ADR – American Depositary Receipt | ||
See Notes to Financial Statements.
9
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands, except Shares)
(Unaudited)
(Unaudited)
Mid-Cap Core Equity Fund
| Shares | Value($) | |||||||
Common Stocks (98.7%) | ||||||||
Consumer Discretionary (13.5%) | ||||||||
| Advance Auto Parts, Inc. | 2,913 | 113 | ||||||
| American Eagle Outfitters, Inc. | 4,604 | 63 | ||||||
| Burger King Holdings, Inc. | 2,880 | 77 | ||||||
| Darden Restaurants, Inc. | 2,420 | 77 | ||||||
| Hanesbrands, Inc.* | 2,860 | 77 | ||||||
| International Game Technology | 2,543 | 64 | ||||||
| Jack in the Box, Inc.* (a) | 4,732 | 106 | ||||||
| Mattel, Inc. | 4,252 | 73 | ||||||
| McGraw-Hill Cos., Inc. (The) | 2,296 | 92 | ||||||
| Mohawk Industries, Inc.* (a) | 1,435 | 92 | ||||||
| Nordstrom, Inc. | 3,009 | 91 | ||||||
| Omnicom Group, Inc. | 2,005 | 90 | ||||||
| Whirlpool Corp. | 959 | 59 | ||||||
| 1,074 | ||||||||
Consumer Staples (4.9%) | ||||||||
| Church & Dwight Co., Inc. (a) | 2,358 | 133 | ||||||
| Clorox Co. (The) | 1,786 | 93 | ||||||
| Dr Pepper Snapple Group, Inc.* (a) | 3,807 | 80 | ||||||
| Pepsi Bottling Group, Inc. (The) | 3,151 | 88 | ||||||
| 394 | ||||||||
Energy (11.8%) | ||||||||
| Anadarko Petroleum Corp. | 1,094 | 82 | ||||||
| Cameron International Corp.* | 2,352 | 130 | ||||||
| Chesapeake Energy Corp. | 1,896 | 125 | ||||||
| Core Laboratories NV* | 728 | 104 | ||||||
| Diamond Offshore Drilling, Inc. | 906 | 126 | ||||||
| Global Industries, Ltd.* | 3,220 | 58 | ||||||
| Noble Energy, Inc. | 1,226 | 123 | ||||||
| Patterson-UTI Energy, Inc. | 2,632 | 95 | ||||||
| Spectra Energy Corp. | 3,315 | 95 | ||||||
| 938 | ||||||||
Financials (13.9%) | ||||||||
| AMB Property Corp. | 1,541 | 78 | ||||||
| Ameriprise Financial, Inc. | 2,150 | 87 | ||||||
| Arch Capital Group Ltd.* | 1,420 | 94 | ||||||
| Discover Financial Services | 4,816 | 63 | ||||||
| Entertainment Properties Trust | 1,530 | 76 | ||||||
| Genworth Financial, Inc., Cl A | 3,805 | 68 | ||||||
| Janus Capital Group, Inc. (a) | 4,615 | 122 | ||||||
| Jones Lang LaSalle, Inc. | 1,043 | 63 | ||||||
| M&T Bank Corp. | 1,161 | 82 | ||||||
| Marshall & Ilsley Corp. | 3,668 | 56 | ||||||
| Principal Financial Group, Inc. | 2,015 | 85 | ||||||
| ProLogis | 1,663 | 90 | ||||||
| Raymond James Financial, Inc. (a) | 2,865 | 76 | ||||||
| SL Green Realty Corp. (a) | 815 | 67 | ||||||
| 1,107 | ||||||||
Health Care (10.1%) | ||||||||
| Becton, Dickinson & Co. | 1,151 | 94 | ||||||
| Celgene Corp.* | 1,024 | 65 | ||||||
| Cephalon, Inc.* | 825 | 55 | ||||||
| Endo Pharmaceuticals Holdings, Inc.* | 3,892 | 94 | ||||||
| Express Scripts, Inc.* | 1,500 | 94 | ||||||
| Laboratory Corp. of America Holdings* | 1,612 | 112 | ||||||
| Millipore Corp.* (a) | 1,106 | 75 | ||||||
| Thermo Fisher Scientific, Inc.* | 1,900 | 106 | ||||||
| Universal Health Services, Inc., Cl B | 1,763 | 112 | ||||||
| 807 | ||||||||
Industrials (13.0%) | ||||||||
| Copart, Inc.* | 2,343 | 100 | ||||||
| Covanta Holding Corp.* | 3,377 | 90 | ||||||
| CSX Corp. | 1,567 | 98 | ||||||
| Curtiss-Wright Corp. | 2,017 | 90 | ||||||
| Dover Corp. | 1,920 | 93 | ||||||
| Eaton Corp. | 1,221 | 104 | ||||||
| Equifax, Inc. | 2,811 | 95 | ||||||
| Goodrich Corp. | 1,644 | 78 | ||||||
| L-3 Communications Holdings, Inc. | 962 | 87 | ||||||
| PACCAR, Inc. | 1,567 | 66 | ||||||
| Rockwell Automation, Inc. | 1,840 | 80 | ||||||
| Toro Co. (The) (a) | 1,729 | 58 | ||||||
| 1,039 | ||||||||
Information Technology (16.7%) | ||||||||
| Adobe Systems, Inc.* (a) | 1,412 | 56 | ||||||
| Agilent Technologies, Inc.* | 2,865 | 102 | ||||||
| Analog Devices, Inc. | 1,385 | 44 | ||||||
| BMC Software, Inc.* | 3,303 | 120 | ||||||
| Harris Corp. | 2,080 | 105 | ||||||
| Juniper Networks, Inc.* | 4,009 | 89 | ||||||
| NCR Corp.* | 4,106 | 103 | ||||||
| Paychex, Inc. | 2,206 | 69 | ||||||
| Sybase, Inc.* (a) | 3,418 | 100 | ||||||
| Teradata Corp.* | 3,556 | 82 | ||||||
| Teradyne, Inc.* | 8,378 | 93 | ||||||
| Tyco Electronics Ltd. | 2,697 | 97 | ||||||
| VeriSign, Inc.* | 1,466 | 55 | ||||||
| Western Union Co. | 2,735 | 68 | ||||||
See Notes to Financial Statements.
10
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands, except Shares)
(Unaudited)
(Unaudited)
Mid-Cap Core Equity Fund–concluded
| Shares | Value($) | |||||||
Information Technology–continued | ||||||||
| Xerox Corp. | 6,558 | 89 | ||||||
| Xilinx, Inc. (a) | 2,165 | 55 | ||||||
| 1,327 | ||||||||
Materials (6.1%) | ||||||||
| Air Products & Chemicals, Inc. | 800 | 79 | ||||||
| Albemarle Corp. | 2,124 | 85 | ||||||
| FMC Corp. | 1,679 | 130 | ||||||
| Packaging Corp. of America | 3,468 | 74 | ||||||
| Steel Dynamics, Inc. (a) | 3,096 | 121 | ||||||
| 489 | ||||||||
Telecommunication Services (1.5%) | ||||||||
| NTELOS Holdings Corp. | 1,569 | 40 | ||||||
| Telephone & Data Systems, Inc. | 1,667 | 79 | ||||||
| 119 | ||||||||
Utilities (7.2%) | ||||||||
| American Electric Power Co., Inc. | 1,423 | 57 | ||||||
| Edison International | �� | 2,089 | 108 | |||||
| MDU Resources Group, Inc. | 4,003 | 140 | ||||||
| OGE Energy Corp. | 3,225 | 102 | ||||||
| ONEOK, Inc. | 1,250 | 61 | ||||||
| PG&E Corp. | 2,727 | 108 | ||||||
| 576 | ||||||||
| Total Common Stocks | 7,870 | |||||||
Short-Term Investment (11.5%) | ||||||||
| Credit Suisse Enhanced Liquidity Fund (b) | 912,900 | 913 | ||||||
| Total Short-Term Investment | 913 | |||||||
Money Market Fund (1.7%) | ||||||||
| RidgeWorth Institutional Cash Management Money Market Fund (c) | 136,431 | 136 | ||||||
| Total Money Market Fund | 136 | |||||||
| Total Investments (Cost $8,333) (d) — 111.9% | 8,919 | |||||||
| Liabilities in excess of other assets — (11.9)% | (952 | ) | ||||||
| Net Assets — 100.0% | $ | 7,967 | ||||||
| * | Non-income producing security. | |
| (a) | This security or a partial position of the security was on loan as of June 30, 2008. The total value of securities on loan as of June 30, 2008, in thousands, was $880. | |
| (b) | This security was purchased with cash collateral held from securities lending. | |
| (c) | Affiliate investment. | |
| (d) | Represents cost for financial reporting purposes. |
See Notes to Financial Statements.
11
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands, except Shares)
(Unaudited)
(Unaudited)
Small Cap Value Equity Fund
| Shares | Value($) | |||||||
Common Stocks (99.5%) | ||||||||
Consumer Discretionary (26.8%) | ||||||||
| Aaron Rents, Inc. (a) | 6,550 | 146 | ||||||
| ABM Industries, Inc. | 10,781 | 240 | ||||||
| American Greetings Corp., Cl A | 2,700 | 33 | ||||||
| Asbury Automotive Group, Inc. | 17,198 | 221 | ||||||
| Bassett Furniture Industries, Inc. | 7,431 | 88 | ||||||
| bebe Stores, Inc. (a) | 18,087 | 174 | ||||||
| Brink’s Co. (The) | 2,750 | 180 | ||||||
| Brown Shoe Co., Inc. (a) | 13,077 | 177 | ||||||
| CBRL Group, Inc. | 5,000 | 123 | ||||||
| CKE Restaurants, Inc. | 27,174 | 339 | ||||||
| Cobra Electronics Corp. | 7,562 | 21 | ||||||
| Foot Locker, Inc. | 7,150 | 89 | ||||||
| Group 1 Automotive, Inc. (a) | 5,900 | 117 | ||||||
| Interface, Inc., Cl A | 53,429 | 670 | ||||||
| K-Swiss, Inc., Cl A (a) | 10,350 | 152 | ||||||
| Movado Group, Inc. | 6,527 | 129 | ||||||
| OfficeMax, Inc. | 8,900 | 124 | ||||||
| Pep Boys-Manny, Moe & Jack (The) (a) | 6,700 | 58 | ||||||
| Stage Stores, Inc. | 6,868 | 80 | ||||||
| Teleflex, Inc. | 7,050 | 392 | ||||||
| Tempur-Pedic International, Inc. (a) | 20,100 | 157 | ||||||
| Thor Industries, Inc. (a) | 11,250 | 239 | ||||||
| 3,949 | ||||||||
Consumer Staples (2.1%) | ||||||||
| Diamond Foods, Inc. | 5,700 | 131 | ||||||
| PRIMEDIA, Inc. (a) | 12,037 | 56 | ||||||
| Regis Corp. | 4,000 | 105 | ||||||
| Signet Group PLC SP ADR | 2,777 | 28 | ||||||
| 320 | ||||||||
Energy (8.3%) | ||||||||
| CARBO Ceramics, Inc. (a) | 5,850 | 342 | ||||||
| CHC Helicopter Corp., Cl A | 15,844 | 488 | ||||||
| Holly Corp. | 4,500 | 166 | ||||||
| RPC, Inc. (a) | 4,100 | 69 | ||||||
| Tidewater, Inc. | 2,450 | 159 | ||||||
| 1,224 | ||||||||
Financials (17.3%) | ||||||||
| Bank of Hawaii Corp. | 3,100 | 148 | ||||||
| City National Corp. | 2,150 | 90 | ||||||
| Evercore Partners, Inc., Cl A | 5,650 | 54 | ||||||
| GFI Group, Inc. | 1,400 | 13 | ||||||
| Glacier Bancorp, Inc. (a) | 9,243 | 148 | ||||||
| Greenhill & Co., Inc. (a) | 1,650 | 89 | ||||||
| Grubb & Ellis Co. | 25,340 | 98 | ||||||
| HCC Insurance Holdings, Inc. | 16,350 | 346 | ||||||
| Horizon Financial Corp. (a) | 5,570 | 35 | ||||||
| IPC Holdings Ltd. | 4,000 | 106 | ||||||
| OneBeacon Insurance Group Ltd. | 10,150 | 178 | ||||||
| Oppenheimer Holdings, Inc., Cl A | 400 | 11 | ||||||
| Ramco-Gershenson Properties Trust | 5,750 | 118 | ||||||
| Raymond James Financial, Inc. (a) | 24,830 | 655 | ||||||
| SWS Group, Inc. | 8,071 | 134 | ||||||
| Washington Real Estate Investment Trust (a) | 6,050 | 182 | ||||||
| Wesco Financial Corp. | 400 | 153 | ||||||
| 2,558 | ||||||||
Health Care (14.5%) | ||||||||
| Brookdale Senior Living, Inc. (a) | 4,600 | 94 | ||||||
| Cooper Cos., Inc. (The) (a) | 20,561 | 764 | ||||||
| Ensign Group, Inc. | 5,700 | 66 | ||||||
| Mentor Corp. (a) | 12,850 | 358 | ||||||
| STERIS Corp. | 24,982 | 718 | ||||||
| Vital Signs, Inc. | 2,527 | 143 | ||||||
| 2,143 | ||||||||
Industrials (13.8%) | ||||||||
| Cubic Corp. | 1,800 | 40 | ||||||
| Dynamic Materials Corp. | 1,500 | 49 | ||||||
| Genesis Lease Ltd. ADR | 7,084 | 73 | ||||||
| Grupo Aeroportuario del Centro Norte SAB de CV ADR | 1,800 | 30 | ||||||
| Grupo Aeroportuario del Pacifico SA de CV ADR | 15,192 | 446 | ||||||
| Heartland Express, Inc. (a) | 10,716 | 160 | ||||||
| Herman Miller, Inc. (a) | 9,150 | 228 | ||||||
| KMG Chemicals, Inc. | 1,400 | 14 | ||||||
| LSI Industries, Inc. | 1,200 | 10 | ||||||
| Multi-Color Corp. | 5,444 | 114 | ||||||
| Snap-on, Inc. | 6,250 | 325 | ||||||
| Tomkins PLC ADR | 10,481 | 127 | ||||||
| UTI Worldwide, Inc. | 8,400 | 168 | ||||||
| Wabtec Corp. | 5,000 | 243 | ||||||
| 2,027 | ||||||||
Information Technology (5.9%) | ||||||||
| Black Box Corp. | 2,650 | 72 | ||||||
| Cohu, Inc. | 7,133 | 105 | ||||||
| Fair Isaac Corp. | 19,903 | 413 | ||||||
| Keithley Instruments, Inc. | 7,150 | 68 | ||||||
| Nam Tai Electronics, Inc. | 16,362 | 214 | ||||||
| 872 | ||||||||
See Notes to Financial Statements.
12
SCHEDULES OF PORTFOLIO INVESTMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands, except Shares)
(Unaudited)
(Unaudited)
Small Cap Value Equity Fund–concluded
| Shares | Value($) | |||||||
Materials (7.2%) | ||||||||
| Aceto Corp. | 7,850 | 60 | ||||||
| Bemis Co., Inc. (a) | 6,600 | 148 | ||||||
| Harry Winston Diamond Corp. | 7,350 | 212 | ||||||
| Nalco Holding Co. | 13,600 | 288 | ||||||
| Packaging Corp. of America | 7,000 | 150 | ||||||
| Valspar Corp. (The) | 10,552 | 199 | ||||||
| 1,057 | ||||||||
Telecommunication Services (2.4%) | ||||||||
| Alaska Communications Systems Group, Inc. (a) | 10,000 | 119 | ||||||
| Meredith Corp. (a) | 8,200 | 232 | ||||||
| 351 | ||||||||
Utilities (1.2%) | ||||||||
| ALLETE, Inc. (a) | 2,950 | 124 | ||||||
| Companhia de Saneamento Basico do Estado de Sao Paulo ADR (a) | 950 | 49 | ||||||
| 173 | ||||||||
| Total Common Stocks | 14,674 | |||||||
Short-Term Investment (30.7%) | ||||||||
| Credit Suisse Enhanced Liquidity Fund (b) | 4,527,356 | 4,527 | ||||||
| Total Short-Term Investment | 4,527 | |||||||
Money Market Fund (2.5%) | ||||||||
| RidgeWorth Institutional Cash Management Money Market Fund (c) | 363,081 | 363 | ||||||
| Total Money Market Fund | 363 | |||||||
| Total Investments (Cost $20,649) (d) — 132.7% | 19,564 | |||||||
| Liabilities in excess of other assets — (32.7)% | (4,826 | ) | ||||||
| Net Assets — 100.0% | $ | 14,738 | ||||||
| (a) | This security or a partial position of the security was on loan as of June 30, 2008. The total value of securities on loan as of June 30, 2008, in thousands, was $4,328. | |
| (b) | This security was purchased with cash collateral held from securities lending. | |
| (c) | Affiliate investment. | |
| (d) | Represents cost for financial reporting purposes. | |
| ADR – American Depositary Receipt | ||
See Notes to Financial Statements.
13
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14
STATEMENTS OF ASSETS AND LIABILITIES
RIDGEWORTH VARIABLE TRUST June 30, 2008 (Amounts in thousands)
(Unaudited)
(Unaudited)
| Large Cap | Large Cap | Large Cap | Small Cap | |||||||||||||||||
| Core Equity | Growth Stock | Value Equity | Mid-Cap Core | Value Equity | ||||||||||||||||
| Fund | Fund | Fund | Equity Fund | Fund | ||||||||||||||||
| Assets: | ||||||||||||||||||||
| Total Investments, at Cost | $ | 10,443 | $ | 26,664 | $ | 25,647 | $ | 8,333 | $ | 20,649 | ||||||||||
| Investments, at Value* | $ | 11,017 | $ | 29,615 | $ | 23,850 | $ | 8,783 | $ | 19,201 | ||||||||||
| Investments in Affiliates, at Value | 56 | 238 | 1,166 | 136 | 363 | |||||||||||||||
| Total Investments | 11,073 | 29,853 | 25,016 | 8,919 | 19,564 | |||||||||||||||
| Dividends Receivable | 8 | 23 | 39 | 11 | 32 | |||||||||||||||
| Receivable for Capital Shares Issued | 10 | — | 6 | — | 6 | |||||||||||||||
| Receivable for Investment Securities Sold | 134 | 1,340 | 92 | 162 | 203 | |||||||||||||||
| Total Assets | 11,225 | 31,216 | 25,153 | 9,092 | 19,805 | |||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Payable for Investment Securities Purchased | 90 | 741 | 97 | 168 | 455 | |||||||||||||||
| Payable for Capital Shares Redeemed | 23 | 38 | 4 | 12 | 27 | |||||||||||||||
| Payable upon Return of Securities Loaned | 504 | 3,092 | 1,106 | 913 | 4,527 | |||||||||||||||
| Investment Advisory Fees Payable | 6 | 22 | 15 | 5 | 11 | |||||||||||||||
| Administration, Fund Accounting and Transfer Agency Fees Payable | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
| Compliance Services Fees Payable | — | 1 | — | — | — | |||||||||||||||
| Custodian Fees Payable | 8 | 3 | 10 | 3 | 8 | |||||||||||||||
| Other Fees Payable | 20 | 62 | 44 | 23 | 38 | |||||||||||||||
| Total Liabilities | 652 | 3,960 | 1,277 | 1,125 | 5,067 | |||||||||||||||
| Net Assets | $ | 10,573 | $ | 27,256 | $ | 23,876 | $ | 7,967 | $ | 14,738 | ||||||||||
| Net Assets Consist of: | ||||||||||||||||||||
| Capital | $ | 9,704 | $ | 20,033 | $ | 23,585 | $ | 6,557 | $ | 12,082 | ||||||||||
| Accumulated Net Investment Income (Loss) | 39 | 140 | 102 | 45 | 132 | |||||||||||||||
| Accumulated Net Realized Gain (Loss) from Investment Transactions | 200 | 3,894 | 820 | 779 | 3,609 | |||||||||||||||
| Net Unrealized Appreciation/Depreciation on Investments | 630 | 3,189 | (631 | ) | 586 | (1,085 | ) | |||||||||||||
| Net Assets | $ | 10,573 | $ | 27,256 | $ | 23,876 | $ | 7,967 | $ | 14,738 | ||||||||||
| Shares Outstanding (unlimited number of shares authorized, no par value) | 996 | 1,707 | 1,538 | 723 | 1,308 | |||||||||||||||
| Net Asset Value, Offering, and Redemption Price Per Share(a) | $ | 10.62 | $ | 15.97 | $ | 15.53 | $ | 11.02 | $ | 11.26 | ||||||||||
| * | Includes securities on loan of $472, $2,977, $1,065, $880, and $4,328, respectively. | |
| (a) | Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | |
| Amounts designated as “—” are $0 or have been rounded to $0. | ||
See Notes to Financial Statements.
15
STATEMENTS OF OPERATIONS
RIDGEWORTH VARIABLE TRUST For the Period Ended June 30, 2008 (Amounts in thousands)
(Unaudited)
(Unaudited)
| Large Cap | Large Cap | Large Cap | Small Cap | |||||||||||||||||
| Core Equity | Growth Stock | Value Equity | Mid-Cap Core | Value Equity | ||||||||||||||||
| Fund | Fund | Fund | Equity Fund | Fund | ||||||||||||||||
| Investment Income: | ||||||||||||||||||||
| Dividend Income | $ | 107 | $ | 157 | $ | 352 | $ | 61 | $ | 223 | ||||||||||
| Dividend Income from Affiliated Investment Companies | 5 | 9 | 28 | 2 | 11 | |||||||||||||||
| Net Income from Securities Lending | 1 | 6 | 6 | 2 | 16 | |||||||||||||||
| Total Investment Income | 113 | 172 | 386 | 65 | 250 | |||||||||||||||
| Expenses: | ||||||||||||||||||||
| Investment Advisory Fees | 50 | 144 | 107 | 44 | 96 | |||||||||||||||
| Administration, Fund Accounting and Transfer Agency Fees | 2 | 4 | 4 | 2 | 3 | |||||||||||||||
| Custodian Fees | 6 | 2 | 8 | 3 | 7 | |||||||||||||||
| Professional Fees | 6 | 18 | 12 | 7 | 11 | |||||||||||||||
| Printing Fees | 8 | 23 | 15 | 9 | 13 | |||||||||||||||
| Other Fees | 2 | 4 | 2 | — | 1 | |||||||||||||||
| Total Expenses | 74 | 195 | 148 | 65 | 131 | |||||||||||||||
| Less: Investment Advisory Fees Waived | (14 | ) | (38 | ) | (18 | ) | (16 | ) | (29 | ) | ||||||||||
| Less: Administration Fees Waived | (1 | ) | (3 | ) | (3 | ) | (1 | ) | (2 | ) | ||||||||||
| Net Expenses | 59 | 154 | 127 | 48 | 100 | |||||||||||||||
| Net Investment Income (Loss) | 54 | 18 | 259 | 17 | 150 | |||||||||||||||
| Net Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||||||
| Net Realized Gain (Loss) from Investment Transactions | (660 | ) | (33 | ) | (1,399 | ) | (49 | ) | (1,175 | ) | ||||||||||
| Net Change in Unrealized Appreciation/Depreciation on Investments | (1,121 | ) | (4,261 | ) | (2,526 | ) | (858 | ) | (924 | ) | ||||||||||
| Net Realized and Unrealized Gain (Loss) on Investments | (1,781 | ) | (4,294 | ) | (3,925 | ) | (907 | ) | (2,099 | ) | ||||||||||
| Change in Net Assets from Operations | $ | (1,727 | ) | $ | (4,276 | ) | $ | (3,666 | ) | $ | (890 | ) | $ | (1,949 | ) | |||||
| Amounts designated as “—” are $0 or have been rounded to $0. | ||
See Notes to Financial Statements.
16
STATEMENTS OF CHANGES IN NET ASSETS
RIDGEWORTH VARIABLE TRUST For the Periods Indicated (Amounts in thousands)
| Large Cap Core Equity Fund | Large Cap Growth Stock Fund | Large Cap Value Equity Fund | ||||||||||||||||||||||
| 01/01/08 - | 01/01/07 - | 01/01/08 - | 01/01/07 - | 01/01/08 - | 01/01/07 - | |||||||||||||||||||
| 06/30/08 | 12/31/07 | 06/30/08 | 12/31/07 | 06/30/08 | 12/31/07 | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
| Operations: | ||||||||||||||||||||||||
| Net Investment Income (Loss) | $ | 54 | $ | 170 | $ | 18 | $ | 137 | $ | 259 | $ | 552 | ||||||||||||
| Net Realized Gain (Loss) from Investment Transactions | (660 | ) | 917 | (33 | ) | 3,971 | (1,399 | ) | 4,962 | |||||||||||||||
| Net Change in Unrealized Appreciation/ Depreciation on Investments | (1,121 | ) | (864 | ) | (4,261 | ) | 1,115 | (2,526 | ) | (3,939 | ) | |||||||||||||
| Change in Net Assets from Operations | (1,727 | ) | 223 | (4,276 | ) | 5,223 | (3,666 | ) | 1,575 | |||||||||||||||
| Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||
| Net Investment Income | (53 | ) | (176 | ) | (24 | ) | (150 | ) | (256 | ) | (528 | ) | ||||||||||||
| Net Realized Gains | — | (882 | ) | — | (2,051 | ) | — | — | ||||||||||||||||
| Total Dividends and Distributions | (53 | ) | (1,058 | ) | (24 | ) | (2,201 | ) | (256 | ) | (528 | ) | ||||||||||||
| Capital Transactions: | ||||||||||||||||||||||||
| Proceeds from Shares Issued | 383 | 2,831 | 693 | 1,686 | 1,243 | 3,335 | ||||||||||||||||||
| Dividends Reinvested | 53 | 1,058 | 24 | 2,201 | 256 | 528 | ||||||||||||||||||
| Cost of Shares Redeemed | (1,367 | ) | (4,351 | ) | (4,285 | ) | (11,856 | ) | (3,185 | ) | (13,120 | ) | ||||||||||||
| Change in Net Assets from Capital Transactions | (931 | ) | (462 | ) | (3,568 | ) | (7,969 | ) | (1,686 | ) | (9,257 | ) | ||||||||||||
| Change in Net Assets | (2,711 | ) | (1,297 | ) | (7,868 | ) | (4,947 | ) | (5,608 | ) | (8,210 | ) | ||||||||||||
| Net Assets: | ||||||||||||||||||||||||
| Beginning of Period | 13,284 | 14,581 | 35,124 | 40,071 | 29,484 | 37,694 | ||||||||||||||||||
| End of Period | $ | 10,573 | $ | 13,284 | $ | 27,256 | $ | 35,124 | $ | 23,876 | $ | 29,484 | ||||||||||||
| Accumulated Net Investment Income (Loss), End of Period | $ | 39 | $ | 38 | $ | 140 | $ | 146 | $ | 102 | $ | 99 | ||||||||||||
| Share Transactions: | ||||||||||||||||||||||||
| Issued | 35 | 210 | 43 | 97 | 73 | 180 | ||||||||||||||||||
| Reinvested | 5 | 83 | 1 | 130 | 16 | 29 | ||||||||||||||||||
| Redeemed | (122 | ) | (321 | ) | (259 | ) | (675 | ) | (190 | ) | (706 | ) | ||||||||||||
| Change in Shares | (82 | ) | (28 | ) | (215 | ) | (448 | ) | (101 | ) | (497 | ) | ||||||||||||
| Amounts designated as “—” are $0 or have been rounded to $0. | ||
See Notes to Financial Statements.
17
STATEMENTS OF CHANGES IN NET ASSETS
RIDGEWORTH VARIABLE TRUST For the Periods Indicated (Amounts in thousands)
| Mid-Cap Core Equity Fund | Small Cap Value Equity Fund | |||||||||||||||
| 01/01/08 - | 01/01/07 - | 01/01/08 - | 01/01/07 - | |||||||||||||
| 06/30/08 | 12/31/07 | 06/30/08 | 12/31/07 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net Investment Income (Loss) | $ | 17 | $ | 40 | $ | 150 | $ | 195 | ||||||||
| Net Realized Gain (Loss) from Investment Transactions | (49 | ) | 883 | (1,175 | ) | 4,869 | ||||||||||
| Net Change in Unrealized Appreciation/ Depreciation on Investments | (858 | ) | (186 | ) | (924 | ) | (4,311 | ) | ||||||||
| Change in Net Assets from Operations | (890 | ) | 737 | (1,949 | ) | 753 | ||||||||||
| Dividends and Distributions to Shareholders: | ||||||||||||||||
| Net Investment Income | (15 | ) | (26 | ) | (138 | ) | (182 | ) | ||||||||
| Net Realized Gains | — | (1,683 | ) | — | (4,458 | ) | ||||||||||
| Total Dividends and Distributions | (15 | ) | (1,709 | ) | (138 | ) | (4,640 | ) | ||||||||
| Capital Transactions: | ||||||||||||||||
| Proceeds from Shares Issued | 107 | 468 | 919 | 4,805 | ||||||||||||
| Dividends Reinvested | 15 | 1,709 | 138 | 4,640 | ||||||||||||
| Cost of Shares Redeemed | (1,147 | ) | (4,334 | ) | (2,927 | ) | (8,865 | ) | ||||||||
| Change in Net Assets from Capital Transactions | (1,025 | ) | (2,157 | ) | (1,870 | ) | 580 | |||||||||
| Change in Net Assets | (1,930 | ) | (3,129 | ) | (3,957 | ) | (3,307 | ) | ||||||||
| Net Assets: | ||||||||||||||||
| Beginning of Period | 9,897 | 13,026 | 18,695 | 22,002 | ||||||||||||
| End of Period | $ | 7,967 | $ | 9,897 | $ | 14,738 | $ | 18,695 | ||||||||
| Accumulated Net Investment Income (Loss), End of Period | $ | 45 | $ | 43 | $ | 132 | $ | 120 | ||||||||
| Share Transactions: | ||||||||||||||||
| Issued | 9 | 33 | 74 | 289 | ||||||||||||
| Reinvested | 1 | 140 | 12 | 343 | ||||||||||||
| Redeemed | (100 | ) | (307 | ) | (242 | ) | (529 | ) | ||||||||
| Change in Shares | (90 | ) | (134 | ) | (156 | ) | 103 | |||||||||
| Amounts designated as “—” are $0 or have been rounded to $0. | ||
See Notes to Financial Statements.
18
FINANCIAL HIGHLIGHTS
RIDGEWORTH VARIABLE TRUST Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
| Net | Net Realized | Dividends | Distributions | |||||||||||||||||||||||||||||
| Net Asset Value, | Investment | and Unrealized | from Net | from Net | Total | Net Asset | ||||||||||||||||||||||||||
| Beginning of | Income | Gains (Losses) | Total from | Investment | Realized | Dividends and | Value, End of | |||||||||||||||||||||||||
| Period | (Loss) | on Investments | Operations | Income | Capital Gains | Distributions | Period | |||||||||||||||||||||||||
Large Cap Core Equity Fund | ||||||||||||||||||||||||||||||||
| Period Ended June 30, 2008* | $ | 12.32 | $ | 0.05 | $ | (1.70 | ) | $ | (1.65 | ) | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 10.62 | ||||||||||||
| Year Ended December 31, 2007 | 13.18 | 0.15 | (0.01 | ) | 0.14 | (0.16 | ) | (0.84 | ) | (1.00 | ) | 12.32 | ||||||||||||||||||||
| Year Ended December 31, 2006 | 12.37 | 0.17 | 1.73 | 1.90 | (0.16 | ) | (0.93 | ) | (1.09 | ) | 13.18 | |||||||||||||||||||||
| Year Ended December 31, 2005 | 11.45 | 0.11 | 0.92 | 1.03 | (0.11 | ) | — | (0.11 | ) | 12.37 | ||||||||||||||||||||||
| Year Ended December 31, 2004 | 10.10 | 0.09 | (a) | 1.35 | 1.44 | (0.09 | ) | — | (0.09 | ) | 11.45 | |||||||||||||||||||||
| Year Ended December 31, 2003 | 8.05 | 0.08 | (a) | 2.04 | 2.12 | (0.07 | ) | — | (0.07 | ) | 10.10 | |||||||||||||||||||||
Large Cap Growth Stock Fund | ||||||||||||||||||||||||||||||||
| Period Ended June 30, 2008* | 18.27 | 0.01 | (2.30 | ) | (2.29 | ) | (0.01 | ) | — | (0.01 | ) | 15.97 | ||||||||||||||||||||
| Year Ended December 31, 2007 | 16.91 | 0.08 | 2.41 | 2.49 | (0.07 | ) | (1.06 | ) | (1.13 | ) | 18.27 | |||||||||||||||||||||
| Year Ended December 31, 2006 | 16.25 | 0.05 | 1.64 | 1.69 | (0.05 | ) | (0.98 | ) | (1.03 | ) | 16.91 | |||||||||||||||||||||
| Year Ended December 31, 2005 | 16.42 | 0.02 | (0.17 | ) | (0.15 | ) | (0.02 | ) | — | (0.02 | ) | 16.25 | ||||||||||||||||||||
| Year Ended December 31, 2004 | 15.41 | 0.03 | 1.01 | 1.04 | (0.03 | ) | — | (0.03 | ) | 16.42 | ||||||||||||||||||||||
| Year Ended December 31, 2003 | 13.01 | (0.03 | ) (a) | 2.43 | 2.40 | — | — | — | 15.41 | |||||||||||||||||||||||
Large Cap Value Equity Fund | ||||||||||||||||||||||||||||||||
| Period Ended June 30, 2008* | 17.99 | 0.17 | (2.47 | ) | (2.30 | ) | (0.16 | ) | — | (0.16 | ) | 15.53 | ||||||||||||||||||||
| Year Ended December 31, 2007 | 17.65 | 0.31 | 0.32 | 0.63 | (0.29 | ) | — | (0.29 | ) | 17.99 | ||||||||||||||||||||||
| Year Ended December 31, 2006 | 14.62 | 0.24 | 3.02 | 3.26 | (0.23 | ) | — | (0.23 | ) | 17.65 | ||||||||||||||||||||||
| Year Ended December 31, 2005 | 14.32 | 0.23 | 0.30 | 0.53 | (0.23 | ) | — | (0.23 | ) | 14.62 | ||||||||||||||||||||||
| Year Ended December 31, 2004 | 12.60 | 0.19 | 1.72 | 1.91 | (0.19 | ) | — | (0.19 | ) | 14.32 | ||||||||||||||||||||||
| Year Ended December 31, 2003 | 10.39 | 0.17 | (a) | 2.21 | 2.38 | (0.17 | ) | — | (0.17 | ) | 12.60 | |||||||||||||||||||||
Mid-Cap Core Equity Fund | ||||||||||||||||||||||||||||||||
| Period Ended June 30, 2008* | 12.17 | 0.03 | (1.16 | ) | (1.13 | ) | (0.02 | ) | — | (0.02 | ) | 11.02 | ||||||||||||||||||||
| Year Ended December 31, 2007 | 13.75 | 0.06 | 0.66 | 0.72 | (0.03 | ) | (2.27 | ) | (2.30 | ) | 12.17 | |||||||||||||||||||||
| Year Ended December 31, 2006 | 13.51 | 0.04 | 1.32 | 1.36 | (0.05 | ) | (1.07 | ) | (1.12 | ) | 13.75 | |||||||||||||||||||||
| Year Ended December 31, 2005 | 11.87 | 0.07 | 1.63 | 1.70 | (0.06 | ) | — | (0.06 | ) | 13.51 | ||||||||||||||||||||||
| Year Ended December 31, 2004 | 10.23 | 0.08 | 1.63 | 1.71 | (0.07 | ) | — | (0.07 | ) | 11.87 | ||||||||||||||||||||||
| Year Ended December 31, 2003 | 7.93 | 0.05 | (a) | 2.30 | 2.35 | (0.05 | ) | — | (0.05 | ) | 10.23 | |||||||||||||||||||||
Small Cap Value Equity Fund | ||||||||||||||||||||||||||||||||
| Period Ended June 30, 2008* | 12.77 | 0.12 | (1.53 | ) | (1.41 | ) | (0.10 | ) | — | (0.10 | ) | 11.26 | ||||||||||||||||||||
| Year Ended December 31, 2007 | 16.16 | 0.15 | 0.46 | 0.61 | (0.14 | ) | (3.86 | ) | (4.00 | ) | 12.77 | |||||||||||||||||||||
| Year Ended December 31, 2006 | 18.24 | 0.09 | 2.52 | 2.61 | (0.08 | ) | (4.61 | ) | (4.69 | ) | 16.16 | |||||||||||||||||||||
| Year Ended December 31, 2005 | 18.33 | 0.08 | 2.00 | 2.08 | (0.08 | ) | (2.09 | ) | (2.17 | ) | 18.24 | |||||||||||||||||||||
| Year Ended December 31, 2004 | 14.80 | 0.05 | (a) | 3.52 | 3.57 | (0.04 | ) | — | (0.04 | ) | 18.33 | |||||||||||||||||||||
| Year Ended December 31, 2003 | 10.75 | 0.07 | (a) | 4.05 | 4.12 | (0.07 | ) | — | (0.07 | ) | 14.80 | |||||||||||||||||||||
| * | Unaudited | |
| (a) | Per share data calculated using average shares outstanding method. | |
| (†) | Not annualized for periods less than one year. | |
| (††) | Annualized for periods less than one year. |
See Notes to Financial Statements.
19
| Ratio of Expenses to Average | ||||||||||||||||||||||||
| Net Assets (Excluding Waivers, | ||||||||||||||||||||||||
| Net Assets, End of | Ratio of Net Expenses to | Ratio of Net Investment Income | Reimbursements, and Expense Offset) | Portfolio Turnover | ||||||||||||||||||||
| Total Return(†) | Period (000) | Average Net Assets(††) | (Loss) to Average Net Assets(††) | (††) | Rate(†) | |||||||||||||||||||
| (13.39 | )% | $ | 10,573 | 1.00 | % | 0.92 | % | 1.26 | % | 55 | % | |||||||||||||
| 0.79 | 13,284 | 1.00 | 1.13 | 1.19 | 68 | |||||||||||||||||||
| 16.19 | 14,581 | 1.00 | 1.29 | 1.23 | 47 | |||||||||||||||||||
| 9.03 | 12,152 | 1.06 | 0.97 | 1.11 | 47 | |||||||||||||||||||
| 14.30 | 11,444 | 1.18 | 0.87 | 1.53 | 44 | |||||||||||||||||||
| 26.49 | 9,198 | 1.20 | 0.92 | 2.20 | 22 | |||||||||||||||||||
| (12.52 | ) | 27,256 | 1.04 | 0.12 | 1.31 | 45 | ||||||||||||||||||
| 15.28 | 35,124 | 1.08 | 0.37 | 1.26 | 91 | |||||||||||||||||||
| 10.83 | 40,071 | 1.12 | 0.28 | 1.28 | 82 | |||||||||||||||||||
| (0.90 | ) | 46,307 | 1.13 | 0.14 | 1.22 | 80 | ||||||||||||||||||
| 6.75 | 54,862 | 1.15 | 0.19 | 1.43 | 79 | |||||||||||||||||||
| 18.45 | 59,367 | 1.15 | (0.21 | ) | 1.50 | 91 | ||||||||||||||||||
| (12.80 | ) | 23,876 | 0.95 | 1.95 | 1.11 | 67 | ||||||||||||||||||
| 3.56 | 29,484 | 0.95 | 1.61 | 1.06 | 93 | |||||||||||||||||||
| 22.46 | 37,694 | 0.95 | 1.46 | 1.12 | 91 | |||||||||||||||||||
| 3.75 | 38,028 | 0.93 | 1.58 | 0.95 | 100 | |||||||||||||||||||
| 15.29 | 47,013 | 0.95 | 1.43 | 1.11 | 85 | |||||||||||||||||||
| 23.12 | 45,484 | 0.95 | 1.52 | 1.19 | 54 | |||||||||||||||||||
| (9.29 | ) | 7,967 | 1.10 | 0.39 | 1.48 | 20 | ||||||||||||||||||
| 5.18 | 9,897 | 1.12 | 0.34 | 1.39 | 44 | |||||||||||||||||||
| 10.72 | 13,026 | 1.15 | 0.34 | 1.46 | 181 | |||||||||||||||||||
| 14.32 | 15,036 | 1.15 | 0.50 | 1.36 | 115 | |||||||||||||||||||
| 16.82 | 16,382 | 1.15 | 0.71 | 1.65 | 79 | |||||||||||||||||||
| 29.72 | 16,182 | 1.15 | 0.60 | 1.84 | 182 | |||||||||||||||||||
| (11.06 | ) | 14,738 | 1.20 | 1.80 | 1.58 | 34 | ||||||||||||||||||
| 2.55 | 18,695 | 1.20 | 0.93 | 1.51 | 65 | |||||||||||||||||||
| 16.10 | 22,002 | 1.20 | 0.46 | 1.44 | 74 | |||||||||||||||||||
| 11.90 | 20,270 | 1.20 | 0.47 | 1.34 | 57 | |||||||||||||||||||
| 24.19 | 25,960 | 1.20 | 0.33 | 1.57 | 52 | |||||||||||||||||||
| 38.44 | 20,381 | 1.20 | 0.56 | 1.79 | 27 | |||||||||||||||||||
See Notes to Financial Statements.
20
NOTES TO FINANCIAL STATEMENTS
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
| 1. | Organization | |
| The RidgeWorth Variable Trust (the STI Classic Variable Trust changed its name to RidgeWorth Variable Trust effective May 1, 2008) (the “Trust”) is organized as a Massachusetts business trust under a Declaration of Trust dated April 18, 1995. The Trust is registered under the Investment Company Act of 1940, as amended, (“the 1940 Act”) as an open-end management investment company offering five funds as of June 30, 2008. The Trust is authorized to issue an unlimited number of shares without par value. The financial statements presented herein are those of the Large Cap Core Equity Fund, the Large Cap Growth Stock Fund, the Large Cap Value Equity Fund, the Mid-Cap Core Equity Fund, and the Small Cap Value Equity Fund (each a “Fund” and collectively the “Funds”). Shareholders have no preemptive rights. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Sales of shares of the Funds may only be made to separate accounts of various life insurance companies and certain qualified benefit plans. Each Fund’s prospectus provides a description of that Fund’s investment objectives, policies and strategies. | ||
| Under the Trust’s organizational documents, its 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 is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The actual results could differ from these estimates. |
Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market on which they are traded on valuation date (or at approximately 4:00 p.m. Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. If a security price cannot be obtained from an independent, third party pricing agent, the Funds’ accounting agent shall seek to obtain a bid price from at least one independent broker. Investments in other investment companies are valued at their respective daily net asset values.
Securities for which market prices are not “readily available” are valued in accordance with Pricing and Valuation Procedures established by the Board of Trustees of the Trust (the “Board”). The Funds’ Pricing and Valuation Procedures will be performed and monitored by a Valuation Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate a security be valued using 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 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.
Effective January 1, 2008, the Funds adopted Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements”. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.
One key component of the implementation of SFAS No. 157 included the development of a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
| • | Level 1 – quoted prices in active markets for identical assets. | ||
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.) | ||
| • | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in
21
NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2.
The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2008 (in thousands):
| LEVEL 2 - Other Significant | LEVEL 3 - Significant | |||||||||||||||||||||||||||||||
| LEVEL 1 - Quoted Prices | Observable Inputs | Unobservable Inputs | Total | |||||||||||||||||||||||||||||
| Investments | Other | Investments | Other | Investments | Other | Investments | Other | |||||||||||||||||||||||||
| in | Financial | in | Financial | in | Financial | in | Financial | |||||||||||||||||||||||||
| Fund Name | Securities ($) | Investments ($)* | Securities ($) | Investments ($)* | Securities ($) | Investments ($)* | Securities ($) | Investments ($)* | ||||||||||||||||||||||||
| Large Cap Core Equity Fund | 11,073 | — | — | — | — | — | 11,073 | — | ||||||||||||||||||||||||
| Large Cap Growth Stock Fund | 29,853 | — | — | — | — | — | 29,853 | — | ||||||||||||||||||||||||
| Large Cap Value Equity Fund | 25,016 | — | — | — | — | — | 25,016 | — | ||||||||||||||||||||||||
| Mid-Cap Core Equity Fund | 8,919 | — | — | — | — | — | 8,919 | — | ||||||||||||||||||||||||
| Small Cap Value Equity Fund | 19,564 | — | — | — | — | — | 19,564 | — | ||||||||||||||||||||||||
| * | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards, and swap contracts, which are valued at the unrealized appreciation / (depreciation) on the investment. |
Security Transactions and Investment Income — During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on trade date on the last business day of the reporting period. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date.
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 Trust’s 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 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 will 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 and maintained in an amount equal to at least 102% thereafter. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, 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 the 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. Cash collateral received in connection with securities lending is invested in the Credit Suisse Enhanced Liquidity Fund (the “Portfolio”). The Portfolio may consist of money market mutual funds registered under the 1940 Act and money market instruments including commercial paper, repurchase agreements, U.S. Treasury Bills and U.S. Agency Obligations. As of June 30, 2008, the Portfolio was invested in asset backed securities, commercial paper, corporate bonds, money market mutual funds and repurchase agreements (with interest rates ranging from 2.550% to 3.900% and maturity dates ranging from July 1, 2008 to March 12, 2010).
The Funds paid securities lending fees for the period ended June 30, 2008, which have been netted against Income from Securities Lending on the Statements of Operations. These fees are presented below:
| Fees ($) | ||||
| Large Cap Core Equity Fund | 131 | |||
| Large Cap Growth Stock Fund | 894 | |||
| Large Cap Value Equity Fund | 1,065 | |||
| Mid-Cap Core Equity Fund | 395 | |||
| Small Cap Value Equity Fund | 2,724 | |||
22
NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
Compensating Balances — If a Fund has a cash overdraft in excess of $100,000 it is required to deposit an amount equal to 110% of the overdraft in a compensating balance account with its custodian, SunTrust Bank, a wholly-owned subsidiary of SunTrust Banks, Inc., on the following business day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw an amount equal to 90% of the balance from SunTrust Bank on the following business day. All such deposits to, and overdrafts from, the compensating balance account are non-interest bearing and are for a duration of one business day.
Expenses — Expenses that are directly related to a specific Fund are charged to that Fund. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis. Expenses attributable to the Trust and the RidgeWorth Funds (the STI Classic Funds changed its name to RidgeWorth Funds effective March 31, 2008) (collectively, the “RidgeWorth Complex”) are allocated across the RidgeWorth Complex based upon relative net assets or another appropriate basis. As of June 30, 2008, the Trust represented 0.22% of net assets of the RidgeWorth Complex.
Dividends and Distributions to Shareholders — Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid each calendar quarter by the Funds. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. However, to the extent that net realized capital gains can be offset by capital loss carryovers, such gains will not be distributed.
Federal Income Taxes — It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes.
The Trust has adopted FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes“ (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is more-likely-than-not (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely- than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. Implementation of FIN 48 included a review of tax positions taken in tax years that remain subject to examination by tax authorities. The Funds are subject to federal and various state jurisdictions for income tax purposes. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four fiscal years, no examinations are in progress or anticipated at this time. The adoption of FIN 48 did not impact the Trust’s net assets or results of operations.
The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
3. Agreements and Other Transactions with Affiliates
Investment Advisory Agreement — The Trust and RidgeWorth Capital Management, Inc. (Trusco Capital Management, Inc. changed its name to RidgeWorth Capital Management, Inc. effective March 31, 2008) (the “Investment Adviser”), a wholly-owned subsidiary of SunTrust Banks, Inc., have entered into an advisory agreement. Also effective March 31, 2008, the Investment Adviser created new wholly-owned subsidiaries, which serve as investment subadvisers (the “Subadvisers”) to certain funds. The Subadvisers are staffed with the same portfolio management teams that previously managed the Funds. The subadvisers for the Funds are as follows: Ceredex Value Advisors LLC serves as the Subadviser for the Large Cap Value Equity Fund and Small Cap Value Equity Fund. IronOak Advisors LLC serves as the Subadviser for the Large Cap Core Equity Fund and Mid-Cap Core Equity Fund. Silvant Capital Management LLC serves as the Subadviser for the Large Cap Growth Stock Fund.
23
NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
Under the terms of the 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, and a discount of 10% applies on amounts over $1 billion. Aggregate advisory fee rates for the period ended June 30, 2008 were as follows:
| Maximum and | Advisory Fees | |||||||||||
| Overall Annual | Waived or | Net Annual | ||||||||||
| Advisory Fee (%) | Reimbursed (%) | Fees Paid (%)* | ||||||||||
| Large Cap Core Equity Fund | 0.85 | (0.23 | ) | 0.62 | ||||||||
| Large Cap Growth Stock Fund | 0.97 | (0.26 | ) | 0.71 | ||||||||
| Large Cap Value Equity Fund | 0.80 | (0.14 | ) | 0.66 | ||||||||
| Mid-Cap Core Equity Fund | 1.00 | (0.38 | ) | 0.62 | ||||||||
| Small Cap Value Equity Fund | 1.15 | (0.35 | ) | 0.80 | ||||||||
| * | Aggregate annual fees paid to the Investment Adviser, who pays a portion of the fees to each Fund’s respective subadviser. |
The Investment Adviser has contractually agreed, until at least May 1, 2009, to waive fees and/or reimburse each Fund to the extent necessary to maintain each Fund’s Total Operating Expenses, expressed as a percentage of average daily net assets, as noted below:
| Total Operating Expenses (%) | Total Operating Expenses (%) | |||||||
| 01/01/08 - 04/30/08 | 05/01/08 - 06/30/08 | |||||||
| Large Cap Core Equity Fund | 1.00 | 1.00 | ||||||
| Large Cap Growth Stock Fund | 1.05 | 1.00 | ||||||
| Large Cap Value Equity Fund | 0.95 | 0.95 | ||||||
| Mid-Cap Core Equity Fund | 1.10 | 1.10 | ||||||
| Small Cap Value Equity Fund | 1.20 | 1.20 | ||||||
Under the Expense Limitation Agreements, the Investment Adviser may retain the difference between the Total Operating Expenses identified above and the actual total expense to recapture any of its prior contractual waivers or reimbursements at a date not to exceed three years from the date of the corresponding Expense Limitation Agreement. 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 limits on Total Operating Expenses in place at that time. During the period ended June 30, 2008, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. The Investment Adviser does not intend to recapture such amounts. As of June 30, 2008, the cumulative potential reimbursement based on reimbursements within three years from the date of the corresponding Expense Limitation Agreement (until May 1, 2011), as reduced by amounts forfeited during the period, are as follows (in thousands):
| Amount ($) | ||||
| Large Cap Core Equity Fund | 74 | |||
| Large Cap Growth Stock Fund | 172 | |||
| Large Cap Value Equity Fund | 120 | |||
| Mid-Cap Core Equity Fund | 99 | |||
| Small Cap Value Equity Fund | 162 | |||
Administration, Fund Accounting and Transfer Agency Agreement — The Trust has entered into a Master Services Agreement with Citi Fund Services Ohio, Inc. (the “Administrator”), under which the Administrator provides administrative, fund accounting, transfer agent and shareholder services for an annual fee, calculated and paid monthly (expressed as a percentage of the combined average daily net assets of the RidgeWorth Complex) of: 0.0275% up to $25 billion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion, plus an additional class fee of $2,714 per class annually, applicable to each additional class of shares over 145 classes of shares.
The Master Services Agreement provides for the Administrator to pay certain insurance premiums for the RidgeWorth Complex, including $300,000 toward the premium for Directors and Officers Liability/Errors and Omissions insurance coverage, and $25,000 toward the premium for Fidelity Bond coverage. The Administrator has agreed, under the terms of the Master Services Agreement, to pay certain legal expenses for the benefit of the RidgeWorth Complex relating to administrative service matters. The Master Services Agreement further provides for the Administrator to waive a portion of its fees for the benefit of shareholders. Such payments and fee waivers are expected to total approximately $400,000 to $650,000 annually for the RidgeWorth Complex, and will not be recouped by the Administrator in subsequent years.
24
NOTES TO FINANCIAL STATEMENTS (continued)
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
Distribution Agreement — The Trust and Foreside Distribution Services, L.P. (the “Distributor”) are parties to a Distribution Agreement. The Distributor receives an annual fee of $37,500, which will be borne by the Investment Adviser, for the services it performs pursuant to the Distribution Agreement.
Effective August 20, 2008, RidgeWorth Distributors LLC became the distributor to the Trust. The new agreement is identical to the current distribution agreement with the Distributor except for the parties, the dates of the agreements and the provisions regarding compensation and termination.
Custodian Agreements — SunTrust Bank acts as custodian for the Funds. The Funds pay custody fees on the basis of their respective net assets and transaction costs.
Other — Certain officers of the RidgeWorth Complex are also employees of the Investment Adviser and/or the Administrator. Such officers receive no fees from the Trust for serving as officers of the Trust. Each of the trustees receives an annual retainer and an additional fee for each meeting attended, plus reimbursement for certain expenses incurred. Trustees receive an additional fee for attendance at committee meetings. As of June 30, 2008, the retainer and meeting fees are as follows:
| Chairman ($) | Trustee ($) | |||||||
| Annual Retainer | 75,000 | 60,000 | ||||||
| Regular Meeting Fee | 8,750 | 7,000 | ||||||
| Special Meeting Fee | 4,375 | 3,500 | ||||||
| Committee Meeting Fee | 4,500 | 3,000 | ||||||
The Trust approved a deferred compensation plan for its trustees, effective January 1, 2007. Under the plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust, and the value of such deferred amounts is determined by reference to the change in value of Class I Shares of one or more series of the RidgeWorth Funds as specified by the trustee. Benefits under the deferred compensation plan are payable upon retirement. On May 20, 2008, the Board approved the termination of the deferred compensation plan.
The Investment Adviser provides services to the RidgeWorth Complex to ensure compliance with applicable laws and regulations. The Investment Adviser has designated a dedicated compliance staff and an employee to serve as Chief Compliance Officer. The Investment Adviser receives an annual fee totaling $775,000 for these services. In addition, the Administrator provides an employee and staff to assist the Chief Compliance Officer for the RidgeWorth Complex, including providing certain related services, and receives an annual fee of $156,750 for providing these services. The fees above are allocated based on average daily net assets of the RidgeWorth Complex and are reflected on the Statements of Operations as “Compliance Service Fees”.
4. Investment Transactions
The cost of security purchases and the proceeds from sales and maturities of securities, excluding short-term investments and U.S. government securities, for the period ended June 30, 2008, were as follows (in thousands):
| Purchases ($) | Sales and Maturities ($) | |||||||
| Large Cap Core Equity Fund | 6,775 | 7,083 | ||||||
| Large Cap Growth Stock Fund | 13,197 | 17,476 | ||||||
| Large Cap Value Equity Fund | 16,842 | 18,076 | ||||||
| Mid-Cap Core Equity Fund | 1,767 | 2,712 | ||||||
| Small Cap Value Equity Fund | 5,207 | 5,762 | ||||||
25
NOTES TO FINANCIAL STATEMENTS (concluded)
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
5. Federal Tax Information
As of June 30, 2008, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were different from amounts reported for financial reporting purposes. These differences were generally due to losses on wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for securities held by the Funds as of June 30, 2008 were as follows (in thousands):
| Tax | Net Tax Unrealized | |||||||||||||||
| Unrealized | Tax Unrealized | Appreciation/ | ||||||||||||||
| Tax Cost ($) | Appreciation ($) | (Depreciation) ($) | (Depreciation) ($) | |||||||||||||
| Large Cap Core Equity Fund | 10,452 | 1,461 | (840 | ) | 621 | |||||||||||
| Large Cap Growth Stock Fund | 26,810 | 4,189 | (1,146 | ) | 3,043 | |||||||||||
| Large Cap Value Equity Fund | 25,860 | 1,785 | (2,629 | ) | (844 | ) | ||||||||||
| Mid-Cap Core Equity Fund | 8,356 | 1,276 | (713 | ) | 563 | |||||||||||
| Small Cap Value Equity Fund | 20,812 | 1,158 | (2,406 | ) | (1,248 | ) | ||||||||||
The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2007 was as follows (in thousands):
| Distributions Paid From | ||||||||||||
| Net Investment | Net Long Term | Total Distributions | ||||||||||
| Income ($) | Capital Gains ($) | Paid ($) | ||||||||||
| Large Cap Core Equity Fund | 390 | 668 | 1,058 | |||||||||
| Large Cap Growth Stock Fund | 462 | 1,739 | 2,201 | |||||||||
| Large Cap Value Equity Fund | 528 | — | 528 | |||||||||
| Mid-Cap Core Equity Fund | 179 | 1,530 | 1,709 | |||||||||
| Small Cap Value Equity Fund | 1,199 | 3,441 | 4,640 | |||||||||
As of December 31, 2007, the components of accumulated earnings (deficit) on a tax basis were as follows (in thousands):
| Undistributed | Accumulated | Total | ||||||||||||||||||||||
| Long Term | Capital and | Unrealized | Accumulated | |||||||||||||||||||||
| Ordinary | Capital Gains | Accumulated | Other Losses | Appreciation/ | Earnings | |||||||||||||||||||
| Income ($) | ($) | Earnings ($) | ($) | (Depreciation) ($)* | (Deficit) ($) | |||||||||||||||||||
| Large Cap Core Equity Fund | 380 | 760 | 1,140 | (271 | ) | 1,742 | 2,611 | |||||||||||||||||
| Large Cap Growth Stock Fund | 298 | 3,637 | 3,935 | — | 7,442 | 11,377 | ||||||||||||||||||
| Large Cap Value Equity Fund | 119 | 2,146 | 2,265 | — | 1,849 | 4,114 | ||||||||||||||||||
| Mid-Cap Core Equity Fund | 371 | 502 | 873 | — | 1,399 | 2,272 | ||||||||||||||||||
| Small Cap Value Equity Fund | 1,583 | 3,262 | 4,845 | — | (222 | ) | 4,623 | |||||||||||||||||
| During the year ended December 31, 2007, the Large Cap Value Equity Fund utilized $2,716 in capital loss carry forwards, in thousands. Net Capital Losses incurred after October 31, and within the taxable year are deemed to arise as of the first business day of the Funds’ next taxable year. The Large Cap Core Equity Fund has incurred and will elect to defer $271 in capital losses, in thousands. | ||
| * | The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales and the return of capital adjustments from real estate investment trusts. | |
Amounts designated as “—” are $0 or have been rounded to $0.
26
TRUSTEES AND OFFICERS OF THE RIDGEWORTH VARIABLE TRUST
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
Information pertaining to the trustees of the Trust is set forth below. Trustees who are not deemed to be “interested persons” of the Trust as defined in the 1940 Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Trust are referred to as “Interested Trustees.”
| Term of | ||||||||||||
| Name, Business Address, | Position | Office and | Number of | |||||||||
| State of Residence and | Held With | Length of Time | Principal Occupation(s) | Portfolios in Fund | Other Directorships | |||||||
| Date of Birth | Trust | Served | During the Past 5 Years | Complex Overseen | Held | |||||||
INDEPENDENT TRUSTEES: | ||||||||||||
| Jeffrey M. Biggar 3435 Stelzer Road Columbus, OH 43219 (Ohio) DOB 02/50 | Trustee | Indefinite; since January 2007 | Retired. Chief Executive Officer and Senior Managing Director, Sterling (National City Corp.) (2002-2006) | 57 | None | |||||||
| George C. Guynn 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 12/42 | Trustee | Indefinite; since January 2008 | Retired. President (1996-October 2006) and Chief Executive Officer (1995-October 2006) Federal Reserve Bank of Atlanta | 57 | Genuine Parts Company; Oxford Industries; John Weiland Homes and Neighborhoods | |||||||
| Sidney E. Harris 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 07/49 | Trustee | Indefinite; since November 2004 | Professor (since 1997) and Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University. | 57 | ServiceMaster Company; Total System Services, Inc. | |||||||
| Warren Y. Jobe 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 11/40 | Trustee | Indefinite; since November 2004 | Retired. Executive Vice President, Georgia Power Company and Senior Vice President, Southern Company (1998-2001) | 57 | WellPoint, Inc.; UniSource Energy Corp.; HomeBanc Corp. | |||||||
| Connie D. McDaniel 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 04/58 | Trustee | Indefinite; since May 2005 | Vice President Global Finance Transformation (since 2007), Vice President and Controller (1999- 2007), The Coca-Cola Company | 57 | None | |||||||
| Clarence H. Ridley 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 06/42 | Trustee | Indefinite; since November 2001 | Chairman, Haverty Furniture Companies | 57 | Crawford & Co.; Haverty Furniture Companies | |||||||
| Charles D. Winslow 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/35 | Trustee | Indefinite; since November 2004 | Retired. Formerly Partner, Accenture (consulting) | 57 | None | |||||||
27
TRUSTEES AND OFFICERS OF THE RIDGEWORTH VARIABLE TRUST (concluded)
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
| Term of | ||||||
| Name, Address and | Position(s) Held | Office and Length | ||||
| Date of Birth | with Trust | of Time Served | Principal Occupation(s) During the Past 5 Years | |||
OFFICERS: | ||||||
| Julia Short 50 Hurt Plaza Suite 1400 Atlanta, GA 30303 DOB 11/72 | President and Chief Executive Officer | One-year: since July 2007 | Managing Director, Product Manager, RidgeWorth Capital Management, Inc. (since 2004); Relationship Manager, SEI Investments (Financial Services) (1994- 2004) | |||
| Diana Hanlin 50 Hurt Plaza Suite 1400 Atlanta, GA 30303 DOB 05/67 | Vice President; Deputy Chief Compliance Officer | One-year; since June 2008 | Director, RidgeWorth Capital Management, Inc. (since May 2008); Employee of BB&T Asset Management, Inc. (2007-2008); Employee of BISYS Fund Services Ohio, Inc. (1996-2007) | |||
| Martin R. Dean 3435 Stelzer Road Columbus, OH 43219 DOB 11/63 | Treasurer; Chief Financial Officer; Chief Accounting Officer | One-year; since March 2007 | Senior Vice President (since January 2008), Financial Administration, Vice President (1994 — January 2008) Citi Fund Services Ohio, Inc. | |||
| Cynthia J. Surprise 3435 Stelzer Road Columbus, OH 43219 DOB 07/46 | Secretary and Chief Legal Officer | One-year; since February 2005 | Senior Vice President, Regulatory Administration, Citi Fund Services Ohio, Inc. (since 2004); Director and Counsel, Investors Bank & Trust Company (1999-2004) | |||
| Kerry Reilly 3435 Stelzer Road Columbus, OH 43219 DOB 07/65 | Assistant Secretary from June 2004 to May 2005, employee CitiStreet LLC; from June 1987 through October 2001, employee of Fidelity Investments. | One-year; since February 2008 | Vice President (since January 2008), Counsel (since July 2007), Assistant Counsel (January 2006-June 2007) Legal Services, Citi Fund Services Ohio, Inc. | |||
The Trust’s Statement of Additional Information includes additional information about the Trust’s trustees and officers. To request your free copy of the Statement of Additional Information, call toll free 1-888-784-3863.
28
ADDITIONAL INFORMATION
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
Expense Examples
As a shareholder of the RidgeWorth Variable Trust, you incur ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the RidgeWorth Variable Trust 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 January 1, 2008 through June 30, 2008.
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 $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
| Expenses Paid | Expense Ratio | |||||||||||||||
| Beginning Account | Ending Account | During Period* | During Period** | |||||||||||||
| Value | Value | 01/01/08- | 01/01/08- | |||||||||||||
| 01/01/08 ($) | 06/30/08 ($) | 06/30/08 ($) | 06/30/08 (%) | |||||||||||||
| Large Cap Core Equity Fund | 1,000.00 | 866.10 | 4.64 | 1.00 | ||||||||||||
| Large Cap Growth Stock Fund | 1,000.00 | 874.80 | 4.85 | 1.04 | ||||||||||||
| Large Cap Value Equity Fund | 1,000.00 | 872.00 | 4.42 | 0.95 | ||||||||||||
| Mid-Cap Core Equity Fund | 1,000.00 | 907.10 | 5.22 | 1.10 | ||||||||||||
| Small Cap Value Equity Fund | 1,000.00 | 889.40 | 5.64 | 1.20 | ||||||||||||
Hypothetical Example
The table below provides information about hypothetical account values and hypothetical expenses based on a 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. 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.
| Expenses Paid | Expense Ratio | |||||||||||||||
| Beginning | Ending | During Period* | During Period** | |||||||||||||
| Account Value | Account Value | 01/01/08- | 01/01/08- | |||||||||||||
| 01/01/08 ($) | 06/30/08 ($) | 06/30/08 ($) | 06/30/08 (%) | |||||||||||||
| Large Cap Core Equity Fund | 1,000.00 | 1,019.89 | 5.02 | 1.00 | ||||||||||||
| Large Cap Growth Stock Fund | 1,000.00 | 1,019.69 | 5.22 | 1.04 | ||||||||||||
| Large Cap Value Equity Fund | 1,000.00 | 1,020.14 | 4.77 | 0.95 | ||||||||||||
| Mid-Cap Core Equity Fund | 1,000.00 | 1,019.39 | 5.52 | 1.10 | ||||||||||||
| Small Cap Value Equity Fund | 1,000.00 | 1,018.90 | 6.02 | 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 dividend by the number of days in the fiscal year. | |
| ** | Annualized. |
29
ADDITIONAL INFORMATION (concluded)
RIDGEWORTH VARIABLE TRUST June 30, 2008
(Unaudited)
(Unaudited)
Proxy Voting
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 is also included in the Funds’ Statement of Additional Information, which is available on the Funds’ website at www.ridgeworthfunds.com, and on the Securities and Exchange Commission’s 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.ridgeworthfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.
Portfolio Holdings Information
The Funds file a complete list of their portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the Securities and Exchange Commissions website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 1-202-551-8090.
30
Investment Adviser:
RidgeWorth Investments
50 Hurt Plaza, Suite 1400
Atlanta, GA 30303
ridgeworth.com
RidgeWorth Investments
50 Hurt Plaza, Suite 1400
Atlanta, GA 30303
ridgeworth.com
Investment Subadvisers:
Ceredex Value Advisors LLC
Lincoln Plaza
300 South Orange Avenue
Orlando, FL 32801
ceredexvalue.com
Ceredex Value Advisors LLC
Lincoln Plaza
300 South Orange Avenue
Orlando, FL 32801
ceredexvalue.com
IronOak Advisors LLC
919 East Main Street, 15th Floor
Richmond, VA 23219
ironoakadvisors.com
919 East Main Street, 15th Floor
Richmond, VA 23219
ironoakadvisors.com
Silvant Capital Management LLC
50 Hurt Plaza, Suite 1500
Atlanta, GA 30303
silvantcapital.com
50 Hurt Plaza, Suite 1500
Atlanta, GA 30303
silvantcapital.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 Variable Trust can be found in the Fund’s prospectus. For additional information, please call 1-888-784-3863, or visit www.ridgeworthfunds.com. Please read the prospectus carefully before investing.
Distributor:
RidgeWorth Distributors LLC
NOT FDIC Insured • No Bank Guarantee • May Lose Value
RFSAR-VT-0608
8/08
8/08
Item 2. Code of Ethics.
Not applicable — only for annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable — only for annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable — only for annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
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 Management 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.
Not applicable.
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)
Not applicable — Only effective for annual reports.
Not applicable — Only effective for annual reports.
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.
| (Registrant) RidgeWorth Variable Trust | ||||
| By (Signature and Title)* | /s/ Martin R. Dean | |||
| Martin R. Dean, Treasurer, RidgeWorth Variable Trust | ||||
Date August 29, 2008
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 (Signature and Title)* | /s/ Martin R. Dean | |||
| Martin R. Dean, Treasurer, RidgeWorth Variable Trust | ||||
Date August 29, 2008
| By (Signature and Title)* | /s/ Julia Short | |||
| Julia Short, President, RidgeWorth Variable Trust | ||||
Date September 2, 2008
| * | Print the name and title of each signing officer under his or her signature. |