-----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, Op0ZY8bgnyz3RSyOYl4RiPFKQohq/+IwEWhJYc9R5X/BnGW8ZUs1rSJSNHAkcdWL bTpSKAhJhXKxa3kpz4XDMw== 0000935069-97-000007.txt : 19970130 0000935069-97-000007.hdr.sgml : 19970130 ACCESSION NUMBER: 0000935069-97-000007 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961130 FILED AS OF DATE: 19970129 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: STI CLASSIC FUNDS CENTRAL INDEX KEY: 0000883939 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06557 FILM NUMBER: 97513203 BUSINESS ADDRESS: STREET 1: 2 OLIVER STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6109896602 MAIL ADDRESS: STREET 1: 680 E SWEDESFORD ROAD STREET 2: 680 E SWEDESFORD ROAD CITY: WAYNE STATE: PA ZIP: 19087 N-30D 1 STI CLASSIC SEMI-ANNUAL REPORT SEMI-ANNUAL ................................................................................ FINANCIAL REPORT ................................................................................ STI CLASSIC FUNDS ................................................................................ A Family of Mutual Funds ................................................................................ November 30, 1996 STI Classic Funds Dear STI Classic Trust Shareholder: As of November 30, 1996, your STI Classic Funds' assets totaled $7.6 billion or 11.8% more than the $6.8 billion reported to you as of May 31, 1996. Investors continue to respond favorably towards the family's entry into the international arena. The complex now has both a managed international equity fund and an international equity index fund. Total assets in both funds now total $405.4 million. 1996 has been a strong year for both equities and fixed income securities. A combination of moderate economic growth, slightly better than expected corporate earnings, low inflation, and a record inflow of dollars into mutual funds has produced a very favorable investment scenario. For 1997 investors are faced with continued modest economic growth and slowing corporate profits. In this environment we feel that individual securities selection will be more important than ever. Therefore, the disciplined quality oriented investment approach utilized by our Fund managers should serve you, our shareholders, well. Sincerely, /SIGNATURE Anthony R. Gray Chief Executive Officer, Chief Investment Officer STI Capital Management, N.A. /SIGNATURE Douglas S. Phillips, CFA President, Chief Investment Officer Trusco Capital Management, Inc. STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 VALUE INCOME STOCK FUND - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- COMMON STOCKS (93.4%) AUTOMOTIVE (2.5%) Echlin 458,000 $ 15,398 Ford Motor 731,700 23,963 ---------- Total Automotive 39,361 ---------- BANKS (6.2%) AmSouth Bancorp 155,900 7,776 Central Fidelity Banks 292,000 7,811 Crestar Financial 129,800 9,037 First American Bank 127,400 7,740 First American of Tennessee 156,700 8,971 Fleet Financial Group 291,700 16,153 Great Western Financial 257,700 8,021 Magna Group 244,400 7,424 Roosevelt Financial Group 407,600 7,795 Signet Banking 260,900 7,892 Summit Bancorp 183,854 8,250 ---------- Total Banks 96,870 ---------- CHEMICALS (5.3%) Akzo 116,900 7,759 Ethyl 1,826,900 16,214 Imperial Chemical Industries 400,600 20,731 Nalco Chemical 394,600 15,044 Rohm & Haas 189,400 15,081 Witco Chemical 227,500 6,910 ---------- Total Chemicals 81,739 ---------- CONCRETE & MINERAL PRODUCTS (0.4%) Tele Danmark ADR* 258,300 6,458 ---------- CONTAINERS & PACKAGING (0.5%) Ball 296,600 7,267 ---------- ELECTRICAL SERVICES (3.9%) Central & South West 568,800 15,215 GPU 407,200 13,692 Pacificorp 621,600 13,054 Southern 833,200 18,539 ---------- Total Electrical Services 60,500 ---------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- ENERGY (6.5%) Atlantic Richfield 166,700 $ 23,192 Occidental Petroleum 747,200 17,933 Phillips Petroleum 477,300 21,538 Questar 204,800 8,013 Repsol 419,100 15,350 USX-Marathon Group 640,700 14,656 ---------- Total Energy 100,682 ---------- FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS (12.5%) B.A.T. Industries PLC ADR 1,064,600 16,901 ConAgra 308,600 16,394 CPC International 206,600 17,199 Dial 251,100 3,547 Grand Metropolitan ADR* 763,600 24,340 H.J. Heinz 325,500 12,328 Masco 660,000 24,090 Maytag 600,200 11,479 McCormick 617,100 15,196 Rubbermaid 537,600 12,902 Snap-On Tools 332,900 12,068 Stanley Works 437,400 12,903 Unilever 161,300 15,465 ---------- Total Food, Beverage, Tobacco & Household Products 194,812 ---------- HEALTH CARE (7.7%) Bausch & Lomb 219,600 8,153 Baxter International 752,100 31,964 Bristol-Myers Squibb 143,300 16,300 C.R. Bard 274,600 7,689 Pharmacia Upjohn ADR 839,000 32,406 Schering Plough 214,900 15,312 Warner Lambert 108,400 7,751 ---------- Total Health Care 119,575 ---------- INSURANCE (7.6%) American Financial Group 405,200 14,587 American General 556,200 22,874 ITT Hartford Group 344,000 23,521 Lincoln National 441,000 23,759 2 ================================================================================ UNAUDITED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- Providian 308,600 $ 16,510 Torchmark 308,400 16,037 ---------- Total Insurance 117,288 ---------- LUMBER & WOOD PRODUCTS (0.8%) Georgia Pacific 164,800 11,989 ---------- MACHINERY (4.2%) Cooper Industries 494,100 20,505 General Signal 510,800 22,028 Tenneco 439,700 22,425 ---------- Total Machinery 64,958 ---------- MEDIA (2.8%) Houghton Mifflin 228,400 11,962 McGraw-Hill 469,600 21,367 Reader's Digest, Cl A 273,000 10,272 ---------- Total Media 43,601 ---------- METALS & MINING (2.8%) Allegheny Teledyne 462,900 10,820 Phelps Dodge 130,900 9,507 Reynolds Metals 387,000 23,027 ---------- Total Metals & Mining 43,354 ---------- MISCELLANEOUS BUSINESS SERVICES (3.5%) Deluxe 261,600 8,110 H & R Block 583,400 17,064 Kelly Services, Cl A 398,800 10,469 Ogden 778,300 15,080 Viad 251,100 3,955 ---------- Total Miscellaneous Business Services 54,678 ---------- PAPER & PAPER PRODUCTS (3.3%) Consolidated Papers 158,600 7,871 International Paper 336,100 14,284 James River 378,800 12,122 Tambrands 412,500 17,634 ---------- Total Paper & Paper Products 51,911 ---------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- PETROLEUM REFINING (2.5%) Amoco 395,600 $ 30,708 Sun 335,900 8,398 ---------- Total Petroleum Refining 39,106 ---------- PRINTING & PUBLISHING (3.7%) American Greetings, Cl A 750,100 21,190 Dow Jones 623,400 21,663 Knight-Ridder 170,000 7,140 R.R. Donnelley & Sons 234,000 7,839 ---------- Total Printing & Publishing 57,832 ---------- RETAIL (3.0%) J.C. Penney 449,400 24,155 May Department Stores 324,000 15,795 Mercantile Stores 135,700 6,819 ---------- Total Retail 46,769 ---------- TECHNOLOGY (7.0%) AMP 670,000 25,628 GTE 631,700 28,348 ITT Industries 1,291,700 30,193 Philips Electronics ADR 592,000 23,976 ---------- Total Technology 108,145 ---------- TELEPHONES & TELECOMMUNICATION (6.0%) Alltel 654,300 20,856 AT&T 413,200 16,218 Frontier 894,900 23,491 Southern New England Telecommunications 467,300 18,575 Sprint 353,600 14,807 ---------- Total Telephones & Telecommunication 93,947 ---------- TRANSPORTATION (0.7%) Ryder System 353,300 10,731 ---------- Total Common Stocks (Cost $1,285,818) 1,451,573 ---------- 3 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 VALUE INCOME STOCK FUND--CONCLUDED - ----------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ----------------------------------------------------------- REPURCHASE AGREEMENTS (6.5%) Deutsche Bank 5.70%, dated 11/29/96, matures 12/02/96, repurchase price $66,936,582 (collateralized by FHLMC obligation, par value $100,794,333, 0.00%, 10/01/26: market value $68,242,899) $66,905 $ 66,905 Salomon Brothers 5.70%, dated 11/29/96, matures 12/02/96, repurchase price $33,639,057 (collateralized by FHLMC obligation, par value $15,781,330, 8.00%, 09/01/26; various FNMA obligations, total par value $259,378,394, 0.000%-9.000%, 12/01/21-07/01/24: total market value $39,449,394) 33,623 33,623 ---------- Total Repurchase Agreements (Cost $100,528) 100,528 ---------- Total Investments (99.9%) (Cost $1,386,346) 1,552,101 ---------- OTHER ASSETS AND LIABILITIES, NET (0.1%) 1,169 ---------- - ----------------------------------------------------------- VALUE (000) - ----------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 95,366,701 outstanding shares of beneficial interest $1,012,951 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 10,277,543 outstanding shares of beneficial interest 111,278 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 3,105,173 outstanding shares of beneficial interest 39,126 Undistributed net investment income 6,535 Accumulated net realized gain on investments 217,625 Net unrealized appreciation on investments 165,755 ---------- Total Net Assets (100.0%) $1,553,270 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 14.29 ========== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 14.27 ========== Maximum Offering Price Per Share -- Investor Shares ($14.27 (DIVIDE) 96.25%) $ 14.83 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 14.20 ========== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 4 ================================================================================ UNAUDITED MID-CAP EQUITY FUND - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- COMMON STOCKS (90.9%) AEROSPACE & DEFENSE (1.2%) Sundstrand 90,200 $ 3,515 -------- AUTOMOTIVE (2.7%) Harley-Davidson 60,000 2,663 Lear* 64,800 2,325 Magna International, Cl A 57,200 3,139 -------- Total Automotive 8,127 -------- BANKS (8.1%) Bancorp Hawaii 49,500 2,159 Crestar Financial 39,500 2,750 First Security 78,550 2,543 Northern Trust 50,300 3,653 Regions Financial 26,100 1,400 Republic New York 57,200 5,048 SouthTrust 69,100 2,457 Summit Bancorp 90,000 4,039 -------- Total Banks 24,049 -------- BUILDING (1.0%) Foster Wheeler 79,400 2,868 -------- CHEMICALS (3.1%) Eastman Chemical 48,700 2,782 IMC Fertilizer Group 134,600 4,862 Witco Chemical 54,100 1,643 -------- Total Chemicals 9,287 -------- ELECTRICAL SERVICES (3.4%) Southwestern Public Service 150,000 5,288 Wisconsin Energy 178,100 4,764 -------- Total Electrical Services 10,052 -------- ENERGY (3.8%) Kerr-McGee 63,300 4,431 Noble Affiliates 71,800 3,384 Questar 90,900 3,556 -------- Total Energy 11,371 -------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- ENVIRONMENTAL SERVICES (2.6%) Molten Metal Technology* 203,300 $ 3,050 USA Waste Services* 142,000 4,580 -------- Total Environmental Services 7,630 -------- FINANCIAL SERVICES (0.7%) Bear Stearns 76,875 2,114 -------- FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS (4.9%) Dole Food 102,000 3,978 Hubbell, Cl B 84,540 3,551 Nabisco Holdings, Cl A 88,500 3,429 ProSource* 172,000 1,763 Stanley Works 62,100 1,832 -------- Total Food, Beverage, Tobacco & Household Products 14,553 -------- HEALTH CARE (10.7%) Allergan 112,200 3,604 Apria Healthcare Group* 127,500 2,295 Biogen* 77,000 2,945 DePuy* 103,000 1,815 Elan ADR* 68,400 2,035 Healthcare & Retirement* 71,200 1,949 Millipore 90,000 3,679 Nellcor* 156,200 3,241 Stryker 74,000 2,146 Tenet Healthcare* 102,700 2,298 Teva Pharmaceuticals ADR 53,900 2,493 Vencor* 106,000 3,432 -------- Total Health Care 31,932 -------- INSURANCE (5.5%) Equifax 84,800 2,777 Healthcare Compare* 40,300 1,728 MGIC Investment 60,500 4,530 Pacificare Health Systems, Cl B* 30,300 2,515 Progressive of Ohio 33,400 2,330 Sunamerica 57,200 2,395 -------- Total Insurance 16,275 -------- 5 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 MID-CAP EQUITY FUND--CONCLUDED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- LEISURE (1.0%) International Speedway* 99,000 $ 1,980 Wendy's International 48,000 1,026 -------- Total Leisure 3,006 -------- MACHINERY (4.6%) Agco 184,900 5,154 American Standard* 65,300 2,490 General Signal 43,200 1,863 Trinity Industries 43,000 1,484 York International 49,050 2,575 -------- Total Machinery 13,566 -------- METALS & MINING (1.9%) Potash of Saskatchewan 74,600 5,623 -------- MISCELLANEOUS BUSINESS SERVICES (0.3%) Teradyne* 37,000 874 -------- PAPER & PAPER PRODUCTS (0.7%) Westvaco 67,800 1,915 -------- PETROLEUM & FUEL PRODUCTS (3.4%) Anadarko Petroleum 92,100 6,159 Apache 77,000 2,801 Costilla Energy* 90,000 1,103 -------- Total Petroleum & Fuel Products 10,063 -------- PRINTING & PUBLISHING (1.9%) American Greetings, Cl A 100,800 2,848 New York Times, Cl A 78,300 2,926 -------- Total Printing & Publishing 5,774 -------- RAILROADS (0.9%) Illinois Central 76,150 2,580 -------- RETAIL (9.7%) Cracker Barrel Old Country Stores 130,500 3,116 Dollar General 101,200 2,910 Fisher Scientific International 77,700 3,555 Fred Meyer* 68,400 2,291 Hannaford Brothers 120,100 3,873 - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- Men's Wearhouse* 105,400 $ 2,437 Price/Costco* 266,800 6,203 Staples* 232,100 4,584 -------- Total Retail 28,969 -------- TECHNOLOGY (12.8%) Adobe Systems 78,500 3,101 Analog Devices* 163,825 5,263 Atmel* 163,750 5,383 Avnet 34,900 2,042 Cadence Design Systems* 77,525 3,091 Informix* 210,000 4,988 Molex 42,337 1,651 Network General* 112,100 2,711 Octel Communications* 56,000 1,008 Solectron* 62,400 3,650 Structural Dynamics Research* 115,800 2,244 Xilinx* 68,600 3,010 -------- Total Technology 38,142 -------- TELEPHONES & TELECOMMUNICATION (4.9%) 360 Communications* 124,000 2,945 ADC Telecommunications* 86,400 3,132 Century Telephone Enterprises 105,800 3,372 Nextel Communications, Cl A* 204,700 3,071 Southern New England Telecom 49,400 1,964 -------- Total Telephones & Telecommunication 14,484 -------- TRANSPORTATION (0.9%) Atlantic Southeast Airlines 122,100 2,778 -------- WHOLESALE (0.2%) JP Foodservice* 26,400 644 -------- Total Common Stocks (Cost $245,833) 270,191 -------- 6 ================================================================================ UNAUDITED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- REPURCHASE AGREEMENT (6.9%) Deutsche Bank 5.70%, dated 11/30/96, matures 12/02/96, repurchase price $20,622,968 (collateralized by FNMA obligation, par value $57,193,061, 8.000%, 10/01/26: market value $21,025,440) $20,613 $ 20,613 -------- Total Repurchase Agreement (Cost $20,613) 20,613 -------- Total Investments (97.8%) (Cost $266,446) 290,804 -------- OTHER ASSETS AND LIABILITIES, NET (2.2%) 6,599 -------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 19,999,566 outstanding shares of beneficial interest 217,561 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 1,463,089 outstanding shares of beneficial interest 16,277 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 556,787 outstanding shares of beneficial interest 6,825 Undistributed net investment income 22 Accumulated net realized gain on investments 32,360 Net unrealized appreciation on investments 24,358 -------- Total Net Assets (100.0%) $297,403 ======== - ---------------------------------------------------------- - ---------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 13.51 ======== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 13.49 ======== Maximum Offering Price Per Share -- Investor Shares ($13.49 (DIVIDE) 96.25%) $ 14.02 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 13.40 ======== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 7 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 CAPITAL GROWTH FUND - ----------------------------------------------------------- SHARES VALUE (000) - ----------------------------------------------------------- COMMON STOCKS (88.3%) AEROSPACE & DEFENSE (4.9%) Allied Signal 327,000 $ 23,946 Boeing 57,400 5,704 Gulfstream Aerospace* 26,600 638 Lockheed Martin 69,900 6,335 Textron 64,400 6,142 United Technologies 133,900 18,779 --------- Total Aerospace & Defense 61,544 --------- AUTOMOTIVE (2.1%) Ford Motor 150,000 4,913 General Motors 82,800 4,771 Goodyear Tire & Rubber 104,600 5,073 Lear* 320,400 11,494 --------- Total Automotive 26,251 --------- BANKS (5.2%) BankAmerica 36,100 3,718 Chase Manhattan Bank 346,400 32,735 Cullen/Frost Bankers 41,600 1,477 First Chicago NBD 16,500 969 First Union 83,800 6,400 Mellon Bank 207,900 15,021 National City 114,000 5,287 --------- Total Banks 65,607 --------- BUILDING (0.5%) Fluor 20,600 1,401 Foster Wheeler 136,000 4,913 --------- Total Building 6,314 --------- CHEMICALS (2.7%) E.I. du Pont de Nemours 61,300 5,778 Hercules 180,600 8,759 IMC Fertilizer Group 60,000 2,168 Morton International 208,300 8,410 Potash of Saskatchewan 66,700 5,028 W.R. Grace* 70,000 3,701 --------- Total Chemicals 33,844 --------- - ----------------------------------------------------------- SHARES VALUE (000) - ----------------------------------------------------------- ELECTRICAL EQUIPMENT (4.2%) Emerson Electric 87,100 $ 8,547 General Electric 255,100 26,530 General Signal 395,600 17,060 --------- Total Electrical Equipment 52,137 --------- ENERGY (4.7%) Amoco 189,100 14,679 Atlantic Richfield 7,700 1,071 British Petroleum ADR 13,100 1,818 Dresser Industries 163,800 5,364 Enron 91,000 4,163 Halliburton 87,100 5,248 Mobil 110,300 13,346 Schlumberger 28,900 3,006 Union Pacific Resources Group 249,459 7,453 Union Texas Petroleum 99,500 2,214 --------- Total Energy 58,362 --------- ENVIRONMENTAL SERVICES (0.9%) Molten Metal Technology* 243,500 3,653 USA Waste Services* 52,700 1,700 Wheelabrator Technologies 95,000 1,556 WMX Technologies 120,100 4,324 --------- Total Environmental Services 11,233 --------- FINANCIAL SERVICES (1.2%) American Express 97,900 5,115 FHLMC 41,700 4,764 FNMA 135,800 5,602 --------- Total Financial Services 15,481 --------- FINANCIAL -- OTHER (0.9%) Travelers 237,596 10,692 --------- FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS (8.2%) Anheuser Busch 68,100 2,886 Avon Products 64,500 3,596 Colgate-Palmolive 90,100 8,346 CPC International 151,300 12,596 Duracell International 38,000 2,532 8 ================================================================================ UNAUDITED - ----------------------------------------------------------- SHARES VALUE (000) - ----------------------------------------------------------- Gillette 97,600 $ 7,198 JP Foodservice* 114,700 2,796 Newell 192,500 5,968 PepsiCo 74,000 2,211 Philip Morris 165,350 17,052 Procter & Gamble 95,800 10,418 Ralston-Ralston Purina Group 66,000 5,049 Sara Lee 64,800 2,543 Sysco 397,500 13,565 UST 180,900 5,902 --------- Total Food, Beverage, Tobacco & Household Products 102,658 --------- HEALTH CARE (12.9%) Allergan 83,200 2,673 American Home Products 107,000 6,875 Amgen* 67,500 4,109 Astra, Cl A ADR* 39,300 1,896 Baxter International 96,000 4,080 Becton Dickinson 98,900 4,154 Bristol-Myers Squibb 54,100 6,154 Columbia/HCA Healthcare 501,696 20,068 Eli Lilly 116,100 8,882 HEALTHSOUTH* 176,800 6,652 Johnson & Johnson 531,688 28,246 Merck 198,582 16,482 Ornda Healthcorp* 70,100 2,042 Pacificare Health Systems, Cl B* 43,300 3,594 Pfizer 75,200 6,740 Pharmacia Upjohn ADR 142,900 5,520 SmithKline Beecham 247,000 17,012 Tenet Healthcare* 392,900 8,791 Vencor* 243,370 7,879 --------- Total Health Care 161,849 --------- INSURANCE (5.0%) American International Group 152,150 17,497 Chubb 34,700 1,882 GCR Holdings 70,000 1,584 - ----------------------------------------------------------- SHARES VALUE (000) - ----------------------------------------------------------- General Re 42,600 $ 7,189 ITT Hartford Group 186,900 12,779 PMI Group 83,600 4,849 Sphere Drake Holdings 214,900 1,988 TIG Holdings 181,000 5,521 Washington National 354,600 9,884 --------- Total Insurance 63,173 --------- LEISURE (5.0%) Carnival 527,900 16,695 ITT* 209,500 9,663 Mattel 271,000 8,367 McDonald's 443,700 20,743 Walt Disney 51,866 3,825 Wendy's International 101,700 2,174 --------- Total Leisure 61,467 --------- MACHINERY (1.5%) American Standard* 128,500 4,899 Black & Decker 41,700 1,579 Deere 276,300 12,330 --------- Total Machinery 18,808 --------- MEDIA (2.3%) Hollinger International 180,300 1,983 McGraw-Hill 110,900 5,046 Tele-Communications, Cl A* 596,100 8,047 Viacom, Cl B* 350,821 13,243 World Color Press* 33,100 790 --------- Total Media 29,109 --------- METALS & MINING (0.6%) Aluminum Company of America 122,300 7,781 --------- MISCELLANEOUS (2.8%) Eastman Kodak 118,900 9,631 Tyco International 454,100 24,862 --------- Total Miscellaneous 34,493 --------- 9 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 CAPITAL GROWTH FUND--CONTINUED - ----------------------------------------------------------- SHARES VALUE (000) - ----------------------------------------------------------- PRINTING & PUBLISHING (0.9%) Gannett 91,600 $ 7,191 New York Times, Cl A 114,400 4,276 --------- Total Printing & Publishing 11,467 --------- RETAIL (6.6%) American Stores 221,100 8,816 CVS 272,900 11,223 Federated Department Stores* 368,200 12,565 Home Depot 445,332 23,213 Intimate Brands 207,100 3,365 Office Depot* 392,000 7,644 Staples* 95,100 1,878 Wal-Mart Stores 553,600 14,117 --------- Total Retail 82,821 --------- TECHNOLOGY (12.8%) Atmel* 88,900 2,923 Augat 58,000 1,639 Automatic Data Processing 73,500 3,151 Cadence Design Systems* 59,500 2,373 Ceridian* 25,000 1,203 Cisco Systems* 293,200 19,901 Electronic Data Systems 202,700 9,806 Ericsson Telephone ADR* 266,700 8,234 First Data 220,400 8,788 Hewlett Packard 176,400 9,504 IBM 76,800 12,240 Informix* 68,000 1,615 Intel 87,100 11,051 Microsoft* 157,500 24,708 Motorola 156,700 8,677 Oracle* 218,950 10,729 Scientific-Atlanta 721,100 11,177 Xerox 253,200 12,438 --------- Total Technology 160,157 --------- - ----------------------------------------------------------- SHARES VALUE (000) - ----------------------------------------------------------- TELEPHONES & TELECOMMUNICATION (1.1%) Airtouch Communications* 34,800 $ 892 BellSouth 64,300 2,596 Lucent Technologies 78,231 4,009 MCI Communications 207,200 6,320 ---------- Total Telephones & Telecommunication 13,817 ---------- TRANSPORTATION (1.3%) AMR* 3,300 301 Burlington Northern Santa Fe 67,900 6,103 Southwest Airlines 44,700 1,106 UAL* 45,600 2,622 Union Pacific 112,300 6,541 ---------- Total Transportation 16,673 ---------- Total Common Stocks (Cost $933,808) 1,105,738 ---------- PREFERRED STOCKS (4.3%) AIR TRANSPORTATION (0.5%) Continental Airline Financial, 8.50% (A)* 90,000 6,008 ---------- BANKS (0.5%) Boatmens Bancshare, CV to .8621 Shares 115,900 6,606 ---------- CONTAINERS & PACKAGING (0.4%) Crown Cork & Seal, CV to .9112 Shares 101,500 5,189 ---------- FINANCIAL SERVICES (0.4%) American General Finance, CV to 1.2288 Shares 91,000 5,051 ---------- INSURANCE (0.1%) Sunamerica 36,700 1,505 ---------- PAPER & PAPER PRODUCTS (0.4%) International Paper, CV to .9259 Shares* 100,000 4,813 ---------- 10 ================================================================================ UNAUDITED - ---------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- PETROLEUM & FUEL PRODUCTS (0.6%) Occidental Petroleum, CV to 2.1970 Shares (B) 124,100 $ 7,306 ---------- PRINTING & PUBLISHING (0.4%) News Limited, CV to 1.5444 Shares (B)* 50,000 4,875 ---------- RETAIL (0.4%) Host Mariott, CV to 2.6876 Shares (B)* 105,000 5,513 ---------- TELEPHONES & TELECOMMUNICATION (0.2%) TCI Communications, CV to 1.8710 Shares 50,000 1,919 ---------- WHOLESALE (0.4%) Westinghouse Electric, CV to 0.885 Shares (B)* 300,000 5,025 ---------- Total Preferred Stocks (Cost $50,998) 53,810 ---------- CONVERTIBLE BONDS (3.3%) Coleman Worldwide, CV to 7.853 Shares 0.000%, 05/27/13 $9,000 2,734 Continental Airlines, CV to 16.559 Shares 6.750%, 04/15/06 3,600 3,965 Home Depot, CV to 14.4665 Shares 3.250%, 10/01/01 4,000 3,975 Mariott LYON (A) (B) 0.000%, 03/25/11 5,000 2,850 Molten Metal Technology, CV to 25.8065 Shares (B) 5.750%, 05/01/06 5,500 4,056 Motorola, CV to 5.5890 Shares (A) 0.000%, 09/27/13 2,000 1,487 Price, CV to 44.3754 Shares 6.750%, 03/01/01 9,950 10,398 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Tele Communications International, CV to 36.63 Shares 4.500%, 02/15/06 $4,000 $ 3,240 Tenet Healthcare 6.000%, 12/01/05 700 735 WMX Technologies, CV to 26.078 Shares 2.000%, 01/24/05 7,500 7,425 ---------- Total Convertible Bonds (Cost $41,587) 40,865 ---------- REPURCHASE AGREEMENTS (4.9%) Deutsche Bank 5.70%, dated 11/29/96, matures 12/02/96, repurchase price $48,239,659 (collateralized by FNMA obligation, par value $133,781,606, 8.00%, 10/01/26: market value $49,181,091) 48,217 48,217 Salomon Brothers 5.70%, dated 11/29/96, matures 12/02/96, repurchase price $13,600,020 (collateralized by various FNMA obligations, total par value $20,906,321, 0.000%-6.500%, 05/01/24-06/01/26: total market value $13,963,340) 13,594 13,594 ---------- Total Repurchase Agreements (Cost $61,811) 61,811 ---------- Total Investments (100.8%) (Cost $1,088,204) 1,262,224 ---------- OTHER ASSETS AND LIABILITIES, NET (-0.8%) (10,393) ---------- 11 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 CAPITAL GROWTH FUND--CONCLUDED - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 62,384,235 outstanding shares of beneficial interest $ 685,666 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 12,347,984 outstanding shares of beneficial interest 139,397 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 1,293,765 outstanding shares of beneficial interest 18,435 Undistributed net investment income 1,234 Accumulated net realized gain on investments 233,079 Net unrealized appreciation on investments 174,020 ---------- Total Net Assets (100.0%) $1,251,831 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 16.47 ========== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 16.45 ========== Maximum Offering Price Per Share -- Investor Shares ($16.45 (DIVIDE) 96.25%) $ 17.09 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 16.38 ========== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 12 ================================================================================ UNAUDITED BALANCED FUND - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- COMMON STOCKS (53.6%) AEROSPACE & DEFENSE (2.8%) Allied Signal 19,300 $ 1,412 Lockheed Martin 4,100 372 Textron 6,000 572 United Technologies 7,900 1,108 -------- Total Aerospace & Defense 3,464 -------- AIR TRANSPORTATION (0.1%) AMR* 400 37 UAL* 2,500 144 -------- Total Air Transportation 181 -------- AIRCRAFT (0.3%) Boeing 3,300 328 -------- AUTOMOTIVE (1.0%) General Motors 4,900 282 Goodyear Tire & Rubber 5,700 276 Lear* 17,700 635 -------- Total Automotive 1,193 -------- BANKS (3.4%) Bank of Boston 4,460 312 BankAmerica 1,300 134 Boatmens Bancshares 2,100 140 Chase Manhattan Bank 20,100 1,899 Cullen/Frost Bankers 3,100 110 First Chicago NBD 500 29 First Union 4,900 374 Mellon Bank 11,500 831 Southern National 9,400 345 -------- Total Banks 4,174 -------- BUILDING (0.4%) Foster Wheeler 12,000 434 -------- BUILDING & CONSTRUCTION (0.1%) Fluor 1,200 82 -------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- CHEMICALS (1.7%) E.I. du Pont de Nemours 3,600 $ 339 Hercules 10,500 509 IMC Fertilizer Group 3,500 126 Potash of Saskatchewan 3,600 271 W.R. Grace* 5,600 296 Morton International 11,900 480 -------- Total Chemicals 2,021 -------- DRUGS (1.3%) Allergan 5,000 161 American Home Products 7,400 475 Amgen* 4,000 244 Astra, Cl A, ADR* 3,600 174 Eli Lilly 6,800 520 -------- Total Drugs 1,574 -------- ELECTRICAL EQUIPMENT (2.5%) Emerson Electric 5,000 491 General Electric 14,400 1,498 General Signal 23,300 1,005 -------- Total Electrical Equipment 2,994 -------- ELECTRICAL TECHNOLOGY (0.1%) Duracell International 1,600 107 -------- ENERGY (1.7%) Dresser Industries 9,100 298 Enron 4,300 197 Halliburton 6,000 362 Kerr-McGee 2,200 154 Mobil 6,400 774 Schlumberger 1,700 177 Union Texas Petroleum 6,100 136 -------- Total Energy 2,098 -------- ENVIRONMENTAL SERVICES (0.5%) Molten Metal Technology* 19,100 287 USA Waste Services* 2,800 90 WMX Technologies 7,000 252 -------- Total Environmental Services 629 -------- 13 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 BALANCED FUND--CONTINUED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- FINANCIAL SERVICES (0.7%) American Express 3,400 $ 178 FHLMC 2,800 320 FNMA 7,900 326 -------- Total Financial Services 824 -------- FINANCIAL -- OTHER (0.5%) Travelers 13,733 618 -------- FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS (4.8%) Anheuser Busch 3,800 161 Avon Products 3,500 195 Colgate-Palmolive 5,100 472 CPC International 8,000 666 Gillette 5,100 376 JP Foodservice* 8,900 217 Newell 14,000 434 PepsiCo 4,200 125 Philip Morris 9,800 1,011 Procter & Gamble 5,600 609 Ralston Purina Group 3,600 275 Sara Lee 3,800 149 Sysco 23,200 792 UST 9,900 323 -------- Total Food, Beverage, Tobacco & Household Products 5,805 -------- GAS/NATURAL GAS (0.3%) Consolidated Natural Gas 6,600 377 -------- HEALTH CARE (6.1%) Bristol-Myers Squibb 3,100 353 Columbia/HCA Healthcare 29,010 1,160 HEALTHSOUTH* 12,284 462 Johnson & Johnson 30,700 1,631 Merck 11,600 963 Pacificare Health Systems, Cl B* 2,000 166 Pfizer 4,400 394 Pharmacia Upjohn ADR 8,500 328 SmithKline Beecham 14,600 1,006 - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- Tenet Healthcare* 22,000 $ 492 Vencor* 12,400 401 -------- Total Health Care 7,356 -------- INSURANCE (3.2%) American International Group 8,900 1,024 Chubb 2,000 109 GCR Holdings 7,000 158 General Re 2,400 405 ITT Hartford Group 11,500 786 PMI Group 5,100 296 Sphere Drake Holdings 21,000 194 TIG Holdings 12,000 366 Washington National 19,500 544 -------- Total Insurance 3,882 -------- LEISURE (3.5%) Carnival 26,700 844 ITT* 11,100 512 Mattel 15,150 468 McDonald's 27,500 1,286 Viacom, Cl B* 20,944 791 Walt Disney 2,995 221 Wendy's International 7,000 150 -------- Total Leisure 4,272 -------- MACHINERY (0.7%) Black & Decker 2,400 91 Deere 16,300 727 -------- Total Machinery 818 -------- MEDIA (0.4%) Tele-Communications, Cl A* 34,000 459 -------- MEDICAL PRODUCTS & SERVICES (0.5%) Baxter International 7,000 298 Becton Dickinson 5,900 248 Ornda Healthcorp* 2,900 84 -------- Total Medical Products & Services 630 -------- 14 ================================================================================ UNAUDITED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- MISCELLANEOUS BUSINESS SERVICES (2.0%) Automatic Data Processing 4,070 $ 175 Eastman Kodak 8,600 697 Informix* 2,900 69 Tyco International 26,700 1,462 -------- Total Miscellaneous Business Services 2,403 -------- PETROLEUM & FUEL PRODUCTS (0.4%) Atlantic Richfield 900 125 Union Pacific Resources Group 12,922 386 -------- Total Petroleum & Fuel Products 511 -------- PETROLEUM REFINING (0.8%) Amoco 11,200 869 British Petroleum ADR 700 97 -------- Total Petroleum Refining 966 -------- PRINTING & PUBLISHING (0.8%) Gannett 4,600 361 McGraw-Hill 7,600 346 New York Times, Cl A 5,600 209 -------- Total Printing & Publishing 916 -------- RETAIL (3.9%) American Stores 13,000 518 CVS 15,300 629 Federated Department Stores* 21,300 727 Home Depot 25,900 1,350 Intimate Brands 10,800 176 Office Depot* 23,900 466 Wal-Mart Stores 33,400 852 -------- Total Retail 4,718 -------- SEMI-CONDUCTORS/INSTRUMENTS (0.1%) Atmel* 4,900 161 -------- SPECIALTY MACHINERY (0.2%) American Standard* 7,800 297 -------- STEEL & STEEL WORKS (0.3%) Aluminum Company of America 6,500 414 -------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- TECHNOLOGY (7.0%) Ceridian* 1,500 $ 72 Cisco Systems* 17,000 1,154 Electronic Data Systems 12,000 581 Ericsson Telephone ADR* 15,100 466 First Data 13,100 522 Hewlett Packard 10,600 571 IBM 5,200 829 Intel 4,900 622 Microsoft* 9,100 1,428 Motorola 8,600 476 Oracle* 12,900 632 Scientific-Atlanta 38,600 598 Xerox 12,600 619 -------- Total Technology 8,570 -------- TELEPHONES & TELECOMMUNICATION (0.8%) Airtouch Communications* 8,600 220 BellSouth 3,600 145 Lucent Technologies 4,714 242 MCI Communications 11,800 360 -------- Total Telephones & Telecommunication 967 -------- TRANSPORTATION (0.7%) Burlington Northern Santa Fe 4,800 431 Southwest Airlines 2,600 64 Union Pacific 6,200 361 -------- Total Transportation 856 -------- Total Common Stocks (Cost $55,236) 65,099 -------- PREFERRED STOCKS (1.1%) AIR TRANSPORTATION (0.3%) Continental Airline Financial, 8.50%* 5,000 334 -------- CONTAINERS & PACKAGING (0.3%) Crown Cork & Seal, CV to .9112 Shares 8,600 439 -------- INSURANCE (0.1%) Sunamerica 3,700 152 -------- 15 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 BALANCED FUND--CONCLUDED - ---------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- PETROLEUM & FUEL PRODUCTS (0.4%) Occidental Petroleum (B) 7,700 $ 453 -------- Total Preferred Stocks (Cost $1,335) 1,378 -------- CORPORATE OBLIGATIONS (15.9%) Aristar 6.750%, 05/15/99 $1,500 1,524 AT&T Capital 5.500%, 02/09/98 1,000 997 Capital One Bank 6.660%, 08/17/98 500 504 Fleet Financial Group 6.000%, 10/26/98 650 652 General Electric Capital 6.660%, 05/01/18 1,000 1,014 Hertz 8.300%, 02/02/98 450 463 Household Finance, MTN 7.150%, 06/15/00 1,000 1,029 Lockheed Martin 6.550%, 05/15/99 1,000 1,012 May Department Stores 6.875%, 11/01/05 750 764 Merrill Lynch, MTN 6.375%, 10/17/00 1,500 1,507 Philip Morris 7.250%, 09/15/01 2,000 2,062 Salomon 6.700%, 12/01/98 1,000 1,009 6.750%, 02/15/03 1,150 1,144 Salomon, MTN 7.590%, 01/28/00 1,500 1,549 Smith Barney 6.625%, 11/15/03 2,000 1,997 Sunamerica 6.200%, 10/31/99 2,000 2,008 -------- Total Corporate Obligations (Cost $18,971) 19,235 -------- - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- CONVERTIBLE BONDS (1.9%) Price, CV to 44.3754 Shares 6.750%, 03/01/01 $ 350 $ 366 Staples, CV to 30.303 Shares (B) 4.500%, 10/01/00 500 536 Time Warner Finance, CV to 7.7589 Shares (A) 0.000%, 06/22/13 900 387 WMX Technologies, CV to 26.078 Shares 2.000%, 01/24/05 1,000 990 -------- Total Convertible Bonds (Cost $2,194) 2,279 -------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (7.0%) FHLMC 8.000%, 06/01/02 657 678 7.500%, 09/01/03 1,393 1,423 FNMA 7.500%, 12/01/03 3,000 3,060 8.500%, 04/01/17 817 861 GNMA 9.000%, 11/15/17 2,290 2,483 -------- Total U.S. Agency Mortgage-Backed Obligations (Cost $8,408) 8,505 -------- U.S. TREASURY OBLIGATIONS (16.8%) U.S. Treasury Bonds 7.500%, 11/15/16 3,000 3,352 8.125%, 08/15/19 4,750 5,669 7.625%, 02/15/25 2,000 2,299 U.S. Treasury Notes 6.875%, 07/31/99 3,550 3,652 6.250%, 08/31/00 1,000 1,016 7.875%, 11/15/04 4,000 4,463 -------- Total U.S. Treasury Obligations (Cost $19,729) 20,451 -------- 16 ================================================================================ UNAUDITED - ----------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ----------------------------------------------------------- REPURCHASE AGREEMENTS (3.7%) Merrill Lynch 5.72%, dated 11/29/96, matures 12/02/96, repurchase price $4,263,531 (collateralized by FHLMC ARM, par value $4,855,000, 6.071%, 11/01/35: market value $4,541,984) $4,262 $ 4,262 Merrill Lynch 5.72%, dated 11/29/96, matures 12/02/96, repurchase price $190,472 (collateralized by FHLMC ARM, par value $4,855,000, 6.071%, 11/01/35: market value $4,541,984) 190 190 -------- Total Repurchase Agreements (Cost $4,452) 4,452 -------- Total Investments (100.0%) (Cost $110,325) 121,399 -------- OTHER ASSETS AND LIABILITIES, NET (0.0%) 29 -------- - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 8,935,182 outstanding shares of beneficial interest $ 89,768 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 463,860 outstanding shares of beneficial interest 4,717 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 347,620 outstanding shares of beneficial interest 3,871 Undistributed net investment income 551 Accumulated net realized gain on investments 11,447 Net unrealized appreciation on investments 11,074 -------- Total Net Assets (100.0%) $121,428 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 12.46 ======== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 12.51 ======== Maximum Offering Price Per Share -- Investor Shares ($12.51 (DIVIDE) 96.25%) $ 13.00 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 12.43 ======== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 17 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 INTERNATIONAL EQUITY INDEX FUND - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- FOREIGN COMMON STOCKS (97.8%) AUSTRALIA (2.7%) Amcor 13,361 $ 82 Broken Hill Proprietary 24,050 353 Coles Myer 40,644 152 CRA 9,418 157 CSR 27,994 92 Lend Lease 6,431 119 Mount Isa Mines Holdings 42,910 61 National Australia Bank 29,433 366 Newscorp 33,881 180 Pacific Dunlop 28,455 65 Western Mining 20,202 128 Westpac Banking 36,880 221 ------- Total Australia 1,976 ------- AUSTRIA (1.5%) Bank of Austria 3,508 255 Creditanstalt Bankverein 4,195 283 Ea - Generali 343 112 Oest El Wirtsch , Cl A 2,245 161 OMV 1,715 186 Wienerberger Baustoff 570 104 ------- Total Austria 1,101 ------- BELGIUM (1.8%) Bekaert 30 25 Delhaize Freres 1,500 88 Electrabel 1,000 234 Fortis 1,000 158 Generale Banque 470 167 Groupe Bruxelles Lambert 700 89 Kredietbank 390 128 Petrofina 600 188 Royale Belge 175 36 Solvay, Cl A 200 123 Union Minere* 680 46 ------- Total Belgium 1,282 ------- DENMARK (1.5%) Carlsberg, Cl B 1,427 93 D/S 1912, Cl B 6 150 - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- D/S Svendborg, Cl B 6 $ 217 Danisco 2,210 124 Novo Nordisk, Cl B 1,172 217 Sophus Berendsen, Cl B 451 57 Tele Danmark, Cl B 3,958 197 ------- Total Denmark 1,055 ------- FINLAND (0.9%) Merita* 36,000 115 Nokia, Cl K 3,700 205 Outokumpu Oy Akt, Cl A 5,000 85 UPM - Kymmene 10,900 218 ------- Total Finland 623 ------- FRANCE (11.3%) Accor 1,197 154 Air Liquide 2,746 438 Alcatel Alsthom 3,133 285 Axa 4,748 285 Banque National Paris, Cl A 4,350 173 Bouygues 950 106 Carrefour 753 465 Cie Bancaire 910 104 Cie de Saint Gobain 2,265 326 Cie Financiara Paribas 1,508 104 Cie Generale des Eaux 2,545 314 Compagnie de Suez 4,163 178 Elf Aquitaine 5,712 499 Elf Sanofi 3,173 284 Eridania Beghin - Say 1,209 188 Groupe Danone 2,414 355 Havas 2,250 159 L'Oreal 1,384 506 Lafarge Coppee 2,218 140 Legrand 950 165 Louis Vuitton - Moet Hennessy 2,331 591 Lyonnaise des Eaux Dumez 2,050 195 Michelin, Cl B 2,844 146 Pernod - Ricard 2,179 121 Peugeot 2,290 282 Pinault - Printemps Redoute 450 179 Promodes 478 133 18 ================================================================================ UNAUDITED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- Rhone - Poulenc, Cl A 8,500 $ 275 Schneider 4,827 230 Societe Generale 2,280 249 Total Compaigne, Cl B 4,470 358 Unibail 1,850 177 ------- Total France 8,164 ------- GERMANY (17.6%) Aachener & Munchener Bete 166 119 Allianz 708 1,282 BASF 18,600 687 Bayer 27,110 1,090 Bayerische Hypotheken und Wechselbank 9,900 310 Bayerische Vereinsbank 3,810 160 Biersdorf 3,340 169 Colonia Konzern 910 70 Daimler - Benz* 20,080 1,304 Degussa 399 166 Deutsche Bank 20,670 982 Dresdner Bank Frankfurt 16,800 498 Heidelberger Zement 2,490 178 Hochtief 260 10 Karstadt 625 216 Linde 391 237 Lufthansa 17,580 226 Man Muenchen 31 7 Mannesmann 1,153 480 Metro AG 3,063 257 Munchener Ruckvers 256 614 Preussag 11 3 RWE 10,540 466 SAP 2,300 317 Schering 1,810 148 Siemens 15,690 757 Thyssen 1,651 295 Veba 17,410 1,020 Viag 683 257 Volkswagen 961 382 ------- Total Germany 12,707 ------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- HONG KONG (1.1%) Cathay Pacific Airways 9,000 $ 15 Cheung Kong Holdings 18,000 158 China Light & Power 15,000 64 Hang Seng Bank 10,200 123 Hong Kong Telecommunications 67,200 116 Hutchison Whampoa 14,800 114 Sun Hung Kai Properties 6,600 82 Swire Pacific, Cl A 9,000 85 ------- Total Hong Kong 757 ------- ITALY (7.9%) Assicurazioni Generali 49,170 990 Banca Commerciale Italiana 33,500 61 Benetton Group 14,500 185 Credito Italiano 108,000 118 Edison 42,500 271 ENI SPA 76,000 400 Fiat 139,000 407 Fiat Non-Convertible 42,000 69 Istituto Bancario san Paolo di Torino 52,900 332 Istituto Nazionale 323,919 451 Italgas 5,000 21 Mediobanca 35,100 202 Montedison* 134,680 96 Olivetti* 142,500 50 Parmalat Finanziaria 102,800 161 Pirelli 120,000 219 RAS 10,135 100 Sirti 19,500 118 Telecom Italia 265,000 625 Telecom Italia di Risp 88,000 162 Telecom Italia Mobile 195,802 461 Telecom Italia Mobile di Risp 154,164 206 ------- Total Italy 5,705 ------- JAPAN (29.6%) Ajinomoto 15,000 170 Asahi Bank 31,000 302 Asahi Chemical Industries 46,000 302 Asahi Glass 31,000 316 Bank of Tokyo - Mitsubushi 24,000 491 19 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 INTERNATIONAL EQUITY INDEX FUND--CONTINUED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- JAPAN--CONTINUED Bank of Yokohama 11,000 $ 80 Bridgestone 15,000 277 Chiba Bank 12,000 91 Chiyoda 5,000 43 Citizen Watch 17,000 133 Cosmo Oil 12,000 60 Dai Nippon Printing 25,000 457 Daiei 11,000 91 Daimaru 17,000 102 Daiwa Kosho Lease 11,000 96 Daiwa Securities 24,000 259 Ebara 8,000 112 Fanuc 4,300 140 Fuji Bank 37,000 644 Fuji Photo Film 9,000 282 Fujitsu 22,000 211 Furukawa Electric 15,000 79 Hankyu 15,000 76 Hitachi 42,000 391 Honda Motor 11,000 325 Industrial Bank of Japan 31,000 613 Ito Ham Foods 1,000 6 Ito Yokado 4,000 202 Itochu 31,000 188 Japan Air Lines* 27,000 158 Japan Energy 24,000 78 Joyo Bank 14,300 94 Jusco 5,000 163 Kansai Electric Power 13,800 289 Kao 23,000 267 Kawasaki Steel 46,000 144 Kinki Nippon Railway 26,000 170 Kirin Brewery 21,000 212 Komatsu 13,000 110 Kubota 23,000 131 Kyocera 3,000 193 Marui 4,000 76 Matsushita Electric 28,000 485 Mitsubishi 21,000 243 Mitsubishi Chemical 16,000 61 Mitsubishi Electric 23,000 132 - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- Mitsubishi Estate 23,000 $ 291 Mitsubishi Heavy Industries 60,000 490 Mitsubishi Materials 47,000 211 Mitsubishi Trust & Banking 23,000 370 Mitsui 23,000 196 Mitsui Trust & Banking 13,000 124 Mitsukoshi 16,000 140 Murata Manufacturing 1,000 34 NEC 22,000 267 New Oji Paper 25,000 179 Nichido Fire & Marine Insurance 15,000 92 Nippon Express 13,000 99 Nippon Oil 26,000 147 Nippon Paper Industries 1,000 6 Nippon Sharyo 5,000 44 Nippon Steel 88,000 266 Nippon Yusen 27,000 129 Nippondenso 12,000 279 Nissan Motor 39,000 277 NKK* 24,000 59 Nomura Securities 26,000 439 Obayashi 21,000 158 Odakyu Electric Railway 24,000 148 Olympus Optical 8,000 75 Osaka Gas 44,000 136 Sakura Bank 37,000 338 Sankyo 8,000 214 Sanyo Electric 4,000 19 Sega Enterprises 1,600 63 Sekisui Chemical 7,000 77 Sekisui House 7,000 75 Sharp 16,000 250 Shimizu 21,000 175 Shin - Etsu Chemical 9,000 164 Shizuoka Bank 13,000 148 Skylark 3,000 48 Sony 6,000 384 Sumitomo Bank 30,000 522 Sumitomo Chemical 20,000 87 Sumitomo Metal 42,000 112 Taisei 51,000 284 Takeda Chemical 19,000 372 20 ================================================================================ UNAUDITED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- Tobu Railway 23,000 $ 128 Tohoku Electric Power 6,900 141 Tokai Bank 20,000 230 Tokio Marine & Fire Insurance 34,000 376 Tokyo Electric Power 15,900 359 Tokyo Gas 36,000 106 Tokyu 27,000 180 Toppan Printing 11,000 145 Toray 38,000 245 Tostem 3,000 86 Toto 18,000 236 Toyo Seikan Kaisha 3,000 95 Toyoda Automatic Loom 8,000 152 Toyota Motor 32,000 874 Yamaichi Securities 15,000 79 Yamanouchi Pharmaceutical 13,000 265 Yasuda Trust & Banking 20,000 94 ------- Total Japan 21,324 ------- NETHERLANDS (3.3%) ABN-Amro Holdings 3,850 250 Akzo Nobel 470 62 ING Groep 8,357 293 Koninklijke 5,456 204 Koninklijke Nederlanden Papierfabriek 960 22 Philips Electronics 3,742 151 Royal Dutch Petroleum 5,309 896 Unilever 1,580 274 Wolters Kluwer 1,761 230 ------- Total Netherlands 2,382 ------- NORWAY (1.1%) Bergesen, Cl A 5,700 131 Hafslund Nycomed, Cl B 5,900 41 Kvaerner 2,650 110 Norsk Hydro 8,375 422 Nycomed, Cl B* 2,300 34 Uni Storebrand* 9,987 60 ------- Total Norway 798 ------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- SPAIN (4.3%) Argentaria Bancaria de Espana 4,616 $ 180 Autopistas CESA 8,361 101 Banco Bilbao Vizcaya 6,749 341 Banco Central Hispano 5,523 138 Banco de Santander 4,356 236 Dragados Construccion 2,565 36 Empresa Nacional de Electricidad 7,776 525 Fomento de Construcciones Contratas 958 81 Gas Natural 993 206 Iberdola 20,445 236 Mapfre 1,018 54 Repsol 9,382 347 Telefonica de Espana 23,762 521 Union Electrica Fenosa 16,206 122 ------- Total Spain 3,124 ------- SWEDEN (2.2%) Asea, Cl A 1,950 226 Astra, Cl A 9,400 451 Diligentia* 1,350 22 Electrolux, Cl B 1,300 76 Ericsson, Cl B 8,100 250 Skandinaviska Enskilda Banken 9,200 86 Skanska, Cl B 2,500 111 Stora Kopparbergs Bergslags, Cl A 5,000 69 Svenska Cellulosa, Cl B 7,000 150 Swedish Match* 4,500 15 Volvo, Cl B 4,500 99 ------- Total Sweden 1,555 ------- SWITZERLAND (2.2%) Asea Brown Boveri 60 75 Ciba - Geigy 160 198 Nestle 312 339 Roche Holdings, Genusshein 34 261 Roche Holdlings, Bearer 12 143 Sandoz Pharmaceutical, Cl R 180 209 Schweizerische Bankgesellschaft 200 188 Swiss Bank 875 173 ------- Total Switzerland 1,586 ------- 21 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 INTERNATIONAL EQUITY INDEX FUND--CONCLUDED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- UNITED KINGDOM (8.8%) Abbey National 13,601 $ 159 Barclays Bank 25,213 434 Bass 12,485 164 BAT Industries 28,009 223 Blue Circle Industries 35,172 220 British Gas 20,778 76 British Petroleum 53,434 617 British Telecommunications 44,588 284 BTR 47,897 191 Cable & Wireless 29,090 233 General Electric 46,791 293 Glaxo Wellcome 23,799 392 Grand Metropolitan 23,365 182 Great Universal Stores 7,352 85 Guinness 27,624 207 Hanson 96,770 130 HSBC Holdings 7,895 170 HSBC Holdings 14,568 306 Imperial Chemical 15,754 204 Imperial Tobacco Group* 9,677 62 Marks & Spencer 40,514 346 National Power 11,877 92 Reuters 13,125 159 RMC Group 6,371 106 RTZ 17,392 293 Sainsbury, J. 14,815 94 Smithkline Beecham 24,760 341 Unilever 6,230 147 Vodafone Group 36,942 160 ------- Total United Kingdom 6,370 ------- UNITED STATES (0.0%) Millennium Chemicals* 1,382 28 ------- Total Foreign Common Stocks (Cost $62,979) 70,537 ------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- FOREIGN PREFERRED STOCKS (1.2%) FINLAND (0.3%) Nokia, Cl A 3,400 $ 189 ------- GERMANY (0.8%) RWE 8,480 311 SAP 1,380 191 Volkswagen 297 91 ------- Total Germany 593 ------- ITALY (0.1%) Fiat 42,800 66 ------- Total Foreign Preferred Stocks (Cost $732) 848 ------- CASH EQUIVALENTS (0.3%) Highmark Diversified Money Market Fund 211 211 ------- Total Cash Equivalents (Cost $211) 211 ------- Total Investments (99.3%) (Cost $63,922) 71,596 ------- OTHER ASSETS AND LIABILITIES, NET (0.7%) 534 ------- 22 ================================================================================ UNAUDITED - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 5,792,039 outstanding shares of beneficial interest $54,708 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 526,205 outstanding shares of beneficial interest 5,299 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 88,926 outstanding shares of beneficial interest 927 Undistributed net investment income 508 Accumulated net realized gain on investments 3,026 Net unrealized appreciation on investments 7,674 Net unrealized depreciation on foreign currency and translation of other asset and liabilities in foreign currency (12) ------- Total Net Assets (100.0%) $72,130 ======= Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 11.27 ======= Net Asset Value and Redemption Price Per Share-- Investor Shares $ 11.16 ======= Maximum Offering Price Per Share -- Investor Shares ($11.16 (DIVIDE) 96.25%) $ 11.59 ======= Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares(1) $ 11.12 ======= (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 23 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 INTERNATIONAL EQUITY FUND - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- FOREIGN COMMON STOCKS (95.7%) ARGENTINA (1.1%) YPF ADR, Cl D 160,000 $ 3,720 -------- AUSTRALIA (1.7%) Australia & New Zealand Bank Group 270,000 1,773 Burns Phillip 1,934,000 3,383 Leighton Holdings 93,834 408 -------- Total Australia 5,564 -------- BELGIUM (1.0%) Credit Communal Holdings* 35,000 3,181 -------- BRAZIL (1.9%) Telecom Brasileiras ADR 82,800 6,272 -------- CANADA (4.7%) Bank of Montreal 98,167 3,189 Bombardier, Cl B 195,000 3,471 CAE 336,352 2,582 Suncor 73,000 3,189 Thomson 149,000 3,354 -------- Total Canada 15,785 -------- DENMARK (1.7%) Falck 6,000 1,619 Novo Nordisk, Cl B 12,700 2,349 Sophus Berendsen, Cl B 13,850 1,751 -------- Total Denmark 5,719 -------- FINLAND (3.6%) Cultor, Ser 2 66,400 3,169 Metra, Cl B 53,000 2,817 Nokia ADR, Cl A 28,000 1,572 Oy Tamro 393,000 2,830 UPM - Kymmene 81,000 1,624 -------- Total Finland 12,012 -------- FRANCE (9.2%) Christian Dior 28,850 4,237 Elf Aquitaine 22,000 1,921 Lafarge Coppee 25,000 1,580 Michelin, Cl B 40,000 2,052 - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- Rhone - Poulenc, Cl A 150,000 $ 4,860 SGS-Thomson Microelectronics ADR* 55,000 3,664 Technip 132,113 12,396 -------- Total France 30,710 -------- GERMANY (5.0%) Hoechst 229,000 9,973 Mannesmann 7,500 3,122 Veba 59,600 3,491 -------- Total Germany 16,586 -------- GREECE (0.2%) Greek Telecom* 41,800 726 -------- HONG KONG (4.4%) Cheung Kong Holdings 370,000 3,254 Henderson Land Development 484,000 4,867 HSBC Holdings 311,317 6,483 -------- Total Hong Kong 14,604 -------- INDIA (0.2%) Hindalco GDR 32,700 667 -------- INDONESIA (0.4%) Tambang Timah, F 855,000 1,350 -------- IRELAND (0.0%) Bank of Ireland 214 2 -------- ISRAEL (1.5%) Comverse Technology* 37,000 1,258 Gilat Satellite Networks* 30,000 773 Nice Systems ADR* 36,100 654 Technomatrix Technologies* 105,500 2,255 -------- Total Israel 4,940 -------- ITALY (5.1%) Banca Popolare di Milano 767,700 3,929 ENI 933,000 4,916 Parmalat Finanziaria 2,029,000 3,182 Saipem 1,057,000 4,892 -------- Total Italy 16,919 -------- 24 ================================================================================ UNAUDITED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- JAPAN (11.4%) Canon 345,000 $ 7,273 Dai Nippon Printing 252,000 4,604 Honda Motor 219,000 6,464 Mitsubishi Heavy Industries 696,000 5,686 Nippon Television Network 18,000 5,408 Sony 89,400 5,725 Terumo 221,000 2,912 -------- Total Japan 38,072 -------- MEXICO (1.7%) Grupo Carso 274,000 1,394 Kimberly Clark, Cl A 68,100 1,317 Panamerican Beverages, Cl A 65,100 3,043 -------- Total Mexico 5,754 -------- NETHERLANDS (7.4%) ABN - Amro 106,000 6,869 Akzo Nobel 24,000 3,187 Hollandsche Beton Groep 17,458 3,312 Ing Groep 280,938 9,845 VNU 80,000 1,634 -------- Total Netherlands 24,847 -------- NEW ZEALAND (0.3%) Fletcher Challenge Building Division 297,500 836 -------- NORWAY (1.5%) Fokus Bank 258,000 1,608 Nera 43,000 1,762 Schibsted 86,000 1,568 -------- Total Norway 4,938 -------- PAKISTAN (0.3%) Hub Power* 1,264,000 1,109 -------- PANAMA (0.7%) Banco Latinamericano de Exportaciones 50,800 2,483 -------- PERU (0.8%) CPT Telefoncia del Peru 80,000 1,550 Credicorp 72,708 1,254 -------- Total Peru 2,804 -------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- PHILIPPINES (1.3%) Benpres GDR* 619,961 $ 4,495 -------- PORTUGAL (1.3%) Banco Totta & Acores 164,000 2,890 Portugal Telecom ADR 54,300 1,432 -------- Total Portugal 4,322 -------- SINGAPORE (0.8%) Elect & Eltek 777,000 2,688 -------- SOUTH AFRICA (2.2%) Richemont 197,000 2,940 Rembrandt Group 330,000 2,958 Sasol 105,000 1,299 -------- Total South Africa 7,197 -------- SOUTH KOREA (0.2%) Samsung Electronics 9,590 709 -------- SPAIN (1.9%) Telefonica de Espana 287,000 6,293 -------- SWEDEN (6.3%) Astra, Cl B 66,000 3,104 Ericsson, Cl B 144,100 4,446 Gettinge, Cl B 243,300 4,696 Incentive AB, Cl B 49,000 3,250 Investment AB Bure 170,500 1,881 Skandinaviska Enskilda Banken 225,000 2,096 Svedala Industrial 96,500 1,654 -------- Total Sweden 21,127 -------- SWITZERLAND (4.7%) Asea Brown Boveri 1,215 1,521 Ciba - Geigy 10,400 12,872 Societe Generale de Surveillance 640 1,481 -------- Total Switzerland 15,874 -------- 25 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 INTERNATIONAL EQUITY FUND--CONCLUDED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- UNITED KINGDOM (11.2%) Bank of Ireland 563,021 $ 4,899 Bank of Scotland 324,000 1,596 BAT Industries 207,000 1,652 BOC Group 100,000 1,492 Grand Metropolitan 205,000 1,601 Halma 446,000 1,470 London Forfaiting 1,868,200 8,717 Morgan Crucible 416,000 3,197 Page (Michael) Group 712,000 4,765 Powerscreen 301,100 3,028 Smithkline Beecham 229,000 3,154 Unilever 85,000 2,004 -------- Total United Kingdom 37,575 -------- Total Foreign Common Stocks (Cost $288,670) 319,880 -------- FOREIGN CONVERTIBLE PREFERRED STOCK (0.9%) AUSTRALIA (0.9%) Amcor PRIDES 60,000 3,023 -------- Total Foreign Convertible Preferred Stock (Cost $3,000) 3,023 -------- Total Investments (96.6%) (Cost $291,670) 322,903 -------- OTHER ASSETS AND LIABILITIES, NET (3.4%) 11,462 -------- - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 26,357,109 outstanding shares of beneficial interest $282,986 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 483,235 outstanding shares of beneficial interest 5,320 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 205,999 outstanding shares of beneficial interest 2,303 Undistributed net investment income 1,336 Accumulated net realized gain on investments 11,837 Accumulated net realized loss on foreign currency transanctions (658) Net unrealized appreciation on investments 31,233 Net unrealized appreciation on foreign currency and translation of other asset and liabilities in foreign currency 8 -------- Total Net Assets (100.0%) $334,365 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 12.36 ======== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 12.32 ======== Maximum Offering Price Per Share -- Investor Shares ($12.32 (DIVIDE) 96.25%) $ 12.80 ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares (1) $ 12.26 ======== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 26 ================================================================================ UNAUDITED SUNBELT EQUITY FUND - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- COMMON STOCKS (93.9%) AEROSPACE & DEFENSE (0.4%) Tracor* 81,604 $ 1,795 -------- AIR TRANSPORTATION (2.1%) Atlantic Southeast Airlines 113,923 2,592 Comair 171,833 4,274 Southwest Airlines 93,709 2,319 -------- Total Air Transportation 9,185 -------- BANKS (3.3%) Eagle Bancshares 44,223 652 First American of Tennessee 59,110 3,384 Sterling Bancshares 175,519 3,028 Texas Regional Bancshares, Cl A 45,495 1,535 Union Planters 146,644 6,067 -------- Total Banks 14,666 -------- BUILDING & CONSTRUCTION (0.4%) Fairfield Communities* 72,998 1,788 -------- BUILDING & CONSTRUCTION SUPPLIES (1.3%) American Buildings* 160,489 3,451 NCI Building Systems* 81,541 2,344 -------- Total Building & Construction Supplies 5,795 -------- BUILDING-MOBILE HOMES (2.1%) American Homestar* 128,916 2,353 Clayton Homes 169,698 2,758 Oakwood Homes 37,048 820 Palm Harbor Homes* 130,234 3,451 -------- Total Building-Mobile Homes 9,382 -------- COMPUTER SOFTWARE & SERVICES (7.8%) Cybex Computer Products* 82,000 1,210 Harbinger* 106,390 2,779 National Data 120,202 4,793 Nichols Research* 378,317 9,269 SCB Computer Technology* 351,287 6,323 Sterling Commerce* 277,709 8,748 Wandel & Goltermann Technologies* 91,221 1,927 -------- Total Computer Software & Services 35,049 -------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- ELECTRONICS (1.5%) Benchmark Electronics* 139,716 $ 4,139 SCI Systems* 48,962 2,583 -------- Total Electronics 6,722 -------- ENTERTAINMENT (0.5%) Carmike Cinemas, Cl A* 88,332 2,407 -------- FINANCE-MORTGAGE (0.8%) Triad Guaranty* 125,584 3,720 -------- FINANCE-REIT (0.3%) Winston Hotels 120,602 1,523 -------- FINANCIAL SERVICES (0.4%) First Enterprise Financial Group* 166,052 1,827 -------- FOOD, BEVERAGE & TOBACCO (0.3%) Goodmark Foods 86,306 1,473 -------- HOTELS & LODGING (1.5%) Promus Hotel* 205,215 6,618 -------- INSURANCE (1.2%) Compdent* 191,185 5,258 -------- LEISURE (0.9%) Play By Play Toys & Novelties* 92,637 984 Varsity Spirit 217,601 3,264 -------- Total Leisure 4,248 -------- MACHINERY (1.8%) Agco 95,856 2,672 Roper Industries 42,213 1,826 Tractor Supply* 174,249 3,659 -------- Total Machinery 8,157 -------- MEASURING DEVICES (1.9%) Input/Output* 352,197 8,453 -------- 27 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 SUNBELT EQUITY FUND--CONTINUED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- MEDICAL PRODUCTS & SERVICES (5.9%) Beverly Enterprises* 254,548 $ 3,373 Gulf South Medical Supply* 270,537 7,879 Phycor* 262,629 8,486 Quorum Health Group* 235,447 6,622 -------- Total Medical Products & Services 26,360 -------- METAL PRODUCTS & SERVICES (1.3%) Citation* 129,644 1,264 Wolverine Tube* 118,451 4,412 -------- Total Metal Products & Services 5,676 -------- MISCELLANEOUS BUSINESS SERVICES (4.7%) Accustaff* 83,522 1,691 Norrell 247,123 5,715 Nova* 203,734 3,871 PMT Services* 352,390 7,532 Staffmark* 187,990 2,373 -------- Total Miscellaneous Business Services 21,182 -------- MISCELLANEOUS CONSUMER SERVICES (0.7%) Central Parking 89,233 2,989 -------- OIL & GAS-DRILLING (4.3%) Diamond Offshore Drilling* 125,387 7,993 Ensco International* 112,278 4,926 Global Marine* 317,639 6,194 -------- Total Oil & Gas-Drilling 19,113 -------- OIL & GAS-EXPLORATION (4.1%) Nuevo Energy* 224,208 11,210 Stone Energy* 305,070 7,055 -------- Total Oil & Gas-Exploration 18,265 -------- OIL & GAS-MACHINERY & EQUIPMENT (1.6%) Baker Hughes 31,695 1,161 Tidewater 141,349 6,184 -------- Total Oil & Gas-Machinery & Equipment 7,345 -------- OIL & GAS-MARKETING (0.5%) World Fuel Services 107,666 2,059 -------- - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- OIL & GAS-SERVICES (4.0%) Global Industries* 240,871 $ 4,275 Offshore Logistics* 172,189 3,444 Pride Petroleum Service* 368,139 6,673 Production Operators 82,689 3,700 -------- Total Oil & Gas-Services 18,092 -------- PAPER & PAPER PRODUCTS (3.0%) Inbrand* 384,231 9,318 Rock Tenn, Cl A 195,435 4,104 -------- Total Paper & Paper Products 13,422 -------- PETROLEUM & FUEL PRODUCTS (3.8%) Anadarko Petroleum 35,333 2,363 BJ Services* 88,333 4,218 Cairn Energy USA* 245,785 2,888 Oceaneering International* 107,223 1,783 Transocean Offshore 96,397 5,808 -------- Total Petroleum & Fuel Products 17,060 -------- PRINTING & PUBLISHING (0.5%) Cadmus Communications 134,405 2,251 -------- PROFESSIONAL SERVICES (1.7%) Blount International 165,446 6,142 Educational Medical* 164,000 1,661 -------- Total Professional Services 7,803 -------- RETAIL (10.9%) Books-A-Million* 382,528 2,582 Claire's Stores 527,547 8,507 Discount Auto Parts* 227,822 5,838 Dollar General 237,006 6,814 Friedman's, Cl A* 149,007 2,049 Heilig-Meyers 424,309 5,887 Lowe's Companies 246,064 9,996 Sports & Recreation* 394,846 3,406 Stein Mart* 204,097 3,903 -------- Total Retail 48,982 -------- 28 ================================================================================ UNAUDITED - ---------------------------------------------------------- SHARES VALUE (000) - ---------------------------------------------------------- RETAIL-RESTAURANT (3.3%) Cracker Barrel Old Country Stores 108,202 $ 2,583 Longhorn Steaks* 260,238 5,205 O'Charleys* 112,626 1,352 Outback Steakhouse* 87,218 2,518 Sonic* 132,613 3,034 -------- Total Retail-Restaurant 14,692 -------- STEEL & STEEL WORKS (1.7%) Intermet 302,672 4,048 Maverick Tube* 212,183 3,368 -------- Total Steel & Steel Works 7,416 -------- TELEPHONES & TELECOMMUNICATION (1.6%) Premiere Technologies* 142,117 3,304 U.S. Long Distance* 427,157 3,818 -------- Total Telephones & Telecommunication 7,122 -------- TRUCK & PARTS-HEAVY DUTY (3.0%) Miller Industries* 479,143 13,296 -------- TRUCKING (3.7%) American Freightways* 464,649 4,763 Hunt J B Transportation Services 561,625 7,863 MTL* 87,628 1,851 USA Truck* 234,498 1,993 -------- Total Trucking 16,470 -------- WHOLESALE (5.1%) Barnett* 196,479 4,863 Isolyser* 138,470 1,108 Richfood Holdings 283,299 7,366 Serologicals* 95,399 3,196 Watsco 251,411 6,348 -------- Total Wholesale 22,881 -------- Total Common Stocks (Cost $349,813) 420,542 -------- - ---------------------------------------------------------- FACE AMOUNT (000)/SHARES VALUE (000) - ---------------------------------------------------------- CONVERTIBLE BONDS (2.8%) Career Horizons, CV to 88.1340 Shares 7.000%, 11/01/02 $1,638 $ 3,573 HEALTHSOUTH Rehabilitation, CV to 26.5781 Shares 5.000%, 04/01/01 3,756 7,606 Pride Petroleum Services, CV to 81.6327 Shares 6.250%, 02/15/06 820 1,316 -------- Total Convertible Bonds (Cost $10,807) 12,495 -------- CONVERTIBLE PREFERRED STOCK (0.9%) SCI Finance LLC, CV to 1.6617 Shares 38 3,864 -------- Total Convertible Preferred Stock (Cost $3,531) 3,864 -------- REPURCHASE AGREEMENT (3.2%) Deutsche Bank 5.65%, dated 11/29/96, matures 12/02/96, repurchase price $14,306,483 (collateralized by U.S. Treasury Bill, par value $9,926,000, 0.000%, 02/13/97; U.S. Treasury Note, par value $4,777,000, 4.750%, 08/31/98: total market value $14,585,913) 14,300 14,300 -------- Total Repurchase Agreement (Cost $14,300) 14,300 -------- Total Investments (100.8%) (Cost $378,451) 451,201 -------- OTHER ASSETS AND LIABILITIES, NET (-0.8%) (3,638) -------- 29 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 SUNBELT EQUITY FUND--CONCLUDED - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 30,478,757 outstanding shares of beneficial interest $315,611 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 2,164,224 outstanding shares of beneficial interest 21,558 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 366,668 outstanding shares of beneficial interest 4,675 Accumulated net investment loss (2,909) Accumulated net realized gain on investments 35,878 Net unrealized appreciation on investments 72,750 -------- Total Net Assets (100.0%) $447,563 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 13.57 ======== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 13.39 ======== Maximum Offering Price Per Share -- Investor Shares ($13.39 (DIVIDE) 96.25%) $ 13.91 ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares(1) $ 13.37 ======== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 30 SCHEDULE OF INVESTMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 UNAUDITED INVESTMENT GRADE TAX-EXEMPT BOND FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- MUNICIPAL BONDS (97.0%) CALIFORNIA (14.8%) Coronado, Community Development Agency, Community Development Project, RB, Pre-Refunded 09/01/01 @ 102 (MBIA) (E) 6.300%, 09/01/22 $5,000 $ 5,523 Orange County, Community Facilities District Special Tax, RB, Ser A, Pre-Refunded 08/15/02 @102 (E) 7.350%, 08/15/18 1,250 1,464 State Health Facilities Financing Authority, Catholic Healthcare West, RB, Callable 07/01/06 @ 102 (AMBAC) 5.250%, 07/01/16 2,000 1,941 State Health Facilities Financing Authority, Centinela Hospital Medical Center, RB, Pre-Refunded 09/01/02 @ 102 (MBIA) 6.250%, 09/01/15 2,800 3,116 State Public Works, Lease Revenue, RB, Pre-Refunded 03/01/04 @ 102 7.000%, 03/01/19 5,800 6,784 State Solid Waste Financing Authority, AMT (FSA) 6.250%, 08/01/11 5,000 5,416 South Gate, Public Financing Authority, Water Revenue, Ser A, RB, Sinking Fund 10/01/10 @ 100 (FGIC) 6.000%, 10/01/12 1,000 1,092 -------- Total California 25,336 -------- FLORIDA (14.4%) Brevard County, School Board, Ser A, COP (AMBAC) 5.400%, 07/01/12 2,000 2,019 Dade County, State Aviation Authority, Ser C, RB (MBIA) 5.000%, 10/01/01 3,850 3,963 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Okeechobee Correctional Facility, COP (AMBAC) 5.800%, 03/01/03 $1,000 $ 1,062 Orange County Health Facilities Authority, RB (MBIA) 6.250%, 10/01/13 1,000 1,111 Palm Beach County, State Airport System, RB, Callable 10/01/01 @ 102 (MBIA) 7.750%, 10/01/10 2,500 2,884 Reedy Creek, Improvement District Utility, Ser 1991-1, RB, Pre-Refunded 10/01/01 @ 101 (MBIA) 6.500%, 10/01/16 3,000 3,318 State Board of Education Capital Outlay, Ser A, GO, Callable 06/01/06 @ 101 5.000%, 06/01/18 1,500 1,422 State Board of Education Capital Outlay, Ser C, Pre-Refunded 06/01/02 @ 101 6.625%, 06/01/22 1,950 2,181 State Bond Finance Department, Environmental Preservation 2000 Project, Ser A, RB (MBIA) 6.000%, 07/01/05 2,000 2,194 State Department of Natural Resources, Environmental Preservation 2000 Project, Ser A, RB, Callable 07/01/01 @ 102 (AMBAC) 6.750%, 07/01/13 2,000 2,213 Volusia County, Master Lease Program, COP, Callable 08/01/01 @ 102 (FSA) 6.625%, 08/01/06 2,000 2,233 -------- Total Florida 24,600 -------- GEORGIA (0.9%) Downtown Savannah Authority, Chatham County Detention Project, Ser A, RB, Pre-Refunded 01/01/99 @ 102 6.400%, 01/01/01 1,415 1,509 -------- 31 SCHEDULE OF INVESTMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 INVESTMENT GRADE TAX-EXEMPT BOND FUND--CONCLUDED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- ILLINOIS (5.8%) Chicago, GO, Callable 07/01/07 @ 100 (AMBAC) 5.900%, 01/01/09 $1,680 $ 1,783 Chicago, Motor Fuel Tax Revenue, RB, Pre-Refunded 01/01/01 @ 102 (AMBAC) 7.100%, 01/01/11 1,500 1,680 Chicago, State Board of Education, GO (MBIA) 6.250%, 12/01/09 2,745 3,053 6.250%, 12/01/12 1,000 1,107 State Health Facilities Authority, Trinity Medical Center Project, RB, Callable 07/01/02 @ 102 (FSA) 7.000%, 07/01/12 2,000 2,259 -------- Total Illinois 9,882 -------- MARYLAND (3.5%) Montgomery County, Maryland Public Improvement, Ser A 5.200%, 10/01/00 5,725 5,948 -------- MASSACHUSETTS (2.0%) Boston, City Hospital Project, RB, Callable 08/15/00 @ 102 (FHA) 7.650%, 02/15/10 1,275 1,443 State GO, Ser D, Callable 11/01/05 @ 101 (FGIC) 5.125%, 11/01/12 2,000 1,965 -------- Total Massachusetts 3,408 -------- MINNESOTA (4.4%) Minneapolis-St. Paul, Metropolitan Transit Council, Ser D 4.250%, 02/01/98 2,655 2,672 State GO, Callable 08/01/02 @ 100 5.500%, 08/01/03 4,525 4,779 -------- Total Minnesota 7,451 -------- - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- MISSOURI (2.4%) St. Louis, Municipal Finance RB, Pre-Refunded 02/15/05 @ 100 (FGIC) 6.250%, 02/15/12 $1,550 $ 1,713 State Environmental Improvements Energy Resource Authority, Pollution Control, RB 5.750%, 12/01/02 2,305 2,463 -------- Total Missouri 4,176 -------- NEBRASKA (4.2%) Omaha, Public Power & Electric Authority, Ser A, RB, Pre-Refunded 02/01/02 @ 101.50 6.500%, 02/01/17 2,000 2,217 Omaha, Public Power & Electric Authority, Ser C, RB 5.500%, 02/01/10 4,785 4,976 -------- Total Nebraska 7,193 -------- NEW JERSEY (0.6%) Jersey City, Ser A, GO (AMBAC) 6.000%, 10/01/05 1,000 1,095 -------- NEW YORK (6.7%) State Dorm Authority, State University Educational Facilities, RB (FGIC) 5.875%, 05/15/11 2,000 2,144 State GO, Pre-Refunded 03/01/00 @ 102 (AMBAC) 7.100%, 03/01/20 1,650 1,827 State Local Assistance Corporation, Ser A, RB, Pre-Refunded 04/01/01 @ 102 7.000%, 04/01/16 1,065 1,199 State Urban Development Authority, RB, Callable 01/01/03 @ 102 (AMBAC) 5.625%, 01/01/07 2,300 2,409 32 ================================================================================ UNAUDITED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Triborough, State Bridge & Tunnel Authority, Ser X, RB, Callable 01/01/02 @ 101.50 6.250%, 01/01/04 $3,550 $ 3,864 -------- Total New York 11,443 -------- NORTH CAROLINA (0.6%) Onslow County, GO, Callable: 05/01/06 @ 102 (MBIA) 5.300%, 05/01/15 1,100 1,096 -------- OKLAHOMA (4.3%) Grand River Dam, RB (AMBAC) 6.250%, 06/01/11 5,540 6,218 State Industrial Authority Health Systems, Integris Baptist Medical Center, RB, (AMBAC) 6.000%, 08/15/10 1,000 1,064 -------- Total Oklahoma 7,282 -------- OREGON (5.2%) Linn & Benton Counties, State School District # 8J, GO (AMBAC) 5.000%, 06/01/99 1,735 1,774 5.000%, 06/01/04 660 679 5.350%, 06/01/08 1,000 1,032 Marion & Polk, State School District # 24J, Pre-Refunded 10/01/02 @ 100 6.000%, 10/01/12 4,930 5,332 -------- Total Oregon 8,817 -------- PUERTO RICO (15.6%) Commonwealth Highway & Transportation Authority, Ser Z, RB (FSA) 6.000%, 07/01/18 10,500 11,495 Electric Power Authority, RB (FSA) 5.800%, 07/01/05 5,000 5,436 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Public Building Authority, Education & Health Facilities, Ser L, RB, Pre-Refunded 07/01/02 @ 101.50 6.875%, 07/01/12 $5,925 $ 6,761 University of Puerto Rico, Ser M, RB (MBIA) 5.250%, 06/01/25 3,000 2,948 -------- Total Puerto Rico 26,640 -------- TEXAS (4.9%) Fort Worth, Ser A, GO 5.500%, 03/01/99 7,120 7,351 State RB, Ser A 5.800%, 10/01/04 1,000 1,082 -------- Total Texas 8,433 -------- VIRGINIA (6.7%) Fairfax County, Public Improvement Authority, Ser A, GO 5.500%, 06/01/98 5,710 5,856 State GO 5.375%, 06/01/98 4,375 4,481 State Housing Development Authority, Commonwealth Project, Ser C, RB, Callable 07/01/06 @ 102 5.750%, 07/01/07 1,000 1,019 -------- Total Virginia 11,356 -------- Total Municipal Bonds (Cost $161,871) 165,665 -------- CASH EQUIVALENTS (7.0%) AIM Management Institutional Tax-Free Portfolio 4,896 4,896 SEI Tax Exempt Trust Institutional Tax Free Portfolio 6,971 6,971 -------- Total Cash Equivalents (Cost $11,867) 11,867 -------- Total Investments (104.0% of Net Assets) (Cost $173,738) 177,532 -------- THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 33 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 FLORIDA TAX-EXEMPT BOND FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- MUNICIPAL BONDS (97.2%) FLORIDA (81.9%) Brevard County, School Board, Ser A, COP (AMBAC) 5.400%, 07/01/12 $1,500 $ 1,513 Brevard County, State Health Facilities Authority, Holmes Medical Center Project, RB, Callable 10/01/03 @ 102 (MBIA) 5.700%, 10/01/08 3,000 3,125 Brevard County, State Health Facilities Authority, Wuesthoff Memorial Hospital Project, RB (MBIA) 6.250%, 04/01/06 930 1,033 Dade County, Aviation Revenue, Ser A, RB, Callable 10/01/05 @ 102 (AMBAC) 6.000%, 10/01/09 500 541 Dade County, School District, GO, Pre-Refunded 07/01/99 @ 102 7.200%, 07/01/02 2,000 2,189 Dade County, Seaport Revenue, RB (MBIA) 6.200%, 10/01/08 750 841 Dade County, Water & Sewer System, RB (FGIC) 6.250%, 10/01/09 750 843 Deerfield Beach, Water & Sewer Revenue, RB (FGIC) 6.125%, 10/01/06 250 278 Department of Transportation, GO, Callable 07/01/06 @ 101 5.375%, 07/01/26 1,000 982 Gainesville Utility Systems, Ser A, RB 5.750%, 10/01/09 500 535 Gulf Breeze, Local Government Lien, Ser B, RB, Mandatory Tender 12/01/08 (FGIC) 5.650%, 12/01/15 460 477 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Gulf Breeze, Local Government Lien, Ser B, RB, Mandatory Tender 12/01/09 (FGIC) 5.750%, 12/01/15 $ 410 $ 428 Hillsborough County, Capital Improvement Revenue, RB (FGIC) 5.900%, 08/01/04 300 327 Hillsborough County, School Board Revenue, COP, Callable 07/01/06 @ 100 (MBIA) 5.875%, 07/01/08 1,000 1,073 Hillsborough County, Tampa Port Authority, RB, Callable 06/01/05 @ 102 (FSA) (ETM) (F) 5.600%, 06/01/07 500 522 Hillsborough County, University Community Hospital, RB (MBIA) 6.500%, 08/15/19 145 168 Indian Trace Community, Water Management Split Benefit, Ser A-1, RB, Callable 05/01/05 @ 102 (MBIA) 5.500%, 05/01/07 455 479 Jacksonville Excise Taxes, Ser B, AMT (FGIC) 4.900%, 10/01/02 590 600 Lakeland, Electric & Water Revenue, RB 6.650%, 10/01/98 100 105 Lakeland, Electric & Water Revenue, RB (FGIC) 6.500%, 10/01/05 1,000 1,134 Manatee County, Community Redevelopment Administration Center Project, RB, Callable 04/01/00 @ 102.00 (MBIA) 7.000%, 04/01/08 1,000 1,093 North Broward, Hospital District Revenue, RB (MBIA) 5.950%, 01/01/01 1,000 1,060 Orange County, Health Facilities Authority, RB (MBIA) 6.250%, 10/01/13 1,000 1,111 34 ================================================================================ UNAUDITED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Orange County, Public Facilities Revenue, Ser A, RB, Callable 10/01/04 @ 102 (AMBAC) 5.650%, 10/01/07 $ 200 $ 213 Orlando, Community Water & Electric Revenue, RB (ETM) 9.625%, 10/01/03 450 584 Orlando, Community Water & Electric Revenue, Ser D, RB 6.750%, 10/01/17 500 594 Palm Beach, Health Facilities Revenue, JFK Medical Center Project, RB, Pre-Refunded 12/01/03 @ 102 (FSA) 5.750%, 12/01/14 165 180 Pinellas County, Morton Plant Health Systems Project, RB, Callable 11/15/03 @ 102 (MBIA) 5.500%, 11/15/08 1,500 1,549 Plant City, Utility System Revenue, RB, Callable 10/01/04 @ 101 (MBIA) 6.000%, 10/01/15 400 432 Reedy Creek, Utility Revenue, Ser 1991-1, RB, Pre-Refunded 10/01/01 @ 101 (MBIA) 6.250%, 10/01/11 240 263 South Broward, Hospital District, RB, Callable 05/01/03 @ 102 (AMBAC) 7.500%, 05/01/08 1,250 1,464 State Board of Education, GO, Callable 01/01/06 @ 101 (FGIC) 5.000%, 01/01/15 1,000 957 State Board of Education Capital Outlay, RB 6.600%, 06/01/98 125 130 State Board of Education Capital Outlay, Callable 06/01/05 @ 101 5.500%, 06/01/21 1,500 1,488 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- State Board of Education Capital Outlay, Ser A, GO, Callable 06/01/06 @ 101 5.000%, 06/01/18 $1,500 $ 1,422 State Board of Education Capital Outlay, Ser B, GO, Callable 06/01/02 @ 101 5.900%, 06/01/12 450 466 State Board of Education Capital Outlay, Ser B, RB, Callable 06/01/02 @ 101 6.000%, 06/01/15 170 175 State Board of Education, Ser C, GO, Pre-Refunded 06/01/97 @ 102 (ETM) 7.100%, 06/01/07 190 198 State Board of Education, Ser E, GO, Callable 06/01/05 @ 101 5.000%, 06/01/20 2,000 1,884 State Board of Finance Department, General Services Revenue, Environmental Preservation 2000, Ser A, RB (AMBAC) 5.300%, 07/01/04 460 483 State Department of Natural Resources, Preservation 2000 Project, Ser A, RB, Callable 07/01/01 @ 102 (AMBAC) 6.750%, 07/01/06 80 89 State Keys, Aqueduct Authority Revenue, RB, Pre-Refunded 09/01/01 @ 101 (AMBAC) 6.750%, 09/01/21 170 190 State Pollution Control, Ser N, GO, Callable 07/01/96 @ 102 8.000%, 07/01/97 420 428 State Transportation Authority, GO, Pre-Refunded 07/01/00 @ 102 7.375%, 07/01/11 100 112 State Utility, Tax Revenue, RB (AMBAC) (A) 0.000%, 04/01/20 3,460 949 35 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 FLORIDA TAX-EXEMPT BOND FUND--CONCLUDED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- FLORIDA--CONTINUED Tampa, RB, Callable 10/1/01 @ 102 (AMBAC) 7.050%, 10/01/07 $1,000 $ 1,123 ------- Total Florida 35,830 ------- PUERTO RICO (15.3%) Commonwealth, GO, Pre-Refunded 07/01/98 @ 102 8.000%, 07/01/06 500 542 Commonwealth, Highway & Transportation Authority, Ser Y, RB (FSA) 5.000%, 07/01/16 750 726 Commonwealth, Highway & Transportation Authority, Ser Z, RB (MBIA) 6.250%, 07/01/14 2,000 2,245 Electric Power Authority, RB (FSA) 5.800%, 07/01/05 1,500 1,631 Electric Power Authority Revenue, Ser S, RB 5.500%, 07/01/00 200 207 Public Buildings Authority Revenue, Guaranteed Government Facilities, Ser A, RB (AMBAC) 6.250%, 07/01/14 750 842 Public Buildings Authority Revenue, Public Education & Health Facilities, RB 5.300%, 07/01/03 475 490 ------- Total Puerto Rico 6,683 ------- Total Municipal Bonds (Cost $41,145) 42,513 ------- CASH EQUIVALENTS (1.5%) AIM Management Institutional Tax-Free Portfolio 407 407 - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- SEI Tax-Exempt Trust Institutional Tax-Free Portfolio 252 $ 252 ------- Total Cash Equivalents (Cost $659) 659 ------- Total Investments (98.7%) (Cost $41,804) 43,172 ------- OTHER ASSETS AND LIABILITIES, NET (1.3%) 560 ------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 3,584,385 outstanding shares of beneficial interest 36,349 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 332,700 outstanding shares of beneficial interest 3,289 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 255,786 outstanding shares of beneficial interest 2,626 Accumulated net realized gain on investments 100 Net unrealized appreciation on investments 1,368 ------- Total Net Assets (100.0%) $43,732 ======= Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 10.48 ======= Net Asset Value and Redemption Price Per Share-- Investor Shares $ 10.48 ======= Maximum Offering Price Per Share -- Investor Shares ($10.48 (DIVIDE) 96.25%) $ 10.89 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 10.50 ======= (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 36 ================================================================================ UNAUDITED TENNESSEE TAX-EXEMPT BOND FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- MUNICIPAL BONDS (95.4%) PUERTO RICO (23.2%) Commonwealth, GO, Callable 07/01/05 @ 100 (MBIA) 5.500%, 07/01/13 $175 $ 178 Commonwealth, GO, Pre- Refunded 07/01/98 @ 102 8.000%, 07/01/06 500 542 Commonwealth, Highway & Transportation Authority, Ser Z, RB (MBIA) 6.250%, 07/01/15 500 560 ------- Total Puerto Rico 1,280 ------- TENNESSEE (72.2%) Chattanooga, GO, Callable 08/01/02 @ 102 5.900%, 08/01/05 50 54 Chattanooga, Health Facilities Board, Memorial Hospital Project, Ser A, RB (MBIA) 6.300%, 09/01/05 20 22 Chattanooga-Hamilton County, Erlanger Medical Center Project, RB (FSA) 5.600%, 10/01/08 50 52 Hamilton County, GO, Callable 07/01/04 @ 102 5.500%, 07/01/08 100 104 Harpeth Valley, Utility District Revenue, RB, Callable 09/01/03 @ 102 5.625%, 09/01/07 100 105 Jackson, Water & Sewer Utilities Revenue, RB, Callable 07/01/06 @ 100 (AMBAC) 5.250%, 07/01/11 200 199 Johnson City, Water & Sewer Regulation System, GO, Callable 05/01/06 @ 100 (AMBAC) 5.800%, 05/01/09 100 105 Kingsport, GO 5.500%, 09/01/02 50 53 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Knox County, First Utility District Sewer Revenue, RB (ETM) 7.250%, 12/01/05 $ 55 $ 65 Knox County, Health Facilities Board, Mercy Health Systems, Ser B, RB, Callable 09/01/05 @ 100 (AMBAC) 5.875%, 09/01/15 50 51 Knoxville, Natural Gas Revenue, Ser E, RB, Callable 03/01/03 @ 100 5.900%, 03/01/10 100 103 Madison County, Ser A, GO, Callable 08/01/01 @ 102 6.000%, 08/01/05 40 43 Madison County, Water Revenue, RB, Callable 02/01/08 @ 100 (MBIA) 5.500%, 02/01/09 250 257 Memphis-Shelby County, Airport Authority, RB, Callable 09/01/05 @ 100 (MBIA) 5.550%, 09/01/08 50 52 Memphis-Shelby County, Airport Authority, Ser B, RB (MBIA) (F) 6.500%, 02/15/09 85 95 Metro Government, Nashville & Davidson County, Convention Center Project, GO (ETM) 6.250%, 03/01/10 200 221 Metro Government, Nashville & Davidson County, Correctional Facility Improvements, RB, Callable 09/01/01 @ 102 7.000%, 09/01/11 100 110 Metro Government, Nashville & Davidson County, Electric Revenue, RB (ETM) 6.000%, 07/01/04 100 109 Metro Government, Nashville & Davidson County, Electric System Revenue, RB 5.625%, 05/15/14 200 206 37 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 TENNESSEE TAX-EXEMPT BOND FUND--CONCLUDED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- TENNESSEE--CONTINUED Metro Government, Nashville & Davidson County, Vanderbilt University Hospital, RB, Callable 07/01/06 @ 100 (ETM) 6.100%, 07/01/10 $100 $ 107 Metro Government, Nashville & Davidson County, Vanderbilt University, Ser A, RB 5.500%, 01/01/06 125 132 Metro Government, Nashville & Davidson County, Water & Sewer Revenue, RB (ETM) 6.500%, 12/01/14 225 255 Metro Government, Nashville & Davidson County, Water & Sewer, RB, Callable 01/01/04 @ 100 (AMBAC) 5.900%, 01/01/07 100 106 Nashville & Davidson County, State Sports Authority Stadium Project, RB, Callable 07/01/06 @ 101 (AMBAC) 5.750%, 07/01/15 100 103 Shelby County, School Boards, GO, Callable 03/01/02 @ 101 5.800%, 03/01/10 300 312 Shelby County, Ser A, GO 5.500%, 03/01/10 300 311 State GO, Ser A, Callable 03/01/07 @ 100 5.500%, 03/01/09 50 52 State GO, Ser C 5.000%, 03/01/04 100 103 State Housing Development Agency, Ser A, RB (AMBAC) 6.550%, 01/01/08 50 52 State Local Development Authority, State Loan Program, Ser A, RB, Callable 03/01/04 @ 100 7.000%, 03/01/12 50 55 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- State Metropolitan Nashville Airport, Ser B, RB, Pre- Refunded 07/01/01 @ 102 (FGIC) 7.750%, 07/01/06 $100 $ 115 State School Board Authority, Higher Education Facilities, Ser A, RB, Callable 05/01/02 @ 101.50 5.800%, 05/01/04 150 160 Sullivan County, Health Facilities Board, Holston Valley Health, RB, Callable 02/15/05 @ 100 (MBIA) 5.750%, 02/15/13 50 51 Williamson County, Rural School, GO, Callable 09/01/06 @ 100 5.400%, 09/01/07 50 52 ------- Total Tennessee 3,972 ------- Total Municipal Bonds (Cost $5,082) 5,252 ------- CASH EQUIVALENTS (4.2%) Aim Management Institutional Tax Free Portfolio 43 43 SEI Tax-Exempt Trust Institutional Tax-Free Portfolio 185 185 ------- Total Cash Equivalents (Cost $228) 228 ------- Total Investments (99.6%) (Cost $5,310) 5,480 ------- OTHER ASSETS AND LIABILITIES, NET (0.4%) 24 ------- 38 ================================================================================ UNAUDITED - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 170,635 outstanding shares of beneficial interest $ 1,590 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 161,415 outstanding shares of beneficial interest 1,526 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 233,265 outstanding shares of beneficial interest 2,232 Accumulated net realized loss on investments (14) Net unrealized appreciation on investments 170 ------- Total Net Assets (100.0%) $ 5,504 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 9.73 ======= Net Asset Value and Redemption Price Per Share -- Investor Shares $ 9.75 ======= Maximum Offering Price Per Share -- Investor Shares ($9.75 (DIVIDE) 96.25%) $ 10.13 ======= Net Asset Value, Offering and Redemption Price Per Shar -- Flex Shares(1) $ 9.73 ======= (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 39 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 GEORGIA TAX-EXEMPT BOND FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- MUNICIPAL BONDS (96.7%) GEORGIA (96.7%) Albany-Dougherty County, State Hospital Authority, Ser B, Anticipation Cerificate, Pre-Refunded 09/01/00 @ 102 (AMBAC) (G) 7.500%, 09/01/20 $ 255 $ 288 Athens, Water & Sewer Revenue, RB (ETM) (G) 5.700%, 07/01/00 165 173 Atlanta, State Airport Facility, RB (AMBAC) 6.000%, 01/01/04 500 542 Augusta, Water & Sewer, RB, Callable 05/01/02 @ 102 6.200%, 05/01/03 130 142 Bibb County, GO 7.000%, 01/01/04 985 1,124 Cherokee County, School District, GO, Callable 06/01/02 @ 102 6.375%, 06/01/07 605 658 Clayton County, Water & Sewer Authority, RB (AMBAC) 5.350%, 05/01/09 1,500 1,526 Cobb County, GO 5.000%, 02/01/03 1,025 1,057 Cobb County & Marietta, Coliseum & Exhibit Hall Authority, RB (MBIA) 5.500%, 10/01/12 940 967 Cobb County & Marietta, Water Authority, RB 5.100%, 11/01/04 1,000 1,036 Cobb County, Water & Sewer Authority, Callable 07/01/04 @ 102 5.125%, 07/01/05 345 358 Columbus, Water & Sewer Authority, RB (FGIC) 6.300%, 05/01/07 300 327 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Dalton-Whitfield County, Hospital Authority, RB, Pre-Refunded 07/01/00 @ 102 (G) 7.000%, 07/01/03 $ 355 $ 394 DeKalb County, RB, Pre-Refunded 01/01/02 @ 102 (G) 6.350%, 01/01/05 510 563 DeKalb County, Development Authority, Emory University Project, RB (G) 5.375%, 11/01/05 1,650 1,740 DeKalb County, Development Authority, Emory University Project, Ser A, RB 5.200%, 11/01/08 500 511 DeKalb County, School District, Ser A, GO 6.250%, 07/01/11 1,250 1,402 DeKalb County, Water & Sewer Authority, RB, Callable 10/01/03 @ 102 5.125%, 10/01/14 1,455 1,411 Douglas County, School District, GO (MBIA) 5.650%, 01/01/09 805 837 East Point Building Authority, RB (AMBAC) 4.800%, 02/01/07 535 529 Fayette County, School District, GO 6.250%, 03/01/07 450 501 Fayette County, Water Authority, RB (MBIA) (ETM) 8.550%, 10/01/01 300 355 Forsyth County, GO 6.500%, 07/01/06 1,000 1,131 Fulton County, Hospital Authority, Northside Hospital Project, Ser B, RB, Pre-Refunded 10/01/02 @ 102 (MBIA) (G) 6.600%, 10/01/11 1,250 1,407 6.625%, 10/01/16 575 648 40 ================================================================================ UNAUDITED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Gwinnett County, Recreation Authority, RB 5.875%, 02/01/07 $1,390 $ 1,505 Gwinnett County, School District, GO 6.400%, 02/01/06 500 563 Gwinnett County, School District, Ser B, GO 6.400%, 02/01/07 1,000 1,130 Hall County, GO 6.300%, 12/01/05 675 752 Hartwell, Combined Utility Revenue, RB, Callable 01/01/06 @ 102 (FSA) 5.500%, 01/01/16 1,000 1,005 Henry County, GO 6.300%, 08/01/08 300 336 Henry County, School District, School Improvements, RB 6.450%, 08/01/11 500 565 Henry County, School District, Ser A, GO 6.150%, 08/01/06 150 166 Henry County, School District, Ser B, GO (MBIA) 5.500%, 08/01/01 350 368 Housing Authority, Single Family Mortgage, Ser B, Sub-ser B-1, RB 5.550%, 12/01/07 550 566 Medical Center Hospital Authority, Columbus Regional Healthcare System, RB (MBIA) 6.000%, 08/01/06 1,000 1,084 Meriwether County, School District, GO (FSA) 7.000%, 02/01/06 740 861 5.500%, 02/01/16 1,000 1,005 Paulding County, School District, Ser A, GO 6.625%, 02/01/07 1,000 1,139 6.625%, 02/01/08 500 570 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Private Colleges & Universities Facilities Authority, Emory University Project, Ser C, RB, Callable 10/01/02 @ 102 5.900%, 10/01/04 $ 305 $ 330 Private Colleges & Universities Facilities Authority, Spelman College Project, RB (FGIC) 6.000%, 06/01/09 475 508 Rockdale County, School District, RB, Pre-Refunded 01/01/99 @ 102 (G) 6.400%, 01/01/05 150 160 Savannah, Water & Sewer Revenue, RB (ETM) (G) 6.450%, 12/01/04 1,000 1,124 State GO, Ser B, Pre-Refunded 07/01/99 @ 102 (G) 6.800%, 07/01/06 460 499 State GO, Ser C 6.500%, 04/01/08 1,000 1,145 State Housing & Financial Authority, Single Family Mortgage, Ser B, Sub-ser B-1, RB (FHA) 5.550%, 12/01/10 325 329 5.600%, 12/01/11 450 456 State Municipal Electric Authority, RB (ETM) (G) 8.000%, 01/01/15 465 595 Vidalia, Water & Sewer Revenue, RB (ETM) (G) 6.000%, 07/01/07 605 658 -------- Total Georgia 37,046 -------- Total Municipal Bonds (Cost $36,370) 37,046 -------- 41 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 GEORGIA TAX-EXEMPT BOND FUND--CONCLUDED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- CASH EQUIVALENTS (2.1%) AIM Management Institutional Tax-Free Portfolio $ 426 $ 426 SEI Tax-Exempt Trust Institutional Tax-Free Portfolio 396 396 -------- Total Cash Equivalents (Cost $822) 822 -------- Total Investments (98.8%) (Cost $37,192) 37,868 -------- OTHER ASSETS AND LIABILITIES, NET (1.2%) 445 -------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 3,024,164 outstanding shares of beneficial interest 29,201 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 345,906 outstanding shares of beneficial interest 3,371 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 504,263 outstanding shares of beneficial interest 4,899 Accumulated net realized gain on investments 166 Net unrealized appreciation on investments 676 -------- Total Net Assets (100.0%) $ 38,313 ======== - ---------------------------------------------------------- - ---------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 9.89 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 9.90 ======== Maximum Offering Price Per Share -- Investor Shares ($9.90 (DIVIDE) 96.25%) $ 10.29 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 9.89 ======== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 42 ================================================================================ UNAUDITED INVESTMENT GRADE BOND FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- U.S. TREASURY OBLIGATIONS (30.9%) U.S. Treasury Bonds 7.500%, 11/15/16 $52,000 $ 58,106 8.125%, 08/15/19 57,250 68,321 U.S. Treasury Notes 7.875%, 11/15/04 45,000 50,213 7.625%, 02/15/25 22,200 25,520 -------- Total U.S. Treasury Obligations (Cost $190,983) 202,160 -------- CORPORATE OBLIGATIONS (44.0%) Aristar 6.750%, 05/15/99 23,000 23,374 AT&T Capital 5.500%, 02/09/98 14,000 13,953 Capital One Bank 6.660%, 08/17/98 10,500 10,575 Fleet Financial Group 6.000%, 10/26/98 10,000 10,025 General Electric Capital (C) 6.660%, 05/01/18 21,000 21,289 Hertz 8.300%, 02/02/98 14,000 14,403 Household Finance, MTN 7.150%, 06/15/00 11,000 11,316 Lockheed Martin 6.550%, 05/15/99 16,000 16,200 May Department Stores 6.875%, 11/01/05 11,500 11,716 Merrill Lynch, Ser B, MTN 6.375%, 10/17/00 20,000 20,100 Philip Morris 7.250%, 09/15/01 30,000 30,938 Salomon 6.700%, 12/01/98 20,000 20,181 6.750%, 02/15/03 23,000 22,885 Salomon, MTN 7.590%, 01/28/00 7,150 7,382 Smith Barney 6.625%, 11/15/03 28,000 27,964 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- CORPORATE OBLIGATIONS--CONTINUED Sunamerica 6.200%, 10/31/99 $25,000 $ 25,094 -------- Total Corporate Obligations (Cost $283,304) 287,395 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (19.7%) FHLMC 8.000%, 06/01/02 9,203 9,493 7.500%, 09/01/03 20,899 21,344 FNMA 7.500%, 12/01/03 46,000 46,920 8.500%, 04/01/17 16,346 17,210 GNMA 9.000%, 11/15/17 31,293 33,937 -------- Total U.S. Government Agency Obligations (Cost $127,574) 128,904 -------- REPURCHASE AGREEMENTS (5.0%) Deutsche Bank 5.65%, dated 11/29/96, matures 12/02/96, repurchase price $10,013,751 (collateralized by U.S. Treasury Bond, par value $8,419,000, 8.125%, 08/15/21: market value $10,210,425) 10,009 10,009 Salomon Brothers 5.65%, dated 11/29/96, matures 12/02/96, repurchase price $22,687,602 (collateralized by U.S. Government STRIPS, par value $46,938,000, 6.48%, 02/15/08: market value $23,205,208) 22,677 22,677 -------- Total Repurchase Agreements (Cost $32,686) 32,686 -------- Total Investments (99.6%) (Cost $634,547) 651,145 -------- OTHER ASSETS AND LIABILITIES, NET (0.4%) 2,726 -------- 43 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 INVESTMENT GRADE BOND FUND--CONCLUDED - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 58,643,786 outstanding shares of beneficial interest $606,749 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 3,573,723 outstanding shares of beneficial interest 37,437 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 546,717 outstanding shares of beneficial interest 5,655 Overdistributed net investment income (25) Accumulated net realized loss on investments (12,543) Net unrealized appreciation on investments 16,598 -------- Total Net Assets (100.0%) $653,871 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 10.42 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 10.42 ======== Maximum Offering Price Per Share -- Investor Shares ($10.42 (DIVIDE) 96.25%) $ 10.83 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 10.43 ======== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 44 SCHEDULE OF INVESTMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 UNAUDITED SHORT-TERM BOND FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- U.S. TREASURY OBLIGATIONS (42.1%) U.S. Treasury Notes 7.250%, 02/15/98 $ 5,500 $ 5,610 6.125%, 05/15/98 2,000 2,017 4.750%, 09/30/98 4,500 4,438 4.750%, 10/31/98 9,000 8,866 5.500%, 02/28/99 13,750 13,711 6.500%, 05/31/01 1,000 1,026 7.500%, 11/15/01 4,750 5,084 ------- Total U.S. Treasury Obligations (Cost $40,556) 40,752 ------- CORPORATE OBLIGATIONS (31.7%) American General Finance 8.250%, 01/15/98 2,500 2,566 Appalachian Power 6.375%, 03/01/01 1,500 1,502 Associates of North America, MTN 5.980%, 12/19/00 1,250 1,239 Associates of North America 5.790%, 01/19/01 750 738 Bankers Trust New York 6.625%, 07/30/99 2,250 2,273 Chrysler Financial 6.440%, 06/23/99 1,000 1,010 Dayton Hudson 6.800%, 10/01/01 2,250 2,287 Federal Express 6.250%, 04/15/98 750 754 First Chicago NBD 6.500%, 11/01/01 2,250 2,264 Ford Motor Credit 6.250%, 11/08/00 1,500 1,500 General Electric Capital, Callable & Putable 4/14/98 @ 100 (C)(D) 6.650%, 04/14/08 2,000 2,018 General Motors Acceptance 6.875%, 06/07/00 1,750 1,785 International Lease Finance, MTN 6.050%, 02/01/00 2,250 2,244 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- NYNEX Credit, MTN 6.900%, 06/15/99 $2,000 $ 2,040 Philip Morris (D) 9.000%, 05/15/98 1,500 1,564 RJR Nabisco 8.300%, 04/15/99 1,000 1,046 Sears Roebuck Acceptance, MTN 6.300%, 10/18/00 1,250 1,256 6.150%, 11/15/05 750 749 Tenneco Credit 10.000%, 08/01/98 1,750 1,864 ------- Total Corporate Obligations (Cost $30,528) 30,698 ------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (11.2%) FHLB 6.645%, 10/29/01 2,250 2,250 FHLMC 6.500%, 04/01/98 1,020 1,025 8.000%, 01/01/00 1,022 1,045 FNMA 8.500%, 11/01/01 2,104 2,157 6.300%, 12/03/01 2,250 2,250 FNMA, MTN 5.760%, 02/26/01 2,100 2,063 ------- Total U.S. Agency Mortgage-Backed Obligations (Cost $10,755) 10,790 ------- U.S. GOVERNMENT AGENCY OBLIGATION (2.3%) SLMA Global Bond, Callable 12/02/97 @ 100 6.161%, 12/02/99 2,250 2,248 ------- Total U.S. Government Agency Obligation (Cost $2,250) 2,248 ------- 45 SCHEDULE OF INVESTMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 SHORT-TERM BOND FUND--CONCLUDED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- ASSET-BACKED SECURITIES (10.7%) Chase Manhattan Auto Grantor Trust, Ser 1996-B, Cl A 6.610%, 09/15/02 $4,700 $ 4,769 Fingerhut Master Trust, Ser 1996-1, Cl A 6.450%, 02/20/02 4,000 4,045 Union Pacific Equipment Trust 7.060%, 05/15/03 1,500 1,554 ------- Total Asset-Backed Securities (Cost $10,218) 10,368 ------- CASH EQUIVALENT (1.3%) SEI Daily Income Trust Prime Obligation Portfolio 1,277 1,277 ------- Total Cash Equivalent (Cost $1,277) 1,277 ------- Total Investments (99.3%) (Cost $95,584) 96,133 ------- THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 46 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 UNAUDITED SHORT-TERM U.S. TREASURY SECURITIES FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- U.S. TREASURY OBLIGATIONS (96.6%) U.S. Treasury Notes 6.000%, 08/31/97 $1,650 $ 1,657 5.375%, 11/30/97 3,000 2,998 7.250%, 02/15/98 1,900 1,938 6.125%, 05/15/98 2,250 2,269 5.125%, 06/30/98 2,250 2,237 5.875%, 08/15/98 2,400 2,412 5.500%, 11/15/98 1,600 1,597 5.000%, 01/31/99 1,900 1,876 6.875%, 07/31/99 4,250 4,372 6.000%, 08/15/99 2,500 2,520 ------- Total U.S. Treasury Obligations (Cost $23,719) 23,876 ------- CASH EQUIVALENT (2.1%) SEI Daily Income Trust Treasury II Portfolio 527 527 ------- Total Cash Equivalent (Cost $527) 527 ------- Total Investments (98.7%) (Cost $24,246) 24,403 ------- OTHER ASSETS AND LIABILITIES, NET (1.3%) 308 ------- - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 1,823,956 outstanding shares of beneficial interest $18,290 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 414,402 outstanding shares of beneficial interest 4,192 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 242,561 outstanding shares of beneficial interest 2,408 Accumulated net realized loss on investments (336) Net unrealized appreciation on investments 157 ------- Total Net Assets (100.0%) $24,711 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 9.96 ======= Net Asset Value and Redemption Price Per Share -- Investor Shares $ 9.96 ======= Maximum Offering Price Per Share -- Investor Shares ($9.96 (DIVIDE) 99.00%) $ 10.06 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 9.94 ======= (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 47 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- U.S. TREASURY OBLIGATIONS (36.3%) U.S. Treasury Notes 8.125%, 02/15/98 $ 4,400 $ 4,534 8.875%, 11/15/98 1,600 1,696 8.875%, 02/15/99 4,300 4,584 7.000%, 04/15/99 3,000 3,088 9.125%, 05/15/99 9,200 9,918 7.125%, 09/30/99 6,000 6,220 7.500%, 10/31/99 4,300 4,501 7.125%, 02/29/00 3,960 4,120 -------- Total U.S. Treasury Obligations (Cost $38,410) 38,661 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (61.1%) FHLMC 6.830%, 09/29/97 3,000 3,030 6.000%, 07/01/00 4,852 4,778 8.000%, 06/01/02 1,315 1,356 7.000%, 10/01/02 4,615 4,678 8.000%, 12/01/02 3,465 3,557 FHLMC REMIC, Ser 1637-E 5.750%, 02/15/19 2,700 2,672 FNMA 7.500%, 07/01/03 9,394 9,582 7.500%, 08/01/03 14,791 15,086 8.500%, 04/01/17 1,226 1,291 FNMA REMIC, Ser G96-1PC 7.000%, 08/17/12 4,921 5,021 FNMA REMIC, Ser 1992-134G 6.000%, 11/25/18 5,586 5,526 FNMA REMIC, Ser 93-95PC 5.500%, 12/25/05 7,000 6,961 GNMA 9.000%, 11/15/17 1,526 1,655 -------- Total U.S. Government Agency Obligations (Cost $64,487) 65,193 -------- - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- REPURCHASE AGREEMENT (2.3%) J.P. Morgan 5.57%, dated 11/29/96, matures 12/02/96, repurchase price $2,427,140 (collateralized by FHLMC obligation, par value $1,918,000, 7.000%, 07/15/22; FNMA obligation, par value $43,000, 6.500%, 08/25/23: total market value $2,475,129) $2,426 $ 2,426 -------- Total Repurchase Agreement (Cost $2,426) 2,426 -------- Total Investments (99.7%) (Cost $105,323) 106,280 -------- OTHER ASSETS AND LIABILITIES, NET (0.3%) 319 -------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 10,088,143 outstanding shares of beneficial interest 101,116 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 268,732 outstanding shares of beneficial interest 2,703 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 165,288 outstanding shares of beneficial interest 1,671 Overdistributed net investment income (4) Accumulated net realized gain on investments 156 Net unrealized appreciation on investments 957 -------- Total Net Assets (100.0%) $106,599 ======== 48 ================================================================================ UNAUDITED - ---------------------------------------------------------- - ---------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 10.13 ======== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 10.12 ======== Maximum Offering Price Per Share -- Investor Shares ($10.12 (DIVIDE) 97.50%) $ 10.38 ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares(1) $ 10.13 ======== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 49 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 U.S. GOVERNMENT SECURITIES FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- U.S. TREASURY OBLIGATIONS (39.4%) U.S. Treasury Bonds 7.250%, 05/15/16 $1,000 $ 1,090 6.875%, 08/15/25 1,000 1,056 6.750%, 08/15/26 550 574 U.S. Treasury Notes 8.500%, 04/15/97 100 101 7.125%, 10/15/98 500 514 7.750%, 11/30/99 200 211 8.500%, 11/15/00 1,000 1,094 7.750%, 02/15/01 100 107 8.000%, 05/15/01 200 217 7.500%, 11/15/01 600 642 7.500%, 05/15/02 750 807 7.875%, 11/15/04 275 307 7.500%, 02/15/05 500 547 6.500%, 10/15/06 750 774 7.625%, 02/15/25 400 460 ------- Total U.S. Treasury Obligations (Cost $8,294) 8,501 ------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (57.9%) FHLMC 7.000%, 01/01/09 140 142 7.000%, 04/01/09 658 665 7.000%, 08/01/10 950 959 FNMA 7.500%, 06/01/11 981 1,002 7.000%, 09/17/11 1,475 1,487 7.000%, 10/25/16 988 981 FNMA REMIC, Ser 1990-143, Cl J 8.750%, 12/25/20 140 147 FNMA REMIC, Ser 1996-9, Cl H 6.500%, 11/25/13 1,237 1,213 FNMA REMIC, Ser G93-40, Cl VC 6.500%, 08/25/10 261 257 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- GNMA 7.500%, 10/20/09 $ 74 $ 76 8.250%, 01/15/12 106 111 7.000%, 11/15/22 409 407 8.000%, 02/15/23 39 41 8.500%, 03/15/23 82 86 7.500%, 04/15/23 145 147 7.500%, 09/15/23 886 899 7.000%, 01/15/24 173 172 7.500%, 04/15/24 910 923 7.000%, 06/15/24 925 920 8.000%, 08/15/24 120 124 8.000%, 09/15/24 28 29 8.000%, 10/15/24 35 36 8.000%, 11/15/24 41 42 8.500%, 12/15/24 76 79 8.500%, 02/15/25 41 43 7.000%, 12/15/25 493 490 7.000%, 03/15/26 GNMA REMIC, Ser 1995-6A, Cl E 7.500%, 05/20/23 1,000 1,002 ------- Total U.S. Agency Mortgage-Backed Obligations (Cost $12,312) 12,480 ------- CASH EQUIVALENTS (2.5%) SEI Daily Income Trust Government II Portfolio 471 471 SEI Daily Income Trust Treasury II Portfolio 72 72 ------- Total Cash Equivalents (Cost $543) 543 ------- Total Investments (99.8%) (Cost $21,149) 21,524 ------- OTHER ASSETS AND LIABILITIES, NET (0.2%) 44 ------- 50 ================================================================================ UNAUDITED - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 1,539,527 outstanding shares of beneficial interest $15,611 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 253,857 outstanding shares of beneficial interest 2,566 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 298,641 outstanding shares of beneficial interest 3,059 Accumulated net realized loss on investments (43) Net unrealized appreciation on investments 375 ------- Total Net Assets (100.0%) $21,568 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 10.31 ======= Net Asset Value and Redemption Price Per Share-- Investor Shares $ 10.31 ======= Maximum Offering Price Per Share -- Investor Shares ($14.27 (DIVIDE) 96.25%) $ 10.71 ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 10.31 ======= (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 51 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 PRIME QUALITY MONEY MARKET FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- COMMERCIAL PAPER (46.9%) American Brands 5.410%, 01/08/97 $ 4,500 $ 4,474 5.410%, 01/14/97 7,500 7,450 5.580%, 01/23/97 10,000 9,918 American Express Credit 5.260%, 12/17/96 30,000 29,930 Associates of North America 5.260%, 12/03/96 35,000 34,990 Banc One 5.260%, 12/16/96 30,000 29,934 5.280%, 12/18/96 10,000 9,975 5.350%, 01/17/97 12,326 12,240 Banc One Funding 5.260%, 12/09/96 10,000 9,988 5.270%, 12/11/96 20,000 19,971 5.320%, 01/15/97 15,000 14,900 Bank of Montreal 5.440%, 12/03/96 10,000 9,997 5.400%, 01/27/97 24,000 23,795 Bankers Trust 5.470%, 12/26/96 2,100 2,092 5.330%, 02/20/97 1,000 988 Bankers Trust (C) 5.630%, 02/14/97 20,000 20,000 Barclays U.S. Funding 5.420%, 01/08/97 10,000 9,943 BAT Capital 5.270%, 12/09/96 6,500 6,492 5.400%, 12/20/96 950 947 Becton Dickinson 5.420%, 12/05/96 5,000 4,997 Beneficial 5.330%, 12/26/96 10,000 9,963 Cargill Financial 5.310%, 01/07/97 10,000 9,945 Caterpillar Finance 5.330%, 01/13/97 2,000 1,987 Commerzbank 5.330%, 01/10/97 13,000 12,923 5.330%, 01/15/97 15,000 14,900 5.580%, 02/03/97 2,100 2,079 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Cortez Capital 5.260%, 12/06/96 $ 1,403 $ 1,402 CPC International 5.370%, 12/27/96 10,800 10,758 5.300%, 04/09/97 18,000 17,658 Dean Witter Discover 5.330%, 01/29/97 30,000 29,738 Eaton 5.400%, 01/03/97 7,570 7,533 5.380%, 01/13/97 13,711 13,623 First Chicago Financial 5.330%, 01/14/97 39,000 38,746 5.330%, 01/17/97 10,000 9,930 Ford Motor Credit 5.470%, 12/02/96 2,000 2,000 5.330%, 01/14/97 4,200 4,173 General Electric Capital 5.300%, 12/11/96 5,850 5,841 5.460%, 12/20/96 9,228 9,202 5.580%, 01/22/97 15,000 14,879 5.340%, 01/10/97 1,155 1,148 5.350%, 01/15/97 1,000 993 General Re 5.350%, 12/02/96 11,500 11,498 GTE Florida 5.370%, 12/02/96 8,400 8,399 H.J. Heinz 5.260%, 12/06/96 13,400 13,390 J.C. Penny 5.310%, 02/27/97 11,020 10,877 5.330%, 03/06/97 24,950 24,599 Metropolitian Life Funding 5.300%, 12/02/96 1,300 1,300 Panasonic Finance 5.330%, 01/07/97 9,250 9,199 5.400%, 01/09/97 4,000 3,977 PHH 5.400%, 01/10/97 25,000 24,850 Schering 5.400%, 02/26/97 7,650 7,550 52 ================================================================================ UNAUDITED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Sony Capital 5.430%, 12/18/96 $ 6,000 $ 5,985 5.330%, 01/14/97 15,000 14,902 5.370%, 01/24/97 30,000 29,758 Southern California Edison 5.350%, 01/17/97 1,700 1,688 Southern New England Telecommunications 5.350%, 12/13/96 12,256 12,234 5.300%, 12/18/96 10,095 10,070 Toyota Motor Credit 5.260%, 12/04/96 6,200 6,197 Transamerica Financial 5.470%, 12/02/96 10,000 9,998 Unilever 5.330%, 12/12/96 4,000 3,994 United States Borax 5.450%, 12/09/96 4,600 4,594 5.300%, 02/25/97 12,100 11,947 Walt Disney 5.400%, 12/16/96 1,000 998 -------- Total Commercial Paper (Cost $710,446) 710,446 -------- CORPORATE OBLIGATIONS (11.1%) American General Finance 5.800%, 04/01/97 1,000 1,000 Associates of North America 9.700%, 05/01/97 3,000 3,049 BankAmerica 7.500%, 03/15/97 2,850 2,864 Beneficial, MTN 9.375%, 02/17/97 1,500 1,513 Cargill 8.250%, 03/06/97 10,000 10,064 Citicorp, MTN 8.550%, 03/17/97 1,000 1,007 CoreStates Capital (C) 5.390%, 12/03/96 10,000 10,000 Dayton Power & Light 5.625%, 05/01/97 2,100 2,099 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Ford Motor Credit 5.625%, 03/03/97 $ 4,500 $ 4,504 Ford Motor Credit, MTN (C) 5.520%, 05/20/97 4,950 4,950 Ford Motor Pass Thru Certificate 5.200%, 01/01/97 12,800 12,798 General Electric Capital 7.750%, 12/30/96 2,000 2,004 General Electric Capital, Callable 12/15/96 @ 100 7.980%, 12/15/07 5,500 5,506 General Electric Capital, MTN 6.877%, 03/21/97 10,000 10,034 Household Finance 7.625%, 12/15/96 5,000 5,004 7.500%, 03/15/97 12,800 12,854 Household Finance, MTN (C) 5.460%, 08/04/97 5,000 5,001 NationsBank 7.500%, 02/15/97 4,600 4,614 Pacific Gas & Electric, MTN 4.900%, 12/09/96 4,500 4,499 PHH 8.000%, 01/01/97 1,450 1,453 Philip Morris 8.750%, 12/01/96 1,300 1,300 7.500%, 03/15/97 3,255 3,270 9.750%, 05/01/97 10,705 10,865 Society Bank 7.125%, 04/15/97 2,000 2,009 Transamerica Finance (C) 5.460%, 05/27/97 16,500 16,502 Virginia Electric & Power 7.250%, 03/01/97 12,000 12,041 Xerox Credit, MTN 5.810%, 03/17/97 18,000 18,006 -------- Total Corporate Obligations (Cost $168,810) 168,810 -------- 53 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 PRIME QUALITY MONEY MARKET FUND--CONCLUDED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- BANK NOTES (10.1%) Bank of America 5.510%, 12/19/96 $15,000 $ 15,000 4.900%, 02/05/97 20,000 19,964 Banc One Milwaukee (C) 5.450%, 12/19/96 4,000 4,000 5.500%, 05/14/97 25,000 24,992 Boatmans National Bank (C) 5.580%, 06/17/97 25,000 24,999 Comerica Bank of Detroit (C) 5.390%, 12/31/96 10,000 9,999 5.460%, 05/26/97 25,000 25,002 FCC National Bank 5.540%, 02/11/97 4,000 4,001 Fifth Third Bank Kentucky 5.370%, 01/21/97 15,000 15,000 PNC Bank (C) 5.315%, 06/06/97 10,000 9,998 -------- Total Bank Notes (Cost $152,955) 152,955 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (7.8%) FHLB 3.781%, 04/01/97 1,800 1,793 FHLMC 5.100%, 01/13/97 1,000 1,000 FHLMC Gold Balloon 7.000%, 01/15/97 14,102 14,111 FNMA (C) 5.350%, 09/29/97 25,000 24,990 FNMA MTN 6.060%, 10/02/97 2,000 2,001 FNMA MTN (C) 5.360%, 11/14/97 40,000 39,982 FNMA MTN, Ser B (C) 5.345%, 09/03/97 20,000 19,992 SLMA 5.370%, 12/20/96 10,000 10,000 5.370%, 02/08/99 5,000 4,983 -------- Total U.S. Government Agency Obligations (Cost $118,852) 118,852 -------- - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- ASSET-BACKED SECURITIES (1.2%) Ford Credit Auto Owner Trust, Ser 1996-B, Cl A1 5.514%, 10/15/97 $ 6,095 $ 6,095 NationsBank Auto Owner Trust, Ser 1996-A, Cl A1 5.776%, 08/15/97 4,583 4,583 Navistar Financial Owner Trust, Ser 1996-B, Cl A1 5.490%, 11/20/97 7,772 7,773 -------- Total Asset-Backed Securities (Cost $18,451) 18,451 -------- CERTIFICATES OF DEPOSIT (5.5%) Bankers Trust New York (C) 5.420%, 10/16/97 15,000 14,996 Huntington National Bank 5.100%, 01/22/97 23,500 23,482 Northern Trust 5.070%, 02/28/97 20,000 19,974 Swiss Bank 5.520%, 12/20/96 15,000 15,000 Swiss Bank New York (C) 6.149%, 06/19/97 10,000 10,000 -------- Total Certificates Of Deposit (Cost $83,452) 83,452 -------- REPURCHASE AGREEMENTS (17.1%) Deutsche Bank 5.70%, dated 11/29/96, matures 12/02/96, repurchase price $200,266,981 (collateralized by various FHMLC obligations, total par value $104,199,146, 0.000%-7.500%, 10/01/26; various FNMA obligations, total par value $20,902,533, 0.000%-8.000%, 10/01/26: total market value $204,175,338) 200,172 200,172 54 ================================================================================ UNAUDITED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Swiss Bank 5.70%, dated 11/29/96, matures 12/02/96, repurchase price $8,646,471 (collateralized by FHLMC obligation, par value $8,887,000, 7.000%, 11/01/26: market value $8,863,178) $ 8,642 $ 8,642 Salomon Brothers 5.70%, dated 11/29/96, matures 12/02/96, repurchase price $23,721,937 (collateralized by FHLMC obligation, total par value $3,675,167, 8.00%, 09/01/26; FNMA obligations, par value $277,172,739, 8.000%-9.500%, 11/25/21-10/01/22: total market value $29,454,357) 23,711 23,711 Union Bank of Switzerland 5.70%, dated 11/29/96, matures 12/02/96, repurchase price $27,089,280 (collateralized by various FHLMC obligations, total par value $47,491,667, 0.000%-32.703%, 05/15/07-09/15/23; various FHLMC STRIPS, par value $3,055,000, 0.000%, 07/01/26: total market value $27,890,052) 27,076 27,076 ---------- Total Repurchase Agreements (Cost $259,601) $ 259,601 ---------- Total Investments (99.7%) (Cost $1,512,567) 1,512,567 ---------- OTHER ASSETS AND LIABILITIES, NET (0.3%) 4,090 ---------- - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 1,226,709,470 outstanding shares of beneficial interest $1,226,709 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 290,356,340 outstanding shares of beneficial interest 290,356 Accumulated net realized loss on investments (408) ---------- Total Net Assets (100.0%) $1,516,657 ========== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 1.00 ========== Net Asset Value, Offering and Redemption Price Per Share -- Investor Shares $ 1.00 ========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 55 STATEMENT OF NET ASSETS - ----------------- STI CLASSIC FUNDS NOVEMBER 30, 1996 U.S. GOVERNMENT SECURITIES MONEY MARKET FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- U.S. TREASURY OBLIGATIONS (31.7%) U.S. Treasury Bill 5.120%, 12/19/96 $15,000 $ 14,961 U.S. Treasury Notes 7.500%, 01/31/97 25,000 25,096 4.750%, 02/15/97 5,000 4,992 6.875%, 03/31/97 28,000 28,116 5.875%, 07/31/97 30,000 30,097 6.000%, 08/31/97 20,000 20,035 -------- Total U.S. Treasury Obligations (Cost $123,297) 123,297 -------- REPURCHASE AGREEMENTS (68.2%) Deutsche Bank 5.64%, dated 11/29/96, matures 12/02/96, repurchase price $89,968,921 (collateralized by U.S. Treasury Bonds, total par value $53,165,000, 8.000%-12.500%, 08/15/14-11/15/21; U.S. Treasury Note, par value $28,943,000, 5.875%, 11/15/05: total market value $91,725,460) 89,927 89,927 Merrill Lynch 5.64%, dated 11/29/96, matures 12/02/96, repurchase price $17,007,990 (collateralized by various GNMA obligations, total par value $21,795,146, 6.500%-8.500%, 07/15/08-11/15/23: total market value $17,341,807) 17,000 17,000 Salomon Brothers 5.64%, dated 11/29/96, matures 12/02/96, repurchase price $17,007,990 (collateralized by U.S. Government STRIPS, par value $56,760,000, 0.000%, 11/15/14: market value $17,400,346) 17,000 17,000 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Swiss Bank 5.64%, dated 11/29/96, matures 12/02/96, repurchase price $17,007,990 (collateralized by U.S. Treasury Notes, total par value $17,139,000, 5.750%-7.375%, 09/30/97-11/15/97: total market value $17,354,362) $17,000 $ 17,000 Barclays 5.64%, dated 11/29/96, matures 12/02/96, repurchase price $17,007,990 (collateralized by U.S. Treasury Bill, par value $17,390,000, 0.000%, 12/19/96: market value $17,340,543) 17,000 17,000 Morgan Stanley 5.64%, dated 11/29/96, matures 12/02/96, repurchase price $17,007,990 (collateralized by various GNMA obligations, total par value $23,875,000, 6.500%-7.125%, 07/20/23-03/20/24: total market value $17,360,393) 17,000 17,000 Union Bank of Switzerland 5.64%, dated 11/29/96, matures 12/02/96, repurchase price $90,042,300 (collateralized by U.S. Government STRIPS, total par value $116,601,000, 0.000%, 02/15/00-11/15/14: total market value $91,800,797) 90,000 90,000 -------- Total Repurchase Agreements (Cost $264,927) 264,927 -------- Total Investments (99.9%) (Cost $388,224) 388,224 -------- OTHER ASSETS AND LIABILITIES, NET (0.1%) 304 -------- 56 ================================================================================ UNAUDITED - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 330,046,397 outstanding shares of beneficial interest $330,046 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 58,580,989 outstanding shares of beneficial interest 58,581 Accumulated net realized loss on investments (99) -------- Total Net Assets (100.0%) $388,528 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 1.00 ======== Net Asset Value, Offering and Redemption Price Per Share -- Investor Shares $ 1.00 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 57 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 TAX-EXEMPT MONEY MARKET FUND - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- MUNICIPAL BONDS (98.8%) ALABAMA (1.2%) McIntosh, Industrial Development Board, Ciba-Geigy Project, Ser A, VRDN (C)(D)(E) 3.500%, 12/01/03 $3,500 $ 3,499 Special Care Facilities, Montgomery Hospital Revenue, VRDN (FGIC) (C)(D) 3.550%, 04/01/15 1,500 1,500 -------- Total Alabama 4,999 -------- ALASKA (2.1%) Anchorage, TAN 4.250%, 12/13/96 1,500 1,500 City of Valdez TECP 3.450%, 12/06/96 2,000 2,000 3.650%, 12/13/96 5,000 5,000 -------- Total Alaska 8,500 -------- ARIZONA (5.7%) Maricopa County, Pollution Control Authority, Arizona Public Services Corporation, VRDN (C)(D)(E) 4.100%, 05/01/29 4,900 4,900 Maricopa County, Pollution Control Authority, Ser A, VRDN (C)(D)(E) 3.550%, 11/01/22 4,000 4,000 Maricopa County, Pollution Control Authority, Ser B, VRDN (C)(D)(E) 4.150%, 05/01/29 5,200 5,200 Pima County, Industrial Development Authority, Tucson Electric Project, VRDN (C)(D)(E)(F) 3.600%, 05/01/25 3,400 3,400 Pima County, Industrial Development Authority, Tuscon Electric Project, Ser A, VRDN (C)(D)(E) 3.550%, 06/15/22 6,000 6,000 -------- Total Arizona 23,500 -------- - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- CALIFORNIA (2.4%) Contra Costa County, Multi-Family Mortgage, Delta Square Project, Ser A, VRDN (C)(D)(E) 3.450%, 08/01/07 $4,200 $ 4,200 Higher Education Loan Authority, Ser A, VRDN (C)(E) 3.500%, 06/01/01 4,000 4,000 Higher Education Loan Authority, VRDN (C)(D)(E) 3.500%, 06/01/01 1,900 1,900 -------- Total California 10,100 -------- COLORADO (2.2%) Jefferson County, COP (MBIA) 5.450%, 12/01/96 1,000 1,000 North Glen, Castle Garden Retirement Center VRDN (C)(D)(E) 3.450%, 01/01/09 1,200 1,200 State TRAN 4.500%, 06/27/97 7,000 7,025 -------- Total Colorado 9,225 -------- DELAWARE (0.5%) State Educational Development Authority, VRDN (C)(D)(E) 3.825%, 10/01/19 1,875 1,875 -------- DISTRICT OF COLUMBIA (1.6%) District of Columbia, VRDN (C)(E) 4.300%, 10/01/07 6,700 6,700 -------- FLORIDA (7.2%) Dade County, Power & Light Project, VRDN (C)(D)(E) 4.100%, 04/01/20 2,200 2,200 Jacksonville, Eagle Trust Partnership, Port Authority, VRDN (C)(E) 3.720%, 11/01/18 9,600 9,600 Monroe County, Industrial Development Authority, Beverly Enterprises Project, VRDN (C)(D)(E) 3.500%, 06/01/10 2,300 2,300 58 ================================================================================ UNAUDITED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Palm Beach County, Norton Gallery Project, VRDN (C)(D)(E) 3.550%, 05/01/25 $3,000 $ 3,000 State Board of Education, Capital Outlay 6.500%, 06/01/97 4,575 4,634 Tampa, Occupational License Tax, Ser A, VRDN (C) 3.500%, 05/01/27 8,000 8,000 -------- Total Florida 29,734 -------- GEORGIA (7.9%) Atlanta, TAN 4.250%, 12/31/96 5,000 5,003 Cobb County, Industrial Development Authority, VRDN (C)(D)(E) 3.500%, 10/01/08 930 930 Cobb County, TAN 4.000%, 12/31/96 6,000 6,002 Dekalb County, TRAN 3.750%, 12/31/96 5,000 5,002 Fulton County, Industrial Development Authority, American Red Cross Project, VRDN (C)(D)(E) 3.500%, 08/01/05 1,500 1,500 Fulton County, School District, RB, Pre-Refunded 05/01/97 @ 103 (G) 7.625%, 05/01/17 3,000 3,137 Private College Facilities Authority, Emory University, Optional Put 12/01/97 @ 100, VRDN (C)(D)(E) 3.700%, 12/01/04 2,965 2,965 Lafayette, Industrial Development Authority, Blue-Bird Project, Ser 1991, VRDN (C)(D)(E) 3.500%, 03/01/01 1,000 1,000 Marietta Housing Finance Authority, Franklin Walk Apartments Project, VRDN (C) 3.675%, 01/01/08 1,600 1,600 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Monroe County, Industrial Development Authority, Forsyth Inns Project, VRDN (C)(D)(E) 3.600%, 11/01/15 $2,525 $ 2,525 Municipal Electric Authority, VRDN (FGIC) (C)(D) 3.550%, 01/01/20 3,000 3,000 -------- Total Georgia 32,664 -------- HAWAII (0.7%) State Housing Finance & Development Authority, VRDN (C)(D)(E) 3.700%, 07/01/27 3,000 3,000 -------- IDAHO (1.7%) Nez Pierce County, Pollution Control Board, VRDN (C)(D)(E) 3.500%, 12/01/14 1,000 1,000 Nez Pierce County, Pollution Control Board, Potlatch Corp. Project, VRDN (C)(D)(E) 3.550%, 12/01/07 2,000 2,000 State TAN 4.500%, 06/30/97 4,000 4,013 -------- Total Idaho 7,013 -------- ILLINOIS (3.7%) Chicago, Board of Education, COP (E) 3.700%, 12/01/96 3,000 3,000 DuPage County, First Preservation District, Pre-Refunded 11/01/97 @ 102 (G) 8.100%, 11/01/06 1,200 1,271 Health Facilities Authority, Northwestern Memorial Hospital Project, VRDN (C)(E) 4.100%, 08/15/25 3,000 3,000 Savanna, Industrial Development Authority, Metform Project, Ser B, VRDN (C)(D)(E) 3.700%, 06/01/09 1,400 1,400 59 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- ILLINOIS--CONTINUED Savanna, Industrial Development Authority, Ser A, VRDN (C)(D)(E) 3.700%, 05/01/14 $ 500 $ 500 State Health Facilities Authority, Streeterville Project, VRDN (C)(D)(E) 3.550%, 08/15/24 2,000 2,000 State Health Facilities Authority, University of Chicago Hospital Project, Ser C, VRDN (MBIA) (C)(D) 3.500%, 08/15/26 4,000 4,000 -------- Total Illinois 15,171 -------- INDIANA (1.5%) Allen County, Industrial Economic Development, Mattel Power Wheels Project, VRDN (C)(D)(E)(F) 3.750%, 12/01/18 1,500 1,500 Fort Wayne, Economic Development Authority, ND Tech Project, VRDN (C)(D)(E)(F) 3.650%, 07/01/09 1,000 1,000 Indianapolis, Industrial Economic Development Authority, VRDN (C)(D)(E) 3.700%, 04/01/01 2,000 2,000 Rockport County, Pollution Control Authority, Aep Generating Company Project B, VRDN (AMBAC) (C) 4.150%, 07/01/25 1,600 1,600 -------- Total Indiana 6,100 -------- IOWA (0.6%) West Des Moines, Commercial Development Authority, Greyhound Lines Project, VRDN (C)(D)(E) 3.550%, 12/01/14 2,500 2,500 -------- KANSAS (0.2%) Burlington, TECP (E) 3.650%, 12/13/96 1,000 1,000 -------- - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- KENTUCKY (0.6%) Lexington-Fayette Urban County, Government Residential Facilities, Richmond Place Project, RB, Mandatory Put 04/01/97 @ 100 (E) 3.650%, 04/01/15 $1,000 $ 1,000 State League of Cities, VRDN (C)(D)(E) 3.500%, 03/01/97 1,380 1,380 -------- Total Kentucky 2,380 -------- LOUISIANA (5.0%) Lake Charles, Harbor & Terminal District Authority, Reynolds Metals Project, VRDN (C)(D)(E) 3.550%, 05/01/06 3,000 3,000 Parish of Saint Charles, Pollution Control Board, Shell Oil Company Project, Ser B, VRDN (C) 4.150%, 10/01/22 8,300 8,300 Port Authority, Occidental Petroleum Project, VRDN (C)(D)(E) 3.500%, 07/01/21 4,500 4,500 West Baton Rouge, Industrial Development Authority, Dow Chemical Project, Ser B, VRDN (C) 4.200%, 12/01/16 5,000 5,000 -------- Total Louisiana 20,800 -------- MAINE (1.1%) State TAN 4.500%, 06/27/97 4,500 4,515 -------- MARYLAND (2.3%) Baltimore County, Allied Signal Project, VRDN (C)(D)(E) 3.650%, 03/01/14 1,000 1,000 Health & Higher Education Authority, Pooled Loan Program, Ser B, VRDN (C)(D)(E) 3.500%, 04/01/35 5,000 5,000 60 ================================================================================ UNAUDITED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Montgomery County, Housing Authority, RB 3.700%, 11/13/97 $3,650 $ 3,650 -------- Total Maryland 9,650 -------- MICHIGAN (2.5%) State Housing Development Authority, VRDN (C)(D)(E) 3.575%, 06/01/04 3,000 3,000 State Housing Finance Authority, VRDN (C)(D)(E)(F) 3.600%, 03/01/13 1,000 1,000 State Industrial Development Authority, Consumer Power Project, VRDN (C)(E) 4.150%, 04/15/18 3,200 3,200 State Industrial Development Authority, VRDN (C)(D)(E) 3.550%, 12/01/00 3,000 3,000 -------- Total Michigan 10,200 -------- MISSISSIPPI (1.4%) Jackson County, Chevron USA Project, Ser 93, VRDN (C) 4.150%, 06/01/23 3,500 3,500 State GO 4.500%, 12/01/96 2,300 2,300 -------- Total Mississippi 5,800 -------- MISSOURI (1.7%) Environmental Improvement Authority, Utilicorp United Project, VRDN (C)(D)(E) 3.700%, 05/01/28 700 700 Industrial Development Authority, Bachman Machine Project, Ser A, VRDN (C)(D)(E)(F) 3.750%, 08/01/98 90 90 Industrial Development Authority, Milbank Systems Project, Ser B, VRDN (C)(D)(E)(F) 3.750%, 08/01/98 70 70 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Industrial Development Authority, Plastic Enterprises Project, Ser A, VRDN (C)(D)(E)(F) 3.750%, 09/01/05 $ 385 $ 385 Industrial Development Authority, Precision Stainless Project, Ser I, VRDN (C)(D)(E)(F) 3.750%, 10/01/03 70 70 Saint Louis, Industrial Development Authority, Multi-Family Housing, Sugar Pines Apartments Project, VRDN (C)(D)(E) 3.450%, 07/15/06 1,200 1,200 State Custody Receipt, Third Street Building Project, VRDN (C)(D) 3.850%, 08/01/99 2,000 2,000 State Economic Development Authority, Milbank System Project, Ser C, VRDN (C)(D)(E) 3.750%, 09/01/01 200 200 State Health & Educational Facilities Authority, Sisters of Mercy Health Systems Project, RB 3.600%, 12/01/96 1,000 1,000 State VRDN 3.500%, 04/01/20 1,225 1,225 -------- Total Missouri 6,940 -------- NEBRASKA (0.6%) Higher Education Authority, Student Loan Program, Ser C, VRDN (SLMA) (C)(D) 3.600%, 08/01/18 2,300 2,300 -------- NEVADA (1.2%) Clark County, Nevada Power Project, Ser A, VRDN (C)(D)(E)(F) 3.650%, 10/01/30 5,000 5,000 -------- 61 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 TAX-EXEMPT MONEY MARKET FUND--CONTINUED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- NEW HAMPSHIRE (4.9%) State Housing Finance Authority, Multi-Family Housing, Fairways Project, VRDN (C)(D)(E) 3.600%, 01/01/24 $ 5,000 $ 5,000 State Housing Finance Authority, Ser A, RB, Putable 01/15/97 @ 100 (F) 3.650%, 07/01/26 1,500 1,500 State Pollution Control Authority, VRDN (C)(D)(E) 3.650%, 12/01/22 800 800 State TECP (E) 3.550%, 12/05/96 3,000 3,000 3.450%, 12/27/96 10,000 10,000 -------- Total New Hampshire 20,300 -------- NEW MEXICO (1.5%) Educational Assistance Foundation, Student Loan Program, VRDN (AMBAC) (C) 3.600%, 04/01/05 3,950 3,950 Hurley, New Mexico Pollution Control Authority, VRDN (C)(E) 4.200%, 12/01/15 2,200 2,200 -------- Total New Mexico 6,150 -------- NEW YORK (1.8%) Urban Development Corporation, Senior Lien, VRDN (C) 3.520%, 07/01/16 7,600 7,600 -------- NORTH DAKOTA (1.7%) Mercer County, Solid Waste Disposal Authority, United Power Project, RB, Optional Put 12/01/96 @ 100 (F) 3.550%, 12/01/18 6,900 6,900 -------- OHIO (3.1%) Higher Education Authority, Lake Erie Project, VRDN (C)(E) 3.500%, 12/01/16 5,100 5,100 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- State Air Quality Development Authority, JMG Limited Partnership, Ser A, VRDN (C)(D)(E)(F) 3.550%, 04/01/28 $3,000 $ 3,000 State Pollution Control Authority, Duquesne Project, VRDN (C)(D)(E) 3.750%, 10/01/23 3,000 3,000 Trumbull County, St. Joseph Riverside Hospital Project, RB, Pre-Refunded 11/01/97 @ 102 (G) 7.750%, 11/01/13 1,500 1,584 -------- Total Ohio 12,684 -------- OREGON (0.2%) State Housing & Community Services, Single-Family Mortgage Program, Ser C, RB (F) 3.850%, 05/15/97 1,000 1,000 -------- PENNSYLVANIA (4.7%) Beaver County, Industrial Development Authority, Duquesne Light Company Project, Ser B, VRDN (C)(D)(E) 3.550%, 08/01/09 1,000 1,000 Delaware County, TECP (FGIC) 3.450%, 12/27/96 3,000 3,000 Philadelphia, TRAN 4.500%, 06/30/97 4,000 4,012 Philadelphia School District, TRAN 4.500%, 06/30/97 5,000 5,014 State, Ser A, Pre-Refunded 11/01/99 @ 101.5, VRDN (C)(G) 3.520%, 11/01/99 6,500 6,500 -------- Total Pennsylvania 19,526 -------- RHODE ISLAND (2.4%) State TAN (E) 4.500%, 06/30/97 4,000 4,014 62 ================================================================================ UNAUDITED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Student Loan Authority, VRDN (C)(D)(E)(F) 3.550%, 07/01/19 $6,000 $ 6,000 -------- Total Rhode Island 10,014 -------- SOUTH CAROLINA (1.6%) Economic Development Authority, St. Francis Hospital Project, RB, VRDN (C)(E) 3.950%, 07/01/22 4,800 4,800 State Public Service Authority, Ser C, RB 3.800%, 01/01/97 2,000 2,001 -------- Total South Carolina 6,801 -------- TENNESSEE (2.6%) Covington, Industrial Development Board, Charms Project, VRDN (C)(D)(E) 3.600%, 06/01/27 3,000 3,000 Hamilton County, Industrial Development Board, Tennessee Aquarium Project, VRDN (C)(D)(E) 3.500%, 07/01/21 3,000 3,000 Memphis-Shelby County, Industrial Development Board, Ponderosa Fibres American Project, VRDN (C)(D)(E) 3.650%, 04/01/05 1,800 1,800 Nashville & Davidson County, Government Health & Education Authority, Vanderbilt University Project, Ser B, VRDN (C)(D) 3.700%, 05/01/13 1,400 1,400 Nashville & Davidson County, Industrial Development Authority, Multi-Family Mortgage, Chimneytop II Project, VRDN (C)(D)(E) 3.500%, 09/01/06 1,325 1,325 -------- Total Tennessee 10,525 -------- - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- TEXAS (6.7%) Brazos River, TECP 3.700%, 01/07/97 $2,700 $ 2,700 Harris County, Housing Finance Corporation, Ser 1985, VRDN (C)(D)(E) 3.825%, 04/01/07 1,000 1,000 Harris County, Industrial Development Authority, Lubrizol Project, VRDN (C)(D)(E) 3.500%, 07/01/00 1,600 1,600 Harris County, Toll Roads, Ser H, VRDN (C)(D) 3.550%, 08/01/20 5,500 5,500 Houston, TECP (E) 3.550%, 12/09/96 5,000 5,000 Lone Star, Airport Improvement, VRDN (C)(D) 3.950%, 12/01/14 1,700 1,700 State TAN 4.750%, 08/29/97 10,000 10,057 -------- Total Texas 27,557 -------- UTAH (3.6%) Carbon County, Pollution Control Authority, Pacificorp Project, VRDN (AMBAC) (C) 4.150%, 11/01/24 1,600 1,600 Intermountain Power Agency, Optional Put 06/16/97 @ 100 (E) 3.930%, 06/17/97 4,000 4,000 Intermountain Power Agency, Optional Put 03/17/97 @ 100 3.750%, 07/01/14 3,000 3,000 Salt Lake County, Solid Waste Disposal Authority, Kennecott Copper Project, Ser A, VRDN (C)(D)(E)(F) 3.650%, 08/01/30 6,400 6,400 -------- Total Utah 15,000 -------- 63 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 TAX-EXEMPT MONEY MARKET FUND--CONCLUDED - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- VERMONT (0.2%) State GO, Ser B 4.600%, 08/01/97 $1,000 $ 1,006 -------- VIRGINIA (5.5%) Alexandria, Redevelopment & Housing Authority, Multifamily First Mortgage Goodwin Project, Ser B, VRDN (C)(E) 4.250%, 10/01/06 2,000 2,000 Bedford County, Industrial Development Authority, VRDN (C)(E) 3.550%, 12/01/25 2,500 2,500 Chesterfield County, Industrial Development Authority, Allied Signal Project, VRDN (C)(D)(E) 3.700%, 08/01/09 3,000 3,000 Commonwealth, Ser 1994, VRDN (C) 3.620%, 06/01/21 4,000 4,000 County of Chesterfield, TECP 3.450%, 12/06/96 5,000 5,000 Front Royal & Warren County, Industrial Development Authority, Pen Tab Industries Project, VRDN (C)(D)(E)(F) 3.550%, 04/01/15 3,000 3,000 Peninsula Port Authority, Dominion Term Project, Ser 1987C, VRDN (C) 3.900%, 07/01/16 3,300 3,300 -------- Total Virginia 22,800 -------- WASHINGTON (0.4%) Port of Seattle, VRDN (C)(D) 3.550%, 01/01/05 1,800 1,800 -------- WEST VIRGINIA (1.0%) Marshall County, Pollution Control Authority, Allied Signal Project, VRDN (C)(D)(E) 3.700%, 03/01/26 2,000 2,000 - ---------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - ---------------------------------------------------------- Marshall County, PPG Industries Project, VRDN (C)(D)(E) 3.650%, 11/01/12 $2,000 $ 2,000 -------- Total West Virginia 4,000 -------- WISCONSIN (1.3%) Milwaukee, GO 7.250%, 06/15/97 1,000 1,018 Racine, Promissory Notes, Ser 96 B, GO 3.700%, 12/15/97 1,165 1,165 State VRDN (C)(D) 3.550%, 05/01/04 3,000 3,000 -------- Total Wisconsin 5,183 -------- Total Municipal Bonds (Cost $408,512) 408,512 -------- CASH EQUIVALENTS (2.2%) AIM Management Institutional Tax-Free Portfolio 4,514 4,514 SEI Tax-Exempt Trust Institutional Tax-Free Portfolio 4,580 4,580 -------- Total Cash Equivalents (Cost $9,094) 9,094 -------- Total Investments (101.0%) (Cost $417,606) 417,606 -------- OTHER ASSETS AND LIABILITIES, NET (-1.0%) (4,261) -------- 64 ================================================================================ UNAUDITED - ---------------------------------------------------------- VALUE (000) - ---------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 318,040,676 outstanding shares of beneficial interest $318,040 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 95,312,961 outstanding shares of beneficial interest 95,313 Accumulated net realized loss on investments (8) -------- Total Net Assets (100.0%) $413,345 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 1.00 ======== Net Asset Value, Offering and Redemption Price Per Share -- Investor Shares $ 1.00 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 66. 65 STATEMENT OF NET ASSETS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 KEY TO ABBREVIATIONS USED IN THE STATEMENT OF NET ASSETS ADR American Depository Receipt AMBAC Security insured by the American Municipal Bond Assurance Company AMT Alternative Minimum Tax ARM Adjustable Rate Mortgage Cl Class COP Certificate of Participation CV Convertible Security ETM Escrowed to Maturity FGIC Security insured by the Financial Guaranty Insurance Corporation FHA Federal Housing Authority FHLB Federal Home Loan Bank FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association FSA Security insured by Financial Security Assurance GDR Global Depository Receipt GNMA Government National Mortgage Association GO General Obligation LYON Liquid Yield Option Note MBIA Security insured by the Municipal Bond Investors Assurance MTN Medium Term Note RB Revenue Bond REIT Real Estate Investment Trust REMIC Real Estate Mortgage Investment Conduit Ser Series SLMA Student Loan Marketing Association STRIPS Separately Traded Registered Interest and Principal Security TAN Tax Anticipation Note TECP Tax Exempt Commercial Paper TRAN Tax & Revenue Anticipation Note VRDN Variable Rate Demand Note * Non-income producing securities (A) Zero Coupon Bond (B) Private Placement Security (C) Variable rate security. The rate reported on the Statement of Net Assets is the rate in effect on November 30, 1996. (D) Put and demand features exist requiring the issuer to repurchase the instrument prior to maturity. (E) Securities are held in connection with a letter of credit issued by a major bank. (F) Income on security may be subject to the Alternative Minimum Tax. (G) Collateralized by U.S. Government Securities 66 STATEMENT OF ASSETS AND LIABILITIES (000) ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 UNAUDITED
--------- -------- INVESTMENT GRADE TAX-EXEMPT SHORT-TERM BOND FUND BOND FUND --------- -------- Assets: Investments at Market Value (Cost $173,737,773, $95,583,642, respectively) .................................. $177,532 $ 96,133 Cash .............................................................................. -- 33 Receivables for Investment Securities Sold ........................................ 50 -- Receivables for Capital Shares Sold ............................................... 9,191 4,645 Other Assets ...................................................................... 3,076 1,036 -------- -------- Total Assets ...................................................................... 189,849 101,847 -------- -------- Liabilities: Payables for Investment Securities Purchased ...................................... 18,445 4,498 Payables for Capital Shares Repurchased ........................................... -- 2 Accrued Expenses .................................................................. 152 66 Distribution Payable .............................................................. 542 428 Other Liabilities ................................................................. -- 56 -------- -------- Total Liabilities ................................................................. 19,139 5,050 -------- -------- Net Assets: Fund Shares of the Trust Shares (Unlimited Authorization -- No Par Value) Based on 11,420,338, 9,307,945, respectively Outstanding Shares of Beneficial Interest .......................................................... 126,138 92,602 Fund Shares of the Investor Shares (Unlimited Authorization-- No Par Value) Based on 2,983,654, 216,607, respectively Outstanding Shares of Beneficial Interest ............................................................. 32,119 2,166 Fund Shares of the Flex Shares (Unlimited Authorization-- No Par Value) Based on 444,052, 105,643, respectively Outstanding Shares of Beneficial Interest ............................................................. 5,021 1,060 Accumulated Net Realized Gain on Investments ...................................... 3,638 419 Net Unrealized Appreciation on Investments ........................................ 3,794 550 -------- -------- Total Net Assets .................................................................. $170,710 $ 96,797 ======== ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares .............. $11.49 $10.05 ======== ======== Net Asset Value and Redemption Price Per Share-- Investor Shares ..................... $11.51 $10.07 ======== ======== Maximum Public Offering Per Share -- Investor Shares ($11.51 (DIVIDE) 96.25%), ($10.07 (DIVIDE) 98.00%) ................................ $11.96 $10.28 ======== ======== Net Asset Value,Offering and Redemption Price Per Share -- Flex Shares (1) ............ $11.50 $10.06 ======== ======== (1) Flex Class has a contingent deferred sales charge. For a description of a possible sales charge, see notes to the Financial Statements.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 67 STATEMENT OF OPERATIONS (000) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
MID-CAP CAPITAL INTERNATIONAL VALUE INCOME EQUITY GROWTH BALANCED EQUITY STOCK FUND FUND FUND FUND INDEX FUND -------- -------- -------- -------- -------- 06/01/96- 06/01/96- 06/01/96- 06/01/96- 06/01/96- 11/30/96 11/30/96 11/30/96 11/30/96 11/30/96 -------- -------- -------- -------- -------- Income: Interest Income.......................................... $ 2,563 $ 854 $ 2,949 $ 1,579 $ 2 Dividend Income.......................................... 21,673 1,416 9,127 520 750 Less Foreign Taxes Withheld.............................. -- -- -- -- (17) -------- ------- -------- ------- ------ Total Investment Income.................................. 24,236 2,270 12,076 2,099 735 -------- ------- -------- ------- ------ Expenses: Investment Advisory Fees................................. 5,710 1,618 6,822 520 375 Investment Advisory Fees Waived.......................... -- (137) (575) (65) (38) Contribution from Advisor................................ -- -- -- -- -- Administrator Fees....................................... 484 96 404 37 28 Administrator Fees Waived................................ -- -- -- -- -- Transfer Agent Fees -- Trust Shares...................... 7 7 8 7 7 Transfer Agent Fees -- Investor Shares................... 57 15 91 9 12 Transfer Agent Fees -- Flex Shares....................... 20 11 15 7 7 Transfer Agent Out of Pocket Fees........................ 44 8 32 3 2 Printing Expenses........................................ 36 2 27 3 3 Custody Fees............................................. 35 7 27 3 46 Professional Fees........................................ 40 7 32 3 3 Trustee Fees............................................. 7 2 7 1 1 Registration Fees........................................ 28 9 15 3 -- Distribution Fees -- Investor Shares..................... 221 40 650 7 11 Distribution Fees Waived-- Investor Shares............... (28) (16) (122) (6) (6) Distribution Fees -- Flex Shares......................... 171 32 79 163 5 Distribution Fees Waived-- Flex Shares................... (2) (12) (6) (151) (5) Insurance and Other Fees................................. 36 11 48 7 6 Amortization of Deferred Organization Costs.............. 5 -- 3 -- 2 -------- ------- -------- ------- ------ Total Expenses........................................... 6,871 1,700 7,557 551 459 -------- ------- -------- ------- ------ Net Investment Income (Loss)............................. 17,365 570 4,519 1,548 276 -------- ------- -------- ------- ------ Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold.............. 78,206 13,686 84,826 4,180 2,757 Net Realized Loss on Foreign Currency Transactions....... -- -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency........................ -- -- -- -- (8) Net Change in Unrealized Appreciation (Depreciation) on Investments......................................... 45,290 3,434 37,060 4,390 (1,293) -------- ------- -------- ------- ------ Net Increase (Decrease) in Net Assets from Operations.... $140,861 $17,690 $126,405 $10,118 $1,732 ======== ======= ======== ======= ====== Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 68 & 69 STATEMENT OF OPERATIONS (000) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
INTERNATIONAL INVESTMENT GRADE FLORIDA TENNESSEE EQUITY SUNBELT TAX-EXEMPT TAX-EXEMPT TAX-EXEMPT FUND EQUITY FUND BOND FUND BOND FUND BOND FUND -------- -------- -------- -------- -------- 06/01/96- 06/01/96 06/01/96- 06/01/96- 06/01/96- 11/30/96 11/30/96 11/30/96 11/30/96 11/30/96 -------- -------- -------- -------- -------- Income: Interest Income......................................... $ 391 $ 139 $4,047 $1,048 $140 Dividend Income......................................... 2,126 1,236 -- -- -- Less Foreign Taxes Withheld............................. (163) -- -- -- -- ------- -------- ------ ------ ---- Total Investment Income................................. 2,354 1,375 4,047 1,048 140 ------- -------- ------ ------ ---- Expenses: Investment Advisory Fees................................ 1,690 2,440 634 132 18 Investment Advisory Fees Waived......................... (58) (213) (93) (39) (18) Contribution from Advisor............................... -- -- -- -- (8) Administrator Fees...................................... 92 145 58 14 2 Administrator Fees Waived............................... -- -- -- -- -- Transfer Agent Fees -- Trust Shares..................... 8 7 8 8 8 Transfer Agent Fees -- Investor Shares.................. 8 24 21 7 6 Transfer Agent Fees -- Flex Shares...................... 8 7 5 7 6 Transfer Agent Out of Pocket Fees....................... 6 12 3 1 -- Printing Expenses....................................... 8 11 7 1 -- Custody Fees............................................ 176 9 4 1 -- Professional Fees....................................... 8 12 5 2 -- Trustee Fees............................................ 1 2 1 -- -- Registration Fees....................................... 40 11 5 7 1 Distribution Fees -- Investor Shares.................... 7 60 77 3 1 Distribution Fees Waived-- Investor Shares.............. (4) (20) (23) (3) -- Distribution Fees -- Flex Shares........................ 9 20 27 13 11 Distribution Fees Waived-- Flex Shares.................. (6) (6) (8) (10) -- Insurance and Other Fees................................ 10 12 7 1 -- Amortization of Deferred Organization Costs............. 1 -- 3 -- -- ------- -------- ------ ------ ---- Total Expenses.......................................... 2,004 2,533 741 145 27 ------- -------- ------ ------ ---- Net Investment Income (Loss)............................ 350 (1,158) 3,306 903 113 ------- -------- ------ ------ ---- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold............. 7,778 12,133 1,496 (45) (14) Net Realized Loss on Foreign Currency Transactions...... (393) -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency....................... 18 -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments........................................ 17,616 (27,631) 4,490 1,725 203 ------- -------- ------ ------ ---- Net Increase (Decrease) in Net Assets from Operations... $25,369 $(16,656) $9,292 $2,583 $302 ======= ======== ====== ====== ==== Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 69 STATEMENT OF OPERATIONS (000) (concluded) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
SHORT-TERM GEORGIA INVESTMENT U.S. TREASURY LIMITED-TERM TAX-EXEMPT GRADE BOND SHORT-TERM SECURITIES FEDERAL MORTGAGE BOND FUND FUND BOND FUND FUND SECURITIES FUND -------- -------- -------- -------- -------- 06/01/96- 06/01/96- 06/01/96- 06/01/96- 06/01/96- 11/30/96 11/30/96 11/30/96 11/30/96 11/30/96 -------- -------- -------- -------- -------- Interest Income $ 854 $21,292 $3,021 $610 $3,035 ------ ------- ------ ---- ------ Expenses: Investment Advisory Fees............................... 113 2,367 327 68 304 Investment Advisory Fees Waived........................ (37) (300) (72) (35) (67) Contributions from Advisor............................. -- -- -- -- -- Administrator Fees..................................... 12 218 34 7 32 Administrator Fees Waived.............................. -- -- -- -- -- Transfer Agent Fees -- Trust Shares.................... 7 8 9 8 7 Transfer Agent Fees -- Investor Shares................. 6 26 7 7 7 Transfer Agent Fees -- Flex Shares..................... 7 9 6 6 6 Transfer Agent Out of Pocket Fees...................... 1 18 3 1 3 Printing Expenses...................................... 1 18 3 1 2 Custody Fees........................................... 1 16 2 -- 2 Professional Fees...................................... 1 19 2 -- 2 Trustee Fees........................................... -- 3 1 -- -- Registration Fees...................................... 7 13 4 2 5 Distribution Fees -- Investor Shares................... 3 79 3 4 3 Distribution Fees Waived -- Investor Shares............ (3) (32) (3) (4) (3) Distribution Fees -- Flex Shares....................... 24 26 5 14 8 Distribution Fees Waived -- Flex Shares................ (10) (12) (5) (13) (8) Insurance and Other Fees............................... 1 28 9 8 10 Amortization of Deferred Organization Costs............ -- 3 2 4 2 ------ ------- ------ ---- ------ Total Expenses......................................... 134 2,507 337 78 315 ------ ------- ------ ---- ------ Net Investment Income..................................... 720 18,785 2,684 532 2,720 ------ ------- ------ ---- ------ Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold............ (30) (4,875) (45) 8 34 Net Change in Unrealized Appreciation on Investments....................................... 1,255 26,851 1,878 275 1,405 ------ ------- ------ ---- ------ Net Increase in Net Assets from Operations................ $1,945 $40,761 $4,517 $815 $4,159 ====== ======= ====== ==== ====== Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 70 &71 STATEMENT OF OPERATIONS (000) (concluded) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
TAX-EXEMPT U.S. PRIME QUALITY U.S. GOVERNMENT MONEY GOVERNMENT MONEY MARKET SECURITIES MONEY MARKET SECURITIES FUND FUND MARKET FUND FUND -------- -------- -------- -------- 06/01/96- 06/01/96- 06/01/96- 06/01/96- 11/30/96 11/30/96 11/30/96 11/30/96 -------- -------- -------- -------- Interest Income $ 645 $39,690 $9,895 $7,744 ------ ------- ------ ------ Expenses: Investment Advisory Fees............................... 70 4,720 1,214 1,223 Investment Advisory Fees Waived........................ (27) (1,094) (266) (344) Contributions from Advisor............................. -- -- -- -- Administrator Fees..................................... 6 494 127 152 Administrator Fees Waived.............................. -- (116) (7) -- Transfer Agent Fees -- Trust Shares.................... 8 8 8 8 Transfer Agent Fees -- Investor Shares................. 6 22 14 12 Transfer Agent Fees -- Flex Shares..................... 7 -- -- -- Transfer Agent Out of Pocket Fees...................... 1 35 11 12 Printing Expenses...................................... -- 33 11 12 Custody Fees........................................... -- 27 10 11 Professional Fees...................................... -- 36 12 12 Trustee Fees........................................... -- 6 2 2 Registration Fees...................................... 1 44 1 14 Distribution Fees -- Investor Shares................... 5 253 53 73 Distribution Fees Waived -- Investor Shares............ (4) (61) (21) (27) Distribution Fees -- Flex Shares....................... 16 -- -- -- Distribution Fees Waived -- Flex Shares................ (7) -- -- -- Insurance and Other Fees............................... 8 34 19 12 Amortization of Deferred Organization Costs............ 1 3 3 3 ------ ------- ------ ------ Total Expenses......................................... 91 4,444 1,191 1,175 ------ ------- ------ ------ Net Investment Income..................................... 554 35,246 8,704 6,569 ------ ------- ------ ------ Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold............ -- (124) (90) 6 Net Change in Unrealized Appreciation on Investments....................................... 804 -- -- -- ------ ------- ------ ------ Net Increase in Net Assets from Operations................ $1,358 $35,122 $8,614 $6,575 ====== ======= ====== ====== Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 71 STATEMENT OF CHANGES IN NET ASSETS (000) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
VALUE INCOME MID-CAP EQUITY STOCK FUND FUND CAPITAL GROWTH FUND BALANCED FUND --------------------- --------------------- --------------------- -------------------- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 11/30/96 05/31/96 11/30/96 05/31/96 11/30/96 05/31/96 11/30/96 05/31/96 ---------- ---------- ---------- ---------- ---------- ---------- --------- --------- Operations: Net Investment Income (Loss)............... $ 17,365 $ 33,101 $ 570 $ 1,365 $ 4,519 $ 9,278 $ 1,548 $ 3,088 Net Realized Gain (Loss) on Investments.... 78,206 196,134 13,686 29,513 84,826 224,050 4,180 11,091 Net Realized Loss on Foreign Currency Transactions............................. -- -- -- -- -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency.......... -- -- -- -- -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments............ 45,290 60,796 3,434 12,518 37,060 63,301 4,390 1,891 ---------- ---------- -------- -------- ---------- ---------- -------- -------- Increase (Decrease) in Net Assets from Operations............................. 140,861 290,031 17,690 43,396 126,405 296,629 10,118 16,070 ---------- ---------- -------- -------- ---------- ---------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares............................. (14,873) (29,124) (781) (1,285) (4,152) (9,644) (1,425) (2,933) Investor Shares.......................... (1,324) (2,618) (17) (30) (198) (570) (66) (115) Flex Shares.............................. (243) (206) -- (1) -- (5) (33) (31) Capital Gains: Trust Shares............................. -- (92,363) -- (13,072) -- (41,659) -- (904) Investor Shares.......................... -- (9,853) -- (922) -- (7,343) -- (44) Flex Shares.............................. -- (1,106) -- (167) -- (227) -- (18) ---------- ---------- -------- -------- ---------- ---------- -------- -------- Total Distributions........................ (16,440) (135,270) (798) (15,477) (4,350) (59,448) (1,524) (4,045) ---------- ---------- -------- -------- ---------- ---------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued.............. 172,052 371,542 47,185 133,402 143,556 187,108 21,627 54,735 Reinvestment of Cash Distributions....... 11,241 111,671 477 13,361 3,219 48,431 1,387 3,784 Cost of Shares Repurchased............... (174,438) (369,739) (46,656) (44,487) (201,528) (439,271) (31,225) (47,301) ---------- ---------- -------- -------- ---------- ---------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions................. 8,855 113,474 1,006 102,276 (54,753) (203,732) (8,211) 11,218 ---------- ---------- -------- -------- ---------- ---------- -------- -------- Investor Shares: Proceeds from Shares Issued.............. 13,374 31,177 3,434 10,027 9,889 21,971 909 1,315 Reinvestment of Cash Distributions....... 1,300 12,291 17 948 195 7,818 64 155 Cost of Shares Repurchased............... (10,323) (19,420) (2,840) (2,010) (17,441) (34,867) (485) (844) ---------- ---------- -------- -------- ---------- ---------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions.............. 4,351 24,048 611 8,965 (7,357) (5,078) 488 626 ---------- ---------- -------- -------- ---------- ---------- -------- -------- Flex Shares: Proceeds from Shares Issued.............. 16,297 24,893 2,516 5,125 9,430 10,505 1,184 3,359 Reinvestment of Cash Distributions....... 239 1,301 -- 163 -- 230 33 49 Cost of Shares Repurchased............... (2,187) (1,416) (527) (450) (1,089) (641) (325) (428) ---------- ---------- -------- -------- ---------- ---------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions.................. 14,349 24,778 1,989 4,838 8,341 10,094 892 2,980 ---------- ---------- -------- -------- ---------- ---------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions..................... 27,555 162,300 3,606 116,079 (53,769) (198,716) (6,831) 14,824 ---------- ---------- -------- -------- ---------- ---------- -------- -------- Total Increase (Decrease) in Net Assets........................... 151,976 317,061 20,498 143,998 68,286 38,465 1,763 26,849 ---------- ---------- -------- -------- ---------- ---------- -------- -------- Net Assets: Beginning of Period........................ 1,401,294 1,084,233 276,905 132,907 1,183,545 1,145,080 119,665 92,816 ---------- ---------- -------- -------- ---------- ---------- -------- -------- End of Period.............................. $1,553,270 $1,401,294 $297,403 $276,905 $1,251,831 $1,183,545 $121,428 $119,665 ========== ========== ======== ======== ========== ========== ======== ======== (1)Shares Issued and Redeemed: Trust Shares: Shares Issued............................ 13,100 29,898 3,761 10,952 9,550 13,624 1,846 4,974 Shares Issued in Lieu of Cash Distributions.......................... 854 9,282 38 1,144 212 3,617 119 346 Shares Redeemed.......................... (13,224) (30,154) (3,695) (3,620) (13,229) (32,204) (2,696) (4,335) ---------- ---------- -------- -------- ---------- ---------- -------- -------- Net Trust Share Transactions............... 730 9,026 104 8,476 (3,467) (14,963) (731) 985 ---------- ---------- -------- -------- ---------- ---------- -------- -------- Investor Shares: Shares Issued............................ 1,018 2,522 277 824 655 1,605 78 119 Shares Issued in Lieu of Cash Distributions.......................... 99 1,023 1 82 13 585 5 14 Shares Redeemed.......................... (784) (1,569) (225) (165) (1,153) (2,576) (41) (76) ---------- ---------- -------- -------- ---------- ---------- -------- -------- Net Investor Share Transactions 333 1,976 53 741 (485) (386) 42 57 ---------- ---------- -------- -------- ---------- ---------- -------- -------- Flex Shares: Shares Issued............................ 1,242 2,014 203 419 626 768 101 305 Shares Issued in Lieu of Cash Distributions.......................... 18 108 -- 14 -- 17 3 5 Shares Redeemed.......................... (165) (113) (42) (37) (71) (46) (28) (38) ---------- ---------- -------- -------- ---------- ---------- -------- -------- Net Flex Share Transactions................ 1,095 2,009 161 396 555 739 76 272 ========== ========== ======== ======== ========== ========== ======== ======== *Commencement of operations. Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 72 STATEMENT OF CHANGES IN NET ASSETS (000) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
INTERNATIONAL INTERNATIONAL EQUITY EQUITY INDEX FUND FUND SUNBELT EQUITY FUND --------------------- ---------------------- ---------------------- 06/01/96- 06/01/95- 06/01/96 12/01/95-* 06/01/96- 06/01/95- 11/30/96 05/31/96 11/30/96 05/31/96 11/30/96 05/31/96 --------- ---------- ---------- ---------- ---------- ---------- Operations: Net Investment Income (Loss)............... $ 276 $ 800 $ 350 $ 986 $ (1,158) $ (1,275) Net Realized Gain (Loss) on Investments.... 2,757 1,134 7,778 4,059 12,133 39,898 Net Realized Loss on Foreign Currency Transactions............................. -- -- (393) (265) -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency.......... (8) (7) 18 (10) -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments............ (1,293) 6,362 17,616 13,617 (27,631) 84,777 -------- ------- -------- -------- -------- -------- Increase (Decrease) in Net Assets from Operations............................. 1,732 8,289 25,369 18,387 (16,656) 123,400 -------- ------- -------- -------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares............................. -- (1,048) -- -- -- -- Investor Shares.......................... -- (59) -- -- -- -- Flex Shares.............................. -- (7) -- -- -- -- Capital Gains: Trust Shares............................. -- (743) -- -- -- (5,188) Investor Shares.......................... -- (43) -- -- -- (426) Flex Shares.............................. -- (6) -- -- -- (20) -------- ------- -------- -------- -------- -------- Total Distributions........................ -- (1,906) -- -- -- (5,634) -------- ------- -------- -------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued.............. 9,561 62,965 131,204 212,805 97,164 132,237 Reinvestment of Cash Distributions....... -- 1,417 -- -- -- 4,956 Cost of Shares Repurchased............... (36,830) (68,891) (43,383) (17,640) (80,512) (92,700) -------- ------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions................. (27,269) (4,509) 87,821 195,165 16,652 44,493 -------- ------- -------- -------- -------- -------- Investor Shares: Proceeds from Shares Issued.............. 1,397 3,017 2,557 3,467 3,719 5,187 Reinvestment of Cash Distributions....... -- 101 -- -- -- 426 Cost of Shares Repurchased............... (1,273) (1,782) (484) (220) (2,578) (7,209) -------- ------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions.............. 124 1,336 2,073 3,247 1,141 (1,596) -------- ------- -------- -------- -------- -------- Flex Shares: Proceeds from Shares Issued.............. 224 992 1,471 911 2,731 2,489 Reinvestment of Cash Distributions....... -- 13 -- -- -- 20 Cost of Shares Repurchased............... (175) (127) (76) (3) (442) (123) -------- ------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions.................. 49 878 1,395 908 2,289 2,386 -------- ------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions..................... (27,096) (2,295) 91,289 199,320 20,082 45,283 -------- ------- -------- -------- -------- -------- Total Increase (Decrease) in Net Assets........................... (25,364) 4,088 116,658 217,707 3,426 163,049 -------- ------- -------- -------- -------- -------- Net Assets: Beginning of Period........................ 97,494 93,406 217,707 -- 444,137 281,088 -------- ------- -------- -------- -------- -------- End of Period.............................. $ 72,130 $97,494 $334,365 $217,707 $447,563 $444,137 ======== ======= ======== ======== ======== ======== (1)Shares Issued and Redeemed: Trust Shares: Shares Issued............................ 869 5,971 11,355 20,338 7,328 10,848 Shares Issued in Lieu of Cash Distributions.......................... -- 134 -- -- -- 437 Shares Redeemed.......................... (3,381) (6,536) (3,701) (1,635) (6,077) (7,882) -------- ------- -------- -------- -------- -------- Net Trust Share Transactions............... (2,512) (431) 7,654 18,703 1,251 3,403 -------- ------- -------- -------- -------- -------- Investor Shares: Shares Issued............................ 129 286 223 324 283 428 Shares Issued in Lieu of Cash Distributions.......................... -- 10 -- -- -- 38 Shares Redeemed.......................... (118) (170) (42) (21) (197) (614) -------- ------- -------- -------- -------- -------- Net Investor Share Transactions 11 126 181 303 86 (148) -------- ------- -------- -------- -------- -------- Flex Shares: Shares Issued............................ 21 95 129 84 207 202 Shares Issued in Lieu of Cash Distributions.......................... -- 1 -- -- -- 2 Shares Redeemed.......................... (16) (12) (7) -- (34) (10) -------- ------- -------- -------- -------- -------- Net Flex Share Transactions................ 5 84 122 84 173 194 ======== ======= ======== ======== ======== ======== *Commencement of operations. Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 72 & 73 STATEMENT OF CHANGES IN NET ASSETS (000) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
FLORIDA TENNESSEE INVESTMENT GRADE TAX- TAX-EXEMPT TAX-EXEMPT EXEMPT BOND FUND BOND FUND BOND FUND ----------------------- ---------------------- --------------------- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 11/30/96 05/31/96 11/30/96 05/31/96 11/30/96 05/31/96 ---------- ---------- ---------- ---------- ---------- --------- Operations: Net Investment Income (Loss)............... $ 3,306 $ 5,851 $ 903 $ 1,235 $ 113 $ 185 Net Realized Gain (Loss) on Investments.... 1,496 5,634 (45) 220 (14) 13 Net Realized Loss on Foreign Currency Transactions............................. -- -- -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency.......... -- -- -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments............ 4,490 (3,672) 1,725 (723) 203 (96) -------- -------- ------- ------- ------ ------ Increase (Decrease) in Net Assets from Operations............................. 9,292 7,813 2,583 732 302 102 -------- -------- ------- ------- ------ ------ Distributions to Shareholders: Net Investment Income: Trust Shares............................. (2,583) (4,292) (774) (996) (40) (80) Investor Shares.......................... (642) (1,492) (81) (171) (32) (54) Flex Shares.............................. (83) (120) (52) (65) (41) (51) Capital Gains: Trust Shares............................. -- (3,335) -- (111) -- -- Investor Shares.......................... -- (1,295) -- (21) -- -- Flex Shares.............................. -- (137) -- (10) -- -- -------- -------- ------- ------- ------ ------ Total Distributions........................ (3,308) (10,671) (907) (1,374) (113) (185) -------- -------- ------- ------- ------ ------ Capital Transactions (1): Trust Shares: Proceeds from Shares Issued.............. 24,677 87,347 8,484 30,124 187 414 Reinvestment of Cash Distributions....... 662 4,062 99 228 19 36 Cost of Shares Repurchased............... (23,151) (42,946) (3,238) (9,139) (429) (264) -------- -------- ------- ------- ------ ------ Increase (Decrease) in Net Assets From Trust Share Transactions................. 2,188 48,463 5,345 21,213 (223) 186 -------- -------- ------- ------- ------ ------ Investor Shares: Proceeds from Shares Issued.............. 938 4,535 334 1,865 155 668 Reinvestment of Cash Distributions....... 554 2,347 61 127 25 35 Cost of Shares Repurchased............... (5,813) (10,550) (1,077) (1,235) (181) (333) -------- -------- ------- ------- ------ ------ Increase (Decrease) in Net Assets From Investor Share Transactions.............. (4,321) (3,668) (682) 757 (1) 370 -------- -------- ------- ------- ------ ------ Flex Shares: Proceeds from Shares Issued.............. 935 6,823 246 2,844 539 2,235 Reinvestment of Cash Distributions....... 77 222 38 50 26 36 Cost of Shares Repurchased............... (1,623) (1,413) (398) (153) (389) (215) -------- -------- ------- ------- ------ ------ Increase (Decrease) in Net Assets From Flex Share Transactions.................. (611) 5,632 (114) 2,741 176 2,056 -------- -------- ------- ------- ------ ------ Increase (Decrease) in Net Assets From Share Transactions..................... (2,744) 50,427 4,549 24,711 (48) 2,612 -------- -------- ------- ------- ------ ------ Total Increase (Decrease) in Net Assets........................... 3,240 47,569 6,225 24,069 141 2,529 -------- -------- ------- ------- ------ ------ Net Assets: Beginning of Period........................ 167,470 119,901 37,507 13,438 5,363 2,834 -------- -------- ------- ------- ------ ------ End of Period.............................. $170,710 $167,470 $43,732 $37,507 $5,504 $5,363 ======== ======== ======== ======= ====== ====== (1)Shares Issued and Redeemed: Trust Shares: Shares Issued............................ 2,210 7,736 834 2,945 20 43 Shares Issued in Lieu of Cash Distributions.......................... 59 362 10 22 2 4 Shares Redeemed.......................... (2,064) (3,816) (319) (902) (45) (28) -------- -------- ------- ------- ------ ------ Net Trust Share Transactions............... 205 4,282 525 2,065 (23) 19 -------- -------- ------- ------- ------ ------ Investor Shares: Shares Issued............................ 84 401 33 182 16 70 Shares Issued in Lieu of Cash Distributions.......................... 49 208 6 12 3 4 Shares Redeemed.......................... (516) (934) (106) (120) (19) (35) -------- -------- ------- ------- ------ ------ Net Investor Share Transactions (383) (325) (67) 74 -- 39 -------- -------- ------- ------- ------ ------ Flex Shares: Shares Issued............................ 84 603 24 277 57 233 Shares Issued in Lieu of Cash Distributions.......................... 7 20 4 5 3 4 Shares Redeemed.......................... (145) (125) (39) (15) (41) (23) -------- -------- ------- ------- ------ ------ Net Flex Share Transactions................ (54) 498 (11) 267 19 214 ======== ======== ======= ======= ======= ====== *Commencement of operations. Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 72 & 73 STATEMENT OF CHANGES IN NET ASSETS (000) (concluded) ================================================================================ STI CLASSIC FUNDS FOR THE YEAR ENDED NOVEMBER 30, 1996 UNAUDITED
GEORGIA TAX-EXEMPT INVESTMENT GRADE SHORT-TERM BOND BOND FUND BOND FUND FUND --------------------- --------------------- --------------------- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 11/30/96 05/31/96 11/30/96 05/31/96 11/30/96 05/31/96 ---------- ---------- ---------- ---------- ---------- ---------- Operations: Net Investment Income .................................. $ 720 $ 971 $ 18,785 $ 35,694 $ 2,684 $ 4,224 Net Realized Gain (Loss) on Investments ................ (30) 330 (4,875) 19,716 (45) 1,358 Net Change in Unrealized Appreciation (Depreciation) on Investments........................................ 1,255 (789) 26,851 (32,383) 1,878 (2,395) ------- ------- -------- -------- ------- ------- Increase in Net Assets from Operations ............. 1,945 512 40,761 23,027 4,517 3,187 ------- ------- -------- -------- ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares ......................................... (567) (747) (17,646) (33,703) (2,599) (4,065) Investor Shares ...................................... (69) (139) (1,003) (1,908) (63) (133) Flex Shares .......................................... (84) (88) (130) (114) (26) (26) Capital Gains: Trust Shares ......................................... -- (26) -- -- -- (124) Investor Shares ...................................... -- (6) -- -- -- (4) Flex Shares .......................................... -- (4) -- -- -- (1) ------- ------- -------- -------- ------- ------- Total Distributions ................................ (720) (1,010) (18,779) (35,725) (2,688) (4,353) ------- ------- -------- -------- ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .......................... 9,891 17,893 90,768 203,235 23,771 60,843 Reinvestment of Cash Distributions ................... 294 215 13,957 26,403 1,654 2,588 Cost of Shares Redeemed .............................. (4,184) (7,944) (113,835) (161,583) (24,794) (32,113) ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions.................................... 6,001 10,164 (9,110) 68,055 631 31,318 ------- ------- -------- -------- ------- ------- Investor Shares: Proceeds from Shares Issued .......................... 62 661 3,378 8,832 245 642 Reinvestment of Cash Distributions ................... 61 109 902 1,510 52 90 Cost of Shares Redeemed .............................. (229) (596) (4,467) (7,248) (859) (606) ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions.................................... (106) 174 (187) 3,094 (562) 126 ------- ------- -------- -------- ------- ------- Flex Shares: Proceeds from Shares Issued .......................... 856 4,355 1,737 5,179 297 1,014 Reinvestment of Cash Distributions ................... 74 75 114 88 23 22 Cost of Shares Redeemed .............................. (312) (150) (955) (508) (243) (53) ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions.................................... 618 4,280 896 4,759 77 983 ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Share Transactions.................................. 6,513 14,618 (8,401) 75,908 146 32,427 ------- ------- -------- -------- ------- ------- Total Increase (Decrease) in Net Assets ............ 7,738 14,120 13,581 63,210 1,975 31,261 ------- ------- -------- -------- ------- ------- Net Assets: Beginning of Period .................................... 30,575 16,455 640,290 577,080 94,822 63,561 ------- ------- -------- -------- ------- ------- End of Period .......................................... $38,313 $30,575 $653,871 $640,290 $96,797 $94,822 ======= ======= ======== ======== ======= ======= (1) Shares Issued and Redeemed: Trust Shares: Shares Issued ........................................ 1,023 1,832 8,942 19,682 2,399 6,066 Shares Issued in Lieu of Cash Distributions .......... 30 22 1,379 2,550 167 258 Shares Redeemed ...................................... (430) (823) (11,233) (15,629) (2,499) (3,190) ------- ------- -------- -------- ------- ------- Net Trust Share Transactions ....................... 623 1,031 (912) 6,603 67 3,134 ------- ------- -------- -------- ------- ------- Investor Shares: Shares Issued ........................................ 6 68 333 856 25 64 Shares Issued in Lieu of Cash Distributions .......... 6 11 89 146 5 9 Shares Redeemed ...................................... (23) (61) (441) (701) (87) (60) ------- ------- -------- -------- ------- ------- Net Investor Share Transactions .................... (11) 18 (19) 301 (57) 13 ------- ------- -------- -------- ------- ------- Flex Shares: Shares Issued ........................................ 89 448 171 499 30 101 Shares Issued in Lieu of Cash Distributions .......... 7 8 11 8 2 2 Shares Redeemed ...................................... (32) (15) (94) (49) (24) (5) ------- ------- -------- -------- ------- ------- Net Flex Share Transactions ........................ 64 441 88 458 8 98 ======= ======= ======== ======== ======= ======= Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 74 & 75 STATEMENT OF CHANGES IN NET ASSETS (000) (concluded) ================================================================================ STI CLASSIC FUNDS FOR THE YEAR ENDED NOVEMBER 30, 1996 UNAUDITED
SHORT-TERM U.S. TREASURY LIMITED-TERM FEDERAL U. S. GOVERNMENT SECURITIES FUND MORTGAGE SECURITIES FUND SECURITIES FUND -------------------- ------------------------ -------------------- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 11/30/96 05/31/96 11/30/96 05/31/96 11/30/96 05/31/96 ---------- ---------- ---------- ---------- -------------------- Operations: Net Investment Income .................................. $ 532 $ 915 $ 2,720 $ 3,181 $ 554 $ 602 Net Realized Gain (Loss) on Investments ................ 8 95 34 389 -- (24) Net Change in Unrealized Appreciation (Depreciation) on Investments........................................ 275 (294) 1,405 (1,359) 804 (557) ------- ------- -------- -------- ------- ------- Increase in Net Assets from Operations ............. 815 716 4,159 2,211 1,358 21 ------- ------- -------- -------- ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares ......................................... (365) (551) (2,605) (3,012) (399) (453) Investor Shares ...................................... (103) (308) (75) (68) (76) (68) Flex Shares .......................................... (64) (56) (42) (37) (80) (81) Capital Gains: Trust Shares ......................................... -- -- -- -- -- (18) Investor Shares ...................................... -- -- -- -- -- (3) Flex Shares .......................................... -- -- -- -- -- (5) ------- ------- -------- -------- ------- ------- Total Distributions ................................ (532) (915) (2,722) (3,117) (555) (628) ------- ------- -------- -------- ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .......................... 9,911 5,744 40,353 46,841 7,372 9,824 Reinvestment of Cash Distributions ................... 167 334 1,740 1,846 134 144 Cost of Shares Redeemed .............................. (2,251) (5,409) (14,633) (16,287) (2,483) (2,556) ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions.................................... 7,827 669 27,460 32,400 5,023 7,412 ------- ------- -------- -------- ------- ------- Investor Shares: Proceeds from Shares Issued .......................... 355 966 916 2,404 867 2,290 Reinvestment of Cash Distributions ................... 102 278 68 51 70 50 Cost of Shares Redeemed .............................. (574) (4,147) (815) (533) (824) (456) ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions.................................... (117) (2,903) 169 1,922 113 1,884 ------- ------- -------- -------- ------- ------- Flex Shares: Proceeds from Shares Issued .......................... 586 2,603 391 1,538 543 3,019 Reinvestment of Cash Distributions ................... 53 39 35 27 66 59 Cost of Shares Redeemed .............................. (685) (188) (124) (196) (479) (148) ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions.................................... (46) 2,454 302 1,369 130 2,930 ------- ------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Share Transactions.................................. 7,664 220 27,931 35,691 5,266 12,226 ------- ------- -------- -------- ------- ------- Total Increase (Decrease) in Net Assets ............ 7,947 21 29,368 34,785 6,069 11,619 ------- ------- -------- -------- ------- ------- Net Assets: Beginning of Period .................................... 16,764 16,743 77,231 42,446 15,499 3,880 ------- ------- -------- -------- ------- ------- End of Period .......................................... $24,711 $16,764 $106,599 $ 77,231 $21,568 $15,499 ======= ======= ======== ======== ======= ======= (1) Shares Issued and Redeemed: Trust Shares: Shares Issued ........................................ 1,003 579 4,028 4,639 737 952 Shares Issued in Lieu of Cash Distributions .......... 16 34 174 182 13 14 Shares Redeemed ...................................... (227) (547) (1,461) (1,610) (248) (249) ------- ------- -------- -------- ------- ------- Net Trust Share Transactions ....................... 792 66 2,741 3,211 502 717 ------- ------- -------- -------- ------- ------- Investor Shares: Shares Issued ........................................ 36 97 92 238 87 225 Shares Issued in Lieu of Cash Distributions .......... 10 28 7 5 7 5 Shares Redeemed ...................................... (58) (418) (82) (53) (82) (45) ------- ------- -------- -------- ------- ------- Net Investor Share Transactions .................... (12) (293) 17 190 12 185 ------- ------- -------- -------- ------- ------- Flex Shares: Shares Issued ........................................ 60 262 39 152 55 294 Shares Issued in Lieu of Cash Distributions .......... 5 4 3 2 6 6 Shares Redeemed ...................................... (69) (19) (12) (19) (48) (15) ------- ------- -------- -------- ------- ------- Net Flex Share Transactions ........................ (4) 247 30 135 13 285 ======= ======= ======== ======== ======= ======= Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 74 & 75 STATEMENT OF CHANGES IN NET ASSETS (000) (concluded) ================================================================================ STI CLASSIC FUNDS FOR THE YEAR ENDED NOVEMBER 30, 1996 UNAUDITED
PRIME QUALITY U.S. GOVERNMENT SECURITIES TAX-EXEMPT MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND ---------------------- --------------------- ---------------------- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 06/01/96- 06/01/95- 11/30/96 05/31/96 11/30/96 05/31/96 11/30/96 05/31/96 ---------- ---------- --------- ---------- ---------- ---------- Operations: Net Investment Income .................................. $ 35,246 $ 54,132 $ 8,704 $ 20,311 $ 6,569 $ 12,217 Net Realized Gain (Loss) on Investments ................ (124) (82) (90) 90 6 9 Net Change in Unrealized Appreciation (Depreciation) on Investments........................................ -- -- -- -- -- -- ---------- ---------- -------- --------- --------- --------- Increase in Net Assets from Operations ............. 35,122 54,050 8,614 20,401 6,575 12,226 ---------- ---------- -------- --------- --------- --------- Distributions to Shareholders: Net Investment Income: Trust Shares ......................................... (29,264) (44,689) (7,282) (17,516) (5,171) (9,342) Investor Shares ...................................... (5,982) (9,442) (1,422) (2,795) (1,398) (2,872) Flex Shares .......................................... -- -- -- -- -- -- Capital Gains: Trust Shares ......................................... -- -- -- -- -- -- Investor Shares ...................................... -- -- -- -- -- -- Flex Shares .......................................... -- -- -- -- -- -- ---------- ---------- -------- --------- --------- --------- Total Distributions ................................ (35,246) (54,131) (8,704) (20,311) (6,569) (12,214) ---------- ---------- -------- --------- --------- --------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .......................... 1,338,414 2,131,623 307,109 1,156,411 390,461 719,678 Reinvestment of Cash Distributions ................... 957 1,223 127 60 -- 3 Cost of Shares Redeemed .............................. (1,163,710) (1,881,171) (302,683) (1,265,169) (346,040) (661,491) ---------- ---------- -------- --------- --------- --------- Increase (Decrease) in Net Assets From Trust Share Transactions.................................... 175,661 251,675 4,553 (108,698) 44,421 58,190 ---------- ---------- -------- --------- --------- --------- Investor Shares: Proceeds from Shares Issued .......................... 458,737 1,012,310 90,573 231,451 130,321 322,435 Reinvestment of Cash Distributions ................... 4,970 8,255 1,255 2,414 1,311 2,480 Cost of Shares Redeemed .............................. (389,083) (962,468) (91,864) (221,906) (131,550) (317,341) ---------- ---------- -------- --------- --------- --------- Increase (Decrease) in Net Assets From Investor Share Transactions.................................... 74,624 58,097 (36) 11,959 82 7,574 ---------- ---------- -------- --------- --------- --------- Flex Shares: Proceeds from Shares Issued .......................... -- -- -- -- -- -- Reinvestment of Cash Distributions ................... -- -- -- -- -- -- Cost of Shares Redeemed .............................. -- -- -- -- -- -- ---------- ---------- -------- --------- --------- --------- Increase (Decrease) in Net Assets From Flex Share Transactions.................................... -- -- -- -- -- -- ---------- ---------- -------- --------- --------- --------- Increase (Decrease) in Net Assets From Share Transactions.................................. 250,285 309,772 4,517 (96,739) 44,503 65,764 ---------- ---------- -------- --------- --------- --------- Total Increase (Decrease) in Net Assets ............ 250,161 309,691 4,427 (96,649) 44,509 65,776 ---------- ---------- -------- --------- --------- --------- Net Assets: Beginning of Period .................................... 1,266,496 956,805 384,101 480,750 368,836 303,060 ---------- ---------- -------- --------- --------- --------- End of Period .......................................... $1,516,657 $1,266,496 $388,528 $ 384,101 $ 413,345 $ 368,836 ========== ========== ======== ========= ========= ========= (1) Shares Issued and Redeemed: Trust Shares: Shares Issued ........................................ 1,338,414 2,131,623 307,109 1,156,411 390,461 719,678 Shares Issued in Lieu of Cash Distributions .......... 957 1,223 127 60 -- 3 Shares Redeemed ...................................... (1,163,710) (1,881,171) (302,683) (1,265,169) (346,040) (661,491) ---------- ---------- -------- --------- --------- --------- Net Trust Share Transactions ....................... 175,661 251,675 4,553 (108,698) 44,421 58,190 ---------- ---------- -------- --------- --------- --------- Investor Shares: Shares Issued ........................................ 458,737 1,012,310 90,573 231,451 130,321 322,435 Shares Issued in Lieu of Cash Distributions .......... 4,970 8,255 1,255 2,414 1,311 2,480 Shares Redeemed ...................................... (389,083) (962,468) (91,864) (221,906) (131,550) (317,341) ---------- ---------- -------- --------- --------- --------- Net Investor Share Transactions .................... 74,624 58,097 (36) 11,959 82 7,574 ---------- ---------- -------- --------- --------- --------- Flex Shares: Shares Issued ........................................ -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions .......... -- -- -- -- -- -- Shares Redeemed ...................................... -- -- -- -- -- -- ---------- ---------- -------- --------- --------- --------- Net Flex Share Transactions ........................ -- -- -- -- -- -- ========== ========== ======== ========= ========= ========= Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 74 & 75 FINANCIAL HIGHLIGHTS ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS ------------------- ------------ ---------------- --------------------- ---------------------- VALUE INCOME STOCK FUND Trust Shares 1996** $13.15 $ 0.16 $ 1.13 $(0.15) $ -- 1996 11.59 0.35 2.71 (0.34) (1.16) 1995 10.54 0.32 1.56 (0.32) (0.51) 1994 10.23 0.29 0.70 (0.32) (0.36) 1993(1) 10.00 0.11 0.16 (0.04) -- Investor Shares 1996** $13.13 $ 0.14 $ 1.13 $(0.13) $ -- 1996 11.58 0.30 2.71 (0.30) (1.16) 1995 10.52 0.28 1.56 (0.27) (0.51) 1994 10.23 0.26 0.67 (0.27) (0.37) 1993(2) 9.73 0.09 0.44 (0.03) -- Flex Shares 1996** $13.08 $ 0.09 $ 1.12 $(0.09) $ -- 1996(3) 11.59 0.26 2.65 (0.26) (1.16) MID-CAP EQUITY FUND (A) Trust Shares 1996** $12.76 $ 0.03 $ 0.76 $(0.04) $ -- 1996 11.00 0.08 2.63 (0.08) (0.87) 1995 9.85 0.08 1.15 (0.08) -- 1994(4) 10.00 0.02 (0.16) (0.01) -- Investor Shares 1996** $12.74 $ -- $ 0.76 $(0.01) $ -- 1996 10.99 0.03 2.62 (0.03) (0.87) 1995 9.84 0.03 1.15 (0.03) -- 1994(5) 10.00 0.01 (0.17) -- -- Flex Shares 1996** $12.69 $(0.05) $ 0.76 $ -- $ -- 1996(6) 11.13 -- 2.45 (0.02) (0.87) CAPITAL GROWTH FUND Trust Shares 1996** $14.90 $ 0.07 $ 1.57 $(0.07) $ -- 1996 12.18 0.12 3.32 (0.13) (0.59) 1995 11.99 0.16 0.57 (0.14) (0.40) 1994 11.95 0.16 0.31 (0.17) (0.26) 1993(7) 10.36 0.12 1.57 (0.10) -- Investor Shares 1996** $14.89 $ 0.03 $ 1.55 $(0.02) $ -- 1996 12.17 0.03 3.32 (0.04) (0.59) 1995 11.98 0.09 0.57 (0.07) (0.40) 1994 11.93 0.09 0.31 (0.09) (0.26) 1993(8) 10.00 0.06 1.93 (0.06) -- Flex Shares 1996** $14.84 $(0.03) $ 1.57 $ -- $ -- 1996(3) 12.20 0.02 3.26 (0.05) (0.59) BALANCED FUND Trust Shares 1996** $11.55 $ 0.17 $ 0.90 $(0.16) $ -- 1996 10.26 0.33 1.41 (0.34) (0.11) 1995 9.76 0.33 0.49 (0.32) -- 1994(9) 10.00 0.11 (0.29) (0.06) -- Investor Shares 1996** $11.60 $ 0.15 $ 0.91 $(0.15) $ -- 1996 10.30 0.30 1.41 (0.30) (0.11) 1995 9.79 0.28 0.51 (0.28) -- 1994(10) 10.00 0.03 (0.24) -- -- Flex Shares 1996** $11.53 $ 0.10 $ 0.91 $(0.11) $ -- 1996(11) 10.36 0.24 1.29 (0.25) (0.11) * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. *** Average commission rate paid per share for security purchases and sales during the period. Presentation of the rate is only required for fiscal years beginning after September 1, 1995. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on February 12, 1993. (2) Commenced operations on February 17, 1993. (3) Commenced operations on June 1, 1995. (4) Commenced operations on February 2, 1994. (5) Commenced operations on February 1, 1994. (6) Commenced operations on June 5, 1995. (7) Commenced operations on July 1, 1992. (8) Commenced operations on June 9, 1992. (9) Commenced operations on January 3, 1994. (10) Commenced operations on January 4, 1994. (11) Commenced operations on June 14, 1995. (A) During the fiscal year ended May 31, 1996, the Aggressive Growth Fund changed its name to the Mid-Cap Equity Fund. (B) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 76 & 77 FINANCIAL HIGHLIGHTS ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
RATIO OF RATIO OF EXPENSES TO NET ASSET NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS VALUE END TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS OF PERIOD RETURN (B) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) --------- --------- ----------- ------------------ ------------------ ------------------ VALUE INCOME STOCK FUND Trust Shares 1996** $14.29 9.96%+ $1,362,540 0.90% 2.50% 0.90% 1996 13.15 27.91% 1,244,399 0.92% 2.86% 0.92% 1995 11.59 19.06% 991,977 0.95% 3.16% 0.95% 1994 10.54 9.95% 573,082 0.88% 3.21% 0.97% 1993(1) 10.23 9.05%* 137,761 0.80%* 4.32%* 0.96%* Investor Shares 1996** $14.27 9.77%+ $ 146,627 1.30% 2.10% 1.34% 1996 13.13 27.39% 130,597 1.30% 2.47% 1.37% 1995 11.58 18.71% 92,256 1.30% 2.80% 1.41% 1994 10.52 9.27% 60,589 1.25% 2.80% 1.44% 1993(2) 10.23 19.42%* 24,779 1.15%* 4.51%* 1.63%* Flex Shares 1996** $14.20 9.36%+ $ 44,103 2.00% 1.43% 2.01% 1996(3) 13.08 26.52%* 26,298 2.00%* 1.72%* 2.15%* MID-CAP EQUITY FUND (A) Trust Shares 1996** $13.51 6.20%+ $ 270,201 1.15% 0.46% 1.25% 1996 12.76 25.54% 253,905 1.15% 0.70% 1.29% 1995 11.00 12.56% 125,562 1.15% 0.88% 1.32% 1994(4) 9.85 (1.39%)+ 57,036 1.15%* 1.20%* 1.68%* Investor Shares 1996** $13.49 5.98%+ $ 19,739 1.60% 0.01% 1.87% 1996 12.74 24.93% 17,971 1.60% 0.25% 1.96% 1995 10.99 11.96% 7,345 1.60% 0.43% 2.27% 1994(5) 9.84 (1.60%)+ 3,004 1.60%* 0.74%* 4.60%* Flex Shares 1996** $13.40 5.59%+ $ 7,463 2.20% (0.60%) 2.67% 1996(6) 12.69 23.00%* 5,029 2.20%* (0.37%)* 3.04%* CAPITAL GROWTH FUND Trust Shares 1996** $16.47 11.00%+ $1,027,487 1.15% 0.88% 1.25% 1996 14.90 28.97% 981,498 1.15% 0.90% 1.27% 1995 12.18 6.63% 984,205 1.15% 1.38% 1.28% 1994 11.99 3.87% 891,870 1.15% 1.25% 1.29% 1993(7) 11.95 17.90%* 507,692 1.15%* 1.43%* 1.28%* Investor Shares 1996** $16.45 10.59%+ $ 203,154 1.80% 0.24% 2.03% 1996 14.89 28.18% 191,078 1.80% 0.24% 2.08% 1995 12.17 5.93% 160,875 1.80% 0.73% 2.10% 1994 11.98 3.26% 170,795 1.80% 0.64% 2.11% 1993(8) 11.93 20.49%* 131,858 1.80%* 0.81%* 2.06%* Flex Shares 1996** $16.38 10.38%+ $ 21,190 2.27% (0.24%) 2.44% 1996(3) 14.84 27.48%* 10,969 2.27%* (0.29%)* 2.68%* BALANCED FUND Trust Shares 1996** $12.46 9.41%+ $ 111,307 0.95% 2.87% 1.07% 1996 11.55 17.26% 111,638 0.95% 3.00% 1.09% 1995 10.26 8.72% 89,051 0.95% 3.44% 1.11% 1994(9) 9.76 (1.78%)+ 90,579 0.95%* 2.76%* 1.25%* Investor Shares 1996** $12.51 9.22%+ $ 5,801 1.25% 2.58% 1.59% 1996 11.60 16.88% 4,896 1.25% 2.70% 1.89% 1995 10.30 8.29% 3,765 1.25% 3.17% 1.80% 1994(10) 9.79 (2.10%)+ 2,311 1.25%* 2.46%* 4.91%* Flex Shares 1996** $12.43 8.83%+ $ 4,320 2.00% 1.83% 2.45% 1996(11) 11.53 15.58%* 3,131 2.00%* 1.85%* 2.97%* * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. *** Average commission rate paid per share for security purchases and sales during the period. Presentation of the rate is only required for fiscal years beginning after September 1, 1995. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on February 12, 1993. (2) Commenced operations on February 17, 1993. (3) Commenced operations on June 1, 1995. (4) Commenced operations on February 2, 1994. (5) Commenced operations on February 1, 1994. (6) Commenced operations on June 5, 1995. (7) Commenced operations on July 1, 1992. (8) Commenced operations on June 9, 1992. (9) Commenced operations on January 3, 1994. (10) Commenced operations on January 4, 1994. (11) Commenced operations on June 14, 1995. (A) During the fiscal year ended May 31, 1996, the Aggressive Growth Fund changed its name to the Mid-Cap Equity Fund. (B) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 76 & 77 FINANCIAL HIGHLIGHTS ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS PORTFOLIO AVERAGE (EXCLUDING WAIVERS TURNOVER COMMISSION AND REIMBURSEMENTS) RATE RATE*** ------------------ --------- ---------- VALUE INCOME STOCK FUND Trust Shares 1996** 2.50% 40.23% $0.0599 1996 2.86% 133.99% n/a 1995 3.16% 125.71% n/a 1994 3.12% 149.28% n/a 1993(1) 4.16%* 34.71% n/a Investor Shares 1996** 2.06% 40.23% $0.0599 1996 2.40% 133.99% n/a 1995 2.69% 125.71% n/a 1994 2.61% 149.28% n/a 1993(2) 4.04%* 34.71% n/a Flex Shares 1996** 1.42% 40.23% $0.0599 1996(3) 1.57%* 133.99% n/a MID-CAP EQUITY FUND (A) Trust Shares 1996** 0.36% 76.67% $0.0556 1996 0.56% 115.62% n/a 1995 0.71% 65.63% n/a 1994(4) 0.67%* 7.99% n/a Investor Shares 1996** (0.26%) 76.67% $0.0556 1996 (0.11%) 115.62% n/a 1995 (0.24%) 65.63% n/a 1994(5) (2.26%)* 7.99% n/a Flex Shares 1996** (1.07%) 76.67% $0.0556 1996(6) (1.21%)* 115.62% n/a CAPITAL GROWTH FUND Trust Shares 1996** 0.78% 64.89% $0.0570 1996 0.78% 156.46% n/a 1995 1.25% 127.79% n/a 1994 1.11% 123.87% n/a 1993(7) 1.30%* 95.02% n/a Investor Shares 1996** 0.01% 64.89% $0.0570 1996 (0.04%) 156.46% n/a 1995 0.43% 127.79% n/a 1994 0.33% 123.87% n/a 1993(8) 0.55%* 95.02% n/a Flex Shares 1996** (0.41%) 64.89% $0.0570 1996(3) (0.70%)* 156.46% n/a BALANCED FUND Trust Shares 1996** 2.75% 82.35% $0.0571 1996 2.86% 154.63% n/a 1995 3.28% 156.61% n/a 1994(9) 2.46%* 105.65% n/a Investor Shares 1996** 2.24% 82.35% $0.0571 1996 2.06% 154.63% n/a 1995 2.62% 156.61% n/a 1994(10) (1.20%)* 105.65% n/a Flex Shares 1996** 1.39% 82.35% $0.0571 1996(11) 0.88%* 154.63% n/a * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. *** Average commission rate paid per share for security purchases and sales during the period. Presentation of the rate is only required for fiscal years beginning after September 1, 1995. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on February 12, 1993. (2) Commenced operations on February 17, 1993. (3) Commenced operations on June 1, 1995. (4) Commenced operations on February 2, 1994. (5) Commenced operations on February 1, 1994. (6) Commenced operations on June 5, 1995. (7) Commenced operations on July 1, 1992. (8) Commenced operations on June 9, 1992. (9) Commenced operations on January 3, 1994. (10) Commenced operations on January 4, 1994. (11) Commenced operations on June 14, 1995. (A) During the fiscal year ended May 31, 1996, the Aggressive Growth Fund changed its name to the Mid-Cap Equity Fund. (B) Total return figures do not reflect applicable sales loads. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 76 & 77 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS ------------------- ------------ ---------------- --------------------- ---------------------- INTERNATIONAL EQUITY INDEX FUND Trust Shares 1996** $10.96 $ 0.03 $ 0.28 $ -- $ -- 1996 10.24 0.10 0.84 (0.13) (0.09) 1995(1) 10.00 0.08 0.19 (0.02) (0.01) Investor Shares 1996** $10.88 $ 0.01 $ 0.27 $ -- $ -- 1996 10.20 0.05 0.85 (0.13) (0.09) 1995(1) 10.00 0.05 0.17 (0.01) (0.01) Flex Shares 1996** $10.87 $(0.02) $ 0.27 $ -- $ -- 1996(2) 10.24 -- 0.82 (0.10) (0.09) INTERNATIONAL EQUITY FUND Trust Shares 1996** $11.40 $ -- $ 0.96 $ -- $ -- 1996(3) 10.00 0.05 1.35 -- -- Investor Shares 1996** $11.38 $(0.02) $ 0.96 $ -- $ -- 1996(4) 10.44 0.04 0.90 -- -- Flex Shares 1996** $11.37 $(0.05) $ 0.94 $ -- $ -- 1996(4) 10.44 0.02 $ 0.91 -- -- SUNBELT EQUITY FUND Trust Shares 1996** $14.11 $(0.04) $(0.50) $ -- $ -- 1996 10.03 (0.04) 4.32 -- (0.20) 1995 9.70 (0.01) 0.38 -- (0.04) 1994(5) 10.00 -- (0.30) -- -- Investor Shares 1996** $13.95 $(0.11) $(0.45) $ -- $ -- 1996 9.96 (0.11) 4.30 -- (0.20) 1995 9.69 (0.05) 0.36 -- (0.04) 1994(6) 10.00 (0.02) (0.29) -- -- Flex Shares 1996** $13.97 $(0.12) $(0.48) $ -- $ -- 1996(7) 10.20 (0.07) 4.04 -- (0.20) INVESTMENT GRADE TAX-EXEMPT BOND FUND Trust Shares 1996** $11.10 $ 0.22 $ 0.39 $(0.22) $ -- 1996 11.28 0.45 0.19 (0.45) (0.37) 1995 10.68 0.46 0.60 (0.46) -- 1994(8) 11.37 0.22 (0.34) (0.22) (0.35) Investor Shares 1996** $11.12 $ 0.20 $ 0.39 $(0.20) $ -- 1996 11.30 0.41 0.19 (0.41) (0.37) 1995 10.69 0.42 0.61 (0.42) -- 1994 10.79 0.33 0.25 (0.33) (0.35) 1993(9) 10.00 0.35 0.82 (0.35) (0.03) Flex Shares 1996** $11.11 $ 0.17 $ 0.39 $(0.17) $ -- 1996(10) 11.30 0.37 0.18 (0.37) (0.37) * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. *** Average commission rate paid per share for security purchases and sales during the period. Presentation of the rate is only required for fiscal years beginning after September 1, 1995. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on June 6, 1994. (2) Commenced operations on June 8, 1995. (3) Commenced operations on December 1, 1995. (4) Commenced operations on January 2, 1996. (5) Commenced operations on January 3, 1994. (6) Commenced operations on January 4, 1994. (7) Commenced operations on June 5, 1995. (8) Commenced operations on October 21, 1993. (9) Commenced operations on June 9, 1992. (10) Commenced operations on June 1, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 78 & 79 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
RATIO OF NET ASSET NET ASSETS RATIO OF NET INVESTMENT VALUE END TOTAL END OF EXPENSES TO INCOME (LOSS) TO OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS --------- --------- ----------- ------------------ ------------------ INTERNATIONAL EQUITY INDEX FUND Trust Shares 1996** $11.27 2.83%+ $ 65,267 1.06% 0.71% 1996 10.96 9.29% 90,980 1.05% 0.84% 1995(1) 10.24 2.69%+ 89,446 1.05%* 1.13%* Investor Shares 1996** $11.16 2.57%+ $ 5,874 1.46% 0.19% 1996 10.88 8.90% 5,597 1.45% 0.48% 1995(1) 10.20 2.18%+ 3,960 1.45%* 0.67%* Flex Shares 1996** $11.12 2.30%+ $ 989 2.11% (0.47%) 1996(2) 10.87 8.32%+ 917 2.10%* (0.24%)* INTERNATIONAL EQUITY FUND Trust Shares 1996** $12.36 8.42%+ $325,886 1.47% 0.27% 1996(3) 11.40 14.00%+ 213,306 1.46%* 1.36%* Investor Shares 1996** $12.32 8.26%+ $ 5,953 1.82% (0.08%) 1996(4) 11.38 9.00%+ 3,448 1.81%* 1.73%* Flex Shares 1996** $12.26 7.83%+ $ 2,526 2.52% (0.85%) 1996(4) 11.37 8.91%+ 953 2.51%* 1.08%* SUNBELT EQUITY FUND Trust Shares 1996** $13.57 (3.83%)+ $413,681 1.15% (0.50%) 1996 14.11 43.19% 412,430 1.15% (0.34%) 1995 10.03 3.81% 258,908 1.15% (0.12%) 1994(5) 9.70 (2.99%)+ 128,280 1.15%* (0.19%)* Investor Shares 1996** $13.39 (4.01%)+ $ 28,980 1.60% (0.96%) 1996 13.95 42.58% 29,002 1.60% (0.79%) 1995 9.96 3.20% 22,180 1.60% (0.57%) 1994(6) 9.69 (3.10%)+ 16,077 1.60%* (0.63%)* Flex Shares 1996** $13.37 (4.29%)+ $ 4,902 2.20% (1.55%) 1996(7) 13.97 39.86%* 2,705 2.20%* (1.43%)* INVESTMENT GRADE TAX-EXEMPT BOND FUND Trust Shares 1996** $11.49 5.59%+ $131,267 0.75% 3.97% 1996 11.10 5.82% 124,507 0.75% 4.01% 1995 11.28 10.21% 78,208 0.75% 4.34% 1994(8) 10.68 (1.10%)+ 44,595 0.75%* 3.46%* Investor Shares 1996** $11.51 5.36%+ $ 34,336 1.15% 3.56% 1996 11.12 5.40% 37,427 1.15% 3.61% 1995 11.30 9.91% 41,693 1.15% 3.88% 1994 10.69 5.37% 46,182 1.14% 2.96% 1993(9) 10.79 11.88%* 15,844 1.12%* 3.61%* Flex Shares 1996** $11.50 5.12%+ $ 5,107 1.63% 3.08% 1996(10) 11.11 4.91%* 5,536 1.63%* 3.12%* * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. *** Average commission rate paid per share for security purchases and sales during the period. Presentation of the rate is only required for fiscal years beginning after September 1, 1995. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on June 6, 1994. (2) Commenced operations on June 8, 1995. (3) Commenced operations on December 1, 1995. (4) Commenced operations on January 2, 1996. (5) Commenced operations on January 3, 1994. (6) Commenced operations on January 4, 1994. (7) Commenced operations on June 5, 1995. (8) Commenced operations on October 21, 1993. (9) Commenced operations on June 9, 1992. (10) Commenced operations on June 1, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 78 & 79 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
RATIO OF RATIO OF NET INVESTMENT EXPENSES TO INCOME (LOSS) TO AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO AVERAGE (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER COMMISSION AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE RATE*** ------------------ ------------------ --------- ---------- INTERNATIONAL EQUITY INDEX FUND Trust Shares 1996** 1.13% 0.64% 1.58% $0.0223 1996 1.19% 0.70% 30.46% n/a 1995(1) 1.31%* 0.87%* 10.37% n/a Investor Shares 1996** 1.93% (0.28%) 1.58% $0.0223 1996 2.06% (0.13%) 30.46% n/a 1995(1) 2.44%* (0.32%)* 10.37% n/a Flex Shares 1996** 3.58% (1.94%) 1.58% $0.0223 1996(2) 4.14%* (2.28%)* 30.46% n/a INTERNATIONAL EQUITY FUND Trust Shares 1996** 1.51% 0.23% 76.47% $0.0282 1996(3) 1.65%* 1.17%* 113.34% n/a Investor Shares 1996** 2.20% (0.46%) 76.47% $0.0282 1996(4) 3.14%* 0.40%* 113.34% n/a Flex Shares 1996** 3.46% (1.79%) 76.47% $0.0282 1996(4) 5.86%* (2.27%)* 113.34% n/a SUNBELT EQUITY FUND Trust Shares 1996** 1.25% (0.60%) 46.01% $0.0636 1996 1.28% (0.47%) 106.27% n/a 1995 1.30% (0.27%) 80.03% n/a 1994(5) 1.58%* (0.62%)* 21.42% n/a Investor Shares 1996** 1.85% (1.21%) 46.01% $0.0636 1996 1.93% (1.12%) 106.27% n/a 1995 1.98% (0.95%) 80.03% n/a 1994(6) 2.04%* (1.07%)* 21.42% n/a Flex Shares 1996** 2.60% (1.95%) 46.01% $0.0636 1996(7) 3.62%* (2.85%)* 106.27% n/a INVESTMENT GRADE TAX-EXEMPT BOND FUND Trust Shares 1996** 0.86% 3.86% 244.41% n/a 1996 0.89% 3.87% 513.90% n/a 1995 0.91% 4.18% 591.91% n/a 1994(8) 0.95%* 3.26%* 432.46% n/a Investor Shares 1996** 1.39% 3.32% 244.41% n/a 1996 1.42% 3.34% 513.90% n/a 1995 1.43% 3.60% 591.91% n/a 1994 1.51% 2.59% 432.46% n/a 1993(9) 1.83%* 2.90%* 344.87% n/a Flex Shares 1996** 2.04% 2.67% 244.41% n/a 1996(10) 2.25%* 2.50%* 513.90% n/a * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. *** Average commission rate paid per share for security purchases and sales during the period. Presentation of the rate is only required for fiscal years beginning after September 1, 1995. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on June 6, 1994. (2) Commenced operations on June 8, 1995. (3) Commenced operations on December 1, 1995. (4) Commenced operations on January 2, 1996. (5) Commenced operations on January 3, 1994. (6) Commenced operations on January 4, 1994. (7) Commenced operations on June 5, 1995. (8) Commenced operations on October 21, 1993. (9) Commenced operations on June 9, 1992. (10) Commenced operations on June 1, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 78 & 79 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS ------------------- ------------ ---------------- --------------------- ---------------------- FLORIDA TAX-EXEMPT BOND FUND Trust Shares 1996** $10.06 $ 0.23 $ 0.42 $(0.23) $ -- 1996 10.18 0.46 (0.07) (0.46) (0.05) 1995 9.75 0.44 0.43 (0.44) -- 1994(1) 10.00 0.13 (0.25) (0.13) -- Investor Shares 1996** $10.07 $ 0.22 $ 0.41 $(0.22) $ -- 1996 10.18 0.44 (0.06) (0.44) (0.05) 1995 9.75 0.42 0.43 (0.42) -- 1994(2) 10.00 0.13 (0.25) (0.13) -- Flex Shares 1996** $10.08 $ 0.20 $ 0.42 $(0.20) $ -- 1996(3) 10.19 0.39 (0.06) (0.39) (0.05) TENNESSEE TAX-EXEMPT BOND FUND Trust Shares 1996** $ 9.40 $ 0.21 $ 0.33 $(0.21) $ -- 1996 9.50 0.43 (0.11) (0.42) -- 1995 9.22 0.44 0.28 (0.44) -- 1994(4) 10.00 0.12 (0.77) (0.13) -- Investor Shares 1996** $ 9.42 $ 0.21 $ 0.33 $(0.21) $ -- 1996 9.53 0.41 (0.10) (0.42) -- 1995 9.23 0.44 0.29 (0.43) -- 1994(5) 10.00 0.13 (0.77) (0.13) -- Flex Shares 1996** $ 9.41 $ 0.18 $ 0.32 $(0.18) $ -- 1996(6) 9.59 0.37 (0.18) (0.37) -- GEORGIA TAX-EXEMPT BOND FUND Trust Shares 1996** $ 9.56 $ 0.21 $ 0.33 $(0.21) $ -- 1996 9.63 0.43 (0.05) (0.43) (0.02) 1995 9.42 0.42 0.21 (0.42) -- 1994 (2) 10.00 0.14 (0.58) (0.14) -- Investor Shares 1996** $ 9.58 $ 0.20 $ 0.32 $(0.20) $ -- 1996 9.65 0.41 (0.05) (0.41) (0.02) 1995 9.44 0.40 0.21 (0.40) -- 1994 (5) 10.00 0.13 (0.56) (0.13) -- Flex Shares 1996** $ 9.56 $ 0.17 $ 0.33 $(0.17) $ -- 1996(7) 9.72 0.36 (0.14) (0.36) (0.02) INVESTMENT GRADE BOND FUND Trust Shares 1996** $10.07 $ 0.30 $ 0.35 $(0.30) $ -- 1996 10.26 0.60 (0.19) (0.60) -- 1995 9.89 0.61 0.37 (0.61) -- 1994 10.45 0.50 (0.36) (0.50) (0.20) 1993(8) 10.09 0.45 0.36 (0.45) -- Investor Shares 1996** $10.06 $ 0.28 $ 0.36 $(0.28) $ -- 1996 10.26 0.56 (0.20) (0.56) -- 1995 9.89 0.57 0.38 (0.58) -- 1994 10.44 0.46 (0.35) (0.46) (0.20) 1993(9) 10.00 0.44 0.44 (0.44) -- Flex Shares 1996** $10.07 $ 0.26 $ 0.36 $(0.26) $ -- 1996(10) 10.33 0.52 (0.26) (0.52) -- * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on January 25, 1994. (2) Commenced operations on January 18, 1994. (3) Commenced operations on June 1, 1995. (4) Commenced operations on January 27, 1994. (5) Commenced operations on January 19, 1994. (6) Commenced operations on June 5, 1995. (7) Commenced operations on June 6, 1995. (8) Commenced operations on July 16, 1992. (9) Commenced operations on June 11, 1992. (10) Commenced operations on June 7, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 80 & 81 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
RATIO OF NET ASSET NET ASSETS RATIO OF NET INVESTMENT VALUE END TOTAL END OF EXPENSES TO INCOME TO OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS --------- --------- ----------- ------------------ ------------------ FLORIDA TAX-EXEMPT BOND FUND Trust Shares 1996** $10.48 6.55%+ $ 37,559 0.65% 4.51% 1996 10.06 3.87% 30,790 0.65% 4.49% 1995 10.18 9.26% 10,118 0.65% 4.63% 1994(1) 9.75 (1.19%)+ 3,192 0.65%* 3.86%* Investor Shares 1996** $10.48 6.34%+ $ 3,488 0.85% 4.30% 1996 10.07 3.76% 4,025 0.85% 4.28% 1995 10.18 9.04% 3,320 0.85% 4.36% 1994(2) 9.75 (1.22%)+ 2,280 0.85%* 3.67%* Flex Shares 1996** $10.50 6.18%+ $ 2,685 1.35% 3.80% 1996(3) 10.08 3.27%* 2,692 1.35%* 3.79%* TENNESSEE TAX-EXEMPT BOND FUND Trust Shares 1996** $ 9.73 5.86%+ $ 1,661 0.65% 4.50% 1996 9.40 3.43% 1,823 0.65% 4.49% 1995 9.50 8.17% 1,664 0.65% 4.90% 1994(4) 9.22 (6.52%)+ 594 0.65%* 4.24%* Investor Shares 1996** $ 9.75 5.74%+ $ 1,573 0.85% 4.30% 1996 9.42 3.28% 1,523 0.85% 4.29% 1995 9.53 8.24% 1,170 0.85% 4.70% 1994(5) 9.23 (6.39%)+ 1,127 0.85%* 3.74%* Flex Shares 1996** $ 9.73 5.38%+ $ 2,270 1.35% 3.80% 1996(6) 9.41 1.98%* 2,017 1.34%* 3.80%* GEORGIA TAX-EXEMPT BOND FUND Trust Shares 1996** $ 9.89 5.67%+ $ 29,901 0.65% 4.26% 1996 9.56 3.89% 22,950 0.65% 4.36% 1995 9.63 6.94% 13,187 0.65% 4.56% 1994 (2) 9.42 (4.43%)+ 4,338 0.65%* 4.12%* Investor Shares 1996** $ 9.90 5.45%+ $ 3,426 0.85% 4.06% 1996 9.58 3.69% 3,418 0.85% 4.17% 1995 9.65 6.70% 3,268 0.85% 4.31% 1994 (5) 9.44 (4.29%)+ 3,300 0.85%* 3.93%* Flex Shares 1996** $ 9.89 5.31%+ $ 4,986 1.35% 3.56% 1996(7) 9.56 2.25%* 4,207 1.35%* 3.66%* INVESTMENT GRADE BOND FUND Trust Shares 1996** $10.42 6.56%+ $610,949 0.75% 5.89% 1996 10.07 4.02% 599,514 0.75% 5.81% 1995 10.26 10.39% 543,308 0.75% 6.22% 1994 9.89 1.17% 460,538 0.75% 4.77% 1993(8) 10.45 9.34%* 336,132 0.74%* 5.14%* Investor Shares 1996** $10.42 6.46%+ $ 37,222 1.15% 5.49% 1996 10.06 3.50% 36,155 1.15% 5.40% 1995 10.26 10.04% 33,772 1.15% 5.79% 1994 9.89 0.86% 35,775 1.14% 4.39% 1993(9) 10.44 9.21%* 24,375 1.14%* 4.75%* Flex Shares 1996** $10.43 6.21%+ $ 5,700 1.64% 5.01% 1996(10) 10.07 2.50%* 4,621 1.64%* 4.84%* * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on January 25, 1994. (2) Commenced operations on January 18, 1994. (3) Commenced operations on June 1, 1995. (4) Commenced operations on January 27, 1994. (5) Commenced operations on January 19, 1994. (6) Commenced operations on June 5, 1995. (7) Commenced operations on June 6, 1995. (8) Commenced operations on July 16, 1992. (9) Commenced operations on June 11, 1992. (10) Commenced operations on June 7, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 80 & 81 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
RATIO OF RATIO OF NET INVESTMENT EXPENSES TO INCOME TO AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------------ ------------------ --------- FLORIDA TAX-EXEMPT BOND FUND Trust Shares 1996** 0.82% 4.34% 57.47% 1996 0.88% 4.26% 62.68% 1995 1.13% 4.15% 105.01% 1994(1) 1.12%* 3.39%* 53.24% Investor Shares 1996** 1.46% 3.69% 57.47% 1996 1.36% 3.77% 62.68% 1995 1.50% 3.71% 105.01% 1994(2) 3.20%* 1.32%* 53.24% Flex Shares 1996** 2.27% 2.88% 57.47% 1996(3) 2.54%* 2.60%* 62.68% TENNESSEE TAX-EXEMPT BOND FUND Trust Shares 1996** 1.63% 3.52% 1.90% 1996 1.68% 3.46% 41.00% 1995 2.65% 2.90% 27.73% 1994(4) 1.43%* 3.46%* 13.05% Investor Shares 1996** 1.79% 3.36% 1.90% 1996 2.08% 3.06% 41.00% 1995 2.10% 3.45% 27.73% 1994(5) 6.60%* (2.01%)* 13.05% Flex Shares 1996** 2.69% 2.46% 1.90% 1996(6) 2.74%* 2.40%* 41.00% GEORGIA TAX-EXEMPT BOND FUND Trust Shares 1996** 0.84% 4.07% 5.03% 1996 0.89% 4.12% 60.02% 1995 0.98% 4.23% 24.50% 1994 (2) 1.06%* 3.71%* 25.90% Investor Shares 1996** 1.49% 3.42% 5.03% 1996 1.41% 3.61% 60.02% 1995 1.43% 3.73% 24.50% 1994 (5) 2.36%* 2.42%* 25.90% Flex Shares 1996** 6.34% (1.43%) 5.03% 1996(7) 2.35%* 2.66%* 60.02% INVESTMENT GRADE BOND FUND Trust Shares 1996** 0.85% 5.79% 120.02% 1996 0.87% 5.69% 184.33% 1995 0.88% 6.09% 237.66% 1994 0.88% 4.64% 259.19% 1993(8) 0.87%* 5.01%* 299.32% Investor Shares 1996** 1.42% 5.22% 120.02% 1996 1.44% 5.11% 184.33% 1995 1.49% 5.45% 237.66% 1994 1.41% 4.12% 259.19% 1993(9) 1.46%* 4.43%* 299.32% Flex Shares 1996** 2.18% 4.47% 120.02% 1996(10) 2.49%* 3.99%* 184.33% * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on January 25, 1994. (2) Commenced operations on January 18, 1994. (3) Commenced operations on June 1, 1995. (4) Commenced operations on January 27, 1994. (5) Commenced operations on January 19, 1994. (6) Commenced operations on June 5, 1995. (7) Commenced operations on June 6, 1995. (8) Commenced operations on July 16, 1992. (9) Commenced operations on June 11, 1992. (10) Commenced operations on June 7, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 80 & 81 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS ------------------- ------------ ---------------- --------------------- ---------------------- SHORT-TERM BOND FUND Trust Shares 1996** $ 9.86 $ 0.27 $ 0.19 $(0.27) $ -- 1996 9.98 0.54 (0.10) (0.54) (0.02) 1995 9.79 0.53 0.19 (0.53) -- 1994 10.01 0.42 (0.21) (0.42) (0.01) 1993(1) 10.00 0.08 0.01 (0.08) -- Investor Shares 1996** $ 9.88 $ 0.26 $ 0.19 $(0.26) $ -- 1996 10.01 0.52 (0.10) (0.53) (0.02) 1995 9.81 0.51 0.19 (0.50) -- 1994 10.03 0.40 (0.21) (0.40) (0.01) 1993(2) 10.06 0.06 (0.03) (0.06) -- Flex Shares 1996** $ 9.88 $ 0.24 $ 0.18 $(0.24) $ -- 1996(3) 10.02 0.47 (0.12) (0.47) (0.02) SHORT-TERM U.S. TREASURY SECURITIES FUND Trust Shares 1996** $ 9.84 $ 0.25 $ 0.12 $(0.25) $ -- 1996 9.93 0.55 (0.09) (0.55) -- 1995 9.82 0.47 0.11 (0.47) -- 1994 9.98 0.33 (0.11) (0.33) (0.05) 1993(1) 10.00 0.07 (0.02) (0.07) -- Investor Shares 1996** $ 9.84 $ 0.25 $ 0.12 $(0.25) $ -- 1996 9.94 0.54 (0.10) (0.54) -- 1995 9.83 0.46 0.11 (0.46) -- 1994 9.99 0.32 (0.12) (0.31) (0.05) 1993(4) 10.01 0.06 (0.02) (0.06) -- Flex Shares 1996** $ 9.82 $ 0.23 $ 0.12 $(0.23) $ -- 1996(5) 9.96 0.48 (0.14) (0.48) -- LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Trust Shares 1996** $ 9.99 $ 0.29 $ 0.14 $(0.29) $ -- 1996 10.11 0.62 (0.14) (0.60) -- 1995(6) 10.00 0.58 0.13 (0.60) -- Investor Shares 1996** $ 9.97 $ 0.28 $ 0.15 $(0.28) $ -- 1996 10.11 0.60 (0.14) (0.60) -- 1995(7) 9.98 0.58 0.13 (0.58) -- Flex Shares 1996** $ 9.99 $ 0.26 $ 0.14 $(0.26) $ -- 1996(8) 10.14 0.55 (0.15) (0.55) -- * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on March 15, 1993. (2) Commenced operations on March 22, 1993. (3) Commenced operations on June 20, 1995. (4) Commenced operations on March 18, 1993. (5) Commenced operations on June 22, 1995. (6) Commenced operations on June 7, 1994. (7) Commenced operations on July 17, 1994. (8) Commenced operations on June 7, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 82 & 83 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
RATIO OF NET ASSET NET ASSETS RATIO OF NET INVESTMENT VALUE END TOTAL END OF EXPENSES TO INCOME TO OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS --------- --------- ----------- ------------------ ------------------ SHORT-TERM BOND FUND Trust Shares 1996** $10.05 4.69%+ $ 93,553 0.65% 5.34% 1996 9.86 4.45% 91,156 0.65% 5.39% 1995 9.98 7.60% 60,952 0.65% 5.49% 1994 9.79 2.02% 34,772 0.65% 4.15% 1993(1) 10.01 4.45%* 25,334 0.64%* 3.88%* Investor Shares 1996** $10.07 4.58%+ $ 2,181 0.85% 5.12% 1996 9.88 4.23% 2,700 0.85% 5.20% 1995 10.01 7.44% 2,609 0.85% 5.24% 1994 9.81 1.81% 2,381 0.85% 3.94% 1993(2) 10.03 1.65%* 716 0.85%* 3.85%* Flex Shares 1996** $10.06 4.30%+ $ 1,063 1.20% 4.79% 1996(3) 9.88 3.73%* 966 1.20%* 4.77%* SHORT-TERM U.S. TREASURY SECURITIES FUND Trust Shares 1996** $ 9.96 3.85%+ $ 18,173 0.65% 5.14% 1996 9.84 4.73% 10,149 0.65% 5.56% 1995 9.93 6.11% 9,599 0.65% 4.91% 1994 9.82 2.17% 12,723 0.65% 3.23% 1993(1) 9.98 2.22%* 30,336 0.63%* 3.34%* Investor Shares 1996** $ 9.96 3.76%+ $ 4,127 0.80% 4.96% 1996 9.84 4.52% 4,192 0.80% 5.43% 1995 9.94 6.03% 7,144 0.80% 4.74% 1994 9.83 2.01% 4,841 0.78% 3.11% 1993(4) 9.99 1.84%* 2,423 0.80%* 3.16%* Flex Shares 1996** $ 9.94 3.64%+ $ 2,411 1.05% 4.71% 1996(5) 9.82 3.72%* 2,423 1.05%* 5.03%* LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Trust Shares 1996** $10.13 4.39%+ $102,206 0.65% 5.82% 1996 9.99 4.84% 73,370 0.65% 6.04% 1995(6) 10.11 7.50%+ 41,823 0.65%* 6.43%* Investor Shares 1996** $10.12 4.37%+ $ 2,719 0.90% 5.56% 1996 9.97 4.59% 2,512 0.90% 5.75% 1995(7) 10.11 7.45%+ 623 0.90%* 6.27%* Flex Shares 1996** $10.13 4.09%+ $ 1,674 1.25% 5.22% 1996(8) 9.99 4.10%* 1,349 1.25%* 5.38%* * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on March 15, 1993. (2) Commenced operations on March 22, 1993. (3) Commenced operations on June 20, 1995. (4) Commenced operations on March 18, 1993. (5) Commenced operations on June 22, 1995. (6) Commenced operations on June 7, 1994. (7) Commenced operations on July 17, 1994. (8) Commenced operations on June 7, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 82 & 83 FINANCIAL HIGHLIGHTS (continued) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
RATIO OF RATIO OF NET INVESTMENT EXPENSES TO INCOME TO AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------------ ------------------ --------- SHORT-TERM BOND FUND Trust Shares 1996** 0.78% 5.21% 49.35% 1996 0.81% 5.23% 162.62% 1995 0.85% 5.29% 200.49% 1994 0.85% 3.95% 74.85% 1993(1) 1.11%* 3.41%* 63.89% Investor Shares 1996** 1.19% 4.78% 49.35% 1996 1.72% 4.33% 162.62% 1995 1.56% 4.53% 200.49% 1994 2.52% 2.27% 74.85% 1993(2) 7.22%* (2.52%)* 63.89% Flex Shares 1996** 2.31% 3.68% 49.35% 1996(3) 4.06%* 1.91%* 162.62% SHORT-TERM U.S. TREASURY SECURITIES FUND Trust Shares 1996** 0.87% 4.92% 37.64% 1996 1.00% 5.21% 94.00% 1995 1.08% 4.48% 87.98% 1994 0.81% 3.07% 116.57% 1993(1) 1.04%* 2.93%* 36.44% Investor Shares 1996** 1.22% 4.54% 37.64% 1996 1.32% 4.91% 94.00% 1995 1.33% 4.21% 87.98% 1994 1.41% 2.48% 116.57% 1993(4) 3.42%* 0.54%* 36.44% Flex Shares 1996** 2.23% 3.53% 37.64% 1996(5) 2.97%* 3.11%* 94.00% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND Trust Shares 1996** 0.79% 5.68% 44.54% 1996 0.84% 5.85% 83.01% 1995(6) 0.93%* 6.15%* 67.63% Investor Shares 1996** 1.23% 5.23% 44.54% 1996 2.25% 4.40% 83.01% 1995(7) 7.74%* (0.57%)* 67.63% Flex Shares 1996** 2.57% 3.90% 44.54% 1996(8) 3.59%* 3.04%* 83.01% * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on March 15, 1993. (2) Commenced operations on March 22, 1993. (3) Commenced operations on June 20, 1995. (4) Commenced operations on March 18, 1993. (5) Commenced operations on June 22, 1995. (6) Commenced operations on June 7, 1994. (7) Commenced operations on July 17, 1994. (8) Commenced operations on June 7, 1995. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 82 & 83 FINANCIAL HIGHLIGHTS (concluded) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
NET REALIZED AND NET UNREALIZED GAINS NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS ------------------- ------------ ---------------- --------------------- ---------------------- U.S. GOVERNMENT SECURITIES FUND Trust Shares 1996** $ 9.91 $ 0.31 $ 0.40 $(0.31) $ -- 1996 10.27 0.62 (0.33) (0.62) (0.03) 1995(1) 9.98 0.53 0.29 (0.53) -- Investor Shares 1996** $ 9.90 $ 0.29 $ 0.41 $(0.29) $ -- 1996 10.26 0.59 (0.33) (0.59) (0.03) 1995(2) 10.00 0.56 0.26 (0.56) -- Flex Shares 1996** $ 9.91 $ 0.26 $ 0.40 $(0.26) $ -- 1996(3) 10.31 0.52 (0.37) (0.52) (0.03) PRIME QUALITY MONEY MARKET FUND Trust Shares 1996** $ 1.00 $ 0.02 $ -- $(0.02) $ -- 1996 1.00 0.05 -- (0.05) -- 1995 1.00 0.05 -- (0.05) -- 1994 1.00 0.03 -- (0.03) -- 1993(4) 1.00 0.03 -- (0.03) -- Investor Shares 1996** $ 1.00 $ 0.02 $ -- $(0.02) $ -- 1996 1.00 0.05 -- (0.05) -- 1995 1.00 0.05 -- (0.05) -- 1994 1.00 0.03 -- (0.03) -- 1993(4) 1.00 0.03 -- (0.03) -- U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Trust Shares 1996** $ 1.00 $ 0.02 $ -- $(0.02) $ -- 1996 1.00 0.05 -- (0.05) -- 1995 1.00 0.05 -- (0.05) -- 1994 1.00 0.03 -- (0.03) -- 1993(4) 1.00 0.03 -- (0.03) -- Investor Shares 1996** $ 1.00 $ 0.02 $ -- $(0.02) $ -- 1996 1.00 0.05 -- (0.05) -- 1995 1.00 0.04 -- (0.04) -- 1994 1.00 0.03 -- (0.03) -- 1993(4) 1.00 0.03 -- (0.03) -- TAX-EXEMPT MONEY MARKET FUND Trust Shares 1996** $ 1.00 $ 0.01 $ -- $(0.01) $ -- 1996 1.00 0.03 -- (0.03) -- 1995 1.00 0.03 -- (0.03) -- 1994 1.00 0.02 -- (0.02) -- 1993(4) 1.00 0.02 -- (0.02) -- Investor Shares 1996** $ 1.00 $ 0.01 $ -- $(0.01) $ -- 1996 1.00 0.03 -- (0.03) -- 1995 1.00 0.03 -- (0.03) -- 1994 1.00 0.02 -- (0.02) -- 1993(4) 1.00 0.02 -- (0.02) -- * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on July 31, 1994. (2) Commenced operations on June 9, 1994. (3) Commenced operations on June 7, 1995. (4) Commenced operations on June 8, 1992. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 84 & 85 FINANCIAL HIGHLIGHTS (concluded) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
RATIO OF NET ASSET NET ASSETS RATIO OF NET INVESTMENT VALUE END TOTAL END OF EXPENSES TO INCOME TO OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS --------- --------- ----------- ------------------ ------------------ U.S. GOVERNMENT SECURITIES FUND Trust Shares 1996** $10.31 7.25%+ $ 15,873 0.75% 6.10% 1996 9.91 2.77% 10,277 0.75% 6.05% 1995(1) 10.27 8.64%+ 3,291 0.75%* 6.67%* Investor Shares 1996** $10.31 7.15%+ $ 2,616 1.15% 5.69% 1996 9.90 2.47% 2,396 1.15% 5.68% 1995(2) 10.26 8.61%+ 589 1.15%* 6.08%* Flex Shares 1996** $10.31 6.77%+ $ 3,079 1.66% 5.20% 1996(3) 9.91 1.42%* 2,826 1.66%* 5.18%* PRIME QUALITY MONEY MARKET FUND Trust Shares 1996** $ 1.00 2.47%+ $1,226,359 0.58% 4.88% 1996 1.00 5.25% 1,050,800 0.58% 5.11% 1995 1.00 4.79% 799,189 0.58% 4.77% 1994 1.00 2.88% 583,399 0.58% 2.86% 1993(4) 1.00 2.92%* 410,991 0.58%* 2.85%* Investor Shares 1996** $ 1.00 2.38%+ $ 290,298 0.75% 4.71% 1996 1.00 5.08% 215,696 0.75% 4.94% 1995 1.00 4.62% 157,616 0.75% 4.55% 1994 1.00 2.71% 129,415 0.75% 2.67% 1993(4) 1.00 2.75%* 61,578 0.75%* 2.68%* U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Trust Shares 1996** $ 1.00 2.37%+ $ 329,973 0.61% 4.68% 1996 1.00 5.14% 325,493 0.61% 5.02% 1995 1.00 4.67% 434,111 0.61% 4.64% 1994 1.00 2.77% 309,228 0.61% 2.69% 1993(4) 1.00 2.79%* 453,567 0.61%* 2.71%* Investor Shares 1996** $ 1.00 2.30%+ $ 58,555 0.75% 4.53% 1996 1.00 4.99% 58,608 0.75% 4.88% 1995 1.00 4.51% 46,639 0.75% 4.51% 1994 1.00 2.63% 32,395 0.75% 2.54% 1993(4) 1.00 2.65%* 16,688 0.75%* 2.57%* TAX-EXEMPT MONEY MARKET FUND Trust Shares 1996** $ 1.00 1.50%+ $ 318,039 0.50% 2.98% 1996 1.00 3.28% 273,613 0.50% 3.23% 1995 1.00 3.10% 215,413 0.45% 3.12% 1994 1.00 2.08% 143,982 0.42% 2.05% 1993(4) 1.00 2.12%* 78,416 0.41%* 2.07%* Investor Shares 1996** $ 1.00 1.44%+ $ 95,306 0.62% 2.86% 1996 1.00 3.16% 95,223 0.62% 3.10% 1995 1.00 3.00% 87,647 0.55% 3.00% 1994 1.00 1.96% 61,675 0.54% 1.93% 1993(4) 1.00 2.00%* 35,209 0.53%* 1.95%* * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on July 31, 1994. (2) Commenced operations on June 9, 1994. (3) Commenced operations on June 7, 1995. (4) Commenced operations on June 8, 1992. (A) Total return figures do not reflect applicable sales loads.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 84 & 85 FINANCIAL HIGHLIGHTS (concluded) ================================================================================ STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996 FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED RATIO OF RATIO OF NET INVESTMENT EXPENSES TO INCOME TO AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------------ ------------------ --------- U.S. GOVERNMENT SECURITIES FUND Trust Shares 1996** 1.05% 5.80% 9.94% 1996 1.25% 5.55% 83.38% 1995(1) 3.33%* 4.09%* 30.39% Investor Shares 1996** 2.04% 4.80% 9.94% 1996 2.50% 4.33% 83.38% 1995(2) 6.84%* 0.39%* 30.39% Flex Shares 1996** 2.40% 4.46% 9.94% 1996(3) 2.86%* 3.98%* 83.38% PRIME QUALITY MONEY MARKET FUND Trust Shares 1996** 0.75% 4.71% -- 1996 0.78% 4.91% -- 1995 0.79% 4.56% -- 1994 0.79% 2.65% -- 1993(4) 0.78%* 2.65%* -- Investor Shares 1996** 0.96% 4.50% -- 1996 1.00% 4.69% -- 1995 1.01% 4.29% -- 1994 0.99% 2.43% -- 1993(4) 1.02%* 2.41%* -- U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Trust Shares 1996** 0.76% 4.53% -- 1996 0.78% 4.85% -- 1995 0.80% 4.45% -- 1994 0.77% 2.53% -- 1993(4) 0.78%* 2.54%* -- Investor Shares 1996** 0.97% 4.31% -- 1996 0.99% 4.64% -- 1995 1.02% 4.24% -- 1994 0.97% 2.32% -- 1993(4) 1.11%* 2.21%* -- TAX-EXEMPT MONEY MARKET FUND Trust Shares 1996** 0.66% 2.82% -- 1996 0.68% 3.05% -- 1995 0.70% 2.87% -- 1994 0.71% 1.76% -- 1993(4) 0.70%* 1.78%* -- Investor Shares 1996** 0.83% 2.65% -- 1996 0.85% 2.87% -- 1995 0.87% 2.68% -- 1994 0.88% 1.59% -- 1993(4) 0.95%* 1.53%* -- * Annualized. ** For the semi-annual period ended November 30, 1996. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. (1) Commenced operations on July 31, 1994. (2) Commenced operations on June 9, 1994. (3) Commenced operations on June 7, 1995. (4) Commenced operations on June 8, 1992. (A) Total return figures do not reflect applicable sales loads. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 84 & 85 NOTES TO FINANCIAL STATEMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 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 nineteen portfolios: the Prime Quality Money Market Fund, the U.S. Government Securities Money Market Fund, the Tax-Exempt Money Market Fund (collectively the "Money Market Funds"), the Investment Grade Bond Fund, the Investment Grade Tax-Exempt Bond Fund, the Short-Term U.S. Treasury Securities Fund, the Short-Term Bond Fund, the Capital Growth Fund, the Value Income Stock Fund, the Sunbelt Equity Fund, the Mid-Cap Equity Fund, the Balanced Fund, the Florida Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund, the Tennessee Tax-Exempt Bond Fund, the U.S. Government Securities Fund, the Limited-Term Federal Mortgage Securities Fund, the International Equity Fund and the International Equity Index Fund (collectively the "Non-Dollar Funds"). The assets of each portfolio are segregated, and a shareholder's interest is limited to the Fund in which shares are held. Each Fund's prospectus provides a description of the Fund's investment objectives, policies and strategies. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust. SECURITY VALUATION -- Investment securities held by the Money Market Funds are stated at amortized cost, which approximates market value. Investment securities held by the Non-Dollar Funds which are listed on a securities exchange for which market quotations are available are valued at the last quoted sales price on each business day. If there is no such reported sale, these securities and unlisted securities for which market quotations are readily available are valued at the most recently quoted bid price. Foreign securities in the International Equity Fund and the International Equity Index Fund are valued based upon quotations from the primary market in which they are traded. Debt obligations with sixty days or less remaining until maturity may be valued at their amortized cost. FEDERAL INCOME TAXES -- It is each Fund's intention to qualify as a regulated investment company for Federal income tax purposes 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). Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold adjusted for the accretion and amortization of purchase discounts and premiums during the respective holding period. Purchase discounts and premiums on securities held by the Money Market Funds are accreted and amortized ratably to maturity and are included in interest income. Purchase discounts and premiums on securities held by the Non-Dollar Funds are accreted and amortized to maturity using the scientific interest method, which approximates the effective interest method. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements ensure that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. 86 ================================================================================ UNAUDITED NET ASSET VALUE PER SHARE-- The net asset value per share of each Fund is calculated each business day, by dividing the total value of each Fund's assets, less liabilities, by the number of shares outstanding. The maximum offering price per share for Investor shares of the Investment Grade Bond, the Investment Grade Tax-Exempt Bond, the Capital Growth, the Value Income Stock, the Sunbelt Equity, the Mid-Cap Equity, the Balanced, the Florida Tax-Exempt Bond, the Georgia Tax-Exempt Bond, the Tennessee Tax-Exempt Bond, the U.S. Government Securities, the International Equity, and the International Equity Index Funds is equal to the net asset value per share plus a sales load of 3.75%. The maximum offering price per share for Investor shares of the Short-Term U.S. Treasury Securities Fund is equal to the net asset value per share plus a sales load of 1.00%. The maximum offering price per share for Investor shares of the Short-Term Bond Fund is equal to the net asset value per share plus a sales load of 2.00%. The maximum offering price per share for Investor shares of the Limited-Term Federal Mortgage Securities Fund is equal to the net asset value per share plus a sales load of 2.50% Flex Shares of the Funds may be purchased at their net asset value. Shares redeemed within the first year after purchase will be subject to a contingent deferred sales charge ("CDSC") equal to 2.00% of the net asset value of the shares at the time of redemption. The CDSC will not apply to shares redeemed after such time. FOREIGN CURRENCY TRANSLATION -- The books and records of the International Equity and the International Equity Index Funds are maintained in U.S. dollars on the following basis: (I) market value of investment securities, assets and liabilities at the current rate of exchange; and (II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The International Equity and the International Equity Index Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. The International Equity and the International Equity Index Funds report certain foreign currency related transactions as components of realized and unrealized gains and losses for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes. OTHER -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets. Fund expenses are pro-rated to the respective classes on the basis of relative net assets. Distributions from net investment income of each of the Money Market Funds and the Investment Grade Bond, the Investment Grade Tax-Exempt Bond, the Short-Term U.S. Treasury Securities, the Short-Term Bond, the Florida Tax-Exempt Bond, the Georgia Tax-Exempt Bond, the Tennessee Tax-Exempt Bond, the U.S. Government Securities and the Limited-Term Federal Mortgage Securities Funds are declared on each business day and paid to shareholders on a monthly basis. Distributions from net investment income are declared and paid each calendar quarter by the Capital Growth, the Value Income Stock, the Sunbelt Equity, the 87 NOTES TO FINANCIAL STATEMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 Mid-Cap Equity and the Balanced Funds. Distributions from net investment income are declared and paid annually by the International Equity and the International Equity Index Funds. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. RECLASSIFICATION ON COMPONENTS OF NET ASSETS -- The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from generally accepted accounting principles. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Funds may periodically make reclassifications among certain capital accounts without impacting the net asset value of the Funds. 3. Organization Costs and Transactions with Affiliates: The Trust incurred organization costs of approximately $653,100. These costs have been deferred in the accounts of the Funds and are being amortized on a straight line basis over a period of sixty months commencing with operations. The costs include legal fees of approximately $41,100 for organizational work performed by a law firm of which an officer of the Trust is a partner. On March 18, 1992, the Trust sold initial shares of beneficial interest to SEI Fund Resources (the "Administrator"). In the event any of the initial shares of the Trust are redeemed by any holder thereof during the period that the Trust is amortizing its organizational costs, the redemption proceeds payable to the holder thereof will be reduced by the unamortized organizational costs in the same ratio as the number of initial shares being redeemed bears to the number of initial shares outstanding at the time of redemption. Certain officers of the Trust are also officers of the Administrator and/or SEI Financial Services Company (the "Distributor"). Such officers are paid no fees by the Trust for serving as officers of the Trust. 4. Administration, Transfer Agency Servicing and Distribution Agreements: The Trust and the Administrator are parties to an Administration Agreement dated May 29, 1995, under which the Administrator provides administrative services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Annuity Trust) of: .10% up to $1 billion, .07% on the next $4 billion, .05% on the next $3 billion, .045% on the next $2 billion and .04% for over $10 billion. The Trust and Federated Services Company are parties to a Transfer Agency servicing agreement dated May 14, 1994 under which Federated Services Company provides transfer agency services to the Trust. The Trust and the Distributor are parties to a Distribution Agreement dated May 29, 1995. 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 Service Plan, as outlined in the table in footnote 5 under the column titled "Distribution Fee". 88 ================================================================================ UNAUDITED 5. Investment Advisory and Custodian Agreements: The Trust and STI Capital Management, N.A., ("STI Capital Management, N.A."), Trusco Capital Management ("Trusco"), the SunTrust Bank, Atlanta and SunTrust Bank, Chattanooga have entered into advisory agreements dated May 29, 1992 (December 20, 1993 in the case of SunTrust Bank, Chattanooga) (the "Advisory Agreements"). On May 26, 1993, the Trust's Board of Trustees approved the termination of Trust Company Bank as investment advisor to the Trust's Tax-Exempt Money Market Fund and approved the appointment of Trusco as advisor to such Fund. The Trust and Trusco subsequently entered into an advisory agreement dated June 15, 1993 (the "Advisory Agreement") which superseded the May 29, 1992 agreement between the parties. Under terms of the respective agreements, the Funds are charged the following annual fees based upon average daily net assets: MAXIMUM FLEX SHARE MAXIMUM DISTRI- MAXIMUM TRUST INVESTOR INVESTOR BUTION FLEX ANNUAL SHARE SHARE SHARE AND SHARE ADVISORY MAXIMUM DISTRI- MAXIMUM SERVICE MAXIMUM FEE EXPENSE BUTION FEE EXPENSE FEE EXPENSE -------- ------- ---------- ------- -------- ------- TRUSCO: International Equity Index Fund*........... .90% 1.05% .38% 1.45% 1.00% 2.10% Sunbelt Equity Fund............ 1.15% 1.15% .43% 1.60% 1.00% 2.20% Short-Term Bond Fund............ .65% .65% .23% .85% 1.00% 1.20% Short-Term U.S. Treasury Securities Fund............ .65% .65% .18% .80% 1.00% 1.05% U.S. Government Securities Fund............ .74% .75% .38% 1.15% 1.00% 1.66% Prime Quality Money Market Fund............ .65% .58% .20% .75% -- -- U.S. Government Securities Money Market Fund............ .65% .61% .17% .75% -- -- Tax-Exempt Money Market Fund............ .55% .60% .15% .72% -- -- MAXIMUM FLEX SHARE MAXIMUM DISTRI- MAXIMUM TRUST INVESTOR INVESTOR BUTION FLEX ANNUAL SHARE SHARE SHARE AND SHARE ADVISORY MAXIMUM DISTRI- MAXIMUM SERVICE MAXIMUM FEE EXPENSE BUTION FEE EXPENSE FEE EXPENSE -------- ------- ---------- ------- -------- ------- STI CAPITAL MANAGEMENT, N.A.: Value Income Stock Fund....... .80% .95% .33% 1.30% 1.00% 2.00% Mid-Cap Equity Fund............. 1.15% 1.15% .43% 1.60% 1.00% 2.20% Capital Growth Fund............. 1.15% 1.15% .68% 1.80% 1.00% 2.27% Balanced Fund..... .95% .95% .28% 1.25% 1.00% 2.01% Investment Grade Tax-Exempt Bond Fund........ .74% .75% .43% 1.15% 1.00% 1.63% Florida Tax-Exempt Bond Fund........ .65% .65% .18% .85% 1.00% 1.35% Investment Grade Bond Fund............. .74% .75% .43% 1.15% 1.00% 1.64% Limited-Term Federal Mortgage Securities Fund............. .65% .65% .23% .90% 1.00% 1.25% International Equity Fund...... 1.25% 1.46% .33% 1.81% 1.00% 2.51% SUNTRUST BANK, ATLANTA: Georgia Tax-Exempt Bond Fund........ .65% .65% .18% .85% 1.00% 1.35% SUNTRUST BANK, CHATTANOOGA: Tennessee Tax-Exempt Bond Fund........ .65% .65% .18% .85% 1.00% 1.35% - ----------------- *Trusco and SunBank serve as joint advisors to the International Equity Index Fund. The Investment Advisors, the Administrator and the Distributor have voluntarily agreed to waive all or a portion of their fees (and to reimburse Funds' expenses) in order to limit operating expenses to an amount as outlined in the table above. Fee waivers and expense reimbursements are voluntary and may be terminated at any time. SunTrust Bank, Atlanta, formerly Trust Company Bank, acts as custodian for all the Funds except the International Equity and the International Equity Index Funds. The Bank of New York serves as 89 NOTES TO FINANCIAL STATEMENTS ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 custodian to the International Equity Fund and the Union Bank of California serves as custodian to the International Equity Index Fund. Fees of the Custodians are paid on the basis of the net assets of the Funds. The Custodians play no role in determining the investment policies of the Trust or which securities are to be purchased or sold in the Funds. 6. Investment Transactions: The cost of purchases and the proceeds from sales of securities, excluding short-term investments and U.S. Government Securities, for the period ended November 30, 1996, were as follows: PURCHASES SALES (000) (000) -------- -------- Value Income Stock Fund .............................. $568,725 $532,088 Mid-Cap Equity Fund .................................. 206,764 191,704 Capital Growth Fund .................................. 722,955 802,749 Balanced Fund ........................................ 55,346 52,589 International Equity Index Fund ...................... 1,309 27,627 International Equity Fund ............................ 287,742 196,205 Sunbelt Equity Fund .................................. 203,850 192,343 Investment Grade Tax-Exempt Bond Fund ................ 380,816 371,085 Florida Tax-Exempt Bond Fund ......................... 28,319 21,617 Tennessee Tax-Exempt Bond Fund ....................... 98 276 Georgia Tax-Exempt Bond Fund ......................... 9,065 1,592 Investment Grade Bond Fund ........................... 317,544 234,212 Short-Term Bond Fund ................................. 33,735 23,290 Short-Term U.S. Treasury Securities Fund ............. -- -- Limited-Term Federal Mortgage Securities Fund ........ -- -- U.S. Government Securities Fund ...................... -- -- The cost of purchases and proceeds from sales of U.S. Government Securities were: PURCHASES SALES (000) (000) -------- -------- Value Income Stock Fund ............................ $ -- $ -- Mid-Cap Equity Fund ................................ -- -- Capital Growth Fund ................................ -- -- Balanced Fund ...................................... 32,841 37,624 International Equity Index Fund .................... -- -- International Equity Fund .......................... -- -- Sunbelt Equity Fund ................................ -- -- Investment Grade Tax-Exempt Bond Fund .............. -- -- Florida Tax-Exempt Bond Fund ....................... -- -- Tennessee Tax-Exempt Bond Fund ..................... -- -- Georgia Tax-Exempt Bond Fund ....................... -- -- PURCHASES SALES (000) (000) -------- -------- Investment Grade Bond Fund ........................... $413,979 $532,288 Short-Term Bond Fund ................................. 15,381 24,045 Short-Term U.S. Treasury Securities Fund ............. 15,564 7,583 Limited-Term Federal Mortgage Securities Fund ....... 68,472 40,414 U.S. Government Securities Fund ...................... 7,616 1,747 At November 30, 1996, 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, 1996, were as follows: VALUE INCOME MID-CAP CAPITAL STOCK EQUITY GROWTH FUND FUND FUND (000) (000) (000) ------------ --------- --------- Aggregate gross unrealized appreciation .................... $184,276 $32,285 $193,184 Aggregate gross unrealized depreciation .................... (18,521) (7,927) (19,164) -------- ------- -------- Net unrealized appreciation ....... $165,755 $24,358 $174,020 ======== ======= ======== INTERNATIONAL INTERNATIONAL SUNBELT BALANCED EQUITY EQUITY EQUITY FUND INDEX FUND FUND FUND (000) (000) (000) (000) -------- -------- -------- -------- Aggregate gross unrealized appreciation .................. $12,227 $11,114 $33,259 $93,584 Aggregate gross unrealized depreciation .................. (1,153) (3,440) (2,026) (20,834) ------- ------- ------- ------- Net unrealized appreciation .... $11,074 $ 7,674 $31,233 $72,750 ======= ======= ======= ======= INVESTMENT GRADE TAX-EXEMPT FLORIDA TENNESSEE BOND TAX-EXEMPT TAX-EXEMPT FUND BOND FUND BOND FUND (000) (000) (000) ---------- ---------- ---------- Aggregate gross unrealized appreciation .... $3,802 $1,396 $174 Aggregate gross unrealized depreciation .... (8) (28) (4) ------ ------ ---- Net unrealized appreciation ................ $3,794 $1,368 $170 ====== ====== ==== 90 ================================================================================ UNAUDITED INVESTMENT GEORGIA GRADE SHORT- TAX-EXEMPT BOND TERM BOND FUND FUND FUND (000) (000) (000) ---------- ---------- --------- Aggregate gross unrealized appreciation .... $720 $16,723 $631 Aggregate gross unrealized depreciation .... (44) (125) (82) ---- ------- ---- Net unrealized appreciation ................ $676 $16,598 $549 ==== ======= ==== SHORT- LIMITED- TERM TERM U.S. FEDERAL U.S. TREASURY MORTGAGE GOVERNMENT SECURITIES SECURITIES SECURITIES FUND FUND FUND (000) (000) (000) ---------- ---------- ----------- Aggregate gross unrealized appreciation... $159 $983 $427 Aggregate gross unrealized depreciation... (2) (26) (52) ---- ---- ---- Net unrealized appreciation............... $157 $957 $375 ==== ==== ==== 7. Concentration of Credit Risk: The Prime Quality Money Market Fund invests primarily in high quality money market instruments rated in the highest short-term rating category by Standard & Poor's Ratings Group ("S&P") or Moody's Investors Services, Inc. ("Moody's") or, if not rated, are determined by the Advisor to be of comparable quality. The U.S. Government Securities Money Market Fund invests exclusively in U.S. Treasury obligations, U.S. Government subsidiary corporation securities which are backed by the full faith and credit of the U.S. Government and repurchase agreements with approved dealers collateralized by U.S. Treasury securities and U.S. Government subsidiary corporation securities. The Tax-Exempt Money Market Fund invests in high quality, U.S. dollar denominated municipal securities rated in one of the two highest short-term rating categories or, if not rated, are determined by the Advisor to be of comparable quality. The Investment Grade Bond Fund, the Short-Term Bond Fund and the Balanced Fund invest primarily in investment grade obligations rated at least BBB or better by S&P or Baa or better by Moody's or, if not rated, are determined by the Advisor to be of comparable quality. The Investment Grade Tax-Exempt Fund invests primarily in investment grade municipal securities. Municipal securities must be rated BBB or better by S&P or Baa or better by Moody's in the case of bonds; SP-1, SP-2 or MIG-1, MIG-2 in the case of notes; A-1, A-2 or P-1, P-2 in the case of commercial paper; and VMIG-1, VMIG-2 in the case of variable rate demand obligations. The Short-Term U.S. Treasury Securities Fund invests exclusively in obligations issued by the U.S. Treasury with a maximum remaining maturity of 3 years or less. The Florida Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund, and the Tennessee Tax-Exempt Bond Fund invest primarily in municipal bonds concentrated in each of their respective states. Municipal securities must be rated BBB or better by S&P or Baa or better by Moody's in the case of bonds; A-1, A-2 or P-1, P-2 in the case of tax-exempt commercial paper; and VMIG-1, VMIG-2 in the case of variable rate demand obligations. The U.S. Government Securities Fund invests primarily in obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities, including mortgage backed securities. The Limited-Term Federal Mortgage Securities Fund invests in mortgage related securities issued or guaranteed by U.S. Government agencies. Up to 35% of the U.S. Government Securities Fund and the Limited-Term Federal Mortgage Securities Fund may be invested in corporate, or government bonds that carry a rating of BBB or better by S&P or Baa or better by Moody's. The ability of the issuers of the securities held by the Funds to meet their obligations may be affected by economic developments in a specific industry, state or region, or by changing business conditions. 91 NOTES TO FINANCIAL STATEMENTS (CONCLUDED) ================================================================================ STI CLASSIC FUNDS NOVEMBER 30, 1996 UNAUDITED The summary of credit quality ratings for the securities held by the Funds as rated by S&P at November 30, 1996 were as follows: U.S. GOV'T. PRIME QUALITY SECURITIES TAX-EXEMPT MONEY MARKET MONEY MARKET MONEY MARKET FUND FUND FUND ------------- ------------ ------------ AAA........................ 1.2 31.8 12.7 AA......................... 1.9 -- 7.0 A.......................... 12.8 -- 1.2 A-1........................ 53.4 -- 45.4 SP-1. ..................... -- -- 13.7 Not Rated.................. 14.1 -- 17.8 Repurchase Agreement....... 16.6 68.2 -- Cash Equivalents........... -- -- 2.2 ------------- ------------ ------------ Totals 100.0% 100.0% 100.0% ============= ============ ============ SHORT-TERM INVESTMENT INVESTMENT U.S. GRADE GRADE SHORT-TERM TREASURY BOND TAX-EXEMPT BOND SECURITIES FUND BOND FUND FUND FUND --------- ---------- ---------- ---------- AAA................... 54.1 72.1 58.1 97.8 AA.................... -- 14.3 3.7 -- A..................... 26.9 2.2 19.5 -- BBB................... 14.0 -- 4.3 -- BB.................... -- -- 1.9 -- Not Rated............. -- 4.7 11.2 -- Repurchase Agreement.. 5.0 -- -- -- Cash Equivalents...... -- 6.7 1.3 2.2 --------- ---------- ---------- ---------- Totals 100.0% 100.0% 100.0% 100.0% ========= ========== ========== ==========
LTD.-TERM FEDERAL FLORIDA TENNESSEE GEORGIA MORTGAGE U.S. GOV'T BALANCED TAX-EXEMPT TAX-EXEMPT TAX-EXEMPT SECURITIES SECURITIES FUND BOND FUND BOND FUND BOND FUND FUND FUND -------- ---------- ---------- ---------- ---------- --------- AAA.............. 24.7 77.9 54.9 37.9 94.8 97.5 AA............... -- 19.0 27.2 41.6 -- -- A................ 10.0 1.6 4.9 11.6 -- -- BBB.............. 5.6 -- -- -- -- -- B................ 0.4 -- -- -- -- -- CCC.............. 0.3 -- -- -- -- -- Not Rated........ -- -- 8.8 6.7 2.9 -- Equities......... 55.3 -- -- -- -- -- Repurchase Agreement...... 3.7 -- -- -- 2.3 -- Cash Equivalents.... -- 1.5 4.2 2.2 -- 2.5 ------ ------ ------ ------ ------ ------ Totals......... 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% ====== ====== ====== ====== ====== ======
The summary of credit quality ratings for the securities held by the Funds as rated by Moody's at November 30, 1996 were as follows: U.S. GOV'T. PRIME QUALITY SECURITIES TAX-EXEMPT MONEY MARKET MONEY MARKET MONEY MARKET FUND FUND FUND ------------- ------------ ------------ Aaa....................... 8.1 31.8 7.9 Aa........................ 4.7 -- 8.6 A......................... 14.1 -- 5.4 P-1....................... 55.0 -- 12.6 MIG-1..................... -- -- 12.1 VMIG-1.................... -- -- 31.8 Not Rated................. 0.9 -- 19.4 Repurchase Agreement...... 17.2 68.2 -- Cash Equivalents.......... -- -- 2.2 ------------- ------------ ------------ Totals................. 100.0% 100.0% 100.0% ============= ============ ============ INVESTMENT SHORT-TERM GRADE U.S. INVESTMENT TAX-EXEMPT SHORT-TERM TREASURY GRADE BOND BOND SECURITIES BOND FUND FUND FUND FUND --------- ---------- ---------- ---------- Aaa..................... 54.1 77.4 64.9 97.8 Aa...................... 3.1 12.4 3.7 -- A....................... 22.4 1.4 21.6 -- Baa..................... 15.4 -- 6.2 -- Not Rated............... -- 2.1 -- -- Repurchase Agreement.... 5.0 -- 2.3 -- Cash Equivalents........ -- 6.7 1.3 2.2 --------- ---------- ---------- ---------- Totals............... 100.0% 100.0% 100.0% 100.0% ========= ========== ========== ==========
LTD.-TERM FEDERAL FLORIDA TENNESSEE GEORGIA MORTGAGE U.S. GOV'T BALANCED TAX-EXEMPT TAX-EXEMPT TAX-EXEMPT SECURITIES SECURITIES FUND BOND FUND BOND FUND BOND FUND FUND FUND -------- ---------- ---------- ---------- ---------- --------- Aaa............... 24.7 76.2 53.0 44.7 97.7 97.5 Aa................ 1.2 19.0 20.4 34.0 -- -- A................. 7.9 -- 12.5 17.4 -- -- Baa............... 6.2 2.9 9.9 -- -- -- Ba................ 0.7 -- -- -- -- -- Caa............... 0.3 -- -- -- -- -- Not Rated......... -- 0.4 -- 1.7 -- -- Equities.......... 55.3 -- -- -- -- -- Repurchase Agreement....... 3.7 -- -- -- 2.3 -- Cash Equivalents....... -- 1.5 4.2 2.2 -- 2.5 ------ ------ ------ ------ ------ ------ Totals.......... 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% ====== ====== ====== ====== ====== ======
92 INVESTMENT ADVISORS STI Capital Management, N.A. Trusco Capital Management, Inc. SunTrust Bank, Chattanooga, N.A. SunTrust Bank, Atlanta STI Classic Funds are not deposits, are not insured or guaranteed by the FDIC or any other government agency, and are not endorsed by and do not constitute obligations of SunTrust Banks, Inc. or any other of its affiliates. Investment in the Funds involves risk, including the possible loss of principal. There is no guarantee that any STI Classic Fund will achieve its investment objective. The STI Classic Funds are advised by affiliates of SunTrust Banks, Inc. DISTRIBUTOR SEI Financial Services Company This information must be preceded or accompanied by a current prospectus for each Fund described. -----END PRIVACY-ENHANCED MESSAGE-----