-----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, MZzaggLu5sD23M361nBFgu6OESOcAvBc2spS/6FWAquovPFDk4bLH6dCGFPSTkBK RF7cRit2jiPDwg0gHSPVXw== 0000935069-01-000055.txt : 20010205 0000935069-01-000055.hdr.sgml : 20010205 ACCESSION NUMBER: 0000935069-01-000055 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001130 FILED AS OF DATE: 20010202 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: 1523775 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 SEMI-ANNUAL REPORT SEMI-ANNUAL ............................................................................... FINANCIAL REPORT ............................................................................... STI CLASSIC FUNDS ............................................................................... A Family of Mutual Funds ............................................................................... PRIME QUALITY MONEY MARKET FUND TAX-EXEMPT MONEY MARKET FUND VIRGINIA TAX-FREE MONEY MARKET FUND U.S. GOVERNMENT SECURITIES MONEY MARKET FUND U.S. TREASURY MONEY MARKET FUND November 30, 2000 [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, /s/signature omitted Douglas S. Phillips, CFA President, Chief Investment Officer Trusco Capital Management, Inc. 1 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 PRIME QUALITY MONEY MARKET FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- COMMERCIAL PAPER (29.0%) DIVERSIFIED OPERATIONS (0.4%) General Electric 6.570%, 01/11/01 $ 600 $ 595 6.550%, 01/18/01 1,300 1,289 6.550%, 01/22/01 2,800 2,773 PPG Industries 6.550%, 12/07/00 1,212 1,211 Rio Tinto America 6.500%, 12/04/00 6,000 5,997 6.520%, 12/20/00 9,715 9,682 ---------- 21,547 ---------- FINANCIAL SERVICES (17.4%) Associates 6.570%, 01/17/01 4,600 4,561 6.570%, 01/24/01 700 693 Barlcay 6.550%, 12/06/00 950 949 Beta Finance 6.570%, 01/11/01 38,000 37,716 Cortez Capital 6.530%, 12/21/00 12,336 12,291 Den Norske 6.560%, 01/08/01 36,000 35,751 6.540%, 01/16/01 93,979 93,194 Deutsche Bank Financial 6.550%, 01/11/01 25,000 24,813 First Capital 6.550%, 01/19/01 4,900 4,856 Fortune Brands 6.550%, 01/11/01 30,000 29,776 6.520%, 02/15/01 13,213 13,031 General Electric Capital 6.500%, 12/18/00 1,500 1,495 6.500%, 12/20/00 1,500 1,495 6.570%, 01/10/01 900 893 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- FINANCIAL SERVICES -- CONTINUED GMAC 6.500%, 12/15/00 $ 3,900 $ 3,890 Paccar Financial 6.550%, 01/30/01 2,000 1,978 Progress Capital 6.540%, 12/05/00 20,600 20,585 6.540%, 12/06/00 15,200 15,186 6.530%, 12/12/00 42,500 42,415 6.620%, 01/10/01 36,128 35,862 6.750%, 01/18/01 47,500 47,072 Prudential Funding 6.560%, 01/11/01 100,000 99,253 6.530%, 02/16/01 1,000 986 Sigma Finance 6.570%, 01/08/01 14,903 14,800 Teco Finance 6.530%, 12/06/00 3,025 3,022 6.490%, 12/08/00 50,000 49,937 6.490%, 12/14/00 30,000 29,930 6.550%, 12/18/00 10,000 9,969 6.550%, 12/20/00 8,690 8,660 6.520%, 02/28/01 6,950 6,838 6.520%, 03/01/01 29,500 29,019 6.500%, 03/05/01 32,900 32,342 6.530%, 03/12/01 24,750 24,297 Unilever Capital (A) (C) 6.683%, 09/07/01 110,000 110,000 Verizon Global 6.550%, 01/19/01 3,900 3,865 Verizon Network Funding 6.630%, 01/16/01 25,000 24,788 6.630%, 01/18/01 25,000 24,779 ---------- 900,987 ---------- FOOD, BEVERAGE & TOBACCO (3.0%) Campell Soup 6.290%, 08/27/01 100,000 95,300 2 - ------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- CONTINUED Heinz 6.640%, 02/16/01 $ 51,200 $ 50,486 Kellogg 6.600%, 01/29/01 7,600 7,518 ---------- 153,304 ---------- MEDICAL PRODUCTS (0.4%) Becton Dickinson 6.460%, 04/09/01 19,197 18,753 ---------- MULTIMEDIA (1.0%) Gannett 6.520%, 02/26/01 50,000 49,212 ---------- RETAIL (1.0%) Hertz 6.580%, 12/13/00 2,700 2,694 Lowe's 6.520%, 02/06/01 50,000 49,393 ---------- 52,087 ---------- TELEPHONES & TELECOMMUNICATIONS (3.6%) AT&T 6.540%, 01/11/01 20,000 19,851 Vodafone Air 6.610%, 01/11/01 100,000 99,247 6.580%, 01/12/01 4,000 3,969 6.620%, 01/31/01 63,000 62,293 ---------- 185,360 ---------- UTILITIES (2.2%) Carolina Power & Light 6.570%, 01/31/01 30,000 29,666 Florida Power & Light 6.550%, 12/11/00 2,000 1,996 Georgia Power 6.550%, 12/11/00 31,000 30,944 6.550%, 12/15/00 20,000 19,949 - ------------------------------------------------------------------------------ FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------ UTILITIES-- CONTINUED Kansas City Power & Light 6.630%, 01/09/01 $ 8,700 $ 8,637 South Carolina Fuel 6.550%, 12/21/00 6,142 6,120 6.550%, 12/22/00 17,038 16,973 6.650%, 01/11/01 2,012 1,997 ---------- 116,282 ---------- Total Commercial Paper (Cost $1,497,532) 1,497,532 ---------- CORPORATE OBLIGATIONS (40.1%) BANKS (13.3%) Amsouth Bank (C) 6.690%, 01/25/01 50,000 49,998 6.660%, 02/07/01 25,000 24,997 Bank America, MTN (C) 6.992%, 01/12/01 10,000 10,003 Bankers Trust, MTN (C) 6.740%, 12/18/01 2,400 2,400 Branch Banking & Trust (C) 6.620%, 12/11/00 50,000 49,993 6.670%, 02/01/01 65,000 64,994 Comerica Bank (C) 6.535%, 12/15/00 2,000 2,000 7.014%, 02/28/01 121,000 121,000 First Tennessee Bank (C) 6.994%, 02/07/01 100,000 100,000 First Union National Bank (C) 6.820%, 12/04/00 25,000 25,014 6.780%, 12/04/00 100,000 100,048 6.830%, 12/07/00 25,000 25,015 FleetBoston, MTN (C) 6.558%, 12/13/00 2,800 2,799 Fleet National Bank (C) 6.800%, 01/29/01 5,000 5,001 3 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 PRIME QUALITY MONEY MARKET FUND--CONTINUED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- BANKS-- CONTINUED Key Bank (C) 6.800%, 01/26/01 $20,000 $ 20,004 6.650%, 02/13/01 35,000 34,993 Wells Fargo, MTN (C) 6.590%, 12/14/00 50,000 50,000 ---------- 688,259 ---------- ENTERTAINMENT (1.0%) Walt Disney (A) 4.200%, 03/15/01 50,000 49,656 ---------- FINANCIAL SERVICES (15.8%) American General Financial, MTN 5.840%, 01/29/01 6,000 5,990 Associates 6.700%, 05/29/01 1,475 1,475 Associates, MTN 6.750%, 10/31/01 2,920 2,918 Associates, MTN (C) 6.660%, 12/15/00 75,000 75,000 AT&T Capital, MTN 6.875%, 01/16/01 3,700 3,700 AT&T Capital, MTN (C) 7.503%, 01/10/01 50,025 50,025 Beneficial, Ser H, MTN 6.330%, 12/18/00 2,440 2,440 Beta Finance (C) 6.880%, 1/25/01 50,000 49,999 Beta Finance, MTN (A) 6.800%, 02/15/01 25,000 25,000 Beta Finance, MTN (C) 6.801%, 01/05/01 25,000 25,000 Boeing Capital, MTN 6.830%, 05/21/01 5,500 5,504 Cargill Global, MTN (C) 6.910%, 02/02/01 10,000 10,012 Chrysler Financial 5.875%, 02/07/01 1,000 998 Chrysler Financial, MTN 6.080%, 03/09/01 5,000 4,986 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- FINANCIAL SERVICES-- CONTINUED Daimlerchrysler Holdings 6.630%, 09/21/01 $ 7,600 $ 7,593 Daimlerchrysler Holdings (C) 6.794%, 02/08/01 40,000 40,000 Edison International (C) (I) 6.649%, 12/18/00 130,000 129,984 Ford Motor Credit 5.750%, 01/25/01 1,500 1,497 General Electric Capital (C) 6.447%, 03/01/01 2,000 1,985 6.326%, 05/01/01 2,970 2,947 GMAC, MTN 6.800%, 05/22/01 3,250 3,245 GMAC, MTN (C) 6.930%, 02/02/01 32,350 32,406 6.891%, 02/23/01 3,500 3,501 Household Finance (C) 6.650%, 12/18/00 75,000 75,000 Household Finance, MTN ( C) 6.800%, 12/22/00 25,000 25,013 Norwest Financial 5.625%, 02/07/01 500 499 Paccar Financial, MTN (C) 6.773%, 12/04/00 20,000 20,000 Prudential Funding, MTN 5.890%, 04/16/01 2,700 2,691 Prudential Funding, MTN (C) 6.840%, 12/13/00 3,500 3,504 Sigma Finance, MTN 6.970%, 04/03/01 50,000 50,000 Sigma Finance, MTN (A) (C) 6.890%, 02/01/01 50,000 50,000 Toyota Motor Credit, MTN 6.500%, 10/31/01 3,000 2,993 Toyota Motor Credit, MTN (C) 6.974%, 12/01/00 100,000 100,000 ---------- 815,905 ---------- 4 - ------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- INVESTMENT BANKERS/BROKER DEALERS (5.6%) Bear Stearns, Euro MTN, (C) 6.766%, 12/29/00 $ 21,600 $ 21,609 Bear Stearns, MTN, (C) 6.820%, 12/04/00 12,450 12,455 6.808%, 12/07/00 3,500 3,501 6.260%, 12/26/00 40,000 39,981 JP Morgan, MTN (C) 6.609%, 12/18/00 50,000 50,000 Merrill Lynch 6.500%, 04/01/01 3,438 3,433 Merrill Lynch, MTN (C) 6.660%, 12/07/00 50,000 49,999 6.760%, 01/23/01 7,000 7,001 Morgan Stanley Dean Witter, MTN 5.625%, 02/28/01 20,000 19,941 6.680%, 03/16/01 5,000 5,000 Morgan Stanley Dean Witter, MTN (C) 6.645%, 12/15/00 75,000 75,000 ---------- 287,920 ---------- LEASING EQUIPMENT (0.8%) International Lease Finance 5.875%, 01/15/01 23,000 22,968 Xerox, MTN (C) 6.734%, 12/08/00 20,000 20,000 ---------- 42,968 ---------- REGIONAL GOVERNMENT AGENCY (0.3%) Hydro-Quebec 9.000%, 03/07/01 1,800 1,809 Hydro-Quebec, MTN 7.620%, 04/02/01 6,000 6,019 Quebec Province (C) 6.625%, 04/25/01 5,500 5,492 Quebec Providence, MTN 8.690%, 02/22/01 1,000 1,004 ---------- 14,324 ---------- - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- RETAIL (1.9%) Gap (C) 6.759%, 12/21/00 $100,000 $ 100,000 ---------- TELEPHONES & TELECOMMUNICATIONS (1.4%) AT&T (A) 6.819%, 01/15/01 35,000 35,000 AT&T, MTN (C) 7.410%, 12/20/00 26,875 26,885 GTE California 5.625%, 02/01/01 13,000 12,970 ---------- 74,855 ---------- Total Corporate Obligations (Cost $2,073,887) 2,073,887 ---------- ASSET-BACKED SECURITIES (1.3%) Americredit Auto Receivables Trust, Ser 2000-D, Cl A1 6.720%, 06/05/01 26,000 26,000 Amsouth Auto Trust, Ser 2000-1, Cl A1 6.745%, 05/15/01 21,140 21,140 Anrc Auto Owner Trust 2000-A A1 6.725%, 02/15/01 4,587 4,587 Ford Motor Auto Owner Trust, Ser 2000-E 6.581%, 01/15/01 1,570 1,570 Nissan Auto Receivables Owner Trust, Ser 2000-B 6.831%, 03/15/01 4,083 4,084 Union Acceptance, Ser 2000-A, Cl A1 6.729%, 03/08/01 10,000 10,000 ---------- Total Asset-Backed Securities (Cost $67,381) 67,381 ---------- 5 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 PRIME QUALITY MONEY MARKET FUND--CONCLUDED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT -- DOMESTIC (1.0%) Fleet National Bank ( C) 6.800%, 01/29/01 $ 5,000 $ 5,001 Key Bank 5.030%, 12/11/00 5,000 4,998 Regions Bank 6.700%, 02/02/01 40,000 39,997 ---------- Total Certificates of Deposit -- Domestic (Cost $49,996) 49,996 ---------- CERTIFICATES OF DEPOSIT -- YANKEE (12.2%) Bayerische Landesbank NY 6.545%, 12/15/00 11,000 11,000 Bayerische Landesbank NY (C) 6.994%, 02/28/01 120,000 120,000 Canadian Imperial Bank NY 7.090%, 05/04/01 50,000 49,996 Commerzbank NY 6.860%, 04/04/01 25,000 24,998 Deutsche Bank NY 6.695%, 02/05/01 50,000 49,972 7.024%, 05/30/01 47,000 47,000 Landesbank Hessen-Thueringen 7.143%, 05/08/01 75,000 74,998 National Westminster Bank NY 7.260%, 05/09/01 47,000 46,998 Rabobank NY 7.160%, 05/10/01 25,000 24,999 Societe Generale NY (C) 6.569%, 12/18/00 3,000 3,000 7.024%, 02/27/01 125,000 125,000 UBS Stamford 6.850%, 03/28/01 50,000 49,994 ---------- Total Certificates of Deposit -- Yankee (Cost $627,955) 627,955 ---------- - ------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- CASH EQUIVALENTS (8.6%) AIM Liquid Assets Portfolio 232,000,000 $ 232,000 Aim Short Term Prime Obligation Portfolio 210,000,000 210,000 ---------- Total Cash Equivalents (Cost $442,000) 442,000 ---------- U.S. GOVERNMENT AGENCY OBLIGATIONS (2.6%) FHLMC 5.500%, 06/01/01 $ 2,509 2,492 SLMA, MTN (C) 6.794%, 02/01/01 130,000 130,014 SLMA, Ser 1996-3, Cl A1 (C) 6.834%, 01/25/01 1,332 1,326 SLMA, Ser 1996-4, Cl A1 (C) 6.824%, 01/25/01 459 458 ---------- Total U.S. Government Agency Obligations (Cost $134,290) 134,290 ---------- REPURCHASE AGREEMENTS (4.9%) Barclays 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $30,090,566 (collateralized by U.S. Government obligations: total market value $30,687,227) (B) 30,085 30,085 JP Morgan 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $128,987,423 (collateralized by U.S. Government obligations: total market value $131,543,458) (B) 128,964 128,964 6 - ------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- CONTINUED Merrill Lynch 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $10,611,227 (collateralized by U.S. Government obligations: total market value $10,821,925) (B) $10,609 $ 10,609 UBS Warburg 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $86,081,088 (collateralized by U.S. Government obligations: total market value $87,790,081) (B) 86,066 86,066 ---------- Total Repurchase Agreements (Cost $255,724) 255,724 ---------- Total Investments (99.7%) (Cost $5,148,765) 5,148,765 ---------- OTHER ASSETS AND LIABILITIES, NET (0.3%) 17,188 ---------- - ------------------------------------------------------------------------------- VALUE (000) - ------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization-- no par value) based on 3,388,756,929 outstanding shares of beneficial interest $3,388,681 Fund shares of the Investor Shares (unlimited authorization-- no par value) based on 1,775,018,683 outstanding shares of beneficial interest 1,775,019 Fund shares of the Flex Shares (unlimited authorization-- no par value) based on 2,594,423 outstanding shares of beneficial interest 2,594 Undistributed net investment income 16 Accumulated net realized loss on investments (357) ---------- Total Net Assets 100.0% $5,165,953 ========== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $1.00 ========== Net Asset Value, Offering and Redemption Price Per Share-- Investor Shares $1.00 ========== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares $1.00 ========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 27. 7 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 TAX-EXEMPT MONEY MARKET FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MUNICIPAL BONDS (91.8%) ALABAMA (1.8%) Cherokee, Industrial Development Board, BOC Group Project, RB (C) (D) (E) 4.200%, 12/07/00 $3,500 $ 3,500 Mobile, Airport Authority, Ser A24, RB 4.400%, 11/08/01 9,055 9,055 Mobile, Industrial Development, Board Dock & Wharf Holnam Project, Ser A, RB (C) (D) (E) 4.100%, 12/06/00 4,900 4,900 ---------- 17,455 ---------- ARIZONA (1.0%) Arizona State, Educational Loan Marketing, Ser A, RB, AMT (C) (D) (E) 4.200%, 12/06/00 2,500 2,500 Salt River Project, Agricultural Improvement & Power District, Electric System, Ser SG-10, RB (C) (D) 4.220%, 12/07/00 7,570 7,570 ---------- 10,070 ---------- CALIFORNIA (1.5%) California State, Higher Education Student Loan Authority, Senior Lien, Ser A-4, RB, AMT (C) (D) 4.350%, 04/01/01 5,000 5,000 California State, Higher Education Student Loan Authority, Ser A, RB (C) (D) (E) 4.150%, 12/06/00 7,600 7,600 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- CALIFORNIA -- CONTINUED California State, Higher Education Student Loan Authority, Ser A, RB (E) 4.400%, 06/01/01 $2,900 $ 2,900 ---------- 15,500 ---------- COLORADO (0.9%) Cherry Creek, South Metropolitan District Number 1, GO (C) (D) (E) 4.300%, 12/07/00 1,250 1,250 Colorado State, Multi-Family Housing Finance Authority, St. Moritz Project, Ser H, RB, FNMA (C) (D) 4.200%, 12/06/00 5,815 5,815 Lowry, Economic Redevelopment Authority, Ser B, RB (C) (D) (E) 4.150%, 12/06/00 2,000 2,000 ---------- 9,065 ---------- DELAWARE (0.2%) Delaware State, Educational Development Authority, RB (C) (D) (E) 4.525%, 12/07/00 1,875 1,875 ---------- DISTRICT OF COLUMBIA (1.5%) District of Columbia, George Washington University, Ser C, RB, MBIA (C) (D) 4.200%, 12/06/00 7,500 7,500 District of Columbia, Planned Parenthood, RB (C) (D) (E) 4.200%, 12/07/00 7,250 7,250 ---------- 14,750 ---------- 8 - -------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- FLORIDA (6.5%) Florida State, Board of Education Capital Outlay, Ser 223, GO (C) (D) 4.220%, 12/07/00 $ 5,000 $ 5,000 Florida State, Board of Education, Eagle Trust, RB Prerefunded @ 100 (C) (D) (F) 4.220%, 12/07/00 13,315 13,315 Florida State, Board of Education, Eagle Trust, Ser 94901, RB (C) (D) 4.220%, 12/07/00 16,900 16,900 Miami Beach, Health Facilities Authority, Ser PT 447, RB (C) (D) 4.370%, 12/01/00 10,000 10,000 Palm Beach County, Norton Gallery Project, RB (C) (D) (E) 4.100%, 12/06/00 2,500 2,500 Putnam County, Pollution Control Authority, Seminole Electric Cooperative, Ser D, RB (C) (D) 4.350%, 12/15/00 2,000 2,000 St. Lucie County, Pollution Control Authority, TECP 4.300%, 12/07/00 1,500 1,500 University of North Florida, Parking System, RB (C) (D) (E) 4.250%, 12/07/00 6,000 6,000 University South Florida, Research Foundation, University Technology Center, RB (C) (D) (E) 4.250%, 12/07/00 7,000 7,000 ---------- 64,215 ---------- GEORGIA (7.7%) Atlanta, Airport Authority, Ser 313, RB (C) (D) 4.220%, 01/01/01 3,335 3,335 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- GEORGIA -- CONTINUED Atlanta, Ser SG-123, GO (C) (D) 4.220%, 12/07/00 $ 9,845 $ 9,845 Clayton County, Special Development Facilities Authority, Delta Airlines Project, Ser A (C) (D) (E) 4.100%, 12/06/00 24,585 24,585 Cobb County, Development Authority, Educational Facilities, Kennesaw State University Project, RB, AMBAC (C) (D) 4.150%, 12/07/00 6,085 6,085 Fulton County, Development Authority, American National Red Cross Project, RB (C) (D) (E) 4.200%, 12/07/00 1,000 1,000 Fulton County, Development Authority, Metropolitan YMCA Project, RB (C) (D) (E) 4.150%, 12/07/00 8,500 8,500 Georgia State, Eagle Trust, RB 4.220%, 12/07/00 7,025 7,025 Gordon County, Development Authority, Sara Lee Project, RB (C) (D) 4.300%, 12/07/00 1,400 1,400 Gwinnett County, Solid Waste Disposal Facilities, Lucent Technology Project, RB, AMT (C) (D) 4.550%, 12/06/00 3,000 3,000 Houston County, Clean Control Project, RB (C) (D) 4.300%, 12/07/00 3,500 3,500 Lafayette, Industrial Development Authority, Blue-Bird Project, RB (C) (D) (E) 4.200%, 12/07/00 1,000 1,000 9 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- GEORGIA -- CONTINUED Mitchell County, Industrial Development Authority, City of Camille Project, RB (C) (D) (E) 4.200%, 12/07/00 $ 3,600 $ 3,600 Municipal Electric Authority, Project One, Sub-Ser E, RB (C) (D) (E) 4.250%, 12/06/00 4,000 4,000 ---------- 76,875 ---------- IDAHO (0.8%) Idaho State, Housing and Finance Association, Ser PA-115, RB (C) (D) 4.270%, 12/07/00 5,166 5,166 Idaho State, TAN 5.375%, 06/29/01 2,500 2,514 ---------- 7,680 ---------- ILLINOIS (5.5%) Bloomington, Airport Authority, GO (C) (D) 4.250%, 12/06/00 1,200 1,200 Chicago, Airport Special Facilities Authority, Centerpoint O'Hare, RB, AMT (C) (D) (E) 4.300%, 12/06/00 2,800 2,800 Chicago, Merlots Project, Ser WWW, RB 4.400%, 01/01/22 11,000 11,000 Illinois State, Development Finance Authority, Derby Industrial Project, RB, AMT (C) (D) (E) 4.450%, 12/06/00 600 600 Illinois State, Development Finance Authority, Pollution Control, Aces-Illinois Power Company, Ser C, RB, AMT (C) (D) (E) 4.250%, 12/05/00 3,000 3,000 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- ILLINOIS -- CONTINUED Illinois State, Development Finance Authority, Pollution Control, Power Project, Ser A, RB (C) (D) (E) 4.150%, 12/06/00 $5,000 $ 5,000 Illinois State, Development Finance Authority, Pollution Control, Power Project, Ser C, RB (C) (D) (E) 4.350%, 12/15/00 8,000 8,000 Illinois State, Educational Facilities Authority, Chicago Childrens Museum, RB (C) (D) (E) 4.200%, 12/06/00 1,600 1,600 Illinois State, Educational Facilities Authority, Museum of Science & Industry, RB (C) (D) (E) 4.150%, 12/06/00 5,300 5,300 Illinois State, Health Facilities Authority, Advocate Health Care, Ser B, RB (C) (D) 4.300%, 12/06/00 2,400 2,400 Illinois State, Health Facilities Authority, Proctor Hospital, RB (C) (D) (E) 4.200%, 12/06/00 5,100 5,100 Illinois State, Health Facilities Authority, Streeterville Project, RB (C) (D) (E) 4.200%, 12/06/00 2,000 2,000 Lockport, Industrial Development Authority, Panduit Project, RB, AMT (C) (D) (E) 4.300%, 12/06/00 2,000 2,000 Savanna, Industrial Development Authority, Metform Project, Ser A, RB, AMT (C) (D) (E) 4.300%, 12/06/00 500 500 10 - -------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- ILLINOIS -- CONTINUED Savanna, Industrial Development Authority, Metform Project, Ser B, RB, AMT (C) (D) (E) 4.300%, 12/06/00 $ 1,400 $ 1,400 Wheeling, Industrial Development Authority, Circuit Service Project, RB, AMT (C) (D) (E) 4.450%, 12/07/00 2,600 2,600 ---------- 54,500 ---------- INDIANA (7.1%) Elkhart, Industrial Economic Development Authority, Holly Park, RB, AMT (C) (D) (E) 4.450%, 12/06/00 2,000 2,000 Fort Wayne, Industrial Economic Development Authority, Technology Project, RB, AMT (C) (D) (E) 4.300%, 12/06/00 1,000 1,000 Indianapolis, Industrial Economic Development Authority, Allied Signal Project, RB (C) (D) 4.300%, 12/06/00 3,500 3,500 Indiana State, Development Finance Authority, Culver Educational Facilities, RB (C) (D) (E) 4.150%, 12/06/00 12,700 12,700 Indiana State, Development Finance Authority, Educational Facility, Indiana Historical Society, RB (C) (D) (E) 4.200%, 12/06/00 1,200 1,200 Indiana State, Educational Facilities Authority, Educational Facility, Indiana Wesleyan Project, Ser B, RB (C) (D) (E) 4.300%, 12/06/00 2,500 2,500 - ------------------------------------------------------------------------------ FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------ INDIANA -- CONTINUED Indiana State, Health Facilities Financing Authority, Clarian Health Hospital Project, Ser B, RB (C) (D) 4.150%, 12/08/00 $30,000 $ 30,000 Indiana State, Health Facilities Financing Authority, Clarian Health Partners, Ser B, RB (C) (D) 4.400%, 12/06/00 2,000 2,000 Indiana State, Transportation Financing Authority Highway, Ser PT-1159, RB (C) (D) 4.300%, 12/01/00 9,710 9,710 Jasper, Industrial Economic Development Authority, Wabash Valley Produce Project, RB, AMT (C) (D) (E) 4.450%, 12/07/00 2,000 2,000 La Porte County, Economic Development Authority, Pedcor Investments-Woodland, RB, AMT (C) (D) (E) 4.330%, 12/07/00 2,000 2,000 Michigan City, Economic Development Authority, Performance Packaging, RB, AMT (C) (D) (E) 4.450%, 12/06/00 600 600 Munster, School Building, Ser 269, RB, FSA (C) (D) 4.370%, 12/07/00 1,000 1,000 ---------- 70,210 ---------- IOWA (1.1%) Iowa State, Cash Anticipation Program, RB, FSA 4.750%, 02/01/01 5,000 5,003 11 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- IOWA-- CONTINUED Sac County, Industrial Authority, Evapco Project, RB, AMT (C) (D) (E) 4.400%, 12/07/00 $3,500 $ 3,500 West Des Moines, Commercial Development, Greyhound Lines Project, RB (C) (D) (E) 4.150%, 12/06/00 2,500 2,500 ---------- 11,003 ---------- KANSAS (1.1%) Sedgewick & Shawnee Counties, Ser PT 227, RB (C) (D) (E) 4.320%, 12/07/00 10,715 10,715 ---------- KENTUCKY (1.1%) Jefferson County, Industrial Building, Fisher-Klosterman Project, RB, AMT (C) (D) (E) 4.450%, 12/07/00 1,925 1,925 Kentucky State, Asset/Liability Community General Fund Authority, Ser A, TRAN 5.250%, 06/27/01 3,000 3,012 Kentucky State, Development Districts Financing Authority, RB (C) (D) 4.250%, 12/07/00 6,400 6,400 ---------- 11,337 ---------- LOUISIANA (2.1%) Calcasieu Parish, Industrial Development Board, Hydroserve Westlake, RB, AMT (C) (D) (E) 4.250%, 12/06/00 5,000 5,000 Louisiana State, Eagle Trust, Ser 94180, RB (C) (D) 4.220%, 12/07/00 8,000 8,000 - ------------------------------------------------------------------------------ FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------ LOUISIANA -- CONTINUED Louisiana State, Public Facilities Authority, Pollution Control, Ciba-Geigy Project, RB (C) (D) (E) 4.100%, 12/06/00 $2,400 $ 2,400 Louisiana State, Public Facilities Authority, Ser A, GO 5.000%, 09/05/01 5,335 5,354 ---------- 20,754 ---------- MAINE (0.5%) Maine, Housing Authority Mortgage, Ser 295, RB, AMT (C) (D) 4.470%, 12/07/00 4,893 4,892 ---------- MARYLAND (1.1%) Baltimore County, Industrial Development Authority, AlliedSignal Project, RB (C) (D) 4.250%, 12/06/00 1,000 1,000 Maryland State, Community Development Administration, Ser 170, RB (C) (D) 4.220%, 12/07/00 5,795 5,795 Maryland State, Community Development Administration, Ser PT-256, RB, AMT, FHA (C) (D) (E) 4.270%, 12/07/00 4,240 4,240 ---------- 11,035 ---------- MICHIGAN (1.5%) Michigan State, Hospital Finance Authority, Sisters of Mercy Health Project, Ser J, RB Prerefunded @ 102 (F) 7.500%, 02/15/01 1,000 1,026 12 - ------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MICHIGAN -- CONTINUED Michigan State, Housing Development Authority, Woodland Meadows Project, RB, AMT (C) (D) (E) 4.250%, 12/06/00 $1,000 $ 1,000 Michigan State, Municipal Board Authority, Ser B-1, RB 5.000%, 07/02/01 3,600 3,613 Michigan State, Strategic Fund, Consolidated Industrial Project, RB, AMT (C) (D) (E) 4.450%, 12/06/00 2,400 2,400 Michigan State, Strategic Fund, Industrial Development Authority, Norcor Manufacturing Project, RB (C) (D) (E) 4.150%, 12/05/00 3,000 3,000 Oakland County, Economic Development Authority, Moody Family Limited Project, RB, AMT (C) (D) (E) 4.450%, 12/06/00 800 800 Okemos, Public School District, Ser I, GO Prerefunded @ 102 (F) 6.900%, 05/01/11 3,000 3,090 ---------- 14,929 ---------- MINNESOTA (0.3%) Bloomington, Independent School District, Ser B, GO 5.000%, 02/01/01 2,490 2,493 ---------- MISSOURI (0.7%) Carthage, Industrial Development Authority, Schrieber Project, RB, AMT (C) (D) (E) 4.300%, 12/06/00 3,100 3,100 Missouri State, Environmental Improvement & Energy Resource Authority, Utilicorp United Project, RB, AMT (C) (D) (E) 4.300%, 12/06/00 700 700 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MISSOURI-- CONTINUED Missouri State, Health & Educational Facilities, Christian Health, Ser A, RB, FGIC Prerefunded @ 102 (F) 6.875%, 02/15/01 $3,400 $ 3,485 ---------- 7,285 ---------- MONTANA (0.9%) Missoula County, Economic Development Authority, Dinny Stranahan Research Project, RB (C) (D) (E) 4.200%, 12/07/00 8,500 8,500 ---------- NEVADA (2.4%) Clark County, Airport Improvement Authority, Sub-Lien Ser A-2, RB, AMT (C) (D) (E) 4.250%, 12/06/00 4,790 4,790 Clark County, School District, GO (C) (D) 4.220%, 12/07/00 8,345 8,345 Nevada State, Ser 344, FGIC, GO (C) (D) 4.370%, 12/07/00 5,495 5,495 Nevada State, Ser SG-114, RB (C) (D) 4.220%, 12/07/00 5,000 5,000 ---------- 23,630 ---------- NEW HAMPSHIRE (0.5%) New Hampshire State, Housing Finance Authority, Ser PT-348, RB (C) (D) (E) 4.270%, 12/07/00 5,195 5,195 ---------- NEW YORK (1.6%) Nassau County, Ser B, RB 6.250%, 03/20/01 3,000 3,013 13 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- NEW YORK -- CONTINUED New York City, Municipal Water Financing Authority, Ser SGB-27, RB, FSA 4.140%, 12/07/00 $9,000 $ 9,000 Southeast New York, Industrial Development Agency, Unilock New York Project, RB, AMT (C) (D) (E) 4.300%, 12/06/00 2,200 2,200 Syracuse, Ser 207, RB, AMT, FGIC (C) (D) 4.220%, 12/07/00 1,425 1,425 ---------- 15,638 ---------- NORTH CAROLINA (4.3%) Charlotte, Airport Authority, Ser A, RB, AMT, MBIA (C) (D) 4.200%, 12/06/00 4,200 4,200 Cleveland County, Family YMCA, RB (C) (D) (E) 4.300%, 12/07/00 2,770 2,770 Mecklenburg County, Industrial Facilities & Pollution Control, Sterigenics International Project, RB, AMT (C) (D) (E) 4.300%, 12/06/00 1,700 1,700 Mecklenburg County, Public Improvement, Ser C, GO (C) (D) (E) 4.150%, 12/06/00 5,000 5,000 Mecklenburg County, Ser C, GO (C) (D) 4.150%, 12/07/00 8,850 8,850 North Carolina State, Educational Facilities Finance Agency, Guilford College, RB, MBIA (C) (D) 4.200%, 12/06/00 2,200 2,200 North Carolina State, Educational Facilities Finance Agency, Wake Forest University, RB (C), (D) 4.300%, 12/07/00 4,000 4,000 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- NORTH CAROLINA -- CONTINUED North Carolina State, Medical Care Community Hospital, Carolina Medicorp Project, RB Prerefunded @ 100 (F) 6.000%, 05/01/01 $ 6,000 $ 6,040 North Carolina State, Medical Care Community Hospital, Lutheran Services For The Aging Project, RB (C) (D) (E) 4.250%, 12/06/00 8,135 8,135 ---------- 42,895 ---------- OHIO (7.2%) Cincinnati, Student Loan Funding Authority, Ser A-2, RB, AMT (C) (D) 4.200%, 12/06/00 29,300 29,300 Cuyahoga County, Hospital Facilities Authority, Cleveland Clinic Foundation, Ser A, RB (C) (D) 4.200%, 12/06/00 6,000 6,000 Ohio State, Air Quality Development Authority, JMG Limited Partnership, Ser A, RB, AMT (C) (D) (E) 4.200%, 12/06/00 3,000 3,000 Ohio State, Environmental Improvement Authority, Newark Group Industries Project, RB, AMT (C) (D) (E) 4.200%, 12/07/00 4,600 4,600 Ohio State, Higher Education Facility Commission, Pooled Financing, RB (C) (D) (E) 4.450%, 12/07/00 4,680 4,680 Ohio State, Housing Finance Authority, RB (C) (D) 4.220%, 12/07/00 12,815 12,815 14 - ------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- OHIO -- CONTINUED Ohio State, Public Facilities Commission, Higher Education Capital Facilities, Ser II-A, RB 4.500%, 12/01/00 $2,405 $ 2,405 Warrren County, Health Care Improvement, Otterbein Project, Ser A, RB (C) (D) (E) 4.150%, 12/07/00 9,040 9,040 ---------- 71,840 ---------- OKLAHOMA (0.1%) Tulsa County, Independent School District Number 9 Authority, Union Education Board, GO 4.500%, 06/01/01 1,000 1,000 ---------- PENNSYLVANIA (4.7%) Bethlehem, Area School District, GO, FGIC Prerefunded @ 100 (F) 5.600%, 03/01/01 9,065 9,094 Cambria County, Industrial Development Authority, Cambria Cogeneration, Ser A-1, RB, AMT, (C) (D) (E) 4.150%, 12/06/00 7,125 7,125 Delaware County, Hospital Authority, Crozer-Chester Medical Center, RB, MBIA Prerefunded @ 102 (F) 7.150%, 12/15/00 2,550 2,604 Delaware Valley, Regional Finance Authority, Ser B, RB (C) (D) (E) 4.150%, 12/06/00 8,100 8,100 Pennsylvania State, Intergovern-mental Cooperation Authority, Special Tax Revenue, Ser SG-67, RB (C) (D) 4.150%, 12/07/00 9,630 9,630 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- PENNSYLVANIA -- CONTINUED Philadelphia, Industrial Development Authority, Chemical Heritage Foundation Project RB (C) (D) (E) 4.150%, 12/07/00 $10,000 $ 10,000 ---------- 46,553 ---------- RHODE ISLAND (0.5%) Rhode Island State, Multi-Modal, GO (C) (D) 4.100%, 12/06/00 4,800 4,800 ---------- SOUTH CAROLINA (2.0%) Newberry County, Newberry County Memorial Hospital Authority, RB (C) (D) (E) 4.150%, 12/07/00 10,000 10,000 South Carolina State, Educational Facilities Authority, Newberry College Project, RB (C) (D) (E) 4.300%, 12/07/00 3,000 3,000 South Carolina State, Jobs Economic Development Authority, Anderson Area YMCA Project, RB (C) (D) (E) 4.250%, 12/07/00 7,100 7,100 ---------- 20,100 ---------- TENNESSEE (1.9%) Covington, Industrial Development Board, Charms Project, RB, AMT (C) (D) (E) 4.300%, 12/06/00 3,000 3,000 Metropolitan Government Nashville & Davidson County, Eagle Trust, GO (C) (D) 4.220%, 12/07/00 10,000 10,000 15 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- TENNESSEE -- CONTINUED Metropolitan Government Nashville & Davidson County, Ser 251, GO (C) (D) 4.370%, 12/07/00 $ 3,400 $ 3,400 Tennessee State, Housing Development Agency, Ser 281, RB, AMT (C) (D) 4.470%, 12/07/00 2,553 2,553 ---------- 18,953 ---------- TEXAS (6.7%) Georgetown, Higher Education Finance Authority, Southwestern University Project, RB (C) (D) (E) 4.150%, 12/06/00 2,000 2,000 Hockley County, Industrial Development Authority, Amoco Project, RB (C) (D) 4.350%, 12/01/00 2,500 2,500 Houston, Water & Sewer System Authority, Ser SG-78, RB (C) (D) 4.220%, 12/07/00 8,835 8,835 Pearland, Independent School District, Ser SG-106, RB (C) (D) 4.220%, 12/07/00 6,245 6,245 Texas State, Department of Housing & Community Affairs, Ser PT 1250, RB (C) (D) 4.420%, 12/07/00 12,000 12,000 Texas State, Eagle Trust, Ser 991301, GO (C) (D) 4.220%, 12/07/00 9,900 9,900 Texas State, Higher Education Authority, MBIA, RB (C) (D) 4.200%, 12/06/00 14,200 14,200 Texas State, Lower Colorado River Authority, Merlots, Ser ZZZ, RB (C) (D) 4.400%, 12/01/00 3,500 3,500 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- TEXAS-- CONTINUED Texas State, Public Facilities, Eagle Trust, RB (C) (D) 4.220%, 12/07/00 $ 7,180 $ 7,180 ---------- 66,360 ---------- UTAH (0.8%) Salt Lake County, Ser PT 240, RB (C) (D) 4.500%, 12/18/00 7,645 7,645 ---------- VIRGINIA (4.6%) Alexandria, Industrial Development Authority, Resource Recovery Project, RB, AMT (C) (D) (E) 4.250%, 12/08/00 11,400 11,400 Fairfax County, Ser 392, COP (C) (D) 4.220%, 12/07/00 14,500 14,500 Front Royal & Warren County, Industrial Development Authority, Pen Tab Industries Project, RB, AMT (C) (D) (E) 4.350%, 12/07/00 2,600 2,600 King George County, Industrial Development Authority, Birchwood Power Partners Project, Ser A, RB, AMT (C) (D) (E) 4.350%, 12/08/00 4,850 4,850 Peninsula Port Authority, Dominion Term Project, Ser 1987C, RB (C) (D) (E) 4.100%, 12/08/00 5,000 5,000 Virginia State, Public Authority, School Improvements Project, Ser 11, RB (C) (D) 4.170%, 12/07/00 3,000 3,000 16 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Waynesboro, Industrial Development Authority, Residential Care Facilities, Sunnyside Presbyterian Project, RB (C) (D) (E) 4.250%, 12/08/00 $ 4,000 $ 4,000 ---------- 45,350 ---------- WASHINGTON (5.5%) Port Seattle Passenger Facility, Ser 299, RB, AMT, AMBAC (C) (D) 4.470%, 12/07/00 2,358 2,358 Seattle, Ser 348, GO (C) (D) 4.370%, 12/07/00 4,495 4,495 Seattle, Water Systems Authority, RB (C) (D) (E) 4.150%, 12/06/00 4,100 4,100 Washington State, Public Power Supply Systems Authority, Nuclear Power Project No. 2, Ser A, RB 6.300%, 07/01/01 3,000 3,030 Washington State, Public Power Supply System, Nuclear Project No. 1, Ser 1A-1, RB (C) (D) (E) 4.200%, 12/06/00 4,535 4,535 Washington State, Public Power Supply System, Nuclear Project No. 2, Ser 2A-1, RB, MBIA (C) (D) 4.100%, 12/06/00 5,200 5,200 Washington State, Public Power Supply System, Nuclear Project No. 3, Ser 3A-3, RB (C) (D) (E) 4.100%, 12/06/00 11,720 11,720 Washington State, Ser B, GO Prerefunded @ 100 (F) 6.700%, 06/01/01 4,000 4,038 Washington State, Ser I-13, GO 4.660%, 12/07/00 15,000 15,000 ---------- 54,476 ---------- - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- WEST VIRGINIA (1.1%) Marshall County, Pollution Control Authority, AlliedSignal Project, RB (C) (D) 4.300%, 12/06/00 $8,630 $ 8,630 Marshall County, Pollution Control Authority, PPG Industries Project, RB (C) (D) 4.300%, 12/07/00 2,000 2,000 ---------- 10,630 ---------- WISCONSIN (2.5%) Appleton, Industrial Development Authority, Pro Lable Project, RB, AMT (C) (D) (E) 4.550%, 12/07/00 785 785 Germantown, Industrial Development Authority, Speaker Project, RB, AMT (C) (D) (E) 4.550%, 12/07/00 800 800 Holland, Industrial Development Authority, White Clover Dairy Project, RB, AMT (C) (D) (E) 4.450%, 12/07/00 1,445 1,445 Milwaukee, GO 5.000%, 02/01/01 2,000 2,002 Milwaukee, Metropolitan Sewer District, Ser 288, GO (C) (D) 4.420%, 12/07/00 1,763 1,763 Oconomowoc, Industrial Development Authority, Quest Technologies Project, RB, AMT (C) (D) (E) 4.450%, 12/07/00 1,495 1,495 Wisconsin State, Health Facilities Authorities, Franciscan Health Care, Ser A-1, RB (C) (D) (E) 4.150%, 12/06/00 6,105 6,105 17 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 TAX-EXEMPT MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000)/SHARES VALUE (000) - -------------------------------------------------------------------------------- WISCONSIN -- CONTINUED Wisconsin State, Ser PT 1137, RB 4.300%, 02/15/01 $ 4,515 $ 4,515 Wisconsin State, TECP 4.250%, 12/07/00 5,875 5,875 -------- 24,785 -------- MULTI-STATE (0.5%) Tax-Exempt Grantor Trust, IBM, Ser 1999-A, RB (C) (D) 4.370%, 03/14/06 4,690 4,690 -------- Total Municipal Bonds (Cost $909,678) 909,678 -------- CASH EQUIVALENTS (4.9%) Financial Square Tax Free Portfolio 18,788,056 18,788 SEI Tax Exempt Trust -- Institutional Tax Free Fund 30,000,000 30,000 -------- Total Cash Equivalents (Cost $48,788) 48,788 -------- Total Investments (96.7%) (Cost $958,466) 958,466 -------- OTHER ASSETS AND LIABILITIES, NET (3.3%) 32,807 -------- - ------------------------------------------------------------------------------ VALUE (000) - ------------------------------------------------------------------------------ NET ASSETS: Fund shares of the Trust Shares (unlimited authorization-- no par value) based on 817,225,044 outstanding shares of beneficial interest $817,225 Fund shares of the Investor Shares (unlimited authorization-- no par value) based on 174,083,224 outstanding shares of beneficial interest 174,083 Accumulated net realized loss on investments (35) -------- Total Net Assets 100.0% $991,273 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $1.00 ======== Net Asset Value, Offering and Redemption Price Per Share -- Investor Shares $1.00 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 27. 18 - ------------------------------------------------------------------------------- (UNAUDITED) VIRGINIA TAX-FREE MONEY MARKET FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MUNICIPAL BONDS (98.3%) VIRGINIA (98.3%) Albemarle County, Industrial Development Authority, University of Virginia Health Services Project, RB (C) (D) (E) 4.150%, 10/01/22 $ 3,300 $ 3,300 Alexandria, Industrial Development Authority, American Red Cross Project, RB (C) (D) (E) 4.150%, 01/01/09 4,100 4,100 Alexandria, Industrial Development Authority, Pooled Loan Program, Sub-Ser A, RB (C) (D) (E) 4.200%, 07/01/26 3,500 3,500 Alexandria, Industrial Development Authority, Primary & Private Schools, RB (C) (D) (E) 4.200%, 06/01/25 4,500 4,500 Alexandria, Redevelopment & Housing Authority, Residential Care Facilities, Goodwin House Project, Ser B, RB (E) 4.250%, 10/01/06 10,100 10,100 Amelia County, Industrial Development Authority, Chambers Waste Systems Project, RB, AMT (C) (D) (E) 4.250%, 07/01/07 850 850 Arlington County, Ballston Public Parking Project, RB (C) (D) (E) 4.150%, 08/01/17 7,700 7,700 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Arlington County, Industrial Development Authority, Multi-Family Housing Authority, Arna Valley View Apartments Project, RB (C) (D) (E) 4.250%, 08/01/32 $ 1,350 $ 1,350 Ashland, Industrial Development Authority, Health & Community Services Facilities Authority, YMCA Greater Richmond Project, Ser A, RB (C) (D) (E) 4.300%, 11/01/20 10,265 10,265 Ashland, Industrial Development Authority, Interflex Group Project, RB, AMT (C) (D) (E) 4.300%, 07/01/19 6,000 6,000 Chesapeake Bay, Bridge & Tunnel Community District Authority, General Resolution Project, RB, MBIA (C) (D) 4.220%, 07/01/25 6,755 6,755 Cheasepeake, Industrial Development Authority, Tarmac Mid-Atlantic Project, RB (C) (D) (E) 4.200%, 07/01/12 1,600 1,600 Chesterfield County, GO 5.500%, 01/15/01 1,905 1,908 Chesterfield County, Industrial Development Authority, AlliedSignal Project, RB (C) (D) 4.300%, 08/01/09 3,000 3,000 Culpeper, Industrial Development Authority, Residential Care Facility, Virginia Baptist Homes, RB (C) (D) (E) 4.150%, 08/01/30 10,000 10,000 19 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 VIRGINIA TAX-FREE MONEY MARKET FUND--CONTINUED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Fairfax County, Economic Development Authority, Flint Hill School Project, RB (C) (D) (E) 4.200%, 09/01/21 $ 5,075 $ 5,075 Fairfax County, Ser C, GO 4.600%, 05/01/01 2,800 2,804 Fairfax County, Water Authority, Municipal Trade Receipts Project, RB 4.170%, 04/01/30 7,850 7,850 Hanover County, Industrial Development Authority, Covenent Woods Project, RB (C) (D) (E) 4.250%, 07/01/29 15,000 15,000 King George County, Industrial Development Authority, Birchwood Power Partners Project, Ser A, RB, AMT (C) (D) (E) 4.350%, 10/01/24 2,100 2,100 King George County, Industrial Development Authority, Birchwood Power Partners Project, Ser B, RB, AMT (C) (D) (E) 4.350%, 12/01/24 2,000 2,000 Louisa County, Industrial Development Authority, Pooled Financing, RB (C) (D) (E) 4.200%, 01/01/20 2,695 2,695 Lynchburg, Industrial Development Authority, Aerofin Project, RB, AMT (C) (D) (E) 4.350%, 03/01/29 2,075 2,075 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Lynchburg, Industrial Development Authority, Randolph Macon Project, RB (C) (D) (E) 4.200%, 09/01/23 $ 8,000 $ 8,000 Norfolk, Industrial Development Authority, Children's Hospital Facilities Project, RB (C) (D) (E) 4.200%, 06/01/20 15,300 15,300 Norfolk, Redevelopment & Housing Authority, East Ocean View Property Project, RB (C) (D) (E) 4.300%, 09/01/09 3,890 3,890 Portsmouth, Industrial Development Authority, Fairwood Homes Project, Ser A, RB (C) (D) (E) 4.150%, 11/01/27 1,605 1,605 Prince George County, Industrial Development Authority, Metropolitan Span Project, RB, AMT (C) (D) (E) 4.450%, 09/01/19 4,300 4,300 Prince William County, Water & Sewer Improvements, FGIC, RB, Prerefunded @ 102 (F) 6.500%, 07/01/01 5,000 5,154 Richmond, Public Improvement, Ser A, GO Prerefunded @ 102 (F) 6.250%, 01/15/01 9,110 9,315 Richmond, Public Utility Authority, Ser A, RB (C) (D) 4.250%, 06/30/01 3,500 3,500 Richmond, Redevelopment & Multi-Family Housing Authority, Ser PT-1022, RB (C) (D) 4.270%, 11/01/29 12,076 12,076 20 - ------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA-- CONTINUED Richmond, Redevelopment & Multi-Family Housing Authority, Stony Point Project, RB (C) (D) (E) 4.200%, 04/01/29 $1,660 $ 1,660 Roanoke, Industrial Development Authority, Hollins University Project, RB (C) (D) (E) 4.150%, 05/01/15 4,500 4,500 Roanoke, Redevelopment & Multi-Family Housing Authority, Stepping Stone Apartments Project, RB (C) (D) 4.625%, 04/01/40 2,000 2,000 Staunton, Industrial Development Authority, Diebold-Staunton Project, RB (C) (D) (E) 4.250%, 04/01/17 530 530 Suffolk, Redevelopment & Multi-Family Housing Authority, Windsor Fieldstone Project, RB (C) (D) 4.700%, 12/01/07 4,718 4,718 Suffolk, Redevelopment & Multi-Family Housing Authority, Windsor Potomac Project, RB (C) (D) 4.700%, 12/01/07 813 813 Virginia Beach, Development Authority, Sentara Bayside Hospital Project, RB Prerefunded @ 102 (F) 6.300%, 11/01/01 3,750 3,887 Virginia Beach, Development & Multi-Family Authority, Ser PT 1213, RB (C) (D) 4.420%, 10/15/41 1,000 1,000 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Virginia Beach, Industrial Development Authority, La Quinta Inns Project, RB (C) (D) (E) 4.250%, 05/01/03 $ 1,125 $ 1,125 Virginia Beach, Industrial Development Authority, Ocean Ranch Project, RB (C) (D) (E) 4.300%, 07/01/17 1,300 1,300 Virginia Beach, Public Improvement, GO 5.000%, 03/01/01 3,805 3,813 Virginia College, Building Authority, Equipment Leasing Program, RB 4.250%, 02/01/01 750 750 Virginia College, Building Authority, 21st Century College Program, RB 4.125%, 02/01/01 8,185 8,185 Virginia State, Housing Development Authority, Commonwealth Merlots Project, Ser CC, RB (C) (D) (E) 4.340%, 07/01/28 5,000 5,000 Virginia State, Housing Development Authority, Ser PA 673, RB ( C) (D) 4.270%, 01/01/22 1,300 1,300 Virginia State, Housing Development Authority, Ser 301, RB (C) (D) 4.550%, 07/01/17 4,360 4,360 21 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 VIRGINIA TAX-FREE MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA-- CONTINUED Virginia State, Port Authority, Ser SG 111, RB (C) (D) 4.200%, 07/01/24 $12,100 $ 12,100 Virginia State, Public School Authority, Improvements Project, Ser 11, RB 4.170%, 08/01/16 8,000 8,000 Virginia State, Public School Authority, Ser B, RB 4.700%, 01/01/01 5,000 5,003 Virginia State, Small Business Financing Authority, Clark County Project, RB (C) (D) (E) 4.400%, 07/01/25 1,900 1,900 Virginia State, Transportation Authority, Eagle Trust, Ser 994601, RB (C) (D) 4.220%, 05/15/19 5,000 5,000 Waynesboro, Residential Care Facilities, Sunnyside Presbyterian Project, RB (C) (D) (E) 4.250%, 12/15/28 1,500 1,500 Williamsburg, Industrial Development Authority, Colonial Williamsburg Museum Foundation Project, RB (C) (D) (E) 4.700%, 12/01/18 600 600 -------- 256,711 -------- Total Municipal Bonds (Cost $256,711) 256,711 -------- - ------------------------------------------------------------------------------- SHARES VALUE (000) - ------------------------------------------------------------------------------- CASH EQUIVALENT (1.2%) Federated Virginia Municipal Cash Trust 3,022,193 $ 3,022 -------- Total Cash Equivalent (Cost $3,022) 3,022 -------- Total Investments (99.5%) (Cost $259,733) 259,733 -------- OTHER ASSETS AND LIABILITIES, NET (0.5%) 1,351 -------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 198,973,330 outstanding shares of beneficial interest 198,949 Fund shares of the Investor Shares (unlimited authorization-- no par value) based on 62,162,080 outstanding shares of beneficial interest 62,163 Distributions in excess of net investment income (1) Accumulated net realized loss on investments (27) -------- Total Net Assets 100.0% $261,084 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $1.00 ======== Net Asset Value, Offering and Redemption Price Per Share-- Investor Shares $1.00 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 27. 22 - ------------------------------------------------------------------------------- (UNAUDITED) U.S. GOVERNMENT SECURITIES MONEY MARKET FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- U.S. TREASURY OBLIGATION (2.7%) U.S. Treasury Note 5.000%, 02/28/01 $20,000 $ 19,935 -------- Total U.S. Treasury Obligation (Cost $19,935) 19,935 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (32.7%) FHLB 6.550%, 04/06/01 20,000 19,556 6.520%, 06/29/01 15,000 14,456 6.505%, 11/27/01 10,000 9,999 FHLB (C) 6.914%, 10/11/01 25,000 25,000 6.904%, 11/08/01 30,000 30,000 FHLMC 6.717%, 03/29/01 15,000 14,689 6.310%, 04/04/01 10,000 9,782 6.440%, 07/19/01 15,000 14,406 6.120%, 10/11/01 15,000 14,199 FNMA (H) 0.000%, 03/22/01 10,000 9,805 FNMA 6.240%, 06/21/01 20,000 19,300 6.540%, 10/05/01 30,000 28,424 6.520%, 10/15/01 20,000 19,995 6.500%, 11/02/01 10,000 9,431 -------- Total U.S. Government Agency Obligations (Cost $239,042) 239,042 -------- REPURCHASE AGREEMENTS (64.9%) ABN-AMRO 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $158,117,781 (collateralized by U.S. Government obligations: total market value $161,255,601) (B) 158,089 158,089 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- CONTINUED Barclays 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $30,385,197 (collateralized by U.S. Government obligations: total market value $30,987,908) (B) $30,380 $ 30,380 Deutsche Bank 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $26,113,446 (collateralized by U.S. Government obligations: total market value $26,630,914) (B) 26,109 26,109 Greenwich Capital 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $142,651,782 (collateralized by U.S. Government obligations: total market value $145,478,802) (B) 142,626 142,626 JP Morgan 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $30,962,717 (collateralized by U.S. Government obligations: total market value $31,576,279) (B) 30,957 30,957 Merrill Lynch 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $29,209,229 (collateralized by U.S. Government obligations: total market value $29,789,668) (B) 29,204 29,204 23 STATEMENTS OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 U.S. GOVERNMENT SECURITIES MONEY MARKET FUND--CONCLUDED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- CONTINUED Morgan Stanley Dean Witter 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $27,047,284 (collateralized by U.S. Government obligations: total market value $27,664,457) (B) $27,042 $ 27,042 Salomon Smith Barney 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $30,434,979 (collateralized by U.S. Government obligations: total market value $31,039,218) (B) 30,429 30,429 -------- Total Repurchase Agreements (Cost $474,836) 474,836 -------- Total Investments (100.3%) (Cost $733,813) 733,813 -------- OTHER ASSETS AND LIABILITIES, NET (-0.3%) (1,988) -------- - ------------------------------------------------------------------------------ VALUE (000) - ------------------------------------------------------------------------------ NET ASSETS: Fund shares of the Trust Shares (unlimited authorization-- no par value) based on 638,606,447 outstanding shares of beneficial interest $638,606 Fund shares of the Investor Shares (unlimited authorization-- no par value) based on 92,949,195 outstanding shares of beneficial interest 92,947 Undistributed net investment income 300 Accumulated net realized loss on investments (28) -------- Total Net Assets 100.0% $731,825 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $1.00 ======== Net Asset Value, Offering and Redemption Price Per Share -- Investor Shares $1.00 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 27. 24 - ------------------------------------------------------------------------------- (UNAUDITED) U.S. TREASURY MONEY MARKET FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (30.6%) U.S. Treasury Bills (G) 6.362%, 12/21/00 $150,000 $149,471 5.840%, 02/01/01 15,000 14,849 U.S. Treasury Notes 5.250%, 01/31/01 30,000 29,958 5.625%, 02/28/01 15,000 14,973 6.500%, 05/31/01 20,000 19,980 5.500%, 07/31/01 15,000 14,917 -------- Total U.S. Treasury Obligations (Cost $244,148) 244,148 -------- REPURCHASE AGREEMENTS (69.8%) ABN-AMRO 6.440%, dated 11/30/00, matures 12/01/00, repurchase price $43,115,945 (collateralized by a U.S. Treasury obligation: total market value $43,970,729) (B) 43,108 43,108 Barclays 6.440%, dated 11/30/00, matures 12/01/00, repurchase price $27,828,521 (collateralized by a U.S. Treasury obligation: total market value $28,380,505) (B) 27,824 27,824 Deutsche Bank 6.440%, dated 11/30/00, matures 12/01/00, repurchase price $38,851,476 (collateralized by U.S. Treasury obligations: total market value $39,621,590) (B) 38,844 38,844 Greenwich Capital 6.440%, dated 11/30/00, matures 12/01/00, repurchase price $155,902,581 (collateralized by a U.S. Treasury obligation: total market value $158,996,451) (B) 155,875 155,875 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- CONTINUED JPMorgan 6.440%, dated 11/30/00, matures 12/01/00, repurchase price $36,538,162 (collateralized by a U.S. Treasury obligation: total market value $37,262,336) (B) $36,532 $ 36,532 Merrill Lynch 6.440%, dated 11/30/00, matures 12/01/00, repurchase price $33,715,650 (collateralized by a U.S. Treasury obligation: total market value $34,387,015) (B) 33,710 33,710 Morgan Stanley Dean Witter 6.440%, dated 11/30/00, matures 12/01/00, repurchase price $11,993,347 (collateralized by a U.S. Treasury obligation: total market value $12,486,213) (B) 11,991 11,991 Salomon Smith Barney 6.440%, dated 11/30/00, matures 12/01/00, repurchase price $24,346,382 (collateralized by a U.S. Treasury obligation: total market value $25,032,942) (B) 24,342 24,342 UBS Warburg 6.440%, dated 11/30/00, matures 12/01/00, repurchase price $184,368,157 (collateralized by a U.S. Treasury obligation: total market value $188,024,828) (B) 184,335 184,335 -------- Total Repurchase Agreements (Cost $556,561) 556,561 -------- Total Investments (100.4%) (Cost $800,709) 800,709 -------- OTHER ASSETS AND LIABILITIES, NET (-0.4%) (2,964) -------- 25 STATEMENTS OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 U.S. TREASURY MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization-- no par value) based on 797,826,387 outstanding shares of beneficial interest $797,742 Undistributed net investment income 3 -------- Total Net Assets 100.0% $797,745 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $1.00 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 27. 26 - ------------------------------------------------------------------------------- (UNAUDITED) KEY TO ABBREVIATIONS USED IN THE STATEMENT OF NET ASSETS AMBAC Security insured by the American Municipal Bond Assurance Corporation AMT Alternative Minimum Tax Cl Class COP Certificate of Participation FGIC Security insured by the Financial Guaranty Insurance Company FHA Federal Housing Authority FHLB Federal Home Loan Bank FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association FSA Security insured by Financial Securities Assurance GO General Obligation MBIA Security insured by the Municipal Bond Insurance Association MTN Medium Term Note RB Revenue Bond Ser Series SLMA Student Loan Marketing Association TAN Tax Anticipation Note TECP Tax Exempt Commercial Paper TRAN Tax and Revenue Anticipation Note (A) Private Placement Security (B) Tri-Party Repurchase Agreement (C) Adjustable Rate Security. The rate reported on the Statement of Net Assets is the rate in effect on November 30, 2000. The date shown is the next scheduled reset date. (D) Put and demand features exist requiring the issuer to repurchase the instrument prior to maturity. (E) Securities are held in connection with a letter of credit issued by a major bank. (F) Prerefunded Security. The maturity date shown is the prerefunded date. (G) Rate shown is the effective yield at time of purchase. (H) Zero coupon security. (I) See Note 8 in Notes to Financial Statements. 27 This page intentionally left blank.
STATEMENTS OF OPERATIONS (000) - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2000 (UNAUDITED) TAX-EXEMPT VIRGINIA U.S. GOVERNMENT PRIME QUALITY MONEY TAX-FREE SECURITIES U.S. TREASURY MONEY MARKET MARKET MONEY MARKET MONEY MARKET MONEY FUND FUND FUND FUND MARKET FUND ------------ ---------- ----------- --------------- ------------ 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 -------- --------- -------- -------- -------- Interest Income $166,065 $21,378 $5,743 $20,902 $24,671 -------- ------- ------ ------- ------- Expenses: Investment Advisory Fees 15,988 2,741 539 2,097 2,497 Less: Investment Advisory Fees Waived (3,065) (548) -- (324) (386) Administrator Fees 1,733 351 95 227 271 Transfer Agent Fees -- Trust Shares 11 8 8 9 8 Transfer Agent Fees -- Investor Shares 16 7 6 9 -- Transfer Agent Fees -- Flex Shares 7 -- -- -- -- Transfer Agent Out of Pocket Expenses 197 45 12 29 35 Printing Expenses 123 25 7 16 19 Custody Fees 98 20 5 13 15 Professional Fees 98 20 6 13 15 Trustee Fees 25 5 1 3 4 Registration Fees 123 25 5 16 19 Distribution Fees-- Investor Shares 1,542 110 125 76 -- Less: Distribution Fees Waived-- Investor Shares (243) (28) (78) (21) -- Distribution Fees-- Flex Shares 10 -- -- -- -- Less: Distribution Fees Waived-- Flex Shares (5) -- -- -- -- Insurance and Other Fees -- -- 2 -- 8 -------- ------- ------ ------- ------- Total Expenses 16,658 2,781 733 2,163 2,505 -------- ------- ------ ------- ------- Net Investment Income 149,407 18,597 5,010 18,739 22,166 -------- ------- ------ ------- ------- Net Realized Gain on Securities Sold 25 -- -- -- -- -------- ------- ------ ------- ------- Net Increase in Net Assets from Operations $149,432 $18,597 $5,010 $18,739 $22,166 ======== ======= ====== ======= ======= Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 29
STATEMENTS OF CHANGES IN NET ASSETS (000) - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2000 AND THE YEAR ENDED MAY 31, 2000 U.S. GOVERNMENT PRIME QUALITY TAX-EXEMPT VIRGINIA TAX-FREE SECURITIES U.S. TREASURY MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND ------------------------------------------------------------------------------------------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 05/31/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/99 11/30/00 05/31/00 ---------- ---------- -------- --------- --------- --------- --------- --------- --------- ---------- Operations: Net Investment Income .....$ 149,407 $ 214,027 $ 18,597 $ 23,652 $ 5,010 $ 9,454 $ 18,739 $ 22,776 $ 22,166 $ 36,846 Net Realized Gain (Loss) on Investments 25 (34) -- (30) -- (20) -- (28) -- -- ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Increase in Net Assets from Operations .... 149,432 213,993 18,597 23,622 5,010 9,434 18,739 22,748 22,166 36,846 ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Distributions to Shareholders: Net Investment Income: Trust Shares ............ (103,374) (165,267) (15,937) (19,775) (3,890) (9,064) (16,200) (19,825) (22,160) (36,849) Investor Shares ......... (45,945) (48,632) (2,654) (3,883) (1,110) (400) (2,540) (2,927) -- -- Flex Shares.............. (73) (84) -- -- -- -- -- -- -- -- ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Total Distributions ....... (149,392) (213,983) (18,591) (23,658) (5,000) (9,464) (18,740) (22,752) (22,160) (36,849) ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ................ 2,902,091 6,299,753 598,510 1,113,796 181,803 460,442 445,400 905,352 844,937 1,480,905 Reinvestment of Cash Distributions .......... 5,994 9,263 -- -- 37 -- 3,462 3,025 19 23 Cost of Shares Redeemed .(2,830,999) (6,901,000)(537,172) (999,548)(228,172) (485,600)(278,581) (844,261) (770,494)(1,518,481) ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Increase (Decrease) in Net Assets From Trust Share Transactions ........... 77,086 (591,984) 61,338 114,248 (46,332) (25,158) 170,281 64,116 74,462 (37,553) ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Investor Shares: Proceeds from Shares Issued ................ 693,785 1,401,995 113,305 334,145 48,266 97,834 128,408 290,823 -- -- Reinvestment of Cash Distributions ......... 45,853 51,455 2,648 4,155 1,110 415 2,482 3,062 -- -- Cost of Shares Redeemed . (277,287) (1,058,926) (67,382) (341,648) (50,091) (41,326)(117,224) (276,049) -- -- ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Increase (Decrease) in Net Assets From Investor Share Transactions 462,351 394,524 48,571 (3,348) (715) 56,923 13,666 17,836 -- -- ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Flex Shares: Proceeds from Shares Issued 1,429 6,126 -- -- -- -- -- -- -- -- Reinvestment of Cash Distributions 64 70 -- -- -- -- -- -- -- -- Cost of Shares Redeemed . (2,344) (2,751) -- -- -- -- -- -- -- -- ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Increase (Decrease) in Net Assets From Flex Share Transactions (851) 3,445 -- -- -- -- -- -- -- -- ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Increase (Decrease) in Net Assets From Share Transactions 538,586 (194,015) 109,909 110,900 (47,047) 31,765 183,947 81,952 74,462 (37,553) ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Total Increase (Decrease) in Net Assets........ 538,626 (194,005) 109,915 110,864 (47,037) 31,735 183,946 81,948 74,468 (37,556) ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Net Assets: Beginning of Period ....... 4,627,327 4,821,332 881,358 770,494 308,121 276,386 547,879 465,931 723,277 760,833 ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- End of Period .............$5,165,953 $4,627,327 $991,273 $ 881,358 $261,084 $ 308,121 $731,825 $ 547,879 $ 797,745 $ 723,277 ========== ========== ======== ========= ======== ========= ======== ========= ========= ==========
Amounts designated as "--" are either $0 or round to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 30 - ----------------------------------------------------------------------------------------------------------------------------------- (UNAUDITED) U.S. GOVERNMENT PRIME QUALITY TAX-EXEMPT VIRGINIA TAX-FREE SECURITIES U.S. TREASURY MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND ---------------------- ------------------ ------------------- ------------------- -------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 05/31/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/99 11/30/00 05/31/00 ---------- ---------- -------- --------- --------- --------- --------- --------- --------- ---------- (1) Shares Issued and Redeemed: Trust Shares: Shares Issued ........... 2,902,091 6,299,749 598,510 1,113,795 181,803 460,442 445,401 905,352 844,937 1,480,906 Shares Issued in Lieu of Cash Distributions .... 5,994 9,263 -- -- 37 -- 3,462 3,024 19 23 Shares Redeemed ........ (2,830,999) (6,901,000)(537,172) (999,547)(228,172) (485,599)(278,581) (844,261) (770,495)(1,518,481) ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Net Trust Share Transactions ........... 77,086 (591,988) 61,338 114,248 (46,332) (25,157) 170,282 64,115 74,461 (37,552) ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Investor Shares: Shares Issued ........... 693,78 1,401,995 113,305 334,146 48,266 97,834 128,409 290,823 -- -- Shares Issued in Lieu of Cash Distributions . 45,854 51,455 2,648 4,155 1,110 415 2,482 3,063 -- -- Shares Redeemed ......... (277,287) (1,058,894) (67,382) (341,648) (50,091) (41,327)(117,224) (276,049) -- -- ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Net Investor Share Transactions .......... 462,351 394,556 48,571 (3,347) (715) 56,922 13,667 17,837 -- -- ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Flex Shares: Shares Issued............. 1,428 6,126 -- -- -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions... 64 71 -- -- -- -- -- -- -- -- Shares Redeemed.......... (2,344) (2,751) -- -- -- -- -- -- -- -- ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Net Flex Share Transactions .......... (852) 3,446 -- -- -- -- -- -- -- -- ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ---------- Net Change in Capital Shares ................ 538,585 (193,986) 109,909 110,901 (47,047) 31,765 183,949 81,952 74,461 (37,552) ---------- ---------- -------- --------- -------- --------- -------- --------- --------- ----------
Amounts designated as "--" are either $0 or round to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 31
FINANCIAL HIGHLIGHTS - ---------------------------------------------------------------------------------------------------- STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2000 AND THE YEARS ENDED MAY 31, FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET DISTRIBUTIONS NET ASSET NET ASSET VALUE INVESTMENT FROM VALUE END BEGINNING OF PERIOD INCOME NET INVESTMENT INCOME OF PERIOD -------------------- ---------- --------------------- ---------- PRIME QUALITY MONEY MARKET FUND Trust Shares 2000* $1.00 $ 0.03 $(0.03) $1.00 2000 1.00 0.05 (0.05) 1.00 1999 1.00 0.05 (0.05) 1.00 1998 1.00 0.05 (0.05) 1.00 1997 1.00 0.05 (0.05) 1.00 1996 1.00 0.05 (0.05) 1.00 Investor Shares 2000* $1.00 $ 0.03 $(0.03) $1.00 2000 1.00 0.05 (0.05) 1.00 1999 1.00 0.05 (0.05) 1.00 1998 1.00 0.05 (0.05) 1.00 1997 1.00 0.05 (0.05) 1.00 1996 1.00 0.05 (0.05) 1.00 Flex Shares 2000* $1.00 $ 0.03 $(0.03) $1.00 2000 (A) 1.00 0.03 (0.03) 1.00 TAX-EXEMPT MONEY MARKET FUND Trust Shares 2000* $1.00 $ 0.02 $(0.02) $1.00 2000 1.00 0.03 (0.03) 1.00 1999 1.00 0.03 (0.03) 1.00 1998 1.00 0.03 (0.03) 1.00 1997 1.00 0.03 (0.03) 1.00 1996 1.00 0.03 (0.03) 1.00 Investor Shares 2000* $1.00 $ 0.02 $(0.02) $1.00 2000 1.00 0.03 (0.03) 1.00 1999 1.00 0.03 (0.03) 1.00 1998 1.00 0.03 (0.03) 1.00 1997 1.00 0.03 (0.03) 1.00 1996 1.00 0.03 (0.03) 1.00 - ------------------------------------------------------------------------------------------------------------- (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 TOTAL END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) -------- ------------ ------------------ ------------------ ------------------ -------------------- 3.10% $3,388,359 0.62% 6.11% 0.75% 5.98% 5.20 3,311,229 0.60 5.06 0.75 4.91 4.83 3,903,232 0.60 4.69 0.77 4.52 5.22 1,880,229 0.59 5.10 0.77 4.92 5.01 1,086,555 0.58 4.90 0.76 4.72 5.25 1,050,800 0.58 5.11 0.78 4.91 3.02% $1,775,000 0.79% 5.94% 0.95% 5.78% 5.02 1,312,653 0.77 4.94 0.95 4.76 4.66 918,100 0.77 4.52 0.97 4.32 5.04 411,821 0.76 4.93 0.98 4.71 4.84 283,544 0.75 4.74 0.97 4.52 5.08 215,696 0.75 4.94 1.00 4.69 2.61% $ 2,594 1.52% 5.21% 2.00% 4.73% 2.93 3,445 1.50* 4.46* 1.99* 3.97* 1.89% $ 817,200 0.54% 3.74% 0.65% 3.63% 3.19 755,858 0.52 3.16 0.66 3.02 2.81 641,640 0.52 2.75 0.66 2.61 3.21 448,023 0.51 3.14 0.67 2.98 3.09 333,006 0.50 3.04 0.66 2.88 3.28 273,613 0.50 3.23 0.68 3.05 1.83% $ 174,073 0.66% 3.62% 0.81% 3.47% 3.07 125,500 0.64 3.01 0.82 2.83 2.69 128,854 0.64 2.66 0.82 2.48 3.09 134,538 0.62 3.04 0.83 2.83 2.97 102,013 0.62 2.92 0.83 2.71 3.16 95,223 0.62 3.10 0.85 2.87
+ Total return is for the period indicated and has not been annualized. * For the six month period ended November 30, 2000. All ratios for the period have been annualized. (A)Commenced opreations on October 4, 1999. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 32 & 33 FINANCIAL HIGHLIGHTS (concluded) - -------------------------------------------------------------------------------- STI CLASSIC 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 DISTRIBUTIONS NET ASSET NET ASSET VALUE INVESTMENT FROM VALUE END BEGINNING OF PERIOD INCOME NET INVESTMENT INCOME OF PERIOD -------------------- ---------- --------------------- ---------- VIRGINIA TAX-FREE MONEY MARKET FUND (A) Trust Shares 2000* $1.00 $ 0.02 $(0.02) $1.00 2000 1.00 0.03 (0.03) 1.00 1999** 1.00 0.01 (0.01) 1.00 For the Year Ended November 30: 1998 1.00 0.03 (0.03) $1.00 1997 1.00 0.03 (0.03) 1.00 1996 1.00 0.03 (0.03) 1.00 1995 1.00 0.03 (0.03) 1.00 Investor Shares 2000* $1.00 $ 0.02 $(0.02) $1.00 2000 1.00 0.03 (0.03) 1.00 1999** 1.00 0.01 (0.01) 1.00 For the Year Ended November 30: 1998 1.00 0.03 (0.03) $1.00 1997 1.00 0.03 (0.03) 1.00 1996 1.00 0.03 (0.03) 1.00 1995 1.00 0.03 (0.03) 1.00 U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Trust Shares 2000* $1.00 $ 0.03 $(0.03) $1.00 2000 1.00 0.05 (0.05) 1.00 1999 1.00 0.04 (0.04) 1.00 1998 1.00 0.05 (0.05) 1.00 1997 1.00 0.05 (0.05) 1.00 1996 1.00 0.05 (0.05) 1.00 Investor Shares 2000* $1.00 $ 0.03 $(0.03) $1.00 2000 1.00 0.05 (0.05) 1.00 1999 1.00 0.04 (0.04) 1.00 1998 1.00 0.05 (0.05) 1.00 1997 1.00 0.05 (0.05) 1.00 1996 1.00 0.05 (0.05) 1.00 U.S. TREASURY MONEY MARKET FUND (B) Trust Shares 2000* $1.00 $ 0.03 $(0.03) $1.00 2000 1.00 0.05 (0.05) 1.00 1999** 1.00 0.02 (0.02) 1.00 For the Year Ended November 30: 1998 1.00 0.05 (0.05) 1.00 1997 1.00 0.05 (0.05) 1.00 1996 1.00 0.05 (0.05) 1.00 1995 1.00 0.05 (0.05) 1.00 RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS TOTAL END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) -------- ------------ ------------------ ------------------ ------------------ -------------------- 1.89% $ 198,918 0.51% 3.74% 0.51% 3.74% 3.23 245,243 0.51 3.19 0.51 3.19 1.27 270,431 0.67 2.51 0.82 2.36 2.97 270,899 0.66 2.92 0.81 2.77 3.06 226,837 0.66 3.02 0.81 2.87 3.14 182,320 0.66 2.88 0.81 2.73 3.26 202,333 0.66 3.19 0.81 3.04 1.81% $ 62,166 0.67% 3.60% 0.92% 3.35% 3.07 62,878 0.67 3.17 0.73 3.11 1.27 5,955 0.67 2.52 1.06 2.13 2.96 8,851 0.67 2.92 1.07 2.52 3.05 7,634 0.68 3.42 1.08 3.02 3.13 2,994 0.67 2.86 1.07 2.46 3.25 1,627 0.67 3.16 1.07 2.76 2.95% $ 638,848 0.65% 5.81% 0.75% 5.71% 4.86 468,568 0.63 4.80 0.74 4.69 4.57 404,459 0.63 4.47 0.76 4.34 5.04 377,490 0.62 4.92 0.78 4.76 4.83 344,350 0.61 4.73 0.76 4.58 5.14 325,493 0.61 5.02 0.78 4.85 2.88% $ 92,977 0.79% 5.67% 0.94% 5.52% 4.71 79,311 0.77 4.62 0.93 4.46 4.41 61,472 0.77 4.32 0.98 4.11 4.90 58,753 0.76 4.79 0.96 4.59 4.69 63,178 0.75 4.59 0.96 4.38 4.99 58,608 0.75 4.88 0.99 4.64 2.92% $ 797,745 0.65% 5.75% 0.75% 5.65% 4.81 723,277 0.63 4.71 0.74 4.60 2.08 760,833 0.68 4.10 0.83 3.95 4.89 699,923 0.66 4.77 0.81 4.62 4.91 632,381 0.65 4.82 0.80 4.67 4.80 389,051 0.66 4.69 0.81 4.54 5.29 370,454 0.66 5.16 0.81 5.01
+ Returns are for the period indicated and have not been annualized. * For the six month period ended November 30, 2000. All ratios for the period have been annualized. ** For the period December 1, 1998 to May 31, 1999. All ratios for the period have been annualized. (A) On May 24, 1999, the CrestFund Tax-Free Money Fund exchanged all of its assets and certain liabilities for shares of the Virginia Tax-Free Money Market Fund. The CrestFund Tax-Free Money 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. (B) On May 24, 1999, the CrestFund U.S. Treasury Money Fund exchanged all of its assets and certain liabilities for shares of the U.S. Treasury Money Market Fund. The CrestFund U.S. Treasury Money 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. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 34 & 35 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- STI CLASSIC 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, the Virginia Municipal Bond Fund, (collectively the "Fixed Income 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" or the "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 Retail Money Market Funds. The financial statements of the Equity Funds, the Fixed Income Funds and the nstitutional Money Market Funds are not presented herein, but are presented separately. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust: SECURITY VALUATION -- Investment securities held by the Funds are stated at amortized cost, which approximates market value. FEDERAL INCOME TAXES -- It is each Fund's intention to qualify as a regulated investment company for Federal income tax purposes and distribute all of its taxable income and net capital gains. Accordingly, no provisions for Federal income taxes are required. SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on the date the security is purchased or sold (trade date). Interest income is recognized on an accrual basis. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold adjusted for the accretion and amortization of purchase discounts and premiums during the 36 - -------------------------------------------------------------------------------- (UNAUDITED) respective holding period. Purchase discounts and premiums on securities held by the Funds are accreted and amortized ratably to maturity and are included in interest income. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements ensure that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. NET ASSET VALUE PER SHARE -- The net asset value per share of each Fund is calculated each business day, by dividing the total value of each Fund's assets, less liabilities, by the number of shares outstanding. OTHER -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets. Fund expenses are pro-rated to the respective classes on the basis of relative net assets. DISTRIBUTIONS TO SHAREHOLDERS -- Distributions from net investment income of each of the Funds are declared on each business day and paid to shareholders on a monthly basis. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. 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 Fund has 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. The Trust and the Distributor are parties to a Distribution Agreement dated November 21, 1995. The Distributor does not receive any fees for its distribution services provided under this agreement. 4. Administration and Transfer Agency Servicing Agreements: The Trust and the Administrator are parties to an Administration Agreement dated May 29, 1995, as amended November 19, 1997 and March 1, 1999, under which the Administrator provides administrative services for an annual fee (expressed as a 37 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: .12% up to $1 billion, .09% on the next $4 billion, .07% on the next $3 billion, .065% on the next $2 billion and .06% for over $10 billion. The Trust and Federated Services Company are parties to a Transfer Agency servicing agreement dated May 14, 1994 under which Federated Services Company provides transfer agency services to the Trust. 5. Investment Advisory and Custodian Agreements: The Trust and Trusco Capital Management, Inc. (the "Investment Adviser"), a subsidiary of SunTrust Bank, have entered into an advisory agreement dated June 15, 1993. Under terms of the agreements, the Funds are charged the following annual fees based upon average daily net assets: MAXIMUM MAXIMUM MAXIMUM INVESTOR FLEX ANNUAL SHARE SHARE ADVISORY DISTRIBUTION DISTRIBUTION FEE FEE FEE ---------- ------------ ------------ Prime Quality Money Market Fund ..................... .65% .20% .75% Tax-Exempt Money Market Fund .55 .15 -- Virginia Tax-Free Money Market Fund ..................... .40 .40 -- U.S. Government Securities Money Market Fund ....... .65 .17 -- U.S. Treasury Money Market Fund ..................... .65 -- -- The Investment Adviser has 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. SunTrust Bank, Atlanta, acts as custodian for the Funds. Fees of the Custodian are paid on the basis of the net assets of the Funds. The Custodian plays no role in determining the investment policies of the Trust or which securities are to be purchased or sold in the Funds. 6. Investment Transactions: 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 had capital loss carryforwards at May 31, 2000 as follows:
POST 10/31 CARRYOVER EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES EXPIRES DEFERRED 05/31/00 2003 2004 2005 2006 2007 2008 LOSS (000) (000) (000) (000) (000) (000) (000) (000) --------- ------- ------- ------- ------- ------- ------- ---------- Prime Quality Money Market Fund $367 $110 $14 $223 $-- $-- $20 $15 Tax-Exempt Money Market Fund 32 -- 4 -- -- -- 28 3 Virginia Tax-Free Money Market Fund -- -- -- -- -- 7 -- 20 U.S. Government Securities Money Market Fund -- -- -- -- -- -- -- 27
38 - -------------------------------------------------------------------------------- (UNAUDITED) 7. Concentration of Credit Risk: The Prime Quality Money Market Fund invests primarily in high quality money market instruments rated in the highest short-term rating category by Standard & Poor's Ratings Group ("S&P") or Moody's Investors Services, Inc. (Moody's) or, if not rated, are determined by the Investment Adviser to be of comparable quality. The Tax-Exempt Money Market and Virginia Tax-Free Money Market Funds invest in high quality, U.S. dollar denominated municipal securities rated in one of the two highest short-term rating categories or, if not rated, are determined by the Investment Adviser to be of comparable quality. The U.S. Government Securities Money Market and U.S. Treasury Money Market Funds invest exclusively in U.S. Treasury obligations, U.S. Government subsidiary corporation securities which are backed by the full faith and credit of the U.S. Government and repurchase agreements with approved dealers collateralized by U.S. Treasury securities and U.S. Government subsidiary corporation securities. 8. Subsequent Event: The Prime Quality Money Market Fund holds $130 million in Edison International Floating Rate Medium Term Notes that mature on 07/18/01. Edison International was downgraded by Standard and Poor's Corporation (S&P) and Moody's on January 5, 2001 from A1/P1 (top-rated investment grade) to A3/P3 (third-tier investment grade). The STI Classic Funds Board of Trustees has authorized the Fund's Investment Manager to (1) hold the Edison International Notes, and (2) has secured a credit facility that will guarantee the payment of all interest and principal at maturity of the Edison International Notes. As of the date of this writing, January 26, 2001, all interest due on the Edison Notes has been received by the Fund. Additionally, Edison International has expressed its intent to continue to pay all debts and bills when due. 9. Shareholder Voting Results: There was a special meeting of shareholders held on October 27, 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 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 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 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 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 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% 39 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 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. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,868,169,285 98.98% 56.29% Against 20,513,007 0.70% 0.40% Abstain 978,680 0.03% 0.01% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 859,481,084 89.88% 82.36% Against 2,334,046 0.24% 0.22% Abstain 405,748 0.04% 0.03% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% VIRGINIA TAX-FREE MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 152,425,754 76.31% 64.19% Against 973,100 0.48% 0.40% Abstain 1,341,958 0.68% 0.56% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 316,931,192 86.18% 49.84% Against 1,014,742 0.27% 0.15% Abstain 266,980 0.07% 0.04% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. TREASURY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 418,177,098 94.35% 58.20% Against 24,978,375 5.63% 3.47% Abstain 54,836 0.01% 0.00% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 2.2. TO ELIMINATE THE POLICIES CONCERNING INVESTING FOR CONTROL. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,849,317,400 98.33% 55.92% Against 39,345,152 1.35% 0.77% Abstain 998,420 0.03% 0.01% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 858,951,245 89.83% 82.31% Against 2,771,290 0.28% 0.26% Abstain 498,343 0.05% 0.04% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% VIRGINIA TAX-FREE MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 151,855,358 76.02% 63.95% Against 1,543,496 0.77% 0.65% Abstain 1,341,958 0.67% 0.56% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 317,151,795 86.24% 49.88% Against 770,111 0.20% 0.12% Abstain 291,008 0.07% 0.04% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. TREASURY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 414,825,942 93.59% 57.73% Against 28,329,531 6.39% 3.94% Abstain 54,836 0.01% 0.00% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 40 - -------------------------------------------------------------------------------- (UNAUDITED) 2.3. TO REVISE THE FUNDAMENTAL INVESTMENT POLICY CONCERNING BORROWING. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,849,861,927 98.35% 55.93% Against 38,711,642 1.33% 0.75% Abstain 1,087,403 0.03% 0.02% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 860,096,293 89.95% 82.42% Against 1,719,126 0.17% 0.16% Abstain 405,459 0.04% 0.03% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% VIRGINIA TAX-FREE MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 151,712,869 75.95% 63.89% Against 1,625,324 0.81% 0.68% Abstain 1,402,619 0.70% 0.59% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 316,480,696 86.06% 49.77% Against 1,583,397 0.43% 0.24% Abstain 148,821 0.04% 0.02% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. TREASURY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 418,541,784 94.43% 58.25% Against 24,613,689 5.55% 3.42% Abstain 54,836 0.01% 0.00% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 2.4. TO ELIMINATE THE FUNDAMENTAL POLICIES CONCERNING PLEDGING, MORTGAGING OR HYPOTHECATING ASSETS. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,864,760,004 98.87% 56.23% Against 23,891,424 0.82% 0.46% Abstain 1,009,544 0.03% 0.01% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 859,940,665 89.93% 82.41% Against 1,820,801 0.19% 0.17% Abstain 459,412 0.04% 0.04% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% Virginia Tax-Free Money Market Fund Shares Voted % of Voted % of Total --------------- ------------ ----------- For 152,609,173 76.40% 64.27% Against 711,497 0.35% 0.29% Abstain 1,420,142 0.71% 0.59% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. Government Securities Money Market Fund Shares Voted % of Voted % of Total --------------- ------------ ----------- For 317,007,010 86.20% 49.85% Against 940,434 0.25% 0.14% Abstain 265,470 0.07% 0.04% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. Treasury Money Market Fund Shares Voted % of Voted % of Total --------------- ------------ ----------- For 415,411,970 93.72% 57.81% Against 27,743,503 6.25% 3.86% Abstain 54,836 0.01% 0.00% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 41 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 2.5. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING SECURITIES LENDING. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,868,659,844 99.00% 56.30% Against 20,049,289 0.69% 0.39% Abstain 951,839 0.03% 0.01% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 860,197,640 89.96% 82.43% Against 1,563,521 0.16% 0.14% Abstain 459,717 0.04% 0.04% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% VIRGINIA TAX-FREE MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 152,726,848 76.46% 64.32% Against 672,006 0.33% 0.28% Abstain 1,341,958 0.67% 0.56% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 316,983,553 86.19% 49.85% Against 935,398 0.25% 0.14% Abstain 293,963 0.07% 0.04% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. TREASURY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 415,502,329 93.74% 57.82% Against 27,653,144 6.23% 3.84% Abstain 54,836 0.01% 0.00% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 2.6. TO ELIMINATE THE FUNDAMENTAL POLICIES CONCERNING INVESTMENT IN OTHER INVESTMENT COMPANIES. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,867,521,069 98.96% 56.28% Against 21,148,983 0.72% 0.41% Abstain 990,920 0.03% 0.01% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 860,748,245 90.02% 82.48% Against 1,067,190 0.11% 0.10% Abstain 405,443 0.04% 0.03% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% VIRGINIA TAX-FREE MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 152,605,076 76.40% 64.27% Against 733,117 0.36% 0.30% Abstain 1,402,619 0.70% 0.59% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 317,116,858 86.23% 49.87% Against 954,289 0.25% 0.15% Abstain 141,767 0.03% 0.02% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. TREASURY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 415,446,595 93.73% 57.82% Against 27,708,878 6.25% 3.85% Abstain 54,836 0.01% 0.00% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 42 - -------------------------------------------------------------------------------- (UNAUDITED) 2.7. TO ELIMINATE THE FUNDAMENTAL POLICIES CONCERNING SHORT SALES. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,864,656,292 98.86% 56.22% Against 24,023,849 0.82% 0.47% Abstain 980,831 0.03% 0.01% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 857,476,334 89.67% 82.17% Against 3,656,795 0.38% 0.35% Abstain 1,087,749 0.11% 0.10% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% VIRGINIA TAX-FREE MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 152,080,252 76.13% 64.05% Against 1,301,079 0.65% 0.54% Abstain 1,359,481 0.68% 0.57% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 317,116,172 86.23% 49.87% Against 976,355 0.26% 0.15% Abstain 120,387 0.03% 0.01% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. TREASURY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 412,882,120 93.15% 57.46% Against 30,225,496 6.81% 4.20% Abstain 102,693 0.02% 0.01% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 2.8. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING INVESTMENT IN REAL ESTATE. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,868,134,429 98.98% 56.29% Against 20,450,704 0.70% 0.40% Abstain 1,075,839 0.03% 0.02% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 857,810,783 89.71% 82.20% Against 3,280,241 0.34% 0.31% Abstain 1,129,854 0.11% 0.10% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% VIRGINIA TAX-FREE MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 152,737,359 76.46% 64.32% Against 643,972 0.32% 0.27% Abstain 1,359,481 0.68% 0.57% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 317,430,361 86.31% 49.92% Against 640,786 0.17% 0.10% Abstain 141,767 0.03% 0.02% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. TREASURY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 415,088,170 93.65% 57.77% Against 28,019,446 6.32% 3.89% Abstain 102,693 0.02% 0.01% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 43 NOTES TO FINANCIAL STATEMENTS (concluded) - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2000 2.9. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING UNDERWRITING OF SECURITIES. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,884,286,749 99.54% 56.61% Against 4,266,134 0.14% 0.08% Abstain 1,108,089 0.03% 0.02% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 859,143,274 89.85% 82.33% Against 2,630,056 0.27% 0.25% Abstain 447,548 0.04% 0.04% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% VIRGINIA TAX-FREE MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 152,656,358 76.42% 64.29% Against 742,496 0.37% 0.31% Abstain 1,341,958 0.67% 0.56% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 317,144,263 86.24% 49.88% Against 944,913 0.25% 0.14% Abstain 123,738 0.03% 0.01% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. TREASURY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 414,997,811 93.63% 57.75% Against 28,109,805 6.34% 3.91% Abstain 102,693 0.02% 0.01% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 2.10. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING PURCHASE OF COMMODITIES. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,867,502,269 98.96% 56.28% Against 21,180,468 0.73% 0.41% Abstain 978,235 0.03% 0.01% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 858,393,706 89.77% 82.26% Against 2,474,123 0.25% 0.23% Abstain 1,353,049 0.14% 0.12% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% VIRGINIA TAX-FREE MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 152,326,548 76.26% 64.15% Against 1,072,306 0.53% 0.45% Abstain 1,341,958 0.67% 0.56% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 316,760,430 86.13% 49.82% Against 1,332,347 0.36% 0.20% Abstain 120,137 0.03% 0.01% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. TREASURY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 417,147,747 94.11% 58.05% Against 25,959,869 5.85% 3.61% Abstain 102,693 0.02% 0.01% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 44 - -------------------------------------------------------------------------------- (UNAUDITED) 2.11. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING CONCENTRATION. PRIME QUALITY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 2,852,466,797 98.44% 55.98% Against 36,129,329 1.24% 0.70% Abstain 1,064,846 0.03% 0.02% Broker Non-Vote 7,829,892 0.27% 0.15% --------------- ------------ ----------- 2,897,490,864 100.00% 56.87% TAX-EXEMPT MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 858,971,904 89.83% 82.31% Against 2,513,671 0.26% 0.24% Abstain 735,303 0.07% 0.07% Broker Non-Vote 93,947,970 9.82% 9.00% --------------- ------------ ----------- 956,168,848 100.00% 91.63% VIRGINIA TAX-FREE MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 151,754,977 75.97% 63.91% Against 1,142,763 0.57% 0.48% Abstain 1,843,072 0.92% 0.77% Broker Non-Vote 44,999,881 22.52% 18.95% --------------- ------------ ----------- 199,740,693 100.00% 84.12% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 317,122,299 86.23% 49.87% Against 946,030 0.25% 0.14% Abstain 144,585 0.03% 0.02% Broker Non-Vote 49,524,099 13.46% 7.78% --------------- ------------ ----------- 367,737,013 100.00% 57.83% U.S. TREASURY MONEY MARKET FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 417,488,596 94.19% 58.10% Against 25,666,877 5.79% 3.57% Abstain 54,836 0.01% 0.00% --------------- ------------ ----------- 443,210,309 100.00% 61.68% 45 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-----