SEMI-ANNUAL
................................................................................
FINANCIAL REPORT
................................................................................
STI CLASSIC FUNDS
................................................................................
A Family of Mutual Funds
................................................................................
November 30, 1996
STI Classic Funds
<PAGE>
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.
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (000)
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
--------- --------
INVESTMENT
GRADE TAX-EXEMPT SHORT-TERM
BOND FUND BOND FUND
--------- --------
<S> <C> <C>
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
======== ========
<FN>
(1) Flex Class has a contingent deferred sales charge. For a description of a
possible sales charge, see notes to the Financial Statements.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
67
<PAGE>
STATEMENT OF OPERATIONS (000)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
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
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
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
======== ======= ======== ======= ======
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
68 & 69
<PAGE>
STATEMENT OF OPERATIONS (000)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
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
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
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
======= ======== ====== ====== ====
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
69
<PAGE>
STATEMENT OF OPERATIONS (000) (concluded)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
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
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
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
====== ======= ====== ==== ======
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
70 &71
<PAGE>
STATEMENT OF OPERATIONS (000) (concluded)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
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
-------- -------- -------- --------
<S> <C> <C> <C> <C>
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
====== ======= ====== ======
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
71
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
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
---------- ---------- ---------- ---------- ---------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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
========== ========== ======== ======== ========== ========== ======== ========
<FN>
*Commencement of operations.
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
72
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
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
--------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
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
======== ======= ======== ======== ======== ========
<FN>
*Commencement of operations.
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
72 & 73
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
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
---------- ---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
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
======== ======== ======= ======= ======= ======
<FN>
*Commencement of operations.
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
72 & 73
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) (concluded)
================================================================================
STI CLASSIC FUNDS FOR THE YEAR ENDED NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
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
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
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
======= ======= ======== ======== ======= =======
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
74 & 75
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) (concluded)
================================================================================
STI CLASSIC FUNDS FOR THE YEAR ENDED NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
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
---------- ---------- ---------- ---------- --------------------
<S> <C> <C> <C> <C> <C> <C>
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
======= ======= ======== ======== ======= =======
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
74 & 75
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) (concluded)
================================================================================
STI CLASSIC FUNDS FOR THE YEAR ENDED NOVEMBER 30, 1996 UNAUDITED
<TABLE>
<CAPTION>
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
---------- ---------- --------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
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 ........................ -- -- -- -- -- --
========== ========== ======== ========= ========= =========
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
74 & 75
<PAGE>
FINANCIAL HIGHLIGHTS
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
------------------- ------------ ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C>
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)
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
76 & 77
<PAGE>
FINANCIAL HIGHLIGHTS
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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)
--------- --------- ----------- ------------------ ------------------ ------------------
<S> <C> <C> <C> <C> <C> <C>
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%*
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
76 & 77
<PAGE>
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
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
------------------- ------------ ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C>
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)
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
78 & 79
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
--------- --------- ----------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
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%*
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
78 & 79
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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***
------------------ ------------------ --------- ----------
<S> <C> <C> <C> <C>
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
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
78 & 79
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
------------------- ------------ ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C>
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) --
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
80 & 81
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
--------- --------- ----------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
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%*
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
80 & 81
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
------------------ ------------------ ---------
<S> <C> <C> <C>
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%
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
80 & 81
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
------------------- ------------ ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C>
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) --
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
82 & 83
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
--------- --------- ----------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
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%*
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
82 & 83
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
------------------ ------------------ ---------
<S> <C> <C> <C>
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%
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
82 & 83
<PAGE>
FINANCIAL HIGHLIGHTS (concluded)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
------------------- ------------ ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C>
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) --
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
84 & 85
<PAGE>
FINANCIAL HIGHLIGHTS (concluded)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1996
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD UNAUDITED
<TABLE>
<CAPTION>
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
--------- --------- ----------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
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%*
<FN>
* 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.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
84 & 85
<PAGE>
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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
<PAGE>
================================================================================
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
<PAGE>
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%
========= ========== ========== ==========
<TABLE>
<CAPTION>
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
-------- ---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
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%
====== ====== ====== ====== ====== ======
</TABLE>
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%
========= ========== ========== ==========
<TABLE>
<CAPTION>
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
-------- ---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
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%
====== ====== ====== ====== ====== ======
</TABLE>
92
<PAGE>
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.