-----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, PnW0qGLomVX6OLO6Qfilbyz1nPBUq1wDW256vq+dRbBbeF3RGI2NRUuyLM9/eSjF XzID4Dv6BeQ3ebFdPMMFPg== 0001047469-99-012870.txt : 19990402 0001047469-99-012870.hdr.sgml : 19990402 ACCESSION NUMBER: 0001047469-99-012870 CONFORMED SUBMISSION TYPE: N-14/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19990331 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-14/A SEC ACT: SEC FILE NUMBER: 333-73049 FILM NUMBER: 99582105 BUSINESS ADDRESS: STREET 1: 2 OLIVER STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6109896602 MAIL ADDRESS: STREET 1: 530 E SWEDESFORD ROAD CITY: WAYNE STATE: PA ZIP: 19087-1693 N-14/A 1 N-14/A AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 31, 1999 File No. 333-73049 - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/ PRE-EFFECTIVE AMENDMENT NO. 1 /X/ POST-EFFECTIVE AMENDMENT NO. ____ /X/ STI CLASSIC FUNDS (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) 2 OLIVER STREET BOSTON, MASSACHUSETTS 02109 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, ZIP CODE) REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE (800) 342-5734 MARK NAGLE C/O SEI INVESTMENTS COMPANY ONE FREEDOM VALLEY ROAD OAKS, PENNSYLVANIA 19456 (NAME AND ADDRESS OF AGENT FOR SERVICE) Copies to: RICHARD W. GRANT, ESQ. JOHN H. GRADY, JR., ESQ. MORGAN, LEWIS & BOCKIUS LLP MORGAN, LEWIS & BOCKIUS LLP 1701 MARKET STREET 1701 MARKET STREET PHILADELPHIA, PA 19103 PHILADELPHIA, PA 19103 - -------------------------------------------------------------------------------- Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission acting pursuant to said Section 8(a) may determine. No filing fee is required because an indefinite number of shares have previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940. - -------------------------------------------------------------------------------- STI CLASSIC FUNDS ITEMS REQUIRED BY FORM N-14 Cross reference sheets, Part A (except the President's letter to shareholders and the Question and Answer letter to shareholders) and Part B are herein incorporated by reference to the Registrant's Registration Statement filed on Form N-14 with the SEC via EDGAR Accession No. 0000104769-99-007683 on February 26, 1999. To Shareholders of the Arbor U.S. Government Securities Money Fund and Arbor Prime Obligations Fund (the "Arbor Funds"): Enclosed with this letter is a proxy ballot, an N-14 combined proxy/prospectus statement and related information concerning a special meeting of Arbor Funds shareholders. The purpose of this proxy package is to announce that a Shareholder Meeting for the Arbor Funds has been scheduled for Friday, May 7, 1999. The purpose of the meeting is to submit the Agreement and Plan of Reorganization between the Arbor Funds and the STI Classic Funds to the shareholders for a vote. The Trustees of the Arbor Funds approved the Agreement and Plan of Reorganization at a meeting held on Monday, February 22, 1999. In coming to this conclusion, the Trustees considered a variety of factors including: - - the compatibility of the funds' objectives and policies - - the performance of the corresponding STI Classic Funds - - the experience and resources of the advisers for the corresponding STI Classic Funds - - the expense ratios of the combined fund family - - the potential economies of scale to be gained by the merger - - the advantages of increased investment opportunities for Arbor Funds' shareholders; and - - the fact that the merger will be free from federal income taxes. The details of the proposed Agreement and Plan of Reorganization are set forth in the combined prospectus and proxy statement that accompanies this letter. We encourage you to read them thoroughly. In addition, we have included a list of commonly asked questions and answers on the next page. If you and the other shareholders of your fund approve the proposed reorganization of your fund and certain other conditions are satisfied, you will be able to continue your investment program through ownership in the STI Classic Funds portfolio with similar objectives and policies. Most shareholders cast their votes by filling out and signing the enclosed proxy card. In order to conduct the Shareholder Meeting, a majority of shares must be represented. YOUR VOTE IS VERY IMPORTANT. PLEASE MARK, SIGN AND DATE THE ENCLOSED PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED, POSTAGE-PAID ENVELOPE, OR VOTE BY FACSIMILE, VIA THE INTERNET OR IN PERSON AS DESCRIBED IN THE ENCLOSED PROXY CARD. We thank you for your continued confidence and support. Sincerely, Robert A. Nesher CHAIRMAN OF THE BOARD IMPORTANT PROXY INFORMATION ENCLOSED -IMMEDIATE ACTION REQUIRED- QUESTIONS & ANSWERS FOR THE ARBOR FUNDS SHAREHOLDER MEETING Q. WHY IS THE BOARD OF TRUSTEES PROPOSING TO REORGANIZE THE ARBOR FUNDS AND THE STI CLASSIC FUNDS? A. As you are aware, Crestar Financial Corporation and SunTrust Banks, Inc. merged on December 31, 1998. Before approving the integration of the Arbor Funds and STI Classic Funds, the Arbor Funds Trustees evaluated the expanded range of investment alternatives that would be available to shareholders, the opportunities for increased economies of scale, and the potential for improved shareholder service. After careful consideration, they determined that the Agreement and Plan of reorganization is in the best interest of the Arbor Funds shareholders. Through this proxy, they are submitting the proposal for reorganization to you -- the Arbor Funds shareholders -- for a vote. Q. HOW WILL THIS AFFECT ME AS AN ARBOR FUNDS SHAREHOLDER? A. You will become a shareholder of an STI Classic Fund portfolio with similar investment objectives and policies as the Arbor Funds you currently hold. The reorganization provides for the transfer of all of the assets of each of the Arbor Funds into its corresponding STI Classic Fund in exchange for shares of the STI Classic Fund. Each Arbor Funds shareholder will receive shares of STI Classic Funds equal in value to their Arbor Funds shares. There will be NO CHANGE in the market value of your account as a result of the merger. Q. WILL THE REORGANIZATION RESULT IN ANY TAXES? A. Neither the Arbor Funds nor their shareholders will incur any federal income tax as a result of the reorganizations. Q. WHAT FUND(S) WILL I HOLD FOLLOWING THE REORGANIZATION? A. Arbor Funds shareholders will receive shares of the following corresponding STI Classic Funds portfolios. Please refer to the STI Classic Fund prospectus for more details. Listed below are the Arbor Funds and the corresponding STI Classic Fund portfolio: ARBOR FUNDS STI CLASSIC FUNDS Prime Obligations Fund Classic Institutional Cash Management Money Market U.S. Government Securities Money Fund Classic Institutional U.S. Government Securities Money Market Q. HOW DOES THE ARBOR BOARD OF TRUSTEES RECOMMEND THAT I VOTE? A. After careful consideration, the Arbor Board of Trustees unanimously recommends that you vote "FOR" the proposed reorganizations. The Board also wishes to remind you to vote and return ALL the proxy ballot cards you receive. This means that if you receive multiple proxies and ballot cards because you are invested in more than one Arbor portfolio, please fill out and return each and every ballot card you receive. Q. HOW DO I VOTE? A. You can vote by mail, fax, Internet, or in person. To vote by mail, please date, sign and return the proxy card using the enclosed, postage-paid envelope. You may fax your vote by signing and dating the card and faxing both sides of the card to (xxx) xxx-xxxx. You may also submit your vote over the Internet at www.proxyvote.com. Finally, you may vote in person by attending the Special Meeting on May 7, 1999. Q. WHO SHOULD I CALL WITH QUESTIONS ABOUT THIS PROXY? A. If you have any questions regarding this proxy, please contact your CAMCO Portfolio Manager or your Crestar Securities Financial Consultant. PLEASE VOTE THE ENCLOSED PROXY BALLOT CARD. YOUR VOTE IS IMPORTANT! STI CLASSIC FUNDS REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FORM N-14 PRE-EFFECTIVE AMENDMENT NO. 1 PART C OTHER INFORMATION Item 15. INDEMNIFICATION. Article VIII of the Agreement and Declaration of Trust filed as Exhibit (a) to the Registration Statement is incorporated by reference. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, directors, officers and controlling persons of the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, directors, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such trustees, directors, officers or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issues. Item 16. Exhibits (1) Agreement and Declaration of Trust -- originally filed with Registrant's Registration Statement on Form N-1A filed February 12, 1992 and incorporated by reference to Exhibit 1 of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (2)(a) By-Laws -- originally filed with Registrant's Pre-Effective Amendment No. 1 filed on Form N-1A April 23, 1992 and incorporated by reference to Exhibit 2 of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (2)(b) Amended By-Laws - incorporated by reference to Exhibit (b)(2) of Post-Effective Amendment No. 23 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0001047469-98-027407 on July 15, 1998. (3) Not applicable. (4) Form of Agreement and Plan of Reorganization - originally filed with the Registrant's Registration Statement on Form N-14 with the SEC via EDGAR accession number 0001047469-99-007683 on February 26, 1999. (5) Not applicable. (6)(a) Revised Investment Advisory Agreement with Trusco Capital Management, Inc. -- as originally filed with Registrant's Post-Effective Amendment No. 5 filed August 2, 1993 on Form N-1A and incorporated by reference to Exhibit 5(c) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (6)(b) Investment Advisory Agreement with American National Bank and Trust Company -- as originally filed with Registrant's Post-Effective Amendment No. 6 filed on Form N-1A October 22, 1993 and as Exhibit 5(d) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed with the SEC on Form N-1A via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (6)(c) Investment Advisory Agreement with Sun Bank CapitalManagement, National Association (now STI Capital Management, N.A. -- as originally filed with Registrant's Post-Effective Amendment No. 6 on Form N-1A filed October 22, 1993 and incorporated by reference to Exhibit 5(e) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed with the SEC on Form N-1A via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (6)(d) Investment Advisory Agreement with Trust Company Bank (now SunTrust Bank, Atlanta) -- as originally filed with Registrant's Post-Effective Amendment No. 6 on Form N-1A filed October 22, 1993 and filed herewith. (7)(a) Distribution Agreement -- incorporated by reference to Exhibit 6 of Post-Effective Amendment No. 16 to the Registrant's Registration Statement on Form N-1A filed with the SEC via EDGAR Accession No. 0000912057-96-021336 on September 27, 1996. (8) Not applicable. (9)(a) Custodian Agreement with Trust Company Bank dated February 1, 1994 -- originally filed with Registrant's Post-Effective Amendment No. 13 on Form N-1A filed September 28, 1995 and incorporated by reference to Exhibit 8(b) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (9)(b) Custodian Agreement with the Bank of California -- incorporated by reference to Exhibit 8(a) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (9)(c) Fourth Amendment to Custodian Agreement by and between STI Trust & Investment Operations, Inc. and The Bank of New York dated May 6, 1997 -- incorporated by reference to Exhibit 8(d) of Post-Effective Amendment No. 21 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-97-032207 on September 30, 1997. (10) Not applicable. (11) Opinion and Consent of Morgan, Lewis & Bockius LLP that shares will be validly issued, fully paid and non-assessable - originally filed with the Registrant's Registration Statement on Form N-14 with the SEC via EDGAR accession number 0001047469-99-007683 on February 26, 1999. (12) Opinion and Consent of Morgan, Lewis & Bockius LLP as to tax matters and consequences - originally filed with the Registrant's Registration Statement on Form N-14 with the SEC via EDGAR accession number 0001047469-99-007683 on February 26, 1999. (13)(a) Transfer Agent Agreement with Federated Services Company dated May 14, 1994 -- originally filed with Post-Effective Amendment No. 9 on Form N-1A filed September 22, 1994 and incorporated by reference to Exhibit 8(c) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement on Form N-1A filed with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (13)(b) Administration Agreement with SEI Financial Management Corporation dated May 29, 1995 -- originally filed with Post-Effective Amendment No. 12 on Form N-1A filed August 17, 1995 and incorporated by reference to Exhibit 9(a) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (13)(c) Consent to Assignment and Assumption of the Administration Agreement between STI Classic Funds and SEI Financial Management Corporation -- incorporated by reference to Exhibit 9(b) of Post-Effective Amendment No. 21 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Assession No. 0000912057-97-032207 on September 30, 1997. (14)(a) Consent of Arthur Andersen LLP is filed herewith. (14)(b) Consent of PricewaterhouseCoopers LLP is filed herewith. (15) Not applicable. (16) Not applicable. (17)(a) Prospectus and SAI for the Institutional Class Shares of STI Classic Funds dated October 1, 1998 - incorporated by reference to the Rule 497(e) filing on Form N-1A with the SEC via EDGAR accession number 0001047469-98-036330 as filed October 2, 1998. (17)(b) Prospectus and SAI for the U.S. Government Securities Money Fund and the Prime Obligations Fund of the Arbor Fund dated May 31, 1998 - incorporated by reference to the Rule 485(b) filing on Form N-1A with the SEC via EDGAR accession number 0001047469-98-022302 as filed May 29, 1998. (17)(c) Audited Financial Statements dated May 31, 1998 for the STI Classic Institutional Money Market Funds - incorporated by reference to the N-30D filing with the SEC via EDGAR accession number 0000935069-98-000124 as filed July 30, 1998. (17)(d) Semi-Annual Financial Report for the STI Classic Institutional Money Market Funds dated November 30, 1998 - incorporated by reference to the N-30D filing with the SEC via EDGAR accession number 0000935069-99-000010 as filed on January 28, 1999. (17)(e) Audited Financial Statements for the Arbor Fund dated January 31, 1998 - incorporated by reference to the N-30D filing with the SEC via EDGAR accession number 0001041062-98-000095 as filed on March 30, 1998. (17)(f) Semi-Annual Financial Report for the Arbor Fund dated July 31, 1998 - incorporated by reference to the N-30D filing with the SEC via EDGAR accession number 0000935069-98-000147 filed on August 28, 1998. (17)(g) Pro Forma Financial Statements are filed herewith. Item 17. Undertakings. The registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. The registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. SIGNATURES As required by the Securities Act of 1933 this Registration Statement has been signed on behalf of STI Classic Funds in the city of Oaks, and state of, Pennsylvania on the 26th of March, 1999. STI Classic Funds By: /s/ Mark Nagle ------------------------------------ Mark Nagle, President and Chief Executive Officer As required by the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated: * Trustee March 26, 1999 ------------------------- F. Wendell Gooch * Trustee March 26, 1999 ------------------------- Daniel S. Goodrum * Trustee March 26, 1999 ------------------------- Jesse S. Hall * Trustee March 26, 1999 ------------------------- Wilton Looney * Trustee March 26, 1999 ------------------------- Champney A. McNair * Trustee March 26, 1999 ------------------------- T. Gordy Germany * Trustee March 26, 1999 ------------------------- Bernard F. Sliger * Trustee March 26, 1999 ------------------------- Jonathan T. Walton * Trustee March 26, 1999 ------------------------- William H. Cammack * Controller, Treasurer & March 26, 1999 ------------------------- Chief Financial Officer Carol Rooney /s/ Mark Nagle President & Chief March 26, 1999 ------------------------- Executive Officer Mark Nagle * By: /s/ Mark Nagle ---------------------------------- Mark Nagle, With Power of Attorney previously filed Exhibit Index (1) Agreement and Declaration of Trust -- originally filed with Registrant's Registration Statement on Form N-1A filed February 12, 1992 and incorporated by reference to Exhibit 1 of Post-Effective Amendment No. 15 on to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (2)(a) By-Laws -- originally filed with Registrant's Pre-Effective Amendment No. 1 on Form N-1A filed April 23, 1992 and incorporated by reference to Exhibit 2 of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (2)(b) Amended By-Laws -- incorporated by reference to Exhibit (b)(2) of Post-Effective Amendment No. 23 on Form N-1A to the Registrant's Registration Statement filed with the SEC via EDGAR Accession No. 0001047469-98-027407 on July 15, 1998. (3) Not applicable. (4) Form of Agreement and Plan of Reorganization - originally filed with the Registrant's Registration Statement on Form N-14 with the SEC via EDGAR accession number 0001047469-99-007683 on February 26, 1999. (5) Not applicable. (6)(a) Revised Investment Advisory Agreement with Trusco Capital Management, Inc. -- as originally filed with Registrant's Post-Effective Amendment No. 5 on Form N-1A filed August 2, 1993 and incorporated by reference to Exhibit 5(c) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (6)(b) Investment Advisory Agreement with American National Bank and Trust Company -- as originally filed with Registrant's Post-Effective Amendment No. 6 filed on Form N-1A October 22, 1993 and as Exhibit 5(d) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (6)(c) Investment Advisory Agreement with Sun Bank Capital Management, National Association (now STI Capital Management, N.A. -- as originally filed with Registrant's Post-Effective Amendment No. 6 on Form N-1A filed October 22, 1993 and incorporated by reference to Exhibit 5(e) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement filed on Form N-1A with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (6)(d) Investment Advisory Agreement with Trust Company Bank (now SunTrust Bank, Atlanta) -- as originally filed with Registrant's Post-Effective Amendment No. 6 on Form N-1A filed October 22, 1993 and incorporated by reference to Exhibit D(4) of Post-Effective Amendment No. 24 to the Registrant's Statement on Form N-1A filed with the SEC via EDGAR Accession No. 0001047469-98-028802 on July 30, 1998. (7)(a) Distribution Agreement -- incorporated by reference to Exhibit 6 of Post-Effective Amendment No. 16 to the Registrant's Registration Statement on Form N-1A filed with the SEC via EDGAR Accession No. 0000912057-96-021336 on September 27, 1996. (8) Not applicable. (9)(a) Custodian Agreement with Trust Company Bank dated February 1, 1994 -- originally filed with Registrant's Post-Effective Amendment No. 13 on Form N-1A filed September 28, 1995 and incorporated by reference to Exhibit 8(b) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement on Form N-1A filed with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (9)(b) Custodian Agreement with the Bank of California -- incorporated by reference to Exhibit 8(a) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement on Form N-1A filed with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (9)(c) Fourth Amendment to Custodian Agreement by and between STI Trust & Investment Operations, Inc. and The Bank of New York dated May 6, 1997 -- incorporated by reference to Exhibit 8(d) of Post-Effective Amendment No. 21 to the Registrant's Registration Statement on Form N-1A filed with the SEC via EDGAR Accession No. 0000912057-97-032207 on September 30, 1997. (10) Not applicable. (11) Opinion and Consent of Morgan, Lewis & Bockius LLP that shares will be validly issued, fully paid and non-assessable - originally filed with the Registrant's Registration Statement on Form N-14 with the SEC via EDGAR accession number 0001047469-99-007683 on February 26, 1999. (12) Opinion and Consent of Morgan, Lewis & Bockius LLP as to tax matters and consequences - originally filed with the Registrant's Registration Statement on Form N-14 with the SEC via EDGAR accession number 0001047469-99-007683 on February 26, 1999. (13)(a) Transfer Agent Agreement with Federated Services Company dated May 14, 1994 -- originally filed with Post-Effective Amendment No. 9 on Form N-1A filed September 22, 1994 and incorporated by reference to Exhibit 8(c) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement on Form N-1A filed with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (13)(b) Administration Agreement with SEI Financial Management Corporation dated May 29, 1995 -- originally filed with Post-Effective Amendment No. 12 on Form N-1A filed August 17, 1995 and incorporated by reference to Exhibit 9(a) of Post-Effective Amendment No. 15 to the Registrant's Registration Statement on Form N-1A filed with the SEC via EDGAR Accession No. 0000912057-96-015938 on July 31, 1996. (13)(c) Consent to Assignment and Assumption of the Administration Agreement between STI Classic Funds and SEI Financial Management Corporation -- incorporated by reference to Exhibit 9(b) of Post-Effective Amendment No. 21 to the Registrant's Registration Statement on Form N-1A filed with the SEC via EDGAR Assession No. 0000912057-97-032207 on September 30, 1997. (14)(a) Consent of Arthur Andersen LLP is filed herewith. (14)(b) Consent of PricewaterhouseCoopers LLP is filed herewith. (15) Not applicable. (16) Not applicable. (17)(a) Prospectus and SAI for the Institutional Shares of STI Classic Funds dated October 1, 1998 - incorporated by reference to the Rule 497(e) filing on Form N-1A with the SEC via EDGAR accession number 0001047469-98-036330 as filed October 2, 1998. (17)(b) Prospectus and SAI for the U.S. Government Securities Money Fund and the Prime Obligations Fund of the Arbor Fund dated May 31, 1998 - incorporated by reference to the Rule 497(3) filing on Form N-1A with the SEC via EDGAR accession number 0001047469-98-028972 as filed July 31, 1998. (17)(c) Audited Financial Statements for the STI Classic Institutional Money Market Funds dated May 31, 1998 - incorporated by reference to the N-30D filing with the SEC via EDGAR accession number 0000935069-98-000124 as filed July 30, 1998. (17)(d) Semi-Annual Financial Report for the STI Classic Institutional Money Market Funds of the STI Classic Funds dated November 30, 1998 - incorporated by reference to the N-30D filing with the SEC via EDGAR accession number 0000935069-99-000010 filed on January 28, 1999. (17)(e) Audited Financial Statements for the Arbor Fund dated January 31, 1998 - incorporated by reference to the N-30D filing with the SEC via EDGAR accession number 0001041062-98-000095 filed on March 30, 1998. (17)(f) Semi-Annual Financial Report for the Arbor Fund dated July 31, 1998 - incorporated by reference to the N-30D filing with the SEC via EDGAR accession number 0000935069-98-000147 filed on August 28, 1998. (17)(g) Pro Forma Financial Statements are filed herewith. EX-99.(14)(A) 2 EXHIBIT 99.(14)(A) ARTHUR ANDERSEN LLP CONSENT OF INDEPENDENT ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference in this registration statement of our report dated July 24, 1998 on the May 31, 1998 financial statements of STI Classic Funds, included in Post-Effective Amendment No. 25 to the Registration Statement on Form N-1A dated September 28, 1998, and to all references to our firm included in this Form N-14 Registration Statement. /s/ Arthur Andersen LLP Philadelphia, PA March 30, 1999 EX-99.(14)(B) 3 EXHIBIT 99.(14)(B) CONSENT OF INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the Pre-Effective Amendment No. 1 to the Registration Statement (File No. 333-73049) of the STI Classic Funds on Form N-14 of our report dated March 13, 1998 on our audit of the financial statements and financial highlights of the U.S. Government Securities Money Fund and the Prime Obligation Fund of The Arbor Fund, which report is included in the Annual Report to Shareholders for the year ended January 31, 1998, which is incorporated by reference in the Pre-Effective amendment to the Registration Statement. We also consent to the reference to our Firm under the heading "Financial Statements." /s/ PricewaterhouseCoopers LLP 2400 Eleven Penn Center Philadelphia, Pennsylvania March 29, 1999 EX-99.(17)(G) 4 EXHIBIT 99.(17)(G) Pro Forma Schedule of Investments (Unaudited) STI Classic Funds Institutional Cash Management Fund Crestar/Arbor Prime Obligations Fund November 30, 1998
------------------------------- STI Classic Institutional Cash Management Fund ------------------------------- - --------------------------------------------------------------------------------------- Security Par (000) Value (000) - --------------------------------------------------------------------------------------- Commercial Paper--33.9% Finance--30.4% American Express 4.950% 12/18/98 2,800 2,793 Banc One Funding 5.150% 12/08/98 1,979 1,977 Banc One Funding 5.130% 01/28/99 6,623 6,568 Banc One Funding 5.280% 01/28/99 9,000 8,923 Barclays U.S. Funding 5.180% 01/07/99 15,000 14,920 CS First Boston 4.875% 05/07/99 CS First Boston 5.800% 05/06/99 Chrysler Financial 5.240% 02/11/99 10,000 9,895 Den Norske Bank 4.860% 08/10/99 Den Norske Bank 5.380% 05/04/99 Dresdner U.S. Finance 5.190% 01/08/99 10,000 9,945 Dupont 5.060% 01/27/99 Ford Motor Credit 5.450% 01/13/99 General Electric Capital 5.410% 02/22/99 General Electric Capital 5.270% 01/20/99 GMAC 5.240% 02/11/99 8,500 8,411 Goldman Sachs 5.000% 04/20/99 Goldman Sachs 5.480% 02/09/99 KFW International 5.250% 12/08/98 300 300 KFW International 4.950% 12/07/98 500 500 KFW International 5.300% 12/07/98 600 599 KFW International 5.000% 12/04/98 1,100 1,100 Marsh & Mclennan 5.230% 02/24/99 15,000 14,815 Marsh & Mclennan 5.290% 02/24/99 2,700 2,666 Merrill Lynch 4.820% 06/17/99 Merrill Lynch 5.470% 02/26/99 Metlife Funding 4.950% 12/03/98 254 254 Morgan Stanley Dean Witter 5.200% 01/21/99 10,000 9,926 Morgan Stanley Dean Witter 5.170% 03/26/99 Panasonic Finance 5.330% 01/21/99 100 99 Panasonic Finance 5.380% 01/21/99 15,000 14,886 Republic New York 5.190% 01/15/99 10,000 9,935 Royal Bank of Canada 5.450% 01/15/99 1,000 993 - --------------------------------------------------------------------------------------- 119,505 - --------------------------------------------------------------------------------------- Industrial--3.5% Allied Signal 5.550% 01/25/99 2,500 2,479 Allied Signal 5.550% 01/21/99 14,050 13,940 Archer Daniels 5.150% 01/15/99 470 467 Eastman Kodak 5.400% 12/02/98 2,600 2,600 Heinz 5.150% 12/03/98 535 535 IBM 5.500% 12/04/98 650 650 - --------------------------------------------------------------------------------------- ------------------------------------------------------------- Crestar/Arbor Prime Obligations Fund Pro Forma Combined ------------------------------------------------------------- - ------------------------------------------------------------------------------------------- Security Par (000) Value (000) Par (000) Value (000) - ------------------------------------------------------------------------------------------- Commercial Paper--33.9% Finance--30.4% American Express 2,800 2,793 Banc One Funding 1,979 1,977 Banc One Funding 6,623 6,568 Banc One Funding 9,000 8,923 Barclays U.S. Funding 15,000 14,920 CS First Boston 10,000 9,787 10,000 9,787 CS First Boston 10,000 10,000 10,000 10,000 Chrysler Financial 10,000 9,895 Den Norske Bank 15,000 14,490 15,000 14,490 Den Norske Bank 30,000 29,310 30,000 29,310 Dresdner U.S. Finance 10,000 9,945 Dupont 35,000 34,720 35,000 34,720 Ford Motor Credit 20,000 19,870 20,000 19,870 General Electric Capital 10,000 9,875 10,000 9,875 General Electric Capital 30,000 29,780 30,000 29,780 GMAC 45,000 44,632 53,500 53,043 Goldman Sachs 30,000 29,417 30,000 29,417 Goldman Sachs 10,000 9,893 10,000 9,893 KFW International 300 300 KFW International 500 500 KFW International 600 599 KFW International 1,100 1,100 Marsh & Mclennan 15,000 14,815 Marsh & Mclennan 2,700 2,666 Merrill Lynch 30,000 29,205 30,000 29,205 Merrill Lynch 10,000 9,868 10,000 9,868 Metlife Funding 254 254 Morgan Stanley Dean Witter 10,000 9,926 Morgan Stanley Dean Witter 35,000 34,422 35,000 34,422 Panasonic Finance 100 99 Panasonic Finance 15,000 14,886 Republic New York 10,000 9,935 Royal Bank of Canada 1,000 993 - ------------------------------------------------------------------------------------------- 315,269 434,774 - ------------------------------------------------------------------------------------------- Industrial--3.5% Allied Signal 2,500 2,479 Allied Signal 14,050 13,940 Archer Daniels 470 467 Eastman Kodak 2,600 2,600 Heinz 535 535 IBM 650 650 - ------------------------------------------------------------------------------------------- Pro Forma Schedule of Investments (Unaudited) STI Classic Funds Institutional Cash Management Fund Crestar/Arbor Prime Obligations Fund November 30, 1998 ------------------------------- STI Classic Institutional Cash Management Fund ------------------------------- - ------------------------------------------------------------------------------------------------------ Security Par (000) Value (000) - ------------------------------------------------------------------------------------------------------ Motorola 4.950% 12/08/98 900 899 JC Penney Funding 5.250% 12/18/98 493 492 RTZ America 5.230% 12/16/98 5,200 5,189 RTZ America 5.000% 12/11/98 1,230 1,228 RTZ America 5.330% 01/21/99 100 99 RTZ America 5.350% 01/22/99 4,800 4,763 Sara Lee 5.000% 12/09/98 5,000 4,994 Smithkline Beecham 5.000% 12/02/98 300 300 Smithkline Beecham 4.950% 12/11/98 10,900 10,885 Toys R Us 5.250% 12/10/98 300 300 Walt Disney 5.550% 12/04/98 515 515 Walt Disney 4.460% 07/13/99 - ------------------------------------------------------------------------------------------------------ 50,335 - ------------------------------------------------------------------------------------------------------ Utilities--0.0% Bell Atlantic 5.000% 12/11/98 100 100 - ------------------------------------------------------------------------------------------------------ 100 - ------------------------------------------------------------------------------------------------------ Total Commercial Paper (Cost $485,209) 169,940 - ------------------------------------------------------------------------------------------------------ Corporate Obligations--19.7% Finance--16.2% Associates MTN 5.650% 12/01/98 1,000 1,000 Associates Corporation 6.750% 06/28/99 Bankers Trust, New York (A) 5.379% 02/19/99 7,000 7,000 Barclays Bank 5.645% 03/02/99 Bear Stearns 5.700% 03/02/99 Bear Stearns 5.715% 07/30/99 Beta Finance 4.850% 08/03/99 British Telecom Finance 9.375% 02/15/99 1,000 1,007 Caterpillar Financial Services MTN (A) 5.160% 05/09/99 5,000 5,000 Caterpillar Financial Services MTN 5.470% 12/15/98 750 750 Caterpillar Financial Services MTN 6.800% 07/01/99 250 253 CS First Boston 4.860% 07/12/99 Dean Witter Discover 5.030% 03/02/99 4,990 4,983 Deutsche Bank, New York (A) 5.120% 04/14/99 5,000 4,999 FCC National Bank (A) 5.120% 04/09/99 5,000 4,999 First Union Bank 5.430% 11/05/99 Ford Motor Credit 8.000% 01/15/99 1,000 1,003 Ford Motor Credit 6.375% 09/15/99 500 506 General Motors Acceptance 7.750% 01/15/99 500 501 GMAC MTN 7.150% 04/30/99 1,000 1,005 Household Finance 4.780% 03/15/99 3,000 2,992 IBM Credit 5.450% 09/15/99 10,000 10,000 International Lease Finance 5.750% 01/15/99 752 752 - ------------------------------------------------------------------------------------------------------ ------------------------------ ------------------------------- Crestar/Arbor Prime Obligations Fund Pro Forma Combined ------------------------------ ------------------------------- - ----------------------------------------------------------------------------------------------------------- Security Par (000) Value (000) Par (000) Value (000) - ----------------------------------------------------------------------------------------------------------- Motorola 900 899 JC Penney Funding 493 492 RTZ America 5,200 5,189 RTZ America 1,230 1,228 RTZ America 100 99 RTZ America 4,800 4,763 Sara Lee 5,000 4,994 Smithkline Beecham 300 300 Smithkline Beecham 10,900 10,885 Toys R Us 300 300 Walt Disney 515 515 Walt Disney 40,000 38,889 40,000 38,889 - ----------------------------------------------------------------------------------------------------------- 38,889 89,224 - ----------------------------------------------------------------------------------------------------------- Utilities--0.0% Bell Atlantic 100 100 - ----------------------------------------------------------------------------------------------------------- 100 - ----------------------------------------------------------------------------------------------------------- Total Commercial Paper (Cost $485,209) 354,158 524,098 - ----------------------------------------------------------------------------------------------------------- Corporate Obligations--19.7% Finance--16.2% Associates MTN 1,000 1,000 Associates Corporation 5,000 5,025 5,000 5,025 Bankers Trust, New York (A) 7,000 7,000 Barclays Bank 15,000 14,998 15,000 14,998 Bear Stearns 10,000 10,000 10,000 10,000 Bear Stearns 15,000 15,000 15,000 15,000 Beta Finance 25,000 25,000 25,000 25,000 British Telecom Finance 1,000 1,007 Caterpillar Financial Services MTN (A) 5,000 5,000 Caterpillar Financial Services MTN 750 750 Caterpillar Financial Services MTN 250 253 CS First Boston 15,000 15,000 15,000 15,000 Dean Witter Discover 4,990 4,983 Deutsche Bank, New York (A) 5,000 4,999 FCC National Bank (A) 5,000 4,999 First Union Bank 20,000 20,000 20,000 20,000 Ford Motor Credit 1,000 1,003 Ford Motor Credit 500 506 General Motors Acceptance 500 501 GMAC MTN 1,000 1,005 Household Finance 3,000 2,992 IBM Credit 10,000 10,000 International Lease Finance 752 752 - ----------------------------------------------------------------------------------------------------------- Pro Forma Schedule of Investments (Unaudited) STI Classic Funds Institutional Cash Management Fund Crestar/Arbor Prime Obligations Fund November 30, 1998 ------------------------------- STI Classic Institutional Cash Management Fund ------------------------------- - ------------------------------------------------------------------------------------------------- Security Par (000) Value (000) - ------------------------------------------------------------------------------------------------- International Lease Finance 6.700% 04/30/99 300 302 International Lease Finance MTN 5.960% 07/07/99 500 500 Nationsbank 8.500% 03/01/99 1,000 1,006 Nationsbank 5.190% 08/06/99 10,000 10,010 PHH Corporation 4.860% 03/18/99 PNC Bank 4.800% 05/21/99 PNC Bank 4.790% 06/11/99 PNC Bank 5.116% 08/03/99 10,000 9,996 Salomon Smith Barney MTN 6.050% 12/17/98 2,000 2,001 Transamerica Financial 5.450% 10/22/99 13,500 13,500 Transamerica MTN (A) 5.427% 02/18/99 1,500 1,500 Xerox Credit 10.000% 04/01/99 780 790 - ------------------------------------------------------------------------------------------------- 86,355 - ------------------------------------------------------------------------------------------------- Industrial--0.1% Fortune Brands 7.500% 05/15/99 1,025 1,032 IBM MTN 6.150% 12/11/98 1,000 1,000 - ------------------------------------------------------------------------------------------------- 2,032 - ------------------------------------------------------------------------------------------------- Utilities--0.7% Alabama Power 7.000% 01/01/99 4,500 4,544 GTE Northwest 6.125% 02/15/99 650 650 Hydro-Quebec Yankee MTN 7.430% 12/14/98 1,000 1,001 Hydro-Quebec Yankee MTN 7.740% 03/03/99 1,000 1,005 Pacific Gas & Electric 5.750% 12/01/98 1,000 1,000 Southern California Edison 7.500% 04/15/99 505 508 Virginia Electric & Power 8.875% 06/01/99 450 457 Virginia Electric & Power MTN 9.650% 01/25/99 990 995 - ------------------------------------------------------------------------------------------------- 10,160 - ------------------------------------------------------------------------------------------------- Total Corporate Bond (Cost $282,450) 98,547 - ------------------------------------------------------------------------------------------------- Certificates of Deposit--13.2% Bankers Trust Company 4.850% 04/30/99 Bayerische Landesbank, New York (A) 5.108% 04/21/99 10,000 9,998 Commerzbank (A) 5.130% 04/14/99 10,000 9,999 CS First Boston 5.920% 12/14/99 Deutsche Bank, New York 5.640% 03/23/99 4,000 3,999 First Union Bank 5.660% 04/15/99 Key Bank 4.950% 12/16/98 Nations Bank 5.600% 12/21/98 Rabobank 5.750% 04/27/99 8,000 7,998 Societe Generale, New York 5.580% 02/10/99 2,000 2,000 Societe Generale, New York 5.800% 04/28/99 9,000 8,996 Societe Generale, New York 5.850% 12/17/98 - ------------------------------------------------------------------------------------------------- ------------------------------ -------------------------- Crestar/Arbor Prime Obligations Fund Pro Forma Combined ------------------------------ -------------------------- - ----------------------------------------------------------------------------------------------------------- Security Par (000) Value (000) Par (000) Value (000) - ----------------------------------------------------------------------------------------------------------- International Lease Finance 300 302 International Lease Finance MTN 500 500 Nationsbank 1,000 1,006 Nationsbank 10,000 10,010 PHH Corporation 10,000 10,000 10,000 10,000 PNC Bank 20,000 19,995 20,000 19,995 PNC Bank 10,000 9,996 10,000 9,996 PNC Bank 10,000 9,996 Salomon Smith Barney MTN 2,000 2,001 Transamerica Financial 13,500 13,500 Transamerica MTN (A) 1,500 1,500 Xerox Credit 780 790 - ---------------------------------------------------------------------------------------------------------- 145,014 231,369 - ---------------------------------------------------------------------------------------------------------- Industrial--0.1% Fortune Brands 1,025 1,032 IBM MTN 1,000 1,000 - ---------------------------------------------------------------------------------------------------------- - 2,032 - ---------------------------------------------------------------------------------------------------------- Utilities--0.7% Alabama Power 4,500 4,544 GTE Northwest 650 650 Hydro-Quebec Yankee MTN 1,000 1,001 Hydro-Quebec Yankee MTN 1,000 1,005 Pacific Gas & Electric 1,000 1,000 Southern California Edison 505 508 Virginia Electric & Power 450 457 Virginia Electric & Power MTN 990 995 - ---------------------------------------------------------------------------------------------------------- - 10,160 - ---------------------------------------------------------------------------------------------------------- Total Corporate Bond (Cost $282,450) 145,014 243,561 - ---------------------------------------------------------------------------------------------------------- Certificates of Deposit--13.2% Bankers Trust Company 10,000 9,998 10,000 9,998 Bayerische Landesbank, New York (A) 10,000 9,998 Commerzbank (A) 10,000 9,999 CS First Boston 5,000 5,000 5,000 5,000 Deutsche Bank, New York 4,000 3,999 First Union Bank 20,000 20,000 20,000 20,000 Key Bank 30,000 30,000 30,000 30,000 Nations Bank 30,000 30,000 30,000 30,000 Rabobank 8,000 7,998 Societe Generale, New York 2,000 2,000 Societe Generale, New York 9,000 8,996 Societe Generale, New York 15,000 15,000 15,000 15,000 - ---------------------------------------------------------------------------------------------------------- Pro Forma Schedule of Investments (Unaudited) STI Classic Funds Institutional Cash Management Fund Crestar/Arbor Prime Obligations Fund November 30, 1998 ------------------------------- STI Classic Institutional Cash Management Fund ------------------------------- - ------------------------------------------------------------------------------------------------------------------- Security Par (000) Value (000) - ------------------------------------------------------------------------------------------------------------------- Societe Generale, New York 5.670% 03/11/99 Swiss Bank 5.750% 05/07/99 SBC Warburg, New York 5.650% 03/24/99 5,000 4,999 SBC Warburg, New York 5.810% 04/29/99 5,000 4,999 - ------------------------------------------------------------------------------------------------------------------- Total Certificates of Deposit (Cost $188,984) 52,988 - ------------------------------------------------------------------------------------------------------------------- Asset-Backed Securities--4.3% Americredit Auto Receivables Trust, Ser 1998-B Cl A1 5.638% 09/12/99 2,886 2,886 Americredit Auto Recievables Trust, Ser 1998-B Cl A1 5.629% 06/12/99 1,441 1,441 Americredit Auto Recievables Trust, Ser 1998-B Cl A1 5.199% 11/12/99 8,000 8,000 Arcadia Auto Receivables Trust, Ser 1998-B Cl A1 5.470% 02/16/99 13,197 13,197 Arcadia Auto Receivables Trust, Ser 1998-B Cl A1 5.628% 07/15/99 1,562 1,562 Household Automobile Revolving Trust, Ser 1998-1, Cl A1 5.330% 12/17/99 18,000 18,000 Case Equipment Loan Trust, Ser 1998-C Cl A1 5.420% 12/15/99 10,400 10,400 Chase Manhattan Auto Owner Trust, Ser 1999-B Cl A1 5.578% 05/10/99 778 778 Compass Auto Receivables Trust, Ser 1998-A Cl A1 5.659% 07/15/99 1,583 1,583 First Security Auto Owner Trust, Ser 1998-1 Cl A1 5.248% 11/15/99 2,344 2,344 Ford Credit Auto Owner Trust, Ser 1998-B Cl A1 5.615% 05/15/99 228 228 Union Acceptance, Ser 1998-C Cl A1 5.527% 10/08/99 1,685 1,685 - ------------------------------------------------------------------------------------------------------------------- Total Asset-Backed Securities (Cost $62,104) 62,104 - ------------------------------------------------------------------------------------------------------------------- Insurance Funding Agreements--6.3% General America Life GIC (A) 5.790% 12/01/98 Integrity Life Insurance GIC (A) 5.790% 12/01/98 - ------------------------------------------------------------------------------------------------------------------- Total Insurance Funding Agreements (Cost $90,000) - - ------------------------------------------------------------------------------------------------------------------- Bank Notes--3.4% American Express Centurion 5.223% 08/09/99 5,000 5,000 American Express Centurion (A) 5.169% 03/24/99 5,000 5,000 First National Bank, Chicago (A) 5.110% 04/19/99 10,000 9,998 Key Bank NA 5.160% 05/05/99 18,000 17,997 Northern Trust (A) 5.120% 04/09/99 10,000 9,999 - ------------------------------------------------------------------------------------------------------------------- Total Bank Notes (Cost $47,994) 47,994 - ------------------------------------------------------------------------------------------------------------------- U.S. Government Agency Obligations--4.1% FFCB MTN (A) 4.540% 03/02/99 10,000 9,999 FHLB 5.030% 04/09/99 1,000 1,000 FHLMC REMIC, Ser 1314-JB 7.500% 02/15/06 789 789 FNMA 7.050% 12/10/98 110 110 FNMA 5.165% 03/15/99 SLMA, MTN (A) 5.000% 04/01/99 50,000 4,999 SLMA 4.780% 08/02/99 12,000 11,975 - ------------------------------------------------------------------------------------------------------------------- Total U.S. Government Agency Obligations (Cost $58,424) 28,872 - ------------------------------------------------------------------------------------------------------------------- ------------------------------ ------------------------------- Crestar/Arbor Prime Obligations Fund Pro Forma Combined ------------------------------ ------------------------------- - ----------------------------------------------------------------------------------------------------------------------- Security Par (000) Value (000) Par (000) Value (000) - ----------------------------------------------------------------------------------------------------------------------- Societe Generale, New York 5,000 5,000 5,000 5,000 Swiss Bank 21,000 20,998 21,000 20,998 SBC Warburg, New York 5,000 4,999 SBC Warburg, New York 5,000 4,999 - ----------------------------------------------------------------------------------------------------------------------- Total Certificates of Deposit (Cost $188,984) 135,996 188,984 - ----------------------------------------------------------------------------------------------------------------------- Asset-Backed Securities--4.3% Americredit Auto Receivables Trust, Ser 1998-B Cl A1 2,886 2,886 Americredit Auto Recievables Trust, Ser 1998-B Cl A1 1,441 1,441 Americredit Auto Recievables Trust, Ser 1998-B Cl A1 8,000 8,000 Arcadia Auto Receivables Trust, Ser 1998-B Cl A1 13,197 13,197 Arcadia Auto Receivables Trust, Ser 1998-B Cl A1 1,562 1,562 Household Automobile Revolving Trust, Ser 1998-1, Cl A1 18,000 18,000 Case Equipment Loan Trust, Ser 1998-C Cl A1 10,400 10,400 Chase Manhattan Auto Owner Trust, Ser 1999-B Cl A1 778 778 Compass Auto Receivables Trust, Ser 1998-A Cl A1 1,583 1,583 First Security Auto Owner Trust, Ser 1998-1 Cl A1 2,344 2,344 Ford Credit Auto Owner Trust, Ser 1998-B Cl A1 228 228 Union Acceptance, Ser 1998-C Cl A1 1,685 1,685 - ----------------------------------------------------------------------------------------------------------------------- Total Asset-Backed Securities (Cost $62,104) - 62,104 - ----------------------------------------------------------------------------------------------------------------------- Insurance Funding Agreements--6.3% General America Life GIC (A) 45,000 45,000 45,000 45,000 Integrity Life Insurance GIC (A) 45,000 45,000 45,000 45,000 - ----------------------------------------------------------------------------------------------------------------------- Total Insurance Funding Agreements (Cost $90,000) 90,000 90,000 - ----------------------------------------------------------------------------------------------------------------------- Bank Notes--3.4% American Express Centurion 5,000 5,000 American Express Centurion (A) 5,000 5,000 First National Bank, Chicago (A) 10,000 9,998 Key Bank NA 18,000 17,997 Northern Trust (A) 10,000 9,999 - ----------------------------------------------------------------------------------------------------------------------- Total Bank Notes (Cost $47,994) - 47,994 - ----------------------------------------------------------------------------------------------------------------------- U.S. Government Agency Obligations--4.1% FFCB MTN (A) 10,000 9,999 FHLB 1,000 1,000 FHLMC REMIC, Ser 1314-JB 789 789 FNMA 110 110 FNMA 30,000 29,552 30,000 29,552 SLMA, MTN (A) 50,000 4,999 SLMA 12,000 11,975 - ----------------------------------------------------------------------------------------------------------------------- Total U.S. Government Agency Obligations (Cost $58,424) 29,552 58,424 - ----------------------------------------------------------------------------------------------------------------------- Pro Forma Schedule of Investments (Unaudited) STI Classic Funds Institutional Cash Management Fund Crestar/Arbor Prime Obligations Fund November 30, 1998 ------------------------------- STI Classic Institutional Cash Management Fund ------------------------------- - ------------------------------------------------------------------------------------------------------------------- Security Par (000) Value (000) - ------------------------------------------------------------------------------------------------------------------- Foreign Government Agency Obligation--0.2% Province of Quebec 9.375% 04/01/99 2,200 2,228 - ------------------------------------------------------------------------------------------------------------------- Total Foreign Government Agency Obligation (Cost $2,228) 2,228 - ------------------------------------------------------------------------------------------------------------------- Municipal Bond--3.1% Tampa Bay Devil Rays Limited 5.050% 12/01/99 - ------------------------------------------------------------------------------------------------------------------- Total Municipal Bond (Cost $45,000) - - ------------------------------------------------------------------------------------------------------------------- Repurchase Agreements--12.9% Barclays, 5.39%, dated 11/30/98, matures 12/01/98 68,692 68,692 Deutsche Bank, 5.39%, dated 11/30/98, matures 12/01/98 21,157 21,157 Greewich, 5.39%, dated 11/30/98, matures 12/01/98 Merrill Lynch, 5.39%, dated 11/30/98, matures 12/01/98 29,936 29,936 Morgan Stanley, 5.39%, dated 11/30/98, matures 12/01/98 5,000 5,000 PaineWebber, 5.39%, dated 11/30/98, matures 12/01/998 Salomon Brothers, 5.39%, dated 11/30/98, matures 12/01/98 17,455 17,455 - ------------------------------------------------------------------------------------------------------------------- Total Repurchase Agreements (Cost $184,075) 142,240 - ------------------------------------------------------------------------------------------------------------------- Total Investments --101.0% (Cost $1,446,468) 604,913 - ------------------------------------------------------------------------------------------------------------------- Other Asset and Liabilities --(1.0%) (17,463) - ------------------------------------------------------------------------------------------------------------------- Net Assets -- 100% 587,450 - ------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------- Crestar/Arbor Prime Obligations Fund Pro Forma Combined ----------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------- Security Par (000) Value (000) Par (000) Value (000) - --------------------------------------------------------------------------------------------------------------------- Foreign Government Agency Obligation--0.2% Province of Quebec 2,200 2,228 - --------------------------------------------------------------------------------------------------------------------- Total Foreign Government Agency Obligation (Cost $2,228) - 2,228 - --------------------------------------------------------------------------------------------------------------------- Municipal Bond--3.1% Tampa Bay Devil Rays Limited 45,000 45,000 45,000 45,000 - --------------------------------------------------------------------------------------------------------------------- Total Municipal Bond (Cost $45,000) 45,000 45,000 - --------------------------------------------------------------------------------------------------------------------- Repurchase Agreements--12.9% Barclays, 5.39%, dated 11/30/98, matures 12/01/98 68,692 68,692 Deutsche Bank, 5.39%, dated 11/30/98, matures 12/01/98 21,157 21,157 Greewich, 5.39%, dated 11/30/98, matures 12/01/98 20,000 20,000 20,000 20,000 Merrill Lynch, 5.39%, dated 11/30/98, matures 12/01/98 16,949 16,949 46,885 46,885 Morgan Stanley, 5.39%, dated 11/30/98, matures 12/01/98 5,000 5,000 PaineWebber, 5.39%, dated 11/30/98, matures 12/01/998 4,886 4,886 4,886 4,886 Salomon Brothers, 5.39%, dated 11/30/98, matures 12/01/98 17,455 17,455 - -------------------------------------------------------------------------------------------------------------------- Total Repurchase Agreements (Cost $184,075) 41,835 184,075 - -------------------------------------------------------------------------------------------------------------------- Total Investments --101.0% (Cost $1,446,468) 841,555 1,446,468 - -------------------------------------------------------------------------------------------------------------------- Other Asset and Liabilities --(1.0%) 2,488 (14,975) - -------------------------------------------------------------------------------------------------------------------- Net Assets -- 100% 844,043 1,431,493 - --------------------------------------------------------------------------------------------------------------------
(A) Adjustable Rate Security--The rate reflected on the Statement of Net Assets is the rate in effect on November 30, 1998. The date reported on the Statement of Net Assets is the later of the date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. Cl-Class FFCB-Federal Farm Credit Bank FHLB-Federal Home Loan Bank FHLMC-Federal Home Loan Mortgage Corporation FNMA-Federal National Mortgage Association GIC-Guaranteed Investment Contract MTN-Medium Term Note REMIC-Real Estate Mortgage Investment Conduit Ser-Series SLMA-Student Loan Marketing Association Pro Forma Statement of Assets and Liabilities (Unaudited) STI Classic Funds Institutional Cash Management Fund Crestar/Arbor Prime Obligations Fund November 30, 1998 (000)
Pro Forma Combined STI Classic STI Classic Institutional Institutional Crestar/Arbor Cash Cash Management Prime Management Money Market Obligations Pro Forma Money Market Fund Fund Adjustments Fund ASSETS Total Investments at Amortized Cost Value (Cost $604,913, $841,555 and $1,446,468) $604,913 $841,555 $1,446,468 Cash 8 0 8 Accrued Income 3,013 6,569 9,582 Other Assets 119 718 837 ------------ --------------- ----------- Total Assets 608,053 848,842 1,456,895 ------------ --------------- ----------- LIABILITIES Accrued Expenses (130) (903) (1,033) Income/Distribution Payable (2,473) (3,896) (6,369) Payable for Investment Securities Purchased (18,000) 0 (18,000) ------------ --------------- ----------- Total Liabilities (20,603) (4,799) (25,402) ------------ --------------- ----------- NET ASSETS Portfolio shares of the Institutional Class (unlimited authorization - no par value) based on (587,451, 1,431,497) outstanding shares of beneficial interest 587,451 0 844,046 (a) 1,431,497 Portfolio shares of the Trust Class (unlimited authorization - no par value) based on 844,046 outstanding shares of beneficial interest 0 844,046 (844,046)(a) 0 Distributions in excess of net investment income (1) (3) (4) ------------ --------------- ----------- Total Net Assets $587,450 $844,043 $0 $1,431,493 ------------ --------------- ------------- ----------- ------------ --------------- ------------- ----------- Net Asset Value, Offering and Redemption Price Per Share - Institutional Shares $1.00 $1.00 ------------ ----------- ------------ ----------- Net Asset Value, Offering and Redemption Price Per Share - Trust Shares $1.00 --------------- ---------------
Pro Forma Statement of Operations (000) For the Period December 1, 1997 to November 30, 1998
Pro Forma Combined STI Classic STI Classic Institutional Cash Institutional Cash Management Money Arbor Prime Management Money Market Fund Obligations Fund Market Fund ------------------ ---------------- -------------------- Interest Income $ 22,646 $ 43,631 $ 66,277 ------------------ ---------------- -------------------- Expenses: Investment Advisory Fees 812 1,546 1 (b) 2,359 Less: Investment Advisory Fees Waived (326) (715) 618 (b) (423) Administrator Fees 322 618 (78) (b) 862 Less: Administrator Fees Waived (82) (257) 103 (b) (236) Transfer Agent Fees 8 232 (224)(b) 16 Transfer Agent Out of Pocket Fees 43 - 77 (b) 120 Printing Expenses 18 31 14 (b) 63 Custody Fees 10 259 (216)(b) 53 Professional Fees 8 25 24 (b) 57 Trustee Fees (2) - 12 (b) 10 Registration Fees 5 - 46 (b) 51 Insurance and Other Fees - 5 7 (b) 12 Amortization of Deferred Organization Costs - 3 - (b) 3 ------------------ ---------------- --------- -------------------- Total Expenses 816 1,747 384 2,947 ------------------ ---------------- --------- -------------------- Net Investment Income 21,830 41,884 63,330 ------------------ ---------------- -------------------- Net Realized Gain on Securities Sold - - - ------------------ ---------------- -------------------- Increase in Net Assets Resulting From Operations $ 21,830 $ 41,884 $ 63,330 ------------------ ---------------- -------------------- ------------------ ---------------- --------------------
Amounts designated as "--" are either $0 or have been rounded to $0. STI CLASSIC FUNDS/CRESTAR/ARBOR FUNDS Notes to Pro Forma Financial Statements November 30, 1998 1. BASIS OF COMBINATION The unaudited Pro Forma Combining Schedule of Investments, Pro Forma Combining Statements of Assets and Liabilities and Pro Forma Combining Statements of Operations give effect to the proposed acquisition of the Arbor Prime Obligations Fund by the STI Classic Institutional Cash Management Money Market Fund. The proposed acquisition will be accounted for by the method of accounting for tax free mergers of investment companies (sometimes referred to as the pooling without restatement method). The acquisition will be accomplished by an exchange of all outstanding shares of the Trust Class of the Arbor Prime Obligations Fund in exchange for shares of the Institutional Class of the STI Classic Institutional Cash Management Money Market Fund. The pro forma combining statements should be read in conjunction with the historical financial statements of the constituent funds and the notes thereto incorporated by reference in the Statement of Additional Information. The STI Classic Funds and the Arbor Funds are both, open-end, management investment company registered under the Investment Company Act of 1940, as amended. PRO FORMA ADJUSTMENTS: (a) The Pro Forma combining statements of assets and liabilities assume the issuance of additional shares of the respective STI Classic Fund as if the reorganization had taken place on November 30, 1998 and are based on the net asset value of the acquiring fund. In addition, the Arbor Prime Obligation Fund is the surviving fund for accounting purposes and accordingly, while the legal entity surviving will be the STI Classic Institutional Cash Management Fund, the performance history of the Arbor Prime Obligation Fund will be carried forward.. (b) The Proforma adjustments reflect the impact of applying the contractual fees in place for the legally surviving STI Classic Institutional Cash Management Fund for Advisor, Administration and Distribution as well as the expected savings in other expenses due to the combination of the funds. -----END PRIVACY-ENHANCED MESSAGE-----