SEMI-ANNUAL
................................................................................
FINANCIAL REPORT
................................................................................
STI CLASSIC FUNDS
................................................................................
A Family of Mutual Funds
................................................................................
November 30, 1997
STI CLASSIC FUNDS
<PAGE>
Dear STI Classic Trust Shareholder:
As of November 30, 1997, your STI Classic Funds' (the "Funds") assets totaled
$10.2 billion or 18.6% more than the $8.6 billion reported to you as of
May 31, 1997, the Fund's fiscal year end.
The attainment of $10 billion in assets, which was reached during the third
quarter of 1997, was a milestone achievement for the STI Classic Funds. Compound
annual asset growth for the funds since May, 1992 has been 55.3%.
The U.S. economic expansion is approaching seven years in length and investors
are currently concerned about how the crisis in southeast Asia will impact the
U.S. economy. As a result, many stocks have corrected from previous high levels.
However, we believe that the domestic economy remains solid with manageable
growth and low inflation.
U.S. bonds have rallied with long-term interest rates falling over one full
percent since early 1997.
Despite a variety of uncertainties, the advisors to the STI Classic Funds
believe that the Funds are well positioned for 1998 based on high quality
investments, and a time tested and disciplined investment management approach.
Sincerely,
/S/ SIGNATURE
Anthony R. Gray
President, Chief Investment Officer
STI Capital Management, N.A.
/S/ SIGNATURE
Douglas S. Phillips, CFA
President, Chief Investment Officer
Trusco Capital Management, Inc.
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
VALUE INCOME STOCK FUND
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
COMMON STOCKS (92.9%)
BASIC MATERIALS (16.1%)
Allegheny Teledyne 762,200 $ 19,627
Armstrong World Industries 92,000 6,342
B.F. Goodrich 573,000 25,499
Consolidated Papers 286,700 15,446
Cyprus AMAX Minerals 819,400 15,005
Eastman Chemical 322,700 19,483
Engelhard 1,110,600 19,783
Freeport-McMoran Copper &
Gold, Cl B 767,100 16,061
Georgia Pacific 226,800 19,363
Hercules 444,900 21,605
Imperial Chemical Industries 150,900 8,969
International Flavors & Fragrances 389,400 18,764
Nalco Chemical 482,300 18,719
PPG Industries 101,300 5,869
Reynolds Metals 491,700 27,996
Union Camp 334,300 20,079
Weyerhaeuser 389,800 20,586
Worthington Industries 746,400 13,529
-----------
312,725
-----------
CAPITAL GOODS (13.6%)
AMP 464,700 20,185
Cooper Industries 374,800 19,349
Federal Signal 603,100 13,117
Foster Wheeler 218,800 6,742
General Signal 457,200 18,659
Mallinckrodt 797,700 29,515
National Service Industries 416,400 19,493
Pall 1,175,800 24,839
Rockwell International 423,500 20,646
Tecumseh Products, Cl A 308,300 15,184
Tenneco 874,100 37,859
Thomas & Betts 544,900 24,725
Tomkins ADR 694,300 14,363
-----------
264,676
-----------
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
COMMUNICATION SERVICES (4.8%)
Alltel 524,800 $ 20,861
BellSouth 360,300 19,726
Frontier 616,100 15,094
GTE 456,900 23,102
Southern New England
Telecommunications 335,500 15,433
-----------
94,216
-----------
CONSUMER CYCLICALS (14.9%)
Albertson's 454,400 20,164
American Greetings, Cl A 565,800 20,793
Dana 175,900 8,223
Echlin 637,800 20,210
Genuine Parts 622,100 19,907
H & R Block 536,200 21,984
ITT Industries 1,202,300 38,173
J.C. Penney 415,200 26,677
May Department Stores 532,100 28,600
McGraw-Hill 286,300 19,594
Mercantile Stores 150,300 9,713
Sears Roebuck 501,700 22,984
Shaw Industries 1,339,600 14,736
TRW 340,800 19,340
-----------
291,098
-----------
CONSUMER STAPLES (14.0%)
Anheuser Busch 487,600 21,058
CPC International 195,700 20,231
Crown Cork & Seal 652,400 31,845
Food Lion, Cl A 1,863,500 15,723
Giant Food, Cl A 309,900 10,459
Hormel Foods 504,100 15,375
Kelly Services, Cl A 171,800 4,961
Kimberly Clark 655,200 34,111
McCormick 530,400 14,056
Philip Morris 478,200 20,802
R.R. Donnelley & Sons 588,600 20,748
2
<PAGE>
================================================================================
(UNAUDITED)
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
CONSUMER STAPLES--CONTINUED
Rubbermaid 992,600 $ 24,071
Sonoco Products 592,900 19,455
Whitman 740,000 19,471
-----------
272,366
-----------
ENERGY (6.7%)
Amoco 325,800 29,322
Kerr-McGee 352,700 23,388
Mobil 402,700 28,969
Scana 748,000 20,664
Unocal 685,500 27,291
-----------
129,634
-----------
FINANCIALS (10.7%)
American Financial Group 404,800 14,699
American General 397,500 21,415
AmSouth Bancorp 233,850 12,175
BankBoston 125,900 11,221
Beneficial 260,100 20,190
Crestar Financial 243,300 12,500
First American Bank 191,100 11,227
First American of Tennessee 176,700 8,747
Hibernia, Cl A 763,700 13,842
Magna Group 273,000 10,920
Safeco 410,200 20,049
Summit Bancorp 239,281 11,157
TIG Holdings 429,600 13,828
Union Planters 250,700 15,481
Willis Corroon Public Limited 978,900 10,462
-----------
207,913
-----------
HEALTH CARE (4.2%)
American Home Products 281,600 19,677
C.R. Bard 707,700 21,187
Pharmacia Upjohn ADR 1,231,100 41,550
-----------
82,414
-----------
TRANSPORTATION (1.0%)
Illinois Central 544,600 19,640
-----------
- ------------------------------------------------------------
SHARES/FACE
AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
UTILITIES (6.9%)
Enron 991,800 $ 38,432
Pacificorp 1,326,900 30,933
Questar 369,300 14,472
Sonat 574,700 25,035
Southern 1,069,500 25,668
-----------
134,540
-----------
Total Common Stocks
(Cost $1,635,689) 1,809,222
-----------
REPURCHASE AGREEMENTS (6.2%)
Deutsche Bank
5.71%, dated 11/28/97, matures
12/01/97, repurchase price
$58,141,702 (collateralized by
various FHLMC, FNMA, and
GNMA obligations:
total market
value $59,277,117) 58,114 58,114
Salomon Brothers
5.71%, dated 11/28/97, matures
12/01/97, repurchase price
$62,514,217 (collateralized by
various FHLMC and FNMA
obligations: total market
value $64,136,537) 62,485 62,485
-----------
Total Repurchase Agreements
(Cost $120,599) 120,599
-----------
Total Investments (99.1%)
(Cost $1,756,288) 1,929,821
-----------
OTHER ASSETS AND LIABILITIES, NET (0.9%) 18,406
-----------
3
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
VALUE INCOME STOCK FUND--CONCLUDED
- ------------------------------------------------------------
VALUE (000)
- ------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value)
based on 109,480,641 outstanding
shares of beneficial interest $1,184,991
Fund shares of the Investor Shares (unlimited
authorization -- no par value)
based on 12,323,222 outstanding
shares of beneficial interest 136,720
Fund shares of the Flex Shares (unlimited
authorization -- no par value)
based on 7,882,114 outstanding shares of
beneficial interest 104,512
Undistributed net investment income 6,360
Accumulated net realized gain
on investments 342,111
Unrealized appreciation on investments 173,533
----------
Total Net Assets (100.0%) $1,948,227
==========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 15.03
==========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 15.00
==========
Maximum Offering Price Per Share --
Investor Shares ($15.00 / 96.25%) $ 15.58
==========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 14.91
==========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
4
<PAGE>
================================================================================
(UNAUDITED)
MID-CAP EQUITY FUND
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
COMMON STOCKS (95.5%)
CAPITAL GOODS (20.4%)
Allied Waste Industries* 398,300 $ 8,713
Danka Business Systems ADR 156,800 5,762
Fisher Scientific International 86,500 4,152
Herman Miller 81,700 4,146
Hubbell, Cl B 114,040 5,182
Perkin Elmer 67,800 4,716
Philip Services* 330,900 5,232
Sawtek* 245,200 7,141
Solectron* 212,000 7,725
Sundstrand 131,100 6,727
U.S. Filter* 430,300 13,501
Watsco 145,700 3,788
-----------
76,785
-----------
COMMUNICATION SERVICES (2.0%)
LCI International* 268,400 7,398
-----------
CONSUMER CYCLICALS (15.3%)
Barnes & Noble* 104,200 3,224
Bed Bath & Beyond* 116,000 3,871
Dollar General 180,250 6,782
Harley-Davidson 275,700 7,289
International Speedway* 176,500 3,773
Office Depot* 213,200 5,037
Ralph Lauren* 223,800 6,043
Royal Caribbean Cruises 110,100 5,285
Saks Holdings* 224,300 5,299
Staples* 167,600 4,724
West Marine* 303,900 6,382
-----------
57,709
-----------
CONSUMER STAPLES (13.0%)
BJ's Wholesale Club* 184,000 5,359
Cracker Barrel Old
Country Stores 228,300 7,306
Dial 297,300 5,760
Hannaford Brothers 103,500 4,159
Interstate Bakeries 152,200 5,260
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
CONSUMER STAPLES--CONTINUED
Papa John's International* 189,300 $ 6,294
Samsonite 262,400 9,512
Wendy's International 248,600 5,221
-----------
48,871
-----------
ENERGY (6.1%)
Anadarko Petroleum 112,900 7,338
Enserch Exploration* 526,500 4,409
Valero Energy 170,600 5,353
Western Atlas* 85,100 5,920
-----------
23,020
-----------
FINANCIALS (10.3%)
Colonial Bancgroup 123,400 3,748
First Security 184,775 6,259
Hartford Life, Cl A 209,400 8,036
Hibernia, Cl A 247,100 4,479
North Fork Bancorporation 126,600 3,845
PMI Group 81,300 5,285
Regions Financial 75,700 2,924
Union Planters 66,700 4,119
-----------
38,695
-----------
HEALTH CARE (11.8%)
Acuson Corp* 349,900 6,670
Allergan 112,200 3,801
Biogen* 176,400 6,174
DePuy* 136,500 3,549
Jones Medical Industries 149,300 4,927
Medpartners* 209,100 5,175
Teva Pharmaceuticals ADR 72,200 3,574
Vencor* 138,200 3,351
Watson Pharmaceuticals* 245,400 7,301
-----------
44,522
-----------
TECHNOLOGY (15.6%)
ADC Telecommunications* 218,000 8,107
Atmel* 171,700 3,853
5
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
MID-CAP EQUITY FUND--CONCLUDED
- ------------------------------------------------------------
SHARES/FACE
AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
TECHNOLOGY--CONTINUED
Ceridian* 98,600 $ 4,326
Fiserv* 135,200 6,557
Flextronics International* 213,200 8,528
Kemet* 226,900 5,361
McAfee Associates* 153,300 7,013
Network General* 219,200 4,137
Teradyne* 323,500 10,615
-----------
58,497
-----------
UTILITIES (1.0%)
Southwest Gas 210,800 3,926
-----------
Total Common Stocks
(Cost $325,093) 359,423
-----------
CONVERTIBLE BONDS (3.2%)
Lam Research, CV to
11.3935 Shares (B)
5.000%, 09/01/02 $5,240 4,402
Mark IV Industries, CV to
30.4762 Shares, Callable
11/03/00 @ 102.375 (B)
4.750%, 11/01/04 4,275 4,008
Vantive, CV to 23.8500 Shares,
Callable 09/06/00 @ 101.9
4.750%, 09/01/02 3,920 3,616
-----------
Total Convertible Bonds
(Cost $13,454) 12,026
-----------
REPURCHASE AGREEMENT (1.9%)
Deutsche Bank
5.70%, dated 11/28/97, matures
12/01/97, repurchase price
$7,084,784 (collateralized
by US Treasury Notes: market
value $7,223,423) 7,081 7,081
-----------
Total Repurchase Agreement
(Cost $7,081) 7,081
-----------
- ------------------------------------------------------------
VALUE (000)
- ------------------------------------------------------------
Total Investments (100.6%)
(Cost $345,628) $378,530
-----------
OTHER ASSETS AND LIABILITIES, NET (-0.6%) (2,294)
-----------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value)
based on 23,086,461 outstanding
shares of beneficial interest 259,419
Fund shares of the Investor Shares (unlimited
authorization -- no par value)
based on 1,554,953 outstanding shares
of beneficial interest 17,450
Fund shares of the Flex Shares (unlimited
authorization -- no par value)
based on 966,336 outstanding shares of
beneficial interest 12,304
Accumulated net operating loss (514)
Accumulated net realized gain
on investments 54,675
Net unrealized appreciation
on investments 32,902
-----------
Total Net Assets (100.0%) $376,236
===========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 14.71
===========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 14.63
===========
Maximum Offering Price Per Share --
Investor Shares ($14.63 / 96.25%) $ 15.20
===========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 14.44
===========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
6
<PAGE>
================================================================================
(UNAUDITED)
SMALL CAP EQUITY FUND
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
COMMON STOCKS (97.3%)
BASIC MATERIALS (9.4%)
Columbus McKinnon 93,400 $ 2,183
Commonwealth Industries 184,100 3,061
General Chemical Group 175,400 4,834
H. B. Fuller 96,700 4,738
Jannock Limited 242,900 2,945
Lilly Industries
Incorporated, Cl A 262,700 4,827
Lukens 172,500 2,889
Texas Industries 82,100 3,823
----------
29,300
----------
CAPITAL GOODS (17.2%)
A.M. Castle 155,700 3,639
American Woodmark 105,200 2,314
DT Industries 107,300 2,978
Fluke 135,600 3,221
Kaman 262,400 4,854
Nash Finch 125,200 2,348
Regal Beloit 338,300 9,198
Toro 75,200 3,318
Valmont Industries 161,200 3,506
Watts Industries, Cl A 238,400 6,064
Wausau Paper Mills 143,800 3,083
Zurn Industries 275,100 9,422
----------
53,945
----------
CONSUMER CYCLICALS (27.9%)
Ameron 67,100 4,328
Angelica 205,700 4,423
Belden 95,100 3,150
Brown Group 306,900 4,968
Bush Industries 183,000 4,827
Cross A.T., Cl A 149,200 1,613
Guilford Mills 284,250 7,195
Hardinge 64,300 2,379
Harman International 175,000 8,859
K2 236,300 6,498
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
CONSUMER CYCLICALS--CONTINUED
Libbey 184,200 $ 7,276
LSI Industries 129,300 2,214
Movado Group 217,537 3,970
Rock Tenn, Cl A 153,500 3,108
Smith (A.O.) 75,100 3,196
Sotheby's Holdings, Cl A 371,300 6,335
Springs Industries, Cl A 131,600 6,638
Standard Register 184,900 6,333
----------
87,310
----------
CONSUMER STAPLES (12.3%)
ABM Industries 144,700 4,034
Banta 255,300 6,383
Bowne & Company 41,000 1,566
Chemed 54,700 2,140
Earthgrains 79,400 3,434
Furon 80,400 3,176
Ingles Markets, Cl A 230,000 3,105
John H. Harland 291,600 6,032
Universal Foods 194,300 8,063
York Group 25,300 614
----------
38,547
----------
ENERGY (4.9%)
Giant Industries 339,300 6,235
Quaker State 597,100 9,180
----------
15,415
----------
FINANCIALS (9.5%)
Banco Latinamericano
de Exportaciones 102,600 4,168
Entertainment Properties Trust* 147,000 2,830
Klamath First Bancorp 111,100 2,430
Lawyers Title 75,800 2,407
National Bancorp of Alaska 21,700 2,604
Seacoast Banking of Florida 51,300 1,783
Stirling Cooke Brown Holdings* 5,000 121
Student Loan 35,100 1,751
7
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
SMALL CAP EQUITY FUND--CONCLUDED
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
FINANCIALS--CONTINUED
Westcorp 182,000 $ 3,094
Westerfed Financial 166,300 3,918
Willis Corroon Public Limited 435,800 4,658
----------
29,764
----------
HEALTH CARE (5.0%)
Invacare 101,900 2,356
London International Group 246,800 3,208
Vital Signs 247,600 5,014
West Company 162,100 5,147
----------
15,725
----------
TECHNOLOGY (3.5%)
Innovex 116,700 2,684
Interface 276,600 8,298
----------
10,982
----------
TRANSPORTATION (4.8%)
Knightsbridge Tankers Limited* 108,400 3,306
Pittston Burlington 143,600 3,958
Sea Containers 214,700 6,723
Western Star Truck Holdings 53,600 1,039
----------
15,026
----------
UTILITIES (2.8%)
Northwest Natural Gas 123,850 3,468
Nui 83,500 2,056
TNP Enterprises 105,300 2,896
United Water Resources 14,900 268
----------
8,688
----------
Total Common Stocks
(Cost $284,947) 304,702
----------
PREFERRED STOCK (1.6%)
BASIC MATERIALS (1.6%)
Coeur D'Alene Mines,
CV to 0.8260 Share,
Callable 03/15/99 @ 21.622 368,000 4,853
----------
Total Preferred Stock
(Cost $6,118) 4,853
----------
- ------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
REPURCHASE AGREEMENT (1.3%)
Deutsche Bank
5.70%, dated 11/28/97, matures
12/01/97, repurchase price
$4,076,493 (collateralized by
FHLMC obligations: market
value $4,156,049) $4,075 $ 4,075
----------
Total Repurchase Agreement
(Cost $4,075) 4,075
----------
Total Investments (100.2%)
(Cost $295,140) 313,630
----------
OTHER ASSETS AND LIABILITIES, NET (-0.2%) (523)
----------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value)
based on 23,347,332 outstanding
shares of beneficial interest 260,901
Fund shares of the Flex Shares (unlimited
authorization -- no par value)
based on 1,366,192 outstanding shares of
beneficial interest 16,970
Undistributed net investment income 623
Accumulated net realized gain
on investments 16,123
Net unrealized appreciation
on investments 18,490
----------
Total Net Assets (100.0%) $313,107
==========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 12.67
==========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 12.63
==========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
8
<PAGE>
================================================================================
(UNAUDITED)
CAPITAL GROWTH FUND
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
COMMON STOCKS (85.4%)
BASIC MATERIALS (2.9%)
Aluminum Company of America 92,200 $ 6,200
Betzdearborn 63,300 3,853
Corning 52,300 2,219
E.I. du Pont de Nemours 44,300 2,683
Hercules 131,300 6,376
Imperial Chemical ADR 14,700 874
Minnesota Mining &
Manufacturing 12,400 1,208
Monsanto 31,900 1,394
Morton International 193,000 6,574
Praxair 368,100 16,173
----------
47,554
----------
CAPITAL GOODS (14.0%)
Allied Signal 652,600 24,228
Allied Waste Industries* 112,500 2,461
Avery Dennison 156,100 6,537
Boeing 31,900 1,695
Emerson Electric 104,400 5,742
Fisher Scientific International 60,600 2,909
General Dynamics 49,500 4,288
General Electric 657,200 48,468
Honeywell 239,800 15,707
Hubbell, Cl B 29,100 1,322
Lockheed Martin 75,300 7,346
Molten Metal Technology* 243,500 84
Nokia, Cl A ADR 36,300 3,017
Northrop Grumman 10,000 1,127
Rykoff-Sexton 20,800 467
Sunbeam 2,000 88
Sundstrand 147,700 7,579
Tenneco 68,400 2,963
Textron 112,100 6,628
Tyco International 783,581 30,756
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
CAPITAL GOODS--CONTINUED
United Technologies 390,100 $ 29,233
USA Waste Services* 419,345 13,865
U.S. Filter* 56,900 1,785
W.W. Grainger 122,900 11,507
-----------
229,802
-----------
COMMUNICATION SERVICES (1.8%)
BellSouth 10,000 547
Ericsson Telephone ADR 242,100 9,790
MCI Communications 351,700 15,453
Northern Telecom 37,800 3,395
-----------
29,185
-----------
CONSUMER CYCLICALS (12.2%)
American Stores 104,500 2,070
Bed Bath & Beyond* 43,000 1,435
Carnival 305,700 16,527
Chrysler 43,600 1,496
Costco* 274,600 12,168
CUC International* 310,900 8,938
Dollar General 16,300 613
Ecolab 134,000 6,834
Federated Department Stores* 321,100 14,630
Ford Motor 142,800 6,140
Gannett 85,000 4,935
Gap 18,900 1,015
H & R Block 94,600 3,879
Hasbro 72,400 2,104
HFS* 82,100 5,634
Hilton Hotels 96,800 3,013
Home Depot 196,148 10,972
Interpublic Group 67,900 3,255
Intimate Brands 200,700 4,503
ITT* 64,600 4,902
Lear* 276,000 12,920
9
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
CAPITAL GROWTH FUND--CONTINUED
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
CONSUMER CYCLICALS--CONTINUED
Limited 165,100 $ 3,973
Marriott 15,700 1,137
Masco 264,300 12,455
Mattel 328,700 13,169
McGraw-Hill 20,700 1,417
New York Times, Cl A 106,700 6,335
Nordstrom 8,000 472
Office Depot* 410,200 9,691
Sears Roebuck 74,000 3,390
Sherwin Williams 271,700 7,760
Staples* 177,600 5,006
Tandy 85,100 3,659
Wal-Mart Stores 93,800 3,746
-----------
200,193
-----------
CONSUMER STAPLES (11.8%)
American Standard* 228,900 9,070
Avon Products 304,900 17,627
Coca Cola 30,000 917
Coca Cola Enterprises 63,000 3,938
Colgate-Palmolive 185,700 12,407
CVS 354,100 23,503
Dial 210,900 4,086
Gillette 119,017 10,987
International Home Foods* 35,600 854
Interstate Bakeries 34,600 1,196
JP Foodservice* 185,300 5,455
Kellogg 19,000 881
McCormick 56,300 1,492
Philip Morris 619,550 26,950
Procter & Gamble 17,300 1,320
Ralston Purina 188,900 17,568
Rite Aid 206,800 13,597
RJR Nabisco 10,000 364
Rubbermaid 50,000 1,213
Safeway* 228,400 13,875
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
CONSUMER STAPLES--CONTINUED
Sara Lee 45,000 $ 2,379
Sysco 55,200 2,460
Unilever ADR 185,800 10,788
Walgreen 38,800 1,249
Wendy's International 413,800 8,690
William Wrigley Jr. 7,800 617
-----------
193,483
-----------
ENERGY (5.6%)
Baker Hughes 195,600 8,191
British Petroleum ADR 211,800 17,579
Calenergy* 66,000 2,195
EVI* 90,600 4,660
Halliburton 258,800 13,959
Mobil 242,000 17,409
Schlumberger 122,400 10,075
Texaco 91,900 5,192
Tosco 105,600 3,439
Transocean Offshore 56,300 2,671
Union Pacific Resources Group 149,759 3,725
Unocal 82,700 3,292
-----------
92,387
-----------
FINANCIALS (13.8%)
American International Group 197,875 19,948
Banc One 326,966 16,798
Bank of New York 34,800 1,871
Bank United, Cl A 8,600 361
BankAmerica 269,200 19,652
BankBoston 57,300 5,107
Barnett Banks 233,800 16,454
BB&T 4,600 251
Chase Manhattan Bank 230,500 25,038
Citicorp 22,100 2,651
Conseco 5,000 233
CoreStates Financial 68,100 5,265
10
<PAGE>
================================================================================
(UNAUDITED)
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
FINANCIALS--CONTINUED
Cullen/Frost Bankers 34,400 $ 1,828
Equifax 190,600 6,504
FHLMC 283,100 11,678
First Commerce 85,900 5,508
First Union 146,800 7,157
General Re 38,600 7,662
Hartford Financial Services Group 96,400 8,073
Hartford Life, Cl A 30,700 1,178
Household International 13,900 1,751
Jefferson-Pilot 38,100 2,908
MBNA 16,300 433
Mellon Bank 111,600 6,326
National City 8,500 567
Nationsbank 134,040 8,051
Newcourt Credit 50,000 1,578
PNC Bank 118,700 6,388
Quick & Reilly Group 98,100 3,685
Summit Bancorp 10,000 466
Travelers 255,194 12,887
Washington Mutual 180,760 12,495
Washington National 181,300 5,994
-----------
226,746
-----------
HEALTH CARE (10.3%)
Abbott Laboratories 269,000 17,485
American Home Products 400,300 27,971
Baxter International 430,800 21,809
Beverly Enterprises* 262,500 4,463
Boston Scientific* 109,411 4,944
Bristol-Myers Squibb 193,700 18,135
Eli Lilly 120,200 7,580
Healthsouth* 545,219 14,312
Johnson & Johnson 144,088 9,069
Medpartners* 353,400 8,747
Merck 101,582 9,606
Pfizer 23,900 1,739
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
HEALTH CARE--CONTINUED
SmithKline Beecham 17,200 $ 854
Tenet Healthcare* 377,000 11,946
Vencor* 65,600 1,591
Warner Lambert 60,800 8,504
-----------
168,755
-----------
TECHNOLOGY (11.8%)
Bell & Howell* 78,100 1,855
Ceridian* 159,400 6,994
Cisco Systems* 277,700 23,952
Compaq Computer 107,900 6,737
First Data 537,700 15,224
Hewlett Packard 20,200 1,233
IBM 253,500 27,774
Intel 245,900 19,088
Lucent Technologies 142,432 11,412
McAfee Associates 62,300 2,850
Microsoft* 176,800 25,017
Motorola 77,600 4,879
Oracle* 385,875 12,854
Scientific-Atlanta 443,700 8,874
3Com* 85,100 3,085
Xerox 282,300 21,931
-----------
193,759
-----------
TRANSPORTATION (1.2%)
Burlington Northern Santa Fe 167,100 15,290
Continental Airlines, Cl B* 82,300 3,750
Delta Air Lines 12,700 1,415
-----------
20,455
-----------
Total Common Stocks
(Cost $1,151,867) 1,402,319
----------
11
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
CAPITAL GROWTH FUND--CONTINUED
- ------------------------------------------------------------
SHARES/FACE
AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
PREFERRED STOCKS (2.3%)
CONSUMER STAPLES (0.2%)
Ralston Purina, CV to
1.6394 Shares 49,700 $ 3,293
-----------
ENERGY (0.3%)
Unocal, CV to 1.1748 Shares,
Callable 09/03/00 @ 50 104,000 5,928
-----------
FINANCIALS (0.1%)
WBK Strypes Trust, CV to
0.8967 Share 33,600 1,096
-----------
HEALTH CARE (0.3%)
MedPartners, CV to
0.8197 Share* 200,000 4,800
-----------
TECHNOLOGY (1.2%)
Microsoft, CV to 1 Share 218,700 19,369
-----------
TRANSPORTATION (0.2%)
Trans World Air, CV to 6.3291
Shares, Callable 12/15/00
@ 53.238 (B) 75,000 3,750
-----------
Total Preferred Stocks
(Cost $36,309) 38,236
-----------
CONVERTIBLE BONDS (5.0%)
Alza, CV to 12.9870 Shares,
Callable 07/14/99 @ 45.963 (A) (D)
0.000%, 07/14/14 $ 1,000 435
Charming Shoppes, CV to
134.0483 Shares, Callable
07/15/99 @ 103.75
7.500%, 07/15/06 3,000 2,899
- ------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- ------------------------------------------------------------
CONVERTIBLE BONDS--CONTINUED
Continental Airlines, CV to
33.1181 Shares, Callable
04/15/99 @ 104.73
6.750%, 04/15/06 $ 1,350 $ 2,150
DSC Communications, CV to
20.1106 Shares, Callable
08/01/00 @ 104 (B)
7.000%, 08/01/04 5,500 5,198
Fine Host, CV to 22.4719 Shares,
Callable 11/01/00 @ 102.86 (B)
5.000%, 11/01/04 3,000 2,813
Hewlett Packard, CV to
5.4300 Shares, Callable
10/14/00 @ 59.029 (A) (B) (D)
0.000%, 10/14/17 41,200 21,321
HFS, CV to 14.9925 Shares,
Callable 03/01/00 @ 102.04
4.750%, 03/01/03 7,000 8,514
Home Depot, CV to 21.6998
Shares, Callable 10/02/99
@ 100.81
3.250%, 10/01/01 10,000 13,025
Loews, CV to 15.3757 Shares
of Diamond Offshore Drilling,
Callable 09/15/02 @ 101.56
3.125%, 09/15/07 3,000 3,000
Mascotech, CV to 32.2580 Shares,
Callable 12/15/97 @ 102.5
4.500%, 12/15/03 7,500 6,478
Molten Metal Technology, CV to
25.8065 Shares, Callable
05/01/99 @ 102.75 (B)
5.500%, 05/01/06 7,500 150
12
<PAGE>
================================================================================
(UNAUDITED)
- ------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ------------------------------------------------------------
CONVERTIBLE BONDS--CONTINUED
Office Depot, CV to 29.2635
Shares, Callable 12/11/97 @
61.027 (A) (D)
0.000%, 12/11/07 $ 2,000 $ 1,393
Read-Rite, CV to 24.8524 Shares,
Callable 09/07/00 @ 103.7
6.500%, 09/01/04 5,000 4,456
Times Mirror, CV to 5.8280 Shares,
Callable 04/15/02 @
49.452 (A) (B) (D)
0.000%, 04/15/17 10,000 4,075
USA Waste Services, CV to
35.3243 Shares, Callable
03/15/99 @ 102.5
5.000%, 03/01/06 1,350 1,706
USA Waste Services, CV to
33.0797 Shares, Callable
06/01/99 @ 101.8 (B)
4.500%, 06/01/01 3,000 3,630
-----------
Total Convertible Bonds
(Cost $85,410) 81,243
-----------
REPURCHASE AGREEMENTS (7.6%)
Deutsche Bank
5.70%, dated 11/28/97,
matures 12/01/97, repurchase
price $69,497,021 (collateralized
by various FHLMC, FNMA, and
GNMA obligations: total market
value $70,853,338) 69,464 69,464
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
REPURCHASE AGREEMENTS--CONTINUED
Salomon Brothers
5.70%, dated 11/28/97, matures
12/01/97, repurchase price
$56,040,337 (collateralized by
various FHLMC and FNMA
obligations: total market
value $58,007,406) $56,013 $ 56,013
------------
Total Repurchase Agreements
(Cost $125,477) 125,477
------------
Total Investments (100.3%)
(Cost $1,399,063) 1,647,275
------------
OTHER ASSETS AND LIABILITIES, NET (-0.3%) (4,561)
------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value)
based on 79,144,191 outstanding shares
of beneficial interest 916,060
Fund shares of the Investor Shares (unlimited
authorization -- no par value)
based on 14,168,752 outstanding shares
of beneficial interest 161,844
Fund shares of the Flex Shares (unlimited
authorization -- no par value)
based on 3,755,300 outstanding shares of
beneficial interest 55,729
Undistributed net investment income 884
Accumulated net realized gain
on investments 259,985
Net unrealized appreciation
on investments 248,212
-----------
Total Net Assets (100.0%) $1,642,714
===========
13
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
CAPITAL GROWTH FUND--CONCLUDED
- ---------------------------------------------------------
VALUE
- ---------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 16.94
=========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 16.90
=========
Maximum Offering Price Per Share --
Investor Shares ($16.90 / 96.25%) $ 17.56
=========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 16.75
=========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
14
<PAGE>
================================================================================
(UNAUDITED)
BALANCED FUND
- -------------------------------------------------------------
SHARES VALUE (000)
- -------------------------------------------------------------
COMMON STOCKS (52.3%)
BASIC MATERIALS (1.8%)
Aluminum Company of America 6,100 $ 410
Betzdearborn 5,800 353
Corning 3,600 153
E. I. du Pont de Nemours 2,900 176
Hercules 9,200 447
Imperial Chemical ADR 1,000 59
Minnesota Mining &
Manufacturing 800 78
Monsanto 2,300 100
Morton International 12,700 433
Praxair 24,200 1,063
-----------
3,272
-----------
CAPITAL GOODS (8.6%)
Allied Signal 43,900 1,630
Allied Waste Industries* 7,700 168
Avery Dennison 10,200 427
Boeing 800 43
Emerson Electric 7,600 418
Fisher Scientific International 5,000 240
General Dynamics 3,300 286
General Electric 43,700 3,223
Honeywell 16,000 1,048
Hubbell, Cl B 4,300 195
Lockheed Martin 6,000 585
Molten Metal Technology* 19,100 7
Nokia ADR, Cl A 2,700 224
Rykoff-Sexton 3,200 72
Sunbeam 2,000 88
Sundstrand 9,800 503
Tenneco 4,500 195
Textron 5,400 319
Tyco International 52,798 2,072
United Technologies 25,700 1,926
USA Waste Services* 28,005 926
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
CAPITAL GOODS--CONTINUED
U.S. Filter* 3,700 $ 116
W. W. Grainger 8,100 758
-----------
15,469
-----------
COMMUNICATION SERVICES (1.1%)
Ericsson Telephone ADR 16,100 651
MCI Communications 23,100 1,015
Northern Telecom 2,500 225
-----------
1,891
-----------
CONSUMER CYCLICALS (7.5%)
American Stores 6,900 137
Bed Bath & Beyond* 2,900 97
Carnival 19,900 1,076
Chrysler 2,900 100
Costco* 18,400 815
CUC International* 21,200 609
Dollar General 2,100 79
Ecolab 8,900 454
Federated Department Stores* 21,500 980
Ford Motor 10,900 469
Gannett 6,200 360
Gap 1,300 70
H & R Block 6,300 258
Hasbro 4,800 139
HFS* 5,500 378
Hilton Hotels 6,500 202
Home Depot 13,200 738
Interpublic Group 4,500 216
Intimate Brands 13,900 312
ITT* 4,300 326
Lear* 18,200 852
Limited 10,900 262
Marriott 1,000 72
Masco 18,300 862
Mattel 23,250 931
15
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
BALANCED FUND--CONTINUED
- -------------------------------------------------------------
SHARES VALUE (000)
- -------------------------------------------------------------
McGraw-Hill 1,400 $ 96
New York Times, Cl A 6,500 386
Office Depot* 29,300 692
Sears Roebuck 4,900 224
Sherwin Williams 18,500 528
Staples* 11,700 330
Tandy 5,600 241
Wal-Mart Stores 6,300 252
-----------
13,543
-----------
CONSUMER STAPLES (7.0%)
American Standard* 15,300 606
Avon Products 20,400 1,179
Coca-Cola 4,600 287
Colgate-Palmolive 11,500 768
CVS 24,000 1,593
Dial 7,400 143
Gillette 7,848 724
International Home Foods* 2,400 58
Interstate Bakeries 3,400 118
JP Foodservice* 11,900 350
Kellogg 1,300 60
Philip Morris 41,000 1,783
Procter & Gamble 1,200 92
Ralston Purina 12,500 1,162
Rite Aid 13,800 907
Rubbermaid 7,900 192
Safeway* 16,000 972
Sara Lee 3,000 159
Sysco 3,700 165
Unilever ADR 12,400 720
Walgreen 800 26
Wendy's International 27,600 580
-----------
12,644
-----------
ENERGY (3.5%)
Baker Hughes 12,900 540
British Petroleum ADR 14,200 1,179
EVI* 6,100 314
- --------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------
ENERGY--CONTINUED
Halliburton 17,300 $ 933
Mobil 16,000 1,151
Schlumberger 8,100 667
Texaco 9,400 531
Tosco 7,100 231
Transocean Offshore 4,800 228
Union Pacific Resources Group 10,122 252
Unocal 6,400 255
-----------
6,281
-----------
FINANCIALS (8.5%)
American International Group 13,250 1,336
Banc One 21,802 1,120
Bank of New York 2,300 124
Bank United, Cl A 600 25
BankAmerica 18,000 1,314
BankBoston 3,800 339
Barnett Banks 15,600 1,098
BB&T 7,600 414
Chase Manhattan Bank 15,400 1,673
Conseco 300 14
CoreStates Financial 4,600 356
Cullen/Frost Bankers 1,900 101
Equifax 12,600 430
FHLMC 18,700 771
First Commerce 5,800 372
First Union 9,800 478
Fleet Financial Group 2,400 159
General Re 2,600 516
Hartford Financial Services Group 5,700 477
Hartford Life, Cl A 2,100 81
Household International 900 113
Jefferson-Pilot 2,500 191
Mellon Bank 7,400 419
MGIC Investment 1,600 93
Nationsbank 8,900 535
PNC Bank 8,200 441
Quick & Reilly Group 6,500 244
16
<PAGE>
================================================================================
(UNAUDITED)
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
FINANCIALS--CONTINUED
Travelers 16,949 $ 856
Washington Mutual 12,110 837
Washington National 12,400 410
-----------
15,337
-----------
HEALTH CARE (6.4%)
Abbott Laboratories 18,000 1,170
American Home Products 28,300 1,978
Baxter International 28,800 1,458
Beverly Enterprises* 17,200 292
Boston Scientific* 7,910 357
Bristol-Myers Squibb 12,900 1,208
Eli Lilly 7,300 460
Healthsouth* 36,328 954
Johnson & Johnson 9,300 585
Medpartners* 24,200 599
Merck 6,800 643
Pfizer 1,600 116
Tenet Healthcare* 23,700 751
Vencor* 4,300 104
Warner Lambert 6,500 909
-----------
11,584
-----------
TECHNOLOGY (7.1%)
Bell & Howell* 5,100 121
Ceridian* 10,400 456
Cisco Systems* 18,200 1,570
Compaq Computer 7,100 443
First Data 35,600 1,008
Hewlett Packard 1,300 79
IBM 15,900 1,742
Intel 17,900 1,389
Lucent Technologies 9,414 754
McAfee Associates* 4,100 188
Microsoft* 11,700 1,656
Motorola 5,100 321
Oracle* 26,800 893
Scientific-Atlanta 29,500 590
- -------------------------------------------------------------
SHARES/FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
TECHNOLOGY--CONTINUED
3Com* 5,600 $ 203
Xerox 18,900 1,468
-----------
12,881
-----------
TRANSPORTATION (0.8%)
Burlington Northern Santa Fe 11,200 1,025
Continental Airlines, Cl B* 5,500 251
Delta Air Lines 1,100 123
-----------
1,399
-----------
Total Common Stocks
(Cost $77,857) 94,301
-----------
PREFERRED STOCKS (0.8%)
CONSUMER STAPLES (0.2%)
Ralston Purina, CV to
1.6394 Shares 4,800 318
-----------
TECHNOLOGY (0.6%)
Microsoft, CV to 1 Share 12,500 1,107
-----------
Total Preferred Stocks
(Cost $1,295) 1,425
-----------
CORPORATE OBLIGATIONS (19.2%)
FINANCE (11.9%)
American General Finance
6.875%, 07/01/99 $1,000 1,011
Aristar
6.750%, 05/15/99 1,500 1,513
General Motors Acceptance
7.125%, 05/01/01 1,900 1,948
General Motors Acceptance, MTN
6.250%, 01/16/01 600 600
6.750%, 11/04/04 1,500 1,515
Great Western Financial
8.600%, 02/01/02 800 858
Homeside Lending, MTN
6.875%, 05/15/00 2,400 2,424
17
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
BALANCED FUND--CONCLUDED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
FINANCE--CONTINUED
Household Finance, MTN
7.150%, 06/15/00 $ 350 $ 357
7.050%, 06/06/01 650 666
Korea Development Bank
7.125%, 09/17/01 1,000 958
RHG Finance
8.875%, 10/01/05 1,500 1,686
Salomon
6.250%, 10/01/99 1,500 1,500
6.500%, 03/01/00 2,500 2,509
Service International
7.375%, 04/15/04 1,750 1,829
SunAmerica
6.200%, 10/31/99 2,000 2,003
-----------
21,377
-----------
INDUSTRIAL (5.5%)
American Home Products
7.700%, 02/15/00 1,000 1,028
7.900%, 02/15/05 1,850 1,996
Ikon Capital, MTN
6.150%, 09/22/99 750 748
6.730%, 06/15/01 1,000 1,011
Lockheed Martin
6.550%, 05/15/99 2,000 2,008
Philip Morris
7.250%, 09/15/01 2,100 2,147
7.500%, 04/01/04 1,000 1,042
-----------
9,980
-----------
UTILITIES (1.8%)
AT&T Capital, MTN
6.410%, 08/13/99 2,250 2,258
General Electric Capital, Callable
05/01/00 @ 100 (C) (D)
6.660%, 05/01/18 1,000 1,014
-----------
3,272
-----------
Total Corporate Obligations
(Cost $34,242) 34,629
-----------
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
CONVERTIBLE BONDS (2.4%)
Hewlett-Packard, CV
to 5.4300 shares,
Callable 10/14/00 @
59.029 (A) (B) (D)
0.000%, 10/14/17 $3,000 $ 1,553
Marriott International, CV to
8.7600 Shares, Callable
03/25/99 @ 60.371 (A) (D)
0.000%, 03/25/11 1,000 670
Mascotech, CV to 32.2580 Shares,
Callable 12/15/97 @ 102.5
4.500%, 12/15/03 1,200 1,036
Staples, CV to 45.4545 Shares,
Callable 10/01/98 @ 101.8 (B)
4.500%, 10/01/00 500 673
USA Waste Services, CV to
35.3243 Shares, Callable
03/15/99 @ 102.5
5.000%, 03/01/06 355 449
-----------
Total Convertible Bonds
(Cost $4,234) 4,381
-----------
U.S. AGENCY MORTGAGE-BACKED
OBLIGATIONS (3.7%)
FHLMC
8.000%, 06/01/02 497 507
7.500%, 09/01/03 1,173 1,200
FNMA
7.000%, 10/01/03 4,892 4,949
-----------
Total U.S. Agency Mortgage-
Backed Obligations
(Cost $6,630) 6,656
-----------
U.S. TREASURY OBLIGATIONS (12.0%)
U.S. Treasury Bonds
7.500%, 11/15/16 3,800 4,381
8.125%, 08/15/19 8,700 10,761
6.375%, 08/15/27 2,350 2,443
18
<PAGE>
================================================================================
(UNAUDITED)
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--CONTINUED
U.S. Treasury Notes
6.375%, 04/30/99 $ 500 $ 504
7.250%, 08/15/04 3,300 3,549
-----------
Total U.S. Treasury Obligations
(Cost $20,233) 21,638
-----------
BANK NOTE (0.8%)
Capital One
6.530%, 11/26/99 1,450 1,450
-----------
Total Bank Note
(Cost $1,450) 1,450
-----------
REPURCHASE AGREEMENT (8.9%)
Merrill Lynch
5.46%, dated 11/28/97, matures
12/01/97, repurchase price
$15,980,757 (collateralized by
GNMA obligation: market
value $16,294,521) 15,974 15,974
-----------
Total Repurchase Agreement
(Cost $15,974) 15,974
-----------
Total Investments (100.1%)
(Cost $161,915) 180,454
-----------
OTHER ASSETS AND LIABILITIES, NET (-0.1%) (218)
-----------
- -------------------------------------------------------------
VALUE (000)
- -------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value)
based on 12,486,705 outstanding
shares of beneficial interest $129,560
Fund shares of the Investor Shares (unlimited
authorization -- no par value)
based on 516,098 outstanding shares
of beneficial interest 5,334
Fund shares of the Flex Shares (unlimited
authorization -- no par value)
based on 897,255 outstanding shares of
beneficial interest 10,647
Undistributed net investment income 747
Accumulated net realized gain
on investments 15,409
Net unrealized appreciation
on investments 18,539
-----------
Total Net Assets (100.0%) $180,236
===========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 12.96
===========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 13.01
===========
Maximum Offering Price Per Share --
Investor Shares ($13.01 / 96.25%) $ 13.52
===========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 12.91
===========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
19
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
EMERGING MARKETS EQUITY FUND
- --------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------
FOREIGN COMMON STOCKS (88.1%)
ARGENTINA (6.3%)
Banco Frances del
Rio de la Plata ADR* 16,000 $ 431
Capex, Cl A 33,700 228
Massalin Particulares, Cl B 38,800 196
Metrogas ADR 32,204 254
Quilmes Industrial 27,000 351
Transportadora de Gas
del Sur ADR 33,000 353
YPF ADR, Cl D 19,800 665
-----------
2,478
-----------
BELIZE (1.0%)
BHI 15,762 402
-----------
BRAZIL (7.0%)
Petrobras ADR 13,500 295
Banco Itau SA Pref 1,070,000 478
Makro Atacadista GDR 27,500 234
Souza Cruz 63,500 489
Telebras ADR 7,530 786
Unibanco* 9,100 262
Usiminas ADR 35,500 227
-----------
2,771
-----------
CHILE (0.9%)
Administradora de Fondos de
Pensiones Provida ADR 21,500 368
-----------
COLOMBIA (1.5%)
Banco de Colombia GDS 52,700 290
Banco Ganadero ADR 15,600 314
-----------
604
-----------
CZECH REPUBLIC (1.5%)
Spt Telecom* 5,600 590
-----------
GREECE (5.8%)
Greek Telecom 26,085 514
- --------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------
GREECE--CONTINUED
Hellas Can Packaging 25,500 $ 369
Papastratos Cigarettes 25,400 564
Teletypos 130,000 858
-----------
2,305
-----------
HONG KONG (4.4%)
Asia Satellite 135,000 295
China Hong Kong Photo 1,440,000 352
HSBC Holdings 8,600 207
National Mutual Asia 866,000 801
Seoul Horizon Trust 17,000 89
-----------
1,744
-----------
HUNGARY (2.9%)
Egis 10,000 425
Gedeon Richter GDR 2,500 235
Matav* 120,000 475
-----------
1,135
-----------
INDIA (3.2%)
Hindalco GDR 13,200 292
India Cements GDR 54,000 95
Indian Aluminium GDR 15,800 38
Indian Aluminum GDS 15,300 36
Videsh Sanchar Nigam GDR 60,000 795
-----------
1,256
-----------
INDONESIA (3.8%)
PT Jaya Real Property, F 754,000 93
Budi Acid Jaya, F 231,250 33
Citra Marga Nusaphala, F 944,000 207
Dankos Laboratories, F 665,000 274
Indonesian Satellite ADR 15,000 336
Indonesian Satellite, F 96,000 218
Modern Photo Film, F 356,000 240
Tempo Scan Pacific 164,000 63
United Tractors, F 42,000 20
-----------
1,484
-----------
20
<PAGE>
================================================================================
(UNAUDITED)
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
ISRAEL (8.5%)
Bank Leumi Le-Israel 290,000 $ 464
Blue Square Stores* 42,300 387
ECI Telecommunications 25,900 704
Israel Chemicals 365,000 480
Koor Industries ADR 15,000 330
Nice Systems ADR* 18,000 785
Orbotech* 5,000 221
-----------
3,371
-----------
MALAYSIA (3.2%)
Aluminium of Malaysia 231,000 91
Edaran Otomobil 28,000 65
IOI Corp 325,000 165
Petronas Dagangan 170,000 164
RJ Reynolds 305,000 518
Technology Resources Industries 275,000 223
UMW Holdings 32,000 30
-----------
1,256
-----------
MEXICO (12.6%)
Grupo Carso 78,000 515
Grupo Continental 167,750 548
Grupo Elektra GDR 10,000 310
Grupo Financiero Banorte, Cl B 216,930 301
Herdez, Cl B 518,000 377
Kimberly Clark, Cl A 146,500 658
Nacional de Drogas, Cl L 622,000 614
San Luis Cpo 86,000 649
Telefonos de Mexico ADR 20,700 1,026
-----------
4,998
-----------
PERU (3.4%)
Cerveceria Backus & Johnston 402,444 365
CPT Telefoncia del Peru 30,000 630
Credicorp 13,300 243
Telefonica del Peru, Cl B 50,500 105
-----------
1,343
-----------
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
PHILIPPINES (2.0%)
Bacnotan Consolidated 155,940 $ 68
Benpres GDR* 76,600 245
First Philippene Holdings 174,375 153
Philippine Long Distance 14,000 339
-----------
805
-----------
POLAND (0.7%)
Bank Handlowy* 25,000 293
-----------
PORTUGAL (5.5%)
Electricidade de Portugal* 20,000 724
Banco Totta & Acores 35,000 661
Cimentos de Portugal 11,920 302
Cimentos de Portugal 3,800 96
Portugal Telecom ADR 8,200 376
-----------
2,159
-----------
RUSSIA (0.7%)
Vimpel Communication* 9,100 278
-----------
SINGAPORE (2.0%)
Amtek Engineering 246,000 187
Elec & Eltek International 84,000 617
-----------
804
-----------
SOUTH AFRICA (5.7%)
Amalgated Banks of South Africa* 56,235 346
Anglo American Coal 3,375 178
Barlow 30,000 285
Kersaf Investments 68,600 386
Rembrandt Group 11,800 91
Richemont 26,500 292
Sasol 26,200 264
Suncrush 183,535 419
-----------
2,261
-----------
SOUTH KOREA (0.6%)
Dae Duck Electronics* 3,800 172
SK Telecom 240 68
-----------
240
-----------
21
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
EMERGING MARKETS EQUITY FUND--CONCLUDED
- --------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------
THAILAND (2.3%)
KR Precision, F 46,500 $ 296
Delta Electronics, F 50,000 496
Nation Publishing 120,000 111
-----------
903
-----------
UNITED STATES (0.7%)
Grupo Industrial Maseca ADR 17,000 265
-----------
PANAMA (1.5%)
Banco Latinamericano
de Exportaciones 14,800 601
-----------
ECUADOR (0.4%)
LA Cemento Nacional GDR 800 164
-----------
Total Foreign Common Stocks
(Cost $39,402) 34,878
-----------
FOREIGN PREFERRED STOCKS (5.6%)
Banco Bradesco 64,050,000 468
Brahma 600,000 398
Cemig 12,750,000 615
Globex Utilidades 30,800 208
Lojas Renner 5,500,000 163
Multibras Eletrodomes* 228,400 93
Petrol Brasileiros 1,300,000 285
-----------
Total Foreign Preferred Stocks
(Cost $3,008) 2,230
-----------
TIME DEPOSIT (6.3%)
4250 11/28/97 5.25%
5.250%, 12/01/97 2,500 2,500
-----------
Time Deposit
(Cost $2,500) 2,500
-----------
Total Investments (100.1%)
(Cost $44,910) 39,608
-----------
- -------------------------------------------------------------
VALUE (000)
- -------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET (-0.1%) $ (22)
-----------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value)
based on 4,365,991 outstanding shares
of beneficial interest 45,327
Undistributed net investment income 351
Accumulated net realized loss
on investments and foreign
currency transaction (792)
Net unrealized depreciation
on investments (5,302)
Net unrealized appreciation on
foreign currency and translation
of other assets and liabilities
in foreign currency 2
-----------
Total Net Assets (100.0%) $39,586
===========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 9.07
===========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
22
<PAGE>
================================================================================
(UNAUDITED)
INTERNATIONAL EQUITY INDEX FUND
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
FOREIGN COMMON STOCKS (96.9%)
AUSTRALIA (2.5%)
Amcor 13,361 $ 60
Broken Hill Proprietary 20,656 189
Coles Myer 30,235 149
Rio Tinto 5,542 61
CSR 27,994 92
Lend Lease 4,481 91
Mount Isa Mines Holdings 42,910 31
National Australia Bank 13,886 184
Newscorp 33,881 181
Pacific Dunlop 28,455 58
Western Mining 20,202 65
Westpac Banking 36,880 231
----------
1,392
----------
AUSTRIA (1.4%)
Bank of Austria 2,658 124
Creditanstalt Bankverein 2,035 105
Ea-Generali 343 81
Oest El Wirtsch , Cl A 2,245 180
OMV 1,715 223
Wienerberger Baustoff 401 78
----------
791
----------
BELGIUM (2.0%)
Bekaert 30 19
Delhaize Freres 1,000 51
Electrabel 1,000 224
Fortis 700 139
Generale Banque 370 153
Groupe Bruxelles Lambert 450 68
Kredietbank 290 117
Petrofina 440 170
Royale Belge 175 46
Solvay, Cl A 1,250 75
Union Minere* 680 49
----------
1,111
----------
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
DENMARK (1.9%)
Carlsberg, Cl B 1,427 $ 79
D/S 1912, Cl B 6 241
D/S Svendborg, Cl B 4 235
Danisco 2,210 120
Novo Nordisk, Cl B 1,670 205
Sophus Berendsen, Cl B 251 39
Tele Danmark, Cl B 2,208 132
----------
1,051
----------
FINLAND (1.0%)
Merita 25,000 127
Nokia, Cl K 2,300 185
Outokumpu Oy Akt, Cl A 3,100 43
Rauma 303 5
UPM-Kymmene 8,500 183
----------
543
----------
FRANCE (12.7%)
Accor 847 160
Air Liquide 1,886 297
Alcatel Alsthom 2,238 281
Axa 4,748 345
Banque National Paris, Cl A 3,350 164
Bouygues 950 96
Carrefour 603 323
Cie Bancaire 710 106
Cie de Saint Gobain 2,265 308
Cie Financiara Paribas 958 69
Cie Generale des Eaux 2,045 270
Compagnie de Suez 15 --
Elf Aquitaine 3,282 381
Elf Sanofi 2,573 258
Eridania Beghin-Say 1,209 188
Generale Des Eaux Warrants* 2,045 1
Groupe Danone 1,764 282
Havas 1,300 85
L'Oreal 1,084 415
Lafarge Coppee 2,218 147
23
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
INTERNATIONAL EQUITY INDEX FUND--CONTINUED
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
FRANCE--CONTINUED
Legrand 950 $ 181
Louis Vuitton-Moet Hennessy 1,881 325
Lyonnaise des Eaux Dumez 3,095 333
Michelin, Cl B 2,844 153
Pernod-Ricard 2,179 111
Peugeot 1,790 202
Pinault-Printemps Redoute 400 205
Promodes 428 157
Rhone-Poulenc, Cl A 6,900 310
Schneider 3,877 208
Societe Generale 1,830 241
Total Compaigne, Cl B 4,470 470
Unibail 400 39
----------
7,111
----------
GERMANY (18.3%)
Aachener & Munchener Bete 116 119
Allianz 4,930 1,166
BASF 14,200 502
Bayer 15,660 578
Bayerische Hypotheken und
Wechselbank 8,100 352
Bayerische Vereinsbank 2,360 140
Biersdorf 2,640 111
Daimler-Benz 13,630 957
Degussa 2,490 115
Deutsche Bank 10,270 663
Dresdner Bank Frankfurt 6,950 270
Heidelberger Zement 2,024 160
Hochtief 260 11
Karstadt 625 217
Linde 391 244
Lufthansa 12,980 246
Man Muenchen 31 9
Mannesmann 853 396
Metro AG 7,351 339
Muenchener Rueckvers 1,510 471
Preussag 11 3
- -------------------------------------------------------------
SHARES VALUE (000)
- -------------------------------------------------------------
GERMANY--CONTINUED
RWE 6,340 $ 311
SAP 1,500 437
Schering 1,810 178
Siemens 13,040 773
Thyssen 1,001 239
Veba 11,260 667
Viag 683 348
Volkswagen 461 262
----------
10,284
----------
HONG KONG (1.3%)
Cathay Pacific Airways 9,000 8
Cheung Kong Holdings 13,000 92
China Light & Power 7,500 38
Hang Seng Bank 7,600 67
Hong Kong Telecommunications 27,200 52
HSBC Holdings 13,068 315
Hutchison Whampoa 12,800 85
Sun Hung Kai Properties 6,600 50
Swire Pacific, Cl A 9,000 45
----------
752
----------
ITALY (11.8%)
Assicurazioni Generali 42,670 957
Banca Commerciale Italiana 33,500 96
Benetton Group 9,825 149
Credito Italiano 23,000 63
Edison 42,500 230
ENI 76,000 444
Fiat 152,900 442
Fiat Non-Convertible 46,200 73
Istituto Bancario san
Paolo di Torino 42,091 349
Istituto Nazionale 323,919 565
Italgas 5,000 19
Mediobanca 30,950 216
Montedison 134,680 111
Olivetti* 91,200 51
24
<PAGE>
================================================================================
(UNAUDITED)
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
ITALY--CONTINUED
Parmalat Finanziaria 102,800 $ 149
Pirelli 120,000 298
RAS 10,135 94
Sirti 19,500 117
Telecom Italia Mobile 195,802 793
Telecom Italia Mobile di Risp 154,164 337
Telecom Italia 147,222 918
Telecom Italia Rinascente 36,627 144
--------
6,615
--------
JAPAN (20.0%)
Ajinomoto 15,000 136
Asahi Bank 20,000 85
Asahi Chemical Industries 15,000 65
Asahi Glass 12,000 77
Bank of Tokyo-Mitsubushi 24,000 348
Bank of Yokohama 11,000 34
Bridgestone 9,000 195
Chiba Bank 12,000 47
Chiyoda 5,000 8
Citizen Watch 11,000 69
Cosmo Oil 12,000 25
Dai Nippon Printing 12,000 238
Daiei* 11,000 48
Daiwa Kosho Lease 5,000 25
Daiwa Securities 18,000 63
Ebara 8,000 89
Fanuc 900 34
Fuji Bank 24,000 129
Fuji Photo Film 5,000 180
Fujitsu 18,000 202
Furukawa Electric 15,000 73
Hankyu 2,000 10
Hitachi 32,000 227
Honda Motor 5,000 181
Industrial Bank of Japan 20,000 179
Ito Ham Foods 1,000 4
Ito Yokado 4,000 181
Itochu 31,000 80
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
JAPAN--CONTINUED
Japan Air Lines* 16,000 $ 50
Japan Energy 11,000 16
Joyo Bank 14,300 57
Jusco 3,000 50
Kansai Electric Power 9,800 167
Kao 7,000 93
Kawasaki Steel 19,000 31
Kinki Nippon Railway 26,000 144
Kirin Brewery 15,000 116
Komatsu 13,000 78
Kubota 23,000 80
Kyocera 3,000 145
Marui 4,000 63
Matsushita Electric 18,000 281
Mitsubishi 21,000 164
Mitsubishi Chemical 16,000 31
Mitsubishi Electric 23,000 64
Mitsubishi Estate 5,000 58
Mitsubishi Heavy Industries 43,000 169
Mitsubishi Materials 35,000 79
Mitsubishi Trust & Banking 13,000 173
Mitsui 17,000 118
Mitsui Trust & Banking 13,000 22
Mitsukoshi 7,000 20
Murata Manufacturing 1,000 30
NEC 15,000 159
New Oji Paper 9,000 37
Nichido Fire & Marine Insurance 15,000 79
Nippon Express 5,000 26
Nippon Oil 16,000 56
Nippon Paper Industries 1,000 5
Nippon Sharyo 5,000 17
Nippon Steel 39,000 72
Nippon Yusen 27,000 83
Nippondenso 7,000 128
Nissan Motor 32,000 139
NKK 24,000 24
Nomura Securities 19,000 235
Obayashi 13,000 61
25
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
INTERNATIONAL EQUITY INDEX FUND--CONTINUED
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
JAPAN--CONTINUED
Odakyu Electric Railway 24,000 $ 116
Olympus Optical 8,000 59
Osaka Gas 44,000 98
Sakura Bank 25,000 87
Sankyo 7,000 223
Sanyo Electric 4,000 11
Sega Enterprises 1,600 36
Sekisui Chemical 7,000 51
Sekisui House 7,000 50
Sharp 10,000 67
Shimizu 3,000 10
Shin-Etsu Chemical 7,000 166
Shizuoka Bank 9,000 83
Skylark 3,000 33
Sony 3,500 299
Sumitomo Bank 28,000 356
Sumitomo Chemical 20,000 67
Sumitomo Metal 26,000 53
Taisei 35,000 81
Takeda Chemical 15,000 439
Tobu Railway 15,000 52
Tohoku Electric Power 5,300 80
Tokai Bank 20,000 107
Tokio Marine & Fire Insurance 34,000 322
Tokyo Electric Power 15,900 285
Tokyo Gas 26,000 62
Tokyu 10,000 43
Toppan Printing 11,000 149
Toray 24,000 109
Tostem 3,000 34
Toto 7,700 71
Toyo Seikan Kaisha 3,300 55
Toyoda Automatic Loom 4,000 75
Toyota Motor 31,000 894
Yamaichi Securities 15,000 --
Yamanouchi Pharmaceutical 1,000 24
Yasuda Trust & Banking 5,000 4
----------
11,203
----------
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
NETHERLANDS (3.5%)
ABN Amro Holding 10,840 $ 207
Akzo Nobel 470 83
ING Groep 5,904 240
Koninklijke 3,886 156
Koninklijke Nederlanden
Papierfabriek 960 21
Philips Electronics 1,836 121
Royal Dutch Petroleum 14,320 746
Unilever 4,260 248
Wolters Kluwer 1,072 142
----------
1,964
----------
NORWAY (1.1%)
Bergesen, Cl A 2,650 68
Hafslund Nycomed, Cl B 2,200 10
Kvaerner 1,400 69
Norsk Hydro 6,525 336
Nycomed Asa, Cl B 2,300 58
Uni Storebrand* 9,987 68
----------
609
----------
SPAIN (5.1%)
Argentaria Bancaria de Espana 2,916 181
Autopistas CESA 6,347 85
Banco Bilbao Vizcaya 13,713 415
Banco Central Hispano 6,730 129
Banco de Santander 6,619 200
Dragados Construccion 2,565 55
Endesa 21,892 412
Fomento de Construcciones
Contratas 2,392 95
Gas Natural 3,312 164
Iberdola 16,206 207
Mapfre 1,018 50
Repsol 6,279 272
Telefonica de Espana 18,876 545
Union Electrica Fenosa 7,629 77
----------
2,887
----------
26
<PAGE>
================================================================================
(UNAUDITED)
- -------------------------------------------------------------
SHARES VALUE (000)
- -------------------------------------------------------------
SWEDEN (2.3%)
ABB AB, Cl A 12,000 $ 153
Astra AB, Cl A 14,666 255
Diligentia* 1,350 17
Electrolux, Cl B 1,100 87
Ericsson, Cl B 8,100 331
Granges* 550 9
Skandinaviska Enskilda Banken 7,700 91
Skanska, Cl B 1,800 74
Stora Kopparbergs Bergslags, Cl A 5,000 66
Svenska Cellulosa, Cl B 4,000 88
Swedish Match 4,500 15
Volvo, Cl B 3,950 105
----------
1,291
----------
SWITZERLAND (2.5%)
Nestle 202 298
Novartis 244 390
Roche Holdings, Genusshein 30 269
Roche Holdlings, Bearer 7 107
Schweizerische Bankgesellschaft 150 191
Swiss Bank* 575 165
----------
1,420
----------
UNITED KINGDOM (9.5%)
Abbey National 8,291 132
Barclays Bank 14,416 348
Bass 9,466 136
BAT Industries 22,460 202
Bg 18,334 87
Bg, Cl B* 20,778 10
Blue Circle Industries 12,797 74
British Petroleum 41,753 571
British Telecommunications 20,475 158
BTR 43,929 153
Cable & Wireless 22,390 203
Centrica* 20,778 30
Energy Group 9,677 104
General Electric 21,236 138
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
UNITED KINGDOM--CONTINUED
Glaxo Wellcome 19,999 $ 439
Grand Metropolitan 23,365 213
Great Universal Stores 7,352 86
Guinness 18,085 164
Hanson 12,096 62
HSBC Holdings 7,895 201
Imperial Chemical 11,454 170
Marks & Spencer 40,514 417
National Power 9,177 88
Reuters 13,125 148
RMC Group 2,799 42
RTZ 13,785 167
Sainsbury, J. 11,344 93
SmithKline Beecham 40,668 378
Unilever 24,920 196
Vodafone Group 22,646 151
----------
5,361
----------
Total Foreign Common Stocks
(Cost $46,553) 54,385
----------
FOREIGN PREFERRED STOCKS (1.5%)
FINLAND (0.3%)
Nokia, Cl A 2,400 193
----------
GERMANY (1.0%)
RWE 3,730 151
SAP 1,030 317
Volkswagen 247 113
----------
581
----------
ITALY (0.1%)
Fiat 47,080 72
----------
Total Foreign Preferred Stocks
(Cost $507) 846
----------
27
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
INTERNATIONAL EQUITY INDEX FUND--CONCLUDED
- ------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ------------------------------------------------------------
CASH EQUIVALENT (0.0%)
Highmark Diversified
Money Market Fund
4.654% $5 $ 5
----------
Total Cash Equivalent
(Cost $5) 5
----------
Total Investments (98.4%)
(Cost $47,065) 55,236
----------
OTHER ASSETS AND LIABILITIES, NET (1.6%) 908
----------
NET ASSETS:
Fund shares of the Trust Shares
(unlimited authorization --
no par value) based on
4,307,478 outstanding shares of
beneficial interest 38,273
Fund shares of the Investor Shares
(unlimited authorization --
no par value) based on 506,454
outstanding shares of
beneficial interest 5,080
Fund shares of the Flex Shares
(unlimited authorization --
no par value) based on 79,507
outstanding shares of
beneficial interest 825
Undistributed net investment income 399
Accumulated net realized gain on
investments and foreign
currency transactions 3,395
Net unrealized appreciation
on investments 8,171
Net unrealized appreciation on
foreign currency and translation
of other assets and liabilities
in foreign currency 1
----------
Total Net Assets (100.0%) $56,144
==========
- -----------------------------------------------------------
VALUE
- -----------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 11.49
==========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 11.38
==========
Maximum Offering Price Per Share --
Investor Shares ($11.38 / 96.25%) $ 11.82
==========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 11.33
==========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
28
<PAGE>
================================================================================
(UNAUDITED)
INTERNATIONAL EQUITY FUND
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
FOREIGN COMMON STOCKS (91.3%)
ARGENTINA (0.6%)
YPF ADR, Cl D 100,000 $ 3,356
----------
AUSTRALIA (4.6%)
Australia & New Zealand
Bank Group 757,000 5,187
Faulding (F.H.) & Co. 300,141 1,506
QBE Insurance 1,665,585 7,348
Telstra Install Rcpt* 6,400,000 12,012
----------
26,053
----------
AUSTRIA (0.9%)
Boehler-Uddeholm 71,000 4,796
----------
BRAZIL (0.6%)
Souza Cruz 177,300 1,375
Telebras ADR 21,575 2,252
----------
3,627
----------
CANADA (1.1%)
CAE 90,000 708
Suncor 158,000 5,209
----------
5,917
----------
FINLAND (5.2%)
Cultor, Ser 2 82,400 4,348
Finnlines 147,500 5,871
Metra, Cl B 132,000 3,222
Nokia ADR, Cl A 65,000 5,403
UPM-Kymmene 241,000 5,181
Valmet 363,000 5,419
----------
29,444
----------
FRANCE (8.1%)
Accor 58,500 11,063
AXA 98,000 7,114
Credit Local De France 53,380 5,545
Elf Aquitaine 57,000 6,616
Isis* 20,000 2,247
Suez Lyonnaise des Eaux* 27,000 2,905
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
FRANCE--CONTINUED
SGS-Thomson
Microelectronics ADR* 31,250 $ 2,193
Technip 77,000 7,985
----------
45,668
----------
GERMANY (5.2%)
Bayer 75,000 2,766
Buderus 9,900 4,779
Hoechst 90,000 3,193
Siemens 87,000 5,157
Veba 97,600 5,785
Volkswagen 13,000 7,381
----------
29,061
----------
GREECE (1.2%)
Greek Telecom 351,243 6,923
----------
HONG KONG (1.4%)
HSBC Holdings 246,867 5,956
National Mutual Asia 2,330,000 2,155
----------
8,111
----------
HUNGARY (0.5%)
Gedeon Richter 32,000 3,004
----------
INDONESIA (0.2%)
Modern Photo Film, F 1,963,000 1,321
----------
ISRAEL (2.3%)
ECI Telecommunications 280,400 7,623
Technomatrix Technologies* 105,500 3,455
Teva Pharmaceuticals ADR 41,700 2,064
----------
13,142
----------
ITALY (4.9%)
Banca Popolare di Milano 970,000 5,272
ENI 1,391,000 8,123
Istituto Banc San Paolo 893,300 7,402
Saipem 1,224,000 6,889
----------
27,686
----------
29
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
INTERNATIONAL EQUITY FUND--CONCLUDED
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
JAPAN (7.2%)
Canon 215,000 $ 5,190
FCC 91,000 927
Fuji Photo Film 139,000 5,001
Honda Motor 266,000 9,633
Sony 99,400 8,492
TDK 42,000 3,424
Terumo 491,000 7,697
----------
40,364
----------
MALAYSIA (0.0%)
UMW Holdings 157,000 148
----------
NETHERLANDS (6.5%)
Akzo Nobel 47,200 8,304
Gist Brocade 277,000 7,081
Hollandsche Beton Groep 172,760 3,130
ING Groep 321,000 13,052
Philips Electronics 77,900 5,147
----------
36,714
----------
NEW ZEALAND (0.9%)
Fletcher Challenge
Building Division 1,815,208 5,295
----------
NORWAY (1.3%)
Sparebanken Nor 215,000 7,180
----------
PANAMA (1.1%)
Banco Latinamericano
de Exportaciones 150,400 6,110
----------
PERU (0.8%)
CPT Telefoncia del Peru 104,100 2,186
Credicorp 115,649 2,111
----------
4,297
----------
PHILIPPINES (0.4%)
Benpres GDR* 684,961 2,192
----------
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
PORTUGAL (1.7%)
Banco Espirito Santo 120,400 $ 3,389
Portugal Telecom ADR 130,000 5,964
----------
9,353
----------
SINGAPORE (0.8%)
Elec & Eltek International 599,000 4,403
----------
SOUTH AFRICA (1.4%)
First Natl Bank 187,000 1,579
Rembrandt Group 285,000 2,186
Sasol 385,000 3,880
----------
7,645
----------
SPAIN (2.7%)
Repsol 166,000 7,185
Telefonica de Espana 272,000 7,849
----------
15,034
----------
SWEDEN (4.0%)
Castellum AB* 613,600 5,765
Gettinge, Cl B 301,000 4,993
Skandia Forsakrings 200,000 10,549
Volvo, Cl B 50,000 1,335
----------
22,642
----------
SWITZERLAND (6.6%)
Asea Brown Boveri Group 4,565 6,080
Nestle 7,500 11,048
Novartis, Registered 8,015 12,820
Zurich Insurance 17,600 7,415
----------
37,363
----------
UNITED KINGDOM (19.1%)
Avis Europe 2,943,300 7,731
Bank of Ireland 781,980 10,574
Bass 825,700 11,856
BTP 1,461,000 7,848
Caradon 2,544,506 8,038
30
<PAGE>
================================================================================
(UNAUDITED)
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
UNITED KINGDOM--CONTINUED
Compass Group 723,000 $ 8,622
Gallaher Group 505,000 2,738
Granada Group 316,865 4,534
Imperial Tobacco Group 400,000 2,662
London Forfaiting 209,400 1,293
Lucasvarity 2,627,000 8,431
Morgan Crucible 717,432 5,375
Powerscreen 160,500 1,785
Reckit & Colman 289,795 4,225
Siebe 392,000 7,132
Smith & Nephew 2,406,000 6,980
Smithkline Beecham 616,394 5,727
Storehouse 500,000 2,057
----------
107,608
----------
Total Foreign Common Stocks
(Cost $459,921) 514,457
----------
FOREIGN PREFERRED STOCKS (1.2%)
GERMANY (1.2%)
Man 27,200 6,542
----------
Total Foreign Preferred Stocks
(Cost $6,744) 6,542
----------
TIME DEPOSITS (5.4%)
Time Deposit 5.1875%
5.188%, 12/01/97 29,500 29,500
----------
Total Time Deposits
(Cost $29,500) 29,500
----------
Total Investments (97.9%)
(Cost $496,165) 550,499
----------
OTHER ASSETS AND LIABILITIES, NET (2.1%) 11,803
----------
- ------------------------------------------------------------
VALUE (000)
- ------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value)
based on 38,302,426 outstanding
shares of beneficial interest $434,607
Fund shares of the Investor Shares (unlimited
authorization -- no par value)
based on 1,019,199 outstanding shares
of beneficial interest 12,558
Fund shares of the Flex Shares (unlimited
authorization -- no par value)
based on 1,171,737 outstanding shares of
beneficial interest 15,500
Undistributed net investment income 1,541
Accumulated net realized gain on
investments and foreign
currency transactions 43,789
Net unrealized appreciation
on investments 54,334
Net unrealized depreciation on foreign
currency and translation of other
assets and liabilities in foreign currency (27)
----------
Total Net Assets (100.0%) $562,302
==========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 13.90
==========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 13.82
==========
Maximum Offering Price Per Share --
Investor Shares ($13.58 / 96.25%) $ 14.36
==========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 13.65
==========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
31
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
SUNBELT EQUITY FUND
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
COMMON STOCKS (91.1%)
CAPITAL GOODS (9.9%)
Agco 136,250 $ 3,730
American Buildings* 146,203 3,911
American Homestar* 231,879 3,246
Aviall* 121,318 1,721
Blount International 92,673 4,686
Citation* 48,529 834
Kent Electronics* 80,879 2,709
Kuhlman 112,854 3,985
Maverick Tube* 217,150 6,202
Owens & Minor Holding 185,716 2,577
Palm Harbor Homes* 148,300 4,264
Roper Industries 76,912 2,216
Tracor* 74,547 2,092
UNIFAB International* 80,879 1,638
Watsco 75,102 1,953
----------
45,764
----------
COMMUNICATION SERVICES (2.2%)
Excel Communications* 91,297 2,146
Premiere Technologies* 169,029 4,036
USLD Communications 201,697 4,185
----------
10,367
----------
CONSUMER CYCLICALS (16.5%)
Accustaff* 32,352 956
AHL Services* 71,983 1,494
Apple South 202,197 3,715
Autozone* 80,879 2,426
Barnett* 232,071 4,728
Books-A-Million* 340,981 2,280
Central Parking 58,232 3,352
Claire's Stores 127,925 2,894
Dollar General 138,925 5,227
Family Dollar Stores 268,290 7,428
Home Depot 28,943 1,619
Norrell 241,946 5,897
O'Charleys* 143,043 2,575
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
CONSUMER CYCLICALS--CONTINUED
Pier 1 Imports 61,742 $ 1,382
Play By Play Toys & Novelties* 84,388 1,392
Promus Hotel* 186,949 7,758
Staffmark* 211,904 7,390
Stein Mart* 185,929 5,485
Suburban Lodges of America* 152,704 3,741
Tractor Supply* 150,773 2,337
Unifi 64,704 2,459
----------
76,535
----------
CONSUMER STAPLES (2.2%)
Educational Medical* 149,404 1,158
Flowers Industries 265,923 5,302
Richfood Holdings 130,050 3,552
----------
10,012
----------
ENERGY (17.5%)
Anadarko Petroleum 110,051 7,153
Baker Hughes 43,643 1,828
BJ Services* 104,731 7,521
Camco International 114,107 7,160
Core Laboratories N.V.* 101,097 3,665
Diamond Offshore Drilling 75,922 3,787
Ensco International 204,570 7,313
Global Industries* 530,182 8,483
Global Marine* 137,038 3,606
J. Ray McDermott S.A.* 48,509 1,792
Nuevo Energy* 175,269 7,307
Oceaneering International* 96,942 1,999
Pride International* 63,615 1,757
St. Mary Land & Exploration 75,268 3,114
Stone Energy* 269,358 7,744
Transocean Offshore 85,542 4,058
World Fuel Services 98,084 2,759
----------
81,046
----------
32
<PAGE>
================================================================================
(UNAUDITED)
- ------------------------------------------------------------
SHARES VALUE (000)
- ------------------------------------------------------------
FINANCIALS (14.7%)
AmSouth Bancorp 58,261 $ 3,033
Bank United, Cl A 57,062 2,397
Capital One Financial 80,879 3,665
CCB Financial 49,673 4,769
Central Fidelity Banks 26,628 1,283
Crestar Financial 48,528 2,493
Cullen/Frost Bankers 21,303 1,132
Equity Inns REIT 209,223 3,178
Fairfield Communities* 254,548 11,789
First Virginia Banks 79,885 3,820
Nova* 186,163 4,980
PMT Services* 401,902 6,330
Profit Recovery Group
International* 161,758 2,477
Regions Financial 74,394 2,874
Texas Regional Bancshares, Cl A 62,167 1,717
Triad Guaranty* 228,810 6,750
Union Planters 58,164 3,592
Winston Hotels REIT 109,869 1,538
----------
67,817
----------
HEALTH CARE (7.2%)
Beverly Enterprises* 218,184 3,709
Compdent* 138,561 2,823
Gulf South Medical Supply* 254,111 8,290
Healthsouth* 143,573 3,769
Phycor* 239,268 5,892
Quorum Health Group* 219,987 5,280
Serologicals* 166,756 3,710
----------
33,473
----------
TECHNOLOGY (15.6%)
Acxiom* 228,244 3,923
Benchmark Electronics* 166,840 4,692
Billing Information Concepts* 38,041 1,693
Cybex Computer Products* 90,900 2,363
Dallas Semiconductor 100,347 4,904
Datastream Systems* 60,660 1,926
- --------------------------------------------------------------
SHARES/FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------
TECHNOLOGY--CONTINUED
Harbinger* 185,148 $ 5,554
HBO 121,318 5,444
Input/Output* 302,943 7,839
Kemet* 80,878 1,911
National Data 84,991 3,007
Nichols Research* 235,671 5,538
SCB Computer Technology* 445,648 8,245
Scientific-Atlanta 161,758 3,235
Sterling Commerce* 223,095 7,753
Texas Instruments 80,878 3,983
----------
72,010
----------
TRANSPORTATION (5.3%)
American Freightways* 359,056 5,161
Covenant Transportation
Incorporated, Cl A* 213,851 3,422
Hunt J B Transportation Services 402,308 6,538
M.S. Carriers* 80,879 1,951
MTL* 79,826 2,125
Southwest Airlines 109,186 2,668
USA Truck* 213,635 2,617
----------
24,482
----------
Total Common Stocks
(Cost $304,039) 421,506
----------
CONVERTIBLE BONDS (8.5%)
Baker Hughes, CV to 18.5990
Shares, Callable 05/05/98
@ 70.683 (A) (D)
0.000%, 05/05/08 $2,833 2,366
Career Horizons, CV to 88.1057
Shares, Callable 11/01/98 @ 104
7.000%, 11/01/02 2,373 6,383
Diamond Offshore, CV to
24.6910 Shares, Callable
02/22/01 @ 102.08
3.750%, 02/15/07 5,661 7,635
33
<PAGE>
STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
SUNBELT EQUITY FUND--CONCLUDED
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
CONVERTIBLE BONDS--CONTINUED
Home Depot, CV to 21.6998
Shares, Callable 10/02/99
@ 100.81
3.250%, 10/01/01 $2,426 $ 3,160
Pier 1 Imports, CV to 81.1030
Shares, Callable 10/01/99 @ 103
5.750%, 10/01/03 2,354 4,428
Pride International, CV to
81.6330 Shares, Callable
03/01/99 @ 103.125
6.250%, 02/15/06 3,999 9,308
Sci Systems, CV to 41.0172
Shares, Callable 05/01/99
@ 103.5
5.000%, 05/01/06 3,029 5,876
----------
Total Convertible Bonds
(Cost $35,827) 39,156
----------
REPURCHASE AGREEMENT (0.8%)
Swiss Bank
5.65%, dated 11/28/97, matures
12/01/97, repurchase price $3,759,119
(collateralized by US Treasury Notes:
market value $3,837,747) 3,757 3,757
----------
Total Repurchase Agreement
(Cost $3,757) 3,757
----------
Total Investments (100.4%)
(Cost $343,623) 464,419
----------
OTHER ASSETS AND LIABILITIES, NET (-0.4%) (1,668)
----------
- ------------------------------------------------------------
VALUE (000)
- ------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value)
based on 27,366,194 outstanding shares
of beneficial interest $275,489
Fund shares of the Investor Shares (unlimited
authorization -- no par value)
based on 1,968,129 outstanding shares
of beneficial interest 18,532
Fund shares of the Flex Shares (unlimited
authorization -- no par value)
based on 446,103 outstanding shares of
beneficial interest 5,667
Overdistributed net investment income (3,398)
Accumulated net realized gain
on investments 45,665
Net unrealized appreciation
on investments 120,796
----------
Total Net Assets (100.0%) $462,751
==========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 15.56
==========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 15.27
==========
Maximum Offering Price Per Share --
Investor Shares ($15.27/ 96.25%) $ 15.86
==========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 15.14
==========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
34
<PAGE>
================================================================================
(UNAUDITED)
INVESTMENT GRADE TAX-EXEMPT BOND FUND
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
MUNICIPAL BONDS (101.1%)
ALABAMA (2.0%)
State Docks Department,
Docks Facility, RB (MBIA)
5.250%, 10/01/99 $1,500 $ 1,519
5.250%, 10/01/00 1,000 1,020
5.250%, 10/01/01 1,000 1,027
----------
3,566
----------
ARIZONA (0.7%)
Scottsdale, GO
5.500%, 07/01/14 1,250 1,316
----------
CALIFORNIA (3.0%)
Contra Costa Transportation
Authority, Sales Tax,
Ser A, RB (FGIC)
6.000%, 03/01/09 1,000 1,113
Long Beach, Harbor Revenue,
Ser A, RB (FGIC)
6.000%, 05/15/11 2,500 2,705
Northern California, Power
Agency, Geothermal Project,
Ser A, RB (AMBAC)
5.850%, 07/01/10 1,295 1,425
----------
5,243
----------
COLORADO (4.3%)
Arapahoe County, Cherry
Creek School District, GO
4.750%, 12/15/00 6,360 6,486
State, Public Highway Authority,
Ser C, RB (MBIA)
6.000%, 09/01/07 1,000 1,105
----------
7,591
----------
CONNECTICUT (0.6%)
State, Special Tax Obligation,
Transportation Infrastructure-C ,
GO (FGIC)
5.500%, 10/01/00 1,000 1,037
----------
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
FLORIDA (8.7%)
Alachua County, State Health
Facilities Authority, Shands
Teaching Hospital, Ser B, RB,
VRDN (MBIA) (C) (D)
3.850%, 12/01/26 $6,000 $ 6,000
Orange County, State Health
Facilities Authority, Orlando
Regional Healthcare, RB (MBIA)
6.250%, 10/01/13 1,000 1,134
Tampa, Allegany Health, RB,
Pre-Refunded 12/01/99
@ 102 (FGIC) (F)
7.375%, 12/01/23 3,500 3,788
Tampa, Capital Improvement
Program, Ser B, RB, Callable
10/01/98 @ 100 (E)
8.375%, 10/01/18 1,000 1,029
Tampa, Occupational License Tax,
Ser A, RB (FGIC) (C)
3.850%, 10/01/18 3,600 3,600
----------
15,551
----------
GEORGIA (5.7%)
Henry County, Hospital Authority,
Henry Medical Center Project,
RB (AMBAC)
5.500%, 07/01/07 1,000 1,065
State, GO
7.250%, 07/01/99 1,305 1,371
State Municipal Electric Authority,
Ser A, RB (MBIA)
6.000%, 01/01/07 1,000 1,098
State Municipal Electric Authority,
Ser B, RB (AMBAC)
6.000%, 01/01/05 3,555 3,873
State Municipal Electric Authority,
Ser B, RB (FGIC)
5.550%, 01/01/07 1,500 1,596
6.250%, 01/01/12 1,000 1,122
----------
10,125
----------
35
<PAGE>
SCHEDULE OF INVESTMENTS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
INVESTMENT GRADE TAX-EXEMPT BOND FUND--CONTINUED
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
ILLINOIS (6.9%)
State Educational Facilities
Authority, Northwestern
University, RB, Mandatory
Put 11/01/08 @ 100 (D)
4.950%, 11/01/32 $10,000 $ 10,075
State Health Facilities Authority,
Trinity Medical Center Project,
RB, Callable 07/01/02
@ 102 (FSA)
7.000%, 07/01/12 2,000 2,229
----------
12,304
----------
INDIANA (2.1%)
State, Office Building Commission,
Capital Complex, Ser C,
RB (MBIA)
7.400%, 07/01/15 3,000 3,799
----------
MARYLAND (1.8%)
Baltimore, Metropolitan District,
GO, Callable 07/01/02 @ 102
5.900%, 07/01/04 1,000 1,080
Montgomery County, Ser A, GO
5.100%, 04/01/99 2,000 2,031
----------
3,111
----------
MASSACHUSETTS (8.3%)
Boston, City Hospital Project, RB,
Pre-Refunded 02/15/98
@ 100 (FHA) (F)
7.650%, 02/15/10 1,270 1,408
Commonwealth, GO (C)
3.950%, 12/01/97 7,060 7,060
Commonwealth, Special
Obligation, Ser A, RB
5.500%, 06/01/12 4,000 4,217
5.500%, 06/01/13 2,000 2,103
----------
14,788
----------
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
MISSOURI (1.7%)
St. Louis, Water Utility
Improvements, RB, Callable
07/01/04 @ 102 (FGIC)
5.950%, 07/01/06 $1,170 $ 1,281
State Health & Educational
Facilities Authority, Health
Care Projects, Ser B, RB,
Callable 06/01/00 @ 102
(ETM) (MBIA) (F)
7.000%, 06/01/05 1,500 1,663
----------
2,944
----------
NEBRASKA (1.2%)
Omaha, Public Power & Electric
Authority, Ser A, RB,
Pre-Refunded 02/01/02
@ 101.5 (F)
6.500%, 02/01/17 2,000 2,191
----------
NEVADA (0.7%)
State, Colorado River
Commission, Power
Delivery, Ser A, GO
7.000%, 09/15/07 1,120 1,327
----------
NEW JERSEY (1.7%)
State Building Authority, RB
6.000%, 06/15/07 1,355 1,497
State Turnpike Authority,
Ser A, RB (AMBAC)
5.600%, 01/01/00 1,500 1,545
----------
3,042
----------
NEW MEXICO (1.8%)
Santa Fe, Utility Revenue,
Ser A, RB (AMBAC)
8.000%, 06/01/07 2,520 3,158
----------
36
<PAGE>
================================================================================
(UNAUDITED)
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
NEW YORK (9.0%)
State, Pre-Refunded 03/01/00
@ 102 (AMBAC) (F)
7.100%, 03/01/20 $1,650 $ 1,788
State Dormitory Authority, RB,
Callable 07/01/14 @ 100 (FSA)
5.750%, 07/01/18 1,800 1,943
State, Municipal Assistance,
City of New York, Ser L, RB
6.000%, 07/01/07 1,970 2,172
State Thruway Authority,
Highway & Bridge, RB,
Pre-Refunded 04/01/02 @ 101 (F)
6.250%, 04/01/07 3,500 3,797
State, Urban Development,
Correctional Facilities, RB,
Callable 01/01/03 @ 102
(AMBAC)
5.625%, 01/01/07 2,300 2,430
State, Urban Development,
Correctional Facilities, Ser 6, RB
6.000%, 01/01/06 3,550 3,811
----------
15,941
----------
NORTH CAROLINA (0.6%)
State Municipal Power Agency,
Catawba Electric, RB (MBIA)
6.000%, 01/01/10 1,000 1,099
----------
OHIO (3.1%)
Columbus, Limited Tax, Ser 1, GO
5.000%, 06/15/08 2,790 2,873
Columbus, Limited Tax, Ser 1, GO,
Callable 06/15/08 @ 101
5.000%, 06/15/17 1,510 1,493
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
OHIO--CONTINUED
State Water Development
Authority, Community
Assistance, RB (AMBAC)
6.000%, 06/01/07 $1,035 $ 1,142
----------
5,508
----------
PENNSYLVANIA (8.3%)
Allegheny County, Pittsburgh
International Airport,
Ser A, RB (MBIA)
5.500%, 01/01/05 7,400 7,799
5.750%, 01/01/11 2,500 2,659
5.750%, 01/01/13 4,000 4,241
----------
14,699
----------
SOUTH DAKOTA (1.8%)
State Health & Educational
Facility Authority, St. Lukes
Midland Regional Medical, RB,
Callable 07/01/01 @ 102 (MBIA)
6.625%, 07/01/11 3,000 3,239
----------
TENNESSEE (6.0%)
Metropolitan Nashville Airport,
Ser C, RB, Callable 07/01/01
@ 102 (FGIC)
6.600%, 07/01/15 3,900 4,235
Shelby County, GO, Pre-Refunded
12/01/00 @ 102 (F)
6.250%, 12/01/09 2,000 2,156
State, GO
5.000%, 05/01/99 4,220 4,283
----------
10,674
----------
TEXAS (9.6%)
Harris County, Health Facilities
Development, Memorial
Hospital System, Ser A, RB,
Pre-Refunded 06/01/04 @ 102 (F)
6.625%, 06/01/24 5,860 6,629
37
<PAGE>
SCHEDULE OF INVESTMENTS/STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
INVESTMENT GRADE TAX-EXEMPT BOND FUND--CONCLUDED
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
TEXAS--CONTINUED
Houston, Water & Sewer System,
Junior Lien, Ser A, RB,
Pre-Refunded 12/01/05
@ 100 (MBIA) (F)
6.200%, 12/01/25 $2,000 $ 2,227
North Central, Health Facility
Development, Health Resources
System, Ser B, RB, Callable
02/15/08 @ 102 (MBIA)
5.750%, 02/15/13 2,120 2,234
State, Water Development Board,
Revolving Fund, Senior Lien, RB,
Callable 07/15/02 @ 102
6.000%, 07/15/03 2,000 2,166
Tarrant County, Health Facilities
Development, Health Resources
System, Ser A, RB (MBIA)
5.750%, 02/15/15 2,565 2,733
University of Texas, Ser B, RB
6.300%, 08/15/99 1,000 1,037
----------
17,026
----------
UTAH (3.8%)
State, Intermountain Power Agency,
Power Supply, Ser A,
RB (AMBAC)
6.500%, 07/01/11 1,500 1,733
State, Intermountain Power Agency,
Power Supply, Ser E, RB (FSA)
6.250%, 07/01/08 3,000 3,374
6.250%, 07/01/09 1,545 1,748
----------
6,855
----------
VIRGINIA (2.9%)
Commonwealth, Transportation
Board, Northern Virginia
Transportation District, Ser B,
RB, Callable 05/15/07 @ 101
7.250%, 05/15/20 4,315 5,172
----------
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
WASHINGTON (3.9%)
Grant County, Quincy School
District, GO (FGIC)
6.000%, 12/01/08 $1,000 $ 1,112
State, Ser B, GO, Callable
05/01/04 @ 100
5.750%, 05/01/14 5,600 5,831
----------
6,943
----------
WISCONSIN (0.9%)
Milwaukee County, Ser A,
GO (MBIA)
5.250%, 10/01/03 1,550 1,621
----------
Total Municipal Bonds
(Cost $177,902) 179,870
----------
CASH EQUIVALENTS (1.5%)
AIM Management
Institutional Tax-Free 2,647 2,647
SEI Tax Exempt Trust
Institutional Tax-Free Portfolio 83 83
----------
Total Cash Equivalents
(Cost $2,730) 2,730
----------
Total Investments (102.6% of Net Assets)
(Cost $180,632) 182,600
----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
38
<PAGE>
================================================================================
(UNAUDITED)
FLORIDA TAX-EXEMPT BOND FUND
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
MUNICIPAL BONDS (98.5%)
FLORIDA (91.8%)
Alachua County, State Health
Facilities Authority, Shands
Teaching Hospital, Ser B, RB,
VRDN (MBIA) (C) (D)
3.850%, 12/01/26 $ 300 $ 300
Brevard County, School Board,
Ser A, COP (AMBAC)
5.400%, 07/01/12 1,500 1,577
Broward County, School District,
COP, Callable 07/01/07
@ 101 (AMBAC)
5.100%, 07/01/09 1,465 1,498
Broward County, School District,
GO, Pre-Refunded 02/15/99
@ 102 (F)
7.125%, 02/15/08 400 423
Brevard County, State Health
Facilities Authority, Holmes
Medical Center Project, RB,
Callable 10/01/03 @ 102 (MBIA)
5.700%, 10/01/08 3,000 3,197
Brevard County, State Health
Facilities Authority, Wuesthoff
Memorial Hospital Project,
RB (MBIA)
6.250%, 04/01/06 930 1,040
Citrus County, Pollution Control,
Florida Power, RB Callable
08/01/02 @ 102
6.350%, 02/01/22 335 358
Dade County, Aviation Revenue,
Ser A, RB, Callable 10/01/05
@ 102 (AMBAC)
6.000%, 10/01/09 500 548
Dade County, Ser CC,
GO (AMBAC)
7.125%, 10/01/11 1,810 2,217
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
FLORIDA--CONTINUED
Dade County, School Board,
Ser B, COP (AMBAC)
5.750%, 08/01/03 $ 600 $ 643
Dade County, School District,
GO, Pre-Refunded 07/01/99
@ 102 (F)
7.200%, 07/01/02 2,000 2,136
7.375%, 07/01/08 250 268
Dade County, Seaport, RB (MBIA)
6.200%, 10/01/08 750 849
6.500%, 10/01/09 1,000 1,159
6.200%, 10/01/10 1,000 1,131
Dade County, State Educational
Facilities Authority, University
of Miami, RB, Callable 04/01/06
@ 102 (MBIA)
5.750%, 04/01/20 2,000 2,082
Dade County, State Educational
Facilities Authority, University
of Miami, Ser A, RB (MBIA)
6.000%, 04/01/08 755 835
Dade County, Water &
Sewer System, RB (FGIC)
6.250%, 10/01/09 750 852
Deerfield Beach, Water &
Sewer Revenue, RB (FGIC)
6.125%, 10/01/06 250 279
Gainesville, Utility Systems,
Ser A, RB
5.750%, 10/01/04 1,300 1,406
5.750%, 10/01/09 500 548
Gulf Breeze, Local Government
Lien, Ser B, RB, Mandatory
Tender 12/01/08 (FGIC)
5.650%, 12/01/15 460 493
Gulf Breeze, Local Government
Lien, Ser B, RB, Mandatory
Tender 12/01/09 (FGIC)
5.750%, 12/01/15 410 441
39
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
FLORIDA TAX-EXEMPT BOND FUND--CONTINUED
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
FLORIDA--CONTINUED
Hillsborough County, Aviation
Authority, Tampa International
Airport, Ser B, RB, Callable
10/01/06 @ 101 (AMBAC)
5.125%, 10/01/17 $1,250 $ 1,231
Hillsborough County, Capital
Improvement Program,
RB (FGIC) (ETM)
5.900%, 08/01/04 300 326
Hillsborough County, Capital
Improvement Program,
Ser B, RB, Callable 07/01/06
@102 (MBIA)
5.125%, 07/01/22 3,000 2,936
Hillsborough County, School
Board Revenue, COP,
Callable 07/01/06 @ 100 (MBIA)
5.875%, 07/01/08 1,000 1,082
Hillsborough County, University
Community Hospital, RB (MBIA)
6.500%, 08/15/19 145 170
Indian Trace Community, Water
Management Split Benefit,
Ser A-1, RB, Callable 05/01/05
@ 102 (MBIA)
5.500%, 05/01/07 455 486
Jacksonville, Excise Tax, Ser B,
RB, AMT, Callable 10/01/03
@ 100 (FGIC)
5.200%, 10/01/04 1,500 1,554
Jacksonville, State Health Facilities
Authority, Charity Obligation
Group, Ser A, RB , Callable
08/15/07 @ 101
5.125%, 08/15/27 1,000 970
Jacksonville, State Health Facilities
Authority, Charity Obligation
Group, Ser A, RB , Callable
08/15/07 @ 101 (MBIA)
5.250%, 08/15/15 2,000 2,016
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
FLORIDA--CONTINUED
Jacksonville, Water & Sewer
Revenue, RB, Callable
10/01/06 @ 102 (MBIA)
5.000%, 10/01/20 $ 610 $ 633
Lakeland, Electric & Water
Revenue, RB
6.650%, 10/01/98 100 102
Lakeland, Electric & Water
Revenue, RB (FGIC)
6.500%, 10/01/05 1,000 1,136
6.000%, 10/01/07 1,000 1,111
Manatee County, Community
Redevelopment Administration,
Center Project, RB, Callable
04/01/00 @ 102 (MBIA)
7.000%, 04/01/08 1,000 1,078
Martin County, State Health
Facilities Authority, Martin
Memorial Medical Center,
Ser B, RB, Callable 11/15/07
@ 102 (MBIA)
5.150%, 11/15/11 1,070 1,084
North Broward, Hospital District
Revenue, RB (MBIA)
5.950%, 01/01/01 1,000 1,053
Orange County, State Health
Facilities Authority, Orlando
Regional Healthcare, RB (MBIA)
6.250%, 10/01/13 1,000 1,134
Orange County, State Housing
Finance Authority, Single
Family Mortgage, Ser B, RB,
Callable 9/01/07 @ 102
5.800%, 09/01/17 760 779
Orange County, Public Facilities
Revenue, Ser A, RB, Callable
10/01/04 @ 102 (AMBAC)
5.650%, 10/01/07 200 215
40
<PAGE>
================================================================================
(UNAUDITED)
- -------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------
FLORIDA--CONTINUED
Orlando, Community Water &
Electric Revenue, RB (ETM)
9.625%, 10/01/03 $ 450 $ 570
Orlando, Community Water &
Electric Revenue, Ser D, RB
6.750%, 10/01/17 500 601
Osceola County, COP (AMBAC)
6.250%, 06/01/01 1,760 1,882
6.250%, 06/01/04 2,105 2,328
6.250%, 06/01/05 2,240 2,498
Palm Beach, Solid Waste Authority,
Ser A, RB (AMBAC)
6.000%, 10/01/09 1,000 1,114
Palm Beach, State Health Facilities
Authority, JFK Medical Center
Project, RB, Pre-Refunded
12/01/03 @ 102 (FSA)
5.750%, 12/01/14 165 179
Palm Beach County, Apartment
System, RB, Callable 10/01/01
@ 102 (MBIA)
7.625%, 10/01/04 1,410 1,598
Pinellas County, Morton Plant
Health Systems Project, RB,
Callable 11/15/03 @ 102 (MBIA)
5.500%, 11/15/08 1,500 1,577
Pinellas County, State Housing
Finance Authority, Single
Family Mortgage, Ser C, RB,
Callable 03/01/07 @ 102
5.050%, 09/01/07 215 218
5.100%, 09/01/08 230 233
Plant City, Utility System
Revenue, RB, Callable
10/01/04 @ 101 (MBIA)
6.000%, 10/01/15 400 446
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
FLORIDA--CONTINUED
Port Saint Lucie, RB, Callable
09/01/07 @ 101 (MBIA)
5.125%, 09/01/27 $1,000 $ 977
Reedy Creek, Utility Revenue,
Ser 1991-1, RB, Pre-Refunded
10/01/01 @ 101 (MBIA) (F)
6.250%, 10/01/11 240 259
South Broward, Hospital District,
RB, Callable 05/01/03
@ 102 (AMBAC)
7.500%, 05/01/08 1,920 2,217
State Board of Education, Ser B,
GO, Callable 06/01/01 @ 101
6.000%, 06/01/22 500 525
State Board of Education, Ser C,
GO, Pre-Refunded 06/01/97
@ 102 (ETM) (F)
7.100%, 06/01/07 190 203
State Board of Education, Capital
Outlay, Ser A, GO, Pre-Refunded
06/01/00 @ 102 (F)
7.250%, 06/01/23 2,095 2,291
State Board of Education, Capital
Outlay, Ser B, GO (F)
6.000%, 06/01/02 1,000 1,067
State Board of Education, Capital
Outlay, Ser B, GO, Callable
06/01/02 @ 101
5.900%, 06/01/12 450 472
6.000%, 06/01/15 170 180
State Board of Finance Department,
General Services Revenue,
Environmental Preservation
2000, Ser A, RB (AMBAC)
5.300%, 07/01/04 460 485
5.125%, 07/01/07 1,000 1,041
41
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
FLORIDA TAX-EXEMPT BOND FUND--CONCLUDED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
FLORIDA--CONTINUED
State Board of Finance Department,
General Services Revenue,
Environmental Preservation 2000,
Ser B, RB (AMBAC)
6.000%, 07/01/09 $3,000 $ 3,343
State Department of Natural
Resources, Preservation 2000
Project, Ser A, RB, Pre-Refunded
07/01/01 @ 102 (AMBAC) (F)
6.750%, 07/01/06 80 88
State Department of Transportation,
Right of Way, GO
6.000%, 07/01/06 2,000 2,212
State Department of Transportation,
Turnpike Authority, Ser A,
RB (AMBAC)
5.500%, 07/01/03 1,000 1,059
State Keys, Aqueduct Authority
Revenue, RB, Pre-Refunded
09/01/01 @ 101 (AMBAC)
6.750%, 09/01/21 170 186
State Municipal Power Agency,
Saint Lucie Project, RB,
Callable 12/08/97 @ 100
5.000%, 10/01/17 500 494
Tallahassee Construction Utility
System, Pre-Refunded
10/01/99 @ 102 (F)
6.900%, 10/01/14 240 257
Tampa, RB, Callable 10/01/01
@ 102 (AMBAC)
7.050%, 10/01/07 1,000 1,109
-------
75,085
-------
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
PUERTO RICO (6.7%)
Commonwealth, GO (MBIA)
5.650%, 07/01/15 $1,000 $ 1,072
Commonwealth, Highway &
Transportation Authority,
Ser Z, RB (MBIA)
6.250%, 07/01/14 2,000 2,277
Electric Power Authority,
RB (MBIA)
6.125%, 07/01/09 1,000 1,124
Electric Power Authority, Ser S, RB
5.500%, 07/01/00 200 207
Public Buildings Authority
Revenue, Guaranteed
Government Facilities,
Ser A, RB (AMBAC)
6.250%, 07/01/14 750 854
-------
5,534
-------
Total Municipal Bonds
(Cost $78,274) 80,619
-------
CASH EQUIVALENTS (1.8%)
AIM Management Institutional
Tax-Free Portfolio 202 202
SEI Tax-Exempt Trust Institutional
Tax-Free Portfolio 1,226 1,226
-------
Total Cash Equivalents
(Cost $1,428) 1,428
-------
Total Investments (100.3%)
(Cost $79,702) 82,047
-------
OTHER ASSETS AND LIABILITIES, NET (-0.3%) (227)
-------
42
<PAGE>
================================================================================
(UNAUDITED)
- --------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares
(unlimited authorization -- no par value)
based on 6,888,765 outstanding shares of
beneficial interest $70,732
Fund shares of the Investor Shares
(unlimited authorization -- no par value)
based on 300,276 outstanding shares of
beneficial interest 2,962
Fund shares of the Flex Shares
(unlimited authorization -- no par value)
based on 554,894 outstanding shares of
beneficial interest 5,749
Accumulated net realized gain
on investments 32
Net unrealized appreciation
on investments 2,345
-------
Total Net Assets (100.0%) $81,820
=======
- --------------------------------------------------------------
VALUE
- --------------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 10.56
=======
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 10.57
=======
Maximum Offering Price Per Share --
Investor Shares ($10.57 / 96.25%) $ 10.98
=======
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 10.58
=======
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
43
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
TENNESSEE TAX-EXEMPT BOND FUND
- ---------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ---------------------------------------------------------------
MUNICIPAL BONDS (88.2%)
PUERTO RICO (11.3%)
Commonwealth, GO, Callable
07/01/05 @ 100 (MBIA)
5.500%, 07/01/13 $175 $ 180
Commonwealth, Highway &
Transportation Authority,
Ser Z, RB (MBIA)
6.250%, 07/01/15 500 571
-------
751
-------
TENNESSEE (76.9%)
Chattanooga, GO, Callable
08/01/02 @ 102
5.900%, 08/01/05 50 54
Chattanooga, Health Facilities Board,
Memorial Hospital Project,
Ser A, RB (MBIA)
6.300%, 09/01/05 20 22
Chattanooga-Hamilton County,
Erlanger Medical Center Project,
RB (FSA)
5.600%, 10/01/08 50 54
Hamilton County, GO, Callable
07/01/04 @ 102
5.500%, 07/01/08 100 105
Harpeth Valley, Utility District
Revenue, RB, Callable
09/01/03 @ 102
5.625%, 09/01/07 100 106
Jackson, Water & Sewer Utilities
Revenue, RB, Callable 07/01/06
@ 100 (AMBAC)
5.250%, 07/01/11 200 203
Johnson City, Water & Sewer
Regulation System, GO,
Callable 05/01/06 @ 100
(AMBAC)
5.800%, 05/01/09 100 107
- ----------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ----------------------------------------------------------------
TENNESSEE--CONTINUED
Kingsport, GO
5.500%, 09/01/02 $ 50 $ 53
Knox County, First Utility
District Sewer Revenue, RB,
Callable 12/01/97 @ 100 (ETM)
7.250%, 12/01/05 55 65
Knox County, Health Facilities
Board, Mercy Health Systems,
Ser B, RB, Callable 09/01/05
@ 100 (AMBAC)
5.875%, 09/01/15 50 52
Knoxville, Natural Gas Revenue,
Ser E, RB, Callable 03/01/03 @ 100
5.900%, 03/01/10 100 105
Madison County, Ser A, GO,
Callable 08/01/01 @ 102
6.000%, 08/01/05 40 43
Madison County, Water Revenue,
RB, Callable 02/01/08
@ 100 (MBIA)
5.500%, 02/01/09 250 263
Memphis-Shelby County, Airport
Authority, RB, Callable 09/01/05
@ 100 (MBIA)
5.550%, 09/01/08 50 52
Memphis-Shelby County, Airport
Authority, Ser B, RB, AMT (MBIA)
6.500%, 02/15/09 85 97
Metro Government, Nashville &
Davidson County, Convention
Center Project, GO (ETM)
6.250%, 03/01/10 200 225
Metro Government, Nashville &
Davidson County, Correctional
Facility Improvements, RB,
Callable 09/01/01 @ 102
7.000%, 09/01/11 100 109
44
<PAGE>
================================================================================
(UNAUDITED)
- ---------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ---------------------------------------------------------------
TENNESSEE--CONTINUED
Metro Government, Nashville &
Davidson County, Electric System
Revenue, RB
5.625%, 05/15/14 $200 $ 209
Metro Government, Nashville &
Davidson County, Electric System
Revenue, RB (ETM)
6.000%, 07/01/04 100 109
Metro Government, Nashville &
Davidson County, Vanderbilt
University Hospital, RB,
Callable 07/01/06 @ 100 (ETM)
6.100%, 07/01/10 100 109
Metro Government, Nashville &
Davidson County, Vanderbilt
University, Ser A, RB
5.500%, 01/01/06 125 133
Metro Government, Nashville &
Davidson County, Water &
Sewer Revenue, RB (ETM)
6.500%, 12/01/14 225 261
Metro Government, Nashville &
Davidson County, Water &
Sewer Revenue, RB, Callable
01/01/04 @ 100 (AMBAC)
5.900%, 01/01/07 100 106
Metro-Nashville, Airport Authority,
Special Facilities-American
Airlines Project, Ser A, RB (C)
3.850%, 10/01/12 400 400
Nashville & Davidson County,
State Sports Authority Stadium
Project, RB, Callable 07/01/06
@ 101 (AMBAC)
5.750%, 07/01/15 100 105
Shelby County, Ser A, GO
5.500%, 03/01/10 300 318
Shelby County, School Boards, GO,
Callable 03/01/02 @ 101
5.800%, 03/01/10 300 319
- ---------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ---------------------------------------------------------------
TENNESSEE--CONTINUED
State GO, Ser A, Callable
03/01/07 @ 100
5.500%, 03/01/09 $ 50 $ 53
State GO, Ser C
5.000%, 03/01/04 100 104
State Housing Development
Agency, Ser A, RB (AMBAC)
6.550%, 01/01/08 50 52
State Housing Development
Agency, Homeownership
Program-Issue 3a, RB, AMT (A)
0.000%, 07/01/05 1,000 690
State Local Development Authority,
State Loan Program, Ser A, RB,
Callable 03/01/04 @ 100
7.000%, 03/01/12 50 55
State Metropolitan Nashville Airport,
Ser B, RB, Pre-Refunded 07/01/01
@ 102 (FGIC) (F)
7.750%, 07/01/06 100 113
State School Board Authority,
Higher Education Facilities,
Ser A, RB, Callable 05/01/02
@ 101.50
5.800%, 05/01/04 150 160
Sullivan County, Health Facilities
Board, Holston Valley Health,
RB, Callable 02/15/03
@ 102 (MBIA)
5.750%, 02/15/13 50 52
Williamson County, Rural School,
GO, Callable 09/01/06 @ 100
5.400%, 09/01/07 50 53
-------
5,116
-------
Total Municipal Bonds
(Cost $5,617) 5,867
-------
45
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
TENNESSEE TAX-EXEMPT BOND FUND--CONCLUDED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
CASH EQUIVALENTS (9.3%)
AIM Management Institutional
Tax-Free Portfolio $323 $ 323
SEI Tax-Exempt Trust Institutional
Tax-Free Portfolio 299 299
------
Total Cash Equivalents
(Cost $622) 622
------
REPURCHASE AGREEMENT (1.7%)
Lehman Brothers
5.12%, dated 11/28/97, matures
12/01/97, repurchase price
$113,482 (collateralized by
U.S. Treasury Note: market
value $116,824) 113 113
------
Total Repurchase Agreement
(Cost $113) 113
------
Total Investments (99.2%)
(Cost $6,352) 6,602
------
OTHER ASSETS AND LIABILITIES, NET (0.8%) 51
------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value) based on
210,251 outstanding shares of
beneficial interest 1,963
Fund shares of the Investor Shares (unlimited
authorization -- no par value) based on
133,860 outstanding shares of
beneficial interest 1,256
Fund shares of the Flex Shares (unlimited
authorization -- no par value) based on
331,061 outstanding shares of
beneficial interest 3,189
Accumulated net realized loss
on investments (5)
Net unrealized appreciation
on investments 250
------
Total Net Assets (100.0%) $6,653
======
- --------------------------------------------------------------
VALUE
- --------------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 9.85
======
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 9.87
======
Maximum Offering Price Per Share --
Investor Shares ($9.87 / 96.25%) $10.25
======
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 9.85
======
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
46
<PAGE>
================================================================================
(UNAUDITED)
GEORGIA TAX-EXEMPT BOND FUND
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
MUNICIPAL BONDS (92.4%)
GEORGIA (92.4%)
Albany-Dougherty County,
State Hospital Authority, Ser B,
Anticipation Certificate,
Pre-Refunded 09/01/00
@ 102 (AMBAC) (F)
7.500%, 09/01/20 $ 255 $ 282
Athens, Water & Sewer
Revenue, RB (ETM) (F)
5.700%, 07/01/00 165 171
Atlanta, Airport Facility,
RB (AMBAC)
6.000%, 01/01/03 500 538
6.000%, 01/01/04 500 543
6.500%, 01/01/06 1,000 1,131
Augusta, Water & Sewer, RB,
Callable 05/01/02 @ 102
6.200%, 05/01/03 130 142
Bibb County, GO
7.000%, 01/01/04 985 1,119
Bulloch County, Georgia
School District, GO,
Callable 02/01/07 @ 102
5.250%, 02/01/17 1,000 1,010
Clayton County, Water Authority,
RB, Callable 05/01/06
@ 102 (AMBAC)
5.350%, 05/01/09 1,500 1,567
Cobb County, GO
5.000%, 02/01/03 1,025 1,056
Cobb County, Recreational
Facilities Improvements, GO,
Callable 01/01/07 @ 101
5.125%, 01/01/15 850 850
Cobb County, Water &
Sewer Authority, Callable
07/01/04 @ 102
5.125%, 07/01/05 345 359
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
GEORGIA--CONTINUED
Cobb County & Marietta,
Coliseum & Exhibit Hall
Authority, RB (MBIA)
5.500%, 10/01/12 $ 940 $ 993
Cobb County & Marietta,
Water Authority, RB
5.100%, 11/01/04 1,000 1,043
Columbus, Georgia Water &
Sewer, RB, Callable 11/01/07
@ 102 (FGIC)
5.625%, 05/01/13 1,055 1,106
Dalton-Whitfield County,
Hospital Authority, RB,
Pre-Refunded 07/01/00 @ 102 (F)
7.000%, 07/01/03 355 386
DeKalb County, Development
Authority, Emory University
Project, Ser A, RB
5.375%, 11/01/05 1,650 1,746
DeKalb County, Development
Authority, Emory University
Project, Ser A, RB, Callable
11/01/05 @ 101
5.200%, 11/01/08 500 519
DeKalb County, School
District, Ser A, GO
6.250%, 07/01/11 1,500 1,699
Douglas County, School
District, GO (MBIA)
5.650%, 01/01/09 805 853
Douglasville-Douglas County,
Water & Sewer Authority,
RB (AMBAC)
5.625%, 06/01/15 350 372
East Point, Building Authority,
RB, Callable 02/01/06
@ 102 (AMBAC)
4.800%, 02/01/07 535 540
47
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
GEORGIA TAX-EXEMPT BOND FUND--CONTINUED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
GEORGIA--CONTINUED
Fayette County, School
District, GO
6.250%, 03/01/07 $ 450 $ 505
Fayette County, Water Authority,
RB (MBIA) (ETM)
8.550%, 10/01/01 300 345
Forsyth County, School
District, GO
6.500%, 07/01/06 1,000 1,138
Forsyth County, School
District, GO (MBIA)
5.350%, 07/01/10 680 704
Fulton County, Hospital Authority,
Northside Hospital Project,
Ser B, RB, Pre-Refunded 10/01/02
@ 102 (MBIA) (F)
6.600%, 10/01/11 2,000 2,228
Gwinnett County, Recreation
Authority, RB
5.800%, 02/01/06 785 853
5.875%, 02/01/07 1,390 1,520
Gwinnett County, School
District, GO
6.400%, 02/01/06 500 564
Gwinnett County, School
District, Ser B, GO
6.400%, 02/01/07 1,000 1,134
Gwinnett County, Water & Sewer
Authority, Water Utility
Improvements, Callable
08/01/07 @102, RB
5.250%, 08/01/18 780 786
Hall County, School District,
Ser B, GO
6.300%, 12/01/05 675 752
Hartwell, Combined Utility
Revenue, RB, Callable
01/01/06 @ 102 (FSA)
5.500%, 01/01/16 1,000 1,024
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
GEORGIA--CONTINUED
Henry County, GO
6.300%, 08/01/08 $ 300 $ 340
Henry County, Hospital Authority,
Henry Medical Center Project,
RB (AMBAC)
5.500%, 07/01/07 2,460 2,620
Henry County, School District,
Ser A, GO
6.150%, 08/01/06 150 167
6.450%, 08/01/11 500 573
Henry County, School District,
Ser B, GO (MBIA)
5.500%, 08/01/01 350 366
Henry County, Water & Sewer
Authority, RB (AMBAC)
6.150%, 02/01/20 1,750 2,000
Medical Center Hospital Authority,
Columbus Regional Healthcare
System, Callable 08/01/05
@ 102, RB (MBIA)
6.000%, 08/01/06 1,000 1,103
Meriwether County, School
District, GO (FSA)
7.000%, 02/01/06 740 864
5.500%, 02/01/16 1,000 1,026
Milledgeville, Water & Sewer
Revenue, RB (FSA)
6.000%, 12/01/16 1,000 1,109
6.000%, 12/01/21 1,000 1,118
Paulding County, School
District, Ser A, GO
6.625%, 02/01/07 1,000 1,146
6.625%, 02/01/08 500 577
Private Colleges & Universities
Facilities Authority, Emory
University Project, Ser A, RB,
Callable 11/01/07 @ 100
5.000%, 11/01/10 1,000 1,005
48
<PAGE>
================================================================================
(UNAUDITED)
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
GEORGIA--CONTINUED
Private Colleges & Universities
Facilities Authority, Emory
University Project, Ser C, RB,
Callable 10/01/02 @ 102
5.900%, 10/01/04 $ 305 $ 330
Private Colleges & Universities
Facilities Authority, Mercer
University Project, RB (MBIA)
6.400%, 11/01/01 500 575
Private Colleges & Universities
Facilities Authority, Spelman
College Project, RB (FGIC)
6.000%, 06/01/09 475 508
Richmond County, Water & Sewer
Revenue, Ser A, RB (FGIC)
5.125%, 10/01/17 1,000 988
Rockdale County, School District,
RB, Pre-Refunded 01/01/99
@ 102 (F)
6.400%, 01/01/05 150 157
Savannah, Water & Sewer
Revenue, RB (ETM) (F)
6.450%, 12/01/04 1,000 1,119
Smyrna, Development
Authority, RB
5.600%, 02/01/20 735 777
State GO, Ser C
6.500%, 04/01/08 1,000 1,151
6.250%, 08/01/08 1,360 1,543
State Housing & Financial
Authority, Single Family
Mortgage, Ser B, Sub-ser B-1,
Callable 06/01/05 @ 102, RB
5.550%, 12/01/07 550 575
State Housing & Financial
Authority, Single Family
Mortgage, Ser B, Sub-ser B-1,
Callable 06/01/06 @ 102,
RB (FHA)
5.550%, 12/01/10 325 333
5.600%, 12/01/11 450 462
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
GEORGIA--CONTINUED
State Housing & Financial
Authority, Single Family
Mortgage, Ser C, Sub-ser C-1,
Callable 12/01/07 @ 101.5, RB
5.550%, 12/01/16 $ 500 $ 505
State Municipal Electric Authority,
Callable 01/12/98 @ 101,
RB (ETM) (F)
8.000%, 01/01/15 465 611
Upper Oconee Basin, Water
Authority, RB (FGIC)
5.000%, 07/01/12 500 498
Vidalia, Water & Sewer Revenue,
RB (ETM) (F)
6.000%, 07/01/07 605 670
Walker County, School
District, GO
5.000%, 02/01/03 1,000 1,030
-------
55,424
-------
Total Municipal Bonds
(Cost $53,887) 55,424
-------
REPURCHASE AGREEMENT (3.6%)
Lehman Brothers
5.12%, dated 11/28/97, matures
12/01/97, repurchase price
$2,181,260 (collateralized by
U.S. Treasury Note: market
value $2,245,304) 2,180 2,180
-------
Total Repurchase Agreement
(Cost $2,180) 2,180
-------
CASH EQUIVALENTS (9.2%)
AIM Management Institutional
Tax-Free Portfolio 2,767 2,767
49
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
GEORGIA TAX-EXEMPT BOND FUND--CONCLUDED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
CASH EQUIVALENTS--CONTINUED
SEI Tax-Exempt Trust Institutional
Tax-Free Portfolio $2,760 $ 2,760
-------
Total Cash Equivalents
(Cost $5,527) 5,527
-------
Total Investments (105.2%)
(Cost $61,594) 63,131
-------
OTHER ASSETS AND LIABILITIES (-5.2%)
Investment securities purchased payable (3,844)
Other assets and liabilities, net 707
-------
TOTAL OTHER ASSETS AND LIABILITIES (3,137)
-------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value)
based on 5,021,018 outstanding shares of
beneficial interest 48,761
Fund shares of the Investor Shares (unlimited
authorization -- no par value)
based on 380,916 outstanding shares of
beneficial interest 3,716
Fund shares of the Flex Shares (unlimited
authorization -- no par value)
based on 606,617 outstanding shares of
beneficial interest 5,920
Accumulated net realized gain
on investments 60
Net unrealized appreciation
on investments 1,537
-------
Total Net Assets (100.0%) $59,994
=======
- --------------------------------------------------------------
VALUE
- --------------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 9.98
=======
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 10.00
=======
Maximum Offering Price Per Share --
Investor Shares ($10.00 / 96.25%) $ 10.39
=======
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 9.98
=======
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
50
<PAGE>
================================================================================
(UNAUDITED)
INVESTMENT GRADE BOND FUND
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (28.2%)
U.S. Treasury Bonds
7.500%, 11/15/16 $46,000 $ 53,032
8.125%, 08/15/19 94,500 116,886
6.375%, 08/15/27 32,800 34,099
U.S. Treasury Note
7.250%, 08/15/04 11,000 11,829
--------
Total U.S. Treasury Obligations
(Cost $199,229) 215,846
--------
CORPORATE OBLIGATIONS (55.2%)
FINANCE (34.1%)
American General Finance
6.875%, 07/01/99 13,000 13,146
Aristar
6.750%, 05/15/99 23,000 23,201
General Motors Acceptance
7.125%, 05/01/01 23,500 24,088
General Motors Acceptance, MTN
6.250%, 01/16/01 6,900 6,900
6.750%, 11/04/04 21,000 21,210
Great Western Financial
8.600%, 02/01/02 9,800 10,511
Homeside Lending, MTN
6.875%, 05/15/00 26,850 27,119
Household Finance, MTN
7.150%, 06/15/00 6,000 6,120
7.050%, 06/06/01 7,000 7,175
Korea Development Bank
7.125%, 09/17/01 11,500 11,011
RHG Finance
8.875%, 10/01/05 17,100 19,216
Salomon
6.250%, 10/01/99 16,750 16,750
6.500%, 03/01/00 28,000 28,105
Service International
7.375%, 04/15/04 20,500 21,423
SunAmerica
6.200%, 10/31/99 25,000 25,031
--------
261,006
--------
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
INDUSTRIAL (14.8%)
American Home Products
7.700%, 02/15/00 $11,750 $ 12,073
7.900%, 02/15/05 21,300 22,977
Ikon Capital, MTN
6.150%, 09/22/99 8,500 8,479
6.730%, 06/15/01 13,000 13,146
Lockheed Martin
6.550%, 05/15/99 16,000 16,060
Philip Morris
7.250%, 09/15/01 24,500 25,051
7.500%, 04/01/04 14,500 15,116
--------
112,902
--------
UTILITIES (6.3%)
AT&T Capital, MTN
6.410%, 08/13/99 26,000 26,098
General Electric Capital, Callable
05/01/00 @ 100 (C) (D)
6.660%, 05/01/18 22,000 22,303
--------
48,401
--------
Total Corporate Obligations
(Cost $417,343) 422,309
--------
U.S. GOVERNMENT AGENCY
OBLIGATIONS (10.0%)
FHLMC
8.000%, 06/01/02 6,962 7,102
7.500%, 09/01/03 17,605 18,001
FNMA
7.000%, 10/01/03 50,803 51,391
--------
Total U.S. Government Agency
Obligations
(Cost $76,179) 76,494
--------
BANK NOTE (1.9%)
Capital One
6.530%, 11/26/99 14,500 14,500
--------
Total Bank Note
(Cost $14,500) 14,500
--------
51
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
INVESTMENT GRADE BOND FUND--CONCLUDED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
REPURCHASE AGREEMENTS (3.8%)
Deutsche Bank
5.67%, dated 11/28/97, matures
12/01/97, repurchase price
$15,964,660 (collateralized by
US Treasury Notes: market
value $16,276,891) $15,957 $ 15,957
Salomon Brothers
5.67%, dated 11/28/97, matures
12/01/97, repurchase price
$13,021,207 (collateralized by
US Government STRIPS: market
value $13,295,595) 13,015 13,015
--------
Total Repurchase Agreements
(Cost $28,972) 28,972
--------
Total Investments (99.1%)
(Cost $736,223) 758,121
--------
OTHER ASSETS AND LIABILITIES, NET (0.9%) 6,664
--------
- --------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value) based
on 68,792,692 outstanding shares of
beneficial interest $711,139
Fund shares of the Investor Shares (unlimited
authorization -- no par value) based on
3,084,730 outstanding shares of
beneficial interest 32,414
Fund shares of the Flex Shares (unlimited
authorization -- no par value) based on
776,292 outstanding shares of
beneficial interest 8,036
Accumulated net realized loss
on investments (8,702)
Net unrealized appreciation
on investments 21,898
--------
Total Net Assets (100.0%) $764,785
========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 10.53
========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 10.52
========
Maximum Offering Price Per Share --
Investor Shares ($10.52 / 96.25%) $ 10.93
========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 10.53
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
52
<PAGE>
================================================================================
(UNAUDITED)
SHORT-TERM BOND FUND
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (28.6%)
U.S. Treasury Notes
5.875%, 08/15/98 $1,750 $ 1,752
4.750%, 09/30/98 1,500 1,489
4.750%, 10/31/98 9,000 8,922
5.500%, 02/28/99 4,750 4,735
5.875%, 07/31/99 5,000 5,005
6.375%, 05/15/00 3,000 3,038
7.500%, 11/15/01 250 264
5.750%, 08/15/03 1,000 995
U.S. Treasury STRIPS
0.000%, 08/15/03 1,250 900
0.000%, 11/15/04 8,000 5,335
--------
Total U.S. Treasury Obligations
(Cost $32,379) 32,435
--------
CORPORATE OBLIGATIONS (52.8%)
FINANCE (29.1%)
American Express
6.750%, 06/23/04 3,000 3,060
American General Finance, MTN
6.260%, 10/12/00 2,000 2,000
American General
6.250%, 03/15/03 1,100 1,089
Associates of North America, MTN
5.980%, 12/19/00 1,250 1,241
7.080%, 04/15/03 1,500 1,543
Bankers Trust New York
6.625%, 07/30/99 2,250 2,267
Beneficial, MTN
6.490%, 09/27/00 1,000 1,005
Chrysler Financial
9.500%, 12/15/99 1,000 1,063
Dean Witter Discover, MTN
6.000%, 02/08/01 1,000 971
First Chicago NBD, MTN
6.500%, 11/01/01 2,250 2,258
FFCB, MTN
6.820%, 06/15/01 2,250 2,260
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
FINANCE--CONTINUED
FNMA, MTN
5.760%, 02/26/01 $2,100 $ 2,071
Ford Motor Credit
7.000%, 09/25/01 725 743
6.550%, 09/10/02 2,000 2,015
General Electric Capital,
Callable & Putable 04/14/98
@ 100 (C) (D)
6.650%, 04/14/08 2,000 2,010
General Motors Acceptance
7.125%, 05/01/01 750 769
HFC Limited
6.000%, 06/30/98 2,000 2,001
Household Finance
9.625%, 07/15/00 1,250 1,350
International Lease Finance, MTN
6.050%, 02/01/00 2,250 2,244
Norwest Financial
7.200%, 04/01/04 1,000 1,043
--------
33,003
--------
INDUSTRIAL (18.1%)
Clark Equipment
9.750%, 03/01/01 1,250 1,358
Dayton Hudson
6.800%, 10/01/01 2,250 2,275
Federal Express
6.250%, 04/15/98 750 750
IBM, MTN
6.037%, 08/07/00 1,250 1,248
Philip Morris (D)
9.000%, 05/15/98 1,500 1,518
Philip Morris
7.500%, 01/15/02 1,250 1,289
RJR Nabisco
6.800%, 09/01/01 1,500 1,513
Sears Roebuck Acceptance, MTN
6.540%, 02/20/03 2,250 2,259
53
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
SHORT-TERM BOND FUND--CONCLUDED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
INDUSTRIAL--CONTINUED
Tenneco
10.075%, 02/01/01 $3,000 $ 3,304
TRW, MTN
9.000%, 02/09/01 1,000 1,076
Walt Disney Euro, MTN
6.250%, 06/21/99 4,000 4,000
--------
20,590
--------
UTILITIES (5.6%)
Bellsouth Savings
9.125%, 07/01/03 1,885 2,051
Indiana & Michigan Power, MTN
6.400%, 03/01/00 2,250 2,258
NYNEX Credit, MTN
6.900%, 06/15/99 2,000 2,023
--------
6,332
--------
Total Corporate Obligations
(Cost $59,522) 59,925
--------
U.S. AGENCY MORTGAGE-BACKED
OBLIGATIONS (5.4%)
FFCB, Callable 11/06/98 @ 100
6.330%, 11/06/00 2,500 2,499
FHLMC
6.500%, 04/01/98 575 579
8.000%, 01/01/00 751 768
FHLMC (C)
5.375%, 04/13/00 1,000 979
FNMA, Callable 04/13/98 @ 100
8.500%, 11/01/01 1,248 1,288
--------
Total U.S. Agency Mortgage-
Backed Obligations
(Cost $6,068) 6,113
--------
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
ASSET-BACKED SECURITIES (9.8%)
Arcadia Auto Receivables Trust,
Ser 1997-B, Cl A3
6.300%, 07/16/01 $2,500 $ 2,509
Discover Card Master Trust,
Ser 1997-2, Cl A
6.792%, 04/16/10 3,000 3,005
Iroquois Trust, Ser 1997-3, Cl A (B)
6.680%, 11/10/03 2,500 2,510
Premier Auto Trust,
Ser 1997-2, Cl A3
6.130%, 09/06/00 1,500 1,515
Union Pacific Equipment Trust,
Ser 96-A
7.060%, 05/15/03 1,500 1,547
--------
Total Asset-Backed Securities
(Cost $10,996) 11,086
--------
CASH EQUIVALENT (2.5%)
SEI Daily Income Trust Prime
Obligation Portfolio 2,822 2,822
--------
Total Cash Equivalent
(Cost $2,822) 2,822
--------
Total Investments (99.1%)
(Cost $111,787) 112,381
--------
OTHER ASSETS AND LIABILITIES, NET (0.9%) 1,005
--------
54
<PAGE>
================================================================================
(UNAUDITED)
- --------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value) based
on 10,988,524 outstanding shares of
beneficial interest $109,412
Fund shares of the Investor Shares (unlimited
authorization -- no par value) based on
193,964 outstanding shares of
beneficial interest 1,940
Fund shares of the Flex Shares (unlimited
authorization -- no par value) based on
135,411 outstanding shares of
beneficial interest 1,357
Undistributed net investment income 9
Accumulated net realized gain
on investments 74
Net unrealized appreciation
on investments 594
--------
Total Net Assets (100.0%) $113,386
========
- --------------------------------------------------------------
VALUE
- --------------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 10.02
========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 10.04
========
Maximum Offering Price Per Share --
Investor Shares ($10.04 / 98.00%) $ 10.24
========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 10.03
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
55
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
SHORT-TERM U.S. TREASURY SECURITIES FUND
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (96.0%)
U.S. Treasury Bond
6.000%, 08/15/99 $2,500 $ 2,508
U.S. Treasury Notes
5.500%, 11/15/98 1,600 1,596
8.875%, 02/15/99 4,200 4,350
6.375%, 05/15/99 1,900 1,915
6.875%, 07/31/99 4,250 4,322
5.875%, 11/15/99 2,000 2,003
5.875%, 02/15/00 1,000 1,002
6.875%, 03/31/00 1,250 1,279
6.125%, 07/31/00 2,250 2,267
5.750%, 10/31/00 2,000 1,996
--------
Total U.S. Treasury Obligations
(Cost $23,132) 23,238
--------
CASH EQUIVALENT (3.0%)
SEI Daily Income Trust
Treasury II Portfolio 716 716
--------
Total Cash Equivalent
(Cost $716) 716
--------
Total Investments (99.0%)
(Cost $23,848) 23,954
--------
OTHER ASSETS AND LIABILITIES, NET (1.0%) 240
--------
- --------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value) based on
1,951,427 outstanding shares of
beneficial interest $19,475
Fund shares of the Investor Shares (unlimited
authorization -- no par value) based on
350,936 outstanding shares of
beneficial interest 3,529
Fund shares of the Flex Shares (unlimited
authorization -- no par value)
based on 131,731 outstanding shares of
beneficial interest 1,311
Undistributed net investment income 3
Accumulated net realized loss
on investments (230)
Net unrealized appreciation
on investments 106
-------
Total Net Assets (100.0%) $24,194
=======
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 9.94
=======
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 9.94
=======
Maximum Offering Price Per Share --
Investor Shares ($9.94 / 99.0%) $ 10.04
=======
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 9.92
=======
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
56
<PAGE>
================================================================================
(UNAUDITED)
LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (3.5%)
U.S. Treasury Notes
8.500%, 11/15/00 $ 2,000 $ 2,142
8.000%, 05/15/01 2,500 2,666
--------
Total U.S. Treasury Obligations
(Cost $4,744) 4,808
--------
U.S. AGENCY MORTGAGE-BACKED
OBLIGATIONS (93.6%)
FHLMC
6.000%, 07/01/00 4,174 4,114
8.000%, 06/01/02 994 1,015
7.000%, 10/01/02 4,244 4,289
8.000%, 12/01/02 2,420 2,448
7.000%, 03/01/04 14,268 14,447
FHLMC REMIC, Ser 29-Q
7.500%, 06/25/20 15,000 15,413
FHLMC REMIC, Ser 1624-KC
6.000%, 06/15/08 10,000 9,844
FHLMC REMIC, Ser 1910-AC
6.500%, 10/15/15 10,000 10,025
FHLMC REMIC, Ser 1637-E
5.750%, 02/15/19 2,699 2,676
FHLMC REMIC, Ser 1666-E
6.000%, 12/15/19 5,000 4,943
FHLMC REMIC, Ser 1614-H
6.000%, 06/15/20 4,550 4,506
FNMA
7.500%, 07/01/03 7,927 8,096
7.000%, 10/01/03 14,112 14,275
7.000%, 03/01/04 14,214 14,379
8.500%, 04/01/17 1,017 1,073
FNMA REMIC, Ser G96-1PC
7.000%, 08/17/12 4,921 4,973
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
U.S. AGENCY MORTGAGE-BACKED
OBLIGATIONS--CONTINUED
FNMA REMIC, Ser 1992-134G
6.000%, 11/25/18 $5,586 $ 5,498
FNMA REMIC, Ser 1993-223PH
6.050%, 10/25/22 5,375 5,272
GNMA
9.000%, 11/15/17 1,271 1,380
--------
Total U.S. Agency Mortgage-
Backed Obligations
(Cost $128,011) 128,666
--------
REPURCHASE AGREEMENT (3.7%)
Morgan Stanley
5.67%, dated 11/28/97, matures
12/01/97, repurchase price
$5,027,438 (collateralized by
FNMA obligations: market
value $5,307,395) 5,025 5,025
--------
Total Repurchase Agreement
(Cost $5,025) 5,025
--------
Total Investments (100.8%)
(Cost $137,780) 138,499
--------
OTHER ASSETS AND LIABILITIES, NET (-0.8%) (1,044)
--------
57
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND--CONCLUDED
- --------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value) based
on 13,216,561 outstanding shares of
beneficial interest $132,591
Fund shares of the Investor Shares (unlimited
authorization -- no par value) based
on 233,199 outstanding shares of
beneficial interest 2,346
Fund shares of the Flex Shares (unlimited
authorization -- no par value)
based on 158,498 outstanding shares of
beneficial interest 1,605
Overdistributed net investment income (4)
Accumulated net realized gain
on investments 198
Net unrealized appreciation
on investments 719
--------
Total Net Assets (100.0%) $137,455
========
- --------------------------------------------------------------
VALUE
- --------------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 10.10
========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 10.09
========
Maximum Offering Price Per Share --
Investor Shares ($10.09 / 97.50%) $ 10.35
========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 10.10
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
58
<PAGE>
================================================================================
(UNAUDITED)
U.S. GOVERNMENT SECURITIES FUND
- ---------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ---------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (28.1%)
U.S. Treasury Bonds
7.250%, 05/15/16 $1,000 $ 1,126
6.875%, 08/15/25 1,000 1,101
U.S. Treasury Notes
7.750%, 11/30/99 200 207
8.500%, 11/15/00 1,000 1,071
8.000%, 05/15/01 200 213
7.500%, 11/15/01 200 211
7.500%, 05/15/02 750 798
7.250%, 05/15/04 500 537
7.875%, 11/15/04 275 306
7.500%, 02/15/05 500 546
7.000%, 07/15/06 500 536
6.500%, 10/15/06 750 780
6.625%, 05/15/07 1,050 1,105
7.625%, 02/15/25 400 479
--------
Total U.S. Treasury Obligations
(Cost $8,724) 9,016
--------
U.S. AGENCY MORTGAGE-BACKED
OBLIGATIONS (67.2%)
FHLMC
6.000%, 02/01/01 101 100
7.000%, 01/01/09 119 120
7.000%, 04/01/09 485 491
7.000%, 08/01/10 825 835
7.000%, 05/01/12 969 981
FNMA
6.000%, 11/25/07 916 904
7.500%, 06/01/11 869 890
7.000%, 09/17/11 1,161 1,174
7.000%, 05/01/12 989 1,000
7.000%, 06/01/12 906 915
7.000%, 07/01/12 975 986
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
U.S. AGENCY MORTGAGE-BACKED
OBLIGATIONS--CONTINUED
FNMA--continued
7.000%, 10/25/16 $ 938 $ 940
7.500%, 04/01/27 948 967
FNMA REMIC, Ser 1997-6, Cl H
7.000%, 08/18/08 1,058 1,073
FNMA REMIC, Ser G93-40, Cl VC
6.500%, 08/25/10 261 257
FNMA REMIC, Ser 1997-34, Cl VC
7.500%, 05/01/12 1,000 1,022
FNMA REMIC, Ser 1996-9, Cl H
6.500%, 11/25/13 1,337 1,331
FNMA REMIC, Ser 993-156, Cl B
6.500%, 04/25/18 100 99
FNMA REMIC, Ser 1990-143, Cl J
8.750%, 12/25/20 133 140
GNMA
7.500%, 10/20/09 62 64
8.250%, 01/15/12 80 84
9.000%, 04/15/17 447 477
8.500%, 05/15/17 831 870
10.000%, 06/15/19 3 4
7.500%, 05/15/22 582 594
7.000%, 11/15/22 433 435
8.000%, 02/15/23 34 36
8.500%, 03/15/23 77 81
7.500%, 04/15/23 126 129
7.500%, 09/15/23 868 886
7.000%, 01/15/24 152 152
7.500%, 04/15/24 811 828
7.000%, 06/15/24 869 872
8.000%, 08/15/24 82 86
8.000%, 09/15/24 26 27
8.000%, 10/15/24 34 36
8.000%, 11/15/24 32 34
8.500%, 12/15/24 66 69
59
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
U.S. GOVERNMENT SECURITIES FUND--CONCLUDED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
U.S. AGENCY MORTGAGE-BACKED
OBLIGATIONS--CONTINUED
GNMA--continued
8.500%, 02/15/25 $ 28 $ 30
7.000%, 12/15/25 486 488
GNMA REMIC, Ser 1995-6A, Cl E
7.500%, 05/20/23 1,000 1,016
-------
Total U.S. Agency Mortgage-
Backed Obligations
(Cost $21,185) 21,523
-------
CASH EQUIVALENTS (4.8%)
SEI Daily Income Trust
Government II Portfolio 1,521 1,521
SEI Daily Income Trust
Treasury II Portfolio 2 2
-------
Total Cash Equivalents
(Cost $1,523) 1,523
-------
Total Investments (100.1%)
(Cost $31,432) 32,062
-------
OTHER ASSETS AND LIABILITIES, NET (-0.1%) (24)
-------
- --------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value) based
on 2,515,482 outstanding shares of
beneficial interest $25,488
Fund shares of the Investor Shares (unlimited
authorization -- no par value) based on
230,826 outstanding shares of
beneficial interest 2,335
Fund shares of the Flex Shares (unlimited
authorization -- no par value) based on
351,595 outstanding shares of
beneficial interest 3,613
Accumulated net realized loss
on investments (28)
Net unrealized appreciation
on investments 630
-------
Total Net Assets (100.0%) $32,038
=======
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 10.34
=======
Net Asset Value and Redemption Price
Per Share -- Investor Shares $ 10.34
=======
Maximum Offering Price Per Share --
Investor Shares ($10.34 / 96.25%) $ 10.74
=======
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 10.34
=======
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
60
<PAGE>
================================================================================
(UNAUDITED)
PRIME QUALITY MONEY MARKET FUND
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
COMMERCIAL PAPER (61.0%)
FINANCE (36.5%)
American Express Credit
5.520%, 12/01/97 $40,000 $ 40,000
American General Finance
5.670%, 04/30/98 24,500 23,921
Banc One Funding
5.680%, 01/15/98 13,209 13,115
5.750%, 01/16/98 2,719 2,699
5.620%, 01/29/98 16,923 16,767
5.630%, 01/29/98 15,677 15,532
5.710%, 01/29/98 3,500 3,467
Barclays United States Funding
5.660%, 02/19/98 50,000 49,371
First Chicago Financial
5.500%, 12/05/97 35,000 34,979
5.670%, 03/30/98 29,000 28,456
Ford Motor Credit
5.570%, 12/15/97 5,500 5,488
5.600%, 01/08/98 1,700 1,690
Ford Motor Credit Europe
5.610%, 01/21/98 25,000 24,801
5.690%, 02/10/98 35,000 34,607
General Electric Capital
5.620%, 01/14/98 1,500 1,490
5.620%, 02/26/98 42,000 41,430
5.680%, 03/18/98 5,000 4,916
General Electric Credit Puerto Rico
5.610%, 02/18/98 7,000 6,914
5.610%, 02/25/98 10,000 9,866
IBM Credit
5.510%, 12/05/97 30,000 29,982
J.C. Penney Funding
5.600%, 01/28/98 21,445 21,263
5.680%, 02/20/98 47,000 46,399
John Hancock
5.700%, 12/01/97 8,000 8,000
Marsh and Mclennon
5.520%, 12/18/97 19,175 19,125
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
FINANCE--CONTINUED
Metlife Funding
5.520%, 12/16/97 $33,000 $ 32,924
Morgan Stanley Dean Witter
5.600%, 01/22/98 30,000 29,757
Panasonic Finance
5.550%, 01/06/98 13,000 12,928
5.540%, 01/15/98 25,000 24,827
5.690%, 03/13/98 32,200 31,681
Sony Capital
5.750%, 01/21/98 44,500 44,138
Toyota Motor Credit
5.690%, 02/27/98 30,000 29,583
Transamerica Finance
5.700%, 01/23/98 9,000 8,924
---------
699,040
---------
INDUSTRIAL (13.3%)
Archer Daniels Midland
5.520%, 12/04/97 45,000 44,979
5.650%, 02/09/98 20,000 19,780
British-American Tobacco Capital
5.550%, 12/02/97 25,000 24,996
Campbell Soup
5.470%, 04/20/98 14,750 14,436
Dominion Semiconductor
5.580%, 12/05/97 10,000 9,994
5.530%, 12/05/97 8,000 7,995
Eaton
5.570%, 12/02/97 40,000 39,994
Joseph Seagrams & Sons
5.550%, 12/05/97 12,141 12,134
RTZ America
5.750%, 01/16/98 1,000 993
5.600%, 01/26/98 6,300 6,245
5.680%, 02/26/98 12,000 11,835
5.700%, 03/05/98 11,000 10,836
5.670%, 04/07/98 5,000 4,900
61
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
PRIME QUALITY MONEY MARKET FUND--CONTINUED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
INDUSTRIAL--CONTINUED
Siemens Capital
5.630%, 02/19/98 $18,125 $ 17,898
Xerox
5.550%, 12/02/97 26,470 26,466
----------
253,481
----------
UTILITIES (11.2%)
Bellsouth Telecommunications
5.600%, 12/11/97 15,000 14,977
Edison International
5.550%, 12/02/97 6,587 6,586
5.580%, 12/11/97 25,000 24,961
GTE Funding
5.650%, 12/05/97 10,000 9,994
5.650%, 12/09/97 15,000 14,981
5.890%, 01/22/98 15,000 14,872
5.870%, 01/23/98 15,000 14,870
5.880%, 01/29/98 14,000 13,865
5.850%, 02/17/98 9,500 9,380
New England Power
5.550%, 12/03/97 5,000 4,998
Northern Telecom
5.600%, 12/01/97 10,000 10,000
Pacific Gas & Electric
5.570%, 12/01/97 27,200 27,200
SBC Communications
5.550%, 12/01/97 16,000 16,000
South Carolina Fuel
5.570%, 12/03/97 10,000 9,997
Southern New England
Telecommunications
5.520%, 12/04/97 16,125 16,118
5.550%, 12/09/97 5,168 5,162
----------
213,961
----------
Total Commercial Paper
(Cost $1,166,482) 1,166,482
----------
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
CORPORATE OBLIGATIONS (7.3%)
FINANCE (4.5%)
American General Finance
8.250%, 01/15/98 $ 1,250 $ 1,254
Associates of North America
6.800%, 12/15/97 3,000 3,001
8.125%, 01/15/98 1,000 1,003
Beneficial
9.125%, 02/15/98 1,875 1,886
Caterpillar Financial Service, MTN
6.960%, 06/01/98 5,000 5,026
Chubb Capital
6.000%, 02/01/98 10,000 10,000
Dean Witter Discover
6.000%, 03/01/98 19,865 19,868
Ford Motor Credit, MTN
6.450%, 02/05/98 5,000 5,005
International Lease Finance, MTN
7.500%, 01/15/98 3,000 3,006
5.750%, 02/02/98 5,000 4,999
5.740%, 02/03/98 5,000 4,999
5.625%, 03/01/98 4,800 4,797
8.250%, 10/19/98 1,500 1,529
John Hancock Capital, MTN
6.260%, 08/13/98 2,000 2,004
NationsBank
6.625%, 01/15/98 1,000 1,001
Paccar Financial Senior, MTN
6.030%, 03/17/98 5,000 5,003
Toyota Motor Credit, MTN
7.750%, 12/19/97 1,500 1,501
Transamerica Financial, MTN
7.210%, 03/23/98 9,500 9,539
----------
85,421
----------
INDUSTRIAL (1.7%)
British Petroleum America
8.875%, 12/01/97 5,300 5,300
Pet
5.750%, 07/01/98 1,800 1,798
62
<PAGE>
================================================================================
(UNAUDITED)
- ---------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ---------------------------------------------------------------
INDUSTRIAL--CONTINUED
Phillip Morris
9.250%, 12/01/97 $16,180 $ 16,180
Rockwell International
7.625%, 02/17/98 1,000 1,003
Texaco Capital
8.650%, 01/30/98 2,000 2,009
Walt Disney
8.000%, 12/19/97 3,595 3,599
Waste Management Technologies
8.125%, 02/01/98 2,000 2,007
----------
31,896
----------
UTILITIES (1.2%)
Bell Atlantic Financial, MTN
5.450%, 04/22/98 500 499
5.300%, 09/01/98 3,700 3,682
Hydro-Quebec, MTN
7.120%, 12/19/97 2,500 2,502
Kansas City Power and Light, MTN
5.750%, 03/06/98 3,760 3,759
New England Telephone
& Telegraph
6.250%, 12/15/97 2,700 2,700
Pacific Gas & Electric, MTN
5.810%, 03/19/98 2,000 1,998
5.375%, 08/01/98 5,290 5,271
Southern California Edison
5.875%, 02/01/98 2,500 2,500
----------
22,911
----------
Total Corporate Obligations
(Cost $140,228) 140,228
----------
BANK NOTES (5.0%)
Comerica Bank (C)
5.820%, 10/21/98 50,000 49,983
CoreStates Bank (C)
5.575%, 07/30/98 10,000 10,000
FCC National Bank (C)
5.650%, 05/08/98 15,000 14,997
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
BANK NOTES--CONTINUED
PNC Bank N.A. (C)
5.600%, 07/01/98 $20,000 $ 19,988
----------
Total Bank Notes
(Cost $94,968) 94,968
----------
U.S. GOVERNMENT AGENCY
OBLIGATION (0.3%)
SLMA, Callable 01/08/98
@ 100 (C)
5.560%, 02/08/99 5,000 4,991
----------
Total U.S. Government
Agency Obligation
(Cost $4,991) 4,991
----------
CERTIFICATES OF DEPOSIT (13.9%)
Bank of America, Canada
5.590%, 12/22/97 30,000 30,000
Bank of America, Toronto
5.560%, 12/29/97 38,000 38,001
CIBC
5.970%, 03/19/98 5,000 5,000
Credit Suisse First Boston,
New York (C)
5.850%, 10/27/98 50,000 50,000
Deutsche Bank
5.570%, 12/22/97 8,000 8,000
5.710%, 01/29/98 50,000 49,960
Societe Generale
5.680%, 01/29/98 25,000 25,000
Swiss Bank
5.760%, 02/17/98 30,000 30,000
Swiss Bank, Callable On
01/05/98 @ 100
5.760%, 10/05/98 30,000 30,000
----------
Total Certificates Of Deposit
(Cost $265,961) 265,961
----------
ASSET-BACKED SECURITIES (6.0%)
Americredit Auto Receivable
Trust, Ser 1997-A, Cl A1
5.515%, 04/06/98 2,190 2,191
63
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
PRIME QUALITY MONEY MARKET FUND--CONCLUDED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
ASSET-BACKED SECURITIES--CONTINUED
Americredit Auto Receivable
Trust, Ser 1997-B, Cl A1
5.790%, 06/12/98 $16,445 $ 16,446
Americredit Auto Receivable
Trust, Ser 1997-D, Cl A1
5.800%, 11/05/98 18,000 18,000
Arcadia Auto Receivable Trust,
Ser 1997-B, Cl A
5.743%, 06/15/98 2,766 2,766
Banc One Auto Trust,
Ser 1995-A, Cl A5
7.050%, 08/15/98 13,521 13,559
Barnett Auto Trust,
Ser 1997-A, Cl A1
5.650%, 10/15/98 7,987 7,986
PNC Student Loan Trust,
Ser 1997-2, Cl A1 (C)
5.628%, 07/20/98 10,431 10,432
Union Acceptance,
Ser 1997-C, Cl A
6.210%, 09/08/98 3,358 3,358
Union Acceptance,
Ser 1997-D, Cl A1
6.451%, 11/10/98 17,000 17,000
WFS Financial Owner
Trust, Ser 1997-C, Cl A1
5.710%, 09/20/98 23,000 23,000
----------
Total Asset-Backed Securities
(Cost $114,738) 114,738
----------
REPURCHASE AGREEMENTS (6.4%)
Deutsche Bank 5.71%
dated 11/28/97, matures
12/01/97, repurchase price
$45,156,024 (collateralized
by various FHLMC, FNMA, GNMA,
and US Treasury Notes: total
market value $46,038,106) 45,135 45,135
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
REPURCHASE AGREEMENTS--CONTINUED
Salomon Brothers
5.71% dated 11/28/97, matures
12/01/97, repurchase price
$39,624,281 (collateralized by
various FHLMC and FNMA
obligations: total market
value $40,753,772) $39,605 $ 39,605
Union Bank of Switzerland
5.71% dated 11/28/97, matures
12/01/97, repurchase price
$38,396,224 (collateralized by
FHLMC obligations: market
value $39,146,508) 38,378 38,378
----------
Total Repurchase Agreements
(Cost $123,118) 123,118
----------
Total Investments (99.9%)
(Cost $1,910,486) 1,910,486
----------
OTHER ASSETS AND LIABILITIES, NET (0.1%) 2,407
----------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value) based
on 1,570,268,278 outstanding shares
of beneficial interest 1,570,268
Fund shares of the Investor Shares (unlimited
authorization -- no par value) based
on 342,993,892 outstanding shares of
beneficial interest 342,994
Accumulated net realized loss
on investments (361)
Overdistributed net investment income (8)
----------
Total Net Assets (100.0%) $1,912,893
==========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 1.00
==========
Net Asset Value, Offering Price and
Redemption Price Per Share --
Investor Shares $ 1.00
==========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
64
<PAGE>
================================================================================
(UNAUDITED)
U.S. GOVERNMENT SECURITIES MONEY MARKET FUND
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (28.8%)
U.S. Treasury Bill
5.170%, 01/22/98 $10,000 $ 9,925
U.S. Treasury Bond
6.125%, 05/15/98 25,000 25,055
U.S. Treasury Notes
5.000%, 01/31/98 10,000 9,988
7.250%, 02/15/98 40,000 40,123
6.125%, 08/31/98 25,000 25,098
--------
Total U.S. Treasury Obligations
(Cost $110,189) 110,189
--------
REPURCHASE AGREEMENTS (71.3%)
Barclays
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$17,934,946 (collateralized by
US Treasury Bills: market
value $18,285,206) 17,926 17,926
Deutsche Bank
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$17,535,694 (collateralized by
various GNMA and US Treasury
Notes: total market
value $17,878,446.25) 17,527 17,527
Greenwich
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$5,047,822 (collateralized by
US Government Strips: market
value $5,147,681) 5,045 5,045
Merrill Lynch
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$89,967,885 (collateralized by
various GNMA obligations: total
market value $91,726,106) 89,925 89,925
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
REPURCHASE AGREEMENTS--CONTINUED
Morgan Stanley
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$18,012,013 (collateralized by
various GNMA obligations: total
market value $18,759,699) $18,004 $ 18,004
Salomon Brothers
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$17,284,764 (collateralized by
US Government Strips: market
value $17,648,778) 17,277 17,277
Swiss Bank
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$17,016,934 (collateralized by
US Treasury Notes: market
value $17,371,488) 17,009 17,009
Union Bank of Switzerland
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$89,775,424 (collateralized by
US Government Strips: total
market value $91,528,347) 89,733 89,733
--------
Total Repurchase Agreements
(Cost $272,446) 272,446
--------
Total Investments (100.1%)
(Cost $382,635) 382,635
--------
OTHER ASSETS AND LIABILITIES, NET (-0.1%) (227)
--------
65
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
U.S. GOVERNMENT SECURITIES MONEY MARKET FUND--CONCLUDED
- ---------------------------------------------------------------
VALUE (000)
- ---------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value) based
on 329,738,964 outstanding shares
of beneficial interest $329,739
Fund shares of the Investor Shares (unlimited
authorization -- no par value) based
on 52,657,962 outstanding shares
of beneficial interest 52,658
Accumulated net realized gain
on investments 11
--------
Total Net Assets (100.0%) $382,408
========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 1.00
========
Net Asset Value, Offering Price and
Redemption Price Per Share --
Investor Shares $ 1.00
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
66
<PAGE>
================================================================================
(UNAUDITED)
TAX-EXEMPT MONEY MARKET FUND
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
MUNICIPAL BONDS (99.6%)
ALABAMA (0.9%)
McIntosh, Industrial Development
Board, Pollution Control,
Ciba-Geigy Project, Ser A, RB,
VRDN (C) (D) (E)
3.850%, 12/03/97 $3,500 $ 3,500
Special Care Facilities, Montgomery
Hospital, RB, VRDN
(FGIC) (C) (D)
3.850%, 12/03/97 1,300 1,300
--------
4,800
--------
ALASKA (0.2%)
Anchorage, GO, Ser A (MBIA)
5.000%, 02/01/98 1,045 1,047
--------
ARIZONA (0.7%)
Maricopa County, Pollution Control,
Ser A, RB, VRDN (C) (D) (E)
3.850%, 12/03/97 4,000 4,000
--------
ARKANSAS (0.2%)
State, Development Financial
Authority, Potlatch Projects,
Ser A, RB, AMT, VRDN
(C) (D) (E)
3.900%, 12/03/97 1,000 1,000
--------
CALIFORNIA (1.3%)
Contra Costa County, Multi-Family
Mortgage, Delta Square Project,
Ser A, RB, VRDN (C) (D) (E)
3.850%, 12/04/97 4,200 4,200
Higher Education Loan Authority,
Student Loan Revenue, RB,
VRDN (C) (D) (E)
4.000%, 07/01/98 2,000 2,000
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
CALIFORNIA--CONTINUED
Higher Education Loan Authority,
Student Loan Revenue, Ser E-5,
RB, AMT, VRDN, Optional
Put 06/01/98 @ 100
(C) (D) (E)
3.950%, 12/01/25 $1,200 $ 1,200
--------
7,400
--------
COLORADO (0.9%)
North Glen, Industrial
Development, Castle Garden
Retirement Center, VRDN
(C) (D) (E)
3.850%, 12/04/97 1,200 1,200
State, TRAN, Ser A, RB
4.500%, 06/26/98 4,000 4,014
--------
5,214
--------
DELAWARE (1.2%)
State, Economic Development
Authority, Industrial
Development, Delaware Clean
Power Project, Ser A, RB,
VRDN, AMT (C) (D) (E)
3.950%, 12/03/97 5,000 5,000
State, Educational Development
Authority, VRDN (C) (D) (E)
4.225%, 12/04/97 1,875 1,875
--------
6,875
--------
DISTRICT OF COLUMBIA (1.7%)
District of Columbia, TRAN,
Ser B (E)
4.500%, 09/30/98 7,000 7,035
District of Columbia, TRAN,
Ser C (E)
5.000%, 09/30/98 2,200 2,220
--------
9,255
--------
67
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
TAX-EXEMPT MONEY MARKET FUND--CONTINUED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
FLORIDA (2.9%)
Citrus Park, Community
Development, RB, VRDN
(C) (D) (E)
3.850%, 12/03/97 $1,500 $ 1,500
Dade County, Water & Sewer
System, Ser 1994, RB, VRDN
(FGIC) (C) (D)
3.800%, 12/03/97 8,000 8,000
Jacksonville, State Electric
Authority, TECP, Ser A
3.750%, 12/04/97 5,000 5,000
Sunshine State, Government
Finance Committee,
Ser 1986, TECP
3.800%, 12/11/97 1,400 1,400
--------
15,900
--------
GEORGIA (6.8%)
Barrow County, School District,
Ser 1997, GO
4.000%, 02/01/98 1,000 1,000
Burke County, Development
Authority, Pollution Control,
Oglethorpe Power, Ser A, RB
(AMBAC)
3.600%, 12/01/97 1,500 1,500
Burke County, Development
Authority, Pollution Control,
Oglethorpe Power, Ser A, RB,
VRDN (FGIC) (C) (D)
3.800%, 12/03/97 4,400 4,400
Burke County, Development
Authority, Pollution Control,
Oglethorpe Power, Ser B, RB
(AMBAC)
3.800%, 05/28/98 6,500 6,500
Fulton County, Industrial
Development Authority,
American Red Cross Project,
RB, VRDN (B) (C) (D) (E)
3.950%, 12/04/97 1,300 1,300
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
GEORGIA--CONTINUED
Gordon County, Industrial
Development Authority,
Sara Lee Project, RB,
VRDN (C) (D) (F)
4.000%, 12/04/97 $1,400 $ 1,400
Lafayette, Industrial Development
Authority, Blue-Bird Project,
Ser 1991, VRDN (C) (D) (E)
3.950%, 12/04/97 1,000 1,000
Marietta, Housing Finance
Authority, Franklin Walk
Apartments Project,
VRDN (C) (E)
3.975%, 12/04/97 1,600 1,600
Monroe County, Development
Authority, Pollution Control,
RB, VRDN (C)
3.850%, 12/03/97 4,000 4,000
Monroe County, Industrial
Development Authority,
Forsyth Inns Project,
VRDN (C) (D) (E)
4.000%, 12/03/97 2,525 2,525
Private College & University
Facilities Authority, Emory
University, Optional Put
12/01/97 @ 100, VRDN
(C) (D) (E)
3.700%, 12/01/04 3,465 3,465
State Municipal Electric Authority,
RB, VRDN (C) (D) (E)
4.050%, 12/03/97 4,000 4,000
State Municipal Electric Authority,
RB, VRDN (FGIC) (C) (D)
4.050%, 12/04/97 3,000 3,000
Summerville, Development
Authority, Ser 1997, RB, AMT,
VRDN (C) (E)
4.200%, 12/18/97 2,000 2,000
--------
37,690
--------
68
<PAGE>
================================================================================
(UNAUDITED)
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
IDAHO (0.5%)
Nez Pierce County, Pollution
Control, Potlatch Project, RB,
VRDN (C) (D) (E)
3.850%, 12/03/97 $2,000 $ 2,000
3.850%, 12/04/97 1,000 1,000
--------
3,000
--------
ILLINOIS (11.7%)
Bloomington, Airport Authority,
GO, VRDN (C) (D) (E)
3.900%, 12/03/97 1,500 1,500
Chicago, Tender Notes, GO,
VRDN (C) (D) (E)
3.650%, 02/05/98 2,000 2,000
Chicago, Tender Notes, Ser C,
GO, VRDN (C) (D) (E)
3.750%, 04/02/98 3,000 3,000
Hoffman Estates, Economic
Development Project (AMBAC)
4.500%, 11/15/98 2,145 2,156
Oak Forest, Mode-Homewood
Pool, RB, VRDN (C) (D) (E)
3.850%, 12/03/97 10,000 10,000
Savanna, Industrial Development
Authority, Metform Project,
Ser A, RB, VRDN (C) (D) (E)
3.950%, 12/03/97 500 500
Savanna, Industrial Development
Authority, Metform Project,
Ser B, RB, VRDN (C) (D) (E)
3.950%, 12/03/97 1,400 1,400
State Educational Facilities
Authority, Adler Planetarium
Project, RB, VRDN (C) (D) (E)
3.850%, 12/03/97 16,000 16,000
State Educational Facilities
Authority, Chicago Childrens
Museum, RB, VRDN (C) (D) (E)
3.850%, 12/03/97 1,600 1,600
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
ILLINOIS--CONTINUED
State Development Financial Authority,
Chicago Symphony, RB, VRDN
(C) (D) (E) (F)
3.850%, 12/03/97 $5,000 $ 5,000
State Development Financial
Authority, Museum
Contemporary Art Project,
RB, VRDN (C) (D)
3.850%, 12/03/97 4,800 4,800
State Development Financial
Authority, Pollution Control,
Illinois Power, Ser A, RB,
VRDN (C) (E)
4.050%, 12/03/97 5,000 5,000
State Health Facilities Authority,
RB, VRDN (C)
4.000%, 12/04/97 3,000 3,000
State Health Facilities Authority,
Advocate Health Care, Ser B,
RB, VRDN (C) (D)
3.850%, 12/03/97 2,900 2,900
State Health Facilities Authority,
Streeterville Project, RB,
VRDN (C) (D) (E)
3.850%, 12/03/97 2,000 2,000
State Health Facilities Authority,
University of Chicago Hospital
Project, Ser C, RB, VRDN
(MBIA) (C) (D)
3.850%, 12/03/97 4,000 4,000
--------
64,856
--------
INDIANA (4.6%)
Allen County, Industrial
Economic Development
Authority, Mattel Power Wheels
Project, RB, AMT, VRDN (C) (D)
4.150%, 12/03/97 1,500 1,500
69
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
TAX-EXEMPT MONEY MARKET FUND--CONTINUED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
INDIANA--CONTINUED
Fort Wayne, Economic
Development Authority,
ND Tech Project, RB, AMT,
VRDN (B) (C) (D) (E)
3.950%, 12/03/97 $1,000 $ 1,000
Hammond, GO, Ser A-2
4.200%, 01/08/98 6,000 6,003
Indianapolis, Industrial Economic
Development Authority,
Allied Signal, RB, VRDN
(B) (C) (D)
4.000%, 12/03/97 3,500 3,500
Indianapolis, Multi-Family
Housing, RB, AMT, VRDN
(C) (D) (E)
4.050%, 12/03/97 8,700 8,700
Michigan City, Industrial Economic
Development, Performance
Packaging, RB, AMT, VRDN
(B) (C) (D) (E)
3.950%, 12/03/97 900 900
Rockport County, Pollution
Control, Aep Generating
Company Project, Ser B, RB,
VRDN (AMBAC) (C) (D)
3.900%, 12/01/97 1,200 1,200
State Financial Authority, Dekko
International Project, RB, VRDN
(C) (D) (E)
4.050%, 12/03/97 780 780
State Health Facility Financing
Authority, Clarian Health
Partners, Ser B, RB, VRDN (C) (D)
3.850%, 12/03/97 2,000 2,000
--------
25,583
--------
IOWA (0.5%)
West Des Moines, Commercial
Development, Greyhound Lines
Project, VRDN (C) (D) (E)
3.850%, 12/03/97 2,500 2,500
--------
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
KENTUCKY (1.7%)
Jefferson County, Industrial
Building, Fisher-Klosterman
Project, RB, AMT, VRDN
(C) (D) (E)
4.050%, 12/04/97 $2,420 $ 2,420
Pendleton County, RB, VRDN
(C) (D) (E)
3.950%, 07/01/98 3,400 3,400
State, Asset/Liability Common
General Fund, TRAN, Ser A, RB
4.500%, 06/25/98 2,500 2,509
State Economic Development,
Hospital Facilities, RB, VRDN
(C) (D) (E)
3.850%, 12/04/97 1,400 1,400
--------
9,729
--------
LOUISIANA (4.5%)
Jefferson Parish, Sara Lee Project,
RB, AMT, VRDN (C) (D) (E)
3.900%, 12/01/97 4,200 4,200
Lake Charles, Harbor & Terminal
District Authority, Reynolds
Metals Project, VRDN (C) (D) (E)
3.850%, 12/03/97 3,000 3,000
Plaqeumines, Port Facilities
Revenue, International Marine
Terminal Project, Ser B, Optional
Put 03/13/98 @ 100 (D)
3.750%, 03/15/06 1,000 1,000
St. James Parish, Pollution Control,
Occidental Petroleum, RB,
VRDN (C) (D) (E)
3.900%, 12/03/97 8,000 8,000
State Offshore Terminal Authority,
Deepwater Port, First Stage
A-Loop Project, Ser A, RB,
VRDN (C) (E)
3.850%, 12/01/97 2,300 2,300
70
<PAGE>
================================================================================
(UNAUDITED)
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
LOUISIANA--CONTINUED
State Offshore Terminal Authority,
Deepwater Port, First Stage
A-Loop Project, Ser A, RB,
VRDN (C) (D) (E)
3.850%, 12/03/97 $2,000 $ 2,000
State Port Authority, Occidental
Petroleum Project, VRDN
(C) (D) (E)
3.850%, 12/03/97 4,500 4,500
--------
25,000
--------
MARYLAND (2.2%)
Baltimore, Industrial Development
Authority, Days Inn of America
Project, RB, Pre-Refunded
12/01/97 @ 100 (B) (F)
12.625%, 12/01/04 2,000 2,000
Baltimore County, Allied Signal
Project, VRDN (C) (D) (E)
3.950%, 12/03/97 1,000 1,000
Baltimore County, Pollution
Control, TECP
3.900%, 12/11/97 4,000 4,000
State Health & Higher Education
Authority, Pooled Loan Program,
Ser B, VRDN (C) (D) (E)
3.900%, 12/03/97 5,000 5,000
--------
12,000
--------
MICHIGAN (3.1%)
Oakland County, Economic
Development Authority, Moody
Family Ltd. Project, RB, AMT,
VRDN (B) (C) (E)
3.900%, 12/03/97 1,000 1,000
State Housing Development
Authority, RB, AMT, VRDN
(C) (D) (E)
4.000%, 12/03/97 1,000 1,000
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
MICHIGAN --CONTINUED
State Housing Development
Authority, Harbortown, RB,
VRDN (C) (D) (E)
4.075%, 12/04/97 $3,000 $ 3,000
State Industrial Development
Authority, RB, VRDN
(B) (C) (D) (E)
3.900%, 12/02/97 3,000 3,000
State Industrial Development
Authority, Consumer Power
Project, RB, VRDN (C) (D) (E)
3.900%, 12/01/97 5,200 5,200
State Municipal Bond
Authority, Ser B
4.500%, 07/02/98 4,000 4,016
--------
17,216
--------
MISSISSIPPI (1.1%)
Jackson County, Chevron USA
Project, Ser 93, RB, VRDN (C) (D)
3.900%, 12/01/97 6,100 6,100
--------
MISSOURI (1.3%)
Kansas City, Streetlight Project,
Ser B, GO
4.250%, 02/01/98 1,320 1,321
St. Charles County, Industrial
Development Authority, Casalon
Apartment Project, Ser 95, RB,
VRDN (C) (D) (E)
3.900%, 12/04/97 3,100 3,100
State, Custody Receipt, Third
Street Building Project, Ser A,
VRDN (C) (D)
4.000%, 12/03/97 2,000 2,000
State Economic Development
Export & Infrastructure
Authority, Plastic Enterprises
Project, Ser A, RB, AMT, VRDN
(C) (D) (E)
4.250%, 12/03/97 350 350
71
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
TAX-EXEMPT MONEY MARKET FUND--CONTINUED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
MISSOURI--CONTINUED
State Environmental
Improvement & Energy
Resource Authority, Utilicorp
United Project, RB, AMT,
VRDN (C) (D) (E)
3.950%, 12/03/97 $ 700 $ 700
State Industrial Development
Authority, Precision Stainless
Project, Ser I, RB, VRDN
(C) (D) (E)
4.150%, 12/03/97 65 65
--------
7,536
--------
NEVADA (4.9%)
Clark County, Airport Improvement
Authority, Ser A, RB, VRDN
(MBIA) (C) (D)
3.800%, 12/03/97 9,900 9,900
Clark County, Airport Improvement
Authority, Ser A-1, RB,
VRDN (C) (D) (E)
3.800%, 12/03/97 4,200 4,200
Clark County, Nevada Power
Project, Ser A, RB, AMT,
VRDN (C) (D) (E)
4.150%, 12/03/97 5,000 5,000
Clark County, School District,
VRDN (C)
4.030%, 12/04/97 8,000 8,000
--------
27,100
--------
NEW HAMPSHIRE (4.3%)
State Business Finance Authority,
Pollution Control, RB, AMT,
VRDN (C) (D) (E)
4.050%, 12/03/97 6,000 6,000
State Business Finance Authority,
Pollution Control, TECP
3.750%, 12/17/97 12,000 12,000
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
NEW HAMPSHIRE--CONTINUED
State Housing Finance Authority,
Multi-Family Housing, Fairways
Project, AMT, RB, VRDN
(C) (D) (E)
3.950%, 12/03/97 $5,000 $ 5,000
State Pollution Control Authority,
RB, VRDN (C) (D) (E)
3.900%, 12/03/97 800 800
--------
23,800
--------
NEW MEXICO (2.7%)
Educational Assistance
Foundation, Student Loan
Program, RB, VRDN
(AMBAC) (C)
4.100%, 12/04/97 3,345 3,345
Hurley, Pollution Control
Authority, RB, VRDN (C) (D) (E)
3.950%, 12/01/97 2,200 2,200
State, TRAN
4.500%, 06/30/98 3,000 3,011
State, Ser A, TRAN
4.500%, 06/30/98 3,000 3,011
State Financial Authority, Ser B, RB
3.400%, 07/01/17 3,385 3,385
--------
14,952
--------
NEW YORK (2.8%)
Nassau County, Ser A, GO
4.500%, 03/10/98 2,000 2,003
New York, Ser E5, GO,
VRDN (C) (D) (E)
3.850%, 12/01/97 2,200 2,200
State Urban Development
Corporation, Senior Lien,
VRDN (C)
4.030%, 12/04/97 11,600 11,600
--------
15,803
--------
72
<PAGE>
================================================================================
(UNAUDITED)
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
NORTH CAROLINA (2.6%)
Mecklenburg County, Industrial
Facilities & Pollution Control,
Sterigenics International Project,
RB, AMT, VRDN (B) (C) (D) (E)
4.200%, 12/03/97 $2,000 $ 2,000
State Eastern Municipal Power
Agency, TECP
3.800%, 12/08/97 5,200 5,200
3.750%, 12/09/97 4,975 4,975
State Educational Facilities,
Guilford College, VRDN
(C) (D) (E)
4.000%, 12/03/97 2,300 2,300
--------
14,475
--------
OHIO (5.5%)
Cincinnati, Student Loan Funding
Ser 1983-A, RB, VRDN (C) (D) (E)
3.850%, 12/03/97 10,000 10,000
Columbus, Sewer, RB, VRDN
(C) (D)
3.800%, 12/04/97 9,600 9,600
State Air Quality Development
Authority, JMG Limited
Partnership, Ser A, RB, AMT,
VRDN (C) (D) (E)
3.950%, 12/03/97 3,000 3,000
State Higher Education Authority,
Lake Erie Project, VRDN
(C) (D) (E)
3.950%, 12/04/97 5,100 5,100
State Pollution Control Authority,
Duquesne Project, RB, AMT,
VRDN (C) (D) (E)
4.000%, 12/03/97 3,000 3,000
--------
30,700
--------
OKLAHOMA (0.7%)
State Lirds Authority, TECP
3.750%, 12/11/97 3,700 3,700
--------
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
OREGON (0.7%)
Port of St. Helens, Pollution
Control, Portland General
Electric, Ser B, RB,
VRDN (C) (D) (E)
3.950%, 12/01/97 $ 3,800 $ 3,800
--------
PENNSYLVANIA (3.1%)
Beaver County, Industrial
Development Authority,
Duquesne Light Company
Project, Ser B, RB, VRDN (C) (D)
3.850%, 12/03/97 1,000 1,000
Philadelphia, Ser A, TRAN
4.500%, 06/30/98 10,000 10,028
State, Ser A, VRDN, Pre-Refunded
11/01/99 @ 101.5 (C) (D)
4.030%, 12/04/97 6,500 6,500
--------
17,528
--------
SOUTH CAROLINA (0.9%)
York County, Pollution Control,
Ser N-3, RB, VRDN (C) (D)
3.700%, 03/15/98 5,000 4,999
--------
SOUTH DAKOTA (0.5%)
Lawrence County, Solid Waste
Disposal, RB, AMT, VRDN
(C) (D) (E)
3.950%, 12/01/97 3,000 3,000
--------
TENNESSEE (2.0%)
Covington, Industrial Development
Board, Charms Project, RB,
AMT, VRDN (C) (D) (E)
3.950%, 12/03/97 3,000 3,000
Hamilton County, Industrial
Development Board,
Lease Rent, RB (FGIC)
5.100%, 09/01/98 500 504
73
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
TAX-EXEMPT MONEY MARKET FUND--CONTINUED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
TENNESSEE--CONTINUED
Hamilton County, Industrial
Development Board, Tennessee
Aquarium Project, RB,
VRDN (C) (D) (E)
4.050%, 12/04/97 $3,000 $ 3,000
Memphis-Shelby County,
Industrial Development Board,
Ponderosa Fibres American
Project, RB, AMT, VRDN
(B) (C) (D) (E)
4.200%, 12/04/97 1,600 1,600
Nashville & Davidson County,
Industrial Development
Authority, Multi-Family
Mortgage, Chimneytop II Project,
RB, VRDN (C) (D) (E)
4.000%, 12/03/97 1,325 1,325
Nashville & Davidson County,
Vanderbilt University, RB,
VRDN (C) (D)
3.650%, 12/03/97 2,000 2,000
--------
11,429
--------
TEXAS (11.1%)
Brazos River, Harbor Navigation
District, TECP
3.800%, 02/11/98 2,700 2,700
Brownsville, Utility Systems, TECP
3.800%, 12/11/97 4,000 4,000
Georgetown, Higher Education
Financing Authority,
Southwestern University Project,
Ser 1984, RB, VRDN (C) (D) (E)
3.850%, 12/03/97 2,000 2,000
Gulf Coast, Industrial
Development Authority, Amoco
Oil Project, RB, VRDN, Optional
Put 06/01/98 @ 100 (C) (D)
3.800%, 06/01/98 1,000 1,000
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
TEXAS--CONTINUED
Gulf Coast, Waste Disposal
Authority, TECP
3.800%, 12/15/97 $3,900 $ 3,900
Gulf Coast, Waste Disposal
Authority, Amoco Oil Project,
RB, AMT, VRDN (C) (D)
4.100%, 12/01/97 1,700 1,700
Gulf Coast, Waste Disposal
Authority, Amoco Oil Project,
RB, VRDN (C) (D)
3.800%, 05/01/98 2,300 2,300
Harris County, Health Facilities
Authority, Memorial Hospital
Project, Ser B, RB, VRDN (C) (D)
3.800%, 12/03/97 1,500 1,500
Harris County, Housing Finance
Corporation, Ser 1985, RB,
VRDN (C) (D)
4.325%, 12/04/97 700 700
Harris County, Industrial
Development Authority, Lubrizol
Project, RB, VRDN (C) (D)
3.850%, 12/03/97 1,600 1,600
Harris County, Toll Roads, Ser H,
RB, VRDN (C) (D)
3.850%, 12/03/97 5,500 5,500
Houston, TECP
3.700%, 12/11/97 5,000 5,000
Lone Star, Airport Improvement
Authority, RB, VRDN (C) (D) (E)
3.850%, 12/01/97 1,700 1,700
Sabine, River Authority, Pollution
Control, RB, VRDN
(MBIA) (D) (C)
3.950%, 12/03/97 3,000 3,000
San Antonio, Electric
Facilities, TECP
3.800%, 01/28/98 5,000 5,000
74
<PAGE>
================================================================================
(UNAUDITED)
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
TEXAS--CONTINUED
State, Ser A, TRAN
4.750%, 08/31/98 $10,000 $ 10,066
State Higher Education
Authority, RB, VRDN
(MBIA) (C) (D)
3.900%, 12/03/97 5,000 5,000
State Public Financial
Authority, TECP
3.750%, 12/03/97 5,000 5,000
--------
61,666
--------
UTAH (1.8%)
Carbon County, Pollution Control
Authority, Pacificorp Project, RB,
VRDN (AMBAC) (C) (D)
3.900%, 12/01/97 1,600 1,600
Intermountain Power Agency, RB,
VRDN, Optional Put 6/15/98 @
100 (C) (D) (E)
3.800%, 07/01/21 4,000 4,000
Intermountain Power Agency, Ser E,
RB, VRDN Optional Put
03/15/98 (C) (D) (E)
3.500%, 07/01/14 1,000 1,000
Salt Lake County, Pollution Control
Authority, Station Holdings
Project, RB, VRDN (C) (D)
3.950%, 12/01/97 3,100 3,100
State Water Finance Agency,
Pooled Loan, Ser A, RB (MBIA)
4.050%, 10/01/98 500 501
--------
10,201
--------
VIRGINIA (2.6%)
Alexandria, Redevelopment &
Housing Authority, Multi-Family
First Mortgage, Goodwin Project,
Ser B, RB, VRDN (B) (C) (D) (E)
3.800%, 12/01/97 2,000 2,000
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
VIRGINIA--CONTINUED
Bedford County, Industrial
Development Authority, RB,
AMT, VRDN (C) (D) (E)
4.000%, 12/04/97 $2,500 $ 2,500
Chesterfield County, Industrial
Development Authority, Allied
Signal Project, RB, VRDN (C)
4.000%, 12/03/97 3,000 3,000
Commonwealth, Ser 1994,
VRDN (C) (D)
4.130%, 12/04/97 4,000 4,000
Front Royal & Warren County,
Industrial Development Authority,
Pen Tab Industries Project, RB,
AMT, VRDN (B) (C) (D) (E)
4.000%, 12/04/97 3,000 3,000
--------
14,500
--------
WASHINGTON (2.9%)
Pierce County, Washington
Economic Development,
Weyerhaeuser Real Estate Project,
RB, VRDN (C) (D) (E)
3.850%, 12/03/97 3,000 3,000
Port of Seattle, VRDN (C) (D)
3.850%, 12/03/97 1,600 1,600
State Public Power Supply System,
Nuclear Project #1, Ser 1A-3, RB,
VRDN (C) (D) (E)
3.850%, 12/03/97 3,400 3,400
State Public Power Supply System,
Nuclear Project #3, Ser 3A-2, RB,
VRDN (C) (D) (E)
3.850%, 12/03/97 5,000 5,000
State Student Loan Finance
Association, AMT, VRDN
(C) (D) (E)
4.000%, 12/04/97 3,000 3,000
--------
16,000
--------
75
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
TAX-EXEMPT MONEY MARKET FUND--CONCLUDED
- --------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------
WEST VIRGINIA (0.7%)
Marshall County, Pollution Control
Authority, Allied Signal Project,
RB, VRDN (B) (C) (D)
4.000%, 12/03/97 $2,000 $ 2,000
Marshall County, Pollution Control
Authority, PPG Industries Project,
RB, VRDN (C) (D)
4.100%, 12/04/97 2,000 2,000
--------
4,000
--------
WISCONSIN (0.6%)
Janesville, School District, TAN
4.100%, 09/21/98 2,250 2,253
Racine, Promissory Notes,
Ser 96-B, GO
3.700%, 12/15/97 1,165 1,165
--------
3,418
--------
WYOMING (1.2%)
Sweetwater, VRDN (C)
3.900%, 12/03/97 4,600 4,600
Uinta County, Pollution Control,
Amoco-Std Oil, RB, VRDN,
Optional Put 12/01/98 @
100 (C) (D)
3.850%, 12/01/98 2,000 2,000
--------
6,600
--------
Total Municipal Bonds
(Cost $554,372) 554,372
--------
CASH EQUIVALENTS (0.6%)
AIM Management Institutional
Tax-Free Portfolio 1,622 1,622
SEI Tax-Exempt Trust Institutional
Tax-Free Portfolio 1,675 1,675
--------
Total Cash Equivalents
(Cost $3,297) 3,297
--------
Total Investments (100.2%)
(Cost $557,669) $557,669
--------
OTHER ASSETS AND LIABILITIES, NET (-0.2%) (846)
--------
NET ASSETS:
Fund shares of the Trust Shares (unlimited
authorization -- no par value) based
on 435,518,351 outstanding shares
of beneficial interest 435,518
Fund shares of the Investor Shares (unlimited
authorization -- no par value) based
on 121,308,800 outstanding shares
of beneficial interest 121,309
Accumulated net realized loss
on investments (4)
--------
Total Net Assets (100.0%) $556,823
========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 1.00
========
Net Asset Value, Offering Price and
Redemption Price Per Share --
Investor Shares $ 1.00
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 77.
76
<PAGE>
================================================================================
(UNAUDITED)
KEY TO ABBREVIATIONS USED IN
THE STATEMENT OF NET ASSETS
ADR American Depository Receipt
AMBAC Security insured by the American
Municipal Bond Assurance Corporation
AMT Alternative Minimum Tax
Cl Class
COP Certificate of Participation
CV Convertible Security
ETM Escrowed to Maturity
F Foreign Registry Shares
FFCB Federal Farm Credit Bank
FGIC Security insured by the Financial Guaranty
Insurance Company
FHA Federal Housing Administration
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FSA Security insured by Financial Security
Assurance
GDR Global Depository Receipt
GDS Global Depository Shares
GNMA Government National Mortgage Association
GO General Obligation
MBIA Security Insured by the Municipal Bond
Insurance Association
MTN Medium Term Note
RB Revenue Bond
REIT Real Estate Investment Trust
REMIC Real Estate Mortgage Investment Conduit
Ser Series
SLMA Student Loan Marketing Association
STRIPS Separately Traded Registered Interest
and Principal Security
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
* Non-income producing securities
(A) Zero Coupon Bond
(B) Private Placement Security
(C) Variable rate security. The rate reported on the
Statement of Net Assets is the rate in effect on
November 30, 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) Collateralized by U.S. Government Securities
77
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (000)
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997 UNAUDITED
<TABLE>
<CAPTION>
----------
INVESTMENT
GRADE TAX-EXEMPT
BOND FUND
----------
Assets:
<S> <C>
Investments at Market Value
(Cost $180,632, respectively) .................................................... $182,600
Accrued Income ..................................................................... 2,814
Receivables for Investment Securities Sold ......................................... 19,061
Receivables for Capital Shares Sold ................................................ 84
Other Assets ....................................................................... 323
--------
Total Assets ....................................................................... 204,882
--------
Liabilities:
Payables for Investment Securities Purchased ....................................... (25,836)
Payables for Capital Shares Repurchased ............................................ (17)
Accrued Expenses ................................................................... (185)
Distribution Payable ............................................................... (542)
Other Liabilities .................................................................. (289)
--------
Total Liabilities .................................................................. (26,869)
--------
Net Assets:
Fund shares of the Trust Shares (unlimited authorization -- no par value)
based on 12,521,828 outstanding shares of beneficial interest .................... 138,487
Fund shares of the Investor Shares (unlimited authorization -- no par value)
based on 2,508,914 outstanding shares of beneficial interest ..................... 26,745
Fund shares of the Flex Shares (unlimited authorization -- no par value)
based on 472,699 outstanding shares of beneficial interest ....................... 5,355
Accumulated net realized gain on investments ....................................... 5,458
Net unrealized appreciation on investments ......................................... 1,968
--------
Total Net Assets ................................................................... $178,013
========
Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares .............. $ 11.48
========
Net Asset Value and Redemption Price Per Share -- Investor Shares ..................... $ 11.50
========
Maximum Public Offering Per Share -- Investor Shares
($11.50 / 96.25%) .................................................................. $ 11.95
========
Net Asset Value,Offering and Redemption Price Per Share -- Flex Shares (1) ............ $ 11.48
========
<FN>
(1) FLEX CLASS HAS A CONTINGENT DEFERRED SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
78
<PAGE>
================================================================================
[This Page Left Intentionally Blank]
<PAGE>
STATEMENT OF OPERATIONS (000)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
MID-CAP SMALL CAP CAPITAL
VALUE INCOME EQUITY EQUITY GROWTH
STOCK FUND FUND FUND FUND
---------- -------- ---------- ----------
06/01/97- 06/01/97- 06/01/97- 06/01/97-
11/30/97 11/30/97 11/30/97 11/30/97
---------- -------- ---------- ----------
<S> <C> <C> <C> <C>
Income:
Interest Income ............................................... $ 3,479 $ 940 $ 249 $ 4,665
Dividend Income ............................................... 24,064 951 2,706 9,016
Less: Foreign Taxes Withheld .................................. -- -- -- --
-------- ------- ------- --------
Total Investment Income ....................................... 27,543 1,891 2,955 13,681
-------- ------- ------- --------
Expenses:
Investment Advisory Fees ...................................... 7,618 2,074 1,392 9,171
Less: Investment Advisory Fees Waived ......................... -- (200) (65) (804)
Less: Contribution from Advisor ............................... -- -- -- --
Administrator Fees ............................................ 607 114 77 505
Transfer Agent Fees -- Trust Shares ........................... 18 9 8 7
Transfer Agent Fees -- Investor Shares ........................ 56 18 -- 95
Transfer Agent Fees -- Flex Shares ............................ 32 14 8 25
Transfer Agent Out of Pocket Fees ............................. 93 19 2 75
Printing Expenses ............................................. 126 23 3 100
Custody Fees .................................................. 32 6 3 19
Professional Fees ............................................. 62 11 4 42
Trustee Fees .................................................. 19 4 -- 16
Registration Fees ............................................. 33 4 12 20
Pricing Fees .................................................. -- -- -- --
Distribution Fees -- Investor Shares .......................... 300 48 -- 804
Less: Distribution Fees Waived -- Investor Shares ............. -- (15) -- (130)
Distribution Fees-- Flex Shares ............................... 499 61 40 260
Less: Distribution Fees Waived -- Flex Shares ................. (3) (11) (5) (2)
Insurance and Other Fees ...................................... 38 9 1 9
Amortization of Deferred Organization Costs ................... 5 -- 16 --
-------- ------- ------- --------
Total Expenses ................................................ 9,535 2,188 1,496 10,212
-------- ------- ------- --------
Net Investment Income (Loss) .................................. 18,008 (297) 1,459 3,469
-------- ------- ------- --------
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on Securities Sold ................... 149,294 28,716 14,366 110,744
Net Realized Loss on Foreign Currency Transactions ............ -- -- -- --
Net Change in Unrealized Appreciation (Depreciation) on
Foreign Currency and Translation of Other Assets and
Liabilities in Foreign Currency ............................. -- -- -- --
Net Change in Unrealized Appreciation (Depreciation)
on Investments .............................................. 19,116 7,067 10,846 67,401
-------- ------- ------- --------
Total Net Realized and Unrealized Gain
on Investments .............................................. 168,410 35,783 25,212 178,145
-------- ------- ------- --------
Net Increase (Decrease) in Net Assets from Operations ......... $186,418 $35,486 $26,671 $181,614
======== ======= ======= ========
EMERGING INTERNATIONAL INTERNATIONAL
BALANCED MARKETS EQUITY EQUITY
FUND EQUITY FUND INDEX FUND FUND
-------- ---------- ---------- ----------
06/01/97- 06/01/97- 06/01/97- 06/01/97-
11/30/97 11/30/97 11/30/97 11/30/97
-------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Income:
Interest Income ............................................... $ 2,438 $ 99 $ 18 $ 692
Dividend Income ............................................... 629 500 557 4,281
Less: Foreign Taxes Withheld .................................. -- (37) (60) (154)
------- ------- ------ -------
Total Investment Income ....................................... 3,067 562 515 4,819
------- ------- ------ -------
Expenses:
Investment Advisory Fees ...................................... 818 298 273 3,477
Less: Investment Advisory Fees Waived ......................... (104) (77) (37) (19)
Less: Contribution from Advisor ............................... -- -- -- --
Administrator Fees ............................................ 55 15 19 177
Transfer Agent Fees -- Trust Shares ........................... 10 8 10 9
Transfer Agent Fees -- Investor Shares ........................ 9 -- 10 9
Transfer Agent Fees -- Flex Shares ............................ 11 -- 7 12
Transfer Agent Out of Pocket Fees ............................. 8 3 3 19
Printing Expenses ............................................. 10 4 3 11
Custody Fees .................................................. 2 76 31 291
Professional Fees ............................................. 4 2 4 11
Trustee Fees .................................................. 2 -- 1 2
Registration Fees ............................................. 3 6 2 25
Pricing Fees .................................................. -- 6 6 8
Distribution Fees -- Investor Shares .......................... 9 -- 10 22
Less: Distribution Fees Waived -- Investor Shares ............. (8) -- (9) (8)
Distribution Fees-- Flex Shares ............................... 44 -- 4 67
Less: Distribution Fees Waived -- Flex Shares ................. (7) -- (4) (9)
Insurance and Other Fees ...................................... 3 1 1 7
Amortization of Deferred Organization Costs ................... -- 13 2 1
------- ------- ------ -------
Total Expenses ................................................ 869 355 336 4,112
------- ------- ------ -------
Net Investment Income (Loss) .................................. 2,198 207 179 707
------- ------- ------ -------
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on Securities Sold ................... 7,399 (807) 1,105 18,081
Net Realized Loss on Foreign Currency Transactions ............ -- (47) (45) (494)
Net Change in Unrealized Appreciation (Depreciation) on
Foreign Currency and Translation of Other Assets and
Liabilities in Foreign Currency ............................. -- 2 26 (33)
Net Change in Unrealized Appreciation (Depreciation)
on Investments .............................................. 6,632 (7,410) (330) (10,496)
------- ------- ------ -------
Total Net Realized and Unrealized Gain
on Investments .............................................. 14,031 (8,262) 756 7,058
------- ------- ------ -------
Net Increase (Decrease) in Net Assets from Operations ......... $16,229 $(8,055) $ 935 $ 7,765
======= ======= ====== =======
INVESTMENT GRADE FLORIDA TENNESSEE
SUNBELT TAX-EXEMPT TAX-EXEMPT TAX-EXEMPT
EQUITY FUND BOND FUND BOND FUND BOND FUND
-------- -------- -------- --------
06/01/97- 06/01/97- 06/01/97- 06/01/97-
11/30/97 11/30/97 11/30/97 11/30/97
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Income:
Interest Income ............................................... $ 167 $ 4,160 $1,765 $161
Dividend Income ............................................... 480 -- -- --
Less: Foreign Taxes Withheld .................................. -- -- -- --
------- ------- ------ ----
Total Investment Income ....................................... 647 4,160 1,765 161
------- ------- ------ ----
Expenses:
Investment Advisory Fees ...................................... 2,615 663 231 21
Less: Investment Advisory Fees Waived ......................... (259) (107) (49) (21)
Less: Contribution from Advisor ............................... -- -- -- (6)
Administrator Fees ............................................ 144 57 23 2
Transfer Agent Fees -- Trust Shares ........................... 11 10 11 10
Transfer Agent Fees -- Investor Shares ........................ 26 22 5 7
Transfer Agent Fees -- Flex Shares ............................ 11 6 8 8
Transfer Agent Out of Pocket Fees ............................. 28 11 3 --
Printing Expenses ............................................. 31 20 3 1
Custody Fees .................................................. 8 2 1 --
Professional Fees ............................................. 18 6 2 --
Trustee Fees .................................................. 6 2 1 --
Registration Fees ............................................. 4 1 3 --
Pricing Fees .................................................. -- -- -- --
Distribution Fees -- Investor Shares .......................... 66 65 3 1
Less: Distribution Fees Waived -- Investor Shares ............. (21) (25) (3) --
Distribution Fees -- Flex Shares............................... 32 25 24 15
Less: Distribution Fees Waived -- Flex Shares ................. (9) (8) (15) (5)
Insurance and Other Fees ...................................... 11 5 1 --
Amortization of Deferred Organization Costs ................... -- -- -- --
------- ------- ------ ----
Total Expenses ................................................ 2,722 755 252 33
------- ------- ------ ----
Net Investment Income (Loss) .................................. (2,075) 3,405 1,513 128
------- ------- ------ ----
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on Securities Sold ................... 30,269 3,491 242 7
Net Realized Loss on Foreign Currency Transactions ............ -- -- -- --
Net Change in Unrealized Appreciation (Depreciation) on
Foreign Currency and Translation of Other Assets and
Liabilities in Foreign Currency ............................. -- -- -- --
Net Change in Unrealized Appreciation (Depreciation)
on Investments .............................................. 39,233 495 1,545 130
------- ------- ------ ----
Total Net Realized and Unrealized Gain
on Investments .............................................. 69,502 3,986 1,787 137
------- ------- ------ ----
Net Increase (Decrease) in Net Assets from Operations ......... $67,427 $ 7,391 $3,300 $265
======= ======= ====== ====
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
80 & 81
STATEMENT OF OPERATIONS (000) (concluded)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
GEORGIA INVESTMENT
TAX-EXEMPT GRADE BOND SHORT-TERM
BOND FUND FUND BOND FUND
-------- -------- --------
06/01/97- 06/01/97- 06/01/97-
11/30/97 11/30/97 11/30/97
-------- -------- --------
<S> <C> <C> <C>
Interest Income .................................................. $1,265 $23,873 $3,130
------ ------- ------
Expenses:
Investment Advisory Fees ...................................... 171 2,690 328
Less: Investment Advisory Fees Waived ......................... (41) (383) (76)
Administrator Fees ............................................ 17 230 32
Less: Administrator Fees Waived ............................... -- -- --
Transfer Agent Fees -- Trust Shares ........................... 10 10 9
Transfer Agent Fees -- Investor Shares ........................ 7 23 8
Transfer Agent Fees -- Flex Shares ............................ 9 11 8
Transfer Agent Out of Pocket Fees ............................. 2 44 3
Printing Expenses ............................................. 3 62 9
Custody Fees .................................................. 1 11 2
Professional Fees ............................................. 1 25 4
Trustee Fees .................................................. -- 9 1
Registration Fees ............................................. 1 6 1
Distribution Fees -- Investor Shares .......................... 3 71 2
Less: Distribution Fees Waived -- Investor Shares ............. (3) (27) (2)
Distribution Fees -- Flex Shares .............................. 26 34 6
Less: Distribution Fees Waived -- Flex Shares ................. (15) (16) (6)
Insurance and Other Fees ...................................... 1 18 3
Amortization of Deferred Organization Costs ................... -- -- 2
------ ------- ------
Total Expenses ................................................ 193 2,818 334
------ ------- ------
Net Investment Income ............................................ 1,072 21,055 2,796
------ ------- ------
Net Realized and Unrealized Gain on Investments:
Net Realized Gain on Securities Sold .......................... 53 3,891 253
Net Change in Unrealized Appreciation
on Investments .............................................. 1,235 21,593 895
------ ------- ------
Total Net Realized and Unrealized Gain
on Investments .............................................. 1,288 25,484 1,148
------ ------- ------
Net Increase in Net Assets from Operations ....................... $2,360 $46,539 $3,944
====== ======= ======
SHORT-TERM
U.S. TREASURY LIMITED-TERM U.S.
SECURITIES FEDERAL MORTGAGE GOVERNMENT
FUND SECURITIES FUND SECURITIES FUND
-------- -------- --------
06/01/97- 06/01/97- 06/01/97-
11/30/97 11/30/97 11/30/97
-------- -------- --------
<S> <C> <C> <C>
Interest Income .................................................. $766 $4,326 $ 981
---- ------ ------
Expenses:
Investment Advisory Fees ...................................... 84 434 105
Less: Investment Advisory Fees Waived ......................... (33) (76) (25)
Administrator Fees ............................................ 8 42 9
Less: Administrator Fees Waived ............................... -- -- --
Transfer Agent Fees -- Trust Shares ........................... 10 10 10
Transfer Agent Fees -- Investor Shares ........................ 8 8 8
Transfer Agent Fees -- Flex Shares ............................ 8 9 9
Transfer Agent Out of Pocket Fees ............................. -- 2 --
Printing Expenses ............................................. 1 5 1
Custody Fees .................................................. -- 2 --
Professional Fees ............................................. 1 3 1
Trustee Fees .................................................. -- 1 --
Registration Fees ............................................. -- -- --
Distribution Fees -- Investor Shares .......................... 3 3 4
Less: Distribution Fees Waived -- Investor Shares ............. (3) (3) (4)
Distribution Fees -- Flex Shares .............................. 6 8 15
Less: Distribution Fees Waived -- Flex Shares ................. (6) (8) (9)
Insurance and Other Fees ...................................... -- -- --
Amortization of Deferred Organization Costs ................... 2 2 2
---- ------ ------
Total Expenses ................................................ 89 442 126
---- ------ ------
Net Investment Income ............................................ 677 3,884 855
---- ------ ------
Net Realized and Unrealized Gain on Investments:
Net Realized Gain on Securities Sold .......................... 27 241 33
Net Change in Unrealized Appreciation
on Investments .............................................. 136 863 844
---- ------ ------
Total Net Realized and Unrealized Gain
on Investments .............................................. 163 1,104 877
---- ------ ------
Net Increase in Net Assets from Operations ....................... $840 $4,988 $1,732
==== ====== ======
TAX-EXEMPT
PRIME QUALITY U.S. GOVERNMENT MONEY
MONEY MARKET SECURITIES MONEY MARKET
FUND MARKET FUND FUND
-------- -------- --------
06/01/97- 06/01/97- 06/01/97-
11/30/97 11/30/97 11/30/97
-------- -------- --------
<S> <C> <C> <C>
Interest Income .................................................. $49,785 $10,825 $9,654
------- ------- ------
Expenses:
Investment Advisory Fees ...................................... 5,713 1,266 1,422
Less: Investment Advisory Fees Waived ......................... (1,143) (253) (398)
Administrator Fees ............................................ 557 123 164
Less: Administrator Fees Waived ............................... (420) (61) --
Transfer Agent Fees -- Trust Shares ........................... 10 10 10
Transfer Agent Fees -- Investor Shares ........................ 23 5 10
Transfer Agent Fees -- Flex Shares ............................ -- -- --
Transfer Agent Out of Pocket Fees ............................. 90 22 12
Printing Expenses ............................................. 114 29 34
Custody Fees .................................................. 34 4 9
Professional Fees ............................................. 69 11 16
Trustee Fees .................................................. 18 5 6
Registration Fees ............................................. 64 17 12
Distribution Fees -- Investor Shares .......................... 318 50 91
Less: Distribution Fees Waived -- Investor Shares ............. (111) (12) (32)
Distribution Fees -- Flex Shares .............................. -- -- --
Less: Distribution Fees Waived -- Flex Shares ................. -- -- --
Insurance and Other Fees ...................................... 41 14 11
Amortization of Deferred Organization Costs ................... -- -- --
------- ------- ------
Total Expenses ................................................ 5,377 1,230 1,367
------- ------- ------
Net Investment Income ............................................ 44,408 9,595 8,287
------- ------- ------
Net Realized and Unrealized Gain on Investments:
Net Realized Gain on Securities Sold .......................... 45 71 --
Net Change in Unrealized Appreciation
on Investments .............................................. -- -- --
------- ------- ------
Total Net Realized and Unrealized Gain
on Investments .............................................. 45 71 --
------- ------- ------
Net Increase in Net Assets from Operations ....................... $44,453 $ 9,666 $8,287
======= ======= ======
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
82 & 83
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 AND THE YEAR
ENDED MAY 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE INCOME MID-CAP EQUITY SMALL CAP
STOCK FUND FUND EQUITY FUND
------------------- ------------------- -------------------
06/01/97- 06/01/97- 06/01/97- 06/01/97- 06/01/97- 01/31/97*-
11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net Investment Income (Loss) ..................... $ 18,008 $ 35,049 $ ($297) $ 513 $ 1,459 $ 521
Net Realized Gain (Loss) on Investments .......... 149,294 243,189 28,716 33,978 14,366 1,757
Net Realized Loss on Foreign Currency
Transactions ................................... -- -- -- -- -- --
Net Change in Unrealized Appreciation (Depreciation) on
Foreign Currency and Translation of Other Assets and
Liabilities in Foreign Currency ................ -- -- -- -- -- --
Net Change in Unrealized Appreciation (Depreciation)
on Investments ................................. 19,116 33,953 7,067 4,912 10,846 7,644
---------- ---------- -------- -------- -------- --------
Increase (Decrease) in Net Assets from Operations 186,418 312,191 35,486 39,403 26,671 9,922
---------- ---------- -------- -------- -------- --------
Distributions to Shareholders:
Net Investment Income:
Trust Shares ................................... (16,094) (30,805) -- (962) (1,137) (205)
Investor Shares ................................ (1,465) (2,820) -- (17) -- --
Flex Shares .................................... (517) (606) -- -- (15) --
Capital Gains:
Trust Shares ................................... -- (166,191) -- (24,244) -- --
Investor Shares ................................ -- (18,030) -- (1,770) -- --
Flex Shares .................................... -- (5,570) -- (676) -- --
---------- ---------- -------- -------- -------- --------
Total Distributions .............................. (18,076) (224,022) -- (27,669) (1,152) (205)
---------- ---------- -------- -------- -------- --------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued .................... 179,198 380,339 65,225 113,386 158,257 126,046
Reinvestment of Cash Distributions ............. 11,708 179,808 -- 22,790 743 137
Cost of Shares Repurchased ..................... (177,634) (392,524) (45,246) (113,291) (19,431) (4,851)
---------- ---------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From Trust Share
Transactions ................................... 13,272 167,623 19,979 22,885 139,569 121,332
---------- ---------- -------- -------- -------- --------
Investor Shares:
Proceeds from Shares Issued .................... 15,027 31,242 2,598 5,664 -- --
Reinvestment of Cash Distributions ............. 1,445 20,626 -- 1,783 -- --
Cost of Shares Repurchased ..................... (13,773) (24,774) (2,328) (5,934) -- --
---------- ---------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From Investor
Share Transactions ............................. 2,699 27,094 270 1,513 -- --
---------- ---------- -------- -------- -------- --------
Flex Shares:
Proceeds from Shares Issued .................... 42,939 43,363 4,307 5,680 17,492 --
Reinvestment of Cash Distributions ............. 508 6,080 -- 666 15 --
Cost of Shares Repurchased ..................... (7,060) (6,096) (1,541) (1,648) (537) --
---------- ---------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From
Flex Share Transactions ........................ 36,387 43,347 2,766 4,698 16,970 --
---------- ---------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From Share
Transactions ................................. 52,358 238,064 23,015 29,096 156,539 121,332
---------- ---------- -------- -------- -------- --------
Total Increase (Decrease) in Net Assets ...... 220,700 326,233 58,501 40,830 182,058 131,049
---------- ---------- -------- -------- -------- --------
Net Assets:
Beginning of Period .............................. 1,727,527 1,401,294 317,735 276,905 131,049 --
---------- ---------- -------- -------- -------- --------
End of Period .................................... $1,948,227 $1,727,527 $376,236 $317,735 $313,107 $131,049
========== ========== ======== ======== ======== ========
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued .................................. 12,142 29,343 4,497 9,011 13,069 12,290
Shares Issued in Lieu of Cash Distributions .... 805 14,654 -- 1,853 -- 13
Shares Redeemed ................................ (12,024) (30,076) (3,163) (9,008) (1,558) (466)
---------- ---------- -------- -------- -------- --------
Net Trust Share Transactions ..................... 923 13,921 1,334 1,856 11,511 11,837
---------- ---------- -------- -------- -------- --------
Investor Shares:
Shares Issued .................................. 1,024 2,411 180 455 -- --
Shares Issued in Lieu of Cash Distributions .... 99 1,683 -- 145 -- --
Shares Redeemed ................................ (932) (1,906) (162) (472) -- --
---------- ---------- -------- -------- -------- --------
Net Investor Share Transactions .................. 191 2,188 18 128 -- --
---------- ---------- -------- -------- -------- --------
Flex Shares:
Shares Issued .................................. 2,929 3,360 300 459 1,409 --
Shares Issued in Lieu of Cash Distributions .... 35 500 -- 55 -- --
Shares Redeemed ................................ (482) (470) (110) (134) (43) --
---------- ---------- -------- -------- -------- --------
Net Flex Share Transactions ...................... 2,482 3,390 190 380 1,366 --
========== ========== ======== ======== ======== ========
EMERGING
CAPITAL GROWTH FUND BALANCED FUND MARKETS EQUITY FUND
------------------- ------------------- -------------------
06/01/97- 06/01/96- 06/01/97- 06/01/96- 06/01/97- 01/31/97*-
11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net Investment Income (Loss) ....................... $ 3,469 $ 8,603 $ 2,198 $ 3,521 $ 207 $ 144
Net Realized Gain (Loss) on Investments ............ 110,744 221,554 7,399 11,411 (807) 80
Net Realized Loss on Foreign Currency
Transactions ..................................... -- -- -- -- (47) (18)
Net Change in Unrealized Appreciation (Depreciation) on
Foreign Currency and Translation of Other Assets and
Liabilities in Foreign Currency .................. -- -- -- -- 2 --
Net Change in Unrealized Appreciation (Depreciation)
on Investments ................................... 67,401 43,851 6,632 5,223 (7,410) 2,108
---------- ---------- -------- -------- ------- -------
Increase (Decrease) in Net Assets from Operations 181,614 274,008 16,229 20,155 (8,055) 2,314
---------- ---------- -------- -------- ------- -------
Distributions to Shareholders:
Net Investment Income:
Trust Shares ..................................... (3,895) (7,993) (2,085) (3,051) -- --
Investor Shares .................................. (28) (338) (77) (139) -- --
Flex Shares ...................................... -- -- (70) (77) -- --
Capital Gains:
Trust Shares ..................................... -- (180,731) -- (9,775) -- --
Investor Shares .................................. -- (35,976) -- (505) -- --
Flex Shares ...................................... -- (3,858) -- (388) -- --
---------- ---------- -------- -------- ------- -------
Total Distributions ................................ (3,923) (228,896) (2,232) (13,935) -- --
---------- ---------- -------- -------- ------- -------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued ...................... 282,533 295,281 24,354 75,303 17,384 42,043
Reinvestment of Cash Distributions ............... 3,006 178,092 2,037 12,606 -- --
Cost of Shares Repurchased ....................... (176,565) (406,707) (28,707) (54,011) (9,238) (4,862)
---------- ---------- -------- -------- ------- -------
Increase (Decrease) in Net Assets From Trust Share
Transactions ..................................... 108,974 66,666 (2,316) 33,898 8,146 37,181
---------- ---------- -------- -------- ------- -------
Investor Shares:
Proceeds from Shares Issued ...................... 12,156 22,778 698 1,430 -- --
Reinvestment of Cash Distributions ............... 27 36,046 76 633 -- --
Cost of Shares Repurchased ....................... (17,882) (38,034) (583) (1,149) -- --
---------- ---------- -------- -------- ------- -------
Increase (Decrease) in Net Assets From Investor
Share Transactions ............................... (5,699) 20,790 191 914 -- --
---------- ---------- -------- -------- ------- -------
Flex Shares:
Proceeds from Shares Issued ...................... 25,296 23,389 5,833 3,065 -- --
Reinvestment of Cash Distributions ............... -- 3,813 69 462 -- --
Cost of Shares Repurchased ....................... (4,089) (2,774) (975) (787) -- --
---------- ---------- -------- -------- ------- -------
Increase (Decrease) in Net Assets From
Flex Share Transactions .......................... 21,207 24,428 4,927 2,740 -- --
---------- ---------- -------- -------- ------- -------
Increase (Decrease) in Net Assets From Share
Transactions ................................... 124,482 111,884 2,802 37,552 8,146 37,181
---------- ---------- -------- -------- ------- -------
Total Increase (Decrease) in Net Assets ........ 302,173 156,996 16,799 43,772 91 39,495
---------- ---------- -------- -------- ------- -------
Net Assets:
Beginning of Period ................................ 1,340,541 1,183,545 163,437 119,665 39,495 --
---------- ---------- -------- -------- ------- -------
End of Period ...................................... $1,642,714 $1,340,541 $180,236 $163,437 $39,586 $39,495
========== ========== ======== ======== ======= =======
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued .................................... 17,789 20,391 1,926 6,572 1,621 4,128
Shares Issued in Lieu of Cash Distributions ...... 185 13,369 163 1,122 -- --
Shares Redeemed .................................. (10,754) (27,687) (2,276) (4,686) (915) (468)
---------- ---------- -------- -------- ------- -------
Net Trust Share Transactions ....................... 7,220 6,073 (187) 3,008 706 3,660
---------- ---------- -------- -------- ------- -------
Investor Shares:
Shares Issued .................................... 740 1,573 55 122 -- --
Shares Issued in Lieu of Cash Distributions ...... 2 2,717 6 56 -- --
Shares Redeemed .................................. (1,089) (2,607) (46) (99) -- --
---------- ---------- -------- -------- ------- -------
Net Investor Share Transactions .................... (347) 1,683 15 79 -- --
---------- ---------- -------- -------- ------- -------
Flex Shares:
Shares Issued .................................... 1,548 1,620 459 265 -- --
Shares Issued in Lieu of Cash Distributions ...... -- 289 5 41 -- --
Shares Redeemed .................................. (250) (191) (77) (68) -- --
---------- ---------- -------- -------- ------- -------
Net Flex Share Transactions ........................ 1,298 1,718 387 238 -- --
========== ========== ======== ======== ======= =======
INTERNATIONAL INTERNATIONAL
EQUITY EQUITY
INDEX FUND FUND SUNBELT EQUITY FUND
------------------- -------------------- -------------------
06/01/97- 06/01/96- 06/01/97- 06/01/96- 06/01/97- 06/01/96-
11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net Investment Income (Loss) ...................... $ 179 $ 482 $ 707 $ 1,788 $ (2,075) $ (2,928)
Net Realized Gain (Loss) on Investments ........... 1,105 4,148 18,081 31,885 30,269 24,062
Net Realized Loss on Foreign Currency
Transactions .................................... (45) (50) (494) (949) -- --
Net Change in Unrealized Appreciation (Depreciation) on
Foreign Currency and Translation of Other Assets and
Liabilities in Foreign Currency ................. 26 (21) (33) 16 -- --
Net Change in Unrealized Appreciation (Depreciation)
on Investments .................................. (330) (466) (10,496) 51,213 39,233 (18,818)
------- ------- -------- -------- -------- --------
Increase (Decrease) in Net Assets from Operations 935 4,093 7,765 83,953 67,427 2,316
------- ------- -------- -------- -------- --------
Distributions to Shareholders:
Net Investment Income:
Trust Shares .................................... -- (614) -- (638) -- --
Investor Shares ................................. -- (35) -- -- -- --
Flex Shares ..................................... -- -- -- -- -- --
Capital Gains:
Trust Shares .................................... -- (1,696) -- (9,573) -- (29,932)
Investor Shares ................................. -- (154) -- (182) -- (2,119)
Flex Shares ..................................... -- (27) -- (75) -- (360)
------- ------- -------- -------- -------- --------
Total Distributions ............................... -- (2,526) -- (10,468) -- (32,411)
------- ------- -------- -------- -------- --------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued ..................... 3,499 21,944 190,400 382,588 86,098 208,763
Reinvestment of Cash Distributions .............. -- 1,958 -- 9,386 -- 27,551
Cost of Shares Repurchased ...................... (8,412) (62,693) (155,526) (187,406) (103,387) (239,412)
------- ------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From Trust Share
Transactions .................................... (4,913) (38,791) 34,874 204,568 (17,289) (3,098)
------- ------- -------- -------- -------- --------
Investor Shares:
Proceeds from Shares Issued ..................... 1,043 2,579 4,901 7,794 1,900 6,043
Reinvestment of Cash Distributions .............. -- 189 -- 181 -- 2,111
Cost of Shares Repurchased ...................... (925) (2,981) (1,505) (2,060) (4,604) (7,103)
------- ------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From Investor
Share Transactions .............................. 118 (213) 3,396 5,915 (2,704) 1,051
------- ------- -------- -------- -------- --------
Flex Shares:
Proceeds from Shares Issued ..................... 273 334 9,345 7,049 1,154 3,978
Reinvestment of Cash Distributions .............. -- 27 -- 74 -- 354
Cost of Shares Repurchased ...................... (277) (410) (1,452) (424) (992) (1,172)
------- ------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From
Flex Share Transactions ......................... (4) (49) 7,893 6,699 162 3,160
------- ------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From Share
Transactions .................................. (4,799) (39,053) 46,163 217,182 (19,831) 1,113
------- ------- -------- -------- -------- --------
Total Increase (Decrease) in Net Assets ....... (3,864) (37,486) 53,928 290,667 47,596 (29,982)
------- ------- -------- -------- -------- --------
Net Assets:
Beginning of Period ............................... 60,008 97,494 508,374 217,707 415,155 444,137
------- ------- -------- -------- -------- --------
End of Period ..................................... $56,144 $60,008 $562,302 $508,374 $462,751 $415,155
======= ======= ======== ======== ======== ========
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued ................................... 292 2,030 13,219 31,059 5,648 16,289
Shares Issued in Lieu of Cash Distributions ..... -- 184 -- 785 -- 2,176
Shares Redeemed ................................. (702) (5,800) (10,815) (14,649) (6,996) (18,979)
------- ------- -------- -------- -------- --------
Net Trust Share Transactions ...................... (410) (3,586) 2,404 17,195 (1,348) (514)
------- ------- -------- -------- -------- --------
Investor Shares:
Shares Issued ................................... 87 241 339 634 128 473
Shares Issued in Lieu of Cash Distributions ..... -- 18 -- 15 -- 169
Shares Redeemed ................................. (77) (277) (106) (166) (312) (569)
------- ------- -------- -------- -------- --------
Net Investor Share Transactions ................... 10 (18) 233 483 (184) 73
------- ------- -------- -------- -------- --------
Flex Shares:
Shares Issued ................................... 22 31 653 566 77 310
Shares Issued in Lieu of Cash Distributions ..... -- 3 -- 6 -- 29
Shares Redeemed ................................. (23) (38) (103) (34) (69) (95)
------- ------- -------- -------- -------- --------
Net Flex Share Transactions ....................... (1) (4) 550 538 8 244
======= ======= ======== ======== ======== ========
<FN>
*Commencement of operations.
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
84 & 85
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 AND THE YEAR
ENDED MAY 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
FLORIDA TENNESSEE
INVESTMENT GRADE TAX- TAX-EXEMPT TAX-EXEMPT
EXEMPT BOND FUND BOND FUND BOND FUND
------------------- ------------------- -------------------
06/01/97- 06/01/96- 06/01/97- 06/01/96- 06/01/97- 06/01/96-
11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net Investment Income .......................... $ 3,405 $ 6,631 $ 1,513 $ 1,999 $ 128 $ 227
Net Realized Gain (Loss) on Investments ........ 3,491 2,924 242 (209) 7 (11)
Net Change in Unrealized Appreciation
on Investments ............................... 495 2,169 1,545 1,157 130 153
-------- -------- ------- ------- ------ ------
Increase in Net Assets from Operations ....... 7,391 11,724 3,300 2,947 265 369
-------- -------- ------- ------- ------ ------
Distributions to Shareholders:
Net Investment Income:
Trust Shares ................................. (2,805) (5,248) (1,361) (1,748) (44) (74)
Investor Shares .............................. (523) (1,226) (67) (154) (28) (65)
Flex Shares .................................. (77) (159) (85) (101) (56) (88)
Capital Gains:
Trust Shares ................................. -- (2,384) -- (126) -- --
Investor Shares .............................. -- (623) -- (11) -- --
Flex Shares .................................. -- (92) -- (9) -- --
-------- -------- ------- ------- ------ ------
Total Distributions ............................ (3,405) (9,732) (1,513) (2,149) (128) (227)
-------- -------- ------- ------- ------ ------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued .................. 17,719 45,948 27,391 27,976 652 1,241
Reinvestment of Cash Distributions ........... 707 3,196 156 314 8 33
Cost of Shares Repurchased ................... (17,006) (36,027) (6,843) (9,265) (610) (1,174)
-------- -------- ------- ------- ------ ------
Increase (Decrease) in Net Assets From Trust Share
Transactions ................................. 1,420 13,117 20,704 19,025 50 100
-------- -------- ------- ------- ------ ------
Investor Shares:
Proceeds from Shares Issued .................. 749 2,163 170 923 79 450
Reinvestment of Cash Distributions ........... 465 1,619 53 128 22 51
Cost of Shares Repurchased ................... (4,928) (9,763) (364) (1,919) (415) (459)
-------- -------- ------- ------- ------ ------
Increase (Decrease) in Net Assets From Investor
Share Transactions ........................... (3,714) (5,981) (141) (868) (314) 42
-------- -------- ------- ------- ------ ------
Flex Shares:
Proceeds from Shares Issued .................. 1,497 1,973 3,057 1,182 961 836
Reinvestment of Cash Distributions ........... 68 222 62 80 36 53
Cost of Shares Repurchased ................... (926) (3,111) (362) (1,011) (297) (456)
-------- -------- ------- ------- ------ ------
Increase (Decrease) in Net Assets From
Flex Share Transactions ...................... 639 (916) 2,757 251 700 433
-------- -------- ------- ------- ------ ------
Increase (Decrease) in Net Assets From Share
Transactions ............................... (1,655) 6,220 23,320 18,408 436 575
-------- -------- ------- ------- ------ ------
Total Increase (Decrease) in Net Assets .... 2,331 8,212 25,107 19,206 573 717
-------- -------- ------- ------- ------ ------
Net Assets:
Beginning of Period ............................ 175,682 167,470 56,713 37,507 6,080 5,363
-------- -------- ------- ------- ------ ------
End of Period .................................. $178,013 $175,682 $81,820 $56,713 $6,653 $6,080
======== ======== ======= ======= ====== ======
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued ................................ 1,556 4,112 2,616 2,728 68 130
Shares Issued in Lieu of Cash Distributions .. 62 286 15 31 -- 3
Shares Redeemed .............................. (1,493) (3,216) (653) (907) (62) (122)
-------- -------- ------- ------- ------ ------
Net Trust Share Transactions ................... 125 1,182 1,978 1,852 6 11
-------- -------- ------- ------- ------ ------
Investor Shares:
Shares Issued ................................ 66 193 16 89 10 47
Shares Issued in Lieu of Cash Distributions .. 41 144 5 13 -- 5
Shares Redeemed .............................. (432) (869) (34) (188) (43) (48)
-------- -------- ------- ------- ------ ------
Net Investor Share Transactions ................ (325) (532) (13) (86) (33) 4
-------- -------- ------- ------- ------ ------
Flex Shares:
Shares Issued ................................ 131 176 292 115 101 88
Shares Issued in Lieu of Cash Distributions .. 6 20 6 8 -- 6
Shares Redeemed .............................. (81) (277) (35) (99) (30) (48)
-------- -------- ------- ------- ------ ------
Net Flex Share Transactions .................... 56 (81) 263 24 71 46
======== ======== ======= ======= ====== ======
GEORGIA
TAX-EXEMPT INVESTMENT GRADE SHORT-TERM BOND
BOND FUND BOND FUND FUND
------------------- ------------------- -------------------
06/01/97- 06/01/96- 06/01/97- 06/01/96- 06/01/97- 06/01/96-
11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net Investment Income .......................... $ 1,072 $ 1,589 $ 21,055 $ 37,964 $ 2,796 $ 5,152
Net Realized Gain (Loss) on Investments ........ 53 7 3,891 (5,113) 253 (321)
Net Change in Unrealized Appreciation
on Investments ............................... 1,235 882 21,593 10,558 895 1,027
------- ------- -------- -------- -------- -------
Increase in Net Assets from Operations ....... 2,360 2,478 46,539 43,409 3,944 5,858
------- ------- -------- -------- -------- -------
Distributions to Shareholders:
Net Investment Income:
Trust Shares ................................. (912) (1,285) (19,998) (35,713) (2,700) (4,983)
Investor Shares .............................. (72) (139) (889) (1,950) (56) (120)
Flex Shares .................................. (88) (165) (168) (270) (32) (51)
Capital Gains:
Trust Shares ................................. -- (153) -- -- -- (311)
Investor Shares .............................. -- (17) -- -- -- (7)
Flex Shares .................................. -- (26) -- -- -- (4)
------- ------- -------- -------- -------- -------
Total Distributions ............................ (1,072) (1,785) (21,055) (37,933) (2,788) (5,476)
------- ------- -------- -------- -------- -------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued .................. 15,082 29,571 124,297 218,768 31,727 43,385
Reinvestment of Cash Distributions ........... 426 761 17,726 27,532 1,528 3,426
Cost of Shares Repurchased ................... (6,181) (14,098) (75,613) (217,253) (13,989) (48,636)
------- ------- -------- -------- -------- -------
Increase (Decrease) in Net Assets From Trust Share
Transactions ................................. 9,327 16,234 66,410 29,047 19,266 (1,825)
------- ------- -------- -------- -------- -------
Investor Shares:
Proceeds from Shares Issued .................. 375 573 2,226 5,838 57 602
Reinvestment of Cash Distributions ........... 63 137 965 1,770 54 111
Cost of Shares Repurchased ................... (233) (677) (5,056) (10,944) (373) (1,240)
------- ------- -------- -------- -------- -------
Increase (Decrease) in Net Assets From Investor
Share Transactions ........................... 205 33 (1,865) (3,336) (262) (527)
------- ------- -------- -------- -------- -------
Flex Shares:
Proceeds from Shares Issued .................. 1,672 1,697 3,062 3,077 392 523
Reinvestment of Cash Distributions ........... 76 172 172 237 30 50
Cost of Shares Repurchased ................... (479) (1,499) (1,052) (2,217) (152) (469)
------- ------- -------- -------- -------- -------
Increase (Decrease) in Net Assets From
Flex Share Transactions ...................... 1,269 370 2,182 1,097 270 104
------- ------- -------- -------- -------- -------
Increase (Decrease) in Net Assets From Share
Transactions ............................... 10,801 16,637 66,727 26,808 19,274 (2,248)
------- ------- -------- -------- -------- -------
Total Increase (Decrease) in Net Assets .... 12,089 17,330 92,211 32,284 20,430 (1,866)
------- ------- -------- -------- -------- -------
Net Assets:
Beginning of Period ............................ 47,905 30,575 672,574 640,290 92,956 94,822
------- ------- -------- -------- -------- -------
End of Period .................................. $59,994 $47,905 $764,785 $672,574 $113,386 $92,956
======= ======= ======== ======== ======== =======
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued ................................ 1,564 3,062 12,030 21,475 3,175 4,380
Shares Issued in Lieu of Cash Distributions .. -- 78 1,708 2,709 153 345
Shares Redeemed .............................. (627) (1,457) (7,307) (21,378) (1,404) (4,902)
------- ------- -------- -------- -------- -------
Net Trust Share Transactions ................... 937 1,683 6,431 2,806 1,924 (177)
------- ------- -------- -------- -------- -------
Investor Shares:
Shares Issued ................................ 44 59 215 575 6 61
Shares Issued in Lieu of Cash Distributions .. -- 14 93 174 5 11
Shares Redeemed .............................. (23) (70) (488) (1,076) (37) (125)
------- ------- -------- -------- -------- -------
Net Investor Share Transactions ................ 21 3 (180) (327) (26) (53)
------- ------- -------- -------- -------- -------
Flex Shares:
Shares Issued ................................ 175 175 294 303 39 52
Shares Issued in Lieu of Cash Distributions .. -- 18 17 23 3 5
Shares Redeemed .............................. (48) (154) (101) (218) (15) (47)
------- ------- -------- -------- -------- -------
Net Flex Share Transactions .................... 127 39 210 108 27 10
======= ======= ======== ======== ======== =======
SHORT-TERM U.S. TREASURY LIMITED-TERM FEDERAL U. S. GOVERNMENT
SECURITIES FUND MORTGAGE SECURITIES FUND SECURITIES FUND
------------------- -------------------- -------------------
06/01/97- 06/01/96- 06/01/97- 06/01/96- 06/01/97- 06/01/96-
11/30/97 05/31/97 11/30/97 05/31/97 11/30/97 05/31/97
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net Investment Income .......................... $ 677 $ 1,238 $ 3,883 $ 6,160 $ 855 $ 1,220
Net Realized Gain (Loss) on Investments ........ 27 (25) 241 1 33 (17)
Net Change in Unrealized Appreciation
on Investments ............................... 136 88 864 303 844 214
------- ------- -------- -------- ------- -------
Increase in Net Assets from Operations ....... 840 1,301 4,988 6,464 1,732 1,417
------- ------- -------- -------- ------- -------
Distributions to Shareholders:
Net Investment Income:
Trust Shares ................................. (549) (934) (3,779) (5,933) (713) (916)
Investor Shares .............................. (95) (205) (67) (146) (67) (147)
Flex Shares .................................. (30) (99) (39) (81) (75) (157)
Capital Gains:
Trust Shares ................................. -- -- -- (159) -- --
Investor Shares .............................. -- -- -- (4) -- --
Flex Shares .................................. -- -- -- (3) -- --
------- ------- -------- -------- ------- -------
Total Distributions ............................ (674) (1,238) (3,885) (6,326) (855) (1,220)
------- ------- -------- -------- ------- -------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued .................. 2,447 17,856 20,193 75,207 7,930 19,904
Reinvestment of Cash Distributions ........... 308 465 2,556 4,139 166 297
Cost of Shares Repurchased ................... (5,478) (6,510) (14,221) (28,939) (2,266) (11,131)
------- ------- -------- -------- ------- -------
Increase (Decrease) in Net Assets From Trust Share
Transactions ................................. (2,723) 11,811 8,528 50,407 5,830 9,070
------- ------- -------- -------- ------- -------
Investor Shares:
Proceeds from Shares Issued .................. 133 745 464 1,381 338 1,272
Reinvestment of Cash Distributions ........... 96 204 64 141 64 140
Cost of Shares Repurchased ................... (686) (1,238) (623) (1,615) (333) (1,599)
------- ------- -------- -------- ------- -------
Increase (Decrease) in Net Assets From Investor
Share Transactions ........................... (457) (289) (95) (93) 69 (187)
------- ------- -------- -------- ------- -------
Flex Shares:
Proceeds from Shares Issued .................. 456 825 389 500 1,170 764
Reinvestment of Cash Distributions ........... 27 85 35 72 63 130
Cost of Shares Repurchased ................... (275) (2,259) (243) (517) (486) (958)
------- ------- -------- -------- ------- -------
Increase (Decrease) in Net Assets From
Flex Share Transactions ...................... 208 (1,349) 181 55 747 (64)
------- ------- -------- -------- ------- -------
Increase (Decrease) in Net Assets From Share
Transactions ............................... (2,972) 10,173 8,614 50,369 6,646 8,819
------- ------- -------- -------- ------- -------
Total Increase (Decrease) in Net Assets .... (2.806) 10,236 9,717 50,507 7,523 9,016
------- ------- -------- -------- ------- -------
Net Assets:
Beginning of Period ............................ 27,000 16,764 127,738 77,231 24,515 15,499
------- ------- -------- -------- ------- -------
End of Period .................................. $24,194 $27,000 $137,455 $127,738 $32,038 $24,515
======= ======= ======== ======== ======= =======
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued ................................ 247 1,806 2,000 7,497 793 1,986
Shares Issued in Lieu of Cash Distributions .. 31 47 254 413 -- 30
Shares Redeemed .............................. (552) (659) (1,409) (2,886) (221) (1,110)
------- ------- -------- -------- ------- -------
Net Trust Share Transactions ................... (274) 1,194 845 5,024 572 906
------- ------- -------- -------- ------- -------
Investor Shares:
Shares Issued ................................ 13 75 46 138 40 127
Shares Issued in Lieu of Cash Distributions .. 10 21 6 14 -- 14
Shares Redeemed .............................. (69) (125) (61) (161) (33) (159)
------- ------- -------- -------- ------- -------
Net Investor Share Transactions ................ (46) (29) (9) (9) 7 (18)
------- ------- -------- -------- ------- -------
Flex Shares:
Shares Issued ................................ 46 84 38 50 120 77
Shares Issued in Lieu of Cash Distributions .. 3 9 3 7 -- 13
Shares Redeemed .............................. (28) (228) (24) (51) (48) (95)
------- ------- -------- -------- ------- -------
Net Flex Share Transactions .................... 21 (135) 17 6 72 (5)
======= ======= ======== ======== ======= =======
<FN>
Amounts designated as "--" are either $0 or roun d to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
86 & 87
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) (concluded)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 AND THE
YEAR ENDED MAY 31, 1997 UNAUDITED
<TABLE>
<CAPTION>
PRIME QUALITY U.S. GOVERNMENT SECURITIES
MONEY MARKET FUND MONEY MARKET FUND
-------------------- --------------------
06/01/97- 06/01/96- 06/01/97- 06/01/96-
11/30/97 05/31/97 11/30/97 05/31/97
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Operations:
Net Investment Income ........................................... $ 44,408 $ 73,281 $ 9,595 $ 17,800
Net Realized Gain (Loss) on Investments ......................... 45 (121) 71 (51)
---------- ---------- -------- --------
Increase in Net Assets from Operations ...................... 44,453 73,160 9,666 17,749
---------- ---------- -------- --------
Distributions to Shareholders:
Net Investment Income:
Trust Shares .................................................. (36,604) (60,224) (8,184) (14,924)
Investor Shares ............................................... (7,812) (13,057) (1,411) (2,876)
Capital Gains:
Trust Shares .................................................. -- -- -- --
Investor Shares ............................................... -- -- -- --
---------- ---------- -------- --------
Total Distributions ......................................... (44,416) (73,281) (9,595) (17,800)
---------- ---------- -------- --------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued ................................... 1,838,232 2,786,281 401,951 705,839
Reinvestment of Cash Distributions ............................ 1,618 2,069 201 274
Cost of Shares Redeemed ....................................... (1,356,485) (2,752,496) (416,804) (687,215)
---------- ---------- -------- --------
Increase (Decrease) in Net Assets From Trust Share Transactions 483,365 35,854 (14,652) 18,898
---------- ---------- -------- --------
Investor Shares:
Proceeds from Shares Issued ................................... 343,071 928,946 82,219 182,325
Reinvestment of Cash Distributions ............................ 6,969 10,375 1,343 2,379
Cost of Shares Redeemed ....................................... (290,648) (871,451) (94,101) (180,124)
---------- ---------- -------- --------
Increase (Decrease) in Net Assets From Investor Share Transactions 59,392 67,870 (10,539) 4,580
---------- ---------- -------- --------
Increase (Decrease) in Net Assets From Share Transactions 542,757 103,724 (25,191) 23,478
---------- ---------- -------- --------
Total Increase (Decrease) in Net Assets ..................... 542,794 103,603 (25,120) 23,427
---------- ---------- -------- --------
Net Assets:
Beginning of Period ............................................. 1,370,099 1,266,496 407,528 384,101
---------- ---------- -------- --------
End of Period ................................................... $1,912,893 $1,370,099 $382,408 $407,528
========== ========== ======== ========
(1) Shares Issued and Redeemed:
Trust Shares:
Shares Issued ................................................. 1,838,232 2,786,281 401,951 705,839
Shares Issued in Lieu of Cash Distributions ................... 1,618 2,069 201 274
Shares Redeemed ............................................... (1,356,485) (2,752,496) (416,804) (687,215)
---------- ---------- -------- --------
Net Trust Share Transactions ................................ 483,365 35,854 (14,652) 18,898
---------- ---------- -------- --------
Investor Shares:
Shares Issued ................................................. 343,071 928,946 82,219 182,325
Shares Issued in Lieu of Cash Distributions ................... 6,969 10,375 1,343 2,379
Shares Redeemed ............................................... (290,648) (871,451) (94,101) (180,124)
---------- ---------- -------- --------
Net Investor Share Transactions ............................. 59,392 67,870 (10,539) 4,580
---------- ---------- -------- --------
TAX-EXEMPT
MONEY MARKET FUND
-------------------
06/01/97- 06/01/96-
11/30/97 05/31/97
-------- --------
<S> <C> <C>
Operations:
Net Investment Income ........................................... $ 8,287 $ 12,958
Net Realized Gain (Loss) on Investments ......................... -- 10
-------- --------
Increase in Net Assets from Operations ...................... 8,287 12,968
-------- --------
Distributions to Shareholders:
Net Investment Income:
Trust Shares .................................................. (6,405) (10,054)
Investor Shares ............................................... (1,882) (2,904)
Capital Gains:
Trust Shares .................................................. -- --
Investor Shares ............................................... -- --
-------- --------
Total Distributions ......................................... (8,287) (12,958)
-------- --------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued ................................... 532,033 980,872
Reinvestment of Cash Distributions ............................ -- --
Cost of Shares Redeemed ....................................... (429,519) (921,487)
-------- --------
Increase (Decrease) in Net Assets From Trust Share Transactions 102,514 59,385
-------- --------
Investor Shares:
Proceeds from Shares Issued ................................... 145,840 305,724
Reinvestment of Cash Distributions ............................ 1,612 2,569
Cost of Shares Redeemed ....................................... (128,162) (301,505)
-------- --------
Increase (Decrease) in Net Assets From Investor Share Transactions 19,290 6,788
-------- --------
Increase (Decrease) in Net Assets From Share Transactions 121,804 66,173
-------- --------
Total Increase (Decrease) in Net Assets ..................... 121,804 66,183
-------- --------
Net Assets:
Beginning of Period ............................................. 435,019 368,836
-------- --------
End of Period ................................................... $556,823 $435,019
======== ========
(1) Shares Issued and Redeemed:
Trust Shares:
Shares Issued ................................................. 532,033 980,872
Shares Issued in Lieu of Cash Distributions ................... -- --
Shares Redeemed ............................................... (429,519) (921,487)
-------- --------
Net Trust Share Transactions ................................ 102,514 59,385
-------- --------
Investor Shares:
Shares Issued ................................................. 145,840 305,724
Shares Issued in Lieu of Cash Distributions ................... 1,612 2,569
Shares Redeemed ............................................... (128,162) (301,505)
-------- --------
Net Investor Share Transactions ............................. 19,290 6,788
-------- --------
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
88
<PAGE>
================================================================================
[This Page Left Intentionally Blank]
<PAGE>
FINANCIAL HIGHLIGHTS
================================================================================
STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS
------------------- ------------ ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C> <C>
VALUE INCOME STOCK FUND
Trust Shares
1997*** $13.71 $ 0.15 $ 1.32 $(0.15) $ --
1997 13.15 0.30 2.32 (0.30) (1.76)
1996 11.59 0.35 2.71 (0.34) (1.16)
1995 10.54 0.32 1.56 (0.32) (0.51)
1994 10.23 0.29 0.70 (0.32) (0.36)
1993(1) 10.00 0.11 0.16 (0.04) --
Investor Shares
1997*** $13.68 $ 0.12 $ 1.32 $(0.12) $ --
1997 13.13 0.25 2.32 (0.26) (1.76)
1996 11.58 0.30 2.71 (0.30) (1.16)
1995 10.52 0.28 1.56 (0.27) (0.51)
1994 10.23 0.26 0.67 (0.27) (0.37)
1993(2) 9.73 0.09 0.44 (0.03) --
Flex Shares
1997*** $13.61 $ 0.07 $ 1.31 $(0.08) $ --
1997 13.08 0.18 2.29 (0.18) (1.76)
1996(3) 11.59 0.26 2.65 (0.26) (1.16)
MID-CAP EQUITY FUND (B)
Trust Shares
1997*** $13.21 $(0.01) $ 1.51 $ -- $ --
1997 12.76 0.03 1.69 (0.05) (1.22)
1996 11.00 0.08 2.63 (0.08) (0.87)
1995 9.85 0.08 1.15 (0.08) --
1994(4) 10.00 0.02 (0.16) (0.01) --
Investor Shares
1997*** $13.17 $(0.04) $ 1.50 $ -- $ --
1997 12.74 (0.03) 1.69 (0.01) (1.22)
1996 10.99 0.03 2.62 (0.03) (0.87)
1995 9.84 0.03 1.15 (0.03) --
1994(5) 10.00 0.01 (0.17) -- --
Flex Shares
1997*** $13.04 $(0.15) $ 1.55 $ -- $ --
1997 12.69 (0.07) 1.64 -- (1.22)
1996(6) 11.13 -- 2.45 (0.02) (0.87)
SMALL CAP EQUITY FUND
Trust Shares
1997*** $11.07 $ 0.06 $ 1.60 $(0.06) $ --
1997(7) 10.00 0.05 1.04 (0.02) --
Flex Shares
1997(8) $11.36 $ 0.03 $ 1.28 $(0.04) $ --
RATIO OF
NET ASSET NET ASSETS RATIO OF NET INVESTMENT
VALUE END TOTAL END OF EXPENSES TO INCOME (LOSS) TO
OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS
--------- --------- ----------- ------------------ ------------------
<S> <C> <C> <C> <C> <C> <C>
VALUE INCOME STOCK FUND
Trust Shares
1997*** $15.03 10.74% $1,645,815 0.91% 1.98%
1997 13.71 22.18% 1,488,062 0.91% 2.40%
1996 13.15 27.91% 1,244,399 0.92% 2.86%
1995 11.59 19.06% 991,977 0.95% 3.16%
1994 10.54 9.95% 573,082 0.88% 3.21%
1993(1) 10.23 9.05%* 137,761 0.80%* 4.32%*
Investor Shares
1997*** $15.00 10.55% $ 184,898 1.29% 1.60%
1997 13.68 21.69% 165,999 1.30% 2.01%
1996 13.13 27.39% 130,597 1.30% 2.47%
1995 11.58 18.71% 92,256 1.30% 2.80%
1994 10.52 9.27% 60,589 1.25% 2.80%
1993(2) 10.23 19.42%* 24,779 1.15%* 4.51%*
Flex Shares
1997*** $14.91 10.16% $ 117,514 1.97% 0.92%
1997 13.61 20.91% 73,466 2.00% 1.33%
1996(3) 13.08 26.52%* 26,298 2.00%* 1.72%*
MID-CAP EQUITY FUND (B)
Trust Shares
1997*** $14.71 11.36% $ 339,542 1.15% (0.10%)
1997 13.21 14.23% 287,370 1.15% 0.23%
1996 12.76 25.54% 253,905 1.15% 0.70%
1995 11.00 12.56% 125,562 1.15% 0.88%
1994(4) 9.85 (1.39%)** 57,036 1.15%* 1.20%*
Investor Shares
1997*** $14.63 11.09% $ 22,744 1.60% (0.55%)
1997 13.17 13.76% 20,245 1.60% (0.21%)
1996 12.74 24.93% 17,971 1.60% 0.25%
1995 10.99 11.96% 7,345 1.60% 0.43%
1994(5) 9.84 (1.60%)** 3,004 1.60%* 0.74%*
Flex Shares
1997*** $14.44 10.74% $ 13,950 2.20% (1.15%)
1997 13.04 13.06% 10,120 2.20% (0.85%)
1996(6) 12.69 23.00%* 5,029 2.20%* (0.37%)*
SMALL CAP EQUITY FUND
Trust Shares
1997*** $12.67 15.05% $ 295,848 1.20% 1.24%
1997(7) 11.07 10.97%** 131,049 1.20%* 1.86%*
Flex Shares
1997(8) $12.63 11.57%** $ 17,259 2.25%* 0.21%*
RATIO OF
RATIO OF NET INVESTMENT
EXPENSES TO INCOME (LOSS) TO
AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO AVERAGE
(EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER COMMISSION
AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE RATE+
------------------ ------------------- --------- ----------
<S> <C> <C> <C> <C> <C>
VALUE INCOME STOCK FUND
Trust Shares
1997*** 0.91% 1.98% 52.53% $0.0546
1997 0.91% 2.40% 105.03% 0.0609
1996 0.92% 2.86% 133.99% n/a
1995 0.95% 3.16% 125.71% n/a
1994 0.97% 3.12% 149.28% n/a
1993(1) 0.96%* 4.16%* 34.71% n/a
Investor Shares
1997*** 1.29% 1.60% 52.53% $0.0546
1997 1.31% 2.00% 105.03% 0.0609
1996 1.37% 2.40% 133.99% n/a
1995 1.41% 2.69% 125.71% n/a
1994 1.44% 2.61% 149.28% n/a
1993(2) 1.63%* 4.04%* 34.71% n/a
Flex Shares
1997*** 1.98% 0.91% 52.53% $0.0546
1997 2.03% 1.30% 105.03% 0.0609
1996(3) 2.15%* 1.57%* 133.99% n/a
MID-CAP EQUITY FUND (B)
Trust Shares
1997*** 1.26% (0.21%) 68.96% $0.0376
1997 1.26% 0.12% 151.68% 0.0587
1996 1.29% 0.56% 115.62% n/a
1995 1.32% 0.71% 65.63% n/a
1994(4) 1.68%* 0.67%* 7.99% n/a
Investor Shares
1997*** 1.85% (0.80%) 68.96% $0.0376
1997 1.85% (0.46%) 151.68% 0.0587
1996 1.96% (0.11%) 115.62% n/a
1995 2.27% (0.24%) 65.63% n/a
1994(5) 4.60%* (2.26%)* 7.99% n/a
Flex Shares
1997*** 2.49% (1.44%) 68.96% $0.0376
1997 2.58% (1.23%) 151.68% 0.0587
1996(6) 3.04%* (1.21%)* 115.62% n/a
SMALL CAP EQUITY FUND
Trust Shares
1997*** 1.26% 1.18% 34.67% $0.0371
1997(7) 1.37%* 1.69%* 27.46% 0.0523
Flex Shares
1997(8) 2.44%* 0.02%* 34.67% $0.0371
<FN>
* Annualized.
** Return is for the period indicated and has not been annualized.
*** For the semi-annual period ended November 30, 1997. Return is for the period
indicated and has not been annualized. All ratios for the period have been annualized.
+ Average commission rate paid per share for security purchases and sales
during the period. Presentation of the rate is only required for fiscal years
beginning after September 1, 1995.
(1) Commenced operations on February 12, 1993.
(2) Commenced operations on February 17, 1993.
(3) Commenced operations on June 1, 1995.
(4) Commenced operations on February 2, 1994.
(5) Commenced operations on February 1, 1994.
(6) Commenced operations on June 5, 1995.
(7) Commenced operations on January 31, 1997
(8) Commenced operations on June 5, 1997.
(A) Total return figures do not reflect applicable sales loads.
(B) During the fiscal year ended May 31, 1996, the Aggressive Growth Fund changed its name to the Mid-Cap Equity Fund.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
90 & 91
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS
------------------- ------------ ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL GROWTH FUND
Trust Shares
1997*** $15.09 $ 0.05 $ 1.85 $(0.05) $ --
1997 14.90 0.12 3.13 (0.12) (2.94)
1996 12.18 0.12 3.32 (0.13) (0.59)
1995 11.99 0.16 0.57 (0.14) (0.40)
1994 11.95 0.16 0.31 (0.17) (0.26)
1993(1) 10.36 0.12 1.57 (0.10) --
Investor Shares
1997*** $15.06 $(0.01) $ 1.85 -- $ --
1997 14.89 0.03 3.10 (0.02) (2.94)
1996 12.17 0.03 3.32 (0.04) (0.59)
1995 11.98 0.09 0.57 (0.07) (0.40)
1994 11.93 0.09 0.31 (0.09) (0.26)
1993(2) 10.00 0.06 1.93 (0.06) --
Flex Shares
1997*** $14.96 $(0.06) $ 1.85 $ -- $ --
1997 14.84 (0.01) 3.07 -- (2.94)
1996(3) 12.20 0.02 3.26 (0.05) (0.59)
BALANCED FUND
Trust Shares
1997*** $11.94 $ 0.17 $ 1.02 $(0.17) $ --
1997 11.55 0.33 1.47 (0.32) (1.09)
1996 10.26 0.33 1.41 (0.34) (0.11)
1995 9.76 0.33 0.49 (0.32) --
1994(4) 10.00 0.11 (0.29) (0.06) --
Investor Shares
1997*** $11.99 $ 0.15 $ 1.02 $(0.15) $ --
1997 11.60 0.29 1.48 (0.29) (1.09)
1996 10.30 0.30 1.41 (0.30) (0.11)
1995 9.79 0.28 0.51 (0.28) --
1994(5) 10.00 0.03 (0.24) -- --
Flex Shares
1997*** $11.90 $ 0.11 $ 1.01 $(0.11) $ --
1997 11.53 0.22 1.45 (0.21) (1.09)
1996(6) 10.36 0.24 1.29 (0.25) (0.11)
EMERGING MARKETS EQUITY FUND
Trust Shares
1997*** $10.79 $ 0.03 $(1.75) $ -- $ --
1997(7) 10.00 0.04 0.75 -- --
INTERNATIONAL EQUITY INDEX FUND
Trust Shares
1997*** $11.34 $ 0.03 $ 0.12 $ -- $ --
1997 10.96 0.10 0.69 (0.11) (0.30)
1996 10.24 0.10 0.84 (0.13) (0.09)
1995(8) 10.00 0.08 0.19 (0.02) (0.01)
Investor Shares
1997*** $11.26 $ 0.01 $ 0.11 $ -- $ --
1997 10.88 0.03 0.72 (0.07) (0.30)
1996 10.20 0.05 0.85 (0.13) (0.09)
1995(8) 10.00 0.05 0.17 (0.01) (0.01)
Flex Shares
1997*** $11.24 $(0.03) $ 0.12 $ -- $ --
1997 10.87 (0.05) 0.72 -- (0.30)
1996(9) 10.24 -- 0.82 (0.10) (0.09)
RATIO OF
NET ASSET NET ASSETS RATIO OF NET INVESTMENT
VALUE END TOTAL END OF EXPENSES TO INCOME (LOSS) TO
OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS
--------- --------- ----------- ------------------ ------------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL GROWTH FUND
Trust Shares
1997*** $16.94 12.60% $1,340,326 1.15% 0.57%
1997 15.09 24.66% 1,085,128 1.15% 0.83%
1996 14.90 28.97% 981,498 1.15% 0.90%
1995 12.18 6.63% 984,205 1.15% 1.38%
1994 11.99 3.87% 891,870 1.15% 1.25%
1993(1) 11.95 17.90%* 507,692 1.15%* 1.43%*
Investor Shares
1997*** $16.90 12.23% $ 239,485 1.80% (0.08%)
1997 15.06 23.74% 218,660 1.80% 0.19%
1996 14.89 28.18% 191,078 1.80% 0.24%
1995 12.17 5.93% 160,875 1.80% 0.73%
1994 11.98 3.26% 170,795 1.80% 0.64%
1993(2) 11.93 20.49%* 131,858 1.80%* 0.81%*
Flex Shares
1997*** $16.75 11.97% $ 62,903 2.25% (0.53%)
1997 14.96 23.24% 36,753 2.27% (0.29%)
1996(3) 14.84 27.48%* 10,969 2.27%* (0.29%)*
BALANCED FUND
Trust Shares
1997*** $12.96 10.01% $ 161,925 0.94% 2.61%
1997 11.94 16.66% 151,358 0.95% 2.89%
1996 11.55 17.26% 111,638 0.95% 3.00%
1995 10.26 8.72% 89,051 0.95% 3.44%
1994(4) 9.76 (1.78%)** 90,579 0.95%* 2.76%*
Investor Shares
1997*** $13.01 9.83% $ 6,719 1.25% 2.31%
1997 11.99 16.27% 6,012 1.25% 2.58%
1996 11.60 16.88% 4,896 1.25% 2.70%
1995 10.30 8.29% 3,765 1.25% 3.17%
1994(5) 9.79 (2.10%)** 2,311 1.25%* 2.46%*
Flex Shares
1997*** $12.91 9.43% $ 11,592 2.01% 1.56%
1997 11.90 15.40% 6,067 2.01% 1.84%
1996(6) 11.53 15.58%** 3,131 2.00%* 1.85%*
EMERGING MARKETS EQUITY FUND
Trust Shares
1997*** $ 9.07 (15.94%) $ 39,586 1.55% 0.90%
1997(7) 10.79 7.90%** 39,495 1.55%* 1.37%*
INTERNATIONAL EQUITY INDEX FUND
Trust Shares
1997*** $11.49 1.32% $ 49,482 1.05% 0.65%
1997 11.34 7.48% 53,516 1.05% 0.71%
1996 10.96 9.29% 90,980 1.05% 0.84%
1995(8) 10.24 2.69%** 89,446 1.05%* 1.13%*
Investor Shares
1997*** $11.38 1.07% $ 5,762 1.45% 0.23%
1997 11.26 7.12% 5,592 1.45% 0.28%
1996 10.88 8.90% 5,597 1.45% 0.48%
1995(8) 10.20 2.18%** 3,960 1.45%* 0.67%*
Flex Shares
1997*** $11.33 0.80%$ 900 2.10% (0.40%)
1997 11.24 6.41% 900 2.10% (0.39%)
1996(9) 10.87 8.32%** 917 2.10%* (0.24%)*
RATIO OF
RATIO OF NET INVESTMENT
EXPENSES TO INCOME (LOSS) TO
AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO AVERAGE
(EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER COMMISSION
AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE RATE+
------------------ ------------------- --------- ----------
<S> <C> <C> <C> <C> <C>
CAPITAL GROWTH FUND
Trust Shares
1997*** 1.25% 0.47% 91.49% $0.0416
1997 1.25% 0.73% 141.32% 0.0620
1996 1.27% 0.78% 156.46% n/a
1995 1.28% 1.25% 127.79% n/a
1994 1.29% 1.11% 123.87% n/a
1993(1) 1.28%* 1.30%* 95.02% n/a
Investor Shares
1997*** 2.01% (0.29%) 91.49% $0.0416
1997 2.02% (0.03%) 141.32% 0.0620
1996 2.08% (0.04%) 156.46% n/a
1995 2.10% 0.43% 127.79% n/a
1994 2.11% 0.33% 123.87% n/a
1993(2) 2.06%* 0.55%* 95.02% n/a
Flex Shares
1997*** 2.36% (0.64%) 91.49% $0.0416
1997 2.43% (0.45%) 141.32% 0.0620
1996(3) 2.68%* (0.70%)* 156.46% n/a
BALANCED FUND
Trust Shares
1997*** 1.06% 2.49% 77.61% $0.0532
1997 1.08% 2.76% 196.73% 0.0608
1996 1.09% 2.86% 154.63% n/a
1995 1.11% 3.28% 156.61% n/a
1994(4) 1.25%* 2.46%* 105.65% n/a
Investor Shares
1997*** 1.62% 1.94% 77.61% $0.0532
1997 1.64% 2.19% 196.73% 0.0608
1996 1.89% 2.06% 154.63% n/a
1995 1.80% 2.62% 156.61% n/a
1994(5) 4.91%* (1.20%)* 105.65% n/a
Flex Shares
1997*** 2.29% 1.28% 77.61% $0.0532
1997 2.45% 1.40% 196.73% 0.0608
1996(6) 2.97%* 0.88%* 154.63% n/a
EMERGING MARKETS EQUITY FUND
Trust Shares
1997*** 1.89% 0.56% 34.99% $0.0023
1997(7) 2.04%* 0.88%* 23.88% 0.0019
INTERNATIONAL EQUITY INDEX FUND
Trust Shares
1997*** 1.17% 0.53% 0.02% $0.0918
1997 1.15% 0.61% 1.82% 0.0244
1996 1.19% 0.70% 30.46% n/a
1995(8) 1.31%* 0.87%* 10.37% n/a
Investor Shares
1997*** 1.53% 0.15% 0.02% $0.0918
1997 1.88% (0.15%) 1.82% 0.0244
1996 2.06% (0.13%) 30.46% n/a
1995(8) 2.44%* (0.32%)* 10.37% n/a
Flex Shares
1997*** 2.59% (0.89%) 0.02% $0.0918
1997 3.69% (1.98%) 1.82% 0.0244
1996(9) 4.14%* (2.28%)* 30.46% n/a
<FN>
* Annualized.
** Return is for the period indicated and has not been annualized.
*** For the semi-annual period ended November 30, 1997. Return is for the period
indicated and has not been annualized. All ratios for the period have been
annualized.
+ Average commission rate paid per share for security purchases and sales
during the period. Presentation of the rate is only required for fiscal
years beginning after September 1, 1995.
(1) Commenced operations on July 1, 1992.
(2) Commenced operations on June 9, 1992.
(3) Commenced operations on June 1, 1995.
(4) Commenced operations on January 3, 1994.
(5) Commenced operations on January 4, 1994.
(6) Commenced operations on June 14, 1995.
(7) Commenced operations on January 31, 1997.
(8) Commenced operations on June 6, 1994.
(9) Commenced operations on June 8, 1995.
(A) Total return figures do not reflect applicable sales loads.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
92 & 93
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAIN
------------------- ------------ ---------------- --------------------- ---------------------
<S> <C> <C> <C> <C> <C> <C>
INTERNATIONAL EQUITY FUND
Trust Shares
1997*** $13.63 $ -- $ 0.27 $ -- $ --
1997 11.40 0.03 2.57 (0.02) (0.35)
1996(1) 10.00 0.05 1.35 -- --
Investor Shares
1997*** $13.58 $(0.03) $ 0.27 $ -- $ --
1997 11.38 (0.01) 2.56 -- (0.35)
1996(2) 10.44 0.04 0.90 -- --
Flex Shares
1997*** $13.47 $(0.06) $ 0.24 $ -- $ --
1997 11.37 (0.04) 2.49 -- (0.35)
1996(2) 10.44 0.02 0.91 -- --
SUNBELT EQUITY FUND
Trust Shares
1997*** $13.28 $(0.07) $ 2.35 $ -- $ --
1997 14.11 (0.09) 0.25 -- (0.99)
1996 10.03 (0.04) 4.32 -- (0.20)
1995 9.70 (0.01) 0.38 -- (0.04)
1994(3) 10.00 -- (0.30) -- --
Investor Shares
1997*** $13.06 $(0.13) $ 2.34 $ -- $ --
1997 13.95 (0.14) 0.24 -- (0.99)
1996 9.96 (0.11) 4.30 -- (0.20)
1995 9.69 (0.05) 0.36 -- (0.04)
1994(4) 10.00 (0.02) (0.29) -- --
Flex Shares
1997*** $13.00 $(0.35) $ 2.49 $ -- $ --
1997 13.97 (0.14) 0.16 -- (0.99)
1996(5) 10.20 (0.07) 4.04 -- (0.20)
INVESTMENT GRADE TAX-EXEMPT BOND FUND
Trust Shares
1997*** $11.22 $ 0.22 $ 0.26 $(0.22) $ --
1997 11.10 0.44 0.33 (0.44) (0.21)
1996 11.28 0.45 0.19 (0.45) (0.37)
1995 10.68 0.46 0.60 (0.46) --
1994(6) 11.37 0.22 (0.34) (0.22) (0.35)
Investor Shares
1997*** $11.24 $ 0.20 $ 0.26 $(0.20) $ --
1997 11.12 0.40 0.33 (0.40) (0.21)
1996 11.30 0.41 0.19 (0.41) (0.37)
1995 10.69 0.42 0.61 (0.42) --
1994 10.79 0.33 0.25 (0.33) (0.35)
1993(7) 10.00 0.35 0.82 (0.35) (0.03)
Flex Shares
1997*** $11.23 $ 0.17 $ 0.25 $(0.17) $ --
1997 11.11 0.35 0.33 (0.35) (0.21)
1996(8) 11.30 0.37 0.18 (0.37) (0.37)
RATIO OF
NET ASSET NET ASSETS RATIO OF NET INVESTMENT
VALUE END TOTAL END OF EXPENSES TO INCOME (LOSS) TO
OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS
--------- --------- ----------- ------------------ ------------------
<S> <C> <C> <C> <C> <C> <C>
INTERNATIONAL EQUITY FUND
Trust Shares
1997*** $13.90 1.98% $532,220 1.46% 0.30%
1997 13.63 23.29% 489,325 1.46% 0.51%
1996(1) 11.40 14.00%** 213,306 1.46%* 1.36%*
Investor Shares
1997*** $13.82 1.77% $ 14,084 1.81% (0.14%)
1997 13.58 22.85% 10,674 1.81% 0.18%
1996(2) 11.38 9.00%** 3,448 1.81%* 1.73%*
Flex Shares
1997*** $13.65 1.34% $ 15,998 2.51% (0.95%)
1997 13.47 21.98% 8,375 2.51% (0.27%)
1996(2) 11.37 8.91%** 953 2.51%* 1.08%*
SUNBELT EQUITY FUND
Trust Shares
1997*** $15.56 17.17% $425,946 1.15% (0.87%)
1997 13.28 1.48% 381,371 1.15% (0.65%)
1996 14.11 43.19% 412,430 1.15% (0.34%)
1995 10.03 3.81% 258,908 1.15% (0.12%)
1994(3) 9.70 (2.99%)** 128,280 1.15%* (0.19%)*
Investor Shares
1997*** $15.27 16.92% $ 30,049 1.60% (1.31%)
1997 13.06 1.05% 28,095 1.60% (1.10%)
1996 13.95 42.58% 29,002 1.60% (0.79%)
1995 9.96 3.20% 22,180 1.60% (0.57%)
1994(4) 9.69 (3.10%)** 16,077 1.60%* (0.63%)*
Flex Shares
1997*** $15.14 16.46% $ 6,756 2.20% (1.92%)
1997 13.00 0.46% 5,689 2.20% (1.72%)
1996(5) 13.97 39.86%* 2,705 2.20%* (1.43%)*
INVESTMENT GRADE TAX-EXEMPT BOND FUND
Trust Shares
1997*** $11.48 4.33% $143,746 0.75% 3.89%
1997 11.22 7.13% 139,144 0.75% 3.96%
1996 11.10 5.82% 124,507 0.75% 4.01%
1995 11.28 10.21% 78,208 0.75% 4.34%
1994(6) 10.68 (1.10%)** 44,595 0.75%* 3.46%*
Investor Shares
1997*** $11.50 4.11% $ 28,840 1.15% 3.49%
1997 11.24 6.69% 31,857 1.15% 3.56%
1996 11.12 5.40% 37,427 1.15% 3.61%
1995 11.30 9.91% 41,693 1.15% 3.88%
1994 10.69 5.37% 46,182 1.14% 2.96%
1993(7) 10.79 11.88%* 15,844 1.12%* 3.61%*
Flex Shares
1997*** $11.48 3.77% $ 5,427 1.63% 3.01%
1997 11.23 6.19% 4,681 1.63% 3.08%
1996(8) 11.11 4.91%* 5,536 1.63%* 3.12%*
RATIO OF
RATIO OF NET INVESTMENT
EXPENSES TO INCOME (LOSS) TO
AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO AVERAGE
(EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER COMMISSION
AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE RATE+
------------------ ------------------- --------- ----------
<S> <C> <C> <C> <C> <C>
INTERNATIONAL EQUITY FUND
Trust Shares
1997*** 1.47% 0.29% 50.80% $0.0280
1997 1.51% 0.46% 139.37% 0.0313
1996(1) 1.65%* 1.17%* 113.34% n/a
Investor Shares
1997*** 1.81% (0.14%) 50.80% $0.0280
1997 2.05% (0.06%) 139.37% 0.0313
1996(2) 3.14%* 0.40%* 113.34% n/a
Flex Shares
1997*** 2.51% (0.95%) 50.80% $0.0280
1997 3.03% (0.79%) 139.37% 0.0313
1996(2) 5.86%* (2.27%)* 113.34% n/a
SUNBELT EQUITY FUND
Trust Shares
1997*** 1.26% (0.98%) 37.32% $0.0334
1997 1.26% (0.76%) 72.17% 0.0674
1996 1.28% (0.47%) 106.27% n/a
1995 1.30% (0.27%) 80.03% n/a
1994(3) 1.58%* (0.62%)* 21.42% n/a
Investor Shares
1997*** 1.85% (1.56%) 32.32% $0.0334
1997 1.84% (1.34%) 72.17% 0.0674
1996 1.93% (1.12%) 106.27% n/a
1995 1.98% (0.95%) 80.03% n/a
1994(4) 2.04%* (1.07%)* 21.42% n/a
Flex Shares
1997*** 2.60% (2.32%) 37.32% $0.0334
1997 2.69% (2.21%) 72.17% 0.0674
1996(5) 3.62%* (2.85%)* 106.27% n/a
INVESTMENT GRADE TAX-EXEMPT BOND FUND
Trust Shares
1997*** 0.87% 3.77% 214.33% n/a
1997 0.86% 3.85% 489.02% n/a
1996 0.89% 3.87% 513.90% n/a
1995 0.91% 4.18% 591.91% n/a
1994(6) 0.95%* 3.26%* 432.46% n/a
Investor Shares
1997*** 1.44% 3.20% 214.33% n/a
1997 1.38% 3.33% 489.02% n/a
1996 1.42% 3.34% 513.90% n/a
1995 1.43% 3.60% 591.91% n/a
1994 1.51% 2.59% 432.46% n/a
1993(7) 1.83%* 2.90%* 344.87% n/a
Flex Shares
1997*** 2.09% 2.55% 214.33% n/a
1997 2.15% 2.56% 489.02% n/a
1996(8) 2.25%* 2.50%* 513.90% n/a
<FN>
* Annualized.
** Return is for the period indicated and has not been annualized.
*** For the semi-annual period ended November 30, 1997. Return is for the period
indicated and has not been annualized. All ratios for the period have been
annualized.
+ Average commission rate paid per share for security purchases and sales
during the period. Presentation of the rate is only required for fiscal
years beginning after September 1, 1995.
(1) Commenced operations on December 1, 1995.
(2) Commenced operations on January 2, 1996.
(3) Commenced operations on January 3, 1994.
(4) Commenced operations on January 4, 1994.
(5) Commenced operations on June 5, 1995.
(6) Commenced operations on October 21, 1993.
(7) Commenced operations on June 9, 1992.
(8) Commenced operations on June 1, 1995.
(A) Total return figures do not reflect applicable sales loads.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
94 & 95
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAIN
------------------- ------------ ---------------- --------------------- ---------------------
<S> <C> <C> <C> <C> <C> <C>
FLORIDA TAX-EXEMPT BOND FUND
Trust Shares
1997*** $10.28 $ 0.23 $ 0.28 $(0.23) $ --
1997 10.06 0.46 0.25 (0.46) (0.03)
1996 10.18 0.46 (0.07) (0.46) (0.05)
1995 9.75 0.44 0.43 (0.44) --
1994(1) 10.00 0.13 (0.25) (0.13) --
Investor Shares
1997*** $10.29 $ 0.22 $ 0.28 $(0.22) $ --
1997 10.07 0.44 0.25 (0.44) (0.03)
1996 10.18 0.44 (0.06) (0.44) (0.05)
1995 9.75 0.42 0.43 (0.42) --
1994(2) 10.00 0.13 (0.25) (0.13) --
Flex Shares
1997*** $10.30 $ 0.19 $ 0.28 $(0.19) $ --
1997 10.08 0.39 0.25 (0.39) (0.03)
1996(3) 10.19 0.39 (0.06) (0.39) (0.05)
TENNESSEE TAX-EXEMPT BOND FUND
Trust Shares
1997*** $9.63 $ 0.21 $ 0.22 $(0.21) $ --
1997 9.40 0.43 0.23 (0.43) --
1996 9.50 0.43 (0.11) (0.42) --
1995 9.22 0.44 0.28 (0.44) --
1994(4) 10.00 0.12 (0.77) (0.13) --
Investor Shares
1997*** $9.65 $ 0.20 $ 0.22 $(0.20) $ --
1997 9.42 0.41 0.23 (0.41) --
1996 9.53 0.41 (0.10) (0.42) --
1995 9.23 0.44 0.29 (0.43) --
1994(5) 10.00 0.13 (0.77) (0.13) --
Flex Shares
1997*** $9.64 $ 0.18 $ 0.21 $(0.18) $ --
1997 9.41 0.37 0.23 (0.37) --
1996(6) 9.59 0.37 (0.18) (0.37) --
GEORGIA TAX-EXEMPT BOND FUND
Trust Shares
1997*** $9.73 $ 0.21 $ 0.25 $(0.21) $ --
1997 9.56 0.42 0.22 (0.42) (0.05)
1996 9.63 0.43 (0.05) (0.43) (0.02)
1995 9.42 0.42 0.21 (0.42) --
1994 (2) 10.00 0.14 (0.58) (0.14) --
Investor Shares
1997*** $9.74 $ 0.20 $ 0.26 $(0.20) $ --
1997 9.58 0.40 0.21 (0.40) (0.05)
1996 9.65 0.41 (0.05) (0.41) (0.02)
1995 9.44 0.40 0.21 (0.40) --
1994 (5) 10.00 0.13 (0.56) (0.13) --
Flex Shares
1997*** $9.73 $ 0.17 $ 0.25 $(0.17) $ --
1997 9.56 0.35 0.22 (0.35) (0.05)
1996(7) 9.72 0.36 (0.14) (0.36) (0.02)
NET ASSET NET ASSETS RATIO OF
VALUE END TOTAL END OF EXPENSES TO
OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS
--------- --------- ----------- ------------------
<S> <C> <C> <C> <C> <C>
FLORIDA TAX-EXEMPT BOND FUND
Trust Shares
1997*** $10.56 4.95% $72,773 0.65%
1997 10.28 7.22% 50,487 0.65%
1996 10.06 3.87% 30,790 0.65%
1995 10.18 9.26% 10,118 0.65%
1994(1) 9.75 (1.19%)** 3,192 0.65%*
Investor Shares
1997*** $10.57 4.85% $ 3,174 0.85%
1997 10.29 7.00% 3,226 0.85%
1996 10.07 3.76% 4,025 0.85%
1995 10.18 9.04% 3,320 0.85%
1994(2) 9.75 (1.22%)** 2,280 0.85%*
Flex Shares
1997*** $10.58 4.60% $ 5,873 1.35%
1997 10.30 6.48% 3,000 1.35%
1996(3) 10.08 3.27%* 2,692 1.35%*
TENNESSEE TAX-EXEMPT BOND FUND
Trust Shares
1997*** $ 9.85 4.52% $ 2,071 0.65%
1997 9.63 7.16% 1,973 0.65%
1996 9.40 3.43% 1,823 0.65%
1995 9.50 8.17% 1,664 0.65%
1994(4) 9.22 (6.52%)** 594 0.65%*
Investor Shares
1997*** $ 9.87 4.40% $ 1,321 0.85%
1997 9.65 6.93% 1,602 0.85%
1996 9.42 3.28% 1,523 0.85%
1995 9.53 8.24% 1,170 0.85%
1994(5) 9.23 (6.39%)** 1,127 0.85%*
Flex Shares
1997*** $ 9.85 4.06% $ 3,261 1.35%
1997 9.64 6.42% 2,505 1.35%
1996(6) 9.41 1.98%* 2,017 1.34%*
GEORGIA TAX-EXEMPT BOND FUND
Trust Shares
1997*** $ 9.98 4.72% $50,128 0.65%
1997 9.73 6.79% 39,732 0.65%
1996 9.56 3.89% 22,950 0.65%
1995 9.63 6.94% 13,187 0.65%
1994 (2) 9.42 (4.43%)** 4,338 0.65%*
Investor Shares
1997*** $10.00 4.72% $ 3,809 0.85%
1997 9.74 6.47% 3,511 0.85%
1996 9.58 3.69% 3,418 0.85%
1995 9.65 6.70% 3,268 0.85%
1994 (5) 9.44 (4.29%)** 3,300 0.85%*
Flex Shares
1997*** $ 9.98 4.36% $ 6,057 1.35%
1997 9.73 6.06% 4,662 1.35%
1996(7) 9.56 2.25%* 4,207 1.35%*
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME TO
NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
------------------ ------------------ ------------------- ---------
<S> <C> <C> <C> <C> <C>
FLORIDA TAX-EXEMPT BOND FUND
Trust Shares
1997*** 4.30% 0.79% 4.16% 40.50%
1997 4.48% 0.80% 4.33% 134.62%
1996 4.49% 0.88% 4.26% 62.68%
1995 4.63% 1.13% 4.15% 105.01%
1994(1) 3.86%* 1.12%* 3.39%* 53.24%
Investor Shares
1997*** 4.10% 1.17% 3.78% 40.50%
1997 4.28% 1.31% 3.82% 134.62%
1996 4.28% 1.36% 3.77% 62.68%
1995 4.36% 1.50% 3.71% 105.01%
1994(2) 3.67%* 3.20%* 1.32%* 53.24%
Flex Shares
1997*** 3.60% 2.11% 2.84% 40.50%
1997 3.78% 2.28% 2.85% 134.62%
1996(3) 3.79%* 2.54%* 2.60%* 62.68%
TENNESSEE TAX-EXEMPT BOND FUND
Trust Shares
1997*** 4.32% 1.48% 3.49% 12.16%
1997 4.51% 1.72% 3.44% 16.09%
1996 4.49% 1.68% 3.46% 41.00%
1995 4.90% 2.65% 2.90% 27.73%
1994(4) 4.24%* 1.43%* 3.46%* 13.05%
Investor Shares
1997*** 4.12% 1.78% 3.19% 12.16%
1997 4.31% 1.76% 3.40% 16.09%
1996 4.29% 2.08% 3.06% 41.00%
1995 4.70% 2.10% 3.45% 27.73%
1994(5) 3.74%* 6.60%* (2.01%)* 13.05%
Flex Shares
1997*** 3.63% 2.53% 2.45% 12.16%
1997 3.81% 2.34% 2.82% 16.09%
1996(6) 3.80%* 2.74%* 2.40%* 41.00%
GEORGIA TAX-EXEMPT BOND FUND
Trust Shares
1997*** 4.16% 0.81% 4.00% 4.09%
1997 4.31% 0.81% 4.15% 14.81%
1996 4.36% 0.89% 4.12% 60.02%
1995 4.56% 0.98% 4.23% 24.50%
1994 (2) 4.12%* 1.06%* 3.71%* 25.90%
Investor Shares
1997*** 3.95% 1.19% 3.61% 4.09%
1997 4.10% 1.33% 3.62% 14.81%
1996 4.17% 1.41% 3.61% 60.02%
1995 4.31% 1.43% 3.73% 24.50%
1994 (5) 3.93%* 2.36%* 2.42%* 25.90%
Flex Shares
1997*** 3.46% 2.10% 2.71% 4.09%
1997 3.60% 2.07% 2.88% 14.81%
1996(7) 3.66%* 2.35%* 2.66%* 60.02%
<FN>
* Annualized.
** Return is for the period indicated and has not been annualized.
*** For the semi-annual period ended November 30, 1997. Return is for the period
indicated and has not been annualized. All ratios for the period have been
annualized.
(1) Commenced operations on January 25, 1994.
(2) Commenced operations on January 18, 1994.
(3) Commenced operations on June 1, 1995.
(4) Commenced operations on January 27, 1994.
(5) Commenced operations on January 19, 1994.
(6) Commenced operations on June 5, 1995.
(7) Commenced operations on June 6, 1995.
(A) Total return figures do not reflect applicable sales loads.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
96 & 97
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAIN
------------------- ------------ ---------------- --------------------- ---------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT GRADE BOND FUND
Trust Shares
1997*** $10.16 $ 0.30 $ 0.37 $(0.30) $ --
1997 10.07 0.60 0.09 (0.60) --
1996 10.26 0.60 (0.19) (0.60) --
1995 9.89 0.61 0.37 (0.61) --
1994 10.45 0.50 (0.36) (0.50) (0.20)
1993(1) 10.09 0.45 0.36 (0.45) --
Investor Shares
1997*** $10.16 $ 0.28 $ 0.36 $(0.28) $ --
1997 10.06 0.56 0.10 (0.56) --
1996 10.26 0.56 (0.20) (0.56) --
1995 9.89 0.57 0.38 (0.58) --
1994 10.44 0.46 (0.35) (0.46) (0.20)
1993(2) 10.00 0.44 0.44 (0.44) --
Flex Shares
1997*** $10.17 $ 0.26 $ 0.36 $(0.26) $ --
1997 10.07 0.51 0.10 (0.51) --
1996(3) 10.33 0.52 (0.26) (0.52) --
SHORT-TERM BOND FUND
Trust Shares
1997*** $ 9.90 $ 0.28 $ 0.12 $(0.28) $ --
1997 9.86 0.53 0.07 (0.53) (0.03)
1996 9.98 0.54 (0.10) (0.54) (0.02)
1995 9.79 0.53 0.19 (0.53) --
1994 10.01 0.42 (0.21) (0.42) (0.01)
1993(4) 10.00 0.08 0.01 (0.08) --
Investor Shares
1997*** $ 9.91 $ 0.27 $ 0.13 $(0.27) $ --
1997 9.88 0.51 0.06 (0.51) (0.03)
1996 10.01 0.52 (0.10) (0.53) (0.02)
1995 9.81 0.51 0.19 (0.50) --
1994 10.03 0.40 (0.21) (0.40) (0.01)
1993(5) 10.06 0.06 (0.03) (0.06) --
Flex Shares
1997*** $ 9.91 $ 0.25 $ 0.12 $(0.25) $ --
1997 9.88 0.48 0.06 (0.48) (0.03)
1996(6) 10.02 0.47 (0.12) (0.47) (0.02)
NET ASSET NET ASSETS RATIO OF
VALUE END TOTAL END OF EXPENSES TO
OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS
--------- --------- ----------- ------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT GRADE BOND FUND
Trust Shares
1997*** $10.53 6.69% $724,144 0.75%
1997 10.16 6.99% 633,646 0.75%
1996 10.07 4.02% 599,514 0.75%
1995 10.26 10.39% 543,308 0.75%
1994 9.89 1.17% 460,538 0.75%
1993(1) 10.45 9.34%* 336,132 0.74%*
Investor Shares
1997*** $10.52 6.38% $ 32,463 1.15%
1997 10.16 6.66% 33,165 1.15%
1996 10.06 3.50% 36,155 1.15%
1995 10.26 10.04% 33,772 1.15%
1994 9.89 0.86% 35,775 1.14%
1993(2) 10.44 9.21%* 24,375 1.14%*
Flex Shares
1997*** $10.53 6.14% $ 8,178 1.64%
1997 10.17 6.16% 5,763 1.64%
1996(3) 10.07 2.50%* 4,621 1.64%*
SHORT-TERM BOND FUND
Trust Shares
1997*** $10.02 4.05% $110,081 0.65%
1997 9.90 6.30% 89,701 0.65%
1996 9.86 4.45% 91,156 0.65%
1995 9.98 7.60% 60,952 0.65%
1994 9.79 2.02% 34,772 0.65%
1993(4) 10.01 4.45%* 25,334 0.64%*
Investor Shares
1997*** $10.04 4.05% $ 1,947 0.85%
1997 9.91 5.97% 2,182 0.85%
1996 9.88 4.23% 2,700 0.85%
1995 10.01 7.44% 2,609 0.85%
1994 9.81 1.81% 2,381 0.85%
1993(5) 10.03 1.65%* 716 0.85%*
Flex Shares
1997*** $10.03 3.78% $ 1,358 1.20%
1997 9.91 5.62% 1,073 1.20%
1996(6) 9.88 3.73%* 966 1.20%*
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME TO
NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
------------------ ------------------ ------------------- ---------
<S> <C> <C> <C> <C> <C>
INVESTMENT GRADE BOND FUND
Trust Shares
1997*** 5.82% 0.85% 5.72% 59.21%
1997 5.89% 0.85% 5.79% 297.82%
1996 5.81% 0.87% 5.69% 184.33%
1995 6.22% 0.88% 6.09% 237.66%
1994 4.77% 0.88% 4.64% 259.19%
1993(1) 5.14%* 0.87%* 5.01%* 299.32%
Investor Shares
1997*** 5.42% 1.42% 5.15% 59.21%
1997 5.48% 1.41% 5.22% 297.82%
1996 5.40% 1.44% 5.11% 184.33%
1995 5.79% 1.49% 5.45% 237.66%
1994 4.39% 1.41% 4.12% 259.19%
1993(2) 4.75%* 1.46%* 4.43%* 299.32%
Flex Shares
1997*** 4.93% 2.21% 4.36% 59.21%
1997 5.00% 2.20% 4.44% 297.82%
1996(3) 4.84%* 2.49%* 3.99%* 184.33%
SHORT-TERM BOND FUND
Trust Shares
1997*** 5.56% 0.80% 5.41% 51.39%
1997 5.37% 0.78% 5.24% 117.83%
1996 5.39% 0.81% 5.23% 162.62%
1995 5.49% 0.85% 5.29% 200.49%
1994 4.15% 0.85% 3.95% 74.85%
1993(4) 3.88%* 1.11%* 3.41%* 63.89%
Investor Shares
1997*** 5.35% 1.23% 4.97% 51.39%
1997 5.16% 1.58% 4.43% 117.83%
1996 5.20% 1.72% 4.33% 162.62%
1995 5.24% 1.56% 4.53% 200.49%
1994 3.94% 2.52% 2.27% 74.85%
1993(5) 3.85%* 7.22%* (2.52%)* 63.89%
Flex Shares
1997*** 5.01% 2.35% 3.86% 51.39%
1997 4.82% 3.02% 3.00% 117.83%
1996(6) 4.77%* 4.06%* 1.91%* 162.62%
<FN>
* Annualized.
*** For the semi-annual period ended November 30, 1997. Return is for the period indicated
and has not been annualized. All ratios for the period have been annualized.
(1) Commenced operations on July 16, 1992.
(2) Commenced operations on June 11, 1992.
(3) Commenced operations on June 7, 1995.
(4) Commenced operations on March 15, 1993.
(5) Commenced operations on March 22, 1993.
(6) Commenced operations on June 20, 1995.
(A) Total return figures do not reflect applicable sales loads.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
98 & 99
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME (LOSS) ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS
------------------- ------------ ---------------- --------------------- ---------------------
<S> <C> <C> <C> <C> <C> <C>
SHORT-TERM U.S. TREASURY SECURITIES FUND
Trust Shares
1997*** $ 9.88 $ 0.26 $ 0.06 $(0.26) $ --
1997 9.84 0.51 0.04 (0.51) --
1996 9.93 0.55 (0.09) (0.55) --
1995 9.82 0.47 0.11 (0.47) --
1994 9.98 0.33 (0.11) (0.33) (0.05)
1993(1) 10.00 0.07 (0.02) (0.07) --
Investor Shares
1997*** $ 9.88 $ 0.26 $ 0.06 $(0.26) $ --
1997 9.84 0.50 0.04 (0.50) --
1996 9.94 0.54 (0.10) (0.54) --
1995 9.83 0.46 0.11 (0.46) --
1994 9.99 0.32 (0.12) (0.31) (0.05)
1993(2) 10.01 0.06 (0.02) (0.06) --
Flex Shares
1997*** $ 9.85 $ 0.24 $ 0.07 $(0.24) $ --
1997 9.82 0.47 0.03 (0.47) --
1996(3) 9.96 0.48 (0.14) (0.48) --
LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
Trust Shares
1997*** $10.02 $ 0.29 $ 0.08 $(0.29) $ --
1997 9.99 0.58 0.04 (0.58) (0.01)
1996 10.11 0.62 (0.14) (0.60) --
1995(4) 10.00 0.58 0.13 (0.60) --
Investor Shares
1997*** $10.00 $ 0.28 $ 0.09 $(0.28) $ --
1997 9.97 0.56 0.04 (0.56) (0.01)
1996 10.11 0.60 (0.14) (0.60) --
1995(5) 9.98 0.58 0.13 (0.58) --
Flex Shares
1997*** $10.02 $ 0.26 $ 0.08 $(0.26) $ --
1997 9.99 0.52 0.04 (0.52) (0.01)
1996(6) 10.14 0.55 (0.15) (0.55) --
U.S. GOVERNMENT SECURITIES FUND
Trust Shares
1997*** $10.02 $ 0.31 $ 0.32 $(0.31) $ --
1997 9.91 0.62 0.11 (0.62) --
1996 10.27 0.62 (0.33) (0.62) (0.03)
1995(7) 9.98 0.53 0.29 (0.53) --
Investor Shares
1997*** $10.02 $ 0.29 $ 0.32 $(0.29) $ --
1997 9.90 0.58 0.12 (0.58) --
1996 10.26 0.59 (0.33) (0.59) (0.03)
1995(8) 10.00 0.56 0.26 (0.56) --
Flex Shares
1997*** $10.02 $ 0.27 $ 0.32 $(0.27) $ --
1997 9.91 0.53 0.11 (0.53) --
1996(6) 10.31 0.52 (0.37) (0.52) (0.03)
NET ASSET NET ASSETS RATIO OF
VALUE END TOTAL END OF EXPENSES TO
OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS
--------- --------- ----------- ------------------
<S> <C> <C> <C> <C> <C>
SHORT-TERM U.S. TREASURY SECURITIES FUND
Trust Shares
1997*** $ 9.94 3.32% $19,400 0.65%
1997 9.88 5.76% 21,988 0.65%
1996 9.84 4.73% 10,149 0.65%
1995 9.93 6.11% 9,599 0.65%
1994 9.82 2.17% 12,723 0.65%
1993(1) 9.98 2.22%* 30,336 0.63%*
Investor Shares
1997*** $ 9.94 3.24% $3,488 0.80%
1997 9.88 5.59% 3,921 0.80%
1996 9.84 4.52% 4,192 0.80%
1995 9.94 6.03% 7,144 0.80%
1994 9.83 2.01% 4,841 0.78%
1993(2) 9.99 1.84%* 2,423 0.80%*
Flex Shares
1997*** $ 9.92 3.22% $1,306 1.05%
1997 9.85 5.19% 1,091 1.05%
1996(3) 9.82 3.72%* 2,423 1.05%*
LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
Trust Shares
1997*** $10.10 3.78% $133,501 0.65%
1997 10.02 6.43% 123,903 0.65%
1996 9.99 4.84% 73,370 0.65%
1995(4) 10.11 7.50%** 41,823 0.65%*
Investor Shares
1997*** $10.09 3.75% $2,353 0.90%
1997 10.00 6.17% 2,426 0.90%
1996 9.97 4.59% 2,512 0.90%
1995(5) 10.11 7.45%** 623 0.90%*
Flex Shares
1997*** $10.10 3.47% $1,601 1.25%
1997 10.02 5.80% 1,409 1.25%
1996(6) 9.99 4.10%* 1,349 1.25%*
U.S. GOVERNMENT SECURITIES FUND
Trust Shares
1997*** $10.34 6.37% $26,015 0.75%
1997 10.02 7.54% 19,471 0.75%
1996 9.91 2.77% 10,277 0.75%
1995(7) 10.27 8.64%** 3,291 0.75%*
Investor Shares
1997*** $10.34 6.16% $2,387 1.15%
1997 10.02 7.21% 2,243 1.15%
1996 9.90 2.47% 2,396 1.15%
1995(8) 10.26 8.61%** 589 1.15%*
Flex Shares
1997*** $10.34 5.89% $3,636 1.66%
1997 10.02 6.57% 2,801 1.66%
1996(6) 9.91 1.42%* 2,826 1.66%*
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME (LOSS) TO
NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
------------------ ------------------ ------------------- ---------
<S> <C> <C> <C> <C> <C>
SHORT-TERM U.S. TREASURY SECURITIES FUND
Trust Shares
1997*** 5.31% 0.91% 5.05% 23.20%
1997 5.23% 0.92% 4.96% 92.89%
1996 5.56% 1.00% 5.21% 94.00%
1995 4.91% 1.08% 4.48% 87.98%
1994 3.23% 0.81% 3.07% 116.57%
1993(1) 3.34%* 1.04%* 2.93%* 36.44%
Investor Shares
1997*** 5.16% 1.24% 4.72% 23.20%
1997 5.05% 1.35% 4.50% 92.89%
1996 5.43% 1.32% 4.91% 94.00%
1995 4.74% 1.33% 4.21% 87.98%
1994 3.11% 1.41% 2.48% 116.57%
1993(2) 3.16%* 3.42%* 0.54%* 36.44%
Flex Shares
1997*** 4.92% 2.31% 3.66% 23.20%
1997 4.75% 2.51% 3.29% 92.89%
1996(3) 5.03%* 2.97%* 3.11%* 94.00%
LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
Trust Shares
1997*** 5.82% 0.76% 5.71% 81.28%
1997 5.81% 0.78% 5.68% 133.45%
1996 6.04% 0.84% 5.85% 83.01%
1995(4) 6.43%* 0.93%* 6.15%* 67.63%
Investor Shares
1997*** 5.57% 1.24% 5.23% 81.28%
1997 5.55% 1.48% 4.97% 133.45%
1996 5.75% 2.25% 4.40% 83.01%
1995(5) 6.27%* 7.74%* (0.57%)* 67.63%
Flex Shares
1997*** 5.22% 2.36% 4.11% 81.28%
1997 5.20% 2.66% 3.79% 133.45%
1996(6) 5.38%* 3.59%* 3.04%* 83.01%
U.S. GOVERNMENT SECURITIES FUND
Trust Shares
1997*** 6.09% 0.93% 5.91% 7.63%
1997 6.19% 1.02% 5.92% 21.15%
1996 6.05% 1.25% 5.55% 83.38%
1995(7) 6.67%* 3.33%* 4.09%* 30.39%
Investor Shares
1997*** 5.68% 1.71% 5.12% 7.63%
1997 5.76% 1.79% 5.12% 21.15%
1996 5.68% 2.50% 4.33% 83.38%
1995(8) 6.08%* 6.84%* 0.39%* 30.39%
Flex Shares
1997*** 5.18% 2.45% 4.39% 7.63%
1997 5.26% 2.42% 4.50% 21.15%
1996(6) 5.18%* 2.86%* 3.98%* 83.38%
<FN>
* Annualized.
** Return is for the period indicated and has not been annualized.
*** For the semi-annual period ended November 30, 1997. Return is for the period indicated
and has not been annualized. All ratios for the period have been annualized.
(1) Commenced operations on March 15, 1993.
(2) Commenced operations on March 18, 1993.
(3) Commenced operations on June 22, 1995.
(4) Commenced operations on June 7, 1994.
(5) Commenced operations on July 17, 1994.
(6) Commenced operations on June 7, 1995.
(7) Commenced operations on July 31, 1994.
(8) Commenced operations on June 9, 1994.
(A) Total return figures do not reflect applicable sales loads.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
100 & 101
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
================================================================================
STI CLASSIC FUNDS FOR THE PERIODS FROM INCEPTION THROUGH NOVEMBER 30, 1997
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS (UNAUDITED)
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS
------------------- ------------ ---------------- --------------------- ---------------------
<S> <C> <C> <C> <C> <C> <C>
PRIME QUALITY MONEY MARKET FUND
Trust Shares
1997*** $1.00 $ 0.03 $-- $(0.03) $--
1997 1.00 0.05 -- (0.05) --
1996 1.00 0.05 -- (0.05) --
1995 1.00 0.05 -- (0.05) --
1994 1.00 0.03 -- (0.03) --
1993(1) 1.00 0.03 -- (0.03) --
Investor Shares
1997*** $1.00 $ 0.02 $-- $(0.02) $--
1997 1.00 0.05 -- (0.05) --
1996 1.00 0.05 -- (0.05) --
1995 1.00 0.05 -- (0.05) --
1994 1.00 0.03 -- (0.03) --
1993(1) 1.00 0.03 -- (0.03) --
U.S. GOVERNMENT SECURITIES MONEY MARKET FUND
Trust Shares
1997*** $1.00 $ 0.02 $-- $(0.02) $--
1997 1.00 0.05 -- (0.05) --
1996 1.00 0.05 -- (0.05) --
1995 1.00 0.05 -- (0.05) --
1994 1.00 0.03 -- (0.03) --
1993(1) 1.00 0.03 -- (0.03) --
Investor Shares
1997*** $1.00 $ 0.02 $-- $(0.02) $--
1997 1.00 0.05 -- (0.05) --
1996 1.00 0.05 -- (0.05) --
1995 1.00 0.04 -- (0.04) --
1994 1.00 0.03 -- (0.03) --
1993(1) 1.00 0.03 -- (0.03) --
TAX-EXEMPT MONEY MARKET FUND
Trust Shares
1997*** $1.00 $ 0.02 $-- $(0.02) $--
1997 1.00 0.03 -- (0.03) --
1996 1.00 0.03 -- (0.03) --
1995 1.00 0.03 -- (0.03) --
1994 1.00 0.02 -- (0.02) --
1993(1) 1.00 0.02 -- (0.02) --
Investor Shares
1997*** $1.00 $ 0.02 $-- $(0.02) $--
1997 1.00 0.03 -- (0.03) --
1996 1.00 0.03 -- (0.03) --
1995 1.00 0.03 -- (0.03) --
1994 1.00 0.02 -- (0.02) --
1993(1) 1.00 0.02 -- (0.02) --
NET ASSET NET ASSETS RATIO OF
VALUE END TOTAL END OF EXPENSES TO
OF PERIOD RETURN PERIOD (000) AVERAGE NET ASSETS
--------- --------- ----------- ------------------
<S> <C> <C> <C> <C> <C>
PRIME QUALITY MONEY MARKET FUND
Trust Shares
1997*** $1.00 2.57% $1,569,953 0.58%
1997 1.00 5.01% 1,086,555 0.58%
1996 1.00 5.25% 1,050,800 0.58%
1995 1.00 4.79% 799,189 0.58%
1994 1.00 2.88% 583,399 0.58%
1993(1) 1.00 2.92%* 410,991 0.58%*
Investor Shares
1997*** $1.00 2.49% $342,940 0.75%
1997 1.00 4.84% 283,544 0.75%
1996 1.00 5.08% 215,696 0.75%
1995 1.00 4.62% 157,616 0.75%
1994 1.00 2.71% 129,415 0.75%
1993(1) 1.00 2.75%* 61,578 0.75%*
U.S. GOVERNMENT SECURITIES MONEY MARKET FUND
Trust Shares
1997*** $1.00 2.51% $329,759 0.61%
1997 1.00 4.83% 344,350 0.61%
1996 1.00 5.14% 325,493 0.61%
1995 1.00 4.67% 434,111 0.61%
1994 1.00 2.77% 309,228 0.61%
1993(1) 1.00 2.79%* 453,567 0.61%*
Investor Shares
1997*** $1.00 2.44% $52,649 0.75%
1997 1.00 4.69% 63,178 0.75%
1996 1.00 4.99% 58,608 0.75%
1995 1.00 4.51% 46,639 0.75%
1994 1.00 2.63% 32,395 0.75%
1993(1) 1.00 2.65%* 16,688 0.75%*
TAX-EXEMPT MONEY MARKET FUND
Trust Shares
1997*** $1.00 1.63% $435,518 0.50%
1997 1.00 3.09% 333,006 0.50%
1996 1.00 3.28% 273,613 0.50%
1995 1.00 3.10% 215,413 0.45%
1994 1.00 2.08% 143,982 0.42%
1993(1) 1.00 2.12%* 78,416 0.41%*
Investor Shares
1997*** $1.00 1.57% $121,305 0.62%
1997 1.00 2.97% 102,013 0.62%
1996 1.00 3.16% 95,223 0.62%
1995 1.00 3.00% 87,647 0.55%
1994 1.00 1.96% 61,675 0.54%
1993(1) 1.00 2.00%* 35,209 0.53%*
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME TO
NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
------------------ ------------------ ------------------- ---------
<S> <C> <C> <C> <C> <C>
PRIME QUALITY MONEY MARKET FUND
Trust Shares
1997*** 5.08% 0.76% 4.90% 157.33%
1997 4.90% 0.76% 4.72% --
1996 5.11% 0.78% 4.91% --
1995 4.77% 0.79% 4.56% --
1994 2.86% 0.79% 2.65% --
1993(1) 2.85%* 0.78%* 2.65%* --
Investor Shares
1997*** 4.91% 1.00% 4.66% 157.33%
1997 4.74% 0.97% 4.52% --
1996 4.94% 1.00% 4.69% --
1995 4.55% 1.01% 4.29% --
1994 2.67% 0.99% 2.43% --
1993(1) 2.68%* 1.02%* 2.41%* --
U.S. GOVERNMENT SECURITIES MONEY MARKET FUND
Trust Shares
1997*** 4.95% 0.77% 4.79% 75.15%
1997 4.73% 0.76% 4.58% --
1996 5.02% 0.78% 4.85% --
1995 4.64% 0.80% 4.45% --
1994 2.69% 0.77% 2.53% --
1993(1) 2.71%* 0.78%* 2.54%* --
Investor Shares
1997*** 4.81% 0.96% 4.60% 75.15%
1997 4.59% 0.96% 4.38% --
1996 4.88% 0.99% 4.64% --
1995 4.51% 1.02% 4.24% --
1994 2.54% 0.97% 2.32% --
1993(1) 2.57%* 1.11%* 2.21%* --
TAX-EXEMPT MONEY MARKET FUND
Trust Shares
1997*** 3.23% 0.65% 3.08% 110.98%
1997 3.04% 0.66% 2.88% --
1996 3.23% 0.68% 3.05% --
1995 3.12% 0.70% 2.87% --
1994 2.05% 0.71% 1.76% --
1993(1) 2.07%* 0.70%* 1.78%* --
Investor Shares
1997*** 3.11% 0.82% 2.91% 110.98%
1997 2.92% 0.83% 2.71% --
1996 3.10% 0.85% 2.87% --
1995 3.00% 0.87% 2.68% --
1994 1.93% 0.88% 1.59% --
1993(1) 1.95%* 0.95%* 1.53%* --
<FN>
* Annualized.
*** For the semi-annual period ended November 30, 1997. Return is for the period indicated
and has not been annualized. All ratios for the period have been annualized.
(1) Commenced operations on June 8, 1992.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
102 & 103
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
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-three portfolios: the Value Income
Stock Fund, the Mid-Cap Equity Fund, the Small Cap Equity Fund, the Capital
Growth Fund, the Balanced Fund, the Emerging Markets Equity Fund, the
International Equity Index Fund, the International Equity Fund, the Sunbelt
Equity Fund, the Investment Grade Tax-Exempt Bond Fund, the Florida Tax-Exempt
Bond Fund, the Tennessee Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund,
the Investment Grade Bond Fund, the Short-Term Bond Fund, the Short-Term U.S.
Treasury Securities Fund, the Limited-Term Federal Mortgage Securities Fund, and
the U.S. Government Securities Fund, (collectively the "Non-Dollar Funds"), 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 and the Classic Institutional U.S. Treasury
Securities Money Market Fund, (collectively the "Money Market 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 theFund's investment objectives, policies and strategies. The
financial statements of the Classic Institutional Cash Management Money Market
Fund and the Classic Institutional U.S. Treasury Money Market Fund are not
presented herein, but are presented separately.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the
Trust.
SECURITY VALUATION -- Investment securities held by the Money Market Funds
are stated at amortized cost, which approximates market value. Investment
securities held by the Non-Dollar Funds that are listed on a securities
exchange for which market quotations are available are valued at the last
quoted sales price each business day. If there is no such reported sale,
these securities and unlisted securities for which market quotations are
readily available are valued at the most recently quoted bid price. Foreign
securities in the Emerging Markets Equity Fund, the International Equity
Fund and the International Equity Index Fund are valued based upon
quotations from the primary market in which they are traded. Debt
obligations with sixty days or less remaining until maturity may be valued
at their amortized cost.
FEDERAL INCOME TAXES -- It is each Fund's intention to qualify as a
regulated investment company for Federal income tax purposes anddistribute
all of its taxable income and net capital gains. Accordingly, no provisions
for Federal income taxes are required.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Dividend income is recognized on the ex-dividend date and interest income
is recognized on an accrual basis. Costs used in determining net realized
gains and losses on the sales of investment securities are those of the
specific securities sold adjusted for the accretion and amortization of
purchase discounts and premiums during the respective holding period.
Purchase discounts and premiums on securities held by the Money Market
Funds are accreted and amortized ratably to maturity and are included in
interest income. Purchase discounts and premiums on securities held by the
Non-Dollar Funds are accreted and amortized to maturity using the
scientific interest method, which approximates the effective interest
method.
REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements
104
<PAGE>
================================================================================
UNAUDITED
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. The maximum
offering price per share for Investor shares of the Investment Grade Bond,
the Investment Grade Tax-Exempt Bond, the Capital Growth, the Value Income
Stock, the Sunbelt Equity, the Mid-Cap Equity, the Balanced, the Florida
Tax-Exempt Bond, the Georgia Tax-Exempt Bond, the Tennessee Tax-Exempt
Bond, the U.S. Government Securities, the International Equity, and the
International Equity Index Funds is equal to the net asset value per share
plus a sales load of 3.75%. The maximum offering price per share for
Investor shares of the Short-Term U.S. Treasury Securities Fund is equal to
the net asset value per share plus a sales load of 1.00%. The maximum
offering price per share for Investor shares of the Short-Term Bond Fund is
equal to the net asset value per share plus a sales load of 2.00%. The
maximum offering price per share for Investor shares of the Limited-Term
Federal Mortgage Securities Fund is equal to the net asset value per share
plus a sales load of 2.50%.
Flex Shares of the Funds may be purchased at their net asset value. Shares
redeemed within the first year after purchase will be subject to a
contingent deferred sales charge ("CDSC") equal to 2.00% of the net asset
value of the shares at the time of redemption. The CDSC will not apply to
shares redeemed after such time.
FOREIGN CURRENCY TRANSLATION -- The books and records of the Emerging
Markets Equity, the International Equity and the International Equity Index
Funds are maintained in U.S. dollars on the following basis:
(I) market value of investment securities, assets and liabilities at
the current rate of exchange; and
(II) purchases and sales of investment securities, income and expenses
at the relevant rates of exchange prevailing on the respective
dates of such transactions.
The Emerging Markets Equity, the International Equity and the International
Equity Index Funds do not isolate that portion of gains and losses on
investments in equity securities that is due to changes in the foreign
exchange rates from that which is due to changes in market prices of equity
securities.
The Emerging Markets Equity, the International Equity and the International
Equity Index Funds report certain foreign currency related transactions as
components of realized and unrealized gains and losses for financial
reporting purposes, whereas such components are treated as ordinary income
for Federal income tax purposes.
OTHER -- Expenses that are directly related to a specific Fund are charged
to that Fund. Class specific expenses are borne by that class. Other
operating expenses of the Trust are pro-rated to the Funds on the basis of
relative net assets. Fund expenses are pro-rated to the respective classes
on the basis of relative net assets.
Distributions from net investment income of each of the Money Market Funds
and the Investment Grade Bond, the Investment Grade Tax-Exempt Bond, the
Short-Term U.S. Treasury
105
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
Securities, the Short-Term Bond, the Florida Tax-Exempt Bond, the Georgia
Tax-Exempt Bond, the Tennessee Tax-Exempt Bond, the U.S. Government
Securities and the Limited-Term Federal Mortgage Securities Funds are
declared each business day and paid to shareholders on a monthly basis.
Distributions from net investment income are declared and paid each
calendar quarter by the Capital Growth, the Value Income Stock, the Sunbelt
Equity, the Mid-Cap Equity, the Small Cap Equity and the Balanced Funds.
Distributions from net investment income are declared and paid annually by
the Emerging Markets Equity, the International Equity and the International
Equity Index Funds. Any net realized capital gains on sales of securities
are distributed to shareholders at least annually.
USE OF ESTIMATES -- The preparation of the financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that effect the reported
amount of assets and liabilities, disclosure of contingent assets and
liabilities at the date of the financial statements, and reported amounts
of revenues and expenses during the reporting period. Actual amounts could
differ from these estimates.
3. Organization Costs and Transactions with Affiliates:
The Trust incurred organization costs of approximately $808,836 including
approximately $395,594 relating to state registration fees. 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 with the
exception of state registration fees, which are being amortized over a period of
twelve months. The costs include legal fees of approximately $60,383 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, Transfer Agency Servicing and Distribution Agreements:
The Trust and the Administrator are parties to an Administration Agreement
dated May 29, 1995, as amended November 19, 1997 under which the Administrator
provides administrative services for an annual fee (expressed as a percentage of
the combined average daily net assets of the Trust and STI Classic Variable
Trust) of: .12% up to $1 billion, .09% on the next $4 billion, .07% on the next
$3 billion, .065% on the next $2 billion and .06% for over $10 billion.
The Trust and Federated Services Company are parties to a Transfer Agency
servicing agreement dated May 14, 1994 under which Federated Services Company
provides transfer agency services to the Trust.
The Trust and the Distributor are parties to a Distribution Agreement dated May
29, 1995 regarding the Flex Shares and a Distribution Agreement dated November
21, 1995 with respect to the Trust and Investor shares. The Distributor will
receive no fees for its distribution services under this agreement
106
<PAGE>
================================================================================
UNAUDITED
for the Trust Shares of any Fund. With respect to the Investor Shares and Flex
Shares, the Distributor receives amounts, pursuant to a Distribution Plan and
(in the case of Flex Shares) a Distribution and Service Plan, as outlined in the
table in footnote 5 under the column titled "Distribution Fee".
5. Investment Advisory and Custodian Agreements:
The Trust and STI Capital Management, N.A., ("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, June
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:
MAXIMUM
FLEX
SHARE
MAXIMUM DISTRI-
MAXIMUM TRUST INVESTOR INVESTOR BUTION FLEX
ANNUAL SHARE SHARE SHARE AND SHARE
ADVISORY MAXIMUM DISTRI- MAXIMUM SERVICE MAXIMUM
FEE EXPENSE BUTION FEE EXPENSE FEE EXPENSE
-------- ------- ---------- ------- ------- -------
TRUSCO:
International
Equity Index
Fund* .......... .90% 1.07% .38% 1.47% 1.00% 2.12%
Sunbelt Equity
Fund ........... 1.15% 1.17% .43% 1.62% 1.00% 2.22%
Short-Term Bond
Fund ........... .65% .67% .23% .87% 1.00% 1.22%
Short-Term U.S.
Treasury
Securities
Fund ........... .65% .67% .18% .82% 1.00% 1.07%
U.S. Government
Securities
Fund ........... .74% .77% .38% 1.17% 1.00% 1.68%
Prime Quality
Money Market
Fund ........... .65% .60% .20% .77% -- --
U.S. Government
Securities
Money Market
Fund ........... .65% .63% .17% .77% -- --
Tax-Exempt
Money Market
Fund ........... .55% .62% .15% .77% -- --
MAXIMUM
FLEX
SHARE
MAXIMUM DISTRI-
MAXIMUM TRUST INVESTOR INVESTOR BUTION FLEX
ANNUAL SHARE SHARE SHARE AND SHARE
ADVISORY MAXIMUM DISTRI- MAXIMUM SERVICE MAXIMUM
FEE EXPENSE BUTION FEE EXPENSE FEE EXPENSE
-------- ------- ---------- ------- ------- -------
STI CAPITAL MANAGEMENT, N.A.:
Value Income
Stock Fund ..... .80% .97% .33% 1.32% 1.00% 2.02%
Mid-Cap Equity
Fund ........... 1.15% 1.17% .43% 1.62% 1.00% 2.22%
Capital Growth
Fund ........... 1.15% 1.17% .68% 1.82% 1.00% 2.29%
Balanced Fund ... .95% .97% .28% 1.27% 1.00% 2.03%
Small Cap
Equity Fund .... 1.15% 1.22% -- -- 1.00% 2.27%
Investment
Grade
Tax-Exempt
Bond Fund ...... .74% .77% .43% 1.17% 1.00% 1.65%
Florida
Tax-Exempt
Bond Fund ...... .65% .67% .18% .87% 1.00% 1.37%
Investment
Grade Bond
Fund ........... .74% .77% .43% 1.17% 1.00% 1.66%
Limited-Term
Federal Mortgage
Securities
Fund ........... .65% .67% .23% .92% 1.00% 1.27%
International
Equity Fund .... 1.25% 1.48% .33% 1.83% 1.00% 2.53%
Emerging Markets
Equity Fund .... 1.30% 1.57% -- -- -- --
SUNTRUST BANK, ATLANTA:
Georgia
Tax-Exempt
Bond Fund ...... .65% .67% .18% .87% 1.00% 1.37%
SUNTRUST BANK, CHATTANOOGA:
Tennessee
Tax-Exempt
Bond Fund ...... .65% .67% .18% .87% 1.00% 1.37%
- -----------------
*Trusco and STI Capital Management, N.A. serve as joint advisors to the
International Equity Index Fund.
107
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded)
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
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 Emerging Markets Equity, the International Equity and the
International Equity Index 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 and U.S. Government Securities, for the period ended
November 30, 1997, were as follows:
PURCHASES SALES
(000) (000)
----------- ----------
Value Income Stock Fund .................. $ 963,218 $ 922,314
Mid-Cap Equity Fund ...................... 14,155 763
Small Cap Equity Fund .................... 237,819 80,674
Capital Growth Fund ...................... 1,418,163 1,326,298
Balanced Fund ............................ 92,984 98,146
Emerging Markets Equity Fund ............. 23,699 14,452
International Equity Index Fund .......... 12 3,565
International Equity Fund ................ 285,499 266,506
Sunbelt Equity Fund ...................... 27,758 877
Investment Grade Tax-Exempt Bond Fund .... 338,639 337,405
Florida Tax-Exempt Bond Fund ............. 57,409 26,880
Tennessee Tax-Exempt Bond Fund ........... 680 765
Georgia Tax-Exempt Bond Fund ............. 13,259 1,947
Investment Grade Bond Fund ............... 179,160 220,730
Short-Term Bond Fund ..................... 41,388 21,908
Short-Term U.S. Treasury Securities Fund .. -- --
Limited-Term Federal Mortgage Securities Fund -- --
U.S. Government Securities Fund .......... -- --
The cost of purchases and proceeds from sales of U.S. Government Securities
were:
PURCHASES SALES
(000) (000)
---------- --------
Value Income Stock Fund ........................ -- --
Mid-Cap Equity Fund ............................ -- --
Small Cap Equity Fund .......................... -- --
Capital Growth Fund ............................ -- --
Balanced Fund .................................. $ 31,455 $ 23,971
Sunbelt Equity ................................. -- --
Investment Grade Tax-Exempt Bond Fund .......... -- --
Florida Tax-Exempt Bond Fund ................... -- --
Tennessee Tax-Exempt Bond Fund ................. -- --
Georgia Tax-Exempt Bond Fund ................... -- --
Investment Grade Bond Fund ..................... 294,691 190,232
Short-Term Bond Fund ........................... 21,938 24,311
Short-Term U.S. Treasury Securities Fund ....... 5,722 8,914
Limited-Term Federal Mortgage Securities Fund .. 110,629 102,947
U.S. Government Securities Fund ................ 8,700 2,097
At November 30, 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 November 30, 1997, were as follows:
VALUE INCOME MID-CAP SMALL CAP CAPITAL
STOCK EQUITY EQUITY GROWTH
FUND FUND FUND FUND
(000) (000) (000) (000)
------------ ------ ------ -------
Aggregate gross unrealized
appreciation ................... $211,256 $47,281 $28,766 $278,968
Aggregate gross unrealized
depreciation ................... (37,723) (14,379) (10,276) (30,756)
-------- ------- ------- --------
Net unrealized appreciation ...... $173,533 $32,902 $18,490 $248,212
======== ======= ======= ========
EMERGING INTERNATIONAL INTERNATIONAL SUNBELT
BALANCED MARKETS EQUITY EQUITY EQUITY
FUND EQUITY FUND INDEX FUND FUND FUND
(000) (000) (000) (000) (000)
-------- ----------- ------------ ------------- -------
Aggregate gross
unrealized
appreciation .. $20,194 $ 3,268 $14,938 $72,256 $134,165
Aggregate gross
unrealized
depreciation .. (1,655) (8,570) (6,767) (17,922) (13,369)
------- ------- ------- ------- --------
Net unrealized
appreciation/
(depreciation) $18,539 $(5,302) $ 8,171 $54,334 $120,796
======= ======= ======= ======= ========
108
<PAGE>
================================================================================
UNAUDITED
INVESTMENT
GRADE
TAX-EXEMPT FLORIDA TENNESSEE
BOND TAX-EXEMPT TAX-EXEMPT
FUND BOND FUND BOND FUND
(000) (000) (000)
--------- --------- ---------
Aggregate gross unrealized appreciation ... $1,990 $2,360 $250
Aggregate gross unrealized depreciation ... (22) (15) --
------ ------ ----
Net unrealized appreciation ............... $1,968 $2,345 $250
====== ====== ====
INVESTMENT
GEORGIA GRADE SHORT-
TAX-EXEMPT BOND TERM BOND
FUND FUND FUND
(000) (000) (000)
---------- ---------- ---------
Aggregate gross unrealized appreciation ... $1,539 $22,400 $655
Aggregate gross unrealized depreciation ... (2) (502) (61)
------ ------- ----
Net unrealized appreciation ............... $1,537 $21,898 $594
====== ======= ====
SHORT- LIMITED-
TERM TERM
U.S. FEDERAL U.S.
TREASURY MORTGAGE GOVERNMENT
SECURITIES SECURITIES SECURITIES
FUND FUND FUND
(000) (000) (000)
---------- ---------- ----------
Aggregate gross unrealized appreciation .... $111 $904 $633
Aggregate gross unrealized depreciation .... (5) (185) (3)
---- ---- ----
Net unrealized appreciation ................ $106 $719 $630
==== ==== ====
7. Concentration of Credit Risk:
The Prime Quality Money Market Fund invests primarily in high quality money
market instruments rated in the highest short-term rating category by Standard &
Poor's Ratings Group ("S&P") or Moody's Investors Services, Inc. ("Moody's") or,
if not rated, are determined by the Advisor to be of comparable quality. The
U.S. Government Securities Money Market Fund invests exclusively in U.S.
Treasury obligations, U.S. Government subsidiary corporation securities which
are backed by the full faith and credit of the U.S. Government and repurchase
agreements with approved dealers collateralized by U.S. Treasury securities and
U.S. Government subsidiary corporation securities. The Tax-Exempt Money Market
Fund invests in high quality, U.S. dollar denominated municipal securities rated
in one of the two highest short-term rating categories or, if not rated, are
determined by the Advisor to be of comparable quality. The Investment Grade Bond
Fund, the Short-Term Bond Fund and the Balanced Fund invest primarily in
investment grade obligations rated at least BBB or better by S&P or Baa or
better by Moody's or, if not rated, are determined by the Advisor to be of
comparable quality. The Investment Grade Tax-Exempt Fund invests primarily in
investment grade municipal securities. Municipal securities must be rated BBB or
better by S&P or Baa or better by Moody's in the case of bonds; SP-1, SP-2 or
MIG-1, MIG-2 in the case of notes; A-1, A-2 or P-1, P-2 in the case of
commercial paper; and VMIG-1, VMIG-2 in the case of variable rate demand
obligations. The Short-Term U.S. Treasury Securities Fund invests exclusively in
obligations issued by the U.S. Treasury with a maximum remaining maturity of 3
years or less. The Florida Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond
Fund, and the Tennessee Tax-Exempt Bond Fund invest primarily in municipal bonds
concentrated in each of their respective states. Municipal securities must be
rated BBB or better by S&P or Baa or better by Moody's in the case of bonds;
A-1, A-2 or P-1, P-2 in the case of tax-exempt commercial paper; and VMIG-1,
VMIG-2 in the case of variable rate demand obligations. The U.S. Government
Securities Fund invests primarily in obligations issued or guaranteed by the
U.S. Government or its agencies or instrumentalities, including mortgage backed
securities. The Limited-Term Federal Mortgage Securities Fund invests in
mortgage related securities issued or guaranteed by U.S. Government agencies. Up
to 35% of the U.S. Government Securities Fund and the Limited-Term Federal
Mortgage Securities Fund may be invested in corporate, or government bonds that
carry a rating of BBB or better by S&P or Baa or better by Moody's. The ability
of the issuers of the securities held by the Funds to meet their obligations may
be affected by economic developments in a specific industry, state or region, or
by changing business conditions.
109
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
INVESTMENT ADVISORS
STI Capital Management, N.A.
Trusco Capital Management, Inc.
SunTrust Bank, Chattanooga, N.A.
SunTrust Bank, Atlanta
STI Classic Funds are not deposits, are not
insured or guaranteed by the FDIC or any other
government agency, and are not endorsed by and
do not constitute obligations of SunTrust
Banks, Inc. or any other of its affiliates.
Investment in the Funds involves risk,
including the possible loss of principal. There
is no guarantee that any STI Classic Fund will
achieve its investment objective. The STI
Classic Funds are advised by affiliates of
SunTrust Banks, Inc.
DISTRIBUTOR
SEI Investments Distribution Co.
This information must be preceded or accompanied by
a current prospectus for each Fund described.
<PAGE>
SEMI-ANNUAL
................................................................................
FINANCIAL REPORT
................................................................................
STI CLASSIC FUNDS
................................................................................
A Family of Mutual Funds
................................................................................
CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND
CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND
November 30, 1997
STI CLASSIC FUNDS
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997 UNAUDITED
CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
COMMERCIAL PAPER (45.2%)
FINANCE (29.0%)
American Express Credit
5.520%, 12/01/97 $4,000 $ 4,000
Banc One Funding
5.620%, 01/29/98 5,000 4,954
Barclays US Funding
5.660%, 02/19/98 4,000 3,950
Bat Capital
5.600%, 12/18/97 500 499
First Chicago Financial
5.670%, 03/30/98 5,000 4,906
Ford Motor Credit
9.375%, 12/15/97 350 350
5.600%, 01/08/98 1,600 1,591
Ford Motor Credit Europe
5.690%, 02/10/98 3,000 2,966
General Electric Credit Puerto Rico
5.610%, 02/18/98 3,000 2,963
J. C. Penney Funding
5.680%, 02/20/98 3,000 2,962
5.600%, 01/28/98 5,000 4,958
John Hancock
5.700%, 12/01/97 6,250 6,250
Metlife Funding
5.520%, 12/16/97 4,018 4,009
Morgan Stanley Dean Witter
5.600%, 01/22/98 5,000 4,960
National Australia Funding
5.600%, 01/23/98 4,250 4,215
National City Credit
5.600%, 01/15/98 2,000 1,986
Oakland-Alameda County,
California Coliseum
5.710%, 12/29/97 6,000 6,000
Panasonic Finance
5.550%, 01/06/98 4,000 3,978
St. Paul
5.530%, 12/02/97 900 900
Transamerica Finance
5.700%, 01/23/98 5,000 4,958
--------
71,355
--------
INDUSTRIAL (10.1%)
Archer Daniels Midland
5.520%, 12/04/97 4,000 3,998
5.600%, 12/17/97 970 968
5.650%, 02/09/98 3,000 2,967
Dominion Semiconductor
5.580%, 12/05/97 6,000 5,996
Eaton
5.530%, 12/02/97 4,000 3,999
Rio Tinto American
5.600%, 01/27/98 4,000 3,964
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
US Borax
5.600%, 01/20/98 $2,000 $ 1,984
Walt Disney
5.530%, 12/17/97 1,000 998
--------
24,874
--------
UTILITIES (6.1%)
Edison International
5.600%, 12/04/97 2,000 1,999
GTE Funding
5.650%, 12/08/97 2,000 1,998
5.670%, 12/11/97 2,000 1,997
5.870%, 01/23/98 2,500 2,478
New England Power
5.580%, 12/08/97 1,025 1,024
South Carolina Fuel
5.570%, 12/03/97 5,532 5,530
--------
15,026
--------
Total Commercial Paper
(Cost $111,255) 111,255
--------
CORPORATE OBLIGATIONS (6.8%)
FINANCE (5.3%)
Aid-Israel, Ser 1-A
7.750%, 04/01/98 3,012 3,031
Ford Motor Credit, MTN
6.050%, 03/31/98 2,000 2,602
Household Finance, MTN
7.510%, 03/10/98 1,000 1,005
International Bank, MTN
4.700%, 12/18/97 4,000 3,998
8.875%, 02/16/98 300 302
Norwest Financial
6.230%, 09/01/98 150 150
Paccar Financial, MTN
5.520%, 03/11/98 2,000 1,998
--------
13,086
--------
INDUSTRIAL (0.3%)
BP America
8.875%, 12/01/97 200 200
Dupont
8.650%, 12/01/97 600 600
--------
800
--------
UTILITIES (1.2%)
Baltimore Gas & Electric, MTN
8.930%, 07/16/98 1,750 1,781
Bell Atlantic Financial, MTN
5.440%, 07/15/98 250 249
Carolina Power & Light, MTN
5.375%, 07/01/98 250 249
Virginia Electric & Power
9.375%, 06/01/98 150 152
1
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997 UNAUDITED
CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND--CONCLUDED
- --------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------
Virginia Electric & Power, MTN
6.250%, 08/01/98 $ 500 $ 501
--------
2,932
--------
Total Corporate Obligations
(Cost $16,818) 16,818
--------
CERTIFICATES OF DEPOSIT (9.7%)
Bankers Trust (A)
5.750%, 12/09/97 4,000 4,000
Credit Suisse First Boston,
New York (A)
5.850%, 10/27/98 5,000 5,000
Deutsche Bank
5.570%, 12/22/97 5,000 5,000
Societe Generale
5.680%, 01/29/98 5,000 5,000
Swiss Bank
5.760%, 02/17/98 2,000 2,000
Swiss Bank, Callable
on 01/05/98 @ 100
5.760%, 10/05/98 3,000 3,000
--------
Total Certificates Of Deposit
(Cost $24,000) 24,000
--------
BANK NOTES (4.9%)
Comerica Bank (A)
5.820%, 10/21/98 4,000 3,999
FCC National Bank (A)
5.650%, 05/08/98 3,000 2,999
PNC Bank N.A. (A)
5.600%, 07/01/98 5,000 4,997
--------
Total Bank Notes
(Cost $11,995) 11,995
--------
ASSET-BACKED SECURITIES (3.1%)
Americredit Auto Receivable Trust,
Ser 1997-A, Cl A1
5.515%, 04/06/98 446 447
Americredit Auto Receivable Trust,
Ser 1997-B, Cl A1
5.790%, 06/12/98 1,644 1,645
Americredit Auto Receivable Trust,
Ser 1997-D, Cl A1
5.800%, 11/05/98 2,000 2,000
Arcadia Auto Receivable Trust,
Ser 1997-B, Cl A
5.743%, 06/15/98 502 503
Union Acceptance, Ser 1997-D, Cl A1
6.451%, 11/10/98 3,000 3,000
--------
Total Asset-Backed Securities
(Cost $7,595) 7,595
--------
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS (0.2%)
FFCB, MTN
7.790%, 12/08/97 $ 185 $ 185
FHLB
6.320%, 12/04/97 200 200
--------
Total U.S. Government Obligations
(Cost $385) 385
--------
REPURCHASE AGREEMENTS (29.7%)
Deutsche Bank
5.71%, dated 11/28/97, matures
12/01/97, repurchase price
$29,112,140 (collateralized by
various FHLMC and GNMA
obligations: total market
value $29,680,870) 29,098 29,098
Union Bank of Switzerland
5.71%, dated 11/28/97, matures
12/01/97, repurchase price
$44,140,746 (collateralized by
various FHLMC and FNMA
obligations: total market
value $45,003,527) 44,120 44,120
--------
Total Repurchase Agreements
(Cost $73,218) 73,218
--------
Total Investments (99.6%)
(Cost $245,266) 245,266
--------
Other Assets and Liabilities, Net (0.4%) 1,032
--------
NET ASSETS:
Fund shares of the Institutional Shares
(unlimited authorization -- no par
value) based on 246,298,403 outstanding
shares of beneficial interest 246,298
--------
Total Net Assets (100.0%) $246,298
========
Net Asset Value, Offering and
Redemption Price Per Share --
Institutional Shares $ 1.00
========
Cl Class
FFCB Federal Farm Credit Bank
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
MTN Medium Term Note
Ser Series
(A) Variable rate security. The rate reported on the Statement of Net
Assets is the rate in effect on November 30, 1997.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
2
<PAGE>
STATEMENT OF NET ASSETS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997 UNAUDITED
CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (40.6%)
U.S. Treasury Bill
0.000%, 12/11/97 $45,000 $ 44,935
U.S. Treasury Note
5.625%, 11/30/98 600 600
--------
Total U.S. Treasury Obligations
(Cost $45,535) 45,535
--------
REPURCHASE AGREEMENTS (59.8%)
Barclay
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$27,295,856 (collateralized by
US Treasury Bills: market
value $27,289,250) 27,283 27,283
Duetsche Bank
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$4,509,204 (collateralized by
US Treasury Notes: market
value $4,597,449) 4,507 4,507
Greenwich
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$4,508,205 (collateralized by
US Treasury Bonds: market
value $4,597,206) 4,506 4,506
Merrill Lynch
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$4,505,175 collateralized by
various US Government STRIPS:
total market value $4,595,076) 4,503 4,503
- -------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- -------------------------------------------------------------
Morgan Stanley
5.66%, dated 11/28/97, matures
2/01/97, repurchase price
$4,735,479 (collateralized by
various US Treasury Bonds:
total market value $4,852,595) $ 4,734 $ 4,734
Swiss Bank
5.66%, dated 11/28/97, matures
12/01/97, repurchase price
$21,627,394 (collateralized by
various US Treasury Notes:
total market value $22,069,838) 21,617 21,617
--------
Total Repurchase Agreements
(Cost $67,150) 67,150
--------
Total Investments (100.4%)
(Cost $112,685) 112,685
--------
Other Assets and Liabilities, Net (-0.4%) (468)
--------
NET ASSETS:
Fund shares of the Institutional Shares
(unlimited authorization -- no par
value) based on 112,215,955 outstanding
shares of beneficial interest 112,216
Undistributed net investment income 1
--------
Total Net Assets (100.0%) $112,217
========
Net Asset Value, Offering and
Redemption Price Per Share --
Institutional Shares $ 1.00
========
STRIPS Separately Traded Registered Interest and Principal Security
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
3
<PAGE>
STATEMENT OF OPERATIONS (000)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 UNAUDITED
<TABLE>
<CAPTION>
CLASSIC CLASSIC
INSTITUTIONAL INSTITUTIONAL
CASH MANAGEMENT U.S. TREASURY
MONEY MARKET SECURITIES MONEY
FUND MARKET FUND
--------------- ----------------
06/01/97- 06/01/97-
11/30/97 11/30/97
--------------- ----------------
Income:
<S> <C> <C>
Interest Income ........................................................... $8,460 $2,135
Expenses:
Investment Advisory Fees .................................................. 300 77
Investment Advisory Fees Waived ........................................... (294) (77)
Contribution from Advisor ................................................. -- (16)
Administrator Fees ........................................................ 95 25
Registration Fees ......................................................... 12 5
Transfer Agent Fees ....................................................... 21 13
Printing Fees ............................................................. 17 9
Custody Fees .............................................................. 14 3
Professional Fees ......................................................... 5 3
Trustee Fees .............................................................. 2 --
Rating Fees ............................................................... -- 10
Amortization of Deferred Organizational Costs ............................. 9 9
------ ------
Total Expenses .......................................................... 181 61
------ ------
Net Investment Income ..................................................... 8,279 2,074
------ ------
Expenses:
Net Realized Gain on Securities Sold ...................................... -- 1
------ ------
Total Net Realized Gain on Investments .................................... -- 1
------ ------
Increase in Net Assets Resulting from Operations ............................. $8,279 $2,075
====== ======
<FN>
*Commencement of Operations
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1997 UNAUDITED
<TABLE>
<CAPTION>
CLASSIC CLASSIC
INSTITUTIONAL INSTITUTIONAL
CASH MANAGEMENT U.S. TREASURY
MONEY MARKET SECURITIES MONEY
FUND MARKET FUND
--------------------- --------------------
06/01/97- 12/12/96*- 06/01/97- 12/12/96*-
11/30/97 05/31/97 11/30/97 05/31/97
--------- ---------- --------- ----------
Operations:
<S> <C> <C> <C> <C>
Net Investment Income ..................................................... $ 8,279 $ 2,755 $ 2,074 $ 483
Net Realized Gain (Loss) on Investments ................................... -- -- 1 (1)
-------- -------- -------- --------
Increase in Net Assets Resulting from Operations ........................ 8,279 2,755 2,075 482
-------- -------- -------- --------
Distributions to Shareholders:
Net Investment Income:
Trust Shares ............................................................ (8,279) (2,755) (2,073) (483)
-------- -------- -------- --------
Total Distributions .................................................... (8,279) (2,755) (2,073) (483)
-------- -------- -------- --------
Share Transactions:
Trust Shares:
Proceeds from Shares Issued ............................................. 795,424 578,520 337,232 143,133
Reinvestments of Cash Distributions ..................................... 3,673 -- 1,527 --
Cost of Shares Redeemed ................................................. (948,472) (182,847) (246,782) (122,894)
-------- -------- -------- --------
Increase (Decrease) in Net Assets from Share Transactions ............. (149,375) 395,673 91,977 20,239
-------- -------- -------- --------
Total Increase (Decrease) in Net Assets .............................. (149,375) 395,673 91,979 20,238
-------- -------- -------- --------
Net Assets:
Beginning of Period ....................................................... 395,673 -- 20,238 --
-------- -------- -------- --------
End of Period ............................................................. $246,298 $395,673 $112,217 $ 20,238
======== ======== ======== ========
Shares Issued and Redeemed:
Trust Shares:
Shares Issued ........................................................... 795,424 578,520 337,232 143,133
Shares Issued in Lieu of Cash Distributions ............................. 3,673 -- 1,527 --
Shares Redeemed ......................................................... (948,472) (182,847) (246,782) (122,894)
-------- -------- -------- --------
Net Share Transactions .................................................... (149,375) 395,673 91,977 20,239
======== ======== ======== ========
<FN>
*Commencement of Operations.
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
5
<PAGE>
FINANCIAL HIGHLIGHTS
================================================================================
STI CLASSIC FUNDS FOR THE PERIOD FROM INCEPTION THROUGH NOVEMBER 30, 1997
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
NET REALIZED
NET GAINS
NET ASSET VALUE INVESTMENT OR (LOSSES) DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME
------------------- ---------- -------------- ---------------------
CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND
Institutional Shares
<S> <C> <C> <C> <C> <C>
1997** $ 1.00 $ 0.03 $ -- $(0.03)
1997* 1.00 0.02 -- (0.02)
CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND
Institutional Shares
1997** $ 1.00 $ 0.03 $ -- $(0.03)
1997* 1.00 0.02 -- (0.02)
</TABLE>
<TABLE>
<CAPTION>
NET ASSET NET ASSETS RATIO OF
DISTRIBUTIONS FROM VALUE END TOTAL END OF EXPENSES TO
REALIZED CAPITAL GAINS OF PERIOD RETURN (A) PERIOD (000) AVERAGE NET ASSETS
---------------------- --------- ---------- ------------ ------------------
CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND
Institutional Shares
<S> <C> <C> <C> <C> <C> <C>
1997** $ -- $ 1.00 2.79% $ 246,298 0.12%
1997* -- 1.00 2.51 395,673 0.06
CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND
Institutional Shares
1997** $ -- $ 1.00 2.73% $ 112,217 0.16%
1997* -- 1.00 2.46 20,238 0.09
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME TO
NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS
INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS
AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS)
------------------ ------------------- -------------------
CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND
Institutional Shares
<S> <C> <C> <C> <C>
1997** 5.53% 0.32% 5.33%
1997* 5.49 0.52 5.03
CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND
Institutional Shares
1997** 5.36% 0.40% 5.12%
1997* 5.27 0.51 4.85
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
6 & 7
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
STI CLASSIC FUNDS NOVEMBER 30, 1997
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-three portfolios: the Value Income
Stock Fund, the Mid-Cap Equity Fund, the Small Cap Equity Fund, the Capital
Growth Fund, the Balanced Fund, the Emerging Markets Equity Fund, the
International Equity Index Fund, the International Equity Fund the Sunbelt
Equity Fund, the Investment Grade Tax-Exempt Bond Fund, the Florida Tax-Exempt
Bond Fund, the Tennessee Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund,
the Investment Grade Bond Fund, the Short-Term Bond Fund, the Short-Term U.S.
Treasury Securities Fund, the Limited-Term Federal Mortgage Securities Fund, and
the U.S. Government Securities Fund, (collectively the "Non-Dollar Funds"), 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 and the Classic Institutional U.S. Treasury
Securities Money Market Fund, (collectively the "Money Market 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
financial statements of the Classic Institutional Cash Management Money Market
Fund and the Classic Institutional U.S. Treasury Securities Fund (collectively
the "Funds") are included herein. The financial statements of the remaining
Funds are presented separately.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the
Trust:
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 $808,836 including
approximately $395,594 relating to state registration fees. 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 with the
exception of state registration fees, which are being amortized over a period of
twelve months. The costs include legal fees of approximately $60,383 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.
8
<PAGE>
================================================================================
UNAUDITED
4. Administration and Transfer Agency Servicing Agreements:
The Trust and the Administrator are parties to an Administration Agreement dated
May 29, 1995, as amended November 19, 1997, 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: .12% up to $1 billion, .09% on the next $4 billion, .07% on
the next $3 billion, .065% on the next $2 billion and .06% for over
$10 billion.
The Trust and Federated Services Company are parties to a Transfer Agency
servicing agreement dated May 14, 1994 under which Federated Services Company
provides transfer agency services to the Trust.
5. Investment Advisory and Custodian Agreements:
The Trust and Trusco Capital Management ("Trusco") have entered into an advisory
agreement dated July 15, 1993.
Under terms of the respective agreements, the Funds are charged the following
annual fees based upon average daily net assets:
MAXIMUM INSTITUTIONAL
ANNUAL SHARE
ADVISORY MAXIMUM
FEE EXPENSE
------------ ------------
TRUSCO:
Classic Institutional
Cash Management
Money Market Fund .20% .22%
Classic Institutional
U.S. Treasury
Money Market Fund .20% .22%
The Investment Advisor and the Administrator 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 the
Funds. Fees of the Custodians are paid on the basis of the net assets of the
Funds. The Custodian plays no role in determining the investment policies of the
Trust or which securities are to be purchased or sold in the Funds.
6. Concentration of Credit Risk:
The Classic Institutional Cash Management Money Market Fund invests in high
quality money market instruments issued by corporations and the U.S. Government
and rated by one or more nationally recognized statistical rating organizations,
or, if not rated determined by the Advisor to be of comparable quality. The
Classic U.S. Treasury Securities Money Market Fund invests in U.S. Treasury
Obligations, which are backed by the full faith and credit of the U.S.
Government and repurchase agreements with approved dealers collateralized by
U.S. Treasury securities.
9
<PAGE>
INVESTMENT ADVISORS
STI Capital Management, N.A.
Trusco Capital Management, Inc.
SunTrust Bank, Chattanooga, N.A.
SunTrust Bank, Atlanta
STI Classic Funds are not deposits, are not
insured or guaranteed by the FDIC or any other
government agency, and are not endorsed by and
do not constitute obligations of SunTrust
Banks, Inc. or any other of its affiliates.
Investment in the Funds involves risk,
including the possible loss of principal. There
is no guarantee that any STI Classic Fund will
achieve its investment objective. The STI
Classic Funds are advised by affiliates of
SunTrust Banks, Inc.
DISTRIBUTOR
SEI Investments Distribution Co.
This information must be preceded or
accompanied by a current prospectus for
each Fund described.
