-----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, RUyP7SQQfRWTC50F+IPM0aDsWDanmyJCvnlHq9fC94zF/G4fMugrG4sk5NfOLX5R 5vRrpncwzvVmlGZ1kxozEg== 0000935069-02-000033.txt : 20020414 0000935069-02-000033.hdr.sgml : 20020413 ACCESSION NUMBER: 0000935069-02-000033 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20011130 FILED AS OF DATE: 20020123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STI CLASSIC FUNDS CENTRAL INDEX KEY: 0000883939 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06557 FILM NUMBER: 02514953 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 sticlassicretail.txt STI CLASSIC RETAIL SAR NOV. 2001 SEMI-ANNUAL ................................................................................ FINANCIAL REPORT ................................................................................ STI CLASSIC FUNDS ................................................................................ A Family of Mutual Funds PRIME QUALITY MONEY MARKET FUND TAX-EXEMPT MONEY MARKET FUND U.S. GOVERNMENT SECURITIES MONEY MARKET FUND U.S. TREASURY MONEY MARKET FUND VIRGINIA TAX-FREE MONEY MARKET FUND November 30, 2001 [STI CLASSIC FUNDS LOGO OMITTED] Dear Valued STI Classic Trust Shareholder: Equity prices, as measured by the S&P 500 Composite Index, drifted downward all summer despite lower interest rates. The primary causes were persistent erosion in profits expectations and a generally downbeat news flow, especially in the technology and telecommunications sectors which remained over-supplied with inventory. Price weakness continued in early September right up until the tragic terrorist attacks on the 11th. After a sharp but brief sell-off when the markets reopened on September 17th, equities bottomed on September 21st and through early December had recovered about 18% from the absolute low. In late November, a recession was declared to have begun in March. In the aftermath of September 11th, we urged an aggressive approach to stocks. Our rationale included the following reasons for a more constructive near-term view: 1) Aggressive lowering of short-term interest rates by the Federal Reserve (the "Fed") was potentially beneficial to the economy; 2) The Federal Government was also increasing fiscal stimulus to boost the economy; 3) Long-term interest rates had fallen to 40-year lows, making stocks more attractive; 4) Analysts' estimates for profits growth were finally beginning to approach realistic levels; 5) Investor psychology was very negative and it almost always pays to be optimistic when the consensus is gloomy; and finally 6) The bear market was eighteen months old, measured from March 2000, which was lengthy compared to an average bear market of about eleven months. In short, while there were plenty of reasons for concern, markets in the past have tended to overreact to crisis events. Generally such negative overreactions are the right time to lean the other way and become more positive in action. So far, this has played out in exactly the same fashion, with the best performing sectors off the September lows including economically sensitive Technology, Materials, Capital Goods and Consumer Discretionary stocks. On the other side of the ledger, defensive sectors such as Utilities and Energy have lagged. The market, having come a good ways in a hurry, may pause for breath, but overall it is on a typical track of recovering over 20% and several months in time before the end of a recession. Since we believe corporate profits will be on the upswing by Q2-2002, the market is performing its usual role of looking ahead to discount a better economy next year. Over the last six months, investors have experienced both good and bad returns depending on asset mix. The mixed results illustrate again the merits of following sound diversification particularly for conservative investors who wish to minimize volatility. For example, bonds did quite well June through November, with corporate bonds up 5.9% and Governments up 6.3%. Stock investors were less fortunate, with the Large Cap S&P 500 -8.7% for the six-month period. The S&P 400 Mid Cap Index declined 6.8% and the S&P 600 Small Cap Index fell 2.6% during this period. While large cap stocks began to do better after September 11th, traditionally small caps, and especially the growth sector of small cap, have done quite well after the end of recessions. In summary, it would be healthy for the stock market to take a pause. We are more price sensitive but the investing environment still looks quite positive for equities. We are a little more cautious on bonds, believing that eleven rate cuts by the Fed and a very steep yield curve have priced a lot of good news into bond prices. That said, corporate bonds and certain segments of the mortgage market still hold appeal due to the wide yield advantage over Treasury bonds. Thank you for your loyalty and confidence in the STI Classic Funds. Sincerely, /s/Douglas S. PHillips, CFA Douglas S. Phillips, CFA Chief Investment Officer 1 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 PRIME QUALITY MONEY MARKET FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- COMMERCIAL PAPER (45.4%) ASSET BACKED SECURITIES(5.7%) Amstel Funding 2.050%, 12/14/01 $ 30,000 $ 29,978 2.370%, 12/17/01 10,796 10,784 2.350%, 12/17/01 3,278 3,274 2.150%, 12/17/01 10,152 10,142 2.350%, 01/18/02 50,000 49,843 2.120%, 01/23/02 3,000 2,991 1.990%, 02/14/02 50,000 49,793 Ciesco 2.000%, 12/13/01 5,025 5,022 Dexia Dell 2.150%, 12/10/01 15,228 15,220 Dorada Finance 1.950%, 01/09/02 20,000 19,958 2.150%, 01/29/02 1,500 1,495 Edison Asset Securization 2.150%, 12/04/01 1,000 1,000 2.000%, 12/10/01 50,000 49,975 Starfish Global Funding 2.200%, 12/13/01 79,299 79,241 ---------- 328,716 ---------- BANK (1.7%) Bank of Montreal 2.010%, 12/07/01 100,000 99,966 ---------- CHEMICALS (0.3%) Dow Chemical 2.080%, 12/27/01 15,000 14,977 ---------- DIVERSIFIED OPERATIONS (3.3%) Honeywell International 2.700%, 12/03/01 43,690 43,684 PPG Industries 2.030%, 12/04/01 18,000 17,997 2.040%, 12/28/01 83,000 82,873 2.050%, 12/31/01 45,407 45,329 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- DIVERSIFIED OPERATIONS -- CONTINUED Rio Tinto 2.220%, 12/03/01 $ 1,043 $ 1,043 --------- 190,926 --------- DRUGS (0.5%) Abbott Laboratories 2.050%, 12/03/01 26,950 26,947 2.130%, 12/04/01 1,875 1,875 --------- 28,822 --------- FINANCIAL SERVICES (16.3%) American Honda Finance 2.000%, 12/06/01 35,000 34,990 Boeing Capital 2.150%, 12/14/01 2,000 1,999 2.620%, 12/28/01 35,500 35,430 CDC 2.150%, 12/07/01 24,198 24,189 2.000%, 12/07/01 99,000 98,967 Cit Group 2.100%, 12/24/01 2,925 2,921 2.000%, 01/28/02 2,900 2,891 Cortez Capital 2.100%, 12/17/01 5,000 4,995 2.100%, 12/21/01 5,000 4,994 International Lease Finance 2.080%, 12/19/01 1,000 999 John Hancock Capital 2.100%, 12/03/01 35,000 34,996 2.070%, 12/07/01 30,000 29,990 KFW International Finance 2.020%, 12/07/01 15,000 14,995 2.060%, 12/27/01 4,210 4,204 1.980%, 01/09/02 15,000 14,968 1.980%, 01/10/02 19,000 18,958 Panasonic Finance 2.150%, 12/03/01 169,200 169,180 2 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- FINANCIAL SERVICES -- CONTINUED Prudential Funding 2.100%, 12/03/01 $ 15,100 $ 15,098 2.000%, 01/09/02 29,000 28,937 Shell Finance 2.130%, 12/04/01 20,000 19,997 Starfish Global Funding 2.150%, 12/17/01 50,000 49,952 2.100%, 12/18/01 50,000 49,950 Toyota Motor Credit 2.030%, 12/03/01 37,647 37,643 2.130%, 12/04/01 1,956 1,956 2.070%, 12/20/01 50,000 49,945 UBS Finance 2.150%, 12/03/01 147,000 146,983 2.130%, 12/05/01 4,766 4,765 2.010%, 12/07/01 35,000 34,988 2.050%, 12/20/01 2,998 2,995 2.050%, 12/26/01 2,550 2,546 2.050%, 12/27/01 1,800 1,797 2.030%, 12/27/01 2,000 1,997 ---------- 949,215 ---------- FOOD, BEVERAGE & TOBACCO (1.6%) Archer Daniels 2.050%, 12/04/01 16,905 16,902 2.080%, 12/18/01 25,000 24,975 Heinz 2.000%, 01/18/02 49,650 49,518 ---------- 91,395 ---------- INDUSTRIAL (1.5%) Bayer 2.130%, 12/17/01 5,250 5,245 Rockwell Collins 2.550%, 12/07/01 15,000 14,994 2.360%, 01/24/02 35,000 34,876 2.100%, 02/11/02 13,435 13,378 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- INDUSTRIAL -- CONTINUED United Technology 2.430%, 12/20/01 $ 16,000 $ 15,979 2.430%, 12/27/01 5,313 5,304 ---------- 89,776 --------- INSURANCE (4.7%)- Chubb Capital 2.080%, 12/19/01 1,700 1,698 General Re 2.510%, 12/06/01 145,000 144,949 ING America 2.150%, 12/03/01 24,000 23,997 Jefferson Pilot 3.980%, 02/08/02 93,000 92,291 Metlife 2.080%, 12/14/01 8,000 7,994 ---------- 270,929 ---------- INVESTMENT BANKER/BROKER DEALER (0.3%) Salomon Smith Barney 2.100%, 12/03/01 19,000 18,998 ---------- MULTIMEDIA (2.8%) Gannett 2.070%, 12/13/01 160,000 159,889 2.080%, 12/19/01 2,600 2,597 New York Times 1.970%, 01/15/02 1,872 1,868 ---------- 164,354 ---------- REGIONAL GOVERNMENT AGENCY (0.7%) Canada Wheat Board 1.950%, 02/12/02 12,000 11,953 Quebec Province 2.000%, 12/14/01 28,500 28,479 ---------- 40,432 ---------- 3 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 PRIME QUALITY MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- RETAIL (2.2%) Eastman Kodak 2.950%, 12/13/01 $ 20,000 $ 19,980 2.880%, 12/18/01 30,000 29,959 2.880%, 12/19/01 21,720 21,689 2.850%, 12/21/01 10,000 9,984 3.050%, 01/08/02 18,500 18,441 McDonald's 2.080%, 12/03/01 28,232 28,229 ---------- 128,282 ---------- TELEPHONE & TELECOMMUNICATIONS (0.0%) Verizon Global 2.200%, 12/12/01 2,900 2,898 ---------- UTILITIES (3.8%) Consolidated Edison 2.180%, 12/03/01 10,600 10,599 2.200%, 12/10/01 40,000 39,978 Duke Energy 2.020%, 12/11/01 4,038 4,036 Emerson Electric 2.200%, 12/06/01 2,516 2,515 General Re 2.030%, 01/25/02 39,000 38,879 South Carolina 2.100%, 01/11/02 3,415 3,407 Tampa Electric 2.100%, 12/07/01 2,390 2,389 Total Fina Elf 2.080%, 12/10/01 118,700 118,638 ---------- 220,441 ---------- Total Commercial Paper (Cost $2,640,127) 2,640,127 ---------- - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- CORPORATE OBLIGATIONS (31.8%) ASSET BACKED SECURITIES (1.8%) Money Store 8.050%, 04/15/02 $ 4,855 $ 4,920 Sigma Finance, MTN 5.180%, 02/15/02 50,000 50,000 4.300%, 05/16/02 25,000 25,000 2.360%, 11/20/02 25,000 25,000 Sigma Finance, Ser E, MTN 7.000%, 04/30/02 1,429 1,455 ---------- 106,375 ---------- BANKS (5.7%) Bank of America (C) 3.245%, 12/17/01 30,000 30,015 Bank of America, Ser E, MTN (C) 2.201%, 02/20/02 9,160 9,166 Bank of America, Ser H, MTN 7.350%, 04/03/02 1,000 1,010 Bayerische Landesbank, MTN 7.100%, 07/05/02 4,000 4,117 First Tennessee Bank (C) 2.315%, 09/11/02 100,000 100,000 Key Bank (C) 3.280%, 03/18/02 3,600 3,604 Key Bank, Ser E, MNT (C) 2.653%, 07/02/02 23,000 23,011 Marshall & Isley Bank (G) 6.150%, 12/03/07 100,000 103,371 Wells Fargo, MTN (C) 2.090%, 06/15/02 50,000 50,000 Wells Fargo, Ser A, MTN (C) 2.270%, 10/30/02 6,250 6,258 ---------- 330,552 ---------- 4 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- DIVERSIFIED OPERATIONS (1.4%) EI Du Pont de Nemours 8.000%, 04/02/02 $ 5,000 $ 5,080 Philip Morris 7.500%, 01/15/02 3,175 3,192 7.625%, 05/15/02 16,900 17,180 7.125%, 08/15/02 10,000 10,216 Philip Morris (A) (C) 3.713%, 12/04/01 18,000 18,001 Textron 6.750%, 09/15/02 25,900 26,515 ---------- 80,184 ---------- DRUGS (0.3%) Bayer (A) 6.500%, 10/01/02 13,250 13,713 Eli Lilly 8.125%, 12/01/01 5,000 5,000 ---------- 18,713 ---------- FINANCIAL SERVICES (9.5%) American Honda Finance, MTN (C) 2.330%, 08/19/02 100,000 100,000 American Honda Finance, MTN (A) (C) 2.426%, 01/16/02 35,000 35,012 Associates (C) 3.190%, 06/15/04 75,000 75,000 Associates, Ser E, MTN 6.875%, 06/20/02 5,000 5,063 BellSouth Capital Funding 7.000%, 06/19/02 1,037 1,062 Benefical, Ser H, MTN 6.625%, 02/12/02 1,000 1,004 Boeing Capital (C) 2.690%, 09/27/02 27,000 26,920 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- FINANCIAL SERVICES -- CONTINUED General Electric Capital (C) 2.016%, 08/01/49 $ 1,000 $ 993 General Electric Capital, Ser A, MTN 5.180%, 02/01/02 2,000 2,000 7.000%, 03/01/02 46 46 General Electric Capital, Ser E, MTN 8.000%, 02/15/02 5,000 5,026 6.500%, 09/27/02 8,000 8,249 GMAC 9.625%, 12/15/01 1,000 1,002 GMAC, MTN 5.600%, 04/30/02 5,000 5,012 GMAC, MTN (C) 3.525%, 12/17/01 7,100 7,101 2.410%, 01/28/02 7,000 7,000 2.096%, 02/12/02 5,000 5,000 GMAC, Ser 2, MTN (C) 2.280%, 01/15/02 50,000 50,000 Heller Financial 6.440%, 10/06/02 3,650 3,778 Household Finance (C) 2.151%, 02/16/06 75,000 75,000 Household Finance, MTN (C) 6.125%, 07/15/02 9,000 9,207 IBM Credit, MTN 6.450%, 11/12/02 1,415 1,470 International Lease Finance, Ser I, MTN, 6.360%, 08/01/02 1,000 1,021 Norwest Financial, Ser E, MTN 7.750%, 03/01/02 1,000 1,008 Prudential Funding, MTN (C) 2.380%, 02/22/02 50,000 50,024 Siemens Capital, Ser XW 8.000%, 06/24/02 7,000 7,203 5 PRIME QUALITY MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- FINANCIAL SERVICES -- CONTINUED Toyota Motor Credit 6.250%, 07/22/02 $ 4,000 $ 4,050 Tyco Capital 6.375%, 08/01/02 8,350 8,558 Tyco Capital, MTN 6.375%, 10/01/02 6,000 6,184 5.920%, 11/08/02 5,000 5,158 6.150%, 12/15/02 8,010 8,298 Unilever Capital (C) 2.473%, 10/24/02 10,000 10,012 Verizon Global Funding (A) (C) 2.260%, 11/04/02 25,000 25,023 ---------- 551,484 ---------- FOOD, BEVERAGE & TOBACCO (0.1%) Archer Daniels Midland (F) 0.000%, 05/01/02 2,500 2,462 Cargill, Ser 2, MTN (C) 2.570%, 01/14/02 6,000 6,002 ---------- 8,464 ---------- INDUSTRIAL (0.0%) IBM 7.250%, 11/01/02 2,226 2,326 ---------- INVESTMENT BANKERS/BROKER DEALERS (7.4%) Bear Stearns 6.500%, 08/01/02 6,245 6,391 6.450%, 08/01/02 3,000 3,065 Bear Stearns, Ser B, MTN 5.250%, 02/13/02 50,000 50,000 Credit Suisse First Boston, Ser 1, MTN (C) 2.355%, 08/27/02 100,000 100,000 Goldman Sachs Group, MTN (C) 2.196%, 02/11/02 5,000 5,002 2.430%, 03/21/02 25,000 25,016 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- INVESTMENT BANKERS/BROKER DEALERS -- CONTINUED Goldman Sachs Group, Ser 1, MTN (C) 2.329%, 12/27/01 $ 25,000 $ 25,005 Goldman Sachs Group, Ser 2, MTN (C) 2.290%, 01/14/02 7,000 7,001 Merrill Lynch, Ser 1, MTN (C) 2.230%, 09/23/02 70,000 70,083 Merrill Lynch, Ser B, MTN (C) 2.503%, 07/24/02 32,300 32,352 Morgan Stanley Dean Witter (C) 2.210%, 12/06/01 25,000 25,000 Morgan Stanley Dean Witter, Ser 1, MTN (C) 2.160%, 10/16/02 75,000 75,000 Morgan Stanley Dean Witter, Ser C, MTN, 5.625%, 04/12/02 2,000 2,025 Morgan Stanley Dean Witter, Ser E, MTN (C) 3.591%, 03/06/02 3,000 3,001 ---------- 428,941 ---------- REGIONAL GOVERNMENT AGENCY (0.1%) Hydro-Quebec 8.625%, 05/20/02 5,245 5,348 Hydro-Quebec, Ser B, MTN 7.960%, 12/17/01 2,000 2,001 --------- 7,349 --------- TELEPHONE & TELECOMMUNICATIONS (3.2%) BellSouth Telecommunication, 6.000%, 06/15/02 2,000 2,035 GTE South, Ser B 7.250%, 08/01/02 3,750 3,862 GTE, Ser A 6.310%, 12/15/02 3,500 3,625 6 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) - -------------------------------------------------------------------------------- TELEPHONE & TELECOMMUNICATIONS -- CONTINUED SBC Communications (A) 4.250%, 06/05/02 $100,000 $ 100,000 Vodaphone Group (A) (C) 3.310%, 12/19/01 74,325 74,367 ---------- 183,889 ---------- UTILITIES (2.3%) Baltimore Gas & Electric, (A) (C) 2.511%, 02/15/02 15,000 14,994 Duke Energy 7.125%, 09/03/02 12,475 12,867 Matsushita Electric 7.250%, 08/01/02 5,000 5,113 National Rural Utilities, Ser 1, MTN (C) 2.461%, 04/17/02 100,000 100,000 Wisconsin Electric Power 6.625%, 12/01/02 1,000 1,041 ---------- 134,015 ---------- Total Corporate Obligations (Cost $1,852,292) 1,852,292 ---------- ASSET-BACKED SECURITIES (4.1%) AmeriCredit Auto Receivables Trust, Ser 2001-B, Cl A1 (C) 3.670%, 12/06/01 50,863 50,863 Daimler Chrysler Auto Trust, Ser 2001-C, Cl A1 (C) 3.500%, 02/06/02 110,517 110,517 Drive Auto Receivables Trust, Ser 2001-1, Cl A1 4.309%, 05/15/02 9,829 9,829 Ford Credit Auto Owner Trust, Ser 1999-D, Cl A4 6.400%, 01/15/02 3,496 3,503 Nissan Auto Receivables Owner Trust, Ser 2001-B, Cl A1 4.743%, 05/15/02 2,663 2,669 - -------------------------------------------------------------------------------- FACE AMOUNT (000) Value (000) - -------------------------------------------------------------------------------- ASSET-BACKED SECURITIES -- CONTINUED Nissan Auto Receivables Owner Trust, Ser 2001-C, Cl A1 (C) 3.445%, 04/15/02 $ 50,432 $ 50,432 Onyx Acceptance Auto Trust, Ser 2001-C, Cl A1 3.660%, 08/15/02 4,192 4,200 World Omni Auto Lease Securitization Trust, 2001-AA, Cl A1 3.910%, 12/20/01 5,040 5,040 ---------- Total Asset-Backed Securities (Cost $237,053) 237,053 ---------- CERTIFICATES OF DEPOSIT - DOMESTIC (0.7%) Citigroup 9.500%, 03/01/02 1,000 1,010 Fleet National Bank (C) 2.225%, 07/31/02 3,000 3,002 Huntington National Bank (C) 2.136%, 02/15/02 35,000 35,033 ---------- Total Certificates of Deposit -- Domestic (Cost $39,045) 39,045 ---------- CERTIFICATES OF DEPOSIT - YANKEE (6.9%) Societe Generale, NY 3.790%, 08/09/02 100,000 100,000 Toronto Dominion Bank, NY 2.180%, 11/14/02 100,000 100,010 Westdeutsche Landesbank , NY 2.710%, 10/15/02 100,000 100,000 2.180%, 11/13/02 100,000 100,009 ---------- Total Certificates of Deposit - Yankee (Cost $400,019) 400,019 ---------- 7 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 PRIME QUALITY MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS (1.3%) FHLMC, MTN 3.650%, 09/13/02 $75,000 $ 74,982 SLMA, Ser 1996-3, Cl A1 (C) 2.445%, 10/25/04 541 539 SLMA, Ser 1996-4, Cl A1 (C) 2.435%, 07/25/04 191 191 ---------- Total U.S. Government Agency Obligations (Cost $75,712) 75,712 ---------- CASH EQUIVALENTS (10.0%) AIM Liquid Assets Portfolio, Institutional Class 290,000,000 290,000 Federated Prime Value Money Market Fund 290,000,000 290,000 ---------- Total Cash Equivalents (Cost $580,000) 580,000 ---------- REPURCHASE AGREEMENTS (1.3%) Lehman Brothers 2.035%, dated 11/30/01, matures 12/03/01, repurchase price $10,170,139 (collateralized by U.S. Government obligations: total market value $10,373,135) (B) $10,168 10,168 Merrill Lynch 2.085%, dated 11/30/01, matures 12/03/01, repurchase price $19,532,411 (collateralized by U.S. Government obligations: total market value $19,922,964) (B) 19,529 19,529 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- CONTINUED Salomon Smith Barney 2.075%, dated 11/30/01, matures 12/03/01, repurchase price $5,380,131 (collateralized by U.S. Government obligations: total market value $5,503,870) (B) $ 5,379 $ 5,379 UBS Warburg 2.125%, dated 11/30/01, matures 12/03/01, repurchase price $42,115,000 (collateralized by U.S. Government obligations: total market value $42,949,919) (B) 42,108 42,108 ---------- Total Repurchase Agreements (Cost $77,184) 77,184 ---------- Total Investments (101.5%) (Cost $5,901,432) 5,901,432 ---------- OTHER ASSETS AND LIABILITIES, NET (-1.5%) (85,370) ---------- 8 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Portfolio Shares of Trust Class (unlimited authorization -- no par value) based on 3,839,521,369 outstanding shares of beneficial interest $3,839,497 Portfolio Shares of Investor Class (unlimited authorization -- no par value) based on 1,969,399,790 outstanding shares of beneficial interest 1,969,424 Portfolio Shares of Flex Class (unlimited authorization -- no par value) based on 6,726,615 outstanding shares of beneficial interest 6,727 Distributions in excess of net investment income (39) Accumulated net realized gain on investments 453 ---------- Total Net Assets (100.0%) $5,816,062 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Class $1.00 ========== Net Asset Value, Offering and Redemption Price Per Share -- Investor Class $1.00 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Class $1.00 ========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 30. 9 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 TAX-EXEMPT MONEY MARKET FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MUNICIPAL BONDS (100.8%) ALABAMA (3.2%) Birmingham, Special Care Facilities, RB (C) 1.760%, 11/15/20 $ 15,000 $ 15,000 Cherokee, Industrial Development Board, BOC Group Project, RB (C) (D) (E) 1.550%, 04/01/08 3,500 3,500 Daphne-Villa Mercy, Special Care Facility Authority, Mercy Medical Project, RB (C) (D) (E) 1.470%, 12/01/27 4,500 4,500 Mobile, Airport Authority, RB, Ser A24, MBIA 1.830%, 10/01/14 8,570 8,570 Mobile, Industrial Development Board, Dock & Wharf Holnam Project, Ser A, RB (C) (D) (E) 1.450%, 06/01/32 4,900 4,900 ---------- 6,470 ---------- ARIZONA (0.7%) Salt River Project, Agricultural Improvement & Power District, Electric System, Ser SG-10, RB (C) 1.560%, 01/01/30 7,570 7,570 ---------- COLORADO (0.8%) Cherry Creek, South Metropolitan District, GO (C) (D) (E) 1.650%, 06/01/06 1,050 1,050 Colorado State, Multi-Family Housing Finance Authority, St. Moritz Project, Ser H, RB, FNMA (C) (D) 1.500%, 10/15/16 5,715 5,715 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- COLORADO -- CONTINUED Lowry, Economic Redevelopment Authority, Ser B, RB (C) (D) (E) 1.500%, 12/01/20 $ 2,000 $ 2,000 ---------- 8,765 ---------- CONNECTICUT (0.6%) Connecticut State, GO (C) (D) 1.290%, 06/15/20 7,000 7,000 ---------- DELAWARE (0.2%) Delaware State, Educational Development Authority, RB (C) (D) (E) 1.975%, 10/01/19 1,875 1,875 ---------- DISTRICT OF COLUMBIA (1.3%) District of Columbia, George Washington University, Ser C, RB, MBIA (C) (D) 1.550%, 09/15/29 7,500 7,500 District of Columbia, Planned Parenthood, RB (C) (D) (E) 1.600%, 12/01/29 7,250 7,250 ---------- 14,750 ---------- FLORIDA (12.0%) Citrus Park, Community Development Authority, RB (C) (D) (E) 1.400%, 11/01/16 4,165 4,165 Dade County, Water & Sewer System, RB, FGIC (C) (D) 1.250%, 10/05/22 33,670 33,670 Dade County, Water & Sewer System, Ser SG-74, RB 1.560%, 10/01/25 10,000 10,000 10 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- FLORIDA -- CONTINUED Florida State, Board of Education, Capital Outlay, Ser 223, GO (C) (D) 1.570%, 06/01/10 $ 5,000 $ 5,000 Florida State, Housing Finance Authority, Multi-Family Housing, Bainbridge Project, Ser M, RB, AMT (C) (D) 1.430%, 12/01/25 6,570 6,570 Florida State, Municipal Power Agency, Stanton II Project, Ser 1997, RB, AMBAC (C) (D) 1.340%, 10/01/27 14,800 14,800 Florida State, Ser PA-511 (C) 1.560%, 07/01/17 5,000 5,000 Jacksonville, Health Facilities Authority, Taxable Charity OB Group, Ser C, RB, MBIA (C) (D) 1.300%, 08/15/19 15,855 15,855 Orange County, Health Facilities Authority, Ser PA 738, RB (C) 1.560%, 10/01/11 3,000 3,000 Orange County, Housing Finance Authority, Water View Club Apartment Project, Ser D, RB, FNMA, AMT (C) (D) 1.430%, 08/15/30 6,400 6,400 Palm Beach County, Norton Gallery Project, RB (C) (D) (E) 1.600%, 05/01/25 2,500 2,500 Putnam County, Pollution Control Authority, Seminole Electric Cooperative Project, Ser D, RB (C) (D) 2.700%, 12/15/09 2,000 2,000 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- FLORIDA -- CONTINUED Tampa, Occupational License, Ser A, RB, FGIC (C) 1.340%, 10/01/18 $ 12,600 $ 12,600 University of North Florida, Parking System Project, RB (C) (D) (E) 1.650%, 05/01/28 5,800 5,800 University of South Florida, COP (C) (D) (E) 1.400%, 01/01/29 9,950 9,950 ---------- 137,310 ---------- GEORGIA (5.6%) Altanta, Ser SG-123, GO (C) 1.560%, 12/01/23 9,845 9,845 Atlanta, Airport Authority, Ser 313, RB, AMT (C) (D) 1.690%, 01/01/18 3,335 3,335 Atlanta, Airport Authority, Ser SG 138, RB (C) 1.640%, 01/01/26 6,600 6,600 Cobb County, Development Authority, Educational Facilities, Kennesaw State University Project, RB, AMBAC (C) (D) 1.550%, 11/01/18 5,805 5,805 Dekalb County, Development Authority, Green Forest Community Development Project, RB (C) (D) (E) 1.550%, 02/01/22 7,000 7,000 Fulton County, Development Authority, American National Red Cross Project, RB (C) (D) (E) 1.550%, 08/01/05 800 800 Fulton County, Development Authority, Metropolitan Atlanta YMCA Project, RB (C) (D) (E) 1.550%, 11/01/22 8,500 8,500 11 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- GEORGIA -- CONTINUED Georgia State, Eagle Trust, RB (C) (D) 1.590%, 07/01/15 $ 7,025 $ 7,025 Houston County, Development Authority, Clean Control Project, RB, AMT (C) (D) (E) 1.750%, 06/01/20 3,325 3,325 Metropolitan Atlanta, Rapid Transportation, Ser SG-57, RB, AMBAC (C) 1.560%, 07/01/20 5,000 5,000 Mitchell County, Industrial Development Authority, City of Camille Project, RB (C) (D) (E) 1.600%, 03/01/15 3,600 3,600 Savannah, Economic Development Authority, Exempt Facilities- Construction Utilities Project, RB, AMT (C) (D) (E) 1.750%, 12/01/19 1,400 1,400 Savannah, Economic Development Authority, Kennickell Printing Project, RB, AMT (C) (D) (E) 1.750%, 09/01/11 2,200 2,200 ---------- 64,435 ---------- IDAHO (0.4%) Idaho State, Housing & Finance Association, Ser PA-115, RB (C) 1.640%, 01/01/27 4,796 4,796 ---------- ILLINOIS (9.3%) Bloomington, Normal Airport Authority, GO (C) (D) 1.600%, 01/01/12 1,100 1,100 Chicago, Airport Special Facilities, Centerpoint O "Hare Project, RB, AMT (C) (D) (E) 1.650%, 09/01/32 2,800 2,800 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- ILLINOIS -- CONTINUED Chicago, Merlots Project, Ser WWW, GO 2.600%, 01/01/22 $ 11,000 $ 11,000 Chicago, O'Hare International Airport, Aces-General Airport Project, 2nd Lien, Ser A, RB, AMT (E) 1.450%, 01/01/18 24,900 24,900 Illinois State, Development Finance Authority, Lyric Opera Chicago Project, RB (C) (D) (E) 1.500%, 12/01/28 10,000 10,000 Illinois State, Development Finance Authority, Pollution Control Authority, Illinois Power Project, Ser C, RB, AMT, MBIA (C) (D) (E) 1.650%, 04/01/32 12,000 12,000 Illinois State, Educational Facilities Authority, Chicago Childrens Museum Project, RB (C) (D) (E) 1.550%, 02/01/28 1,600 1,600 Illinois State, Educational Facilities Authority, Museum of Science & Industry Project, RB (C) (D) (E) 1.500%, 11/01/15 5,100 5,100 Illinois State, Health Facilities Authority, Advocate Health Care, Ser B, RB (C) (D) 1.750%, 08/15/22 2,300 2,300 Illinois State, Health Facilities Authority, Proctor Hospital, RB (C) (D) (E) 1.550%, 01/01/12 4,800 4,800 12 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- ILLINOIS -- CONTINUED Illinois State, Health Facilities Authority, Streeterville Project, RB (C) (D) (E) 1.550%, 08/15/24 $ 2,000 $ 2,000 Illinois State, Industrial Development Finance Authority, Derby Project, RB, AMT (C) (D) (E) 1.800%, 10/01/07 500 500 Illinois State, Regional Transportation Authority, Ser SG-82, RB, MBIA (C) (D) 1.560%, 06/01/25 17,500 17,500 Lockport, Industrial Development Authority, Panduit Project, RB, AMT (C) (D) (E) 1.650%, 04/01/25 2,000 2,000 Macon County, Millikin University Project, RB, AMBAC (C) (D) 1.500%, 10/01/28 4,700 4,700 Savanna, Industrial Development Authority, Metform Project, Ser A, RB, AMT (C) (D) (E) 1.650%, 05/01/14 500 500 Savanna, Industrial Development Authority, Metform Project, Ser B, RB, AMT (C) (D) (E) 1.650%, 06/01/09 1,400 1,400 Wheeling, Industrial Development Authority, Circuit Service Project, RB, AMT (C) (D) (E) 1.800%, 04/01/18 2,400 2,400 ---------- 106,600 ---------- INDIANA (3.5%) Elkhart, Industrial Economic Development Authority, Holly Park, RB, AMT (C) (D) (E) 1.800%, 02/01/10 1,900 1,900 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- INDIANA -- CONTINUED Fort Wayne, Industrial Economic Development Authority, Technical Project, RB, AMT (C) (D) (E) 1.650%, 07/01/09 $ 1,000 $ 1,000 Indiana State, Development Finance Authority, Culver Educational Project, RB (C) (D) (E) 1.500%, 01/01/32 12,700 12,700 Indiana State, Development Finance Authority, Indiana Historical Society, RB (C) (D) (E) 1.550%, 08/01/31 1,200 1,200 Indiana State, Educational Facilities Authority, Indiana Wesleyan Project, Ser B, RB (C) (D) (E) 1.650%, 06/01/28 2,500 2,500 Indiana State, Health Facilities Financing Authority, Clarian Health Partners, Ser B, RB (C) (D) 1.700%, 02/15/26 2,000 2,000 Jasper, Industrial Economic Development Authority, Wabash Valley Produce Project, RB, AMT (C) (D) (E) 1.800%, 06/01/05 1,600 1,600 La Porte County, Industrial Economic Development Authority, Pedcor Investments- Woodland Project, RB, AMT (C) (D) (E) 1.640%, 10/01/29 2,000 2,000 13 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- INDIANA -- CONTINUED Marshall County, Industrial Economic Development Authority, Culver Educational Foundation Project, RB (C) (D) (E) 1.550%, 01/01/35 $ 8,300 $ 8,300 Michigan City, Industrial Economic Development Authority, Performance Packaging, RB, AMT (C) (D) (E) 1.800%, 09/01/06 500 500 Warren Township, Vision 2005, Merlots, Ser A52, RB, FGIC (C) (D) (E) 1.670%, 07/15/20 6,600 6,600 ---------- 40,300 ---------- IOWA (0.5%) Sac County, Industrial Development Authority, Evapco Project, RB, AMT (C) (D) (E) 1.750%, 07/01/16 3,280 3,280 West Des Moines, Commercial Development Authority, Greyhound Lines Project, RB (C) (D) (E) 1.500%, 12/01/14 2,500 2,500 ---------- 5,780 ---------- KANSAS (0.9%) Sedgwick & Shawnee Counties, Ser PT 227, RB (C) (D) (E) 1.640%, 12/01/22 10,460 10,460 ---------- - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- KENTUCKY (0.4%) Kentucky State, Area Development Districts Financing Authority, RB, (C) (D) (E) 1.650%, 06/01/33 $ 4,800 $ 4,800 ---------- LOUISIANA (0.7%) Calcasieu Parish, Industrial Development Authority, Hydroserve Westlake Project, RB, AMT (C) (D) (E) 1.600%, 06/01/25 5,000 5,000 Louisiana State, Public Facilities Authority, Pollution Control Authority, Ciba-Geigy Project, RB (C) (D) (E) 1.500%, 12/01/04 2,400 2,400 ---------- 7,400 ---------- MARYLAND (7.6%) Baltimore County, Industrial Development Authority, Allied Signal Project, RB (C) (D) 1.600%, 03/01/14 1,000 1,000 Howard County, Economic Development Authority, Norbell School Project, RB (C) (D) (E) 1.600%, 02/01/28 5,000 5,000 Maryland State, Community Development Administration Authority, Ser 170, RB (C) (D) 1.560%, 04/01/18 5,540 5,540 Maryland State, Community Development Administration Authority, Ser PT-256, RB, AMT, FHA (C) (D) (E) 1.690%, 09/01/18 3,555 3,555 14 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MARYLAND -- CONTINUED Maryland State, Ser PA 816, GO (C) (D) 1.510%, 03/01/15 $ 5,800 $ 5,800 Montgomery County, Housing Opportunities Authority, Multi-Family Housing, Falklands Project, Ser B, RB (C) (D) 1.340%, 08/01/15 16,000 16,000 Montgomery County, Housing Opportunities Authority, Ser I, RB, AMT (C) (D) 1.450%, 06/01/30 50,000 50,000 ---------- 86,895 ---------- MASSACHUSETTS (3.5%) Massachusetts State, Ser A, GO (C) (D) 1.300%, 09/01/16 40,000 40,000 ---------- MICHIGAN (0.4%) Michigan State, Housing Development Authority, Woodland Meadows Project, RB, AMT (C) (D) (E) 1.500%, 03/01/13 1,000 1,000 Michigan State, Strategic Fund, Consolidated Industrial Project, RB, AMT (C) (D) (E) 1.800%, 01/01/19 2,200 2,200 Oakland County, Economic Development Authority, Moody Family Limited Project, RB, AMT (C) (D) (E) 1.800%, 09/01/12 800 800 ---------- 4,000 ---------- - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MISSOURI (0.3%) Carthage, Industrial Development Authority, Schrieber Project, RB, AMT (C) (D) (E) 1.650%, 11/01/10 $ 3,100 $ 3,100 Missouri State, Environmental Improvement & Energy Resource Authority, Utilicorp United Project, RB, AMT (C) (D) (E) 1.650%, 05/01/28 700 700 ---------- 3,800 ---------- MONTANA (0.8%) Missoula County, Economic Development Authority, Dinny Stranahan Research Project, RB (C) (D) (E) 1.600%, 06/01/20 8,500 8,500 ---------- NEVADA (2.1%) Clark County, Airport Improvement Authority, Sub-Lien Ser A-2, RB, AMT (C) (D) (E) 1.450%, 07/01/25 4,595 4,595 Clark County, School District, GO (C) (D) 1.590%, 06/15/15 8,345 8,345 Nevada State, Ser 344, GO, FGIC (C) (D) 1.690%, 05/15/28 5,495 5,495 Nevada State, Ser SG-114, RB (C) (D) 1.560%, 03/01/27 5,000 5,000 ---------- 23,435 ---------- 15 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- NEW HAMPSHIRE (0.4%) New Hampshire State, Housing Finance Authority, Ser PT 348, RB (C) (D) (E) 1.640%, 07/01/29 $ 4,330 $ 4,330 ---------- NEW JERSEY (0.6%) New Jersey State, Ser PA 801, COP, FHLMC (C) (D) 1.370%, 09/15/14 7,300 7,300 ---------- NEW YORK (1.1%) New York City, Municipal Water Financing Authority, Ser SGB-27, RB, FSA 1.370%, 06/15/24 9,000 9,000 Southeast New York, Industrial Development Agency, Unilock New York Project, RB, AMT (C) (D) (E) 1.650%, 12/01/12 2,200 2,200 Syracuse, Ser 207, RB, AMT, FGIC (C) (D) 1.540%, 01/01/17 1,425 1,425 ---------- 12,625 ---------- NORTH CAROLINA (3.5%) Charlotte, Airport Authority, Ser A, RB, AMT, MBIA (C) (D) 1.550%, 07/01/17 4,100 4,100 Cleveland County, Family YMCA, RB (C) (D) (E) 1.600%, 08/01/18 2,690 2,690 Mecklenburg County, Public Improvement, Ser C, GO (C) (D) 1.500%, 02/01/14 5,000 5,000 Mecklenburg County, Ser C, GO (C) (D) 1.550%, 02/01/18 8,850 8,850 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- NORTH CAROLINA -- CONTINUED North Carolina State, Educational Facilities Finance Agency, Guilford College, RB, MBIA (C) (D) 1.600%, 05/01/24 $ 2,200 $ 2,200 North Carolina State, Educational Facilities Finance Agency, Wake Forest University, RB (C) (D) 1.500%, 01/01/18 8,850 8,850 North Carolina State, Medical Care Community Hospital, Lutheran Services for the Aging Project, RB (C) (D) (E) 1.650%, 03/01/28 8,135 8,135 ---------- 39,825 ---------- OHIO (6.0%) Cincinnati, Student Loan Funding Authority, Ser A-2, RB, AMT (C) (D) 1.600%, 08/01/10 29,300 29,300 Cuyahoga County, Hospital Facilities Authority, Cleveland Clinic Foundation, Ser A, RB (C) (D) 1.550%, 01/01/24 5,800 5,800 Ohio State, Air Quality Development Authority, JMG Limited Partnership, Ser A, RB, AMT (C) (D) (E) 1.540%, 04/01/28 3,000 3,000 Ohio State, Environmental Improvement Authority, Newark Group Industries Project, RB, AMT (C) (D) (E) 1.560%, 12/01/26 4,455 4,455 16 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- OHIO -- CONTINUED Ohio State, Higher Educational Facility Commission, Pooled Financing, RB (C) (D) (E) 1.650%, 09/01/18 $ 4,475 $ 4,475 Ohio State, Housing Finance Authority, RB (C) (D) 1.590%, 03/01/07 12,280 12,280 Warren County, Health Care Improvement, Otterbein Project, Ser A, RB (C) (D) (E) 1.520%, 07/01/21 8,840 8,840 ---------- 68,150 ---------- PENNSYLVANIA (6.2%) Cambria County, Industrial Development Authority, Cambria Cogeneration Project, Ser A-1, RB, AMT (C) (D) (E) 1.500%, 12/01/28 7,125 7,125 Delaware Valley, Regional Finance Authority, Ser B, RB (C) (D) (E) 1.500%, 12/01/20 8,100 8,100 Emmaus, General Authority, RB, FSA (C) (D) 1.550%, 12/01/28 45,000 45,000 Pennsylvania State, Intergovernmental Cooperation Authority, Special Tax Revenue, Ser SG-67, RB, FGIC (C) (D) 1.510%, 06/15/20 630 630 Philadelphia, Industrial Development Authority, Chemical Heritage Foundation Project, RB (C) (D) (E) 1.550%, 07/01/27 9,800 9,800 ---------- 70,655 ---------- - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- SOUTH CAROLINA (4.0%) Newberry County, Memorial Hospital Authority, RB (C) (D) (E) 1.550%, 12/01/29 $ 10,000 $ 10,000 South Carolina State, Educational Facilities Authority, Newberry College Project, RB (C) (D) (E) 1.600%, 08/01/22 4,000 4,000 South Carolina State, Housing Finance & Development Authority, Ser PT 1272, RB, FHLMC (C) (D) 1.760%, 12/15/30 10,000 10,000 South Carolina State, Jobs Economic Development Authority, Anderson Area YMCA Project, RB (C) (D) (E) 1.650%, 11/01/24 7,100 7,100 South Carolina State, Jobs Economic Development Authority, Carolina Village, RB (C) (D) (E) 1.600%, 02/01/22 4,905 4,905 South Carolina State, Jobs Economic Development Authority, Developmental Foundation Project, RB (C) (D) (E) 1.600%, 12/01/10 6,000 6,000 University South Carolina, Development Foundation, RB (C) (D) (E) 1.750%, 12/01/10 4,000 4,000 ---------- 46,005 ---------- 17 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- TENNESSEE (1.1%) Covington, Industrial Development Board, Charms Project, RB, AMT (C) (D) (E) 1.650%, 06/01/27 $ 3,000 $ 3,000 Metropolitan Government Nashville & Davidson County, Eagle Trust, GO (C) (D) 1.590%, 11/15/18 10,000 10,000 ---------- 13,000 ---------- TEXAS (11.6%) Austin, Electric Utilities Systems, RB, FSA (C) (D) 1.490%, 11/15/17 10,000 10,000 Austin, Electric Utilities Systems, Ser G, AMBAC (C) (D) 1.560%, 11/15/11 20,000 20,000 Coastal Bend, Health Facilities Development Authority, Incarnate World Health Systems, Ser B, RB, AMBAC (C) (D) 1.520%, 08/15/28 17,400 17,400 Georgetown, Higher Education Finance Authority, Southwestern University Project, RB (C) (D) (E) 1.450%, 10/01/14 2,000 2,000 Houston, Airport System, Ser SG 149, RB, FSA (C) (D) 1.640%, 07/01/28 17,500 17,500 Houston, Higher Education Finance Authority, Rice University, Ser SG 139, RB (C) (D) 1.560%, 11/15/29 3,100 3,100 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- TEXAS -- CONTINUED Houston, Water & Sewer System Authority, Ser SG 78, RB (C) (D) 1.560%, 12/01/25 $ 8,835 $ 8,835 Pearland, Independent School District, Ser SG 106, GO 1.560%, 02/15/22 6,245 6,245 South Texas, Higher Education Authority, RB, AMT, MBIA (C) (D) 1.550%, 12/01/29 14,200 14,200 Texas State, Eagle Trust, Ser 991301, GO (C) (D) 1.590%, 06/01/25 9,900 9,900 Texas State, Lower Colorado River Authority, Merlots, Ser ZZZ, RB (C) (D) 2.600%, 10/01/28 3,500 3,500 Texas State, TRAN 3.750%, 08/29/02 20,000 20,189 ---------- 132,869 ---------- VIRGINIA (5.8%) Ashland, Industrial Development Authority, Health & Community Services Facilities Authority, YMCA Greater Richmond Project, Ser A, RB (C) (D) (E) 1.550%, 11/01/20 1,100 1,100 Fairfax County, Industrial Development Authority, Innovations Health Systems, RB (C) (D) 1.440%, 01/01/30 11,000 11,000 Front Royal & Warren County, Industrial Development Authority, Pen Tab Industries Project, RB, AMT (C) (D) (E) 1.700%, 04/01/15 2,500 2,500 18 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Norfolk Virginia, Eagle Trust, Ser 944601, GO 1.590%, 06/01/05 $ 17,400 $ 17,400 Peninsula Ports Authority, Dominion Term Project, Ser C, RB (C) (D) (E) 1.400%, 07/01/16 5,000 5,000 Richmond, Public Utilities Authority, Ser A, RB (C) (D) 1.650%, 06/30/03 21,400 21,400 Richmond, Ser B, GO (C) (D) 1.600%, 06/30/04 4,350 4,350 Suffolk, Industrial Development Authority, Lake Prince Center Project, RB (C) (D) (E) 1.650%, 10/01/05 4,000 4,000 ---------- 66,750 ---------- WASHINGTON (3.5%) Seattle, Ser 348, GO (C) (D) 1.690%, 12/15/28 4,495 4,495 Washington State, Public Power Supply System, Nuclear Power Project No.1, Ser 1A-1, RB (C) (D) (E) 1.400%, 07/01/17 4,340 4,340 Washington State, Public Power Supply System, Nuclear P roject No. 2, Ser 2A-1, RB, MBIA (C) (D) 1.450%, 07/01/12 4,800 4,800 Washington State, Public Power Supply System, Nuclear Project No. 3, Ser 3A-3, RB (C) (D) (E) 1.450%, 07/01/18 11,215 11,215 Washington State, Ser I-13, GO 1.590%, 01/01/08 15,000 15,000 ---------- 39,850 ---------- - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- WEST VIRGINIA (0.8%) Marshall County, Pollution Control Authority, Allied-Signal Project, RB (C) (D) 1.650%, 03/01/26 $ 8,630 $ 8,630 ---------- WISCONSIN (1.4%) Appleton, Industrial Development Authority, Pro Lable Project, RB, AMT (C) (D) (E) 1.900%, 11/01/12 690 690 Germantown, Industrial Development Authority, Speaker Project, RB, AMT (C) (D) (E) 1.900%, 08/01/11 745 745 Holland, Industrial Development Authority, White Clover Dairy Project, RB, AMT (C) (D) (E) 1.800%, 06/01/13 1,330 1,330 Oconomowoc, Industrial Development Authority, Quest Technologies Project, RB, AMT (C) (D) (E) 1.800%, 05/01/18 1,440 1,440 Tax-Exempt Grantor Trust, IBM, Ser 1999-A, RB (C) (D) 1.740%, 03/14/06 1,340 1,340 Wisconsin State, Health & Educational Facilities Authority, Felician Services Project, Ser A, AMBAC (C) (D) 1.470%, 01/01/20 10,800 10,800 ---------- 16,345 ---------- Total Municipal Bonds (Cost $1,151,275) 1,151,275 ---------- 19 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 TAX-EXEMPT MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CASH EQUIVALENT (0.1%) Financial Square Tax Free Portfolio 1,792,313 $ 1,792 ---------- Total Cash Equivalent (Cost $1,792) 1,792 ---------- Total Investments (100.9%) (Cost $1,153,067) 1,153,067 ---------- OTHER ASSETS AND LIABILITIES, NET (-0.9%) (10,816) ---------- NET ASSETS: Portfolio Shares of Trust Class (unlimited authorization -- no par value) based on 921,370,404 outstanding shares of beneficial interest 921,371 Portfolio Shares of Investor Class (unlimited authorization -- no par value) based on 220,512,520 outstanding shares of beneficial interest 220,512 Accumulated net realized gain on investments 368 ---------- Total Net Assets (100.0%) $1,142,251 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Class $1.00 ========== Net Asset Value, Offering and Redemption Price Per Share -- Investor Class $1.00 ========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 30. 20 - -------------------------------------------------------------------------------- (UNAUDITED) U.S. GOVERNMENT SECURITIES MONEY MARKET FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS (55.7%) FFCB (C) 2.395%, 05/16/02 $ 50,000 $ 49,999 2.405%, 05/28/02 20,000 20,000 FHLB (C) 2.375%, 02/14/02 25,000 25,000 FHLB (C) (G) 2.105%, 11/27/02 50,000 50,000 FHLMC 3.370%, 08/15/02 30,000 29,278 2.620%, 10/11/02 22,000 22,000 2.500%, 12/05/02 25,000 25,000 FHLMC (C) 2.255%, 07/11/02 50,000 50,000 FHLMC (G) 2.500%, 12/12/02 50,000 50,000 FHLMC (H) 3.395%, 06/24/02 25,000 24,517 FNMA 3.900%, 03/05/02 25,000 24,746 3.900%, 04/05/02 25,000 24,689 3.580%, 04/16/02 20,000 19,730 2.120%, 10/18/02 25,000 24,527 FNMA (C) 2.360%, 02/12/02 35,000 35,000 2.090%, 05/13/02 20,000 20,000 2.255%, 07/24/02 40,000 40,000 FNMA (H) 3.340%, 07/12/02 35,000 34,276 SLMA (C) 2.395%, 05/08/02 30,000 29,992 ---------- Total U.S. Government Agency Obligations (Cost $598,754) 598,754 ---------- - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT(000) VALUE (000) - -------------------------------------------------------------------------------- CASH EQUIVALENTS (9.0%) Financial Square Government Portfolio 48,000,000 $ 48,000 SEI Daily Income Trust Government Fund 48,000,000 48,000 ---------- Total Cash Equivalents (Cost $96,000) 96,000 ---------- REPURCHASE AGREEMENTS (41.6%) JP Morgan 2.095%, dated 11/30/01, matures 12/03/01, repurchase price $38,466,986 (collateralized by U.S. Government obligations: total market value $39,615,853) (B) $38,460 38,460 Lehman Brothers 2.035%, dated 11/30/01, matures 12/03/01, repurchase price $31,883,829 (collateralized by U.S. Government obligations: total market value $32,515,743) (B) 31,878 31,878 Merrill Lynch 2.085%, dated 11/30/01, matures 12/03/01, repurchase price $123,118,373 (collateralized by U.S. Government obligations: total market value $125,562,791) (B) 123,097 123,097 Paribas 2.105%, dated 11/30/01, matures 12/03/01, repurchase price $40,015,057 (collateralized by U.S. Government obligations: total market value $40,800,667) (B) 40,008 40,008 21 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 U.S. GOVERNMENT SECURITIES MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Salomon Smith Barney 2.075%, dated 11/30/01, matures 12/03/01, repurchase price $38,983,806 (collateralized by U.S. Government obligations: total market value $39,766,849) (B) $ 38,977 $ 38,977 UBS Warburg 2.125%, dated 11/30/01, matures 12/03/01, repurchase price $174,650,358 (collateralized by U.S. Government obligations: total market value $178,113,045) (B) 174,620 174,620 ---------- Total Repurchase Agreements (Cost $447,040) 447,040 ---------- Total Investments (106.3%) (Cost $1,141,794) 1,141,794 ---------- OTHER ASSETS AND LIABILITIES, NET (-6.3%) Securities Purchased Payable (75,880) Other Assets and Liabilities, Net 8,619 ---------- Total Other Assets and Liabilities (67,261) ---------- - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Portfolio Shares of Trust Class (unlimited authorization -- no par value) based on 834,865,641 outstanding shares of beneficial interest $ 834,865 Portfolio Shares of Investor Class (unlimited authorization -- no par value) based on 239,683,984 outstanding shares of beneficial interest 239,684 Accumulated net realized loss on investments (16) ---------- Total Net Assets (100.0%) $1,074,533 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Class $1.00 ========== Net Asset Value, Offering and Redemption Price Per Share -- Investor Class $1.00 ========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 30. 22 - -------------------------------------------------------------------------------- (UNAUDITED) U.S. TREASURY MONEY MARKET FUND - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (17.8%) U.S. Treasury Notes 6.625%, 05/31/02 $50,000 $ 50,622 5.625%, 11/30/02 95,000 98,092 --------- Total U.S. Treasury Obligations (Cost $148,714) 148,714 --------- CASH EQUIVALENTS (9.6%) AIM Institutional Treasury Fund 40,000,000 40,000 Dreyfus Treasury Prime Cash Management Class A 40,000,000 40,000 --------- Total Cash Equivalents (Cost $80,000) 80,000 --------- REPURCHASE AGREEMENTS (72.8%) Deutsche 2.075%, dated 11/30/01, matures 12/03/01, repurchase price $40,011,451 (collateralized by U.S. Government obligations: total market value $40,804,630) (B) $ 40,005 40,005 Dresdner 2.005%, dated 11/30/01, matures 12/03/01, repurchase price $202,573,240 (collateralized by U.S. Government obligations: total market value $206,594,526) (B) 202,539 202,540 JP Morgan 2.055%, dated 11/30/01, matures 12/03/01, repurchase price $39,060,751 (collateralized by U.S. Government obligations: total market value $39,836,252) (B) 39,054 39,054 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- CONTINUED Lehman Brothers 2.015%, dated 11/30/01, matures 12/03/01, repurchase price $20,004,486 (collateralized by U.S. Government obligations: total market value $20,405,406) (B) $20,001 $ 20,001 Merrill Lynch 2.055%, dated 11/30/01, matures 12/03/01, repurchase price $41,005,315 (collateralized by U.S. Government obligations: total market value $41,819,980) (B) 40,998 40,998 Paribas 2.055%, dated 11/30/01, matures 12/03/01, repurchase price $40,009,117 (collateralized by U.S. Government obligations: total market value $40,800,667) (B) 40,002 40,002 Salomon Smith Barney 2.035%, dated 11/30/01, matures 12/03/01, repurchase price $40,009,039 (collateralized by U.S. Government obligations: total market value $40,820,233) (B) 40,002 40,002 UBS Warburg 2.065%, dated 11/30/01, matures 12/03/01, repurchase price $185,791,783 (collateralized by U.S. Government obligations: total market value $189,478,049) (B) 185,760 185,760 --------- Total Repurchase Agreements (Cost $608,362) 608,362 --------- 23 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 U.S. TREASURY MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- Total Investments (100.2%) (Cost $837,076) $837,076 --------- OTHER ASSETS AND LIABILITIES, NET (-0.2%) (1,551) --------- NET ASSETS: Portfolio Shares of Trust Class (unlimited authorization -- no par value) based on 835,220,166 outstanding shares of beneficial interest 835,220 Accumulated net realized gain on investments 305 --------- Total Net Assets (100.0%) $835,525 ========= Net Asset Value, Offering and Redemption Price Per Share -- Trust Class $1.00 ========= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 30. 24 - -------------------------------------------------------------------------------- (UNAUDITED) VIRGINIA TAX-FREE MONEY MARKET FUND - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- MUNICIPAL BONDS (98.3%) VIRGINIA (98.3%) Albemarle County, Industrial Development Authority, Eldercare Gardens Project, RB (C) (D) (E) 1.600%, 12/01/05 $ 2,445 $ 2,445 Albemarle County, Industrial Development Authority, University of Virginia Health Services Project, RB (C) (D) (E) 1.550%, 10/01/22 6,520 6,520 Alexandria, Industrial Development Authority, Alexandria County Day School, RB (C) (D) (E) 1.600%, 06/01/25 4,500 4,500 Alexandria, Industrial Development Authority, American Red Cross Project, RB (C) (D) (E) 1.600%, 01/01/09 3,690 3,690 Alexandria, Industrial Development Authority, Association For Supervision & Currency Project, RB (C) (D) (E) 1.550%, 07/01/23 1,635 1,635 Alexandria, Industrial Development Authority, Pooled Loan Program, Sub-Ser A, RB (C) (D) (E) 1.600%, 07/01/26 3,245 3,245 Alexandria, Redevelopment & Housing Authority, Multi- Family Housing Project, Ser PT 1251, RB (C) (D) 1.790%, 12/01/29 3,000 3,000 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Amelia County, Industrial Development Authority, Chambers Waste Systems Project, RB, AMT (C) (D) (E) 1.650%, 07/01/07 $ 750 $ 750 Arlington County, Ballston Public Parking Project, RB (C) (D) (E) 1.550%, 08/01/17 7,450 7,450 Arlington County, Industrial Development Authority, Multi- Family Housing Authority, Arna Valley View Apartments Project, RB, AMT (C) (D) (E) 1.600%, 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) 1.550%, 11/01/20 9,165 9,165 Ashland, Industrial Development Authority, Interflex Group Project, RB, AMT (C) (D) (E) 1.700%, 07/01/19 6,000 6,000 Chesapeake Bay, Bridge & Tunnel Community District Authority, General Resolution Project, RB, MBIA (C) (D) 1.590%, 07/01/25 6,755 6,755 Chesterfield County, Industrial Development Authority, Allied-Signal Project, RB (C) (D) 1.700%, 08/01/09 3,000 3,000 Clark County, Industrial Development Authority, Winchester Medical Center Project, RB, FSA (C) (D) 1.700%, 01/01/30 10,000 10,000 25 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 VIRGINIA TAX-FREE MONEY MARKET FUND--CONTINUED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Commonwealth of Virginia, Ser 1994 (C) (D) 1.590%, 06/01/21 $ 5,000 $ 5,000 Culpeper, Industrial Development Authority, Residential Care Facility, Virginia Baptist Homes, RB, (C) (D) (E) 1.550%, 08/01/30 10,000 10,000 Fairfax County, Economic Development Authority, Cable Access Recovery, Ser A, RB (C) (D) (E) 1.650%, 05/01/25 1,445 1,445 Fairfax County, Economic Development Authority, Flint Hill School Project, RB (C) (D) (E) 1.700%, 09/01/21 4,985 4,985 Fairfax County, Economic Development Authority, Merlots, Ser A35, RB (C) (D) 1.720%, 02/01/04 8,055 8,055 Fairfax County, Economic Development Authority, Ser PT 489, RB, AMT, AMBAC (C) (D) 1.570%, 02/01/04 3,320 3,320 Fairfax County, Industrial Development Authority, Fairfax Hospital Project, Ser A, RB (C) (D) 1.440%, 10/01/25 4,900 4,900 Fairfax County, Industrial Development Authority, Fairfax Hospital Project, Ser B, RB (C) (D) 1.440%, 10/01/25 9,300 9,300 Fairfax County, Industrial Development Authority, Inova Services Project, Ser A, RB (C) (D) 1.440%, 01/15/22 2,000 2,000 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Fairfax County, Ser 392, COP (C) (D) 1.570%, 04/15/32 $14,485 $ 14,485 Fairfax County, Water Authority, RB 1.540%, 04/01/30 7,850 7,850 Greenville County, Industrial Development Authority, Blue Ridge School, RB (C) (D) 1.600%, 06/01/26 3,000 3,000 Hampton, Public Improvement Bond, Ser PA 876, RB (C) (D) 1.560%, 01/15/13 6,500 6,500 Hampton, Redevelopment & Housing Authority, Multi- Family Housing, Avalon Pointe Project, RB, AMT, FNMA (C) (D) 1.500%, 06/15/26 2,700 2,700 Hampton, Redevlopment & Housing Authority, Multi- Family Housing, Avalon At Hampton Inn Project, Ser A, RB, (C) (D) (E) 1.450%, 06/15/26 2,750 2,750 Hanover County, Industiral Development Authority, Covenant Woods Project, RB (C) (D) (E) 1.650%, 07/01/29 15,000 15,000 Henrico County, Industrial Developement Authority, Health Facilities, Hermitage Project, RB (C) (D) (E) 1.600%, 08/01/23 6,000 6,000 Louisa County, Industrial Development Authority, Pooled Financing, RB (C) (D) (E) 1.600%, 01/01/20 2,400 2,400 26 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Lynchburg, Industrial Development Authority, Aerofin Project, RB, AMT (C) (D) (E) 1.700%, 03/01/29 $ 2,075 $ 2,075 Lynchburg, Industrial Development Authority, Educational Facilities, Randolph Macon Project, RB (C) (D) (E) 1.550%, 09/01/23 8,000 8,000 Newport News, Redevelopment & Housing Authority, Ser PA 152, RB (C) (D) 1.690%, 01/01/05 2,970 2,970 Norfolk, Eagle Ser 944601, GO 1.590%, 06/01/05 5,000 5,000 Norfolk, GO, FGIC 5.000%, 07/01/02 1,040 1,053 Norfolk, Industrial Development Authority, Children's Hospital Facilities Project, RB (C) (D) (E) 1.600%, 06/01/20 15,300 15,300 Norfolk, Redevelopment & Housing Authority, East Ocean View Property Project, RB (C) (D) (E) 1.600%, 09/01/09 6,345 6,345 Peninsula, Ports Authority, Dominion Term Project, Ser C, RB (C) (D) (E) 1.400%, 07/01/16 6,700 6,700 Portsmouth, Industrial Development Authority, Fairwood Homes Project, Ser A, RB (C) (D) (E) 1.600%, 11/01/27 2,805 2,805 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Prince Edward County, Industrial Development Authority, Eldercare of Virginia, RB (C) (D) (E) 1.600%, 08/01/05 $ 2,050 $ 2,050 Prince George County, Industrial Development Authority, Metropolitian Span Project, RB, AMT (C) (D) (E) 1.800%, 09/01/19 3,900 3,900 Richmond, Public Utilities Authority, Ser A, RB (C) (D) 1.650%, 06/30/03 6,500 6,500 Richmond, Redevelopment & Multi-Family Housing Authority, Belmont Apartments Project, RB (C) (D) (E) 1.550%, 04/01/07 1,960 1,960 Richmond, Redevelopment & Multi-Family Housing Authority, Ser PT-1022, RB (C) (D) 1.690%, 11/01/29 12,772 12,772 Richmond, Ser B, GO (C) (D) 1.600%, 06/30/04 9,000 9,000 Roanoke, Industrial Development Authority, Hollins University Project, RB (C) (D) (E) 1.550%, 05/01/15 5,500 5,500 Roanoke, Industrial Development Authority, Roanoke Memorial Hospital Project, Ser C, RB (C) (D) 1.600%, 07/01/19 1,475 1,475 Roanoke, Redevelopment & Multi-Family Housing Authority, Stepping Stone Apartments Project, RB, AMT (C) (D) 2.100%, 04/01/40 2,000 2,000 27 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 VIRGINIA TAX-FREE MONEY MARKET FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Rockingham County, Industrial Development Authority, Sunnyside Presbyterian Project, RB (C) (D) (E) 1.600%, 12/31/26 $ 7,000 $ 7,000 Staunton, Industrial Development Authority, Diebold-Staunton Project, RB (C) (D) (E) 1.650%, 04/01/17 530 530 Suffolk, Industrial Development Authority, Lake Prince Center Project, RB (C) (D) (E) 1.650%, 10/01/05 6,000 6,000 Virginia Beach, Development & Mutli-Family Housing Authority, Ser PT 1213, RB (C) (D) 1.790%, 10/15/41 1,000 1,000 Virginia Beach, Development Authority, Westminster- Canterbury Project, Ser B, RB (C) (D) (E) 1.550%, 11/01/06 1,200 1,200 Virginia Beach, Industrial Development Authority, Ocean Ranch Project, RB (C) (D) (E) 1.600%, 07/01/17 1,615 1,615 Virginia Beach, Public Improvement, GO 3.000%, 06/01/02 2,425 2,429 Virginia State, Commonwealth Transportation Board Authority, Ser SG 134, RB (C) (D) 1.560%, 05/15/22 2,600 2,600 Virginia State, GO 5.000%, 06/01/02 500 505 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Virginia State, Housing Development Authority, Commonwealth Merlots Project, Ser CC, RB (C) (D) (E) 1.720%, 07/01/28 $ 175 $ 175 Virginia State, Housing Development Authority, Ser PA 818R, RB (C) (D) 1.560%, 07/01/18 2,900 2,900 Virginia State, Port Authority, Ser SG 111, RB (C) (D) 1.570%, 07/01/24 14,600 14,600 Virginia State, Public Building Authority, Ser II-R-84, RB (C) (D) 1.590%, 08/01/03 2,750 2,750 Virginia State, Public School Authority, Improvements Project, Ser 11, RB (C) (D) 1.590%, 08/01/16 11,000 11,000 Virginia State, Public School Authority, Ser 431, RB (C) (D) 1.510%, 08/01/06 2,000 2,000 Virginia State, Resource Authority, Clean Water, Ser PA 790, RB (C) (D) 1.560%, 10/01/16 3,800 3,800 Virginia State, Small Business Financing Authority, Clark County Industrial Development Project, RB, AMT (C) (D) (E) 1.750%, 07/01/25 1,865 1,865 Virginia State, Transportation Board Authority, Eagle Trust, Ser 994601, RB (C) (D) 1.590%, 05/15/19 10,560 10,560 28 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA -- CONTINUED Williamsburg, Industrial Development Authority, Colonial Williamsburg Museum Foundation Project, RB (C) (D) (E) 2.000%, 12/01/18 $ 600 $ 600 -------- 347,729 -------- Total Municipal Bonds (Cost $347,729) 347,729 -------- CASH EQUIVALENT (0.2%) Federated Virginia Municipal Cash Trust 645,590 646 -------- Total Cash Equivalent (Cost $646) 646 -------- Total Investments (98.5%) (Cost $348,375) 348,375 -------- OTHER ASSETS AND LIABILITIES, NET (1.5%) 5,425 -------- - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Portfolio Shares of Trust Class (unlimited authorization -- no par value) based on 245,888,760 outstanding shares of beneficial interest $245,882 Portfolio Shares of Investor Class (unlimited authorization -- no par value) based on 107,859,399 outstanding shares of beneficial interest 107,866 Accumulated net realized gain on investments 52 -------- Total Net Assets (100.0%) $353,800 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Class $1.00 ======== Net Asset Value, Offering and Redemption Price Per Share -- Investor Class $1.00 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 30. 29 - -------------------------------------------------------------------------------- (UNAUDITED) KEY TO ABBREVIATIONS USED IN THE STATEMENTS OF NET ASSETS AMBAC Security insured by the American Municipal Bond Assurance Corporation AMT Alternative Minimum Tax Cl Class COP Certificate of Participation FFCB Federal Farm Credit Bank FGIC Security insured by the Financial Guaranty Insurance Company FHA Security insured by the 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 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, 2001. (D) Optional tender features give these securities a shorter effective maturity date. (E) Securities are held in connection with a letter of credit issued by a major bank. (F) Zero Coupon Security. (G) Security purchased on a when-issued basis. (H) Rate shown is the discount yield at date of purchase. 30
STATEMENTS OF OPERATIONS (000) - --------------------------------------------------------------------------------------------------------------------------- STI CLASSIC FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) TAX-EXEMPT U.S. GOVERNMENT VIRGINIA PRIME QUALITY MONEY SECURITIES U.S. TREASURY TAX-FREE MONEY MARKET MARKET MONEY MARKET MONEY MONEY MARKET FUND FUND FUND MARKET FUND FUND ------------- ------------ --------------- -------------- ------------ 06/01/01- 06/01/01- 06/01/01- 06/01/01- 06/01/01- 11/30/01 11/30/01 11/30/01 11/30/01 11/30/01 ---------- ---------- --------- --------- --------- Interest Income ............................ $102,566 $15,201 $17,797 $13,197 $4,311 -------- ------- ------- ------- ------ Expenses: Investment Advisory Fees ................ 18,601 3,570 3,270 2,686 729 Administrator Fees ...................... 1,986 451 349 287 127 Transfer Agent Fees -- Trust Shares ..... 12 8 8 8 8 Transfer Agent Fees -- Investor Shares .. 16 7 8 -- 6 Transfer Agent Fees -- Flex Shares ...... 8 -- -- -- -- Transfer Agent Out of Pocket Expenses ... 163 33 26 22 9 Printing Expenses ....................... 143 33 25 21 9 Custody Fees ............................ 72 16 13 10 5 Professional Fees ....................... 114 26 20 15 7 Trustee Fees ............................ 29 6 5 4 2 Registration Fees ....................... 153 29 19 16 5 Distribution Fees -- Investor Shares .... 1,950 179 175 -- 195 Distribution Fees -- Flex Shares ........ 20 -- -- -- -- Insurance and Other Fees ................ 6 4 3 -- -- -------- ------- ------- ------- ------ Total Expenses .......................... 23,273 4,362 3,921 3,069 1,102 -------- ------- ------- ------- ------ Less: Investment Advisory Fees Waived ................................ (3,148) (642) (453) (372) -- Distribution Fees Waived-- Investor Shares ............................ (242) (35) (31) -- (113) Distribution Fees Waived-- Flex Shares ................................ (4) -- -- -- -- -------- ------- ------- ------- ------ Net Expenses ............................ 19,879 3,685 3,437 2,697 989 -------- ------- ------- ------- ------ Net Investment Income ...................... 82,687 11,516 14,360 10,500 3,322 -------- ------- ------- ------- ------ Net Realized Gain on Securities Sold ......................... 60 361 -- 304 79 -------- ------- ------- ------- ------ Net Increase in Net Assets from Operations ......................... $ 87,747 $11,877 $14,360 $10,804 $3,401 ======== ======= ======= ======= ====== Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 31
STATEMENTS OF CHANGES IN NET ASSETS (000) - -------------------------------------------------------------------------------------- STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2001 PRIME QUALITY TAX-EXEMPT MONEY MARKET FUND MONEY MARKET FUND ------------------------- ----------------------- 06/01/01- 06/01/00- 06/01/01 - 06/01/00 - 11/30/01 05/31/01 11/30/01 05/31/01 ---------- --------- ---------- --------- Operations: Net Investment Income ...........$ 82,687 $ 286,100 $ 11,516 $ 35,406 Net Realized Gain on Investments. 60 775 361 42 ---------- ---------- ----------- ---------- Increase in Net Assets from Operations .......... 82,747 286,875 11,877 35,448 ---------- ---------- ---------- ---------- Distributions to Shareholders: Net Investment Income: Trust Shares .................. (55,505) (193,862) (9,524) (29,616) Investor Shares ............... (27,150) (92,112) (1,992) (5,784) Flex Shares.................... (51) (147) -- -- ---------- ---------- ---------- ---------- Total Distributions ............. (82,706) (286,121) (11,516) (35,400) ---------- ---------- ---------- ---------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ... 1,762,069 5,592,971 372,000 1,434,739 Reinvestment of Cash Distributions 3,975 11,579 -- -- Cost of Shares Redeemed .......(1,654,723) (5,187,969) (530,983) (1,110,272) ---------- ---------- ---------- ---------- Increase (Decrease) in Net Assets From Trust Share Transactions ................... 111,321 416,581 (158,983) 324,467 ---------- ---------- ---------- ---------- Investor Shares: Proceeds from Shares Issued .. 668,233 1,478,536 78,293 317,900 Reinvestment of Cash Distributions 27,088 91,917 1,9895,768 Cost of Shares Redeemed ....... (653,028) (955,990) (116,665) (192,285) ---------- ---------- ---------- ---------- Increase (Decrease) in Net Assets From Investor Share Transactions 42,293 614,463 (36,383) 131,383 ---------- ---------- ---------- ---------- Flex Shares: Proceeds from Shares Issued ... 4,451 14,830 -- -- Reinvestment of Cash Distributions Cost of 48 127 -- -- Shares Redeemed ....... (1,823) (14,351) -- -- ---------- ---------- ---------- ---------- Increase in Net Assets From Flex Share Transactions ... 2,676 606 -- -- ---------- ---------- ---------- ---------- Increase (Decrease) in Net Assets From Share Transactions ... 156,290 1,031,650 (195,366) 455,850 ---------- ---------- ---------- ---------- Total Increase (Decrease) in Net Assets.............. 156,331 1,032,404 (195,005) 455,898 ---------- ---------- ---------- ---------- Net Assets: Beginning of Period ............. 5,659,731 4,627,327 1,337,256 881,358 ---------- ---------- ---------- ---------- End of Period ...................$5,816,062 $5,659,731 $1,142,251 $1,337,256 ========== ========== ========== ==========
U.S. GOVERNMENT SECURITIES U.S. TREASURY VIRGINIA TAX-FREE MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND ------------------------------- ------------------------------- --------------------------- 06/01/01 - 06/01/00 - 06/01/01 - 06/01/00 - 06/01/01 - 06/01/00 - 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 ----------- ------------ ----------- ---------- ---------- ----------- $ 14,360 $ 38,210 $ 10,500 $ 40,758 $ 3,322 $ 9,400 -- 12 304 1 79 -- - ---------- ---------- --------- ---------- -------- --------- 14,360 38,222 10,804 40,759 3,401 9,400 - ---------- ---------- --------- ---------- -------- --------- (11,599) (33,127) (10,500) (40,755) (2,510) (7,214) (2,762) (5,383) -- -- (812) (2,175) -- -- -- -- -- -- - ---------- ---------- --------- ---------- -------- --------- (14,361) (38,510) (10,500) (40,755) (3,322) (9,389) - ---------- ---------- --------- ---------- -------- --------- 542,800 1,008,862 847,618 1,473,422 215,343 341,429 1,837 6,639 6 33 75 173 (515,037) (678,561) (746,171) (1,462,968) (195,754) (360,665) - ---------- ---------- --------- ---------- -------- --------- 29,600 336,940 101,453 10,487 19,664 (19,063) - ---------- ---------- --------- ---------- -------- --------- 330,519 327,362 -- -- 75,577 136,491 2,729 5,304 -- -- 812 2,175 (251,686) (253,825) -- -- (61,524) (108,543) - ---------- ---------- --------- ---------- -------- --------- 81,562 78,841 -- -- 14,865 30,123 - ---------- ---------- --------- ---------- -------- --------- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - ---------- ---------- --------- ---------- -------- --------- -- -- -- -- -- -- - ---------- ---------- --------- ---------- -------- --------- 111,162 415,781 101,453 10,487 34,529 11,060 - ---------- ---------- --------- ---------- -------- --------- 111,161 415,493 101,757 10,491 34,608 11,071 - ---------- ---------- --------- ---------- -------- --------- 963,372 547,879 733,768 723,277 319,192 308,121 - ---------- ---------- --------- ---------- -------- --------- $1,074,533 $ 963,372 $ 835,525 $ 733,768 $353,800 $ 319,192 ========== ========== ========= ========== ======== =========
Amounts designated as "--" are either $0 or round to $0. 32
- --------------------------------------------------------------------------------------------------------------------------- PRIME QUALITY TAX-EXEMPT MONEY MARKET FUND MONEY MARKET FUND ------------------------------ ----------------------------- 06/01/01 - 06/01/00 - 06/01/01 - 06/01/00 - 11/30/01 05/31/01 11/30/01 05/31/01 ----------- ----------- ---------- ------------ (1) Shares Issued and Redeemed: Trust Shares: Shares Issued ................ 1,762,069 5,592,919 372,000 1,434,739 Shares Issued in Lieu of Cash Distributions .. 3,975 11,579 -- -- Shares Redeemed .............. (1,654,723) (5,187,969) (530,983) (1,110,272) ----------- ----------- --------- ---------- Net Trust Share Transactions . 111,321 416,529 (158,983) 324,467 ----------- ----------- --------- ---------- Investor Shares: Shares Issued ................ 668,233 1,478,512 78,293 317,900 Shares Issued in Lieu of Cash Distributions 27,088 91,917 1,989 5,768 Shares Redeemed .............. (653,028) (955,990) (116,665) (192,285) ----------- ----------- --------- ---------- Net Investor Share Transactions 42,293 614,439 (36,383) 131,383 ----------- ----------- --------- ---------- Flex Shares: Shares Issued................. 4,451 14,829 -- -- Shares Issued in Lieu of Cash Distributions........ 48 127 -- -- Shares Redeemed............... (1,823) (14,351) -- -- ----------- ----------- --------- ---------- Net Flex Share Transactions... 2,676 605 -- -- ----------- ----------- --------- ---------- Net Change in Capital Shares . 156,290 1,031,573 (195,366) 455,850 =========== =========== ========= ==========
U.S. GOVERNMENT SECURITIES U.S. TREASURY VIRGINIA TAX-FREE MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND - -------------------------- ----------------------------- ----------------------------- 06/01/01 - 06/01/00 - 06/01/01 - 06/01/00 - 06/01/01 - 06/01/00 - 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 - ---------- ---------- ----------- ----------- ------------------------------ 542,800 1,008,862 847,618 1,473,337 215,343 341,412 1,837 6,639 6 33 75 173 (515,037) (678,560) (746,171) (1,462,968) (195,754) (360,665) -------- ---------- --------- ---------- -------- --------- 29,600 336,941 101,453 10,402 19,664 (19,080) -------- ---------- --------- ---------- -------- --------- 330,519 327,361 -- -- 75,577 136,485 2,729 5,305 -- -- 812 2,175 (251,686) (253,825) -- -- (61,524) (108,543) -------- ---------- --------- ---------- -------- --------- 81,562 78,841 -- -- 14,865 30,117 -------- ---------- --------- ---------- -------- --------- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -------- ---------- --------- ---------- --------- -------- -- -- -- -- -- -- -------- ---------- --------- ---------- --------- -------- 111,162 415,782 101,453 10,402 34,529 11,037 ======== ========== ========= ========== ========= ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 33
FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------------------------------------------------- STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEARS ENDED MAY 31, FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD NET NET ASSET NET ASSET VALUE INVESTMENT DISTRIBUTIONS FROM VALUE END BEGINNING OF PERIOD INCOME NET INVESTMENT INCOME OF PERIOD -------------------- ---------- ----------------------- ---------- PRIME QUALITY MONEY MARKET FUND Trust Shares 2001* $1.00 $ 0.01 $(0.01) $1.00 2001 1.00 0.06 (0.06) 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 Investor Shares 2001* $1.00 $ 0.01 $(0.01) $1.00 2001 1.00 0.05 (0.05) 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 Flex Shares 2001* $1.00 $ 0.01 $(0.01) $1.00 2001 1.00 0.05 (0.05) 1.00 2000 (A) 1.00 0.03 (0.03) 1.00 TAX-EXEMPT MONEY MARKET FUND Trust Shares 2001* $1.00 $ 0.01 $(0.01) $1.00 2001 1.00 0.03 (0.03) 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 Investor Shares 2001* $1.00 $ 0.01 $(0.01) $1.00 2001 1.00 0.03 (0.03) 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 + Returns are for the period indicated and have not been annualized. The performance in the above table does not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares. * For the six month period ended November 30, 2001. All ratios for the period have been annualized. (A) Commenced operations on October 4, 1999.
34
- --------------------------------------------------------------------------------------------------------------------------- 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) -------- ------------- ------------------- ------------------ ------------------ ------------------ 1.49% $3,839,723 0.63% 2.95% 0.74% 2.84% 5.75 3,728,371 0.63 5.57 0.75 5.45 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 1.40% $1,969,612 0.81% 2.78% 0.94% 2.65% 5.57 1,927,309 0.80 5.36 0.95 5.21 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 1.03% $ 6,727 1.54% 1.95% 1.79% 1.70% 4.75 4,051 1.53 4.54 1.92 4.15 2.93 3,445 1.50* 4.46* 1.99* 3.97* 0.89% $ 921,673 0.54% 1.80% 0.64% 1.70% 3.47 1,080,362 0.54 3.40 0.65 3.29 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 0.83% $ 220,578 0.67% 1.67% 0.80% 1.54% 3.35 256,894 0.67 3.22 0.80 3.09 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
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 35
FINANCIAL HIGHLIGHTS (concluded) - --------------------------------------------------------------------------------------------------------------------------- STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE NOTED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD NET NET ASSET NET ASSET VALUE INVESTMENT DISTRIBUTIONS FROM VALUE END BEGINNING OF PERIOD INCOME NET INVESTMENT INCOME OF PERIOD -------------------- ----------- ----------------------- ---------- U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Trust Shares 2001* $1.00 $ 0.01 $(0.01) $1.00 2001 1.00 0.05 (0.05) 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 Investor Shares 2001* $1.00 $ 0.01 $(0.01) $1.00 2001 1.00 0.05 (0.05) 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 U.S. TREASURY MONEY MARKET FUND (A) Trust Shares 2001* $1.00 $ 0.01 $(0.01) $1.00 2001 1.00 0.05 (0.05) 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 VIRGINIA TAX-FREE MONEY MARKET FUND (B) Trust Shares 2001* $1.00 $ 0.01 $(0.01) $1.00 2001 1.00 0.03 (0.03) 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 Investor Shares 2001* $1.00 $ 0.01 $(0.01) $1.00 2001 1.00 0.03 (0.03) 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 + Returns are for the period indicated and have not been annualized. The performance in the above table does not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares. * For the six month period ended November 30, 2001 or the period December 1, 1998 to May 31, 1999. All ratios for the period have been annualized. (A) 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. (B) 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.
36
- --------------------------------------------------------------------------------------------------------------------------- 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) -------- ------------- ------------------ ------------------ ------------------ ------------------ 1.46% $ 834,855 0.65% 2.90% 0.74% 2.81% 5.56 805,285 0.65 5.29 0.75 5.19 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 1.39% $ 239,678 0.80% 2.69% 0.92% 2.57% 5.41 158,087 0.79 5.14 0.93 5.00 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 1.29% $ 835,525 0.65% 2.54 0.74% 2.45% 5.36 733,768 0.66 5.23 0.76 5.13 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 0.93% $ 245,904 0.50% 1.88% 0.50% 1.88% 3.51 226,188 0.50 3.45 0.50 3.45 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 0.84% $ 107,896 0.67% 1.67% 0.90% 1.44% 3.35 93,004 0.66 3.28 0.91 3.03 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
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 37 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 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-seven funds as of November 30, 2001: the Balanced Fund, the Capital Appreciation Fund, the Growth and Income Fund, the Information and Technology Fund (formerly the E-Commerce Opportunity Fund), the International Equity Fund, the International Equity Index Fund, the Life Vision Aggressive Growth Fund, the Life Vision Growth and Income Fund, the Life Vision Moderate Growth Fund, the Mid-Cap Equity Fund, the Mid Cap Value Equity Fund, the Small Cap Growth Stock Fund, the Small Cap Value Equity Fund, the Tax Sensitive Growth Stock Fund, the Value Income Stock Fund, the Vantage 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 Strategic Income 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 U.S. Government Securities Money Market Fund, the U.S. Treasury Money Market Fund, the Virginia Tax-Free Money Market Fund (formerly the Tax-Free 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 Institutional 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 secu- 38 - -------------------------------------------------------------------------------- (UNAUDITED) rities are those of the specific securities sold adjusted for the accretion and amortization of purchase discounts and premiums during the respective holding period. Purchase discounts and premiums on securities held by the Funds are accreted and amortized ratably to maturity and are included in interest income. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements ensure that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. NET ASSET VALUE PER SHARE -- The net asset value per share of each Fund is calculated each business day, by dividing the total value of each Fund's assets, less liabilities, by the number of shares outstanding. SECURITIES PURCHASED ON A WHEN-ISSUED BASIS -- Delivery and payment for securities that have been purchased by a Fund on a forward commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations and the portfolio maintains, in a segregated account with its custodian, assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of a Fund's net asset value if the Fund makes such investments while remaining substantially fully vested. 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 affect 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. IMPLEMENTATION OF NEW ACCOUNTING STANDARDS -- The Funds implemented the provisions of the AICPA Audit and Accounting Guide, Audits of Investment Companies (the "Guide"), as required on June 1, 2001. The implementation did not have any material impact on the results of operations or financial condition of the Funds upon adoption of the provisions of the Guide. 39 NOTES TO FINANCIAL STATEMENTS (concluded) - -------------------------------------------------------------------------------- STI CLASSIC FUNDS NOVEMBER 30, 2001 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 Trust has entered into an agreement with the Distributor to act as an agent in placing repurchase agreements for the Trust. For its services the Distributor received $472,591 for the period ended November 30, 2001. The Trust has also entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc. which is a direct non-bank subsidiary of SunTrust Banks, Inc. to act as an agent in placing repurchase agreements for the Trust. For its services SunTrust Robinson Humphrey received $550,684 for the period ended November 30, 2001. The Trust and the Distributor are parties to a Distribution Agreement dated November 21, 1995. The Distributor will receive no fees for its distribution services under this agreement for the Trust Shares of any fund. With respect to the Investor and Flex Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of Flex Shares) a Distribution and Service Plan, as outlined in the table in footnote 5 under the column titled "Distribution Fee". 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 percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.12% up to $1 billion, 0.09% on the next $4 billion, 0.07% on the next $3 billion, 0.065% on the next $2 billion and 0.06% 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") have entered into an advisory agreement dated June 15, 1993, and last amended as of November 30, 2001. Effective June 30, 2000, SunTrust Banks, Inc. reorganized all of the investment management functions of its three institutional money management functions of its three institutional money management units, including SunTrust Bank, Atlanta into Trusco Capital Management, Inc. 40 - -------------------------------------------------------------------------------- (UNAUDITED) Under terms of the agreements, the Funds are charged the following annual fees based upon average daily net assets: MAXIMUM MAXIMUM MAXIMUM INVESTOR FLEX SHARE ANNUAL SHARE DISTRIBUTION ADVISORY DISTRIBUTION AND SERVICE FEE FEE FEE ---------- ------------- ------------ Prime Quality Money Market Fund ................................ 0.65% 0.20% 0.75% Tax-Exempt Money Market Fund 0.55 0.15 -- U.S. Government Securities Money Market Fund ................. 0.65 0.17 -- U.S. Treasury Money Market Fund ............................... 0.65 -- -- Virginia Tax-Free Money Market Fund ............................... 0.40 0.40 -- 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 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. 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. 41 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. STI-SA-002-0200 -----END PRIVACY-ENHANCED MESSAGE-----