-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WFyjdwJ2IxqzkiMlfZJp5ua8TdAKUzl1+T5kiZ/7zFRfDNR0wRoqeCnvpvUqgWNJ KL+vgvNJ8Y4PWOF0N0ZF+g== 0000935069-98-000016.txt : 19980130 0000935069-98-000016.hdr.sgml : 19980130 ACCESSION NUMBER: 0000935069-98-000016 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971130 FILED AS OF DATE: 19980129 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: STI CLASSIC FUNDS CENTRAL INDEX KEY: 0000883939 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06557 FILM NUMBER: 98516546 BUSINESS ADDRESS: STREET 1: 2 OLIVER STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6109896602 MAIL ADDRESS: STREET 1: 530 E SWEDESFORD ROAD CITY: WAYNE STATE: PA ZIP: 19087-1693 N-30D 1 STI SEMI-ANNUAL REPORT SEMI-ANNUAL ................................................................................ FINANCIAL REPORT ................................................................................ STI CLASSIC FUNDS ................................................................................ A Family of Mutual Funds ................................................................................ November 30, 1997 STI CLASSIC FUNDS Dear STI Classic Trust Shareholder: As of November 30, 1997, your STI Classic Funds' (the "Funds") assets totaled $10.2 billion or 18.6% more than the $8.6 billion reported to you as of May 31, 1997, the Fund's fiscal year end. The attainment of $10 billion in assets, which was reached during the third quarter of 1997, was a milestone achievement for the STI Classic Funds. Compound annual asset growth for the funds since May, 1992 has been 55.3%. The U.S. economic expansion is approaching seven years in length and investors are currently concerned about how the crisis in southeast Asia will impact the U.S. economy. As a result, many stocks have corrected from previous high levels. However, we believe that the domestic economy remains solid with manageable growth and low inflation. U.S. bonds have rallied with long-term interest rates falling over one full percent since early 1997. Despite a variety of uncertainties, the advisors to the STI Classic Funds believe that the Funds are well positioned for 1998 based on high quality investments, and a time tested and disciplined investment management approach. Sincerely, /S/ SIGNATURE Anthony R. Gray President, Chief Investment Officer STI Capital Management, N.A. /S/ SIGNATURE Douglas S. Phillips, CFA President, Chief Investment Officer Trusco Capital Management, Inc. STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 VALUE INCOME STOCK FUND - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ COMMON STOCKS (92.9%) BASIC MATERIALS (16.1%) Allegheny Teledyne 762,200 $ 19,627 Armstrong World Industries 92,000 6,342 B.F. Goodrich 573,000 25,499 Consolidated Papers 286,700 15,446 Cyprus AMAX Minerals 819,400 15,005 Eastman Chemical 322,700 19,483 Engelhard 1,110,600 19,783 Freeport-McMoran Copper & Gold, Cl B 767,100 16,061 Georgia Pacific 226,800 19,363 Hercules 444,900 21,605 Imperial Chemical Industries 150,900 8,969 International Flavors & Fragrances 389,400 18,764 Nalco Chemical 482,300 18,719 PPG Industries 101,300 5,869 Reynolds Metals 491,700 27,996 Union Camp 334,300 20,079 Weyerhaeuser 389,800 20,586 Worthington Industries 746,400 13,529 ----------- 312,725 ----------- CAPITAL GOODS (13.6%) AMP 464,700 20,185 Cooper Industries 374,800 19,349 Federal Signal 603,100 13,117 Foster Wheeler 218,800 6,742 General Signal 457,200 18,659 Mallinckrodt 797,700 29,515 National Service Industries 416,400 19,493 Pall 1,175,800 24,839 Rockwell International 423,500 20,646 Tecumseh Products, Cl A 308,300 15,184 Tenneco 874,100 37,859 Thomas & Betts 544,900 24,725 Tomkins ADR 694,300 14,363 ----------- 264,676 ----------- - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ COMMUNICATION SERVICES (4.8%) Alltel 524,800 $ 20,861 BellSouth 360,300 19,726 Frontier 616,100 15,094 GTE 456,900 23,102 Southern New England Telecommunications 335,500 15,433 ----------- 94,216 ----------- CONSUMER CYCLICALS (14.9%) Albertson's 454,400 20,164 American Greetings, Cl A 565,800 20,793 Dana 175,900 8,223 Echlin 637,800 20,210 Genuine Parts 622,100 19,907 H & R Block 536,200 21,984 ITT Industries 1,202,300 38,173 J.C. Penney 415,200 26,677 May Department Stores 532,100 28,600 McGraw-Hill 286,300 19,594 Mercantile Stores 150,300 9,713 Sears Roebuck 501,700 22,984 Shaw Industries 1,339,600 14,736 TRW 340,800 19,340 ----------- 291,098 ----------- CONSUMER STAPLES (14.0%) Anheuser Busch 487,600 21,058 CPC International 195,700 20,231 Crown Cork & Seal 652,400 31,845 Food Lion, Cl A 1,863,500 15,723 Giant Food, Cl A 309,900 10,459 Hormel Foods 504,100 15,375 Kelly Services, Cl A 171,800 4,961 Kimberly Clark 655,200 34,111 McCormick 530,400 14,056 Philip Morris 478,200 20,802 R.R. Donnelley & Sons 588,600 20,748 2 ================================================================================ (UNAUDITED) - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ CONSUMER STAPLES--CONTINUED Rubbermaid 992,600 $ 24,071 Sonoco Products 592,900 19,455 Whitman 740,000 19,471 ----------- 272,366 ----------- ENERGY (6.7%) Amoco 325,800 29,322 Kerr-McGee 352,700 23,388 Mobil 402,700 28,969 Scana 748,000 20,664 Unocal 685,500 27,291 ----------- 129,634 ----------- FINANCIALS (10.7%) American Financial Group 404,800 14,699 American General 397,500 21,415 AmSouth Bancorp 233,850 12,175 BankBoston 125,900 11,221 Beneficial 260,100 20,190 Crestar Financial 243,300 12,500 First American Bank 191,100 11,227 First American of Tennessee 176,700 8,747 Hibernia, Cl A 763,700 13,842 Magna Group 273,000 10,920 Safeco 410,200 20,049 Summit Bancorp 239,281 11,157 TIG Holdings 429,600 13,828 Union Planters 250,700 15,481 Willis Corroon Public Limited 978,900 10,462 ----------- 207,913 ----------- HEALTH CARE (4.2%) American Home Products 281,600 19,677 C.R. Bard 707,700 21,187 Pharmacia Upjohn ADR 1,231,100 41,550 ----------- 82,414 ----------- TRANSPORTATION (1.0%) Illinois Central 544,600 19,640 ----------- - ------------------------------------------------------------ SHARES/FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------ UTILITIES (6.9%) Enron 991,800 $ 38,432 Pacificorp 1,326,900 30,933 Questar 369,300 14,472 Sonat 574,700 25,035 Southern 1,069,500 25,668 ----------- 134,540 ----------- Total Common Stocks (Cost $1,635,689) 1,809,222 ----------- REPURCHASE AGREEMENTS (6.2%) Deutsche Bank 5.71%, dated 11/28/97, matures 12/01/97, repurchase price $58,141,702 (collateralized by various FHLMC, FNMA, and GNMA obligations: total market value $59,277,117) 58,114 58,114 Salomon Brothers 5.71%, dated 11/28/97, matures 12/01/97, repurchase price $62,514,217 (collateralized by various FHLMC and FNMA obligations: total market value $64,136,537) 62,485 62,485 ----------- Total Repurchase Agreements (Cost $120,599) 120,599 ----------- Total Investments (99.1%) (Cost $1,756,288) 1,929,821 ----------- OTHER ASSETS AND LIABILITIES, NET (0.9%) 18,406 ----------- 3 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 VALUE INCOME STOCK FUND--CONCLUDED - ------------------------------------------------------------ VALUE (000) - ------------------------------------------------------------ NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 109,480,641 outstanding shares of beneficial interest $1,184,991 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 12,323,222 outstanding shares of beneficial interest 136,720 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 7,882,114 outstanding shares of beneficial interest 104,512 Undistributed net investment income 6,360 Accumulated net realized gain on investments 342,111 Unrealized appreciation on investments 173,533 ---------- Total Net Assets (100.0%) $1,948,227 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 15.03 ========== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 15.00 ========== Maximum Offering Price Per Share -- Investor Shares ($15.00 / 96.25%) $ 15.58 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 14.91 ========== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 4 ================================================================================ (UNAUDITED) MID-CAP EQUITY FUND - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ COMMON STOCKS (95.5%) CAPITAL GOODS (20.4%) Allied Waste Industries* 398,300 $ 8,713 Danka Business Systems ADR 156,800 5,762 Fisher Scientific International 86,500 4,152 Herman Miller 81,700 4,146 Hubbell, Cl B 114,040 5,182 Perkin Elmer 67,800 4,716 Philip Services* 330,900 5,232 Sawtek* 245,200 7,141 Solectron* 212,000 7,725 Sundstrand 131,100 6,727 U.S. Filter* 430,300 13,501 Watsco 145,700 3,788 ----------- 76,785 ----------- COMMUNICATION SERVICES (2.0%) LCI International* 268,400 7,398 ----------- CONSUMER CYCLICALS (15.3%) Barnes & Noble* 104,200 3,224 Bed Bath & Beyond* 116,000 3,871 Dollar General 180,250 6,782 Harley-Davidson 275,700 7,289 International Speedway* 176,500 3,773 Office Depot* 213,200 5,037 Ralph Lauren* 223,800 6,043 Royal Caribbean Cruises 110,100 5,285 Saks Holdings* 224,300 5,299 Staples* 167,600 4,724 West Marine* 303,900 6,382 ----------- 57,709 ----------- CONSUMER STAPLES (13.0%) BJ's Wholesale Club* 184,000 5,359 Cracker Barrel Old Country Stores 228,300 7,306 Dial 297,300 5,760 Hannaford Brothers 103,500 4,159 Interstate Bakeries 152,200 5,260 - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ CONSUMER STAPLES--CONTINUED Papa John's International* 189,300 $ 6,294 Samsonite 262,400 9,512 Wendy's International 248,600 5,221 ----------- 48,871 ----------- ENERGY (6.1%) Anadarko Petroleum 112,900 7,338 Enserch Exploration* 526,500 4,409 Valero Energy 170,600 5,353 Western Atlas* 85,100 5,920 ----------- 23,020 ----------- FINANCIALS (10.3%) Colonial Bancgroup 123,400 3,748 First Security 184,775 6,259 Hartford Life, Cl A 209,400 8,036 Hibernia, Cl A 247,100 4,479 North Fork Bancorporation 126,600 3,845 PMI Group 81,300 5,285 Regions Financial 75,700 2,924 Union Planters 66,700 4,119 ----------- 38,695 ----------- HEALTH CARE (11.8%) Acuson Corp* 349,900 6,670 Allergan 112,200 3,801 Biogen* 176,400 6,174 DePuy* 136,500 3,549 Jones Medical Industries 149,300 4,927 Medpartners* 209,100 5,175 Teva Pharmaceuticals ADR 72,200 3,574 Vencor* 138,200 3,351 Watson Pharmaceuticals* 245,400 7,301 ----------- 44,522 ----------- TECHNOLOGY (15.6%) ADC Telecommunications* 218,000 8,107 Atmel* 171,700 3,853 5 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 MID-CAP EQUITY FUND--CONCLUDED - ------------------------------------------------------------ SHARES/FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------ TECHNOLOGY--CONTINUED Ceridian* 98,600 $ 4,326 Fiserv* 135,200 6,557 Flextronics International* 213,200 8,528 Kemet* 226,900 5,361 McAfee Associates* 153,300 7,013 Network General* 219,200 4,137 Teradyne* 323,500 10,615 ----------- 58,497 ----------- UTILITIES (1.0%) Southwest Gas 210,800 3,926 ----------- Total Common Stocks (Cost $325,093) 359,423 ----------- CONVERTIBLE BONDS (3.2%) Lam Research, CV to 11.3935 Shares (B) 5.000%, 09/01/02 $5,240 4,402 Mark IV Industries, CV to 30.4762 Shares, Callable 11/03/00 @ 102.375 (B) 4.750%, 11/01/04 4,275 4,008 Vantive, CV to 23.8500 Shares, Callable 09/06/00 @ 101.9 4.750%, 09/01/02 3,920 3,616 ----------- Total Convertible Bonds (Cost $13,454) 12,026 ----------- REPURCHASE AGREEMENT (1.9%) Deutsche Bank 5.70%, dated 11/28/97, matures 12/01/97, repurchase price $7,084,784 (collateralized by US Treasury Notes: market value $7,223,423) 7,081 7,081 ----------- Total Repurchase Agreement (Cost $7,081) 7,081 ----------- - ------------------------------------------------------------ VALUE (000) - ------------------------------------------------------------ Total Investments (100.6%) (Cost $345,628) $378,530 ----------- OTHER ASSETS AND LIABILITIES, NET (-0.6%) (2,294) ----------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 23,086,461 outstanding shares of beneficial interest 259,419 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 1,554,953 outstanding shares of beneficial interest 17,450 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 966,336 outstanding shares of beneficial interest 12,304 Accumulated net operating loss (514) Accumulated net realized gain on investments 54,675 Net unrealized appreciation on investments 32,902 ----------- Total Net Assets (100.0%) $376,236 =========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 14.71 =========== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 14.63 =========== Maximum Offering Price Per Share -- Investor Shares ($14.63 / 96.25%) $ 15.20 =========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 14.44 =========== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 6 ================================================================================ (UNAUDITED) SMALL CAP EQUITY FUND - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ COMMON STOCKS (97.3%) BASIC MATERIALS (9.4%) Columbus McKinnon 93,400 $ 2,183 Commonwealth Industries 184,100 3,061 General Chemical Group 175,400 4,834 H. B. Fuller 96,700 4,738 Jannock Limited 242,900 2,945 Lilly Industries Incorporated, Cl A 262,700 4,827 Lukens 172,500 2,889 Texas Industries 82,100 3,823 ---------- 29,300 ---------- CAPITAL GOODS (17.2%) A.M. Castle 155,700 3,639 American Woodmark 105,200 2,314 DT Industries 107,300 2,978 Fluke 135,600 3,221 Kaman 262,400 4,854 Nash Finch 125,200 2,348 Regal Beloit 338,300 9,198 Toro 75,200 3,318 Valmont Industries 161,200 3,506 Watts Industries, Cl A 238,400 6,064 Wausau Paper Mills 143,800 3,083 Zurn Industries 275,100 9,422 ---------- 53,945 ---------- CONSUMER CYCLICALS (27.9%) Ameron 67,100 4,328 Angelica 205,700 4,423 Belden 95,100 3,150 Brown Group 306,900 4,968 Bush Industries 183,000 4,827 Cross A.T., Cl A 149,200 1,613 Guilford Mills 284,250 7,195 Hardinge 64,300 2,379 Harman International 175,000 8,859 K2 236,300 6,498 - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ CONSUMER CYCLICALS--CONTINUED Libbey 184,200 $ 7,276 LSI Industries 129,300 2,214 Movado Group 217,537 3,970 Rock Tenn, Cl A 153,500 3,108 Smith (A.O.) 75,100 3,196 Sotheby's Holdings, Cl A 371,300 6,335 Springs Industries, Cl A 131,600 6,638 Standard Register 184,900 6,333 ---------- 87,310 ---------- CONSUMER STAPLES (12.3%) ABM Industries 144,700 4,034 Banta 255,300 6,383 Bowne & Company 41,000 1,566 Chemed 54,700 2,140 Earthgrains 79,400 3,434 Furon 80,400 3,176 Ingles Markets, Cl A 230,000 3,105 John H. Harland 291,600 6,032 Universal Foods 194,300 8,063 York Group 25,300 614 ---------- 38,547 ---------- ENERGY (4.9%) Giant Industries 339,300 6,235 Quaker State 597,100 9,180 ---------- 15,415 ---------- FINANCIALS (9.5%) Banco Latinamericano de Exportaciones 102,600 4,168 Entertainment Properties Trust* 147,000 2,830 Klamath First Bancorp 111,100 2,430 Lawyers Title 75,800 2,407 National Bancorp of Alaska 21,700 2,604 Seacoast Banking of Florida 51,300 1,783 Stirling Cooke Brown Holdings* 5,000 121 Student Loan 35,100 1,751 7 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 SMALL CAP EQUITY FUND--CONCLUDED - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ FINANCIALS--CONTINUED Westcorp 182,000 $ 3,094 Westerfed Financial 166,300 3,918 Willis Corroon Public Limited 435,800 4,658 ---------- 29,764 ---------- HEALTH CARE (5.0%) Invacare 101,900 2,356 London International Group 246,800 3,208 Vital Signs 247,600 5,014 West Company 162,100 5,147 ---------- 15,725 ---------- TECHNOLOGY (3.5%) Innovex 116,700 2,684 Interface 276,600 8,298 ---------- 10,982 ---------- TRANSPORTATION (4.8%) Knightsbridge Tankers Limited* 108,400 3,306 Pittston Burlington 143,600 3,958 Sea Containers 214,700 6,723 Western Star Truck Holdings 53,600 1,039 ---------- 15,026 ---------- UTILITIES (2.8%) Northwest Natural Gas 123,850 3,468 Nui 83,500 2,056 TNP Enterprises 105,300 2,896 United Water Resources 14,900 268 ---------- 8,688 ---------- Total Common Stocks (Cost $284,947) 304,702 ---------- PREFERRED STOCK (1.6%) BASIC MATERIALS (1.6%) Coeur D'Alene Mines, CV to 0.8260 Share, Callable 03/15/99 @ 21.622 368,000 4,853 ---------- Total Preferred Stock (Cost $6,118) 4,853 ---------- - ------------------------------------------------------------ FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------ REPURCHASE AGREEMENT (1.3%) Deutsche Bank 5.70%, dated 11/28/97, matures 12/01/97, repurchase price $4,076,493 (collateralized by FHLMC obligations: market value $4,156,049) $4,075 $ 4,075 ---------- Total Repurchase Agreement (Cost $4,075) 4,075 ---------- Total Investments (100.2%) (Cost $295,140) 313,630 ---------- OTHER ASSETS AND LIABILITIES, NET (-0.2%) (523) ---------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 23,347,332 outstanding shares of beneficial interest 260,901 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 1,366,192 outstanding shares of beneficial interest 16,970 Undistributed net investment income 623 Accumulated net realized gain on investments 16,123 Net unrealized appreciation on investments 18,490 ---------- Total Net Assets (100.0%) $313,107 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 12.67 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 12.63 ========== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 8 ================================================================================ (UNAUDITED) CAPITAL GROWTH FUND - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ COMMON STOCKS (85.4%) BASIC MATERIALS (2.9%) Aluminum Company of America 92,200 $ 6,200 Betzdearborn 63,300 3,853 Corning 52,300 2,219 E.I. du Pont de Nemours 44,300 2,683 Hercules 131,300 6,376 Imperial Chemical ADR 14,700 874 Minnesota Mining & Manufacturing 12,400 1,208 Monsanto 31,900 1,394 Morton International 193,000 6,574 Praxair 368,100 16,173 ---------- 47,554 ---------- CAPITAL GOODS (14.0%) Allied Signal 652,600 24,228 Allied Waste Industries* 112,500 2,461 Avery Dennison 156,100 6,537 Boeing 31,900 1,695 Emerson Electric 104,400 5,742 Fisher Scientific International 60,600 2,909 General Dynamics 49,500 4,288 General Electric 657,200 48,468 Honeywell 239,800 15,707 Hubbell, Cl B 29,100 1,322 Lockheed Martin 75,300 7,346 Molten Metal Technology* 243,500 84 Nokia, Cl A ADR 36,300 3,017 Northrop Grumman 10,000 1,127 Rykoff-Sexton 20,800 467 Sunbeam 2,000 88 Sundstrand 147,700 7,579 Tenneco 68,400 2,963 Textron 112,100 6,628 Tyco International 783,581 30,756 - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ CAPITAL GOODS--CONTINUED United Technologies 390,100 $ 29,233 USA Waste Services* 419,345 13,865 U.S. Filter* 56,900 1,785 W.W. Grainger 122,900 11,507 ----------- 229,802 ----------- COMMUNICATION SERVICES (1.8%) BellSouth 10,000 547 Ericsson Telephone ADR 242,100 9,790 MCI Communications 351,700 15,453 Northern Telecom 37,800 3,395 ----------- 29,185 ----------- CONSUMER CYCLICALS (12.2%) American Stores 104,500 2,070 Bed Bath & Beyond* 43,000 1,435 Carnival 305,700 16,527 Chrysler 43,600 1,496 Costco* 274,600 12,168 CUC International* 310,900 8,938 Dollar General 16,300 613 Ecolab 134,000 6,834 Federated Department Stores* 321,100 14,630 Ford Motor 142,800 6,140 Gannett 85,000 4,935 Gap 18,900 1,015 H & R Block 94,600 3,879 Hasbro 72,400 2,104 HFS* 82,100 5,634 Hilton Hotels 96,800 3,013 Home Depot 196,148 10,972 Interpublic Group 67,900 3,255 Intimate Brands 200,700 4,503 ITT* 64,600 4,902 Lear* 276,000 12,920 9 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 CAPITAL GROWTH FUND--CONTINUED - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ CONSUMER CYCLICALS--CONTINUED Limited 165,100 $ 3,973 Marriott 15,700 1,137 Masco 264,300 12,455 Mattel 328,700 13,169 McGraw-Hill 20,700 1,417 New York Times, Cl A 106,700 6,335 Nordstrom 8,000 472 Office Depot* 410,200 9,691 Sears Roebuck 74,000 3,390 Sherwin Williams 271,700 7,760 Staples* 177,600 5,006 Tandy 85,100 3,659 Wal-Mart Stores 93,800 3,746 ----------- 200,193 ----------- CONSUMER STAPLES (11.8%) American Standard* 228,900 9,070 Avon Products 304,900 17,627 Coca Cola 30,000 917 Coca Cola Enterprises 63,000 3,938 Colgate-Palmolive 185,700 12,407 CVS 354,100 23,503 Dial 210,900 4,086 Gillette 119,017 10,987 International Home Foods* 35,600 854 Interstate Bakeries 34,600 1,196 JP Foodservice* 185,300 5,455 Kellogg 19,000 881 McCormick 56,300 1,492 Philip Morris 619,550 26,950 Procter & Gamble 17,300 1,320 Ralston Purina 188,900 17,568 Rite Aid 206,800 13,597 RJR Nabisco 10,000 364 Rubbermaid 50,000 1,213 Safeway* 228,400 13,875 - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ CONSUMER STAPLES--CONTINUED Sara Lee 45,000 $ 2,379 Sysco 55,200 2,460 Unilever ADR 185,800 10,788 Walgreen 38,800 1,249 Wendy's International 413,800 8,690 William Wrigley Jr. 7,800 617 ----------- 193,483 ----------- ENERGY (5.6%) Baker Hughes 195,600 8,191 British Petroleum ADR 211,800 17,579 Calenergy* 66,000 2,195 EVI* 90,600 4,660 Halliburton 258,800 13,959 Mobil 242,000 17,409 Schlumberger 122,400 10,075 Texaco 91,900 5,192 Tosco 105,600 3,439 Transocean Offshore 56,300 2,671 Union Pacific Resources Group 149,759 3,725 Unocal 82,700 3,292 ----------- 92,387 ----------- FINANCIALS (13.8%) American International Group 197,875 19,948 Banc One 326,966 16,798 Bank of New York 34,800 1,871 Bank United, Cl A 8,600 361 BankAmerica 269,200 19,652 BankBoston 57,300 5,107 Barnett Banks 233,800 16,454 BB&T 4,600 251 Chase Manhattan Bank 230,500 25,038 Citicorp 22,100 2,651 Conseco 5,000 233 CoreStates Financial 68,100 5,265 10 ================================================================================ (UNAUDITED) - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ FINANCIALS--CONTINUED Cullen/Frost Bankers 34,400 $ 1,828 Equifax 190,600 6,504 FHLMC 283,100 11,678 First Commerce 85,900 5,508 First Union 146,800 7,157 General Re 38,600 7,662 Hartford Financial Services Group 96,400 8,073 Hartford Life, Cl A 30,700 1,178 Household International 13,900 1,751 Jefferson-Pilot 38,100 2,908 MBNA 16,300 433 Mellon Bank 111,600 6,326 National City 8,500 567 Nationsbank 134,040 8,051 Newcourt Credit 50,000 1,578 PNC Bank 118,700 6,388 Quick & Reilly Group 98,100 3,685 Summit Bancorp 10,000 466 Travelers 255,194 12,887 Washington Mutual 180,760 12,495 Washington National 181,300 5,994 ----------- 226,746 ----------- HEALTH CARE (10.3%) Abbott Laboratories 269,000 17,485 American Home Products 400,300 27,971 Baxter International 430,800 21,809 Beverly Enterprises* 262,500 4,463 Boston Scientific* 109,411 4,944 Bristol-Myers Squibb 193,700 18,135 Eli Lilly 120,200 7,580 Healthsouth* 545,219 14,312 Johnson & Johnson 144,088 9,069 Medpartners* 353,400 8,747 Merck 101,582 9,606 Pfizer 23,900 1,739 - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ HEALTH CARE--CONTINUED SmithKline Beecham 17,200 $ 854 Tenet Healthcare* 377,000 11,946 Vencor* 65,600 1,591 Warner Lambert 60,800 8,504 ----------- 168,755 ----------- TECHNOLOGY (11.8%) Bell & Howell* 78,100 1,855 Ceridian* 159,400 6,994 Cisco Systems* 277,700 23,952 Compaq Computer 107,900 6,737 First Data 537,700 15,224 Hewlett Packard 20,200 1,233 IBM 253,500 27,774 Intel 245,900 19,088 Lucent Technologies 142,432 11,412 McAfee Associates 62,300 2,850 Microsoft* 176,800 25,017 Motorola 77,600 4,879 Oracle* 385,875 12,854 Scientific-Atlanta 443,700 8,874 3Com* 85,100 3,085 Xerox 282,300 21,931 ----------- 193,759 ----------- TRANSPORTATION (1.2%) Burlington Northern Santa Fe 167,100 15,290 Continental Airlines, Cl B* 82,300 3,750 Delta Air Lines 12,700 1,415 ----------- 20,455 ----------- Total Common Stocks (Cost $1,151,867) 1,402,319 ---------- 11 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 CAPITAL GROWTH FUND--CONTINUED - ------------------------------------------------------------ SHARES/FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------ PREFERRED STOCKS (2.3%) CONSUMER STAPLES (0.2%) Ralston Purina, CV to 1.6394 Shares 49,700 $ 3,293 ----------- ENERGY (0.3%) Unocal, CV to 1.1748 Shares, Callable 09/03/00 @ 50 104,000 5,928 ----------- FINANCIALS (0.1%) WBK Strypes Trust, CV to 0.8967 Share 33,600 1,096 ----------- HEALTH CARE (0.3%) MedPartners, CV to 0.8197 Share* 200,000 4,800 ----------- TECHNOLOGY (1.2%) Microsoft, CV to 1 Share 218,700 19,369 ----------- TRANSPORTATION (0.2%) Trans World Air, CV to 6.3291 Shares, Callable 12/15/00 @ 53.238 (B) 75,000 3,750 ----------- Total Preferred Stocks (Cost $36,309) 38,236 ----------- CONVERTIBLE BONDS (5.0%) Alza, CV to 12.9870 Shares, Callable 07/14/99 @ 45.963 (A) (D) 0.000%, 07/14/14 $ 1,000 435 Charming Shoppes, CV to 134.0483 Shares, Callable 07/15/99 @ 103.75 7.500%, 07/15/06 3,000 2,899 - ------------------------------------------------------------ FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------ CONVERTIBLE BONDS--CONTINUED Continental Airlines, CV to 33.1181 Shares, Callable 04/15/99 @ 104.73 6.750%, 04/15/06 $ 1,350 $ 2,150 DSC Communications, CV to 20.1106 Shares, Callable 08/01/00 @ 104 (B) 7.000%, 08/01/04 5,500 5,198 Fine Host, CV to 22.4719 Shares, Callable 11/01/00 @ 102.86 (B) 5.000%, 11/01/04 3,000 2,813 Hewlett Packard, CV to 5.4300 Shares, Callable 10/14/00 @ 59.029 (A) (B) (D) 0.000%, 10/14/17 41,200 21,321 HFS, CV to 14.9925 Shares, Callable 03/01/00 @ 102.04 4.750%, 03/01/03 7,000 8,514 Home Depot, CV to 21.6998 Shares, Callable 10/02/99 @ 100.81 3.250%, 10/01/01 10,000 13,025 Loews, CV to 15.3757 Shares of Diamond Offshore Drilling, Callable 09/15/02 @ 101.56 3.125%, 09/15/07 3,000 3,000 Mascotech, CV to 32.2580 Shares, Callable 12/15/97 @ 102.5 4.500%, 12/15/03 7,500 6,478 Molten Metal Technology, CV to 25.8065 Shares, Callable 05/01/99 @ 102.75 (B) 5.500%, 05/01/06 7,500 150 12 ================================================================================ (UNAUDITED) - ------------------------------------------------------------ FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------ CONVERTIBLE BONDS--CONTINUED Office Depot, CV to 29.2635 Shares, Callable 12/11/97 @ 61.027 (A) (D) 0.000%, 12/11/07 $ 2,000 $ 1,393 Read-Rite, CV to 24.8524 Shares, Callable 09/07/00 @ 103.7 6.500%, 09/01/04 5,000 4,456 Times Mirror, CV to 5.8280 Shares, Callable 04/15/02 @ 49.452 (A) (B) (D) 0.000%, 04/15/17 10,000 4,075 USA Waste Services, CV to 35.3243 Shares, Callable 03/15/99 @ 102.5 5.000%, 03/01/06 1,350 1,706 USA Waste Services, CV to 33.0797 Shares, Callable 06/01/99 @ 101.8 (B) 4.500%, 06/01/01 3,000 3,630 ----------- Total Convertible Bonds (Cost $85,410) 81,243 ----------- REPURCHASE AGREEMENTS (7.6%) Deutsche Bank 5.70%, dated 11/28/97, matures 12/01/97, repurchase price $69,497,021 (collateralized by various FHLMC, FNMA, and GNMA obligations: total market value $70,853,338) 69,464 69,464 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Salomon Brothers 5.70%, dated 11/28/97, matures 12/01/97, repurchase price $56,040,337 (collateralized by various FHLMC and FNMA obligations: total market value $58,007,406) $56,013 $ 56,013 ------------ Total Repurchase Agreements (Cost $125,477) 125,477 ------------ Total Investments (100.3%) (Cost $1,399,063) 1,647,275 ------------ OTHER ASSETS AND LIABILITIES, NET (-0.3%) (4,561) ------------ NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 79,144,191 outstanding shares of beneficial interest 916,060 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 14,168,752 outstanding shares of beneficial interest 161,844 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 3,755,300 outstanding shares of beneficial interest 55,729 Undistributed net investment income 884 Accumulated net realized gain on investments 259,985 Net unrealized appreciation on investments 248,212 ----------- Total Net Assets (100.0%) $1,642,714 =========== 13 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 CAPITAL GROWTH FUND--CONCLUDED - --------------------------------------------------------- VALUE - --------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 16.94 ========= Net Asset Value and Redemption Price Per Share -- Investor Shares $ 16.90 ========= Maximum Offering Price Per Share -- Investor Shares ($16.90 / 96.25%) $ 17.56 ========= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 16.75 ========= (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 14 ================================================================================ (UNAUDITED) BALANCED FUND - ------------------------------------------------------------- SHARES VALUE (000) - ------------------------------------------------------------- COMMON STOCKS (52.3%) BASIC MATERIALS (1.8%) Aluminum Company of America 6,100 $ 410 Betzdearborn 5,800 353 Corning 3,600 153 E. I. du Pont de Nemours 2,900 176 Hercules 9,200 447 Imperial Chemical ADR 1,000 59 Minnesota Mining & Manufacturing 800 78 Monsanto 2,300 100 Morton International 12,700 433 Praxair 24,200 1,063 ----------- 3,272 ----------- CAPITAL GOODS (8.6%) Allied Signal 43,900 1,630 Allied Waste Industries* 7,700 168 Avery Dennison 10,200 427 Boeing 800 43 Emerson Electric 7,600 418 Fisher Scientific International 5,000 240 General Dynamics 3,300 286 General Electric 43,700 3,223 Honeywell 16,000 1,048 Hubbell, Cl B 4,300 195 Lockheed Martin 6,000 585 Molten Metal Technology* 19,100 7 Nokia ADR, Cl A 2,700 224 Rykoff-Sexton 3,200 72 Sunbeam 2,000 88 Sundstrand 9,800 503 Tenneco 4,500 195 Textron 5,400 319 Tyco International 52,798 2,072 United Technologies 25,700 1,926 USA Waste Services* 28,005 926 - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ CAPITAL GOODS--CONTINUED U.S. Filter* 3,700 $ 116 W. W. Grainger 8,100 758 ----------- 15,469 ----------- COMMUNICATION SERVICES (1.1%) Ericsson Telephone ADR 16,100 651 MCI Communications 23,100 1,015 Northern Telecom 2,500 225 ----------- 1,891 ----------- CONSUMER CYCLICALS (7.5%) American Stores 6,900 137 Bed Bath & Beyond* 2,900 97 Carnival 19,900 1,076 Chrysler 2,900 100 Costco* 18,400 815 CUC International* 21,200 609 Dollar General 2,100 79 Ecolab 8,900 454 Federated Department Stores* 21,500 980 Ford Motor 10,900 469 Gannett 6,200 360 Gap 1,300 70 H & R Block 6,300 258 Hasbro 4,800 139 HFS* 5,500 378 Hilton Hotels 6,500 202 Home Depot 13,200 738 Interpublic Group 4,500 216 Intimate Brands 13,900 312 ITT* 4,300 326 Lear* 18,200 852 Limited 10,900 262 Marriott 1,000 72 Masco 18,300 862 Mattel 23,250 931 15 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 BALANCED FUND--CONTINUED - ------------------------------------------------------------- SHARES VALUE (000) - ------------------------------------------------------------- McGraw-Hill 1,400 $ 96 New York Times, Cl A 6,500 386 Office Depot* 29,300 692 Sears Roebuck 4,900 224 Sherwin Williams 18,500 528 Staples* 11,700 330 Tandy 5,600 241 Wal-Mart Stores 6,300 252 ----------- 13,543 ----------- CONSUMER STAPLES (7.0%) American Standard* 15,300 606 Avon Products 20,400 1,179 Coca-Cola 4,600 287 Colgate-Palmolive 11,500 768 CVS 24,000 1,593 Dial 7,400 143 Gillette 7,848 724 International Home Foods* 2,400 58 Interstate Bakeries 3,400 118 JP Foodservice* 11,900 350 Kellogg 1,300 60 Philip Morris 41,000 1,783 Procter & Gamble 1,200 92 Ralston Purina 12,500 1,162 Rite Aid 13,800 907 Rubbermaid 7,900 192 Safeway* 16,000 972 Sara Lee 3,000 159 Sysco 3,700 165 Unilever ADR 12,400 720 Walgreen 800 26 Wendy's International 27,600 580 ----------- 12,644 ----------- ENERGY (3.5%) Baker Hughes 12,900 540 British Petroleum ADR 14,200 1,179 EVI* 6,100 314 - -------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------- ENERGY--CONTINUED Halliburton 17,300 $ 933 Mobil 16,000 1,151 Schlumberger 8,100 667 Texaco 9,400 531 Tosco 7,100 231 Transocean Offshore 4,800 228 Union Pacific Resources Group 10,122 252 Unocal 6,400 255 ----------- 6,281 ----------- FINANCIALS (8.5%) American International Group 13,250 1,336 Banc One 21,802 1,120 Bank of New York 2,300 124 Bank United, Cl A 600 25 BankAmerica 18,000 1,314 BankBoston 3,800 339 Barnett Banks 15,600 1,098 BB&T 7,600 414 Chase Manhattan Bank 15,400 1,673 Conseco 300 14 CoreStates Financial 4,600 356 Cullen/Frost Bankers 1,900 101 Equifax 12,600 430 FHLMC 18,700 771 First Commerce 5,800 372 First Union 9,800 478 Fleet Financial Group 2,400 159 General Re 2,600 516 Hartford Financial Services Group 5,700 477 Hartford Life, Cl A 2,100 81 Household International 900 113 Jefferson-Pilot 2,500 191 Mellon Bank 7,400 419 MGIC Investment 1,600 93 Nationsbank 8,900 535 PNC Bank 8,200 441 Quick & Reilly Group 6,500 244 16 ================================================================================ (UNAUDITED) - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ FINANCIALS--CONTINUED Travelers 16,949 $ 856 Washington Mutual 12,110 837 Washington National 12,400 410 ----------- 15,337 ----------- HEALTH CARE (6.4%) Abbott Laboratories 18,000 1,170 American Home Products 28,300 1,978 Baxter International 28,800 1,458 Beverly Enterprises* 17,200 292 Boston Scientific* 7,910 357 Bristol-Myers Squibb 12,900 1,208 Eli Lilly 7,300 460 Healthsouth* 36,328 954 Johnson & Johnson 9,300 585 Medpartners* 24,200 599 Merck 6,800 643 Pfizer 1,600 116 Tenet Healthcare* 23,700 751 Vencor* 4,300 104 Warner Lambert 6,500 909 ----------- 11,584 ----------- TECHNOLOGY (7.1%) Bell & Howell* 5,100 121 Ceridian* 10,400 456 Cisco Systems* 18,200 1,570 Compaq Computer 7,100 443 First Data 35,600 1,008 Hewlett Packard 1,300 79 IBM 15,900 1,742 Intel 17,900 1,389 Lucent Technologies 9,414 754 McAfee Associates* 4,100 188 Microsoft* 11,700 1,656 Motorola 5,100 321 Oracle* 26,800 893 Scientific-Atlanta 29,500 590 - ------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- TECHNOLOGY--CONTINUED 3Com* 5,600 $ 203 Xerox 18,900 1,468 ----------- 12,881 ----------- TRANSPORTATION (0.8%) Burlington Northern Santa Fe 11,200 1,025 Continental Airlines, Cl B* 5,500 251 Delta Air Lines 1,100 123 ----------- 1,399 ----------- Total Common Stocks (Cost $77,857) 94,301 ----------- PREFERRED STOCKS (0.8%) CONSUMER STAPLES (0.2%) Ralston Purina, CV to 1.6394 Shares 4,800 318 ----------- TECHNOLOGY (0.6%) Microsoft, CV to 1 Share 12,500 1,107 ----------- Total Preferred Stocks (Cost $1,295) 1,425 ----------- CORPORATE OBLIGATIONS (19.2%) FINANCE (11.9%) American General Finance 6.875%, 07/01/99 $1,000 1,011 Aristar 6.750%, 05/15/99 1,500 1,513 General Motors Acceptance 7.125%, 05/01/01 1,900 1,948 General Motors Acceptance, MTN 6.250%, 01/16/01 600 600 6.750%, 11/04/04 1,500 1,515 Great Western Financial 8.600%, 02/01/02 800 858 Homeside Lending, MTN 6.875%, 05/15/00 2,400 2,424 17 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 BALANCED FUND--CONCLUDED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- FINANCE--CONTINUED Household Finance, MTN 7.150%, 06/15/00 $ 350 $ 357 7.050%, 06/06/01 650 666 Korea Development Bank 7.125%, 09/17/01 1,000 958 RHG Finance 8.875%, 10/01/05 1,500 1,686 Salomon 6.250%, 10/01/99 1,500 1,500 6.500%, 03/01/00 2,500 2,509 Service International 7.375%, 04/15/04 1,750 1,829 SunAmerica 6.200%, 10/31/99 2,000 2,003 ----------- 21,377 ----------- INDUSTRIAL (5.5%) American Home Products 7.700%, 02/15/00 1,000 1,028 7.900%, 02/15/05 1,850 1,996 Ikon Capital, MTN 6.150%, 09/22/99 750 748 6.730%, 06/15/01 1,000 1,011 Lockheed Martin 6.550%, 05/15/99 2,000 2,008 Philip Morris 7.250%, 09/15/01 2,100 2,147 7.500%, 04/01/04 1,000 1,042 ----------- 9,980 ----------- UTILITIES (1.8%) AT&T Capital, MTN 6.410%, 08/13/99 2,250 2,258 General Electric Capital, Callable 05/01/00 @ 100 (C) (D) 6.660%, 05/01/18 1,000 1,014 ----------- 3,272 ----------- Total Corporate Obligations (Cost $34,242) 34,629 ----------- - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- CONVERTIBLE BONDS (2.4%) Hewlett-Packard, CV to 5.4300 shares, Callable 10/14/00 @ 59.029 (A) (B) (D) 0.000%, 10/14/17 $3,000 $ 1,553 Marriott International, CV to 8.7600 Shares, Callable 03/25/99 @ 60.371 (A) (D) 0.000%, 03/25/11 1,000 670 Mascotech, CV to 32.2580 Shares, Callable 12/15/97 @ 102.5 4.500%, 12/15/03 1,200 1,036 Staples, CV to 45.4545 Shares, Callable 10/01/98 @ 101.8 (B) 4.500%, 10/01/00 500 673 USA Waste Services, CV to 35.3243 Shares, Callable 03/15/99 @ 102.5 5.000%, 03/01/06 355 449 ----------- Total Convertible Bonds (Cost $4,234) 4,381 ----------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (3.7%) FHLMC 8.000%, 06/01/02 497 507 7.500%, 09/01/03 1,173 1,200 FNMA 7.000%, 10/01/03 4,892 4,949 ----------- Total U.S. Agency Mortgage- Backed Obligations (Cost $6,630) 6,656 ----------- U.S. TREASURY OBLIGATIONS (12.0%) U.S. Treasury Bonds 7.500%, 11/15/16 3,800 4,381 8.125%, 08/15/19 8,700 10,761 6.375%, 08/15/27 2,350 2,443 18 ================================================================================ (UNAUDITED) - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- U.S. TREASURY OBLIGATIONS--CONTINUED U.S. Treasury Notes 6.375%, 04/30/99 $ 500 $ 504 7.250%, 08/15/04 3,300 3,549 ----------- Total U.S. Treasury Obligations (Cost $20,233) 21,638 ----------- BANK NOTE (0.8%) Capital One 6.530%, 11/26/99 1,450 1,450 ----------- Total Bank Note (Cost $1,450) 1,450 ----------- REPURCHASE AGREEMENT (8.9%) Merrill Lynch 5.46%, dated 11/28/97, matures 12/01/97, repurchase price $15,980,757 (collateralized by GNMA obligation: market value $16,294,521) 15,974 15,974 ----------- Total Repurchase Agreement (Cost $15,974) 15,974 ----------- Total Investments (100.1%) (Cost $161,915) 180,454 ----------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) (218) ----------- - ------------------------------------------------------------- VALUE (000) - ------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 12,486,705 outstanding shares of beneficial interest $129,560 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 516,098 outstanding shares of beneficial interest 5,334 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 897,255 outstanding shares of beneficial interest 10,647 Undistributed net investment income 747 Accumulated net realized gain on investments 15,409 Net unrealized appreciation on investments 18,539 ----------- Total Net Assets (100.0%) $180,236 =========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 12.96 =========== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 13.01 =========== Maximum Offering Price Per Share -- Investor Shares ($13.01 / 96.25%) $ 13.52 =========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 12.91 =========== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 19 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 EMERGING MARKETS EQUITY FUND - -------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------- FOREIGN COMMON STOCKS (88.1%) ARGENTINA (6.3%) Banco Frances del Rio de la Plata ADR* 16,000 $ 431 Capex, Cl A 33,700 228 Massalin Particulares, Cl B 38,800 196 Metrogas ADR 32,204 254 Quilmes Industrial 27,000 351 Transportadora de Gas del Sur ADR 33,000 353 YPF ADR, Cl D 19,800 665 ----------- 2,478 ----------- BELIZE (1.0%) BHI 15,762 402 ----------- BRAZIL (7.0%) Petrobras ADR 13,500 295 Banco Itau SA Pref 1,070,000 478 Makro Atacadista GDR 27,500 234 Souza Cruz 63,500 489 Telebras ADR 7,530 786 Unibanco* 9,100 262 Usiminas ADR 35,500 227 ----------- 2,771 ----------- CHILE (0.9%) Administradora de Fondos de Pensiones Provida ADR 21,500 368 ----------- COLOMBIA (1.5%) Banco de Colombia GDS 52,700 290 Banco Ganadero ADR 15,600 314 ----------- 604 ----------- CZECH REPUBLIC (1.5%) Spt Telecom* 5,600 590 ----------- GREECE (5.8%) Greek Telecom 26,085 514 - -------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------- GREECE--CONTINUED Hellas Can Packaging 25,500 $ 369 Papastratos Cigarettes 25,400 564 Teletypos 130,000 858 ----------- 2,305 ----------- HONG KONG (4.4%) Asia Satellite 135,000 295 China Hong Kong Photo 1,440,000 352 HSBC Holdings 8,600 207 National Mutual Asia 866,000 801 Seoul Horizon Trust 17,000 89 ----------- 1,744 ----------- HUNGARY (2.9%) Egis 10,000 425 Gedeon Richter GDR 2,500 235 Matav* 120,000 475 ----------- 1,135 ----------- INDIA (3.2%) Hindalco GDR 13,200 292 India Cements GDR 54,000 95 Indian Aluminium GDR 15,800 38 Indian Aluminum GDS 15,300 36 Videsh Sanchar Nigam GDR 60,000 795 ----------- 1,256 ----------- INDONESIA (3.8%) PT Jaya Real Property, F 754,000 93 Budi Acid Jaya, F 231,250 33 Citra Marga Nusaphala, F 944,000 207 Dankos Laboratories, F 665,000 274 Indonesian Satellite ADR 15,000 336 Indonesian Satellite, F 96,000 218 Modern Photo Film, F 356,000 240 Tempo Scan Pacific 164,000 63 United Tractors, F 42,000 20 ----------- 1,484 ----------- 20 ================================================================================ (UNAUDITED) - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ ISRAEL (8.5%) Bank Leumi Le-Israel 290,000 $ 464 Blue Square Stores* 42,300 387 ECI Telecommunications 25,900 704 Israel Chemicals 365,000 480 Koor Industries ADR 15,000 330 Nice Systems ADR* 18,000 785 Orbotech* 5,000 221 ----------- 3,371 ----------- MALAYSIA (3.2%) Aluminium of Malaysia 231,000 91 Edaran Otomobil 28,000 65 IOI Corp 325,000 165 Petronas Dagangan 170,000 164 RJ Reynolds 305,000 518 Technology Resources Industries 275,000 223 UMW Holdings 32,000 30 ----------- 1,256 ----------- MEXICO (12.6%) Grupo Carso 78,000 515 Grupo Continental 167,750 548 Grupo Elektra GDR 10,000 310 Grupo Financiero Banorte, Cl B 216,930 301 Herdez, Cl B 518,000 377 Kimberly Clark, Cl A 146,500 658 Nacional de Drogas, Cl L 622,000 614 San Luis Cpo 86,000 649 Telefonos de Mexico ADR 20,700 1,026 ----------- 4,998 ----------- PERU (3.4%) Cerveceria Backus & Johnston 402,444 365 CPT Telefoncia del Peru 30,000 630 Credicorp 13,300 243 Telefonica del Peru, Cl B 50,500 105 ----------- 1,343 ----------- - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ PHILIPPINES (2.0%) Bacnotan Consolidated 155,940 $ 68 Benpres GDR* 76,600 245 First Philippene Holdings 174,375 153 Philippine Long Distance 14,000 339 ----------- 805 ----------- POLAND (0.7%) Bank Handlowy* 25,000 293 ----------- PORTUGAL (5.5%) Electricidade de Portugal* 20,000 724 Banco Totta & Acores 35,000 661 Cimentos de Portugal 11,920 302 Cimentos de Portugal 3,800 96 Portugal Telecom ADR 8,200 376 ----------- 2,159 ----------- RUSSIA (0.7%) Vimpel Communication* 9,100 278 ----------- SINGAPORE (2.0%) Amtek Engineering 246,000 187 Elec & Eltek International 84,000 617 ----------- 804 ----------- SOUTH AFRICA (5.7%) Amalgated Banks of South Africa* 56,235 346 Anglo American Coal 3,375 178 Barlow 30,000 285 Kersaf Investments 68,600 386 Rembrandt Group 11,800 91 Richemont 26,500 292 Sasol 26,200 264 Suncrush 183,535 419 ----------- 2,261 ----------- SOUTH KOREA (0.6%) Dae Duck Electronics* 3,800 172 SK Telecom 240 68 ----------- 240 ----------- 21 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 EMERGING MARKETS EQUITY FUND--CONCLUDED - -------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------- THAILAND (2.3%) KR Precision, F 46,500 $ 296 Delta Electronics, F 50,000 496 Nation Publishing 120,000 111 ----------- 903 ----------- UNITED STATES (0.7%) Grupo Industrial Maseca ADR 17,000 265 ----------- PANAMA (1.5%) Banco Latinamericano de Exportaciones 14,800 601 ----------- ECUADOR (0.4%) LA Cemento Nacional GDR 800 164 ----------- Total Foreign Common Stocks (Cost $39,402) 34,878 ----------- FOREIGN PREFERRED STOCKS (5.6%) Banco Bradesco 64,050,000 468 Brahma 600,000 398 Cemig 12,750,000 615 Globex Utilidades 30,800 208 Lojas Renner 5,500,000 163 Multibras Eletrodomes* 228,400 93 Petrol Brasileiros 1,300,000 285 ----------- Total Foreign Preferred Stocks (Cost $3,008) 2,230 ----------- TIME DEPOSIT (6.3%) 4250 11/28/97 5.25% 5.250%, 12/01/97 2,500 2,500 ----------- Time Deposit (Cost $2,500) 2,500 ----------- Total Investments (100.1%) (Cost $44,910) 39,608 ----------- - ------------------------------------------------------------- VALUE (000) - ------------------------------------------------------------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) $ (22) ----------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 4,365,991 outstanding shares of beneficial interest 45,327 Undistributed net investment income 351 Accumulated net realized loss on investments and foreign currency transaction (792) Net unrealized depreciation on investments (5,302) Net unrealized appreciation on foreign currency and translation of other assets and liabilities in foreign currency 2 ----------- Total Net Assets (100.0%) $39,586 =========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 9.07 =========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 22 ================================================================================ (UNAUDITED) INTERNATIONAL EQUITY INDEX FUND - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ FOREIGN COMMON STOCKS (96.9%) AUSTRALIA (2.5%) Amcor 13,361 $ 60 Broken Hill Proprietary 20,656 189 Coles Myer 30,235 149 Rio Tinto 5,542 61 CSR 27,994 92 Lend Lease 4,481 91 Mount Isa Mines Holdings 42,910 31 National Australia Bank 13,886 184 Newscorp 33,881 181 Pacific Dunlop 28,455 58 Western Mining 20,202 65 Westpac Banking 36,880 231 ---------- 1,392 ---------- AUSTRIA (1.4%) Bank of Austria 2,658 124 Creditanstalt Bankverein 2,035 105 Ea-Generali 343 81 Oest El Wirtsch , Cl A 2,245 180 OMV 1,715 223 Wienerberger Baustoff 401 78 ---------- 791 ---------- BELGIUM (2.0%) Bekaert 30 19 Delhaize Freres 1,000 51 Electrabel 1,000 224 Fortis 700 139 Generale Banque 370 153 Groupe Bruxelles Lambert 450 68 Kredietbank 290 117 Petrofina 440 170 Royale Belge 175 46 Solvay, Cl A 1,250 75 Union Minere* 680 49 ---------- 1,111 ---------- - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ DENMARK (1.9%) Carlsberg, Cl B 1,427 $ 79 D/S 1912, Cl B 6 241 D/S Svendborg, Cl B 4 235 Danisco 2,210 120 Novo Nordisk, Cl B 1,670 205 Sophus Berendsen, Cl B 251 39 Tele Danmark, Cl B 2,208 132 ---------- 1,051 ---------- FINLAND (1.0%) Merita 25,000 127 Nokia, Cl K 2,300 185 Outokumpu Oy Akt, Cl A 3,100 43 Rauma 303 5 UPM-Kymmene 8,500 183 ---------- 543 ---------- FRANCE (12.7%) Accor 847 160 Air Liquide 1,886 297 Alcatel Alsthom 2,238 281 Axa 4,748 345 Banque National Paris, Cl A 3,350 164 Bouygues 950 96 Carrefour 603 323 Cie Bancaire 710 106 Cie de Saint Gobain 2,265 308 Cie Financiara Paribas 958 69 Cie Generale des Eaux 2,045 270 Compagnie de Suez 15 -- Elf Aquitaine 3,282 381 Elf Sanofi 2,573 258 Eridania Beghin-Say 1,209 188 Generale Des Eaux Warrants* 2,045 1 Groupe Danone 1,764 282 Havas 1,300 85 L'Oreal 1,084 415 Lafarge Coppee 2,218 147 23 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 INTERNATIONAL EQUITY INDEX FUND--CONTINUED - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ FRANCE--CONTINUED Legrand 950 $ 181 Louis Vuitton-Moet Hennessy 1,881 325 Lyonnaise des Eaux Dumez 3,095 333 Michelin, Cl B 2,844 153 Pernod-Ricard 2,179 111 Peugeot 1,790 202 Pinault-Printemps Redoute 400 205 Promodes 428 157 Rhone-Poulenc, Cl A 6,900 310 Schneider 3,877 208 Societe Generale 1,830 241 Total Compaigne, Cl B 4,470 470 Unibail 400 39 ---------- 7,111 ---------- GERMANY (18.3%) Aachener & Munchener Bete 116 119 Allianz 4,930 1,166 BASF 14,200 502 Bayer 15,660 578 Bayerische Hypotheken und Wechselbank 8,100 352 Bayerische Vereinsbank 2,360 140 Biersdorf 2,640 111 Daimler-Benz 13,630 957 Degussa 2,490 115 Deutsche Bank 10,270 663 Dresdner Bank Frankfurt 6,950 270 Heidelberger Zement 2,024 160 Hochtief 260 11 Karstadt 625 217 Linde 391 244 Lufthansa 12,980 246 Man Muenchen 31 9 Mannesmann 853 396 Metro AG 7,351 339 Muenchener Rueckvers 1,510 471 Preussag 11 3 - ------------------------------------------------------------- SHARES VALUE (000) - ------------------------------------------------------------- GERMANY--CONTINUED RWE 6,340 $ 311 SAP 1,500 437 Schering 1,810 178 Siemens 13,040 773 Thyssen 1,001 239 Veba 11,260 667 Viag 683 348 Volkswagen 461 262 ---------- 10,284 ---------- HONG KONG (1.3%) Cathay Pacific Airways 9,000 8 Cheung Kong Holdings 13,000 92 China Light & Power 7,500 38 Hang Seng Bank 7,600 67 Hong Kong Telecommunications 27,200 52 HSBC Holdings 13,068 315 Hutchison Whampoa 12,800 85 Sun Hung Kai Properties 6,600 50 Swire Pacific, Cl A 9,000 45 ---------- 752 ---------- ITALY (11.8%) Assicurazioni Generali 42,670 957 Banca Commerciale Italiana 33,500 96 Benetton Group 9,825 149 Credito Italiano 23,000 63 Edison 42,500 230 ENI 76,000 444 Fiat 152,900 442 Fiat Non-Convertible 46,200 73 Istituto Bancario san Paolo di Torino 42,091 349 Istituto Nazionale 323,919 565 Italgas 5,000 19 Mediobanca 30,950 216 Montedison 134,680 111 Olivetti* 91,200 51 24 ================================================================================ (UNAUDITED) - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ ITALY--CONTINUED Parmalat Finanziaria 102,800 $ 149 Pirelli 120,000 298 RAS 10,135 94 Sirti 19,500 117 Telecom Italia Mobile 195,802 793 Telecom Italia Mobile di Risp 154,164 337 Telecom Italia 147,222 918 Telecom Italia Rinascente 36,627 144 -------- 6,615 -------- JAPAN (20.0%) Ajinomoto 15,000 136 Asahi Bank 20,000 85 Asahi Chemical Industries 15,000 65 Asahi Glass 12,000 77 Bank of Tokyo-Mitsubushi 24,000 348 Bank of Yokohama 11,000 34 Bridgestone 9,000 195 Chiba Bank 12,000 47 Chiyoda 5,000 8 Citizen Watch 11,000 69 Cosmo Oil 12,000 25 Dai Nippon Printing 12,000 238 Daiei* 11,000 48 Daiwa Kosho Lease 5,000 25 Daiwa Securities 18,000 63 Ebara 8,000 89 Fanuc 900 34 Fuji Bank 24,000 129 Fuji Photo Film 5,000 180 Fujitsu 18,000 202 Furukawa Electric 15,000 73 Hankyu 2,000 10 Hitachi 32,000 227 Honda Motor 5,000 181 Industrial Bank of Japan 20,000 179 Ito Ham Foods 1,000 4 Ito Yokado 4,000 181 Itochu 31,000 80 - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ JAPAN--CONTINUED Japan Air Lines* 16,000 $ 50 Japan Energy 11,000 16 Joyo Bank 14,300 57 Jusco 3,000 50 Kansai Electric Power 9,800 167 Kao 7,000 93 Kawasaki Steel 19,000 31 Kinki Nippon Railway 26,000 144 Kirin Brewery 15,000 116 Komatsu 13,000 78 Kubota 23,000 80 Kyocera 3,000 145 Marui 4,000 63 Matsushita Electric 18,000 281 Mitsubishi 21,000 164 Mitsubishi Chemical 16,000 31 Mitsubishi Electric 23,000 64 Mitsubishi Estate 5,000 58 Mitsubishi Heavy Industries 43,000 169 Mitsubishi Materials 35,000 79 Mitsubishi Trust & Banking 13,000 173 Mitsui 17,000 118 Mitsui Trust & Banking 13,000 22 Mitsukoshi 7,000 20 Murata Manufacturing 1,000 30 NEC 15,000 159 New Oji Paper 9,000 37 Nichido Fire & Marine Insurance 15,000 79 Nippon Express 5,000 26 Nippon Oil 16,000 56 Nippon Paper Industries 1,000 5 Nippon Sharyo 5,000 17 Nippon Steel 39,000 72 Nippon Yusen 27,000 83 Nippondenso 7,000 128 Nissan Motor 32,000 139 NKK 24,000 24 Nomura Securities 19,000 235 Obayashi 13,000 61 25 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 INTERNATIONAL EQUITY INDEX FUND--CONTINUED - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ JAPAN--CONTINUED Odakyu Electric Railway 24,000 $ 116 Olympus Optical 8,000 59 Osaka Gas 44,000 98 Sakura Bank 25,000 87 Sankyo 7,000 223 Sanyo Electric 4,000 11 Sega Enterprises 1,600 36 Sekisui Chemical 7,000 51 Sekisui House 7,000 50 Sharp 10,000 67 Shimizu 3,000 10 Shin-Etsu Chemical 7,000 166 Shizuoka Bank 9,000 83 Skylark 3,000 33 Sony 3,500 299 Sumitomo Bank 28,000 356 Sumitomo Chemical 20,000 67 Sumitomo Metal 26,000 53 Taisei 35,000 81 Takeda Chemical 15,000 439 Tobu Railway 15,000 52 Tohoku Electric Power 5,300 80 Tokai Bank 20,000 107 Tokio Marine & Fire Insurance 34,000 322 Tokyo Electric Power 15,900 285 Tokyo Gas 26,000 62 Tokyu 10,000 43 Toppan Printing 11,000 149 Toray 24,000 109 Tostem 3,000 34 Toto 7,700 71 Toyo Seikan Kaisha 3,300 55 Toyoda Automatic Loom 4,000 75 Toyota Motor 31,000 894 Yamaichi Securities 15,000 -- Yamanouchi Pharmaceutical 1,000 24 Yasuda Trust & Banking 5,000 4 ---------- 11,203 ---------- - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ NETHERLANDS (3.5%) ABN Amro Holding 10,840 $ 207 Akzo Nobel 470 83 ING Groep 5,904 240 Koninklijke 3,886 156 Koninklijke Nederlanden Papierfabriek 960 21 Philips Electronics 1,836 121 Royal Dutch Petroleum 14,320 746 Unilever 4,260 248 Wolters Kluwer 1,072 142 ---------- 1,964 ---------- NORWAY (1.1%) Bergesen, Cl A 2,650 68 Hafslund Nycomed, Cl B 2,200 10 Kvaerner 1,400 69 Norsk Hydro 6,525 336 Nycomed Asa, Cl B 2,300 58 Uni Storebrand* 9,987 68 ---------- 609 ---------- SPAIN (5.1%) Argentaria Bancaria de Espana 2,916 181 Autopistas CESA 6,347 85 Banco Bilbao Vizcaya 13,713 415 Banco Central Hispano 6,730 129 Banco de Santander 6,619 200 Dragados Construccion 2,565 55 Endesa 21,892 412 Fomento de Construcciones Contratas 2,392 95 Gas Natural 3,312 164 Iberdola 16,206 207 Mapfre 1,018 50 Repsol 6,279 272 Telefonica de Espana 18,876 545 Union Electrica Fenosa 7,629 77 ---------- 2,887 ---------- 26 ================================================================================ (UNAUDITED) - ------------------------------------------------------------- SHARES VALUE (000) - ------------------------------------------------------------- SWEDEN (2.3%) ABB AB, Cl A 12,000 $ 153 Astra AB, Cl A 14,666 255 Diligentia* 1,350 17 Electrolux, Cl B 1,100 87 Ericsson, Cl B 8,100 331 Granges* 550 9 Skandinaviska Enskilda Banken 7,700 91 Skanska, Cl B 1,800 74 Stora Kopparbergs Bergslags, Cl A 5,000 66 Svenska Cellulosa, Cl B 4,000 88 Swedish Match 4,500 15 Volvo, Cl B 3,950 105 ---------- 1,291 ---------- SWITZERLAND (2.5%) Nestle 202 298 Novartis 244 390 Roche Holdings, Genusshein 30 269 Roche Holdlings, Bearer 7 107 Schweizerische Bankgesellschaft 150 191 Swiss Bank* 575 165 ---------- 1,420 ---------- UNITED KINGDOM (9.5%) Abbey National 8,291 132 Barclays Bank 14,416 348 Bass 9,466 136 BAT Industries 22,460 202 Bg 18,334 87 Bg, Cl B* 20,778 10 Blue Circle Industries 12,797 74 British Petroleum 41,753 571 British Telecommunications 20,475 158 BTR 43,929 153 Cable & Wireless 22,390 203 Centrica* 20,778 30 Energy Group 9,677 104 General Electric 21,236 138 - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ UNITED KINGDOM--CONTINUED Glaxo Wellcome 19,999 $ 439 Grand Metropolitan 23,365 213 Great Universal Stores 7,352 86 Guinness 18,085 164 Hanson 12,096 62 HSBC Holdings 7,895 201 Imperial Chemical 11,454 170 Marks & Spencer 40,514 417 National Power 9,177 88 Reuters 13,125 148 RMC Group 2,799 42 RTZ 13,785 167 Sainsbury, J. 11,344 93 SmithKline Beecham 40,668 378 Unilever 24,920 196 Vodafone Group 22,646 151 ---------- 5,361 ---------- Total Foreign Common Stocks (Cost $46,553) 54,385 ---------- FOREIGN PREFERRED STOCKS (1.5%) FINLAND (0.3%) Nokia, Cl A 2,400 193 ---------- GERMANY (1.0%) RWE 3,730 151 SAP 1,030 317 Volkswagen 247 113 ---------- 581 ---------- ITALY (0.1%) Fiat 47,080 72 ---------- Total Foreign Preferred Stocks (Cost $507) 846 ---------- 27 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 INTERNATIONAL EQUITY INDEX FUND--CONCLUDED - ------------------------------------------------------------ FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------ CASH EQUIVALENT (0.0%) Highmark Diversified Money Market Fund 4.654% $5 $ 5 ---------- Total Cash Equivalent (Cost $5) 5 ---------- Total Investments (98.4%) (Cost $47,065) 55,236 ---------- OTHER ASSETS AND LIABILITIES, NET (1.6%) 908 ---------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 4,307,478 outstanding shares of beneficial interest 38,273 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 506,454 outstanding shares of beneficial interest 5,080 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 79,507 outstanding shares of beneficial interest 825 Undistributed net investment income 399 Accumulated net realized gain on investments and foreign currency transactions 3,395 Net unrealized appreciation on investments 8,171 Net unrealized appreciation on foreign currency and translation of other assets and liabilities in foreign currency 1 ---------- Total Net Assets (100.0%) $56,144 ========== - ----------------------------------------------------------- VALUE - ----------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 11.49 ========== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 11.38 ========== Maximum Offering Price Per Share -- Investor Shares ($11.38 / 96.25%) $ 11.82 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 11.33 ========== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 28 ================================================================================ (UNAUDITED) INTERNATIONAL EQUITY FUND - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ FOREIGN COMMON STOCKS (91.3%) ARGENTINA (0.6%) YPF ADR, Cl D 100,000 $ 3,356 ---------- AUSTRALIA (4.6%) Australia & New Zealand Bank Group 757,000 5,187 Faulding (F.H.) & Co. 300,141 1,506 QBE Insurance 1,665,585 7,348 Telstra Install Rcpt* 6,400,000 12,012 ---------- 26,053 ---------- AUSTRIA (0.9%) Boehler-Uddeholm 71,000 4,796 ---------- BRAZIL (0.6%) Souza Cruz 177,300 1,375 Telebras ADR 21,575 2,252 ---------- 3,627 ---------- CANADA (1.1%) CAE 90,000 708 Suncor 158,000 5,209 ---------- 5,917 ---------- FINLAND (5.2%) Cultor, Ser 2 82,400 4,348 Finnlines 147,500 5,871 Metra, Cl B 132,000 3,222 Nokia ADR, Cl A 65,000 5,403 UPM-Kymmene 241,000 5,181 Valmet 363,000 5,419 ---------- 29,444 ---------- FRANCE (8.1%) Accor 58,500 11,063 AXA 98,000 7,114 Credit Local De France 53,380 5,545 Elf Aquitaine 57,000 6,616 Isis* 20,000 2,247 Suez Lyonnaise des Eaux* 27,000 2,905 - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ FRANCE--CONTINUED SGS-Thomson Microelectronics ADR* 31,250 $ 2,193 Technip 77,000 7,985 ---------- 45,668 ---------- GERMANY (5.2%) Bayer 75,000 2,766 Buderus 9,900 4,779 Hoechst 90,000 3,193 Siemens 87,000 5,157 Veba 97,600 5,785 Volkswagen 13,000 7,381 ---------- 29,061 ---------- GREECE (1.2%) Greek Telecom 351,243 6,923 ---------- HONG KONG (1.4%) HSBC Holdings 246,867 5,956 National Mutual Asia 2,330,000 2,155 ---------- 8,111 ---------- HUNGARY (0.5%) Gedeon Richter 32,000 3,004 ---------- INDONESIA (0.2%) Modern Photo Film, F 1,963,000 1,321 ---------- ISRAEL (2.3%) ECI Telecommunications 280,400 7,623 Technomatrix Technologies* 105,500 3,455 Teva Pharmaceuticals ADR 41,700 2,064 ---------- 13,142 ---------- ITALY (4.9%) Banca Popolare di Milano 970,000 5,272 ENI 1,391,000 8,123 Istituto Banc San Paolo 893,300 7,402 Saipem 1,224,000 6,889 ---------- 27,686 ---------- 29 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 INTERNATIONAL EQUITY FUND--CONCLUDED - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ JAPAN (7.2%) Canon 215,000 $ 5,190 FCC 91,000 927 Fuji Photo Film 139,000 5,001 Honda Motor 266,000 9,633 Sony 99,400 8,492 TDK 42,000 3,424 Terumo 491,000 7,697 ---------- 40,364 ---------- MALAYSIA (0.0%) UMW Holdings 157,000 148 ---------- NETHERLANDS (6.5%) Akzo Nobel 47,200 8,304 Gist Brocade 277,000 7,081 Hollandsche Beton Groep 172,760 3,130 ING Groep 321,000 13,052 Philips Electronics 77,900 5,147 ---------- 36,714 ---------- NEW ZEALAND (0.9%) Fletcher Challenge Building Division 1,815,208 5,295 ---------- NORWAY (1.3%) Sparebanken Nor 215,000 7,180 ---------- PANAMA (1.1%) Banco Latinamericano de Exportaciones 150,400 6,110 ---------- PERU (0.8%) CPT Telefoncia del Peru 104,100 2,186 Credicorp 115,649 2,111 ---------- 4,297 ---------- PHILIPPINES (0.4%) Benpres GDR* 684,961 2,192 ---------- - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ PORTUGAL (1.7%) Banco Espirito Santo 120,400 $ 3,389 Portugal Telecom ADR 130,000 5,964 ---------- 9,353 ---------- SINGAPORE (0.8%) Elec & Eltek International 599,000 4,403 ---------- SOUTH AFRICA (1.4%) First Natl Bank 187,000 1,579 Rembrandt Group 285,000 2,186 Sasol 385,000 3,880 ---------- 7,645 ---------- SPAIN (2.7%) Repsol 166,000 7,185 Telefonica de Espana 272,000 7,849 ---------- 15,034 ---------- SWEDEN (4.0%) Castellum AB* 613,600 5,765 Gettinge, Cl B 301,000 4,993 Skandia Forsakrings 200,000 10,549 Volvo, Cl B 50,000 1,335 ---------- 22,642 ---------- SWITZERLAND (6.6%) Asea Brown Boveri Group 4,565 6,080 Nestle 7,500 11,048 Novartis, Registered 8,015 12,820 Zurich Insurance 17,600 7,415 ---------- 37,363 ---------- UNITED KINGDOM (19.1%) Avis Europe 2,943,300 7,731 Bank of Ireland 781,980 10,574 Bass 825,700 11,856 BTP 1,461,000 7,848 Caradon 2,544,506 8,038 30 ================================================================================ (UNAUDITED) - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ UNITED KINGDOM--CONTINUED Compass Group 723,000 $ 8,622 Gallaher Group 505,000 2,738 Granada Group 316,865 4,534 Imperial Tobacco Group 400,000 2,662 London Forfaiting 209,400 1,293 Lucasvarity 2,627,000 8,431 Morgan Crucible 717,432 5,375 Powerscreen 160,500 1,785 Reckit & Colman 289,795 4,225 Siebe 392,000 7,132 Smith & Nephew 2,406,000 6,980 Smithkline Beecham 616,394 5,727 Storehouse 500,000 2,057 ---------- 107,608 ---------- Total Foreign Common Stocks (Cost $459,921) 514,457 ---------- FOREIGN PREFERRED STOCKS (1.2%) GERMANY (1.2%) Man 27,200 6,542 ---------- Total Foreign Preferred Stocks (Cost $6,744) 6,542 ---------- TIME DEPOSITS (5.4%) Time Deposit 5.1875% 5.188%, 12/01/97 29,500 29,500 ---------- Total Time Deposits (Cost $29,500) 29,500 ---------- Total Investments (97.9%) (Cost $496,165) 550,499 ---------- OTHER ASSETS AND LIABILITIES, NET (2.1%) 11,803 ---------- - ------------------------------------------------------------ VALUE (000) - ------------------------------------------------------------ NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 38,302,426 outstanding shares of beneficial interest $434,607 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 1,019,199 outstanding shares of beneficial interest 12,558 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 1,171,737 outstanding shares of beneficial interest 15,500 Undistributed net investment income 1,541 Accumulated net realized gain on investments and foreign currency transactions 43,789 Net unrealized appreciation on investments 54,334 Net unrealized depreciation on foreign currency and translation of other assets and liabilities in foreign currency (27) ---------- Total Net Assets (100.0%) $562,302 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 13.90 ========== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 13.82 ========== Maximum Offering Price Per Share -- Investor Shares ($13.58 / 96.25%) $ 14.36 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 13.65 ========== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 31 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 SUNBELT EQUITY FUND - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ COMMON STOCKS (91.1%) CAPITAL GOODS (9.9%) Agco 136,250 $ 3,730 American Buildings* 146,203 3,911 American Homestar* 231,879 3,246 Aviall* 121,318 1,721 Blount International 92,673 4,686 Citation* 48,529 834 Kent Electronics* 80,879 2,709 Kuhlman 112,854 3,985 Maverick Tube* 217,150 6,202 Owens & Minor Holding 185,716 2,577 Palm Harbor Homes* 148,300 4,264 Roper Industries 76,912 2,216 Tracor* 74,547 2,092 UNIFAB International* 80,879 1,638 Watsco 75,102 1,953 ---------- 45,764 ---------- COMMUNICATION SERVICES (2.2%) Excel Communications* 91,297 2,146 Premiere Technologies* 169,029 4,036 USLD Communications 201,697 4,185 ---------- 10,367 ---------- CONSUMER CYCLICALS (16.5%) Accustaff* 32,352 956 AHL Services* 71,983 1,494 Apple South 202,197 3,715 Autozone* 80,879 2,426 Barnett* 232,071 4,728 Books-A-Million* 340,981 2,280 Central Parking 58,232 3,352 Claire's Stores 127,925 2,894 Dollar General 138,925 5,227 Family Dollar Stores 268,290 7,428 Home Depot 28,943 1,619 Norrell 241,946 5,897 O'Charleys* 143,043 2,575 - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ CONSUMER CYCLICALS--CONTINUED Pier 1 Imports 61,742 $ 1,382 Play By Play Toys & Novelties* 84,388 1,392 Promus Hotel* 186,949 7,758 Staffmark* 211,904 7,390 Stein Mart* 185,929 5,485 Suburban Lodges of America* 152,704 3,741 Tractor Supply* 150,773 2,337 Unifi 64,704 2,459 ---------- 76,535 ---------- CONSUMER STAPLES (2.2%) Educational Medical* 149,404 1,158 Flowers Industries 265,923 5,302 Richfood Holdings 130,050 3,552 ---------- 10,012 ---------- ENERGY (17.5%) Anadarko Petroleum 110,051 7,153 Baker Hughes 43,643 1,828 BJ Services* 104,731 7,521 Camco International 114,107 7,160 Core Laboratories N.V.* 101,097 3,665 Diamond Offshore Drilling 75,922 3,787 Ensco International 204,570 7,313 Global Industries* 530,182 8,483 Global Marine* 137,038 3,606 J. Ray McDermott S.A.* 48,509 1,792 Nuevo Energy* 175,269 7,307 Oceaneering International* 96,942 1,999 Pride International* 63,615 1,757 St. Mary Land & Exploration 75,268 3,114 Stone Energy* 269,358 7,744 Transocean Offshore 85,542 4,058 World Fuel Services 98,084 2,759 ---------- 81,046 ---------- 32 ================================================================================ (UNAUDITED) - ------------------------------------------------------------ SHARES VALUE (000) - ------------------------------------------------------------ FINANCIALS (14.7%) AmSouth Bancorp 58,261 $ 3,033 Bank United, Cl A 57,062 2,397 Capital One Financial 80,879 3,665 CCB Financial 49,673 4,769 Central Fidelity Banks 26,628 1,283 Crestar Financial 48,528 2,493 Cullen/Frost Bankers 21,303 1,132 Equity Inns REIT 209,223 3,178 Fairfield Communities* 254,548 11,789 First Virginia Banks 79,885 3,820 Nova* 186,163 4,980 PMT Services* 401,902 6,330 Profit Recovery Group International* 161,758 2,477 Regions Financial 74,394 2,874 Texas Regional Bancshares, Cl A 62,167 1,717 Triad Guaranty* 228,810 6,750 Union Planters 58,164 3,592 Winston Hotels REIT 109,869 1,538 ---------- 67,817 ---------- HEALTH CARE (7.2%) Beverly Enterprises* 218,184 3,709 Compdent* 138,561 2,823 Gulf South Medical Supply* 254,111 8,290 Healthsouth* 143,573 3,769 Phycor* 239,268 5,892 Quorum Health Group* 219,987 5,280 Serologicals* 166,756 3,710 ---------- 33,473 ---------- TECHNOLOGY (15.6%) Acxiom* 228,244 3,923 Benchmark Electronics* 166,840 4,692 Billing Information Concepts* 38,041 1,693 Cybex Computer Products* 90,900 2,363 Dallas Semiconductor 100,347 4,904 Datastream Systems* 60,660 1,926 - -------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- TECHNOLOGY--CONTINUED Harbinger* 185,148 $ 5,554 HBO 121,318 5,444 Input/Output* 302,943 7,839 Kemet* 80,878 1,911 National Data 84,991 3,007 Nichols Research* 235,671 5,538 SCB Computer Technology* 445,648 8,245 Scientific-Atlanta 161,758 3,235 Sterling Commerce* 223,095 7,753 Texas Instruments 80,878 3,983 ---------- 72,010 ---------- TRANSPORTATION (5.3%) American Freightways* 359,056 5,161 Covenant Transportation Incorporated, Cl A* 213,851 3,422 Hunt J B Transportation Services 402,308 6,538 M.S. Carriers* 80,879 1,951 MTL* 79,826 2,125 Southwest Airlines 109,186 2,668 USA Truck* 213,635 2,617 ---------- 24,482 ---------- Total Common Stocks (Cost $304,039) 421,506 ---------- CONVERTIBLE BONDS (8.5%) Baker Hughes, CV to 18.5990 Shares, Callable 05/05/98 @ 70.683 (A) (D) 0.000%, 05/05/08 $2,833 2,366 Career Horizons, CV to 88.1057 Shares, Callable 11/01/98 @ 104 7.000%, 11/01/02 2,373 6,383 Diamond Offshore, CV to 24.6910 Shares, Callable 02/22/01 @ 102.08 3.750%, 02/15/07 5,661 7,635 33 STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 SUNBELT EQUITY FUND--CONCLUDED - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- CONVERTIBLE BONDS--CONTINUED Home Depot, CV to 21.6998 Shares, Callable 10/02/99 @ 100.81 3.250%, 10/01/01 $2,426 $ 3,160 Pier 1 Imports, CV to 81.1030 Shares, Callable 10/01/99 @ 103 5.750%, 10/01/03 2,354 4,428 Pride International, CV to 81.6330 Shares, Callable 03/01/99 @ 103.125 6.250%, 02/15/06 3,999 9,308 Sci Systems, CV to 41.0172 Shares, Callable 05/01/99 @ 103.5 5.000%, 05/01/06 3,029 5,876 ---------- Total Convertible Bonds (Cost $35,827) 39,156 ---------- REPURCHASE AGREEMENT (0.8%) Swiss Bank 5.65%, dated 11/28/97, matures 12/01/97, repurchase price $3,759,119 (collateralized by US Treasury Notes: market value $3,837,747) 3,757 3,757 ---------- Total Repurchase Agreement (Cost $3,757) 3,757 ---------- Total Investments (100.4%) (Cost $343,623) 464,419 ---------- OTHER ASSETS AND LIABILITIES, NET (-0.4%) (1,668) ---------- - ------------------------------------------------------------ VALUE (000) - ------------------------------------------------------------ NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 27,366,194 outstanding shares of beneficial interest $275,489 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 1,968,129 outstanding shares of beneficial interest 18,532 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 446,103 outstanding shares of beneficial interest 5,667 Overdistributed net investment income (3,398) Accumulated net realized gain on investments 45,665 Net unrealized appreciation on investments 120,796 ---------- Total Net Assets (100.0%) $462,751 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 15.56 ========== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 15.27 ========== Maximum Offering Price Per Share -- Investor Shares ($15.27/ 96.25%) $ 15.86 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 15.14 ========== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 34 ================================================================================ (UNAUDITED) INVESTMENT GRADE TAX-EXEMPT BOND FUND - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- MUNICIPAL BONDS (101.1%) ALABAMA (2.0%) State Docks Department, Docks Facility, RB (MBIA) 5.250%, 10/01/99 $1,500 $ 1,519 5.250%, 10/01/00 1,000 1,020 5.250%, 10/01/01 1,000 1,027 ---------- 3,566 ---------- ARIZONA (0.7%) Scottsdale, GO 5.500%, 07/01/14 1,250 1,316 ---------- CALIFORNIA (3.0%) Contra Costa Transportation Authority, Sales Tax, Ser A, RB (FGIC) 6.000%, 03/01/09 1,000 1,113 Long Beach, Harbor Revenue, Ser A, RB (FGIC) 6.000%, 05/15/11 2,500 2,705 Northern California, Power Agency, Geothermal Project, Ser A, RB (AMBAC) 5.850%, 07/01/10 1,295 1,425 ---------- 5,243 ---------- COLORADO (4.3%) Arapahoe County, Cherry Creek School District, GO 4.750%, 12/15/00 6,360 6,486 State, Public Highway Authority, Ser C, RB (MBIA) 6.000%, 09/01/07 1,000 1,105 ---------- 7,591 ---------- CONNECTICUT (0.6%) State, Special Tax Obligation, Transportation Infrastructure-C , GO (FGIC) 5.500%, 10/01/00 1,000 1,037 ---------- - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- FLORIDA (8.7%) Alachua County, State Health Facilities Authority, Shands Teaching Hospital, Ser B, RB, VRDN (MBIA) (C) (D) 3.850%, 12/01/26 $6,000 $ 6,000 Orange County, State Health Facilities Authority, Orlando Regional Healthcare, RB (MBIA) 6.250%, 10/01/13 1,000 1,134 Tampa, Allegany Health, RB, Pre-Refunded 12/01/99 @ 102 (FGIC) (F) 7.375%, 12/01/23 3,500 3,788 Tampa, Capital Improvement Program, Ser B, RB, Callable 10/01/98 @ 100 (E) 8.375%, 10/01/18 1,000 1,029 Tampa, Occupational License Tax, Ser A, RB (FGIC) (C) 3.850%, 10/01/18 3,600 3,600 ---------- 15,551 ---------- GEORGIA (5.7%) Henry County, Hospital Authority, Henry Medical Center Project, RB (AMBAC) 5.500%, 07/01/07 1,000 1,065 State, GO 7.250%, 07/01/99 1,305 1,371 State Municipal Electric Authority, Ser A, RB (MBIA) 6.000%, 01/01/07 1,000 1,098 State Municipal Electric Authority, Ser B, RB (AMBAC) 6.000%, 01/01/05 3,555 3,873 State Municipal Electric Authority, Ser B, RB (FGIC) 5.550%, 01/01/07 1,500 1,596 6.250%, 01/01/12 1,000 1,122 ---------- 10,125 ---------- 35 SCHEDULE OF INVESTMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 INVESTMENT GRADE TAX-EXEMPT BOND FUND--CONTINUED - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- ILLINOIS (6.9%) State Educational Facilities Authority, Northwestern University, RB, Mandatory Put 11/01/08 @ 100 (D) 4.950%, 11/01/32 $10,000 $ 10,075 State Health Facilities Authority, Trinity Medical Center Project, RB, Callable 07/01/02 @ 102 (FSA) 7.000%, 07/01/12 2,000 2,229 ---------- 12,304 ---------- INDIANA (2.1%) State, Office Building Commission, Capital Complex, Ser C, RB (MBIA) 7.400%, 07/01/15 3,000 3,799 ---------- MARYLAND (1.8%) Baltimore, Metropolitan District, GO, Callable 07/01/02 @ 102 5.900%, 07/01/04 1,000 1,080 Montgomery County, Ser A, GO 5.100%, 04/01/99 2,000 2,031 ---------- 3,111 ---------- MASSACHUSETTS (8.3%) Boston, City Hospital Project, RB, Pre-Refunded 02/15/98 @ 100 (FHA) (F) 7.650%, 02/15/10 1,270 1,408 Commonwealth, GO (C) 3.950%, 12/01/97 7,060 7,060 Commonwealth, Special Obligation, Ser A, RB 5.500%, 06/01/12 4,000 4,217 5.500%, 06/01/13 2,000 2,103 ---------- 14,788 ---------- - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- MISSOURI (1.7%) St. Louis, Water Utility Improvements, RB, Callable 07/01/04 @ 102 (FGIC) 5.950%, 07/01/06 $1,170 $ 1,281 State Health & Educational Facilities Authority, Health Care Projects, Ser B, RB, Callable 06/01/00 @ 102 (ETM) (MBIA) (F) 7.000%, 06/01/05 1,500 1,663 ---------- 2,944 ---------- NEBRASKA (1.2%) Omaha, Public Power & Electric Authority, Ser A, RB, Pre-Refunded 02/01/02 @ 101.5 (F) 6.500%, 02/01/17 2,000 2,191 ---------- NEVADA (0.7%) State, Colorado River Commission, Power Delivery, Ser A, GO 7.000%, 09/15/07 1,120 1,327 ---------- NEW JERSEY (1.7%) State Building Authority, RB 6.000%, 06/15/07 1,355 1,497 State Turnpike Authority, Ser A, RB (AMBAC) 5.600%, 01/01/00 1,500 1,545 ---------- 3,042 ---------- NEW MEXICO (1.8%) Santa Fe, Utility Revenue, Ser A, RB (AMBAC) 8.000%, 06/01/07 2,520 3,158 ---------- 36 ================================================================================ (UNAUDITED) - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- NEW YORK (9.0%) State, Pre-Refunded 03/01/00 @ 102 (AMBAC) (F) 7.100%, 03/01/20 $1,650 $ 1,788 State Dormitory Authority, RB, Callable 07/01/14 @ 100 (FSA) 5.750%, 07/01/18 1,800 1,943 State, Municipal Assistance, City of New York, Ser L, RB 6.000%, 07/01/07 1,970 2,172 State Thruway Authority, Highway & Bridge, RB, Pre-Refunded 04/01/02 @ 101 (F) 6.250%, 04/01/07 3,500 3,797 State, Urban Development, Correctional Facilities, RB, Callable 01/01/03 @ 102 (AMBAC) 5.625%, 01/01/07 2,300 2,430 State, Urban Development, Correctional Facilities, Ser 6, RB 6.000%, 01/01/06 3,550 3,811 ---------- 15,941 ---------- NORTH CAROLINA (0.6%) State Municipal Power Agency, Catawba Electric, RB (MBIA) 6.000%, 01/01/10 1,000 1,099 ---------- OHIO (3.1%) Columbus, Limited Tax, Ser 1, GO 5.000%, 06/15/08 2,790 2,873 Columbus, Limited Tax, Ser 1, GO, Callable 06/15/08 @ 101 5.000%, 06/15/17 1,510 1,493 - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- OHIO--CONTINUED State Water Development Authority, Community Assistance, RB (AMBAC) 6.000%, 06/01/07 $1,035 $ 1,142 ---------- 5,508 ---------- PENNSYLVANIA (8.3%) Allegheny County, Pittsburgh International Airport, Ser A, RB (MBIA) 5.500%, 01/01/05 7,400 7,799 5.750%, 01/01/11 2,500 2,659 5.750%, 01/01/13 4,000 4,241 ---------- 14,699 ---------- SOUTH DAKOTA (1.8%) State Health & Educational Facility Authority, St. Lukes Midland Regional Medical, RB, Callable 07/01/01 @ 102 (MBIA) 6.625%, 07/01/11 3,000 3,239 ---------- TENNESSEE (6.0%) Metropolitan Nashville Airport, Ser C, RB, Callable 07/01/01 @ 102 (FGIC) 6.600%, 07/01/15 3,900 4,235 Shelby County, GO, Pre-Refunded 12/01/00 @ 102 (F) 6.250%, 12/01/09 2,000 2,156 State, GO 5.000%, 05/01/99 4,220 4,283 ---------- 10,674 ---------- TEXAS (9.6%) Harris County, Health Facilities Development, Memorial Hospital System, Ser A, RB, Pre-Refunded 06/01/04 @ 102 (F) 6.625%, 06/01/24 5,860 6,629 37 SCHEDULE OF INVESTMENTS/STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 INVESTMENT GRADE TAX-EXEMPT BOND FUND--CONCLUDED - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- TEXAS--CONTINUED Houston, Water & Sewer System, Junior Lien, Ser A, RB, Pre-Refunded 12/01/05 @ 100 (MBIA) (F) 6.200%, 12/01/25 $2,000 $ 2,227 North Central, Health Facility Development, Health Resources System, Ser B, RB, Callable 02/15/08 @ 102 (MBIA) 5.750%, 02/15/13 2,120 2,234 State, Water Development Board, Revolving Fund, Senior Lien, RB, Callable 07/15/02 @ 102 6.000%, 07/15/03 2,000 2,166 Tarrant County, Health Facilities Development, Health Resources System, Ser A, RB (MBIA) 5.750%, 02/15/15 2,565 2,733 University of Texas, Ser B, RB 6.300%, 08/15/99 1,000 1,037 ---------- 17,026 ---------- UTAH (3.8%) State, Intermountain Power Agency, Power Supply, Ser A, RB (AMBAC) 6.500%, 07/01/11 1,500 1,733 State, Intermountain Power Agency, Power Supply, Ser E, RB (FSA) 6.250%, 07/01/08 3,000 3,374 6.250%, 07/01/09 1,545 1,748 ---------- 6,855 ---------- VIRGINIA (2.9%) Commonwealth, Transportation Board, Northern Virginia Transportation District, Ser B, RB, Callable 05/15/07 @ 101 7.250%, 05/15/20 4,315 5,172 ---------- - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- WASHINGTON (3.9%) Grant County, Quincy School District, GO (FGIC) 6.000%, 12/01/08 $1,000 $ 1,112 State, Ser B, GO, Callable 05/01/04 @ 100 5.750%, 05/01/14 5,600 5,831 ---------- 6,943 ---------- WISCONSIN (0.9%) Milwaukee County, Ser A, GO (MBIA) 5.250%, 10/01/03 1,550 1,621 ---------- Total Municipal Bonds (Cost $177,902) 179,870 ---------- CASH EQUIVALENTS (1.5%) AIM Management Institutional Tax-Free 2,647 2,647 SEI Tax Exempt Trust Institutional Tax-Free Portfolio 83 83 ---------- Total Cash Equivalents (Cost $2,730) 2,730 ---------- Total Investments (102.6% of Net Assets) (Cost $180,632) 182,600 ---------- THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 38 ================================================================================ (UNAUDITED) FLORIDA TAX-EXEMPT BOND FUND - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- MUNICIPAL BONDS (98.5%) FLORIDA (91.8%) Alachua County, State Health Facilities Authority, Shands Teaching Hospital, Ser B, RB, VRDN (MBIA) (C) (D) 3.850%, 12/01/26 $ 300 $ 300 Brevard County, School Board, Ser A, COP (AMBAC) 5.400%, 07/01/12 1,500 1,577 Broward County, School District, COP, Callable 07/01/07 @ 101 (AMBAC) 5.100%, 07/01/09 1,465 1,498 Broward County, School District, GO, Pre-Refunded 02/15/99 @ 102 (F) 7.125%, 02/15/08 400 423 Brevard County, State Health Facilities Authority, Holmes Medical Center Project, RB, Callable 10/01/03 @ 102 (MBIA) 5.700%, 10/01/08 3,000 3,197 Brevard County, State Health Facilities Authority, Wuesthoff Memorial Hospital Project, RB (MBIA) 6.250%, 04/01/06 930 1,040 Citrus County, Pollution Control, Florida Power, RB Callable 08/01/02 @ 102 6.350%, 02/01/22 335 358 Dade County, Aviation Revenue, Ser A, RB, Callable 10/01/05 @ 102 (AMBAC) 6.000%, 10/01/09 500 548 Dade County, Ser CC, GO (AMBAC) 7.125%, 10/01/11 1,810 2,217 - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- FLORIDA--CONTINUED Dade County, School Board, Ser B, COP (AMBAC) 5.750%, 08/01/03 $ 600 $ 643 Dade County, School District, GO, Pre-Refunded 07/01/99 @ 102 (F) 7.200%, 07/01/02 2,000 2,136 7.375%, 07/01/08 250 268 Dade County, Seaport, RB (MBIA) 6.200%, 10/01/08 750 849 6.500%, 10/01/09 1,000 1,159 6.200%, 10/01/10 1,000 1,131 Dade County, State Educational Facilities Authority, University of Miami, RB, Callable 04/01/06 @ 102 (MBIA) 5.750%, 04/01/20 2,000 2,082 Dade County, State Educational Facilities Authority, University of Miami, Ser A, RB (MBIA) 6.000%, 04/01/08 755 835 Dade County, Water & Sewer System, RB (FGIC) 6.250%, 10/01/09 750 852 Deerfield Beach, Water & Sewer Revenue, RB (FGIC) 6.125%, 10/01/06 250 279 Gainesville, Utility Systems, Ser A, RB 5.750%, 10/01/04 1,300 1,406 5.750%, 10/01/09 500 548 Gulf Breeze, Local Government Lien, Ser B, RB, Mandatory Tender 12/01/08 (FGIC) 5.650%, 12/01/15 460 493 Gulf Breeze, Local Government Lien, Ser B, RB, Mandatory Tender 12/01/09 (FGIC) 5.750%, 12/01/15 410 441 39 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 FLORIDA TAX-EXEMPT BOND FUND--CONTINUED - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- FLORIDA--CONTINUED Hillsborough County, Aviation Authority, Tampa International Airport, Ser B, RB, Callable 10/01/06 @ 101 (AMBAC) 5.125%, 10/01/17 $1,250 $ 1,231 Hillsborough County, Capital Improvement Program, RB (FGIC) (ETM) 5.900%, 08/01/04 300 326 Hillsborough County, Capital Improvement Program, Ser B, RB, Callable 07/01/06 @102 (MBIA) 5.125%, 07/01/22 3,000 2,936 Hillsborough County, School Board Revenue, COP, Callable 07/01/06 @ 100 (MBIA) 5.875%, 07/01/08 1,000 1,082 Hillsborough County, University Community Hospital, RB (MBIA) 6.500%, 08/15/19 145 170 Indian Trace Community, Water Management Split Benefit, Ser A-1, RB, Callable 05/01/05 @ 102 (MBIA) 5.500%, 05/01/07 455 486 Jacksonville, Excise Tax, Ser B, RB, AMT, Callable 10/01/03 @ 100 (FGIC) 5.200%, 10/01/04 1,500 1,554 Jacksonville, State Health Facilities Authority, Charity Obligation Group, Ser A, RB , Callable 08/15/07 @ 101 5.125%, 08/15/27 1,000 970 Jacksonville, State Health Facilities Authority, Charity Obligation Group, Ser A, RB , Callable 08/15/07 @ 101 (MBIA) 5.250%, 08/15/15 2,000 2,016 - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- FLORIDA--CONTINUED Jacksonville, Water & Sewer Revenue, RB, Callable 10/01/06 @ 102 (MBIA) 5.000%, 10/01/20 $ 610 $ 633 Lakeland, Electric & Water Revenue, RB 6.650%, 10/01/98 100 102 Lakeland, Electric & Water Revenue, RB (FGIC) 6.500%, 10/01/05 1,000 1,136 6.000%, 10/01/07 1,000 1,111 Manatee County, Community Redevelopment Administration, Center Project, RB, Callable 04/01/00 @ 102 (MBIA) 7.000%, 04/01/08 1,000 1,078 Martin County, State Health Facilities Authority, Martin Memorial Medical Center, Ser B, RB, Callable 11/15/07 @ 102 (MBIA) 5.150%, 11/15/11 1,070 1,084 North Broward, Hospital District Revenue, RB (MBIA) 5.950%, 01/01/01 1,000 1,053 Orange County, State Health Facilities Authority, Orlando Regional Healthcare, RB (MBIA) 6.250%, 10/01/13 1,000 1,134 Orange County, State Housing Finance Authority, Single Family Mortgage, Ser B, RB, Callable 9/01/07 @ 102 5.800%, 09/01/17 760 779 Orange County, Public Facilities Revenue, Ser A, RB, Callable 10/01/04 @ 102 (AMBAC) 5.650%, 10/01/07 200 215 40 ================================================================================ (UNAUDITED) - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- FLORIDA--CONTINUED Orlando, Community Water & Electric Revenue, RB (ETM) 9.625%, 10/01/03 $ 450 $ 570 Orlando, Community Water & Electric Revenue, Ser D, RB 6.750%, 10/01/17 500 601 Osceola County, COP (AMBAC) 6.250%, 06/01/01 1,760 1,882 6.250%, 06/01/04 2,105 2,328 6.250%, 06/01/05 2,240 2,498 Palm Beach, Solid Waste Authority, Ser A, RB (AMBAC) 6.000%, 10/01/09 1,000 1,114 Palm Beach, State Health Facilities Authority, JFK Medical Center Project, RB, Pre-Refunded 12/01/03 @ 102 (FSA) 5.750%, 12/01/14 165 179 Palm Beach County, Apartment System, RB, Callable 10/01/01 @ 102 (MBIA) 7.625%, 10/01/04 1,410 1,598 Pinellas County, Morton Plant Health Systems Project, RB, Callable 11/15/03 @ 102 (MBIA) 5.500%, 11/15/08 1,500 1,577 Pinellas County, State Housing Finance Authority, Single Family Mortgage, Ser C, RB, Callable 03/01/07 @ 102 5.050%, 09/01/07 215 218 5.100%, 09/01/08 230 233 Plant City, Utility System Revenue, RB, Callable 10/01/04 @ 101 (MBIA) 6.000%, 10/01/15 400 446 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- FLORIDA--CONTINUED Port Saint Lucie, RB, Callable 09/01/07 @ 101 (MBIA) 5.125%, 09/01/27 $1,000 $ 977 Reedy Creek, Utility Revenue, Ser 1991-1, RB, Pre-Refunded 10/01/01 @ 101 (MBIA) (F) 6.250%, 10/01/11 240 259 South Broward, Hospital District, RB, Callable 05/01/03 @ 102 (AMBAC) 7.500%, 05/01/08 1,920 2,217 State Board of Education, Ser B, GO, Callable 06/01/01 @ 101 6.000%, 06/01/22 500 525 State Board of Education, Ser C, GO, Pre-Refunded 06/01/97 @ 102 (ETM) (F) 7.100%, 06/01/07 190 203 State Board of Education, Capital Outlay, Ser A, GO, Pre-Refunded 06/01/00 @ 102 (F) 7.250%, 06/01/23 2,095 2,291 State Board of Education, Capital Outlay, Ser B, GO (F) 6.000%, 06/01/02 1,000 1,067 State Board of Education, Capital Outlay, Ser B, GO, Callable 06/01/02 @ 101 5.900%, 06/01/12 450 472 6.000%, 06/01/15 170 180 State Board of Finance Department, General Services Revenue, Environmental Preservation 2000, Ser A, RB (AMBAC) 5.300%, 07/01/04 460 485 5.125%, 07/01/07 1,000 1,041 41 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 FLORIDA TAX-EXEMPT BOND FUND--CONCLUDED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- FLORIDA--CONTINUED State Board of Finance Department, General Services Revenue, Environmental Preservation 2000, Ser B, RB (AMBAC) 6.000%, 07/01/09 $3,000 $ 3,343 State Department of Natural Resources, Preservation 2000 Project, Ser A, RB, Pre-Refunded 07/01/01 @ 102 (AMBAC) (F) 6.750%, 07/01/06 80 88 State Department of Transportation, Right of Way, GO 6.000%, 07/01/06 2,000 2,212 State Department of Transportation, Turnpike Authority, Ser A, RB (AMBAC) 5.500%, 07/01/03 1,000 1,059 State Keys, Aqueduct Authority Revenue, RB, Pre-Refunded 09/01/01 @ 101 (AMBAC) 6.750%, 09/01/21 170 186 State Municipal Power Agency, Saint Lucie Project, RB, Callable 12/08/97 @ 100 5.000%, 10/01/17 500 494 Tallahassee Construction Utility System, Pre-Refunded 10/01/99 @ 102 (F) 6.900%, 10/01/14 240 257 Tampa, RB, Callable 10/01/01 @ 102 (AMBAC) 7.050%, 10/01/07 1,000 1,109 ------- 75,085 ------- - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- PUERTO RICO (6.7%) Commonwealth, GO (MBIA) 5.650%, 07/01/15 $1,000 $ 1,072 Commonwealth, Highway & Transportation Authority, Ser Z, RB (MBIA) 6.250%, 07/01/14 2,000 2,277 Electric Power Authority, RB (MBIA) 6.125%, 07/01/09 1,000 1,124 Electric Power Authority, Ser S, RB 5.500%, 07/01/00 200 207 Public Buildings Authority Revenue, Guaranteed Government Facilities, Ser A, RB (AMBAC) 6.250%, 07/01/14 750 854 ------- 5,534 ------- Total Municipal Bonds (Cost $78,274) 80,619 ------- CASH EQUIVALENTS (1.8%) AIM Management Institutional Tax-Free Portfolio 202 202 SEI Tax-Exempt Trust Institutional Tax-Free Portfolio 1,226 1,226 ------- Total Cash Equivalents (Cost $1,428) 1,428 ------- Total Investments (100.3%) (Cost $79,702) 82,047 ------- OTHER ASSETS AND LIABILITIES, NET (-0.3%) (227) ------- 42 ================================================================================ (UNAUDITED) - -------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 6,888,765 outstanding shares of beneficial interest $70,732 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 300,276 outstanding shares of beneficial interest 2,962 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 554,894 outstanding shares of beneficial interest 5,749 Accumulated net realized gain on investments 32 Net unrealized appreciation on investments 2,345 ------- Total Net Assets (100.0%) $81,820 ======= - -------------------------------------------------------------- VALUE - -------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 10.56 ======= Net Asset Value and Redemption Price Per Share -- Investor Shares $ 10.57 ======= Maximum Offering Price Per Share -- Investor Shares ($10.57 / 96.25%) $ 10.98 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 10.58 ======= (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 43 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 TENNESSEE TAX-EXEMPT BOND FUND - --------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - --------------------------------------------------------------- MUNICIPAL BONDS (88.2%) PUERTO RICO (11.3%) Commonwealth, GO, Callable 07/01/05 @ 100 (MBIA) 5.500%, 07/01/13 $175 $ 180 Commonwealth, Highway & Transportation Authority, Ser Z, RB (MBIA) 6.250%, 07/01/15 500 571 ------- 751 ------- TENNESSEE (76.9%) Chattanooga, GO, Callable 08/01/02 @ 102 5.900%, 08/01/05 50 54 Chattanooga, Health Facilities Board, Memorial Hospital Project, Ser A, RB (MBIA) 6.300%, 09/01/05 20 22 Chattanooga-Hamilton County, Erlanger Medical Center Project, RB (FSA) 5.600%, 10/01/08 50 54 Hamilton County, GO, Callable 07/01/04 @ 102 5.500%, 07/01/08 100 105 Harpeth Valley, Utility District Revenue, RB, Callable 09/01/03 @ 102 5.625%, 09/01/07 100 106 Jackson, Water & Sewer Utilities Revenue, RB, Callable 07/01/06 @ 100 (AMBAC) 5.250%, 07/01/11 200 203 Johnson City, Water & Sewer Regulation System, GO, Callable 05/01/06 @ 100 (AMBAC) 5.800%, 05/01/09 100 107 - ---------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------------- TENNESSEE--CONTINUED Kingsport, GO 5.500%, 09/01/02 $ 50 $ 53 Knox County, First Utility District Sewer Revenue, RB, Callable 12/01/97 @ 100 (ETM) 7.250%, 12/01/05 55 65 Knox County, Health Facilities Board, Mercy Health Systems, Ser B, RB, Callable 09/01/05 @ 100 (AMBAC) 5.875%, 09/01/15 50 52 Knoxville, Natural Gas Revenue, Ser E, RB, Callable 03/01/03 @ 100 5.900%, 03/01/10 100 105 Madison County, Ser A, GO, Callable 08/01/01 @ 102 6.000%, 08/01/05 40 43 Madison County, Water Revenue, RB, Callable 02/01/08 @ 100 (MBIA) 5.500%, 02/01/09 250 263 Memphis-Shelby County, Airport Authority, RB, Callable 09/01/05 @ 100 (MBIA) 5.550%, 09/01/08 50 52 Memphis-Shelby County, Airport Authority, Ser B, RB, AMT (MBIA) 6.500%, 02/15/09 85 97 Metro Government, Nashville & Davidson County, Convention Center Project, GO (ETM) 6.250%, 03/01/10 200 225 Metro Government, Nashville & Davidson County, Correctional Facility Improvements, RB, Callable 09/01/01 @ 102 7.000%, 09/01/11 100 109 44 ================================================================================ (UNAUDITED) - --------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - --------------------------------------------------------------- TENNESSEE--CONTINUED Metro Government, Nashville & Davidson County, Electric System Revenue, RB 5.625%, 05/15/14 $200 $ 209 Metro Government, Nashville & Davidson County, Electric System Revenue, RB (ETM) 6.000%, 07/01/04 100 109 Metro Government, Nashville & Davidson County, Vanderbilt University Hospital, RB, Callable 07/01/06 @ 100 (ETM) 6.100%, 07/01/10 100 109 Metro Government, Nashville & Davidson County, Vanderbilt University, Ser A, RB 5.500%, 01/01/06 125 133 Metro Government, Nashville & Davidson County, Water & Sewer Revenue, RB (ETM) 6.500%, 12/01/14 225 261 Metro Government, Nashville & Davidson County, Water & Sewer Revenue, RB, Callable 01/01/04 @ 100 (AMBAC) 5.900%, 01/01/07 100 106 Metro-Nashville, Airport Authority, Special Facilities-American Airlines Project, Ser A, RB (C) 3.850%, 10/01/12 400 400 Nashville & Davidson County, State Sports Authority Stadium Project, RB, Callable 07/01/06 @ 101 (AMBAC) 5.750%, 07/01/15 100 105 Shelby County, Ser A, GO 5.500%, 03/01/10 300 318 Shelby County, School Boards, GO, Callable 03/01/02 @ 101 5.800%, 03/01/10 300 319 - --------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - --------------------------------------------------------------- TENNESSEE--CONTINUED State GO, Ser A, Callable 03/01/07 @ 100 5.500%, 03/01/09 $ 50 $ 53 State GO, Ser C 5.000%, 03/01/04 100 104 State Housing Development Agency, Ser A, RB (AMBAC) 6.550%, 01/01/08 50 52 State Housing Development Agency, Homeownership Program-Issue 3a, RB, AMT (A) 0.000%, 07/01/05 1,000 690 State Local Development Authority, State Loan Program, Ser A, RB, Callable 03/01/04 @ 100 7.000%, 03/01/12 50 55 State Metropolitan Nashville Airport, Ser B, RB, Pre-Refunded 07/01/01 @ 102 (FGIC) (F) 7.750%, 07/01/06 100 113 State School Board Authority, Higher Education Facilities, Ser A, RB, Callable 05/01/02 @ 101.50 5.800%, 05/01/04 150 160 Sullivan County, Health Facilities Board, Holston Valley Health, RB, Callable 02/15/03 @ 102 (MBIA) 5.750%, 02/15/13 50 52 Williamson County, Rural School, GO, Callable 09/01/06 @ 100 5.400%, 09/01/07 50 53 ------- 5,116 ------- Total Municipal Bonds (Cost $5,617) 5,867 ------- 45 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 TENNESSEE TAX-EXEMPT BOND FUND--CONCLUDED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- CASH EQUIVALENTS (9.3%) AIM Management Institutional Tax-Free Portfolio $323 $ 323 SEI Tax-Exempt Trust Institutional Tax-Free Portfolio 299 299 ------ Total Cash Equivalents (Cost $622) 622 ------ REPURCHASE AGREEMENT (1.7%) Lehman Brothers 5.12%, dated 11/28/97, matures 12/01/97, repurchase price $113,482 (collateralized by U.S. Treasury Note: market value $116,824) 113 113 ------ Total Repurchase Agreement (Cost $113) 113 ------ Total Investments (99.2%) (Cost $6,352) 6,602 ------ OTHER ASSETS AND LIABILITIES, NET (0.8%) 51 ------ NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 210,251 outstanding shares of beneficial interest 1,963 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 133,860 outstanding shares of beneficial interest 1,256 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 331,061 outstanding shares of beneficial interest 3,189 Accumulated net realized loss on investments (5) Net unrealized appreciation on investments 250 ------ Total Net Assets (100.0%) $6,653 ====== - -------------------------------------------------------------- VALUE - -------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 9.85 ====== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 9.87 ====== Maximum Offering Price Per Share -- Investor Shares ($9.87 / 96.25%) $10.25 ====== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 9.85 ====== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 46 ================================================================================ (UNAUDITED) GEORGIA TAX-EXEMPT BOND FUND - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- MUNICIPAL BONDS (92.4%) GEORGIA (92.4%) Albany-Dougherty County, State Hospital Authority, Ser B, Anticipation Certificate, Pre-Refunded 09/01/00 @ 102 (AMBAC) (F) 7.500%, 09/01/20 $ 255 $ 282 Athens, Water & Sewer Revenue, RB (ETM) (F) 5.700%, 07/01/00 165 171 Atlanta, Airport Facility, RB (AMBAC) 6.000%, 01/01/03 500 538 6.000%, 01/01/04 500 543 6.500%, 01/01/06 1,000 1,131 Augusta, Water & Sewer, RB, Callable 05/01/02 @ 102 6.200%, 05/01/03 130 142 Bibb County, GO 7.000%, 01/01/04 985 1,119 Bulloch County, Georgia School District, GO, Callable 02/01/07 @ 102 5.250%, 02/01/17 1,000 1,010 Clayton County, Water Authority, RB, Callable 05/01/06 @ 102 (AMBAC) 5.350%, 05/01/09 1,500 1,567 Cobb County, GO 5.000%, 02/01/03 1,025 1,056 Cobb County, Recreational Facilities Improvements, GO, Callable 01/01/07 @ 101 5.125%, 01/01/15 850 850 Cobb County, Water & Sewer Authority, Callable 07/01/04 @ 102 5.125%, 07/01/05 345 359 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- GEORGIA--CONTINUED Cobb County & Marietta, Coliseum & Exhibit Hall Authority, RB (MBIA) 5.500%, 10/01/12 $ 940 $ 993 Cobb County & Marietta, Water Authority, RB 5.100%, 11/01/04 1,000 1,043 Columbus, Georgia Water & Sewer, RB, Callable 11/01/07 @ 102 (FGIC) 5.625%, 05/01/13 1,055 1,106 Dalton-Whitfield County, Hospital Authority, RB, Pre-Refunded 07/01/00 @ 102 (F) 7.000%, 07/01/03 355 386 DeKalb County, Development Authority, Emory University Project, Ser A, RB 5.375%, 11/01/05 1,650 1,746 DeKalb County, Development Authority, Emory University Project, Ser A, RB, Callable 11/01/05 @ 101 5.200%, 11/01/08 500 519 DeKalb County, School District, Ser A, GO 6.250%, 07/01/11 1,500 1,699 Douglas County, School District, GO (MBIA) 5.650%, 01/01/09 805 853 Douglasville-Douglas County, Water & Sewer Authority, RB (AMBAC) 5.625%, 06/01/15 350 372 East Point, Building Authority, RB, Callable 02/01/06 @ 102 (AMBAC) 4.800%, 02/01/07 535 540 47 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 GEORGIA TAX-EXEMPT BOND FUND--CONTINUED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- GEORGIA--CONTINUED Fayette County, School District, GO 6.250%, 03/01/07 $ 450 $ 505 Fayette County, Water Authority, RB (MBIA) (ETM) 8.550%, 10/01/01 300 345 Forsyth County, School District, GO 6.500%, 07/01/06 1,000 1,138 Forsyth County, School District, GO (MBIA) 5.350%, 07/01/10 680 704 Fulton County, Hospital Authority, Northside Hospital Project, Ser B, RB, Pre-Refunded 10/01/02 @ 102 (MBIA) (F) 6.600%, 10/01/11 2,000 2,228 Gwinnett County, Recreation Authority, RB 5.800%, 02/01/06 785 853 5.875%, 02/01/07 1,390 1,520 Gwinnett County, School District, GO 6.400%, 02/01/06 500 564 Gwinnett County, School District, Ser B, GO 6.400%, 02/01/07 1,000 1,134 Gwinnett County, Water & Sewer Authority, Water Utility Improvements, Callable 08/01/07 @102, RB 5.250%, 08/01/18 780 786 Hall County, School District, Ser B, GO 6.300%, 12/01/05 675 752 Hartwell, Combined Utility Revenue, RB, Callable 01/01/06 @ 102 (FSA) 5.500%, 01/01/16 1,000 1,024 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- GEORGIA--CONTINUED Henry County, GO 6.300%, 08/01/08 $ 300 $ 340 Henry County, Hospital Authority, Henry Medical Center Project, RB (AMBAC) 5.500%, 07/01/07 2,460 2,620 Henry County, School District, Ser A, GO 6.150%, 08/01/06 150 167 6.450%, 08/01/11 500 573 Henry County, School District, Ser B, GO (MBIA) 5.500%, 08/01/01 350 366 Henry County, Water & Sewer Authority, RB (AMBAC) 6.150%, 02/01/20 1,750 2,000 Medical Center Hospital Authority, Columbus Regional Healthcare System, Callable 08/01/05 @ 102, RB (MBIA) 6.000%, 08/01/06 1,000 1,103 Meriwether County, School District, GO (FSA) 7.000%, 02/01/06 740 864 5.500%, 02/01/16 1,000 1,026 Milledgeville, Water & Sewer Revenue, RB (FSA) 6.000%, 12/01/16 1,000 1,109 6.000%, 12/01/21 1,000 1,118 Paulding County, School District, Ser A, GO 6.625%, 02/01/07 1,000 1,146 6.625%, 02/01/08 500 577 Private Colleges & Universities Facilities Authority, Emory University Project, Ser A, RB, Callable 11/01/07 @ 100 5.000%, 11/01/10 1,000 1,005 48 ================================================================================ (UNAUDITED) - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- GEORGIA--CONTINUED Private Colleges & Universities Facilities Authority, Emory University Project, Ser C, RB, Callable 10/01/02 @ 102 5.900%, 10/01/04 $ 305 $ 330 Private Colleges & Universities Facilities Authority, Mercer University Project, RB (MBIA) 6.400%, 11/01/01 500 575 Private Colleges & Universities Facilities Authority, Spelman College Project, RB (FGIC) 6.000%, 06/01/09 475 508 Richmond County, Water & Sewer Revenue, Ser A, RB (FGIC) 5.125%, 10/01/17 1,000 988 Rockdale County, School District, RB, Pre-Refunded 01/01/99 @ 102 (F) 6.400%, 01/01/05 150 157 Savannah, Water & Sewer Revenue, RB (ETM) (F) 6.450%, 12/01/04 1,000 1,119 Smyrna, Development Authority, RB 5.600%, 02/01/20 735 777 State GO, Ser C 6.500%, 04/01/08 1,000 1,151 6.250%, 08/01/08 1,360 1,543 State Housing & Financial Authority, Single Family Mortgage, Ser B, Sub-ser B-1, Callable 06/01/05 @ 102, RB 5.550%, 12/01/07 550 575 State Housing & Financial Authority, Single Family Mortgage, Ser B, Sub-ser B-1, Callable 06/01/06 @ 102, RB (FHA) 5.550%, 12/01/10 325 333 5.600%, 12/01/11 450 462 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- GEORGIA--CONTINUED State Housing & Financial Authority, Single Family Mortgage, Ser C, Sub-ser C-1, Callable 12/01/07 @ 101.5, RB 5.550%, 12/01/16 $ 500 $ 505 State Municipal Electric Authority, Callable 01/12/98 @ 101, RB (ETM) (F) 8.000%, 01/01/15 465 611 Upper Oconee Basin, Water Authority, RB (FGIC) 5.000%, 07/01/12 500 498 Vidalia, Water & Sewer Revenue, RB (ETM) (F) 6.000%, 07/01/07 605 670 Walker County, School District, GO 5.000%, 02/01/03 1,000 1,030 ------- 55,424 ------- Total Municipal Bonds (Cost $53,887) 55,424 ------- REPURCHASE AGREEMENT (3.6%) Lehman Brothers 5.12%, dated 11/28/97, matures 12/01/97, repurchase price $2,181,260 (collateralized by U.S. Treasury Note: market value $2,245,304) 2,180 2,180 ------- Total Repurchase Agreement (Cost $2,180) 2,180 ------- CASH EQUIVALENTS (9.2%) AIM Management Institutional Tax-Free Portfolio 2,767 2,767 49 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 GEORGIA TAX-EXEMPT BOND FUND--CONCLUDED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- CASH EQUIVALENTS--CONTINUED SEI Tax-Exempt Trust Institutional Tax-Free Portfolio $2,760 $ 2,760 ------- Total Cash Equivalents (Cost $5,527) 5,527 ------- Total Investments (105.2%) (Cost $61,594) 63,131 ------- OTHER ASSETS AND LIABILITIES (-5.2%) Investment securities purchased payable (3,844) Other assets and liabilities, net 707 ------- TOTAL OTHER ASSETS AND LIABILITIES (3,137) ------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 5,021,018 outstanding shares of beneficial interest 48,761 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 380,916 outstanding shares of beneficial interest 3,716 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 606,617 outstanding shares of beneficial interest 5,920 Accumulated net realized gain on investments 60 Net unrealized appreciation on investments 1,537 ------- Total Net Assets (100.0%) $59,994 ======= - -------------------------------------------------------------- VALUE - -------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 9.98 ======= Net Asset Value and Redemption Price Per Share -- Investor Shares $ 10.00 ======= Maximum Offering Price Per Share -- Investor Shares ($10.00 / 96.25%) $ 10.39 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 9.98 ======= (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 50 ================================================================================ (UNAUDITED) INVESTMENT GRADE BOND FUND - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (28.2%) U.S. Treasury Bonds 7.500%, 11/15/16 $46,000 $ 53,032 8.125%, 08/15/19 94,500 116,886 6.375%, 08/15/27 32,800 34,099 U.S. Treasury Note 7.250%, 08/15/04 11,000 11,829 -------- Total U.S. Treasury Obligations (Cost $199,229) 215,846 -------- CORPORATE OBLIGATIONS (55.2%) FINANCE (34.1%) American General Finance 6.875%, 07/01/99 13,000 13,146 Aristar 6.750%, 05/15/99 23,000 23,201 General Motors Acceptance 7.125%, 05/01/01 23,500 24,088 General Motors Acceptance, MTN 6.250%, 01/16/01 6,900 6,900 6.750%, 11/04/04 21,000 21,210 Great Western Financial 8.600%, 02/01/02 9,800 10,511 Homeside Lending, MTN 6.875%, 05/15/00 26,850 27,119 Household Finance, MTN 7.150%, 06/15/00 6,000 6,120 7.050%, 06/06/01 7,000 7,175 Korea Development Bank 7.125%, 09/17/01 11,500 11,011 RHG Finance 8.875%, 10/01/05 17,100 19,216 Salomon 6.250%, 10/01/99 16,750 16,750 6.500%, 03/01/00 28,000 28,105 Service International 7.375%, 04/15/04 20,500 21,423 SunAmerica 6.200%, 10/31/99 25,000 25,031 -------- 261,006 -------- - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- INDUSTRIAL (14.8%) American Home Products 7.700%, 02/15/00 $11,750 $ 12,073 7.900%, 02/15/05 21,300 22,977 Ikon Capital, MTN 6.150%, 09/22/99 8,500 8,479 6.730%, 06/15/01 13,000 13,146 Lockheed Martin 6.550%, 05/15/99 16,000 16,060 Philip Morris 7.250%, 09/15/01 24,500 25,051 7.500%, 04/01/04 14,500 15,116 -------- 112,902 -------- UTILITIES (6.3%) AT&T Capital, MTN 6.410%, 08/13/99 26,000 26,098 General Electric Capital, Callable 05/01/00 @ 100 (C) (D) 6.660%, 05/01/18 22,000 22,303 -------- 48,401 -------- Total Corporate Obligations (Cost $417,343) 422,309 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (10.0%) FHLMC 8.000%, 06/01/02 6,962 7,102 7.500%, 09/01/03 17,605 18,001 FNMA 7.000%, 10/01/03 50,803 51,391 -------- Total U.S. Government Agency Obligations (Cost $76,179) 76,494 -------- BANK NOTE (1.9%) Capital One 6.530%, 11/26/99 14,500 14,500 -------- Total Bank Note (Cost $14,500) 14,500 -------- 51 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 INVESTMENT GRADE BOND FUND--CONCLUDED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- REPURCHASE AGREEMENTS (3.8%) Deutsche Bank 5.67%, dated 11/28/97, matures 12/01/97, repurchase price $15,964,660 (collateralized by US Treasury Notes: market value $16,276,891) $15,957 $ 15,957 Salomon Brothers 5.67%, dated 11/28/97, matures 12/01/97, repurchase price $13,021,207 (collateralized by US Government STRIPS: market value $13,295,595) 13,015 13,015 -------- Total Repurchase Agreements (Cost $28,972) 28,972 -------- Total Investments (99.1%) (Cost $736,223) 758,121 -------- OTHER ASSETS AND LIABILITIES, NET (0.9%) 6,664 -------- - -------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 68,792,692 outstanding shares of beneficial interest $711,139 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 3,084,730 outstanding shares of beneficial interest 32,414 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 776,292 outstanding shares of beneficial interest 8,036 Accumulated net realized loss on investments (8,702) Net unrealized appreciation on investments 21,898 -------- Total Net Assets (100.0%) $764,785 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 10.53 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 10.52 ======== Maximum Offering Price Per Share -- Investor Shares ($10.52 / 96.25%) $ 10.93 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 10.53 ======== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 52 ================================================================================ (UNAUDITED) SHORT-TERM BOND FUND - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (28.6%) U.S. Treasury Notes 5.875%, 08/15/98 $1,750 $ 1,752 4.750%, 09/30/98 1,500 1,489 4.750%, 10/31/98 9,000 8,922 5.500%, 02/28/99 4,750 4,735 5.875%, 07/31/99 5,000 5,005 6.375%, 05/15/00 3,000 3,038 7.500%, 11/15/01 250 264 5.750%, 08/15/03 1,000 995 U.S. Treasury STRIPS 0.000%, 08/15/03 1,250 900 0.000%, 11/15/04 8,000 5,335 -------- Total U.S. Treasury Obligations (Cost $32,379) 32,435 -------- CORPORATE OBLIGATIONS (52.8%) FINANCE (29.1%) American Express 6.750%, 06/23/04 3,000 3,060 American General Finance, MTN 6.260%, 10/12/00 2,000 2,000 American General 6.250%, 03/15/03 1,100 1,089 Associates of North America, MTN 5.980%, 12/19/00 1,250 1,241 7.080%, 04/15/03 1,500 1,543 Bankers Trust New York 6.625%, 07/30/99 2,250 2,267 Beneficial, MTN 6.490%, 09/27/00 1,000 1,005 Chrysler Financial 9.500%, 12/15/99 1,000 1,063 Dean Witter Discover, MTN 6.000%, 02/08/01 1,000 971 First Chicago NBD, MTN 6.500%, 11/01/01 2,250 2,258 FFCB, MTN 6.820%, 06/15/01 2,250 2,260 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- FINANCE--CONTINUED FNMA, MTN 5.760%, 02/26/01 $2,100 $ 2,071 Ford Motor Credit 7.000%, 09/25/01 725 743 6.550%, 09/10/02 2,000 2,015 General Electric Capital, Callable & Putable 04/14/98 @ 100 (C) (D) 6.650%, 04/14/08 2,000 2,010 General Motors Acceptance 7.125%, 05/01/01 750 769 HFC Limited 6.000%, 06/30/98 2,000 2,001 Household Finance 9.625%, 07/15/00 1,250 1,350 International Lease Finance, MTN 6.050%, 02/01/00 2,250 2,244 Norwest Financial 7.200%, 04/01/04 1,000 1,043 -------- 33,003 -------- INDUSTRIAL (18.1%) Clark Equipment 9.750%, 03/01/01 1,250 1,358 Dayton Hudson 6.800%, 10/01/01 2,250 2,275 Federal Express 6.250%, 04/15/98 750 750 IBM, MTN 6.037%, 08/07/00 1,250 1,248 Philip Morris (D) 9.000%, 05/15/98 1,500 1,518 Philip Morris 7.500%, 01/15/02 1,250 1,289 RJR Nabisco 6.800%, 09/01/01 1,500 1,513 Sears Roebuck Acceptance, MTN 6.540%, 02/20/03 2,250 2,259 53 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 SHORT-TERM BOND FUND--CONCLUDED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- INDUSTRIAL--CONTINUED Tenneco 10.075%, 02/01/01 $3,000 $ 3,304 TRW, MTN 9.000%, 02/09/01 1,000 1,076 Walt Disney Euro, MTN 6.250%, 06/21/99 4,000 4,000 -------- 20,590 -------- UTILITIES (5.6%) Bellsouth Savings 9.125%, 07/01/03 1,885 2,051 Indiana & Michigan Power, MTN 6.400%, 03/01/00 2,250 2,258 NYNEX Credit, MTN 6.900%, 06/15/99 2,000 2,023 -------- 6,332 -------- Total Corporate Obligations (Cost $59,522) 59,925 -------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (5.4%) FFCB, Callable 11/06/98 @ 100 6.330%, 11/06/00 2,500 2,499 FHLMC 6.500%, 04/01/98 575 579 8.000%, 01/01/00 751 768 FHLMC (C) 5.375%, 04/13/00 1,000 979 FNMA, Callable 04/13/98 @ 100 8.500%, 11/01/01 1,248 1,288 -------- Total U.S. Agency Mortgage- Backed Obligations (Cost $6,068) 6,113 -------- - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- ASSET-BACKED SECURITIES (9.8%) Arcadia Auto Receivables Trust, Ser 1997-B, Cl A3 6.300%, 07/16/01 $2,500 $ 2,509 Discover Card Master Trust, Ser 1997-2, Cl A 6.792%, 04/16/10 3,000 3,005 Iroquois Trust, Ser 1997-3, Cl A (B) 6.680%, 11/10/03 2,500 2,510 Premier Auto Trust, Ser 1997-2, Cl A3 6.130%, 09/06/00 1,500 1,515 Union Pacific Equipment Trust, Ser 96-A 7.060%, 05/15/03 1,500 1,547 -------- Total Asset-Backed Securities (Cost $10,996) 11,086 -------- CASH EQUIVALENT (2.5%) SEI Daily Income Trust Prime Obligation Portfolio 2,822 2,822 -------- Total Cash Equivalent (Cost $2,822) 2,822 -------- Total Investments (99.1%) (Cost $111,787) 112,381 -------- OTHER ASSETS AND LIABILITIES, NET (0.9%) 1,005 -------- 54 ================================================================================ (UNAUDITED) - -------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 10,988,524 outstanding shares of beneficial interest $109,412 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 193,964 outstanding shares of beneficial interest 1,940 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 135,411 outstanding shares of beneficial interest 1,357 Undistributed net investment income 9 Accumulated net realized gain on investments 74 Net unrealized appreciation on investments 594 -------- Total Net Assets (100.0%) $113,386 ======== - -------------------------------------------------------------- VALUE - -------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 10.02 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 10.04 ======== Maximum Offering Price Per Share -- Investor Shares ($10.04 / 98.00%) $ 10.24 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 10.03 ======== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 55 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 SHORT-TERM U.S. TREASURY SECURITIES FUND - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (96.0%) U.S. Treasury Bond 6.000%, 08/15/99 $2,500 $ 2,508 U.S. Treasury Notes 5.500%, 11/15/98 1,600 1,596 8.875%, 02/15/99 4,200 4,350 6.375%, 05/15/99 1,900 1,915 6.875%, 07/31/99 4,250 4,322 5.875%, 11/15/99 2,000 2,003 5.875%, 02/15/00 1,000 1,002 6.875%, 03/31/00 1,250 1,279 6.125%, 07/31/00 2,250 2,267 5.750%, 10/31/00 2,000 1,996 -------- Total U.S. Treasury Obligations (Cost $23,132) 23,238 -------- CASH EQUIVALENT (3.0%) SEI Daily Income Trust Treasury II Portfolio 716 716 -------- Total Cash Equivalent (Cost $716) 716 -------- Total Investments (99.0%) (Cost $23,848) 23,954 -------- OTHER ASSETS AND LIABILITIES, NET (1.0%) 240 -------- - -------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 1,951,427 outstanding shares of beneficial interest $19,475 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 350,936 outstanding shares of beneficial interest 3,529 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 131,731 outstanding shares of beneficial interest 1,311 Undistributed net investment income 3 Accumulated net realized loss on investments (230) Net unrealized appreciation on investments 106 ------- Total Net Assets (100.0%) $24,194 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 9.94 ======= Net Asset Value and Redemption Price Per Share -- Investor Shares $ 9.94 ======= Maximum Offering Price Per Share -- Investor Shares ($9.94 / 99.0%) $ 10.04 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 9.92 ======= (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 56 ================================================================================ (UNAUDITED) LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (3.5%) U.S. Treasury Notes 8.500%, 11/15/00 $ 2,000 $ 2,142 8.000%, 05/15/01 2,500 2,666 -------- Total U.S. Treasury Obligations (Cost $4,744) 4,808 -------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (93.6%) FHLMC 6.000%, 07/01/00 4,174 4,114 8.000%, 06/01/02 994 1,015 7.000%, 10/01/02 4,244 4,289 8.000%, 12/01/02 2,420 2,448 7.000%, 03/01/04 14,268 14,447 FHLMC REMIC, Ser 29-Q 7.500%, 06/25/20 15,000 15,413 FHLMC REMIC, Ser 1624-KC 6.000%, 06/15/08 10,000 9,844 FHLMC REMIC, Ser 1910-AC 6.500%, 10/15/15 10,000 10,025 FHLMC REMIC, Ser 1637-E 5.750%, 02/15/19 2,699 2,676 FHLMC REMIC, Ser 1666-E 6.000%, 12/15/19 5,000 4,943 FHLMC REMIC, Ser 1614-H 6.000%, 06/15/20 4,550 4,506 FNMA 7.500%, 07/01/03 7,927 8,096 7.000%, 10/01/03 14,112 14,275 7.000%, 03/01/04 14,214 14,379 8.500%, 04/01/17 1,017 1,073 FNMA REMIC, Ser G96-1PC 7.000%, 08/17/12 4,921 4,973 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS--CONTINUED FNMA REMIC, Ser 1992-134G 6.000%, 11/25/18 $5,586 $ 5,498 FNMA REMIC, Ser 1993-223PH 6.050%, 10/25/22 5,375 5,272 GNMA 9.000%, 11/15/17 1,271 1,380 -------- Total U.S. Agency Mortgage- Backed Obligations (Cost $128,011) 128,666 -------- REPURCHASE AGREEMENT (3.7%) Morgan Stanley 5.67%, dated 11/28/97, matures 12/01/97, repurchase price $5,027,438 (collateralized by FNMA obligations: market value $5,307,395) 5,025 5,025 -------- Total Repurchase Agreement (Cost $5,025) 5,025 -------- Total Investments (100.8%) (Cost $137,780) 138,499 -------- OTHER ASSETS AND LIABILITIES, NET (-0.8%) (1,044) -------- 57 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND--CONCLUDED - -------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 13,216,561 outstanding shares of beneficial interest $132,591 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 233,199 outstanding shares of beneficial interest 2,346 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 158,498 outstanding shares of beneficial interest 1,605 Overdistributed net investment income (4) Accumulated net realized gain on investments 198 Net unrealized appreciation on investments 719 -------- Total Net Assets (100.0%) $137,455 ======== - -------------------------------------------------------------- VALUE - -------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 10.10 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 10.09 ======== Maximum Offering Price Per Share -- Investor Shares ($10.09 / 97.50%) $ 10.35 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 10.10 ======== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 58 ================================================================================ (UNAUDITED) U.S. GOVERNMENT SECURITIES FUND - --------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - --------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (28.1%) U.S. Treasury Bonds 7.250%, 05/15/16 $1,000 $ 1,126 6.875%, 08/15/25 1,000 1,101 U.S. Treasury Notes 7.750%, 11/30/99 200 207 8.500%, 11/15/00 1,000 1,071 8.000%, 05/15/01 200 213 7.500%, 11/15/01 200 211 7.500%, 05/15/02 750 798 7.250%, 05/15/04 500 537 7.875%, 11/15/04 275 306 7.500%, 02/15/05 500 546 7.000%, 07/15/06 500 536 6.500%, 10/15/06 750 780 6.625%, 05/15/07 1,050 1,105 7.625%, 02/15/25 400 479 -------- Total U.S. Treasury Obligations (Cost $8,724) 9,016 -------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (67.2%) FHLMC 6.000%, 02/01/01 101 100 7.000%, 01/01/09 119 120 7.000%, 04/01/09 485 491 7.000%, 08/01/10 825 835 7.000%, 05/01/12 969 981 FNMA 6.000%, 11/25/07 916 904 7.500%, 06/01/11 869 890 7.000%, 09/17/11 1,161 1,174 7.000%, 05/01/12 989 1,000 7.000%, 06/01/12 906 915 7.000%, 07/01/12 975 986 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS--CONTINUED FNMA--continued 7.000%, 10/25/16 $ 938 $ 940 7.500%, 04/01/27 948 967 FNMA REMIC, Ser 1997-6, Cl H 7.000%, 08/18/08 1,058 1,073 FNMA REMIC, Ser G93-40, Cl VC 6.500%, 08/25/10 261 257 FNMA REMIC, Ser 1997-34, Cl VC 7.500%, 05/01/12 1,000 1,022 FNMA REMIC, Ser 1996-9, Cl H 6.500%, 11/25/13 1,337 1,331 FNMA REMIC, Ser 993-156, Cl B 6.500%, 04/25/18 100 99 FNMA REMIC, Ser 1990-143, Cl J 8.750%, 12/25/20 133 140 GNMA 7.500%, 10/20/09 62 64 8.250%, 01/15/12 80 84 9.000%, 04/15/17 447 477 8.500%, 05/15/17 831 870 10.000%, 06/15/19 3 4 7.500%, 05/15/22 582 594 7.000%, 11/15/22 433 435 8.000%, 02/15/23 34 36 8.500%, 03/15/23 77 81 7.500%, 04/15/23 126 129 7.500%, 09/15/23 868 886 7.000%, 01/15/24 152 152 7.500%, 04/15/24 811 828 7.000%, 06/15/24 869 872 8.000%, 08/15/24 82 86 8.000%, 09/15/24 26 27 8.000%, 10/15/24 34 36 8.000%, 11/15/24 32 34 8.500%, 12/15/24 66 69 59 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 U.S. GOVERNMENT SECURITIES FUND--CONCLUDED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS--CONTINUED GNMA--continued 8.500%, 02/15/25 $ 28 $ 30 7.000%, 12/15/25 486 488 GNMA REMIC, Ser 1995-6A, Cl E 7.500%, 05/20/23 1,000 1,016 ------- Total U.S. Agency Mortgage- Backed Obligations (Cost $21,185) 21,523 ------- CASH EQUIVALENTS (4.8%) SEI Daily Income Trust Government II Portfolio 1,521 1,521 SEI Daily Income Trust Treasury II Portfolio 2 2 ------- Total Cash Equivalents (Cost $1,523) 1,523 ------- Total Investments (100.1%) (Cost $31,432) 32,062 ------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) (24) ------- - -------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 2,515,482 outstanding shares of beneficial interest $25,488 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 230,826 outstanding shares of beneficial interest 2,335 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 351,595 outstanding shares of beneficial interest 3,613 Accumulated net realized loss on investments (28) Net unrealized appreciation on investments 630 ------- Total Net Assets (100.0%) $32,038 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 10.34 ======= Net Asset Value and Redemption Price Per Share -- Investor Shares $ 10.34 ======= Maximum Offering Price Per Share -- Investor Shares ($10.34 / 96.25%) $ 10.74 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 10.34 ======= (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 60 ================================================================================ (UNAUDITED) PRIME QUALITY MONEY MARKET FUND - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- COMMERCIAL PAPER (61.0%) FINANCE (36.5%) American Express Credit 5.520%, 12/01/97 $40,000 $ 40,000 American General Finance 5.670%, 04/30/98 24,500 23,921 Banc One Funding 5.680%, 01/15/98 13,209 13,115 5.750%, 01/16/98 2,719 2,699 5.620%, 01/29/98 16,923 16,767 5.630%, 01/29/98 15,677 15,532 5.710%, 01/29/98 3,500 3,467 Barclays United States Funding 5.660%, 02/19/98 50,000 49,371 First Chicago Financial 5.500%, 12/05/97 35,000 34,979 5.670%, 03/30/98 29,000 28,456 Ford Motor Credit 5.570%, 12/15/97 5,500 5,488 5.600%, 01/08/98 1,700 1,690 Ford Motor Credit Europe 5.610%, 01/21/98 25,000 24,801 5.690%, 02/10/98 35,000 34,607 General Electric Capital 5.620%, 01/14/98 1,500 1,490 5.620%, 02/26/98 42,000 41,430 5.680%, 03/18/98 5,000 4,916 General Electric Credit Puerto Rico 5.610%, 02/18/98 7,000 6,914 5.610%, 02/25/98 10,000 9,866 IBM Credit 5.510%, 12/05/97 30,000 29,982 J.C. Penney Funding 5.600%, 01/28/98 21,445 21,263 5.680%, 02/20/98 47,000 46,399 John Hancock 5.700%, 12/01/97 8,000 8,000 Marsh and Mclennon 5.520%, 12/18/97 19,175 19,125 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- FINANCE--CONTINUED Metlife Funding 5.520%, 12/16/97 $33,000 $ 32,924 Morgan Stanley Dean Witter 5.600%, 01/22/98 30,000 29,757 Panasonic Finance 5.550%, 01/06/98 13,000 12,928 5.540%, 01/15/98 25,000 24,827 5.690%, 03/13/98 32,200 31,681 Sony Capital 5.750%, 01/21/98 44,500 44,138 Toyota Motor Credit 5.690%, 02/27/98 30,000 29,583 Transamerica Finance 5.700%, 01/23/98 9,000 8,924 --------- 699,040 --------- INDUSTRIAL (13.3%) Archer Daniels Midland 5.520%, 12/04/97 45,000 44,979 5.650%, 02/09/98 20,000 19,780 British-American Tobacco Capital 5.550%, 12/02/97 25,000 24,996 Campbell Soup 5.470%, 04/20/98 14,750 14,436 Dominion Semiconductor 5.580%, 12/05/97 10,000 9,994 5.530%, 12/05/97 8,000 7,995 Eaton 5.570%, 12/02/97 40,000 39,994 Joseph Seagrams & Sons 5.550%, 12/05/97 12,141 12,134 RTZ America 5.750%, 01/16/98 1,000 993 5.600%, 01/26/98 6,300 6,245 5.680%, 02/26/98 12,000 11,835 5.700%, 03/05/98 11,000 10,836 5.670%, 04/07/98 5,000 4,900 61 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 PRIME QUALITY MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- INDUSTRIAL--CONTINUED Siemens Capital 5.630%, 02/19/98 $18,125 $ 17,898 Xerox 5.550%, 12/02/97 26,470 26,466 ---------- 253,481 ---------- UTILITIES (11.2%) Bellsouth Telecommunications 5.600%, 12/11/97 15,000 14,977 Edison International 5.550%, 12/02/97 6,587 6,586 5.580%, 12/11/97 25,000 24,961 GTE Funding 5.650%, 12/05/97 10,000 9,994 5.650%, 12/09/97 15,000 14,981 5.890%, 01/22/98 15,000 14,872 5.870%, 01/23/98 15,000 14,870 5.880%, 01/29/98 14,000 13,865 5.850%, 02/17/98 9,500 9,380 New England Power 5.550%, 12/03/97 5,000 4,998 Northern Telecom 5.600%, 12/01/97 10,000 10,000 Pacific Gas & Electric 5.570%, 12/01/97 27,200 27,200 SBC Communications 5.550%, 12/01/97 16,000 16,000 South Carolina Fuel 5.570%, 12/03/97 10,000 9,997 Southern New England Telecommunications 5.520%, 12/04/97 16,125 16,118 5.550%, 12/09/97 5,168 5,162 ---------- 213,961 ---------- Total Commercial Paper (Cost $1,166,482) 1,166,482 ---------- - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- CORPORATE OBLIGATIONS (7.3%) FINANCE (4.5%) American General Finance 8.250%, 01/15/98 $ 1,250 $ 1,254 Associates of North America 6.800%, 12/15/97 3,000 3,001 8.125%, 01/15/98 1,000 1,003 Beneficial 9.125%, 02/15/98 1,875 1,886 Caterpillar Financial Service, MTN 6.960%, 06/01/98 5,000 5,026 Chubb Capital 6.000%, 02/01/98 10,000 10,000 Dean Witter Discover 6.000%, 03/01/98 19,865 19,868 Ford Motor Credit, MTN 6.450%, 02/05/98 5,000 5,005 International Lease Finance, MTN 7.500%, 01/15/98 3,000 3,006 5.750%, 02/02/98 5,000 4,999 5.740%, 02/03/98 5,000 4,999 5.625%, 03/01/98 4,800 4,797 8.250%, 10/19/98 1,500 1,529 John Hancock Capital, MTN 6.260%, 08/13/98 2,000 2,004 NationsBank 6.625%, 01/15/98 1,000 1,001 Paccar Financial Senior, MTN 6.030%, 03/17/98 5,000 5,003 Toyota Motor Credit, MTN 7.750%, 12/19/97 1,500 1,501 Transamerica Financial, MTN 7.210%, 03/23/98 9,500 9,539 ---------- 85,421 ---------- INDUSTRIAL (1.7%) British Petroleum America 8.875%, 12/01/97 5,300 5,300 Pet 5.750%, 07/01/98 1,800 1,798 62 ================================================================================ (UNAUDITED) - --------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - --------------------------------------------------------------- INDUSTRIAL--CONTINUED Phillip Morris 9.250%, 12/01/97 $16,180 $ 16,180 Rockwell International 7.625%, 02/17/98 1,000 1,003 Texaco Capital 8.650%, 01/30/98 2,000 2,009 Walt Disney 8.000%, 12/19/97 3,595 3,599 Waste Management Technologies 8.125%, 02/01/98 2,000 2,007 ---------- 31,896 ---------- UTILITIES (1.2%) Bell Atlantic Financial, MTN 5.450%, 04/22/98 500 499 5.300%, 09/01/98 3,700 3,682 Hydro-Quebec, MTN 7.120%, 12/19/97 2,500 2,502 Kansas City Power and Light, MTN 5.750%, 03/06/98 3,760 3,759 New England Telephone & Telegraph 6.250%, 12/15/97 2,700 2,700 Pacific Gas & Electric, MTN 5.810%, 03/19/98 2,000 1,998 5.375%, 08/01/98 5,290 5,271 Southern California Edison 5.875%, 02/01/98 2,500 2,500 ---------- 22,911 ---------- Total Corporate Obligations (Cost $140,228) 140,228 ---------- BANK NOTES (5.0%) Comerica Bank (C) 5.820%, 10/21/98 50,000 49,983 CoreStates Bank (C) 5.575%, 07/30/98 10,000 10,000 FCC National Bank (C) 5.650%, 05/08/98 15,000 14,997 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- BANK NOTES--CONTINUED PNC Bank N.A. (C) 5.600%, 07/01/98 $20,000 $ 19,988 ---------- Total Bank Notes (Cost $94,968) 94,968 ---------- U.S. GOVERNMENT AGENCY OBLIGATION (0.3%) SLMA, Callable 01/08/98 @ 100 (C) 5.560%, 02/08/99 5,000 4,991 ---------- Total U.S. Government Agency Obligation (Cost $4,991) 4,991 ---------- CERTIFICATES OF DEPOSIT (13.9%) Bank of America, Canada 5.590%, 12/22/97 30,000 30,000 Bank of America, Toronto 5.560%, 12/29/97 38,000 38,001 CIBC 5.970%, 03/19/98 5,000 5,000 Credit Suisse First Boston, New York (C) 5.850%, 10/27/98 50,000 50,000 Deutsche Bank 5.570%, 12/22/97 8,000 8,000 5.710%, 01/29/98 50,000 49,960 Societe Generale 5.680%, 01/29/98 25,000 25,000 Swiss Bank 5.760%, 02/17/98 30,000 30,000 Swiss Bank, Callable On 01/05/98 @ 100 5.760%, 10/05/98 30,000 30,000 ---------- Total Certificates Of Deposit (Cost $265,961) 265,961 ---------- ASSET-BACKED SECURITIES (6.0%) Americredit Auto Receivable Trust, Ser 1997-A, Cl A1 5.515%, 04/06/98 2,190 2,191 63 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 PRIME QUALITY MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- ASSET-BACKED SECURITIES--CONTINUED Americredit Auto Receivable Trust, Ser 1997-B, Cl A1 5.790%, 06/12/98 $16,445 $ 16,446 Americredit Auto Receivable Trust, Ser 1997-D, Cl A1 5.800%, 11/05/98 18,000 18,000 Arcadia Auto Receivable Trust, Ser 1997-B, Cl A 5.743%, 06/15/98 2,766 2,766 Banc One Auto Trust, Ser 1995-A, Cl A5 7.050%, 08/15/98 13,521 13,559 Barnett Auto Trust, Ser 1997-A, Cl A1 5.650%, 10/15/98 7,987 7,986 PNC Student Loan Trust, Ser 1997-2, Cl A1 (C) 5.628%, 07/20/98 10,431 10,432 Union Acceptance, Ser 1997-C, Cl A 6.210%, 09/08/98 3,358 3,358 Union Acceptance, Ser 1997-D, Cl A1 6.451%, 11/10/98 17,000 17,000 WFS Financial Owner Trust, Ser 1997-C, Cl A1 5.710%, 09/20/98 23,000 23,000 ---------- Total Asset-Backed Securities (Cost $114,738) 114,738 ---------- REPURCHASE AGREEMENTS (6.4%) Deutsche Bank 5.71% dated 11/28/97, matures 12/01/97, repurchase price $45,156,024 (collateralized by various FHLMC, FNMA, GNMA, and US Treasury Notes: total market value $46,038,106) 45,135 45,135 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Salomon Brothers 5.71% dated 11/28/97, matures 12/01/97, repurchase price $39,624,281 (collateralized by various FHLMC and FNMA obligations: total market value $40,753,772) $39,605 $ 39,605 Union Bank of Switzerland 5.71% dated 11/28/97, matures 12/01/97, repurchase price $38,396,224 (collateralized by FHLMC obligations: market value $39,146,508) 38,378 38,378 ---------- Total Repurchase Agreements (Cost $123,118) 123,118 ---------- Total Investments (99.9%) (Cost $1,910,486) 1,910,486 ---------- OTHER ASSETS AND LIABILITIES, NET (0.1%) 2,407 ---------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 1,570,268,278 outstanding shares of beneficial interest 1,570,268 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 342,993,892 outstanding shares of beneficial interest 342,994 Accumulated net realized loss on investments (361) Overdistributed net investment income (8) ---------- Total Net Assets (100.0%) $1,912,893 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 1.00 ========== Net Asset Value, Offering Price and Redemption Price Per Share -- Investor Shares $ 1.00 ========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 64 ================================================================================ (UNAUDITED) U.S. GOVERNMENT SECURITIES MONEY MARKET FUND - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (28.8%) U.S. Treasury Bill 5.170%, 01/22/98 $10,000 $ 9,925 U.S. Treasury Bond 6.125%, 05/15/98 25,000 25,055 U.S. Treasury Notes 5.000%, 01/31/98 10,000 9,988 7.250%, 02/15/98 40,000 40,123 6.125%, 08/31/98 25,000 25,098 -------- Total U.S. Treasury Obligations (Cost $110,189) 110,189 -------- REPURCHASE AGREEMENTS (71.3%) Barclays 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $17,934,946 (collateralized by US Treasury Bills: market value $18,285,206) 17,926 17,926 Deutsche Bank 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $17,535,694 (collateralized by various GNMA and US Treasury Notes: total market value $17,878,446.25) 17,527 17,527 Greenwich 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $5,047,822 (collateralized by US Government Strips: market value $5,147,681) 5,045 5,045 Merrill Lynch 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $89,967,885 (collateralized by various GNMA obligations: total market value $91,726,106) 89,925 89,925 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Morgan Stanley 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $18,012,013 (collateralized by various GNMA obligations: total market value $18,759,699) $18,004 $ 18,004 Salomon Brothers 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $17,284,764 (collateralized by US Government Strips: market value $17,648,778) 17,277 17,277 Swiss Bank 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $17,016,934 (collateralized by US Treasury Notes: market value $17,371,488) 17,009 17,009 Union Bank of Switzerland 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $89,775,424 (collateralized by US Government Strips: total market value $91,528,347) 89,733 89,733 -------- Total Repurchase Agreements (Cost $272,446) 272,446 -------- Total Investments (100.1%) (Cost $382,635) 382,635 -------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) (227) -------- 65 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 U.S. GOVERNMENT SECURITIES MONEY MARKET FUND--CONCLUDED - --------------------------------------------------------------- VALUE (000) - --------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 329,738,964 outstanding shares of beneficial interest $329,739 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 52,657,962 outstanding shares of beneficial interest 52,658 Accumulated net realized gain on investments 11 -------- Total Net Assets (100.0%) $382,408 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 1.00 ======== Net Asset Value, Offering Price and Redemption Price Per Share -- Investor Shares $ 1.00 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 66 ================================================================================ (UNAUDITED) TAX-EXEMPT MONEY MARKET FUND - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- MUNICIPAL BONDS (99.6%) ALABAMA (0.9%) McIntosh, Industrial Development Board, Pollution Control, Ciba-Geigy Project, Ser A, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 $3,500 $ 3,500 Special Care Facilities, Montgomery Hospital, RB, VRDN (FGIC) (C) (D) 3.850%, 12/03/97 1,300 1,300 -------- 4,800 -------- ALASKA (0.2%) Anchorage, GO, Ser A (MBIA) 5.000%, 02/01/98 1,045 1,047 -------- ARIZONA (0.7%) Maricopa County, Pollution Control, Ser A, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 4,000 4,000 -------- ARKANSAS (0.2%) State, Development Financial Authority, Potlatch Projects, Ser A, RB, AMT, VRDN (C) (D) (E) 3.900%, 12/03/97 1,000 1,000 -------- CALIFORNIA (1.3%) Contra Costa County, Multi-Family Mortgage, Delta Square Project, Ser A, RB, VRDN (C) (D) (E) 3.850%, 12/04/97 4,200 4,200 Higher Education Loan Authority, Student Loan Revenue, RB, VRDN (C) (D) (E) 4.000%, 07/01/98 2,000 2,000 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- CALIFORNIA--CONTINUED Higher Education Loan Authority, Student Loan Revenue, Ser E-5, RB, AMT, VRDN, Optional Put 06/01/98 @ 100 (C) (D) (E) 3.950%, 12/01/25 $1,200 $ 1,200 -------- 7,400 -------- COLORADO (0.9%) North Glen, Industrial Development, Castle Garden Retirement Center, VRDN (C) (D) (E) 3.850%, 12/04/97 1,200 1,200 State, TRAN, Ser A, RB 4.500%, 06/26/98 4,000 4,014 -------- 5,214 -------- DELAWARE (1.2%) State, Economic Development Authority, Industrial Development, Delaware Clean Power Project, Ser A, RB, VRDN, AMT (C) (D) (E) 3.950%, 12/03/97 5,000 5,000 State, Educational Development Authority, VRDN (C) (D) (E) 4.225%, 12/04/97 1,875 1,875 -------- 6,875 -------- DISTRICT OF COLUMBIA (1.7%) District of Columbia, TRAN, Ser B (E) 4.500%, 09/30/98 7,000 7,035 District of Columbia, TRAN, Ser C (E) 5.000%, 09/30/98 2,200 2,220 -------- 9,255 -------- 67 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- FLORIDA (2.9%) Citrus Park, Community Development, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 $1,500 $ 1,500 Dade County, Water & Sewer System, Ser 1994, RB, VRDN (FGIC) (C) (D) 3.800%, 12/03/97 8,000 8,000 Jacksonville, State Electric Authority, TECP, Ser A 3.750%, 12/04/97 5,000 5,000 Sunshine State, Government Finance Committee, Ser 1986, TECP 3.800%, 12/11/97 1,400 1,400 -------- 15,900 -------- GEORGIA (6.8%) Barrow County, School District, Ser 1997, GO 4.000%, 02/01/98 1,000 1,000 Burke County, Development Authority, Pollution Control, Oglethorpe Power, Ser A, RB (AMBAC) 3.600%, 12/01/97 1,500 1,500 Burke County, Development Authority, Pollution Control, Oglethorpe Power, Ser A, RB, VRDN (FGIC) (C) (D) 3.800%, 12/03/97 4,400 4,400 Burke County, Development Authority, Pollution Control, Oglethorpe Power, Ser B, RB (AMBAC) 3.800%, 05/28/98 6,500 6,500 Fulton County, Industrial Development Authority, American Red Cross Project, RB, VRDN (B) (C) (D) (E) 3.950%, 12/04/97 1,300 1,300 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- GEORGIA--CONTINUED Gordon County, Industrial Development Authority, Sara Lee Project, RB, VRDN (C) (D) (F) 4.000%, 12/04/97 $1,400 $ 1,400 Lafayette, Industrial Development Authority, Blue-Bird Project, Ser 1991, VRDN (C) (D) (E) 3.950%, 12/04/97 1,000 1,000 Marietta, Housing Finance Authority, Franklin Walk Apartments Project, VRDN (C) (E) 3.975%, 12/04/97 1,600 1,600 Monroe County, Development Authority, Pollution Control, RB, VRDN (C) 3.850%, 12/03/97 4,000 4,000 Monroe County, Industrial Development Authority, Forsyth Inns Project, VRDN (C) (D) (E) 4.000%, 12/03/97 2,525 2,525 Private College & University Facilities Authority, Emory University, Optional Put 12/01/97 @ 100, VRDN (C) (D) (E) 3.700%, 12/01/04 3,465 3,465 State Municipal Electric Authority, RB, VRDN (C) (D) (E) 4.050%, 12/03/97 4,000 4,000 State Municipal Electric Authority, RB, VRDN (FGIC) (C) (D) 4.050%, 12/04/97 3,000 3,000 Summerville, Development Authority, Ser 1997, RB, AMT, VRDN (C) (E) 4.200%, 12/18/97 2,000 2,000 -------- 37,690 -------- 68 ================================================================================ (UNAUDITED) - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- IDAHO (0.5%) Nez Pierce County, Pollution Control, Potlatch Project, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 $2,000 $ 2,000 3.850%, 12/04/97 1,000 1,000 -------- 3,000 -------- ILLINOIS (11.7%) Bloomington, Airport Authority, GO, VRDN (C) (D) (E) 3.900%, 12/03/97 1,500 1,500 Chicago, Tender Notes, GO, VRDN (C) (D) (E) 3.650%, 02/05/98 2,000 2,000 Chicago, Tender Notes, Ser C, GO, VRDN (C) (D) (E) 3.750%, 04/02/98 3,000 3,000 Hoffman Estates, Economic Development Project (AMBAC) 4.500%, 11/15/98 2,145 2,156 Oak Forest, Mode-Homewood Pool, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 10,000 10,000 Savanna, Industrial Development Authority, Metform Project, Ser A, RB, VRDN (C) (D) (E) 3.950%, 12/03/97 500 500 Savanna, Industrial Development Authority, Metform Project, Ser B, RB, VRDN (C) (D) (E) 3.950%, 12/03/97 1,400 1,400 State Educational Facilities Authority, Adler Planetarium Project, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 16,000 16,000 State Educational Facilities Authority, Chicago Childrens Museum, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 1,600 1,600 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- ILLINOIS--CONTINUED State Development Financial Authority, Chicago Symphony, RB, VRDN (C) (D) (E) (F) 3.850%, 12/03/97 $5,000 $ 5,000 State Development Financial Authority, Museum Contemporary Art Project, RB, VRDN (C) (D) 3.850%, 12/03/97 4,800 4,800 State Development Financial Authority, Pollution Control, Illinois Power, Ser A, RB, VRDN (C) (E) 4.050%, 12/03/97 5,000 5,000 State Health Facilities Authority, RB, VRDN (C) 4.000%, 12/04/97 3,000 3,000 State Health Facilities Authority, Advocate Health Care, Ser B, RB, VRDN (C) (D) 3.850%, 12/03/97 2,900 2,900 State Health Facilities Authority, Streeterville Project, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 2,000 2,000 State Health Facilities Authority, University of Chicago Hospital Project, Ser C, RB, VRDN (MBIA) (C) (D) 3.850%, 12/03/97 4,000 4,000 -------- 64,856 -------- INDIANA (4.6%) Allen County, Industrial Economic Development Authority, Mattel Power Wheels Project, RB, AMT, VRDN (C) (D) 4.150%, 12/03/97 1,500 1,500 69 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- INDIANA--CONTINUED Fort Wayne, Economic Development Authority, ND Tech Project, RB, AMT, VRDN (B) (C) (D) (E) 3.950%, 12/03/97 $1,000 $ 1,000 Hammond, GO, Ser A-2 4.200%, 01/08/98 6,000 6,003 Indianapolis, Industrial Economic Development Authority, Allied Signal, RB, VRDN (B) (C) (D) 4.000%, 12/03/97 3,500 3,500 Indianapolis, Multi-Family Housing, RB, AMT, VRDN (C) (D) (E) 4.050%, 12/03/97 8,700 8,700 Michigan City, Industrial Economic Development, Performance Packaging, RB, AMT, VRDN (B) (C) (D) (E) 3.950%, 12/03/97 900 900 Rockport County, Pollution Control, Aep Generating Company Project, Ser B, RB, VRDN (AMBAC) (C) (D) 3.900%, 12/01/97 1,200 1,200 State Financial Authority, Dekko International Project, RB, VRDN (C) (D) (E) 4.050%, 12/03/97 780 780 State Health Facility Financing Authority, Clarian Health Partners, Ser B, RB, VRDN (C) (D) 3.850%, 12/03/97 2,000 2,000 -------- 25,583 -------- IOWA (0.5%) West Des Moines, Commercial Development, Greyhound Lines Project, VRDN (C) (D) (E) 3.850%, 12/03/97 2,500 2,500 -------- - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- KENTUCKY (1.7%) Jefferson County, Industrial Building, Fisher-Klosterman Project, RB, AMT, VRDN (C) (D) (E) 4.050%, 12/04/97 $2,420 $ 2,420 Pendleton County, RB, VRDN (C) (D) (E) 3.950%, 07/01/98 3,400 3,400 State, Asset/Liability Common General Fund, TRAN, Ser A, RB 4.500%, 06/25/98 2,500 2,509 State Economic Development, Hospital Facilities, RB, VRDN (C) (D) (E) 3.850%, 12/04/97 1,400 1,400 -------- 9,729 -------- LOUISIANA (4.5%) Jefferson Parish, Sara Lee Project, RB, AMT, VRDN (C) (D) (E) 3.900%, 12/01/97 4,200 4,200 Lake Charles, Harbor & Terminal District Authority, Reynolds Metals Project, VRDN (C) (D) (E) 3.850%, 12/03/97 3,000 3,000 Plaqeumines, Port Facilities Revenue, International Marine Terminal Project, Ser B, Optional Put 03/13/98 @ 100 (D) 3.750%, 03/15/06 1,000 1,000 St. James Parish, Pollution Control, Occidental Petroleum, RB, VRDN (C) (D) (E) 3.900%, 12/03/97 8,000 8,000 State Offshore Terminal Authority, Deepwater Port, First Stage A-Loop Project, Ser A, RB, VRDN (C) (E) 3.850%, 12/01/97 2,300 2,300 70 ================================================================================ (UNAUDITED) - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- LOUISIANA--CONTINUED State Offshore Terminal Authority, Deepwater Port, First Stage A-Loop Project, Ser A, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 $2,000 $ 2,000 State Port Authority, Occidental Petroleum Project, VRDN (C) (D) (E) 3.850%, 12/03/97 4,500 4,500 -------- 25,000 -------- MARYLAND (2.2%) Baltimore, Industrial Development Authority, Days Inn of America Project, RB, Pre-Refunded 12/01/97 @ 100 (B) (F) 12.625%, 12/01/04 2,000 2,000 Baltimore County, Allied Signal Project, VRDN (C) (D) (E) 3.950%, 12/03/97 1,000 1,000 Baltimore County, Pollution Control, TECP 3.900%, 12/11/97 4,000 4,000 State Health & Higher Education Authority, Pooled Loan Program, Ser B, VRDN (C) (D) (E) 3.900%, 12/03/97 5,000 5,000 -------- 12,000 -------- MICHIGAN (3.1%) Oakland County, Economic Development Authority, Moody Family Ltd. Project, RB, AMT, VRDN (B) (C) (E) 3.900%, 12/03/97 1,000 1,000 State Housing Development Authority, RB, AMT, VRDN (C) (D) (E) 4.000%, 12/03/97 1,000 1,000 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- MICHIGAN --CONTINUED State Housing Development Authority, Harbortown, RB, VRDN (C) (D) (E) 4.075%, 12/04/97 $3,000 $ 3,000 State Industrial Development Authority, RB, VRDN (B) (C) (D) (E) 3.900%, 12/02/97 3,000 3,000 State Industrial Development Authority, Consumer Power Project, RB, VRDN (C) (D) (E) 3.900%, 12/01/97 5,200 5,200 State Municipal Bond Authority, Ser B 4.500%, 07/02/98 4,000 4,016 -------- 17,216 -------- MISSISSIPPI (1.1%) Jackson County, Chevron USA Project, Ser 93, RB, VRDN (C) (D) 3.900%, 12/01/97 6,100 6,100 -------- MISSOURI (1.3%) Kansas City, Streetlight Project, Ser B, GO 4.250%, 02/01/98 1,320 1,321 St. Charles County, Industrial Development Authority, Casalon Apartment Project, Ser 95, RB, VRDN (C) (D) (E) 3.900%, 12/04/97 3,100 3,100 State, Custody Receipt, Third Street Building Project, Ser A, VRDN (C) (D) 4.000%, 12/03/97 2,000 2,000 State Economic Development Export & Infrastructure Authority, Plastic Enterprises Project, Ser A, RB, AMT, VRDN (C) (D) (E) 4.250%, 12/03/97 350 350 71 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- MISSOURI--CONTINUED State Environmental Improvement & Energy Resource Authority, Utilicorp United Project, RB, AMT, VRDN (C) (D) (E) 3.950%, 12/03/97 $ 700 $ 700 State Industrial Development Authority, Precision Stainless Project, Ser I, RB, VRDN (C) (D) (E) 4.150%, 12/03/97 65 65 -------- 7,536 -------- NEVADA (4.9%) Clark County, Airport Improvement Authority, Ser A, RB, VRDN (MBIA) (C) (D) 3.800%, 12/03/97 9,900 9,900 Clark County, Airport Improvement Authority, Ser A-1, RB, VRDN (C) (D) (E) 3.800%, 12/03/97 4,200 4,200 Clark County, Nevada Power Project, Ser A, RB, AMT, VRDN (C) (D) (E) 4.150%, 12/03/97 5,000 5,000 Clark County, School District, VRDN (C) 4.030%, 12/04/97 8,000 8,000 -------- 27,100 -------- NEW HAMPSHIRE (4.3%) State Business Finance Authority, Pollution Control, RB, AMT, VRDN (C) (D) (E) 4.050%, 12/03/97 6,000 6,000 State Business Finance Authority, Pollution Control, TECP 3.750%, 12/17/97 12,000 12,000 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- NEW HAMPSHIRE--CONTINUED State Housing Finance Authority, Multi-Family Housing, Fairways Project, AMT, RB, VRDN (C) (D) (E) 3.950%, 12/03/97 $5,000 $ 5,000 State Pollution Control Authority, RB, VRDN (C) (D) (E) 3.900%, 12/03/97 800 800 -------- 23,800 -------- NEW MEXICO (2.7%) Educational Assistance Foundation, Student Loan Program, RB, VRDN (AMBAC) (C) 4.100%, 12/04/97 3,345 3,345 Hurley, Pollution Control Authority, RB, VRDN (C) (D) (E) 3.950%, 12/01/97 2,200 2,200 State, TRAN 4.500%, 06/30/98 3,000 3,011 State, Ser A, TRAN 4.500%, 06/30/98 3,000 3,011 State Financial Authority, Ser B, RB 3.400%, 07/01/17 3,385 3,385 -------- 14,952 -------- NEW YORK (2.8%) Nassau County, Ser A, GO 4.500%, 03/10/98 2,000 2,003 New York, Ser E5, GO, VRDN (C) (D) (E) 3.850%, 12/01/97 2,200 2,200 State Urban Development Corporation, Senior Lien, VRDN (C) 4.030%, 12/04/97 11,600 11,600 -------- 15,803 -------- 72 ================================================================================ (UNAUDITED) - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- NORTH CAROLINA (2.6%) Mecklenburg County, Industrial Facilities & Pollution Control, Sterigenics International Project, RB, AMT, VRDN (B) (C) (D) (E) 4.200%, 12/03/97 $2,000 $ 2,000 State Eastern Municipal Power Agency, TECP 3.800%, 12/08/97 5,200 5,200 3.750%, 12/09/97 4,975 4,975 State Educational Facilities, Guilford College, VRDN (C) (D) (E) 4.000%, 12/03/97 2,300 2,300 -------- 14,475 -------- OHIO (5.5%) Cincinnati, Student Loan Funding Ser 1983-A, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 10,000 10,000 Columbus, Sewer, RB, VRDN (C) (D) 3.800%, 12/04/97 9,600 9,600 State Air Quality Development Authority, JMG Limited Partnership, Ser A, RB, AMT, VRDN (C) (D) (E) 3.950%, 12/03/97 3,000 3,000 State Higher Education Authority, Lake Erie Project, VRDN (C) (D) (E) 3.950%, 12/04/97 5,100 5,100 State Pollution Control Authority, Duquesne Project, RB, AMT, VRDN (C) (D) (E) 4.000%, 12/03/97 3,000 3,000 -------- 30,700 -------- OKLAHOMA (0.7%) State Lirds Authority, TECP 3.750%, 12/11/97 3,700 3,700 -------- - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- OREGON (0.7%) Port of St. Helens, Pollution Control, Portland General Electric, Ser B, RB, VRDN (C) (D) (E) 3.950%, 12/01/97 $ 3,800 $ 3,800 -------- PENNSYLVANIA (3.1%) Beaver County, Industrial Development Authority, Duquesne Light Company Project, Ser B, RB, VRDN (C) (D) 3.850%, 12/03/97 1,000 1,000 Philadelphia, Ser A, TRAN 4.500%, 06/30/98 10,000 10,028 State, Ser A, VRDN, Pre-Refunded 11/01/99 @ 101.5 (C) (D) 4.030%, 12/04/97 6,500 6,500 -------- 17,528 -------- SOUTH CAROLINA (0.9%) York County, Pollution Control, Ser N-3, RB, VRDN (C) (D) 3.700%, 03/15/98 5,000 4,999 -------- SOUTH DAKOTA (0.5%) Lawrence County, Solid Waste Disposal, RB, AMT, VRDN (C) (D) (E) 3.950%, 12/01/97 3,000 3,000 -------- TENNESSEE (2.0%) Covington, Industrial Development Board, Charms Project, RB, AMT, VRDN (C) (D) (E) 3.950%, 12/03/97 3,000 3,000 Hamilton County, Industrial Development Board, Lease Rent, RB (FGIC) 5.100%, 09/01/98 500 504 73 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- TENNESSEE--CONTINUED Hamilton County, Industrial Development Board, Tennessee Aquarium Project, RB, VRDN (C) (D) (E) 4.050%, 12/04/97 $3,000 $ 3,000 Memphis-Shelby County, Industrial Development Board, Ponderosa Fibres American Project, RB, AMT, VRDN (B) (C) (D) (E) 4.200%, 12/04/97 1,600 1,600 Nashville & Davidson County, Industrial Development Authority, Multi-Family Mortgage, Chimneytop II Project, RB, VRDN (C) (D) (E) 4.000%, 12/03/97 1,325 1,325 Nashville & Davidson County, Vanderbilt University, RB, VRDN (C) (D) 3.650%, 12/03/97 2,000 2,000 -------- 11,429 -------- TEXAS (11.1%) Brazos River, Harbor Navigation District, TECP 3.800%, 02/11/98 2,700 2,700 Brownsville, Utility Systems, TECP 3.800%, 12/11/97 4,000 4,000 Georgetown, Higher Education Financing Authority, Southwestern University Project, Ser 1984, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 2,000 2,000 Gulf Coast, Industrial Development Authority, Amoco Oil Project, RB, VRDN, Optional Put 06/01/98 @ 100 (C) (D) 3.800%, 06/01/98 1,000 1,000 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- TEXAS--CONTINUED Gulf Coast, Waste Disposal Authority, TECP 3.800%, 12/15/97 $3,900 $ 3,900 Gulf Coast, Waste Disposal Authority, Amoco Oil Project, RB, AMT, VRDN (C) (D) 4.100%, 12/01/97 1,700 1,700 Gulf Coast, Waste Disposal Authority, Amoco Oil Project, RB, VRDN (C) (D) 3.800%, 05/01/98 2,300 2,300 Harris County, Health Facilities Authority, Memorial Hospital Project, Ser B, RB, VRDN (C) (D) 3.800%, 12/03/97 1,500 1,500 Harris County, Housing Finance Corporation, Ser 1985, RB, VRDN (C) (D) 4.325%, 12/04/97 700 700 Harris County, Industrial Development Authority, Lubrizol Project, RB, VRDN (C) (D) 3.850%, 12/03/97 1,600 1,600 Harris County, Toll Roads, Ser H, RB, VRDN (C) (D) 3.850%, 12/03/97 5,500 5,500 Houston, TECP 3.700%, 12/11/97 5,000 5,000 Lone Star, Airport Improvement Authority, RB, VRDN (C) (D) (E) 3.850%, 12/01/97 1,700 1,700 Sabine, River Authority, Pollution Control, RB, VRDN (MBIA) (D) (C) 3.950%, 12/03/97 3,000 3,000 San Antonio, Electric Facilities, TECP 3.800%, 01/28/98 5,000 5,000 74 ================================================================================ (UNAUDITED) - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- TEXAS--CONTINUED State, Ser A, TRAN 4.750%, 08/31/98 $10,000 $ 10,066 State Higher Education Authority, RB, VRDN (MBIA) (C) (D) 3.900%, 12/03/97 5,000 5,000 State Public Financial Authority, TECP 3.750%, 12/03/97 5,000 5,000 -------- 61,666 -------- UTAH (1.8%) Carbon County, Pollution Control Authority, Pacificorp Project, RB, VRDN (AMBAC) (C) (D) 3.900%, 12/01/97 1,600 1,600 Intermountain Power Agency, RB, VRDN, Optional Put 6/15/98 @ 100 (C) (D) (E) 3.800%, 07/01/21 4,000 4,000 Intermountain Power Agency, Ser E, RB, VRDN Optional Put 03/15/98 (C) (D) (E) 3.500%, 07/01/14 1,000 1,000 Salt Lake County, Pollution Control Authority, Station Holdings Project, RB, VRDN (C) (D) 3.950%, 12/01/97 3,100 3,100 State Water Finance Agency, Pooled Loan, Ser A, RB (MBIA) 4.050%, 10/01/98 500 501 -------- 10,201 -------- VIRGINIA (2.6%) Alexandria, Redevelopment & Housing Authority, Multi-Family First Mortgage, Goodwin Project, Ser B, RB, VRDN (B) (C) (D) (E) 3.800%, 12/01/97 2,000 2,000 - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- VIRGINIA--CONTINUED Bedford County, Industrial Development Authority, RB, AMT, VRDN (C) (D) (E) 4.000%, 12/04/97 $2,500 $ 2,500 Chesterfield County, Industrial Development Authority, Allied Signal Project, RB, VRDN (C) 4.000%, 12/03/97 3,000 3,000 Commonwealth, Ser 1994, VRDN (C) (D) 4.130%, 12/04/97 4,000 4,000 Front Royal & Warren County, Industrial Development Authority, Pen Tab Industries Project, RB, AMT, VRDN (B) (C) (D) (E) 4.000%, 12/04/97 3,000 3,000 -------- 14,500 -------- WASHINGTON (2.9%) Pierce County, Washington Economic Development, Weyerhaeuser Real Estate Project, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 3,000 3,000 Port of Seattle, VRDN (C) (D) 3.850%, 12/03/97 1,600 1,600 State Public Power Supply System, Nuclear Project #1, Ser 1A-3, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 3,400 3,400 State Public Power Supply System, Nuclear Project #3, Ser 3A-2, RB, VRDN (C) (D) (E) 3.850%, 12/03/97 5,000 5,000 State Student Loan Finance Association, AMT, VRDN (C) (D) (E) 4.000%, 12/04/97 3,000 3,000 -------- 16,000 -------- 75 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 TAX-EXEMPT MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- WEST VIRGINIA (0.7%) Marshall County, Pollution Control Authority, Allied Signal Project, RB, VRDN (B) (C) (D) 4.000%, 12/03/97 $2,000 $ 2,000 Marshall County, Pollution Control Authority, PPG Industries Project, RB, VRDN (C) (D) 4.100%, 12/04/97 2,000 2,000 -------- 4,000 -------- WISCONSIN (0.6%) Janesville, School District, TAN 4.100%, 09/21/98 2,250 2,253 Racine, Promissory Notes, Ser 96-B, GO 3.700%, 12/15/97 1,165 1,165 -------- 3,418 -------- WYOMING (1.2%) Sweetwater, VRDN (C) 3.900%, 12/03/97 4,600 4,600 Uinta County, Pollution Control, Amoco-Std Oil, RB, VRDN, Optional Put 12/01/98 @ 100 (C) (D) 3.850%, 12/01/98 2,000 2,000 -------- 6,600 -------- Total Municipal Bonds (Cost $554,372) 554,372 -------- CASH EQUIVALENTS (0.6%) AIM Management Institutional Tax-Free Portfolio 1,622 1,622 SEI Tax-Exempt Trust Institutional Tax-Free Portfolio 1,675 1,675 -------- Total Cash Equivalents (Cost $3,297) 3,297 -------- Total Investments (100.2%) (Cost $557,669) $557,669 -------- OTHER ASSETS AND LIABILITIES, NET (-0.2%) (846) -------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 435,518,351 outstanding shares of beneficial interest 435,518 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 121,308,800 outstanding shares of beneficial interest 121,309 Accumulated net realized loss on investments (4) -------- Total Net Assets (100.0%) $556,823 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 1.00 ======== Net Asset Value, Offering Price and Redemption Price Per Share -- Investor Shares $ 1.00 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77. 76 ================================================================================ (UNAUDITED) KEY TO ABBREVIATIONS USED IN THE STATEMENT OF NET ASSETS ADR American Depository Receipt AMBAC Security insured by the American Municipal Bond Assurance Corporation AMT Alternative Minimum Tax Cl Class COP Certificate of Participation CV Convertible Security ETM Escrowed to Maturity F Foreign Registry Shares FFCB Federal Farm Credit Bank FGIC Security insured by the Financial Guaranty Insurance Company FHA Federal Housing Administration FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association FSA Security insured by Financial Security Assurance GDR Global Depository Receipt GDS Global Depository Shares GNMA Government National Mortgage Association GO General Obligation MBIA Security Insured by the Municipal Bond Insurance Association MTN Medium Term Note RB Revenue Bond REIT Real Estate Investment Trust REMIC Real Estate Mortgage Investment Conduit Ser Series SLMA Student Loan Marketing Association STRIPS Separately Traded Registered Interest and Principal Security TAN Tax Anticipation Note TECP Tax Exempt Commercial Paper TRAN Tax & Revenue Anticipation Note VRDN Variable Rate Demand Note * Non-income producing securities (A) Zero Coupon Bond (B) Private Placement Security (C) Variable rate security. The rate reported on the Statement of Net Assets is the rate in effect on November 30, 1997. (D) Put and demand features exist requiring the issuer to repurchase the instrument prior to maturity. (E) Securities are held in connection with a letter of credit issued by a major bank. (F) Collateralized by U.S. Government Securities 77 STATEMENT OF ASSETS AND LIABILITIES (000) ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 UNAUDITED
---------- INVESTMENT GRADE TAX-EXEMPT BOND FUND ---------- Assets: Investments at Market Value (Cost $180,632, respectively) .................................................... $182,600 Accrued Income ..................................................................... 2,814 Receivables for Investment Securities Sold ......................................... 19,061 Receivables for Capital Shares Sold ................................................ 84 Other Assets ....................................................................... 323 -------- Total Assets ....................................................................... 204,882 -------- Liabilities: Payables for Investment Securities Purchased ....................................... (25,836) Payables for Capital Shares Repurchased ............................................ (17) Accrued Expenses ................................................................... (185) Distribution Payable ............................................................... (542) Other Liabilities .................................................................. (289) -------- Total Liabilities .................................................................. (26,869) -------- Net Assets: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 12,521,828 outstanding shares of beneficial interest .................... 138,487 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 2,508,914 outstanding shares of beneficial interest ..................... 26,745 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 472,699 outstanding shares of beneficial interest ....................... 5,355 Accumulated net realized gain on investments ....................................... 5,458 Net unrealized appreciation on investments ......................................... 1,968 -------- Total Net Assets ................................................................... $178,013 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares .............. $ 11.48 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares ..................... $ 11.50 ======== Maximum Public Offering Per Share -- Investor Shares ($11.50 / 96.25%) .................................................................. $ 11.95 ======== Net Asset Value,Offering and Redemption Price Per Share -- Flex Shares (1) ............ $ 11.48 ======== (1) FLEX CLASS HAS A CONTINGENT DEFERRED SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 78 ================================================================================ [This Page Left Intentionally Blank] STATEMENT OF OPERATIONS (000) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 (UNAUDITED)
MID-CAP SMALL CAP CAPITAL VALUE INCOME EQUITY EQUITY GROWTH STOCK FUND FUND FUND FUND ---------- -------- ---------- ---------- 06/01/97- 06/01/97- 06/01/97- 06/01/97- 11/30/97 11/30/97 11/30/97 11/30/97 ---------- -------- ---------- ---------- Income: Interest Income ............................................... $ 3,479 $ 940 $ 249 $ 4,665 Dividend Income ............................................... 24,064 951 2,706 9,016 Less: Foreign Taxes Withheld .................................. -- -- -- -- -------- ------- ------- -------- Total Investment Income ....................................... 27,543 1,891 2,955 13,681 -------- ------- ------- -------- Expenses: Investment Advisory Fees ...................................... 7,618 2,074 1,392 9,171 Less: Investment Advisory Fees Waived ......................... -- (200) (65) (804) Less: Contribution from Advisor ............................... -- -- -- -- Administrator Fees ............................................ 607 114 77 505 Transfer Agent Fees -- Trust Shares ........................... 18 9 8 7 Transfer Agent Fees -- Investor Shares ........................ 56 18 -- 95 Transfer Agent Fees -- Flex Shares ............................ 32 14 8 25 Transfer Agent Out of Pocket Fees ............................. 93 19 2 75 Printing Expenses ............................................. 126 23 3 100 Custody Fees .................................................. 32 6 3 19 Professional Fees ............................................. 62 11 4 42 Trustee Fees .................................................. 19 4 -- 16 Registration Fees ............................................. 33 4 12 20 Pricing Fees .................................................. -- -- -- -- Distribution Fees -- Investor Shares .......................... 300 48 -- 804 Less: Distribution Fees Waived -- Investor Shares ............. -- (15) -- (130) Distribution Fees-- Flex Shares ............................... 499 61 40 260 Less: Distribution Fees Waived -- Flex Shares ................. (3) (11) (5) (2) Insurance and Other Fees ...................................... 38 9 1 9 Amortization of Deferred Organization Costs ................... 5 -- 16 -- -------- ------- ------- -------- Total Expenses ................................................ 9,535 2,188 1,496 10,212 -------- ------- ------- -------- Net Investment Income (Loss) .................................. 18,008 (297) 1,459 3,469 -------- ------- ------- -------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold ................... 149,294 28,716 14,366 110,744 Net Realized Loss on Foreign Currency Transactions ............ -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency ............................. -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments .............................................. 19,116 7,067 10,846 67,401 -------- ------- ------- -------- Total Net Realized and Unrealized Gain on Investments .............................................. 168,410 35,783 25,212 178,145 -------- ------- ------- -------- Net Increase (Decrease) in Net Assets from Operations ......... $186,418 $35,486 $26,671 $181,614 ======== ======= ======= ======== EMERGING INTERNATIONAL INTERNATIONAL BALANCED MARKETS EQUITY EQUITY FUND EQUITY FUND INDEX FUND FUND -------- ---------- ---------- ---------- 06/01/97- 06/01/97- 06/01/97- 06/01/97- 11/30/97 11/30/97 11/30/97 11/30/97 -------- ---------- ---------- ---------- Income: Interest Income ............................................... $ 2,438 $ 99 $ 18 $ 692 Dividend Income ............................................... 629 500 557 4,281 Less: Foreign Taxes Withheld .................................. -- (37) (60) (154) ------- ------- ------ ------- Total Investment Income ....................................... 3,067 562 515 4,819 ------- ------- ------ ------- Expenses: Investment Advisory Fees ...................................... 818 298 273 3,477 Less: Investment Advisory Fees Waived ......................... (104) (77) (37) (19) Less: Contribution from Advisor ............................... -- -- -- -- Administrator Fees ............................................ 55 15 19 177 Transfer Agent Fees -- Trust Shares ........................... 10 8 10 9 Transfer Agent Fees -- Investor Shares ........................ 9 -- 10 9 Transfer Agent Fees -- Flex Shares ............................ 11 -- 7 12 Transfer Agent Out of Pocket Fees ............................. 8 3 3 19 Printing Expenses ............................................. 10 4 3 11 Custody Fees .................................................. 2 76 31 291 Professional Fees ............................................. 4 2 4 11 Trustee Fees .................................................. 2 -- 1 2 Registration Fees ............................................. 3 6 2 25 Pricing Fees .................................................. -- 6 6 8 Distribution Fees -- Investor Shares .......................... 9 -- 10 22 Less: Distribution Fees Waived -- Investor Shares ............. (8) -- (9) (8) Distribution Fees-- Flex Shares ............................... 44 -- 4 67 Less: Distribution Fees Waived -- Flex Shares ................. (7) -- (4) (9) Insurance and Other Fees ...................................... 3 1 1 7 Amortization of Deferred Organization Costs ................... -- 13 2 1 ------- ------- ------ ------- Total Expenses ................................................ 869 355 336 4,112 ------- ------- ------ ------- Net Investment Income (Loss) .................................. 2,198 207 179 707 ------- ------- ------ ------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold ................... 7,399 (807) 1,105 18,081 Net Realized Loss on Foreign Currency Transactions ............ -- (47) (45) (494) Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency ............................. -- 2 26 (33) Net Change in Unrealized Appreciation (Depreciation) on Investments .............................................. 6,632 (7,410) (330) (10,496) ------- ------- ------ ------- Total Net Realized and Unrealized Gain on Investments .............................................. 14,031 (8,262) 756 7,058 ------- ------- ------ ------- Net Increase (Decrease) in Net Assets from Operations ......... $16,229 $(8,055) $ 935 $ 7,765 ======= ======= ====== ======= INVESTMENT GRADE FLORIDA TENNESSEE SUNBELT TAX-EXEMPT TAX-EXEMPT TAX-EXEMPT EQUITY FUND BOND FUND BOND FUND BOND FUND -------- -------- -------- -------- 06/01/97- 06/01/97- 06/01/97- 06/01/97- 11/30/97 11/30/97 11/30/97 11/30/97 -------- -------- -------- -------- Income: Interest Income ............................................... $ 167 $ 4,160 $1,765 $161 Dividend Income ............................................... 480 -- -- -- Less: Foreign Taxes Withheld .................................. -- -- -- -- ------- ------- ------ ---- Total Investment Income ....................................... 647 4,160 1,765 161 ------- ------- ------ ---- Expenses: Investment Advisory Fees ...................................... 2,615 663 231 21 Less: Investment Advisory Fees Waived ......................... (259) (107) (49) (21) Less: Contribution from Advisor ............................... -- -- -- (6) Administrator Fees ............................................ 144 57 23 2 Transfer Agent Fees -- Trust Shares ........................... 11 10 11 10 Transfer Agent Fees -- Investor Shares ........................ 26 22 5 7 Transfer Agent Fees -- Flex Shares ............................ 11 6 8 8 Transfer Agent Out of Pocket Fees ............................. 28 11 3 -- Printing Expenses ............................................. 31 20 3 1 Custody Fees .................................................. 8 2 1 -- Professional Fees ............................................. 18 6 2 -- Trustee Fees .................................................. 6 2 1 -- Registration Fees ............................................. 4 1 3 -- Pricing Fees .................................................. -- -- -- -- Distribution Fees -- Investor Shares .......................... 66 65 3 1 Less: Distribution Fees Waived -- Investor Shares ............. (21) (25) (3) -- Distribution Fees -- Flex Shares............................... 32 25 24 15 Less: Distribution Fees Waived -- Flex Shares ................. (9) (8) (15) (5) Insurance and Other Fees ...................................... 11 5 1 -- Amortization of Deferred Organization Costs ................... -- -- -- -- ------- ------- ------ ---- Total Expenses ................................................ 2,722 755 252 33 ------- ------- ------ ---- Net Investment Income (Loss) .................................. (2,075) 3,405 1,513 128 ------- ------- ------ ---- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold ................... 30,269 3,491 242 7 Net Realized Loss on Foreign Currency Transactions ............ -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency ............................. -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments .............................................. 39,233 495 1,545 130 ------- ------- ------ ---- Total Net Realized and Unrealized Gain on Investments .............................................. 69,502 3,986 1,787 137 ------- ------- ------ ---- Net Increase (Decrease) in Net Assets from Operations ......... $67,427 $ 7,391 $3,300 $265 ======= ======= ====== ==== Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 80 & 81 STATEMENT OF OPERATIONS (000) (concluded) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 (UNAUDITED)
GEORGIA INVESTMENT TAX-EXEMPT GRADE BOND SHORT-TERM BOND FUND FUND BOND FUND -------- -------- -------- 06/01/97- 06/01/97- 06/01/97- 11/30/97 11/30/97 11/30/97 -------- -------- -------- Interest Income .................................................. $1,265 $23,873 $3,130 ------ ------- ------ Expenses: Investment Advisory Fees ...................................... 171 2,690 328 Less: Investment Advisory Fees Waived ......................... (41) (383) (76) Administrator Fees ............................................ 17 230 32 Less: Administrator Fees Waived ............................... -- -- -- Transfer Agent Fees -- Trust Shares ........................... 10 10 9 Transfer Agent Fees -- Investor Shares ........................ 7 23 8 Transfer Agent Fees -- Flex Shares ............................ 9 11 8 Transfer Agent Out of Pocket Fees ............................. 2 44 3 Printing Expenses ............................................. 3 62 9 Custody Fees .................................................. 1 11 2 Professional Fees ............................................. 1 25 4 Trustee Fees .................................................. -- 9 1 Registration Fees ............................................. 1 6 1 Distribution Fees -- Investor Shares .......................... 3 71 2 Less: Distribution Fees Waived -- Investor Shares ............. (3) (27) (2) Distribution Fees -- Flex Shares .............................. 26 34 6 Less: Distribution Fees Waived -- Flex Shares ................. (15) (16) (6) Insurance and Other Fees ...................................... 1 18 3 Amortization of Deferred Organization Costs ................... -- -- 2 ------ ------- ------ Total Expenses ................................................ 193 2,818 334 ------ ------- ------ Net Investment Income ............................................ 1,072 21,055 2,796 ------ ------- ------ Net Realized and Unrealized Gain on Investments: Net Realized Gain on Securities Sold .......................... 53 3,891 253 Net Change in Unrealized Appreciation on Investments .............................................. 1,235 21,593 895 ------ ------- ------ Total Net Realized and Unrealized Gain on Investments .............................................. 1,288 25,484 1,148 ------ ------- ------ Net Increase in Net Assets from Operations ....................... $2,360 $46,539 $3,944 ====== ======= ====== SHORT-TERM U.S. TREASURY LIMITED-TERM U.S. SECURITIES FEDERAL MORTGAGE GOVERNMENT FUND SECURITIES FUND SECURITIES FUND -------- -------- -------- 06/01/97- 06/01/97- 06/01/97- 11/30/97 11/30/97 11/30/97 -------- -------- -------- Interest Income .................................................. $766 $4,326 $ 981 ---- ------ ------ Expenses: Investment Advisory Fees ...................................... 84 434 105 Less: Investment Advisory Fees Waived ......................... (33) (76) (25) Administrator Fees ............................................ 8 42 9 Less: Administrator Fees Waived ............................... -- -- -- Transfer Agent Fees -- Trust Shares ........................... 10 10 10 Transfer Agent Fees -- Investor Shares ........................ 8 8 8 Transfer Agent Fees -- Flex Shares ............................ 8 9 9 Transfer Agent Out of Pocket Fees ............................. -- 2 -- Printing Expenses ............................................. 1 5 1 Custody Fees .................................................. -- 2 -- Professional Fees ............................................. 1 3 1 Trustee Fees .................................................. -- 1 -- Registration Fees ............................................. -- -- -- Distribution Fees -- Investor Shares .......................... 3 3 4 Less: Distribution Fees Waived -- Investor Shares ............. (3) (3) (4) Distribution Fees -- Flex Shares .............................. 6 8 15 Less: Distribution Fees Waived -- Flex Shares ................. (6) (8) (9) Insurance and Other Fees ...................................... -- -- -- Amortization of Deferred Organization Costs ................... 2 2 2 ---- ------ ------ Total Expenses ................................................ 89 442 126 ---- ------ ------ Net Investment Income ............................................ 677 3,884 855 ---- ------ ------ Net Realized and Unrealized Gain on Investments: Net Realized Gain on Securities Sold .......................... 27 241 33 Net Change in Unrealized Appreciation on Investments .............................................. 136 863 844 ---- ------ ------ Total Net Realized and Unrealized Gain on Investments .............................................. 163 1,104 877 ---- ------ ------ Net Increase in Net Assets from Operations ....................... $840 $4,988 $1,732 ==== ====== ====== TAX-EXEMPT PRIME QUALITY U.S. GOVERNMENT MONEY MONEY MARKET SECURITIES MONEY MARKET FUND MARKET FUND FUND -------- -------- -------- 06/01/97- 06/01/97- 06/01/97- 11/30/97 11/30/97 11/30/97 -------- -------- -------- Interest Income .................................................. $49,785 $10,825 $9,654 ------- ------- ------ Expenses: Investment Advisory Fees ...................................... 5,713 1,266 1,422 Less: Investment Advisory Fees Waived ......................... (1,143) (253) (398) Administrator Fees ............................................ 557 123 164 Less: Administrator Fees Waived ............................... (420) (61) -- Transfer Agent Fees -- Trust Shares ........................... 10 10 10 Transfer Agent Fees -- Investor Shares ........................ 23 5 10 Transfer Agent Fees -- Flex Shares ............................ -- -- -- Transfer Agent Out of Pocket Fees ............................. 90 22 12 Printing Expenses ............................................. 114 29 34 Custody Fees .................................................. 34 4 9 Professional Fees ............................................. 69 11 16 Trustee Fees .................................................. 18 5 6 Registration Fees ............................................. 64 17 12 Distribution Fees -- Investor Shares .......................... 318 50 91 Less: Distribution Fees Waived -- Investor Shares ............. (111) (12) (32) Distribution Fees -- Flex Shares .............................. -- -- -- Less: Distribution Fees Waived -- Flex Shares ................. -- -- -- Insurance and Other Fees ...................................... 41 14 11 Amortization of Deferred Organization Costs ................... -- -- -- ------- ------- ------ Total Expenses ................................................ 5,377 1,230 1,367 ------- ------- ------ Net Investment Income ............................................ 44,408 9,595 8,287 ------- ------- ------ Net Realized and Unrealized Gain on Investments: Net Realized Gain on Securities Sold .......................... 45 71 -- Net Change in Unrealized Appreciation on Investments .............................................. -- -- -- ------- ------- ------ Total Net Realized and Unrealized Gain on Investments .............................................. 45 71 -- ------- ------- ------ Net Increase in Net Assets from Operations ....................... $44,453 $ 9,666 $8,287 ======= ======= ====== Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 82 & 83 STATEMENT OF CHANGES IN NET ASSETS (000) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 AND THE YEAR ENDED MAY 31, 1997 (UNAUDITED)
VALUE INCOME MID-CAP EQUITY SMALL CAP STOCK FUND FUND EQUITY FUND ------------------- ------------------- ------------------- 06/01/97- 06/01/97- 06/01/97- 06/01/97- 06/01/97- 01/31/97*- 11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97 -------- -------- -------- -------- -------- -------- Operations: Net Investment Income (Loss) ..................... $ 18,008 $ 35,049 $ ($297) $ 513 $ 1,459 $ 521 Net Realized Gain (Loss) on Investments .......... 149,294 243,189 28,716 33,978 14,366 1,757 Net Realized Loss on Foreign Currency Transactions ................................... -- -- -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency ................ -- -- -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments ................................. 19,116 33,953 7,067 4,912 10,846 7,644 ---------- ---------- -------- -------- -------- -------- Increase (Decrease) in Net Assets from Operations 186,418 312,191 35,486 39,403 26,671 9,922 ---------- ---------- -------- -------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ................................... (16,094) (30,805) -- (962) (1,137) (205) Investor Shares ................................ (1,465) (2,820) -- (17) -- -- Flex Shares .................................... (517) (606) -- -- (15) -- Capital Gains: Trust Shares ................................... -- (166,191) -- (24,244) -- -- Investor Shares ................................ -- (18,030) -- (1,770) -- -- Flex Shares .................................... -- (5,570) -- (676) -- -- ---------- ---------- -------- -------- -------- -------- Total Distributions .............................. (18,076) (224,022) -- (27,669) (1,152) (205) ---------- ---------- -------- -------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .................... 179,198 380,339 65,225 113,386 158,257 126,046 Reinvestment of Cash Distributions ............. 11,708 179,808 -- 22,790 743 137 Cost of Shares Repurchased ..................... (177,634) (392,524) (45,246) (113,291) (19,431) (4,851) ---------- ---------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions ................................... 13,272 167,623 19,979 22,885 139,569 121,332 ---------- ---------- -------- -------- -------- -------- Investor Shares: Proceeds from Shares Issued .................... 15,027 31,242 2,598 5,664 -- -- Reinvestment of Cash Distributions ............. 1,445 20,626 -- 1,783 -- -- Cost of Shares Repurchased ..................... (13,773) (24,774) (2,328) (5,934) -- -- ---------- ---------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions ............................. 2,699 27,094 270 1,513 -- -- ---------- ---------- -------- -------- -------- -------- Flex Shares: Proceeds from Shares Issued .................... 42,939 43,363 4,307 5,680 17,492 -- Reinvestment of Cash Distributions ............. 508 6,080 -- 666 15 -- Cost of Shares Repurchased ..................... (7,060) (6,096) (1,541) (1,648) (537) -- ---------- ---------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions ........................ 36,387 43,347 2,766 4,698 16,970 -- ---------- ---------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ................................. 52,358 238,064 23,015 29,096 156,539 121,332 ---------- ---------- -------- -------- -------- -------- Total Increase (Decrease) in Net Assets ...... 220,700 326,233 58,501 40,830 182,058 131,049 ---------- ---------- -------- -------- -------- -------- Net Assets: Beginning of Period .............................. 1,727,527 1,401,294 317,735 276,905 131,049 -- ---------- ---------- -------- -------- -------- -------- End of Period .................................... $1,948,227 $1,727,527 $376,236 $317,735 $313,107 $131,049 ========== ========== ======== ======== ======== ======== (1)Shares Issued and Redeemed: Trust Shares: Shares Issued .................................. 12,142 29,343 4,497 9,011 13,069 12,290 Shares Issued in Lieu of Cash Distributions .... 805 14,654 -- 1,853 -- 13 Shares Redeemed ................................ (12,024) (30,076) (3,163) (9,008) (1,558) (466) ---------- ---------- -------- -------- -------- -------- Net Trust Share Transactions ..................... 923 13,921 1,334 1,856 11,511 11,837 ---------- ---------- -------- -------- -------- -------- Investor Shares: Shares Issued .................................. 1,024 2,411 180 455 -- -- Shares Issued in Lieu of Cash Distributions .... 99 1,683 -- 145 -- -- Shares Redeemed ................................ (932) (1,906) (162) (472) -- -- ---------- ---------- -------- -------- -------- -------- Net Investor Share Transactions .................. 191 2,188 18 128 -- -- ---------- ---------- -------- -------- -------- -------- Flex Shares: Shares Issued .................................. 2,929 3,360 300 459 1,409 -- Shares Issued in Lieu of Cash Distributions .... 35 500 -- 55 -- -- Shares Redeemed ................................ (482) (470) (110) (134) (43) -- ---------- ---------- -------- -------- -------- -------- Net Flex Share Transactions ...................... 2,482 3,390 190 380 1,366 -- ========== ========== ======== ======== ======== ======== EMERGING CAPITAL GROWTH FUND BALANCED FUND MARKETS EQUITY FUND ------------------- ------------------- ------------------- 06/01/97- 06/01/96- 06/01/97- 06/01/96- 06/01/97- 01/31/97*- 11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97 -------- -------- -------- -------- -------- -------- Operations: Net Investment Income (Loss) ....................... $ 3,469 $ 8,603 $ 2,198 $ 3,521 $ 207 $ 144 Net Realized Gain (Loss) on Investments ............ 110,744 221,554 7,399 11,411 (807) 80 Net Realized Loss on Foreign Currency Transactions ..................................... -- -- -- -- (47) (18) Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency .................. -- -- -- -- 2 -- Net Change in Unrealized Appreciation (Depreciation) on Investments ................................... 67,401 43,851 6,632 5,223 (7,410) 2,108 ---------- ---------- -------- -------- ------- ------- Increase (Decrease) in Net Assets from Operations 181,614 274,008 16,229 20,155 (8,055) 2,314 ---------- ---------- -------- -------- ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares ..................................... (3,895) (7,993) (2,085) (3,051) -- -- Investor Shares .................................. (28) (338) (77) (139) -- -- Flex Shares ...................................... -- -- (70) (77) -- -- Capital Gains: Trust Shares ..................................... -- (180,731) -- (9,775) -- -- Investor Shares .................................. -- (35,976) -- (505) -- -- Flex Shares ...................................... -- (3,858) -- (388) -- -- ---------- ---------- -------- -------- ------- ------- Total Distributions ................................ (3,923) (228,896) (2,232) (13,935) -- -- ---------- ---------- -------- -------- ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ...................... 282,533 295,281 24,354 75,303 17,384 42,043 Reinvestment of Cash Distributions ............... 3,006 178,092 2,037 12,606 -- -- Cost of Shares Repurchased ....................... (176,565) (406,707) (28,707) (54,011) (9,238) (4,862) ---------- ---------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions ..................................... 108,974 66,666 (2,316) 33,898 8,146 37,181 ---------- ---------- -------- -------- ------- ------- Investor Shares: Proceeds from Shares Issued ...................... 12,156 22,778 698 1,430 -- -- Reinvestment of Cash Distributions ............... 27 36,046 76 633 -- -- Cost of Shares Repurchased ....................... (17,882) (38,034) (583) (1,149) -- -- ---------- ---------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions ............................... (5,699) 20,790 191 914 -- -- ---------- ---------- -------- -------- ------- ------- Flex Shares: Proceeds from Shares Issued ...................... 25,296 23,389 5,833 3,065 -- -- Reinvestment of Cash Distributions ............... -- 3,813 69 462 -- -- Cost of Shares Repurchased ....................... (4,089) (2,774) (975) (787) -- -- ---------- ---------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions .......................... 21,207 24,428 4,927 2,740 -- -- ---------- ---------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Share Transactions ................................... 124,482 111,884 2,802 37,552 8,146 37,181 ---------- ---------- -------- -------- ------- ------- Total Increase (Decrease) in Net Assets ........ 302,173 156,996 16,799 43,772 91 39,495 ---------- ---------- -------- -------- ------- ------- Net Assets: Beginning of Period ................................ 1,340,541 1,183,545 163,437 119,665 39,495 -- ---------- ---------- -------- -------- ------- ------- End of Period ...................................... $1,642,714 $1,340,541 $180,236 $163,437 $39,586 $39,495 ========== ========== ======== ======== ======= ======= (1)Shares Issued and Redeemed: Trust Shares: Shares Issued .................................... 17,789 20,391 1,926 6,572 1,621 4,128 Shares Issued in Lieu of Cash Distributions ...... 185 13,369 163 1,122 -- -- Shares Redeemed .................................. (10,754) (27,687) (2,276) (4,686) (915) (468) ---------- ---------- -------- -------- ------- ------- Net Trust Share Transactions ....................... 7,220 6,073 (187) 3,008 706 3,660 ---------- ---------- -------- -------- ------- ------- Investor Shares: Shares Issued .................................... 740 1,573 55 122 -- -- Shares Issued in Lieu of Cash Distributions ...... 2 2,717 6 56 -- -- Shares Redeemed .................................. (1,089) (2,607) (46) (99) -- -- ---------- ---------- -------- -------- ------- ------- Net Investor Share Transactions .................... (347) 1,683 15 79 -- -- ---------- ---------- -------- -------- ------- ------- Flex Shares: Shares Issued .................................... 1,548 1,620 459 265 -- -- Shares Issued in Lieu of Cash Distributions ...... -- 289 5 41 -- -- Shares Redeemed .................................. (250) (191) (77) (68) -- -- ---------- ---------- -------- -------- ------- ------- Net Flex Share Transactions ........................ 1,298 1,718 387 238 -- -- ========== ========== ======== ======== ======= ======= INTERNATIONAL INTERNATIONAL EQUITY EQUITY INDEX FUND FUND SUNBELT EQUITY FUND ------------------- -------------------- ------------------- 06/01/97- 06/01/96- 06/01/97- 06/01/96- 06/01/97- 06/01/96- 11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97 -------- -------- -------- -------- -------- -------- Operations: Net Investment Income (Loss) ...................... $ 179 $ 482 $ 707 $ 1,788 $ (2,075) $ (2,928) Net Realized Gain (Loss) on Investments ........... 1,105 4,148 18,081 31,885 30,269 24,062 Net Realized Loss on Foreign Currency Transactions .................................... (45) (50) (494) (949) -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency ................. 26 (21) (33) 16 -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments .................................. (330) (466) (10,496) 51,213 39,233 (18,818) ------- ------- -------- -------- -------- -------- Increase (Decrease) in Net Assets from Operations 935 4,093 7,765 83,953 67,427 2,316 ------- ------- -------- -------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares .................................... -- (614) -- (638) -- -- Investor Shares ................................. -- (35) -- -- -- -- Flex Shares ..................................... -- -- -- -- -- -- Capital Gains: Trust Shares .................................... -- (1,696) -- (9,573) -- (29,932) Investor Shares ................................. -- (154) -- (182) -- (2,119) Flex Shares ..................................... -- (27) -- (75) -- (360) ------- ------- -------- -------- -------- -------- Total Distributions ............................... -- (2,526) -- (10,468) -- (32,411) ------- ------- -------- -------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ..................... 3,499 21,944 190,400 382,588 86,098 208,763 Reinvestment of Cash Distributions .............. -- 1,958 -- 9,386 -- 27,551 Cost of Shares Repurchased ...................... (8,412) (62,693) (155,526) (187,406) (103,387) (239,412) ------- ------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions .................................... (4,913) (38,791) 34,874 204,568 (17,289) (3,098) ------- ------- -------- -------- -------- -------- Investor Shares: Proceeds from Shares Issued ..................... 1,043 2,579 4,901 7,794 1,900 6,043 Reinvestment of Cash Distributions .............. -- 189 -- 181 -- 2,111 Cost of Shares Repurchased ...................... (925) (2,981) (1,505) (2,060) (4,604) (7,103) ------- ------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions .............................. 118 (213) 3,396 5,915 (2,704) 1,051 ------- ------- -------- -------- -------- -------- Flex Shares: Proceeds from Shares Issued ..................... 273 334 9,345 7,049 1,154 3,978 Reinvestment of Cash Distributions .............. -- 27 -- 74 -- 354 Cost of Shares Repurchased ...................... (277) (410) (1,452) (424) (992) (1,172) ------- ------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions ......................... (4) (49) 7,893 6,699 162 3,160 ------- ------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions .................................. (4,799) (39,053) 46,163 217,182 (19,831) 1,113 ------- ------- -------- -------- -------- -------- Total Increase (Decrease) in Net Assets ....... (3,864) (37,486) 53,928 290,667 47,596 (29,982) ------- ------- -------- -------- -------- -------- Net Assets: Beginning of Period ............................... 60,008 97,494 508,374 217,707 415,155 444,137 ------- ------- -------- -------- -------- -------- End of Period ..................................... $56,144 $60,008 $562,302 $508,374 $462,751 $415,155 ======= ======= ======== ======== ======== ======== (1)Shares Issued and Redeemed: Trust Shares: Shares Issued ................................... 292 2,030 13,219 31,059 5,648 16,289 Shares Issued in Lieu of Cash Distributions ..... -- 184 -- 785 -- 2,176 Shares Redeemed ................................. (702) (5,800) (10,815) (14,649) (6,996) (18,979) ------- ------- -------- -------- -------- -------- Net Trust Share Transactions ...................... (410) (3,586) 2,404 17,195 (1,348) (514) ------- ------- -------- -------- -------- -------- Investor Shares: Shares Issued ................................... 87 241 339 634 128 473 Shares Issued in Lieu of Cash Distributions ..... -- 18 -- 15 -- 169 Shares Redeemed ................................. (77) (277) (106) (166) (312) (569) ------- ------- -------- -------- -------- -------- Net Investor Share Transactions ................... 10 (18) 233 483 (184) 73 ------- ------- -------- -------- -------- -------- Flex Shares: Shares Issued ................................... 22 31 653 566 77 310 Shares Issued in Lieu of Cash Distributions ..... -- 3 -- 6 -- 29 Shares Redeemed ................................. (23) (38) (103) (34) (69) (95) ------- ------- -------- -------- -------- -------- Net Flex Share Transactions ....................... (1) (4) 550 538 8 244 ======= ======= ======== ======== ======== ======== *Commencement of operations. Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 84 & 85 STATEMENT OF CHANGES IN NET ASSETS (000) (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 AND THE YEAR ENDED MAY 31, 1997 (UNAUDITED)
FLORIDA TENNESSEE INVESTMENT GRADE TAX- TAX-EXEMPT TAX-EXEMPT EXEMPT BOND FUND BOND FUND BOND FUND ------------------- ------------------- ------------------- 06/01/97- 06/01/96- 06/01/97- 06/01/96- 06/01/97- 06/01/96- 11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97 -------- -------- -------- -------- -------- -------- Operations: Net Investment Income .......................... $ 3,405 $ 6,631 $ 1,513 $ 1,999 $ 128 $ 227 Net Realized Gain (Loss) on Investments ........ 3,491 2,924 242 (209) 7 (11) Net Change in Unrealized Appreciation on Investments ............................... 495 2,169 1,545 1,157 130 153 -------- -------- ------- ------- ------ ------ Increase in Net Assets from Operations ....... 7,391 11,724 3,300 2,947 265 369 -------- -------- ------- ------- ------ ------ Distributions to Shareholders: Net Investment Income: Trust Shares ................................. (2,805) (5,248) (1,361) (1,748) (44) (74) Investor Shares .............................. (523) (1,226) (67) (154) (28) (65) Flex Shares .................................. (77) (159) (85) (101) (56) (88) Capital Gains: Trust Shares ................................. -- (2,384) -- (126) -- -- Investor Shares .............................. -- (623) -- (11) -- -- Flex Shares .................................. -- (92) -- (9) -- -- -------- -------- ------- ------- ------ ------ Total Distributions ............................ (3,405) (9,732) (1,513) (2,149) (128) (227) -------- -------- ------- ------- ------ ------ Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .................. 17,719 45,948 27,391 27,976 652 1,241 Reinvestment of Cash Distributions ........... 707 3,196 156 314 8 33 Cost of Shares Repurchased ................... (17,006) (36,027) (6,843) (9,265) (610) (1,174) -------- -------- ------- ------- ------ ------ Increase (Decrease) in Net Assets From Trust Share Transactions ................................. 1,420 13,117 20,704 19,025 50 100 -------- -------- ------- ------- ------ ------ Investor Shares: Proceeds from Shares Issued .................. 749 2,163 170 923 79 450 Reinvestment of Cash Distributions ........... 465 1,619 53 128 22 51 Cost of Shares Repurchased ................... (4,928) (9,763) (364) (1,919) (415) (459) -------- -------- ------- ------- ------ ------ Increase (Decrease) in Net Assets From Investor Share Transactions ........................... (3,714) (5,981) (141) (868) (314) 42 -------- -------- ------- ------- ------ ------ Flex Shares: Proceeds from Shares Issued .................. 1,497 1,973 3,057 1,182 961 836 Reinvestment of Cash Distributions ........... 68 222 62 80 36 53 Cost of Shares Repurchased ................... (926) (3,111) (362) (1,011) (297) (456) -------- -------- ------- ------- ------ ------ Increase (Decrease) in Net Assets From Flex Share Transactions ...................... 639 (916) 2,757 251 700 433 -------- -------- ------- ------- ------ ------ Increase (Decrease) in Net Assets From Share Transactions ............................... (1,655) 6,220 23,320 18,408 436 575 -------- -------- ------- ------- ------ ------ Total Increase (Decrease) in Net Assets .... 2,331 8,212 25,107 19,206 573 717 -------- -------- ------- ------- ------ ------ Net Assets: Beginning of Period ............................ 175,682 167,470 56,713 37,507 6,080 5,363 -------- -------- ------- ------- ------ ------ End of Period .................................. $178,013 $175,682 $81,820 $56,713 $6,653 $6,080 ======== ======== ======= ======= ====== ====== (1)Shares Issued and Redeemed: Trust Shares: Shares Issued ................................ 1,556 4,112 2,616 2,728 68 130 Shares Issued in Lieu of Cash Distributions .. 62 286 15 31 -- 3 Shares Redeemed .............................. (1,493) (3,216) (653) (907) (62) (122) -------- -------- ------- ------- ------ ------ Net Trust Share Transactions ................... 125 1,182 1,978 1,852 6 11 -------- -------- ------- ------- ------ ------ Investor Shares: Shares Issued ................................ 66 193 16 89 10 47 Shares Issued in Lieu of Cash Distributions .. 41 144 5 13 -- 5 Shares Redeemed .............................. (432) (869) (34) (188) (43) (48) -------- -------- ------- ------- ------ ------ Net Investor Share Transactions ................ (325) (532) (13) (86) (33) 4 -------- -------- ------- ------- ------ ------ Flex Shares: Shares Issued ................................ 131 176 292 115 101 88 Shares Issued in Lieu of Cash Distributions .. 6 20 6 8 -- 6 Shares Redeemed .............................. (81) (277) (35) (99) (30) (48) -------- -------- ------- ------- ------ ------ Net Flex Share Transactions .................... 56 (81) 263 24 71 46 ======== ======== ======= ======= ====== ====== GEORGIA TAX-EXEMPT INVESTMENT GRADE SHORT-TERM BOND BOND FUND BOND FUND FUND ------------------- ------------------- ------------------- 06/01/97- 06/01/96- 06/01/97- 06/01/96- 06/01/97- 06/01/96- 11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97 -------- -------- -------- -------- -------- -------- Operations: Net Investment Income .......................... $ 1,072 $ 1,589 $ 21,055 $ 37,964 $ 2,796 $ 5,152 Net Realized Gain (Loss) on Investments ........ 53 7 3,891 (5,113) 253 (321) Net Change in Unrealized Appreciation on Investments ............................... 1,235 882 21,593 10,558 895 1,027 ------- ------- -------- -------- -------- ------- Increase in Net Assets from Operations ....... 2,360 2,478 46,539 43,409 3,944 5,858 ------- ------- -------- -------- -------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares ................................. (912) (1,285) (19,998) (35,713) (2,700) (4,983) Investor Shares .............................. (72) (139) (889) (1,950) (56) (120) Flex Shares .................................. (88) (165) (168) (270) (32) (51) Capital Gains: Trust Shares ................................. -- (153) -- -- -- (311) Investor Shares .............................. -- (17) -- -- -- (7) Flex Shares .................................. -- (26) -- -- -- (4) ------- ------- -------- -------- -------- ------- Total Distributions ............................ (1,072) (1,785) (21,055) (37,933) (2,788) (5,476) ------- ------- -------- -------- -------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .................. 15,082 29,571 124,297 218,768 31,727 43,385 Reinvestment of Cash Distributions ........... 426 761 17,726 27,532 1,528 3,426 Cost of Shares Repurchased ................... (6,181) (14,098) (75,613) (217,253) (13,989) (48,636) ------- ------- -------- -------- -------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions ................................. 9,327 16,234 66,410 29,047 19,266 (1,825) ------- ------- -------- -------- -------- ------- Investor Shares: Proceeds from Shares Issued .................. 375 573 2,226 5,838 57 602 Reinvestment of Cash Distributions ........... 63 137 965 1,770 54 111 Cost of Shares Repurchased ................... (233) (677) (5,056) (10,944) (373) (1,240) ------- ------- -------- -------- -------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions ........................... 205 33 (1,865) (3,336) (262) (527) ------- ------- -------- -------- -------- ------- Flex Shares: Proceeds from Shares Issued .................. 1,672 1,697 3,062 3,077 392 523 Reinvestment of Cash Distributions ........... 76 172 172 237 30 50 Cost of Shares Repurchased ................... (479) (1,499) (1,052) (2,217) (152) (469) ------- ------- -------- -------- -------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions ...................... 1,269 370 2,182 1,097 270 104 ------- ------- -------- -------- -------- ------- Increase (Decrease) in Net Assets From Share Transactions ............................... 10,801 16,637 66,727 26,808 19,274 (2,248) ------- ------- -------- -------- -------- ------- Total Increase (Decrease) in Net Assets .... 12,089 17,330 92,211 32,284 20,430 (1,866) ------- ------- -------- -------- -------- ------- Net Assets: Beginning of Period ............................ 47,905 30,575 672,574 640,290 92,956 94,822 ------- ------- -------- -------- -------- ------- End of Period .................................. $59,994 $47,905 $764,785 $672,574 $113,386 $92,956 ======= ======= ======== ======== ======== ======= (1)Shares Issued and Redeemed: Trust Shares: Shares Issued ................................ 1,564 3,062 12,030 21,475 3,175 4,380 Shares Issued in Lieu of Cash Distributions .. -- 78 1,708 2,709 153 345 Shares Redeemed .............................. (627) (1,457) (7,307) (21,378) (1,404) (4,902) ------- ------- -------- -------- -------- ------- Net Trust Share Transactions ................... 937 1,683 6,431 2,806 1,924 (177) ------- ------- -------- -------- -------- ------- Investor Shares: Shares Issued ................................ 44 59 215 575 6 61 Shares Issued in Lieu of Cash Distributions .. -- 14 93 174 5 11 Shares Redeemed .............................. (23) (70) (488) (1,076) (37) (125) ------- ------- -------- -------- -------- ------- Net Investor Share Transactions ................ 21 3 (180) (327) (26) (53) ------- ------- -------- -------- -------- ------- Flex Shares: Shares Issued ................................ 175 175 294 303 39 52 Shares Issued in Lieu of Cash Distributions .. -- 18 17 23 3 5 Shares Redeemed .............................. (48) (154) (101) (218) (15) (47) ------- ------- -------- -------- -------- ------- Net Flex Share Transactions .................... 127 39 210 108 27 10 ======= ======= ======== ======== ======== ======= SHORT-TERM U.S. TREASURY LIMITED-TERM FEDERAL U. S. GOVERNMENT SECURITIES FUND MORTGAGE SECURITIES FUND SECURITIES FUND ------------------- -------------------- ------------------- 06/01/97- 06/01/96- 06/01/97- 06/01/96- 06/01/97- 06/01/96- 11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97 -------- -------- -------- -------- -------- -------- Operations: Net Investment Income .......................... $ 677 $ 1,238 $ 3,883 $ 6,160 $ 855 $ 1,220 Net Realized Gain (Loss) on Investments ........ 27 (25) 241 1 33 (17) Net Change in Unrealized Appreciation on Investments ............................... 136 88 864 303 844 214 ------- ------- -------- -------- ------- ------- Increase in Net Assets from Operations ....... 840 1,301 4,988 6,464 1,732 1,417 ------- ------- -------- -------- ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares ................................. (549) (934) (3,779) (5,933) (713) (916) Investor Shares .............................. (95) (205) (67) (146) (67) (147) Flex Shares .................................. (30) (99) (39) (81) (75) (157) Capital Gains: Trust Shares ................................. -- -- -- (159) -- -- Investor Shares .............................. -- -- -- (4) -- -- Flex Shares .................................. -- -- -- (3) -- -- ------- ------- -------- -------- ------- ------- Total Distributions ............................ (674) (1,238) (3,885) (6,326) (855) (1,220) ------- ------- -------- -------- ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .................. 2,447 17,856 20,193 75,207 7,930 19,904 Reinvestment of Cash Distributions ........... 308 465 2,556 4,139 166 297 Cost of Shares Repurchased ................... (5,478) (6,510) (14,221) (28,939) (2,266) (11,131) ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions ................................. (2,723) 11,811 8,528 50,407 5,830 9,070 ------- ------- -------- -------- ------- ------- Investor Shares: Proceeds from Shares Issued .................. 133 745 464 1,381 338 1,272 Reinvestment of Cash Distributions ........... 96 204 64 141 64 140 Cost of Shares Repurchased ................... (686) (1,238) (623) (1,615) (333) (1,599) ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions ........................... (457) (289) (95) (93) 69 (187) ------- ------- -------- -------- ------- ------- Flex Shares: Proceeds from Shares Issued .................. 456 825 389 500 1,170 764 Reinvestment of Cash Distributions ........... 27 85 35 72 63 130 Cost of Shares Repurchased ................... (275) (2,259) (243) (517) (486) (958) ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions ...................... 208 (1,349) 181 55 747 (64) ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Share Transactions ............................... (2,972) 10,173 8,614 50,369 6,646 8,819 ------- ------- -------- -------- ------- ------- Total Increase (Decrease) in Net Assets .... (2.806) 10,236 9,717 50,507 7,523 9,016 ------- ------- -------- -------- ------- ------- Net Assets: Beginning of Period ............................ 27,000 16,764 127,738 77,231 24,515 15,499 ------- ------- -------- -------- ------- ------- End of Period .................................. $24,194 $27,000 $137,455 $127,738 $32,038 $24,515 ======= ======= ======== ======== ======= ======= (1)Shares Issued and Redeemed: Trust Shares: Shares Issued ................................ 247 1,806 2,000 7,497 793 1,986 Shares Issued in Lieu of Cash Distributions .. 31 47 254 413 -- 30 Shares Redeemed .............................. (552) (659) (1,409) (2,886) (221) (1,110) ------- ------- -------- -------- ------- ------- Net Trust Share Transactions ................... (274) 1,194 845 5,024 572 906 ------- ------- -------- -------- ------- ------- Investor Shares: Shares Issued ................................ 13 75 46 138 40 127 Shares Issued in Lieu of Cash Distributions .. 10 21 6 14 -- 14 Shares Redeemed .............................. (69) (125) (61) (161) (33) (159) ------- ------- -------- -------- ------- ------- Net Investor Share Transactions ................ (46) (29) (9) (9) 7 (18) ------- ------- -------- -------- ------- ------- Flex Shares: Shares Issued ................................ 46 84 38 50 120 77 Shares Issued in Lieu of Cash Distributions .. 3 9 3 7 -- 13 Shares Redeemed .............................. (28) (228) (24) (51) (48) (95) ------- ------- -------- -------- ------- ------- Net Flex Share Transactions .................... 21 (135) 17 6 72 (5) ======= ======= ======== ======== ======= ======= Amounts designated as "--" are either $0 or roun d to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 86 & 87 STATEMENT OF CHANGES IN NET ASSETS (000) (concluded) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 AND THE YEAR ENDED MAY 31, 1997 UNAUDITED
PRIME QUALITY U.S. GOVERNMENT SECURITIES MONEY MARKET FUND MONEY MARKET FUND -------------------- -------------------- 06/01/97- 06/01/96- 06/01/97- 06/01/96- 11/30/97 05/31/97 11/30/97 05/31/97 -------- -------- -------- -------- Operations: Net Investment Income ........................................... $ 44,408 $ 73,281 $ 9,595 $ 17,800 Net Realized Gain (Loss) on Investments ......................... 45 (121) 71 (51) ---------- ---------- -------- -------- Increase in Net Assets from Operations ...................... 44,453 73,160 9,666 17,749 ---------- ---------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares .................................................. (36,604) (60,224) (8,184) (14,924) Investor Shares ............................................... (7,812) (13,057) (1,411) (2,876) Capital Gains: Trust Shares .................................................. -- -- -- -- Investor Shares ............................................... -- -- -- -- ---------- ---------- -------- -------- Total Distributions ......................................... (44,416) (73,281) (9,595) (17,800) ---------- ---------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ................................... 1,838,232 2,786,281 401,951 705,839 Reinvestment of Cash Distributions ............................ 1,618 2,069 201 274 Cost of Shares Redeemed ....................................... (1,356,485) (2,752,496) (416,804) (687,215) ---------- ---------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions 483,365 35,854 (14,652) 18,898 ---------- ---------- -------- -------- Investor Shares: Proceeds from Shares Issued ................................... 343,071 928,946 82,219 182,325 Reinvestment of Cash Distributions ............................ 6,969 10,375 1,343 2,379 Cost of Shares Redeemed ....................................... (290,648) (871,451) (94,101) (180,124) ---------- ---------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions 59,392 67,870 (10,539) 4,580 ---------- ---------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions 542,757 103,724 (25,191) 23,478 ---------- ---------- -------- -------- Total Increase (Decrease) in Net Assets ..................... 542,794 103,603 (25,120) 23,427 ---------- ---------- -------- -------- Net Assets: Beginning of Period ............................................. 1,370,099 1,266,496 407,528 384,101 ---------- ---------- -------- -------- End of Period ................................................... $1,912,893 $1,370,099 $382,408 $407,528 ========== ========== ======== ======== (1) Shares Issued and Redeemed: Trust Shares: Shares Issued ................................................. 1,838,232 2,786,281 401,951 705,839 Shares Issued in Lieu of Cash Distributions ................... 1,618 2,069 201 274 Shares Redeemed ............................................... (1,356,485) (2,752,496) (416,804) (687,215) ---------- ---------- -------- -------- Net Trust Share Transactions ................................ 483,365 35,854 (14,652) 18,898 ---------- ---------- -------- -------- Investor Shares: Shares Issued ................................................. 343,071 928,946 82,219 182,325 Shares Issued in Lieu of Cash Distributions ................... 6,969 10,375 1,343 2,379 Shares Redeemed ............................................... (290,648) (871,451) (94,101) (180,124) ---------- ---------- -------- -------- Net Investor Share Transactions ............................. 59,392 67,870 (10,539) 4,580 ---------- ---------- -------- -------- TAX-EXEMPT MONEY MARKET FUND ------------------- 06/01/97- 06/01/96- 11/30/97 05/31/97 -------- -------- Operations: Net Investment Income ........................................... $ 8,287 $ 12,958 Net Realized Gain (Loss) on Investments ......................... -- 10 -------- -------- Increase in Net Assets from Operations ...................... 8,287 12,968 -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares .................................................. (6,405) (10,054) Investor Shares ............................................... (1,882) (2,904) Capital Gains: Trust Shares .................................................. -- -- Investor Shares ............................................... -- -- -------- -------- Total Distributions ......................................... (8,287) (12,958) -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ................................... 532,033 980,872 Reinvestment of Cash Distributions ............................ -- -- Cost of Shares Redeemed ....................................... (429,519) (921,487) -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions 102,514 59,385 -------- -------- Investor Shares: Proceeds from Shares Issued ................................... 145,840 305,724 Reinvestment of Cash Distributions ............................ 1,612 2,569 Cost of Shares Redeemed ....................................... (128,162) (301,505) -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions 19,290 6,788 -------- -------- Increase (Decrease) in Net Assets From Share Transactions 121,804 66,173 -------- -------- Total Increase (Decrease) in Net Assets ..................... 121,804 66,183 -------- -------- Net Assets: Beginning of Period ............................................. 435,019 368,836 -------- -------- End of Period ................................................... $556,823 $435,019 ======== ======== (1) Shares Issued and Redeemed: Trust Shares: Shares Issued ................................................. 532,033 980,872 Shares Issued in Lieu of Cash Distributions ................... -- -- Shares Redeemed ............................................... (429,519) (921,487) -------- -------- Net Trust Share Transactions ................................ 102,514 59,385 -------- -------- Investor Shares: Shares Issued ................................................. 145,840 305,724 Shares Issued in Lieu of Cash Distributions ................... 1,612 2,569 Shares Redeemed ............................................... (128,162) (301,505) -------- -------- Net Investor Share Transactions ............................. 19,290 6,788 -------- -------- Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 88 ================================================================================ [This Page Left Intentionally Blank] FINANCIAL HIGHLIGHTS ================================================================================ STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS ------------------- ------------ ---------------- --------------------- ---------------------- VALUE INCOME STOCK FUND Trust Shares 1997*** $13.71 $ 0.15 $ 1.32 $(0.15) $ -- 1997 13.15 0.30 2.32 (0.30) (1.76) 1996 11.59 0.35 2.71 (0.34) (1.16) 1995 10.54 0.32 1.56 (0.32) (0.51) 1994 10.23 0.29 0.70 (0.32) (0.36) 1993(1) 10.00 0.11 0.16 (0.04) -- Investor Shares 1997*** $13.68 $ 0.12 $ 1.32 $(0.12) $ -- 1997 13.13 0.25 2.32 (0.26) (1.76) 1996 11.58 0.30 2.71 (0.30) (1.16) 1995 10.52 0.28 1.56 (0.27) (0.51) 1994 10.23 0.26 0.67 (0.27) (0.37) 1993(2) 9.73 0.09 0.44 (0.03) -- Flex Shares 1997*** $13.61 $ 0.07 $ 1.31 $(0.08) $ -- 1997 13.08 0.18 2.29 (0.18) (1.76) 1996(3) 11.59 0.26 2.65 (0.26) (1.16) MID-CAP EQUITY FUND (B) Trust Shares 1997*** $13.21 $(0.01) $ 1.51 $ -- $ -- 1997 12.76 0.03 1.69 (0.05) (1.22) 1996 11.00 0.08 2.63 (0.08) (0.87) 1995 9.85 0.08 1.15 (0.08) -- 1994(4) 10.00 0.02 (0.16) (0.01) -- Investor Shares 1997*** $13.17 $(0.04) $ 1.50 $ -- $ -- 1997 12.74 (0.03) 1.69 (0.01) (1.22) 1996 10.99 0.03 2.62 (0.03) (0.87) 1995 9.84 0.03 1.15 (0.03) -- 1994(5) 10.00 0.01 (0.17) -- -- Flex Shares 1997*** $13.04 $(0.15) $ 1.55 $ -- $ -- 1997 12.69 (0.07) 1.64 -- (1.22) 1996(6) 11.13 -- 2.45 (0.02) (0.87) SMALL CAP EQUITY FUND Trust Shares 1997*** $11.07 $ 0.06 $ 1.60 $(0.06) $ -- 1997(7) 10.00 0.05 1.04 (0.02) -- Flex Shares 1997(8) $11.36 $ 0.03 $ 1.28 $(0.04) $ -- RATIO OF NET ASSET NET ASSETS RATIO OF NET INVESTMENT VALUE END TOTAL END OF EXPENSES TO INCOME (LOSS) TO OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS --------- --------- ----------- ------------------ ------------------ VALUE INCOME STOCK FUND Trust Shares 1997*** $15.03 10.74% $1,645,815 0.91% 1.98% 1997 13.71 22.18% 1,488,062 0.91% 2.40% 1996 13.15 27.91% 1,244,399 0.92% 2.86% 1995 11.59 19.06% 991,977 0.95% 3.16% 1994 10.54 9.95% 573,082 0.88% 3.21% 1993(1) 10.23 9.05%* 137,761 0.80%* 4.32%* Investor Shares 1997*** $15.00 10.55% $ 184,898 1.29% 1.60% 1997 13.68 21.69% 165,999 1.30% 2.01% 1996 13.13 27.39% 130,597 1.30% 2.47% 1995 11.58 18.71% 92,256 1.30% 2.80% 1994 10.52 9.27% 60,589 1.25% 2.80% 1993(2) 10.23 19.42%* 24,779 1.15%* 4.51%* Flex Shares 1997*** $14.91 10.16% $ 117,514 1.97% 0.92% 1997 13.61 20.91% 73,466 2.00% 1.33% 1996(3) 13.08 26.52%* 26,298 2.00%* 1.72%* MID-CAP EQUITY FUND (B) Trust Shares 1997*** $14.71 11.36% $ 339,542 1.15% (0.10%) 1997 13.21 14.23% 287,370 1.15% 0.23% 1996 12.76 25.54% 253,905 1.15% 0.70% 1995 11.00 12.56% 125,562 1.15% 0.88% 1994(4) 9.85 (1.39%)** 57,036 1.15%* 1.20%* Investor Shares 1997*** $14.63 11.09% $ 22,744 1.60% (0.55%) 1997 13.17 13.76% 20,245 1.60% (0.21%) 1996 12.74 24.93% 17,971 1.60% 0.25% 1995 10.99 11.96% 7,345 1.60% 0.43% 1994(5) 9.84 (1.60%)** 3,004 1.60%* 0.74%* Flex Shares 1997*** $14.44 10.74% $ 13,950 2.20% (1.15%) 1997 13.04 13.06% 10,120 2.20% (0.85%) 1996(6) 12.69 23.00%* 5,029 2.20%* (0.37%)* SMALL CAP EQUITY FUND Trust Shares 1997*** $12.67 15.05% $ 295,848 1.20% 1.24% 1997(7) 11.07 10.97%** 131,049 1.20%* 1.86%* Flex Shares 1997(8) $12.63 11.57%** $ 17,259 2.25%* 0.21%* RATIO OF RATIO OF NET INVESTMENT EXPENSES TO INCOME (LOSS) TO AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO AVERAGE (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER COMMISSION AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE RATE+ ------------------ ------------------- --------- ---------- VALUE INCOME STOCK FUND Trust Shares 1997*** 0.91% 1.98% 52.53% $0.0546 1997 0.91% 2.40% 105.03% 0.0609 1996 0.92% 2.86% 133.99% n/a 1995 0.95% 3.16% 125.71% n/a 1994 0.97% 3.12% 149.28% n/a 1993(1) 0.96%* 4.16%* 34.71% n/a Investor Shares 1997*** 1.29% 1.60% 52.53% $0.0546 1997 1.31% 2.00% 105.03% 0.0609 1996 1.37% 2.40% 133.99% n/a 1995 1.41% 2.69% 125.71% n/a 1994 1.44% 2.61% 149.28% n/a 1993(2) 1.63%* 4.04%* 34.71% n/a Flex Shares 1997*** 1.98% 0.91% 52.53% $0.0546 1997 2.03% 1.30% 105.03% 0.0609 1996(3) 2.15%* 1.57%* 133.99% n/a MID-CAP EQUITY FUND (B) Trust Shares 1997*** 1.26% (0.21%) 68.96% $0.0376 1997 1.26% 0.12% 151.68% 0.0587 1996 1.29% 0.56% 115.62% n/a 1995 1.32% 0.71% 65.63% n/a 1994(4) 1.68%* 0.67%* 7.99% n/a Investor Shares 1997*** 1.85% (0.80%) 68.96% $0.0376 1997 1.85% (0.46%) 151.68% 0.0587 1996 1.96% (0.11%) 115.62% n/a 1995 2.27% (0.24%) 65.63% n/a 1994(5) 4.60%* (2.26%)* 7.99% n/a Flex Shares 1997*** 2.49% (1.44%) 68.96% $0.0376 1997 2.58% (1.23%) 151.68% 0.0587 1996(6) 3.04%* (1.21%)* 115.62% n/a SMALL CAP EQUITY FUND Trust Shares 1997*** 1.26% 1.18% 34.67% $0.0371 1997(7) 1.37%* 1.69%* 27.46% 0.0523 Flex Shares 1997(8) 2.44%* 0.02%* 34.67% $0.0371 * Annualized. ** Return is for the period indicated and has not been annualized. *** For the semi-annual period ended November 30, 1997. Return is for the period indicated and has not been annualized. All ratios for the period have been annualized. + Average commission rate paid per share for security purchases and sales during the period. Presentation of the rate is only required for fiscal years beginning after September 1, 1995. (1) Commenced operations on February 12, 1993. (2) Commenced operations on February 17, 1993. (3) Commenced operations on June 1, 1995. (4) Commenced operations on February 2, 1994. (5) Commenced operations on February 1, 1994. (6) Commenced operations on June 5, 1995. (7) Commenced operations on January 31, 1997 (8) Commenced operations on June 5, 1997. (A) Total return figures do not reflect applicable sales loads. (B) During the fiscal year ended May 31, 1996, the Aggressive Growth Fund changed its name to the Mid-Cap Equity Fund.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 90 & 91 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS ------------------- ------------ ---------------- --------------------- ---------------------- CAPITAL GROWTH FUND Trust Shares 1997*** $15.09 $ 0.05 $ 1.85 $(0.05) $ -- 1997 14.90 0.12 3.13 (0.12) (2.94) 1996 12.18 0.12 3.32 (0.13) (0.59) 1995 11.99 0.16 0.57 (0.14) (0.40) 1994 11.95 0.16 0.31 (0.17) (0.26) 1993(1) 10.36 0.12 1.57 (0.10) -- Investor Shares 1997*** $15.06 $(0.01) $ 1.85 -- $ -- 1997 14.89 0.03 3.10 (0.02) (2.94) 1996 12.17 0.03 3.32 (0.04) (0.59) 1995 11.98 0.09 0.57 (0.07) (0.40) 1994 11.93 0.09 0.31 (0.09) (0.26) 1993(2) 10.00 0.06 1.93 (0.06) -- Flex Shares 1997*** $14.96 $(0.06) $ 1.85 $ -- $ -- 1997 14.84 (0.01) 3.07 -- (2.94) 1996(3) 12.20 0.02 3.26 (0.05) (0.59) BALANCED FUND Trust Shares 1997*** $11.94 $ 0.17 $ 1.02 $(0.17) $ -- 1997 11.55 0.33 1.47 (0.32) (1.09) 1996 10.26 0.33 1.41 (0.34) (0.11) 1995 9.76 0.33 0.49 (0.32) -- 1994(4) 10.00 0.11 (0.29) (0.06) -- Investor Shares 1997*** $11.99 $ 0.15 $ 1.02 $(0.15) $ -- 1997 11.60 0.29 1.48 (0.29) (1.09) 1996 10.30 0.30 1.41 (0.30) (0.11) 1995 9.79 0.28 0.51 (0.28) -- 1994(5) 10.00 0.03 (0.24) -- -- Flex Shares 1997*** $11.90 $ 0.11 $ 1.01 $(0.11) $ -- 1997 11.53 0.22 1.45 (0.21) (1.09) 1996(6) 10.36 0.24 1.29 (0.25) (0.11) EMERGING MARKETS EQUITY FUND Trust Shares 1997*** $10.79 $ 0.03 $(1.75) $ -- $ -- 1997(7) 10.00 0.04 0.75 -- -- INTERNATIONAL EQUITY INDEX FUND Trust Shares 1997*** $11.34 $ 0.03 $ 0.12 $ -- $ -- 1997 10.96 0.10 0.69 (0.11) (0.30) 1996 10.24 0.10 0.84 (0.13) (0.09) 1995(8) 10.00 0.08 0.19 (0.02) (0.01) Investor Shares 1997*** $11.26 $ 0.01 $ 0.11 $ -- $ -- 1997 10.88 0.03 0.72 (0.07) (0.30) 1996 10.20 0.05 0.85 (0.13) (0.09) 1995(8) 10.00 0.05 0.17 (0.01) (0.01) Flex Shares 1997*** $11.24 $(0.03) $ 0.12 $ -- $ -- 1997 10.87 (0.05) 0.72 -- (0.30) 1996(9) 10.24 -- 0.82 (0.10) (0.09) RATIO OF NET ASSET NET ASSETS RATIO OF NET INVESTMENT VALUE END TOTAL END OF EXPENSES TO INCOME (LOSS) TO OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS --------- --------- ----------- ------------------ ------------------ CAPITAL GROWTH FUND Trust Shares 1997*** $16.94 12.60% $1,340,326 1.15% 0.57% 1997 15.09 24.66% 1,085,128 1.15% 0.83% 1996 14.90 28.97% 981,498 1.15% 0.90% 1995 12.18 6.63% 984,205 1.15% 1.38% 1994 11.99 3.87% 891,870 1.15% 1.25% 1993(1) 11.95 17.90%* 507,692 1.15%* 1.43%* Investor Shares 1997*** $16.90 12.23% $ 239,485 1.80% (0.08%) 1997 15.06 23.74% 218,660 1.80% 0.19% 1996 14.89 28.18% 191,078 1.80% 0.24% 1995 12.17 5.93% 160,875 1.80% 0.73% 1994 11.98 3.26% 170,795 1.80% 0.64% 1993(2) 11.93 20.49%* 131,858 1.80%* 0.81%* Flex Shares 1997*** $16.75 11.97% $ 62,903 2.25% (0.53%) 1997 14.96 23.24% 36,753 2.27% (0.29%) 1996(3) 14.84 27.48%* 10,969 2.27%* (0.29%)* BALANCED FUND Trust Shares 1997*** $12.96 10.01% $ 161,925 0.94% 2.61% 1997 11.94 16.66% 151,358 0.95% 2.89% 1996 11.55 17.26% 111,638 0.95% 3.00% 1995 10.26 8.72% 89,051 0.95% 3.44% 1994(4) 9.76 (1.78%)** 90,579 0.95%* 2.76%* Investor Shares 1997*** $13.01 9.83% $ 6,719 1.25% 2.31% 1997 11.99 16.27% 6,012 1.25% 2.58% 1996 11.60 16.88% 4,896 1.25% 2.70% 1995 10.30 8.29% 3,765 1.25% 3.17% 1994(5) 9.79 (2.10%)** 2,311 1.25%* 2.46%* Flex Shares 1997*** $12.91 9.43% $ 11,592 2.01% 1.56% 1997 11.90 15.40% 6,067 2.01% 1.84% 1996(6) 11.53 15.58%** 3,131 2.00%* 1.85%* EMERGING MARKETS EQUITY FUND Trust Shares 1997*** $ 9.07 (15.94%) $ 39,586 1.55% 0.90% 1997(7) 10.79 7.90%** 39,495 1.55%* 1.37%* INTERNATIONAL EQUITY INDEX FUND Trust Shares 1997*** $11.49 1.32% $ 49,482 1.05% 0.65% 1997 11.34 7.48% 53,516 1.05% 0.71% 1996 10.96 9.29% 90,980 1.05% 0.84% 1995(8) 10.24 2.69%** 89,446 1.05%* 1.13%* Investor Shares 1997*** $11.38 1.07% $ 5,762 1.45% 0.23% 1997 11.26 7.12% 5,592 1.45% 0.28% 1996 10.88 8.90% 5,597 1.45% 0.48% 1995(8) 10.20 2.18%** 3,960 1.45%* 0.67%* Flex Shares 1997*** $11.33 0.80%$ 900 2.10% (0.40%) 1997 11.24 6.41% 900 2.10% (0.39%) 1996(9) 10.87 8.32%** 917 2.10%* (0.24%)* RATIO OF RATIO OF NET INVESTMENT EXPENSES TO INCOME (LOSS) TO AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO AVERAGE (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER COMMISSION AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE RATE+ ------------------ ------------------- --------- ---------- CAPITAL GROWTH FUND Trust Shares 1997*** 1.25% 0.47% 91.49% $0.0416 1997 1.25% 0.73% 141.32% 0.0620 1996 1.27% 0.78% 156.46% n/a 1995 1.28% 1.25% 127.79% n/a 1994 1.29% 1.11% 123.87% n/a 1993(1) 1.28%* 1.30%* 95.02% n/a Investor Shares 1997*** 2.01% (0.29%) 91.49% $0.0416 1997 2.02% (0.03%) 141.32% 0.0620 1996 2.08% (0.04%) 156.46% n/a 1995 2.10% 0.43% 127.79% n/a 1994 2.11% 0.33% 123.87% n/a 1993(2) 2.06%* 0.55%* 95.02% n/a Flex Shares 1997*** 2.36% (0.64%) 91.49% $0.0416 1997 2.43% (0.45%) 141.32% 0.0620 1996(3) 2.68%* (0.70%)* 156.46% n/a BALANCED FUND Trust Shares 1997*** 1.06% 2.49% 77.61% $0.0532 1997 1.08% 2.76% 196.73% 0.0608 1996 1.09% 2.86% 154.63% n/a 1995 1.11% 3.28% 156.61% n/a 1994(4) 1.25%* 2.46%* 105.65% n/a Investor Shares 1997*** 1.62% 1.94% 77.61% $0.0532 1997 1.64% 2.19% 196.73% 0.0608 1996 1.89% 2.06% 154.63% n/a 1995 1.80% 2.62% 156.61% n/a 1994(5) 4.91%* (1.20%)* 105.65% n/a Flex Shares 1997*** 2.29% 1.28% 77.61% $0.0532 1997 2.45% 1.40% 196.73% 0.0608 1996(6) 2.97%* 0.88%* 154.63% n/a EMERGING MARKETS EQUITY FUND Trust Shares 1997*** 1.89% 0.56% 34.99% $0.0023 1997(7) 2.04%* 0.88%* 23.88% 0.0019 INTERNATIONAL EQUITY INDEX FUND Trust Shares 1997*** 1.17% 0.53% 0.02% $0.0918 1997 1.15% 0.61% 1.82% 0.0244 1996 1.19% 0.70% 30.46% n/a 1995(8) 1.31%* 0.87%* 10.37% n/a Investor Shares 1997*** 1.53% 0.15% 0.02% $0.0918 1997 1.88% (0.15%) 1.82% 0.0244 1996 2.06% (0.13%) 30.46% n/a 1995(8) 2.44%* (0.32%)* 10.37% n/a Flex Shares 1997*** 2.59% (0.89%) 0.02% $0.0918 1997 3.69% (1.98%) 1.82% 0.0244 1996(9) 4.14%* (2.28%)* 30.46% n/a * Annualized. ** Return is for the period indicated and has not been annualized. *** For the semi-annual period ended November 30, 1997. Return is for the period indicated and has not been annualized. All ratios for the period have been annualized. + Average commission rate paid per share for security purchases and sales during the period. Presentation of the rate is only required for fiscal years beginning after September 1, 1995. (1) Commenced operations on July 1, 1992. (2) Commenced operations on June 9, 1992. (3) Commenced operations on June 1, 1995. (4) Commenced operations on January 3, 1994. (5) Commenced operations on January 4, 1994. (6) Commenced operations on June 14, 1995. (7) Commenced operations on January 31, 1997. (8) Commenced operations on June 6, 1994. (9) Commenced operations on June 8, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 92 & 93 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAIN ------------------- ------------ ---------------- --------------------- --------------------- INTERNATIONAL EQUITY FUND Trust Shares 1997*** $13.63 $ -- $ 0.27 $ -- $ -- 1997 11.40 0.03 2.57 (0.02) (0.35) 1996(1) 10.00 0.05 1.35 -- -- Investor Shares 1997*** $13.58 $(0.03) $ 0.27 $ -- $ -- 1997 11.38 (0.01) 2.56 -- (0.35) 1996(2) 10.44 0.04 0.90 -- -- Flex Shares 1997*** $13.47 $(0.06) $ 0.24 $ -- $ -- 1997 11.37 (0.04) 2.49 -- (0.35) 1996(2) 10.44 0.02 0.91 -- -- SUNBELT EQUITY FUND Trust Shares 1997*** $13.28 $(0.07) $ 2.35 $ -- $ -- 1997 14.11 (0.09) 0.25 -- (0.99) 1996 10.03 (0.04) 4.32 -- (0.20) 1995 9.70 (0.01) 0.38 -- (0.04) 1994(3) 10.00 -- (0.30) -- -- Investor Shares 1997*** $13.06 $(0.13) $ 2.34 $ -- $ -- 1997 13.95 (0.14) 0.24 -- (0.99) 1996 9.96 (0.11) 4.30 -- (0.20) 1995 9.69 (0.05) 0.36 -- (0.04) 1994(4) 10.00 (0.02) (0.29) -- -- Flex Shares 1997*** $13.00 $(0.35) $ 2.49 $ -- $ -- 1997 13.97 (0.14) 0.16 -- (0.99) 1996(5) 10.20 (0.07) 4.04 -- (0.20) INVESTMENT GRADE TAX-EXEMPT BOND FUND Trust Shares 1997*** $11.22 $ 0.22 $ 0.26 $(0.22) $ -- 1997 11.10 0.44 0.33 (0.44) (0.21) 1996 11.28 0.45 0.19 (0.45) (0.37) 1995 10.68 0.46 0.60 (0.46) -- 1994(6) 11.37 0.22 (0.34) (0.22) (0.35) Investor Shares 1997*** $11.24 $ 0.20 $ 0.26 $(0.20) $ -- 1997 11.12 0.40 0.33 (0.40) (0.21) 1996 11.30 0.41 0.19 (0.41) (0.37) 1995 10.69 0.42 0.61 (0.42) -- 1994 10.79 0.33 0.25 (0.33) (0.35) 1993(7) 10.00 0.35 0.82 (0.35) (0.03) Flex Shares 1997*** $11.23 $ 0.17 $ 0.25 $(0.17) $ -- 1997 11.11 0.35 0.33 (0.35) (0.21) 1996(8) 11.30 0.37 0.18 (0.37) (0.37) RATIO OF NET ASSET NET ASSETS RATIO OF NET INVESTMENT VALUE END TOTAL END OF EXPENSES TO INCOME (LOSS) TO OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS --------- --------- ----------- ------------------ ------------------ INTERNATIONAL EQUITY FUND Trust Shares 1997*** $13.90 1.98% $532,220 1.46% 0.30% 1997 13.63 23.29% 489,325 1.46% 0.51% 1996(1) 11.40 14.00%** 213,306 1.46%* 1.36%* Investor Shares 1997*** $13.82 1.77% $ 14,084 1.81% (0.14%) 1997 13.58 22.85% 10,674 1.81% 0.18% 1996(2) 11.38 9.00%** 3,448 1.81%* 1.73%* Flex Shares 1997*** $13.65 1.34% $ 15,998 2.51% (0.95%) 1997 13.47 21.98% 8,375 2.51% (0.27%) 1996(2) 11.37 8.91%** 953 2.51%* 1.08%* SUNBELT EQUITY FUND Trust Shares 1997*** $15.56 17.17% $425,946 1.15% (0.87%) 1997 13.28 1.48% 381,371 1.15% (0.65%) 1996 14.11 43.19% 412,430 1.15% (0.34%) 1995 10.03 3.81% 258,908 1.15% (0.12%) 1994(3) 9.70 (2.99%)** 128,280 1.15%* (0.19%)* Investor Shares 1997*** $15.27 16.92% $ 30,049 1.60% (1.31%) 1997 13.06 1.05% 28,095 1.60% (1.10%) 1996 13.95 42.58% 29,002 1.60% (0.79%) 1995 9.96 3.20% 22,180 1.60% (0.57%) 1994(4) 9.69 (3.10%)** 16,077 1.60%* (0.63%)* Flex Shares 1997*** $15.14 16.46% $ 6,756 2.20% (1.92%) 1997 13.00 0.46% 5,689 2.20% (1.72%) 1996(5) 13.97 39.86%* 2,705 2.20%* (1.43%)* INVESTMENT GRADE TAX-EXEMPT BOND FUND Trust Shares 1997*** $11.48 4.33% $143,746 0.75% 3.89% 1997 11.22 7.13% 139,144 0.75% 3.96% 1996 11.10 5.82% 124,507 0.75% 4.01% 1995 11.28 10.21% 78,208 0.75% 4.34% 1994(6) 10.68 (1.10%)** 44,595 0.75%* 3.46%* Investor Shares 1997*** $11.50 4.11% $ 28,840 1.15% 3.49% 1997 11.24 6.69% 31,857 1.15% 3.56% 1996 11.12 5.40% 37,427 1.15% 3.61% 1995 11.30 9.91% 41,693 1.15% 3.88% 1994 10.69 5.37% 46,182 1.14% 2.96% 1993(7) 10.79 11.88%* 15,844 1.12%* 3.61%* Flex Shares 1997*** $11.48 3.77% $ 5,427 1.63% 3.01% 1997 11.23 6.19% 4,681 1.63% 3.08% 1996(8) 11.11 4.91%* 5,536 1.63%* 3.12%* RATIO OF RATIO OF NET INVESTMENT EXPENSES TO INCOME (LOSS) TO AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO AVERAGE (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER COMMISSION AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE RATE+ ------------------ ------------------- --------- ---------- INTERNATIONAL EQUITY FUND Trust Shares 1997*** 1.47% 0.29% 50.80% $0.0280 1997 1.51% 0.46% 139.37% 0.0313 1996(1) 1.65%* 1.17%* 113.34% n/a Investor Shares 1997*** 1.81% (0.14%) 50.80% $0.0280 1997 2.05% (0.06%) 139.37% 0.0313 1996(2) 3.14%* 0.40%* 113.34% n/a Flex Shares 1997*** 2.51% (0.95%) 50.80% $0.0280 1997 3.03% (0.79%) 139.37% 0.0313 1996(2) 5.86%* (2.27%)* 113.34% n/a SUNBELT EQUITY FUND Trust Shares 1997*** 1.26% (0.98%) 37.32% $0.0334 1997 1.26% (0.76%) 72.17% 0.0674 1996 1.28% (0.47%) 106.27% n/a 1995 1.30% (0.27%) 80.03% n/a 1994(3) 1.58%* (0.62%)* 21.42% n/a Investor Shares 1997*** 1.85% (1.56%) 32.32% $0.0334 1997 1.84% (1.34%) 72.17% 0.0674 1996 1.93% (1.12%) 106.27% n/a 1995 1.98% (0.95%) 80.03% n/a 1994(4) 2.04%* (1.07%)* 21.42% n/a Flex Shares 1997*** 2.60% (2.32%) 37.32% $0.0334 1997 2.69% (2.21%) 72.17% 0.0674 1996(5) 3.62%* (2.85%)* 106.27% n/a INVESTMENT GRADE TAX-EXEMPT BOND FUND Trust Shares 1997*** 0.87% 3.77% 214.33% n/a 1997 0.86% 3.85% 489.02% n/a 1996 0.89% 3.87% 513.90% n/a 1995 0.91% 4.18% 591.91% n/a 1994(6) 0.95%* 3.26%* 432.46% n/a Investor Shares 1997*** 1.44% 3.20% 214.33% n/a 1997 1.38% 3.33% 489.02% n/a 1996 1.42% 3.34% 513.90% n/a 1995 1.43% 3.60% 591.91% n/a 1994 1.51% 2.59% 432.46% n/a 1993(7) 1.83%* 2.90%* 344.87% n/a Flex Shares 1997*** 2.09% 2.55% 214.33% n/a 1997 2.15% 2.56% 489.02% n/a 1996(8) 2.25%* 2.50%* 513.90% n/a * Annualized. ** Return is for the period indicated and has not been annualized. *** For the semi-annual period ended November 30, 1997. Return is for the period indicated and has not been annualized. All ratios for the period have been annualized. + Average commission rate paid per share for security purchases and sales during the period. Presentation of the rate is only required for fiscal years beginning after September 1, 1995. (1) Commenced operations on December 1, 1995. (2) Commenced operations on January 2, 1996. (3) Commenced operations on January 3, 1994. (4) Commenced operations on January 4, 1994. (5) Commenced operations on June 5, 1995. (6) Commenced operations on October 21, 1993. (7) Commenced operations on June 9, 1992. (8) Commenced operations on June 1, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 94 & 95 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAIN ------------------- ------------ ---------------- --------------------- --------------------- FLORIDA TAX-EXEMPT BOND FUND Trust Shares 1997*** $10.28 $ 0.23 $ 0.28 $(0.23) $ -- 1997 10.06 0.46 0.25 (0.46) (0.03) 1996 10.18 0.46 (0.07) (0.46) (0.05) 1995 9.75 0.44 0.43 (0.44) -- 1994(1) 10.00 0.13 (0.25) (0.13) -- Investor Shares 1997*** $10.29 $ 0.22 $ 0.28 $(0.22) $ -- 1997 10.07 0.44 0.25 (0.44) (0.03) 1996 10.18 0.44 (0.06) (0.44) (0.05) 1995 9.75 0.42 0.43 (0.42) -- 1994(2) 10.00 0.13 (0.25) (0.13) -- Flex Shares 1997*** $10.30 $ 0.19 $ 0.28 $(0.19) $ -- 1997 10.08 0.39 0.25 (0.39) (0.03) 1996(3) 10.19 0.39 (0.06) (0.39) (0.05) TENNESSEE TAX-EXEMPT BOND FUND Trust Shares 1997*** $9.63 $ 0.21 $ 0.22 $(0.21) $ -- 1997 9.40 0.43 0.23 (0.43) -- 1996 9.50 0.43 (0.11) (0.42) -- 1995 9.22 0.44 0.28 (0.44) -- 1994(4) 10.00 0.12 (0.77) (0.13) -- Investor Shares 1997*** $9.65 $ 0.20 $ 0.22 $(0.20) $ -- 1997 9.42 0.41 0.23 (0.41) -- 1996 9.53 0.41 (0.10) (0.42) -- 1995 9.23 0.44 0.29 (0.43) -- 1994(5) 10.00 0.13 (0.77) (0.13) -- Flex Shares 1997*** $9.64 $ 0.18 $ 0.21 $(0.18) $ -- 1997 9.41 0.37 0.23 (0.37) -- 1996(6) 9.59 0.37 (0.18) (0.37) -- GEORGIA TAX-EXEMPT BOND FUND Trust Shares 1997*** $9.73 $ 0.21 $ 0.25 $(0.21) $ -- 1997 9.56 0.42 0.22 (0.42) (0.05) 1996 9.63 0.43 (0.05) (0.43) (0.02) 1995 9.42 0.42 0.21 (0.42) -- 1994 (2) 10.00 0.14 (0.58) (0.14) -- Investor Shares 1997*** $9.74 $ 0.20 $ 0.26 $(0.20) $ -- 1997 9.58 0.40 0.21 (0.40) (0.05) 1996 9.65 0.41 (0.05) (0.41) (0.02) 1995 9.44 0.40 0.21 (0.40) -- 1994 (5) 10.00 0.13 (0.56) (0.13) -- Flex Shares 1997*** $9.73 $ 0.17 $ 0.25 $(0.17) $ -- 1997 9.56 0.35 0.22 (0.35) (0.05) 1996(7) 9.72 0.36 (0.14) (0.36) (0.02) NET ASSET NET ASSETS RATIO OF VALUE END TOTAL END OF EXPENSES TO OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS --------- --------- ----------- ------------------ FLORIDA TAX-EXEMPT BOND FUND Trust Shares 1997*** $10.56 4.95% $72,773 0.65% 1997 10.28 7.22% 50,487 0.65% 1996 10.06 3.87% 30,790 0.65% 1995 10.18 9.26% 10,118 0.65% 1994(1) 9.75 (1.19%)** 3,192 0.65%* Investor Shares 1997*** $10.57 4.85% $ 3,174 0.85% 1997 10.29 7.00% 3,226 0.85% 1996 10.07 3.76% 4,025 0.85% 1995 10.18 9.04% 3,320 0.85% 1994(2) 9.75 (1.22%)** 2,280 0.85%* Flex Shares 1997*** $10.58 4.60% $ 5,873 1.35% 1997 10.30 6.48% 3,000 1.35% 1996(3) 10.08 3.27%* 2,692 1.35%* TENNESSEE TAX-EXEMPT BOND FUND Trust Shares 1997*** $ 9.85 4.52% $ 2,071 0.65% 1997 9.63 7.16% 1,973 0.65% 1996 9.40 3.43% 1,823 0.65% 1995 9.50 8.17% 1,664 0.65% 1994(4) 9.22 (6.52%)** 594 0.65%* Investor Shares 1997*** $ 9.87 4.40% $ 1,321 0.85% 1997 9.65 6.93% 1,602 0.85% 1996 9.42 3.28% 1,523 0.85% 1995 9.53 8.24% 1,170 0.85% 1994(5) 9.23 (6.39%)** 1,127 0.85%* Flex Shares 1997*** $ 9.85 4.06% $ 3,261 1.35% 1997 9.64 6.42% 2,505 1.35% 1996(6) 9.41 1.98%* 2,017 1.34%* GEORGIA TAX-EXEMPT BOND FUND Trust Shares 1997*** $ 9.98 4.72% $50,128 0.65% 1997 9.73 6.79% 39,732 0.65% 1996 9.56 3.89% 22,950 0.65% 1995 9.63 6.94% 13,187 0.65% 1994 (2) 9.42 (4.43%)** 4,338 0.65%* Investor Shares 1997*** $10.00 4.72% $ 3,809 0.85% 1997 9.74 6.47% 3,511 0.85% 1996 9.58 3.69% 3,418 0.85% 1995 9.65 6.70% 3,268 0.85% 1994 (5) 9.44 (4.29%)** 3,300 0.85%* Flex Shares 1997*** $ 9.98 4.36% $ 6,057 1.35% 1997 9.73 6.06% 4,662 1.35% 1996(7) 9.56 2.25%* 4,207 1.35%* RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------------ ------------------ ------------------- --------- FLORIDA TAX-EXEMPT BOND FUND Trust Shares 1997*** 4.30% 0.79% 4.16% 40.50% 1997 4.48% 0.80% 4.33% 134.62% 1996 4.49% 0.88% 4.26% 62.68% 1995 4.63% 1.13% 4.15% 105.01% 1994(1) 3.86%* 1.12%* 3.39%* 53.24% Investor Shares 1997*** 4.10% 1.17% 3.78% 40.50% 1997 4.28% 1.31% 3.82% 134.62% 1996 4.28% 1.36% 3.77% 62.68% 1995 4.36% 1.50% 3.71% 105.01% 1994(2) 3.67%* 3.20%* 1.32%* 53.24% Flex Shares 1997*** 3.60% 2.11% 2.84% 40.50% 1997 3.78% 2.28% 2.85% 134.62% 1996(3) 3.79%* 2.54%* 2.60%* 62.68% TENNESSEE TAX-EXEMPT BOND FUND Trust Shares 1997*** 4.32% 1.48% 3.49% 12.16% 1997 4.51% 1.72% 3.44% 16.09% 1996 4.49% 1.68% 3.46% 41.00% 1995 4.90% 2.65% 2.90% 27.73% 1994(4) 4.24%* 1.43%* 3.46%* 13.05% Investor Shares 1997*** 4.12% 1.78% 3.19% 12.16% 1997 4.31% 1.76% 3.40% 16.09% 1996 4.29% 2.08% 3.06% 41.00% 1995 4.70% 2.10% 3.45% 27.73% 1994(5) 3.74%* 6.60%* (2.01%)* 13.05% Flex Shares 1997*** 3.63% 2.53% 2.45% 12.16% 1997 3.81% 2.34% 2.82% 16.09% 1996(6) 3.80%* 2.74%* 2.40%* 41.00% GEORGIA TAX-EXEMPT BOND FUND Trust Shares 1997*** 4.16% 0.81% 4.00% 4.09% 1997 4.31% 0.81% 4.15% 14.81% 1996 4.36% 0.89% 4.12% 60.02% 1995 4.56% 0.98% 4.23% 24.50% 1994 (2) 4.12%* 1.06%* 3.71%* 25.90% Investor Shares 1997*** 3.95% 1.19% 3.61% 4.09% 1997 4.10% 1.33% 3.62% 14.81% 1996 4.17% 1.41% 3.61% 60.02% 1995 4.31% 1.43% 3.73% 24.50% 1994 (5) 3.93%* 2.36%* 2.42%* 25.90% Flex Shares 1997*** 3.46% 2.10% 2.71% 4.09% 1997 3.60% 2.07% 2.88% 14.81% 1996(7) 3.66%* 2.35%* 2.66%* 60.02% * Annualized. ** Return is for the period indicated and has not been annualized. *** For the semi-annual period ended November 30, 1997. Return is for the period indicated and has not been annualized. All ratios for the period have been annualized. (1) Commenced operations on January 25, 1994. (2) Commenced operations on January 18, 1994. (3) Commenced operations on June 1, 1995. (4) Commenced operations on January 27, 1994. (5) Commenced operations on January 19, 1994. (6) Commenced operations on June 5, 1995. (7) Commenced operations on June 6, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 96 & 97 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAIN ------------------- ------------ ---------------- --------------------- --------------------- INVESTMENT GRADE BOND FUND Trust Shares 1997*** $10.16 $ 0.30 $ 0.37 $(0.30) $ -- 1997 10.07 0.60 0.09 (0.60) -- 1996 10.26 0.60 (0.19) (0.60) -- 1995 9.89 0.61 0.37 (0.61) -- 1994 10.45 0.50 (0.36) (0.50) (0.20) 1993(1) 10.09 0.45 0.36 (0.45) -- Investor Shares 1997*** $10.16 $ 0.28 $ 0.36 $(0.28) $ -- 1997 10.06 0.56 0.10 (0.56) -- 1996 10.26 0.56 (0.20) (0.56) -- 1995 9.89 0.57 0.38 (0.58) -- 1994 10.44 0.46 (0.35) (0.46) (0.20) 1993(2) 10.00 0.44 0.44 (0.44) -- Flex Shares 1997*** $10.17 $ 0.26 $ 0.36 $(0.26) $ -- 1997 10.07 0.51 0.10 (0.51) -- 1996(3) 10.33 0.52 (0.26) (0.52) -- SHORT-TERM BOND FUND Trust Shares 1997*** $ 9.90 $ 0.28 $ 0.12 $(0.28) $ -- 1997 9.86 0.53 0.07 (0.53) (0.03) 1996 9.98 0.54 (0.10) (0.54) (0.02) 1995 9.79 0.53 0.19 (0.53) -- 1994 10.01 0.42 (0.21) (0.42) (0.01) 1993(4) 10.00 0.08 0.01 (0.08) -- Investor Shares 1997*** $ 9.91 $ 0.27 $ 0.13 $(0.27) $ -- 1997 9.88 0.51 0.06 (0.51) (0.03) 1996 10.01 0.52 (0.10) (0.53) (0.02) 1995 9.81 0.51 0.19 (0.50) -- 1994 10.03 0.40 (0.21) (0.40) (0.01) 1993(5) 10.06 0.06 (0.03) (0.06) -- Flex Shares 1997*** $ 9.91 $ 0.25 $ 0.12 $(0.25) $ -- 1997 9.88 0.48 0.06 (0.48) (0.03) 1996(6) 10.02 0.47 (0.12) (0.47) (0.02) NET ASSET NET ASSETS RATIO OF VALUE END TOTAL END OF EXPENSES TO OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS --------- --------- ----------- ------------------ INVESTMENT GRADE BOND FUND Trust Shares 1997*** $10.53 6.69% $724,144 0.75% 1997 10.16 6.99% 633,646 0.75% 1996 10.07 4.02% 599,514 0.75% 1995 10.26 10.39% 543,308 0.75% 1994 9.89 1.17% 460,538 0.75% 1993(1) 10.45 9.34%* 336,132 0.74%* Investor Shares 1997*** $10.52 6.38% $ 32,463 1.15% 1997 10.16 6.66% 33,165 1.15% 1996 10.06 3.50% 36,155 1.15% 1995 10.26 10.04% 33,772 1.15% 1994 9.89 0.86% 35,775 1.14% 1993(2) 10.44 9.21%* 24,375 1.14%* Flex Shares 1997*** $10.53 6.14% $ 8,178 1.64% 1997 10.17 6.16% 5,763 1.64% 1996(3) 10.07 2.50%* 4,621 1.64%* SHORT-TERM BOND FUND Trust Shares 1997*** $10.02 4.05% $110,081 0.65% 1997 9.90 6.30% 89,701 0.65% 1996 9.86 4.45% 91,156 0.65% 1995 9.98 7.60% 60,952 0.65% 1994 9.79 2.02% 34,772 0.65% 1993(4) 10.01 4.45%* 25,334 0.64%* Investor Shares 1997*** $10.04 4.05% $ 1,947 0.85% 1997 9.91 5.97% 2,182 0.85% 1996 9.88 4.23% 2,700 0.85% 1995 10.01 7.44% 2,609 0.85% 1994 9.81 1.81% 2,381 0.85% 1993(5) 10.03 1.65%* 716 0.85%* Flex Shares 1997*** $10.03 3.78% $ 1,358 1.20% 1997 9.91 5.62% 1,073 1.20% 1996(6) 9.88 3.73%* 966 1.20%* RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------------ ------------------ ------------------- --------- INVESTMENT GRADE BOND FUND Trust Shares 1997*** 5.82% 0.85% 5.72% 59.21% 1997 5.89% 0.85% 5.79% 297.82% 1996 5.81% 0.87% 5.69% 184.33% 1995 6.22% 0.88% 6.09% 237.66% 1994 4.77% 0.88% 4.64% 259.19% 1993(1) 5.14%* 0.87%* 5.01%* 299.32% Investor Shares 1997*** 5.42% 1.42% 5.15% 59.21% 1997 5.48% 1.41% 5.22% 297.82% 1996 5.40% 1.44% 5.11% 184.33% 1995 5.79% 1.49% 5.45% 237.66% 1994 4.39% 1.41% 4.12% 259.19% 1993(2) 4.75%* 1.46%* 4.43%* 299.32% Flex Shares 1997*** 4.93% 2.21% 4.36% 59.21% 1997 5.00% 2.20% 4.44% 297.82% 1996(3) 4.84%* 2.49%* 3.99%* 184.33% SHORT-TERM BOND FUND Trust Shares 1997*** 5.56% 0.80% 5.41% 51.39% 1997 5.37% 0.78% 5.24% 117.83% 1996 5.39% 0.81% 5.23% 162.62% 1995 5.49% 0.85% 5.29% 200.49% 1994 4.15% 0.85% 3.95% 74.85% 1993(4) 3.88%* 1.11%* 3.41%* 63.89% Investor Shares 1997*** 5.35% 1.23% 4.97% 51.39% 1997 5.16% 1.58% 4.43% 117.83% 1996 5.20% 1.72% 4.33% 162.62% 1995 5.24% 1.56% 4.53% 200.49% 1994 3.94% 2.52% 2.27% 74.85% 1993(5) 3.85%* 7.22%* (2.52%)* 63.89% Flex Shares 1997*** 5.01% 2.35% 3.86% 51.39% 1997 4.82% 3.02% 3.00% 117.83% 1996(6) 4.77%* 4.06%* 1.91%* 162.62% * Annualized. *** For the semi-annual period ended November 30, 1997. Return is for the period indicated and has not been annualized. All ratios for the period have been annualized. (1) Commenced operations on July 16, 1992. (2) Commenced operations on June 11, 1992. (3) Commenced operations on June 7, 1995. (4) Commenced operations on March 15, 1993. (5) Commenced operations on March 22, 1993. (6) Commenced operations on June 20, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 98 & 99 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS ------------------- ------------ ---------------- --------------------- --------------------- SHORT-TERM U.S. TREASURY SECURITIES FUND Trust Shares 1997*** $ 9.88 $ 0.26 $ 0.06 $(0.26) $ -- 1997 9.84 0.51 0.04 (0.51) -- 1996 9.93 0.55 (0.09) (0.55) -- 1995 9.82 0.47 0.11 (0.47) -- 1994 9.98 0.33 (0.11) (0.33) (0.05) 1993(1) 10.00 0.07 (0.02) (0.07) -- Investor Shares 1997*** $ 9.88 $ 0.26 $ 0.06 $(0.26) $ -- 1997 9.84 0.50 0.04 (0.50) -- 1996 9.94 0.54 (0.10) (0.54) -- 1995 9.83 0.46 0.11 (0.46) -- 1994 9.99 0.32 (0.12) (0.31) (0.05) 1993(2) 10.01 0.06 (0.02) (0.06) -- Flex Shares 1997*** $ 9.85 $ 0.24 $ 0.07 $(0.24) $ -- 1997 9.82 0.47 0.03 (0.47) -- 1996(3) 9.96 0.48 (0.14) (0.48) -- LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Trust Shares 1997*** $10.02 $ 0.29 $ 0.08 $(0.29) $ -- 1997 9.99 0.58 0.04 (0.58) (0.01) 1996 10.11 0.62 (0.14) (0.60) -- 1995(4) 10.00 0.58 0.13 (0.60) -- Investor Shares 1997*** $10.00 $ 0.28 $ 0.09 $(0.28) $ -- 1997 9.97 0.56 0.04 (0.56) (0.01) 1996 10.11 0.60 (0.14) (0.60) -- 1995(5) 9.98 0.58 0.13 (0.58) -- Flex Shares 1997*** $10.02 $ 0.26 $ 0.08 $(0.26) $ -- 1997 9.99 0.52 0.04 (0.52) (0.01) 1996(6) 10.14 0.55 (0.15) (0.55) -- U.S. GOVERNMENT SECURITIES FUND Trust Shares 1997*** $10.02 $ 0.31 $ 0.32 $(0.31) $ -- 1997 9.91 0.62 0.11 (0.62) -- 1996 10.27 0.62 (0.33) (0.62) (0.03) 1995(7) 9.98 0.53 0.29 (0.53) -- Investor Shares 1997*** $10.02 $ 0.29 $ 0.32 $(0.29) $ -- 1997 9.90 0.58 0.12 (0.58) -- 1996 10.26 0.59 (0.33) (0.59) (0.03) 1995(8) 10.00 0.56 0.26 (0.56) -- Flex Shares 1997*** $10.02 $ 0.27 $ 0.32 $(0.27) $ -- 1997 9.91 0.53 0.11 (0.53) -- 1996(6) 10.31 0.52 (0.37) (0.52) (0.03) NET ASSET NET ASSETS RATIO OF VALUE END TOTAL END OF EXPENSES TO OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS --------- --------- ----------- ------------------ SHORT-TERM U.S. TREASURY SECURITIES FUND Trust Shares 1997*** $ 9.94 3.32% $19,400 0.65% 1997 9.88 5.76% 21,988 0.65% 1996 9.84 4.73% 10,149 0.65% 1995 9.93 6.11% 9,599 0.65% 1994 9.82 2.17% 12,723 0.65% 1993(1) 9.98 2.22%* 30,336 0.63%* Investor Shares 1997*** $ 9.94 3.24% $3,488 0.80% 1997 9.88 5.59% 3,921 0.80% 1996 9.84 4.52% 4,192 0.80% 1995 9.94 6.03% 7,144 0.80% 1994 9.83 2.01% 4,841 0.78% 1993(2) 9.99 1.84%* 2,423 0.80%* Flex Shares 1997*** $ 9.92 3.22% $1,306 1.05% 1997 9.85 5.19% 1,091 1.05% 1996(3) 9.82 3.72%* 2,423 1.05%* LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Trust Shares 1997*** $10.10 3.78% $133,501 0.65% 1997 10.02 6.43% 123,903 0.65% 1996 9.99 4.84% 73,370 0.65% 1995(4) 10.11 7.50%** 41,823 0.65%* Investor Shares 1997*** $10.09 3.75% $2,353 0.90% 1997 10.00 6.17% 2,426 0.90% 1996 9.97 4.59% 2,512 0.90% 1995(5) 10.11 7.45%** 623 0.90%* Flex Shares 1997*** $10.10 3.47% $1,601 1.25% 1997 10.02 5.80% 1,409 1.25% 1996(6) 9.99 4.10%* 1,349 1.25%* U.S. GOVERNMENT SECURITIES FUND Trust Shares 1997*** $10.34 6.37% $26,015 0.75% 1997 10.02 7.54% 19,471 0.75% 1996 9.91 2.77% 10,277 0.75% 1995(7) 10.27 8.64%** 3,291 0.75%* Investor Shares 1997*** $10.34 6.16% $2,387 1.15% 1997 10.02 7.21% 2,243 1.15% 1996 9.90 2.47% 2,396 1.15% 1995(8) 10.26 8.61%** 589 1.15%* Flex Shares 1997*** $10.34 5.89% $3,636 1.66% 1997 10.02 6.57% 2,801 1.66% 1996(6) 9.91 1.42%* 2,826 1.66%* RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME (LOSS) TO NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------------ ------------------ ------------------- --------- SHORT-TERM U.S. TREASURY SECURITIES FUND Trust Shares 1997*** 5.31% 0.91% 5.05% 23.20% 1997 5.23% 0.92% 4.96% 92.89% 1996 5.56% 1.00% 5.21% 94.00% 1995 4.91% 1.08% 4.48% 87.98% 1994 3.23% 0.81% 3.07% 116.57% 1993(1) 3.34%* 1.04%* 2.93%* 36.44% Investor Shares 1997*** 5.16% 1.24% 4.72% 23.20% 1997 5.05% 1.35% 4.50% 92.89% 1996 5.43% 1.32% 4.91% 94.00% 1995 4.74% 1.33% 4.21% 87.98% 1994 3.11% 1.41% 2.48% 116.57% 1993(2) 3.16%* 3.42%* 0.54%* 36.44% Flex Shares 1997*** 4.92% 2.31% 3.66% 23.20% 1997 4.75% 2.51% 3.29% 92.89% 1996(3) 5.03%* 2.97%* 3.11%* 94.00% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Trust Shares 1997*** 5.82% 0.76% 5.71% 81.28% 1997 5.81% 0.78% 5.68% 133.45% 1996 6.04% 0.84% 5.85% 83.01% 1995(4) 6.43%* 0.93%* 6.15%* 67.63% Investor Shares 1997*** 5.57% 1.24% 5.23% 81.28% 1997 5.55% 1.48% 4.97% 133.45% 1996 5.75% 2.25% 4.40% 83.01% 1995(5) 6.27%* 7.74%* (0.57%)* 67.63% Flex Shares 1997*** 5.22% 2.36% 4.11% 81.28% 1997 5.20% 2.66% 3.79% 133.45% 1996(6) 5.38%* 3.59%* 3.04%* 83.01% U.S. GOVERNMENT SECURITIES FUND Trust Shares 1997*** 6.09% 0.93% 5.91% 7.63% 1997 6.19% 1.02% 5.92% 21.15% 1996 6.05% 1.25% 5.55% 83.38% 1995(7) 6.67%* 3.33%* 4.09%* 30.39% Investor Shares 1997*** 5.68% 1.71% 5.12% 7.63% 1997 5.76% 1.79% 5.12% 21.15% 1996 5.68% 2.50% 4.33% 83.38% 1995(8) 6.08%* 6.84%* 0.39%* 30.39% Flex Shares 1997*** 5.18% 2.45% 4.39% 7.63% 1997 5.26% 2.42% 4.50% 21.15% 1996(6) 5.18%* 2.86%* 3.98%* 83.38% * Annualized. ** Return is for the period indicated and has not been annualized. *** For the semi-annual period ended November 30, 1997. Return is for the period indicated and has not been annualized. All ratios for the period have been annualized. (1) Commenced operations on March 15, 1993. (2) Commenced operations on March 18, 1993. (3) Commenced operations on June 22, 1995. (4) Commenced operations on June 7, 1994. (5) Commenced operations on July 17, 1994. (6) Commenced operations on June 7, 1995. (7) Commenced operations on July 31, 1994. (8) Commenced operations on June 9, 1994. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 100 & 101 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS ------------------- ------------ ---------------- --------------------- --------------------- PRIME QUALITY MONEY MARKET FUND Trust Shares 1997*** $1.00 $ 0.03 $-- $(0.03) $-- 1997 1.00 0.05 -- (0.05) -- 1996 1.00 0.05 -- (0.05) -- 1995 1.00 0.05 -- (0.05) -- 1994 1.00 0.03 -- (0.03) -- 1993(1) 1.00 0.03 -- (0.03) -- Investor Shares 1997*** $1.00 $ 0.02 $-- $(0.02) $-- 1997 1.00 0.05 -- (0.05) -- 1996 1.00 0.05 -- (0.05) -- 1995 1.00 0.05 -- (0.05) -- 1994 1.00 0.03 -- (0.03) -- 1993(1) 1.00 0.03 -- (0.03) -- U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Trust Shares 1997*** $1.00 $ 0.02 $-- $(0.02) $-- 1997 1.00 0.05 -- (0.05) -- 1996 1.00 0.05 -- (0.05) -- 1995 1.00 0.05 -- (0.05) -- 1994 1.00 0.03 -- (0.03) -- 1993(1) 1.00 0.03 -- (0.03) -- Investor Shares 1997*** $1.00 $ 0.02 $-- $(0.02) $-- 1997 1.00 0.05 -- (0.05) -- 1996 1.00 0.05 -- (0.05) -- 1995 1.00 0.04 -- (0.04) -- 1994 1.00 0.03 -- (0.03) -- 1993(1) 1.00 0.03 -- (0.03) -- TAX-EXEMPT MONEY MARKET FUND Trust Shares 1997*** $1.00 $ 0.02 $-- $(0.02) $-- 1997 1.00 0.03 -- (0.03) -- 1996 1.00 0.03 -- (0.03) -- 1995 1.00 0.03 -- (0.03) -- 1994 1.00 0.02 -- (0.02) -- 1993(1) 1.00 0.02 -- (0.02) -- Investor Shares 1997*** $1.00 $ 0.02 $-- $(0.02) $-- 1997 1.00 0.03 -- (0.03) -- 1996 1.00 0.03 -- (0.03) -- 1995 1.00 0.03 -- (0.03) -- 1994 1.00 0.02 -- (0.02) -- 1993(1) 1.00 0.02 -- (0.02) -- NET ASSET NET ASSETS RATIO OF VALUE END TOTAL END OF EXPENSES TO OF PERIOD RETURN PERIOD (000) AVERAGE NET ASSETS --------- --------- ----------- ------------------ PRIME QUALITY MONEY MARKET FUND Trust Shares 1997*** $1.00 2.57% $1,569,953 0.58% 1997 1.00 5.01% 1,086,555 0.58% 1996 1.00 5.25% 1,050,800 0.58% 1995 1.00 4.79% 799,189 0.58% 1994 1.00 2.88% 583,399 0.58% 1993(1) 1.00 2.92%* 410,991 0.58%* Investor Shares 1997*** $1.00 2.49% $342,940 0.75% 1997 1.00 4.84% 283,544 0.75% 1996 1.00 5.08% 215,696 0.75% 1995 1.00 4.62% 157,616 0.75% 1994 1.00 2.71% 129,415 0.75% 1993(1) 1.00 2.75%* 61,578 0.75%* U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Trust Shares 1997*** $1.00 2.51% $329,759 0.61% 1997 1.00 4.83% 344,350 0.61% 1996 1.00 5.14% 325,493 0.61% 1995 1.00 4.67% 434,111 0.61% 1994 1.00 2.77% 309,228 0.61% 1993(1) 1.00 2.79%* 453,567 0.61%* Investor Shares 1997*** $1.00 2.44% $52,649 0.75% 1997 1.00 4.69% 63,178 0.75% 1996 1.00 4.99% 58,608 0.75% 1995 1.00 4.51% 46,639 0.75% 1994 1.00 2.63% 32,395 0.75% 1993(1) 1.00 2.65%* 16,688 0.75%* TAX-EXEMPT MONEY MARKET FUND Trust Shares 1997*** $1.00 1.63% $435,518 0.50% 1997 1.00 3.09% 333,006 0.50% 1996 1.00 3.28% 273,613 0.50% 1995 1.00 3.10% 215,413 0.45% 1994 1.00 2.08% 143,982 0.42% 1993(1) 1.00 2.12%* 78,416 0.41%* Investor Shares 1997*** $1.00 1.57% $121,305 0.62% 1997 1.00 2.97% 102,013 0.62% 1996 1.00 3.16% 95,223 0.62% 1995 1.00 3.00% 87,647 0.55% 1994 1.00 1.96% 61,675 0.54% 1993(1) 1.00 2.00%* 35,209 0.53%* RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------------ ------------------ ------------------- --------- PRIME QUALITY MONEY MARKET FUND Trust Shares 1997*** 5.08% 0.76% 4.90% 157.33% 1997 4.90% 0.76% 4.72% -- 1996 5.11% 0.78% 4.91% -- 1995 4.77% 0.79% 4.56% -- 1994 2.86% 0.79% 2.65% -- 1993(1) 2.85%* 0.78%* 2.65%* -- Investor Shares 1997*** 4.91% 1.00% 4.66% 157.33% 1997 4.74% 0.97% 4.52% -- 1996 4.94% 1.00% 4.69% -- 1995 4.55% 1.01% 4.29% -- 1994 2.67% 0.99% 2.43% -- 1993(1) 2.68%* 1.02%* 2.41%* -- U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Trust Shares 1997*** 4.95% 0.77% 4.79% 75.15% 1997 4.73% 0.76% 4.58% -- 1996 5.02% 0.78% 4.85% -- 1995 4.64% 0.80% 4.45% -- 1994 2.69% 0.77% 2.53% -- 1993(1) 2.71%* 0.78%* 2.54%* -- Investor Shares 1997*** 4.81% 0.96% 4.60% 75.15% 1997 4.59% 0.96% 4.38% -- 1996 4.88% 0.99% 4.64% -- 1995 4.51% 1.02% 4.24% -- 1994 2.54% 0.97% 2.32% -- 1993(1) 2.57%* 1.11%* 2.21%* -- TAX-EXEMPT MONEY MARKET FUND Trust Shares 1997*** 3.23% 0.65% 3.08% 110.98% 1997 3.04% 0.66% 2.88% -- 1996 3.23% 0.68% 3.05% -- 1995 3.12% 0.70% 2.87% -- 1994 2.05% 0.71% 1.76% -- 1993(1) 2.07%* 0.70%* 1.78%* -- Investor Shares 1997*** 3.11% 0.82% 2.91% 110.98% 1997 2.92% 0.83% 2.71% -- 1996 3.10% 0.85% 2.87% -- 1995 3.00% 0.87% 2.68% -- 1994 1.93% 0.88% 1.59% -- 1993(1) 1.95%* 0.95%* 1.53%* -- * Annualized. *** For the semi-annual period ended November 30, 1997. Return is for the period indicated and has not been annualized. All ratios for the period have been annualized. (1) Commenced operations on June 8, 1992.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 102 & 103 NOTES TO FINANCIAL STATEMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 1. Organization: The STI Classic Funds (the "Trust") was organized as a Massachusetts Business Trust under a Declaration of Trust dated January 15, 1992. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with twenty-three portfolios: the Value Income Stock Fund, the Mid-Cap Equity Fund, the Small Cap Equity Fund, the Capital Growth Fund, the Balanced Fund, the Emerging Markets Equity Fund, the International Equity Index Fund, the International Equity Fund, the Sunbelt Equity Fund, the Investment Grade Tax-Exempt Bond Fund, the Florida Tax-Exempt Bond Fund, the Tennessee Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund, the Investment Grade Bond Fund, the Short-Term Bond Fund, the Short-Term U.S. Treasury Securities Fund, the Limited-Term Federal Mortgage Securities Fund, and the U.S. Government Securities Fund, (collectively the "Non-Dollar Funds"), the Prime Quality Money Market Fund, the U.S. Government Securities Money Market Fund, the Tax-Exempt Money Market Fund, the Classic Institutional Cash Management Money Market Fund and the Classic Institutional U.S. Treasury Securities Money Market Fund, (collectively the "Money Market Funds"). The assets of each portfolio are segregated, and a shareholder's interest is limited to the Fund in which shares are held. Each Fund's prospectus provides a description of theFund's investment objectives, policies and strategies. The financial statements of the Classic Institutional Cash Management Money Market Fund and the Classic Institutional U.S. Treasury Money Market Fund are not presented herein, but are presented separately. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust. SECURITY VALUATION -- Investment securities held by the Money Market Funds are stated at amortized cost, which approximates market value. Investment securities held by the Non-Dollar Funds that are listed on a securities exchange for which market quotations are available are valued at the last quoted sales price each business day. If there is no such reported sale, these securities and unlisted securities for which market quotations are readily available are valued at the most recently quoted bid price. Foreign securities in the Emerging Markets Equity Fund, the International Equity Fund and the International Equity Index Fund are valued based upon quotations from the primary market in which they are traded. Debt obligations with sixty days or less remaining until maturity may be valued at their amortized cost. FEDERAL INCOME TAXES -- It is each Fund's intention to qualify as a regulated investment company for Federal income tax purposes anddistribute all of its taxable income and net capital gains. Accordingly, no provisions for Federal income taxes are required. SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on the date the security is purchased or sold (trade date). Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold adjusted for the accretion and amortization of purchase discounts and premiums during the respective holding period. Purchase discounts and premiums on securities held by the Money Market Funds are accreted and amortized ratably to maturity and are included in interest income. Purchase discounts and premiums on securities held by the Non-Dollar Funds are accreted and amortized to maturity using the scientific interest method, which approximates the effective interest method. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements 104 ================================================================================ UNAUDITED ensure that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. NET ASSET VALUE PER SHARE-- The net asset value per share of each Fund is calculated each business day, by dividing the total value of each Fund's assets, less liabilities, by the number of shares outstanding. The maximum offering price per share for Investor shares of the Investment Grade Bond, the Investment Grade Tax-Exempt Bond, the Capital Growth, the Value Income Stock, the Sunbelt Equity, the Mid-Cap Equity, the Balanced, the Florida Tax-Exempt Bond, the Georgia Tax-Exempt Bond, the Tennessee Tax-Exempt Bond, the U.S. Government Securities, the International Equity, and the International Equity Index Funds is equal to the net asset value per share plus a sales load of 3.75%. The maximum offering price per share for Investor shares of the Short-Term U.S. Treasury Securities Fund is equal to the net asset value per share plus a sales load of 1.00%. The maximum offering price per share for Investor shares of the Short-Term Bond Fund is equal to the net asset value per share plus a sales load of 2.00%. The maximum offering price per share for Investor shares of the Limited-Term Federal Mortgage Securities Fund is equal to the net asset value per share plus a sales load of 2.50%. Flex Shares of the Funds may be purchased at their net asset value. Shares redeemed within the first year after purchase will be subject to a contingent deferred sales charge ("CDSC") equal to 2.00% of the net asset value of the shares at the time of redemption. The CDSC will not apply to shares redeemed after such time. FOREIGN CURRENCY TRANSLATION -- The books and records of the Emerging Markets Equity, the International Equity and the International Equity Index Funds are maintained in U.S. dollars on the following basis: (I) market value of investment securities, assets and liabilities at the current rate of exchange; and (II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Emerging Markets Equity, the International Equity and the International Equity Index Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. The Emerging Markets Equity, the International Equity and the International Equity Index Funds report certain foreign currency related transactions as components of realized and unrealized gains and losses for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes. OTHER -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets. Fund expenses are pro-rated to the respective classes on the basis of relative net assets. Distributions from net investment income of each of the Money Market Funds and the Investment Grade Bond, the Investment Grade Tax-Exempt Bond, the Short-Term U.S. Treasury 105 NOTES TO FINANCIAL STATEMENTS (continued) ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 Securities, the Short-Term Bond, the Florida Tax-Exempt Bond, the Georgia Tax-Exempt Bond, the Tennessee Tax-Exempt Bond, the U.S. Government Securities and the Limited-Term Federal Mortgage Securities Funds are declared each business day and paid to shareholders on a monthly basis. Distributions from net investment income are declared and paid each calendar quarter by the Capital Growth, the Value Income Stock, the Sunbelt Equity, the Mid-Cap Equity, the Small Cap Equity and the Balanced Funds. Distributions from net investment income are declared and paid annually by the Emerging Markets Equity, the International Equity and the International Equity Index Funds. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. USE OF ESTIMATES -- The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that effect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates. 3. Organization Costs and Transactions with Affiliates: The Trust incurred organization costs of approximately $808,836 including approximately $395,594 relating to state registration fees. These costs have been deferred in the accounts of the Funds and are being amortized on a straight line basis over a period of sixty months commencing with operations with the exception of state registration fees, which are being amortized over a period of twelve months. The costs include legal fees of approximately $60,383 for organizational work performed by a law firm of which two officers of the Trust are partners. On March 18, 1992, the Trust sold initial shares of beneficial interest to SEI Fund Resources (the "Administrator"). In the event any of the initial shares of the Trust are redeemed by any holder thereof during the period that the Trust is amortizing its organizational costs, the redemption proceeds payable to the holder thereof will be reduced by the unamortized organizational costs in the same ratio as the number of initial shares being redeemed bears to the number of initial shares outstanding at the time of redemption. Certain officers of the Trust are also officers of the Administrator and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust for serving as officers of the Trust. 4. Administration, Transfer Agency Servicing and Distribution Agreements: The Trust and the Administrator are parties to an Administration Agreement dated May 29, 1995, as amended November 19, 1997 under which the Administrator provides administrative services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: .12% up to $1 billion, .09% on the next $4 billion, .07% on the next $3 billion, .065% on the next $2 billion and .06% for over $10 billion. The Trust and Federated Services Company are parties to a Transfer Agency servicing agreement dated May 14, 1994 under which Federated Services Company provides transfer agency services to the Trust. The Trust and the Distributor are parties to a Distribution Agreement dated May 29, 1995 regarding the Flex Shares and a Distribution Agreement dated November 21, 1995 with respect to the Trust and Investor shares. The Distributor will receive no fees for its distribution services under this agreement 106 ================================================================================ UNAUDITED for the Trust Shares of any Fund. With respect to the Investor Shares and Flex Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of Flex Shares) a Distribution and Service Plan, as outlined in the table in footnote 5 under the column titled "Distribution Fee". 5. Investment Advisory and Custodian Agreements: The Trust and STI Capital Management, N.A., ("STI Capital Management, N.A."), Trusco Capital Management ("Trusco"), the SunTrust Bank, Atlanta and SunTrust Bank, Chattanooga have entered into advisory agreements dated May 29, 1992, June 15, 1993, December 20, 1993 and December 20, 1993 respectively. Under terms of the respective agreements, the Funds are charged the following annual fees based upon average daily net assets: MAXIMUM FLEX SHARE MAXIMUM DISTRI- MAXIMUM TRUST INVESTOR INVESTOR BUTION FLEX ANNUAL SHARE SHARE SHARE AND SHARE ADVISORY MAXIMUM DISTRI- MAXIMUM SERVICE MAXIMUM FEE EXPENSE BUTION FEE EXPENSE FEE EXPENSE -------- ------- ---------- ------- ------- ------- TRUSCO: International Equity Index Fund* .......... .90% 1.07% .38% 1.47% 1.00% 2.12% Sunbelt Equity Fund ........... 1.15% 1.17% .43% 1.62% 1.00% 2.22% Short-Term Bond Fund ........... .65% .67% .23% .87% 1.00% 1.22% Short-Term U.S. Treasury Securities Fund ........... .65% .67% .18% .82% 1.00% 1.07% U.S. Government Securities Fund ........... .74% .77% .38% 1.17% 1.00% 1.68% Prime Quality Money Market Fund ........... .65% .60% .20% .77% -- -- U.S. Government Securities Money Market Fund ........... .65% .63% .17% .77% -- -- Tax-Exempt Money Market Fund ........... .55% .62% .15% .77% -- -- MAXIMUM FLEX SHARE MAXIMUM DISTRI- MAXIMUM TRUST INVESTOR INVESTOR BUTION FLEX ANNUAL SHARE SHARE SHARE AND SHARE ADVISORY MAXIMUM DISTRI- MAXIMUM SERVICE MAXIMUM FEE EXPENSE BUTION FEE EXPENSE FEE EXPENSE -------- ------- ---------- ------- ------- ------- STI CAPITAL MANAGEMENT, N.A.: Value Income Stock Fund ..... .80% .97% .33% 1.32% 1.00% 2.02% Mid-Cap Equity Fund ........... 1.15% 1.17% .43% 1.62% 1.00% 2.22% Capital Growth Fund ........... 1.15% 1.17% .68% 1.82% 1.00% 2.29% Balanced Fund ... .95% .97% .28% 1.27% 1.00% 2.03% Small Cap Equity Fund .... 1.15% 1.22% -- -- 1.00% 2.27% Investment Grade Tax-Exempt Bond Fund ...... .74% .77% .43% 1.17% 1.00% 1.65% Florida Tax-Exempt Bond Fund ...... .65% .67% .18% .87% 1.00% 1.37% Investment Grade Bond Fund ........... .74% .77% .43% 1.17% 1.00% 1.66% Limited-Term Federal Mortgage Securities Fund ........... .65% .67% .23% .92% 1.00% 1.27% International Equity Fund .... 1.25% 1.48% .33% 1.83% 1.00% 2.53% Emerging Markets Equity Fund .... 1.30% 1.57% -- -- -- -- SUNTRUST BANK, ATLANTA: Georgia Tax-Exempt Bond Fund ...... .65% .67% .18% .87% 1.00% 1.37% SUNTRUST BANK, CHATTANOOGA: Tennessee Tax-Exempt Bond Fund ...... .65% .67% .18% .87% 1.00% 1.37% - ----------------- *Trusco and STI Capital Management, N.A. serve as joint advisors to the International Equity Index Fund. 107 NOTES TO FINANCIAL STATEMENTS (concluded) ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 The Investment Advisors, the Administrator and the Distributor have voluntarily agreed to waive all or a portion of their fees (and to reimburse Funds' expenses) in order to limit operating expenses to an amount as outlined in the table above. Fee waivers and expense reimbursements are voluntary and may be terminated at any time. SunTrust Bank, Atlanta, formerly Trust Company Bank, acts as custodian for all the Funds except the Emerging Markets Equity, the International Equity and the International Equity Index Funds who utilize the Bank of New York as custodian. Fees of the Custodians are paid on the basis of the net assets of the Funds. The Custodians play no role in determining the investment policies of the Trust or which securities are to be purchased or sold in the Funds. 6. Investment Transactions: The cost of purchases and the proceeds from sales of securities, excluding short-term investments and U.S. Government Securities, for the period ended November 30, 1997, were as follows: PURCHASES SALES (000) (000) ----------- ---------- Value Income Stock Fund .................. $ 963,218 $ 922,314 Mid-Cap Equity Fund ...................... 14,155 763 Small Cap Equity Fund .................... 237,819 80,674 Capital Growth Fund ...................... 1,418,163 1,326,298 Balanced Fund ............................ 92,984 98,146 Emerging Markets Equity Fund ............. 23,699 14,452 International Equity Index Fund .......... 12 3,565 International Equity Fund ................ 285,499 266,506 Sunbelt Equity Fund ...................... 27,758 877 Investment Grade Tax-Exempt Bond Fund .... 338,639 337,405 Florida Tax-Exempt Bond Fund ............. 57,409 26,880 Tennessee Tax-Exempt Bond Fund ........... 680 765 Georgia Tax-Exempt Bond Fund ............. 13,259 1,947 Investment Grade Bond Fund ............... 179,160 220,730 Short-Term Bond Fund ..................... 41,388 21,908 Short-Term U.S. Treasury Securities Fund .. -- -- Limited-Term Federal Mortgage Securities Fund -- -- U.S. Government Securities Fund .......... -- -- The cost of purchases and proceeds from sales of U.S. Government Securities were: PURCHASES SALES (000) (000) ---------- -------- Value Income Stock Fund ........................ -- -- Mid-Cap Equity Fund ............................ -- -- Small Cap Equity Fund .......................... -- -- Capital Growth Fund ............................ -- -- Balanced Fund .................................. $ 31,455 $ 23,971 Sunbelt Equity ................................. -- -- Investment Grade Tax-Exempt Bond Fund .......... -- -- Florida Tax-Exempt Bond Fund ................... -- -- Tennessee Tax-Exempt Bond Fund ................. -- -- Georgia Tax-Exempt Bond Fund ................... -- -- Investment Grade Bond Fund ..................... 294,691 190,232 Short-Term Bond Fund ........................... 21,938 24,311 Short-Term U.S. Treasury Securities Fund ....... 5,722 8,914 Limited-Term Federal Mortgage Securities Fund .. 110,629 102,947 U.S. Government Securities Fund ................ 8,700 2,097 At November 30, 1997, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were not materially different from amounts reported for financial reporting purposes. The aggregate gross unrealized appreciation and depreciation for securities held by the Funds at November 30, 1997, were as follows: VALUE INCOME MID-CAP SMALL CAP CAPITAL STOCK EQUITY EQUITY GROWTH FUND FUND FUND FUND (000) (000) (000) (000) ------------ ------ ------ ------- Aggregate gross unrealized appreciation ................... $211,256 $47,281 $28,766 $278,968 Aggregate gross unrealized depreciation ................... (37,723) (14,379) (10,276) (30,756) -------- ------- ------- -------- Net unrealized appreciation ...... $173,533 $32,902 $18,490 $248,212 ======== ======= ======= ======== EMERGING INTERNATIONAL INTERNATIONAL SUNBELT BALANCED MARKETS EQUITY EQUITY EQUITY FUND EQUITY FUND INDEX FUND FUND FUND (000) (000) (000) (000) (000) -------- ----------- ------------ ------------- ------- Aggregate gross unrealized appreciation .. $20,194 $ 3,268 $14,938 $72,256 $134,165 Aggregate gross unrealized depreciation .. (1,655) (8,570) (6,767) (17,922) (13,369) ------- ------- ------- ------- -------- Net unrealized appreciation/ (depreciation) $18,539 $(5,302) $ 8,171 $54,334 $120,796 ======= ======= ======= ======= ======== 108 ================================================================================ UNAUDITED INVESTMENT GRADE TAX-EXEMPT FLORIDA TENNESSEE BOND TAX-EXEMPT TAX-EXEMPT FUND BOND FUND BOND FUND (000) (000) (000) --------- --------- --------- Aggregate gross unrealized appreciation ... $1,990 $2,360 $250 Aggregate gross unrealized depreciation ... (22) (15) -- ------ ------ ---- Net unrealized appreciation ............... $1,968 $2,345 $250 ====== ====== ==== INVESTMENT GEORGIA GRADE SHORT- TAX-EXEMPT BOND TERM BOND FUND FUND FUND (000) (000) (000) ---------- ---------- --------- Aggregate gross unrealized appreciation ... $1,539 $22,400 $655 Aggregate gross unrealized depreciation ... (2) (502) (61) ------ ------- ---- Net unrealized appreciation ............... $1,537 $21,898 $594 ====== ======= ==== SHORT- LIMITED- TERM TERM U.S. FEDERAL U.S. TREASURY MORTGAGE GOVERNMENT SECURITIES SECURITIES SECURITIES FUND FUND FUND (000) (000) (000) ---------- ---------- ---------- Aggregate gross unrealized appreciation .... $111 $904 $633 Aggregate gross unrealized depreciation .... (5) (185) (3) ---- ---- ---- Net unrealized appreciation ................ $106 $719 $630 ==== ==== ==== 7. Concentration of Credit Risk: The Prime Quality Money Market Fund invests primarily in high quality money market instruments rated in the highest short-term rating category by Standard & Poor's Ratings Group ("S&P") or Moody's Investors Services, Inc. ("Moody's") or, if not rated, are determined by the Advisor to be of comparable quality. The U.S. Government Securities Money Market Fund invests exclusively in U.S. Treasury obligations, U.S. Government subsidiary corporation securities which are backed by the full faith and credit of the U.S. Government and repurchase agreements with approved dealers collateralized by U.S. Treasury securities and U.S. Government subsidiary corporation securities. The Tax-Exempt Money Market Fund invests in high quality, U.S. dollar denominated municipal securities rated in one of the two highest short-term rating categories or, if not rated, are determined by the Advisor to be of comparable quality. The Investment Grade Bond Fund, the Short-Term Bond Fund and the Balanced Fund invest primarily in investment grade obligations rated at least BBB or better by S&P or Baa or better by Moody's or, if not rated, are determined by the Advisor to be of comparable quality. The Investment Grade Tax-Exempt Fund invests primarily in investment grade municipal securities. Municipal securities must be rated BBB or better by S&P or Baa or better by Moody's in the case of bonds; SP-1, SP-2 or MIG-1, MIG-2 in the case of notes; A-1, A-2 or P-1, P-2 in the case of commercial paper; and VMIG-1, VMIG-2 in the case of variable rate demand obligations. The Short-Term U.S. Treasury Securities Fund invests exclusively in obligations issued by the U.S. Treasury with a maximum remaining maturity of 3 years or less. The Florida Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund, and the Tennessee Tax-Exempt Bond Fund invest primarily in municipal bonds concentrated in each of their respective states. Municipal securities must be rated BBB or better by S&P or Baa or better by Moody's in the case of bonds; A-1, A-2 or P-1, P-2 in the case of tax-exempt commercial paper; and VMIG-1, VMIG-2 in the case of variable rate demand obligations. The U.S. Government Securities Fund invests primarily in obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities, including mortgage backed securities. The Limited-Term Federal Mortgage Securities Fund invests in mortgage related securities issued or guaranteed by U.S. Government agencies. Up to 35% of the U.S. Government Securities Fund and the Limited-Term Federal Mortgage Securities Fund may be invested in corporate, or government bonds that carry a rating of BBB or better by S&P or Baa or better by Moody's. The ability of the issuers of the securities held by the Funds to meet their obligations may be affected by economic developments in a specific industry, state or region, or by changing business conditions. 109 NOTES NOTES NOTES INVESTMENT ADVISORS STI Capital Management, N.A. Trusco Capital Management, Inc. SunTrust Bank, Chattanooga, N.A. SunTrust Bank, Atlanta STI Classic Funds are not deposits, are not insured or guaranteed by the FDIC or any other government agency, and are not endorsed by and do not constitute obligations of SunTrust Banks, Inc. or any other of its affiliates. Investment in the Funds involves risk, including the possible loss of principal. There is no guarantee that any STI Classic Fund will achieve its investment objective. The STI Classic Funds are advised by affiliates of SunTrust Banks, Inc. DISTRIBUTOR SEI Investments Distribution Co. This information must be preceded or accompanied by a current prospectus for each Fund described. SEMI-ANNUAL ................................................................................ FINANCIAL REPORT ................................................................................ STI CLASSIC FUNDS ................................................................................ A Family of Mutual Funds ................................................................................ CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND November 30, 1997 STI CLASSIC FUNDS STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 UNAUDITED CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- COMMERCIAL PAPER (45.2%) FINANCE (29.0%) American Express Credit 5.520%, 12/01/97 $4,000 $ 4,000 Banc One Funding 5.620%, 01/29/98 5,000 4,954 Barclays US Funding 5.660%, 02/19/98 4,000 3,950 Bat Capital 5.600%, 12/18/97 500 499 First Chicago Financial 5.670%, 03/30/98 5,000 4,906 Ford Motor Credit 9.375%, 12/15/97 350 350 5.600%, 01/08/98 1,600 1,591 Ford Motor Credit Europe 5.690%, 02/10/98 3,000 2,966 General Electric Credit Puerto Rico 5.610%, 02/18/98 3,000 2,963 J. C. Penney Funding 5.680%, 02/20/98 3,000 2,962 5.600%, 01/28/98 5,000 4,958 John Hancock 5.700%, 12/01/97 6,250 6,250 Metlife Funding 5.520%, 12/16/97 4,018 4,009 Morgan Stanley Dean Witter 5.600%, 01/22/98 5,000 4,960 National Australia Funding 5.600%, 01/23/98 4,250 4,215 National City Credit 5.600%, 01/15/98 2,000 1,986 Oakland-Alameda County, California Coliseum 5.710%, 12/29/97 6,000 6,000 Panasonic Finance 5.550%, 01/06/98 4,000 3,978 St. Paul 5.530%, 12/02/97 900 900 Transamerica Finance 5.700%, 01/23/98 5,000 4,958 -------- 71,355 -------- INDUSTRIAL (10.1%) Archer Daniels Midland 5.520%, 12/04/97 4,000 3,998 5.600%, 12/17/97 970 968 5.650%, 02/09/98 3,000 2,967 Dominion Semiconductor 5.580%, 12/05/97 6,000 5,996 Eaton 5.530%, 12/02/97 4,000 3,999 Rio Tinto American 5.600%, 01/27/98 4,000 3,964 - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- US Borax 5.600%, 01/20/98 $2,000 $ 1,984 Walt Disney 5.530%, 12/17/97 1,000 998 -------- 24,874 -------- UTILITIES (6.1%) Edison International 5.600%, 12/04/97 2,000 1,999 GTE Funding 5.650%, 12/08/97 2,000 1,998 5.670%, 12/11/97 2,000 1,997 5.870%, 01/23/98 2,500 2,478 New England Power 5.580%, 12/08/97 1,025 1,024 South Carolina Fuel 5.570%, 12/03/97 5,532 5,530 -------- 15,026 -------- Total Commercial Paper (Cost $111,255) 111,255 -------- CORPORATE OBLIGATIONS (6.8%) FINANCE (5.3%) Aid-Israel, Ser 1-A 7.750%, 04/01/98 3,012 3,031 Ford Motor Credit, MTN 6.050%, 03/31/98 2,000 2,602 Household Finance, MTN 7.510%, 03/10/98 1,000 1,005 International Bank, MTN 4.700%, 12/18/97 4,000 3,998 8.875%, 02/16/98 300 302 Norwest Financial 6.230%, 09/01/98 150 150 Paccar Financial, MTN 5.520%, 03/11/98 2,000 1,998 -------- 13,086 -------- INDUSTRIAL (0.3%) BP America 8.875%, 12/01/97 200 200 Dupont 8.650%, 12/01/97 600 600 -------- 800 -------- UTILITIES (1.2%) Baltimore Gas & Electric, MTN 8.930%, 07/16/98 1,750 1,781 Bell Atlantic Financial, MTN 5.440%, 07/15/98 250 249 Carolina Power & Light, MTN 5.375%, 07/01/98 250 249 Virginia Electric & Power 9.375%, 06/01/98 150 152 1 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 UNAUDITED CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------- Virginia Electric & Power, MTN 6.250%, 08/01/98 $ 500 $ 501 -------- 2,932 -------- Total Corporate Obligations (Cost $16,818) 16,818 -------- CERTIFICATES OF DEPOSIT (9.7%) Bankers Trust (A) 5.750%, 12/09/97 4,000 4,000 Credit Suisse First Boston, New York (A) 5.850%, 10/27/98 5,000 5,000 Deutsche Bank 5.570%, 12/22/97 5,000 5,000 Societe Generale 5.680%, 01/29/98 5,000 5,000 Swiss Bank 5.760%, 02/17/98 2,000 2,000 Swiss Bank, Callable on 01/05/98 @ 100 5.760%, 10/05/98 3,000 3,000 -------- Total Certificates Of Deposit (Cost $24,000) 24,000 -------- BANK NOTES (4.9%) Comerica Bank (A) 5.820%, 10/21/98 4,000 3,999 FCC National Bank (A) 5.650%, 05/08/98 3,000 2,999 PNC Bank N.A. (A) 5.600%, 07/01/98 5,000 4,997 -------- Total Bank Notes (Cost $11,995) 11,995 -------- ASSET-BACKED SECURITIES (3.1%) Americredit Auto Receivable Trust, Ser 1997-A, Cl A1 5.515%, 04/06/98 446 447 Americredit Auto Receivable Trust, Ser 1997-B, Cl A1 5.790%, 06/12/98 1,644 1,645 Americredit Auto Receivable Trust, Ser 1997-D, Cl A1 5.800%, 11/05/98 2,000 2,000 Arcadia Auto Receivable Trust, Ser 1997-B, Cl A 5.743%, 06/15/98 502 503 Union Acceptance, Ser 1997-D, Cl A1 6.451%, 11/10/98 3,000 3,000 -------- Total Asset-Backed Securities (Cost $7,595) 7,595 -------- - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS (0.2%) FFCB, MTN 7.790%, 12/08/97 $ 185 $ 185 FHLB 6.320%, 12/04/97 200 200 -------- Total U.S. Government Obligations (Cost $385) 385 -------- REPURCHASE AGREEMENTS (29.7%) Deutsche Bank 5.71%, dated 11/28/97, matures 12/01/97, repurchase price $29,112,140 (collateralized by various FHLMC and GNMA obligations: total market value $29,680,870) 29,098 29,098 Union Bank of Switzerland 5.71%, dated 11/28/97, matures 12/01/97, repurchase price $44,140,746 (collateralized by various FHLMC and FNMA obligations: total market value $45,003,527) 44,120 44,120 -------- Total Repurchase Agreements (Cost $73,218) 73,218 -------- Total Investments (99.6%) (Cost $245,266) 245,266 -------- Other Assets and Liabilities, Net (0.4%) 1,032 -------- NET ASSETS: Fund shares of the Institutional Shares (unlimited authorization -- no par value) based on 246,298,403 outstanding shares of beneficial interest 246,298 -------- Total Net Assets (100.0%) $246,298 ======== Net Asset Value, Offering and Redemption Price Per Share -- Institutional Shares $ 1.00 ======== Cl Class FFCB Federal Farm Credit Bank FHLB Federal Home Loan Bank FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association GNMA Government National Mortgage Association MTN Medium Term Note Ser Series (A) Variable rate security. The rate reported on the Statement of Net Assets is the rate in effect on November 30, 1997. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 2 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 UNAUDITED CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (40.6%) U.S. Treasury Bill 0.000%, 12/11/97 $45,000 $ 44,935 U.S. Treasury Note 5.625%, 11/30/98 600 600 -------- Total U.S. Treasury Obligations (Cost $45,535) 45,535 -------- REPURCHASE AGREEMENTS (59.8%) Barclay 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $27,295,856 (collateralized by US Treasury Bills: market value $27,289,250) 27,283 27,283 Duetsche Bank 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $4,509,204 (collateralized by US Treasury Notes: market value $4,597,449) 4,507 4,507 Greenwich 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $4,508,205 (collateralized by US Treasury Bonds: market value $4,597,206) 4,506 4,506 Merrill Lynch 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $4,505,175 collateralized by various US Government STRIPS: total market value $4,595,076) 4,503 4,503 - ------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------- Morgan Stanley 5.66%, dated 11/28/97, matures 2/01/97, repurchase price $4,735,479 (collateralized by various US Treasury Bonds: total market value $4,852,595) $ 4,734 $ 4,734 Swiss Bank 5.66%, dated 11/28/97, matures 12/01/97, repurchase price $21,627,394 (collateralized by various US Treasury Notes: total market value $22,069,838) 21,617 21,617 -------- Total Repurchase Agreements (Cost $67,150) 67,150 -------- Total Investments (100.4%) (Cost $112,685) 112,685 -------- Other Assets and Liabilities, Net (-0.4%) (468) -------- NET ASSETS: Fund shares of the Institutional Shares (unlimited authorization -- no par value) based on 112,215,955 outstanding shares of beneficial interest 112,216 Undistributed net investment income 1 -------- Total Net Assets (100.0%) $112,217 ======== Net Asset Value, Offering and Redemption Price Per Share -- Institutional Shares $ 1.00 ======== STRIPS Separately Traded Registered Interest and Principal Security THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 3 STATEMENT OF OPERATIONS (000) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 UNAUDITED
CLASSIC CLASSIC INSTITUTIONAL INSTITUTIONAL CASH MANAGEMENT U.S. TREASURY MONEY MARKET SECURITIES MONEY FUND MARKET FUND --------------- ---------------- 06/01/97- 06/01/97- 11/30/97 11/30/97 --------------- ---------------- Income: Interest Income ........................................................... $8,460 $2,135 Expenses: Investment Advisory Fees .................................................. 300 77 Investment Advisory Fees Waived ........................................... (294) (77) Contribution from Advisor ................................................. -- (16) Administrator Fees ........................................................ 95 25 Registration Fees ......................................................... 12 5 Transfer Agent Fees ....................................................... 21 13 Printing Fees ............................................................. 17 9 Custody Fees .............................................................. 14 3 Professional Fees ......................................................... 5 3 Trustee Fees .............................................................. 2 -- Rating Fees ............................................................... -- 10 Amortization of Deferred Organizational Costs ............................. 9 9 ------ ------ Total Expenses .......................................................... 181 61 ------ ------ Net Investment Income ..................................................... 8,279 2,074 ------ ------ Expenses: Net Realized Gain on Securities Sold ...................................... -- 1 ------ ------ Total Net Realized Gain on Investments .................................... -- 1 ------ ------ Increase in Net Assets Resulting from Operations ............................. $8,279 $2,075 ====== ====== *Commencement of Operations Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 4 STATEMENT OF CHANGES IN NET ASSETS (000) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 UNAUDITED
CLASSIC CLASSIC INSTITUTIONAL INSTITUTIONAL CASH MANAGEMENT U.S. TREASURY MONEY MARKET SECURITIES MONEY FUND MARKET FUND --------------------- -------------------- 06/01/97- 12/12/96*- 06/01/97- 12/12/96*- 11/30/97 05/31/97 11/30/97 05/31/97 --------- ---------- --------- ---------- Operations: Net Investment Income ..................................................... $ 8,279 $ 2,755 $ 2,074 $ 483 Net Realized Gain (Loss) on Investments ................................... -- -- 1 (1) -------- -------- -------- -------- Increase in Net Assets Resulting from Operations ........................ 8,279 2,755 2,075 482 -------- -------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ............................................................ (8,279) (2,755) (2,073) (483) -------- -------- -------- -------- Total Distributions .................................................... (8,279) (2,755) (2,073) (483) -------- -------- -------- -------- Share Transactions: Trust Shares: Proceeds from Shares Issued ............................................. 795,424 578,520 337,232 143,133 Reinvestments of Cash Distributions ..................................... 3,673 -- 1,527 -- Cost of Shares Redeemed ................................................. (948,472) (182,847) (246,782) (122,894) -------- -------- -------- -------- Increase (Decrease) in Net Assets from Share Transactions ............. (149,375) 395,673 91,977 20,239 -------- -------- -------- -------- Total Increase (Decrease) in Net Assets .............................. (149,375) 395,673 91,979 20,238 -------- -------- -------- -------- Net Assets: Beginning of Period ....................................................... 395,673 -- 20,238 -- -------- -------- -------- -------- End of Period ............................................................. $246,298 $395,673 $112,217 $ 20,238 ======== ======== ======== ======== Shares Issued and Redeemed: Trust Shares: Shares Issued ........................................................... 795,424 578,520 337,232 143,133 Shares Issued in Lieu of Cash Distributions ............................. 3,673 -- 1,527 -- Shares Redeemed ......................................................... (948,472) (182,847) (246,782) (122,894) -------- -------- -------- -------- Net Share Transactions .................................................... (149,375) 395,673 91,977 20,239 ======== ======== ======== ======== *Commencement of Operations. Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 5 FINANCIAL HIGHLIGHTS ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1997 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
NET REALIZED NET GAINS NET ASSET VALUE INVESTMENT OR (LOSSES) DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME ------------------- ---------- -------------- --------------------- CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND Institutional Shares 1997** $ 1.00 $ 0.03 $ -- $(0.03) 1997* 1.00 0.02 -- (0.02) CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND Institutional Shares 1997** $ 1.00 $ 0.03 $ -- $(0.03) 1997* 1.00 0.02 -- (0.02)
NET ASSET NET ASSETS RATIO OF DISTRIBUTIONS FROM VALUE END TOTAL END OF EXPENSES TO REALIZED CAPITAL GAINS OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS ---------------------- --------- ---------- ------------ ------------------ CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND Institutional Shares 1997** $ -- $ 1.00 2.79% $ 246,298 0.12% 1997* -- 1.00 2.51 395,673 0.06 CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND Institutional Shares 1997** $ -- $ 1.00 2.73% $ 112,217 0.16% 1997* -- 1.00 2.46 20,238 0.09
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) ------------------ ------------------- ------------------- CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND Institutional Shares 1997** 5.53% 0.32% 5.33% 1997* 5.49 0.52 5.03 CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND Institutional Shares 1997** 5.36% 0.40% 5.12% 1997* 5.27 0.51 4.85
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 6 & 7 NOTES TO FINANCIAL STATEMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1997 1. Organization: The STI Classic Funds (the "Trust") was organized as a Massachusetts Business Trust under a Declaration of Trust dated January 15, 1992. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with twenty-three portfolios: the Value Income Stock Fund, the Mid-Cap Equity Fund, the Small Cap Equity Fund, the Capital Growth Fund, the Balanced Fund, the Emerging Markets Equity Fund, the International Equity Index Fund, the International Equity Fund the Sunbelt Equity Fund, the Investment Grade Tax-Exempt Bond Fund, the Florida Tax-Exempt Bond Fund, the Tennessee Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund, the Investment Grade Bond Fund, the Short-Term Bond Fund, the Short-Term U.S. Treasury Securities Fund, the Limited-Term Federal Mortgage Securities Fund, and the U.S. Government Securities Fund, (collectively the "Non-Dollar Funds"), the Prime Quality Money Market Fund, the U.S. Government Securities Money Market Fund, the Tax-Exempt Money Market Fund, the Classic Institutional Cash Management Money Market Fund and the Classic Institutional U.S. Treasury Securities Money Market Fund, (collectively the "Money Market Funds"). The assets of each portfolio are segregated, and a shareholder's interest is limited to the Fund in which shares are held. Each Fund's prospectus provides a description of the Fund's investment objectives, policies and strategies. The financial statements of the Classic Institutional Cash Management Money Market Fund and the Classic Institutional U.S. Treasury Securities Fund (collectively the "Funds") are included herein. The financial statements of the remaining Funds are presented separately. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust: SECURITY VALUATION -- Investment securities held by the Funds are stated at amortized cost, which approximates market value. FEDERAL INCOME TAXES -- It is each Fund's intention to qualify as a regulated investment company for Federal income tax purposes and distribute all of its taxable income and net capital gains. Accordingly, no provisions for Federal income taxes are required. SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on the date the security is purchased or sold (trade date). Interest income is recognized on an accrual basis. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold adjusted for the accretion and amortization of purchase discounts and premiums during the respective holding period. Purchase discounts and premiums on securities held by the Funds are accreted and amortized ratably to maturity and are included in interest income. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements ensure that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. NET ASSET VALUE PER SHARE -- The net asset value per share of each Fund is calculated each business day, by dividing the total value of each Fund's assets, less liabilities, by the number of shares outstanding. OTHER -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets. Fund expenses are pro-rated to the respective classes on the basis of relative net assets. Distributions from net investment income of each of the Funds are declared on each business day and paid to shareholders on a monthly basis. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. 3. Organization Costs and Transactions with Affiliates: The Trust incurred organization costs of approximately $808,836 including approximately $395,594 relating to state registration fees. These costs have been deferred in the accounts of the Funds and are being amortized on a straight line basis over a period of sixty months commencing with operations with the exception of state registration fees, which are being amortized over a period of twelve months. The costs include legal fees of approximately $60,383 for organizational work performed by a law firm of which two officers of the Trust are partners. On March 18, 1992, the Trust sold initial shares of beneficial interest to SEI Fund Resources (the "Administrator"). In the event any of the initial shares of the Trust are redeemed by any holder thereof during the period that the Trust is amortizing its organizational costs, the redemption proceeds payable to the holder thereof will be reduced by the unamortized organizational costs in the same ratio as the number of initial shares being redeemed bears to the number of initial shares outstanding at the time of redemption. Certain officers of the Trust are also officers of the Administrator and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust for serving as officers of the Trust. 8 ================================================================================ UNAUDITED 4. Administration and Transfer Agency Servicing Agreements: The Trust and the Administrator are parties to an Administration Agreement dated May 29, 1995, as amended November 19, 1997, under which the Administrator provides administrative services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Annuity Trust) of: .12% up to $1 billion, .09% on the next $4 billion, .07% on the next $3 billion, .065% on the next $2 billion and .06% for over $10 billion. The Trust and Federated Services Company are parties to a Transfer Agency servicing agreement dated May 14, 1994 under which Federated Services Company provides transfer agency services to the Trust. 5. Investment Advisory and Custodian Agreements: The Trust and Trusco Capital Management ("Trusco") have entered into an advisory agreement dated July 15, 1993. Under terms of the respective agreements, the Funds are charged the following annual fees based upon average daily net assets: MAXIMUM INSTITUTIONAL ANNUAL SHARE ADVISORY MAXIMUM FEE EXPENSE ------------ ------------ TRUSCO: Classic Institutional Cash Management Money Market Fund .20% .22% Classic Institutional U.S. Treasury Money Market Fund .20% .22% The Investment Advisor and the Administrator have voluntarily agreed to waive all or a portion of their fees (and to reimburse Funds' expenses) in order to limit operating expenses to an amount as outlined in the table above. Fee waivers and expense reimbursements are voluntary and may be terminated at any time. SunTrust Bank, Atlanta, formerly Trust Company Bank, acts as custodian for the Funds. Fees of the Custodians are paid on the basis of the net assets of the Funds. The Custodian plays no role in determining the investment policies of the Trust or which securities are to be purchased or sold in the Funds. 6. Concentration of Credit Risk: The Classic Institutional Cash Management Money Market Fund invests in high quality money market instruments issued by corporations and the U.S. Government and rated by one or more nationally recognized statistical rating organizations, or, if not rated determined by the Advisor to be of comparable quality. The Classic U.S. Treasury Securities Money Market Fund invests in U.S. Treasury Obligations, which are backed by the full faith and credit of the U.S. Government and repurchase agreements with approved dealers collateralized by U.S. Treasury securities. 9 INVESTMENT ADVISORS STI Capital Management, N.A. Trusco Capital Management, Inc. SunTrust Bank, Chattanooga, N.A. SunTrust Bank, Atlanta STI Classic Funds are not deposits, are not insured or guaranteed by the FDIC or any other government agency, and are not endorsed by and do not constitute obligations of SunTrust Banks, Inc. or any other of its affiliates. Investment in the Funds involves risk, including the possible loss of principal. There is no guarantee that any STI Classic Fund will achieve its investment objective. The STI Classic Funds are advised by affiliates of SunTrust Banks, Inc. DISTRIBUTOR SEI Investments Distribution Co. This information must be preceded or accompanied by a current prospectus for each Fund described. -----END PRIVACY-ENHANCED MESSAGE-----