-----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, KTW50GIJoUR3+3Ce9rBLqYfjqL7QtCZDiKUyYi0o+wIev/Zg6UU7xtnTEYLHgZhO xRqRYwgYPe+7cfy4vCBt4g== 0000935069-01-000050.txt : 20010205 0000935069-01-000050.hdr.sgml : 20010205 ACCESSION NUMBER: 0000935069-01-000050 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001130 FILED AS OF DATE: 20010201 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: 1521398 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 0001.txt STI CLASSIC SAR SEMI-ANNUAL ................................................................................ FINANCIAL REPORT ................................................................................ STI CLASSIC FIXED INCOME FUNDS ................................................................................ A Family of Mutual Funds ................................................................................ November 30, 2000 STI Classic Funds [logo omitted] Dear Valued STI Classic Funds' Shareholder: As of November 30, 2000, your STI Classic Funds' assets totaled $21.2 billion, an increase of 2.0% over the period ending May 31, 2000, the Funds' fiscal year end. U.S. economic expansion has now passed nine years in duration and is the longest in history. However, growth has slowed substantially and many investors are questioning whether a recession will develop. Moreover, many companies are reporting weaker earnings in this economic slowdown. It is certainly a more challenging environment for stock investors. Regardless, inflation remains low due to productivity gains and lack of corporate pricing power. As a result, longer-term interest rates have continued to decline. Thus, the Federal Reserve has substantial flexibility to decrease money market rates and provide a safety net for the economy. We also believe that most stocks have declined substantially as a result of prior Fed tightening. Thus, stock opportunities have emerged and our belief in a more diversified approach beyond just technology stocks will continue to benefit investors in this difficult environment. Sincerely, /ss/signature omitted Douglas S. Phillips, CFA President, Chief Investment Officer Trusco Capital Management, Inc. 1 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 FLORIDA TAX-EXEMPT BOND FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MUNICIPAL BONDS (100.2%) FLORIDA (91.0%) Brevard County, Health Facilities Authority, Holmes Regional Medical Center Project, RB, MBIA Callable 10/01/03 @ 102 5.700%, 10/01/08 $3,000 $ 3,119 Broward County, Port Facilities Authority, Ser C, RB, AMT, MBIA 5.375%, 09/01/08 3,360 3,468 Citrus County, Pollution Control Authority, Florida Power, Crystal River, Ser B, RB Callable 08/01/02 @ 102 6.350%, 02/01/22 335 345 Dade County, Aviation Authority, Ser A, RB, AMBAC Callable 10/01/05 @ 102 6.000%, 10/01/09 500 536 Dade County, Aviation Authority, Ser B, RB, AMT, MBIA Callable 10/01/02 @ 102 6.600%, 10/01/22 825 862 Dade County, Educational Facilities Authority, University of Miami, Ser A, RB, MBIA 6.000%, 04/01/08 505 546 Dade County, Seaport, GO, MBIA 6.500%, 10/01/09 1,000 1,130 Dade County, Ser CC, GO, AMBAC 7.125%, 10/01/15 1,000 1,202 Daytona Beach, Water & Sewer Authority, Ser 1978, RB, ETM Callable 05/15/01 @ 101.75 6.750%, 11/15/07 1,000 1,054 Deerfield Beach, Water & Sewer Authority, RB, FGIC 6.125%, 10/01/06 250 264 Florida State, Board of Education, Capital Outlay, Public Education, GO Callable 06/01/02 @ 101 6.400%, 06/01/19 1,300 1,344 Florida State, Board of Education, Capital Outlay, Public Education, Ser B, GO Prerefunded @ 101 (C) 6.000%, 06/01/01 1,000 1,018 Florida State, Board of Education, Capital Outlay, Ser A, GO Callable 01/01/09 @ 101 4.750%, 01/01/19 1,860 1,695 Florida State, Board of Education, Capital Outlay, Ser C, ETM, GO Callable 01/09/01 @ 100 7.100%, 06/01/07 190 192 Florida State, Board of Education, Lottery Revenue, Ser A, RB, FGIC Callable 07/01/10 @ 101 6.000%, 07/01/12 1,295 1,416 Florida State, Board of Education, Lottery Revenue, Ser B, RB, FGIC Callable 07/01/10 @ 101 5.500%, 07/01/12 4,050 4,242 Florida State, Department of Transportation, Right of Way, Ser A, GO Callable 07/01/07 @ 101 5.000%, 07/01/22 500 472 Florida State, Department of Transportation, Right of Way, Ser A, GO Callable 07/01/09 @ 101 4.750%, 07/01/24 1,995 1,787 Florida State, Finance Department of General Services, Environmental Protection, Preservation 2000 Project, Ser A, RB, FSA 6.000%, 07/01/11 2,935 3,219 Florida State, Finance Department of General Services, Department of Environmental Protection, Ser B, RB, AMBAC 6.000%, 07/01/12 4,100 4,486 Florida State, Finance Department of General Services, Department of Natural Resources, Preservation 2000, Ser A, RB, AMBAC Prerefunded @ 102 (C) 6.750%, 07/01/01 80 83 Florida State, Housing Financing Authority, Homeowner Mortgage, Ser 7, RB, AMT, FSA Callable 07/01/09 @ 100 5.200%, 01/01/31 1,000 997 Florida State, Turnpike Authority, Department of Transportation, Ser B, RB Callable 07/01/10 @ 101 5.250%, 07/01/19 1,335 1,313 Florida State, Turnpike Authority, Ser A, RB, FSA Callable 07/01/09 @ 101 5.000%, 07/01/22 3,545 3,305 Gainesville, Utility Systems, Ser A, RB, MBIA 5.750%, 10/01/04 1,000 1,045 Greater Orlando, Aviation Authority, Airport Facilities, RB, AMT, FGIC 5.500%, 10/01/17 1,810 1,856 5.250%, 10/01/13 725 728 2 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- FLORIDA--CONTINUED Greater Orlando, Aviation Authority, Airport Facilities, Ser A, RB, AMT, AMBAC Callable 10/01/03 @ 102 5.400%, 10/01/06 $1,340 $ 1,376 Hillsborough County, Industrial Development Authority, University Community Hospital, RB, MBIA 6.500%, 08/15/19 145 166 Indian, Trace Community, Community Development District, Water Management Split Benefit, Ser A-1, SA, MBIA Callable 05/01/05 @ 102 5.500%, 05/01/07 330 346 Jacksonville, Excise Taxes, Ser B, RB, AMT, FGIC Callable 10/01/01 @ 101 5.200%, 10/01/04 1,500 1,521 Jacksonville, Sales Tax Authority, River City Renaissance Project, RB, FGIC 6.000%, 10/01/04 1,180 1,242 Keys, Aqueduct Authority, RB, AMBAC Prerefunded @ 101 (C) 6.750%, 09/01/01 170 175 Lakeland, Electric & Water Authority, First Lien, Ser B, RB, FSA 6.550%, 10/01/05 2,590 2,811 Lakeland, Electric & Water Authority, First Lien, Ser C, RB, FSA 6.050%, 10/01/07 1,000 1,085 Lee County, Industrial Development Authority, Bonita Springs Utilities Project, RB, AMT, MBIA Callable 11/01/06 @ 101 5.750%, 11/01/10 1,480 1,549 Lee County, Water & Sewer Authority, Ser A, RB, AMBAC Callable 10/01/09 @ 101 4.750%, 10/01/19 1,720 1,570 Leon County, Southgate Educational Facilities Authority, COP, ETM 9.000%, 09/01/14 2,480 3,424 Miami-Dade County, Aviation Authority, Ser C, RB, AMT, MBIA Callable 10/01/08 @ 101 5.250%, 10/01/17 1,000 973 Miami, Parking Facilities Authority, RB, MBIA 5.250%, 10/01/15 1,000 1,016 North Broward, Hospital District, RB, ETM, MBIA 5.950%, 01/01/01 1,000 1,001 Orange County, Health Facilities Authority, Ser A, RB, ETM, MBIA 6.250%, 10/01/07 2,120 2,326 Orlando, Utilities Commission Water & Sewer Authority, Sub-Ser D, RB 6.750%, 10/01/17 5,385 6,252 Osceola County, School Board Certificates Authority, Ser A, COP, AMBAC 6.250%, 06/01/01 1,080 1,090 Palm Beach County, Apartment System Authority, RB, MBIA Callable 10/01/01 @ 102 7.625%, 10/01/04 1,410 1,472 Palm Beach County, Solid Waste Authority, Ser A, RB, ETM, AMBAC 6.000%, 10/01/09 300 329 Pensacola, Airport Authority, Ser A, RB, AMT, MBIA 6.250%, 10/01/09 505 553 Pensacola, Airport Authority, Ser A, RB, AMT, MBIA Callable 10/01/08 @ 102 6.000%, 10/01/12 1,075 1,152 Plant City, Utility Systems Authority, RB, MBIA 6.000%, 10/01/15 400 440 Polk County, Utility Systems Authority, RB, ETM, FGIC 6.000%, 10/01/08 2,250 2,397 Reedy Creek, Improvement District, Ser 1991-1, RB, MBIA Prerefunded @ 101(C) 6.250%, 10/01/01 405 415 South Broward, Hospital District Authority, RB, AMBAC Callable 05/01/03 @ 102 7.500%, 05/01/08 1,000 1,082 Sunrise, Utility System Authority, RB, AMBAC Callable 10/01/18 @ 100 5.000%, 10/01/28 1,500 1,417 Tallahassee, Energy Systems Authority, Ser A, RB, FSA Callable 10/01/08 @ 101 5.000%, 10/01/28 5,040 4,638 3 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 FLORIDA TAX-EXEMPT BOND FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000)/SHARES VALUE (000) - -------------------------------------------------------------------------------- FLORIDA--CONTINUED Tampa, Allegany Health Systems Authority, St Mary's Hospital, RB, ETM, MBIA Callable 12/01/03 @ 102 5.000%, 12/01/12 $7,280 $ 7,305 Tampa, Bay Water Utility Systems, RB, FGIC Callable 10/01/11 @ 100 5.500%, 10/01/12 1,000 1,048 Tampa, Guaranteed Entitlement, RB, AMBAC 6.000%, 10/01/07 2,190 2,331 6.000%, 10/01/08 1,500 1,607 6.000%, 10/01/18 500 528 Tampa, Guaranteed Entitlement, RB, AMBAC Callable 10/01/01 @ 102 7.050%, 10/01/07 1,000 1,040 Tampa, Special Utility, TAN, AMBAC Callable 10/01/01 @ 102 6.900%, 10/01/09 1,500 1,558 Tampa, Utility Tax & Special Revenue Authority, RB, AMBAC 6.000%, 10/01/09 1,000 1,076 -------- 100,035 -------- PUERTO RICO (9.2%) Commonwealth, Aqueduct & Sewer Authority, RB, MBIA 6.250%, 07/01/12 1,000 1,137 Commonwealth, Highway & Transportation Authority, Ser Z, RB, MBIA 6.250%, 07/01/14 3,000 3,421 Commonwealth, Public Buildings Authority, Government Facilities, Ser A, RB, AMBAC 6.250%, 07/01/13 1,000 1,139 6.250%, 07/01/14 750 855 Commonwealth, Public Finance Authority, Commonwealth Appropriation, Ser A, FSA, RB Callable 06/01/08 @ 101 5.000%, 06/01/26 2,240 2,129 Commonwealth, Public Improvements GO, MBIA Callable 07/01/08 @ 101 4.875%, 07/01/23 1,500 1,403 -------- 10,084 -------- Total Municipal Bonds (Cost $108,401) 110,119 -------- CASH EQUIVALENTS (4.8%) AIM Management Institutional Tax Free Fund 1,686,664 1,687 SEI Institutional Tax Free Fund 3,650,209 3,650 -------- Total Cash Equivalents (Cost $5,337) 5,337 -------- Total Investments (105.0%) (Cost $113,738) 115,456 -------- OTHER ASSETS AND LIABILITIES, NET (-5.0%) Investment Securities Purchased (6,837) Other Assets and Liabilities, Net 1,316 -------- TOTAL OTHER ASSETS AND LIABILITIES, NET (5,521) -------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 9,249,858 outstanding shares of beneficial interest 97,169 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 271,110 outstanding shares of beneficial interest 2,687 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 941,425 outstanding shares of beneficial interest 10,199 Accumulated net realized loss on investments (1,838) Net unrealized appreciation on investments 1,718 -------- Total Net Assets 100.0% $109,935 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $10.51 ======== Net Asset Value and Redemption Price Per Share-- Investor Shares $10.51 ======== Maximum Offering Price Per Share -- Investor Shares ($10.51 / 96.25%) $10.92 ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares (1) $10.53 ======== (1) 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 33. 4 - -------------------------------------------------------------------------------- (UNAUDITED) GEORGIA TAX-EXEMPT BOND FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MUNICIPAL BONDS (91.5%) GEORGIA (91.5%) Atlanta, Airport Facilities Authority, RB, AMBAC 6.500%, 01/01/06 $1,000 $ 1,083 6.000%, 01/01/03 1,000 1,030 6.000%, 01/01/04 500 520 Atlanta, Airport Facilities Authority, Ser A, RB, FGIC 5.500%, 01/01/10 1,000 1,052 Atlanta & Fulton County, Recreation Authority, Park Improvement Project, RB, AMBAC Callable 12/01/10 @ 101 5.500%, 12/01/13 1,005 1,051 5.250%, 12/01/16 1,050 1,056 Atlanta, Water & Sewer Authority, RB, ETM 6.000%, 01/01/11 1,000 1,095 Augusta, Water & Sewer Authority, RB Prerefunded @ 102 (C) 6.200%, 05/01/02 130 136 Bibb County, GO 7.000%, 01/01/04 985 1,054 Brunswick, Water & Sewer Authority, RB, MBIA 6.100%, 10/01/14 1,000 1,103 Clarke County, Hospital Authority, Athens Regional Medical Center Project, RB, MBIA 5.375%, 01/01/07 1,425 1,478 Clayton County, Water & Sewer Authority, RB, AMBAC Callable 05/01/06 @ 102 5.350%, 05/01/09 800 835 Cobb County, Water & Sewer Authority, RB Callable 07/01/04 @ 102 5.125%, 07/01/06 1,000 1,027 Cobb-Marietta County, Coliseum & Expo Project, RB, MBIA 5.500%, 10/01/12 940 986 Cobb-Marietta County, Water Authority, RB 5.100%, 11/01/04 1,000 1,023 5.000%, 11/01/03 1,255 1,273 Coweta County, Development Authority, Newnan Water, Sewer and Light Community Project, RB, AMBAC Callable 01/01/10 @ 101 5.250%, 01/01/14 1,700 1,716 Dalton, Utilities Authority, RB, MBIA 6.000%, 01/01/08 3,240 3,507 DeKalb County, Development Authority, Emory University Project, Ser A, RB 5.375%, 11/01/05 1,650 1,714 DeKalb County, Development Authority, Emory University Project, Ser A, RB Callable 11/01/05 @ 101 5.200%, 11/01/08 500 517 DeKalb County, School District, Ser A, GO 6.250%, 07/01/11 1,500 1,681 Dekalb County, Water & Sewer Authority, RB Callable 10/01/10 @ 101 5.250%, 10/01/12 1,000 1,029 Douglasville - Douglas County, Water & Sewer Authority, RB, AMBAC 5.625%, 06/01/15 1,390 1,469 Fayette County, Public Facilities Authority, Criminal Justice Center Project, RB Callable 06/01/10 @ 101 6.250%, 06/01/19 700 756 Fayette County, School District, GO, ETM 6.250%, 03/01/07 450 490 Fayette County, Water Authority, Ser 1985-A, RB, ETM, MBIA Callable 10/01/00 @ 100 8.550%, 10/01/01 300 310 Forsyth County, School District, GO 6.500%, 07/01/06 1,000 1,094 6.400%, 07/01/05 750 807 Forsyth County, School District, GO Callable 02/01/10 @ 102 6.000%, 02/01/15 1,000 1,083 5.750%, 02/01/11 3,000 3,227 Forsyth County, School District, GO, MBIA Prerefunded @ 102 (C) 5.350%, 07/01/05 780 820 Forsyth County, Water & Sewer Authority, RB 5.000%, 04/01/04 1,000 1,017 Fulton County, Hospital Authority, Northside Hospital Project, Ser B, RB, MBIA Prerefunded @ 102 (C) 6.600%, 10/01/02 2,000 2,112 5 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 GEORGIA TAX-EXEMPT BOND FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- GEORGIA--CONTINUED Fulton County, School District, GO 6.375%, 05/01/17 $ 500 $ 566 5.250%, 01/01/12 1,000 1,026 Fulton County, Water & Sewer Authority, RB, ETM, FGIC 6.375%, 01/01/14 1,000 1,125 Georgia State, Housing & Financial Authority, Single-Family Mortgage, Sub-Ser B-1, RB Callable 06/01/05 @ 102 5.550%, 12/01/07 550 568 Georgia State, Housing & Financial Authority, Single-Family Mortgage, Sub-Ser B-1, RB, FHA Callable 06/01/06 @ 102 5.600%, 12/01/11 450 464 5.550%, 12/01/10 325 336 Georgia State, Municipal Electric Authority, RB, ETM Callable 01/09/01 @ 100 8.000%, 01/01/15 1,900 2,419 Georgia State, School Improvements Projects, GO 6.750%, 09/01/11 2,000 2,330 Georgia State, Ser A, GO 6.250%, 04/01/11 1,000 1,120 Georgia State, Ser C, GO 6.250%, 08/01/13 1,650 1,856 Georgia State, Ser D, GO 6.700%, 08/01/10 750 865 Gwinnett County, Recreation Authority, RB 5.875%, 02/01/07 500 535 5.800%, 02/01/06 785 830 Gwinnett County, School District, Ser B, GO 6.400%, 02/01/06 500 540 6.400%, 02/01/07 1,500 1,639 Hall County, School District, Ser B, GO 6.300%, 12/01/05 675 727 Henry County, Hospital Authority, Henry Medical Center Project, RB, AMBAC Callable 07/01/07 @ 102 5.500%, 07/01/08 545 571 Henry County, Hospital Authority, Henry Medical Center Project, RB, AMBAC Prerefunded @ 102 (C) 5.500%, 07/01/07 1,640 1,747 Henry County, School District, Ser A, GO 6.450%, 08/01/11 500 558 6.150%, 08/01/06 150 162 Henry County, School District, Ser B, GO 6.300%, 08/01/08 300 331 Henry County, Water & Sewer Authority, RB, AMBAC 6.150%, 02/01/20 2,265 2,498 Henry County, Water & Sewer Authority, RB, FGIC 6.000%, 02/01/18 1,055 1,146 5.625%, 02/01/16 940 986 Houston County, School District, Intergovernmental Contract, COP, MBIA Prerefunded @ 102 (C) 6.000%, 03/01/04 2,000 2,126 Medical Center Hospital Authority, Columbus Regional Health Care System, RB, MBIA Prerefunded @ 102 (C) 6.000%, 08/01/05 1,340 1,443 Meriwether County, School District, GO, FSA 7.000%, 02/01/06 740 822 Metropolitan Atlanta, Rapid Transit Authority, Ser A, RB, MBIA 6.250%, 07/01/07 500 547 Metropolitan Atlanta, Rapid Transit Authority, Ser D, RB, ETM 7.000%, 07/01/11 250 296 Metropolitan Atlanta, Rapid Transit Authority, Ser E, RB, ETM Callable 01/09/01 @ 100 7.000%, 07/01/11 1,165 1,378 Metropolitan Atlanta, Rapid Transit Authority, Ser N, RB 6.000%, 07/01/07 1,000 1,070 Metropolitan Atlanta, Rapid Transit Authority, Ser P, RB, AMBAC 6.250%, 07/01/08 1,000 1,103 Milledgeville, Water & Sewer Authority, RB, FSA 6.000%, 12/01/16 1,000 1,087 6.000%, 12/01/21 1,000 1,081 Newton County, Hospital Authority, Newton Health Systems Project, Ser 1999, RB, AMBAC Callable 02/01/10 @ 101 5.750%, 02/01/11 780 826 5.750%, 02/01/12 825 870 6 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- GEORGIA--CONTINUED Paulding County, School District, GO, MBIA 6.000%, 02/01/10 $1,000 $ 1,095 Paulding County, School District, Ser A, GO 6.625%, 02/01/07 1,000 1,106 6.625%, 02/01/08 525 587 Private Colleges & Universities, Mercer University Project, RB, ETM, MBIA 6.400%, 11/01/11 1,675 1,904 Rome, Water & Sewer Authority, RB, AMBAC 5.250%, 01/01/09 775 805 Savannah, Water & Sewer Authority, RB, ETM Callable 06/01/01 @ 100 6.450%, 12/01/04 1,000 1,071 Vidalia, Water & Sewer Authority, RB, ETM Callable 07/01/01 @ 101 6.000%, 07/01/07 605 654 Walker, Dade & Catoosa Counties, Hutchinson Medical, Ser A, RB, FSA Callable 10/01/07 @ 102 5.500%, 10/01/08 1,370 1,429 ------- 85,396 ------- Total Municipal Bonds (Cost $84,464) 85,396 ------- CASH EQUIVALENTS (5.0%) AIM Management Institutional Tax Free Portfolio 3,946,953 3,947 SEI Tax Exempt Trust-- Institutional Tax Free Fund 731,885 732 ------- Total Cash Equivalents (Cost $4,679) 4,679 ------- REPURCHASE AGREEMENT (2.5%) Morgan Stanley 6.250%, dated 11/30/00, matures 12/01/00, repurchase price $2,293,710 (collateralized by U.S. Treasury obligations: total market value $2,402,126) (D) 2,293 2,293 ------- Total Repurchase Agreement (Cost $2,293) 2,293 ------- Total Investments (99.0%) (Cost $91,436) 92,368 ------- OTHER ASSETS AND LIABILITIES, NET (1.0%) 952 ------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 8,247,295 outstanding shares of beneficial interest $81,686 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 258,855 outstanding shares of beneficial interest 2,534 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 947,785 outstanding shares of beneficial interest 9,635 Accumulated net realized loss on investments (1,467) Net unrealized appreciation on investments 932 ------- Total Net Assets 100.0% $93,320 ======= Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 9.87 ======= Net Asset Value and Redemption Price Per Share-- Investor Shares $ 9.88 ======= Maximum Offering Price Per Share -- Investor Shares ($9.88 / 96.25%) $ 10.26 ======= Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares (1) $ 9.88 ======= (1) 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 33. 7 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 HIGH INCOME FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATION (21.6%) U.S. Treasury Bills (E) 6.155%, 01/25/01 $1,400 $1,387 ------ Total U.S. Treasury Obligation (Cost $1,387) 1,387 ------ CORPORATE BONDS (53.3%) CABLE (8.0%) British Sky Broadcasting 6.875%, 02/23/09 125 108 Comcast 10.625%, 07/15/12 150 180 Echostar DBS, Callable 02/01/04 @ 104.688 9.375%, 02/01/09 100 90 Primedia, Callable 04/01/03 @ 103.813 7.625%, 04/01/08 150 137 ------ 515 ------ ENTERTAINMENT (5.9%) HMH Properties, Ser B, Callable 08/01/03 @ 103.985 7.875%, 08/01/08 125 115 MGM Mirage 9.750%, 06/01/07 150 154 Pinnacle Entertainment, Ser B, Callable 08/01/02 @ 104.75 9.500%, 08/01/07 100 112 ------ 381 ------ FINANCIALS (2.5%) Capital One Financial 7.250%, 05/01/06 175 160 ------ INDUSTRIAL (18.5%) Canandaigua Brands, Callable 03/01/04 @ 104.25 8.500%, 03/01/09 100 97 Federal-Mogul 7.375%, 01/15/06 175 27 Hasbro 7.950%, 03/15/03 150 147 Lyondell Chemical, Ser A 9.625%, 05/01/07 155 149 NBTY, Ser B, Callable 09/15/02 @ 104.313 8.625%, 09/15/07 100 82 Owens-Illinois 7.150%, 05/15/05 125 65 Playtex Family Products, Callable 01/04/01 @ 101.5 9.000%, 12/15/03 100 92 Polaroid 11.500%, 02/15/06 100 73 R & B Falcon 9.500%, 12/15/08 100 106 Stone Container, Callable 01/04/01 @ 100 10.750%, 04/01/02 135 134 Waste Management 6.625%, 07/15/02 115 112 Xerox Cap Europe, MTN 5.750%, 05/15/02 150 104 ------ 1,188 ------ MEDICAL (6.7%) Beckman Coulter 7.100%, 03/04/03 125 122 HCA - Healthcare 8.750%, 09/01/10 150 155 Tenet Healthcare, Ser B 9.250%, 09/01/10 150 157 ------ 434 ------ RETAIL (1.4%) Finlay Fine Jewelry, Callable 05/01/03 @ 104.188 8.375%, 05/01/08 100 90 ------ TELEPHONES & TELECOMMUNICATIONS (2.8%) Nextel Communications, Callable 11/15/04 @ 104.688 9.375%, 11/15/09 100 86 Rural Cellular, Ser B, Callable 05/15/03 @ 104.813 9.625%, 05/15/08 100 91 ------ 177 ------ TRANSPORTATION (5.4%) Continental Airlines 8.000%, 12/15/05 150 141 Laidlaw, Ser B, Callable 04/15/02 @ 105.75 11.500%, 04/15/07 290 209 ------ 350 ------ 8 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000)/SHARES VALUE (000) - -------------------------------------------------------------------------------- UTILITIES (2.1%) Calpine 7.625%, 04/15/06 $ 135 $ 132 ------ Total Corporate Bonds (Cost $3,779) 3,427 ------ CASH EQUIVALENT (2.4%) SEI Daily Income Trust Prime Obligation Fund 153,125 153 ------ Total Cash Equivalent (Cost $153) 153 ------ Total Investments (77.3%) (Cost $5,319) $4,967 ====== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 33. 9 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 INVESTMENT GRADE BOND FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (14.2%) U.S. Treasury Bonds 8.750%, 08/15/20 $ 12,500 $ 16,858 7.500%, 11/15/16 56,050 66,269 6.250%, 05/15/30 31,275 34,236 U.S. Treasury Notes 4.750%, 11/15/08 11,000 10,484 --------- Total U.S. Treasury Obligations (Cost $118,464) 127,847 --------- U.S. GOVERNMENT AGENCY OBLIGATIONS (17.1%) FHLMC 7.375%, 05/15/03 51,250 52,618 5.750%, 03/15/09 59,175 56,512 FNMA 7.125%, 01/15/30 41,900 44,783 --------- Total U.S. Government Agency Obligations (Cost $147,011) 153,913 --------- CORPORATE OBLIGATIONS (57.1%) ELECTRIC (2.4%) Florida Power & Light 5.875%, 04/01/09 23,500 21,649 --------- FINANCE (19.6%) Aristar 7.250%, 06/15/06 26,800 26,867 Countrywide Home Loan 6.850%, 06/15/04 17,750 17,750 Countrywide Home Loan, MTN, Ser F 6.510%, 02/11/05 23,300 22,688 Finova Capital 7.250%, 11/08/04 13,400 7,856 7.250%, 07/12/06 21,500 12,201 Finova Capital, MTN, Ser E 7.300%, 09/22/03 28,850 17,274 Ford Motor Credit 7.600%, 08/01/05 25,000 25,286 General Electric Capital, MTN, Ser A 6.875%, 11/15/10 26,000 26,345 Household Finance 7.200%, 07/15/06 21,000 20,816 --------- 177,083 --------- INDUSTRIAL (12.2%) Avon Products 7.150%, 11/15/09 8,650 8,455 Computer Sciences 7.500%, 08/08/05 22,250 22,761 Cooper Tire & Rubber 7.750%, 12/15/09 16,000 14,277 Emerson Electric 7.125%, 08/15/10 7,500 7,684 Marriot International, Ser C 7.875%, 09/15/09 24,600 24,969 Motorola 7.625%, 11/15/10 9,000 9,225 Philip Morris 7.500%, 04/01/04 8,700 8,711 Times Mirror 7.450%, 10/15/09 9,500 9,619 United Technology 7.125%, 11/15/10 4,000 4,067 --------- 109,768 --------- LIFE/HEALTH INSURANCE (15.4%) Aon 6.900%, 07/01/04 35,000 34,606 Conseco 8.750%, 02/09/04 41,600 28,704 6.800%, 06/15/05 22,700 14,528 6.400%, 06/15/01 8,800 8,008 ING Groep 8.000%, 10/30/06 14,600 15,148 6.500%, 11/15/08 16,750 15,850 Provident 7.000%, 07/15/18 26,300 21,928 --------- 138,772 --------- RETAIL (2.2%) May Department Stores 7.900%, 10/15/07 20,000 20,218 --------- SECURITY BROKERS & DEALERS (5.3%) Donaldson Lufkin Jenrette, MTN 6.150%, 05/04/04 8,400 8,190 Morgan Stanley Dean Witter, MTN, Ser C 7.125%, 08/15/03 19,750 19,880 Paine Webber Group, MTN, Ser C 6.020%, 04/22/02 20,250 20,124 --------- 48,194 --------- Total Corporate Obligations (Cost $567,187) 515,684 --------- 10 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- ASSET-BACKED OBLIGATION (4.5%) Commercial, Ser 1999-1, Cl A2 6.455%, 06/15/08 $41,750 $ 40,724 --------- Total Asset-Backed Obligation (Cost $38,770) 40,724 --------- REPURCHASE AGREEMENT (6.0%) UBS Warburg, 6.44%, dated 11/30/00, matures 12/01/00, repurchase price $54,305,061 (collateralized by U.S. Treasury obligations: total market value $55,385,377) (D) 54,295 54,295 --------- Total Repurchase Agreement (Cost $54,295) 54,295 --------- Total Investments (98.9%) (Cost $925,727) 892,463 --------- OTHER ASSETS AND LIABILITIES, NET (1.1%) 10,370 --------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 88,072,263 outstanding shares of beneficial interest 936,645 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 2,097,959 outstanding shares of beneficial interest 22,836 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 1,842,646 outstanding shares of beneficial interest 20,001 Undistributed net investment income 1 Accumulated net realized loss on investments (43,386) Net unrealized depreciation on investments (33,264) --------- Total Net Assets 100.0% $ 902,833 ========= Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 9.81 ========= Net Asset Value and Redemption Price Per Share-- Investor Shares $ 9.81 ========= Maximum Offering Price Per Share -- Investor Shares ($9.81 / 96.25%) $ 10.19 ========= Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares (1) $ 9.82 ========= (1) 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 33. 11 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 INVESTMENT GRADE TAX-EXEMPT BOND FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MUNICIPAL BONDS (97.8%) ALABAMA (1.0%) Huntsville, Ser B, GO 4.000%, 11/01/01 $ 1,410 $ 1,402 ---------- ARIZONA (10.1%) Arizona State, Highway Transportation Board, RB Callable 07/01/09 @ 100 6.125%, 07/01/14 6,020 6,514 Maricopa County, Community College Project, Ser C, GO 5.250%, 07/01/01 5,000 5,026 Maricopa County, Unified School District, GO, FGIC Callable 07/01/01 @ 101 6.400%, 07/01/10 3,050 3,111 ---------- 14,651 ---------- CALIFORNIA (2.9%) Orange County, Loma Ridge/Data Center Project, COP, AMBAC Prerefunded @ 101 (C) 6.000%, 06/01/01 2,075 2,297 University of California, Ser K, RB Callable 09/01/08 @ 101 5.000%, 09/01/20 2,000 1,939 ---------- 4,236 ---------- CONNECTICUT (2.0%) Connecticut State, Special Tax Obligation Transportation Infrastructure, Ser B, RB, FSA 5.500%, 11/01/12 2,700 2,845 ---------- FLORIDA (0.9%) Orange County, Health Facilities Authority, Ser A, RB, MBIA 6.250%, 10/01/12 1,170 1,302 ---------- GEORGIA (3.0%) Coweta County, Development Authority Newnan Water, Sewer, and Light Community Project, RB, AMBAC Callable 01/01/10 @ 101 5.750%, 01/01/15 2,000 2,100 Georgia State, Municipal Electric Power Authority, Ser Y, RB, MBIA 6.500%, 01/01/17 1,985 2,259 ---------- 4,359 ---------- ILLINOIS (12.6%) Chicago, School Finance Authority, Ser A, GO, FGIC Callable 6/01/02 @ 102 6.250%, 06/01/09 6,000 6,246 Illinois State, Educational Facilities Authority, DePaul University, RB, AMBAC Callable 10/01/10 @ 101 5.500%, 10/01/12 1,080 1,116 Illinois State, Regional Transportation Authority, RB, MBIA 6.250%, 07/01/13 2,660 2,968 6.250%, 07/01/14 7,005 7,817 ---------- 18,147 ---------- IOWA (1.5%) Des Moines, Public Parking System, Ser A, RB, FGIC Callable 06/01/10 @ 100 6.375%, 06/01/18 2,005 2,170 ---------- MARYLAND (2.5%) Washington, Suburban Sanitation District, Second Ser, GO Callable 01/01/02 @ 102 6.400%, 01/01/08 3,500 3,634 ---------- MASSACHUSETTS (2.4%) Massachusetts State, Bay Transportation Authority, General Transportation System, Ser C, RB Callable 03/01/07 @ 101 5.000%, 03/01/24 3,750 3,491 ---------- MICHIGAN (3.8%) Michigan State, Building Authority, Ser II, RB Callable 10/01/01 @ 102 6.750%, 10/01/11 2,950 3,058 Walled Lake, Consolidated School District, GO Callable 05/01/10 @ 100 5.125%, 05/01/16 2,420 2,396 ---------- 5,454 ---------- MINNESOTA (0.8%) Minnesota State, GO Callable 06/01/10 @ 100 5.500%, 06/01/14 1,065 1,100 ---------- MISSISSIPPI (1.6%) Jackson, Public School District, Limited Tax Notes, Ser B, GO, AMBAC Callable 10/01/10 @ 100 5.750%, 10/01/15 2,275 2,381 ---------- 12 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MISSOURI (1.1%) Missouri State, Health & Educational Facilities Authority, SSM Health Care Projects, Ser B, RB, ETM, MBIA Callable 01/09/01 @ 102 7.000%, 06/01/05 $ 1,500 $ 1,533 ---------- NEW JERSEY (7.9%) New Jersey State, Transportation System, Ser A, RB 5.750%, 06/15/15 1,250 1,339 5.625%, 06/15/13 1,000 1,062 New Jersey State, Turnpike Authority, Ser A, RB, MBIA 6.000%, 01/01/12 4,000 4,391 New Jersey State, Turnpike Authority, Ser C, RB, FSA 6.500%, 01/01/16 1,000 1,138 New Jersey State, Turnpike Authority, Ser C, RB, MBIA 6.500%, 01/01/16 3,000 3,415 ---------- 11,345 ---------- NEW YORK (7.0%) Metropolitan New York, Transportation Authority, Ser K, RB, MBIA 6.300%, 07/01/06 5,000 5,427 New York State, Dormitory Authority, Consolidated City University System, Second Ser, RB, FSA 5.750%, 07/01/13 1,250 1,344 5.750%, 07/01/18 3,175 3,367 ---------- 10,138 ---------- NORTH CAROLINA (2.2%) Charlotte, Water & Sewer Systems Authority, RB Callable 06/01/10 @ 101 5.750%, 06/01/17 2,000 2,087 North Carolina State, Medical Care Community Hospital, Mercy Hospital Project, RB, ETM Callable 08/01/02 @ 102 6.500%, 08/01/15 1,000 1,051 ---------- 3,138 ---------- OHIO (1.2%) Cleveland, City School District, Ser A, GO, FGIC Callable 12/01/02 @ 102 5.875%, 12/01/11 1,650 1,719 ---------- SOUTH DAKOTA (4.8%) South Dakota State, Health & Educational Facilities Authority, St. Lukes Midland Regional Medical, RB, MBIA Callable 07/01/01 @ 102 6.625%, 07/01/11 6,675 6,884 ---------- TEXAS (23.2%) Corpus Christi, Utility System Authority, Ser A, RB FSA Callable 07/15/10 @ 100 5.875%, 07/15/13 800 850 5.875%, 07/15/14 1,685 1,785 5.875%, 07/15/15 2,480 2,615 Cypress-Fairbanks, Independent School District, Schoolhouse Project, GO, PSFG Callable 02/15/10 @ 100 6.750%, 02/15/13 1,830 2,062 6.750%, 02/15/14 1,950 2,195 Fort Worth, Water & Sewer Authority, RB Callable 08/15/10 @ 100 5.750%, 02/15/14 2,000 2,097 Harris County, Toll Road, Sub Lien, RB, FGIC 6.000%, 08/01/14 10,000 10,800 Houston, Ser C, GO Callable 03/01/02 @ 100 6.250%, 03/01/12 6,500 6,614 La Joya, Independent School District, GO, PSFG Callable 02/15/10 @ 100 5.750%, 02/15/15 1,925 2,006 5.750%, 02/15/17 1,000 1,033 University of Texas, Ser B, RB Callable 08/15/01 @ 102 6.750%, 08/15/13 1,475 1,525 ---------- 33,582 ---------- VERMONT (1.4%) Burlington, Electric Authority, Ser A, RB, MBIA Callable 07/01/02 @ 102 6.250%, 07/01/14 2,000 2,083 ---------- VIRGINIA (3.9%) Richmond, GO, FSA Callable 01/15/11 @ 101 5.500%, 01/15/12 4,165 4,373 5.500%, 01/15/14 1,250 1,295 ---------- 5,668 ---------- Total Municipal Bonds (Cost $138,613) 141,262 ---------- 13 STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 INVESTMENT GRADE TAX-EXEMPT BOND FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CASH EQUIVALENTS (8.3%) AIM Management Institutional Tax Free Portfolio 7,097,847 $ 7,098 SEI Tax Exempt-- Institutional Tax Free Fund 4,862,844 4,863 ---------- Total Cash Equivalents (Cost $11,961) 11,961 ---------- Total Investments (106.1%) (Cost $150,574) 153,223 ---------- OTHER ASSETS AND LIABILITIES, NET (-6.1%) Investment Securities Purchased (12,325) Other Assets and Liabilities, Net 3,593 ---------- TOTAL OTHER ASSETS AND LIABILITIES, NET (8,732) ---------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 10,069,296 outstanding shares of beneficial interest 112,156 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 1,708,197 outstanding shares of beneficial interest 17,921 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 1,262,275 outstanding shares of beneficial interest 14,376 Undistributed net investment income 12 Accumulated net realized loss on investments (2,623) Net unrealized appreciation on investments 2,649 ---------- Total Net Assets 100.0% $ 144,491 ========== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 11.08 ========== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 11.09 ========== Maximum Offering Price Per Share -- Investor Shares ($11.09 / 96.25%) $ 11.52 ========== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares (1) $ 11.08 ========== (1) 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 33. 14 - -------------------------------------------------------------------------------- (UNAUDITED) LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATION (16.4%) U.S. Treasury Notes 7.250%, 05/15/04 $ 18,000 $ 18,944 --------- Total U.S. Treasury Obligation (Cost $18,893) 18,944 --------- U.S. GOVERNMENT AGENCY OBLIGATION (6.5%) FNMA 6.375%, 10/15/02 7,500 7,529 --------- Total U.S. Government Agency Obligation (Cost $7,494) 7,529 --------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (75.3%) FHLMC 8.000%, 12/01/02 459 467 6.500%, 06/01/13 7,682 7,593 FHLMC REMIC, Ser 1614, Cl H 6.000%, 06/15/20 4,550 4,520 FHLMC REMIC, Ser 1624, Cl KC 6.000%, 06/15/08 11,084 10,995 FHLMC REMIC, Ser 1666, Cl E 6.000%, 12/15/19 5,000 4,959 FHLMC, Ser 29, Cl Q 7.500%, 06/25/20 15,000 15,113 FNMA 8.500%, 04/01/17 379 389 6.000%, 09/01/13 8,925 8,696 FNMA REMIC, Ser 1993-206, Cl G 6.000%, 04/25/19 11,000 10,893 FNMA REMIC, Ser 1993-223, Cl PH 6.050%, 10/25/22 5,375 5,306 GNMA 9.000%, 11/15/17 510 535 7.500%, 08/15/30 9,978 10,087 6.000%, 10/15/28 8,066 7,698 --------- Total U.S. Agency Mortgage-Backed Obligations (Cost $87,229) 87,251 --------- CASH EQUIVALENT (0.0%) SEI Liquid Asset Trust -- Prime Obligation Fund 3,950 4 --------- Total Cash Equivalent (Cost $4) 4 --------- REPURCHASE AGREEMENT (7.6%) Morgan Stanley Dean Witter 6.480%, dated 11/30/00, matures 12/01/00, repurchase price $8,833,060 (collateralized by U.S. Government obligations: total market value $9,063,154) (D) $8,831 $ 8,831 --------- Total Repurchase Agreement (Cost $8,831) 8,831 --------- Total Investments (105.8%) (Cost $122,451) $ 122,559 --------- THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 33. 15 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 MARYLAND MUNICIPAL BOND FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MUNICIPAL BONDS (95.7%) MARYLAND (87.1%) Anne Arundel County, GO Callable 02/01/08 @ 101 5.125%, 02/01/24 $ 500 $ 484 Baltimore, Board of Education Administration Project, Ser A, COP 5.250%, 04/01/05 750 772 Baltimore County, Consolidated Public Improvement, GO Callable 06/01/06 @ 101 5.500%, 06/01/16 250 256 Baltimore County, Consolidated Public Improvement, GO Callable 07/01/08 @ 101 4.750%, 07/01/09 500 507 Baltimore, Emergency Telecommunication Facilities, Ser A, COP, AMBAC Callable 10/01/07 @ 102 5.000%, 10/01/17 400 394 Baltimore, Pollution Control Authority, General Motors Project, RB 5.350%, 04/01/08 250 261 Baltimore, Water Project, Ser A, RB, FSA Callable 07/01/10 @ 100 5.750%, 07/01/30 1,000 1,024 Carroll County, Consolidated Public Improvement, GO Callable 12/01/06 @ 101 5.125%, 12/01/14 500 505 Calvert County, Economic Development Authority, Asbury-Solomons Project, RB, MBIA Callable 01/01/08 @ 102 5.000%, 01/01/17 250 243 Calvert County, Pollution Control Authority, Baltimore Gas & Electric Project, RB Callable 07/15/04 @ 102 5.550%, 07/15/14 250 255 Maryland State, Aviation Administration Facilities, COP, AMT Callable 05/01/09 @ 101 4.750%, 05/01/13 1,500 1,427 Maryland State, Community Development Administration, Ser B, RB, AMT, FHA Callable 03/01/07 @ 101.5 5.875%, 09/01/25 500 502 Maryland State, Community Development Administration, Ser C, RB, FHA Callable 03/01/10 @ 100 5.650%, 09/01/12 475 494 Maryland State, Community Development Administration, Ser D, RB, AMT Callable 03/01/09 @ 101 5.250%, 09/01/19 1,000 949 Maryland State, Community Development Administration, Ser E, RB, FHA Callable 09/01/09 @ 100 5.700%, 09/01/17 1,000 1,014 Maryland State, Community Development Administration, Ser F, RB, AMT Callable 09/01/09 @ 100 5.900%, 09/01/19 1,000 1,007 Maryland State, Community Development Administration, Single-Family Housing, 1st Ser, RB Callable 04/01/07 @ 101.50 5.600%, 04/01/18 365 369 Maryland State, Community Development Administration, Single-Family Program, 2nd Ser, RB Callable 04/01/09 @ 101 5.000%, 04/01/17 1,000 944 Maryland State, Economic Development Authority, Student Housing Authority, Allegany College Project, Ser A, RB Callable @ 09/01/10 @ 102 5.750%, 09/01/20 385 377 Maryland State, GO Callable 07/15/09 @ 101 5.250%, 07/15/12 1,000 1,034 Maryland State, Health & Higher Educational Facilities Authority, Broadmead Project, RB Callable 07/01/07 @ 102 5.500%, 07/01/17 300 274 Maryland State, Health & Higher Educational Facilities Authority, Calvert Memorial Hospital Project, RB Callable 07/01/08 @ 102 5.000%, 07/01/13 400 371 16 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MARYLAND--CONTINUED Maryland State, Health & Higher Educational Facilities Authority, Catholic Health Initiatives, Ser A, RB Callable 06/01/10 @ 101 6.000%, 12/01/24 $ 250 $ 256 Maryland State, Health & Higher Educational Facilities Authority, Johns Hopkins Health System Project, RB, AMBAC Callable 07/01/07 @ 102 5.250%, 07/01/17 350 349 Maryland State, Health & Higher Educational Facilities Authority, Johns Hopkins Hospital Project, Ser A, RB Callable 12/11/00 @ 100 (A) (B) 4.100%, 07/01/27 1,200 1,200 Maryland State, Health & Higher Educational Facilities Authority, Loyola College Project, Ser A, RB, MBIA Callable 10/01/06 @ 102 5.500%, 10/01/16 250 254 Maryland State, Health & Higher Educational Facilities Authority, North Arundel Hospital, RB Callable @ 07/01/10 @ 101 6.500%, 07/01/26 400 399 Maryland State, Health & Higher Educational Facilities Authority, Pickersgill Project, Ser A, RB Callable 01/01/07 @ 102 6.000%, 01/01/15 350 347 Maryland State, Health & Higher Educational Facilities Authority, Upper Chesapeake Hospital Project, Ser A, RB, FSA Callable 01/01/08 @ 101 5.125%, 01/01/33 1,250 1,171 Maryland State, Industrial Development Financing Authority, Holy Cross Health System, RB Callable 12/01/03 @ 102 5.500%, 12/01/15 100 101 Maryland State, Stadium Authority, Sports Facility Project, RB, AMBAC Callable 03/01/06 @ 101 5.800%, 03/01/26 250 255 Maryland State, State & Local Facilities Loan, 1st Ser, GO Callable 02/15/06 @ 101.50 4.700%, 02/15/10 300 302 Maryland State, State & Local Facilities Loan, 3rd Ser, GO 5.500%, 10/15/04 500 520 5.000%, 10/15/06 750 771 Maryland State, State & Local Facilities Loan, 3rd Ser, GO Callable 10/15/06 @ 100 5.000%, 10/15/07 525 539 Maryland State, Transportation Authority, RB, ETM 6.800%, 07/01/16 120 138 Maryland State, Water Quality Financing Authority, Revolving Loan Funding Project, Ser A, RB Callable 09/01/05 @ 100 5.300%, 09/01/09 1,000 1,027 Montgomery County, Consolidated Public Improvement, Ser A, GO 5.800%, 07/01/07 500 537 Montgomery County, Housing Opportunities Authority, Kensington Park Project, Issue II, RB, MBIA (A) Callable 12/11/00 @ 100 4.150%, 07/01/28 1,600 1,600 Montgomery County, Housing Opportunities Authority, Ser A, RB Callable @ 07/01/10 @ 100 6.000%, 07/01/20 990 1,009 Montgomery County, Human Services Headquarters Project, RB 5.400%, 08/01/06 200 209 Montgomery County, Pollution Control Authority, Potomac Electric Power Project, RB Callable 02/15/04 @ 102 5.375%, 02/15/24 100 97 Northeast Maryland, Waste Disposal Authority, Montgomery County Resource Project, Ser A, RB Callable 07/01/03 @ 102 6.200%, 07/01/10 275 287 Prince Georges County, Consolidated Public Improvements, Ser A, GO, MBIA 6.250%, 01/01/03 750 778 Prince Georges County, Consolidated Public Improvements, Ser A, GO, MBIA Callable 03/01/02 @ 102 5.625%, 09/01/04 250 258 Queen Annes County, Public Facilities Authority, GO, FGIC 5.125%, 11/15/06 350 362 17 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 MARYLAND MUNICIPAL BOND FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MARYLAND--CONTINUED University of Maryland, System Auxiliary Facilities and Tuition, Ser A, RB 5.000%, 04/01/05 $ 400 $ 409 University of Maryland, System Auxiliary Facilities and Tuition, Ser A, RB Callable 04/01/06 @ 101 5.500%, 04/01/08 100 105 University of Maryland, System Auxiliary Facilities and Tuition, Ser C, RB, AMBAC Callable 10/01/03 @ 103 4.750%, 10/01/07 750 757 Washington, Suburban Sanitation District, General Construction, GO Callable 06/01/04 @ 102 4.625%, 06/01/06 750 757 Washington, Suburban Sanitation District, GO Callable 06/01/06 @ 100 5.600%, 06/01/19 250 254 --------- 28,511 --------- PUERTO RICO (8.6%) Commonwealth, Highway & Transportation Authority, Ser Y, RB Callable 07/01/06 @ 101.50 5.500%, 07/01/26 1,700 1,702 Commonwealth, Highway & Transportation Authority, State Infrastructure RB, MBIA Callable 07/01/08 @ 101 5.000%, 07/01/28 500 473 Commonwealth, Housing, Bank & Finance Agency, Affordable Housing Mortgage Portfolio, Ser I, RB, AMT, GNMA Callable 04/01/05 @ 102 6.250%, 04/01/29 650 660 --------- 2,835 --------- Total Municipal Bonds (Cost $31,389) 31,346 --------- CASH EQUIVALENTS (0.4%) AIM Tax Free Institutional Cash Reserve Portfolio 100,000 $ 100 Federated Maryland Municipal Cash Trust 19,049 19 --------- Total Cash Equivalents (Cost $119) 119 --------- Total Investments (96.1%) (Cost $31,508) 31,465 --------- OTHER ASSETS AND LIABILITIES, NET (3.9%) 1,270 --------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 2,655,945 outstanding shares of beneficial interest 26,559 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 655,822 outstanding shares of beneficial interest 6,746 Distributions in excess of net investment income (30) Accumulated net realized loss on investments (497) Net unrealized depreciation on investments (43) --------- Total Net Assets 100.0% $ 32,735 ========= Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 9.88 ========= Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares (1) $ 9.90 ========= (1) 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 33. 18 - -------------------------------------------------------------------------------- (UNAUDITED) SHORT-TERM BOND FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (15.2%) U.S. Treasury Notes 6.250%, 02/15/03 $ 9,000 $ 9,115 6.000%, 07/31/02 to 08/15/04 14,500 14,716 5.250%, 08/15/03 6,000 5,953 U.S. Treasury STRIPS (E) 6.535%, 08/15/03 1,250 1,077 ------- Total U.S. Treasury Obligations (Cost $30,501) 30,861 ------- U.S. GOVERNMENT AGENCY OBLIGATIONS (3.3%) FFCB, MTN 7.125%, 06/01/01 1,000 1,003 FHLMC 7.000%, 07/15/05 5,500 5,658 ------- Total U.S. Government Agency Obligations (Cost $6,605) 6,661 ------- U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS (6.2%) FHLMC 6.500%, 12/01/00 26 25 6.000%, 07/01/06 7,823 7,633 FNMA 7.000%, 01/01/27 1,452 1,438 FNMA REMIC, Ser 1996-30, Cl PC 7.000%, 11/25/20 2,600 2,610 GNMA 8.000%, 11/15/09 958 986 ------- Total U.S. Government Mortgage- Backed Obligations (Cost $12,740) 12,692 ------- CORPORATE OBLIGATIONS (66.7%) BANKS (2.0%) Bank of America 8.125%, 06/15/02 2,400 2,451 Key Bank 5.800%, 04/01/04 1,675 1,625 ------- 4,076 ------- COMMUNICATION SERVICES (6.8%) Deutsche Telekom International Finance 7.750%, 06/15/05 3,750 3,809 Qwest (F) 7.625%, 06/09/03 3,000 3,039 Southern New England Telephone, Ser C, MTN 6.125%, 12/15/03 3,000 2,963 COMMUNICATION SERVICES--CONTINUED Sprint Capital 5.700%, 11/15/03 2,000 1,923 Worldcom 7.550%, 04/01/04 2,000 2,017 ------- 13,751 ------- FINANCE (23.5%) American General 6.250%, 03/15/03 1,100 1,089 American General Finance 5.900%, 01/15/03 2,000 1,970 Cit Group 7.125%, 10/15/04 3,000 2,974 CitiFinancial 6.375%, 09/15/02 2,500 2,491 Daimler Chrysler Holdings 7.400%, 01/20/05 2,000 2,002 Daimler Chrysler Holdings, Ser B, MTN 6.460%, 12/07/01 2,500 2,488 Ford Motor Credit 6.000%, 01/14/03 3,500 3,430 General Electric Capital, Ser A, MTN 6.700%, 10/01/02 3,000 3,015 General Motors Acceptance 5.950%, 03/14/03 1,000 980 Household Finance 8.000%, 05/09/05 5,000 5,137 International Lease Finance, Ser J, MTN 5.500%, 09/29/03 2,000 1,935 Merrill Lynch, Ser B, MTN 5.640%, 01/27/03 3,750 3,661 Morgan Stanley Dean Witter 7.125%, 01/15/03 2,050 2,063 Paine Webber Group 6.450%, 12/01/03 3,500 3,478 Salomon Smith Barney Holdings 6.750%, 02/15/03 3,000 3,000 Transamerica Finance, Ser F, MTN 6.800%, 12/14/01 3,000 3,001 Travelers Group 6.875%, 12/15/03 1,500 1,502 Wells Fargo Financial 7.600%, 05/03/05 2,500 2,566 6.250%, 11/01/02 1,000 992 ------- 47,774 ------- INDUSTRIAL (22.3%) American Home Products 7.900%, 02/15/05 2,000 2,092 19 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 SHORT-TERM BOND FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- INDUSTRIAL--CONTINUED Clark Equipment 9.750%, 03/01/01 $1,750 $ 1,759 Computer Associates International, Ser B 6.375%, 04/15/05 2,300 2,148 Conoco 5.900%, 04/15/04 3,150 3,071 Cox Communications 7.000%, 08/15/01 3,000 2,981 Diageo Capital 6.625%, 06/24/04 2,500 2,491 Eastman Kodak, Ser A, MTN 7.250%, 06/15/05 2,500 2,498 General Foods 6.000%, 06/15/01 500 494 Hasbro 7.950%, 03/15/03 3,000 2,941 Nabisco 6.800%, 09/01/01 1,500 1,487 Norfolk Southern 7.875%, 02/15/04 1,500 1,541 Philip Morris 7.500%, 01/15/02 500 498 Phillips Petroleum 6.650%, 03/01/03 500 498 Procter & Gamble 5.250%, 09/15/03 3,000 2,925 Raytheon 6.450%, 08/15/02 2,900 2,867 5.700%, 11/01/03 500 484 Safeway Stores 7.000%, 09/15/02 3,000 3,000 TCI Communications 6.375%, 05/01/03 4,650 4,586 TRW 6.500%, 06/01/02 3,000 2,936 TRW, Ser A, MTN 9.000%, 02/09/01 1,000 1,001 Tyco International Group 6.875%, 09/05/02 1,000 999 Tyco International Group (A) 6.250%, 06/15/13 2,000 1,963 -------- 45,260 -------- UTILITIES (12.1%) Alabama Power, Ser M 7.850%, 05/15/03 3,250 3,321 Baltimore Gas and Electric 6.125%, 07/01/03 1,750 1,724 Duke Energy 5.875%, 06/01/01 2,000 1,991 Northern States Power 6.125%, 12/01/05 5,000 4,838 Pacific Gas & Electric, Ser 93-E 5.875%, 10/01/05 3,500 3,338 Pacific, Ser H, MTN 6.750%, 07/15/04 2,500 2,494 Philadelphia Electric 7.125%, 09/01/02 2,000 2,010 Public Service of Colorado, Ser 6 6.000%, 04/15/03 3,000 2,947 Southern California Edison 5.875%, 09/01/04 2,000 1,930 -------- 24,593 -------- Total Corporate Obligations (Cost $135,736) 135,454 -------- REGIONAL GOVERNMENT AGENCY (1.3%) Province of Quebec 8.800%, 04/15/03 2,500 2,619 -------- Total Regional Government Agency (Cost $2,630) 2,619 -------- ASSET-BACKED SECURITIES (5.7%) AUTOMOTIVE (1.7%) Premier Auto Trust, Ser 1998-5, Cl A-4 5.190%, 04/08/03 3,500 3,451 -------- CREDIT CARDS (3.4%) Discover Card Master Trust I, Ser 1998-4, Cl A 5.750%, 10/16/03 1,990 1,983 Discover Card Master Trust I, Ser 1999-2, Cl A 5.900%, 10/15/04 3,000 2,978 Metris Master Trust, Ser 1997-1, Cl A 6.870%, 10/20/05 2,000 2,013 -------- 6,974 -------- MORTGAGE-RELATED (0.6%) CoreStates Home Equity Trust, Ser 1994-1, Cl A 6.650%, 05/15/09 389 389 EQCC Home Equity Loan Trust, Ser 1994-1, Cl A 5.800%, 03/15/09 335 330 Equivantage Home Equity Loan Trust, Ser 1996-1, Cl A 6.550%, 10/25/25 417 414 -------- 1,133 -------- Total Asset-Backed Securities (Cost $11,596) 11,558 -------- 20 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CASH EQUIVALENT (0.2%) AIM Liquid Assets Portfolio 462,002 $ 462 -------- Total Cash Equivalent (Cost $462) 462 -------- Total Investments (98.6%) (Cost $200,270) 200,307 -------- OTHER ASSETS AND LIABILITIES, NET (1.4%) 2,780 -------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 20,257,717 outstanding shares of beneficial interest 205,033 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 139,991 outstanding shares of beneficial interest 1,413 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 193,843 outstanding shares of beneficial interest 1,964 Undistributed net investment income 1 Accumulated net realized loss on investments (5,361) Net unrealized appreciation on investments 37 -------- Total Net Assets 100.0% $203,087 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 9.86 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 9.88 ======== Maximum Offering Price Per Share -- Investor Shares ($9.88 / 98.00%) $ 10.08 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 9.88 ======== (1) 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 33. 21 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 SHORT-TERM U.S. TREASURY SECURITIES FUND - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (98.9%) U.S. Treasury Notes 7.500%, 11/15/01 $ 7,500 $ 7,599 6.625%, 03/31/02 10,500 10,595 6.500%, 05/31/01 16,500 16,525 6.375%, 01/31/02 5,000 5,021 6.250%, 10/31/01 to 06/30/02 9,500 9,531 6.000%, 07/31/02 5,000 5,019 5.875%, 10/31/01 to 09/30/02 12,500 12,498 5.750%, 08/15/03 2,000 2,010 5.500%, 02/28/03 to 03/31/03 9,000 8,980 5.375%, 02/15/01 2,300 2,295 5.250%, 08/15/03 10,000 9,921 4.875%, 03/31/01 2,000 1,990 ------- 91,984 ------- U.S. Treasury Obligations (Cost $91,744) 91,984 ------- CASH EQUIVALENT (2.4%) SEI Daily Income Trust -- Treasury II Fund 2,231,267 2,231 ------- Total Cash Equivalent (Cost $2,231) 2,231 ------- Total Investments (101.3%) (Cost $93,975) 94,215 ------- OTHER ASSETS AND LIABILITIES, NET (-1.3%) (1,183) ------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 8,517,811 outstanding shares of beneficial interest $84,634 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 217,096 outstanding shares of beneficial interest 2,203 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 601,484 outstanding shares of beneficial interest 6,006 Distributions in excess of net investment income (14) Accumulated net realized loss on investments (37) Net unrealized appreciation on investments 240 ------- Total Net Assets 100.0% $93,032 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 9.97 ======= Net Asset Value and Redemption Price Per Share -- Investor Shares $ 9.97 ======= Maximum Offering Price Per Share -- Investor Shares ($9.97 / 99.00%) $ 10.07 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 9.95 ======= (1) 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 33. 22 - -------------------------------------------------------------------------------- (UNAUDITED) U.S. GOVERNMENT SECURITIES FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (10.2%) U.S. Treasury Notes 7.250%, 05/15/04 $ 500 $ 526 6.750%, 05/15/05 2,500 2,623 6.500%, 02/15/10 4,900 5,248 5.875%, 02/15/04 3,000 3,028 5.250%, 08/15/03 3,185 3,160 --------- 14,585 --------- U.S. Treasury Obligations (Cost $14,290) 14,585 --------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (84.7%) FHLMC 7.000%, 01/01/09 to 06/01/17 6,360 6,325 6.500%, 03/01/12 to 12/01/12 3,326 3,287 6.000%, 02/01/01 32 31 FHLMC REMIC, Ser 2039, Cl PC 6.000%, 05/15/09 1,000 986 FNMA 7.500%, 06/01/11 to 06/01/30 5,476 5,515 7.000%, 07/15/05 to 09/01/30 26,343 26,590 6.500%, 06/01/13 to 03/01/29 7,480 7,299 6.375%, 10/15/02 20,000 20,077 6.290%, 08/01/18 1,422 1,387 6.250%, 05/15/29 5,000 4,800 6.000%, 11/25/07 to 03/01/28 3,121 2,981 FNMA REMIC, Ser 143, Cl J 8.750%, 12/25/20 40 41 FNMA REMIC, Ser 156, Cl B 6.500%, 04/25/18 100 99 FNMA REMIC, Ser 30, Cl PC 7.000%, 11/25/20 2,000 2,007 FNMA REMIC, Ser 34, Cl VC 7.500%, 05/01/12 1,000 1,010 FNMA REMIC, Ser 40, Cl VC 6.500%, 08/25/10 261 250 FNMA REMIC, Ser 6, Cl H 7.000%, 08/18/08 1,058 1,058 FNMA REMIC, Ser 63, Cl PC 6.500%, 03/18/26 1,140 1,133 FNMA REMIC, Ser 68, Cl C 6.500%, 08/18/18 1,000 995 FNMA REMIC, Ser 9, Cl H 6.500%, 11/25/13 1,337 1,316 - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- GNMA 10.000%, 06/15/19 2 2 9.000%, 04/15/17 161 166 8.500%, 05/15/17 to 02/15/25 608 625 8.250%, 01/15/12 49 50 8.000%, 11/15/09 to 11/15/24 708 728 7.500%, 10/20/09 to 10/15/29 13,131 13,275 7.000%, 11/15/22 to 01/15/28 5,500 5,476 6.500%, 10/15/23 to 02/15/29 7,564 7,376 6.250%, 10/15/28 1,775 1,713 6.000%, 07/15/13 to 01/15/14 2,473 2,415 GNMA REMIC, Ser 6, Cl E 7.500%, 05/20/23 1,000 1,006 GNMA REMIC, Ser 9, Cl D 6.500%, 08/20/24 1,000 966 --------- Total U.S. Agency Mortgage- Backed Obligations (Cost $120,652) 120,985 --------- ASSET-BACKED OBLIGATION (0.0%) EQCC Home Equity Loan Trust, Ser 1, Cl A 5.800%, 03/15/09 35 34 --------- Total Asset-Backed Obligation (Cost $34) 34 --------- CASH EQUIVALENTS (10.4%) AIM Liquid Assets Portfolio 6,791,658 6,792 SEI Daily Income Trust -- Government II Fund 6,716,812 6,717 SEI Daily Income Trust -- Treasury II Fund 1,374,337 1,374 --------- Total Cash Equivalents (Cost $14,883) 14,883 --------- Total Investments (105.3%) (Cost $149,859) 150,487 --------- OTHER ASSETS AND LIABILITIES, NET (5.3%) Investment Securities Purchased (8,304) Other Assets and Liabilities, Net 635 --------- TOTAL OTHER ASSETS AND LIABILITIES, NET (7,669) --------- 23 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 U.S. GOVERNMENT SECURITIES FUND--CONCLUDED - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 13,070,346 outstanding shares of beneficial interest $135,593 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 126,452 outstanding shares of beneficial interest 1,289 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 714,988 outstanding shares of beneficial interest 7,727 Distributions in excess of net investment income (1) Accumulated net realized loss on investments (2,418) Net unrealized appreciation on investments 628 -------- Total Net Assets 100.0% $142,818 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 10.27 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 10.26 ======== Maximum Offering Price Per Share -- Investor Shares ($10.26 / 96.25%) $ 10.66 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 10.27 ======== (1) 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 33. 24 - -------------------------------------------------------------------------------- (UNAUDITED) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MUNICIPAL BONDS (97.6%) VIRGINIA (97.6%) Alexandria, Consolidated Public Improvement, GO 4.500%, 01/01/15 $1,500 $1,384 Arlington County, GO 5.400%, 08/01/01 1,000 1,007 Arlington County, GO Callable 10/01/08 @ 101 5.000%, 10/01/11 3,220 3,277 Arlington County, Industrial Development Authority, Alexandria/Arlington Project, Ser A, RB, FSA 5.250%, 01/01/03 2,000 2,031 5.250%, 01/01/05 4,000 4,100 Arlington County, Industrial Development Authority, Alexandria/ Arlington Waste Project, Ser B, RB, AMT, FSA Callable 07/01/08 @ 101 5.375%, 01/01/11 3,000 3,088 Chesapeake Bay, Bridge & Tunnel District Commission, General Resolution, RB, MBIA Prerefunded @ 102 (C) 6.375%, 07/01/01 4,000 4,125 Chesapeake, GO 5.400%, 12/01/08 2,500 2,633 Chesterfield County, Public Improvements, Ser A, GO Callable 01/01/08 @ 100 4.700%, 01/01/12 3,215 3,143 Commonwealth Transportation Board, Federal Highway Reimbursement, RB 5.500%, 10/01/05 2,500 2,604 5.500%, 10/01/06 2,000 2,094 Commonwealth Transportation Board, Northern Virginia Transportation District, Ser A, RB Callable 05/15/06 @ 101 5.125%, 05/15/12 2,000 2,015 Culpeper, Industrial Development Authority, Residential Care Facility, Virginia Baptist Homes, RB Callable 01/02/01 @ 100 (A) 4.150%, 08/01/30 1,250 1,250 Danville, Industrial Development Authority, Danville Regional Medical Center Project, RB, AMBAC 5.250%, 10/01/28 4,250 4,107 Fairfax County, Industrial Development Authority, Health Care Inova Health System Project, RB Callable 08/15/06 @ 102 5.300%, 08/15/07 1,500 1,537 Fairfax County, Industrial Development Authority, Health Care Inova Health System Project, Ser A, RB Callable 02/15/08 @ 101 5.000%, 08/15/10 2,890 2,885 Fairfax County, Public Improvement, Ser A, GO Callable 06/01/07 @ 102 4.500%, 06/01/10 3,000 2,919 Fairfax County, Ser B, GO Prerefunded @ 102 (C) 5.200%, 06/01/01 1,000 1,024 Fairfax County Water Authority, RB Callable 04/01/07 @ 102 6.000%, 04/01/22 5,000 5,236 Fairfax County Water Authority, RB Callable 04/01/10 @ 101 6.000%, 04/01/14 1,125 1,219 Fredericksburg, Industrial Development Authority, Medicorp Health System, RB, AMBAC Callable 06/15/07 @ 102 5.250%, 06/15/16 5,000 4,984 Greater Richmond Convention Center Authority, Convention Center Expansion Project, RB 5.000%, 06/15/03 1,000 1,007 5.500%, 06/15/10 700 732 Halifax County, Industrial Development Authority, Old Dominion Electric Cooperation Project, RB 5.125%, 12/01/02 1,190 1,186 Hampton, Public Improvement Project, GO Callable 01/15/08 @ 102 5.000%, 01/15/10 1,200 1,227 Hanover County, Industrial Development Authority, Covenant Woods Project, RB Callable 01/02/01 @ 100 (A) (B) (C) 4.250%, 07/01/29 4,005 4,005 Harrisonburg, Industrial Development Authority, Rockingham Memorial Hospital Project, RB, MBIA Callable 12/01/02 @ 102 5.750%, 12/01/13 3,000 3,065 25 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND--CONTINUED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA--CONTINUED Henrico County, Industrial Development Authority, Educational Facilities, Collegiate Schools, RB Callable 10/15/08 @ 102 5.000%, 10/15/19 $2,250 $2,088 Henrico County, Industrial Development Authority, Governmental Project, RB Callable 06/01/06 @ 102 5.150%, 06/01/07 2,500 2,578 Henrico County, Industrial Development Authority, Hospital Facilities, Bon Secours Health System Project, RB, FSA 4.950%, 08/15/03 1,000 1,011 Henrico County, Industrial Development Authority, Solid Waste Facility, Browning Ferris Project, RB, AMT 5.300%, 12/01/11 1,000 928 Henrico County, Industrial Development Authority, Westminster-Canterbury Project, RB Callable 10/01/09 @ 101 5.700%, 10/01/23 1,610 1,514 Henrico County, Water & Sewer Authority, RB Callable 05/01/09 @ 102 4.625%, 05/01/17 1,900 1,714 Henry County, GO Callable 07/15/04 @ 102 6.000%, 07/15/14 1,000 1,047 Loudoun County, Sanitation Authority, Water & Sewer, RB, FGIC Callable 01/01/03 @ 102 6.100%, 01/01/04 1,250 1,307 Louisa, Industrial Development Authority, Electric & Power Project, Ser A, RB, AMT 5.150%, 04/01/22 2,500 2,505 Lynchburg, GO Callable 04/01/03 @ 102 5.250%, 04/01/08 2,000 2,049 Lynchburg, Industrial Development Authority, Centra Health Project, RB Callable 01/01/08 @ 101 5.200%, 01/01/23 500 454 Medical College, Hospital Authority, RB, MBIA Callable 07/01/08 @102 4.900%, 07/01/12 1,500 1,482 Montgomery County, Industrial Development Authority, Ser A, RB, MBIA Callable 01/09/01 @ 100 3.850%, 01/15/01 1,250 1,248 Newport News, Industrial Development Authority, Advanced Shipbuilding Carrier Project, RB 5.500%, 09/01/09 2,500 2,646 Newport News, Ser A, GO 4.000%, 07/01/07 2,000 1,906 Norfolk, GO Callable 06/01/04 @ 101 5.250%, 06/01/08 5,000 5,121 Norfolk, Industrial Development Authority, Health Care Bon Secours Health Project, RB, MBIA Callable 08/15/07 @ 102 5.250%, 08/15/26 4,200 3,991 Norfolk, Industrial Development Authority, Sentara Hospital Project, Ser A, RB Callable 11/01/04 @ 102 5.000%, 11/01/08 2,500 2,524 4.900%, 11/01/07 2,500 2,519 Norfolk, Industrial Development, Children's Hospital Project, RB AMBAC 6.900%, 06/01/06 1,000 1,106 Norfolk, Redevelopment & Housing Authority, Educational Facilities Revenue, Tidewater Community College Campus Project, RB Callable 11/01/05 @ 102 5.800%, 11/01/08 700 745 Norfolk, Ser A, GO 5.250%, 02/01/01 200 200 Portsmouth, GO Callable 08/01/03 @ 102 5.450%, 08/01/07 2,000 2,065 Richmond, GO, FSA 5.250%, 01/15/09 1,470 1,527 Richmond, Metropolitan Expressway Authority, Ser A, RB, FGIC Callable 07/15/02 @ 102 5.900%, 07/15/03 1,500 1,553 Roanoke County, Industrial Development Authority, Roanoke Memorial Hospital Project, Ser C, RB Callable 12/11/00 @ 100 (A) 4.100%, 07/01/19 5,200 5,200 26 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA--CONTINUED Roanoke, Industrial Development Authority, Roanoke Memorial Hospital Project, Ser B, RB Callable 07/01/02 @ 102 5.900%, 07/01/06 $2,500 $2,580 Roanoke Valley Resources Authority, RB 5.400%, 09/01/02 1,450 1,466 Roanoke Valley Resources Authority, RB Prerefunded @ 102 (C) 5.750%, 09/01/01 500 521 Suffolk, GO 5.200%, 08/01/02 1,500 1,519 Suffolk, GO Callable 08/01/03 @ 102 5.700%, 08/01/07 2,000 2,086 5.600%, 08/01/06 2,000 2,081 Suffolk, Public Improvement Project, GO, MBIA Callable 04/01/10 @ 101 5.200%, 04/01/13 490 498 University of Virginia, Ser A, RB Callable 06/01/08 @ 101 5.000%, 06/01/24 3,250 3,036 Upper Occoquan Sewer Authority, Ser A, RB, MBIA 5.150%, 07/01/20 1,870 1,833 Virginia Beach Development Authority, Sentra Health System, RB Callable 11/01/08 @ 101 5.250%, 11/01/11 1,000 1,012 Virginia Beach, GO 5.450%, 07/15/11 1,000 1,050 Virginia Beach, Public Improvement Project, GO 5.250%, 03/01/08 1,695 1,762 Virginia Beach, Public Improvement Project, GO Prerefunded @ 102 (C) 5.750%, 11/01/04 3,500 3,717 Virginia State, College Building Authority, Public Higher Education Finance Program, Ser A, RB Callable 09/01/08 @ 100 4.625%, 09/01/15 3,080 2,839 Virginia State, College Building Authority, Public Higher Education Project, Ser A, RB 5.500%, 09/01/06 1,135 1,187 Virginia State, College Building Authority, Public Higher Education Project, Ser A, RB Callable 09/01/10 @ 100 5.125%, 09/01/16 2,500 2,469 Virginia State, College Building Authority, Randolph-Macon College Project, RB Callable 03/01/03 @ 100 4.375%, 03/01/13 2,165 2,147 Virginia State, College Building Authority, 21st Century College Program, RB Callable 08/01/06 @ 102 5.250%, 08/01/16 1,000 1,002 Virginia State, College Building Authority, University of Richmond Project, RB Callable 11/01/02 @ 102 6.250%, 11/01/12 2,000 2,092 Virginia State, College Building Authority, University of Richmond Project, RB Callable 11/01/04 @ 100 5.550%, 11/01/19 6,500 6,672 Virginia State, Education Loan Authority, Guaranteed Student Loan Program, Ser B, RB, AMT 5.550%, 09/01/10 1,800 1,880 Virginia State, Education Loan Authority, Guaranteed Student Loan Program, Ser B, RB, AMT, ETM 4.850%, 09/01/01 520 522 Virginia State, Education Loan Authority, Guaranteed Student Loan Program, Ser D, RB, AMT, ETM 5.600%, 03/01/03 2,050 2,094 Virginia State, GO 5.600%, 06/01/02 2,750 2,800 Virginia State, Housing Development Authority, Commonwealth Mortgage, Sub-Ser B-3, RB Callable 01/01/06 @ 102 6.350%, 01/01/15 3,000 3,079 Virginia State, Housing Development Authority, Commonwealth Mortgage, Sub-Ser E-1, RB Callable 07/01/08 @ 101 4.950%, 01/01/11 1,250 1,235 Virginia State, Housing Development Authority, Multi- Family Housing, Ser E, RB Callable 01/01/08 @ 102 5.350%, 11/01/11 1,250 1,249 27 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA--CONTINUED Virginia State, Housing Development Authority, Multi- Family Housing, Ser I, RB, AMT Callable 01/01/09 @ 101 4.875%, 11/01/12 $1,950 $ 1,866 Virginia State, Housing Development Authority, Rental Housing, Ser H, RB, AMT Callable 11/01/09 @ 100 5.625%, 11/01/18 3,500 3,474 Virginia State, Housing Development Authority, Single-Family Housing, Sub-Ser C-4, RB Callable 01/01/02 @ 102 5.550%, 01/01/11 3,000 3,036 Virginia State, Housing Development Authority, Sub-Ser B-1, RB, AMT Callable 07/01/06 @ 102 6.375%, 07/01/26 2,500 2,579 Virginia State, Housing Development Authority, Sub-Ser C-1, RB Callable 01/01/08 @ 102 4.850%, 07/01/09 1,600 1,586 Virginia State, Housing Development Authority, Sub-Ser C-8, RB Callable 01/01/02 @ 102 6.000%, 07/01/06 2,000 2,055 Virginia State, Polytechnic Institute & University, Ser A, RB Callable 06/01/06 @ 102 5.500%, 06/01/16 4,435 4,495 5.450%, 06/01/13 2,500 2,556 5.350%, 06/01/09 2,000 2,076 Virginia State, Public School Authority, School Financing, Ser I, RB 5.250%, 08/01/09 5,000 5,194 Virginia State, Public School Authority, Ser B, RB Callable 01/09/01 @ 101 5.850%, 01/01/02 1,500 1,524 -------- 203,781 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- Total Municipal Bonds (Cost $203,392) 203,781 -------- CASH EQUIVALENTS (1.8%) AIM Tax Free Institutional Cash Reserve (A) 2,123,176 $ 2,123 Federated Virginia Municipal Cash Trust (A) 1,513,810 1,514 -------- Total Cash Equivalents (Cost $3,637) 3,637 -------- Total Investments (99.4%) (Cost $207,029) 207,418 -------- OTHER ASSETS AND LIABILITIES, NET (0.6%) 1,284 -------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 20,400,070 outstanding shares of beneficial interest 203,402 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 633,567 outstanding shares of beneficial interest 6,557 Accumulated net realized loss on investments (1,646) Net unrealized appreciation on investments 389 -------- Total Net Assets 100.0% $208,702 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 9.92 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 9.92 ======== Maximum Offering Price Per Share -- Investor Shares ($9.92 / 96.25%) $ 10.31 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 33. 28 - -------------------------------------------------------------------------------- (UNAUDITED) VIRGINIA MUNICIPAL BOND FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MUNICIPAL BONDS (96.6%) VIRGINIA (96.6%) Albemarle County, Industrial Development Authority, Martha Jefferson Hospital Project, RB Callable 10/01/03 @ 102 5.800%, 10/01/09 $ 500 $ 516 Alexandria, Industrial Development Authority, Association for Supervision & Curriculum Project, RB Callable 01/02/01 @ 100 (A) 4.600%, 07/01/23 1,160 1,160 Alexandria, Industrial Development Authority, Episcopal High School Project, RB Callable 01/01/06 @ 102 5.300%, 01/01/11 500 512 Alexandria, Redevelopment & Housing Authority, Buckingham Village Apartments Project, Ser A, RB, AMT Callable 01/01/06 @ 102 6.050%, 07/01/16 250 254 Alexandria, Redevelopment & Housing Authority, Essex House Project, Ser A, RB, AMT Callable 01/01/08 @ 102 5.550%, 07/01/28 1,000 946 Arlington County, GO Callable 06/01/05 @ 101.50 5.400%, 06/01/12 250 257 Arlington County, Industrial Development Authority, Alexandria/Arlington Waste Project, Ser B, RB, AMT Callable 07/01/08 @ 101 5.375%, 01/01/13 1,000 1,015 Arlington County, Industrial Development Authority, Nature Conservancy, Ser A, RB Callable 07/01/07 @ 102 5.250%, 07/01/12 300 306 Brunswick County, Industrial Development Authority, RB, MBIA Callable 07/01/06 @ 102 5.700%, 07/01/10 1,000 1,055 5.500%, 07/01/17 400 403 Chesapeake Bay, Bridge & Tunnel Commission, RB, MBIA Callable 07/01/05 @ 102 5.000%, 07/01/22 1,000 935 Chesterfield County, GO Callable 01/15/10 5.750%, 01/15/15 1,315 1,382 Commonwealth Transportation Board, Federal Highway Reimbursement Project, RB 4.700%, 10/01/07 1,000 1,005 4.625%, 10/01/06 1,000 1,003 Commonwealth Transportation Board, Highway Improvements Project, Ser B, RB 5.000%, 05/15/08 1,230 1,259 Culpeper, Industrial Development Authority, Residential Care Facility, Virginia Baptist Homes Project, RB Callable 01/02/01 @ 100 (A) (B) 4.150%, 08/01/30 2,750 2,750 Dinwiddie County, Industrial Development Authority, County School Completion Project, Ser A, RB, MBIA Callable 02/01/08 @ 102 5.000%, 02/01/19 1,500 1,414 Fairfax County, Economic Development Authority, National Wildlife Federation, RB, MBIA Callable 09/01/09 @ 101 5.375%, 09/01/29 1,000 980 Fairfax County, Industrial Development Authority, Inova Health System Project, RB, FSA 5.250%, 08/15/19 500 495 Fairfax County, Industrial Development Authority, Inova Services, Ser A, RB (A) 4.150%, 01/15/22 250 250 Fairfax County, Redevelopment & Housing Authority, Mott & Gum Springs Community Centers, RB Callable 06/01/06 @ 102 5.500%, 06/01/12 425 435 Fairfax County, Redevelopment & Housing Authority, Paul Spring Center Project, Ser A, RB, FHA Callable 12/01/06 @ 103 5.900%, 06/15/17 250 254 Fairfax County, Sewer Improvement Authority, RB, MBIA Callable 07/15/06 @ 102 5.800%, 07/15/22 1,000 1,023 29 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 VIRGINIA MUNICIPAL BOND FUND--CONTINUED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA--CONTINUED Fairfax County, Water Authority, RB Callable 04/01/07 @ 102 6.000%, 04/01/22 $ 315 $ 330 Fredericksburg, Industrial Development Authority, Medicorp Health System Obligation, RB, AMBAC Callable 06/15/07 @ 102 5.300%, 06/15/10 500 517 Giles County, Industrial Development Authority, Hoechst Celanese, RB, AMT Callable 05/01/06 @ 102 6.450%, 05/01/26 500 493 Greater Richmond Convention Center Authority, Convention Center Expansion Project, RB 5.250%, 06/15/05 500 512 Greater Richmond Convention Center Authority, Convention Center Expansion Project, RB Callable 06/15/10 @ 101 6.125%, 06/15/25 1,200 1,258 5.900%, 06/15/16 835 875 Hampton, Golf Course Project, RB 6.000%, 12/01/12 1,410 1,428 Hanover County, Industrial Development Authority, Bon Secours Health System Projects, RB, MBIA 6.000%, 08/15/09 1,000 1,083 Henrico County, Economic Development Authority, Beth Sholom Assisted Living, Ser A, RB, GNMA Callable 07/20/09 @ 102 5.900%, 07/20/29 500 506 5.850%, 07/20/19 400 408 Henrico County, Industrial Development Authority, Westminster-Canterbury Project, RB Callable 10/01/09 @ 101 5.700%, 10/01/23 1,000 940 Henry County, Industrial Development Authority, Memorial Hospital, Martinsville & Henry Hospital Project, RB Callable 01/01/07 @ 101 6.000%, 01/01/17 500 511 Loudoun County, Public Improvement Project, Ser C, GO Callable 12/01/09 @ 101 5.750%, 12/01/19 1,050 1,090 Lynchburg, Public Improvements, GO Callable 05/01/06 @ 102 5.100%, 05/01/11 500 510 Montgomery County, Industrial Development Authority, Lease, Ser A, RB, AMBAC Callable 10/01/01 @ 100 4.650%, 07/15/02 1,500 1,503 Newport News, Redevelopment & Housing Authority, Ser A, RB, GNMA Callable 08/20/07 @ 102 5.850%, 12/20/30 500 502 Newport News, Ser A, GO, MBIA Callable 07/01/05 @ 102 5.625%, 07/01/14 1,500 1,552 Norfolk, Water Utility Authority, RB, AMBAC Callable 11/01/03 @ 102 4.900%, 11/01/04 965 978 Portsmouth, GO, FGIC Callable 08/01/06 @ 101 5.250%, 08/01/21 500 487 Riverside, Regional Jail Authority, RB Callable 07/01/05 @ 102 5.875%, 07/01/14 910 950 Riverside, Regional Jail Authority, RB, MBIA Prerefunded @ 102 (C) 5.875%, 07/01/05 1,090 1,169 Spotsylvania County, GO, FSA 5.000%, 07/15/14 1,000 1,000 Spotsylvania County, Water & Sewer System, RB, MBIA Callable 06/01/07 @ 102 5.400%, 06/01/27 1,000 994 Spotsylvania County, Water & Sewer System, RB, MBIA Callable 06/01/07 @ 102 5.250%, 06/01/12 500 512 University of Virginia, Ser A, RB Callable 05/01/06 @ 102 5.625%, 05/01/16 1,000 1,018 Virginia Beach, GO 5.450%, 07/15/11 200 210 30 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA--CONTINUED Virginia Beach, Water & Sewer, RB, MBIA Callable 02/01/04 @ 102 5.100%, 02/01/09 $ 750 $ 766 Virginia College, Building Authority, Ser A, RB 5.500%, 09/01/07 785 825 Virginia State, Biotechnology Research Park Authority, Biotech Two Project, RB Callable 09/01/06 @ 101 5.250%, 09/01/18 500 495 Virginia State, College Building Authority, Educational Facilities, Marymount University Project, RB, Callable 07/01/08 @ 102 5.100%, 07/01/18 1,000 940 Virginia State, College Building Authority, Washington & Lee University Project, RB, MBIA 5.250%, 01/01/31 1,100 1,075 Virginia State, GO Callable 06/01/03 @102 6.100%, 06/01/06 1,750 1,848 Virginia State, Housing Development Authority, Commonwealth Mortgage Project, Sub-Ser A-1, RB Callable 01/01/03 @ 102 6.400%, 07/01/17 875 901 Virginia State, Housing Development Authority, Commonwealth Mortgage Project, Sub-Ser A-4, RB, AMT, MBIA Callable 01/01/06 @ 102 6.350%, 07/01/18 150 153 Virginia State, Housing Development Authority, Commonwealth Mortgage Project, Sub-Ser E-2, RB Callable 07/01/08 @ 101 5.250%, 07/01/17 1,000 968 Virginia State, Housing Development Authority, Sub-Ser A-5, RB, AMT 4.900%, 01/01/05 710 708 Virginia State, Polytechnic Institute & State University, University Service Systems, Ser C, RB Callable 06/01/06 @ 102 5.500%, 06/01/16 200 203 Virginia State, Public Building Authority, Ser A, RB Callable 08/01/10 @ 100 5.750%, 08/01/16 1,500 1,565 Virginia State, Public School Authority, School Equipment Financing Project, RB 5.250%, 04/01/05 1,000 1,028 Virginia State, Public School Authority, School Financing, Ser A, RB Callable 08/01/07 @ 102 5.375%, 08/01/18 500 501 Virginia State, Resources Authority, Ser A, RB, MBIA Callable 05/01/11 @ 101 5.800%, 05/01/30 1,500 1,546 Warren County, GO Callable 07/15/10 @ 102 5.600%, 07/15/20 610 610 Williamsburg, Industrial Development Authority, Williamsburg Community Hospital, RB Callable 10/01/03 @ 102 5.750%, 10/01/22 1,450 1,366 -------- 56,443 -------- Total Municipal Bonds (Cost $55,753) 56,443 -------- CASH EQUIVALENTS (1.9%) AIM Tax Free Institutional Cash Reserve Portfolio 868,223 868 Federated Virginia Municipal Cash Trust 223,970 224 -------- Total Cash Equivalents (Cost $1,092) 1,092 -------- Total Investments (98.5%) (Cost $56,845) 57,535 -------- OTHER ASSETS AND LIABILITIES, NET (1.5%) 911 -------- 31 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 VIRGINIA MUNICIPAL BOND FUND--CONCLUDED - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 5,284,531 outstanding shares of beneficial interest $53,289 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 511,314 outstanding shares of beneficial interest 5,487 Distribution in excess of net investment income (5) Accumulated net realized loss on investments (1,015) Net unrealized appreciation on investments 690 ------- Total Net Assets 100.0% $58,446 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 10.08 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 10.13 ======= (1) 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 33. 32 - -------------------------------------------------------------------------------- (UNAUDITED) KEY TO ABBREVIATIONS USED IN THE STATEMENTS OF NET ASSETS AND SCHEDULES OF INVESTMENTS AMBAC Security insured by the American Municipal Bond Assurance Corporation AMT Alternative Minimum Tax Cl Class COP Certificate of Participation ETM Escrowed to Maturity FFCB Federal Farm Credit Bank FGIC Security insured by the Financial Guaranty Insurance Company FHA Federal Housing Authority FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association FSA Security insured by Financial Security Assurance GNMA Government National Mortgage Association GO General Obligation MBIA Security insured by the Municipal Bond Insurance Association MTN Medium Term Note PSFG Permanent School Fund Guarantee RB Revenue Bond REMIC Real Estate Mortgage Investment Conduit Ser Series STRIPS Separately Traded Registered Interest and Principal Security TAN Tax Allocation Note (A) Adjustable rate security. The rate reported on the Statement of Net Assets is the rate in effect on November 30, 2000. (B) Securities are held in connection with a letter of credit issued by a major bank. (C) Prerefunded Security. The maturity date shown is the prerefunded date. (D) Tri-Party Repurchase Agreement (E) The rate shown is the effective yield at the date of purchase. (F) Private Placement Security 33 THIS PAGE LEFT INTENTIONALLY BLANK. STATEMENTS OF ASSETS AND LIABILITIES (000) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 (UNAUDITED)
HIGH LIMITED-TERM INCOME FEDERAL MORTGAGE FUND SECURITIES FUND ------------ ------------------ ASSETS: Investments at value (Cost $5,319 and $122,451, respectively) .................... $4,967 $122,559 Cash ............................................................................. 22 261 Accrued income ................................................................... 83 672 Receivable for investment securities sold ........................................ -- 21,309 Receivable for portfolio shares purchased ........................................ 1,454 9 Other Assets ..................................................................... -- 13 ------ -------- Total Assets ..................................................................... 6,526 144,823 ------ -------- LIABILITIES: Payable for investment securities purchased ...................................... -- 27,936 Accrued expenses ................................................................. 7 79 Payable for portfolio shares redeemed ............................................ 61 408 Distributions payable ............................................................ 30 573 ------ -------- Total Liabilities ................................................................ 98 28,996 ------ -------- Net Assets .......................................................................... $6,428 $115,827 ====== ======== NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 11,483,684 outstanding shares of beneficial interest ............................. $ -- $116,113 Fund shares of Investor Shares (unlimited authorization-- no par value) based on 104,077 outstanding shares of beneficial interest ................................ -- 1,084 Fund shares of Flex Shares (unlimited authorization-- no par value) based on 848,708 and 142,098, respectively, outstanding shares of beneficial interest ..... 7,569 1,474 Distribution in excess of net investment income ..................................... -- (3) Accumulated net realized loss on investments ........................................ (789) (2,949) Net unrealized appreciation (depreciation) on investments ........................... (352) 108 ------ -------- Total Net Assets 100.0% ............................................................. $6,428 $115,827 ====== ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares ............. n/a $ 9.87 ====== ======== Net Asset Value and Redemption Price Per Share-- Investor Shares .................... n/a $ 9.86 ====== ======== Maximum Offering Price Per Share-- Investor Shares ($9.86 / 97.50%) ................. n/a $ 10.11 ====== ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares (1) .......... $ 7.57 $ 9.88 ====== ========
(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. 35 STATEMENTS OF OPERATIONS (000) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2000
LIMITED- INVESTMENT TERM FEDERAL FLORIDA GEORGIA HIGH INVESTMENT GRADE MORTGAGE TAX-EXEMPT TAX-EXEMPT INCOME GRADE BOND TAX-EXEMPT SECURITIES BOND FUND BOND FUND FUND FUND BOND FUND FUND --------- --------- --------- --------- --------- --------- 06/01/00- 06/01/00- 06/01/00- 06/01/00- 06/01/00- 06/01/00- 11/30/00 11/30/00 11/30/00 11/30/00 11/30/00 11/30/00 --------- --------- --------- --------- --------- --------- Interest Income ...................................... $2,727 $2,227 $ 186 $34,659 $3,657 $4,046 ------ ------ ----- ------- ------ ------ Expenses: Investment Advisory Fees .......................... 351 301 17 3,482 546 399 Less: Investment Advisory Fees Waived ........................................ (39) (34) (3) (195) (39) (50) Administrator Fees ................................ 38 33 2 332 52 43 Transfer Agent Fees-- Trust Shares ................ 8 8 -- 11 8 9 Transfer Agent Fees-- Investor Shares ............. 7 7 -- 18 11 7 Transfer Agent Fees-- Flex Shares ................. 8 7 8 18 10 7 Transfer Agent Out of Pocket Expenses ............. 5 4 -- 42 7 5 Printing Fees ..................................... 3 2 -- 24 4 3 Custody Fees ...................................... 2 2 -- 19 3 2 Professional Fees ................................. 2 2 -- 19 3 2 Trustee Fees ...................................... 1 -- -- 5 1 1 Registration Fees ................................. 2 2 -- 19 3 2 Distribution Fees-- Investor Shares ............... 2 2 -- 46 42 1 Less: Distribution Fees Waived-- Investor Shares .. (2) (2) -- (21) (13) (1) Distribution Fees-- Flex Shares ................... 49 45 21 93 71 8 Less: Distribution Fees Waived-- Flex Shares ...... (22) (20) (15) (28) (18) (8) Insurance and Other Fees .......................... 3 2 -- 23 4 3 ------ ------ ----- ------- ------ ------ Total Expenses .................................... 418 361 30 3,907 695 433 ------ ------ ----- ------- ------ ------ Net Investment Income ................................ 2,309 1,866 156 30,752 2,962 3,613 ------ ------ ----- ------- ------ ------ Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold ....... 444 (631) (20) (639) 2,055 529 Net Change in Unrealized Appreciation (Depreciation) on Investments ....................... 4,184 4,174 (190) 23,675 3,515 2,714 ------ ------ ----- ------- ------ ------ Total Net Realized and Unrealized Gain (Loss) on Investments ..................................... 4,628 3,543 (210) 23,036 5,570 3,243 ------ ------ ----- ------- ------ ------ Net Increase (Decrease) in Net Assets from Operations ............................... $6,937 $5,409 $ (54) $53,788 $8,532 $6,856 ====== ====== ===== ======= ====== ======
Amounts designated as "--" are either $0 or round to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 36 - -------------------------------------------------------------------------------- (UNAUDITED)
SHORT-TERM VIRGINIA MARYLAND U.S. TREASURY U.S. INTERMEDIATE VIRGINIA MUNICIPAL SHORT-TERM SECURITIES GOVERNMENT MUNICIPAL MUNICIPAL BOND FUND BOND FUND FUND SECURITIES FUND BOND FUND BOND FUND --------- --------- --------- --------- --------- --------- 06/01/00- 06/01/00- 06/01/00- 06/01/00- 06/01/00- 06/01/00- 11/30/00 11/30/00 11/30/00 11/30/00 11/30/00 11/30/00 --------- --------- --------- --------- --------- --------- Interest Income ...................................... $ 871 $ 6,519 $2,643 $4,143 $ 5,317 $1,515 ------ ------- ------ ------ ------- ------ Expenses: Investment Advisory Fees .......................... 110 646 294 452 680 184 Less: Investment Advisory Fees Waived ........................................ (17) (70) (37) (35) (6) (6) Administrator Fees ................................ 12 70 32 43 74 20 Transfer Agent Fees-- Trust Shares ................ 8 9 8 9 8 8 Transfer Agent Fees-- Investor Shares ............. -- 7 7 7 7 -- Transfer Agent Fees-- Flex Shares ................. 8 7 8 10 -- 7 Transfer Agent Out of Pocket Expenses ............. 1 9 4 5 9 3 Printing Fees ..................................... 1 5 2 3 5 1 Custody Fees ...................................... 1 4 2 3 4 1 Professional Fees ................................. 1 4 2 2 4 1 Trustee Fees ...................................... -- 1 -- 1 1 -- Registration Fees ................................. 1 4 2 3 4 1 Distribution Fees-- Investor Shares ............... -- 2 2 3 5 -- Less: Distribution Fees Waived-- Investor Shares .. -- (2) (2) (3) (5) -- Distribution Fees-- Flex Shares ................... 31 10 27 36 -- 26 Less: Distribution Fees Waived-- Flex Shares ...... (9) (10) (24) (13) -- (9) Insurance and Other Fees .......................... 1 5 3 3 6 4 ------ ------- ------ ------ ------- ------ Total Expenses .................................... 149 701 330 529 796 241 ------ ------- ------ ------ ------- ------ Net Investment Income ................................ 722 5,818 2,313 3,614 4,521 1,274 ------ ------- ------ ------ ------- ------ Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold ....... (241) (461) (21) 126 419 (471) Net Change in Unrealized Appreciation (Depreciation) on Investments ....................... 1,693 4,806 1,068 4,569 6,771 2,941 ------ ------- ------ ------ ------- ------ Total Net Realized and Unrealized Gain (Loss) on Investments ..................................... 1,452 4,345 1,047 4,695 7,190 2,470 ------ ------- ------ ------ ------- ------ Net Increase (Decrease) in Net Assets from Operations ............................... $2,174 $10,163 $3,360 $8,309 $11,711 $3,744 ====== ======= ====== ====== ======= ======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 37 STATEMENTS OF CHANGES IN NET ASSETS (000) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2000 AND THE YEARS ENDED MAY 31 AND MARCH 31, 2000
FLORIDA TAX-EXEMPT GEORGIA TAX-EXEMPT BOND FUND BOND FUND HIGH INCOME FUND** --------------------- --------------------- ----------------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 04/01/00- 04/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 03/31/00 --------- --------- --------- --------- --------- --------- -------- Operations: Net Investment Income ...................... $ 2,309 $ 5,013 $ 1,866 $ 3,975 $ 156 $ 29 $ 536 Net Realized Gain (Loss) on Investments .... 444 (2,256) (631) (836) (20) -- (768) Net Change in Unrealized Appreciation (Depreciation) on Investments ........... 4,184 (3,755) 4,174 (4,265) (190) (30) (130) -------- -------- -------- -------- ------ ------- ------- Increase (Decrease) in Net Assets from Operations ....................... 6,937 (998) 5,409 (1,126) (54) (1) (362) -------- -------- -------- -------- ------ ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares ............................. (2,066) (4,437) (1,661) (3,459) -- -- -- Investor Shares .......................... (59) (127) (50) (129) -- -- -- Flex Shares .............................. (179) (449) (154) (388) (156) (29) (479)* Class D Shares ........................... -- -- -- -- -- -- (39) Tax Return of Capital: Class D Shares ........................... -- -- -- -- -- -- -- Flex Shares .............................. -- -- -- -- -- -- -- Capital Gains: Trust Shares ............................. -- (400) -- (301) -- -- -- Investor Shares .......................... -- (12) -- (13) -- -- -- Flex Shares .............................. -- (46) -- (42) -- -- -- -------- -------- -------- -------- ------ ------- ------- Total Distributions ........................ (2,304) (5,471) (1,865) (4,332) (156) (29) (518) -------- -------- -------- -------- ------ ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .............. 9,095 28,674 11,255 26,583 -- -- -- Reinvestment of Cash Distributions ....... 245 889 440 1,355 -- -- -- Cost of Shares Repurchased ............... (9,292) (49,546) (14,560) (29,630) -- -- -- -------- -------- -------- -------- ------ ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions ....................... 48 (19,983) (2,865) (1,692) -- -- -- -------- -------- -------- -------- ------ ------- ------- Investor Shares: Proceeds from Shares Issued .............. 158 165 41 557 -- -- -- Reinvestment of Cash Distributions ....... 44 120 31 108 -- -- -- Cost of Shares Repurchased ............... (353) (1,034) (67) (1,698) -- -- -- -------- -------- -------- -------- ------ ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions ....................... (151) (749) 5 (1,033) -- -- -- -------- -------- -------- -------- ------ ------- ------- Flex Shares: Proceeds from Shares Issued .............. 973 2,953 1,227 1,933 4,679 1,165 851 Shares Issued in Connection with ESC Merger -- -- -- -- -- -- 352 Reinvestment of Cash Distributions ....... 128 427 128 410 112 21 463 Cost of Shares Repurchased ............... (1,402) (7,643) (1,164) (6,201) (1,228) (113) (6,073) -------- -------- -------- -------- ------ ------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions ....................... (301) (4,263) 191 (3,858) 3,563 1,073 (4,407) -------- -------- -------- -------- ------ ------- ------- Class D: Proceeds from Shares Issued .............. -- -- -- -- -- -- 42 Reinvestment of Cash Distributions ....... -- -- -- -- -- -- 42 Value of Shares Exchanged in Connection with Merger ...................... -- -- -- -- -- -- (352) Cost of Shares Repurchased ............... -- -- -- -- -- -- (191) -------- -------- -------- -------- ------ ------- ------- Decrease in Net Assets From Class D Share Transactions ....................... -- -- -- -- -- -- (459) -------- -------- -------- -------- ------ ------- ------- Increase (Decrease) in Net Assets From Share Transactions ....................... (404) (24,995) (2,669) (6,583) 3,563 1,073 (4,866) -------- -------- -------- -------- ------ ------- ------- Total Increase (Decrease) in Net Assets 4,229 (31,464) 875 (12,041) 3,353 1,043 (5,746) -------- -------- -------- -------- ------ ------- ------- Net Assets: Beginning of Period ........................ 105,706 137,170 92,445 104,486 3,075 2,032 7,778 -------- -------- -------- -------- ------ ------- ------- End of Period .............................. $109,935 $105,706 $ 93,320 $ 92,445 $6,428 $ 3,075 $ 2,032 ======== ======== ======== ======== ====== ======= =======
* Formerly Class A Shares. ** On March 27, 2000, the ESC Strategic Income Fund exchanged all of its assets and certain liabilities for shares of the High Income Fund. The ESC StrategicIncome Fund is the accounting survivor in this transaction, and as a result, its basis of accounting for assets and liabilities and its operating results for the periods prior to March 27, 2000 have been carried forward in these financial highlights. Subsequent to the merger, the High Income Fund changed its fiscal year-end to May 31. (1) See Note 7 in the notes to the financial statements for additional information. Amounts designated as "--" are either $0 or round to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 38 - -------------------------------------------------------------------------------- (UNAUDITED)
INVESTMENT GRADE INVESTMENT GRADE TAX- LIMITED-TERM FEDERAL BOND FUND EXEMPT BOND FUND MORTGAGE SECURITIES FUND --------------------------- ------------------------ ------------------------ 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 ----------- ----------- ---------- ---------- --------- --------- Operations: Net Investment Income ....................... $ 30,752 $ 69,366 $ 2,962 $ 6,684 $ 3,613 $ 7,754 Net Realized Gain (Loss) on Investments ..... (639) (37,713) 2,055 (4,664) 529 (2,174) Net Change in Unrealized Appreciation (Depreciation) on Investments ............ 23,675 (50,059) 3,515 (287) 2,714 (2,454) ---------- ---------- -------- -------- -------- -------- Increase (Decrease) in Net Assets from Operations ........................ 53,788 (18,406) 8,532 1,733 6,856 3,126 ---------- ---------- -------- -------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares .............................. (29,556) (66,271) (2,352) (5,389) (3,538) (7,518) Investor Shares ........................... (662) (1,676) (364) (798) (31) (93) Flex Shares ............................... (530) (1,277) (229) (504) (40) (110) Class D Shares ............................ -- -- -- -- -- -- Tax Return of Capital: Class D Shares ............................ -- -- -- -- -- -- Flex Shares ............................... -- -- -- -- -- -- Capital Gains: Trust Shares .............................. -- -- -- (1,805) -- -- Investor Shares ........................... -- -- -- (295) -- -- Flex Shares ............................... -- -- -- (216) -- -- ---------- ---------- -------- -------- -------- -------- Total Distributions ......................... (30,748) (69,224) (2,945) (9,007) (3,609) (7,721) ---------- ---------- -------- -------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ............... 87,826 254,865 9,124 29,272 31,921 52,959 Reinvestment of Cash Distributions ........ 13,449 36,906 506 2,726 2,034 4,795 Cost of Shares Repurchased ................ (257,798) (358,628) (19,765) (63,059) (49,090) (63,196) ---------- ---------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions ........................ (156,523) (66,857) (10,135) (31,061) (15,135) (5,442) ---------- ---------- -------- -------- -------- -------- Investor Shares: Proceeds from Shares Issued ............... 2,669 3,327 614 686 178 307 Reinvestment of Cash Distributions ........ 590 1,676 288 980 27 93 Cost of Shares Repurchased ................ (5,733) (15,192) (2,134) (6,471) (402) (1,359) ---------- ---------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions ........................ (2,474) (10,189) (1,232) (4,805) (197) (959) ---------- ---------- -------- -------- -------- -------- Flex Shares: Proceeds from Shares Issued ............... 2,210 9,687 2,134 7,055 159 792 Shares Issued in Connection with ESC Merger -- -- -- -- -- -- Reinvestment of Cash Distributions ........ 477 1,235 205 670 37 103 Cost of Shares Repurchased ................ (5,102) (15,042) (3,573) (8,916) (539) (1,233) ---------- ---------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions ........................ (2,415) (4,120) (1,234) (1,191) (343) (338) ---------- ---------- -------- -------- -------- -------- Class D: Proceeds from Shares Issued ............... -- -- -- -- -- -- Reinvestment of Cash Distributions ........ -- -- -- -- -- -- Value of Shares Exchanged in Connection with Merger ....................... -- -- -- -- -- -- Cost of Shares Repurchased ................ -- -- -- -- -- -- ---------- ---------- -------- -------- -------- -------- Decrease in Net Assets From Class D Share Transactions ........................ -- -- -- -- -- -- ---------- ---------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ........................ (161,412) (81,166) (12,601) (37,057) (15,675) (6,739) ---------- ---------- -------- -------- -------- -------- Total Increase (Decrease) in Net Assets . (138,372) (168,796) (7,014) (44,331) (12,428) (11,334) ---------- ---------- -------- -------- -------- -------- Net Assets: Beginning of Period ......................... 1,041,205 1,210,001 151,505 195,836 128,255 139,589 ---------- ---------- -------- -------- -------- -------- End of Period ............................... $ 902,833 $1,041,205 $144,491 $151,505 $115,827 $128,255 ========== ========== ======== ======== ======== ========
[table continued] MARYLAND MUNICIPAL BOND FUND ------------------------ 06/01/00- 06/01/99- 11/30/00 05/31/00 --------- ----------- Operations: Net Investment Income ......................... $ 722 $ 1,418 Net Realized Gain (Loss) on Investments ....... (241) (237) Net Change in Unrealized Appreciation (Depreciation) on Investments .............. 1,693 (1,990) ------- ------- Increase (Decrease) in Net Assets from Operations .......................... 2,174 (809) ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares ................................ (608) (1,195) Investor Shares ............................. -- -- Flex Shares ................................. (109) (257) Class D Shares .............................. -- -- Tax Return of Capital: Class D Shares .............................. -- -- Flex Shares ................................. -- -- Capital Gains: Trust Shares ................................ -- -- Investor Shares ............................. -- -- Flex Shares ................................. -- -- ------- ------- Total Distributions ........................... (717) (1,452) ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ................. 1,518 18,759 Reinvestment of Cash Distributions .......... 136 200 Cost of Shares Repurchased .................. (2,772) (20,670) ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions .......................... (1,118) (1,711) ------- ------- Investor Shares: Proceeds from Shares Issued ................. -- -- Reinvestment of Cash Distributions .......... -- -- Cost of Shares Repurchased .................. -- -- ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions .......................... -- -- ------- ------- Flex Shares: Proceeds from Shares Issued ................. 1,188 2,326 Shares Issued in Connection with ESC Merger . -- -- Reinvestment of Cash Distributions .......... 95 216 Cost of Shares Repurchased .................. (1,275) (3,563) ------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions .......................... 8 (1,021) ------- ------- Class D: Proceeds from Shares Issued ................. -- -- Reinvestment of Cash Distributions .......... -- -- Value of Shares Exchanged in Connection with Merger ......................... -- -- Cost of Shares Repurchased .................. -- -- ------- ------- Decrease in Net Assets From Class D Share Transactions .......................... -- -- ------- ------- Increase (Decrease) in Net Assets From Share Transactions .......................... (1,110) (2,732) ------- ------- Total Increase (Decrease) in Net Assets ... 347 (4,993) ------- ------- Net Assets: Beginning of Period ........................... 32,388 37,381 ------- ------- End of Period ................................. $32,735 $32,388 ======= ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 39 STATEMENTS OF CHANGES IN NET ASSETS (000) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2000 AND THE YEAR ENDED MAY 31, 2000
SHORT-TERM SHORT-TERM U.S. TREASURY U. S. GOVERNMENT BOND FUND SECURITIES FUND SECURITIES FUND ----------------------- ---------------------- ---------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 ---------- --------- --------- --------- --------- --------- Operations: Net Investment Income .............................. $ 5,818 $ 10,774 $ 2,313 $ 3,116 $ 3,614 $ 5,816 Net Realized Gain (Loss) on Investments ............ (461) (2,130) (21) (8) 126 (1,586) Net Change in Unrealized Appreciation (Depreciation) on Investments ................................... 4,806 (3,306) 1,068 (621) 4,569 (2,873) -------- -------- -------- ------- -------- -------- Increase (Decrease) in Net Assets from Operations 10,163 5,338 3,360 2,487 8,309 1,357 -------- -------- -------- ------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ..................................... (5,718) (10,579) (2,125) (2,756) (3,397) (5,199) Investor Shares .................................. (41) (91) (52) (122) (39) (111) Flex Shares ...................................... (54) (103) (129) (238) (183) (506) Capital Gains: Trust Shares ..................................... -- (139) -- (7) -- -- Investor Shares .................................. -- (1) -- -- -- -- Flex Shares ...................................... -- (2) -- (1) -- -- -------- -------- -------- ------- -------- -------- Total Distributions ................................ (5,813) (10,915) (2,306) (3,124) (3,619) (5,816) -------- -------- -------- ------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ...................... 44,258 51,792 30,676 31,143 69,375 27,984 Reinvestment of Cash Distributions ............... 2,149 4,667 561 1,435 977 1,272 Cost of Shares Repurchased ....................... (31,295) (80,493) (19,874) (15,480) (25,929) (42,103) -------- -------- -------- ------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions ..................................... 15,112 (24,034) 11,363 17,098 44,423 (12,847) -------- -------- -------- ------- -------- -------- Investor Shares: Proceeds from Shares Issued ...................... 197 402 146 738 348 416 Reinvestment of Cash Distributions ............... 35 88 51 122 34 111 Cost of Shares Repurchased ....................... (325) (821) (131) (1,566) (549) (1,560) -------- -------- -------- ------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions ............................... (93) (331) 66 (706) (167) (1,033) -------- -------- -------- ------- -------- -------- Flex Shares: Proceeds from Shares Issued ...................... 465 1,164 1,701 3,365 849 2,396 Reinvestment of Cash Distributions ............... 50 107 110 218 156 443 Cost of Shares Repurchased ....................... (710) (1,486) (1,289) (3,068) (1,710) (6,144) -------- -------- -------- ------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions ............................. (195) (215) 522 515 (705) (3,305) -------- -------- -------- ------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ............................. 14,824 (24,580) 11,951 16,907 43,551 (17,185) -------- -------- -------- ------- -------- -------- Total Increase (Decrease) in Net Assets ........ 19,174 (30,157) 13,005 16,270 48,241 (21,644) -------- -------- -------- ------- -------- -------- Net Assets: Beginning of Period ................................ 183,913 214,070 80,027 63,757 94,577 116,221 -------- -------- -------- ------- -------- -------- End of Period ...................................... $203,087 $183,913 $ 93,032 $80,027 $142,818 $ 94,577 ======== ======== ======== ======= ======== ========
(1) See Note 7 in the notes to the financial statements for additional information. Amounts designated as "--" are either $0 or round to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 40 - -------------------------------------------------------------------------------- (UNAUDITED)
VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND VIRGINIA MUNICIPAL BOND FUND ----------------------------------------- ---------------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 --------- --------- --------- --------- Operations: Net Investment Income ..................................... $ 4,521 $ 10,055 $ 1,274 $ 2,034 Net Realized Gain (Loss) on Investments ................... 419 (1,940) (471) (544) Net Change in Unrealized Appreciation (Depreciation) on Investments .......................................... 6,771 (11,451) 2,941 (2,611) -------- -------- ------- ------- Increase (Decrease) in Net Assets from Operations ....... 11,711 (3,336) 3,744 (1,121) -------- -------- ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares ............................................ (4,334) (9,828) (1,161) (1,835) Investor Shares ......................................... (145) (320) -- -- Flex Shares ............................................. -- -- (94) (223) Capital Gains: Trust Shares ............................................ -- (1,262) -- (27) Investor Shares ......................................... -- (39) -- -- Flex Shares ............................................. -- -- -- (4) -------- -------- ------- ------- Total Distributions ....................................... (4,479) (11,449) (1,255) (2,089) -------- -------- ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ............................. 10,598 26,550 5,851 32,391 Reinvestment of Cash Distributions ...................... 57 952 233 262 Cost of Shares Repurchased .............................. (17,444) (51,050) (4,051) (12,912) -------- -------- ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions ............................................ (6,789) (23,548) 2,033 19,741 -------- -------- ------- ------- Investor Shares: Proceeds from Shares Issued ............................. 698 1,441 -- -- Reinvestment of Cash Distributions ...................... 104 275 -- -- Cost of Shares Repurchased .............................. (1,560) (2,155) -- -- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions ...................................... (758) (439) -- -- -------- -------- ------- ------- Flex Shares: Proceeds from Shares Issued ............................. -- -- 563 1,607 Reinvestment of Cash Distributions ...................... -- -- 65 153 Cost of Shares Repurchased .............................. -- -- (1,051) (2,822) -------- -------- ------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions .................................... -- -- (423) (1,062) -------- -------- ------- ------- Increase (Decrease) in Net Assets From Share Transactions .................................... (7,547) (23,987) 1,610 18,679 -------- -------- ------- ------- Total Increase (Decrease) in Net Assets ............... (315) (38,772) 4,099 15,469 -------- -------- ------- ------- Net Assets: Beginning of Period ....................................... 209,017 247,789 54,347 38,878 -------- -------- ------- ------- End of Period ............................................. $208,702 $209,017 $58,446 $54,347 ======== ======== ======= =======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 41 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2000 AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
NET ASSET NET REALIZED AND DISTRIBUTIONS DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS FROM TAX NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED RETURN OF VALUE END TOTAL OF PERIOD INCOME ON INVESTMENTS INCOME CAPITAL GAINS CAPITAL OF PERIOD RETURN+ --------- ---------- ---------------- ------------ ------------- ------------ --------- ------- FLORIDA TAX-EXEMPT BOND FUND Trust Shares 2000* $10.06 $ 0.23 $ 0.45 $(0.23) $ -- $ -- $10.51 6.75% 2000 10.59 0.44 (0.49) (0.44) (0.04) -- 10.06 (0.48) 1999 10.72 0.42 (0.02) (0.42) (0.11) -- 10.59 3.72 1998 10.28 0.44 0.45 (0.44) (0.01) -- 10.72 8.77 1997 10.06 0.46 0.25 (0.46) (0.03) -- 10.28 7.22 1996 10.18 0.46 (0.07) (0.46) (0.05) -- 10.06 3.87 Investor Shares 2000* $10.07 $ 0.22 $ 0.44 $(0.22) $ -- $ -- $10.51 6.54% 2000 10.60 0.42 (0.49) (0.42) (0.04) -- 10.07 (0.68) 1999 10.72 0.40 (0.01) (0.40) (0.11) -- 10.60 3.62 1998 10.29 0.42 0.44 (0.42) (0.01) -- 10.72 8.46 1997 10.07 0.44 0.25 (0.44) (0.03) -- 10.29 7.00 1996 10.18 0.44 (0.06) (0.44) (0.05) -- 10.07 3.76 Flex Shares 2000* $10.09 $ 0.19 $ 0.44 $(0.19) $ -- $ -- $10.53 6.27% 2000 10.62 0.36 (0.49) (0.36) (0.04) -- 10.09 (1.17) 1999 10.74 0.35 (0.01) (0.35) (0.11) -- 10.62 3.13 1998 10.30 0.37 0.45 (0.37) (0.01) -- 10.74 8.04 1997 10.08 0.39 0.25 (0.39) (0.03) -- 10.30 6.48 1996(1) 10.19 0.39 (0.06) (0.39) (0.05) -- 10.08 3.27 GEORGIA TAX-EXEMPT BOND FUND Trust Shares 2000* $ 9.50 $ 0.20 $ 0.37 $(0.20) $ -- $ -- $ 9.87 6.04% 2000 10.03 0.40 (0.49) (0.40) (0.04) -- 9.50 (0.90) 1999 10.11 0.39 (0.06) (0.39) (0.02) -- 10.03 3.33 1998 9.73 0.41 0.39 (0.41) (0.01) -- 10.11 8.37 1997 9.56 0.42 0.22 (0.42) (0.05) -- 9.73 6.79 1996 9.63 0.43 (0.05) (0.43) (0.02) -- 9.56 3.89 Investor Shares 2000* $ 9.51 $ 0.19 $ 0.37 $(0.19) $ -- $ -- $ 9.88 5.93% 2000 10.05 0.38 (0.50) (0.38) (0.04) -- 9.51 (1.26) 1999 10.13 0.37 (0.06) (0.37) (0.02) -- 10.05 3.13 1998 9.74 0.39 0.40 (0.39) (0.01) -- 10.13 8.26 1997 9.58 0.40 0.21 (0.40) (0.05) -- 9.74 6.47 1996 9.65 0.41 (0.05) (0.41) (0.02) -- 9.58 3.69 Flex Shares 2000* $ 9.51 $ 0.17 $ 0.37 $(0.17) $ -- $ -- $ 9.88 5.67% 2000 10.04 0.33 (0.49) (0.33) (0.04) -- 9.51 (1.59) 1999 10.12 0.32 (0.06) (0.32) (0.02) -- 10.04 2.63 1998 9.73 0.34 0.40 (0.34) (0.01) -- 10.12 7.74 1997 9.56 0.35 0.22 (0.35) (0.05) -- 9.73 6.06 1996(2) 9.72 0.36 (0.14) (0.36) (0.02) -- 9.56 2.25 HIGH INCOME FUND (A) Flex Shares 2000* $ 7.88 $ 0.29 $(0.31) $(0.29) $ -- $ -- $ 7.57 (0.35)% 2000(4) 7.98 0.09 (0.10) (0.09) -- -- 7.88 (0.13) For the years ended March 31: 2000 9.77 0.87 (1.85) (0.81) -- -- 7.98 (10.84) 1999 9.99 0.51 0.04 (0.57) (0.15) (0.05) 9.77 5.64 1998 9.73 0.34 0.44 (0.52) -- -- 9.99 8.18 1997 9.89 0.60 (0.16) (0.60) -- -- 9.73 3.91 1996 9.94 0.59 0.16 (0.59) (0.21) -- 9.89 7.67 INVESTMENT GRADE BOND FUND Trust Shares 2000* $ 9.58 $ 0.32 $ 0.23 $(0.32) $ -- $ -- $ 9.81 5.80% 2000 10.36 0.61 (0.78) (0.61) -- -- 9.58 (1.76) 1999 10.65 0.56 (0.11) (0.56) (0.18) -- 10.36 4.25 1998 10.16 0.60 0.49 (0.60) -- -- 10.65 10.92 1997 10.07 0.60 0.09 (0.60) -- -- 10.16 6.99 1996 10.26 0.60 (0.19) (0.60) -- -- 10.07 4.02 Investor Shares 2000* $ 9.58 $ 0.30 $ 0.23 $(0.30) $ -- $ -- $ 9.81 5.59% 2000 10.36 0.57 (0.78) (0.57) -- -- 9.58 (2.17) 1999 10.65 0.52 (0.11) (0.52) (0.18) -- 10.36 3.86 1998 10.16 0.55 0.49 (0.55) -- -- 10.65 10.49 1997 10.06 0.56 0.10 (0.56) -- -- 10.16 6.66 1996 10.26 0.56 (0.20) (0.56) -- -- 10.06 3.50 Flex Shares 2000* $ 9.59 $ 0.28 $ 0.23 $(0.28) $ -- $ -- $ 9.82 5.33% 2000 10.37 0.52 (0.78) (0.52) -- -- 9.59 (2.63) 1999 10.66 0.47 (0.11) (0.47) (0.18) -- 10.37 3.35 1998 10.17 0.51 0.49 (0.51) -- -- 10.66 9.99 1997 10.07 0.51 0.10 (0.51) -- -- 10.17 6.16 1996 (3) 10.33 0.52 (0.26) (0.52) -- -- 10.07 2.50 * For the six month period ended November 30, 2000. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not reflect applicable sales loads. (1) Commenced operations on June 1, 1995. All ratios for the period have been annualized. (2) Commenced operations on June 6, 1995. All ratios for the period have been annualized. (3) Commenced operations on June 7, 1995. All ratios for the period have been annualized. (4) Commenced operations on April 1, 2000. All ratios for the period have been annualized.
42 - -------------------------------------------------------------------------------- (UNAUDITED)
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------ ------------------ ------------------ -------------------- -------------------- --------- FLORIDA TAX-EXEMPT BOND FUND Trust Shares 2000* $ 97,174 0.70% 4.34% 0.77% 4.27% 21% 2000 93,040 0.67 4.25 0.78 4.14 88 1999 118,609 0.67 3.90 0.77 3.80 72 1998 93,939 0.66 4.16 0.80 4.02 69 1997 50,487 0.65 4.48 0.80 4.33 135 1996 30,790 0.65 4.49 0.88 4.26 63 Investor Shares 2000* $ 2,850 0.90% 4.14% 1.40% 3.64% 21% 2000 2,875 0.87 4.05 1.36 3.56 88 1999 3,799 0.87 3.71 1.31 3.27 72 1998 3,381 0.86 3.98 1.34 3.50 69 1997 3,226 0.85 4.28 1.31 3.82 135 1996 4,025 0.85 4.28 1.36 3.77 63 Flex Shares 2000* $ 9,911 1.40% 3.64% 1.91% 3.13% 21% 2000 9,791 1.37 3.54 1.89 3.02 88 1999 14,762 1.37 3.21 1.88 2.70 72 1998 8,160 1.36 3.45 2.01 2.80 69 1997 3,000 1.35 3.78 2.28 2.85 135 1996(1) 2,692 1.35 3.79 2.54 2.60 63 GEORGIA TAX-EXEMPT BOND FUND Trust Shares 2000* $ 81,400 0.71% 4.09% 0.77% 4.03% 15% 2000 81,160 0.67 4.13 0.77 4.03 19 1999 87,452 0.67 3.87 0.78 3.76 12 1998 62,363 0.66 4.09 0.81 3.94 7 1997 39,732 0.65 4.31 0.81 4.15 15 1996 22,950 0.65 4.36 0.89 4.12 60 Investor Shares 2000* $ 2,558 0.90% 3.90% 1.46% 3.34% 15% 2000 2,458 0.87 3.93 1.40 3.40 19 1999 3,676 0.87 3.67 1.25 3.29 12 1998 3,975 0.86 3.89 1.30 3.45 7 1997 3,511 0.85 4.10 1.33 3.62 15 1996 3,418 0.85 4.17 1.41 3.61 60 Flex Shares 2000* $ 9,362 1.40% 3.40% 1.92% 2.88% 15% 2000 8,827 1.37 3.43 1.95 2.85 19 1999 13,358 1.37 3.19 1.89 2.67 12 1998 8,264 1.36 3.39 2.02 2.73 7 1997 4,662 1.35 3.60 2.07 2.88 15 1996(2) 4,207 1.35 3.66 2.35 2.66 60 HIGH INCOME FUND (A) Flex Shares 2000* $ 6,428 1.40% 7.26% 2.24% 6.42% 3% 2000(4) 3,075 1.40 6.57 2.83 5.14 -- For the years ended March 31: 2000 2,032 1.73 8.94 2.95 7.72 24 1999 7,230 1.91 5.09 2.22 4.78 95 1998 24,413 1.87 5.27 1.87 5.27 130 1997 32,506 1.65 5.49 1.70 5.44 123 1996 36,891 1.70 5.87 1.75 5.82 138 INVESTMENT GRADE BOND FUND Trust Shares 2000* $ 864,159 0.80% 6.54% 0.84% 6.50% 35% 2000 998,596 0.77 6.05 0.84 5.98 202 1999 1,149,068 0.77 5.25 0.85 5.17 221 1998 793,488 0.76 5.67 0.86 5.57 109 1997 633,646 0.75 5.89 0.85 5.79 298 1996 599,514 0.75 5.81 0.87 5.69 184 Investor Shares 2000* $ 20,582 1.20% 6.15% 1.44% 5.91% 35% 2000 22,553 1.17 5.60 1.37 5.40 202 1999 34,913 1.17 4.87 1.36 4.68 221 1998 33,269 1.14 5.29 1.38 5.05 109 1997 33,165 1.15 5.48 1.41 5.22 298 1996 36,155 1.15 5.40 1.44 5.11 184 Flex Shares 2000* $ 18,092 1.69% 5.66% 2.03% 5.32% 35% 2000 20,056 1.66 5.14 1.99 4.81 202 1999 26,020 1.66 4.40 2.00 4.06 221 1998 13,111 1.65 4.76 2.11 4.30 109 1997 5,763 1.64 5.00 2.20 4.44 298 1996 (3) 4,621 1.64 4.84 2.49 3.99 184
(A) On March 27, 2000, the ESC Strategic Income Fund exchanged all of its assets and certain liabilities for shares of the High Income Fund. The ESC Strategic Income Fund is the accounting survivor in this transaction, and as a result, its basis of accounting for assets and liabilities and its operating results for the periods prior to March 27, 2000 have been carried forward in these financial highlights. Subsequent to the merger, the High Income Fund changed its fiscal year end to May 31. Amounts designated as "--" are either $0 or round to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 43 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2000 AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
NET ASSET NET REALIZED AND DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END TOTAL OF PERIOD INCOME ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD RETURN+ --------- ---------- ---------------- ------------- ------------- --------- ------- INVESTMENT GRADE TAX-EXEMPT BOND FUND Trust Shares 2000* $10.67 $ 0.23 $ 0.41 $(0.23) $ -- $11.08 6.00% 2000 11.10 0.43 (0.29) (0.43) (0.14) 10.67 1.41 1999 11.40 0.43 0.10 (0.43) (0.40) 11.10 4.67 1998 11.22 0.44 0.50 (0.44) (0.32) 11.40 8.57 1997 11.10 0.44 0.33 (0.44) (0.21) 11.22 7.13 1996 11.28 0.45 0.19 (0.45) (0.37) 11.10 5.82 Investor Shares 2000* $10.68 $ 0.21 $ 0.40 $(0.20) $ -- $11.09 5.78% 2000 11.12 0.39 (0.30) (0.39) (0.14) 10.68 0.90 1999 11.41 0.38 0.11 (0.38) (0.40) 11.12 4.35 1998 11.24 0.39 0.49 (0.39) (0.32) 11.41 8.05 1997 11.12 0.40 0.33 (0.40) (0.21) 11.24 6.69 1996 11.30 0.41 0.19 (0.41) (0.37) 11.12 5.40 Flex Shares 2000* $10.67 $ 0.18 $ 0.41 $(0.18) $ -- $11.08 5.44% 2000 11.10 0.34 (0.29) (0.34) (0.14) 10.67 0.52 1999 11.40 0.33 0.10 (0.33) (0.40) 11.10 3.78 1998 11.23 0.33 0.49 (0.33) (0.32) 11.40 7.50 1997 11.11 0.35 0.33 (0.35) (0.21) 11.23 6.19 1996(1) 11.30 0.37 0.18 (0.37) (0.37) 11.11 4.91 LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Trust Shares 2000* $ 9.62 $ 0.29 $ 0.25 $(0.29) $ -- $ 9.87 5.66% 2000 9.94 0.55 (0.32) (0.55) -- 9.62 2.33 1999 10.12 0.54 (0.06) (0.54) (0.12) 9.94 4.75 1998 10.02 0.58 0.11 (0.58) (0.01) 10.12 7.12 1997 9.99 0.58 0.04 (0.58) (0.01) 10.02 6.43 1996 10.11 0.62 (0.14) (0.60) -- 9.99 4.84 Investor Shares 2000* $ 9.60 $ 0.27 $ 0.26 $(0.27) $ -- $ 9.86 5.62% 2000 9.93 0.52 (0.33) (0.52) -- 9.60 1.93 1999 10.11 0.51 (0.06) (0.51) (0.12) 9.93 4.47 1998 10.00 0.56 0.12 (0.56) (0.01) 10.11 6.95 1997 9.97 0.56 0.04 (0.56) (0.01) 10.00 6.17 1996 10.11 0.60 (0.14) (0.60) -- 9.97 4.59 Flex Shares 2000* $ 9.62 $ 0.26 $ 0.26 $(0.26) $ -- $ 9.88 5.44% 2000 9.94 0.49 (0.32) (0.49) -- 9.62 1.71 1999 10.12 0.48 (0.06) (0.48) (0.12) 9.94 4.14 1998 10.02 0.52 0.11 (0.52) (0.01) 10.12 6.49 1997 9.99 0.52 0.04 (0.52) (0.01) 10.02 5.80 1996(2) 10.14 0.55 (0.15) (0.55) -- 9.99 4.10 MARYLAND MUNICIPAL BOND FUND (A) Trust Shares 2000* $ 9.46 $ 0.20 $ 0.44 $(0.22) $ -- $ 9.88 6.76% 2000 10.06 0.42 (0.60) (0.42) -- 9.46 (1.78) 1999(3) 10.22 0.20 (0.15) (0.20) (0.01) 10.06 0.48 For the years ended November 30: 1998 9.95 0.42 0.27 (0.42) -- 10.22 7.03 1997 9.76 0.43 0.19 (0.43) -- 9.95 6.50 1996(4) 10.00 0.31 (0.24) (0.31) -- 9.76 1.07 Flex Shares 2000* $ 9.48 $ 0.16 $ 0.43 $(0.17) $ -- $ 9.90 6.27% 2000 10.08 0.33 (0.60) (0.33) -- 9.48 (2.66) 1999 10.24 0.15 (0.15) (0.15) (0.01) 10.08 0.05 For the years ended November 30: 1998 9.96 0.33 0.28 (0.33) -- 10.24 6.17 1997 9.76 0.34 0.20 (0.34) -- 9.96 5.64 1996(5) 9.53 0.20 0.23 (0.20) -- 9.76 7.67 SHORT-TERM BOND FUND Trust Shares 2000* $ 9.65 $ 0.29 $ 0.21 $(0.29) $ -- $ 9.86 5.20% 2000 9.91 0.53 (0.25) (0.53) (0.01) 9.65 2.87 1999 10.05 0.51 (0.10) (0.52) (0.03) 9.91 4.06 1998 9.90 0.55 0.16 (0.55) (0.01) 10.05 7.31 1997 9.86 0.53 0.07 (0.53) (0.03) 9.90 6.30 1996 9.98 0.54 (0.10) (0.54) (0.02) 9.86 4.45 Investor Shares 2000* $ 9.67 $ 0.27 $ 0.22 $(0.28) $ -- $ 9.88 5.08% 2000 9.93 0.51 (0.25) (0.51) (0.01) 9.67 2.67 1999 10.07 0.49 (0.10) (0.50) (0.03) 9.93 3.88 1998 9.91 0.53 0.17 (0.53) (0.01) 10.07 7.19 1997 9.88 0.51 0.06 (0.51) (0.03) 9.91 5.97 1996 10.01 0.52 (0.10) (0.53) (0.02) 9.88 4.23 Flex Shares 2000* $ 9.67 $ 0.26 $ 0.21 $(0.26) $ -- $ 9.88 4.90% 2000 9.93 0.48 (0.25) (0.48) (0.01) 9.67 2.31 1999 10.07 0.47 (0.11) (0.47) (0.03) 9.93 3.50 1998 9.91 0.50 0.17 (0.50) (0.01) 10.07 6.84 1997 9.88 0.48 0.06 (0.48) (0.03) 9.91 5.62 1996(6) 10.02 0.47 (0.12) (0.47) (0.02) 9.88 3.73 * For the six month period ended November 30, 2000. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not reflect applicable sales loads. (1) Commenced operations on June 1, 1995. All ratios for the period have been annualized. (2) Commended operations on June 7, 1995. All ratios for the period have been annualized. (3) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (4) Commenced operations on March 1, 1996. All ratios for the period have been annualized. (5) Commenced operations on April 25, 1996. All ratios for the period have been annualized.
44 - -------------------------------------------------------------------------------- (UNAUDITED)
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------ ------------------ ------------------ -------------------- -------------------- --------- INVESTMENT GRADE TAX-EXEMPT BOND FUND Trust Shares 2000* $111,567 0.80% 4.14% 0.85% 4.09% 114% 2000 117,384 0.77 3.98 0.83 3.92 226 1999 154,123 0.77 3.75 0.87 3.65 224 1998 146,606 0.76 3.83 0.88 3.71 378 1997 139,144 0.75 3.96 0.86 3.85 489 1996 124,507 0.75 4.01 0.89 3.87 514 Investor Shares 2000* $ 18,943 1.20% 3.74% 1.38% 3.56% 114% 2000 19,443 1.17 3.59 1.33 3.43 226 1999 25,195 1.17 3.36 1.32 3.21 224 1998 28,159 1.16 3.43 1.43 3.16 378 1997 31,857 1.15 3.56 1.38 3.33 489 1996 37,427 1.15 3.61 1.42 3.34 514 Flex Shares 2000* $ 13,981 1.68% 3.26% 1.98% 2.96% 114% 2000 14,678 1.65 3.11 1.95 2.81 226 1999 16,518 1.65 2.86 2.03 2.48 224 1998 8,399 1.64 2.95 2.10 2.49 378 1997 4,681 1.63 3.08 2.15 2.56 489 1996(1) 5,536 1.63 3.12 2.25 2.50 514 LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Trust Shares 2000* $113,397 0.70% 5.88% 0.76% 5.82% 310% 2000 125,355 0.67 5.60 0.79 5.48 384 1999 135,256 0.67 5.28 0.77 5.18 379 1998 137,488 0.66 5.75 0.77 5.64 163 1997 123,903 0.65 5.81 0.78 5.68 133 1996 73,370 0.65 6.04 0.84 5.85 83 Investor Shares 2000* $ 1,026 0.94% 5.63% 2.29% 4.28% 310% 2000 1,194 0.92 5.31 1.09 5.14 384 1999 2,214 0.92 5.03 1.52 4.43 379 1998 2,705 0.91 5.50 1.51 4.90 163 1997 2,426 0.90 5.55 1.48 4.97 133 1996 2,512 0.90 5.75 2.25 4.40 83 Flex Shares 2000* $ 1,404 1.29% 5.29% 2.68% 3.90% 310% 2000 1,706 1.27 4.97 2.38 3.86 384 1999 2,119 1.27 4.69 2.42 3.54 379 1998 1,543 1.26 5.16 2.72 3.70 163 1997 1,409 1.25 5.20 2.66 3.79 133 1996(2) 1,349 1.25 5.38 3.59 3.04 83 MARYLAND MUNICIPAL BOND FUND (A) Trust Shares 2000* $ 26,242 0.71% 4.24% 0.81% 4.14% 24% 2000 26,176 0.68 4.24 0.80 4.12 14 1999(3) 29,658 0.70 3.83 1.37 3.16 19 For the years ended November 30: 1998 19,115 0.62 4.11 1.15 3.58 12 1997 11,461 0.63 4.38 1.16 3.85 5 1996(4) 5,808 0.71 4.30 1.36 3.65 9 Flex Shares 2000* $ 6,493 1.62% 3.33% 2.00% 2.95% 24% 2000 6,212 1.59 3.34 1.95 2.98 14 1999 7,723 1.59 2.94 1.98 2.55 19 For the years ended November 30: 1998 3,246 1.57 3.16 1.96 2.77 12 1997 561 1.54 3.43 2.00 2.97 5 1996(5) 113 1.55 3.42 2.20 2.77 9 SHORT-TERM BOND FUND Trust Shares 2000* $199,788 0.70% 5.85% 0.76% 5.79% 48% 2000 180,402 0.67 5.40 0.76 5.31 70 1999 209,904 0.67 5.12 0.77 5.02 108 1998 120,422 0.66 5.47 0.79 5.34 87 1997 89,701 0.65 5.37 0.78 5.24 118 1996 91,156 0.65 5.39 0.81 5.23 163 Investor Shares 2000* $ 1,383 0.89% 5.64% 1.95% 4.58% 48% 2000 1,446 0.87 5.20 1.75 4.32 70 1999 1,825 0.87 4.92 1.59 4.20 108 1998 1,949 0.86 5.27 1.71 4.42 87 1997 2,182 0.85 5.16 1.58 4.43 118 1996 2,700 0.85 5.20 1.72 4.33 163 Flex Shares 2000* $ 1,916 1.24% 5.29% 2.44% 4.09% 48% 2000 2,065 1.22 4.85 2.41 3.66 70 1999 2,341 1.22 4.55 2.33 3.44 108 1998 2,110 1.21 4.93 2.85 3.29 87 1997 1,073 1.20 4.82 3.02 3.00 118 1996(6) 966 1.20 4.77 4.06 1.91 163
(6) Commenced operations on June 20, 1995. All ratios for the period have been annualized. (A) On May 24, 1999, the CrestFund Maryland Municipal Bond Fund exchanged all of its assets and certain liabilities for shares of the Maryland Municipal Bond Fund. The CrestFund Maryland Municipal Bond Fund is the accounting survivor in this transaction, and as a result, its basis of accounting for assets and liabilities and its operating results for the periods prior to May 24, 1999 have been carried forward in these financial highlights. Amounts designated as "--" are either $0 or have been rounded to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 45 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2000 AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
NET ASSET NET REALIZED AND DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END TOTAL OF PERIOD INCOME ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD RETURN (+) --------- ---------- ---------------- ------------- ------------- --------- ---------- SHORT-TERM U.S. TREASURY SECURITIES FUND Trust Shares 2000* $ 9.85 $ 0.25 $ 0.12 $(0.25) $ -- $ 9.97 3.83% 2000 9.95 0.46 (0.10) (0.46) -- 9.85 3.75 1999 9.97 0.47 (0.02) (0.47) -- 9.95 4.59 1998 9.88 0.51 0.10 (0.52) -- 9.97 6.30 1997 9.84 0.51 0.04 (0.51) -- 9.88 5.76 1996 9.93 0.55 (0.09) (0.55) -- 9.84 4.73 Investor Shares 2000* $ 9.85 $ 0.25 $ 0.12 $(0.25) $ -- $ 9.97 3.76% 2000 9.95 0.45 (0.10) (0.45) -- 9.85 3.58 1999 9.96 0.46 (0.01) (0.46) -- 9.95 4.54 1998 9.88 0.49 0.09 (0.50) -- 9.96 6.04 1997 9.84 0.50 0.04 (0.50) -- 9.88 5.59 1996 9.94 0.54 (0.10) (0.54) -- 9.84 4.52 Flex Shares 2000* $ 9.83 $ 0.23 $ 0.12 $(0.23) $ -- $ 9.95 3.63% 2000 9.93 0.42 (0.10) (0.42) -- 9.83 3.34 1999 9.94 0.44 (0.02) (0.43) -- 9.93 4.32 1998 9.85 0.47 0.10 (0.48) -- 9.94 5.90 1997 9.82 0.47 0.03 (0.47) -- 9.85 5.19 1996(1) 9.96 0.48 (0.14) (0.48) -- 9.82 3.72 U.S. GOVERNMENT SECURITIES FUND Trust Shares 2000* $ 9.86 $ 0.30 $ 0.41 $(0.30) $ -- $10.27 7.30% 2000 10.28 0.58 (0.42) (0.58) -- 9.86 1.63 1999 10.46 0.59 (0.18) (0.59) -- 10.28 3.90 1998 10.02 0.61 0.44 (0.61) -- 10.46 10.76 1997 9.91 0.62 0.11 (0.62) -- 10.02 7.54 1996 10.27 0.62 (0.33) (0.62) (0.03) 9.91 2.77 Investor Shares 2000* $ 9.86 $ 0.28 $ 0.40 $(0.28) $ -- $10.26 6.97% 2000 10.28 0.54 (0.42) (0.54) -- 9.86 1.19 1999 10.45 0.54 (0.17) (0.54) -- 10.28 3.56 1998 10.02 0.57 0.43 (0.57) -- 10.45 10.23 1997 9.90 0.58 0.12 (0.58) -- 10.02 7.21 1996 10.26 0.59 (0.33) (0.59) (0.03) 9.90 2.47 Flex Shares 2000* $ 9.86 $ 0.25 $ 0.41 $(0.25) $ -- $10.27 6.81% 2000 10.28 0.49 (0.42) (0.49) -- 9.86 0.70 1999 10.46 0.49 (0.18) (0.49) -- 10.28 2.99 1998 10.02 0.52 0.44 (0.52) -- 10.46 9.78 1997 9.91 0.53 0.11 (0.53) -- 10.02 6.57 1996(2) 10.31 0.52 (0.37) (0.52) (0.03) 9.91 1.42 VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND (A) Trust Shares 2000* $ 9.58 $ 0.22 $ 0.34 $(0.22) $ -- $ 9.92 5.78% 2000 10.20 0.43 (0.57) (0.43) (0.05) 9.58 (1.31) 1999(3) 10.44 0.21 (0.17) (0.21) (0.07) 10.20 0.42 For years ended November 30: 1998 10.31 0.45 0.17 (0.45) (0.04) 10.44 6.10 1997 10.22 0.46 0.09 (0.46) -- 10.31 5.55 1996 10.24 0.42 (0.02) (0.42) -- 10.22 4.01 1995 9.21 0.43 1.03 (0.43) -- 10.24 16.09 Investor Shares 2000* $ 9.59 $ 0.22 $ 0.32 $(0.21) $ -- $ 9.92 5.65% 2000 10.20 0.42 (0.56) (0.42) (0.05) 9.59 (1.24) 1999(3) 10.45 0.22 (0.18) (0.22) (0.07) 10.20 0.35 For years ended November 30: 1998 10.31 0.46 0.17 (0.45) (0.04) 10.45 6.19 1997 10.21 0.47 0.09 (0.46) -- 10.31 5.65 1996 10.23 0.42 (0.02) (0.42) -- 10.21 4.01 1995 9.20 0.43 1.03 (0.43) -- 10.23 16.10 VIRGINIA MUNICIPAL BOND FUND (A) Trust Shares 2000* $ 9.64 $ 0.22 $ 0.45 $(0.23) $ -- $10.08 6.54% 2000 10.43 0.45 (0.78) (0.45) (0.01) 9.64 (3.18) 1999(3) 10.68 0.22 (0.19) (0.22) (0.06) 10.43 0.27 For years ended November 30: 1998 10.44 0.47 0.27 (0.47) (0.03) 10.68 7.19 1997 10.28 0.48 0.17 (0.48) (0.01) 10.44 6.46 1996 10.40 0.47 (0.12) (0.47) -- 10.28 3.48 1995(4) 10.00 0.31 0.44 (0.31) (0.04) 10.40 7.67 Flex Shares 2000* $ 9.68 $ 0.18 $ 0.45 $(0.18) $ -- $10.13 6.94% 2000 10.48 0.36 (0.79) (0.36) (0.01) 9.68 (4.13) 1999(3) 10.73 0.17 (0.18) (0.18) (0.06) 10.48 (0.16) For years ended November 30: 1998 10.48 0.37 0.28 (0.37) (0.03) 10.73 6.24 1997 10.31 0.39 0.18 (0.39) (0.01) 10.48 5.58 1996 10.43 0.38 (0.12) (0.38) -- 10.31 2.58 1995(5) 10.06 0.24 0.41 (0.24) (0.04) 10.43 6.51 * For the six month period ended November 30, 2000. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not reflect applicable sales loads. (1) Commenced operations on June 22, 1995. All ratios for the period have been annualized. (2) Commenced operations on June 7, 1995. All ratios for the period have been annualized. (3) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (4) Commenced operations on April 5, 1995. All ratios for the period have been annualized. (5) Commenced operations on April 17, 1995. All ratios for the period have been annualized.
46 - -------------------------------------------------------------------------------- (UNAUDITED)
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------ ------------------ ------------------ ------------------- ------------------- --------- SHORT-TERM U.S. TREASURY SECURITIES FUND Trust Shares 2000* $ 84,885 0.70% 5.12% 0.77% 5.05% 58% 2000 72,570 0.67 4.70 0.79 4.58 50 1999 56,027 0.67 4.69 0.78 4.58 57 1998 46,920 0.66 5.19 0.84 5.01 39 1997 21,988 0.65 5.23 0.92 4.96 93 1996 10,149 0.65 5.56 1.00 5.21 94 Investor Shares 2000* $ 2,164 0.85% 4.97% 1.60% 4.22% 58% 2000 2,066 0.82 4.50 1.44 3.88 50 1999 2,799 0.82 4.54 1.34 4.02 57 1998 3,277 0.81 5.07 1.33 4.55 39 1997 3,921 0.80 5.05 1.35 4.50 93 1996 4,192 0.80 5.43 1.32 4.91 94 Flex Shares 2000* $ 75,983 1.10% 4.72% 2.04% 3.78% 58% 2000 5,391 1.07 4.26 2.04 3.29 50 1999 4,931 1.07 4.22 2.25 3.04 57 1998 1,413 1.06 4.81 2.87 3.00 39 1997 1,091 1.05 4.75 2.51 3.29 93 1996(1) 2,423 1.05 5.03 2.97 3.11 94 U.S. GOVERNMENT SECURITIES FUND Trust Shares 2000* $ 134,180 0.80% 5.95% 0.85% 5.90% 84% 2000 85,420 0.77 5.77 0.84% 5.70% 29 1999 102,167 0.77 5.58 0.88 5.47 19 1998 34,899 0.76 5.93 0.92 5.77 14 1997 19,471 0.75 6.19 1.02 5.92 21 1996 10,277 0.75 6.05 1.25 5.55 83 Investor Shares 2000* $ 1,297 1.20% 5.54% 2.20% 4.54% 84% 2000 1,407 1.17 5.34 2.14 4.37 29 1999 2,534 1.17 5.17 1.60 4.74 19 1998 3,225 1.16 5.53 1.76 4.93 14 1997 2,243 1.15 5.76 1.79 5.12 21 1996 2,396 1.15 5.68 2.50 4.33 83 Flex Shares 2000* $ 7,341 1.71% 5.04% 2.12% 4.63% 84% 2000 7,750 1.68 4.85 2.28 4.25 29 1999 11,520 1.68 4.66 2.08 4.26 19 1998 4,022 1.67 5.02 2.32 4.37 14 1997 2,801 1.66 5.26 2.42 4.50 21 1996(2) 2,826 1.66 5.18 2.86 3.98 83 VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND (A) Trust Shares 2000* $ 202,414 0.76% 4.28% 0.76% 4.28% 14% 2000 202,209 0.76 4.35 0.76 4.35 18 1999(3) 240,083 0.84 4.12 1.18 3.78 19 For years ended November 30: 1998 243,606 0.79 4.33 0.97 4.15 24 1997 237,096 0.78 4.57 0.93 4.42 30 1996 243,137 0.78 4.35 0.93 4.20 25 1995 43,373 0.72 4.34 0.94 4.12 28 Investor Shares 2000* $ 6,288 0.79% 4.24% 1.11% 3.87% 14% 2000 6,808 0.79 4.33 0.94 4.18 18 1999(3) 7,706 0.79 4.17 0.93 4.03 19 For years ended November 30: 1998 7,899 0.79 4.33 0.94 4.18 24 1997 7,826 0.79 4.56 0.94 4.41 30 1996 8,185 0.79 4.12 0.94 3.97 25 1995 8,649 0.73 4.33 0.95 4.11 28 VIRGINIA MUNICIPAL BOND FUND (A) Trust Shares 2000* $ 53,268 0.77% 4.50% 0.79% 4.48% 21% 2000 48,980 0.74 4.53 0.79 4.48 19 1999(3) 31,939 0.76 4.20 1.30 3.66 7 For years ended November 30: 1998 29,252 0.69 4.41 1.10 4.00 28 1997 20,044 0.69 4.65 1.09 4.25 39 1996 15,911 0.71 4.61 1.11 4.21 24 1995(4) 6,247 0.71 4.61 1.11 4.21 35 Flex Shares 2000* $ 5,178 1.68% 3.59% 2.04% 3.23% 21% 2000 5,367 1.65 3.61 2.08 3.18 19 1999(3) 6,939 1.65 3.32 1.91 3.06 7 For years ended November 30: 1998 3,697 1.64 3.46 1.92 3.18 28 1997 1,476 1.60 3.73 2.00 3.33 39 1996 787 1.57 3.73 1.97 3.33 24 1995(5) 628 1.57 3.76 1.97 3.36 35
(A) On May 24, 1999, the CrestFund Virginia Intermediate Municipal Bond and the CrestFund Virginia Municipal Bond Funds exchanged all of their assets and certain liabilities for shares of the Virginia Intermediate Municipal Bond and the Virginia Municipal Bond Funds, respectively. The CrestFund Virginia Intermediate Municipal Bond and the CrestFund Virginia Municipal Bond Funds are the accounting survivors in this transaction, and as a result, their basis of accounting for assets and liabilities and their operating results for the periods prior to May 24, 1999 have been carried forward in these financial highlights. Amounts designated as "--" are either $0 or have been rounded to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 47 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 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 thirty-five funds as of November 30, 2000: the Balanced Fund, the Capital Appreciation Fund, the Core Equity Fund, the E-Commerce Opportunity Fund, the Growth and Income Fund, the International Equity Fund, the International Equity Index Fund, the Life Vision Moderate Growth Fund, the Life Vision Growth and Income Fund, the Life Vision Aggressive Growth Fund, the Mid-Cap Equity Fund, the Small Cap Value Equity Fund, the Small Cap Growth Stock Fund, the Tax Sensitive Growth Stock Fund, the Value Income Stock Fund, (collectively the "Equity Funds"), the Florida Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund, the High Income Fund, the Investment Grade Bond Fund, the Investment Grade Tax-Exempt Bond Fund, the Limited-Term Federal Mortgage Securities Fund, the Maryland Municipal Bond Fund, the Short-Term Bond Fund, the Short-Term U.S. Treasury Securities Fund, the U.S. Government Securities Fund, the Virginia Intermediate Municipal Bond Fund, and the Virginia Municipal Bond Fund, (collectively the "Fixed Income Funds" or the "Funds"), the Prime Quality Money Market Fund, the Tax-Exempt Money Market Fund, the Virginia Tax-Free Money Market Fund (formerly the Tax-Free Money Market Fund), the U.S. Government Securities Money Market Fund, the U.S. Treasury Money Market Fund (collectively the "Retail Money Market Funds"), the Classic Institutional Cash Management Money Market Fund, the Classic Institutional U.S. Government Securities Money Market Fund and the Classic Institutional U.S. Treasury Securities Money Market Fund, (collectively the "Institutional Money Market Funds"). The assets of each Fund 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 presented herein are those of the Fixed Income Funds. The financial statements of the Equity Funds, the Retail Money Market Funds and the Institutional Money Market Funds are not presented herein, but are presented separately. On February 15, 2000 and December 9, 1999, respectively, the Board of Trustees of the STI Classic Funds Inc. and Board of Directors of the ESC Strategic Funds Inc. approved an Agreement and Plan of Reorganization (the "Reorganization Agreement") providing for the transfer of all assets and liabilities of the ESC Strategic Income Fund in exchange for the issuance of shares in the STI Classic High Income Fund in a tax-free reorganization that took place at the close of business on March 27, 2000. The STI Classic High Income Fund had not commenced operations prior to this merger (see Note 9). Subsequent to March, 31, 2000, the High Income Fund's fiscal year end was changed to May 31, in order to be consistent with the year end of each of the other STI Classic Funds. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust: BASIS OF PRESENTATION OF STATEMENTS -- As more fully described above, the STI Classic High Income Fund acquired the ESC Strategic Income Fund in a tax-free business combination. While this Fund now exists as a STI Classic Fund,the surviving fund for accounting purposes is the ESC Strategic Income Fund. In accordance with accounting principles generally accepted in the United States, the financial statements presented herein represent those of the accounting survivor. Accordingly, the Statements of Changes in Net Assets and Financial Highlights presented for the periods prior to and ending on May 31, 2000 reflect activity beginning on the first day of the accounting survivor's fiscal year. SECURITY VALUATION -- Investment securities held by the 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. Debt obligations with sixty days or less remaining until maturity may be valued at their amortized cost. Securities for which current market quotations are not readily available are valued at their fair value as determined in good faith by, or in accordance with procedures adopted by, the Board of Trustees. 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. 48 - -------------------------------------------------------------------------------- (UNAUDITED) 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 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 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 Florida Tax-Exempt Bond, the Georgia Tax-Exempt Bond, the Investment Grade Bond, the Investment Grade Tax-Exempt Bond, the U.S. Government Securities, and the Virginia Intermediate Municipal Bond 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% for either the net asset value of the shares at the time of purchase or the net asset value of the shares next calculated after the Fund receives the sale request, whichever is less. The CDSC will not apply to shares redeemed after such time. TBA PURCHASE COMMITMENTS -- The Funds may enter into "TBA" (To Be Announced) purchase commitments to purchase securities for a fixed price at a future date beyond customary settlement time. TBA purchase commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, which risk is in addition to the risk of decline in the value of the funds' other assets. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, generally according to the procedures described under "Security Valuation." 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 TO SHAREHOLDERS -- Distributions from net investment income for each of the Fixed Income Funds are declared daily and paid monthly. 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 accounting principles generally accepted in the United States 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. Transactions with Affiliates: Certain officers of the Trust are also officers of SEI Investments Mutual Funds Services (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. The Funds have entered into an agreement with the Distributor to act as an agent in placing repurchase agreements for the Funds. For its services the Distributor received $930,925 for the six month period ended November 30, 2000. 49 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 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 and March 1, 1999, 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. Prior to March 27, 2000, administrative and accounting services were provided to the ESC Strategic Income Fund by BISYS Fund Services Limited Partnership who was entitled to receive a fee at an annual rate of .15% of the average daily net assets of the ESC Strategic Income Fund. 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. Prior to March 27, 2000, transfer and dividend disbursing agent services were provided to the ESC Strategic Income Fund by BISYS Fund Services Inc. for which it received a fee of $15 per account per year subject to a minimum fee of $15,000. 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 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". Prior to March 27, 2000, BISYS Fund Services served as distributor pursuant to an agreement with the ESC Strategic Income Fund. 5. Investment Advisory and Custodian Agreements: The Trust and STI Capital Management, N.A., Trusco Capital Management and SunTrust Bank, Atlanta have entered into advisory agreements dated May 29, 1992, June 15, 1993, and December 20, 1993 respectively. Effective June 30, 2000, SunTrust Banks, Inc. reorganized all of the investment management functions of its three institutional money management units, including SunTrust Bank, Atlanta into Trusco Capital Management, Inc. (the "Investment Adviser"). 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 INVESTOR BUTION ANNUAL SHARE AND ADVISORY DISTRI- SERVICE FEE BUTION FEE FEE ------------------------------ Florida Tax-Exempt Bond Fund ......... .65% .18% 1.00% Georgia Tax-Exempt Bond Fund ......... .65% .18% 1.00% HighIncome Fund ...................... 80% -- 1.00% Investment Grade Bond Fund ........... .74% .43% 1.00% Investment Grade Tax-Exempt Bond Fund ........................... .74% .43% 1.00% Limited-Term Federal Mortgage Securities Fund ..................... .65% .23% 1.00% Maryland Municipal Bond Fund ......... .65% -- 1.00% Short-Term Bond Fund ................. .65% .23% 1.00% Short-Term U.S. Treasury Securities Fund...................... .65% .18% 1.00% U.S. Government Securities Fund ...... .74% .38% 1.00% Virginia Intermediate Municipal Bond Fund ........................... .65% .15% -- Virginia Municipal Bond Fund ......... .65% -- 1.00% The Investment Adviser 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. Fee waivers and expense reimbursements are voluntary and may be terminated at any time. Prior to March 27, 2000 SunTrust Equitable Securities Corporation ("STES") provided investment advisory services to the ESC Strategic Income Fund. STES was paid for advisory services at an annual rate of 1.00% of average daily net assets of the Fund, and agreed to waive and reimburse their fee in order to limit operating expenses to a maximum of 2.00% of average daily net assets of the Class A shares, and 2.50% of the Class D shares. SunTrust Bank, Atlanta, acts as custodian for all of the Funds. Fees of the Custodian are paid on the basis of 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. 50 - -------------------------------------------------------------------------------- (UNAUDITED) 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, 2000, were as follows: PURCHASES SALES (000) (000) -------------------- Florida Tax-Exempt Bond Fund ........ $ 32,914 $ 21,481 Georgia Tax-Exempt Bond Fund ........ 12,627 16,915 High Income Fund ................... 2,198 88,529 Investment Grade Bond Fund .......... 155,136 145,694 Investment Grade Tax-Exempt Bond Fund .......................... 148,712 144,283 Limited-Term Federal Mortgage Securities Fund .................. -- -- Maryland Municipal Bond Fund ........ 10,109 6,329 Short-Term Bond Fund ................ 46,713 30,595 Short-Term U.S. Treasury Securities Fund .................... -- -- U.S. Government Securities Fund ..... -- 5 Virginia Intermediate Municipal Bond Fund .......................... 25,996 27,024 Virginia Municipal Bond Fund ........ 12,945 10,003 The cost of purchases and proceeds from sales of U.S. Government securities were: PURCHASES SALES (000) (000) -------------------- Investment Grade Bond Fund ......... $139,317 $256,464 Limited-Term Federal Mortgage Securities Fund .................. 323,774 319,859 Maryland Municipal Bond Fund ....... -- -- Short-Term Bond Fund ............... 52,379 52,759 Short-Term U.S. Treasury Securities Fund .................. 41,578 33,858 U.S. Government Securities Fund .... 135,267 97,938 At November 30, 2000, 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, 2000, were as follows: AGGREGATE AGGREGATE NET GROSS GROSS UNREALIZED UNREALIZED UNREALIZED APPRECIATION APPRECIATION DEPRECIATION (DEPRECIATION) (000) (000) (000) ------------ ------------ -------------- Florida Tax-Exempt Bond Fund $ 2,521 $ (803) $ 1,718 Georgia Tax-Exempt Bond Fund 1,399 (467) 932 High Income Fund ........... 46 (398) (352) Investment Grade Bond Fund . 22,411 (55,675) (33,264) Investment Grade Tax-Exempt Bond Fund ................ 2,856 (207) 2,649 Limited-Term Federal Mortgage Securities Fund .......... 456 (348) 108 Maryland Municipal Bond Fund 270 (313) (43) Short-Term Bond Fund ....... 1,283 (1,246) 37 Short-Term U.S. Treasury Securities Fund .......... 466 (226) 240 U.S. Government Securities Fund ..................... 1,480 (852) 628 Virginia Intermediate Municipal Bond Fund ...... 2,714 (2,325) 389 Virginia Municipal Bond Fund 1,148 (458) 690 Subsequent to October 31, 1999, the Funds recognized net capital losses for tax purposes that have been deferred to 2000 and can be used to offset future capital gains after May 31, 2000. The Funds also had capital losscarryforwards at May 31, 2000 as follows:
POST 10/31 CARRYOVER EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES DEFERRED 5/31/00 2002 2003 2004 2005 2006 2007 2008 LOSS (000) (000) (000) (000) (000) (000) (000) (000) (000) --------- ------- ------- ------- ------- ------- ------- ------- -------- Florida Tax-Exempt Bond Fund .. $ 1,224 $ -- $ -- $ -- $ -- $ -- $ -- $ 1,224 $ 1,039 Georgia Tax-Exempt Bond Fund .. 398 -- -- -- -- -- -- 398 438 High Income Fund .. 768 -- -- -- -- -- 61 707 -- Investment Grade Bond Fund .. 14,208 -- -- -- -- 3,029 -- 11,179 27,768 Investment Grade Tax-Exempt Bond Fund .. 2,622 -- -- -- -- -- -- 2,622 2,053 Limited-Term Federal Mortgage Securities Fund .. 2,189 -- -- -- -- -- -- 2,189 1,288 Maryland Municipal Bond Fund .. 22 -- -- -- -- -- 19 3 233 Short-Term Bond Fund 3,701 528 254 555 284 1,134 -- 946 1,178 Short-Term U.S. Treasury Securities Fund .. -- -- -- -- -- -- -- -- 15 U.S. Government Securities Fund .. 1,636 -- -- -- -- 792 -- 844 911 Virginia Intermediate Municipal Bond Fund .. -- -- -- -- -- -- -- -- 2,062 Virginia Municipal Bond Fund .. 53 -- -- -- -- -- -- 53 490
For tax purposes, the losses in the Funds can be carried forward for a maximum of eight years to offset any net realized capital gains. 51 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 7. Capital Share Transactions: Capital Share Transactions for the funds were as follows (000):
FLORIDA TAX-EXEMPT GEORGIA TAX-EXEMPT BOND FUND BOND FUND HIGH INCOME FUND --------------------- --------------------- ------------------------------ 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 04/01/00- 04/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 03/31/00 --------- --------- --------- --------- --------- --------- --------- Trust Shares: Shares Issued ................................ 876 2,797 1,149 2,757 -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions .. 23 87 45 140 -- -- -- Shares Redeemed .............................. (894) (4,835) (1,491) (3,069) -- -- -- ---- ------ ------ ------ ---- --- ---- Net Trust Share Transactions ................... 5 (1,951) (297) (172) -- -- -- ---- ------ ------ ------ ---- --- ---- Investor Shares: Shares Issued ................................ 15 16 4 58 -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions .. 4 12 3 11 -- -- -- Shares Redeemed .............................. (33) (101) (6) (177) -- -- -- ---- ------ ------ ------ ---- --- ---- Net Investor Share Transactions ................ (14) (73) 1 (108) -- -- -- ---- ------ ------ ------ ---- --- ---- Flex Shares: Shares Issued ................................ 93 287 126 196 600 147 99 Shares Issued in Connection with ESC Merger .. -- -- -- -- -- -- 44 Shares Issued in Lieu of Cash Distributions .. 12 42 13 42 14 2 50 Shares Redeemed .............................. (135) (748) (119) (641) (155) (14) (678) ---- ------ ------ ------ ---- --- ---- Net Flex Share Transactions .................... (30) (419) 20 (403) 459 135 (485) ---- ------ ------ ------ ---- --- ---- Class D: Shares Issued ................................ -- -- -- -- -- -- 5 Shares Issued in Connection with Merger ...... -- -- -- -- -- -- (44) Shares Issued in Lieu of Cash Distributions .. -- -- -- -- -- -- 4 Shares Redeemed .............................. -- -- -- -- -- -- (21) ---- ------ ------ ------ ---- --- ---- Net Class D Transactions ....................... -- -- -- -- -- -- (56) ---- ------ ------ ------ ---- --- ---- Net Change in Capital Shares ................... (39) (2,443) (276) (683) 459 135 (541) ==== ====== ====== ====== ==== === ====
SHORT-TERM SHORT-TERM U.S. TREASURY BOND FUND SECURITIES FUND --------------------------- -------------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 --------- --------- --------- --------- Trust Shares: Shares Issued .......................................... 4,540 5,302 3,099 3,158 Shares Issued in Connection with Crestar Merger ........ -- -- -- -- Shares Issued in Lieu of Cash Distributions ............ 220 478 57 145 Shares Redeemed ........................................ (3,204) (8,249) (2,006) (1,567) ------ ------ ------ ------ Net Trust Share Transactions ............................. 1,556 (2,469) 1,150 1,736 ------ ------ ------ ------ Investor Shares: Shares Issued .......................................... 20 41 15 75 Shares Issued in Lieu of Cash Distributions ............ 3 9 5 13 Shares Redeemed ........................................ (33) (84) (13) (159) ------ ------ ------ ------ Net Investor Share Transactions .......................... (10) (34) 7 (71) ------ ------ ------ ------ Flex Shares: Shares Issued .......................................... 47 119 172 341 Shares Issued in Connection with Crestar Merger ........ -- -- -- -- Shares Issued in Lieu of Cash Distributions ............ 5 11 11 22 Shares Redeemed ........................................ (72) (152) (131) (311) ------ ------ ------ ------ Net Flex Share Transactions .............................. (20) (22) 52 52 ------ ------ ------ ------ Net Change in Capital Shares ............................. 1,526 (2,525) 1,209 1,717 ====== ====== ====== ======
52 - -------------------------------------------------------------------------------- (UNAUDITED)
INVESTMENT GRADE INVESTMENT GRADE TAX- LIMITED-TERM FEDERAL BOND FUND EXEMPT BOND FUND MORTGAGE SECURITIES FUND ----------------------- ------------------------- ------------------------ 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 --------- --------- --------- --------- --------- --------- Trust Shares: Shares Issued ............................... 9,021 25,331 833 2,710 3,278 5,423 Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions . 1,380 3,675 46 254 208 492 Shares Redeemed ............................. (26,521) (35,746) (1,808) (5,846) (5,038) (6,485) ------- -------- ------ ------ ------ ------ Net Trust Share Transactions .................. (16,120) (6,740) (929) (2,882) (1,552) (570) ------- -------- ------ ------ ------ ------ Investor Shares: Shares Issued ............................... 274 331 56 63 18 31 Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions . 61 167 26 91 3 10 Shares Redeemed ............................. (590) (1,516) (194) (600) (41) (140) ------- -------- ------ ------ ------ ------ Net Investor Share Transactions ............... (255) (1,018) (112) (446) (20) (99) ------- -------- ------ ------ ------ ------ Flex Shares: Shares Issued ............................... 227 958 195 650 16 81 Shares Issued in Connection with ESC Merger . -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions . 49 123 19 62 4 10 Shares Redeemed ............................. (524) (1,500) (327) (825) (55) (127) ------- -------- ------ ------ ------ ------ Net Flex Share Transactions ................... (248) (419) (113) (113) (35) (36) ------- -------- ------ ------ ------ ------ Class D: Shares Issued ............................... -- -- -- -- -- -- Shares Issued in Connection with Merger ..... -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions . -- -- -- -- -- -- Shares Redeemed ............................. -- -- -- -- -- -- ------- -------- ------ ------ ------ ------ Net Class D Transactions ...................... -- -- -- -- -- ------- -------- ------ ------ ------ ------ Net Change in Capital Shares .................. (16,623) (8,177) (1,154) (3,441) (1,607) (705) ======= ======== ====== ====== ====== ======
[table continued]
MARYLAND MUNICIPAL BOND FUND ----------------------- 06/01/00- 06/01/99- 11/30/00 05/31/00 --------- ---------- Trust Shares: Shares Issued ...................................... 157 1,921 Shares Issued in Connection with Crestar Merger .... -- -- Shares Issued in Lieu of Cash Distributions ........ 14 21 Shares Redeemed .................................... (283) (2,122) ---- ------ Net Trust Share Transactions ......................... (112) (180) ---- ------ Investor Shares: Shares Issued ...................................... -- -- Shares Issued in Connection with Crestar Merger .... -- -- Shares Issued in Lieu of Cash Distributions ........ -- -- Shares Redeemed .................................... -- -- ---- ------ Net Investor Share Transactions ...................... -- -- ---- ------ Flex Shares: Shares Issued ...................................... 121 237 Shares Issued in Connection with ESC Merger ........ -- -- Shares Issued in Lieu of Cash Distributions ........ 10 23 Shares Redeemed .................................... (131) (370) ---- ------ Net Flex Share Transactions .......................... -- (110) ---- ------ Class D: Shares Issued ...................................... -- -- Shares Issued in Connection with Merger ............ -- -- Shares Issued in Lieu of Cash Distributions ........ -- -- Shares Redeemed .................................... -- -- ---- ------ Net Class D Transactions ............................. -- -- ---- ------ Net Change in Capital Shares ......................... (112) (290) ==== ======
U.S. GOVERNMENT SECURITIES FUND VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -------------------------- ----------------------------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 --------- --------- --------- --------- Trust Shares: Shares Issued ................................... 6,876 2,790 1,071 2,693 Shares Issued in Connection with Crestar Merger . -- -- -- -- Shares Issued in Lieu of Cash Distributions ..... 96 127 6 98 Shares Redeemed ................................. (2,562) (4,192) (1,777) (5,235) ------ ------ ------ ------ Net Trust Share Transactions ...................... 4,410 (1,275) (700) (2,444) ------ ------ ------ ------ Investor Shares: Shares Issued ................................... 34 41 71 147 Shares Issued in Lieu of Cash Distributions ..... 3 11 11 29 Shares Redeemed ................................. (54) (156) (158) (221) ------ ------ ------ ------ Net Investor Share Transactions ................... (17) (104) (76) (45) ------ ------ ------ ------ Flex Shares: Shares Issued ................................... 84 238 -- -- Shares Issued in Connection with Crestar Merger . -- -- -- -- Shares Issued in Lieu of Cash Distributions ..... 15 44 -- -- Shares Redeemed ................................. (170) (616) -- -- ------ ------ ------ ------ Net Flex Share Transactions ....................... (71) (334) -- -- ------ ------ ------ ------ Net Change in Capital Shares ...................... 4,322 (1,713) (776) (2,489) ====== ====== ====== ======
[table continued]
VIRGINIA MUNICIPAL BOND FUND ---------------------------- 06/01/00- 06/01/99- 11/30/00 05/31/00 --------- ---------- Trust Shares: Shares Issued ........................................... 586 3,311 Shares Issued in Connection with Crestar Merger ......... -- -- Shares Issued in Lieu of Cash Distributions ............. 23 26 Shares Redeemed ......................................... (405) (1,318) ---- ------ Net Trust Share Transactions .............................. 204 2,019 ---- ------ Investor Shares: Shares Issued ........................................... -- -- Shares Issued in Lieu of Cash Distributions ............. -- -- Shares Redeemed ......................................... -- -- ---- ------ Net Investor Share Transactions ........................... -- -- ---- ------ Flex Shares: Shares Issued ........................................... 56 -- Shares Issued in Connection with Crestar Merger ......... -- 161 Shares Issued in Lieu of Cash Distributions ............. 6 15 Shares Redeemed ......................................... (105) (284) ---- ------ Net Flex Share Transactions ............................... (43) (108) ---- ------ Net Change in Capital Shares .............................. 161 1,911 ==== ======
53 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 8. Concentration of Credit Risk: The Investment Grade Bond Fund and the Short-Term Bond 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 investment adviser 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, the Maryland Municipal Bond Fund, the Virginia Intermediate Municipal Bond Fund, and the Virginia Municipal 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. The High Income Fund that invests in high yield instruments is subject to certain credit and market risks. The yields of high debt obligations reflect, among other things, perceived credit risk. The Fund's investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risks of timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary marketing trading. 9. ESC Strategic Funds Merger The Board of Directors and shareholders of the ESC Strategic Funds approved a reorganization of the ESC Strategic Income Fund into STI Classic High Income Fund which took place during March 2000. The following table summarizes certain relevant information of the Funds prior to and immediately after the business combinations in March 2000 and is unaudited: OUTSTANDING UNREALIZED ON MERGER APPRECIATION ESC STRATEGIC FUNDS DATE (DEPRECIATION) - ---------------------- ------------- -------------- ESC Strategic Income Class D ................. 213,037 $(133,549) SHARES ISSUED NET ASSETS NAV IN BUSINESS AFTER PER STI CLASSIC FUNDS COMBINATION COMBINATION SHARE - ----------------- ------------- ----------- ----- High Income Flex Shares .............. 213,037 $1,697,825 $7.97 54 - -------------------------------------------------------------------------------- (UNAUDITED) 10. Shareholder Voting Results: There was a special meeting of shareholders held on October 27, 2000 and continued on November 10, 2000, at which the shareholders of the Funds were asked to consider several proposals. The following were the results of the vote by proposal: PROPOSAL 1: TO CONSIDER AND ACT UPON A PROPOSAL TO ELECT MEMBERS TO THE BOARD OF TRUSTEES OF THE TRUST. 1. Approval of the of election of Thomas Gallagher. Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,384,024,469 99.76% 69.87% Withheld 22,376,293 0.24% 0.16% --------------- ------------ ----------- 9,406,400,762 100.00% 70.03% 2. Approval of the of election of James O. Robbins. Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,384,046,726 99.76% 69.87% Withheld 22,354,036 0.24% 0.16% --------------- ------------ ----------- 9,406,400,762 100.00% 70.03% 3. Approval of the of election of F. Wendell Gooch. Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,384,006,466 99.76% 69.87% Withheld 22,394,296 0.24% 0.16% --------------- ------------ ----------- 9,406,400,762 100.00% 70.03% 4. Approval of the of election of Wilton Looney. Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,379,720,005 99.72% 69.84% Withheld 26,680,757 0.28% 0.20% --------------- ------------ ----------- 9,406,400,762 100.00% 70.04% 5. Approval of the of election of Jonathan T. Walton. Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,379,944,586 99.72% 69.84% Withheld 26,456,176 0.28% 0.19% --------------- ------------ ----------- 9,406,400,762 100.00% 70.03% PROPOSAL 2: TO APPROVE THE ADOPTION OF STANDARDIZED INVESTMENT POLICIES BY REVISING OR ELIMINATING CERTAIN OF THE TRUST'S CURRENT FUNDAMENTAL INVESTMENT POLICIES: 2.1. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING DIVERSIFICATION. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,502,620 92.90% 91.56% Against 43,370 0.42% 0.41% Abstain 4,676 0.04% 0.04% Broker Non-Vote 678,165 6.62% 6.53% --------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,198,075 90.97% 85.65% Against 42,013 0.46% 0.43% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% --------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 229,956 87.12% 43.62% Against 3,807 1.44% 0.72% Abstain 2,182 0.82% 0.41% Broker Non-Vote 27,986 10.60% 5.30% --------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 80,574,739 96.66% 84.20% Against 129,329 0.15% 0.13% Abstain 121,027 0.14% 0.12% Broker Non-Vote 2,531,738 3.03% 2.64% --------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 10,982,775 88.66% 81.61% Against 26,564 0.21% 0.19% Abstain 45,021 0.36% 0.33% Broker Non-Vote 1,332,101 10.75% 9.89% --------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,558,674 98.41% 94.66% Against 480 0.00% 0.00% Abstain 17,909 0.14% 0.13% Broker Non-Vote 183,327 1.43% 1.38% --------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,315,529 81.67% 66.63% Against 28,861 1.01% 0.83% Abstain 16,321 0.57% 0.46% Broker Non-Vote 474,304 16.73% 13.64% --------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,254,032 98.61% 92.94% Against 5,226 0.02% 0.02% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% --------------- ------------ ----------- 19,524,947 100.00% 94.24% 55 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,545,003 93.76% 89.06% Against 5,514 0.06% 0.05% Abstain 18,812 0.20% 0.19% Broker Non-Vote 543,499 5.96% 5.66% --------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,854,313 93.20% 87.73% Against 9,329 0.08% 0.08% Abstain 9,501 0.08% 0.08% Broker Non-Vote 700,014 6.62% 6.23% --------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,103,657 98.22% 95.34% Against 2,312 0.01% 0.01% Abstain 12,058 0.05% 0.05% Broker Non-Vote 349,170 1.70% 1.65% --------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 4,948,027 92.80% 87.75% Against -- 0.00% 0.00% Abstain 11,026 0.20% 0.19% Broker Non-Vote 372,855 6.99% 6.61% --------------- ------------ ----------- 5,331,908 100.00% 94.55% 2.2. TO ELIMINATE THE POLICIES CONCERNING INVESTING FOR CONTROL. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,522,737 93.09% 91.75% Against 9,224 0.09% 0.08% Abstain 18,705 0.18% 0.18% Broker Non-Vote 678,165 6.62% 6.53% --------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,182,039 90.80% 85.48% Against 58,049 0.64% 0.60% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% --------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 228,644 86.63% 43.37% Against 5,119 1.93% 0.97% Abstain 2,182 0.82% 0.41% Broker Non-Vote 27,986 10.60% 5.30% --------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 80,424,307 96.48% 84.04% Against 270,800 0.32% 0.28% Abstain 129,987 0.15% 0.13% Broker Non-Vote 2,531,739 3.03% 2.64% --------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 10,985,110 88.68% 81.63% Against 29,564 0.23% 0.21% Abstain 39,686 0.32% 0.29% Broker Non-Vote 1,332,101 10.75% 9.89% --------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,558,674 98.41% 94.66% Against 480 0.00% 0.00% Abstain 17,909 0.14% 0.13% Broker Non-Vote 183,327 1.43% 1.38% --------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,313,672 81.61% 66.58% Against 43,457 1.53% 1.25% Abstain 3,582 0.12% 0.10% Broker Non-Vote 474,304 16.73% 13.64% --------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,222,520 98.45% 92.78% Against 36,738 0.18% 0.17% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% --------------- ------------ ----------- 19,524,947 100.00% 94.24% SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,532,717 93.63% 88.93% Against 17,294 0.18% 0.18% Abstain 19,318 0.21% 0.20% Broker Non-Vote 543,499 5.96% 5.66% --------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,850,429 93.16% 87.70% Against 12,717 0.12% 0.11% Abstain 9,997 0.09% 0.08% Broker Non-Vote 700,014 6.62% 6.23% --------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,102,926 98.22% 95.34% Against 2,312 0.01% 0.01% Abstain 12,789 0.06% 0.06% Broker Non-Vote 349,170 1.70% 1.65% --------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 4,948,547 92.81% 87.76% Against -- 0.00% 0.00% Abstain 10,506 0.19% 0.18% Broker Non-Vote 372,855 6.99% 6.61% --------------- ------------ ----------- 5,331,908 100.00% 94.56% 56 - -------------------------------------------------------------------------------- (UNAUDITED) 2.3. TO REVISE THE FUNDAMENTAL INVESTMENT POLICY CONCERNING BORROWING. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,527,063 93.13% 91.80% Against 10,780 0.10% 0.10% Abstain 12,823 0.12% 0.12% Broker Non-Vote 678,165 6.62% 6.53% --------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,176,529 90.73% 85.42% Against 63,559 0.70% 0.66% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% --------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 233,763 88.56% 44.34% Against -- 0.00% 0.00% Abstain 2,182 0.82% 0.41% Broker Non-Vote 27,986 10.60% 5.30% --------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 80,378,335 96.42% 84.00% Against 269,181 0.32% 0.28% Abstain 177,579 0.21% 0.18% Broker Non-Vote 2,531,738 3.03% 2.64% --------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 10,972,758 88.58% 81.54% Against 35,046 0.28% 0.26% Abstain 46,556 0.37% 0.34% Broker Non-Vote 1,332,101 10.75% 9.89% --------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,552,041 98.36% 94.61% Against 7,113 0.05% 0.05% Abstain 17,909 0.14% 0.13% Broker Non-Vote 183,327 1.43% 1.38% --------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,311,714 81.54% 66.52% Against 45,415 1.60% 1.30% Abstain 3,582 0.12% 0.10% Broker Non-Vote 474,304 16.73% 13.64% --------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,235,101 98.51% 92.84% Against 24,157 0.12% 0.11% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% --------------- ------------ ----------- 19,524,947 100.00% 94.24% SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,538,887 93.70% 89.00% Against 4,738 0.05% 0.04% Abstain 25,704 0.28% 0.26% Broker Non-Vote 543,499 5.96% 5.66% --------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,849,927 93.15% 87.70% Against 13,716 0.12% 0.12% Abstain 9,500 0.08% 0.08% Broker Non-Vote 700,014 6.62% 6.23% --------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,101,420 98.21% 95.33% Against 4,549 0.02% 0.02% Abstain 12,058 0.05% 0.05% Broker Non-Vote 349,170 1.70% 1.65% --------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 4,925,866 92.38% 87.35% Against 22,681 0.42% 0.40% Abstain 10,506 0.19% 0.18% Broker Non-Vote 372,855 6.99% 6.61% --------------- ------------ ----------- 5,331,908 100.00% 94.55% 57 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 2.4. TO ELIMINATE THE FUNDAMENTAL POLICIES CONCERNING PLEDGING, MORTGAGING OR HYPOTHECATING ASSETS. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,499,939 92.87% 91.54% Against 18,602 0.18% 0.17% Abstain 32,125 0.31% 0.30% Broker Non-Vote 678,165 6.62% 6.53% --------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,183,119 90.81% 85.49% Against 56,969 0.63% 0.59% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% --------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 233,763 88.56% 44.34% Against -- 0.00% 0.00% Abstain 2,182 0.82% 0.41% Broker Non-Vote 27,986 10.60% 5.30% --------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 80,413,437 96.46% 84.03% Against 285,782 0.34% 0.29% Abstain 125,876 0.15% 0.13% Broker Non-Vote 2,531,738 3.03% 2.64% --------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 10,974,354 88.59% 81.55% Against 35,438 0.28% 0.26% Abstain 44,568 0.35% 0.33% Broker Non-Vote 1,332,101 10.75% 9.89% --------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,558,674 98.41% 94.66% Against 480 0.00% 0.00% Abstain 17,909 0.14% 0.13% Broker Non-Vote 183,327 1.43% 1.38% --------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,311,183 81.52% 66.50% Against 45,946 1.62% 1.32% Abstain 3,582 0.12% 0.10% Broker Non-Vote 474,304 16.73% 13.64% --------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,221,106 98.44% 92.78% Against 38,152 0.19% 0.18% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% --------------- ------------ ----------- 19,524,947 100.00% 94.24% SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,536,108 93.67% 88.97% Against 12,839 0.14% 0.13% Abstain 20,382 0.22% 0.21% Broker Non-Vote 543,499 5.96% 5.66% --------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,849,424 93.15% 87.69% Against 12,187 0.11% 0.10% Abstain 11,532 0.10% 0.10% Broker Non-Vote 700,014 6.62% 6.23% --------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,097,571 98.19% 95.31% Against 8,398 0.04% 0.03% Abstain 12,058 0.05% 0.05% Broker Non-Vote 349,170 1.70% 1.65% --------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 4,925,866 92.38% 87.35% Against 22,681 0.42% 0.40% Abstain 10,506 0.19% 0.18% Broker Non-Vote 372,855 6.99% 6.61% --------------- ------------ ----------- 5,331,908 100.00% 94.55% 58 - -------------------------------------------------------------------------------- (UNAUDITED) 2.5. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING SECURITIES LENDING. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,523,892 93.10% 91.77% Against 18,602 0.18% 0.17% Abstain 8,172 0.07% 0.07% Broker Non-Vote 678,165 6.62% 6.53% --------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,183,119 90.81% 85.49% Against 56,969 0.63% 0.59% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% --------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 233,763 88.56% 44.34% Against -- 0.00% 0.00% Abstain 2,182 0.82% 0.41% Broker Non-Vote 27,986 10.60% 5.30% --------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 80,491,100 96.56% 84.11% Against 210,818 0.25% 0.22% Abstain 123,177 0.14% 0.12% Broker Non-Vote 2,531,738 3.03% 2.64% --------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 10,984,374 88.68% 81.63% Against 23,430 0.18% 0.17% Abstain 46,556 0.37% 0.34% Broker Non-Vote 1,332,101 10.75% 9.89% --------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,557,066 98.40% 94.65% Against 2,088 0.01% 0.01% Abstain 17,909 0.14% 0.13% Broker Non-Vote 183,327 1.43% 1.38% --------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,325,839 82.03% 66.93% Against 28,861 1.01% 0.83% Abstain 6,011 0.21% 0.17% Broker Non-Vote 474,304 16.73% 13.64% --------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,245,041 98.56% 92.89% Against 14,217 0.07% 0.06% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% --------------- ------------ ----------- 19,524,947 100.00% 94.24% SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,538,887 93.70% 89.00% Against 10,060 0.11% 0.10% Abstain 20,382 0.22% 0.21% Broker Non-Vote 543,499 5.96% 5.66% --------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,856,497 93.22% 87.75% Against 7,145 0.06% 0.06% Abstain 9,501 0.08% 0.08% Broker Non-Vote 700,014 6.62% 6.23% --------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,097,571 98.19% 95.31% Against 8,398 0.04% 0.03% Abstain 12,058 0.05% 0.05% Broker Non-Vote 349,170 1.70% 1.65% --------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 4,945,601 92.75% 87.70% Against 8,138 0.15% 0.14% Abstain 5,314 0.09% 0.09% Broker Non-Vote 372,855 6.99% 6.61% --------------- ------------ ----------- 5,331,908 100.00% 94.55% 59 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 2.6. TO ELIMINATE THE FUNDAMENTAL POLICIES CONCERNING INVESTMENT IN OTHER INVESTMENT COMPANIES. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,522,090 93.09% 91.75% Against 20,405 0.19% 0.19% Abstain 8,171 0.07% 0.07% Broker Non-Vote 678,165 6.62% 6.53% --------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,181,687 90.79% 85.48% Against 58,401 0.64% 0.61% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% --------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 233,763 88.56% 44.34% Against -- 0.00% 0.00% Abstain 2,182 0.82% 0.41% Broker Non-Vote 27,986 10.60% 5.30% --------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 80,564,959 96.65% 84.19% Against 130,254 0.15% 0.13% Abstain 129,882 0.15% 0.13% Broker Non-Vote 2,531,738 3.03% 2.64% --------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 10,985,960 88.69% 81.64% Against 29,637 0.23% 0.22% Abstain 38,763 0.31% 0.28% Broker Non-Vote 1,332,101 10.75% 9.89% --------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,558,674 98.41% 94.66% Against 480 0.00% 0.00% Abstain 17,909 0.14% 0.13% Broker Non-Vote 183,327 1.43% 1.38% --------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,303,348 81.24% 66.28% Against 53,781 1.89% 1.54% Abstain 3,582 0.12% 0.10% Broker Non-Vote 474,304 16.73% 13.64% --------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,255,977 98.62% 92.94% Against 3,281 0.01% 0.01% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% --------------- ------------ ----------- 19,524,947 100.00% 94.24% SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,534,703 93.75% 89.05% Against 6,814 0.07% 0.07% Abstain 18,812 0.20% 0.19% Broker Non-Vote 543,499 5.96% 5.66% --------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,850,961 93.16% 87.70% Against 12,199 0.11% 0.10% Abstain 9,983 0.09% 0.08% Broker Non-Vote 700,014 6.62% 6.23% --------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,096,840 98.19% 95.31% Against 8,398 0.04% 0.03% Abstain 12,789 0.06% 0.06% Broker Non-Vote 349,170 1.70% 1.65% --------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 4,940,663 92.66% 87.62% Against 8,138 0.15% 0.14% Abstain 10,252 0.19% 0.18% Broker Non-Vote 372,855 6.99% 6.61% --------------- ------------ ----------- 5,331,908 100.00% 94.55% 60 - -------------------------------------------------------------------------------- (UNAUDITED) 2.7. TO ELIMINATE THE FUNDAMENTAL POLICIES CONCERNING SHORT SALES. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,505,893 92.93% 91.59% Against 36,602 0.35% 0.35% Abstain 8,171 0.07% 0.07% Broker Non-Vote 678,165 6.62% 6.53% --------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,182,092 90.80% 85.48% Against 57,996 0.64% 0.60% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% --------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 233,763 88.56% 44.34% Against -- 0.00% 0.00% Abstain 2,182 0.82% 0.41% Broker Non-Vote 27,986 10.60% 5.30% --------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 80,390,111 96.44% 84.01% Against 266,909 0.32% 0.27% Abstain 168,075 0.20% 0.17% Broker Non-Vote 2,531,738 3.03% 2.64% --------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 10,979,062 88.63% 81.59% Against 24,900 0.20% 0.18% Abstain 50,398 0.40% 0.37% Broker Non-Vote 1,332,101 10.75% 9.89% --------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,551,764 98.36% 94.61% Against 2,088 0.01% 0.01% Abstain 23,211 0.18% 0.17% Broker Non-Vote 183,327 1.43% 1.38% --------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,300,919 81.16% 66.21% Against 56,210 1.98% 1.61% Abstain 3,582 0.12% 0.10% Broker Non-Vote 474,304 16.73% 13.64% --------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,231,974 98.49% 92.83% Against 27,284 0.13% 0.13% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% --------------- ------------ ----------- 19,524,947 100.00% 94.24% SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,538,337 93.69% 88.99% Against 12,180 0.13% 0.12% Abstain 18,812 0.20% 0.19% Broker Non-Vote 543,499 5.96% 5.66% --------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,837,912 93.04% 87.59% Against 17,533 0.16% 0.15% Abstain 17,698 0.16% 0.15% Broker Non-Vote 700,014 6.62% 6.23% --------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,097,354 98.19% 95.31% Against 7,884 0.03% 0.03% Abstain 12,789 0.06% 0.06% Broker Non-Vote 349,170 1.70% 1.65% --------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 4,941,389 92.67% 87.63% Against 12,350 0.23% 0.21% Abstain 5,314 0.09% 0.09% Broker Non-Vote 372,855 6.99% 6.61% --------------- ------------ ----------- 5,331,908 100.00% 94.56% 61 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 2.8. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING INVESTMENT IN REAL ESTATE. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,519,241 93.06% 91.72% Against 23,253 0.22% 0.22% Abstain 8,172 0.07% 0.07% Broker Non-Vote 678,165 6.62% 6.53% --------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,199,560 90.99% 85.66% Against 40,528 0.44% 0.42% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% --------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 233,763 88.56% 44.34% Against -- 0.00% 0.00% Abstain 2,182 0.82% 0.41% Broker Non-Vote 27,986 10.60% 5.30% --------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 80,581,904 96.67% 84.21% Against 121,751 0.14% 0.12% Abstain 121,439 0.14% 0.12% Broker Non-Vote 2,531,739 3.03% 2.64% --------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 10,985,924 88.69% 81.64% Against 25,621 0.20% 0.19% Abstain 42,815 0.34% 0.31% Broker Non-Vote 1,332,101 10.75% 9.89% --------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,553,372 98.37% 94.62% Against 480 0.00% 0.00% Abstain 23,211 0.18% 0.17% Broker Non-Vote 183,327 1.43% 1.38% --------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,325,308 82.02% 66.91% Against 29,392 1.03% 0.84% Abstain 6,011 0.21% 0.17% Broker Non-Vote 474,304 16.73% 13.64% --------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,241,682 98.54% 92.88% Against 17,576 0.09% 0.08% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% --------------- ------------ ----------- 19,524,947 100.00% 94.24% SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 8,540,187 93.71% 89.01% Against 8,760 0.09% 0.09% Abstain 20,382 0.22% 0.21% Broker Non-Vote 543,499 5.96% 5.66% --------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,851,360 93.17% 87.71% Against 4,084 0.03% 0.03% Abstain 17,699 0.16% 0.15% Broker Non-Vote 700,014 6.62% 6.23% --------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,099,808 98.20% 95.32% Against 6,161 0.03% 0.02% Abstain 12,058 0.05% 0.05% Broker Non-Vote 349,170 1.70% 1.65% --------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 4,953,739 92.90% 87.85% Against -- 0.00% 0.00% Abstain 5,314 0.09% 0.09% Broker Non-Vote 372,855 6.99% 6.61% --------------- ------------ ----------- 5,331,908 100.00% 94.56% 62 - -------------------------------------------------------------------------------- (UNAUDITED) 2.9. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING UNDERWRITING OF SECURITIES. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 9,527,737 93.14% 91.80% Against 18,253 0.17% 0.17% Abstain 4,676 0.04% 0.04% Broker Non-Vote 678,165 6.62% 6.53% -------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 8,199,507 90.99% 85.66% Against 40,581 0.45% 0.42% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% -------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 233,763 88.56% 44.34% Against -- 0.00% 0.00% Abstain 2,182 0.82% 0.41% Broker Non-Vote 27,986 10.60% 5.30% -------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 80,547,680 96.62% 84.17% Against 122,375 0.14% 0.12% Abstain 155,040 0.18% 0.16% Broker Non-Vote 2,531,738 3.03% 2.64% -------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 10,981,499 88.65% 81.61% Against 25,047 0.20% 0.18% Abstain 47,814 0.38% 0.35% Broker Non-Vote 1,332,101 10.75% 9.89% -------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 12,546,739 98.32% 94.57% Against 7,113 0.05% 0.05% Abstain 23,211 0.18% 0.17% Broker Non-Vote 183,327 1.43% 1.38% -------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 2,325,839 82.03% 66.93% Against 28,861 1.01% 0.83% Abstain 6,011 0.21% 0.17% Broker Non-Vote 474,304 16.73% 13.64% -------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 19,241,682 98.54% 92.88% Against 17,576 0.09% 0.08% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% -------------- ------------ ----------- 19,524,947 100.00% 94.24% SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 8,540,187 93.71% 89.01% Against 8,760 0.09% 0.09% Abstain 20,382 0.22% 0.21% Broker Non-Vote 543,499 5.96% 5.66% -------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 9,844,697 93.11% 87.65% Against 11,230 0.10% 0.09% Abstain 17,216 0.16% 0.15% Broker Non-Vote 700,014 6.62% 6.23% -------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 20,101,723 98.21% 95.33% Against 8,398 0.04% 0.03% Abstain 7,906 0.03% 0.03% Broker Non-Vote 349,170 1.70% 1.65% -------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 4,945,601 92.75% 87.70% Against 8,138 0.15% 0.14% Abstain 5,314 0.09% 0.09% Broker Non-Vote 372,855 6.99% 6.61% -------------- ------------ ----------- 5,331,908 100.00% 94.55% 63 NOTES TO FINANCIAL STATEMENTS (concluded) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2000 2.10. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING PURCHASE OF COMMODITIES. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 9,497,890 92.85% 91.52% Against 44,604 0.43% 0.42% Abstain 8,172 0.07% 0.07% Broker Non-Vote 678,165 6.62% 6.53% -------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 8,183,172 90.81% 85.49% Against 56,916 0.63% 0.59% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% -------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 231,201 87.59% 43.86% Against -- 0.00% 0.00% Abstain 4,744 1.79% 0.90% Broker Non-Vote 27,986 10.60% 5.30% -------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 80,563,739 96.64% 84.19% Against 114,275 0.13% 0.11% Abstain 147,081 0.17% 0.15% Broker Non-Vote 2,531,738 3.03% 2.64% -------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 10,983,019 88.66% 81.62% Against 27,848 0.22% 0.20% Abstain 43,493 0.35% 0.32% Broker Non-Vote 1,332,101 10.75% 9.89% -------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 12,558,674 98.41% 94.66% Against 480 0.00% 0.00% Abstain 17,909 0.14% 0.13% Broker Non-Vote 183,327 1.43% 1.38% -------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 2,328,268 82.12% 67.00% Against 28,861 1.01% 0.83% Abstain 3,582 0.12% 0.10% Broker Non-Vote 474,304 16.73% 13.64% -------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 19,244,544 98.56% 92.89% Against 14,714 0.07% 0.07% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% -------------- ------------ ----------- 19,524,947 100.00% 94.24% SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 8,541,251 93.72% 89.02% Against 9,266 0.10% 0.09% Abstain 18,812 0.20% 0.19% Broker Non-Vote 543,499 5.96% 5.66% -------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 9,858,557 93.24% 87.77% Against 5,085 0.04% 0.04% Abstain 9,501 0.08% 0.08% Broker Non-Vote 700,014 6.62% 6.23% -------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 20,097,571 98.19% 95.31% Against 8,398 0.04% 0.03% Abstain 12,058 0.05% 0.05% Broker Non-Vote 349,170 1.70% 1.65% -------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 4,945,601 92.75% 87.70% Against 8,138 0.15% 0.14% Abstain 5,314 0.09% 0.09% Broker Non-Vote 372,855 6.99% 6.61% -------------- ------------ ----------- 5,331,908 100.00% 94.55% 64 - -------------------------------------------------------------------------------- (UNAUDITED) 2.11. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING CONCENTRATION. FLORIDA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 9,525,785 93.12% 91.78% Against 15,431 0.15% 0.14% Abstain 9,450 0.09% 0.09% Broker Non-Vote 678,165 6.62% 6.53% -------------- ------------ ----------- 10,228,831 100.00% 98.56% GEORGIA TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 8,183,119 90.81% 85.49% Against 56,969 0.63% 0.59% Abstain 7,282 0.08% 0.07% Broker Non-Vote 763,654 8.47% 7.97% -------------- ------------ ----------- 9,011,024 100.00% 94.14% HIGH INCOME FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 231,201 87.59% 43.86% Against -- 0.00% 0.00% Abstain 4,744 1.79% 0.90% Broker Non-Vote 27,986 10.60% 5.30% -------------- ------------ ----------- 263,931 100.00% 50.07% INVESTMENT GRADE BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 80,574,079 96.66% 84.20% Against 108,256 0.12% 0.11% Abstain 142,760 0.17% 0.14% Broker Non-Vote 2,531,738 3.03% 2.64% -------------- ------------ ----------- 83,356,833 100.00% 87.11% INVESTMENT GRADE TAX-EXEMPT BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 10,979,333 88.63% 81.59% Against 28,964 0.23% 0.21% Abstain 46,063 0.37% 0.34% Broker Non-Vote 1,332,101 10.75% 9.89% -------------- ------------ ----------- 12,386,461 100.00% 92.05% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 12,553,649 98.37% 94.62% Against 480 0.00% 0.00% Abstain 22,934 0.17% 0.17% Broker Non-Vote 183,327 1.43% 1.38% -------------- ------------ ----------- 12,760,390 100.00% 96.18% MARYLAND MUNICIPAL BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 2,325,308 82.02% 66.91% Against 29,392 1.03% 0.84% Abstain 6,011 0.21% 0.17% Broker Non-Vote 474,304 16.73% 13.64% -------------- ------------ ----------- 2,835,015 100.00% 81.58% SHORT-TERM BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 19,255,977 98.62% 92.94% Against 3,281 0.01% 0.01% Abstain 14,039 0.07% 0.06% Broker Non-Vote 251,650 1.28% 1.21% -------------- ------------ ----------- 19,524,947 100.00% 94.24% SHORT-TERM U.S. TREASURY SECURITIES FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 8,539,681 93.71% 89.01% Against 9,266 0.10% 0.09% Abstain 20,382 0.22% 0.21% Broker Non-Vote 543,499 5.96% 5.66% -------------- ------------ ----------- 9,112,828 100.00% 94.98% U.S. GOVERNMENT SECURITIES FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 9,857,546 93.23% 87.76% Against 6,096 0.05% 0.05% Abstain 9,501 0.08% 0.08% Broker Non-Vote 700,014 6.62% 6.23% -------------- ------------ ----------- 10,573,157 100.00% 94.13% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 20,103,960 98.22% 95.34% Against 6,161 0.03% 0.02% Abstain 7,906 0.03% 0.03% Broker Non-Vote 349,170 1.70% 1.65% -------------- ------------ ----------- 20,467,197 100.00% 97.06% VIRGINIA MUNICIPAL BOND FUND Shares Voted % of Voted % of Total -------------- ------------ ----------- For 4,943,609 92.71% 87.67% Against 5,192 0.09% 0.09% Abstain 10,252 0.19% 0.18% Broker Non-Vote 372,855 6.99% 6.61% -------------- ------------ ----------- 5,331,908 100.00% 94.55% 65 NOTES NOTES NOTES INVESTMENT ADVISER Trusco Capital Management, Inc. 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 an affiliate 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-----