<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 30, 1997
FILE NO. 33-45671
FILE NO. 811-6557
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 / /
POST-EFFECTIVE AMENDMENT NO. 18 /X/
AND
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 / /
AMENDMENT NO. 20 /X/
STI CLASSIC FUNDS
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
2 OLIVER STREET
BOSTON, MASSACHUSETTS 02109
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE (800) 342-5734
DAVID G. LEE
C/O SEI INVESTMENTS
ONE FREEDOM VALLEY ROAD
OAKS, PENNSYLVANIA 19456
(NAME AND ADDRESS OF AGENT FOR SERVICE)
Copies to:
RICHARD W. GRANT JOHN H. GRADY, JR.
MORGAN, LEWIS & BOCKIUS LLP MORGAN, LEWIS & BOCKIUS LLP
2000 ONE LOGAN SQUARE 1800 M STREET, N.W.
PHILADELPHIA, PA 19103 WASHINGTON, D.C. 20036
It is proposed that this filing will become effective (check appropriate box)
x Immediately upon filing pursuant to paragraph (b), or
On [DATE] pursuant to paragraph (b), or
60 days after filing pursuant to paragraph (a) or
75 days after filing pursuant to paragraph (a) or
On [DATE] pursuant to paragraph (a) of Rule 485.
Pursuant to the provisions of Rule 24f-2 under the Investment Company Act of
1940, an indefinite number of units of beneficial interest is being registered
by this Registration Statement. Registrant has filed a Rule 24f-2 Notice on
July 29, 1996 for its fiscal year ended May 31, 1996 .
<PAGE>
STI CLASSIC FUNDS
POST-EFFECTIVE AMENDMENT #18
CROSS REFERENCE SHEET
N-1A ITEM NO. LOCATION
- --------------------------------------------------------------------------------
PART A - ALL FUNDS
Item 1. Cover Page Cover Page
Item 2. Synopsis Expense Summary
Item 3. Condensed Financial Information Financial Highlights
Item 4. General Description of Registrant Funds and Investment
Objectives;
Investment Policies and
Strategies; General
Investment Policies and
Strategies;
Investment Risks; Investment
Limitations;
Appendix
Item 5. Management of the Fund Board of Trustees; Investment
Advisor; Distribution;
Administration
Item 5a. *
Item 6. Capital Stock and Other Securities Voting Rights; Shareholder
Inquiries; Dividends and
Distributions;
Tax Information
Item 7. Purchase of Securities Being Offered Cover Page; Purchase of Fund
Shares; Redemption of Fund
Shares
Item 8. Redemption or Repurchase Purchase of Fund Shares;
Redemption of Fund Shares;
Distribution
Item 9. Pending Legal Proceedings *
PART B - ALL FUNDS
Item 10. Cover Page Cover Page
Item 11. Table of Contents Table of Contents
Item 12. General Information and History The Trust
Item 13. Investment Objectives and Policies Description of Permitted
Investments; Investment
Limitations
Item 14. Management of the Registrant Trustees and Officers of the
Trust; The Administrator
Item 15. Control Persons and Principal Trustees and Officers of the
Holders of Securities Trust
Item 16. Investment Advisory and Other Investment Advisor; The
Services Administrator; The Distributor;
Legal Counsel
(Prospectus); Independent
Auditors
(Prospectus); Experts
Item 17. Brokerage Allocation Fund Transactions
Item 18. Capital Stock and Other Securities Description of Shares
Item 19. Purchase, Redemption, and Pricing of Purchase and Redemption of
Securities Being Offered Shares; Determination of Net
Asset
Value
Item 20. Tax Status Taxes
Item 21. Underwriters The Distributor
Item 22. Calculation of Yield Quotations Computation of Yield;
Calculation of Total
Return
Item 23. Financial Statements Financial Information
<PAGE>
PART C
Information required to be included in Part C is set forth under the
appropriate item, so numbered, in Part C of this Registration Statement.
* Not applicable
<PAGE>
The Prospectus for the Classic Institutional Cash Management Money Market Fund
and Classic Institutional U.S. Treasury Securities Money Market Fund and the
Statement of Additional Information included as part of Post-Effective Amendment
No. 16 to the Registrant's Registration Statement on Form N-1A (File No.
33-45671) filed with the Securities and Exchange Commission on September 27,
1996, is hereby incorporated by reference as if set forth in full herein.
The Prospectus for the Emerging Markets Equity Fund and Small Cap Equity Fund
and the Statement of Additional Information included as part of Post-Effective
Amendment No. 17 to the Registrant's Registration Statement on Form N-1A (File
No. 33-45671) filed with the Securities and Exchange Commission on October 18,
1996, is hereby incorporated by reference as if set forth in full herein.
<PAGE>
STI CLASSIC FUNDS
SUPPLEMENT DATED JUNE 30, 1997 TO
THE CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND
AND CLASSIC INSTITUTIONAL U.S. TREASURY MONEY MARKET FUND
STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 11, 1996
The Statement of Additional Information for the STI Classic Funds is hereby
amended and supplemented by the following unaudited financial statements of STI
Classic Funds Classic Institutional Cash Management Money Market Fund and
Classic Institutional U.S. Treasury Money Market Fund for the period ended May
31, 1997.
FINANCIAL HIGHLIGHTS THE STI CLASSIC FUNDS
For the Period from Inception Through May 31, 1997 UNAUDITED
For a Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
------------------ -------------
Classic Classic
Institutional Cash Institutional
Management U.S. Treasury
Money Market Money Market
Fund (1) Fund (1)
------------------ -------------
<S> <C> <C>
Net Asset Value Beginning of Period $1.00 $1.00
Net Investment Income 0.02 0.02
Net Realized and Unrealized
Gain on Investments - -
Distributions from Net Investment Income (0.02) (0.02)
Distributions from Realized Capital Gains - -
Net Asset Value End of Period $1.00 $1.00
Total Return* 2.51% 2.46%
Period Net Assets End of Period (000) $395,673 $20,238
Ratio of Expenses to Average Net Assets** 0.06% 0.09%
Ratio of Net Investment Income to Average Net Assets** 5.49% 5.27%
Ratio of Expenses to Average Net Assets
(Excluding Waivers and Contributions)** 0.52% 0.51%
Ratio of Net Investment Income to Average Net
Assets (Excluding Waivers and Contributions)** 5.03% 4.85%
</TABLE>
* Return is for the period indicated and has not been annualized.
** Annualized.
(1) Commenced operations December 12, 1996.
The accompanying notes are an integral part of the financial statements.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS MAY 31, 1997 UNAUDITED
CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
COMMERCIAL PAPER (70.0%)
A1 Credit
5.640%, 06/02/97 $ 13,000 $ 12,998
American Express
5.500%, 08/28/97 500 493
Banc One Funding
5.620%, 07/21/97 4,000 3,969
5.680%, 08/14/97 3,811 3,767
Bank of America Toronto, Yankee
5.730%, 07/31/97 5,500 5,500
Bank of Montreal
5.520%, 07/01/97 10,000 9,954
Bank of New York
5.500%, 06/02/97 3,350 3,350
Bankers Trust
5.500%, 11/17/97 200 195
BAT Capital
5.530%, 06/24/97 10,000 9,965
Bell Atlantic Network Funding
5.600%, 06/12/97 1,000 998
Campbell Soup
5.550%, 07/07/97 2,550 2,536
Cargill Global Funding
5.820%, 11/25/97 500 486
Cargill Glogal Funding
5.550%, 06/16/97 5,000 4,988
Caterpillar Financial Services
5.600%, 09/11/97 4,915 4,837
Dean Witter Discover
5.640%, 08/01/97 6,000 5,943
Dominion Semiconductor
5.650%, 06/03/97 5,000 4,998
5.570%, 06/11/97 5,000 4,992
Dresser Industries
5.550%, 06/30/97 10,000 9,955
Ford Motor Credit
5.520%, 06/24/97 835 832
5.600%, 06/27/97 1,000 996
5.640%, 07/21/97 5,000 4,961
Gannett
5.520%, 06/17/97 4,775 4,763
General Electric Capital
5.400%, 06/02/97 500 500
5.700%, 06/30/97 1,000 995
5.630%, 09/25/97 1,000 982
Golden Peanut
5.400%, 07/15/97 250 248
GTE Funding
5.510%, 06/05/97 3,500 3,498
5.510%, 06/06/97 5,350 5,346
5.530%, 06/17/97 3,000 2,993
Hertz
5.620%, 07/25/97 8,500 8,428
International Business Machine Credit
5.550%, 06/09/97 7,717 7,708
5.550%, 06/19/97 5,000 4,987
John Hancock
5.600%, 06/26/97 9,375 9,339
Marsh & Mclennan
5.700%, 09/05/97 2,393 2,357
Metlife Funding
5.530%, 07/11/97 2,203 2,189
Monongahela Power
5.700%, 06/02/97 6,320 6,319
National Australia Funding
5.550%, 06/02/97 12,000 11,998
5.430%, 08/13/97 250 247
National City Credit
5.650%, 07/28/97 2,000 1,982
5.665%, 08/21/97 5,000 4,936
New England Power
5.550%, 06/04/97 2,300 2,299
5.520%, 06/06/97 5,550 5,546
5.540%, 06/12/97 2,123 2,119
Pactel Capital Resources
5.510%, 06/23/97 7,000 6,976
Philip Morris
5.700%, 06/02/97 8,000 7,999
5.550%, 06/06/97 1,505 1,504
5.550%, 06/09/97 1,275 1,273
5.550%, 06/18/97 1,240 1,237
Potomac Electric Power
5.600%, 06/06/97 9,360 9,353
<PAGE>
CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND - CONCLUDED
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
Progress Capital
5.520%, 06/09/97 $ 8,798 $ 8,787
5.550%, 06/20/97 1,271 1,267
Royal Bank Canada
5.580%, 07/15/97 3,010 2,989
RTZ America
5.370%, 06/16/97 250 249
5.550%, 06/25/97 250 249
5.570%, 07/08/97 800 795
Sherwin Williams
5.550%, 06/18/97 5,000 4,987
Society Generale North America
5.500%, 09/10/97 200 197
Sony Capital
5.650%, 06/02/97 4,400 4,399
South Carolina Fuel
5.510%, 06/20/97 4,435 4,422
Southern New England
Telcommunications
5.580%, 06/11/97 1,157 1,155
Transamerica Finance
5.650%, 06/02/97 7,500 7,499
5.520%, 06/12/97 5,000 4,992
5.530%, 06/13/97 700 699
U.S. Borax
5.600%, 07/01/97 2,000 1,991
5.650%, 07/16/97 1,600 1,589
Union Bank Of Switzerland Finance
5.750%, 06/02/97 1,000 1,000
US Borax
5.370%, 06/16/97 250 249
Virgina Electric & Power
5.650%, 07/16/97 2,000 1,986
Waste Management Technologies
5.580%, 06/24/97 3,000 2,989
5.650%, 06/27/97 2,770 2,759
Xerox Credit
5.520%, 06/12/97 1,985 1,982
5.510%, 06/24/97 5,100 5,082
--------
Total Commercial Paper
(Cost $277,147) 277,147
--------
MUNICIPAL BONDS (0.3%)
Compton Community,
Redevelopment Agency,
Series 1995B, RB, CGIC TAXABLE
6.150%, 08/01/97 1,000 1,000
--------
Total Municipal Bonds
(Cost $1,000) 1,000
--------
CORPORATE OBLIGATIONS (5.2%)
Associates Corporation of
North America
6.750%, 06/13/97 3,000 3,001
8.625%, 06/15/97 500 500
Beneficial MTN
6.850%, 11/19/97 1,500 1,506
6.860%, 11/19/97 2,200 2,209
BP America
8.875%, 12/01/97 200 203
Dow Capital BV
5.750%, 09/15/97 500 500
FCC National Bank (C)
5.640%, 05/08/98 3,000 2,999
Federal National Mortgage
Association MTN
6.520%, 09/08/97 500 501
6.520%, 09/15/97 900 901
First Chicago MTN
11.150%, 10/31/97 1,700 1,735
Household Finance
7.750%, 06/15/97 2,250 2,251
6.250%, 10/15/97 1,000 1,001
Morgan Guaranty Trust
5.950%, 06/06/97 200 200
Teco Energy MTN
9.250%, 06/16/97 3,000 3,004
--------
Total Corporate Obligations
(Cost $20,511) 20,511
--------
<PAGE>
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT (4.8%)
Bankers Trust Toronto
5.690%, 08/21/97 $ 4,000 $ 4,000
Societe Generale, Yankee
5.690%, 08/22/97 5,000 5,000
Swiss Bank, Yankee
5.530%, 06/30/97 10,000 10,000
--------
Total Certificates Of Deposit
(Cost $19,000) 19,000
--------
ASSET-BACKED SECURITIES (1.0%)
Americredit Auto Receivables
Trust, 1997-B, Cl A
5.790%, 06/12/98 4,000 4,000
--------
Total Asset-Backed Securities
(Cost $4,000) 4,000
--------
REPURCHASE AGREEMENTS (21.3%)
Deutsche Bank
5.56%, dated 05/30/97, matures
06/02/97, repurchase price
$76,220,749 (collateralized by
various FHLMC obligations,
total par value $94,382,160,
0.000%-6.630%, 05/15/08-
09/01/26; FNMA obligation,
total par value $21,264,738,
0.000%, 01/01/26: total market
value $77,708,900) 76,185 76,185
Salomon Brothers
5.56%, dated 05/30/97, matures
06/02/97, repurchase price
$8,072,554 (collateralized by
various FHLMC obligations,
total par value $9,465,582,
6.014%-8.500%, 07/01/02-
11/01/26; various FNMA
obligations, total par
value $20,886,794,
04/01/98-05/01/26:
total market value $8,294,005) 8,069 8,069
--------
Total Repurchase Agreements
(Cost $84,254) 84,254
--------
Total Investments (102.6% )
(Cost $405,912) $405,912
--------
Other Assets and Liabilities, Net (-2.6%) (10,239)
--------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no
par value) based on 395,673,180
outstanding shares of beneficial interest 395,673
--------
Total Net Assets (100.0%) $395,673
--------
--------
Net Asset Value, Offering and Redemption
Price Per Share -- Institutional Shares $ 1.00
--------
--------
The accompanying notes are an integral part of the financial statements.
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS MAY 31, 1997 UNAUDITED
CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
TREASURY NOTES (4.9%)
U.S. Treasury Notes
5.750%, 10/31/97 $ 1,000 $ 1,001
---------
Total Treasury Notes
(Cost $1,001) 1,001
--------
REPURCHASE AGREEMENTS (71.1%)
Deutsche Bank
5.50%, dated 05/30/97, matures
06/02/97, repurchase price
$1,031,851 (collateralized by
U.S. Treasury Bill, par value
$948,000, 0.000%, 07/31/97;
U.S. Treasury Note, par value
$111,000, 5.125%, 12/31/98:
total market value $1,052,006) 1,031 1,031
Merrill Lynch
5.50%, dated 05/30/97, matures
06/02/97, repurchase price
$1,000,995 (collateralized by
U.S. Government STRIPS, total
par value $1,995,661, 0.000%,
05/15/02-11/15/14: total
market value $1,021,320) 1,001 1,001
Barclays
5.50%, dated 05/30/97, matures
06/02/97, repurchase price
$4,677,964 (collateralized by
U.S. Treasury Bill, par value
$4,955,000, 0.000%, 02/05/98:
total market value $4,770,173) 4,676 4,676
Morgan Stanley
5.50%, dated 05/30/97, matures
06/02/97, repurchase price $1,000,458
(collateralized by U.S. Treasury
Note, par value $990,000,
7.25%, 05/15/04: total market
value $1,021,442) 1,000 1,000
Salomon Brothers
5.50%, dated 05/30/97, matures
06/02/97, repurchase price
$1,000,458 (collateralized by
various U.S. Treasury Notes,
total par value $1,005,000,
6.125%-8.875%, 11/15/97-
07/31/00: total market
value $1,022,745) $1,000 $ 1,000
Swiss Bank
5.50%, dated 05/30/97, matures
06/02/97, repurchase price
$4,678,206 (collateralized by
U.S. Treasury Bond, par value
$4,565,000, 7.250%, 08/15/22;
U.S. Treasury Note, par value
$25,000, 5.875%, 06/30/00: total
market value $4,777,310) 4,676 4,676
Union Bank of Switzerland
5.50%, dated 05/30/97, matures
06/02/97, repurchase price
$1,000,458 (collateralized by
U.S. Treasury Note, par value
$1,030,000, 5.875%, 11/15/99:
total market value $1,021,198) 1,000 1,000
--------
Total Repurchase Agreements
(Cost $14,384) 14,384
--------
Total Investments (76.0% of net assets)
(Cost $15,384) 15,384
--------
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATEMENT OF NET ASSETS THE STI CLASSIC FUNDS
May 31, 1997 UNAUDITED
KEY TO ABBREVIATIONS USED IN THE STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
MTN Medium Term Note
RB Revenue Bond
STRIPS Separately Traded Registered Interest and Principal Security
(C) Variable rate security. The rate reported on the Statement of Net Assets
is the rate in effect on May 31, 1997.
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (000) THE STI CLASSIC FUNDS
May 31, 1997 UNAUDITED
<TABLE>
<CAPTION>
---------------------
Classic Institutional
U.S. Treasury
Money Market Fund
---------------------
<S> <C>
Assets:
Investment at Market Value (Cost $15,384) $ 15,384
Receivables for Investment Securities Sold 4,951
Other Assets 98
---------------------
Total Assets 20,433
---------------------
Liabilities:
Accrued Expenses 4
Distribution Payable 101
---------------------
Total Liabilities 105
---------------------
Net Assets:
Fund Shares of the Institutional Shares (Unlimited Authorization--No Par Value)
Based on 20,238,609 Outstanding Shares of Beneficial Interest 20,239
Accumulated Net Realized Loss on Investments (1)
---------------------
Total Net Assets $ 20,238
---------------------
---------------------
Net Asset Value, Offering Price and
Redemption Price Per Share $ 1.00
---------------------
---------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATEMENT OF OPERATIONS (000) THE STI CLASSIC FUNDS
For the Period Ended May 31, 1997 UNAUDITED
<TABLE>
<CAPTION>
--------------------- ---------------------
Classic Institutional Classic Institutional
Cash Management U.S. Treasury
Money Market Fund Money Market Fund
(1) (1)
--------------------- ---------------------
12/12/96 - 12/12/96 -
05/31/97 05/31/97
--------------------- ---------------------
<S> <C> <C>
Interest Income: $ 2,784 $ 491
Expenses :
Investment Advisory Fees 100 18
Investment Advisory Fees Waived (100) (18)
Contribution from Advisor (131) (20)
Administrator Fees 33 6
Registration Fees 111 6
Transfer Agent Fees 8 8
Printing Fees 3 3
Amortization of Deferred Organizational Costs 5 5
--------------------- ---------------------
Total Expenses 29 8
--------------------- ---------------------
Net Investment Income 2,755 483
--------------------- ---------------------
Net Realized (Loss) on Securities Sold - (1)
--------------------- ---------------------
Increase in Net Assets Resulting From Operations $ 2,755 $ 482
--------------------- ---------------------
--------------------- ---------------------
</TABLE>
Amounts designated as "-" are either $0 or round to $0.
(1) Commencement of operations.
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) THE STI CLASSIC FUNDS
For the Period Ended May 31, 1997 UNAUDITED
<TABLE>
<CAPTION>
Classic Institutional Classic Institutional
Cash Management U.S. Treasury
Money Market Fund Money Market Fund
12/12/96 - 12/12/96 -
05/31/97 (1) 05/31/97 (1)
--------------------- ---------------------
<S> <C> <C>
Operations:
Net Investment Income $ 2,755 $ 483
Net Realized (Loss) on Securities Sold - (1)
--------------------- ---------------------
Increase in Net Assets Resulting From Operations 2,755 482
--------------------- ---------------------
Distributions to Shareholders:
Net Investment Income: (2,755) (483)
Capital Gains: - -
--------------------- ---------------------
Total Distributions (2,755) (483)
--------------------- ---------------------
Capital Share Transactions (1):
Proceeds from Shares Issued 578,520 143,133
Reinvestments of Cash Distributions - -
Cost of Shares Redeemed (182,847) (122,894)
--------------------- ---------------------
Increase in Net Assets from Share Transactions 395,673 20,239
--------------------- ---------------------
Total Increase in Net Assets 395,673 20,238
--------------------- ---------------------
Net Assets:
Beginning of Period - -
--------------------- ---------------------
End of Period $ 395,673 $ 20,238
--------------------- ---------------------
--------------------- ---------------------
(1) Shares Issued and Redeemed:
Proceeds from Shares Issued 578,520 143,133
Reinvestments of Cash Distributions - -
Cost of Shares Redeemed (182,847) (122,894)
--------------------- ---------------------
Net Share Transactions 395,673 20,239
--------------------- ---------------------
</TABLE>
Amounts designated as "-" are either $0 or round to $0.
(1) Commencement of operations.
The accompanying notes are an integral part of the financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS STI CLASSIC FUNDS
May 31, 1997 UNAUDITED
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 twenty-four portfolios: the Prime Quality
Money Market Fund, the U.S. Government Securities Money Market Fund, the
Tax-Exempt Money Market Fund, the Classic Institutional Cash Management Money
Market Fund, the Classic Institutional U.S. Treasury 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 Small Cap Equity Fund, the International Equity
Fund, the International Equity Index Fund and the Emerging Markets Equity 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. The footnotes herein pertain only to the
Classic Institutional Cash Management Money Market Fund and the Classic
Institutional U.S. Treasury Fund (collectively the "Funds").
2. Significant Accounting Policies:
SECURITY VALUATION -- Investment securities held by the Funds are stated at
amortized cost, which approximates market value.
FEDERAL INCOME TAXES -- It is each Fund's intention to qualify as a
regulated investment company for Federal income tax purposes and distribute
all of its taxable income and net capital gains. Accordingly, no provisions
for Federal income taxes are required.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Interest income is recognized on an accrual basis. Costs used in
determining net realized gains and losses on the sales of investment
securities are those of the specific securities sold adjusted for the
accretion and amortization of purchase discounts and premiums during the
respective holding period. Purchase discounts and premiums on securities
held by the Funds are accreted and amortized ratably to maturity and are
included in interest income.
REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements ensure that the market
value of the collateral, including accrued interest thereon, is sufficient
in the event of default of the counterparty. If the counterparty defaults
and the value of the collateral declines or if the counterparty enters into
an insolvency proceeding, realization of the collateral by the Funds may be
delayed or limited.
NET ASSET VALUE PER SHARE-- The net asset value per share of each Fund is
calculated each business day, by dividing the total value of each Fund's
assets, less liabilities, by the number of shares outstanding.
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 Funds are declared on
each business day and paid to shareholders on a monthly basis. Any net realized
capital gains on sales of securities are distributed to shareholders at least
annually.
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 two officers of the
<PAGE>
Trust are partners. 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
Investments Distribution Co. (the "Distributor"). Such officers are paid no fees
by the Trust for serving as officers of the Trust.
4. Administration and Transfer Agency Servicing 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.
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, July
15, 1993, December 20, 1993 and December 20, 1993 respectively.
Under terms of the respective agreements, the Funds are charged the following
annual fees based upon average daily net assets:
<TABLE>
<CAPTION>
Maximum Maximum
Maximum Institutional Trust Investor Investor Flex Share Flex
Annual Share Share Share Share Distribu- Share
Advisory Maximum Maximum Distribu- Maximum tion and Maximum
Fee Expense Expense tion Fee Expense Service Fee Expense
-------- ------------- ------- --------- -------- ----------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Trusco:
Classic Institutional
Cash Management
Money Market
Fund .20% .20% -- -- -- -- --
Classic Institutional
U.S. Treasury
Money Market
Fund .20% .20% -- -- -- -- --
</TABLE>
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, the International Equity Index and
the Emerging Markets Equity Funds who utilize The Bank of New York as custodian.
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.
<PAGE>
NOTES TO FINANCIAL STATEMENTS STI CLASSIC FUNDS
May 31, 1997 UNAUDITED
7. Consents of Sole Shareholder:
On December 10, 1996, the sole shareholder of the Classic Institutional Cash
Management Money Market Fund and Classic Institutional U.S. Treasury Securities
Money Market Fund (the "Funds") approved the following appointments: SEI Fund
Resources to serve as administrator of the Funds, Trusco Capital Management to
serve as investment adviser to the assets of the Funds, SEI Investments
Distribution Co. to serve as distributor of the shares of the Funds and Arthur
Andersen LLP to serve as independent public accountants of the Funds.
<PAGE>
STI CLASSIC FUNDS
SUPPLEMENT DATED JUNE 30, 1997 TO
THE EMERGING MARKET EQUITY FUND AND SMALL CAP EQUITY FUND
STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 31, 1996
The Statement of Additional Information for the STI Classic Funds is hereby
amended and supplemented by the following unaudited financial statements of STI
Classic Funds Emerging Market Equity Fund and Small Cap Equity Fund for the
period ended May 31, 1997.
FINANCIAL HIGHLIGHTS THE STI CLASSIC FUNDS
For the Period from Inception Through May 31, 1997 UNAUDITED
For a Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
-------------- --------------
Emerging Small Cap
Markets Equity Equity
Fund(1) Fund (1)
-------------- --------------
<S> <C> <C>
Net Asset Value Beginning of Period $ 10.00 $ 10.00
Net Investment Income 0.04 0.05
Net Realized and Unrealized
Gain on Investments 0.75 1.04
Distributions from Net Investment Income 0.00 (0.02)
Net Asset Value End of Period $ 10.79 $ 11.07
Total Return* 7.90% 10.97%
Period Net Assets End of Period (000) $ 39,495 $ 131,049
Ratio of Expenses to Average Net Assets** 1.55% 1.20%
Ratio of Net Investment Income to Average Net Assets** 1.37% 1.86%
Ratio of Expenses to Average Net Assets
(Excluding Waivers and Contributions)** 2.05% 1.37%
Ratio of Net Investment Income to Average Net
Assets (Excluding Waivers and Contributions)** 0.87% 1.69%
Portfolio Turnover Rate 23.88% 27.46%
Average Commission Rate (A) $ 0.0019 $ 0.0523
</TABLE>
* Return is for the period indicated and has not been annualized.
** Annualized.
(A) Average commission rate paid per share for the security purchases and sales
during the period.
(1) Commenced operations January 31, 1997.
The accompanying notes are an integral part of the financial statements.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS MAY 31, 1997 UNAUDITED
SMALL CAP EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE(000)
- --------------------------------------------------------------------------------
COMMON STOCKS (95.2%)
APPAREL/TEXTILES (4.9%)
Guilford Mills 132,250 $ 2,595
Springs Industries, Cl A 75,200 3,807
--------
Total Apparel/Textiles 6,402
--------
AUTOMOTIVE (2.5%)
Regal Beloit 115,700 3,081
Winnebago Industries 20,400 140
--------
Total Automotive 3,221
--------
BANKS (6.6%)
Banco Latinamericano de
Exportaciones 46,600 2,196
Bank United, Cl A 28,700 997
Interwest Bancorp 26,700 935
Klamath First Bancorp 61,500 1,138
National Bancorp of Alaska 14,400 1,130
Seacoast Banking of Florida 49,000 1,286
West Coast Bancorp 40,625 1,016
--------
Total Banks 8,698
--------
BEAUTY PRODUCTS (0.7%)
Chemed 26,300 960
--------
BROADCASTING, NEWSPAPERS &
ADVERTISING (0.1%)
TCA Cable Television 3,000 101
--------
BUILDING (2.2%)
Columbus Mckinnon 63,700 1,147
Commonwealth Industries 94,700 1,788
--------
Total Building 2,935
--------
CHEMICALS (2.4%)
WD-40 32,700 1,856
Wellman 73,100 1,307
--------
Total Chemicals 3,163
--------
COAL MINING (0.8%)
Pittston Minerals Group 73,400 1,009
--------
COMMERCIAL PRINTING (2.4%)
Bowne & Company 106,000 3,167
--------
COMMUNICATIONS EQUIPMENT (2.7%)
Harman International 84,800 3,540
--------
COMPUTERS & SERVICES (0.8%)
Valmont Industries 24,100 1,012
--------
CONCRETE & MINERAL PRODUCTS (0.3%)
Ameron 6,600 366
--------
CONSUMER PRODUCTS (1.5%)
Brown Group 107,000 1,926
--------
ELECTRICAL SERVICES (2.4%)
Minnesota Power & Light 65,300 1,894
TNP Enterprises 56,000 1,232
--------
Total Electrical Services 3,126
--------
FOOD, BEVERAGE & TOBACCO (1.6%)
Smucker (J.M.), Cl B 115,100 2,144
--------
GAS/NATURAL GAS (2.3%)
Eastern Enterprises 12,800 442
Enron Global Power &
Pipelines L.C.C. 12,800 422
Northwest Natural Gas 39,050 952
Wicor 33,900 1,246
--------
Total Gas/Natural Gas 3,062
--------
GLASS PRODUCTS (1.9%)
Libbey 74,800 2,497
--------
HOUSEHOLD FURNITURE & FIXTURES (2.0%)
Bush Industries 116,300 2,617
--------
HOUSEHOLD PRODUCTS (1.7%)
Lilly Industries
Incorporated, Cl A 9,000 189
LSI Industries 72,300 1,103
Thomas Industries 34,000 956
--------
Total Household Products 2,248
--------
<PAGE>
SMALL CAP EQUITY FUND--CONCLUDED
- --------------------------------------------------------------------------------
SHARES VALUE(000)
- --------------------------------------------------------------------------------
INSURANCE (3.5%)
GCR Holdings 7,800 $ 209
IPC Holdings 79,300 2,022
Lawyers Title 43,800 788
Willis Corroon Public Limited 132,900 1,495
--------
Total Insurance 4,514
--------
LEISURE (3.1%)
Cross A.T., Cl A 54,800 610
K2 55,500 1,603
Movado Group 86,625 1,917
--------
Total Leisure 4,130
--------
MACHINERY (3.7%)
Hardinge 38,000 988
Zurn Industries 145,900 3,866
--------
Total Machinery 4,854
--------
MARINE TRANSPORTATION (2.9%)
Knightsbridge Tankers Limited* 50,000 1,231
Sea Containers 127,200 2,544
--------
Total Marine Transportation 3,775
--------
MEDICAL PRODUCTS & SERVICES (2.3%)
Invacare 117,000 2,516
Optical Coating Laboratories 43,900 466
--------
Total Medical Products & Services 2,982
--------
MISCELLANEOUS BUSINESS SERVICES (4.3%)
ABM Industries 99,700 1,932
Kelly Services, Cl A 61,000 1,792
Sotheby's Holdings, Cl A 124,000 1,922
--------
Total Miscellaneous Business Services 5,646
--------
MISCELLANEOUS CONSUMER SERVICES (1.4%)
Angelica 104,900 1,888
--------
PAPER & PAPER PRODUCTS (2.2%)
Earthgrains 34,200 1,949
Rock Tenn, Cl A 63,000 953
--------
Total Paper & Paper Products 2,902
--------
PETROLEUM & FUEL PRODUCTS (1.9%)
Giant Industries 44,700 648
Monterey Resources 118,500 1,866
--------
Total Petroleum & Fuel Products 2,514
--------
PRINTING & PUBLISHING (4.7%)
Banta 87,000 2,414
John H. Harland 163,300 3,736
--------
Total Printing & Publishing 6,150
--------
RETAIL (5.7%)
Ingles Markets, Cl A 136,000 1,964
Morrison Health Care 103,100 1,675
Talbots 143,700 3,772
--------
Total Retail 7,411
--------
RUBBER & PLASTIC (2.2%)
West Company 96,100 2,835
--------
SEMI-CONDUCTORS/INSTRUMENTS (3.0%)
Methode Electronics, Cl A 231,200 3,902
--------
STEEL & STEEL WORKS (0.7%)
Schnitzer Steel Industries, Cl A 38,800 970
--------
TRUCKING (1.4%)
Arnold Industries 107,300 1,797
--------
WATER UTILITIES (1.0%)
United Water Resources 74,100 1,334
--------
WHOLESALE (11.4%)
A.M. Castle 87,600 1,905
Applied Industrial Technology 45,500 1,598
Barnes Group 13,300 357
Bindley Western Industries 75,600 1,663
Fisher Scientific International 69,000 2,501
Quaker State 255,400 3,863
Rykoff-Sexton 52,100 996
Vital Signs 101,000 2,007
--------
Total Wholesale 14,890
--------
Total Common Stocks
(Cost $117,046) 124,688
--------
<PAGE>
- --------------------------------------------------------------------------------
SHARES/FACE
AMOUNT(000) VALUE(000)
- --------------------------------------------------------------------------------
PREFERRED STOCKS (1.9%)
PRECIOUS METALS (1.9%)
Coeur D'Alene Mines 151,100 $ 2,512
--------
Total Preferred Stocks
(Cost $2,502) 2,512
--------
REPURCHASE AGREEMENT (3.7%)
Deutsche Bank
5.56%, dated 05/30/97, matures
06/02/97, repurchase price
$4,900,503.77 (collateralized by
FHLMC obligation, total par
value $5,062,244, 6.092%,
10/01/32, total market value
$4,996,199) $4,898 4,898
--------
Total Repurchase Agreement
(Cost $4,898) 4,898
--------
Total Investments (100.8%)
(Cost $124,446) 132,098
--------
Other Assets and Liabilities, Net (-0.8%) (1,049)
--------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no
par value) based on 11,836,719
outstanding shares of beneficial interest 121,332
Undistributed net investment income 316
Accumulated net realized
gain on investments 1,749
Net unrealized appreciation
on investments 7,652
--------
Total Net Assets (100.0%) $131,049
--------
--------
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 11.07
--------
--------
EMERGING MARKETS EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE(000)
- --------------------------------------------------------------------------------
FOREIGN COMMON STOCKS (84.7%)
ARGENTINA (6.9%)
Banco Frances del Rio de la
Plata ADR* 16,000 $ 526
Capex, Cl A 33,700 324
Massalin Particulares, Cl B 38,800 231
Metrogas ADR 32,204 314
Quilmes Industrial 37,000 430
Transportadora de Gas del
Sur ADR 33,000 417
YPF ADR, Cl D 16,000 480
--------
Total Argentina 2,272
--------
BRAZIL (4.3%)
Makro Atacadista GDR 27,500 344
Souza Cruz 50,000 467
Telecom Brasileiras ADR 3,230 444
Votorantim Celelose Papel
Receibos* 1,476,876 40
Unibanco 12,000 414
--------
Total Brazil 1,709
--------
CHILE (1.1%)
Administradora de Fondos de
Pensiones Provida ADR 21,500 441
--------
COLOMBIA (1.6%)
Banco de Colombia GDS 24,700 152
Banco Ganadero ADR 15,600 476
--------
Total Colombia 628
--------
CZECH REPUBLIC (0.5%)
Komercni Banka GDR 8,400 204
--------
ECUADOR (0.4%)
LA Cemento Nacional GDR 800 158
--------
GREECE (5.3%)
Greek Telecom 7,800 194
Hellas Can Packaging 25,500 467
Papastratos Cigarettes 15,400 316
Teletypos 130,000 533
Titan Cement Company 5,700 568
--------
Total Greece 2,078
--------
The accompanying notes are an integral part of the financial statements.
<PAGE>
EMERGING MARKETS EQUITY FUND--CONTINUED
- --------------------------------------------------------------------------------
SHARES VALUE(000)
- --------------------------------------------------------------------------------
HONG KONG (9.2%)
China Hong Kong Photo 1,086,000 $ 315
Esprit Asia Holdings 616,000 354
First Pacific 142,000 181
National Mutual Asia 358,000 390
Peregrine Investment Holdings 137,000 244
Peregrine Investments Warrants* 6,600 2
Road King Infrastructure* 400,000 390
Seoul Horizon Trust 17,000 212
Shenzhen Express* 700,000 235
Sinocan 920,000 365
South China Morning Post
Holdings 460,000 442
Wing Hang Bank 108,000 514
--------
Total Hong Kong 3,644
--------
HUNGARY (1.4%)
Egis* 6,000 353
Gedeon Richter GDR 2,500 207
--------
Total Hungary 560
--------
INDIA (4.5%)
Hindalco GDR 6,700 221
India Cements GDR 54,000 124
Indian Aluminium GDR 15,800 58
Indian Aluminum GDS 15,300 57
Tata Electric GDR 210 71
Videsh Sanchar Nigam GDR 60,000 1,236
--------
Total India 1,767
--------
INDONESIA (8.8%)
Budi Acid Jaya, F 185,000 228
Citra Marga Nusaphala 472,000 471
Dankos Laboratories, F 665,000 561
Indonesian Satellite ADR 13,500 403
Matahari Putra Prima 251,000 447
Modern Photo Film, F 150,000 546
Tambang Timah, F 281,000 451
Tempo Scan Pacific 164,000 351
--------
Total Indonesia 3,458
--------
ISRAEL (5.8%)
Blue Square Stores* 57,300 587
ECI Telecommunications 22,000 509
Koor Industries ADR 20,300 355
Nice Systems ADR* 18,000 549
Orbotech* 10,000 279
--------
Total Israel 2,279
--------
MALAYSIA (3.4%)
Aluminium of Malaysia 231,000 325
Edaran Otomobil 28,000 244
Petronas Dagangan 170,000 403
Southern Bank Warrants* 15,000 10
UMW Holdings 72,000 370
--------
Total Malaysia 1,352
--------
MEXICO (8.3%)
Femsa, Cl B 106,000 562
Grupo Carso 66,000 375
Grupo Continental 167,750 418
Grupo Elektra GDR 21,100 401
Herdez, Cl B 1,035,000 458
Kimberly Clark, Cl A 95,500 331
Nacional de Drogas, Cl L 139,000 459
Telefonos de Mexico ADR 6,500 288
--------
Total Mexico 3,292
--------
PANAMA (1.1%)
Banco Latinamericano de
Exportaciones 9,000 424
--------
PERU (2.1%)
Cerveceria Backus & Johnston 356,240 320
CPT Telefoncia del Peru 15,000 381
Telefonica del Peru, Cl B 50,500 125
--------
Total Peru 826
--------
<PAGE>
- --------------------------------------------------------------------------------
SHARES VALUE(000)
- --------------------------------------------------------------------------------
PHILIPPINES (3.6%)
Bacnotan Consolidated 135,600 $ 250
Benpres GDR* 65,800 467
First Philippene Holdings 174,375 288
Philippine Long Distance 14,000 414
--------
Total Philippines 1,419
--------
PORTUGAL (2.5%)
Banco Totta & Acores 21,700 309
Cimentos de Portugal 15,020 330
Portugal Telecom 600 23
Portugal Telecom ADR 8,200 316
--------
Total Portugal 978
--------
SINGAPORE (2.0%)
Amtek Engineering 180,000 311
Elec & Eltek International 84,000 496
--------
Total Singapore 807
--------
SOUTH AFRICA (8.6%)
Amalgated Banks of South Africa 39,642 245
Anglo American Coal 3,260 216
Barlow 37,700 399
De Beers Consolidated Mines ADR 5,500 194
Gencor 44,000 193
Kersaf Investments 48,600 381
Liberty Life Association of Africa 14,000 392
Rembrandt Group 30,400 306
Richemont 26,500 360
Sasol 26,200 321
Suncrush 181,000 387
--------
Total South Africa 3,394
--------
SOUTH KOREA (1.5%)
Pohang Iron & Steel ADR 21,000 609
--------
THAILAND (1.7%)
K.R. Precision, F 46,500 324
Nation Publishing 120,000 344
--------
Total Thailand 668
--------
- --------------------------------------------------------------------------------
SHARES/FACE
AMOUNT(000) VALUE(000)
- --------------------------------------------------------------------------------
TURKEY (0.1%)
Dogan Holding* 2,800,000 $ 60
--------
Total Foreign Common Stocks
(Cost $31,409) 33,477
--------
FOREIGN PREFERRED STOCKS (6.2%)
BRAZIL (6.2%)
Banco Bradesco 42,150,000 336
Banco Itau SA Pref 800,000 411
Brahma 440,000 319
Cemig 2,800,000 128
Centrais Eletricas de Santa
Catarina, Cl B 103,000 124
Globex Utilidades 15,500 235
Lojas Renner 7,800,000 452
Multibras Eletrodomes* 228,400 233
Votorantim Celulose Papel* 7,500,000 203
--------
Total Foreign Preferred Stocks
(Cost $2,386) 2,441
--------
FOREIGN CONVERTIBLE BONDS (0.4%)
TURKEY (0.4%)
Medya Holdings Int'l
10.000%, 06/28/01 200 160
--------
Total Foreign Convertible Bonds
(Cost $175) 160
--------
<PAGE>
EMERGING MARKETS EQUITY FUND--CONCLUDED
- --------------------------------------------------------------------------------
SHARES/FACE
AMOUNT(000) VALUE(000)
- --------------------------------------------------------------------------------
TIME DEPOSITS (7.6%)
Cayman Island
5.250%, 06/02/97 $ 3,000 $ 3,000
--------
Total Time Deposits
(Cost $3,000) 3,000
--------
Total Investments (98.9%)
(Cost $36,970) 39,078
--------
Other Assets and Liabilities, Net (1.1%) 417
--------
NET ASSETS:
Fund shares of the Trust Shares
(unlimited authorization -- no
par value) based on 3,660,064
outstanding shares of beneficial interest $ 37,181
Undistributed net
investment income 144
Accumulated net realized gain
on investments and foreign
currency transactions 62
Net unrealized appreciation
on investments 2,108
--------
Total Net Assets (100.0%) $ 39,495
--------
--------
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 10.79
--------
--------
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATEMENT OF NET ASSETS THE STI CLASSIC FUNDS
May 31, 1997 UNAUDITED
KEY TO ABBREVIATIONS USED IN THE STATEMENT OF NET ASSETS
1 In local currency
ADR American Depository Receipt
Cl Class
F Foreign Registry Shares
FHLMC Federal Home Loan Mortgage Corporation
GDR Global Depository Receipt
GDS Global Depository Shares
* Non-income producing securities
<PAGE>
STATEMENT OF OPERATIONS (000) THE STI CLASSIC FUNDS
For the Period Ended May 31, 1997 UNAUDITED
<TABLE>
<CAPTION>
---------------- ----------------
Emerging Markets Small Cap Equity
Equity Fund(1) Fund (1)
---------------- ----------------
01/31/97 - 01/31/97 -
05/31/97 05/31/97
---------------- ----------------
<S> <C> <C>
Income :
Interest Income $ 49 $ 92
Dividend Income 272 765
Less Foreign Taxes Withheld (14) -
---------------- ----------------
Total Income 307 857
---------------- ----------------
Expenses :
Investment Advisory Fees 137 322
Investment Advisory Fees Waived (53) (48)
Administrator Fees 7 18
Registration Fees 11 32
Transfer Agent Fees 5 6
Transfer Agent Out of Pocket Fees 1 1
Printing Fees 6 2
Professional Fees 1 2
Custodian Fees 43 1
Amortization of Deferred Organizational Costs 1 -
Miscellaneous Fees 4 -
---------------- ----------------
Total Expenses 163 336
---------------- ----------------
Net Investment Income 144 521
---------------- ----------------
Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on Securities Sold 80 1,749
Net Realized Loss on Foreign Currency Transactions (18) -
Net Change in Unrealized Appreciation
on Investments 2,108 7,652
---------------- ----------------
Total Net Realized and Unrealized Gain on
Investments 2,170 9,401
---------------- ----------------
Increase in Net Assets Resulting From Operations $ 2,314 $ 9,922
---------------- ----------------
</TABLE>
Amounts designated as "-" are either $0 or round to $0.
(1) Commencement of operations.
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) THE STI CLASSIC FUNDS
For the Period Ended May 31, 1997 UNAUDITED
<TABLE>
<CAPTION>
---------------- ----------------
Emerging Markets Small Cap Equity
Equity Fund(1) Fund (1)
---------------- ----------------
01/31/97 - 01/31/97 -
05/31/97 05/31/97
---------------- ----------------
<S> <C> <C>
Operations:
Net Investment Income $ 144 $ 521
Net Realized Gain on Securities Sold 80 1,749
Net Realized Loss on Foreign Currency Transactions (18)
Net Change in Unrealized Appreciation on Investments 2,108 7,652
---------------- ----------------
Increase in Net Assets Resulting From Operations 2,314 9,922
---------------- ----------------
Distributions to Shareholders:
Net Investment Income - (205)
Capital Gains - -
---------------- ----------------
Total Distributions - (205)
---------------- ----------------
Capital Share Transactions (1):
Proceeds from Shares Issued 42,043 126,046
Reinvestments of Cash Distributions - 137
Cost of Shares Redeemed (4,862) (4,851)
---------------- ----------------
Increase in Net Assets from Share Transactions 37,181 121,332
---------------- ----------------
Total Increase in Net Assets 39,495 131,049
---------------- ----------------
Net Assets:
Beginning of Period - -
---------------- ----------------
End of Period $ 39,495 $ 131,049
---------------- ----------------
---------------- ----------------
(1) Shares Issued and Redeemed:
Proceeds from Shares Issued 4,128 12,290
Reinvestments of Cash Distributions - 13
Cost of Shares Redeemed (468) (466)
---------------- ----------------
Net Share Transactions 3,660 11,837
---------------- ----------------
</TABLE>
Amounts designated as "-" are either $0 or round to $0.
(1) Commencement of operations.
The accompanying notes are an integral part of the financial statements.
<PAGE>
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 twenty-four portfolios: the Prime Quality
Money Market Fund, the U.S. Government Securities Money Market Fund, the
Tax-Exempt Money Market Fund, the Classic Institutional Cash Management Money
Market Fund, the Classic Institutional U.S. Treasury 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 Small Cap Equity Fund, the International Equity
Fund, the International Equity Index Fund and the Emerging Markets Equity 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. The footnotes herein pertain only to the
the Small Cap Equity Fund and the Emerging Markets Equity Fund (collectively the
"Funds").
2. Significant Accounting Policies:
SECURITY VALUATION -- Investment securities held by the 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 Emerging Markets Equity 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 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.
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.
FOREIGN CURRENCY TRANSLATION -- The books and records of the International
Equity, the International Equity Index and the Emerging Markets Equity
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.
<PAGE>
The Emerging Markets Equity Fund 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 Emerging Markets Equity Fund 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 are declared and paid each calendar
quarter by the Small Cap Equity Fund. Distributions from net investment income
are declared and paid annually by the Emerging Markets Fund. Any net realized
capital gains on sales of securities are distributed to shareholders at least
annually.
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 two officers of the Trust are partners. 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
Investments Distribution Co. (the "Distributor"). Such officers are paid no fees
by the Trust for serving as officers of the Trust.
4. Administration and Transfer Agency Servicing 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.
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, July
15, 1993, December 20, 1993 and December 20, 1993 respectively.
Under terms of the respective agreements, the Funds are charged the following
annual fees based upon average daily net assets:
<PAGE>
<TABLE>
<CAPTION>
Maximum Maximum
Maximum Institutional Trust Investor Investor Flex Share Flex
Annual Share Share Share Share Distribu- Share
Advisory Maximum Maximum Distribu- Maximum tion and Maximum
Fee Expense Expense tion Fee Expense Service Fee Expense
-------- ------------- ------- --------- -------- ----------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
STI Capital Management, N.A.:
Small Cap Equity
Fund 1.15% -- 1.20% -- -- -- --
Emerging Markets
Equity Fund 1.30% -- 1.55% -- -- -- --
</TABLE>
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, the International Equity Index and
the Emerging Markets Equity Funds who utilize The Bank of New York as custodian.
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 for the period ended May 31, 1997, were as follows:
Purchases Sales
U.S. Government U.S. Government
Securities Other Securities Other
(000) (000) (000) (000)
--------------- ----- --------------- -----
Small Cap Equity Fund -- $138,246 -- $20,448
Emerging Market Equity Fund -- 39,912 -- 6,023
At May 31, 1997, 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 May 31, 1997, were as follows:
<TABLE>
<CAPTION>
Aggregate gross Aggregate gross Net unrealized
unrealized appreciation unrealized depreciation appreciation
(000) (000) (000)
----------------------- ----------------------- --------------
<S> <C> <C> <C>
Small Cap Equity Fund $8,816 $1,164 $7,652
Emerging Market Equity Fund 3,401 1,293 2,108
</TABLE>
7. Consents of Sole Shareholder:
On December 30, 1996, the sole shareholder of the Emerging Markets Equity Fund
and Small Cap Equity Fund (the "Funds") approved the following: SEI Fund
Resources to serve as administrator of the Funds, STI Capital Management, N.A.
to serve as investment adviser to the assets of the Funds, SEI Investments
Distribution Co. to serve as distributor of the shares of the Funds, the
Distribution and Service Plan for Flex Shares, the Distribution Plan for
Investor Shares, and Arthur Andersen LLP to serve as independent public
accountants of the Funds.
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS MAY 31, 1997
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 May 31, 1997.
(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
<PAGE>
STI CLASSIC FUNDS
PART C: OTHER INFORMATION
POST-EFFECTIVE AMENDMENT NO. 18
Item 24. Financial Statements and Exhibits:
Financial Statements
(a) Part A - Financial Highlights
Part B - Statement of Financial Information
Unaudited financial statements for the Emerging Markets Fund, Small Cap
Equity Fund, Classic Institutional Cash Management Money Market Fund,
Classic Institutional U.S. Treasury Securities Money Market Fund for the
period ended May 31, 1997:
Schedule of Investments
Statement of Net Assets
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
(b) Additional Exhibits
(1) Declaration of Trust--as originally filed with Registrant's
Registration Statement on Form N-1A filed February 12, 1992 and
incorporated by reference to Post-Effective Amendment No. 15
filed July 31, 1996.
(2) By-Laws--as originally filed with Registrant's Pre-Effective
Amendment No. 1 filed April 23, 1992 and incorporated by
reference to Post-Effective Amendment No. 15 filed July 31, 1996.
(3) Not applicable.
(4) Not applicable.
(5)(c) Revised Investment Advisory Agreement with Trusco Capital
Management--as originally filed with Registrant's Post-Effective
Amendment No. 5 filed August 2, 1993 and incorporated by
reference to Post-Effective Amendment No. 15 filed July 31, 1996.
(5)(d) Investment Advisory Agreement with American National Bank and
Trust Company--as originally filed with Registrant's
Post-Effective Amendment No. 6 filed October 22, 1993 and
incorporated by reference to Post-Effective Amendment No. 15
filed July 31, 1996.
(5)(e) Investment Advisory Agreement with Trust Company Bank--as
originally filed with Registrant's Post-Effective Amendment No. 6
filed October 22, 1993 and incorporated by reference to
Post-Effective Amendment No. 15 filed July 31, 1996.
(6) Distribution Agreement incorporated by reference to
Post-Effective Amendment No. 16 filed September 10, 1996.
(7) Not applicable.
(8)(a) Custodian Agreement with Trust Company Bank dated February 1,
1994--as originally filed with Registrant's Post-Effective
Amendment No. 13 filed September 28, 1995 and incorporated by
reference to Post-Effective Amendment No. 15 filed July 31, 1996.
(8)(b) Custodian Agreement with the Bank of California incorporated by
reference to Post-Effective Amendment No. 15 filed July 31, 1996.
C-1
<PAGE>
(8)(c) Transfer Agent Agreement with Federated Services Company dated
May 14, 1994--as originally filed with Post-Effective Amendment
No. 9 filed September 22, 1994 and incorporated by reference to
Post-Effective Amendment No. 15 filed July 31, 1996.
(9)(a) Administration Agreement with SEI Financial Management
Corporation dated May 29, 1995 as originally filed with
Post-Effective Amendment No. 12 filed August 17, 1995 and
incorporated by reference to Post-Effective Amendment No. 15
filed July 31, 1996.
(10) Opinion and Consent of Counsel (Incorporated by reference to
Pre-Effective Amendment No. 2 filed May 22, 1992).
(11) Consent Of Independent Public Accountants.*
(12) Not applicable.
(13) Not applicable.
(14) Not applicable.
(15) Distribution Plan - Investor Class incorporated by reference to
Post-Effective Amendment No. 16 filed September 10, 1996.
(15)(a) Distribution and Service Agreement relating to Flex Shares dated
May 29, 1995--as originally filed with Post-Effective Amendment
No. 12 filed August 17, 1995 and incorporated by reference to
Post-Effective Amendment No. 15 filed July 31, 1996.
(16) Performance Quotation Computation (Incorporated by reference to
Post-Effective Amendment No. 9 filed September 22, 1994).
(17) Financial Data Schedules.*
(18) Rule 18f-3 Plan incorporated by reference to Post-Effective
Amendment No. 16 filed September 10, 1996.
(24) Powers of Attorney--as originally filed with Post-Effective
Amendment No. 13 filed September 28, 1995 and incorporated by
reference to Post-Effective Amendment No. 15 filed July 31, 1996.
(24)(a) Power of Attorney For Carol Rooney.*
*Filed Herewith.
Item 25. Persons Controlled by or under Common Control with Registrant:
See the Prospectuses and Statement of Additional Information regarding the
Trust's control relationships. The Administrator is a subsidiary of SEI
Investments Company which also controls the distributor of the Registrant, SEI
Investments Distribution Co., and other corporations engaged in providing
various financial and record keeping services, primarily to bank trust
departments, pension plan sponsors, and investment managers.
C-2
<PAGE>
Item 26. Number of Holders of Securities:
As of June 20, 1997:
NUMBER OF
TITLE OF CLASS RECORD HOLDERS
Units of beneficial interest, without par value
Balanced Fund
TRUST SHARES..............................................................7
INVESTOR SHARES.........................................................415
FLEX SHARES.............................................................408
Capital Growth Fund
TRUST SHARES..............................................................9
INVESTOR SHARES......................................................11,461
FLEX SHARES...........................................................3,024
Classic Institutional Cash Management Money Market Fund.......................8
Classic Institutional U.S. Treasury Securities Money Market Fund..............7
Emerging Markets Equity Fund..................................................0
Florida Tax-Exempt Bond Fund
TRUST SHARES..............................................................6
INVESTOR SHARES.........................................................122
FLEX SHARES.............................................................103
Georgia Tax-Exempt Bond Fund
TRUST SHARES..............................................................6
INVESTOR SHARES..........................................................91
FLEX SHARES.............................................................136
International Equity Index Fund
TRUST SHARES..............................................................5
INVESTOR SHARES.........................................................754
FLEX SHARES.............................................................184
International Equity Fund
TRUST SHARES..............................................................7
INVESTOR SHARES.........................................................471
FLEX SHARES.............................................................987
Investment Grade Bond Fund
TRUST SHARES..............................................................6
INVESTOR SHARES.......................................................2,126
FLEX SHARES.............................................................540
Investment Grade Tax-Exempt Bond Fund
TRUST SHARES..............................................................5
INVESTOR SHARES.......................................................1,265
FLEX SHARES.............................................................230
C-3
<PAGE>
Limited-Term Federal Mortgage Securities Fund
TRUST SHARES..............................................................6
INVESTOR SHARES..........................................................66
FLEX SHARES.............................................................103
Mid-Cap Equity Fund
TRUST SHARES..............................................................7
INVESTOR SHARES.......................................................1,435
FLEX SHARES...........................................................1,002
Prime Quality Money Market Fund
TRUST SHARES.............................................................35
INVESTOR SHARES.......................................................2,105
Short-Term Bond Fund
TRUST SHARES..............................................................6
INVESTOR SHARES.........................................................123
FLEX SHARES..............................................................73
Short-Term U.S. Treasury Securities Fund
TRUST SHARES..............................................................6
INVESTOR SHARES.........................................................147
FLEX SHARES.............................................................108
Small Cap Equity Fund
TRUST SHARES..............................................................0
FLEX SHARES..............................................................85
Sunbelt Equity Fund
TRUST SHARES..............................................................6
INVESTOR SHARES.......................................................2,567
FLEX SHARES.............................................................633
Tax-Exempt Money Market Fund
TRUST SHARES..............................................................5
INVESTOR SHARES.........................................................459
Tennessee Tax-Exempt Bond Fund
TRUST SHARES..............................................................6
INVESTOR SHARES..........................................................40
FLEX SHARES..............................................................61
U.S. Government Securities Fund
TRUST SHARES..............................................................6
INVESTOR SHARES..........................................................53
FLEX SHARES.............................................................171
U.S. Government Securities Money Market Fund
TRUST SHARES..............................................................5
INVESTOR SHARES.........................................................940
C-4
<PAGE>
Value Income Stock Fund
TRUST SHARES..............................................................9
INVESTOR SHARES.......................................................7,030
FLEX SHARES...........................................................4,952
Item 27. Indemnification:
Article VIII of the Agreement of Declaration of Trust filed as Exhibit 1 to
the Registration Statement is incorporated by reference. Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to trustees, directors, officers and controlling persons of the
Registrant by the Registrant pursuant to the Declaration of Trust or otherwise,
the Registrant is aware that in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the
Act and, therefore, is unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by trustees, directors, officers or
controlling persons of the Registrant in connection with the successful defense
of any act, suit or proceeding) is asserted by such trustees, directors,
officers or controlling persons in connection with the shares being registered,
the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issues.
Item 28. Business and Other Connections of Investment Advisors:
Other business, profession, vocation, or employment of a substantial nature
in which each director or principal officer of each Advisor is or has been, at
any time during the last two fiscal years, engaged for his own account or in
the capacity of director, officer, employee, partner or trustee are as follows:
NAME OF CONNECTION WITH
NAME OTHER COMPANY OTHER COMPANY
---- ------------- -------------
STI CAPITAL MANAGEMENT, N.A.
E. Jenner Wood III -- --
Director
Hunting F. Deutsch -- --
Director
Anthony R. Gray -- --
Chairman & Chief Investment
Officer
James R. Wood -- --
President
C-5
<PAGE>
NAME OF CONNECTION WITH
NAME OTHER COMPANY OTHER COMPANY
---- ------------- -------------
Daniel Jaworski -- --
Senior Vice President
Elliott A. Perny -- --
Executive Vice President
& Chief Portfolio Manager
Stuart F. Van Arsdale -- --
Senior Vice President
Jonathan D. Rich -- --
Director
Robert Buhrmann -- --
Senior Vice President
Larry M. Cole -- --
Senior Vice President
L. Earl Denney -- --
Executive Vice President
Thomas A. Edgar -- --
Senior Vice President
Daniel G. Shannon -- --
Senior Vice President
Ronald Schwartz -- --
Senior Vice President
Ryan R. Burrow Catalina Lighting Director/25% owner
Senior Vice President
Mills A. Riddick -- --
Senior Vice President
C-6
<PAGE>
Christopher A. Jones -- --
Senior Vice President
David E. West -- --
Vice President
The list required by this Item 28 of officers and directors of Trusco Capital
Management, Inc., together with information as to any other business,
profession, vocation or employment of a substantial nature engaged in by such
officers and directors during the past two years, is incorporated by reference
to Schedules A and D of Form ADV, filed by Trusco Capital Management, Inc.
pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-23163).
SUNTRUST BANK CHATTANOOGA, N.A.
Paul K. Brock, Jr. Brock Candy Company Vice President - Special
Director Projects
J. Harold Chandler Provident Life & Accident President & CEO
Director Insurance Co.
William H. Chapin See Rock City, Inc. President
Director
John W. Clay, Jr. Third National Corporation Chairman & Director
CEO
Andrew G. Cope The Johnston Company Managing Partner
Director
Robert P. Corker, Jr. -- --
Director
John B. Crimmins, Jr. -- --
Director
J.H. Davenport, III Howard Holdings, Inc. President
Director
Edwin B. Duckett, Jr. -- --
Director
R. Alton Duke, Jr. -- --
Director
C-7
<PAGE>
Daniel K. Frierson Dixie Yarns, Inc. Chairman & CEO
Director
Zan Guerry Chattem, Inc. Chairman & CEO
Director
James L.E. Hill The Tennessee Aquarium President
Director
Summerfield K. Johnston, Jr. Coca Cola Enterprises, Inc. Vice Chairman & CEO
Director
Robert C. Jones Southern Products Chairman
Director Company, Inc.
James D. Kennedy, Jr. Cherokee Warehouses, Inc. Chairman
Director
T. A. Lupton, Jr. Stone Fort Land Company President
Director
Hugh O. Maclellen, Jr. Provident Life & Accident Chairman - Executive
Director Insurance Co. Committee
Jack C. McKee McKee Baking Company Executive Vice
Director President
Charles G. Mills Olan Mills Incorporated Chairman - Executive
Director Committee
J. Woodley Murphy E.I. DuPont de Nemours Plant Manager
Director & Co.
L. Harlen Painter Bell & Associates Attorney-at-Law
Director
Scott L. Probasco, Jr. American National Bank & Chairman - Executive
Director Trust Co. Committee
Robert J. Sudderth, Jr. American National Bank & Chairman & CEO
Director Trust Co.
C-8
<PAGE>
Winston W. Walker -- --
Director
SUNTRUST BANK, ATLANTA
Gaylord O. Coan Gold Kist, Inc. President & CEO
Director Hindsight Corp. Director
A.D. Correll Georgia-Pacific Corporation President & CEO
Director
R.W. Courts, II Atlantic Realty Company President
Director
Ronald S. Crowding -- --
A.W. Dahlberg The Southern Company President
Director
William W. Gaston Gaston & Gaston General Partner
Director Gaston Development Co., Inc. President
Charles B. Ginden -- --
Director
Roberto C. Goizueta The Coca-Cola Company Chairman of the Board
Director
Edward P. Gould Trust Company of Georgia Chairman of the Board
Director
T. Marshall Hahn, Jr. Georgia-Pacific Honorary Chairman
Director Corporation
Jesse Hill, Jr. Atlanta Life Insurance President
Director Company
L. Phillip Humann SunTrust Banks, Inc. President & Treasurer
Director Services Resources
Corporation
William B. Johnson The Ritz Carlton Hotel Chairman of the Board
Director Company
C-9
<PAGE>
Hicks J. Lanier Oxford Industries, Inc. Chairman of the Board
Director & President
Pinehill Development Co. 30% owner
Joseph L. Lanier, Jr. Dan River, Inc. Chairman of the Board
Director Braelan Group Chairman
Robert R. Long Trust Company Bank President
Director
Arthur L. Montgomery -- --
Director
H.G. Patillo Patillo Construction Chairman of the Board
Director Company
Larry L. Prince Genuine Parts Company Chairman of the Board
Director
R. Randall Rollins Rollins, Inc. Chairman of the Board
Director Lor, Inc. Director
Maran, Inc. Director
Gutterworld, Inc. Director
Dabora, Inc. Director & Secretary
Simpson, Nance & Graham Director
Auto Parts Wholesale, Inc. Director
Global Expanded Metal, Inc. Director
Rollins Holding Co. Director
Rol, Ltd. Partner
Rollins Investment Fund Partner
Energy Partners Partner
Petro Partnership Partner
The Piedmont Investment
Group Director
WRG, Ltd. Partner
Rollins, Inc. Chairman
RPC Energy Services, Inc. Chairman
The Mul Company Partner
Bugvac, Inc. Director
Omnitron Int'l, Inc. Director
MRG, Ltd. Partner
Robert W. Scherer -- --
C-10
<PAGE>
Director
Charles R. Shufeldt -- --
Executive Vice President
Donald Wayne Thurmond -- --
Senior Vice President
James B. Williams SunTrust Banks, Inc. Chairman of the Board
Director
Gerald T. Adams -- --
Senior Vice President
James R. Albach -- --
Group Vice President
Virginia D. Anderson -- --
Assistant Vice President
Christina Bird -- --
First Vice President
Edward Burgess -- --
Vice President
Gay Cash -- --
Vice President
Krista Lee Cosgrove -- --
Trust Officer
Mark Elam -- --
Vice President
Joseph B. Foley, Jr. -- --
First Vice President
Thomas R. Frisbie -- --
Group Vice President
C-11
<PAGE>
Molly Guenther -- --
Assistant Vice President
Benjamin S. Harris -- --
Vice President
Jethro H. Irby, III -- --
First Vice President
V. Jere Koser -- --
Group Vice President
Richard A. Makepeace -- --
Assistant Vice President
Sally S. McKinley -- --
Assistant Vice President
James B. Murphy, III -- --
Vice President
James E. Russell -- --
Vice President
Mark Stancil -- --
Assistant Vice President
David E. Thompson -- --
Vice President
Charles C. Watson -- --
Group Vice President
Item 29. Principal Underwriters:
(a) Furnish the name of each investment company (other than the Registrant) for
which each principal underwriter currently distributing the securities of the
Registrant also acts as a principal underwriter, distributor or investment
adviser.
Registrant's distributor, SEI Investments Distribution Co. ("SEI
Investments"), acts as distributor for:
C-12
<PAGE>
SEI Daily Income Trust July 15, 1982
SEI Liquid Asset Trust November 29, 1982
SEI Tax Exempt Trust December 3, 1982
SEI Index Funds July 10, 1985
SEI Institutional Managed Trust January 22, 1987
SEI International Trust August 30, 1988
The Advisors' Inner Circle Fund November 14, 1991
The Pillar Funds February 28, 1992
CUFUND May 1, 1992
CoreFunds, Inc. October 30, 1992
First American Funds, Inc. November 1, 1992
First American Investment Funds, Inc. November 1, 1992
The Arbor Fund January 28, 1993
Boston 1784 Funds-Registered Trademark- June 1, 1993
The PBHG Funds, Inc. July 16, 1993
Marquis Funds-Registered Trademark- August 17, 1993
Morgan Grenfell Investment Trust January 3, 1994
The Achievement Funds Trust December 27, 1994
Bishop Street Funds January 27, 1995
CrestFunds, Inc. March 1, 1995
STI Classic Variable Trust August 18, 1995
ARK Funds November 1, 1995
Monitor Funds January 11, 1996
FMB Funds, Inc. March 1, 1996
SEI Asset Allocation Trust April 1, 1996
TIP Funds April 28, 1996
SEI Institutional Investments Trust June 14, 1996
First American Strategy Funds, Inc. October 1, 1996
HighMark Funds Feburary 15, 1997
Armada Funds March 8, 1997
Expedition Funds June 9, 1997
SEI Investments provides numerous financial services to investment
managers, pension plan sponsors, and bank trust departments. These services
include portfolio evaluation, performance measurement and consulting services
("Funds Evaluation") and automated execution, clearing and settlement of
securities transactions ("MarketLink").
(b) Furnish the Information required by the following table with respect to
each director, officer or partner of each principal underwriter named in the
answer to Item 21 of Part B. Unless otherwise noted, the business address of
each director or officer is Oaks, Pennsylvania 19456.
C-13
<PAGE>
<TABLE>
<CAPTION>
Position and Office Positions and Offices
NAME WITH UNDERWRITER WITH REGISTRANT
<S> <C> <C>
Alfred P. West, Jr. Director, Chairman & Chief Executive Officer --
Henry H. Greer Director, President & Chief Operating Officer --
Carmen V. Romeo Director, Executive Vice President, President-
Investment Advisory Group --
Gilbert L. Beebower Executive Vice President --
Richard B. Lieb Executive Vice President, President-Investment
Services Division --
Leo J. Dolan, Jr. Senior Vice President --
Carl A. Guarino Senior Vice President --
Larry Hutchison Senior Vice President --
David G. Lee Senior Vice President President & Chief
Executive Officer
Jack May Senior Vice President --
A. Keith McDowell Senior Vice President --
Dennis J. McGonigle Executive Vice President --
Hartland J. McKeownSenior Vice President --
Barbara J. Moore Senior Vice President --
Kevin P. Robins Senior Vice President, General Counsel & Vice President & Assistant
Secretary Secretary
Robert Wagner Senior Vice President --
Patrick K. Walsh Senior Vice President --
Robert Aller Vice President --
Marc H. Cahn Vice President & Assistant Secretary Vice President &
Assistant Secretary
Gordon W. Carpenter Vice President --
Todd Cipperman Vice President & Assistant Secretary Vice President &
Assistant Secretary
Robert Crudup Vice President & Managing Director --
Barbara Doyne Vice President --
Jeff Drennen Vice President --
Vic Galef Vice President & Managing Director --
Kathy Heilig Vice President & Treasurer --
Michael Kantor Vice President --
Samuel King Vice President --
Kim Kirk Vice President & Managing Director --
Donald H. Korytowski Vice President --
John Krzeminski Vice President & Managing Director --
Carolyn McLaurin Vice President & Managing Director --
W. Kelso Morrill Vice President --
</TABLE>
C-14
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Barbara A. Nugent Vice President & Assistant Secretary Vice President &
Assistant Secretary
Sandra K. Orlow Vice President & Assistant Secretary Vice President &
Assistant Secretary
Donald Pepin Vice President & Managing Director --
Kim Rainey Vice President --
Mark Samuels Vice President & Managing Director --
Steve Smith Vice President --
Daniel Spaventa Vice President --
Kathryn L. Stanton Vice President & Assistant Secretary --
Wayne M. Withrow Vice President & Managing Director --
James Dougherty Director of Brokerage Services --
</TABLE>
Item 30. Location of Accounts and Records:
Books or other documents required to be maintained by Section 31(a) of the
Investment Company Act of 1940, and the rules promulgated thereunder, are
maintained as follows:
(a) With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6); (8);
(12); and 31a-1(d), the required books and records are maintained at the offices
of Registrant's Custodians:
Trust Company Bank
Park Place
P.O. Box 105504
Atlanta, Georgia 30348
Bank of New York (International Equity Index Fund, International Equity
Fund and Emerging Markets Equity Fund)
One Wall Street
New York, New York
(b)/(c) With respect to Rules 31a-1(a); 31a-1(b)(1),(4); (2)(C) and (D); (4);
(5); (6); (8); (9); (10); (11); and 31a-1(f), the required books and records are
maintained at the offices of Registrant's Administrator:
SEI Fund Resources
One Freedom Valley Road
Oaks, Pennsylvania 19456
C-15
<PAGE>
(c) With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f), the
required books and records are maintained at the principal offices of the
Registrant's Advisors:
STI Capital Management, N.A.
P.O. Box 3808
Orlando, Florida 32802
Trusco Capital Management
50 Hurt Plaza, Suite 1400
Atlanta, Georgia 30303
SunTrust Bank, Chattanooga
736 Market Street
Chattanooga, Tennessee 37402
SunTrust Bank, Atlanta
25 Park Place
Atlanta, Georgia 30303
Item 31. Management Services: None.
Item 32. Undertakings:
Registrant hereby undertakes that whenever Shareholders meeting the
requirements of Section 16(c) of the Investment Company Act of 1940 inform the
Board of Trustees of their desire to communicate with Shareholders of the Trust,
the Trustees will inform such Shareholders as to the approximate number of
Shareholders of record and the approximate costs of mailing or afford said
Shareholders access to a list of Shareholders.
Registrant undertakes to call a meeting of Shareholders for the purpose of
voting upon the question of removal of a Trustee(s) when requested in writing to
do so by the holders of at least 10% of Registrant's outstanding shares and in
connection with such meetings to comply with the provisions of Section 16(c) of
the Investment Company Act of 1940 relating to Shareholder communications.
Registrant undertakes to furnish each person to whom a prospectus is
delivered with a copy of the Registrant's latest annual report to Shareholders,
upon request and without a charge.
C-16
<PAGE>
NOTICE
A copy of the Agreement and Declaration of Trust for STI Classic Funds is
on file with the Secretary of State of The Commonwealth of Massachusetts and
notice is hereby given that this Registration Statement has been executed on
behalf of the Trust by an officer of the Trust as an officer and by its Trustees
as trustees and not individually and the obligations of or arising out of this
Registration Statement are not binding upon any of the Trustees, officers, or
Shareholders individually but are binding only upon the assets and property of
the Trust.
C-17
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 (the "Securities
Act") and the Investment Company Act of 1940, as amended, the Registrant
certifies that it meets all of the requirements for effectiveness of this
Registration Statement pursuant to Rule 485(b) under the Securities Act and has
duly caused this Post-Effective Amendment No. 18 to Registration Statement No.
33-45671 to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Oaks, Commonwealth of Pennsylvania on the
27 day of June, 1997.
By: *
------------------------------------------------
David G. Lee, President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacity on the dates indicated.
* Trustee June 27 , 1997
- ------------------------- ---
F. Wendell Gooch
* Trustee June 27 , 1997
- ------------------------- ---
Daniel S. Goodrum
* Trustee June 27 , 1997
- ------------------------- ---
Jesse S. Hall
* Trustee June 27 , 1997
- ------------------------- ---
Wilton Looney
* Trustee June 27 , 1997
- ------------------------- ---
Champney A. McNair
* Trustee June 27 , 1997
- ------------------------- ---
T. Gordy Germany
* Trustee June 27 , 1997
- ------------------------- ---
Bernard F. Sliger
/s/ Carol Rooney Controller, Treasurer & June 27 , 1997
- ------------------------- Chief Financial Officer ---
Carol Rooney
* President & Chief June 27 , 1997
- ------------------------- Executive Officer ---
David G. Lee
* By: /s/ Kevin P. Robins
-------------------------------------
Kevin P. Robins, As Power of Attorney
<PAGE>
EXHIBIT INDEX
Number Exhibit
EX-99.B1 Declaration of Trust as originally filed with Registrant's
Registration Statement on Form N-1A filed February 12, 1992
and incorporated by reference to Post-Effective Amendment
No. 15
EX-99.B2 By-Laws as originally filed with Registrant's Pre-Effective
Amendment No. 1 filed April 23, 1992 and incorporated by
reference to Post-Effective Amendment No. 15 filed July 31,
1996.
EX-99.B3 Not applicable.
EX-99.B4 Not applicable.
EX-99.B5C Revised Investment Advisory Agreement with Trusco Capital
Management as filed with Registrant's Post-Effective
Amendment No. 5 filed August 2, 1993 and incorporated by
reference to Post-Effective Amendment No. 15 filed July 31,
1996.
EX-99.B5D Investment Advisory Agreement with American National Bank
and Trust Company as filed with Registrant's Post-Effective
Amendment No. 6 filed October 22, 1993 and incorporated by
reference to Post-Effective Amendment No. 15 filed July 31,
1996.
EX-99.B5E Investment Advisory Agreement with Trust Company Bank as
originally filed with Registrant's Post-Effective Amendment
No. 6 filed October 22, 1993 and incorporated by reference
to Post-Effective Amendment No. 15 filed July 31, 1996.
EX-99.B6 Distribution Agreement incorporated by reference to
Post-Effective Amendment No. 16 filed September 10, 1996.
EX-99.B7 Not applicable.
EX-99.B8A Custodian Agreement with Trust Company Bank dated February
1, 1994 as originally filed with Registrant's Post-Effective
Amendment No. 13 filed September 28, 1995 and incorporated
by reference to Post-Effective Amendment No. 15 filed July
31, 1996.
EX-99.B8B Custodian Agreement with Bank of California incorporated by
reference to Post-Effective Amendment No. 15 filed July 31,
1996.
EX-99.B8C Transfer Agent Agreement with Federated Services Company
dated May 14, 1994 as originally filed with Post-Effective
Amendment No. 9 filed September 22, 1994 and incorporated by
reference to Post-Effective Amendment No. 15 filed July 31,
1996.
EX-99.B9A Administration Agreement with SEI Financial Management
Corporation dated May 29, 1995 as originally filed with
Post-Effective Amendment No. 12 filed August 17, 1995 and
incorporated by reference to Post-Effective Amendment No. 15
filed July 31, 1996.
EX-99.10 Opinion and Consent of Counsel (incorporated by reference to
Pre-Effective Amendment No. 2 filed May 22, 1992)
EX-99.B11 Consent of Independent Public Accountants*
EX-99.B12 Not applicable.
EX-99.B13 Not applicable.
EX-99.B14 Not applicable.
C-19
<PAGE>
EX-99.B15 Distribution Plan--Investor Class incorporated by reference
to Post-Effective Amendment No. 16 filed September 10, 1996.
EX-99.B15A Distribution and Service Agreement relating to Flex Shares
dated May 29, 1995 as originally filed with Post-Effective
Amendment No. 12 filed August 17, 1995 and incorporated by
reference to Post-Effective Amendment No. 15 filed July 31,
1996.
EX-99.B16 Performance Quotation Computation (incorporated by reference
to Post-Effective Amendment No. 9 filed September 22, 1994).
EX-99.B18 Rule 18f-3 Plan incorporated by reference to Post-Effective
Amendment No. 16 filed September 10, 1996.
EX-99.B24 Powers of attorney as originally filed with Post-Effective
Amendment No. 13 filed September 28, 1995 and incorporated
by reference to Post-Effective Amendment No. 15 filed July
31, 1996.
EX-99.B24a Power of Attorney for Carol Rooney*
EX-99.27.1 FINANCIAL DATA SCHEDULE FOR CLASSIC INSTITUTIONAL CASH
MANAGEMENT MONEY MARKET FUND*
EX-99.27.2 FINANCIAL DATA SCHEDULE FOR CLASSIC INSTITUTIONAL U.S.
TREASURY SECURITIES MONEY MARKET FUND*
EX-99.27.3 FINANCIAL DATA SCHEDULE FOR SMALL CAP EQUITY FUND*
EX-99.27.4 FINANCIAL DATA SCHEDULE FOR EMERGING MARKETS EQUITY FUND*
*FILED HEREWITH.
<PAGE>
[ARTHUR ANDERSEN LLP LOGO APPEARS HERE]
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the use of our firm name
included in the Post-Effective Amendment No.18 to the Registration Statement on
Form N-1A of the STI Classic Funds (No. 33-45671), and to all references to our
firm included in this Registration Statement No. 33-45671.
/s/ Arthur Andersen LLP
Philadelphia, PA
June 27,1997
<PAGE>
STI CLASSIC FUNDS
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned trustee
and/or officer of STI Classic Funds (the "Trust"), a business trust
organized under the laws of The Commonwealth of Massachusetts, hereby
constitutes and appoints David G. Lee and Kevin P. Robins, and each of them
singly, his or her true and lawful attorney-in-fact and agents with full
power of substitution and resubstitution, to sign for him or her and in his
or her name, place and stead, and in the capacity indicated below, to sign
any or all amendments (including post-effective amendments) to the Trust's
Registration Statement on Form N-1A under the provisions of the Investment
Company Act of 1940 and the Securities Act of 1933, each such Act as
amended, and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in fact and agents, and each of
them, acting alone, full power and authority to do and perform each and
every act and thing requisite or necessary to be done in and about the
premises, as fully to all intents and purposes as he or she might or could
do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
and seal as of the date set forth below.
/s/ Carol Rooney Date: 6/24/97
---------------- -------------
Carol Rooney
Controller, Treasurer & Chief
Financial Officer
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