-----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, Qxfq6MvN9dcy5jS3ZxiUopMQdfFc1ziaX9w6Iq5lJ/lbeIunRg/UCQ0eMEx9EOm2 emNoiwFb3PGxDAU/LH3ABA== 0000935069-02-000040.txt : 20020414 0000935069-02-000040.hdr.sgml : 20020414 ACCESSION NUMBER: 0000935069-02-000040 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20011130 FILED AS OF DATE: 20020128 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: 02518222 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 sticlassicfixed.txt STI CLASSIC FIXED INCOME SEMI-ANNUAL ................................................................................ FINANCIAL REPORT ................................................................................ STI CLASSIC FIXED INCOME FUNDS ................................................................................ A Family of Mutual Funds November 30, 2001 {STI CLASSIC FUNDS LOGO OMITTED] Dear Valued STI Classic Fund's 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 Douglas S. Phillips, CFA Chief Investment Officer 1 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 FLORIDA TAX-EXEMPT BOND FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MUNICIPAL BONDS (106.7%) FLORIDA (100.2%) Brevard County, Health Facilities Authority, Holmes Regional Medical Center Project, RB, MBIA Callable 10/01/03 @ 102 5.700%, 10/01/08 $ 3,000 $ 3,204 Broward County, Port Facilities Authority, Ser C, RB, AMT, MBIA 5.375%, 09/01/08 3,360 3,555 Citrus County, Pollution Control Authority, Florida Power, Crystal River, Ser B, RB Callable 08/01/02 @ 102 6.350%, 02/01/22 335 344 Dade County, Aviation Authority, Ser A, RB, AMBAC Callable 10/01/05 @ 102 6.000%, 10/01/09 500 540 Dade County, Aviation Authority, Ser B, RB, AMT, MBIA Callable 10/01/02 @ 102 6.600%, 10/01/22 825 865 Dade County, Educational Facilities Authority, University of Miami, Ser A, RB, MBIA 6.000%, 04/01/08 505 560 Dade County, School Board, Ser B, COP, ETM, AMBAC 5.750%, 08/01/02 2,000 2,050 Dade County, Seaport Project, GO, MBIA 6.500%, 10/01/09 1,000 1,156 Dade County, Ser CC, GO, AMBAC 7.125%, 10/01/15 1,000 1,231 Daytona Beach, Water & Sewer Authority, Ser 1978, RB, ETM Callable 05/15/02 @ 101.5 6.750%, 11/15/07 1,000 1,078 Deerfield Beach, Water & Sewer Authority, RB, FGIC 6.125%, 10/01/06 250 271 First Florida, Governmental Financing Commission, Ser B, RB, AMBAC 5.500%, 07/01/14 3,055 3,318 Florida State, Board of Education, Capital Outlay, Ser C, GO, ETM Callable 01/07/02 @ 100 7.100%, 06/01/07 190 206 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- FLORIDA--CONTINUED Florida State, Board of Education, Capital Outlay, Ser D, GO Callable 06/01/10 @ 101 5.625%, 06/01/15 $ 1,235 $ 1,332 Florida State, Board of Education, Capital Outlay, Ser D, GO (H) Callable 06/01/12 @ 100 5.375%, 06/01/16 5,000 5,226 5.375%, 06/01/17 3,000 3,123 Florida State, Board of Education, Lottery Revenue, Ser A, RB, FGIC Callable 07/01/10 @ 101 6.000%, 07/01/12 1,295 1,460 Florida State, Board of Education, Lottery Revenue, Ser B, RB, FGIC Callable 07/01/10 @ 101 5.500%, 07/01/12 4,050 4,396 Florida State, Board of Education, Public Education, GO Callable 06/01/02 @ 101 6.400%, 06/01/19 1,300 1,336 Florida State, Boynton Beach Utility System, RB, FGIC (H) 5.500%, 11/01/16 2,810 2,967 5.375%, 11/01/14 2,535 2,665 Florida State, Broward County, Ser A, GO Callable 01/01/11 @ 101 5.250%, 01/01/15 3,000 3,131 5.250%, 01/01/16 2,500 2,589 Florida State, Finance Department of General Services, Department of Environmental Protection, Preservation 2000 Project, Ser A, RB, MBIA 6.000%, 07/01/06 1,000 1,105 Florida State, Finance Department of General Services, Department of Environmental Protection, Save Coast Project, Ser A, RB, FSA 5.250%, 07/01/10 1,250 1,343 Florida State, Housing Financing Authority, Homeowner Mortgage, Ser 7, RB, AMT, FSA Callable 07/01/09 @ 100 5.200%, 01/01/31 970 1,009 2 - ------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- FLORIDA--CONTINUED Florida State, Lee County Transportation Facility, Ser A, RB, AMBAC Callable 10/01/11 @ 100 5.500%, 10/01/13 $ 2,000 $ 2,167 Florida State, Municipal Loan Council Authority, Ser A, RB, MBIA Callable 11/01/11 @ 101 5.250%, 11/01/16 1,595 1,655 5.250%, 11/01/18 1,080 1,107 5.000%, 11/01/12 1,200 1,260 Gainesville, Utility Systems, Ser A, RB 5.750%, 10/01/04 1,000 1,078 Hillsborough County, Industrial Development Authority, University Community Hospital, RB, MBIA 6.500%, 08/15/19 145 172 Hillsborough County, Utility Systems, Junior Lien, RB, AMBAC 5.500%, 08/01/15 3,290 3,584 Indian Trace Community, Community Development District, Water Management Split Benefit, Ser A-1, MBIA Callable 05/01/05 @ 102 5.500%, 05/01/07 330 355 Jacksonville, Sales Tax Authority, River City Renaissance Project, RB, FGIC 6.000%, 10/01/04 1,180 1,282 Jacksonville, Sales Tax Revenue, RB, AMBAC Callable 10/01/11 @ 100 5.500%, 10/01/13 1,435 1,555 5.500%, 10/01/14 1,200 1,292 5.500%, 10/01/15 1,550 1,656 Jupiter, Community Center Project, GO 5.500%, 07/01/21 1,235 1,324 Lakeland, Electric & Water Authority, First Lien, Ser C, RB, FSA 6.050%, 10/01/07 1,000 1,121 Lee County, Industrial Development Authority, Bonita Springs Utilities Project, RB, AMT, MBIA Callable 11/01/06 @ 101 5.750%, 11/01/10 1,480 1,566 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- FLORIDA--CONTINUED Leon County, Southgate Educational Facilities Authority, COP, ETM 9.000%, 09/01/14 $ 2,480 $ 3,509 Miami, Parking Facilities Authority, RB, MBIA 5.250%, 10/01/15 1,000 1,065 Orange County, Health Facilities Authority, Ser A, RB, ETM, MBIA 6.250%, 10/01/07 2,120 2,401 Orlando, Aviation Authority, Airport Facilities, RB, AMT, FGIC 5.500%, 10/01/17 1,810 1,888 5.250%, 10/01/13 725 750 Orlando, Aviation Authority, Airport Facilities, Ser A, RB, AMT, AMBAC Callable 10/01/03 @ 102 5.400%, 10/01/06 1,340 1,398 Orlando, Utilities Commission Water & Sewer Authority, Sub-Ser D, RB 6.750%, 10/01/17 5,385 6,491 Palm Beach County, Land Acquisition Program Authority, Ser A, GO Callable 06/01/11 @ 100 5.500%, 06/01/16 1,200 1,273 5.375%, 06/01/14 1,050 1,115 Palm Beach County, Solid Waste Authority, Ser A, RB, ETM, AMBAC 6.000%, 10/01/09 300 340 Pensacola, Airport Authority, Ser A, RB, AMT, MBIA 6.250%, 10/01/09 505 560 Pensacola, Airport Authority, Ser A, RB, AMT, MBIA Callable 10/01/08 @ 102 6.000%, 10/01/12 1,075 1,167 Plant City, Utility Systems Authority, RB, MBIA 6.000%, 10/01/15 400 457 Polk County, Utility Systems Authority, RB, ETM, FGIC 6.000%, 10/01/08 2,250 2,485 South Broward, Hospital District Authority, RB, AMBAC Callable 05/01/03 @ 102 7.500%, 05/01/08 1,000 1,085 3 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------ STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 FLORIDA TAX-EXEMPT BOND FUND--CONCLUDED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- FLORIDA--CONTINUED Sunrise, Utility Systems Authority, RB, AMBAC Callable 10/01/18 @ 100 5.000%, 10/01/28 $ 1,500 $ 1,475 Suwannee County, Health Facilities Authority, Ser B, RB, MBIA (C) 1.340%, 12/01/26 4,500 4,500 Tampa, Allegany Health Systems Authority, St Mary's Hospital, RB, ETM, MBIA Callable 12/01/03 @ 102 5.000%, 12/01/12 7,280 7,466 Tampa, Guaranteed Entitlement, RB, AMBAC 6.000%, 10/01/07 2,190 2,450 6.000%, 10/01/08 1,500 1,682 6.000%, 10/01/18 500 561 Tampa, Occupational License, Ser A, RB, FGIC (C) 1.340%, 10/01/18 2,000 2,000 Tampa, Ser A, RB, AMBAC Callable 10/01/11 @ 101 5.375%, 10/01/14 1,640 1,750 Tampa, Utility Tax & Special Revenue Authority, RB, AMBAC 6.000%, 10/01/06 2,385 2,649 6.000%, 10/01/09 1,000 1,126 Tampa, Utility Tax & Special Revenue Authority, Ser B, RB, AMBAC 5.750%, 10/01/13 10,000 11,156 -------- 134,033 -------- PUERTO RICO (6.5%) Puerto Rico Commonwealth, Government Development Authority, RB, MBIA Callable 01/02/02 @ 100 (C) 1.170%, 12/01/15 5,000 5,000 Puerto Rico Commonwealth, Highway & Transportation Authority, Ser Z, RB, MBIA 6.250%, 07/01/14 2,100 2,477 Puerto Rico Commonwealth, Public Buildings Authority, Government Facilities, Ser A, RB, AMBAC 6.250%, 07/01/13 1,000 1,175 -------- 8,652 -------- Total Municipal Bonds (Cost $139,399) 142,685 -------- - ------------------------------------------------------------------------------- SHARES VALUE (000) - ------------------------------------------------------------------------------- CASH EQUIVALENTS (2.6%) AIM Management Institutional Tax Free Portfolio 2,277,538 $ 2,278 SEI Institutional Tax Free Fund 1,203,288 1,203 -------- Total Cash Equivalents (Cost $3,481) 3,481 -------- Total Investments (109.3%) (Cost $142,880) 146,166 -------- OTHER ASSETS AND LIABILITIES, NET (-9.3%) Securities Purchased Payable (13,880) Other Assets and Liabilities, Net 1,451 -------- Total Other Assets and Liabilities (12,429) -------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 10,359,254 outstanding shares of beneficial interest 109,224 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 272,822 outstanding shares of beneficial interest 2,713 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 1,629,789 outstanding shares of beneficial interest 17,718 Accumulated net realized gain on investments 796 Net unrealized appreciation on investments 3,286 -------- Total Net Assets (100.0%) $133,737 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.90 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.91 ======== Maximum Offering Price Per Share -- Investor Shares ($10.91 / 96.25%) $11.34 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.93 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 4 - -------------------------------------------------------------------------------- (UNAUDITED) GEORGIA TAX-EXEMPT BOND FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MUNICIPAL BONDS (96.2%) GEORGIA (96.2%) Atlanta, Airport Facilities Authority, RB, AMBAC 6.500%, 01/01/06 $ 1,000 $ 1,107 6.000%, 01/01/03 1,000 1,041 6.000%, 01/01/04 500 530 Atlanta Detention Center, COP, FSA 3.900%, 12/01/03 2,400 2,466 Atlanta & Fulton County, Recreational Authority, Park Improvement, RB, AMBAC Callable 12/01/10 @ 101 5.500%, 12/01/13 1,005 1,088 5.250%, 12/01/16 1,050 1,090 Atlanta, Water & Sewer Authority, RB, ETM 6.000%, 01/01/11 1,000 1,132 Augusta, Water & Sewer Authority, RB Prerefunded @ 102 (F) 6.200%, 05/01/02 130 135 Bibb County, GO 7.000%, 01/01/04 985 1,065 Brunswick, Water & Sewer Authority, RB, MBIA 6.100%, 10/01/14 1,000 1,147 Cherokee County, School System Authority, GO Callable 08/01/11 @ 100 5.250%, 08/01/17 900 930 Cherokee County, Water & Sewer Authority, RB, FSA Callable @ 08/01/11 @ 101 5.000%, 08/01/15 1,000 1,025 Clarke County, Hospital Authority, Athens Regional Medical Center Project, RB, MBIA 5.375%, 01/01/07 1,425 1,529 Clayton County, Development Authority Revenue, Tuff Archives Project, Ser A, RB, MBIA Callable 07/01/12 @ 100 5.250%, 07/01/15 790 826 5.250%, 07/01/16 875 907 Clayton County, Water & Sewer Authority, RB, AMBAC Callable 05/01/06 @ 102 5.350%, 05/01/09 800 855 Cobb County, Water & Sewer Authority, RB Callable 07/01/04 @ 102 5.125%, 07/01/06 1,000 1,059 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- GEORGIA--CONTINUED Cobb-Marietta County, Coliseum & Expo Project, RB, MBIA 5.500%, 10/01/12 $ 940 $ 1,031 Cobb-Marietta County, Water Authority, RB 5.100%, 11/01/04 1,000 1,062 5.000%, 11/01/03 1,255 1,315 Coweta County, Development Authority, Newnan Water, Sewer & Light Community Project, RB, AMBAC Callable 01/01/10 @ 101 5.250%, 01/01/14 1,700 1,786 Coweta County, Water & Sewer Authority, RB Callable 06/01/11 @ 102 5.250%, 06/01/14 395 417 5.200%, 06/01/21 1,000 1,010 5.000%, 06/01/12 1,470 1,540 Dalton, Utilities Authority, RB, MBIA 6.000%, 01/01/08 3,240 3,591 DeKalb County, Development Authority, Emory University Project, Ser A, RB 5.375%, 11/01/05 1,650 1,781 DeKalb County, Development Authority, Emory University Project, Ser A, RB Callable 11/01/05 @ 101 5.200%, 11/01/08 500 526 DeKalb County, School District, Ser A, GO 6.250%, 07/01/11 1,500 1,732 Dekalb County, Special Recreation Tax District, GO 5.000%, 12/01/12 2,000 2,113 DeKalb County, Water & Sewer Authority, RB Callable 10/01/10 @ 101 5.250%, 10/01/12 1,000 1,067 Douglas County, School District, GO 4.000%, 04/01/06 1,000 1,021 Douglasville - Douglas County, Water & Sewer Authority, RB, AMBAC 5.625%, 06/01/15 1,390 1,531 Fayette County, Public Facility Authority, Criminal Justice Center Project, RB Callable 06/01/11 @ 101 5.000%, 06/01/15 940 962 5.000%, 06/01/20 1,850 1,837 5 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 GEORGIA TAX-EXEMPT BOND FUND--CONTINUED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- GEORGIA--CONTINUED Fayette County, Public Facility Authority, Criminal Justice Center Project, RB Prerefunded @ 101 (F) 6.250%, 06/01/10 $ 700 $ 809 Fayette County, School District, GO, ETM 6.250%, 03/01/07 450 503 Forsyth County, School District, GO 6.500%, 07/01/06 1,000 1,125 Forsyth County, School District, GO Callable 02/01/10 @ 102 6.000%, 02/01/15 1,000 1,119 5.750%, 02/01/11 3,000 3,334 Forsyth County, School District, GO, MBIA Prerefunded @ 102 (F) 5.350%, 07/01/05 780 851 Forsyth County, Water & Sewer Authority, RB 5.000%, 04/01/04 1,275 1,336 Forsyth County, Water & Sewer Authority, RB Callable 04/01/11 @ 101 5.000%, 04/01/16 1,090 1,108 5.000%, 04/01/17 570 576 Fulton County, Hospital Authority, Northside Hospital Project, Ser B, RB, MBIA Prerefunded @ 102 (F) 6.600%, 10/01/02 2,000 2,115 Fulton County, School District, GO 6.375%, 05/01/17 500 588 5.250%, 01/01/12 1,000 1,069 Fulton County, Water & Sewer Authority, RB, ETM, FGIC 6.375%, 01/01/14 1,000 1,164 Gainesville & Hall County, Health System Project, RB 4.250%, 05/15/10 1,540 1,468 Gainesville & Hall County, Health System Project, RB Callable 05/15/11 @ 100 5.375%, 05/15/24 500 480 Gainesville, Water & Sewer Revenue, RB, FSA Callable 11/15/11 @ 100 5.250%, 11/15/16 1,555 1,610 5.250%, 11/15/17 1,680 1,730 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- GEORGIA--CONTINUED Georgia Municipal, Electric Authority Revenue, Ser B, RB, ETM, MBIA 5.700%, 01/01/19 $1,000 $ 1,099 Georgia State, Housing & Financial Authority, Single-Family Mortgage, Sub-Ser B-1, RB Callable 06/01/05 @ 102 5.550%, 12/01/07 550 585 Georgia State, Housing & Financial Authority, Single-Family Mortgage, Sub-Ser B-1, RB, FHA Callable 06/01/06 @ 102 5.600%, 12/01/11 450 476 5.550%, 12/01/10 325 344 Georgia State, Municipal Electric Authority, RB, ETM Callable 01/07/02 @ 100 8.000%, 01/01/15 1,900 2,500 Georgia State, Ser C, GO 6.250%, 08/01/13 1,650 1,922 Gwinnett County, Recreational Authority, RB 5.825%, 02/01/07 420 462 5.800%, 02/01/06 660 719 Gwinnett County, Recreational Authority, RB, ETM 5.875%, 02/01/07 80 88 5.800%, 02/01/06 125 136 Gwinnett County, School District, Ser B, GO 6.400%, 02/01/06 500 556 6.400%, 02/01/07 1,500 1,685 Hall County, School District, Ser B, GO 6.300%, 12/01/05 675 752 Henry County, Henry Medical Center Project, RB, AMBAC Callable 07/01/07 @ 102 5.500%, 07/01/08 545 591 Henry County, Henry Medical Center Project, RB, AMBAC Prerefunded @ 102 (F) 5.500%, 07/01/07 1,640 1,814 Henry County, School District, GO Callable 08/01/11 @ 100 5.125%, 08/01/13 1,500 1,575 Henry County, School District, Ser A, GO 6.450%, 08/01/11 500 575 6.150%, 08/01/06 150 167 6 - -------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- GEORGIA--CONTINUED Henry County, School District, Ser B, GO 6.300%, 08/01/08 $ 300 $ 340 Henry County, Water & Sewer Authority, RB, AMBAC 6.150%, 02/01/20 2,265 2,609 Henry County, Water & Sewer Authority, RB, FGIC 6.000%, 02/01/18 1,055 1,191 5.625%, 02/01/16 940 1,029 Houston County, School District, Intergovernmental Contract, COP, MBIA Prerefunded @ 102 (F) 6.000%, 03/01/04 2,000 2,176 Jackson County, Water & Sewer Authority, Ser A, RB, AMBAC Callable 09/01/10 @ 102 5.400%, 09/01/22 1,250 1,287 Medical Center Hospital Authority, Columbus Regional Health Care System, RB, MBIA Prerefunded @ 102 (F) 6.000%, 08/01/05 1,340 1,494 Meriwether County, School District, GO, FSA 7.000%, 02/01/06 740 838 Metropolitan Atlanta, Rapid Transportation Authority, Ser E, RB, ETM Callable 01/07/02 @ 100 7.000%, 07/01/11 1,165 1,416 Metropolitan Atlanta, Rapid Transportation Authority, Ser A, RB, MBIA 6.250%, 07/01/07 500 562 Metropolitan Atlanta, Rapid Transportation Authority, Ser D, RB, ETM 7.000%, 07/01/11 250 304 Metropolitan Atlanta, Rapid Transportation Authority, Ser N, RB 6.000%, 07/01/07 1,000 1,103 Metropolitan Atlanta, Rapid Transportation Authority, Ser P, RB, AMBAC 6.250%, 07/01/08 1,000 1,129 Milledgeville, Water & Sewer Authority, RB, FSA 6.000%, 12/01/16 1,000 1,134 6.000%, 12/01/21 1,000 1,132 - ------------------------------------------------------------------------------- SHARES/FACE AMOUNT(000) VALUE (000) - ------------------------------------------------------------------------------- GEORGIA--CONTINUED Newton County, Hospital Authority, Newton Health Systems Project, RB, AMBAC Callable 02/01/10 @ 101 5.750%, 02/01/11 $ 780 $ 855 5.750%, 02/01/12 825 896 Paulding County, School District, GO, MBIA 6.000%, 02/01/10 1,000 1,124 Paulding County, School District, Ser A, GO 6.625%, 02/01/07 1,000 1,133 6.625%, 02/01/08 525 600 Private College & Universities, Emory University, Ser A, RB 4.500%, 09/01/09 2,000 2,055 Private Colleges & Universities, Mercer University Project, RB, ETM, MBIA 6.400%, 11/01/11 1,675 1,971 Rome, Water & Sewer Authority, RB, AMBAC 5.250%, 01/01/09 775 830 Savannah, Water & Sewer Authority, RB, ETM Callable 06/01/02 @ 100 6.450%, 12/01/04 1,000 1,104 Vidalia, Water & Sewer Authority, RB, ETM Callable 07/01/02 @ 101 6.000%, 07/01/07 605 675 Walker, Dade & Catoosa Counties, Hutchinson Medical, Ser A, RB, FSA Callable 10/01/07 @ 102 5.500%, 10/01/08 1,370 1,484 -------- 109,756 -------- Total Municipal Bonds (Cost $105,903) 109,756 -------- CASH EQUIVALENTS (4.1%) AIM Management Institutional Tax Free Portfolio 3,829,593 3,830 SEI Institutional Tax Free Fund 908,318 908 -------- Total Cash Equivalents (Cost $4,738) 4,738 -------- Total Investments (100.3%) (Cost $110,641) 114,494 -------- OTHER ASSETS AND LIABILITIES, NET (-0.3%) (372) -------- 7 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------ STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 GEORGIA TAX-EXEMPT BOND FUND--CONCLUDED - ------------------------------------------------------------------------------- VALUE (000) - ------------------------------------------------------------------------------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 9,252,874 outstanding shares of beneficial interest $ 91,993 Fund shares of Investor Shares (unlimited uthorization -- no par value) based on 293,394 outstanding shares of beneficial interest 2,883 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 1,623,733 outstanding shares of beneficial interest 16,494 Accumulated net realized loss on investments (1,101) Net unrealized appreciation on investments 3,853 -------- Total Net Assets (100.0%) $114,122 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.22 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.23 ======== Maximum Offering Price Per Share -- Investor Shares ($10.23 / 96.25%) $10.63 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.22 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 8 - -------------------------------------------------------------------------------- (UNAUDITED) HIGH INCOME FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- CORPORATE OBLIGATIONS (94.1%) CABLE (10.1%) Adelphia Communications 10.875%, 10/01/10 $ 250 $ 262 7.875%, 05/01/09 600 553 British Sky Broadcasting 7.300%, 10/15/06 100 102 6.875%, 02/23/09 190 183 Charter Communications Holdings 10.750%, 10/01/09 1,000 1,070 CSC Holdings, Ser B 7.625%, 04/01/11 500 503 Echostar DBS Callable 02/01/04 @ 104.688 9.375%, 02/01/09 525 553 Sinclair Broadcasting (B) (H) Callable 12/15/06 @ 104.375 8.750%, 12/15/11 250 250 ------- 3,476 ------- ENTERTAINMENT (4.8%) Argosy Gaming Callable 06/01/04 @ 105.375 10.750%, 06/01/09 500 563 Mandalay Resort Group 6.450%, 02/01/06 493 463 MGM Mirage 9.750%, 06/01/07 500 532 Pinnacle Entertainment, Ser B Callable 08/01/02 @ 104.75 9.500%, 08/01/07 100 89 ------- 1,647 ------- FINANCIALS (4.4%) Capital One Financial 7.250%, 12/01/03 200 202 7.250%, 05/01/06 375 359 Dana Credit (B) 8.375%, 08/15/07 500 470 Dime Bancorp 9.000%, 12/19/02 450 475 ------- 1,506 ------- FOOD, BEVERAGE & TOBACCO (7.5%) Constellation Brands Callable 01/10/02 @ 100 8.750%, 12/15/03 450 453 Constellation Brands Callable 03/01/04 @ 104.25 8.500%, 03/01/09 100 104 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO--CONTINUED Del Monte, Ser B Callable 05/15/06 @ 104.625 9.250%, 05/15/11 $ 500 $ 531 Fleming Companies (B) Callable 07/31/02 @ 105.313 10.625%, 07/31/07 750 750 Land O Lakes (B) Callable 11/15/06 @ 104.375 8.750%, 11/15/11 750 746 ------- 2,584 ------- INDUSTRIAL (22.8%) Allied Waste, Ser B 7.625%, 01/01/06 100 99 Belo 8.000%, 11/01/08 250 257 Case, Ser B 6.250%, 12/01/03 200 183 Centex, Ser D, MTN 7.350%, 04/04/06 500 510 Dana 6.250%, 03/01/04 200 193 Dial 7.000%, 08/15/06 500 508 Equistar Chemical Funding 10.125%, 09/01/08 500 510 Federal-Mogul 7.375%, 01/15/06 175 20 Hasbro 6.600%, 07/15/28 500 381 IMC Global (B) Callable 06/01/06 @ 105.625 11.250%, 06/01/11 750 802 Lyondell Chemical, Ser A 9.625%, 05/01/07 505 515 Owens-Illinois 7.150%, 05/15/05 425 391 Polaroid 11.500%, 02/15/06 100 6 Polaroid, Ser A, MTN 6.750%, 01/15/02 100 6 Primedia Callable 04/01/03 @ 103.813 7.625%, 04/01/08 500 427 R & B Falcon 9.500%, 12/15/08 100 116 Toll Brothers Callable 01/10/02 @ 104.375 8.750%, 11/15/06 550 564 9 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 HIGH INCOME FUND--CONCLUDED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- INDUSTRIAL--CONTINUED TRW 7.625%, 03/15/06 $ 250 $ 261 6.500%, 06/01/02 250 253 Waste Management 7.100%, 08/01/26 300 312 6.625%, 07/15/02 315 319 Xerox 5.500%, 11/15/03 650 598 Xerox Capital Europe, MTN 5.750%, 05/15/02 150 148 Xerox, Ser E, MTN 5.250%, 12/15/03 500 450 ------- 7,829 ------- MEDICAL & MEDICAL PRODUCTS (8.4%) Beckman Coulter 7.450%, 03/04/08 750 775 Fresenius Medical Capital Trust II 7.875%, 02/01/08 150 152 HCA - Healthcare 8.750%, 09/01/10 500 555 Healthsouth (B) 8.375%, 10/01/11 750 791 NBTY, Ser B, Callable 09/15/02 @ 104.313 8.625%, 09/15/07 100 96 Quest Diagnostics 7.500%, 07/12/11 500 521 ------- 2,890 ------- RETAIL (9.5%) AFC Enterprises Callable 05/15/02 @ 105.125 10.250%, 05/15/07 250 267 Finlay Fine Jewelry Callable 05/01/03 @ 104.188 8.375%, 05/01/08 100 88 Gap (B) 8.800%, 12/15/08 750 787 HMH Properties, Ser B Callable 08/01/03 @ 103.985 7.875%, 08/01/08 422 395 Kmart 9.375%, 02/01/06 500 458 Kmart (B) 9.875%, 06/15/08 250 225 Office Depot 10.000%, 07/15/08 500 544 Tricon Global Restaurant 7.650%, 05/15/08 500 504 ------- 3,268 ------- - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- RUBBER & PLASTIC (2.4%) Sealed Air (B) 8.750%, 07/01/08 $ 500 $ 523 Stone Container Callable 02/01/06 @ 104.875 9.750%, 02/01/11 285 306 ------- 829 ------- SERVICES (3.6%) Compass Minerals Group (B) Callable 08/15/06 @ 105 10.000%, 08/15/11 750 793 Computer Associates International, Ser B 6.375%, 04/15/05 200 201 6.250%, 04/15/03 250 253 ------- 1,247 ------- TELEPHONE & TELECOMMUNICATIONS (12.7%) AT&T Canada 7.650%, 09/15/06 750 541 Comcast 10.625%, 07/15/12 340 413 Global Crossing Holdings 8.700%, 08/01/07 500 60 Lucent Technologies 7.250%, 07/15/06 150 132 Nextel Communications Callable 11/15/04 @ 104.688 9.375%, 11/15/09 500 414 Paxson (B) Callable 07/15/05 @ 105.375 10.750%, 07/15/08 500 529 Rogers Cantel Callable 10/01/02 @ 104.15 8.300%, 10/01/07 750 726 Rural Cellular, Ser B Callable 05/15/03 @ 104.813 9.625%, 05/15/08 631 653 Triton PCS (A) Callable 05/01/30 @ 105.50 0.000%, 05/01/08 500 460 Voicestream Wire (A) Callable 11/15/04 @ 105.938 0.000%, 11/15/09 500 431 ------- 4,359 ------- 10 - ------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- TRANSPORTATION (4.1%) Continental Airlines 8.000%, 12/15/05 $ 150 $ 121 Delta Airlines, Ser 2000-1, Cl A-2 7.570%, 11/18/10 750 759 Laidlaw, Ser B Callable 04/15/02 @ 105.75 11.500%, 04/15/07 290 263 Teekay Shipping (B) 8.875%, 07/15/11 250 257 ------- 1,400 ------- UTILITIES (3.8%) Calpine 7.875%, 04/01/08 75 73 7.625%, 04/15/06 435 433 Kansas Gas & Electric 6.500%, 08/01/05 250 242 Mission Energy Holding (B) 13.500%, 07/15/08 500 573 ------- 1,321 ------- Total Corporate Obligations (Cost $32,731) 32,356 ------- CASH EQUIVALENT (4.5%) SEI Daily Income Trust Prime Obligation Fund 1,561,869 1,562 ------- Total Cash Equivalent (Cost $1,562) 1,562 ------- REPURCHASE AGREEMENT (3.9%) Morgan Stanley Dean Witter 1.750%, dated 11/30/01, matures 12/03/01, repurchase price $1,341,815 (collateralized by U.S. Treasury obligations: total market value $1,378,543) (G) $1,341 1,341 ------- Total Repurchase Agreement (Cost $1,341) 1,341 ------- Total Investments (102.5%) (Cost $35,634) 35,259 ------- OTHER ASSETS AND LIABILITIES, NET (-2.5%) (864) ------- - ------------------------------------------------------------------------------- VALUE (000) - ------------------------------------------------------------------------------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 330,605 outstanding shares of beneficial interest $ 2,486 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 4,181,682 outstanding shares of beneficial interest 32,998 Distributions in excess of net investment income (5) Accumulated net realized loss on investments (709) Net unrealized depreciation on investments (375) ------- Total Net Assets (100.0%) $34,395 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $7.62 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $7.62 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 11 STATEMENT OF NET SSETS - ------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 INVESTMENT GRADE BOND FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (17.7%) U.S. Treasury Bonds 7.500%, 11/15/16 $59,550 $ 72,074 6.250%, 05/15/30 49,900 55,814 U.S. Treasury Notes 2.750%, 10/31/03 40,000 40,000 -------- Total U.S. Treasury Obligations (Cost $157,926) 167,888 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (7.2%) FHLMC 5.250%, 02/15/04 15,650 16,296 FNMA 7.125%, 01/15/30 45,750 52,101 -------- Total U.S. Government Agency Obligations (Cost $63,871) 68,397 -------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (15.1%) GNMA 8.500%, 04/15/31 57,413 60,905 8.000%, 08/15/31 78,181 82,549 -------- Total U.S. Agency Mortgage-Backed Obligations (Cost $141,753) 143,454 -------- CORPORATE OBLIGATIONS (55.2%) FINANCE (22.6%) Boeing Capital 5.650%, 05/15/06 18,000 18,054 Capital One Bank 6.500%, 07/30/04 5,000 5,078 ChevronTexaco Capital 5.500%, 01/15/09 7,775 7,795 Countrywide Home Loan, Ser F, MTN 6.510%, 02/11/05 18,350 19,290 FNMA 6.250%, 02/01/11 23,750 24,670 Ford Motor Credit 7.250%, 10/25/11 19,400 19,528 6.875%, 02/01/06 18,150 18,687 General Motors Acceptance 6.750%, 01/15/06 15,800 16,248 International Lease Finance, Ser M, MTN 5.950%, 06/06/05 17,600 17,999 Qwest Capital Funding 7.900%, 08/15/10 11,500 12,007 US Bank 6.375%, 08/01/11 13,600 13,925 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- FINANCE--CONTINUED Washington Mutual Bank 6.875%, 06/15/11 $16,425 $ 17,093 Wells Fargo Financial 6.125%, 02/15/06 10,175 10,652 5.875%, 08/15/08 13,000 13,123 -------- 214,149 -------- FOOD, BEVERAGE & TOBACCO (4.8%) Coca-Cola Enterprises 8.500%, 02/01/22 7,250 8,745 5.375%, 08/15/06 26,250 26,846 Conagra Foods 6.750%, 09/15/11 9,000 9,352 -------- 44,943 -------- INDUSTRIAL (14.5%) Avon Products 7.150%, 11/15/09 8,650 9,320 Cardinal Health 6.750%, 02/15/11 13,000 13,715 Computer Sciences 7.500%, 08/08/05 15,600 16,717 Dover 6.500%, 02/15/11 8,000 8,230 Kerr-McGee 6.875%, 09/15/11 12,000 12,105 5.875%, 09/15/06 6,400 6,428 Marriot International, Ser C 7.875%, 09/15/09 13,400 14,020 May Department Stores 7.900%, 10/15/07 13,125 14,617 Philip Morris 7.500%, 04/01/04 8,700 9,374 United Technologies 6.350%, 03/01/11 15,650 16,227 Walt Disney, MTN 5.500%, 12/29/06 16,200 16,215 -------- 136,968 -------- INVESTMENT BANKERS/BROKER DEALERS (4.3%) Donaldson Lufkin Jenrette, MTN 6.150%, 05/04/04 8,400 8,757 Morgan Stanley Dean Witter 6.750%, 04/15/11 17,350 18,011 Salomon Smith Barney Holdings 6.500%, 02/15/08 13,500 14,035 -------- 40,803 -------- 12 - -------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- LIFE/HEALTH INSURANCE (3.3%) Aon 6.900%, 07/01/04 $ 9,735 $ 10,319 Conseco 8.750%, 02/09/04 3,450 1,777 6.800%, 06/15/05 8,650 4,412 ING Groep 8.000%, 10/30/06 13,450 14,845 -------- 31,353 -------- UTILITIES (5.7%) National Rural Utilities 6.000%, 05/15/06 19,250 19,988 5.250%, 07/15/04 13,375 13,763 Verizon Pennsylvania, Ser A 5.650%, 11/15/11 6,500 6,309 WorldCom 6.500%, 05/15/04 13,875 14,328 -------- 54,388 -------- Total Corporate Obligations (Cost $510,070) 522,604 -------- REPURCHASE AGREEMENT (2.7%) UBS Warburg 2.060%, dated 11/30/01, matures 12/03/01, repurchase price $25,537,062 (collateralized by U.S. Treasury obligations: total market value $26,043,588) (G) 25,533 25,533 -------- Total Repurchase Agreement (Cost $25,533) 25,533 -------- Total Investments (97.9%) (Cost $899,153) 927,876 -------- OTHER ASSETS AND LIABILITIES, NET (2.1%) 19,809 -------- - ------------------------------------------------------------------------------- VALUE (000) - ------------------------------------------------------------------------------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 84,565,382 outstanding shares of beneficial interest $901,485 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 2,441,405 outstanding shares of beneficial interest 26,443 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 3,350,361 outstanding shares of beneficial interest 35,650 Accumulated net realized loss on investments (44,616) Net unrealized appreciation on investments 28,723 -------- Total Net Assets (100.0%) $947,685 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.49 ======== Net Asset Value, Offering and Redemption Price Per Share -- Investor Shares $10.49 ======== Maximum Offering Price Per Share -- Investor Shares ($10.49 / 96.25%) $10.90 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.49 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 13 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 INVESTMENT GRADE TAX-EXEMPT BOND FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MUNICIPAL BONDS (100.6%) ALABAMA (9.8%) Auburn University, Ser A, RB, MBIA Callable 06/01/11 @ 100 6.000%, 06/01/15 $ 3,835 $ 4,194 6.000%, 06/01/16 4,060 4,408 5.750%, 06/01/17 4,300 4,557 Birmingham, Ser A, GO Callable 11/01/11 @ 101 5.750%, 05/01/13 4,190 4,657 -------- 17,816 -------- ARIZONA (9.8%) Arizona State, Transportation Board, RB 5.000%, 01/01/04 2,000 2,084 Arizona State, Transportation Board, RB Callable 07/01/09 @ 100 6.125%, 07/01/14 6,020 6,729 Arizona State, Transportation Board, RB, MBIA 5.250%, 01/01/06 7,000 7,451 Scottsdale, Municipal Property, RB (H) 5.500%, 07/01/14 1,420 1,517 -------- 17,781 -------- CALIFORNIA (1.3%) Orange County, Loma Ridge/Data Center Project, COP, AMBAC Prerefunded @ 100 (F) 6.000%, 06/01/19 2,075 2,349 -------- COLORADO (7.7%) Colorado State, Health Facilities Authority, North Colorado Medical Center Project, RB, MBIA (C) Callable 02/01/02 @ 100 1.400%, 05/15/20 2,900 2,900 Larimer County, School District No. R 1, FGIC, GO Callable 12/15/10 @ 100 6.000%, 12/15/15 3,000 3,348 6.000%, 12/15/16 3,000 3,333 6.000%, 12/15/17 4,000 4,426 -------- 14,007 -------- FLORIDA (17.1%) Orange County, Health Facilities Authority, Ser A, RB, MBIA 6.250%, 10/01/12 1,170 1,346 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- FLORIDA--CONTINUED Palm Beach County School District, GO, MBIA (H) 5.000%, 08/01/03 $ 2,000 $ 2,051 5.000%, 08/01/05 4,650 4,851 Reedy Creek, Reedy Creek Improvement District, Ser A, GO, AMBAC 5.000%, 06/01/05 5,500 5,826 Tampa, Utility Tax & Special Revenue Authority, Ser B, RB, AMBAC 5.750%, 10/01/13 1,435 1,601 5.750%, 10/01/15 9,785 10,916 Tampa, Water & Sewer Authority, RB, FSA (H) 6.000%, 10/01/15 2,000 2,239 6.000%, 10/01/17 1,920 2,129 -------- 30,959 -------- GEORGIA (2.2%) Georgia State, Municipal Electric Power Authority, Ser Y, RB, ETM, MBIA 6.500%, 01/01/17 70 83 Gwinnett County, Hospital Authority, Ser B, RB, ETM, MBIA (C) (E) Callable 02/06/02 @ 100 1.340%, 09/01/27 4,000 4,000 -------- 4,083 -------- ILLINOIS (5.9%) Chicago, School Finance Authority, Ser A, GO, FGIC Callable 06/01/02 @ 102 6.250%, 06/01/09 6,000 6,232 Chicago, Water Authority, AMBAC, RB 5.750%, 11/01/30 4,000 4,390 -------- 10,622 -------- IOWA (1.2%) Des Moines, Public Parking System, Ser A, RB, FGIC Callable 06/01/10 @ 100 6.375%, 06/01/18 2,005 2,249 -------- MASSACHUSETTS (3.0%) Massachusetts State, Ser D, GO 5.500%, 11/01/17 2,000 2,164 5.500%, 11/01/19 3,000 3,231 -------- 5,395 -------- MICHIGAN (6.1%) Detroit, Sewer Disposal, Ser B, RB, MBIA Callable 01/03/02 @ 100 (C) 1.340%, 07/01/23 4,090 4,090 14 - -------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MICHIGAN--CONTINUED Wayne Charter County, Airport Authority, Ser 2001, RB, FSA, AMT (C) Callable 06/01/02 @ 100 1.520%, 12/01/08 $ 7,000 $ 7,000 -------- 11,090 -------- MISSISSIPPI (1.4%) Jackson, Public School District, Ser B, GO, AMBAC Callable 10/01/10 @ 100 5.750%, 10/01/15 2,275 2,475 -------- MISSOURI (0.7%) Missouri State, Health & Educational Facilities Authority, SSM Health Care Projects, Ser B, RB, ETM, MBIA Callable 02/04/02 @ 101 7.000%, 06/01/05 1,240 1,271 -------- NEW JERSEY (5.4%) New Jersey State, Environmental Infrastructure Authority, Ser B, RB, AMT 5.000%, 09/01/12 1,150 1,197 5.000%, 09/01/13 1,335 1,376 New Jersey State, Environmental Infrastructure Authority, Ser B, RB, AMT Callable 09/01/11 @ 101 5.000%, 09/01/14 1,240 1,270 New Jersey State, Highway Authority, Garden State Parkway Project, RB, FGIC 5.500%, 01/01/15 2,500 2,722 New Jersey State, Transit Authority, Transit Administration Grant Project, Ser B, COP, AMBAC 5.250%, 09/15/03 3,000 3,146 -------- 9,711 -------- NEW YORK (6.6%) Metropolitan New York, Transportation Authority, Ser K, RB, MBIA 6.300%, 07/01/06 5,000 5,614 New York State, Dormitory Authority, State University Project, Ser B, RB, MBIA (A) 0.000%, 05/15/08 785 603 New York, Sub-Ser B2, GO (C) (E) Callable 01/03/02 @ 100 1.300%, 08/15/18 5,695 5,695 -------- 11,912 -------- - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- NORTH CAROLINA (1.8%) Charlotte, Water & Sewer Systems, RB Callable 06/01/10 @ 101 5.750%, 06/01/17 $ 2,000 $ 2,162 North Carolina State, Medical Care Community Hospital, Mercy Hospital Project, RB, ETM Callable 08/01/02 @ 102 6.500%, 08/01/15 1,000 1,049 -------- 3,211 -------- OHIO (2.1%) Cleveland, City School District, Ser A, GO, FGIC Callable 12/01/02 @ 102 5.875%, 12/01/11 1,000 1,051 Logan Hocking, Local School District, Construction & Improvement Project, GO, MBIA Callable 12/01/11 @ 100 5.500%, 12/01/14 1,290 1,385 Ohio State, Infrastructure Improvement, Ser A, GO Callable 02/01/10 @ 101 5.750%, 02/01/13 1,300 1,432 -------- 3,868 -------- PUERTO RICO (2.8%) Puerto Rico Commonwealth, Government Development Authority, RB, MBIA Callable 02/01/02 @ 100 (C) 1.170%, 12/01/15 5,000 5,000 -------- SOUTH CAROLINA (1.5%) South Carolina, Transportation Infrastructure Authority, Ser A, RB, MBIA 5.500%, 10/01/08 2,550 2,775 -------- SOUTH DAKOTA (3.8%) South Dakota State, Health & Educational Facilities Authority, St. Lukes Midland Regional Medical Center Project, RB, MBIA Callable 02/04/02 @ 102 6.625%, 07/01/11 6,675 6,843 -------- TENNESSEE (1.3%) Metropolitan Nashville Airport Authority, Improvement Project, Ser A, RB, FGIC Callable 07/01/10 @ 103 6.600%, 07/01/14 2,020 2,369 -------- 15 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 INVESTMENT GRADE TAX-EXEMPT BOND FUND--CONCLUDED - ------------------------------------------------------------------------------- SHARES/FACE AMOUNT(000) VALUE (000) - ------------------------------------------------------------------------------- TEXAS (4.5%) Cypress-Fairbanks, Independent School District, Schoolhouse Project, GO, PSFG Prerefunded @ 100 (F) 6.750%, 02/15/10 $ 3,780 $ 4,458 Irving, Waterworks & Sewer Authority, RB Callable 06/15/09 @ 100.5 5.950%, 06/15/19 1,460 1,566 La Joya, Independent School District, GO, PSFG Callable 02/15/10 @ 100 5.750%, 02/15/15 1,925 2,069 -------- 8,093 -------- VERMONT (1.1%) Burlington, Electric Authority, Ser A, RB, MBIA Callable 07/01/02 @ 102 6.250%, 07/01/14 2,000 2,090 -------- WASHINGTON (3.5%) Pierce County, Washington School District , GO, FGIC Callable 12/01/11 @ 100 5.500%, 12/01/17 6,000 6,272 -------- Total Municipal Bonds (Cost $179,507) 182,241 -------- CASH EQUIVALENTS (9.8%) AIM Management Institutional Tax Free Portfolio 8,818,847 8,819 SEI Institutional Tax Free Fund 8,953,536 8,953 -------- Total Cash Equivalents (Cost $17,772) 17,772 -------- - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- REPURCHASE AGREEMENT (6.9%) UBS Warburg 2.0600%, dated 11/30/01, matures 12/03/01, repurchase price $12,414,553 (collateralized by U.S. Treasury obligations: total market value $12,663,396) (G) $12,413 $ 12,413 -------- Total Repurchase Agreement (Cost $12,413) 12,413 -------- Total Investments (117.3%) (Cost $209,692) 212,426 -------- OTHER ASSETS AND LIABILITIES, NET (-17.3%) Securities Purchased Payable (36,538) Other Assets and Liabilities, Net 5,169 -------- Total Other Assets and Liabilities (31,369) -------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 11,807,878 outstanding shares of beneficial interest 131,863 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 1,680,499 outstanding shares of beneficial interest 17,631 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 2,044,536 outstanding shares of beneficial interest 23,370 Accumulated net realized gain on investments 5,459 Net unrealized appreciation on investments 2,734 -------- Total Net Assets (100.0%) $181,057 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $11.66 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $11.66 ======== Maximum Offering Price Per Share -- Investor Shares ($11.66 / 96.25%) $12.11 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $11.65 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 16 - ------------------------------------------------------------------------------- (UNAUDITED) LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (12.9%) U.S. Treasury Notes 6.125%, 08/15/07 $15,980 $ 17,442 -------- Total U.S. Treasury Obligations (Cost $17,366) 17,442 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (7.2%) FHLMC 7.000%, 07/15/05 4,000 4,380 FNMA 7.000%, 07/15/05 2,000 2,192 5.250%, 06/15/06 3,000 3,093 -------- Total U.S. Government Agency Obligations (Cost $9,445) 9,665 -------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (75.7%) FHLMC 8.000%, 12/01/02 115 117 FNMA 8.500%, 04/01/17 270 293 6.500%, 06/01/13 to 10/01/16 12,278 12,628 6.000%, 09/01/13 7,083 7,212 GNMA 9.000%, 11/15/17 395 434 8.500%, 04/15/31 6,592 6,993 8.000%, 06/15/30 to 08/15/31 51,162 53,993 7.000%, 11/15/29 to 07/15/31 20,000 20,650 -------- Total U.S. Agency Mortgage-Backed Obligations (Cost $101,007) 102,320 -------- CASH EQUIVALENT (0.0%) SEI Liquid Asset Trust Prime Obligation Fund 3,950 4 -------- Total Cash Equivalent (Cost $4) 4 -------- REPURCHASE AGREEMENT (7.8%) Morgan Stanley Dean Witter 2.080%, dated 11/30/01, matures 12/03/01, repurchase price $10,570,001 (collateralized by U.S. Government obligations: total market value $10,780,055) (G) 10,568 10,568 -------- Total Repurchase Agreement (Cost $10,568) 10,568 -------- Total Investments (103.6%) (Cost $138,390) 139,999 -------- OTHER ASSETS AND LIABILITIES, NET (-3.6%) (4,884) -------- - ------------------------------------------------------------------------------- VALUE (000) - ------------------------------------------------------------------------------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 12,382,623 outstanding shares of beneficial interest $125,403 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 113,618 outstanding shares of beneficial interest 1,186 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 624,489 outstanding shares of beneficial interest 6,374 Distributions in excess net investment income (10) Accumulated net realized gain on investments 553 Net unrealized appreciation on investments 1,609 -------- Total Net Assets (100.0%) $135,115 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.30 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.28 ======== Maximum Offering Price Per Share -- Investor Shares ($10.28 / 97.50%) $10.54 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.30 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 17 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 MARYLAND MUNICIPAL BOND FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MUNICIPAL BONDS (97.4%) GUAM (1.1%) Guam, Ser A, GO, FSA 5.000%, 12/01/09 $ 500 $ 532 ------- MARYLAND (86.3%) Anne Arundel County, GO 6.000%, 02/01/07 1,000 1,110 5.000%, 02/15/04 500 524 Anne Arundel County, GO Callable 02/01/08 @ 101 5.125%, 02/01/24 500 505 Anne Arundel County, GO Callable 02/15/11 @ 101 5.000%, 02/15/12 495 523 Baltimore, Board of Education Administration Project, Ser A, COP, MBIA 5.250%, 04/01/05 750 798 Baltimore County, Consolidated Public Improvement, GO 5.500%, 06/01/04 750 800 Baltimore County, Consolidated Public Improvement, GO Callable 06/01/11 @ 101 5.000%, 06/01/18 835 846 Baltimore County, Consolidated Public Improvement, GO Callable 07/01/08 @ 101 4.750%, 07/01/09 500 525 Baltimore County, Metropolitan District, GO Callable 06/01/11 @ 101 5.000%, 06/01/21 650 653 Baltimore, GO, MBIA 7.000%, 10/15/10 500 604 Baltimore, Pollution Control Authority, General Motors Project, RB 5.350%, 04/01/08 1,070 1,150 Baltimore, Ser A , RB, FGIC 5.900%, 07/01/13 750 850 Baltimore, Water Project, Ser A, RB, FSA Callable 07/01/10 @ 100 5.750%, 07/01/30 1,000 1,062 Frederick County, Education Facilities Authority, Mount Saint Mary's College, Ser A, RB Callable 03/01/10 @ 101 5.500%, 09/01/16 565 572 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MARYLAND--CONTINUED Frederick County, Public Facilities Authority, GO Callable 12/01/10 @ 101 5.200%, 12/01/19 $ 500 $ 515 Frederick County, Public Facility, GO, Callable 07/01/09 @ 101 5.250%, 07/02/11 1,000 1,078 Maryland State, State & Local Facility Loan, Ser 2, GO 5.000%, 10/15/05 500 535 5.000%, 08/01/07 500 535 Maryland State, State & Local Facility Loan, Ser 2, GO Callable 06/15/06 @ 100.5 5.250%, 06/15/08 500 531 Maryland State, Aviation Administration Facilities, COP, AMT Callable 05/01/09 @ 101 4.750%, 05/01/13 1,000 1,016 Maryland State, Community Development Administration, Multi-Family Heritage Crossing, Ser A, RB, AMT Callable 05/01/03 @ 100 4.125%, 05/01/04 500 504 Maryland State, Community Development Administration, RB FHA, AMT 4.100%, 07/01/08 285 282 Maryland State, Community Development Administration, Ser C, RB, FHA Callable 03/01/10 @ 100 5.650%, 09/01/12 475 511 Maryland State, Community Development Administration, Ser E, RB, FHA Callable 09/01/09 @ 100 5.700%, 09/01/17 1,000 1,037 Maryland State, Community Development Administration, Ser F, RB, AMT Callable 09/01/09 @ 100 5.900%, 09/01/19 1,000 1,029 Maryland State, Community Development Administration, Single-Family Housing, 1st Ser, RB, FHA Callable 04/01/07 @ 101.50 5.600%, 04/01/18 345 358 18 - -------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MARYLAND--CONTINUED Maryland State, Economic Development Authority, University Village at Sheppard Pratt Project, RB, ACA Callable 07/01/11 @ 101 5.875%, 07/01/21 $ 250 $ 259 Maryland State, Health & Higher Educational Facilities Authority, Calvert Memorial Hospital Project, RB Callable 07/01/08 @ 102 5.000%, 07/01/13 400 400 Maryland State, Health & Higher Educational Facilities Authority, Catholic Health Initiatives, Ser A, RB Callable 06/01/10 @ 101 6.000%, 12/01/24 250 265 Maryland State, Health & Higher Educational Facilities Authority, Charity Obligations Project, Ser D, RB Prerefunded @ 100 (F) 4.600%, 11/01/03 125 130 Maryland State, Health & Higher Educational Facilities Authority, Greater Baltimore Medical Center Project, RB Callable 07/01/11 @ 100 5.000%, 07/01/25 250 242 Maryland State, Health & Higher Educational Facilities Authority, Johns Hopkins Health System Project, RB, AMBAC Callable 07/01/07 @ 102 5.250%, 07/01/17 350 360 Maryland State, Health & Higher Educational Facilities Authority, Johns Hopkins Hospital Project, RB 5.000%, 05/15/09 700 736 Maryland State, Health & Higher Educational Facilities Authority, Johns Hopkins Hospital Project, RB Callable 05/15/11 @ 100 5.000%, 05/15/21 400 391 Maryland State, Health & Higher Educational Facilities Authority, Johns Hopkins University Ser A, RB Callable 07/01/11 @ 100 5.000%, 07/01/12 250 262 Maryland State, Health & Higher Educational Facilities Authority, Mercy Medical Center Project, RB Callable 07/01/11 @ 100 5.625%, 01/01/31 750 732 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MARYLAND--CONTINUED Maryland State, Health & Higher Educational Facilities Authority, Mercey Ridge Project, RB (C) (E) Callable 01/02/02 @ 100 1.700%, 04/01/31 $1,400 $ 1,400 Maryland State, Health & Higher Educational Facilities Authority, North Arundel Hospital Project, RB Callable 07/01/10 @ 101 6.500%, 07/01/26 400 428 Maryland State, Health & Higher Educational Facilities Authority, University of Maryland Medical System Project, RB 6.000%, 07/01/05 100 107 Maryland State, Health & Higher Educational Facilities Authority, University of Maryland Medical Project, RB, Callable 07/01/11 @ 100 5.750%, 07/01/21 1,250 1,293 Maryland State, State & Local Facility Loan, Ser 2, GO 5.500%, 07/15/13 500 552 Maryland State, Stadium Authority, Sports Facility Project, RB, AMBAC Callable 03/01/06 @ 101 5.800%, 03/01/26 250 261 Maryland State, State & Local Facilities Loan, 1st Ser, GO 5.125%, 08/01/05 535 573 Maryland State, State & Local Facilities Loan, 1st Ser, GO Callable 02/15/06 @ 101.50 4.700%, 02/15/10 300 311 Maryland State, State & Local Facilities Loan, 1st Ser, GO Callable 03/01/08 @ 101 4.750%, 03/01/09 500 524 Maryland State, State & Local Facilities Loan, 2nd Ser, GO Callable 07/15/09 @ 101 5.250%, 07/15/12 1,000 1,071 Maryland State, State & Local Facilities Loan, 3rd Ser, GO 5.500%, 10/15/04 500 538 5.000%, 10/15/06 750 805 Maryland State, State & Local Facilities Loan, 3rd Ser, GO Callable 10/15/06 @ 100 5.000%, 10/15/07 525 557 19 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 MARYLAND MUNICIPAL BOND FUND--CONCLUDED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MARYLAND--CONTINUED Maryland State, Transportation Authority, RB, ETM Callable 01/07/02 @ 100 6.800%, 07/01/16 $ 120 $ 140 Maryland State, Water Quality Financing Authority, Revolving Loan Funding Project, Ser A, RB Callable 09/01/05 @ 100 5.300%, 09/01/09 1,000 1,061 Montgomery County, Consolidated Public Improvement, Ser A, GO Callable 01/01/08 @ 101 4.700%, 01/01/13 655 667 Montgomery County, Consolidated Public Improvement, Ser A, GO 5.800%, 07/01/07 500 554 5.700%, 07/01/05 675 734 Montgomery County, Equipment Acquisition Program, COP 4.500%, 06/01/06 1,000 1,044 Montgomery County, Housing Opportunity, Housing Development Project, Ser A, RB Callable 07/01/10 @ 100 6.000%, 07/01/20 990 1,044 Montgomery County, Housing Opportunity, Aston Woods Apartments Project, Ser A, RB Callable 05/15/08 @ 102 4.900%, 05/15/31 600 609 Montgomery County, Housing Opportunity, Single-Family Mortgage, Ser A, RB Callable 01/01/11 @ 100 4.450%, 07/01/17 500 510 Montgomery County, Human Services Headquarters Project, RB 5.400%, 08/01/06 200 217 Montgomery County, Trinity Healthcare Group, RB Callable 12/01/11 @ 100 5.500%, 12/01/16 1,000 1,039 5.125%, 12/01/22 250 246 Prince Georges County, Consolidated Public Improvements, Ser A, GO, MBIA Callable 03/01/02 @ 102 5.625%, 09/01/04 250 257 Prince Georges County, Consolidated Public Improvements, Ser A, GO MBIA Callable 03/15/07 @ 101 5.200%, 03/15/11 600 633 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MARYLAND--CONTINUED Queen Annes County, Public Facilities, GO, FGIC 5.125%, 11/15/06 $ 350 $ 377 St. Mary's County, Consolidated Public Improvements, GO 5.500%, 07/01/11 1,165 1,292 University of Maryland, Ser A, RB 5.000%, 04/01/05 400 424 Washington, Suburban Sanitation District, GO 5.000%, 06/01/05 355 377 Washington, Suburban Sanitation District, GO Callable 06/01/04 @ 102 4.625%, 06/01/06 750 786 Washington, Suburban Sanitation District, RB (C) (E) 1.550%, 08/01/04 1,000 1,000 ------- 43,661 ------- PUERTO RICO (10.0%) Puerto Rico Commonwealth, Public Improvements, FSA, GO Callable 07/01/11 @ 100 5.125%, 07/01/30 1,250 1,259 5.050%, 07/01/20 500 506 Puerto Rico Commonwealth, Public Improvements, Ser A, GO 5.500%, 07/01/18 1,500 1,593 Puerto Rico Commonwealth, Public Improvements, Ser A, GO, 5.500%, 07/01/17 500 539 Puerto Rico, Housing Bank & Finance Agency, Affordable Housing Mortgage Portfolio, Ser I, RB, AMT, GNMA Callable 04/01/05 @ 102 6.250%, 04/01/29 625 649 Puerto Rico, Public Financial Project, Ser A , GO, MBIA Callable 08/01/11 @ 100, 5.500%, 08/01/20 500 528 ------- 5,074 ------- Total Municipal Bonds (Cost $48,437) 49,267 ------- 20 - -------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- SHARES VALUE (000) - ------------------------------------------------------------------------------- CASH EQUIVALENTS (5.1%) AIM Tax Free Institutional Cash Reserve 2,333,333 $ 2,333 Federated Maryland Municipal Cash Trust 240,154 240 ------- Total Cash Equivalents (Cost $2,573) 2,573 ------- Total Investments (102.5%) (Cost $51,010) 51,840 ------- OTHER ASSETS AND LIABILITIES, NET (-2.5%) (1,259) ------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 2,991,413 outstanding shares of beneficial interest 30,004 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 1,944,562 outstanding shares of beneficial interest 19,923 Distributions in excess of net investment income (26) Accumulated net realized loss on investments (150) Net unrealized appreciation on investments 830 ------- Total Net Assets (100.0%) $50,581 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.24 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.26 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 21 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 SHORT-TERM BOND FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (16.5%) U.S. Treasury Notes 6.875%, 05/15/06 $ 4,000 $ 4,464 6.000%, 08/15/04 25,100 26,861 5.750%, 11/15/05 1,250 1,334 4.625%, 05/15/06 10,000 10,259 3.500%, 11/15/06 5,988 5,839 U.S. Treasury STRIPS (D) 0.000%, 08/15/03 1,250 1,194 -------- Total U.S. Treasury Obligations (Cost $49,070) 49,951 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (13.5%) FHLMC 7.000%, 07/15/05 5,500 6,022 FNMA 4.500%, 11/14/06 5,000 4,978 4.000%, 11/17/06 10,000 9,742 3.875%, 10/18/04 10,000 10,012 FNMA Callable 10/17/03 @ 100 4.500%, 10/17/06 10,000 9,971 -------- Total U.S. Government Agency Obligations (Cost $40,453) 40,725 -------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (4.5%) FHLMC 6.000%, 07/01/06 6,410 6,545 5.500%, 08/01/08 3,103 3,146 FNMA 7.000%, 01/01/27 1,133 1,169 FNMA REMIC, Ser 1996-30, Cl PC 7.000%, 11/25/20 1,957 1,995 GNMA 8.000%, 11/15/09 726 772 -------- Total U.S. Agency Mortgage-Backed Obligations (Cost $13,226) 13,627 -------- REGIONAL GOVERNMENT AGENCIES (1.8%) Province of Ontario 7.000%, 08/04/05 3,000 3,259 Quebec Province 5.500%, 04/11/06 2,000 2,057 -------- Total Regional Government Agencies (Cost $5,150) 5,316 -------- CORPORATE OBLIGATIONS (52.3%) AEROSPACE & DEFENSE (1.9%) Boeing 6.350%, 06/15/03 2,100 2,197 Raytheon 6.450%, 08/15/02 2,900 2,947 5.700%, 11/01/03 500 515 -------- 5,659 -------- - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- AIR TRANSPORTATION (0.6%) FedEx 6.625%, 02/12/04 $ 1,750 $ 1,836 -------- FINANCE (15.6%) Bank of America 6.625%, 06/15/04 3,500 3,723 Bank One, Ser A, MTN 5.625%, 02/17/04 3,000 3,111 Capital One Bank 6.500%, 07/30/04 1,500 1,523 CIT Group 7.125%, 10/15/04 3,000 3,206 Citigroup 5.700%, 02/06/04 3,000 3,126 Conseco Finance 5.390%, 11/15/25 3,000 3,063 Diageo Capital PLC 6.125%, 08/15/05 2,000 2,085 Duke Capital 7.250%, 10/01/04 2,000 2,145 First American Bank 7.750%, 07/15/04 5,000 5,410 Ford Motor Credit 6.875%, 02/01/06 2,000 2,059 General Motors 6.250%, 05/01/05 1,000 1,030 General Motors Acceptance, MTN 6.380%, 01/30/04 5,000 5,200 5.800%, 03/12/03 750 766 Heller Financial 6.400%, 01/15/03 2,250 2,337 Household Finance 6.000%, 05/01/04 2,500 2,619 International Lease Finance 5.750%, 10/15/06 2,962 2,981 Norwest Financial 7.600%, 05/03/05 2,500 2,734 -------- 47,118 -------- INDUSTRIAL (12.3%) American Home Products 7.900%, 02/15/05 2,000 2,207 Coca Cola Enterprises 6.625%, 08/01/04 4,000 4,285 Computer Associates International, Ser B 6.375%, 04/15/05 1,550 1,556 6.250%, 04/15/03 1,000 1,013 Conoco 5.900%, 04/15/04 3,150 3,280 23 - - - -------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- INDUSTRIAL--CONTINUED Enron 7.875%, 06/15/03 $ 2,500 $ 475 Ingersoll-Rand 5.800%, 06/01/04 1,900 1,966 Kellogg 6.625%, 01/29/04 3,250 3,399 Norfolk Southern 7.875%, 02/15/04 1,500 1,616 Procter & Gamble 5.250%, 09/15/03 1,110 1,149 TCI Communications 6.375%, 05/01/03 4,650 4,807 TRW 6.500%, 06/01/02 3,000 3,030 Tyson Foods (B) 7.250%, 10/01/06 4,250 4,381 Walt Disney, MTN 4.875%, 07/02/04 4,000 4,043 -------- 37,207 -------- INVESTMENT BANKERS/BROKER DEALERS (3.3%) Bear Stearns 6.650%, 12/01/04 3,750 3,966 Morgan Stanley Dean Witter 7.750%, 06/15/05 2,000 2,192 Paine Webber Group 6.450%, 12/01/03 3,500 3,697 -------- 9,855 -------- MEDICAL PRODUCTS (0.6%) Tenet Healthcare (B) 5.375%, 11/15/06 2,000 1,961 -------- UTILITIES (18.0%) Alabama Power, Ser M 7.850%, 05/15/03 3,250 3,454 AT&T Wireless Services 7.350%, 03/01/06 3,500 3,688 Baltimore Gas & Electric 6.125%, 07/01/03 1,750 1,822 British Telecom PLC 7.875%, 12/15/05 4,000 4,330 Dominion Resources 6.000%, 01/31/03 5,000 5,139 Enron 6.625%, 11/15/05 1,850 351 Florida Power & Light 6.875%, 12/01/05 5,000 5,319 National Rural Utilities 5.250%, 07/15/04 2,600 2,676 Northern States Power 6.125%, 12/01/05 5,000 5,119 - ------------------------------------------------------------------------------- SHARES/FACE AMOUNT(000) VALUE (000) - ------------------------------------------------------------------------------- UTILITIES--CONTINUED Phillips Petroleum 8.500%, 05/25/05 $ 3,500 $ 3,913 Public Service, Ser 6 6.000%, 04/15/03 3,000 3,090 Qwest 6.125%, 11/15/05 4,000 3,970 Scottish Power PLC, Ser H, MTN 6.750%, 07/15/04 2,500 2,619 Southern New England Telephone, Ser C, MTN 6.125%, 12/15/03 3,000 3,131 Sprint Capital (B) 6.000%, 01/15/07 2,000 1,993 WorldCom 7.550%, 04/01/04 3,500 3,692 -------- 54,306 -------- Total Corporate Obligations (Cost $156,949) 157,942 -------- ASSET-BACKED OBLIGATIONS (2.0%) CoreStates Home Equity Trust, Ser 1994-1, Cl A 6.650%, 05/15/09 269 275 Discover Card Master Trust I, Ser 1999-2, Cl A 5.900%, 10/15/04 3,000 3,043 EQCC Home Equity Loan Trust, Ser 1994-1, Cl A 5.800%, 03/15/09 247 247 Equivantage Home Equity Loan Trust, Ser 1996-1, Cl A 6.550%, 10/25/25 312 320 Metris Master Trust, Ser 1997-1, Cl A 6.870%, 10/20/05 2,000 2,037 -------- Total Asset-Backed Obligations (Cost $5,833) 5,922 -------- CASH EQUIVALENTS (7.8%) AIM Liquid Assets Portfolio 14,809,495 14,810 SEI Daily Income Trust Prime Obligation Fund 8,833,172 8,833 -------- Total Cash Equivalents (Cost $23,643) 23,643 -------- Total Investments (98.4%) (Cost $294,324) 297,126 -------- OTHER ASSETS AND LIABILITIES, NET (1.6%) 4,756 -------- 23 STATEMENT OF NET ASSETS - ------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 SHORT-TERM BOND FUND--CONCLUDED - ------------------------------------------------------------------------------- VALUE (000) - ------------------------------------------------------------------------------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 27,424,872 outstanding shares of beneficial interest $278,073 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 512,351 outstanding shares of beneficial interest 5,180 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 1,773,058 outstanding shares of beneficial interest 17,988 Accumulated net realized loss on investments (2,161) Net unrealized appreciation on investments 2,802 -------- Total Net Assets (100.0%) $301,882 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.16 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.18 ======== Maximum Offering Price Per Share -- Investor Shares ($10.18 / 98.00%) $10.39 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.18 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 24 - ------------------------------------------------------------------------------- (UNAUDITED) SHORT-TERM U.S. TREASURY SECURITIES FUND - ------------------------------------------------------------------------------- SHARES/FACE AMOUNT(000) VALUE (000) - ------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (97.6%) U.S. Treasury Bills (D) 1.912%, 12/20/01 $ 6,000 $ 5,995 U.S. Treasury Notes 6.625%, 03/31/02 10,500 10,665 6.375%, 01/31/02 5,000 5,036 6.250%, 01/31/02 to 08/31/02 13,500 13,804 6.000%, 07/31/02 to 08/15/04 9,000 9,417 5.875%, 09/30/02 to 11/15/04 34,500 36,672 5.750%, 08/15/03 2,000 2,102 5.625%, 11/30/02 4,000 4,141 5.500%, 02/28/03 to 03/31/03 9,000 9,364 5.250%, 08/15/03 to 05/15/04 19,000 19,882 4.750%, 02/15/04 8,500 8,825 4.250%, 11/15/03 17,000 17,462 -------- Total U.S. Treasury Obligations (Cost $140,305) 143,365 -------- CASH EQUIVALENT (1.8%) SEI Daily Income Trust Treasury II Fund 2,671,728 2,672 -------- Total Cash Equivalent (Cost $2,672) 2,672 -------- Total Investments (99.4%) (Cost $142,977) 146,037 -------- OTHER ASSETS AND LIABILITIES, NET (0.6%) 894 -------- - ------------------------------------------------------------------------------- VALUE (000) - ------------------------------------------------------------------------------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 9,661,020 outstanding shares of beneficial interest $ 96,280 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 374,688 outstanding shares of beneficial interest 3,823 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 4,286,265 outstanding shares of beneficial interest 43,364 Accumulated net realized gain on investments 404 Net unrealized appreciation on investments 3,060 -------- Total Net Assets (100.0%) $146,931 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.27 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.27 ======== Maximum Offering Price Per Share -- Investor Shares ($10.27 / 99.00%) $10.37 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.25 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 25 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 U.S. GOVERNMENT SECURITIES FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS (12.7%) U.S. Treasury Bonds 5.375%, 02/15/31 $ 5,000 $ 5,080 U.S. Treasury Notes 5.000%, 08/15/11 17,000 17,329 4.625%, 05/15/06 5,000 5,129 -------- Total U.S. Treasury Obligations (Cost $27,804) 27,538 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (10.0%) FHLMC 6.750%, 03/15/31 10,000 10,877 FNMA 6.625%, 11/15/10 10,000 10,863 -------- Total U.S. Government Agency Obligations (Cost $22,268) 21,740 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (77.5%) FHLMC 7.000%, 01/01/09 to 06/01/17 4,778 4,959 6.500%, 03/01/12 to 05/01/31 20,142 20,583 FHLMC REMIC, Ser 2039, Cl PC 6.000%, 05/15/09 1,000 1,023 FHLMC REMIC, Ser 2357, Cl QJ 6.000%, 11/15/24 5,000 5,113 FNMA 7.000%, 05/01/31 4,332 4,459 6.500%, 06/01/13 to 11/01/31 44,615 44,762 6.290%, 08/01/18 1,382 1,408 6.000%, 11/01/07 to 12/01/31 52,047 52,015 FNMA REMIC, Ser 143, Cl J 8.750%, 12/25/20 30 32 FNMA REMIC, Ser 156, Cl B 6.500%, 04/25/18 47 48 FNMA REMIC, Ser 40, Cl VC 6.500%, 08/25/10 261 264 GNMA 7.500%, 10/20/09 to 01/15/28 2,028 2,133 7.000%, 02/15/31 13,680 14,108 6.500%, 10/15/23 to 11/15/31 13,738 13,957 6.250%, 10/15/28 1,269 1,277 6.000%, 07/15/13 to 01/15/14 2,079 2,129 -------- Total U.S. Government Agency Obligations (Cost $166,890) 168,270 -------- - ------------------------------------------------------------------------------- SHARES VALUE (000) - ------------------------------------------------------------------------------- CASH EQUIVALENTS (8.9%) AIM Liquid Assets Portfolio 10,322,942 $ 10,323 SEI Daily Income Trust Government Fund 8,906,682 8,907 -------- Total Cash Equivalents (Cost $19,230) 19,230 -------- Total Investments (109.1%) (Cost $236,192) 236,778 -------- OTHER ASSETS AND LIABILITIES, NET (-9.1%) Securities Sold Receivable 9,809 Securities Purchased Payable (30,214) Other Assets and Liabilities, Net 614 -------- Total Other Assets and Liabilities (19,791) -------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 16,056,794 outstanding shares of beneficial interest 167,104 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 702,503 outstanding shares of beneficial interest 7,342 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 3,520,925 outstanding shares of beneficial interest 37,369 Undistributed net investment income 3 Accumulated net realized gain on investments 4,583 Net unrealized appreciation on investments 586 -------- Total Net Assets (100.0%) $216,987 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.70 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.70 ======== Maximum Offering Price Per Share -- Investor Shares ($10.70 / 96.25%) $11.12 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.70 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 26 - ------------------------------------------------------------------------------- (UNAUDITED) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MUNICIPAL BONDS (102.8%) VIRGINIA (102.8%) Albemarle County, Industrial Development Authority, Residential Care Facilities, Ser A, RB Callable 01/01/05 @ 101 5.000%, 01/01/07 $2,000 $ 2,008 Alexandria, Consolidated Public Improvement, GO 4.500%, 01/01/15 1,500 1,493 Amherst County, Service Authority, RB Callable 12/15/10 @ 102 6.000%, 12/15/30 500 506 Arlington County, GO Callable 10/01/08 @ 101 5.000%, 10/01/11 3,220 3,398 Arlington County, Industrial Development Authority, Alexandria/Arlington Project, Ser A, RB, FSA 5.250%, 01/01/05 4,000 4,240 5.250%, 01/01/03 1,000 1,034 Arlington County, Industrial Development Authority, Alexandria/Arlington Waste Project, Ser B, RB, AMT, FSA Callable 07/01/08 @ 101 5.375%, 01/01/11 3,000 3,163 Arlington County, Industrial Development Authority, Arlington Health Systems, RB 5.500%, 07/01/06 2,000 2,137 Arlington County, Industrial Development Authority, Arlington Health Systems, RB, AMT Callable 07/01/11 @ 101 5.500%, 07/01/17 1,725 1,776 Chesapeake Bay, Bridge & Tunnel Commission, General Resolution, RB, MBIA 5.500%, 07/01/25 2,000 2,143 Chesapeake, GO 5.400%, 12/01/08 2,500 2,723 Chesterfield County, GO Callable 01/15/11 @ 100 5.000%, 01/15/17 2,600 2,644 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA--CONTINUED Chesterfield County, Public Improvements, Ser A, GO Callable 01/01/08 @ 100 4.700%, 01/01/12 $3,215 $ 3,278 Craig County, Industrial Development Authority, RB Callable 05/01/02 @ 100 4.200%, 05/01/03 2,000 2,005 Fairfax County, Industrial Development Authority, Health Care Inova Health System Project, RB Callable 08/15/06 @ 102 5.300%, 08/15/07 1,500 1,602 Fairfax County, Industrial Development Authority, Health Care Inova Health System Project, Ser A, RB Callable 02/15/08 @ 101 5.000%, 08/15/10 2,890 2,992 Fairfax County, Industrial Development Authority, Fairfax Hospital Project, Ser C, RB (C) 1.760%, 10/01/25 2,500 2,500 Fairfax County, Public Improvement, Ser A, GO Callable 06/01/07 @ 102 4.500%, 06/01/10 3,000 3,071 Fairfax County, Water Authority, RB Callable 04/01/02 @ 102 5.750%, 04/01/14 1,740 1,785 Fairfax County, Water Authority, RB Callable 04/01/07 @ 102 6.000%, 04/01/22 5,000 5,399 Fairfax County, Water Authority, RB Callable 04/01/10 @ 101 6.000%, 04/01/14 1,125 1,269 Greater Richmond Convention Center Authority, Convention Center Expansion Project, RB 5.500%, 06/15/10 700 752 5.000%, 06/15/03 1,000 1,035 Halifax County, Industrial Development Authority, Old Dominion Electric Cooperation Project, RB, AMT 5.125%, 12/01/02 1,190 1,217 Hampton, Museum Project, RB Callable 01/01/04 @ 102 5.250%, 01/01/09 2,000 2,075 27 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND--CONTINUED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA--CONTINUED Hampton, Public Improvement Project, GO Callable 01/15/08 @ 102 5.000%, 01/15/10 $1,200 $ 1,270 Harrisonburg, Industrial Development Authority, Rockingham Memorial Hospital Project, RB, MBIA Callable 12/01/02 @ 102 5.750%, 12/01/13 3,000 3,090 Henrico County, Industrial Development Authority, Governmental Projects, RB Callable 06/01/06 @ 102 5.150%, 06/01/07 2,500 2,679 Henrico County, Industrial Development Authority, Solid Waste Facility, Browning Ferris Project, RB, AMT 5.300%, 12/01/11 1,000 955 Henry County, GO Callable 07/15/04 @ 102 6.000%, 07/15/14 1,000 1,075 Henry County, Public Sewer & Water Authority, RB, FSA 5.000%, 11/15/08 1,990 2,115 James City County, Industrial Development Authority, Residential Care Facility, Ser B, RB Callable 09/01/04 @ 101 5.375%, 03/01/26 1,900 1,910 Loudoun County, Sanitation Authority, Water & Sewer, RB, FGIC Callable 01/01/03 @ 102 6.100%, 01/01/04 1,250 1,317 Louisa, Industrial Development Authority, Electric & Power Project, Ser A, RB, AMT 5.150%, 04/01/22 2,500 2,519 Lynchburg, GO Callable 04/01/03 @ 102 5.250%, 04/01/08 2,000 2,090 Lynchburg, Industrial Development Authority, Health Care Facility, RB 5.000%, 01/01/08 1,180 1,230 Montgomery County, Industrial Development Authority, RB, AMBAC Callable 01/15/12 @ 101 5.500%, 01/15/18 1,865 1,963 Newport News, Industrial Development Authority, Advanced Shipbuilding Carrier Project, RB 5.500%, 09/01/09 2,500 2,742 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA--CONTINUED Newport News, Ser E, GO Callable 01/01/04 @ 102 5.200%, 01/01/11 $1,075 $ 1,131 Norfolk, GO Callable 06/01/04 @ 101 5.250%, 06/01/08 5,000 5,249 5.200%, 06/01/07 1,500 1,567 Norfolk, Industrial Development Authority, Children's Hospital Project, RB (C) (E) Callable 12/06/01 @ 100 1.600%, 09/01/05 3,390 3,390 Norfolk, Industrial Development Authority, Children's Hospital Kings Group Project, RB, AMBAC 6.900%, 06/01/06 1,000 1,131 Norfolk, Industrial Development Authority, Sentara Hospital Project, Ser A, RB Callable 11/01/04 @ 102 5.000%, 11/01/08 2,500 2,593 4.900%, 11/01/07 2,500 2,604 Norfolk, Redevelopment & Housing Authority, Educational Facilities, Tidewater Community College Campus Project, RB Callable 11/01/05 @ 102 5.800%, 11/01/08 700 757 Pittsylvania County, Ser A, GO Callable 01/07/02 @ 100 4.000%, 06/01/03 1,375 1,376 Portsmouth, GO Prerefunded @ 102 (F) 5.450%, 08/01/03 2,000 2,094 Portsmouth, Refunding & Public Improvement Authority, Ser A, GO, FGIC 4.500%, 06/01/07 1,485 1,538 Richmond, GO, FSA 5.250%, 01/15/09 1,470 1,577 Richmond, GO, FSA Callable 01/15/01 @ 101 5.500%, 01/15/18 2,755 2,915 Richmond, Industrial Development Authority, Atmore Project, RB, AMBAC 4.750%, 07/15/08 860 899 4.750%, 07/15/09 935 976 Richmond, Metropolitan Expressway Authority, Ser A, RB, FGIC Callable 07/15/02 @ 102 5.900%, 07/15/03 1,500 1,562 28 - ------------------------------------------------------------------------------- (UNAUDITED) - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA--CONTINUED Roanoke Valley Resources Authority, RB 5.400%, 09/01/02 $1,450 $ 1,482 Roanoke, Industrial Development Authority, Roanoke Memorial Hospital Project, Ser B, RB Callable 07/01/02 @ 102 5.900%, 07/01/06 2,500 2,584 Southwest Virginia, Regional Jail Authority, GO Callable 09/30/02 @ 100 4.000%, 10/31/03 800 803 Suffolk, GO Callable 08/01/03 @ 102 5.700%, 08/01/07 1,390 1,478 5.600%, 08/01/06 2,000 2,107 Suffolk, GO Prefunded @ 102 (F) 5.700%, 08/01/03 610 654 Virginia Beach, Development Authority, Sentra Health System, RB Callable 11/01/08 @ 101 5.250%, 11/01/11 1,000 1,052 Virginia Beach, Development Authority, Sentra Life Care Project, RB Callable 11/01/01 @ 102 7.750%, 11/01/21 1,000 1,024 Virginia Beach, Development Authority, Virginia Beach General Hospital Project, RB, AMBAC 5.125%, 02/15/18 1,750 1,792 Virginia Beach, GO 5.450%, 07/15/11 1,000 1,092 Virginia Beach, Public Improvement Project, GO 5.250%, 03/01/08 1,695 1,818 Virginia Beach, Public Improvement Project, GO Prerefunded @ 102 (F) 5.750%, 11/01/04 3,500 3,848 Virginia College, Building Authority, Public Higher Education Financing Program, Ser A, RB 5.000%, 09/01/11 1,510 1,602 Virginia College, Building Authority, Public Higher Education, Ser A, RB 5.500%, 09/01/06 1,135 1,239 Virginia College, Building Authority, Washington & Lee University, RB 5.375%, 01/01/21 1,200 1,269 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA--CONTINUED Virginia Commonwealth, Transportation Board Authority, Federal Highway Reimbursement Project, Ser A, RB 5.500%, 10/01/04 $2,500 $ 2,681 5.500%, 10/01/05 2,500 2,708 5.500%, 10/01/06 2,000 2,181 Virginia Commonwealth, Transportation Board Authority, Northern Transportation District Project, Ser A, RB Callable 05/01/11 @ 100 5.375%, 05/15/13 2,045 2,195 Virginia State, Biotechnology Research Park Authority, Consolidated Laboratories Project, RB Callable 09/01/11 @ 100 5.125%, 09/01/16 2,100 2,156 Virginia State, College Building Authority, Public Higher Education Project, Ser A, RB Callable 09/01/10 @ 100 5.125%, 09/01/16 2,500 2,576 Virginia State, College Building Authority, University of Richmond Project, RB Callable 11/01/04 @ 100 5.550%, 11/01/19 2,000 2,136 Virginia State, Education Loan Authority, Guaranteed Student Loan Program, Ser B, RB, AMT 5.550%, 09/01/10 1,800 1,939 Virginia State, Education Loan Authority, Guaranteed Student Loan Program, Ser D, RB, AMT, ETM 5.600%, 03/01/03 2,050 2,130 Virginia State, Housing Development Authority, Commonwealth Mortgage, Sub-Ser I-1, RB 3.750%, 07/01/05 1,000 998 Virginia State, Housing Development Authority, Commonwealth Mortgage, Sub-Ser B-3, RB 6.350%, 01/01/15 3,000 3,000 Virginia State, Housing Development Authority, Multi-Family Housing, Ser E, RB Callable 01/01/08 @ 102 5.350%, 11/01/11 1,250 1,275 Virginia State, Housing Development Authority, Multi-Family Housing, Ser I, RB, AMT Callable 01/01/09 @ 101 4.875%, 11/01/12 1,950 1,972 29 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND--CONCLUDED - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA--CONTINUED Virginia State, Housing Development Authority, Rental Housing, Ser H, RB, AMT Callable 11/01/09 @ 100 5.625%, 11/01/18 $3,500 $ 3,582 Virginia State, Housing Development Authority, Sub-Ser C-1, RB Callable 01/01/08 @ 102 5.100%, 07/01/14 1,500 1,531 Virginia State, Housing Development Authority, Single-Family Housing, Sub-Ser C-4, RB Callable 01/01/02 @ 102 5.550%, 01/01/11 3,000 3,056 Virginia State, Housing Development Authority, Sub-Ser C-8, RB Callable 01/01/02 @ 102 6.000%, 07/01/06 2,000 2,043 Virginia State, Housing Development Authority, Sub-Ser J-1, RB, MBIA (H) Callable 07/01/11 @ 100 4.875%, 07/01/13 2,500 2,500 Virginia State, Polytechnic Institute & University, Ser A, RB Callable 06/01/06 @ 102 5.500%, 06/01/16 1,935 2,014 5.450%, 06/01/13 2,500 2,631 5.350%, 06/01/09 2,000 2,133 Virginia State, Public Building Authority, Ser A, RB Callable 08/01/07 @ 101 6.000%, 08/01/08 1,000 1,110 Virginia State, Public School Authority, School Financing Project, Ser A, RB 5.250%, 08/01/07 2,000 2,155 Virginia State, Public School Authority, School Financing Project, Ser I, RB 5.250%, 08/01/09 5,000 5,392 Virginia State, Public School Authority, Ser B, GO Callable 08/01/01 @ 101 5.000%, 08/01/13 2,910 3,040 Virginia State, Public School Authority, Ser B, RB 5.850%, 01/01/02 1,500 1,505 Virginia State, Resources Authority, Airports, Ser A, RB Callable 02/01/11 @ 100 5.250%, 08/01/17 1,000 1,012 5.250%, 08/01/18 1,205 1,212 - ------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA--CONTINUED Virginia State, Resources Authority, Water Systems, RB (H) 5.000%, 04/01/11 $1,265 $ 1,331 5.000%, 04/01/12 1,225 1,282 Virginia State, Resources Authority, Ser D, RB (H) Callable 05/01/10 @ 101 5.000%, 05/01/13 1,485 1,537 York County, GO 5.000%, 07/15/09 1,545 1,640 -------- 205,056 -------- Total Municipal Bonds (Cost $200,181) 205,056 -------- CASH EQUIVALENTS (0.3%) AIM Tax Free Institutional Cash Reserve 577,257 577 Federated Virginia Municipal Cash Trust 69,099 69 -------- Total Cash Equivalents (Cost $646) 646 -------- Total Investments (103.1%) (Cost $200,827) 205,702 -------- OTHER ASSETS AND LIABILITIES, NET (-3.1%) (6,291) -------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 18,923,783 outstanding shares of beneficial interest 188,385 Fund shares of Investor Shares (unlimited authorization -- no par value) based on 582,731 outstanding shares of beneficial interest 6,035 Undistributed net investment income 58 Accumulated net realized gain on investments 58 Net unrealized appreciation on investments 4,875 -------- Total Net Assets (100.0%) $199,411 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.22 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.23 ======== Maximum Offering Price Per Share -- Investor Shares ($10.23 / 96.25%) $10.63 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 30 - -------------------------------------------------------------------------------- (UNAUDITED) VIRGINIA MUNICIPAL BOND FUND - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- MUNICIPAL BONDS (96.8%) VIRGINIA (96.8%) Albemarle County, Industrial Development Authority, Residential Care Facilities, Ser A, RB Callable 01/01/05 @ 101 5.000%, 01/01/07 $1,000 $ 1,004 Alexandria, Consolidated Public Improvement, GO Callable 06/15/10 @ 101 5.250%, 06/15/15 430 453 Amherst County, Service Authority, RB Callable 12/15/10 @ 102 6.000%, 12/15/20 500 512 6.000%, 12/15/30 1,250 1,266 Arlington County, Industrial Development Authority, Alexandria/Arlington Waste Project, Ser B, RB, AMT, FSA Callable 07/01/08 @ 101 5.375%, 01/01/13 1,000 1,040 Arlington County, Industrial Development Authority, Hospital Facilities, Arlington Health System, RB Callable 07/01/11 @ 101 5.500%, 07/01/13 1,250 1,323 Brunswick County, Industrial Development Authority, RB, MBIA Callable 07/01/06 @ 102 5.700%, 07/01/10 1,000 1,080 Chesterfield County, GO Callable 01/15/10 @ 100 5.750%, 01/15/15 1,315 1,435 Chesterfield County, GO Callable 01/15/11 @ 100 5.000%, 01/15/12 1,105 1,162 Craig County, Industrial Development Authority, RB Callable 05/01/02 @ 100 4.200%, 05/01/03 1,000 1,002 Danville, GO, FSA 5.000%, 08/01/12 1,000 1,053 Danville, Industrial Development Authority, Danville Regional Medical Center Project, RB, AMBAC 5.200%, 10/01/18 1,335 1,379 Fairfax County, Industrial Development Authority, Inova Health System Project, RB, FSA 5.250%, 08/15/19 500 518 - ------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ------------------------------------------------------------------------------- VIRGINIA--CONTINUED Fairfax County, Public Improvement Authority, Ser A, GO 4.500%, 06/01/06 $1,000 $ 1,045 Fairfax County, Sewer Improvement Authority, RB, MBIA Callable 07/15/06 @ 102 5.800%, 07/15/22 1,000 1,057 Fairfax County, Water Authority, RB Callable 04/01/07 @ 102 6.000%, 04/01/22 315 340 Fredericksburg, Industrial Development Authority, Medicorp Health System Obligation, RB, AMBAC Callable 06/15/07 @ 102 5.300%, 06/15/10 250 266 Greater Richmond, Convention Center Authority, Convention Center Expansion Project, RB 5.250%, 06/15/05 500 529 Greater Richmond, Convention Center Authority, Convention Center Expansion Project, RB Callable 06/15/10 @ 101 6.125%, 06/15/25 1,200 1,293 5.900%, 06/15/16 850 912 Hampton, Golf Course Project, RB 6.000%, 12/01/12 1,340 1,377 Hampton, Museum Project, RB Callable 01/01/04 @ 102 5.250%, 01/01/09 500 519 Hanover County, Industrial Development Authority, Bon Secours Health Systems Project, RB, MBIA 6.000%, 08/15/09 1,000 1,113 Henrico County, Economic Development Authority, Beth Sholom Assisted Living, Ser A, RB, GNMA Callable 07/20/09 @ 102 5.900%, 07/20/29 500 525 5.850%, 07/20/19 400 421 Henry County, Industrial Development Authority, Memorial Hospital, Martinsville & Henry Hospital Project, RB Callable 01/01/07 @ 101 6.000%, 01/01/17 500 525 Henry County, Public Service Water Authority, RB, FSA 5.250%, 11/15/13 1,000 1,074 31 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 VIRGINIA MUNICIPAL BOND FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA--CONTINUED James City County, Development Authority, Residential Care Facility, Ser B, RB Callable 09/01/04 @ 101 5.375%, 03/01/26 $1,000 $ 1,005 King George County, Industrial Development Authority, RB 5.000%, 12/15/12 560 564 Loudoun County, Public Improvement Project, Ser B, GO Callable 01/01/10 @ 101 5.250%, 01/01/18 875 899 Loudoun County, Public Improvement Project, Ser C, GO Callable 12/01/09 @ 101 5.750%, 12/01/19 1,050 1,129 Lynchburg, Industrial Development Authority, Centra Health Project, RB Callable 01/01/08 @ 101 5.250%, 01/01/11 1,180 1,232 Metropolitan Washington, Airports Authority, Ser A, RB, MBIA, AMT Callable 10/01/11 @ 101 5.500%, 10/01/27 1,000 1,014 Montgomery County, Industrial Development Authority, Lease, Ser A, RB, AMBAC Callable 12/17/01 @ 100 4.650%, 07/15/02 1,500 1,502 Newport News, Redevelopment & Housing Authority, Ser A, RB, GNMA Callable 08/20/07 @ 102 5.850%, 12/20/30 500 512 Norfolk, Parking Revenue Authority, Series B, RB AMBAC Callable 02/01/11 @ 100 5.500%, 02/01/31 535 554 Norfolk, Water Revenue Authority, RB, AMBAC Callable 11/01/03 @ 102 4.900%, 11/01/04 965 1,021 Richmond, GO, FSA Callable 01/15/11 @ 101 5.500%, 01/15/18 1,000 1,058 Richmond, Industrial Development Authority, University Real Estate Foundation Project, RB Callable 01/01/11 @ 102 5.450%, 01/01/21 1,000 1,015 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA--CONTINUED Richmond, Metropolitan Expressway Authority, RB, FGIC 5.250%, 07/15/22 $1,000 $1,038 Richmond, Metropolitan Expressway Authority, Ser B, RB, FGIC Callable 07/15/02 @ 102 6.250%, 07/15/22 530 551 Richmond, Public Utilities Authority, Ser A, RB, FGIC Callable 01/15/08 @ 101 5.250%, 01/15/12 1,000 1,056 Riverside, Regional Jail Authority, RB, MBIA Callable 07/01/05 @ 102 5.875%, 07/01/14 910 984 Roanoke, Public Improvements, GO Callable 08/01/06 @ 102 5.000%, 08/01/08 250 265 Spotsylvania County, GO, FSA 5.000%, 07/15/14 1,000 1,050 Upper Occoquan County, Sewage Authority, Ser B, RB, MBIA 6.000%, 07/01/06 700 774 Virginia Beach, Water & Sewer Authority, RB, MBIA Callable 02/01/04 @ 102 5.100%, 02/01/09 750 780 Virginia Commonwealth, Transportation Board Authority, Federal Highway Reimbursement Project, RB 5.500%, 10/01/05 1,000 1,083 Virginia Commonwealth, Transportation Board Authority, Ser A, RB Callable 05/01/11 @ 100 5.375%, 05/15/12 1,000 1,081 Virginia State, Chesapeake Bay Bridge & Tunnel Commission, General Resolution Project, RB, FGIC 5.000%, 07/01/09 1,000 1,060 Virginia State, Biotechnology Research Park Authority, Consolidated Laboratories Project, RB Callable 09/01/11 @ 100 5.125%, 09/01/16 1,385 1,422 Virginia State, College Building Authority, Public Higher Education, Ser A, RB 5.500%, 09/01/07 1,285 1,407 32 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA--CONTINUED Virginia State, College Building Authority, Public Higher Education Project, Ser A, RB Callable 09/01/10 @ 100 5.500%, 09/01/15 $ 500 $ 535 Virginia State, College Building Authority, Washington & Lee University Project, RB, MBIA 5.250%, 01/01/31 1,100 1,140 Virginia State, Commonwealth Transportation Board Authority, Highway Improvements Project, RB 5.000%, 05/15/08 1,230 1,305 4.700%, 10/01/07 1,000 1,051 4.625%, 10/01/06 1,000 1,052 Virginia State, GO Callable 06/01/06 @ 100 5.375%, 06/01/07 895 959 Virginia State, Housing Development Authority, Sub-Ser I-1, RB, AMT (H) 3.750%, 01/01/05 1,000 1,000 Virginia State, Public Building Authority, Ser A, RB Callable 08/01/10 @ 100 5.750%, 08/01/16 1,950 2,115 Virginia State, Public School Authority, School Financing, Ser A, RB Callable 08/01/08 @ 101 4.875%, 08/01/13 1,500 1,543 Virginia State, Public School Authority, School Equipment Financing, RB 5.250%, 04/01/05 1,000 1,064 Virginia State, Public School Authority, School Financing, Ser A, RB 5.500%, 08/01/08 1,000 1,091 Virginia State, Public School Authority, Ser B, GO Callable 08/01/10 @ 101 5.000%, 08/01/14 1,000 1,036 Virginia State, Public School Authority, Ser B, RB Callable 01/01/04 @ 102 5.250%, 01/01/08 1,440 1,519 Virginia State, Resources Authority, Ser A, RB, MBIA Callable 05/01/11 @ 101 5.800%, 05/01/30 1,500 1,615 - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT(000) VALUE (000) - -------------------------------------------------------------------------------- VIRGINIA--CONTINUED Warren County, GO Callable 07/15/10 @ 102 5.600%, 07/15/20 $ 610 $ 632 Williamsburg, Industrial Development Authority, Williamsburg Community Hospital, RB Callable 10/01/03 @ 102 5.750%, 10/01/22 1,000 1,006 ------- 66,942 ------- Total Municipal Bonds (Cost $65,097) 66,942 ------- CASH EQUIVALENTS (1.7%) AIM Tax Free Institutional Cash Reserve 1,034,044 1,034 Federated Virginia Municipal Cash Trust 146,155 146 ------- Total Cash Equivalents (Cost $1,180) 1,180 ------- Total Investments (98.5%) (Cost $66,277) 68,122 ------- OTHER ASSETS AND LIABILITIES, NET (1.5%) 1,033 ------- NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 5,481,015 outstanding shares of beneficial interest 55,307 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 1,145,422 outstanding shares of beneficial interest 12,106 Undistributed net investment income 11 Accumulated net realized loss on investments (114) Net unrealized appreciation on investments 1,845 ------- Total Net Assets (100.0%) $69,155 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.43 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.48 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 34. 33 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 KEY TO ABBREVIATIONS USED IN THE STATEMENTS OF NET ASSETS ACA American Capital Access AMBAC Security insured by the American Municipal Bond Assurance Corporation AMT Alternative Minimum Tax Cl Class COP Certificate of Participation ETM Escrowed to Maturity FGIC Security insured by the Financial Guaranty Insurance Company FHA Federal Housing Authority FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association FSA Security insured by Financial Security Assurance GNMA Government National Mortgage Association GO General Obligation MBIA Security insured by the Municipal Bond Insurance Association MTN Medium Term Note PSFG Permanent School Fund Guarantee RB Revenue Bond REMIC Real Estate Mortgage Investment Conduit Ser Series STRIPS Separately Traded Registered Interest and Principal Security (A) Zero Coupon Bond (B) Private Placement Security (C) Adjustable rate security. The rate reported on the Statement of Net Assets is the rate in effect on November 30, 2001. (D) The rate shown is the effective yield at the date of purchase. (E) Securities are held in connection with a letter of credit issued by a major bank. (F) Prerefunded Security. The maturity date shown is the prerefunded date. (G) Tri-Party Repurchase Agreement (H) Security purchased on a when-issued basis (1) Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. 34
STATEMENT OF ASSETS AND LIABILITIES (000) - ------------------------------------------------------------------------------------------------------------------ STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 (UNAUDITED) STRATEGIC INCOME FUND ---------- ASSETS: Investments at value (Cost $--) ............................................. $ -- Receivable for portfolio shares purchased ................................... 1,118 ------ Total Assets ................................................................ 1,118 ------ LIABILITIES: Other payables .............................................................. -- ------ Total Liabilities .............................................................. -- ------ Net Assets ..................................................................... $1,118 ====== NET ASSETS: Fund shares of Trust Shares (unlimited authorization -- no par value) based on 4,010 outstanding shares of beneficial interest .................... $ 40 Fund shares of Flex Shares (unlimited authorization -- no par value) based on 107,769 outstanding shares of beneficial interest .................. 1,078 ------ Total Net Assets (100.0%) ...................................................... $1,118 ====== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares ....... $10.00 ====== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) .... $10.00 ====== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 35
STATEMENTS OF OPERATIONS (000) - --------------------------------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2001 FLORIDA GEORGIA HIGH TAX-EXEMPT TAX-EXEMPT INCOME BOND FUND BOND FUND FUND ------------ ----------- ------------ 06/01/01- 06/01/01- 06/01/01- 11/30/01 11/30/01 11/30/01 ----------- ----------- ----------- Interest Income ............................... $2,915 $2,484 $1,067 ------ ------ ------ Expenses: Investment Advisory Fees ................... 427 363 102 Administrator Fees ......................... 45 39 9 Transfer Agent Fees-- Trust Shares ......... 8 8 -- Transfer Agent Fees-- Investor Shares ...... 7 7 -- Transfer Agent Fees-- Flex Shares .......... 8 8 15 Transfer Agent Out of Pocket Expenses ...... 3 3 -- Printing Fees .............................. 3 3 1 Custody Fees ............................... 2 1 -- Professional Fees .......................... 3 2 1 Trustee Fees ............................... 1 1 -- Registration Fees .......................... 2 1 2 Distribution Fees-- Investor Shares ........ 2 3 -- Distribution Fees-- Flex Shares ............ 80 81 126 Insurance and Other Fees ................... 1 1 -- ------ ------ ------ Total Expenses ............................. 592 521 256 ------ ------ ------ Less: Investment Advisory Fees Waived ...... (34) (28) (19) Distribution Fees Waived-- Investor Shares ......................... (2) (3) -- Distribution Fees Waived-- Flex Shares ............................. (30) (30) (60) ------ ------ ------ Net Expenses .................................. 526 460 177 ------ ------ ------ Net Investment Income ......................... 2,389 2,024 890 ------ ------ ------ Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold ....... 1,018 374 82 Net Change in Unrealized Appreciation (Depreciation) on Investments ............. 310 781 (159) ------ ------ ------ Total Net Realized and Unrealized Gain (Loss) on Investments ............... 1,328 1,155 (77) ------ ------ ------ Net Increase in Net Assets from Operations ........................ $3,717 $3,179 $ 813 ====== ====== ======
INVESTMENT INVESTMENT GRADE GRADE BOND TAX-EXEMPT FUND BOND FUND --------- ---------- 06/01/01- 06/01/01- 11/30/01 11/30/01 --------- --------- Interest Income ......................................... $26,719 $3,623 ------- ------ Expenses: Investment Advisory Fees ............................. 3,481 663 Administrator Fees ................................... 327 62 Transfer Agent Fees -- Trust Shares ................... 12 8 Transfer Agent Fees -- Investor Shares ................ 16 10 Transfer Agent Fees -- Flex Shares .................... 18 10 Transfer Agent Out of Pocket Expenses ................ 25 5 Printing Fees ........................................ 23 5 Custody Fees ......................................... 12 3 Professional Fees .................................... 19 4 Trustee Fees ......................................... 5 1 Registration Fees .................................... 13 2 Distribution Fees -- Investor Shares .................. 48 41 Distribution Fees -- Flex Shares ...................... 154 110 Insurance and Other Fees ............................. 3 1 ------- ------- Total Expenses ....................................... 4,156 925 ------- ------- Less: Investment Advisory Fees Waived ................ (99) (29) Distribution Fees Waived-- Investor Shares ................................... (18) (11) Distribution Fees Waived-- Flex Shares ....................................... (34) (21) ------- ------- Net Expenses ............................................ 4,005 864 ------- ------ Net Investment Income ................................... 22,714 2,759 ------- ------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold ................. 4,623 3,576 Net Change in Unrealized Appreciation (Depreciation) on Investments ....................... 17,921 639 ------- ------ Total Net Realized and Unrealized Gain (Loss) on Investments ......................... 22,544 4,215 ------- ------ Net Increase in Net Assets from Operations .................................. $45,258 $6,974 ======= ====== *Commenced operations on November 30, 2001. Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 36
- ----------------------------------------------------------------------------------------------------------------------------------- (UNAUDITED) LIMITED- TERM FEDERAL SHORT-TERM VIRGINIA MORTGAGE MARYLAND U.S. TREASURY STRATEGIC U.S. INTERMEDIATE VIRGINIA SECURITIES MUNICIPAL SHORT-TERM SECURITIES INCOME GOVERNMENT MUNICIPAL MUNICIPAL FUND BOND FUND BOND FUND FUND FUND SECURITIES FUND BOND FUND BOND FUND ----------- --------- ----------- ------------- ------------ -------------- ------------- ------------ 06/01/01- 06/01/01- 06/01/01- 06/01/01- 11/30/01*- 06/01/01- 06/01/01- 06/01/01- 11/30/01 11/30/01 11/30/01 11/30/01 11/30/01 11/30/01 11/30/01 11/30/01 --------- -------- --------- ---------- ---------- --------- ---------- --------- $2,846 $1,010 $7,186 $3,100 $ -- $ 5,837 $4,719 $1,616 ------ ------ ------ ------ ------ ------- ------ ------ 398 147 847 424 -- 736 657 224 42 16 90 45 -- 69 70 24 8 8 9 8 -- 9 8 8 7 -- 7 7 -- 6 7 -- 7 8 8 12 -- 13 -- 8 3 2 7 3 -- 5 5 2 3 1 6 3 -- 5 5 2 2 1 3 2 -- 2 3 1 2 1 5 3 -- 4 4 1 1 -- 1 1 -- 1 1 -- 2 1 4 2 -- 11 3 1 1 -- 5 2 -- 13 5 -- 22 83 69 180 -- 144 -- 53 1 -- 2 1 -- 2 -- -- ------ ------ ------ ------ ------ ------- ------ ------ 499 268 1,063 693 -- 1,020 768 324 ------ ------ ------ ------ ------ ------- ------ ------ (36) (18) (64) (44) -- (32) (5) -- (1) -- (5) (2) -- (5) (5) -- (15) (11) (38) (115) -- (24) -- (10) ------ ------ ------ ------ ------ ------- ------ ------ 447 239 956 532 -- 959 758 314 ------ ------ ------ ------ ------ ------- ------ ------ 2,399 771 6,230 2,568 -- 4,878 3,961 1,302 ------ ------ ------ ------ ------ ------- ------ ------ 2,960 296 2,529 202 -- 4,896 1,176 564 485 130 (241) 1,494 -- 785 610 321 ------ ------ ------ ------ ------ ------- ------ ------ 3,445 426 2,288 1,696 -- 5,681 1,786 885 ------ ------ ------ ------ ------ ------- ------ ------ $5,844 $1,197 $8,518 $4,264 $ -- $10,559 $5,747 $2,187 ====== ====== ====== ====== ====== ======= ====== ======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 37
STATEMENTS OF CHANGES IN NET ASSETS (000) - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2001 FLORIDA TAX-EXEMPT GEORGIA TAX-EXEMPT BOND FUND BOND FUND --------------------------- -------------------------- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01 05/31/01 11/30/01 05/31/01 ---------- --------- --------- --------- Operations: Net Investment Income ......................$ 2,389 $ 4,652 $ 2,024 $ 3,745 Net Realized Gain (Loss) on Securities Sold 1,018 2,060 374 Net Change in Unrealized Appreciation (Depreciation) on Investments ............ 310 5,448 781 6,316 -------- -------- -------- -------- Increase in Net Assets from Operations ... 3,717 12,160 3,179 9,422 -------- -------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ............................. (2,102) (4,170) (1,726) (3,305) Investor Shares .......................... (51) (115) (53) (99) Flex Shares .............................. (242) (362) (247) (340) -------- -------- -------- -------- Total Distributions ........................ (2,395) (4,647) (2,026) (3,744) -------- -------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .............. 13,139 22,576 14,514 23,482 Reinvestment of Cash Distributions ....... 277 512 380 851 Cost of Shares Repurchased ............... (9,496) (14,905) (7,197) (24,588) -------- -------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions ....................... 3,920 8,183 7,697 (255) -------- -------- -------- -------- Investor Shares: Proceeds from Shares Issued .............. 168 339 256 449 Reinvestment of Cash Distributions ....... 34 84 31 68 Cost of Shares Repurchased ............... -- (750) (220) (230) -------- -------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions ............... 202 (327) 67 287 -------- -------- -------- -------- Flex Shares: Proceeds from Shares Issued .............. 5,873 4,972 3,741 5,779 Reinvestment of Cash Distributions ....... 177 260 203 276 Cost of Shares Repurchased ............... (1,177) (2,887) (1,599) (1,350) -------- -------- -------- -------- Increase in Net Assets From Flex Share Transactions ....................... 4,873 2,345 2,345 4,705 -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ....................... 8,995 10,201 10,109 4,737 -------- -------- -------- -------- Total Increase (Decrease) in Net Assets 10,317 17,714 11,262 10,415 -------- -------- -------- -------- Net Assets: Beginning of Period ........................ 123,420 105,706 102,860 92,445 -------- -------- -------- -------- End of Period ..............................$133,737 $123,420 $114,122 $102,860 ======== ======== ======== ========
HIGH INCOME FUND -------------------------- 06/01/01- 06/01/00- 11/30/01 05/31/01 ---------- --------- Operations: Net Investment Income ....................... $ 890 $ 596 Net Realized Gain (Loss) on Securities Sold . 82 (22) Net Change in Unrealized Appreciation (Depreciation) on Investments ............. (159) (54) ------- ------- Increase in Net Assets from Operations .... 813 520 ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares .............................. (12) -- Investor Shares ........................... -- -- Flex Shares ............................... (884) (595) ------- ------- Total Distributions ......................... (896) (595) ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ............... 2,509 -- Reinvestment of Cash Distributions ........ 4 -- Cost of Shares Repurchased ................ (27) -- ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions ........................ 2,486 -- -- -- Investor Shares: Proceeds from Shares Issued ............... -- -- Reinvestment of Cash Distributions ........ -- -- Cost of Shares Repurchased ................ -- -- ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions ........................ -- -- ------- ------- Flex Shares: Proceeds from Shares Issued ............... 13,457 18,585 Reinvestment of Cash Distributions ........ 531 386 Cost of Shares Repurchased ................ (1,871) (2,096) ------- ------- Increase in Net Assets From Flex Share Transactions ........................ 12,117 16,875 ------- ------- Increase (Decrease) in Net Assets From Share Transactions ........................ 14,603 16,875 ------- ------- Total Increase (Decrease) in Net Assets . 14,520 16,800 ------- ------- Net Assets: Beginning of Period ......................... 19,875 3,075 ------- ------- End of Period ............................... $34,395 $19,875 ======= ======= (1) See Note 7 in the notes to the financial statements for additional information. Amounts designated as "--" are either $0 or round to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 38
- ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT GRADE INVESTMENT GRADE TAX- LIMITED-TERM FEDERAL MARYLAND MUNICIPAL BOND FUND EXEMPT BOND FUND MORTGAGE SECURITIES FUND BOND FUND --------------------------- -------------------------- ---------------------------- --------------------------- 06/01/01- 06/01/00- 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 11/30/01 05/31/01 ---------- --------- ----------- ------- --------- --------- --------- ----------- $ 22,714 $ 57,336 $ 2,759 $ 5,950 $ 2,399 $ 6,548 $ 771 $ 1,398 4,623 (6,492) 3,576 6,561 2,960 1,071 296 (190) 17,921 67,741 639 2,961 485 3,730 130 2,438 --------- --------- --------- --------- --------- -------- -------- -------- 45,258 118,585 6,974 15,472 5,844 11,349 1,197 3,646 --------- --------- --------- --------- --------- -------- -------- -------- (21,602) (55,065) (2,229) (4,787) (2,322) (6,409) (537) (1,152) (497) (1,220) (272) (687) (18) (54) -- -- (615) (1,048) (258) (471) (69) (78) (234) (239) --------- --------- ------- --------- --------- -------- -------- -------- (22,714) (57,333) (2,759) (5,945) (2,409) (6,541) (771) (1,391) -------- --------- -------- --------- --------- -------- -------- -------- 99,894 202,611 19,381 54,297 31,184 46,871 5,845 3,648 8,504 24,416 540 1,068 1,199 3,554 67 272 (102,894) (424,214) (19,697) (46,017) (15,844) (72,809) (2,112) (5,393) --------- --------- -------- -------- -------- -------- -------- -------- 5,504 (197,187) 224 9,348 16,539 (22,384) 3,800 (1,473) --------- --------- -------- -------- -------- -------- -------- -------- 36,492 8,567 1,125 1,623 330 201 -- -- 430 1,094 213 544 14 46 -- -- (33,099) (12,351) (785) (4,242) (52) (634) -- -- --------- --------- -------- -------- -------- -------- -------- -------- 3,823 (2,690) 553 (2,075) 292 (387) -- -- --------- --------- -------- -------- -------- -------- -------- -------- 11,582 11,709 5,205 8,980 3,280 2,427 8,597 7,229 538 938 224 416 62 73 126 206 (3,414) (8,119) (2,114) (4,951) (468) (817) (984) (1,989) --------- --------- -------- -------- -------- -------- -------- -------- 8,706 4,528 3,315 4,445 2,874 1,683 7,739 5,446 --------- --------- -------- -------- -------- -------- -------- -------- 18,033 (195,349) 4,092 11,718 19,705 (21,088) 11,539 3,973 --------- --------- -------- -------- -------- -------- -------- -------- 40,577 (134,097) 8,307 21,245 23,140 (16,280) 11,965 6,228 --------- --------- -------- -------- -------- -------- -------- -------- 907,108 1,041,205 172,750 151,505 111,975 128,255 38,616 32,388 --------- --------- -------- -------- -------- -------- -------- -------- $ 947,685 $ 907,108 $181,057 $172,750 $135,115 $111,975 $ 50,581 $ 38,616 ========= ========= ======== ======== ======== ======== ======== ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 39
STATEMENTS OF CHANGES IN NET ASSETS (000) - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2001 SHORT-TERM SHORT-TERM U.S. TREASURY BOND FUND SECURITIES 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 ..................... $ 6,230 $ 11,723 $ 2,568 $ 4,716 Net Realized Gain (Loss) on Securities Sold 2,529 210 202 Net Change in Unrealized Appreciation (Depreciation) on Investments ....... (241) 7,812 1,494 2,394 -------- -------- -------- -------- Increase in Net Assets from Operations .. 8,518 19,745 4,264 7,328 -------- -------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ............................ (5,833) (11,448) (1,869) (4,182) Investor Shares ......................... (105) (101) (45) (102) Flex Shares ............................. (292) (170) (654) (411) -------- -------- -------- -------- Total Distributions ....................... (6,230) (11,719) (2,568) (4,695) -------- -------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ............. 85,754 88,984 16,044 40,403 Reinvestment of Cash Distributions ...... 2,025 4,224 345 968 Cost of Shares Repurchased .............. (26,782) (66,053) (6,821) (27,930) -------- -------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions ................... 60,997 27,155 9,568 13,441 -------- -------- -------- -------- Investor Shares: Proceeds from Shares Issued ............. 4,950 3,017 1,719 298 Reinvestment of Cash Distributions ...... 98 90 43 107 Cost of Shares Repurchased .............. (4,052) (429) (128) (353) -------- -------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions ...................... 996 2,678 1,634 52 -------- -------- -------- -------- Flex Shares: Proceeds from Shares Issued ............. 7,528 9,613 19,369 24,812 Reinvestment of Cash Distributions ...... 213 132 580 360 Cost of Shares Repurchased .............. (456) (1,201) (4,354) (2,887) -------- -------- -------- -------- Increase in Net Assets From Flex Share Transactions ....................... 7,285 8,544 15,595 22,285 -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ...................... 69,278 38,377 26,797 35,778 -------- -------- -------- -------- Total Increase (Decrease) in Net Assets 71,566 46,403 28,493 38,411 -------- -------- -------- -------- Net Assets: Beginning of Period ....................... 230,316 183,913 118,438 80,027 -------- -------- -------- -------- End of Period ............................. $301,882 $230,316 $146,931 $118,438 ======== ======== ======== ========
*Commenced operations on November 30, 2001. (1) See Note 7 in the notes to the financial statements for additional information. Amounts designated as "--" are either $0 or round to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 40
- ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT VIRGINIA INTERMEDIATE VIRGINIA MUNICIPAL STRATEGIC INCOME FUND SECURITIES FUND MUNICIPAL BOND FUND BOND FUND --------------------- ------------------------------ --------------------------- ---------------------------- 11/30/01*- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 -------------- --------- --------- --------- --------- --------- ---------- $ -- $ 4,878 $ 7,857 $ 3,961 $ 8,898 $ 1,302 $ 2,567 -- 4,896 2,234 1,176 947 564 (134) -- 785 3,742 610 10,678 321 3,780 ------ -------- -------- -------- -------- ------- ------- -- 10,559 13,833 5,747 20,523 2,187 6,213 ------ -------- -------- -------- -------- ------- ------- -- (4,119) (7,280) (3,897) (8,495) (1,145) (2,336) -- (164) (114) (121) (277) -- -- -- (595) (467) -- -- (158) (200) ------ -------- -------- -------- -------- ------- ------- -- (4,878) (7,861) (4,018) (8,772) (1,303) (2,536) ------ -------- -------- -------- -------- ------- ------- 40 37,238 106,028 4,760 18,898 2,861 12,141 -- 1,363 2,177 50 105 71 394 -- (20,223) (50,649) (7,881) (37,738) (3,128) (8,288) ------ -------- -------- -------- -------- ------- ------- 40 18,378 57,556 (3,071) (18,735) (196) 4,247 ------ -------- -------- -------- -------- ------- ------- -- 1,714 5,874 509 892 -- -- -- 159 104 91 206 -- -- -- (1,186) (779) (893) (2,085) -- -- ------ -------- -------- -------- -------- ------- ------- -- 687 5,199 (293) (987) -- -- ------ -------- -------- -------- -------- ------- ------- 1,078 17,480 16,369 -- -- 4,669 3,993 -- 533 412 -- -- 109 139 -- (2,672) (3,185) -- -- (867) (1,847) ------ -------- -------- -------- -------- ------- ------- 1,078 15,341 13,596 -- -- 3,911 2,285 ------ -------- -------- -------- -------- ------- ------- 1,118 34,406 76,351 (3,364) (19,722) 3,715 6,532 ------ -------- -------- -------- -------- ------- ------- 1,118 40,087 82,323 (1,635) (7,971) 4,599 10,209 ------ -------- -------- -------- -------- ------- ------- -- 176,900 94,577 201,046 209,017 64,556 54,347 ------ -------- -------- -------- -------- ------- ------- $1,118 $216,987 $176,900 $199,411 $201,046 $69,155 $64,556 ====== ======== ======== ======== ======== ======= =======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 41
FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET ASSET NET REALIZED AND DISTRIBUTIONS DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS FROM NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED TAX RETURN VALUE END OF PERIOD INCOME ON INVESTMENTS INCOME CAPITAL GAINS OF CAPITAL OF PERIOD ---------- ---------- --------------- ------------- -------------- ------------ ----------- FLORIDA TAX-EXEMPT BOND FUND Trust Shares 2001* $10.79 $ 0.21 $ 0.11 $(0.21) $ -- $ -- $10.90 2001 10.06 0.44 0.73 (0.44) -- -- 10.79 2000 10.59 0.44 (0.49) (0.44) (0.04) -- 10.06 1999 10.72 0.42 (0.02) (0.42) (0.11) -- 10.59 1998 10.28 0.44 0.45 (0.44) (0.01) -- 10.72 1997 10.06 0.46 0.25 (0.46) (0.03) -- 10.28 Investor Shares 2001* $10.79 $ 0.19 $ 0.12 $(0.19) $ -- $ -- $10.91 2001 10.07 0.42 0.72 (0.42) -- -- 10.79 2000 10.60 0.42 (0.49) (0.42) (0.04) -- 10.07 1999 10.72 0.40 (0.01) (0.40) (0.11) -- 10.60 1998 10.29 0.42 0.44 (0.42) (0.01) -- 10.72 1997 10.07 0.44 0.25 (0.44) (0.03) -- 10.29 Flex Shares 2001* $10.81 $ 0.17 $ 0.12 $(0.17) $ -- $ -- $10.93 2001 10.09 0.37 0.72 (0.37) -- -- 10.81 2000 10.62 0.36 (0.49) (0.36) (0.04) -- 10.09 1999 10.74 0.35 (0.01) (0.35) (0.11) -- 10.62 1998 10.30 0.37 0.45 (0.37) (0.01) -- 10.74 1997 10.08 0.39 0.25 (0.39) (0.03) -- 10.30 GEORGIA TAX-EXEMPT BOND FUND Trust Shares 2001* $10.10 $ 0.19 $ 0.12 $(0.19) $ -- $ -- $10.22 2001 9.50 0.40 0.60 (0.40) -- -- 10.10 2000 10.03 0.40 (0.49) (0.40) (0.04) -- 9.50 1999 10.11 0.39 (0.06) (0.39) (0.02) -- 10.03 1998 9.73 0.41 0.39 (0.41) (0.01) -- 10.11 1997 9.56 0.42 0.22 (0.42) (0.05) -- 9.73 Investor Shares 2001* $10.12 $ 0.18 $ 0.11 $(0.18) $ -- $ -- $10.23 2001 9.51 0.38 0.61 (0.38) -- -- 10.12 2000 10.05 0.38 (0.50) (0.38) (0.04) -- 9.51 1999 10.13 0.37 (0.06) (0.37) (0.02) -- 10.05 1998 9.74 0.39 0.40 (0.39) (0.01) -- 10.13 1997 9.58 0.40 0.21 (0.40) (0.05) -- 9.74 Flex Shares 2001* $10.11 $ 0.16 $ 0.11 $(0.16) $ -- $ -- $10.22 2001 9.51 0.33 0.60 (0.33) -- -- 10.11 2000 10.04 0.33 (0.49) (0.33) (0.04) -- 9.51 1999 10.12 0.32 (0.06) (0.32) (0.02) -- 10.04 1998 9.73 0.34 0.40 (0.34) (0.01) -- 10.12 1997 9.56 0.35 0.22 (0.35) (0.05) -- 9.73 HIGH INCOME FUND (A) Trust Shares 2001*(1) $ 7.33 $ 0.09 $ 0.29 $(0.09) $ -- $ -- $ 7.62 Flex Shares 2001* $ 7.69 $ 0.27 $(0.07) $(0.27) $ -- $ -- $ 7.62 2001 7.88 0.55 (0.19) (0.55) -- -- 7.69 2000(2) 7.98 0.09 (0.10) (0.09) -- -- 7.88 For the years ended March 31: 2000 9.77 0.87 (1.85) (0.81) -- -- 7.98 1999 9.99 0.51 0.04 (0.57) (0.15) (0.05) 9.77 1998 9.73 0.34 0.44 (0.52) -- -- 9.99 1997 9.89 0.60 (0.16) (0.60) -- -- 9.73 * For the six month period ended November 30, 2001. All ratios for the period have been annualized. The performance in the above table does not reflect the deduction of taxes the shareholder would pay on fund distribution or redemption of fund shares. + Returns are for the period indicated and have not been annualized. Total return figures do not reflect applicable sales loads. (1) Commenced operations on October 3, 2001. All ratios for the period have been annualized. (2) For the two month period ended May 31, 2000. All ratios for the period have been annualized. (A) On March 28, 2000, the ESC Strategic Income Fund exchanged all of its assets and liabilities for shares of the High Income Fund. The ESC Strategic Income Fund is the accounting survivor in this transaction, and as a result, its basis of accounting for assets and liabilities and its operating results for the periods prior to March 28, 2000 have been carried forward in these financial highlights. Subsequent to the merger, the High Income Fund changed its fiscal year end to May 31. Amounts designated as "--" are either $0 or round to $0.
42
- ------------------------------------------------------------------------------------------------------------------------------------ RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO TOTAL END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER RETURN + PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE --------- ------------ ------------------ ------------------ -------------------- ------------------- ----------- 2.93% $ 112,952 0.71% 3.73% 0.76% 3.68% 41% 11.84 107,867 0.71 4.19 0.76 4.14 59 (0.48) 93,040 0.67 4.25 0.78 4.14 88 3.72 118,609 0.67 3.90 0.77 3.80 72 8.77 93,939 0.66 4.16 0.80 4.02 69 7.22 50,487 0.65 4.48 0.80 4.33 135 2.92% $ 2,976 0.92% 3.52% 1.39% 3.05% 41% 11.50 2,747 0.91 4.00 1.38 3.53 59 (0.68) 2,875 0.87 4.05 1.36 3.56 88 3.62 3,799 0.87 3.71 1.31 3.27 72 8.46 3,381 0.86 3.98 1.34 3.50 69 7.00 3,226 0.85 4.28 1.31 3.82 135 2.67% $ 17,809 1.42% 3.02% 1.84% 2.60% 41% 10.95 12,806 1.41 3.49 1.89 3.01 59 (1.17) 9,791 1.37 3.54 1.89 3.02 88 3.13 14,762 1.37 3.21 1.88 2.70 72 8.04 8,160 1.36 3.45 2.01 2.80 69 6.48 3,000 1.35 3.78 2.28 2.85 135 3.10% $ 94,521 0.71% 3.73% 0.76% 3.68% 9% 10.67 85,880 0.71 4.03 0.77 3.97 21 (0.90) 81,160 0.67 4.13 0.77 4.03 19 3.33 87,452 0.67 3.87 0.78 3.76 12 8.37 62,363 0.66 4.09 0.81 3.94 7 6.79 39,732 0.65 4.31 0.81 4.15 15 2.89% $ 3,001 0.92% 3.53% 1.37% 3.08% 9% 10.56 2,901 0.91 3.83 1.42 3.32 21 (1.26) 2,458 0.87 3.93 1.40 3.40 19 3.13 3,676 0.87 3.67 1.25 3.29 12 8.26 3,975 0.86 3.89 1.30 3.45 7 6.47 3,511 0.85 4.10 1.33 3.62 15 2.64% $ 16,600 1.42% 3.03% 1.84% 2.61% 9% 9.92 14,079 1.41 3.33 1.89 2.85 21 (1.59) 8,827 1.37 3.43 1.95 2.85 19 2.63 13,358 1.37 3.19 1.89 2.67 12 7.74 8,264 1.36 3.39 2.02 2.73 7 6.06 4,662 1.35 3.60 2.07 2.88 15 4.64% $ 2,519 0.86% 7.94% 1.02% 7.78% 14% 2.66% $ 31,876 1.39% 6.98% 2.02% 6.35% 14% 4.74 19,875 1.40 6.88 2.13 6.15 10 (0.13) 3,075 1.40 6.57 2.83 5.14 -- (10.84) 2,032 1.73 8.94 2.95 7.72 24 5.64 7,230 1.91 5.09 2.22 4.78 95 8.18 24,413 1.87 5.27 1.87 5.27 130 3.91 32,506 1.65 5.49 1.70 5.44 123
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 43
FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET ASSET NET REALIZED AND DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END OF PERIOD INCOME ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD ------------ ------------ ----------------- -------------- ------------- ----------- INVESTMENT GRADE BOND FUND Trust Shares 2001* $10.23 $ 0.25 $ 0.26 $(0.25) $ -- $10.49 2001 9.58 0.61 0.65 (0.61) -- 10.23 2000 10.36 0.61 (0.78) (0.61) -- 9.58 1999 10.65 0.56 (0.11) (0.56) (0.18) 10.36 1998 10.16 0.60 0.49 (0.60) -- 10.65 1997 10.07 0.60 0.09 (0.60) -- 10.16 Investor Shares 2001* $10.23 $ 0.24 $ 0.26 $(0.24) $ -- $10.49 2001 9.58 0.57 0.65 (0.57) -- 10.23 2000 10.36 0.57 (0.78) (0.57) -- 9.58 1999 10.65 0.52 (0.11) (0.52) (0.18) 10.36 1998 10.16 0.55 0.49 (0.55) -- 10.65 1997 10.06 0.56 0.10 (0.56) -- 10.16 Flex Shares 2001* $10.24 $ 0.21 $ 0.25 $(0.21) $ -- $10.49 2001 9.59 0.53 0.65 (0.53) -- 10.24 2000 10.37 0.52 (0.78) (0.52) -- 9.59 1999 10.66 0.47 (0.11) (0.47) (0.18) 10.37 1998 10.17 0.51 0.49 (0.51) -- 10.66 1997 10.07 0.51 0.10 (0.51) -- 10.17 INVESTMENT GRADE TAX-EXEMPT BOND FUND Trust Shares 2001* $11.38 $ 0.19 $ 0.28 $(0.19) $ -- $11.66 2001 10.67 0.44 0.71 (0.44) -- 11.38 2000 11.10 0.43 (0.29) (0.43) (0.14) 10.67 1999 11.40 0.43 0.10 (0.43) (0.40) 11.10 1998 11.22 0.44 0.50 (0.44) (0.32) 11.40 1997 11.10 0.44 0.33 (0.44) (0.21) 11.22 Investor Shares 2001* $11.39 $ 0.16 $ 0.27 $(0.16) $ -- $11.66 2001 10.68 0.40 0.71 (0.40) -- 11.39 2000 11.12 0.39 (0.30) (0.39) (0.14) 10.68 1999 11.41 0.38 0.11 (0.38) (0.40) 11.12 1998 11.24 0.39 0.49 (0.39) (0.32) 11.41 1997 11.12 0.40 0.33 (0.40) (0.21) 11.24 Flex Shares 2001* $11.38 $ 0.14 $ 0.27 $(0.14) $ -- $11.65 2001 10.67 0.34 0.71 (0.34) -- 11.38 2000 11.10 0.34 (0.29) (0.34) (0.14) 10.67 1999 11.40 0.33 0.10 (0.33) (0.40) 11.10 1998 11.23 0.33 0.49 (0.33) (0.32) 11.40 1997 11.11 0.35 0.33 (0.35) (0.21) 11.23 LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Trust Shares 2001* $10.01 $ 0.20 $0.29 $(0.20) $ -- $10.30 2001 9.62 0.55 0.39 (0.55) -- 10.01 2000 9.94 0.55 (0.32) (0.55) -- 9.62 1999 10.12 0.54 (0.06) (0.54) (0.12) 9.94 1998 10.02 0.58 0.11 (0.58) (0.01) 10.12 1997 9.99 0.58 0.04 (0.58) (0.01) 10.02 Investor Shares 2001* $10.00 $ 0.19 $ 0.28 $(0.19) $ -- $10.28 2001 9.60 0.53 0.40 (0.53) -- 10.00 2000 9.93 0.52 (0.33) (0.52) -- 9.60 1999 10.11 0.51 (0.06) (0.51) (0.12) 9.93 1998 10.00 0.56 0.12 (0.56) (0.01) 10.11 1997 9.97 0.56 0.04 (0.56) (0.01) 10.00 Flex Shares 2001* $10.02 $ 0.17 $ 0.28 $(0.17) $ -- $10.30 2001 9.62 0.50 0.40 (0.50) -- 10.02 2000 9.94 0.49 (0.32) (0.49) -- 9.62 1999 10.12 0.48 (0.06) (0.48) (0.12) 9.94 1998 10.02 0.52 0.11 (0.52) (0.01) 10.12 1997 9.99 0.52 0.04 (0.52) (0.01) 10.02 * For the six month period ended November 30, 2001. All ratios for the period have 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. + Returns are for the period indicated and have not been annualized. Total return figures do not reflect applicable sales loads. Amounts designated as "--" are either $0 or have been rounded to $0.
44
- ------------------------------------------------------------------------------------------------------------------------------------ RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO TOTAL END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER RETURN + PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE -------- ------------- ------------------- ------------------ ------------------- ------------------ ---------- 5.06% $ 886,928 0.81% 4.87% 0.83% 4.85% 49% 13.55 860,073 0.81 6.17 0.84 6.14 131 (1.76) 998,596 0.77 6.05 0.84 5.98 202 4.25 1,149,068 0.77 5.25 0.85 5.17 221 10.92 793,488 0.76 5.67 0.86 5.57 109 6.99 633,646 0.75 5.89 0.85 5.79 298 4.90% $ 25,600 1.22% 4.46% 1.40% 4.28% 49% 13.09 21,244 1.21 5.77 1.42 5.56 131 (2.17) 22,553 1.17 5.60 1.37 5.40 202 3.86 34,913 1.17 4.87 1.36 4.68 221 10.49 33,269 1.14 5.29 1.38 5.05 109 6.66 33,165 1.15 5.48 1.41 5.22 298 4.52% $ 35,157 1.71% 3.96% 1.95% 3.72% 49% 12.54 25,791 1.70 5.24 1.99 4.95 131 (2.63) 20,056 1.66 5.14 1.99 4.81 202 3.35 26,020 1.66 4.40 2.00 4.06 221 9.99 13,111 1.65 4.76 2.11 4.30 109 6.16 5,763 1.64 5.00 2.20 4.44 298 4.13% $ 137,632 0.81% 3.23% 0.84% 3.20% 142% 10.93 134,139 0.81 3.93 0.85 3.89 285 1.41 117,384 0.77 3.98 0.83 3.92 226 4.67 154,123 0.77 3.75 0.87 3.65 224 8.57 146,606 0.76 3.83 0.88 3.71 378 7.13 139,144 0.75 3.96 0.86 3.85 489 3.83% $ 19,603 1.22% 2.82% 1.37% 2.67% 142% 10.48 18,601 1.21 3.54 1.37 3.38 285 0.90 19,443 1.17 3.59 1.33 3.43 226 4.35 25,195 1.17 3.36 1.32 3.21 224 8.05 28,159 1.16 3.43 1.43 3.16 378 6.69 31,857 1.15 3.56 1.38 3.33 489 3.58% $ 23,822 1.70% 2.34% 1.92% 2.12% 142% 9.97 20,010 1.69 3.04 1.96 2.77 285 0.52 14,678 1.65 3.11 1.95 2.81 226 3.78 16,518 1.65 2.86 2.03 2.48 224 7.50 8,399 1.64 2.95 2.10 2.49 378 6.19 4,681 1.63 3.08 2.15 2.56 489 4.97% $ 127,513 0.71% 3.94% 0.76% 3.89% 211% 10.02 107,674 0.70 5.62 0.76 5.56 532 2.33 125,355 0.67 5.60 0.79 5.48 384 4.75 135,256 0.67 5.28 0.77 5.18 379 7.12 137,488 0.66 5.75 0.77 5.64 163 6.43 123,903 0.65 5.81 0.78 5.68 133 4.74% $ 1,168 0.96% 3.66% 2.33% 2.29% 211% 9.84 849 0.95 5.39 2.28 4.06 532 1.93 1,194 0.92 5.31 1.09 5.14 384 4.47 2,214 0.92 5.03 1.52 4.43 379 6.95 2,705 0.91 5.50 1.51 4.90 163 6.17 2,426 0.90 5.55 1.48 4.97 133 4.57% $ 6,434 1.31% 3.22% 2.07% 2.46% 211% 9.50 3,452 1.30 4.99 2.60 3.69 532 1.71 1,706 1.27 4.97 2.38 3.86 384 4.14 2,119 1.27 4.69 2.42 3.54 379 6.49 1,543 1.26 5.16 2.72 3.70 163 5.80 1,409 1.25 5.20 2.66 3.79 133
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 45
FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET ASSET NET REALIZED AND DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END OF PERIOD INCOME ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD ---------- ------------ ---------------- -------------- ------------- ----------- MARYLAND MUNICIPAL BOND FUND (A) Trust Shares 2001* $10.12 $ 0.19 $ 0.12 $(0.19) $ -- $10.24 2001 9.46 0.42 0.66 (0.42) -- 10.12 2000 10.06 0.42 (0.60) (0.42) -- 9.46 1999 (1) 10.22 0.20 (0.15) (0.20) (0.01) 10.06 For the years ended November 30: 1998 9.95 0.42 0.27 (0.42) -- 10.22 1997 9.76 0.43 0.19 (0.43) -- 9.95 Flex Shares 2001* $10.14 $ 0.15 $ 0.12 $(0.15) $ -- $10.26 2001 9.48 0.33 0.66 (0.33) -- 10.14 2000 10.08 0.33 (0.60) (0.33) -- 9.48 1999 10.24 0.15 (0.15) (0.15) (0.01) 10.08 For the years ended November 30: 1998 9.96 0.33 0.28 (0.33) -- 10.24 1997 9.76 0.34 0.20 (0.34) -- 9.96 SHORT-TERM BOND FUND Trust Shares 2001* $10.04 $ 0.25 $ 0.12 $(0.25) $ -- $10.16 2001 9.65 0.56 0.39 (0.56) -- 10.04 2000 9.91 0.53 (0.25) (0.53) (0.01) 9.65 1999 10.05 0.51 (0.10) (0.52) (0.03) 9.91 1998 9.90 0.55 0.16 (0.55) (0.01) 10.05 1997 9.86 0.53 0.07 (0.53) (0.03) 9.90 Investor Shares 2001* $10.06 $ 0.24 $ 0.12 $(0.24) $ -- $10.18 2001 9.67 0.54 0.39 (0.54) -- 10.06 2000 9.93 0.51 (0.25) (0.51) (0.01) 9.67 1999 10.07 0.49 (0.10) (0.50) (0.03) 9.93 1998 9.91 0.53 0.17 (0.53) (0.01) 10.07 1997 9.88 0.51 0.06 (0.51) (0.03) 9.91 Flex Shares 2001* $10.06 $ 0.22 $ 0.12 $(0.22) $ -- $10.18 2001 9.67 0.52 0.39 (0.52) -- 10.06 2000 9.93 0.48 (0.25) (0.48) (0.01) 9.67 1999 10.07 0.47 (0.11) (0.47) (0.03) 9.93 1998 9.91 0.50 0.17 (0.50) (0.01) 10.07 1997 9.88 0.48 0.06 (0.48) (0.03) 9.91 SHORT-TERM U.S. TREASURY SECURITIES FUND Trust Shares 2001* $10.13 $ 0.21 $ 0.14 $(0.21) $ -- $10.27 2001 9.85 0.49 0.28 (0.49) -- 10.13 2000 9.95 0.46 (0.10) (0.46) -- 9.85 1999 9.97 0.47 (0.02) (0.47) -- 9.95 1998 9.88 0.51 0.10 (0.52) -- 9.97 1997 9.84 0.51 0.04 (0.51) -- 9.88 Investor Shares 2001* $10.13 $ 0.20 $ 0.14 $(0.20) $ -- $10.27 2001 9.85 0.48 0.28 (0.48) -- 10.13 2000 9.95 0.45 (0.10) (0.45) -- 9.85 1999 9.96 0.46 (0.01) (0.46) -- 9.95 1998 9.88 0.49 0.09 (0.50) -- 9.96 1997 9.84 0.50 0.04 (0.50) -- 9.88 Flex Shares 2001* $10.11 $ 0.19 $ 0.14 $(0.19) $ -- $10.25 2001 9.83 0.46 0.28 (0.46) -- 10.11 2000 9.93 0.42 (0.10) (0.42) -- 9.83 1999 9.94 0.44 (0.02) (0.43) -- 9.93 1998 9.85 0.47 0.10 (0.48) -- 9.94 1997 9.82 0.47 0.03 (0.47) -- 9.85 STRATEGIC INCOME FUND Trust Shares 2001* (2) $10.00 $ -- $ -- $ -- $ -- $10.00 Flex Shares 2001* (2) $10.00 $ -- $ -- $ -- $ -- $10.00 * For the six month period ended November 30, 2001. All ratios for the period have 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. + Returns are for the period indicated and have not been annualized. Total return figures do not reflect applicable sales loads. (1) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (2) Commenced operations on November 30, 2001. All ratios for the period have been annualized. (A) On May 24, 1999, the CrestFund Maryland Municipal Bond Fund exchanged all of its assets and certain liabilities for shares of the Maryland Municipal Bond Fund. The CrestFund Maryland Municipal Bond Fund is the accounting survivor in this transaction, and as a result, its basis of accounting for assets and liabilities and its operating results for the periods prior to May 24, 1999 have been carried forward in these financial highlights.
Amounts designated as "--" are either $0 or have been rounded to $0. 46
- ------------------------------------------------------------------------------------------------------------------------------------ RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO TOTAL END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER RETURN (+) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ---------- -------------- ------------------- ------------------ ------------------ -------------------- ---------- 3.11% $ 30,628 0.72% 3.75% 0.80% 3.67% 25% 11.59 26,526 0.72 4.16 0.82 4.06 42 (1.78) 26,176 0.68 4.24 0.80 4.12 14 0.48 29,658 0.70 3.83 1.37 3.16 19 7.03 19,115 0.62 4.11 1.15 3.58 12 6.50 11,461 0.63 4.38 1.16 3.85 5 2.64% $ 19,953 1.64% 2.83% 1.85% 2.62% 25% 10.59 12,090 1.63 3.24 1.97 2.90 42 (2.66) 6,212 1.59 3.34 1.95 2.98 14 0.05 7,723 1.59 2.94 1.98 2.55 19 6.17 3,246 1.57 3.16 1.96 2.77 12 5.64 561 1.54 3.43 2.00 2.97 5 3.67% $ 278,616 0.70% 4.82% 0.75% 4.77% 91% 10.13 215,458 0.70 5.71 0.76 5.65 87 2.87 180,402 0.67 5.40 0.76 5.31 70 4.06 209,904 0.67 5.12 0.77 5.02 108 7.31 120,422 0.66 5.47 0.79 5.34 87 6.30 89,701 0.65 5.37 0.78 5.24 118 3.57% $ 5,216 0.91% 4.61% 1.28% 4.24% 91% 9.90 4,176 0.90 5.47 1.71 4.66 87 2.67 1,446 0.87 5.20 1.75 4.32 70 3.88 1,825 0.87 4.92 1.59 4.20 108 7.19 1,949 0.86 5.27 1.71 4.42 87 5.97 2,182 0.85 5.16 1.58 4.43 118 3.40% $ 18,050 1.26% 4.24% 1.86% 3.64% 91% 9.60 10,682 1.25 5.09 2.17 4.17 87 2.31 2,065 1.22 4.85 2.41 3.66 70 3.50 2,341 1.22 4.55 2.33 3.44 108 6.84 2,110 1.21 4.93 2.85 3.29 87 5.62 1,073 1.20 4.82 3.02 3.00 118 3.46% $ 99,171 0.70% 4.05% 0.76% 3.99% 32% 8.02 88,398 0.71 4.95 0.78 4.88 87 3.75 72,570 0.67 4.70 0.79 4.58 50 4.59 56,027 0.67 4.69 0.78 4.58 57 6.30 46,920 0.66 5.19 0.84 5.01 39 5.76 21,988 0.65 5.23 0.92 4.96 93 3.38% $ 3,847 0.86% 3.91% 1.51% 3.26% 32% 7.87 2,179 0.85 4.81 1.56 4.10 87 3.58 2,066 0.82 4.50 1.44 3.88 50 4.54 2,799 0.82 4.54 1.34 4.02 57 6.04 3,277 0.81 5.07 1.33 4.55 39 5.59 3,921 0.80 5.05 1.35 4.50 93 3.27% $ 43,913 1.11% 3.63% 1.81% 2.93% 32% 7.67 27,861 1.10 4.45 1.96 3.59 87 3.34 5,391 1.07 4.26 2.04 3.29 50 4.32 4,931 1.07 4.22 2.25 3.04 57 5.90 1,413 1.06 4.81 2.87 3.00 39 5.19 1,091 1.05 4.75 2.51 3.29 93 --% $ 40 --% --% --% --% --% --% $ 1,078 --% --% --% --% --%
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 47
FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET ASSET NET REALIZED AND DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END OF PERIOD INCOME ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD ---------- ------------ ----------------- ------------- ------------- ---------- U.S. GOVERNMENT SECURITIES FUND Trust Shares 2001* $10.38 $ 0.27 $ 0.32 $(0.27) $ -- $10.70 2001 9.86 0.58 0.52 (0.58) -- 10.38 2000 10.28 0.58 (0.42) (0.58) -- 9.86 1999 10.46 0.59 (0.18) (0.59) -- 10.28 1998 10.02 0.61 0.44 (0.61) -- 10.46 1997 9.91 0.62 0.11 (0.62) -- 10.02 Investor Shares 2001* $10.38 $ 0.25 $ 0.32 $(0.25) $ -- $10.70 2001 9.86 0.54 0.52 (0.54) -- 10.38 2000 10.28 0.54 (0.42) (0.54) -- 9.86 1999 10.45 0.54 (0.17) (0.54) -- 10.28 1998 10.02 0.57 0.43 (0.57) -- 10.45 1997 9.90 0.58 0.12 (0.58) -- 10.02 Flex Shares 2001* $10.38 $ 0.22 $ 0.32 $(0.22) $ -- $10.70 2001 9.86 0.49 0.52 (0.49) -- 10.38 2000 10.28 0.49 (0.42) (0.49) -- 9.86 1999 10.46 0.49 (0.18) (0.49) -- 10.28 1998 10.02 0.52 0.44 (0.52) -- 10.46 1997 9.91 0.53 0.11 (0.53) -- 10.02 VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND (A) Trust Shares 2001* $10.14 $ 0.20 $ 0.08 $(0.20) $ -- $10.22 2001 9.58 0.42 0.56 (0.42) -- 10.14 2000 10.20 0.43 (0.57) (0.43) (0.05) 9.58 1999(1) 10.44 0.21 (0.17) (0.21) (0.07) 10.20 For years ended November 30: 1998 10.31 0.45 0.17 (0.45) (0.04) 10.44 1997 10.22 0.46 0.09 (0.46) -- 10.31 Investor Shares 2001* $10.14 $ 0.20 $ 0.09 $(0.20) $ -- $10.23 2001 9.59 0.42 0.55 (0.42) -- 10.14 2000 10.20 0.42 (0.56) (0.42) (0.05) 9.59 1999(1) 10.45 0.22 (0.18) (0.22) (0.07) 10.20 For years ended November 30: 1998 10.31 0.46 0.17 (0.45) (0.04) 10.45 1997 10.21 0.47 0.09 (0.46) -- 10.31 VIRGINIA MUNICIPAL BOND FUND (A) Trust Shares 2001* $10.29 $ 0.21 $ 0.14 $(0.21) $ -- $10.43 2001 9.64 0.45 0.65 (0.45) -- 10.29 2000 10.43 0.45 (0.78) (0.45) (0.01) 9.64 1999(1) 10.68 0.22 (0.19) (0.22) (0.06) 10.43 For years ended November 30: 1998 10.44 0.47 0.27 (0.47) (0.03) 10.68 1997 10.28 0.48 0.17 (0.48) (0.01) 10.44 Flex Shares 2001* $10.34 $ 0.16 $ 0.14 $(0.16) $ -- $10.48 2001 9.68 0.35 0.66 (0.35) -- 10.34 2000 10.48 0.36 (0.79) (0.36) (0.01) 9.68 1999(1) 10.73 0.17 (0.18) (0.18) (0.06) 10.48 For years ended November 30: 1998 10.48 0.37 0.28 (0.37) (0.03) 10.73 1997 10.31 0.39 0.18 (0.39) (0.01) 10.48 * For the six month period ended November 30, 2001. All ratios for the period have 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. + Returns are for the period indicated and have not been annualized. Total return figures do not reflect applicable sales loads. (1) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (A) On May 24, 1999, the CrestFund Virginia Intermediate Municipal Bond and the CrestFund Virginia Municipal Bond Funds exchanged all of their assets and certain liabilities for shares of the Virginia Intermediate Municipal Bond and the Virginia Municipal Bond Funds, respectively. The CrestFund Virginia Intermediate Municipal Bond and the CrestFund Virginia Municipal Bond Funds are the accounting survivors in this transaction, and as a result, their basis of accounting for assets and liabilities and their operating results for the periods prior to May 24, 1999 have been carried forward in these financial highlights.
Amounts designated as "--" are either $0 or have been rounded to $0. 48
- ------------------------------------------------------------------------------------------------------------------------------------ RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO TOTAL END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER RETURN (+) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ----------- ------------ ------------------- ------------------- ------------------- ------------------- ---------- 5.72% $ 171,792 0.82% 5.05% 0.85% 5.02% 170% 11.41 148,666 0.81 5.66 0.85 5.62 207 1.63 85,420 0.77 5.77 0.84 5.70 29 3.90 102,167 0.77 5.58 0.88 5.47 19 10.76 34,899 0.76 5.93 0.92 5.77 14 7.54 19,471 0.75 6.19 1.02 5.92 21 5.51% $ 7,515 1.22% 4.65% 1.41% 4.46% 170% 10.95 6,617 1.21 5.21 1.83 4.59 207 1.19 1,407 1.17 5.34 2.14 4.37 29 3.56 2,534 1.17 5.17 1.60 4.74 19 10.23 3,225 1.16 5.53 1.76 4.93 14 7.21 2,243 1.15 5.76 1.79 5.12 21 5.26% $ 37,680 1.73% 4.12% 1.93% 3.92% 170% 10.45 21,617 1.72 4.71 2.04 4.39 207 0.70 7,750 1.68 4.85 2.28 4.25 29 2.99 11,520 1.68 4.66 2.08 4.26 19 9.78 4,022 1.67 5.02 2.32 4.37 14 6.57 2,801 1.66 5.26 2.42 4.50 21 2.81% $ 193,452 0.75% 3.91% 0.75% 3.91% 19% 10.39 194,849 0.73 4.23 0.75 4.21 32 (1.31) 202,209 0.76 4.35 0.76 4.35 18 0.42 240,083 0.84 4.12 1.18 3.78 19 6.10 243,606 0.79 4.33 0.97 4.15 24 5.55 237,096 0.78 4.57 0.93 4.42 30 2.89% $ 5,959 0.79% 3.87% 1.13% 3.53% 19% 10.23 6,197 0.76 4.20 1.11 3.85 32 (1.24) 6,808 0.79 4.33 0.94 4.18 18 0.35 7,706 0.79 4.17 0.93 4.03 19 6.19 7,899 0.79 4.33 0.94 4.18 24 5.65 7,826 0.79 4.56 0.94 4.41 30 3.38% $ 57,154 0.77% 3.93% 0.77% 3.93% 24% 11.51 56,573 0.77 4.40 0.78 4.39 60 (3.18) 48,980 0.74 4.53 0.79 4.48 19 0.27 31,939 0.76 4.20 1.30 3.66 7 7.19 29,252 0.69 4.41 1.10 4.00 28 6.46 20,044 0.69 4.65 1.09 4.25 39 2.90% $ 12,001 1.69% 3.00% 1.88% 2.81% 24% 10.58 7,983 1.69 3.47 2.00 3.16 60 (4.13) 5,367 1.65 3.61 2.08 3.18 19 (0.16) 6,939 1.65 3.32 1.91 3.06 7 6.24 3,697 1.64 3.46 1.92 3.18 28 5.58 1,476 1.60 3.73 2.00 3.33 39
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 48 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME 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 Information and Technology Fund (formerly the E-Commerce Opportunity Fund), the Growth and Income Fund, the International Equity Fund, the International Equity Index Fund, the Life Vision Moderate Growth Fund, the Life Vision Aggressive Growth Fund, the Life Vision Growth and Income 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, and the Virginia Municipal Bond Fund, (collectively the "Fixed Income Funds" or the "Funds"), the Prime Quality Money Market Fund, the Tax-Exempt Money Market Fund, the 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"), the Classic Institutional Cash Management Money Market Fund, the Classic Institutional U.S. Government Securities Money Market Fund and the Classic Institutional U.S. Treasury Securities Money Market Fund, (collectively the "Institutional Money Market Funds"). The assets of each Fund are segregated, and a shareholder's interest is limited to the fund in which shares are held. Each Fund's prospectus provides a description of the Fund's investment objectives, policies and strategies. The financial statements presented herein are those of the Fixed Income Funds. The financial statements of the Equity Funds, the Retail Money Market Funds and the Institutional Money Market Funds are not presented herein, but are presented separately. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust: BASIS OF PRESENTATION OF STATEMENTS -- As more fully described above, the STI Classic High Income Fund acquired the ESCStrategic Income Fund in a tax-free business combination. While this Fund now exists as a STIClassic Fund, the surviving fund for accounting purposes is the ESCStrategic Income Fund. In accordance with accounting principles generally accepted in the United States, the financial statements presented herein represent those of the accounting survivor. Accordingly, the Financial Highlights presented for the periods prior to and ending on May 31, 2000 reflect activity beginning on the first day of the accounting survivor's fiscal year. SECURITY VALUATION -- Investment securities held by the Funds that are listed on a securities exchange for which market quotations are available are valued at the last quoted sales price each business day. If there is no such reported sale, these securities and unlisted securities for which market quotations are readily available are valued at the most recently quoted bid price. Debt obligations with sixty days or less remaining until maturity may be valued at their amortized cost. Securities for which current market quotations are not readily available, of which there are none as of November 30, 2001, are valued at their fair value as determined in good faith by, or in accordance with procedures adopted by, the Board of Trustees. FEDERAL INCOME TAXES -- It is each Fund's intention to qualify as a regulated investment company for Federal income tax purposes and distribute all of its taxable income and net capital gains. Accordingly, no provisions for Federal income taxes are required. SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on the date the security is purchased or sold (trade date). Interest income is recognized on an accrual basis. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold, adjusted for the accretion and amortization of purchase discounts and premiums during the respective holding period. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific interest method, which approximates the effective interest method. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements ensure that the market value of the collateral, 50 - -------------------------------------------------------------------------------- (UNAUDITED) including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. NET ASSET VALUE PER SHARE -- The net asset value per share of each Fund is calculated each business day, by dividing the total value of each Fund's assets, less liabilities, by the number of shares outstanding. The maximum offering price per share for Investor shares of the Florida Tax-Exempt Bond, the Georgia Tax-Exempt Bond, the Investment Grade Bond, the Investment Grade Tax-Exempt Bond, the U.S. Government Securities, and the Virginia Intermediate Municipal Bond Funds is equal to the net asset value per share plus a sales load of 3.75%. The maximum offering price per share for Investor shares of the Short-Term U.S. Treasury Securities Fund is equal to the net asset value per share plus a sales load of 1.00%. The maximum offering price per share for Investor shares of the Short-Term Bond Fund is equal to the net asset value per share plus a sales load of 2.00%. The maximum offering price per share for Investor shares of the Limited-Term Federal Mortgage Securities Fund is equal to the net asset value per share plus a sales load of 2.50%. Flex Shares of the Funds may be purchased at their net asset value. Shares redeemed within the first year after purchase will be subject to a contingent deferred sales charge ("CDSC") equal to 2.00% for either the net asset value of the shares at the time of purchase or the net asset value of the shares next calculated after the Fund receives the sale request, whichever is less. The CDSC will not apply to shares redeemed after such time. 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 data. 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 invested. OTHER -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets. Fund expenses are pro-rated to the respective classes on the basis of relative net assets. DISTRIBUTIONS TO SHAREHOLDERS -- Distributions from net investment income for each of the Fixed Income Funds are declared daily and paid monthly. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. USE OF ESTIMATES -- The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that 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. Prior to June 1, 2001, the Florida Tax-Exempt Bond Fund, Georgia Tax-Exempt Bond Fund, Maryland Municipal Bond Fund, Virginia Intermediate Municipal Bond Fund, and the Virginia Municipal Bond Fund did not accrete market discounts on fixed income securities. In accordance with the implementation of the new accounting standards, the Funds were required to record a cumulative effect adjustment of $6,306, $2,020, $2,833, $31,029 and $4,382, respectively, to reflect the accretion of market discounts that were not previously recorded. The cumulative adjustments were a reclassification between net investment income and net unrealized appreciation of securities and therefore did not impact the total net assets or the net assets value per share of the Fund. The effect of this change for the period ended November 30, 2001 was to increase/(decrease) net investment income by $(6,306), $(2,020), $(832), $(6,871), and $1,303, respectively. The statement of changes in net assets and financial highlights for prior periods have not been restated to reflect this change. 51 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 The effect of this change on the financial highlights for the Florida Tax-Exempt Bond Fund, Georgia Tax-Exempt Bond Fund, Maryland Tax-Exempt Bond Fund, Virginia Intermediate Municipal Bond Fund, and the Virginia Municipal Bond Fund, as presented on pages 42 - 49, for the six months ended November 30, 2001 was: IMPACT OF ADOPTION ON: ------------------------ RATIO OF NET INVESTMENTS NET REALIZED AND INCOME TO AVERAGE NET ASSETS INVESTMENT UNREALIZED ---------------------------- INCOME GAINS (LOSSES) BEFORE AFTER PER SHARE PER SHARE ADOPTION ADOPTION ----------- -------------- ---------- ---------- Florida Tax-Exempt Bond Fund Trust Shares -- -- 3.74% 3.73% Investor Shares -- -- 3.53 3.52 Flex Shares -- -- 3.02 3.02 Georgia Tax-Exempt Bond Fund Trust Shares -- -- 3.74 3.73 Investor Shares -- -- 3.53 3.53 Flex Shares -- -- 3.03 3.03 Maryland Municipal Bond Fund Trust Shares -- -- 3.75 3.75 Flex Shares -- -- 2.83 2.83 Virginia Intermediate Municipal Bond Fund Trust Shares -- -- 3.93 3.91 Investor Shares -- -- 3.88 3.87 Virginia Municipal Bond Fund Trust Shares -- -- 3.92 3.93 Flex Shares -- -- 3.00 3.00 Per share ratios and supplemental data for periods prior to November 30, 2001 have not been restated to reflect this change in presentation. 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 repur- chase agreements for the Trust. For its services the Distributor received $472,591 for the six month 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. 4. Administration, Transfer Agency Servicing and Distribution Agreements: The Trust and the Administrator are parties to an Administration Agreement dated May 29, 1995, as amended November 19, 1997 and March 1, 1999, under which the Administrator provides administrative services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 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. The Trust and the Distributor are parties to a Distribution and Service Agreement dated May 29, 1995 regarding the Flex Shares and a Distribution Agreement dated November 21, 1995 with respect to the Trust and Investor shares. The Distributor will receive no fees for its distribution services under this agreement for the Trust Shares of any fund. With respect to the Investor Shares and Flex Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of Flex Shares) a Distribution and Service Plan, as outlined in the table in footnote 5 under the column titled "Distribution Fee". 5. Investment Advisory and Custodian Agreements: The Trust and STI Capital Management, N.A., Trusco Capital Management and SunTrust Bank, Atlanta have entered into advisory agreements dated May 29, 1992, June 15, 1993 and December 20, 1993, respectively, and last amended as of August 15, 2000. Effective June 30, 2000, SunTrust Banks, Inc. reorganized all of the investment management functions of its three institutional money management units, including SunTrust Bank, Atlanta into Trusco Capital Management, Inc. (the "Investment Adviser"). Under terms of the respective amended agreements, the Funds are charged the following annual fees based upon average daily net assets: MAXIMUM FLEX SHARE MAXIMUM DISTRI- MAXIMUM INVESTOR BUTION ANNUAL SHARE AND ADVISORY DISTRI- SERVICE FEE BUTION FEE FEE --------- ---------- --------- Florida Tax-Exempt Bond Fund ...... 0.65% 0.18% 1.00% Georgia Tax-Exempt Bond Fund ...... 0.65% 0.18% 1.00% High Income Fund ................... 0.80% -- 1.00% Investment Grade Bond Fund ........ 0.74% 0.43% 1.00% Investment Grade Tax-Exempt Bond Fund ........................ 0.74% 0.43% 1.00% Limited-Term Federal Mortgage Securities Fund .................. 0.65% 0.23% 1.00% Maryland Municipal Bond Fund ...... 0.65% -- 1.00% Short-Term Bond Fund .............. 0.65% 0.23% 1.00% Short-Term U.S. Treasury Securities Fund .................. 0.65% 0.18% 1.00% Strategic Income Fund ............. 0.85% -- 1.00% U.S. Government Securities Fund ... 0.74% 0.38% 1.00% Virginia Intermediate Municipal Bond Fund ........................ 0.65% 0.15% -- Virginia Municipal Bond Fund ...... 0.65% -- 1.00% 52 - -------------------------------------------------------------------------------- (UNAUDITED) The Investment Adviser and the Distributor have voluntarily agreed to waive all or a portion of their fees (and to reimburse Funds' expenses) in order to limit operating expenses. Fee waivers and expense reimbursements are voluntary and may be terminated at any time. SunTrust Bank acts as Custodian for all of the Funds except the Strategic Income Fund, which utilizes the Bank of New York as Custodian. Fees of the Custodians are paid on the basis of net assets of the Funds. The Custodians play no role in determining the investment policies of the Trust or which securities are to be purchased or sold in the Funds. 6. Investment Transactions: The cost of purchases and the proceeds from sales of securities, excluding short-term investments and U.S. Government securities, for the period ended November 30, 2001, were as follows: PURCHASES SALES (000) (000) ---------- ---------- Florida Tax-Exempt Bond Fund ............ $ 60,406 $ 51,393 Georgia Tax-Exempt Bond Fund ............ 22,689 9,547 High Income Fund ........................ 18,974 3,258 Investment Grade Bond Fund .............. 220,998 218,554 Investment Grade Tax-Exempt Bond Fund ... 218,377 221,502 Limited-Term Federal Mortgage Securities Fund ........................ 10,113 7,228 Maryland Municipal Bond Fund ............ 21,393 10,418 Short-Term Bond Fund .................... 131,584 93,193 Virginia Intermediate Municipal Bond Fund .............................. 39,291 36,560 Virginia Municipal Bond Fund ............ 21,650 15,124 The cost of purchases and proceeds from sales of U.S. Government securities were: PURCHASES SALES (000) (000) ---------- -------- Investment Grade Bond Fund .............. $ 219,320 $ 216,239 Limited-Term Federal Mortgage Securities Fund ........................ 258,106 241,758 Short-Term Bond Fund .................... 136,169 131,016 Short-Term U.S. Treasury Securities Fund ........................ 62,884 35,917 U.S. Government Securities Fund ......... 365,778 325,284 At November 30, 2001, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were not materially different from amounts reported for financial reporting purposes. The aggregate gross unrealized appreciation and depreciation for securities held by the funds at November 30, 2001, were as follows: AGGREGATE AGGREGATE NET GROSS GROSS UNREALIZED UNREALIZED UNREALIZED APPRECIATION APPRECIATION DEPRECIATION (DEPRECIATION) (000) (000) (000) ------------ ------------- -------------- Florida Tax-Exempt Bond Fund ...$ 3,783 $ (497) $ 3,286 Georgia Tax-Exempt Bond Fund ... 4,080 (227) 3,853 High Income Fund ............... 825 (1,200) (375) Investment Grade Bond Fund ..... 34,478 (5,755) 28,723 Investment Grade Tax-Exempt Bond Fund .................... 3,211 (477) 2,734 Limited-Term Federal Mortgage Securities Fund .............. 1,768 (159) 1,609 Maryland Municipal Bond Fund ... 952 (122) 830 Short-Term Bond Fund ........... 6,928 (4,126) 2,802 Short-Term U.S. Treasury Securities Fund .............. 3,141 (81) 3,060 U.S. Government Securities Fund ..2,357 (1,771) 586 Virginia Intermediate Municipal Bond Fund ......................5,237 (362) 4,875 Virginia Municipal Bond Fund .....1,977 (132) 1,845 53 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 7. Capital Share Transactions:
Capital Share Transactions for the Funds were as follows (000): FLORIDA TAX-EXEMPT GEORGIA TAX-EXEMPT BOND FUND BOND FUND HIGH INCOME FUND --------------------- --------------------- ----------------------- 06/01/01 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 -------- --------- -------- --------- ---------- --------- Trust Shares: Shares Issued ................................. 1,197 2,121 1,415 2,355 334 -- Shares Issued in Lieu of Cash Distributions ... 25 48 37 86 1 -- Shares Redeemed ............................... (864) (1,413) (701) (2,483) (4) -- ------ ------ ------ ------- ----- ------ Net Trust Share Transactions .................... 358 756 751 (42) 331 -- ------ ------ ------ ------- ----- ------ Investor Shares: Shares Issued ................................. 15 32 25 44 -- -- Shares Issued in Lieu of Cash Distributions ... 3 8 3 7 -- -- Shares Redeemed ............................... -- (70) (22) (23) -- -- ------ ------ ------- ------ ----- ------ Net Investor Share Transactions ................. 18 (30) 6 28 -- -- ------ ------ ------- ------ ----- ------ Flex Shares: Shares Issued ................................. 535 461 366 574 1,776 2,412 Shares Issued in Lieu of Cash Distributions ... 16 25 20 28 70 50 Shares Redeemed ............................... (106) (272) (155) (138) (247) (269) ------ ------ ------- ------ ----- ------ Net Flex Share Transactions ..................... 445 214 231 464 1,599 2,193 ------ ------ ------- ------ ----- ------ Net Change in Capital Shares .................... 821 940 988 450 1,930 2,193 ====== ====== ======= ====== ===== ====== SHORT-TERM SHORT-TERM U.S. TREASURY STRATEGIC BOND FUND SECURITIES FUND INCOME FUND --------------------- ----------------------- ------------- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01*- 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 --------- --------- -------- --------- ---------- Trust Shares: Shares Issued 8,395 9,013 1,570 4,067 4 Shares Issued in Lieu of Cash Distributions 198 427 34 97 -- Shares Redeemed (2,626) (6,684) (669) (2,806) -- -------- -------- ------- ------ ------- Net Trust Share Transactions 5,967 2,756 935 1,358 4 -------- -------- ------- ------ ------- Investor Shares: Shares Issued 483 300 168 30 -- Shares Issued in Lieu of Cash Distributions 10 9 4 10 -- Shares Redeemed (396) (44) (12) (35) -- -------- -------- ------- ------ ------- Net Investor Share Transactions 97 265 160 5 -- -------- -------- ------- ------ ------- Flex Shares: Shares Issued 735 956 1,901 2,460 108 Shares Issued in Lieu of Cash Distributions 21 13 56 36 Shares Redeemed (45) (121) (427) (289) -- -------- -------- ------- ------ ------- Net Flex Share Transactions 711 848 1,530 2,207 108 -------- -------- ------- ------ ------- Net Change in Capital Shares 6,775 3,869 2,625 3,570 112 ======== ======== ======= ====== =======
* COMMENCED OPERATIONS ON NOVEMBER 30, 2001. 54 - -------------------------------------------------------------------------------- (UNAUDITED)
INVESTMENT GRADE INVESTMENT GRADE TAX- LIMITED-TERM FEDERAL MARYLAND MUNICIPAL BOND FUND EXEMPT BOND FUND MORTGAGE SECURITIES FUND BOND FUND ----------------------------- ---------------------------- -------------------------- -------------------------- 06/01/01- 06/01/00- 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 11/30/01 05/31/01 ----------- ----------- --------- --------- --------- --------- --------- --------- 9,560 20,247 1,669 4,802 3,067 4,772 569 368 811 2,453 46 95 118 360 6 27 (9,840) (42,858) (1,695) (4,107) (1,556) (7,414) (206) (541) - ---------- ---------- ---------- ---------- --------- ---------- --------- --------- 531 (20,158) 20 790 1,629 (2,282) 369 (146) - ---------- ---------- ---------- ---------- --------- ---------- --------- --------- 3,469 851 97 144 32 20 -- -- 41 110 18 49 2 5 -- -- (3,145) (1,238) (68) (380) (5) (65) -- -- - ---------- ---------- ---------- ---------- --------- ---------- --------- --------- 365 (277) 47 (187) 29 (40) -- -- - ---------- ---------- ---------- ---------- --------- ---------- --------- --------- 1,107 1,153 449 795 319 243 836 717 51 94 19 37 5 8 12 20 (326) (820) (182) (448) (45) (83) (95) (201) - ---------- ---------- ---------- ---------- --------- ---------- --------- --------- 832 427 286 384 279 168 753 536 - ---------- ---------- ---------- ---------- --------- ---------- --------- --------- 1,728 (20,008) 353 987 1,937 (2,154) 1,122 390 ========== ========== ========== ========== ========= ========== ========= =========
U.S. GOVERNMENT SECURITIES FUND VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND VIRGINIA MUNICIPAL BOND 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 --------- ---------- ---------- ---------- ---------- ----------- 3,513 10,381 463 1,891 274 1,195 128 211 5 10 7 39 (1,906) (4,930) (767) (3,778) (298) (817) -------- ------------ -------- -------- ------- --------- 1,735 5,662 (299) (1,877) (17) 417 -------- ------------ -------- -------- ------- --------- 161 561 50 90 -- -- 15 10 9 21 -- -- (111) (76) (87) (210) -- -- -------- ------------ -------- -------- ------- --------- 65 495 (28) (99) -- -- -------- ------------ -------- -------- ------- --------- 1,641 1,567 -- -- 445 387 50 40 -- -- 10 14 (252) (311) -- -- (82) (183) -------- ------------ -------- -------- ------- --------- 1,439 1,296 -- -- 373 218 -------- ------------ -------- -------- ------- --------- 3,239 7,453 (327) (1,976) 356 635 ======== ============ ======== ======== ======= =========
55 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 2001 8. Concentration of Credit Risk: The Investment Grade Bond Fund and the Short-Term Bond Fund invest primarily in investment grade obligations rated at least BBB or better by S&P or Baa or better by Moody's or, if not rated, are determined by the investment adviser to be of comparable quality. The Investment Grade Tax-Exempt Bond Fund invests primarily in investment grade municipal securities. Municipal securities must be rated BBB or better by S&P or Baa or better by Moody's in the case of bonds; SP-1, SP-2 or MIG-1, MIG-2 in the case of notes; A-1, A-2 or P-1, P-2 in the case of commercial paper; and VMIG-1, VMIG-2 in the case of variable rate demand obligations. The Short-Term U.S. Treasury Securities Fund invests exclusively in obligations issued by the U.S. Treasury with a maximum remaining maturity of 3 years or less. The Florida Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund, the Maryland Municipal Bond Fund, the Virginia Intermediate Municipal Bond Fund, and the Virginia Municipal Bond Fund invest primarily in municipal bonds concentrated in each of their respective states. Municipal securities must be rated BBB or better by S&P or Baa or better by Moody's in the case of bonds; A-1, A-2 or P-1, P-2 in the case of tax-exempt commercial paper; and VMIG-1, VMIG-2 in the case of variable rate demand obligations. The U.S. Government Securities Fund invests primarily in obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities, including mortgage backed securities. The Limited-Term Federal Mortgage Securities Fund invests in mortgage-related securities issued or guaranteed by U.S. Government agencies. Up to 35% of the U.S. Government Securities Fund and the Limited-Term Federal Mortgage Securities Fund may be invested in corporate, or government bonds that carry a rating of BBB or better by S&P or Baa or better by Moody's. The ability of the issuers of the securities held by the Funds to meet their obligations may be affected by economic developments in a specific industry, state or region, or by changing business conditions. The High Income Fund and the Strategic Income Fund invest in high yield instruments and are subject to certain credit and market risks. The yields of high debt obligations reflect, among other things, perceived credit risk. The Fund's investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risks of timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. 9. Shareholder Voting Results: The undersigned, being the holder of all of the issued and outstanding shares of the Strategic Income Fund (the "Fund"), a series of STI Classic Funds, a Massachusetts business trust (the "Trust"), in accordance with Article V, Sections 1 and 4 of the Trust's Agreement and Declaration of Trust and in lieu of a meeting of shareholders, does hereby consent to and approve the following resolutions: RESOLVED: That SEI Investments Mutual Funds Services (the "Administrator") be, and it hereby is, appointed to serve as Administrator of the Fund and that the Administration Agreement between the Trust and the Administrator including the schedule thereto relating to the Fund, as previously approved by the Trust's Board of Trustees be, and it hereby, approved. RESOLVED: That Trusco Capital Management, Inc. (the "Adviser") be, and it hereby is, appointed to serve as Adviser to the assets of the Fund and that the Investment Advisory Agreement between the Trust and the Adviser on behalf of the fund, previously approved by the Trust's Board of Trustees be, and it is hereby, approved. RESOLVED: That SEI Investments Distribution Co. (the "Distributor") be, and it hereby is, appointed as Distributor of the shares of the Fund and that the Distribution Agreement between the Trust and the Distributor previously approved by the Trust's Board of Trustees with respect to the Fund be, and it is hereby, approved. RESOLVED: That the Distribution and Service Plan between the Trust and the Distributor, with respect to the Flex Shares Class, previously approved by the Trust's Board of Trustees be, and it is hereby, approved. RESOLVED: That the Distribution Plan between the Trust and the Distributor, with respect to the Investor Shares Class, previously approved by the Trust's Board of Trustees be, and it is hereby, approved. 56 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-003-0200 -----END PRIVACY-ENHANCED MESSAGE-----