SEMI-ANNUAL
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FINANCIAL REPORT
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STI CLASSIC FIXED INCOME FUNDS
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A FAMILY OF MUTUAL FUNDS
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November 30, 1999
[Logo Omitted]
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[BLANK PAGE]
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Dear Valued STI Classic Trust Shareholder:
As of November 30, 1999, your STI Classic Funds' assets totaled $20.5 billion
or 2.7% more than the totals reported to you as of May 31, 1999, the Funds'
fiscal year end.
The U.S. economic expansion is approaching nine years duration and remains
strong with modest inflation. However, interest rates have risen over a full
percentage point in 1999, as bond investors feared the strong economy and a
tight employment situation would lead to an inflationary surge. Inflation
continues to be well controlled due to strong productivity gains and little
pricing power at corporations. Thus, we believe yields are quite high and
attractive. The Federal Reserve has increased money market rates by
three-quarters of a percentage point in hopes of slowing the growth pace and to
preempt inflationary pressures. Stocks continue to advance as a result of the
excellent economic environment. At some point, we think additional FED rate
increases will drain liquidity from the system and increase competition for
stocks.
The STI Classic Funds introduced two new funds in the fourth quarter of this
year: the Core Equity Fund will focus on companies in the $1 billion plus market
capitalization range with superior growth in earnings, sales and other
traditional valuation measures. The second fund, the E-Commerce Opportunity
Fund, a growth fund, invests in companies that are expected to benefit
substantially from electronic commerce.
With 34 funds now available, the STI Classic Funds are well positioned, as we
approach the new millennium, with a broad range of high quality mutual funds
that utilize a time tested and disciplined investment management approach.
Sincerely,
/s/signature omitted
Anthony R. Gray
Chairman, Chief Investment Officer
STI Capital Management, N.A.
/s/signature omitted
Douglas S. Phillips, CFA
President, Chief Investment Officer
Trusco Capital Management, Inc.
1
<PAGE>
STATEMENT OF NET ASSETS
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STI CLASSIC FIXED INCOME FUNDS November 30, 1999
FLORIDA TAX-EXEMPT BOND FUND
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FACE AMOUNT
(000) VALUE (000)
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MUNICIPAL BONDS (99.0%)
FLORIDA (90.3%)
Alachua County, Health Facilities
Authority, Shands Teaching
Hospital, Ser B, RB, VRDN
(MBIA) (C) (D)
3.850%, 12/01/26 $5,000 $5,000
Brevard County, School Board,
Ser A, COP (AMBAC)
5.400%, 07/01/12 1,500 1,508
Brevard County, State Health
Facilities Authority, Holmes
Medical Center Project, RB,
Callable 10/01/03 @ 102 (MBIA)
5.700%, 10/01/08 3,000 3,103
Brevard County, State Health
Facilities Authority, Wuesthoff
Memorial Hospital Project,
RB (MBIA)
6.250%, 04/01/06 930 1,001
Broward County, Port Facilities,
Ser C, RB, AMT (MBIA)
5.375%, 09/01/08 3,610 3,674
Citrus County, Pollution Control,
Florida Power, RB Callable 08/01/02
@ 102 6.350%, 02/01/22 335 339
Dade County, Aviation Revenue,
RB, AMT, Callable 10/01/02
@ 102 (MBIA)
6.600%, 10/01/22 825 879
Dade County, Aviation Revenue,
Ser A, RB, Callable 10/01/05
@ 102 (AMBAC)
6.000%, 10/01/09 500 532
Dade County, Educational Facility,
University of Miami,
Ser A, RB, (MBIA)
5.500%, 04/01/01 2,465 2,505
Dade County, School Board,
Ser B, COP (AMBAC)
5.750%, 08/01/03 250 260
Dade County, Seaport, RB (MBIA)
6.500%, 10/01/09 1,000 1,113
6.200%, 10/01/10 1,000 1,091
Dade County, State Educational
Facilities Authority, University of
Miami, RB Callable
04/01/06 @ 102 (MBIA)
5.750%, 04/01/20 2,000 1,983
Dade County, State Educational
Facilities Authority, University of
Miami, Ser A, RB (MBIA)
6.000%, 04/01/08 505 539
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FACE AMOUNT
(000) VALUE (000)
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FLORIDA--CONTINUED
Daytona Beach, Water & Sewer,
ETM, RB, 05/15/00 (F)
6.750%, 11/15/07 $1,000 $1,074
Deerfield Beach, Water & Sewer,
RB (FGIC)
6.125%, 10/01/06 250 265
Gainesville, Utility Systems,
Ser A, RB
5.750%, 10/01/04 1,300 1,366
Gulf Breeze, Local Government Lien,
Ser B, RB, Mandatory Tender
12/01/09 (FGIC)
5.750%, 12/01/15 410 421
Hillsborough County, School Board
Revenue, COP, Callable
07/01/06 @ 100 (MBIA)
5.875%, 07/01/08 1,000 1,067
Hillsborough County, University
Community Hospital, RB (MBIA)
6.500%, 08/15/19 145 158
Indian Trace Community, Water
Management Split Benefit, Ser A-1,
RB, Callable 05/01/05 @ 102 (MBIA)
5.500%, 05/01/07 455 473
Jacksonville, Electric Authority, Bulk
Power Supply, RB, Prerefunded
10/01/00 @ 101.5 (F)
6.750%, 10/01/16 1,250 1,297
Jacksonville, Excise Tax, Ser B, RB,
AMT, Callable 10/01/03 @ 100
(FGIC)
5.200%, 10/01/04 1,500 1,524
Jacksonville, River City Renaissance
Project, RB (FGIC)
6.000%, 10/01/04 2,430 2,580
Jacksonville, Water & Sewer, RB,
Callable 10/01/06 @ 102,
Prerefunded 09/30/08 @101
(MBIA) (G)
5.000%, 10/01/20 610 606
Lakeland, Electric & Water, Ser B,
RB (FSA)
6.550%, 10/01/05 2,590 2,826
Lakeland, Electric & Water, Ser C,
RB (FSA)
6.050%, 10/01/07 1,000 1,077
Lee County, Industrial
Developement Authority, Bonita
Springs Utilities Project, RB,
Callable 11/01/06 @ 101 (MBIA)
5.750%, 11/01/10 1,480 1,526
2
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(UNAUDITED)
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FACE AMOUNT
(000) VALUE (000)
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FLORIDA--CONTINUED
Lee County, Water & Sewer, Ser A,
RB, Callable 10/01/09 @ 101
(AMBAC)
4.750%, 10/01/19 $1,720 $1,483
Leon County, School District, GO
(AMBAC)
5.000%, 07/01/02 1,725 1,744
5.000%, 07/01/03 2,870 2,903
5.000%, 07/01/04 3,005 3,034
5.000%, 07/01/06 3,315 3,327
5.000%, 07/01/07 1,740 1,739
Manatee County, Community
Redevelopment Administration,
Center Project, RB, Callable
04/01/00 @ 102 (MBIA)
7.000%, 04/01/08 1,000 1,029
Miami, Packaging Facility, RB,
(MBIA)
5.250%, 10/01/15 1,000 965
Miami-Dade County, Educational
Facilities, Ser A, RB, Callable
04/01/10 @ 101 (AMBAC)
5.500%, 04/02/19 1,405 1,361
Miami-Dade County, Special
Obligation, RB, Callable
04/01/08 @ 86.60 (MBIA) (A)
0.000%, 10/01/11 1,635 860
North Broward, Hospital District,
ETM, RB (MBIA) (G)
5.950%, 01/01/01 1,000 1,018
Orange County, Public Facilities,
Ser A, RB, Callable
10/01/04 @ 102 (AMBAC)
5.650%, 10/01/07 200 209
Orange County, State Housing
Finance Authority, Single Family
Mortgage, Ser B, RB, Callable
9/01/07 @ 102
5.800%, 09/01/17 655 635
Orlando, Aviation Authority,
Airport Facilities RB,
AMT (FGIC)
5.500%, 10/01/17 1,810 1,762
Orlando, Aviation Authority,
Airport Facilities, RB,
AMT (FGIC)
5.250%, 10/01/13 1,725 1,675
Orlando, Aviation Authority,
Airport Facilities, Ser A, RB,
AMT, Callable 10/01/03 @
102 (AMBAC)
5.400%, 10/01/06 1,340 1,371
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FACE AMOUNT
(000) VALUE (000)
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FLORIDA--CONTINUED
Orlando, Electric & Water, Ser D, RB
6.750%, 10/01/17 $5,385 $6,022
Osceola County, COP (AMBAC)
6.250%, 06/01/01 1,080 1,111
Palm Beach County, Apartment
System, RB, Callable 10/01/01
@ 102 (MBIA)
7.625%, 10/01/04 1,410 1,511
Palm Beach County, Solid Waste
Authority, ETM, Ser A, RB
(AMBAC) (F)
6.000%, 10/01/09 300 324
Palm Beach County, Solid Waste
Authority, Ser A, RB (AMBAC)
6.000%, 10/01/09 2,000 2,141
Palm Beach County, Ser B, GO,
Callable 08/01/09 @101
5.375%, 08/01/15 1,875 1,843
Pensacola, Airport, Ser A, RB, AMT,
Callable 10/01/08 @ 102 (MBIA)
6.250%, 10/01/09 505 546
6.000%, 10/01/12 1,075 1,134
Pinellas County, Morton Plant
Health Systems Project, RB,
Callable 11/15/03 @ 102 (MBIA)
5.500%, 11/15/08 1,500 1,537
Pinellas County, State Housing
Finance Authority, Single Family
Mortgage, Ser C, RB, Callable
03/01/07 @ 102
5.050%, 09/01/07 215 213
Plant City, Utility System, RB (MBIA)
6.000%, 10/01/15 400 420
Polk County, Utility System,
ETM, RB (FGIC) (G)
6.000%, 10/01/08 2,250 2,385
Reedy Creek, Utility System,
Ser 1991-1, RB, Prerefunded
10/01/01 @ 101 (MBIA) (F)
6.250%, 10/01/11 405 423
South Broward, Hospital District, RB,
Callable 05/01/03 @ 102 (AMBAC)
7.500%, 05/01/08 1,000 1,104
St. Lucie County, School District, GO,
Callable 07/01/02 @ 102 (AMBAC)
6.000%, 07/01/04 500 526
State, Ports Financing Commission,
RB, AMT, Callable 10/01/09
@ 101 (FGIC)
5.250%, 10/01/13 1,305 1,270
5.375%, 10/01/15 1,000 965
3
<PAGE>
STATEMENT OF NET ASSETS
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STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 1999
FLORIDA TAX-EXEMPT BOND FUND--CONCLUDED
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FACE AMOUNT
(000) VALUE (000)
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FLORIDA--CONTINUED
State, Board of Education, Capital
Outlay, GO
6.100%, 06/01/00 $ 125 $ 126
State, Board of Education, Capital
Outlay, Ser A, GO, Callable
01/01/09 @ 101
4.750%, 01/01/19 1,860 1,602
State, Board of Education, Capital
Outlay, Ser A, GO, Callable
06/01/00 @ 102
7.250%, 06/01/23 655 677
State, Board of Education, Capital
Outlay, Ser B, GO (F)
6.000%, 06/01/02 1,000 1,035
State, Board of Education, Ser C,
ETM, GO (F)
7.100%, 06/01/07 190 192
State, Department of General Services,
Environmental Preservation 2000,
Ser A, RB (MBIA)
6.000%, 07/01/02 4,000 4,160
State, Department of General Services,
Environmental Preservation 2000,
Ser A, RB, Callable 07/01/07
@ 101 (AMBAC)
5.000%, 07/01/13 2,000 1,925
State, Department of General Services,
Save Our Coast, RB, Prerefunded
07/01/01 @ 101 (MBIA)
6.500%, 07/01/09 720 752
State, Department of Transportation,
Right of Way, GO, Prerefunded
07/01/05 @101 (F)
5.800%, 07/01/18 3,000 3,183
State, Finance Department,
Department of Natural Resources,
Preservation 2000, Ser A, RB,
Prerefunded 07/01/01 @ 102
(AMBAC) (F)
6.750%, 07/01/06 80 85
State, Housing Financing, Homeowner
Mortgage, Ser 7, RB, AMT, Callable
07/01/09 @ 101 (FSA)
5.200%, 01/01/31 1,000 992
State, Keys, Aqueduct Authority, RB,
Prerefunded 09/01/01 @ 101 (AMBAC)
6.750%, 09/01/21 170 179
State, Public Education, Ser D, GO,
Callable 09/01/10 @ 101
5.750%, 06/01/19 2,000 1,954
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FACE AMOUNT
(000) VALUE (000)
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FLORIDA--CONTINUED
Sunrise, Utility System, RB, Callable
10/01/18 @ 100 (AMBAC)
5.000%, 10/01/28 $1,500 $ 1,312
Sunrise, Utility System, Ser A, RB
(AMBAC) (A)
%, 10/01/09 1,000 601
Tampa, RB, Callable 10/1/01 @ 102
(AMBAC)
7.050%, 10/01/07 1,000 1,064
Tampa, Special Tax Allocation,
Callable 10/01/01 @ 102 (AMBAC)
6.900%, 10/01/09 1,500 1,590
---------
109,806
---------
PUERTO RICO (8.7%)
Commonwealth, Aqueduct & Sewer
Authority, RB, (MBIA)
6.250%, 07/01/12 1,000 1,096
Commonwealth, Electric Power
Authority, Ser S, RB
5.500%, 07/01/00 200 202
Commonwealth, GO (MBIA)
5.650%, 07/01/15 1,000 1,017
Commonwealth, Highway &
Transportation Authority, Ser A,
RB (AMBAC)
5.500%, 07/01/13 2,500 2,550
Commonwealth, Highway &
Transportation Authority, Ser X,
RB (MBIA)
5.500%, 07/01/15 1,690 1,692
Commonwealth, Highway &
Transportation Authority, Ser Z,
RB (MBIA)
6.250%, 07/01/14 3,000 3,258
Commonwealth, Public Buildings
Authority, Guaranteed Government
Facilities, Ser A, RB (AMBAC)
6.250%, 07/01/14 750 815
---------
10,630
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Total Municipal Bonds
(Cost $121,952) 120,436
---------
CASH EQUIVALENTS (9.0%)
AIM Management Institutional
Tax Free Portfolio 5,645 5,645
SEI Institutional Tax Free Portfolio 5,320 5,320
---------
Total Cash Equivalents
(Cost $10,965) 10,965
---------
4
<PAGE>
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(UNAUDITED)
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FACE AMOUNT
(000) VALUE (000)
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REPURCHASE AGREEMENT (5.4%)
Morgan Stanley
5.60%, dated 11/30/99, matures
12/01/99, repurchase price
$6,513,998 (collateralized by U.S.
Treasury Note: total market value
$6,682,133) (H) $6,514 $ 6,514
--------
Total Repurchase Agreement
(Cost $6,514) 6,514
--------
Total Investments (113.4%)
(Cost $139,431) 137,915
--------
OTHER ASSETS AND LIABILITIES, NET (-13.4%)
Securities Purchased Payable (17,953)
Other Assets and Liabilities, Net 1,643
--------
Total Other Assets and Liabilities (16,310)
--------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 10,312,429 outstanding
shares of beneficial interest 107,885
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 310,695 outstanding
shares of beneficial interest 3,092
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 1,270,414 outstanding
shares of beneficial interest 13,539
Distributions in excess of net investment
income (6)
Accumulated net realized loss on
investments (1,389)
Net unrealized depreciation on investments (1,516)
--------
Total Net Assets (100.0%) $121,605
========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $10.22
========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $10.23
========
Maximum Offering Price Per Share
-- Investor Class ($10.23/96.25%) $10.63
========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $10.24
========
(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 32.
5
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
GEORGIA TAX-EXEMPT BOND FUND
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FACE AMOUNT
(000) VALUE (000)
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MUNICIPAL BONDS (96.7%)
GEORGIA (96.7%)
Albany-Dougherty County, State
Hospital Authority, Ser B,
Anticipation Certificate, Prerefunded
09/01/00 @ 102 (AMBAC) (F)
7.500%, 09/01/20 $ 255 $ 267
Alpharetta, GO
5.000%, 05/01/07 1,650 1,662
Athens, Water & Sewer Revenue,
ETM, RB (F)
5.700%, 07/01/00 165 167
Atlanta, Airport Facility, RB
(AMBAC)
6.000%, 01/01/03 1,000 1,042
6.000%, 01/01/04 500 525
6.500%, 01/01/06 1,000 1,085
Atlanta, Water & Sewer Revenue,
ETM, RB (F)
6.000%, 01/01/11 1,000 1,067
Augusta, Water & Sewer Revenue,
RB, Prerefunded 05/01/02 @ 102 (F)
6.200%, 05/01/03 130 138
Bibb County, GO
7.000%, 01/01/04 985 1,069
Carroll County, Water and Sewer,
RB, Callable 07/01/09 @ 102
(AMBAC)
5.000%, 07/01/10 720 712
Cartersville, Water & Sewer Revenue,
RB, Callable 07/01/08 @102 (FSA)
5.000%, 07/01/12 1,000 966
Catoosa, Utility Authority, RB,
Callable 04/01/09 @ 102 (MBIA)
5.000%, 04/01/11 175 171
5.000%, 04/01/12 710 686
Cherokee County, School District, GO
5.000%, 02/01/12 1,690 1,645
Cherokee County, School System, GO
5.000%, 02/01/13 1,370 1,320
Clarke County, Athens Regional
Medical Center Project, RB
5.375%, 01/01/07 1,425 1,458
Clayton County, GO
5.000%, 08/01/02 1,000 1,015
Clayton County, Water Authority,
RB, Callable 05/01/06 @ 102
(AMBAC)
5.350%, 05/01/09 800 816
Cobb County & Marietta, Coliseum
& Exhibit Hall Authority, RB (MBIA)
5.500%, 10/01/12 940 962
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FACE AMOUNT
(000) VALUE (000)
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GEORGIA--CONTINUED
Cobb County & Marietta, Water
Authority, RB
5.000%, 11/01/03 $1,255 $1,276
5.100%, 11/01/04 1,000 1,020
Cobb County, GO
5.000%, 02/01/03 1,025 1,042
Cobb County, Water & Sewer, RB,
Callable 07/01/2004 @102
5.125%, 07/01/06 1,000 1,019
Columbia County, Courthouse/
Detention Center Projects, GO,
Callable 02/01/08 @ 102
5.000%, 02/01/10 720 706
Dalton, Utilities Revenue RB (MBIA)
6.000%, 01/01/08 3,240 3,451
Dalton-Whitfield County, Hospital
Authority, RB, Prerefunded
07/01/00 @ 102 (F)
7.000%, 07/01/03 355 368
DeKalb County, Development
Authority, Emory University
Project, Ser A, RB
5.375%, 11/01/05 1,650 1,709
DeKalb County, Development
Authority, Emory University
Project, Ser A, RB, Callable
11/01/05 @ 101
5.200%, 11/01/08 500 508
DeKalb County, School District,
Ser A, GO
6.250%, 07/01/11 1,500 1,644
Douglasville - Douglas County,
Water & Sewer Authority, RB
(AMBAC)
5.625%, 06/01/15 1,370 1,402
Fayette County, School District, GO
6.250%, 03/01/07 450 486
Fayette County, Water Authority,
ETM, RB (MBIA) (F)
8.550%, 10/01/01 300 322
Forsyth County Water & Sewer
Authority, RB
5.000%, 04/01/04 1,000 1,015
Forsyth County Water & Sewer
Authority, RB, Callable
04/01/08 @ 101
5.000%, 04/01/09 1,000 997
5.000%, 04/01/10 460 456
Forsyth County, School District, GO
6.400%, 07/01/05 750 809
6.500%, 07/01/06 1,000 1,090
6
<PAGE>
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(UNAUDITED)
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
GEORGIA--CONTINUED
Forsyth County, School District,
GO (MBIA)
5.350%, 07/01/10 $ 780 $ 816
Forsyth County, School District, GO,
Callable 02/01/10 @ 102
5.750%, 02/01/11 1,310 1,368
Fulco, Hospital Authority, Catholic
Health East, Ser A, RB,
Anticipation Certificate, Callable
11/15/08 @ 102 (MBIA)
5.250%, 11/15/12 1,000 975
Fulton County, Hospital Authority,
Northside Hospital Project, Ser B,
RB, Prerefunded 10/01/02 @
102 (MBIA) (F)
6.600%, 10/01/11 2,000 2,150
Fulton County, School District, GO
5.250%, 01/01/12 1,000 1,002
6.375%, 05/01/17 500 540
Fulton County, Water & Sewer,
ETM, RB (FGIC) (G)
6.375%, 01/01/14 1,000 1,098
Gwinnett County, Recreation
Authority, RB
5.800%, 02/01/06 785 825
5.875%, 02/01/07 1,390 1,468
Gwinnett County, School District, GO
6.400%, 02/01/06 500 542
Gwinnett County, School District,
Ser B, GO
6.400%, 02/01/07 1,500 1,635
Hall County, School District,
Ser B, GO
6.300%, 12/01/05 675 729
Henry County, GO
6.300%, 08/01/08 300 326
Henry County, Henry Medical Center
Project, Callable 07/01/07 @
102 (AMBAC)
5.500%, 07/01/08 2,460 2,536
Henry County, School District,
Ser A, GO
6.150%, 08/01/06 150 161
6.450%, 08/01/11 500 547
Henry County, School District,
Ser B, GO (MBIA)
5.500%, 08/01/01 350 357
Henry County, Water & Sewer
Authority, RB (AMBAC)
6.150%, 02/01/20 2,250 2,348
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
GEORGIA--CONTINUED
Houston County, School District,
MBIA Intergovernmental Contract,
COP, Prerefunded 03/01/04 @
102 (MBIA)
6.000%, 03/01/14 $2,000 $2,139
Jackson County, School District,
GO, Callable 07/01/08 @ 101
5.000%, 07/01/10 1,020 1,008
Medical Center Hospital Authority,
Columbus Regional Healthcare
System, Callable 08/01/05 @ 102,
RB (MBIA)
6.000%, 08/01/06 1,340 1,442
Meriwether County, School District,
GO (FSA)
7.000%, 02/01/06 740 823
Metro Atlanta, Rapid Transportation
Authority, RB (MBIA)
6.250%, 07/01/07 500 540
Metro Atlanta, Rapid Transportation
Authority, Ser N, RB
6.000%, 07/01/07 1,000 1,057
Metro Atlanta, Rapid Transportation
Authority, Ser P, RB (AMBAC)
6.250%, 07/01/08 1,000 1,083
Milledgeville, Water & Sewer, RB (FSA)
6.000%, 12/01/16 1,000 1,045
6.000%, 12/01/21 1,000 1,026
Paulding County, School District,
GO (MBIA)
6.000%, 02/01/10 1,000 1,070
Paulding County, School District,
Ser A, GO
6.625%, 02/01/07 1,000 1,098
6.625%, 02/01/08 500 552
Private Colleges & Universities,
Agnes Scott College Project, RB,
Callable 06/01/09 @ 101 (MBIA)
5.250%, 06/01/10 1,360 1,368
Private Colleges & Universities,
Emory University Project, Ser A,
RB, Callable 11/01/07 @ 100
5.000%, 11/01/10 1,000 988
Private Colleges & Universities,
Emory University Project, Ser C,
RB, Callable 10/01/02 @ 102
5.900%, 10/01/04 305 321
Private Colleges & Universities,
Mercer University Project, RB (MBIA)
6.400%, 11/01/11 500 555
7
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 1999
GEORGIA TAX-EXEMPT BOND FUND--CONCLUDED
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
GEORGIA--CONTINUED
Private Colleges & Universities,
Mercer University Project, Ser A,
RB, Callable 10/01/09 @ 101
5.250%, 10/01/13 $ 1,000 $ 957
Rome, Water & Sewer, RB (AMBAC)
5.250%, 01/01/09 775 784
Savannah, Water & Sewer,
ETM, RB (F)
6.450%, 12/01/04 1,000 1,081
State, Fulco Hospital, Health
System, Catholic Health East,
Ser A, RB, Callable 11/15/08 @
102 (MBIA)
5.250%, 11/15/13 2,000 1,927
State, GO
6.250%, 08/01/13 650 710
State, Housing & Financial Authority,
Single Family Mortgage, Ser B,
Sub-ser B-1, Callable 06/01/05
@ 102, RB
5.550%, 12/01/07 550 557
State, Housing & Financial Authority,
Single Family Mortgage, Ser B,
Sub-ser B-1, Callable 06/01/06 @
102, RB (FHA)
5.550%, 12/01/10 325 325
5.600%, 12/01/11 450 450
State, Housing & Financial Authority,
Single Family Mortgage, Ser C,
Sub-ser C-1, Callable 12/01/07 @
101.50, RB
5.550%, 12/01/16 500 494
State, Municipal Electric Authority,
ETM, RB, Callable 01/12/98
@ 101 (F)
8.000%, 01/01/15 1,900 2,357
State, Ser A, GO
6.250%, 04/01/11 1,000 1,098
State, Ser C, GO
6.500%, 04/01/08 1,000 1,106
6.250%, 08/01/08 1,360 1,486
State, Ser D, GO
6.700%, 08/01/10 2,250 2,556
State, Tollway Authority, Georgia
400 Project, RB
5.000%, 07/01/09 1,280 1,280
Upper Oconee Basin, Water
Authority, RB, Callable 07/01/08
@ 102 (FGIC)
5.000%, 07/01/12 500 483
Vidalia, Water & Sewer, ETM, RB (F)
6.000%, 07/01/07 605 648
Walker County, School District, GO
5.000%, 02/01/03 1,000 1,014
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
GEORGIA--CONTINUED
Walker, Dade & Catoosa Counties,
Hutchinson Medical, Ser A, RB,
Callable 10/01/07 @ 102 (FSA)
5.500%, 10/01/08 $1,370 $ 1,400
--------
92,344
--------
Total Municipal Bonds
(Cost $94,495) 92,344
--------
CASH EQUIVALENTS (1.8%)
AIM Management Institutional
Tax Free Portfolio 845 845
SEI Institutional Tax Free Portfolio 876 876
--------
Total Cash Equivalents
(Cost $1,721) 1,721
--------
Total Investments (98.5%)
(Cost $96,216) 94,065
--------
OTHER ASSETS AND LIABILITIES, NET (1.5%) 1,470
--------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 8,358,154 outstanding
shares of beneficial interest 82,794
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 344,436 outstanding
shares of beneficial interest 3,355
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 1,151,514 outstanding
shares of beneficial interest 11,580
Accumulated net realized loss on
investments (43)
Net unrealized depreciation on investments (2,151)
--------
Total Net Assets (100.0%) $95,535
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $9.69
========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $9.71
========
Maximum Offering Price Per Share
-- Investor Class ($9.71 / 96.25%) $10.09
========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $9.70
========
(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 32.
8
<PAGE>
- -------------------------------------------------------------------------------
(UNAUDITED)
INVESTMENT GRADE BOND FUND
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (18.8%)
U.S. Treasury Bonds
7.500%, 11/15/16 $ 56,050 $ 61,053
6.125%, 11/15/27 18,900 18,003
U.S. Treasury Notes
6.000%, 08/15/09 127,025 125,371
6.125%, 08/15/29 18,100 17,735
--------
Total U.S. Treasury Obligations
(Cost $224,682) 222,162
--------
CORPORATE OBLIGATIONS (68.4%)
FINANCE (48.3%)
Americal Financial Group
7.125%, 12/15/07 7,000 6,440
Aon
6.900%, 07/01/04 35,000 34,300
Aristar
7.250%, 06/15/06 26,800 26,130
Associates
6.250%, 11/01/08 24,500 22,816
Bank of America
6.625%, 06/15/04 21,000 20,632
Cit Group Holdings
6.500%, 06/14/02 25,350 25,128
Conseco
8.500%, 10/15/02 22,175 22,175
6.800%, 06/15/05 16,000 14,620
6.400%, 06/15/11 18,500 18,014
Countrywide Home Loan
6.850%, 06/15/04 27,500 26,847
Countrywide Home Loan,
Ser F, MTN
6.510%, 02/11/05 23,300 22,339
Donaldson Lufkin Jenrette, MTN
6.150%, 05/04/04 8,400 8,012
Finova Capital
7.250%, 07/12/06 21,500 20,989
Finova Capital, MTN
7.300%, 09/22/03 28,850 28,634
Ford Motor Credit
6.125%, 04/28/03 24,500 23,887
General Electric Capital,
Ser A, MTN
6.267%, 07/23/03 40,000 39,250
6.810%, 11/03/03 22,750 22,750
Great Western Financial
8.600%, 02/01/02 9,800 10,020
Heller Financial, Ser I, MTN
6.500%, 07/22/02 23,000 22,626
Household Finance
7.200%, 07/15/06 21,000 20,921
Paine Webber Group, Ser C, MTN
6.020%, 04/22/02 20,250 19,693
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
FINANCE--CONTINUED
Provident
7.000%, 07/15/18 $30,600 $ 26,507
Reliastar Financial
8.000%, 10/30/06 12,900 12,819
6.500%, 11/15/08 16,750 15,410
Salomon
7.300%, 05/15/02 16,000 16,140
Salomon Smith Barney
6.250%, 01/15/05 20,000 19,050
Wachovia
5.625%, 12/15/08 13,150 11,786
Washington Mutual
7.500%, 08/15/06 13,525 13,525
--------
571,460
--------
INDUSTRIAL (17.7%)
AT&T
6.000%, 03/15/09 26,775 24,666
6.500%, 03/15/29 25,450 22,237
AT&T Capital, MTN
6.890%, 01/25/02 23,325 23,238
Dillards
6.430%, 08/01/04 27,000 25,616
Dow Chemical
7.375%, 11/01/29 9,750 9,482
Marriot International
7.875%, 09/15/09 13,750 13,664
Philip Morris
7.500%, 04/01/04 14,500 14,301
Procter & Gamble
6.875%, 09/15/09 10,500 10,461
Sprint Capital
6.900%, 05/01/19 14,850 13,736
Times Mirror
7.450%, 10/15/09 9,500 9,583
Trans-Canada Pipelines
7.150%, 06/15/06 17,100 16,715
Wal-Mart Stores
6.875%, 08/10/09 27,000 26,831
---------
210,530
---------
UTILITIES (2.4%)
Florida Power & Light
5.875%, 04/01/09 30,500 27,831
---------
Total Corporate Obligations
(Cost $832,059) 809,821
---------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (11.6%)
FHLMC
5.750%, 03/15/09 26,600 24,672
7.000%, 01/01/11 1,252 1,248
7.000%, 02/01/12 7,304 7,277
9
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 1999
INVESTMENT GRADE BOND FUND--CONCLUDED
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS--CONTINUED
FNMA
6.500%, 01/01/13 $ 1,523 $ 1,490
6.500%, 02/01/13 5,793 5,664
6.500%, 03/01/13 3,990 3,902
7.000%, 01/01/27 6,371 6,228
6.250%, 05/15/29 53,265 48,338
FNMA REMIC, Ser 1997-63, Cl PC
6.500%, 03/18/26 9,160 8,842
GNMA
8.000%, 11/15/09 5,084 5,216
6.500%, 12/15/23 5,799 5,518
6.500%, 02/15/28 2,408 2,291
6.500%, 03/15/28 6,832 6,501
6.500%, 04/15/28 362 345
6.500%, 05/15/28 436 415
6.500%, 08/15/28 188 179
7.000%, 08/15/28 46 45
6.500%, 09/15/28 1,456 1,386
6.500%, 10/15/28 242 231
6.500%, 11/15/28 1,000 951
6.500%, 12/15/28 5,704 5,428
6.500%, 02/15/29 935 890
---------
Total U.S. Agency Mortgage-Backed Obligations
(Cost $138,327) 137,057
---------
REPURCHASE AGREEMENT (0.1%)
SBC Warburg
5.62%, dated 11/30/99, matures
12/01/99, repurchase price
$1,460,833 (collateralized by
U.S. Treasury Note: total market
value $1,492,860) (H) 1,461 1,461
---------
Total Repurchase Agreement
(Cost $1,461) 1,461
---------
Total Investments (98.9%)
(Cost $1,196,529) 1,170,501
---------
OTHER ASSETS AND LIABILITIES, NET (1.1%) 13,251
---------
- -------------------------------------------------------------------------------
VALUE (000)
- -------------------------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 111,564,800 outstanding
shares of beneficial interest $1,166,426
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 3,108,569 outstanding
shares of beneficial interest 32,781
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 2,604,740 outstanding
shares of beneficial interest 27,483
Overdistributed net investment income (24)
Accumulated net realized loss on
investments (16,886)
Net unrealized depreciation on investments (26,028)
----------
Total Net Assets 100.0% $1,183,752
==========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $10.09
==========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $10.09
==========
Maximum Offering Price Per Share
-- Investor Class ($10.09 / 96.25%) $10.48
==========
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 32.
10
<PAGE>
- -------------------------------------------------------------------------------
(UNAUDITED)
INVESTMENT GRADE TAX-EXEMPT BOND FUND
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
MUNICIPAL BONDS (87.2%)
ALABAMA (3.0%)
Huntsville, Ser B, GO
4.000%, 11/01/01 $1,410 $ 1,402
State, Docks Department, Docks
Facility, RB (MBIA)
5.250%, 10/01/00 1,000 1,011
State, GO, Ser A
5.500%, 10/01/01 3,000 3,065
---------
5,478
---------
ARIZONA (10.1%)
Maricopa County, Community
College Project 1994, GO, Ser C
5.250%, 07/01/01 5,000 5,079
Maricopa County, School District
No. 80, Chandler, GO, Partially
Prerefunded 07/01/01 @ 101
(FGIC) (F)
6.400%, 07/01/10 3,050 3,163
State, Transportation Board, RB
4.800%, 07/01/05 3,515 3,534
State, Transportation Board, RB,
Callable 07/01/09 @100
6.125%, 07/01/14 6,020 6,325
---------
18,101
---------
CALIFORNIA (1.2%)
Orange County, Loma Ridge Data
Center Project, COP, Prefunded
06/01/19 @ 100 (AMBAC) (F)
6.000%, 06/01/21 2,075 2,153
---------
DISTRICT OF COLUMBIA (1.1%)
District of Columbia, American
College Obstetricians, RB,
Callable 8/15/01 @ 102 (AMBAC)
6.500%, 08/15/18 1,930 2,035
---------
FLORIDA (8.0%)
Miami-Dade County, Educational
Facilities, Ser A, RB, Callable
04/01/10 @ 101 (AMBAC)
5.375%, 04/01/16 2,095 2,038
5.375%, 04/01/17 2,315 2,238
Orange County, Health Facilities,
Ser A, ETM, RB, Prerefunded
(MBIA) (F)
6.250%, 10/01/12 2,830 3,081
Orange County, Health Facilities,
Ser A, RB (MBIA)
6.250%, 10/01/12 1,170 1,268
- ------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ------------------------------------------------------------------------------
FLORIDA--CONTINUED
State, Department of General
Services, Environmental
Preservation 2000, Ser A,
RB (AMBAC)
6.000%, 07/01/03 $2,000 $ 2,098
State, Department of Transportation,
Right of Way, GO, Prerefunded
07/01/05 @101 (F)
5.800%, 07/01/18 3,400 3,608
---------
14,331
---------
GEORGIA (1.0%)
Dalton, Utilities, RB (FSA)
6.000%, 01/01/12 1,700 1,808
---------
ILLINOIS (9.7%)
Chicago, GO, Callable 6/01/02
@102 (FGIC)
6.250%, 06/01/09 6,000 6,320
Chicago, Midway Airport, Ser C,
RB (MBIA)
5.500%, 01/01/13 2,380 2,389
Chicago, Public Building, Ser C,
RB (FGIC)
5.500%, 02/01/06 1,250 1,286
State, Health Facilities Authority,
Trinity Medical Center Project, RB,
Callable 07/01/02 @ 102 (FSA)
7.000%, 07/01/12 5,000 5,360
State, Regional Transportation
Authority, RB (FGIC)
6.000%, 06/01/15 2,000 2,082
---------
17,437
---------
MARYLAND (3.6%)
Baltimore, Water Project, Ser A, RB,
Callable 07/01/06 @ 101 (FGIC)
5.800%, 07/01/15 2,800 2,841
Washington, Suburban Sanitation,
GO, Callable 01/01/02 @ 102
6.400%, 01/01/08 3,500 3,695
---------
6,536
---------
MASSACHUSETTS (0.7%)
Boston, City Hospital Project, RB,
Prerefunded 08/15/98 @ 100
(FHA) (F)
7.650%, 02/15/10 1,260 1,316
---------
MICHIGAN (1.7%)
State, Building Authority, Ser II, RB,
Callable 10/01/01 @ 102
6.750%, 10/01/11 2,950 3,116
---------
11
<PAGE>
SCHEDULE OF INVESTMENTS
- -----------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
INVESTMENT GRADE TAX-EXEMPT BOND FUND
- -----------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -----------------------------------------------------------------------------
MISSOURI (1.6%)
St. Louis, Water Utility
Improvements, RB, Callable
07/01/04 @ 102 (FGIC)
5.950%, 07/01/06 $1,170 $ 1,253
State, Health & Educational
Facilities Authority, Health Care
Projects, Ser B, ETM, RB, Callable
06/01/00 @ 102 (MBIA) (F)
7.000%, 06/01/05 1,500 1,552
---------
2,805
---------
NEVADA (2.2%)
Clark County, School District, GO,
Callable 06/01/03 @ 101 (FGIC)
5.250%, 06/01/07 4,000 4,048
---------
NEW JERSEY (4.2%)
State, Transportation System, Ser A,
COP (AMBAC)
5.000%, 09/15/03 3,000 3,050
State, Transportation System,
Ser A, RB
5.625%, 06/15/12 2,100 2,164
5.625%, 06/15/13 1,000 1,025
5.750%, 06/15/15 1,250 1,276
---------
7,515
---------
NEW YORK (3.0%)
State, Dormitory Authority, RB,
Callable 07/01/14 @ 100 (FSA)
5.750%, 07/01/18 1,800 1,810
Triborough Bridge & Tunnel Authority,
Ser V, RB, Callable 01/01/01 @ 102
(FGIC-TCRS)
6.875%, 01/01/05 3,500 3,657
---------
5,467
---------
NORTH CAROLINA (0.6%)
State, Medical Care Community
Hospital, Mercy Hospital Project,
ETM, RB, Callable 08/01/02
@ 102 (F)
6.500%, 08/01/15 1,000 1,069
---------
OHIO (2.4%)
Cleveland, City School District,
Ser A, GO, Callable 12/01/02
@ 102 (FGIC)
5.875%, 12/01/11 1,650 1,713
State, Infrastructure Improvement,
Ser A, GO
5.500%, 02/01/07 2,475 2,570
---------
4,283
---------
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
OKLAHOMA (2.0%)
State, Industrial Authority, Health
System, Ser A, RB, Callable
08/15/09 @ 101 (MBIA)
5.375%, 08/15/14 $2,000 $ 1,934
Tulsa, GO, Callable 12/01/09 @ 100
5.500%, 12/01/16 1,680 1,645
---------
3,579
---------
PENNSYLVANIA (2.2%)
Allegheny County, Hospital
Development Authority, Ohio
Valley General, RB, Callable
04/01/03 @ 100 (MBIA)
5.875%, 04/01/11 1,500 1,538
State, University of Pennsylvania,
Health Services, Ser A, RB,
Callable 07/01/08 @ 100 (MBIA)
5.250%, 01/01/12 2,450 2,413
---------
3,951
---------
PUERTO RICO (0.2%)
Commonwealth, Public
Improvements, GO, Callable
07/01/08 @ 101 (MBIA)
5.000%, 07/01/28 500 438
---------
SOUTH DAKOTA (3.9%)
State, Health & Educational Facility
Authority, St. Lukes Midland
Regional Medical, RB, Callable
07/01/01 @ 102 (MBIA)
6.625%, 07/01/11 6,675 6,996
---------
TENNESSEE (3.4%)
Metropolitan Nashville Airport,
Ser C, RB, Callable 07/01/01
@ 102 (FGIC)
6.600%, 07/01/15 3,900 4,089
Shelby County, GO, Prerefunded
12/01/00 @ 102 (G)
6.250%, 12/01/09 2,000 2,084
---------
6,173
---------
TEXAS (10.9%)
Austin, Independent School District,
GO, Prerefunded 08/01/06
@ 100 (F)
5.750%, 08/01/14 2,100 2,210
Klein, Independent School
District, GO, Callable 08/01/09
@ 100
5.125%, 08/01/15 3,050 2,870
12
<PAGE>
- -------------------------------------------------------------------------------
(UNAUDITED)
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
TEXAS--CONTINUED
Laredo, Independent School
District, GO, Callable 08/01/09
@100
6.000%, 08/01/14 $ 3,000 $ 3,102
McAllen, Independent School
District, GO, Callable
10/01/09 @100
5.250%, 04/01/15 1,510 1,444
5.250%, 04/01/16 1,600 1,516
5.250%, 04/01/17 1,695 1,592
5.250%, 04/01/18 1,795 1,671
State, Municipal Power Agency, RB,
Callable 09/01/03 @101 (MBIA)
5.250%, 09/01/05 3,500 3,572
University, Ser B, RB, Callable
08/15/01 @ 102
6.750%, 08/15/13 1,475 1,555
---------
19,532
---------
UTAH (4.4%)
Alpine, School District, GO, Callable
03/15/10 @100
5.375%, 03/15/14 2,325 2,287
5.375%, 03/15/15 2,775 2,703
5.375%, 03/15/16 2,950 2,849
---------
7,839
---------
VERMONT (1.2%)
Burlington, Ser A, Callable 07/01/02
@102 (MBIA)
6.250%, 07/01/14 2,000 2,100
---------
VIRGINIA (1.8%)
State, RB, Callable 10/01/10 @100
5.875%, 10/01/14 3,075 3,168
---------
WASHINGTON (3.1%)
State, Ser B, GO, Callable 05/01/04
@ 100
5.750%, 05/01/14 5,600 5,643
---------
Total Municipal Bonds
(Cost $158,274) 156,917
---------
REPURCHASE AGREEMENTS (13.3%)
Deutsche Bank
5.62%, dated 11/30/99, matures
12/01/99, repurchase price
$5,457,361 (collateralized by U.S.
Treasury Note: total market value
$5,567,477) (H) 5,457 5,457
SBC Warburg
5.62%, dated 11/30/99, matures
12/01/99, repurchase price
$18,482,518 (collateralized by U.S.
Treasury Bond: total market
value $18,855,681) (H) 18,482 18,482
---------
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
Total Repurchase Agreements
(Cost $23,939) $ 23,939
---------
CASH EQUIVALENTS (9.8%)
AIM Management Institutional
Tax Free Portfolio $ 8,810 8,810
SEI Institutional Tax Free
Portfolio 8,871 8,871
---------
Total Cash Equivalents
(Cost $17,681) 17,681
---------
Total Investments (110.3%)
(Cost $199,894) 198,537
---------
OTHER ASSETS AND LIABILITIES, NET (-10.3%)
Securities Purchased (26,592)
Other Assets and Liabilities 8,092
---------
Total Other Assets and Liabilities (18,500)
---------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 13,006,097
outstanding shares of beneficial interest 143,773
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 2,085,015 outstanding
shares of beneficial interest 21,985
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 1,499,240 outstanding
shares of beneficial interest 16,941
Undistributed net investment income 45
Accumulated net realized loss on
investments (1,350)
Net unrealized depreciation on investments (1,357)
---------
Total Net Assets (100.0%) $180,037
=========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $10.85
=========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $10.86
=========
-- Investor Class ($10.86/96.25%) $11.28
=========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $10.85
=========
(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 32.
13
<PAGE>
SCHEDULE OF INVESTMENTS/STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (40.7%)
U.S. Treasury Notes
5.875%, 09/30/02 $ 3,000 $ 2,986
5.750%, 08/15/03 34,000 33,585
6.125%, 08/15/07 7,000 6,929
6.000%, 08/15/09 13,000 12,831
---------
Total U.S. Treasury Obligations
(Cost $56,668) 56,331
---------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (57.9%)
FHLMC
8.000%, 12/01/02 899 913
6.500%, 06/01/13 8,676 8,483
FHLMC REMIC, Ser 1614-H
6.000%, 06/15/20 4,550 4,506
FHLMC REMIC, Ser 1624-KC
6.000%, 06/15/08 11,084 10,759
FHLMC REMIC, Ser 1666-E
6.000%, 12/15/19 5,000 4,925
FHLMC REMIC, Ser 29-Q
7.500%, 06/25/20 15,000 15,161
FNMA
5.500%, 06/01/14 19,426 18,176
8.500%, 04/01/17 464 478
FNMA REMIC, Ser 1993-206G
6.000%, 04/25/19 11,000 10,824
FNMA REMIC, Ser 1993-223PH
6.050%, 10/25/22 5,375 5,200
GNMA
9.000%, 11/15/17 630 669
---------
Total U.S. Agency Mortgage-Backed Obligations
(Cost $81,224) 80,094
---------
CASH EQUIVALENT (0.0%)
SEI Liquid Asset Trust Prime
Obligation Portfolio 14 14
---------
Total Cash Equivalent
(Cost $14) 14
---------
REPURCHASE AGREEMENT (0.3%)
Morgan Stanley
5.65%, dated 11/30/99, matures
12/01/99, repurchase price
$351,017 (collateralized by FNMA
obligation: total market value
$359,447) (H) 351 351
---------
Total Repurchase Agreement
(Cost $351) 351
---------
- ------------------------------------------------------------------------------
VALUE (000)
- ------------------------------------------------------------------------------
Total Investments (98.9%)
(Cost $138,257) $136,790
---------
OTHER ASSETS AND LIABILITIES, NET (1.1%) 1,553
---------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 13,715,359 outstanding
shares of beneficial interest 137,750
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 187,542 outstanding
shares of beneficial interest 1,892
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 246,354 outstanding
shares of beneficial interest 2,484
Undistributed net investment income 3
Accumulated net realized loss on
investments (2,319)
Net unrealized depreciation on investments (1,467)
---------
Total Net Assets (100.0%) $138,343
=========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $9.78
=========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $9.76
=========
Maximum Offering Price Per Share
-- Investor Class ($9.76 / 97.50%) $10.01
=========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $9.78
=========
(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 32.
14
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
MARYLAND MUNICIPAL BOND FUND
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
MUNICIPAL BONDS (95.8%)
MARYLAND (78.8%)
Anne Arundel County, Water Utility
Improvements, GO, Callable
02/01/08 @ 101
5.125%, 02/01/24 $ 750 $ 675
Baltimore County, Construction &
Public Improvements, GO,
Callable 06/01/06 @ 101
5.500%, 06/01/16 250 248
Baltimore County, Pension Funding,
GO, Callable 08/01/08 @ 101
5.125%, 08/01/15 500 478
Baltimore County, Public
Improvements, GO, RB Callable
07/01/08 @101
4.750%, 07/01/09 500 488
Baltimore, Emergency
Telecommunication Facilities,
Ser A, COP, Callable 10/01/07
@ 102 (AMBAC)
5.000%, 10/01/17 400 370
Baltimore, Parking Authority, City
Parking System Facilities, RB (FGIC)
4.350%, 07/01/02 200 200
Baltimore, Pollution Control,
General Motors Corporate Project,
RB 5.350%, 04/01/08 250 256
Calvert County, Economic
Development Authority, Asbury-
Solomons Project, RB, Callable
01/01/08 @ 102 (MBIA)
5.000%, 01/01/17 250 229
5.000%, 01/01/27 250 219
Calvert County, Pollution Control,
Baltimore Gas & Electric Company
Project, RB, Callable 07/15/04 @ 102
5.550%, 07/15/14 250 250
Carroll County, Public Improvements,
GO, Callable 12/01/06 @ 101
5.125%, 12/01/14 500 481
Howard County, Metropolitan District,
Public Improvements, Ser A, GO,
Prerefunded 02/15/05 @ 101
5.650%, 02/15/16 100 105
Montgomery County, Economic
Development, Genomic Research
Facility, RB (C)
3.900%, 03/01/09 700 700
Montgomery County, Housing
Authority, RB (MBIA) (C)
3.900%, 07/01/28 1,600 1,600
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
MARYLAND--CONTINUED
Montgomery County, Human
Services Headquarters Project, RB
5.400%, 08/01/06 $ 200 $ 207
Montgomery County, Pollution
Control, Potomac Electric Power
Company Project, RB, Callable
02/15/04 @ 102
5.375%, 02/15/24 100 91
Montgomery County, Pollution
Control, Potomac Electric Power
Company Project RB (MBIA)
5.375%, 02/15/24 1,700 1,590
Montgomery County, Ser A, GO
5.800%, 07/01/07 500 530
Northeast Maryland, Waste
Disposal Authority, Montgomery
County Resource Recovery Project,
RB, Callable 07/01/03 @ 102
6.200%, 07/01/10 275 284
Prince Georges County, Public
Improvements, Ser A, GO, Callable
03/01/02 @ 102 (MBIA)
5.625%, 09/01/04 250 260
Queen Annes County, School
Improvements, GO, (FGIC)
5.125%, 11/15/06 350 357
Saint Mary's County, Public Facilities,
GO, Callable 11/01/03 @ 102
(AMBAC)
5.500%, 11/01/07 150 155
Saint Mary's County, Public
Improvements, GO (MBIA)
4.500%, 09/01/00 500 502
State, Aviation Administration
Facilities, COP, AMT, Callable
05/01/09 @101
4.750%, 05/01/13 1,500 1,375
State, Community Development, RB,
AMT, Callable 03/01/09 @ 101
5.250%, 09/01/19 1,000 911
State, Economic Development,
Chesapeake Bay Foundation,
RB (C) (E)
3.900%, 11/01/23 500 500
State, GO (C)
3.980%, 08/01/12 700 700
State, Health & Higher Educational
Facilities Authority, Anne Arundel
Medical Center Project, RB,
Callable 7/01/08 @ 101 (FSA)
5.125%, 07/01/28 1,500 1,322
15
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
MARYLAND MUNICIPAL BOND FUND--CONCLUDED
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
MARYLAND--CONTINUED
State, Health & Higher Educational
Facilities Authority, Broadmead
Project, RB, Callable 07/01/07 @ 102
5.500%, 07/01/17 $ 300 $ 276
State, Health & Higher Educational
Facilities Authority, Calvert
Memorial Hospital Project, RB,
Callable 7/01/08 @ 102
5.000%, 07/01/13 400 365
State, Health & Higher Educational
Facilities Authority, Greater
Baltimore Medical Center,
RB (C)(D)
4.150%, 07/01/25 1,000 1,000
State, Health & Higher Educational
Facilities Authority, Loyola College
Project, RB, Callable 10/01/09 @ 101
5.250%, 10/01/29 1,500 1,329
State, Health & Higher Educational
Facilities Authority, Loyola College
Project, Ser A, RB, Callable
10/01/06 @ 102 (MBIA)
5.500%, 10/01/16 250 244
State, Health & Higher Educational
Facilities Authority, Pickersgill
Project, Ser A, RB, Callable
01/01/07 @ 102
6.000%, 01/01/15 350 344
State, Health & Higher Educational
Facilities Authority, University of
Maryland Medical Systems Project,
Ser A, RB, Prerefunded 07/01/01
@ 100 (FGIC)
6.500%, 07/01/21 200 207
State, Health & Higher Educational
Facilities Authority, Upper
Chesapeake Hospital Project, RB,
FSA Callable 01/01/08 @ 101
5.125%, 01/01/33 1,500 1,305
State, Health & Higher Educational
Facilities Authority, Johns Hopkins
Health System Project, RB, Callable
07/01/07 @ 102 (AMBAC)
5.250%, 07/01/17 350 329
State, Housing & Community Development,
Ser B, RB, AMT, Callable 03/01/07 @
101.50 (E)
5.875%, 09/01/25 500 485
State, Housing & Community
Development, Ser E, RB, Callable
09/01/09 @ 100 (FHA)
5.700%, 09/01/17 1,000 991
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
MARYLAND--CONTINUED
State, Housing & Community
Development, Ser F, RB, AMT,
Callable 09/01/09 @ 100 (FHA)
5.900%, 09/01/19 $1,000 $971
State, Housing & Community
Development, Single Family
Housing, First Ser, RB, Callable
04/01/07 @ 101.50 (E)
5.600%, 04/01/18 385 368
State, Housing & Community
Development, Single Family
Program, Second Series, RB,
Callable 04/01/09 @ 101
5.000%, 04/01/17 1,000 897
State, Industrial Development
Authority, Holy Cross Health
System, RB, Callable 12/01/03
@ 102
5.500%, 12/01/15 100 97
State, Public Improvements, First Ser,
GO, Callable 02/15/06 @ 101.50
4.700%, 02/15/10 300 290
State, Public Improvements,
Third Ser, GO
5.500%, 10/15/04 500 521
State, Stadium Authority, Sports
Facility Project, RB, Callable
03/01/06 @ 101 (AMBAC)
5.800%, 03/01/26 250 246
State, Transportation Authority,
Transportation Facilities Project,
RB, ETM
6.800%, 07/01/16 120 136
University of Maryland, System
Auxiliary Facility & Tuition
Revenue, Ser A, RB, Callable
04/01/08 @ 100
5.000%, 04/01/19 500 451
University of Maryland, University
& College Improvements, Ser A, RB
5.000%, 04/01/05 400 406
University of Maryland, University &
College Improvements, Ser A, RB,
Callable 04/01/05 @ 102
5.400%, 04/01/09 100 102
University of Maryland, University &
College Improvements, Ser A, RB,
Callable 04/01/06 @ 101
5.500%, 04/01/08 100 104
Washington County, Public
Improvements, GO, Callable
01/01/03 @ 102 (FGIC)
5.250%, 01/01/07 100 102
16
<PAGE>
- -------------------------------------------------------------------------------
(UNAUDITED)
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
MARYLAND--CONTINUED
Washington County, Suburban
Sanitation District, GO, Callable
06/01/06 @ 100
5.600%, 06/01/19 $ 250 $ 245
--------
26,894
--------
PUERTO RICO (17.0%)
Commonwealth, Highway &
Transportation Authority, Ser Y,
RB, Callable 07/01/06 @ 101.50
5.500%, 07/01/26 1,700 1,590
Commonwealth, Housing Bank &
Finance Agency, Affordable
Housing Mortgage Portfolio I, RB,
Callable 04/01/05 @ 102
6.250%, 04/01/29 665 669
Commonwealth, Medical &
Environmental Control Facilities,
San Lucas & Cristo Project, Ser A,
RB, Callable 06/01/09 @ 101
5.750%, 06/01/29 740 668
Commonwealth, Public Finance (C)
3.710%, 06/01/19 1,600 1,600
Commonwealth, Public Improvement,
GO, Callable 07/01/08 @ 101
5.000%, 07/01/28 1,500 1,280
--------
5,807
--------
Total Municipal Bonds
(Cost $34,225) 32,701
--------
CASH EQUIVALENTS (2.1%)
Aim Tax Free Institutional Cash
Reserve 602 602
Federated Maryland Municipal
Cash Trust 100 100
--------
Total Cash Equivalents
(Cost $702) 702
--------
Total Investments (97.9%)
(Cost $34,927) 33,403
--------
Other Assets and Liabilities, Net (2.1%) 715
--------
- -------------------------------------------------------------------------------
VALUE (000)
- -------------------------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 2,774,219 outstanding
shares of beneficial interest $27,739
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 781,015 outstanding
shares of beneficial interest 7,925
Accumulated net realized loss on
investments (22)
Net unrealized depreciation on investments (1,524)
--------
Total Net Assets (100.0%) $34,118
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $9.59
========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $9.61
========
(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 32.
17
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
SHORT-TERM BOND FUND
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (29.4%)
U.S. Treasury Notes
5.000%, 04/30/01 $12,000 $ 11,853
5.250%, 05/31/01 1,500 1,485
6.500%, 08/31/01 7,000 7,058
5.625%, 09/30/01 1,000 993
6.375%, 09/30/01 6,000 6,037
6.250%, 10/31/01 1,750 1,758
7.500%, 11/15/01 2,500 2,567
6.250%, 06/30/02 2,000 2,010
6.000%, 07/31/02 8,000 7,995
6.250%, 08/31/02 2,500 2,512
5.750%, 10/31/02 1,280 1,270
5.625%, 12/31/02 3,000 2,963
5.500%, 05/31/03 1,500 1,471
5.250%, 08/15/03 500 486
4.250%, 11/15/03 2,000 1,873
6.000%, 08/15/04 4,500 4,473
6.875%, 05/15/06 2,250 2,322
U.S. Treasury STRIPS
0.000%, 08/15/03 1,250 999
--------
Total U.S. Treasury Obligations
(Cost $60,907) 60,125
--------
CORPORATE OBLIGATIONS (47.8%)
FINANCE (19.4%)
American General
5.900%, 01/15/03 2,000 1,932
6.250%, 03/15/03 1,100 1,077
Associates Corporation, MTN
7.080%, 04/15/03 1,500 1,506
Bank One
6.875%, 08/01/06 3,000 2,932
Cit Group Holdings
6.500%, 06/14/02 3,000 2,974
Commercial Credit
6.375%, 09/15/02 2,500 2,466
Conoco
5.900%, 04/15/04 1,150 1,104
Ford Motor Capital
10.125%, 11/15/00 2,000 2,063
Ford Motor Credit
6.000%, 01/14/03 3,500 3,408
General Electric Capital, Ser A, MTN
6.330%, 09/17/01 3,000 2,985
General Motors Acceptance
5.950%, 03/14/03 1,000 970
Household Finance, MTN
7.080%, 06/03/02 2,500 2,506
International Lease, MTN
5.500%, 09/29/03 2,000 1,892
Key Bank
5.800%, 04/01/04 1,675 1,591
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
FINANCE --CONTINUED
Merrill Lynch, Ser B, MTN
5.640%, 01/27/03 $3,750 $ 3,623
Morgan Stanley Dean Witter, Ser C
5.625%, 04/12/02 1,750 1,708
PNC
6.950%, 09/01/02 3,000 2,981
Sprint Capital
5.700%, 11/15/03 2,000 1,915
---------
39,633
---------
INDUSTRIAL (20.6%)
American Home Products
7.900%, 02/15/05 2,000 2,040
Clark Equipment
9.750%, 03/01/01 1,750 1,807
Computer Associates
6.375%, 04/15/05 2,300 2,156
Cox Communications
7.000%, 08/15/01 3,000 2,992
Daimler Chrysler, MTN
6.460%, 12/01/01 2,500 2,488
Dayton Hudson
5.950%, 06/15/10 500 499
Dupont de Nemours
6.750%, 10/15/04 3,000 2,992
Eastman Kodak, Ser A, MTN
6.500%, 08/15/01 4,000 3,970
General Foods
6.000%, 06/15/01 500 492
IBM, MTN
5.800%, 05/15/01 1,250 1,236
Norfolk Southern
7.875%, 02/15/04 1,500 1,532
Philip Morris
7.500%, 01/15/02 500 499
Raytheon
6.450%, 08/15/02 2,900 2,831
RJR Nabisco
6.800%, 09/01/01 1,500 1,494
Safeway Stores
7.000%, 09/15/02 3,000 2,989
TCI Communications
6.375%, 05/01/03 2,250 2,211
TRW (B)
6.500%, 06/01/02 3,000 2,954
TRW, MTN
9.000%, 02/09/01 1,000 1,022
Tyco International (C)
6.250%, 06/15/03 2,000 1,925
Worldcom
6.125%, 08/15/01 4,000 3,965
---------
42,094
---------
18
<PAGE>
- -------------------------------------------------------------------------------
(UNAUDITED)
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
UTILITIES (7.8%)
Baltimore Gas and Electric
6.125%, 07/01/03 $1,750 $ 1,708
Bellsouth Savings
9.125%, 07/01/03 1,364 1,403
Northern States Power
6.125%, 12/01/05 5,000 4,731
Pacific Gas and Electric
5.875%, 10/01/05 3,500 3,251
Philadelphia Electric
7.125%, 09/01/02 2,000 2,003
Southern New England Telephone,
Ser C, MTN
6.125%, 12/15/03 3,000 2,918
---------
16,014
---------
Total Corporate Obligations
(Cost $99,732) 97,741
---------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (10.6%)
FHLMC
8.000%, 01/01/00 92 92
6.500%, 12/01/00 972 957
6.000%, 07/01/06 8,836 8,552
FNMA
6.500%, 06/01/13 2,493 2,439
6.500%, 06/01/13 1,696 1,660
6.500%, 09/01/13 1,766 1,728
6.500%, 09/01/13 932 912
7.000%, 01/01/27 1,600 1,564
FNMA REMIC, Ser 1996-30, Cl PC
7.000%, 11/25/20 2,600 2,596
GNMA
8.000%, 11/15/09 1,186 1,217
---------
Total U.S. Agency Mortgage-Backed Obligations
(Cost $22,078) 21,717
---------
ASSET-BACKED SECURITIES (6.2%)
CoreStates Home Equity Trust,
Ser 1994-1, Cl A
6.650%, 05/15/09 515 512
Discover Card Master Trust I,
Ser 1998-4, Cl A
5.750%, 10/16/03 1,990 1,933
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES--CONTINUED
Discover Card Master Trust I,
Ser 1999-2, Cl A
5.900%, 10/15/04 $3,000 $ 2,950
EQCC Home Equity Loan Trust,
Ser 1994-1, Cl A
5.800%, 03/15/09 454 449
Equivantage Home Equity Loan Trust,
Ser 1996-1, Cl A
6.550%, 10/25/25 535 526
Metris Master Trust,
Ser 1997-1, Cl A
6.870%, 10/20/05 2,000 2,013
Premier Auto Trust,
Ser 1998-5, Cl A-4
5.190%, 04/08/03 3,500 3,401
Spiegel Master Trust,
Ser 1995-A, Cl A
7.500%, 09/15/04 833 839
---------
Total Asset-Backed Securities
(Cost $12,779) 12,623
---------
U.S. GOVERNMENT AGENCY OBLIGATION (0.5%)
FFCB
7.125%, 06/01/01 1,000 1,012
---------
Total U.S. Government Agency Obligation
(Cost $1,001) 1,012
---------
GOVERNMENT AGENCY OBLIGATION (1.3%)
Province of Quebec
8.800%, 04/15/03 2,500 ---------
Total Government Agency Obligation
(Cost $2,680) 2,638
---------
CASH EQUIVALENT (3.2%)
Aim Liquid Assets Portfolio 6,559 6,559
---------
Total Cash Equivalent
(Cost $6,559) 6,559
---------
Total Investments (99.0%)
(Cost $205,736) 202,415
---------
OTHER ASSETS AND LIABILITIES, NET (1.0%) 2,035
---------
19
<PAGE>
STATEMENT OF NET ASSETS
- ------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
SHORT-TERM BOND FUND--CONCLUDED
- ------------------------------------------------------------------------------
VALUE (000)
- ------------------------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 20,494,081 outstanding
shares of beneficial interest $207,291
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 190,549 outstanding
shares of beneficial interest 1,904
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 218,354 outstanding
shares of beneficial interest 2,204
Distributions in excess of net investment
income (2)
Accumulated net realized loss on
investments (3,626)
Net unrealized depreciation on investments (3,321)
---------
Total Net Assets (100.0%) $204,450
=========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $9.78
=========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $9.80
=========
Maximum Offering Price Per Share
-- Investor Class ($9.80/98.00%) $10.00
=========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $9.80
=========
(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 32.
20
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
SHORT-TERM U.S. TREASURY SECURITIES FUND
- ------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (95.5%)
U.S. Treasury Notes
5.625%, 12/31/99 $11,500 $11,501
5.875%, 02/15/00 2,250 2,252
6.875%, 03/31/00 1,250 1,255
5.500%, 04/15/00 2,500 2,500
6.125%, 07/31/00 2,250 2,256
6.125%, 09/30/00 2,000 2,005
5.750%, 10/31/00 2,000 1,999
5.375%, 02/15/01 12,800 12,719
6.250%, 10/31/01 3,000 3,013
7.500%, 11/15/01 7,500 7,700
6.250%, 01/31/02 4,500 4,520
6.625%, 03/31/02 10,500 10,630
--------
Total U.S. Treasury Obligations
(Cost $62,867) 62,350
--------
CASH EQUIVALENT (3.4%)
SEI Daily Income Trust Treasury II
Portfolio 2,231 2,231
--------
Total Cash Equivalent
(Cost $2,231) 2,231
--------
Total Investments (98.9%)
(Cost $65,098) 64,581
--------
OTHER ASSETS AND LIABILITIES, NET (1.1%) 744
--------
- -------------------------------------------------------------------------------
VALUE (000)
- -------------------------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 5,741,355 outstanding
shares of beneficial interest $57,260
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 284,507 outstanding
shares of beneficial interest 2,875
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 572,557 outstanding
shares of beneficial interest 5,721
Overdistributed net investment income (52)
Accumulated net realized gain on
investments 38
Net unrealized depreciation on investments (517)
--------
Total Net Assets (100.0%) $65,325
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $9.90
========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $9.90
========
Maximum Offering Price Per Share--
Investor Class ($9.90/99.00%) $10.00
========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $9.88
========
(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 32.
21
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
U.S GOVERNMENT SECURITIES FUND
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (29.1%)
U.S. Treasury Bonds
4.750%, 02/15/04 $1,500 $ 1,427
7.250%, 05/15/16 1,000 1,064
7.625%, 02/15/25 400 454
6.125%, 11/15/27 3,220 3,067
5.250%, 11/15/28 2,350 1,983
U.S. Treasury Notes
6.250%, 04/30/01 6,700 6,728
8.000%, 05/15/01 200 206
6.625%, 06/30/01 580 585
7.500%, 05/15/02 750 775
6.250%, 06/30/02 550 553
5.750%, 10/31/02 845 838
7.250%, 05/15/04 500 521
7.875%, 11/15/04 275 294
7.500%, 02/15/05 500 528
6.500%, 10/15/06 8,500 8,602
6.625%, 05/15/07 1,050 1,071
4.750%, 11/15/08 600 539
--------
Total U.S. Treasury Obligations
(Cost $30,335) 29,235
--------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (70.1%)
FHLMC
6.000%, 02/01/01 48 46
7.000%, 01/01/09 69 69
7.000%, 04/01/09 210 209
7.000%, 08/01/10 421 419
7.000%, 01/01/11 247 246
7.000%, 02/01/12 869 866
6.500%, 03/01/12 2,581 2,523
7.000%, 05/01/12 487 486
6.500%, 12/01/12 1,256 1,227
7.000%, 06/01/17 4,844 4,738
FHLMC REMIC, Ser 2039, Cl PC
6.000%, 05/15/09 1,000 967
FNMA
6.000%, 11/25/07 666 647
7.500%, 06/01/11 306 309
7.000%, 09/17/11 564 561
7.000%, 05/01/12 553 550
7.000%, 06/01/12 449 447
7.000%, 07/01/12 521 518
6.500%, 06/01/13 1,483 1,450
6.500%, 09/01/13 176 173
7.000%, 10/25/16 530 518
6.500%, 07/01/18 887 850
6.290%, 08/01/18 1,460 1,396
6.500%, 08/01/18 888 847
6.000%, 12/01/18 1,901 1,763
- ------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ------------------------------------------------------------------------------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS--CONTINUED
7.000%, 01/01/27 $ 800 $ 782
7.500%, 04/01/27 454 453
6.000%, 03/01/28 829 768
6.500%, 03/02/28 785 749
6.500%, 03/01/29 3,866 3,685
6.250%, 05/15/29 10,000 9,075
FNMA REMIC, Ser 1990-143, Cl J
8.750%, 12/25/20 50 52
FNMA REMIC, Ser 1993-156, Cl B
6.500%, 04/25/18 100 98
FNMA REMIC, Ser 1996-30, Cl PC
7.000%, 11/25/20 2,000 1,997
FNMA REMIC, Ser 1996-68, Cl C
6.500%, 08/18/18 1,000 986
FNMA REMIC, Ser 1996-9, Cl H
6.500%, 11/25/13 1,337 1,276
FNMA REMIC, Ser 1997-34, Cl VC
7.500%, 05/01/12 1,000 1,008
FNMA REMIC, Ser 1997-6, Cl H
7.000%, 08/18/08 1,058 1,038
FNMA REMIC, Ser 1997-63, Cl PC
6.500%, 03/18/26 1,140 1,100
FNMA REMIC, Ser G93-40, Cl VC
6.500%, 08/25/10 261 247
GNMA
7.500%, 10/20/09 37 37
8.000%, 11/15/09 767 787
8.250%, 01/15/12 56 58
6.000%, 07/15/13 897 858
6.000%, 01/15/14 1,866 1,784
9.000%, 04/15/17 203 214
8.500%, 05/15/17 569 588
10.000%, 06/15/19 2 2
7.500%, 05/15/22 234 234
7.000%, 11/15/22 326 319
8.000%, 02/15/23 14 14
8.500%, 03/15/23 30 31
7.500%, 04/15/23 88 88
7.500%, 09/15/23 614 613
6.500%, 10/15/23 804 765
6.500%, 11/15/23 1,022 973
7.000%, 01/15/24 98 95
7.500%, 04/15/24 526 525
7.000%, 06/15/24 591 577
8.000%, 08/15/24 40 41
8.000%, 09/15/24 11 12
8.000%, 10/15/24 18 18
8.000%, 11/15/24 15 15
8.500%, 12/15/24 37 38
8.500%, 02/15/25 8 9
22
<PAGE>
- -------------------------------------------------------------------------------
(UNAUDITED)
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS--CONTINUED
7.000%, 12/15/25 $ 351 $ 343
7.500%, 01/15/26 359 358
7.500%, 09/15/26 530 529
7.000%, 03/15/27 223 218
7.000%, 04/15/27 727 710
7.500%, 07/15/27 303 302
7.000%, 09/15/27 63 62
7.000%, 10/15/27 727 711
7.500%, 10/15/27 39 39
7.000%, 11/15/27 1,042 1,019
7.000%, 12/15/27 837 819
7.000%, 01/15/28 1,186 1,158
7.500%, 01/15/28 325 324
6.500%, 02/15/28 938 893
6.500%, 03/15/28 124 118
6.500%, 04/15/28 78 75
6.500%, 05/20/28 1,821 1,726
6.500%, 06/15/28 39 37
6.500%, 09/15/28 2,876 2,737
6.250%, 10/15/28 1,943 1,821
6.500%, 02/15/29 663 631
GNMA REMIC, Ser 1995-6A, Cl E
7.500%, 05/20/23 1,000 1,007
GNMA REMIC, Ser 1998-9, Cl D
6.500%, 08/20/24 1,000 929
--------
Total U.S. Agency Mortgage-Backed Obligations
(Cost $72,136) 70,400
--------
ASSET-BACKED SECURITY (0.1%)
EQCC Home Equity Loan Trust,
Ser 1994-1, Cl A
5.800%, 03/15/09 47 46
--------
Total Asset-Backed Security
(Cost $47) 46
--------
CASH EQUIVALENT (0.4%)
Aim Liquid Assets Portfolio 382 382
--------
Total Cash Equivalent
(Cost $382) 382
--------
Total Investments (99.7%)
(Cost $102,900) 100,063
--------
OTHER ASSETS AND LIABILITIES, NET (0.3%) 297
--------
- -------------------------------------------------------------------------------
VALUE (000)
- -------------------------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 8,678,555 outstanding
shares of beneficial interest $ 91,346
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 209,055 outstanding
shares of beneficial interest 2,114
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 1,093,273 outstanding
shares of beneficial interest 11,470
Distributions in excess of net investment
income (5)
Accumulated net realized loss on
investments (1,728)
Net unrealized depreciation on investments (2,837)
--------
Total Net Assets (100.0%) $100,360
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $10.06
========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $10.05
========
Maximum Offering Price Per Share
-- Investor Class ($10.05/96.25%) $10.44
========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $10.06
========
(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 32.
23
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 1999
VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
MUNICIPAL BONDS (98.7%)
VIRGINIA (98.7%)
Alexandria, Public Improvement, GO
4.500%, 01/01/15 $2,000 $1,765
Alexandria, Redevelopment &
Housing Authority, Residential
Care Facilities, Goodwin House
Project, Ser B, RB (C)
3.800%, 10/01/06 4,150 4,150
Arlington County, Industrial
Development, Resource Recovery,
Alexandria/Arlington Waste,
Ogden Martin, Ser A, RB (FSA)
5.250%, 01/01/05 4,000 4,071
Arlington County, Industrial
Development, Resource Recovery,
Alexandria/Arlington Waste,
Ogden Martin, Ser B, RB, AMT,
Callable 07/01/08 @ 101 (FSA)
5.375%, 01/01/11 3,000 2,969
Arlington County, Public
Improvements, GO, Callable
10/01/08 @ 101
5.000%, 10/01/11 3,220 3,186
Chesapeake Bay, Bridge & Tunnel
Authority, RB, Prerefunded
07/01/01 @ 102 (MBIA)
6.375%, 07/01/22 7,000 7,359
Chesapeake, GO
5.400%, 12/01/08 2,500 2,577
Chesapeake, Hospital Authority,
General Hospital Project, RB,
Callable 07/01/00 @ 102
8.200%, 07/01/05 1,000 1,040
Chesterfield County, Health Center
Community Project, Lucy Corr
Nursing Home Project, RB,
Callable 12/01/06 @ 102 (E)
5.875%, 12/01/21 500 488
Chesterfield County, Public Improvements,
Ser A, GO, Callable 01/01/08
@ 100 (E)
4.700%, 01/01/12 3,215 3,029
Danville, Industrial Development
Authority, Danville Regional
Medical Center Project, RB
(AMBAC)
5.250%, 10/01/28 4,250 3,842
Dinwiddie County, Industrial
Development, Ser A, RB, Callable
04/15/00 @ 100
4.750%, 07/15/01 3,150 3,148
- -------------------------------------------------------------------------------
Face Amount
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
Fairfax County, Industrial
Development, Inova Health
System Project, RB, Callable
08/15/06 @ 102
5.300%, 08/15/07 $1,500 $1,512
Fairfax County, Industrial
Development, Inova Health
System Project, Ser A, RB, Callable
02/15/08 @ 101
5.000%, 08/15/10 2,890 2,797
Fairfax County, Public Improvement,
Ser A, GO, Callable 06/01/07 @ 102
4.500%, 06/01/10 3,000 2,827
Fairfax County, School & Transit
Improvements, Ser B, GO, Prefunded
06/01/01 @ 102 (F)
5.200%, 06/01/13 5,000 5,165
Fairfax County, Sewer Authority, RB,
Callable 11/15/03 @ 102 (AMBAC)
5.500%, 11/15/09 3,000 3,066
Fairfax County, Water Authority, RB,
Callable 04/01/07 @ 102
6.000%, 04/01/22 5,000 5,041
Fluvanna County, Industrial
Development, Elementary School
Project, RB, 01/19/00
4.150%, 01/15/01 3,465 3,451
Fredericksburg, Industrial
Development, Hospital Facilities,
Medicorp Health System, RB,
Callable 06/15/07 @ 102 (AMBAC)
5.250%, 06/15/16 5,000 4,670
Harrisonburg, Industrial
Development, Rockingham
Memorial Hospital Project, RB,
Callable 12/01/02 @ 102 MBIA
5.750%, 12/01/13 3,000 3,022
Henrico County, Industrial
Development, Educational Facilities,
Collegiate Schools, RB, Callable
10/15/08 @ 102
5.000%, 10/15/19 2,250 1,967
Henrico County, Industrial
Development, Government
Projects, RB, Callable 06/01/06
@ 102
5.150%, 06/01/07 2,500 2,540
Henrico County, Industrial
Development, Hospital Facilities,
Bon Secouis Health System Project,
RB (FSA)
4.950%, 08/15/03 1,000 1,010
24
<PAGE>
- -------------------------------------------------------------------------------
(UNAUDITED)
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
Henrico County, Industrial
Development, Residential & Health
Care Facility, Our Lady of Hope
Project, RB, Callable 07/01/03
@ 102 (E)
6.150%, 07/01/26 $2,000 $1,761
Henrico County, Industrial
Development, Solid Waste Facility,
Browning Ferris Project, RB,
Mandatory Put 12/01/05 @
100 (D)
5.300%, 12/01/11 1,000 937
Henrico County, Industrial
Development, Westminster-
Canterbury Residential Care
Facility, RB, Callable 10/1/09 @ 101
5.700%, 10/01/23 1,610 1,486
Henrico County, Water & Sewer, RB,
Callable 05/01/09 @ 102
4.625%, 05/01/17 1,900 1,633
Henry County, Public Improvements,
GO, Callable 07/15/04 @ 102
6.000%, 07/15/14 1,000 1,029
Loudoun County, Sanitation
Authority, Water & Sewer, RB,
Callable 01/01/03 @ 102 (FGIC)
6.100%, 01/01/04 1,250 1,318
Loudoun County, Sanitation
Authority, Water & Sewer, RB,
Callable 01/01/09 @ 102 (MBIA)
4.750%, 01/01/30 2,450 1,999
Louisa, Industrial Development
Authority, Virginia Electric & Power
Co. Project, Ser A, RB, AMT (D)
5.150%, 04/01/22 2,500 2,502
Lynchburg, GO, Callable
04/01/03 @ 102
5.250%, 04/01/08 2,000 2,024
Lynchburg, Industrial Development,
Healthcare Facility, Centra Health
Project, RB, Callable 01/01/08 @ 101
5.200%, 01/01/23 1,750 1,522
Martinsville, GO
3.600%, 01/15/01 1,500 1,493
Medical College, Hospitals Authority,
RB, Callable 07/01/08 @102 (MBIA)
4.900%, 07/01/12 1,500 1,417
Montgomery County, Industrial
Development Authority, Ser A, RB,
Callable 12/23/99 @ 100 (MBIA)
3.850%, 01/15/01 1,250 1,244
Newport News, Ser A, GO
4.000%, 07/01/07 2,000 1,855
- ------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- ------------------------------------------------------------------------------
VIRGINIA--CONTINUED
Newport News, Water, Utility &
Public Improvements, GO,
Callable 01/15/07 @ 102
5.250%, 01/15/14 $3,530 $3,427
Norfolk, GO, Callable
06/01/04 @ 101
5.250%, 06/01/08 5,000 5,057
Norfolk, Industrial Development,
Bon Secours Health Project, RB,
Callable 08/15/07 @ 102 (MBIA)
5.250%, 08/15/26 4,200 3,742
Norfolk, Industrial Development,
Children's Hospital Project,
RB (AMBAC)
6.900%, 06/01/06 1,000 1,103
Norfolk, Industrial Development,
Children's Hospital Project, RB,
Callable 06/01/04 @ 102 (AMBAC)
5.100%, 06/01/07 1,000 1,001
Norfolk, Industrial Development,
Public Health Center Project, RB,
Callable 09/15/06 @ 102
5.625%, 09/15/17 1,600 1,550
Norfolk, Industrial Development,
Sentara Hospital Project, Ser A,
RB, Callable 11/01/04 @ 102
4.900%, 11/01/07 2,500 2,467
5.000%, 11/01/08 2,500 2,466
Norfolk, Redevelopement &
Housing Authority, East Ocean
View Property, RB (C)
3.950%, 09/01/09 2,390 2,390
Norfolk, Redevelopment & Housing
Authority, Educational Facilities
Revenue, Tidewater Community
College Campus Project, RB,
Callable 11/01/05 @ 102
5.800%, 11/01/08 700 736
Peumansend Creek, Regional Jail
Authority, Grant Anticipation Note,
RB, Callable 04/01/99 @ 100
4.550%, 04/01/00 5,000 5,002
Poquoson, Sewer System Notes,
RB, Callable 05/01/00 @ 100
4.250%, 11/01/00 3,000 3,007
Portsmouth, GO, Callable
08/01/03 @ 102
5.450%, 08/01/07 2,000 2,048
Prince William County, Park
Authority, Recreational Facility
Improvement, RB
5.800%, 10/15/01 500 513
25
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS NOVEMBER 30, 1999
VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND--CONCLUDED
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
Prince William County, Park
Authority, Recreational Facility
Improvement, RB, Prerefunded
10/15/04 @ 102 (F)
6.200%, 10/15/05 $ 500 $ 540
Richmond, Metropolitan Expressway
Authority, Ser A, RB, Callable
07/15/02 @ 102 (FGIC)
5.900%, 07/15/03 1,500 1,569
Richmond, Public Improvements,
Ser A, GO, Prerefunded 01/15/05
@ 102 (F)
5.300%, 01/15/09 1,500 1,561
Roanoke Valley, Solid Waste System
Authority, Resource Recovery
Improvements, RB
5.400%, 09/01/02 1,450 1,473
Roanoke, Industrial Development
Authority, Carilion Health System
Project, Ser B, RB (C)
3.800%, 07/01/27 2,800 2,800
Roanoke, Industrial Development,
Roanoke Memorial Hospital Project,
Ser B, RB, Callable 07/01/02 @ 102
5.900%, 07/01/06 2,500 2,567
Southeastern Public Service Authority,
Ser A, RB (MBIA)
5.150%, 07/01/09 5,000 5,007
State, College Building Authority,
Educational Facilities, 21st Century
College Program, RB, Callable
08/01/06 @ 102
5.250%, 08/01/16 1,000 950
State, College Building Authority,
Public Higher Education Financing,
Ser A, RB, Callable 09/01/08 @ 100
4.625%, 09/01/15 3,080 2,696
State, College Building Authority,
University of Richmond Project, RB,
Callable 11/01/02 @ 102
6.250%, 11/01/12 2,000 2,108
State, College Building Authority,
University of Richmond Project, RB,
Optional Put 11/01/04 @ 100
5.550%, 11/01/19 6,500 6,680
State, University & College
Improvements, Ser A, RB, Callable
05/01/06 @ 102
5.625%, 05/01/16 2,500 2,467
State, Education Loan Authority,
Ser B, RB, AMT, Prerefunded to
Various Call Dates @ 100 (F)
5.550%, 09/01/10 1,800 1,864
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
State, Education Loan Authority,
Student Loan Program, Ser B,
RB, AMT, ETM
4.850%, 09/01/01 $ 520 $ 525
State, Education Loan Authority,
Student Loan Program, Ser D,
RB, AMT, ETM
5.600%, 03/01/03 2,500 2,564
State, GO
5.600%, 06/01/02 4,750 4,898
State, Housing Development
Authority, Commonwealth
Mortgage, Ser B, RB, Callable
01/01/06 @ 102
6.350%, 01/01/15 3,000 3,074
State, Housing Development
Authority, Commonwealth
Mortgage, Ser E, RB, Callable
07/01/08 @ 101
4.950%, 01/01/11 1,250 1,194
State, Housing Development
Authority, Multi Family Housing,
RB, Callable 01/01/08 @ 102
5.350%, 11/01/11 1,250 1,233
State, Housing Development
Authority, Multi Family Housing,
Ser B, RB, Callable 05/01/00 @ 102
7.375%, 05/01/05 1,000 1,026
State, Housing Development
Authority, Multi Family Housing,
Ser I, RB, AMT, Callable
01/01/09 @ 101
4.875%, 11/01/12 1,950 1,811
State, Housing Development
Authority, Multi Family Mortgage,
Ser I, RB, Callable 01/01/08 @ 102
5.450%, 05/01/18 2,000 1,866
State, Housing Development
Authority, Rental Housing, Ser H,
RB, AMT, Callable 11/01/09 @ 100
5.625%, 11/01/18 3,500 3,322
State, Housing Development
Authority, Ser C, RB, Callable
01/01/02 @ 102
6.000%, 07/01/06 2,000 2,011
State, Housing Development
Authority, Ser C, RB, Callable
01/01/08 @ 102
4.850%, 07/01/09 1,600 1,536
State, Housing Development
Authority, Single Family Housing,
Ser C, RB, Callable 01/01/02 @ 102
5.550%, 01/01/11 3,000 2,944
26
<PAGE>
- -------------------------------------------------------------------------------
(UNAUDITED)
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
State, Polytechnic Institute &
University, Ser A, RB, Callable
06/01/06 @ 102
5.450%, 06/01/13 $2,500 $2,498
5.500%, 06/01/16 4,435 4,336
State, Polytechnic Institute &
University, University & College
Improvements, Ser A, RB,
Callable 06/01/06 @ 102
5.350%, 06/01/09 2,000 2,037
State, Public School Authority, RB,
Callable 01/01/02 @ 102
6.250%, 01/01/08 2,000 2,102
State, Public School Authority,
School Financing, Ser B, RB,
Callable 01/01/03 @ 102 (E)
5.600%, 01/01/05 1,600 1,665
State, Public School Authority,
School Financing, Ser I, RB
5.250%, 08/01/09 5,000 5,079
State, Public School Authority,
School Improvements, Ser B, RB,
Callable 01/01/00 @ 102
5.850%, 01/01/02 1,500 1,532
State, Transportation Board,
Northern Virginia Tranportation
District, Ser A, RB, Callable
05/15/06 @ 101
5.125%, 05/15/12 2,000 1,958
Suffolk, GO
5.200%, 08/01/02 1,500 1,529
Suffolk, GO, Callable 08/01/03 @ 102
5.600%, 08/01/06 2,000 2,070
5.700%, 08/01/07 2,000 2,070
Tazewell County, Industrial
Development, Courthouse Project,
RB, Callable 01/01/07 @ 102 (MBIA)
5.300%, 01/01/27 1,000 908
University, Ser A, RB, Callable
06/01/08 @ 101
5.000%, 06/01/24 5,000 4,386
Virginia Beach, Development
Authority, Residential & Health
Care Facility Project, 1st Mortgage,
Our Lady of Perpetual Hope Project,
RB, Callable 07/01/07 @102
6.050%, 07/01/20 1,500 1,326
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
Virginia Beach, Development
Authority, Sentara Bayside
Hospital Project, RB, Prerefunded
11/01/01 @ 102 (F)
6.300%, 11/01/21 $1,750 $ 1,846
Virginia Beach, Refunding Bond, GO
5.250%, 08/01/08 2,000 2,037
5.450%, 07/15/11 1,000 1,023
Virginia Beach, Refunding Bond, GO,
Prerefunded 11/01/04 @ 102 (F)
5.750%, 11/01/10 3,500 3,725
---------
233,834
---------
Total Municipal Bonds (Cost $238,503) 233,834
---------
CASH EQUIVALENTS (0.3%)
Aim Tax Free Institutional Cash
Reserve 545 545
Federated Virginia Municipal
Cash Trust 85 85
---------
Total Cash Equivalents
(Cost $630) 630
---------
Total Investments (99.0%)
(Cost $239,133) 234,464
---------
OTHER ASSETS AND LIABILITIES, NET (1.0%) 2,395
---------
Net Assets:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 23,468,356 outstanding
shares of beneficial interest 233,129
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 731,980 outstanding
shares of beneficial interest 7,530
Distributions in excess of net
investment income (21)
Accumulated net realized gain on
investments 890
Net unrealized depreciation on investments (4,669)
---------
Total Net Assets (100.0%) $236,859
=========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $9.79
=========
Net Asset Value and Redemption Price
Per Share -- Investor Shares $9.79
=========
Maximum Offering Price Per Share
-- Investor Class ($9.79/96.25%) $10.17
=========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR
DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 32.
27
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
VIRGINIA MUNICIPAL BOND FUND
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
MUNICIPAL BONDS (90.6%)
VIRGINIA (89.0%)
Albemarle County, Industrial
Development Authority, Martha
Jefferson Hospital Project, RB,
Callable 10/01/03 @ 102
5.800%, 10/01/09 $ 500 $ 507
Albemarle County, Industrial
Development Authority, Our Lady
of Peace Project, Ser A, RB, Callable
07/01/05 @102
5.800%, 07/01/25 500 422
Alexandria, Industrial Development
Authority, Episcopal High School
Project, RB, Callable 01/01/06 @ 102
5.300%, 01/01/11 500 501
Alexandria, Industrial Development
Authority, Potomac Electric Project,
Ser A, RB, Callable 02/15/04
@ 102 (MBIA)
5.375%, 02/15/24 400 371
Alexandria, Redevelopment &
Housing Authority, Buckingham
Village Apartments Project, RB,
Callable 01/01/06 @ 102
6.050%, 07/01/16 250 251
Alexandria, Redevelopment &
Housing Authority, Essex House
Project, Ser A, RB, AMT, Callable
01/01/08 @ 102
5.550%, 07/01/28 1,000 916
Arlington County, Industrial
Development Authority,
Headquarters Facility Project,
Ser A, RB, Callable 07/01/07 @ 102
5.250%, 07/01/12 300 296
Arlington County, Public
Improvements, GO, Callable
06/01/05 @ 101.50
5.400%, 06/01/12 250 253
Brunswick County, Industrial
Development Authority,
Correctional Facility Lease, RB,
Callable 07/01/06 @ 102 (MBIA)
5.500%, 07/01/17 400 389
Chesapeake Bay, Bridge & Tunnel
Commission, RB, Callable
07/01/05 @ 102 (MBIA)
5.000%, 07/01/22 1,000 878
Chesapeake, Refunding Bond, GO
5.250%, 12/01/06 500 513
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
Dinwiddie County, Industrial
Development Authority, County
School Completion Project, Ser A,
RB, Callable 02/01/08 @ 102 (MBIA)
5.000%, 02/01/19 $1,500 $1,335
Fairfax County, Economic
Development Authority, National
Wildlife Federation, RB, Callable
09/01/09 @ 101 (MBIA)
5.375%, 09/01/29 1,000 919
Fairfax County, Industrial
Development Authority, Fairfax
Hospital, Ser A, RB (C)
3.850%, 10/01/25 100 100
Fairfax County, Industrial
Development Authority, Inova
Health System Project, RB (FSA)
5.250%, 08/15/19 500 466
Fairfax County, Public Improvements,
Ser A, GO, Callable 06/01/03 @ 102
5.000%, 06/01/07 500 504
Fairfax County, Redevelopment &
Housing Authority, Mott & Gum
Springs Community Centers, RB,
Callable 06/01/06 @ 102
5.500%, 06/01/12 425 424
Fairfax County, Redevelopment &
Housing Authority, Paul Spring
Center Project, Ser A, RB, Callable
12/01/06 @ 103 (C)
5.900%, 06/15/17 250 248
Fairfax County, Water Authority, RB,
Callable 04/01/07 @ 102 (AMBAC)
6.000%, 04/01/22 315 318
Fredericksburg, Industrial
Development Authority, Hospital
Facilities Project, Medicorp Health
System Obligation, RB, Callable
06/15/07 @ 102 (AMBAC)
5.300%, 06/15/10 500 499
5.250%, 06/15/23 300 270
Giles County, Industrial Development
Authority, Hoechst Celanese, RB,
AMT, Callable 05/01/06 @ 102
6.450%, 05/01/26 500 502
Hampton, Golf Course Refinancing,
Ser. 1999, RB
6.000%, 12/01/12 1,495 1,483
28
<PAGE>
- -------------------------------------------------------------------------------
(UNAUDITED)
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
Henrico County, Economic
Development Authority, Beth
Sholom Assisted Living, Ser A, RB,
Callable 07/20/09 @ 102 (FGIC)
5.850%, 07/20/19 $ 400 $ 390
5.900%, 07/20/29 500 480
Henrico County, Industrial
Development Authority, Collegiate
Schools, RB, Callable 10/15/08
@ 102
5.000%, 10/15/19 1,000 874
Henrico County, Industrial
Development Authority, Our Lady
of Hope Project, RB, Callable
07/01/03 @102 (C)
6.100%, 07/01/20 1,000 889
Henrico County, Industrial
Development Authority,
Westminster-Canterbury
Residential Care Facility, RB,
Callable 10/1/09 @ 101
5.700%, 10/01/23 1,000 923
5.700%, 10/01/29 800 729
Henry County, Industrial
Development Authority,
Martinsville & Henry Hospital
Project, RB, Callable 01/01/07 @ 101
6.000%, 01/01/17 500 493
James City County, Public
Improvements, GO, Callable
12/15/05 @ 102 (FGIC)
5.250%, 12/15/14 250 245
Leesburg, Public Improvements, GO,
Callable 06/01/05 @ 102 (AMBAC)
5.400%, 06/01/10 250 255
Leesburg, Utility Systems, RB,
Callable 07/01/07 @ 102 (MBIA)
5.000%, 07/01/10 750 741
Loudoun County, Sanitation
Authority, Water & Sewer Project,
RB, Callable 01/01/07 @ 102 (FGIC)
5.125%, 01/01/26 750 661
Loudoun County, School Improvements,
Ser A, GO, Callable 06/01/06 @ 102 (C)
5.600%, 06/01/10 250 258
Lynchburg, Industrial Development
Authority, Healthcare Facility,
Centra Health Project, RB, Callable
01/01/08 @ 101
5.200%, 01/01/23 500 435
5.200%, 01/01/28 1,000 856
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
Lynchburg, Public Improvements,
GO, Callable 05/01/06 @ 102
5.100%, 05/01/11 $ 500 $ 496
Manassas Park, GO, Callable
04/01/09 @ 101 (FSA)
5.100%, 04/01/22 500 445
Manassas, Water Utility
Improvements, Ser A, GO,
Callable 01/01/08 @ 102
5.000%, 01/01/18 500 453
Newport News, Redevelopment &
Housing Authority, Mortgage
Financing, Ser A, RB, Callable
08/20/07 @102 (GNMA) (C)
5.850%, 12/20/30 500 487
Norfolk, Industrial Development
Authority, Bon Secours Health
Care Project, RB, Callable
08/15/07 @ 102 (MBIA)
5.250%, 08/15/17 750 694
Norfolk, Public Improvements,
GO, Callable 06/01/06 @ 101
5.250%, 06/01/09 500 505
Norfork, GO
5.500%, 02/01/13 475 476
Portsmouth, Public Improvements,
GO, Callable 08/01/06 @ 101 (FGIC)
5.250%, 08/01/21 500 458
Prince William County, Industrial
Development Authority,
Residential Care Facilities,
Westminster Lake Ridge, Ser A, RB,
Callable 01/01/07 @ 102
6.625%, 01/01/26 200 194
Roanoke County, Industrial
Development Authority, Roanoke
Memorial Hospital Project,
Ser C, RB (C) (E)
3.850%, 07/01/19 965 965
Roanoke, Public Improvements, GO,
Callable 08/01/04 @ 102
5.150%, 08/01/12 250 246
Spotsylvania County, GO (FSA)
5.000%, 07/15/14 1,000 956
Spotsylvania County, Water &
Sewer System, RB, Callable
06/01/07 @ 102 (MBIA)
5.250%, 06/01/12 500 495
State, Biotechnology Research Park
Authority, Biotech Two Project, RB,
Callable 09/01/06 @ 101
5.250%, 09/01/18 500 468
29
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
VIRGINIA MUNICIPAL BOND FUND--CONCLUDED
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
State, College Building Authority,
Educational Facilites, Marymount
University Project, RB, Callable
07/01/08 (C)
5.100%, 07/01/18 $1,000 $ 897
State, Housing Development
Authority, Commonwealth
Mortgage Project, GO, Ser E
5.125%, 07/01/17 2,000 1,815
State, Housing Development
Authority, Commonwealth
Mortgage Project, Ser A, RB, AMT,
Callable 01/01/06 @ 102 (MBIA)
6.350%, 07/01/18 150 153
State, Housing Development
Authority, Commonwealth
Mortgage Project, Ser A, RB,
Callable 01/01/03 @ 102
6.400%, 07/01/17 980 998
State, Housing Development
Authority, Commonwealth
Mortgage Project, Ser E, Sub-ser E-2,
RB, Callable 07/01/08 @101
5.250%, 07/01/17 1,000 935
State, Polytechnic Institute & State
University, University Service
Systems, RB, Callable 06/01/06
@ 102
5.500%, 06/01/16 200 195
State, Public Building Authority,
Public Improvements, RB,
Callable 08/01/05 @ 101
5.200%, 08/01/16 300 283
State, Public School Authority,
School Financing, Ser A, RB,
Callable 08/01/07 @ 102 (C)
5.375%, 08/01/18 500 474
State, University & College
Improvements, Ser A, RB, Callable
05/01/06 @ 102
5.625%, 05/01/16 1,000 987
Virginia Beach, Industrial
Development Authority, Our Lady
of Perpetual Hope Project, RB,
Callable 07/01/07 @ 102
6.150%, 07/01/27 250 220
- -------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- -------------------------------------------------------------------------------
VIRGINIA--CONTINUED
Virginia Beach, Refunding Bond, GO
5.450%, 07/15/11 $ 200 $ 204
West Point, Industrial Development
Authority, Chesapeake Corporation
Project, Ser B, RB, Callable
03/01/04 @ 102
6.250%, 03/01/19 165 158
Williamsburg, Industrial
Development Authority, Hospital
Facilities, Williamsburg
Community Hospital, RB, Callable
10/01/03 @ 102
5.750%, 10/01/22 1,450 1,352
---------
36,603
---------
PUERTO RICO (1.6%)
Commonwealth, Medical &
Environmental Control Facilities,
San Lucas & Cristo Project, Ser A ,
RB, Callable 06/01/09 @ 101
5.750%, 06/01/29 740 668
---------
668
---------
Total Municipal Bonds
(Cost $39,435) 37,271
---------
CASH EQUIVALENTS (6.7%)
Aim Tax Free Institutional
Cash Reserve 1,592 1,592
Federated Virginia Municipal
Cash Trust 1,164 1,164
---------
Total Cash Equivalents
(Cost $2,756) 2,756
---------
Total Investments (97.3%)
(Cost $42,191) 40,027
---------
OTHER ASSETS AND LIABILITIES, NET (2.7%) 1,117
---------
30
<PAGE>
- -------------------------------------------------------------------------------
(UNAUDITED)
- -------------------------------------------------------------------------------
VALUE (000)
- -------------------------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Class
(unlimited authorization -- no par
value) based on 3,588,269 outstanding
shares of beneficial interest $36,824
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 614,433 outstanding
shares of beneficial interest 6,507
Accumulated net realized loss on
investments (23)
Net unrealized depreciation on investments (2,164)
---------
Total Net Assets (100.0%) $41,144
=========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $9.78
=========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares (1) $9.83
=========
(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 32.
31
<PAGE>
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999(Unaudited)
KEY TO ABBREVIATIONS USED IN THE STATEMENT OF NET ASSETS
AMBAC Security insured by the American Municipal Bond Assurance Corporation
AMT Alternative Minimum Tax
Cl Class
COP Certificate of Participation
ETM Escrowed to Maturity
FGIC Security insured by the Financial Guaranty Insurance Company
FHA Federal Housing Authority
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FSA Security insured by Financial Security Assurance
GNMA Government National Mortgage Association
GO General Obligation
MBIA Security insured by the Municipal Bond Insurance Association
MTN Medium Term Note
RB Revenue Bond
REMIC Real Estate Mortgage Investment Conduit
Ser Series
STRIPS Separately Traded Registered Interest and Principal Security
TCRS Transferrable Custodial Receipts
VRDN Variable Rate Demand Note
(A) Zero Coupon Bond
(B) Private Placement Security
(C) Adjustable rate security. The rate reported on the Statement of Net
Assets is the rate in effect on November 30, 1999. The date shown is the
next scheduled reset date.
(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
(G) Collateralized by State and Local Government Securities
(H) Tri-Party Repurchase Agreement
32
<PAGE>
This page intentionally left blank
<PAGE>
STATEMENTS OF OPERATIONS (000)
- ------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS For The Period Ended November 30, 1999(Unaudited)
<TABLE>
<CAPTION>
INVESTMENT
FLORIDA GEORGIA INVESTMENT GRADE
TAX-EXEMPT TAX-EXEMPT GRADE BOND TAX-EXEMPT
BOND FUND BOND FUND FUND BOND FUND
------------ ---------- ---------- ----------
06/01/99- 06/01/99- 06/01/99- 06/01/99-
11/30/99 11/30/99 11/30/99 11/30/99
------------ ---------- ----------- --------
<S> <C> <C> <C> <C>
Interest Income ............................... $2,995 $2,418 $39,261 $4,315
------ ------ ------- ------
Expenses:
Investment Advisory Fees ................... 411 331 4,439 688
Less: Investment Advisory Fees Waived
Reimbursed ............................... (61) (227) (453) (75)
Administrator Fees ......................... 45 36 425 66
Transfer Agent Fees-- Trust Shares ......... 6 7 9 6
Transfer Agent Fees-- Investor Shares ...... 6 8 7 2
Transfer Agent Fees-- Flex Shares .......... 10 10 18 9
Transfer Agent Out of Pocket Fees .......... 6 5 47 10
Printing Expenses .......................... 3 3 -- 5
Custody Fees ............................... 2 2 24 3
Professional Fees .......................... 2 2 15 3
Trustee Fees ............................... 1 -- 5 1
Registration Fees .......................... 3 2 69 3
Distribution Fees-- Investor Shares ........ 3 3 70 51
Less: Distribution Fees Waived-- Investor
Shares .................................. (3) (2) (6) (5)
Distribution Fees-- Flex Shares ............ 47 42 116 75
Less: Distribution Fees Waived-- Flex Shares (5) (5) (14) (7)
Insurance and Other Fees ................... 2 173 22 3
------ ------ ------- ------
Total Expenses ............................. 478 390 4,793 838
------ ------ ------- ------
Net Investment Income ......................... 2,517 2,028 34,468 3,477
------ ------ ------- ------
Net Realized and Unrealized Gain (Loss) on
Investments:
Net Realized Gain (Loss) on Securities Sold (1,821) (397) (11,852) (3,658)
Net Change in Unrealized Appreciation
(Depreciation) on Investments ............... (2,805) (3,174) (19,148) (777)
------ ------ ------- ------
Total Net Realized and Unrealized Loss
on Investments .............................. (4,626) (3,571) (31,000) (4,435)
------ ------ ------- ------
Net Increase (Decrease) in Net Assets from
Operations ................................. $(2,109) $(1,543) $33,468 $ (958)
======= ======= ======= ======
</TABLE>
Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
34
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
LIMITED
TERM FEDERAL SHORT-TERM VIRGINIA
MORTGAGE MARYLAND U.S. TREASURY U.S. INTERMEDIATE VIRGINIA
SECURITIES MUNICIPAL SHORT-TERM SECURITIES GOVERNMENT MUNICIPAL MUNICIPAL
FUND BOND FUND BOND FUND FUND SECURITIES FUND BOND FUND BOND FUND
- -------------- ------------ ---------- --------- --------------- ------------- ------------
06/01/99- 06/01/99- 06/01/99- 06/01/99- 06/01/99- 06/01/99- 06/01/99-
11/30/99 11/30/99 11/30/99 11/30/99 11/30/99 11/30/99 11/30/99
- -------------- ------------- ---------- --------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
$4,298 $ 881 $ 6,140 $1,682 $3,391 $ 6,182 $ 1,061
------ ------- ------- ------ ------ ------- -------
456 120
672 213 400 790 130
(71) (31) (93) (41) (138) (11) (18)
50 11 74 23 38 86 14
16 16 5 9 6 12 13
6 -- 6 7 5 8 --
7 8 7 9 8 -- 8
-- 2 9 3 8 5 --
3 1 5 2 4 8 2
3 1 4 1 3 5 1
3 2 4 1 3 28 2
1 -- 1 -- 1 1 --
3 1 4 1 4 5 1
2 -- 2 2 5 6 --
(2) -- (2) (2) (3) (12) --
12 40 6 12 57 -- 33
(12) (9) (6) (8) (21) -- (9)
3 -- 3 1 93 (6) 1
------ ------ ------- ------ ------ ------- -------
480 162 701 233 473 925 178
------ ------ ------- ------ ------ ------- -------
3,818 719
------ ------ 5,439 1,449 2,918 5,257 883
------- ------ ------ ------- -------
(1,015) (3) (995) 7 (769) (286) (54)
(1,315) (1,779) (1,858) (311) (1,769) (9,738) (2,524)
------ ------ ------- ------ ------ ------- -------
(2,330) (1,782) (2,853) (304) (2,538) (10,024) (2,578)
------ ------ ------- ------ ------ ------- -------
$1,488 $(1,063) $ 2,586 $1,145 $ 380 $(4,767 $(1,695)
====== ====== ======= ====== ======= ======= =======
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
35
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS (000)
- --------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE
YEAR ENDED MAY 31, 1999
<TABLE>
<CAPTION>
FLORIDA TAX-EXEMPT GEORGIA TAX-EXEMPT
BOND FUND BOND FUND
------------------------ ------------------------
06/01/99- 06/01/98- 06/01/99- 06/01/98-
11/30/99 05/31/99 11/30/99 05/31/99
----------- ---------- --------- ---------
<S> <C> <C> <C> <C>
Operations:
Net Investment Income ..................................$ 2,517 $ 4,737 $ 2,028 $ 3,344
Net Realized Gain (Loss) on Investments .............. (1,821) 1,160 (397) 414
Net Change in Unrealized Appreciation (Depreciation)
on Investments ..................................... (2,805) (1,845) (3,174) (1,241)
--------- --------- --------- -------
Increase (Decrease) in Net Assets from Operations .. (2,109) 4,052 (1,543) 2,517
--------- --------- --------- -------
Distributions to Shareholders:
Net Investment Income:
Trust Shares ....................................... (2,211) (4,235) (1,742) (2,897
Investor Shares .................................... (64) (134) (69) (128)
Flex Shares ........................................ (243) (369) (219) (318)
Capital Gains:
Trust Shares ....................................... -- (1,037) -- (162)
Investor Shares .................................... -- (37) -- (8)
Flex Shares ........................................ -- (122) -- (20)
--------- --------- --------- -------
Total Distributions .................................. (2,518) (5,934) (2,030) (3,533)
--------- --------- --------- -------
Trust Shares:
Proceeds from Shares Issued ........................ 17,030 51,929 8,488 36,255
Shares Issued in Connection with Crestar Merger .... -- -- -- --
Reinvestment of Cash Distributions ................. 335 1,663 707 1,180
Cost of Shares Repurchased ......................... (26,584) (27,307) (12,644) (11,514)
--------- --------- --------- -------
Transactions ....................................... (9,219) 26,285 (3,449) 25,921
--------- --------- --------- -------
Investor Shares:
Proceeds from Shares Issued ........................ 147 1,105 128 1,195
Shares Issued in Connection with Crestar Merger .... -- -- -- --
Reinvestment of Cash Distributions ................. 59 143 61 118
Cost of Shares Repurchased ......................... (701) (780) (396) (1,586)
--------- --------- --------- -------
Share Transactions ................................ (495) 468 (207) (273)
--------- --------- --------- -------
Proceeds from Shares Issued ........................ 1,722 11,906 1,672 5,982
Reinvestment of Cash Distributions ................. 235 433 230 304
Cost of Shares Repurchased ......................... (3,181) (5,520) (3,624) (1,034)
--------- --------- --------- -------
Increase (Decrease) in Net Assets From Flex
Share Transactions ................................. (1,224) 6,819 (1,722) 5,252
--------- --------- --------- -------
Transactions ..................................... (10,938) 33,572 (5,378) 30,900
--------- --------- --------- -------
Total Increase (Decrease) in Net Assets .......... (15,565) 31,690 (8,951) 29,884
--------- --------- --------- -------
Net Assets:
Beginning of Period .................................. 137,170 105,480 104,486 74,602
--------- --------- --------- -------
End of Period ........................................ 121,605 $137,170 $195,535 $104,486
========= ========= ========= ========
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued ...................................... 1,650 4,807 865 3,562
Shares Issued in Connection with Crestar Merger .... -- -- -- --
Shares Issued in Lieu of Cash Distributions ........ 32 154 72 116
Shares Redeemed .................................... (2,566) (2,530) (1,295) (1,128)
---------- --------- --------- -------
Net Trust Share Transactions ......................... (884) 2,431 (358) 2,550
--------- --------- --------- -------
Investor Shares:
Shares Issued ...................................... 14 102 13 117
Shares Issued in Connection with Crestar Merger .... -- -- -- --
Shares Issued in Lieu of Cash Distributions ........ 6 13 6 12
Shares Redeemed .................................... (67) (72) (41) (155)
--------- --------- --------- -------
Net Investor Share Transactions ...................... (47) 43 (22) (26)
--------- --------- --------- -------
Shares Issued ...................................... 166 1,102 169 586
Shares Issued in Lieu of Cash Distributions ........ 23 40 23 30
Shares Redeemed .................................... (309) (512) (371) (102)
--------- --------- --------- -------
Net Flex Share Transactions .......................... (120) 630 (179) 514
========= ========= ========= ========
Net Change in Capital Shares ......................... (1,051) 3,104 (559) 3,038
--------- --------- --------- -------
</TABLE>
Amounts designated as "--" are either $0 or round to $0.
The accompanying notes are an integral part of the financial statements
36
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIMITED-TERM
INVESTMENT GRADE INVESTMENT GRADE TAX- FEDERAL MORTGAGE MARYLAND MUNICIPAL
BOND FUND EXEMPT BOND FUND SECURITIES FUND BOND FUND
--------------------- ---------------------- ---------------------- ----------------------
06/01/99- 06/01/98- 06/01/99- 06/01/98- 06/01/99- 06/01/98- 06/01/99- 12/01/98-
11/30/99 05/31/99 11/30/99 05/31/99 11/30/99 05/31/99 11/30/99 05/31/99
--------- --------- ---------- ---------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 34,468 $ 45,781 $ 43,477 $ 6,793 $ 3,818 $ 7,741 $ 719 $ 497
(11,852) 15,248 (3,658) 4,833 (1,015) 88 (3) (19)
(19,148) (27,720) (777) (3,278) (1,315) (1,037) (1,779) (437)
--------- --------- -------- -------- -------- --------- ------- -------
3,468 33,309 (958) 8,348 1,488 6,792 (1,063) 41
--------- --------- --------- -------- -------- --------- ------- -------
(32,804) (43,474) (2,777) (5,587) (3,663) (7,568) (591) (425)
(885) (1,621) (406) (901) (53) (125) -- --
(658) (807) (253) (305) (59) (83) (126) (77)
-- (13,468) -- (4,790) -- (1,611) -- (24)
-- (547) -- (914) -- (28) -- --
-- (306) -- (323) -- (19) -- (4)
--------- --------- --------- -------- -------- --------- ------- -------
(34,347) (60,223) (3,436) (12,820) (3,775) (9,434) (717) (530)
--------- --------- --------- -------- -------- --------- ------- -------
140,986 310,338 15,149 58,516 28,247 54,404 14,999 15,770
-- 314,362 -- -- -- -- -- --
20,096 42,773 781 5,421 2,525 6,287 90 14
(154,681) (286,648) (25,503) (52,929) (29,712) (60,354) (16,738) (4,854)
--------- --------- --------- -------- -------- --------- ------- -------
6,401 380,825 (9,573) 11,008 1,060 337 (1,649) 10,930
--------- --------- --------- -------- -------- --------- ------- -------
2,287 8,100 368 2,158 214 853 -- --
-- 2,385 -- -- -- -- -- --
963 2,052 401 1,627 60 151 -- --
(5,968) (9,990) (2,742) (6,100) (622) (1,458) -- --
--------- --------- --------- -------- -------- --------- ------- -------
(2,718) 2,547 (1,973) (2,315) (348) (454) -- --
--------- --------- --------- -------- -------- --------- ------- -------
6,287 19,438 4,675 10,543 567 1,082 2,020 4,739
685 1,002 255 551 60 96 120 66
(6,025) (6,765) (4,789) (2,643) (298) (566) (1,974) (226)
--------- --------- --------- -------- -------- --------- ------- -------
947 13,675 141 8,451 329 612 166 4,579
--------- --------- --------- -------- -------- --------- ------- -------
4,630 397,047 (11,405) 17,144 1,041 495 (1,483) 15,509
--------- --------- --------- -------- -------- --------- ------- -------
(26,249) 370,133 (15,799) 12,672 (1,246) (2,147) (3,263) 15,020
--------- --------- --------- -------- -------- --------- ------- -------
1,210,001 839,868 195,836 183,164 139,589 141,736 37,381 22,361
--------- --------- --------- -------- -------- --------- ------- -------
$1,183,752 $1,210,001 $180,037 $195,836 $138,343 $139,589 $34,118 $37,381
========== ========== ========= ======== ======== ========= ======= =======
13,839 28,937 1,389 5,150 2,872 5,379 1,525 1,556
-- 30,233 -- -- -- -- -- --
1,970 3,979 72 479 256 620 9 2
(15,176) (26,711) (2,335) (4,614) (3,019) (5,979) (1,708) (479)
--------- --------- -------- -------- -------- --------- ------- -------
633 36,438 (874) 1,015 109 20 (174) 1,079
--------- --------- -------- -------- -------- --------- ------- -------
225 758 33 190 22 84 -- --
-- 229 -- -- -- -- -- --
94 191 37 143 6 15 -- --
(585) (931) (251) (535) (63) (144) -- --
--------- --------- --------- -------- -------- --------- ------- -------
(266) 247 (181) (202) (35) (45) -- --
--------- --------- --------- -------- -------- --------- ------- -------
615 1,821 428 936 57 107 206 464
67 93 23 49 6 10 12 7
(591) (634) (439) (234) (30) (56) (203) (22)
--------- --------- --------- -------- -------- --------- ------- -------
91 1,280 12 751 33 61 15 449
========== ========= ========= ======== ======== ========= ======= =======
458 37,965 (1,043) 1,564 107 36 (159) 1,528
--------- --------- --------- -------- -------- --------- ------- -------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
37
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS (000)
- --------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE
YEAR ENDED MAY 31, 1999
<TABLE>
<CAPTION>
SHORT-TERM SHORT-TERM U.S. TREASURY
BOND FUND SECURITIES FUND
---------------------------- ---------------------------
06/01/99- 06/01/98- 06/01/99- 06/01/98-
11/30/99 05/31/99 11/30/99 05/31/99
--------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Operations:
Net Investment Income .................................. $ 5,439 $ 6,990 $ 1,449 $ 2,525
Net Realized Gain (Loss) on Investments ................ (995) 414 7 243
Net Change in Unrealized Appreciation (Depreciation)
on Investments ....................................... (1,858) (2,357) (311) (388)
-------- -------- -------- -------
Increase (Decrease) in Net Assets from Operations .... 2,586 5,047 1,145 2,380
-------- -------- -------- -------
Distributions to Shareholders:
Net Investment Income:
Trust Shares ......................................... (5,339) (6,805) (1,268) (2,281)
Investor Shares ...................................... (47) (92) (62) (133)
Flex Shares .......................................... (53) (95) (118) (111)
Capital Gains:
Trust Shares ......................................... -- (356) -- --
Investor Shares ...................................... -- (4) -- --
Flex Shares .......................................... -- (5) -- --
-------- -------- -------- -------
Total Distributions .................................... (5,439) (7,357) (1,448) (2,525)
-------- -------- -------- -------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued .......................... 25,880 57,981 4,141 17,499
Shares Issued in Connection with Crestar Merger ...... -- 72,757 --
Reinvestment of Cash Distributions ................... 2,551 3,614 723 951
Cost of Shares Repurchased ........................... (35,095) (42,626) (3,777) (9,243)
-------- -------- -------- -------
Increase (Decrease) in Net Assets From Trust Share
Transactions ......................................... (6,664) 91,726 1,087 9,207
-------- -------- -------- -------
Investor Shares:
Proceeds from Shares Issued .......................... 272 589 382 1,382
Reinvestment of Cash Distributions ................... 49 94 72 133
Cost of Shares Repurchased ........................... (254) (781) (422) (1,983)
-------- -------- -------- -------
Increase (Decrease) in Net Assets From Investor
Share Transactions ................................... 67 (98) 32 (468)
-------- -------- -------- -------
Flex Shares:
Proceeds from Shares Issued .......................... 494 2,540 2,059 5,314
Shares Issued in Connection with Crestar Merger ...... -- -- -- --
Reinvestment of Cash Distributions ................... 59 96 118 94
Cost of Shares Repurchased ........................... (723) (2,365) (1,425) (1,855)
-------- -------- -------- -------
Increase (Decrease) in Net Assets From Flex
Share Transactions ................................. (170) 271 752 3,553
-------- -------- -------- -------
Increase (Decrease) in Net Assets From Share
Transactions ....................................... (6,767) 91,899 1,871 12,292
-------- -------- -------- -------
Total Increase (Decrease) in Net Assets ............ (9,620) 89,589 1,568 12,147
-------- -------- -------- -------
Net Assets:
Beginning of Period .................................... 214,070 124,481 63,757 51,610
-------- -------- -------- -------
End of Period .......................................... $204,450 $214,070 $165,325 $63,757
======== ======== ======== =======
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued ........................................ 2,633 5,746 417 1,750
Shares Issued in Connection with Crestar Merger ...... -- 7,308 -- --
Shares Issued in Lieu of Cash Distributions .......... 259 357 73 95
Shares Redeemed ...................................... (3,569) (4,219) (381) (921)
-------- -------- -------- -------
Net Trust Share Transactions ........................... (677) 9,192 109 924
-------- -------- -------- -------
Investor Shares:
Shares Issued ........................................ 28 58 38 138
Shares Issued in Lieu of Cash Distributions .......... 5 9 7 13
Shares Redeemed ...................................... (26) (77) (42) (198)
-------- -------- -------- -------
Net Investor Share Transactions ........................ 7 (10) 3 (47)
-------- -------- -------- -------
Flex Shares:
Shares Issued ........................................ 50 251 208 531
Shares Issued in Connection with Crestar Merger ...... -- -- -- --
Shares Issued in Lieu of Cash Distributions .......... 6 10 12 9
Shares Redeemed ...................................... (74) (235) (144) (185)
-------- -------- -------- -------
Net Flex Share Transactions ............................ (18) 26 76 355
======== ======== ======== =======
Net Change in Capital Shares ........................... (688) 9,208 188 1,232
-------- -------- -------- -------
</TABLE>
Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
38
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U. S. GOVERNMENT VIRGINIA INTERMEDIATE VIRGINIA MUNICIPAL
SECURITIES FUND MUNICIPAL BOND FUND BOND FUND
- ---------------------- ----------------------- -----------------------
06/01/99- 06/01/98- 06/01/99- 12/01/98- 06/01/99- 12/01/98-
11/30/99 05/31/99 11/30/99 05/31/99 11/30/99 05/31/99
- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
$ 2,918 $ 2,793 $ 5,257 $ 5,222 $ 11,883 $ 734
(769) 15 (286) 1,177 (54) 31
(1,769) (1,299) (9,738) (5,509) (2,524) (722)
- -------- -------- -------- -------- -------- -------
380 1,509 (4,767) 890 (1,695) 43
- -------- -------- -------- -------- -------- -------
(2,604) (2,385) (5,163) (5,069) (762) (650)
(61) (153) (166) (166) -- --
(262) (252) -- -- (121) (88)
-- -- -- (1,670) -- (155)
-- -- -- (56) -- --
-- -- -- -- -- (20)
- -------- -------- -------- -------- -------- -------
(2,927) (2,790) (5,329) (6,961) (883) (913)
- -------- -------- -------- -------- -------- -------
15,075 23,161 17,393 26,357 9,650 7,281
-- 56,128 -- -- -- --
628 520 26 43 25 29
(28,374) (11,462) (18,029) (24,041) (4,366) (3,890)
- -------- -------- -------- -------- -------- -------
(12,671) 68,347 (610) 2,359 5,309 3,420
- -------- -------- -------- -------- -------- -------
341 956 618 653 -- --
68 152 122 164 -- --
(785) (1,762) (964) (821) -- --
- -------- -------- -------- -------- -------- -------
(376) (654) (224) (4) -- --
- -------- -------- -------- -------- -------- -------
1,870 5,920 -- -- 1,070 3,816
-- 3,174 -- -- -- --
250 206 -- -- 80 77
(2,387) (1,637) -- -- (1,615) (514)
- -------- -------- -------- -------- -------- -------
(267) 7,663 -- -- (465) 3,379
- -------- -------- -------- -------- -------- -------
(13,314) 75,356 (834) 2,355 4,844 6,799
- -------- -------- -------- -------- -------- -------
(15,861) 74,075 (10,930) (3,716) 2,266 5,929
- -------- -------- -------- -------- -------- -------
116,221 42,146 247,789 251,505 38,878 32,949
- -------- -------- -------- -------- -------- -------
$100,360 $116,221 $236,859 $247,789 $41,144 $38,878
======== ======== ======== ======== ======== =======
1,488 2,197 1,744 2,543 960 688
-- 5,439 -- -- -- --
62 49 3 4 3 3
(2,807) (1,087) (1,823) (2,327) (436) (368)
- -------- -------- -------- -------- -------- -------
(1,257) 6,598 (76) 220 527 323
- -------- -------- -------- -------- -------- -------
34 91 62 62 -- --
7 15 12 16 -- --
(78) (167) (97) (79) -- --
- -------- -------- -------- -------- -------- -------
(37) (61) (23) (1) -- --
- -------- -------- -------- -------- -------- -------
184 564 -- -- 106 359
-- 308 -- -- -- --
25 19 -- -- 8 7
(236) (156) -- -- (160) (49)
- -------- -------- -------- -------- -------- -------
(27) 735 -- -- (46) 317
======== ======== ======== ======== ======== =======
(1,321) 7,272 (99) 219 481 640
- -------- -------- -------- -------- -------- -------
</TABLE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE
YEARS ENDED MAY 31, FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
<TABLE>
<CAPTION>
NET ASSET NET REALIZED AND DISTRIBUTIONS
VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET
BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END
OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD
--------- ------------ ---------------- ------------- ------------- ---------
FLORIDA TAX-EXEMPT BOND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
Trust Shares
1999* $10.59 $ 0.21 $(0.37) $(0.21) $ -- $10.22
1999 10.72 0.42 (0.02) (0.42) (0.11) 10.59
1998 10.28 0.44 0.45 (0.44) (0.01) 10.72
1997 10.06 0.46 0.25 (0.46) (0.03) 10.28
1996 10.18 0.46 (0.07) (0.46) (0.05) 10.06
1995 9.75 0.44 0.43 (0.44) -- 10.18
Investor Shares
1999* $10.60 $ 0.20 $(0.37) $(0.20) $ -- $10.23
1999 10.72 0.40 (0.01) (0.40) (0.11) 10.60
1998 10.29 0.42 0.44 (0.42) (0.01) 10.72
1997 10.07 0.44 0.25 (0.44) (0.03) 10.29
1996 10.18 0.44 (0.06) (0.44) (0.05) 10.07
1995 9.75 0.42 0.43 (0.42) -- 10.18
Flex Shares
1999* $10.62 $ 0.17 $(0.38) $(0.17) $ -- $10.24
1999 10.74 0.35 (0.01) (0.35) (0.11) 10.62
1998 10.30 0.37 0.45 (0.37) (0.01) 10.74
1997 10.08 0.39 0.25 (0.39) (0.03) 10.30
1996(1) 10.19 0.39 (0.06) (0.39) (0.05) 10.08
GEORGIA TAX-EXEMPT BOND FUND
Trust Shares
1999* $10.03 $ 0.20 $(0.34) $(0.20) $ -- $19.69
1999 10.11 0.39 (0.06) (0.39) (0.02) 10.03
1998 9.73 0.41 0.39 (0.41) (0.01) 10.11
1997 9.56 0.42 0.22 (0.42) (0.05) 9.73
1996 9.63 0.43 (0.05) (0.43) (0.02) 9.56
1995 9.42 0.42 0.21 (0.42) -- 9.63
Investor Shares
1999* $10.05 $ 0.19 $(0.34) $(0.19) $ -- $19.71
1999 10.13 0.37 (0.06) (0.37) (0.02) 10.05
1998 9.74 0.39 0.40 (0.39) (0.01) 10.13
1997 9.58 0.40 0.21 (0.40) (0.05) 9.74
1996 9.65 0.41 (0.05) (0.41) (0.02) 9.58
1995 9.44 0.40 0.21 (0.40) -- 9.65
Flex Shares
1999* $10.04 $ 0.17 $(0.34) $(0.17) $ -- $19.70
1999 10.12 0.32 (0.06) (0.32) (0.02) 10.04
1998 9.73 0.34 0.40 (0.34) (0.01) 10.12
1997 9.56 0.35 0.22 (0.35) (0.05) 9.73
1996(2) 9.72 0.36 (0.14) (0.36) (0.02) 9.56
INVESTMENT GRADE BOND FUND
Trust Shares
1999* $10.36 $ 0.29 $(0.27) $(0.29) $ -- $10.09
1999 10.65 0.56 (0.11) (0.56) (0.18) 10.36
1998 10.16 0.60 0.49 (0.60) -- 10.65
1997 10.07 0.60 0.09 (0.60) -- 10.16
1996 10.26 0.60 (0.19) (0.60) -- 10.07
1995 9.89 0.61 0.37 (0.61) -- 10.26
Investor Shares
1999* $10.36 $ 0.27 $(0.27) $(0.27) $ -- $10.09
1999 10.65 0.52 (0.11) (0.52) (0.18) 10.36
1998 10.16 0.55 0.49 (0.55) -- 10.65
1997 10.06 0.56 0.10 (0.56) -- 10.16
1996 10.26 0.56 (0.20) (0.56) -- 10.06
1995 9.89 0.57 0.38 (0.58) -- 10.26
Flex Shares
1999* $10.37 $ 0.25 $(0.27) $(0.25) $ -- $10.10
1999 10.66 0.47 (0.11) (0.47) (0.18) 10.37
1998 10.17 0.51 0.49 (0.51) -- 10.66
1997 10.07 0.51 0.10 (0.51) -- 10.17
1996 (3) 10.33 0.52 (0.26) (0.52) -- 10.07
</TABLE>
* For the six month period ended November 30, 1999. Return is for the period
indicated and has not been annualized.
+ Returns are for the period indicated and have not been annualized. Total
return figures do not reflect applicable sales loads.
(1) Commenced operations on June 1, 1995. All ratios for the period have
been annualized.
(2) Commenced operations on June 6, 1995. All ratios for the period have
been annualized.
(3) Commenced operations on June 7, 1995. All ratios for the period have
been annualized.
Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
40
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
<TABLE>
<CAPTION>
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME (LOSS) TO
NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
RETURN (+) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
- ---------- ----------- ------------------ ------------------ ------------------ ------------------ ---------
<S> <C> <C> <C> <C> <C> <C>
(1.51)% $ 105,413 0.67% 4.07% 0.76% 3.97% 46%
3.72 118,609 0.67 3.90 0.77 3.80 72
8.77 93,939 0.66 4.16 0.80 4.02 69
7.22 50,487 0.65 4.48 0.80 4.33 135
3.87 30,790 0.65 4.49 0.88 4.26 63
9.26 10,118 0.65 4.63 1.13 4.15 105
(1.60)% $ 13,178 0.87% 3.86% 1.30% 3.43% 46%
3.62 3,799 0.87 3.71 1.31 3.27 72
8.46 3,381 0.86 3.98 1.34 3.50 69
7.00 3,226 0.85 4.28 1.31 3.82 135
3.76 4,025 0.85 4.28 1.36 3.77 63
9.04 3,320 0.85 4.36 1.50 3.71 105
(1.94)% $ 13,014 1.37% 3.36% 1.54% 3.20% 46%
3.13 14,762 1.37 3.21 1.88 2.70 72
8.04 8,160 1.36 3.45 2.01 2.80 69
6.48 3,000 1.35 3.78 2.28 2.85 135
3.27 2,692 1.35 3.79 2.54 2.60 63
(1.39)% $ 81,020 0.91% 4.75% 0.48% 5.19% 10%
3.33 87,452 0.67 3.87 0.78 3.76 12
8.37 62,363 0.66 4.09 0.81 3.94 7
6.79 39,732 0.65 4.31 0.81 4.15 15
3.89 22,950 0.65 4.36 0.89 4.12 60
6.94 13,187 0.65 4.56 0.98 4.23 25
(1.53)% $ 13,343 0.87% 3.88% 0.04% 4.71% 10%
3.13 3,676 0.87 3.67 1.25 3.29 12
8.26 3,975 0.86 3.89 1.30 3.45 7
6.47 3,511 0.85 4.10 1.33 3.62 15
3.69 3,418 0.85 4.17 1.41 3.61 60
6.70 3,268 0.85 4.31 1.43 3.73 25
(1.73)% $ 11,172 1.37% 5.38% 0.85% 3.90% 10%
2.63 13,358 1.37 3.19 1.89 2.67 12
7.74 8,264 1.36 3.39 2.02 2.73 7
6.06 4,662 1.35 3.60 2.07 2.88 15
2.25* 4,207 1.35 3.66 2.35 2.66 60
0.24% $1,126,142 0.77% 5.78% 0.84% 5.70% 99%
4.25 1,149,068 0.77 5.25 0.85 5.17 221
10.92 793,488 0.76 5.67 0.86 5.57 109
6.99 633,646 0.75 5.89 0.85 5.79 298
4.02 599,514 0.75 5.81 0.87 5.69 184
10.39 543,308 0.75 6.22 0.88 6.09 238
0.04% $ 31,332 1.17% 5.37% 1.31% 5.23% 99%
3.86 34,913 1.17 4.87 1.36 4.68 221
10.49 33,269 1.14 5.29 1.38 5.05 109
6.66 33,165 1.15 5.48 1.41 5.22 298
3.50 36,155 1.15 5.40 1.44 5.11 184
10.04 33,772 1.15 5.79 1.49 5.45 238
(0.19)% $ 26,278 1.66% 4.89% 1.84% 4.71% 99%
3.35 26,020 1.66 4.40 2.00 4.06 221
9.99 13,111 1.65 4.76 2.11 4.30 109
6.16 5,763 1.64 5.00 2.20 4.44 298
2.50 4,621 1.64 4.84 2.49 3.99 184
</TABLE>
41
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE
YEARS ENDED MAY 31, FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
<TABLE>
<CAPTION>
NET ASSET NET REALIZED AND DISTRIBUTIONS
VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET
BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END
OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD
--------- ------------- ---------------- ------------- ------------- ---------
INVESTMENT GRADE TAX-EXEMPT BOND FUND
Trust Shares
<S> <C> <C> <C> <C> <C> <C> <C>
1999* $11.10 $ 0.21 $(0.25) $(0.21) $ -- $10.85
1999 11.40 0.43 0.10 (0.43) (0.40) 11.10
1998 11.22 0.44 0.50 (0.44) (0.32) 11.40
1997 11.10 0.44 0.33 (0.44) (0.21) 11.22
1996 11.28 0.45 0.19 (0.45) (0.37) 11.10
1995 10.68 0.46 0.60 (0.46) -- 11.28
Investor Shares
1999* $11.12 $ 0.19 $(0.26) $(0.19) $ -- $10.86
1999 11.41 0.38 0.11 (0.38) (0.40) 11.12
1998 11.24 0.39 0.49 (0.39) (0.32) 11.41
1997 11.12 0.40 0.33 (0.40) (0.21) 11.24
1996 11.30 0.41 0.19 (0.41) (0.37) 11.12
1995 10.69 0.42 0.61 (0.42) -- 11.30
Flex Shares
1999* $11.10 $ 0.17 $(0.26) $(0.16) $ -- $10.85
1999 11.40 0.33 0.10 (0.33) (0.40) 11.10
1998 11.23 0.33 0.49 (0.33) (0.32) 11.40
1997 11.11 0.35 0.33 (0.35) (0.21) 11.23
1996(1) 11.30 0.37 0.18 (0.37) (0.37) 11.11
LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
Trust Shares
1999* $ 9.94 $ 0.27 $(0.16) $(0.27) $ -- $19.78
1999 10.12 0.54 (0.06) (0.54) (0.12) 9.94
1998 10.02 0.58 0.11 (0.58) (0.01) 10.12
1997 9.99 0.58 0.04 (0.58) (0.01) 10.02
1996 10.11 0.62 (0.14) (0.60) -- 9.99
1995(2) 10.00 0.58 0.13 (0.60) -- 10.11
Investor Shares
1999* $ 9.93 $ 0.26 $(0.17) $(0.26) $ -- $19.76
1999 10.11 0.51 (0.06) (0.51) (0.12) 9.93
1998 10.00 0.56 0.12 (0.56) (0.01) 10.11
1997 9.97 0.56 0.04 (0.56) (0.01) 10.00
1996 10.11 0.60 (0.14) (0.60) -- 9.97
1995(3) 9.98 0.58 0.13 (0.58) -- 10.11
Flex Shares
1999* $ 9.94 $ 0.24 $(0.16) $(0.24) $ -- $19.78
1999 10.12 0.48 (0.06) (0.48) (0.12) 9.94
1998 10.02 0.52 0.11 (0.52) (0.01) 10.12
1997 9.99 0.52 0.04 (0.52) (0.01) 10.02
1996(4) 10.14 0.55 (0.15) (0.55) -- 9.99
MARYLAND MUNICIPAL BOND FUND (A)
Trust Shares
1999* $10.06 $(0.20) $(0.47) $(0.20) $ -- $ 9.59
1999(5) 10.22 0.20 (0.15) (0.20) (0.01) 10.06
For the years ended November 30:
1998 9.95 0.42 0.27 (0.42) -- 10.22
1997 9.76 0.43 0.19 (0.43) -- 9.95
1996(6) 10.00 0.31 (0.24) (0.31) -- 9.76
Flex Shares
1999* $10.08 $ 0.16 $(0.47) $(0.16) $ -- $ 9.61
1999 10.24 0.15 (0.15) (0.15) (0.01) 10.08
For the years ended November 30:
1998 9.96 0.33 0.28 (0.33) -- 10.24
1997 9.76 0.34 0.20 (0.34) -- 9.96
1996(7) 9.53 0.20 0.23 (0.20) -- 9.76
SHORT-TERM BOND FUND
Trust Shares
1999* $ 9.91 $ 0.26 $(0.13) $(0.26) $ -- $19.78
1999 10.05 0.51 (0.10) (0.52) (0.03) 9.91
1998 9.90 0.55 0.16 (0.55) (0.01) 10.05
1997 9.86 0.53 0.07 (0.53) (0.03) 9.90
1996 9.98 0.54 (0.10) (0.54) (0.02) 9.86
1995 9.79 0.53 0.19 (0.53) -- 9.98
Investor Shares
1999* $ 9.93 $ 0.25 $(0.13) $(0.25) $ -- $19.80
1999 10.07 0.49 (0.10) (0.50) (0.03) 9.93
1998 9.91 0.53 0.17 (0.53) (0.01) 10.07
1997 9.88 0.51 0.06 (0.51) (0.03) 9.91
1996 10.01 0.52 (0.10) (0.53) (0.02) 9.88
1995 9.81 0.51 0.19 (0.50) -- 10.01
Flex Shares
1999* $ 9.93 $ 0.23 $(0.13) $(0.23) $ -- $19.80
1999 10.07 0.47 (0.11) (0.47) (0.03) 9.93
1998 9.91 0.50 0.17 (0.50) (0.01) 10.07
1997 9.88 0.48 0.06 (0.48) (0.03) 9.91
1996(8) 10.02 0.47 (0.12) (0.47) (0.02) 9.88
</TABLE>
* For the six month period ended November 30, 1999. Return is for the period
indicated and has not been annualized.
+ Returns are for the period indicated and have not been annualized. Total
return figures do not reflect applicable sales loads.
(1) Commenced operations on June 1, 1995. All ratios for the period have been
annualized.
(2) Commenced operations on June 7, 1994. All ratios for the period have been
annualized.
(3) Commended operations on July 17, 1994. All ratios for the period have been
annualized.
(4) Commended operations on June 7, 1995. All ratios for the period have
been annualized.
(5) For the six month period ended May 31, 1999. All ratios for the
period have been annualized.
42
<PAGE>
<TABLE>
<CAPTION>
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME (LOSS) TO
NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
RETURN (+) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
- ---------- ----------- ------------------ ------------------ ------------------ ------------------ ----------
<S> <C> <C> <C> <C> <C> <C>
(0.35)% $141,128 0.77% 3.87% 0.85% 3.79% 111%
4.67 154,123 0.77 3.75 0.87 3.65 224
8.57 146,606 0.76 3.83 0.88 3.71 378
7.13 139,144 0.75 3.96 0.86 3.85 489
5.82 124,507 0.75 4.01 0.89 3.87 514
10.21 78,208 0.75 4.34 0.91 4.18 592
(0.65)% $ 22,640 1.16% 3.48% 1.26% 3.39% 111%
4.35 25,195 1.17 3.36 1.32 3.21 224
8.05 28,159 1.16 3.43 1.43 3.16 378
6.69 31,857 1.15 3.56 1.38 3.33 489
5.40 37,427 1.15 3.61 1.42 3.34 514
9.91 41,693 1.15 3.88 1.43 3.60 592
(0.78)% $ 16,269 1.65% 3.00% 1.81% 2.84% 111%
3.78 16,518 1.65 2.86 2.03 2.48 224
7.50 8,399 1.64 2.95 2.10 2.49 378
6.19 4,681 1.63 3.08 2.15 2.56 489
4.91 5,536 1.63 3.12 2.25 2.50 514
1.09% $134,104 0.67% 5.45% 0.77% 5.36% 227%
4.75 135,256 0.67 5.28 0.77 5.18 379
7.12 137,488 0.66 5.75 0.77 5.64 163
6.43 123,903 0.65 5.81 0.78 5.68 133
4.84 73,370 0.65 6.04 0.84 5.85 83
7.50 41,823 0.65 6.43 0.93 6.15 68
0.84% $ 1,831 0.92% 5.19% 1.57% 4.55% 227%
4.47 2,214 0.92 5.03 1.52 4.43 379
6.95 2,705 0.91 5.50 1.51 4.90 163
6.17 2,426 0.90 5.55 1.48 4.97 133
4.59 2,512 0.90 5.75 2.25 4.40 83
7.45 623 0.90 6.27 7.74 (0.57) 68
0.79% $ 2,408 1.27% 4.86% 1.83% 4.30% 227%
4.14 2,119 1.27 4.69 2.42 3.54 379
6.49 1,543 1.26 5.16 2.72 3.70 163
5.80 1,409 1.25 5.20 2.66 3.79 133
4.10 1,349 1.25 5.38 3.59 3.04 83
(2.70)% $ 26,611 0.68% 4.07% 0.85% 3.90% 2%
0.48 29,658 0.70 3.83 1.37 3.16 19
7.03 19,115 0.62 4.11 1.15 3.58 12
6.50 11,461 0.63 4.38 1.16 3.85 5
1.07 5,808 0.71 4.30 1.36 3.65 9
(3.13)% $ 7,507 1.59% 3.17% 1.97% 2.79% 2%
0.05 7,723 1.59 2.94 1.98 2.55 19
6.17 3,246 1.57 3.16 1.96 2.77 12
5.64 561 1.54 3.43 2.00 2.97 5
7.67 113 1.55 3.42 2.20 2.77 9
1.33% $200,443 0.67% 5.27% 0.76% 5.18% 47%
4.06 209,904 0.67 5.12 0.77 5.02 108
7.31 120,422 0.66 5.47 0.79 5.34 87
6.30 89,701 0.65 5.37 0.78 5.24 118
4.45 91,156 0.65 5.39 0.81 5.23 163
7.60 60,952 0.65 5.49 0.85 5.29 200
1.24% $ 1,867 0.71% 4.13% 1.36% 3.48% 47%
3.88 1,825 0.87 4.92 1.59 4.20 108
7.19 1,949 0.86 5.27 1.71 4.42 87
5.97 2,182 0.85 5.16 1.58 4.43 118
4.23 2,700 0.85 5.20 1.72 4.33 163
7.44 2,609 0.85 5.24 1.56 4.53 200
1.05% $ 2,140 1.50% 5.79% 2.38% 4.91% 47%
3.50 2,341 1.22 4.55 2.33 3.44 108
6.84 2,110 1.21 4.93 2.85 3.29 87
5.62 1,073 1.20 4.82 3.02 3.00 118
3.73 966 1.20 4.77 4.06 1.91 163
</TABLE>
(6) Commenced operations on March 1, 1996. All ratios for the period
have been annualized.
(7) Commenced operations on April 25, 1996. All ratios for the period
have been annualized.
(8) Commenced operations on June 20, 1995. All ratios for the period have been
annualized.
(A) On May 24, 1999, the CrestFund Maryland Municipal Bond Fund exchanged all
of its assets and certain liabilities for shares of the Maryland
Municipal Bond Fund. The CrestFund Maryland Municipal Bond Fund is the
accounting survivor in this transaction, and as a result, its basis of
accounting for assets and liabilities and its operating results for the
periods prior to May 24, 1999 have been carried forward in these
financial highlights.
Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
43
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE
YEARS ENDED MAY 31, FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
<TABLE>
<CAPTION>
NET ASSET NET REALIZED AND DISTRIBUTIONS
VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET
BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END
OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD
--------- ------------ ----------------- ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
SHORT-TERM U.S. TREASURY SECURITIES FUND
Trust Shares
1999* $ 9.95 $ 0.22 $(0.05) $(0.22) $ -- $ 9.90
1999 9.97 0.47 (0.02) (0.47) -- 9.95
1998 9.88 0.51 0.10 (0.52) -- 9.97
1997 9.84 0.51 0.04 (0.51) -- 9.88
1996 9.93 0.55 (0.09) (0.55) -- 9.84
1995 9.82 0.47 0.11 (0.47) -- 9.93
Investor Shares
1999* $ 9.95 $ 0.21 $(0.05) $(0.21) $ -- $ 9.90
1999 9.96 0.46 (0.01) (0.46) -- 9.95
1998 9.88 0.49 0.09 (0.50) -- 9.96
1997 9.84 0.50 0.04 (0.50) -- 9.88
1996 9.94 0.54 (0.10) (0.54) -- 9.84
1995 9.83 0.46 0.11 (0.46) -- 9.94
Flex Shares
1999* $ 9.93 $ 0.20 $(0.05) $(0.20) $ -- $ 9.88
1999 9.94 0.44 (0.02) (0.43) -- 9.93
1998 9.85 0.47 0.10 (0.48) -- 9.94
1997 9.82 0.47 0.03 (0.47) -- 9.85
1996(1) 9.96 0.48 (0.14) (0.48) -- 9.82
U.S. GOVERNMENT SECURITIES FUND
Trust Shares
1999* $10.28 $ 0.28 $(0.22) $(0.28) $ -- $10.06
1999 10.46 0.59 (0.18) (0.59) -- 10.28
1998 10.02 0.61 0.44 (0.61) -- 10.46
1997 9.91 0.62 0.11 (0.62) -- 10.02
1996 10.27 0.62 (0.33) (0.62) (0.03) 9.91
1995(2) 9.98 0.53 0.29 (0.53) -- 10.27
Investor Shares
1999* $10.28 $ 0.26 $(0.23) $(0.26) $ -- $10.05
1999 10.45 0.54 (0.17) (0.54) -- 10.28
1998 10.02 0.57 0.43 (0.57) -- 10.45
1997 9.90 0.58 0.12 (0.58) -- 10.02
1996 10.26 0.59 (0.33) (0.59) (0.03) 9.90
1995(3) 10.00 0.56 0.26 (0.56) -- 10.26
Flex Shares
1999* $10.28 $ 0.23 $(0.22) $(0.23) $ -- $10.06
1999 10.46 0.49 (0.18) (0.49) -- 10.28
1998 10.02 0.52 0.44 (0.52) -- 10.46
1997 9.91 0.53 0.11 (0.53) -- 10.02
1996(4) 10.31 0.52 (0.37) (0.52) (0.03) 9.91
VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND (A)
Trust Shares
1999* $10.20 $ 0.22 $(0.41) $(0.22) $ -- $ 9.79
1999(5) 10.44 0.21 (0.17) (0.21) (0.07) 10.20
For years ended November 30:
1998 10.31 0.45 0.17 (0.45) (0.04) 10.44
1997 10.22 0.46 0.09 (0.46) -- 10.31
1996 10.24 0.42 (0.02) (0.42) -- 10.22
1995 9.21 0.43 1.03 (0.43) -- 10.24
Investor Shares
1999* $10.20 $ 0.21 $(0.41) $(0.21) $ -- $ 9.79
1999(5) 10.45 0.22 (0.18) (0.22) (0.07) 10.20
For years ended November 30:
1998 10.31 0.46 0.17 (0.45) (0.04) 10.45
1997 10.21 0.47 0.09 (0.46) -- 10.31
1996 10.23 0.42 (0.02) (0.42) -- 10.21
1995 9.20 0.43 1.03 (0.43) -- 10.23
VIRGINIA MUNICIPAL BOND FUND (A)
Trust Shares
1999* $10.43 $ 0.23 $(0.65) $(0.23) $ -- $ 9.78
1999(5) 10.68 0.22 (0.19) (0.22) (0.06) 10.43
For years ended November 30:
1998 10.44 0.47 0.27 (0.47) (0.03) 10.68
1997 10.28 0.48 0.17 (0.48) (0.01) 10.44
1996 10.40 0.47 (0.12) (0.47) -- 10.28
1995(6) 10.00 0.31 0.44 (0.31) (0.04) 10.40
Flex Shares
1999* $10.48 $ 0.19 $(0.65) $(0.19) $ -- $ 9.83
1999(5) 10.73 0.17 (0.18) (0.18) (0.06) 10.48
For years ended November 30:
1998 10.48 0.37 0.28 (0.37) (0.03) 10.73
1997 10.31 0.39 0.18 (0.39) (0.01) 10.48
1996 10.43 0.38 (0.12) (0.38) -- 10.31
1995(7) 10.06 0.24 0.41 (0.24) (0.04) 10.43
</TABLE>
* For the six month period ended November 30, 1999. Return is for the period
indicated and has not been annualized.
+ Returns are for the period indicated and have not been annualized. Total
return figures do not reflect applicable sales loads.
(1) Commenced operations on June 22, 1995. All ratios for the period have
been annualized.
(2) Commenced operations on July 31, 1994. All ratios for the period have
been annualized.
(3) Commenced operations on June 9, 1994. All ratios for the period have
been annualized.
(4) Commenced operations on June 7, 1995. All ratios for the period have
been annualized.
(5) For the six month period ended May 31, 1999. All ratios for the period
have been annualized.
(6) Commenced operations on April 5, 1995. All ratios for the period have
been annualized.
44
<PAGE>
- -------------------------------------------------------------------------------
(unaudited)
<TABLE>
<CAPTION>
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME (LOSS) TO
NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
RETURN (+) PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
- ---------- ----------- ------------------ ------------------ ------------------ ------------------ ----------
<S> <C> <C> <C> <C> <C> <C>
1.75% $ 56,849 0.67% 4.47% 0.78% 4.35% 3%
4.59 56,027 0.67 4.69 0.78 4.58 57
6.30 46,920 0.66 5.19 0.84 5.01 39
5.76 21,988 0.65 5.23 0.92 4.96 93
4.73 10,149 0.65 5.56 1.00 5.21 94
6.11 9,599 0.65 4.91 1.08 4.48 88
1.67% $ 2,818 0.82% 4.31% 1.46% 3.67% 3%
4.54 2,799 0.82 4.54 1.34 4.02 57
6.04 3,277 0.81 5.07 1.33 4.55 39
5.59 3,921 0.80 5.05 1.35 4.50 93
4.52 4,192 0.80 5.43 1.32 4.91 94
6.03 7,144 0.80 4.74 1.33 4.21 88
1.55% $ 5,658 1.07% 4.07% 1.46% 3.68% 3%
4.32 4,931 1.07 4.22 2.25 3.04 57
5.90 1,413 1.06 4.81 2.87 3.00 39
5.19 1,091 1.05 4.75 2.51 3.29 93
3.72 2,423 1.05 5.03 2.97 3.11 94
0.61% $ 87,265 0.76% 5.56% 0.87% 5.45% 13%
3.90 102,167 0.77 5.58 0.88 5.47 19
10.76 34,899 0.76 5.93 0.92 5.77 14
7.54 19,471 0.75 6.19 1.02 5.92 21
2.77 10,277 0.75 6.05 1.25 5.55 83
8.64 3,291 0.75 6.67 3.33 4.09 30
0.29% $ 2,101 1.17% 5.16% 1.59% 4.73% 13%
3.56 2,534 1.17 5.17 1.60 4.74 19
10.23 3,225 1.16 5.53 1.76 4.93 14
7.21 2,243 1.15 5.76 1.79 5.12 21
2.47 2,396 1.15 5.68 2.50 4.33 83
8.61 589 1.15 6.08 6.84 0.39 30
0.15% $ 10,994 1.68% 4.64% 1.93% 4.39% 13%
2.99 11,520 1.68 4.66 2.08 4.26 19
9.78 4,022 1.67 5.02 2.32 4.37 14
6.57 2,801 1.66 5.26 2.42 4.50 21
1.42 2,826 1.66 5.18 2.86 3.98 83
(1.91%) $ 229,693 0.79% 4.47% 0.79% 4.46% 14%
0.42 240,083 0.84 4.12 1.18 3.78 19
6.10 243,606 0.79 4.33 0.97 4.15 24
5.55 237,096 0.78 4.57 0.93 4.42 30
4.01 243,137 0.78 4.35 0.93 4.20 25
16.09 43,373 0.72 4.34 0.94 4.12 28
(1.93)% $ 7,166 0.79% 4.30% 1.03% 4.06% 14%
0.35 7,706 0.79 4.17 0.93 4.03 19
6.19 7,899 0.79 4.33 0.94 4.18 24
5.65 7,826 0.79 4.56 0.94 4.41 30
4.01 8,185 0.79 4.12 0.94 3.97 25
16.10 8,649 0.73 4.33 0.95 4.11 28
(4.05)% $ 35,105 0.74% 4.57% 0.83% 4.48% 1%
0.27 31,939 0.76 4.20 1.30 3.66 7
7.19 29,252 0.69 4.41 1.10 4.00 28
6.46 20,044 0.69 4.65 1.09 4.25 39
3.48 15,911 0.71 4.61 1.11 4.21 24
7.67 6,247 0.71 4.61 1.11 4.21 35
(4.46)% $ 6,039 1.65% 3.64% 2.00% 3.29% 1%
(0.16) 6,939 1.65 3.32 1.91 3.06 7
6.24 3,697 1.64 3.46 1.92 3.18 28
5.58 1,476 1.60 3.73 2.00 3.33 39
2.58 787 1.57 3.73 1.97 3.33 24
6.51 628 1.57 3.76 1.97 3.36 35
</TABLE>
(7) Commenced operations on April 17, 1995. All ratios for the period have
been annualized.
(A) On May 24, 1999, the CrestFund Virginia Intermediate Municipal Bond and the
CrestFund Virginia Municipal Bond Funds exchanged all of their assets and
certain liabilities for shares of the Virginia Intermediate Municipal Bond
and the Virginia Municipal Bond Funds, respectively. The CrestFund Virginia
Intermediate Municipal Bond and the CrestFund Virginia Municipal Bond Funds
are the accounting survivors in this transaction, and as a result, their
basis of accounting for assets and liabilities and their operating results
for the periods prior to May 24, 1999 have been carried forward in these
financial highlights.
Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
45
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
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 thirty-six portfolios as of November 30,
1999: the Balanced Fund, the Capital Appreciation Fund (formerly Capital Growth
Fund), the Emerging Markets Equity Fund, the Growth and Income Fund, the
International Equity Fund, the International Equity Index Fund, the Life Vision
Balanced Portfolio, the Life Vision Growth and Income Portfolio, the Life Vision
Maximum Growth Portfolio, the Mid-Cap Equity Fund, the Small Cap Equity Fund,
the Small Cap Growth Stock Fund, the Sunbelt Equity Fund, the Tax Sensitive
Growth Stock Fund, the Value Income Stock Fund, the Core Equity Fund, the
E-Commerce Opportunity Fund, (collectively the "Equity Funds"), the Florida
Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund, Investment Grade Bond
Fund, the Investment Grade Tax-Exempt Bond Fund, the Limited-Term Federal
Mortgage Securities Fund, the Maryland Municipal Bond Fund, the Short-Term Bond
Fund, the Short-Term U.S. Treasury Securities Fund, and the U.S. Government
Securities Fund, the Virginia Intermediate Municipal Bond Fund, the Virginia
Municipal Bond Fund, (collectively the "Fixed Income Funds" or the "Funds"), the
Prime Quality Money Market Fund, the Tax-Exempt Money Market Fund, the Tax-Free
Money Market Fund, the U.S. Government Securities, the U.S. Treasury Money
Market Fund (collectively the "Retail Money Market Funds"), the Classic
Institutional Cash Management Money Market Fund, the Classic Institutional U.S.
Government Securities Money Market Fund and the Classic Institutional U.S.
Treasury Securities Money Market Fund, (collectively the "Institutional 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 presented herein are those of the Fixed
Income Funds. The financial statements of the Equity Funds, the Retail Money
Market Funds and the Institutional Money Market Funds are not presented herein,
but are presented separately. On February 17, 1999 and February 19, 1999,
respectively, the Board of Trustees of the STI Classic Funds Inc. and Board of
Directors of the CrestFunds Inc. ("CrestFunds") approved an Agreement and Plan
of Reorganization (the "Reorganization Agreement") providing for the transfer of
all assets and certain stated liabilities of the CrestFunds in exchange for the
issuance of shares in the Funds in a tax-free reorganization (see Note 8).
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the
Trust:
BASIS OF PRESENTATION OF STATEMENTS -- As more fully described in Note 8,
the STI Classic Funds acquired certain CrestFunds in a tax-free business
combination. While each Fund now exists as a STI Classic Fund, a number of
the surviving funds for accounting purposes are CrestFunds. In accordance
with generally accepted accounting principles, the financial statements
presented herein represent those of accounting survivors. Accordingly, the
Statements of Operations, Statements of Changes in Net Assets and Financial
Highlights presented reflect periods beginning on the first day of the
accounting survivor's fiscal year.
SECURITY VALUATION -- Investment securities held by the 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. Debt obligations with sixty days or less remaining until
maturity may be valued at their amortized cost. Securities for which
current market quotations are not readily available are valued at their
fair value as determined in good faith by, or in accordance with procedures
adopted by, the Board of Trustees.
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 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
46
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
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. The maximum
offering price per share for Investor shares of the Florida Tax-Exempt
Bond, the Georgia Tax-Exempt Bond, the Investment Grade Bond, the
Investment Grade Tax-Exempt Bond, the U.S. Government Securities, and the
Virginia Intermediate Municipal Bond 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.
TBA PURCHASE COMMITMENTS -- The Funds may enter into "TBA" (To Be
Announced) purchase commitments to purchase securities for a fixed price at
a future date beyond customary settlement time. TBA purchase commitments
may be considered securities in themselves, and involve a risk of loss if
the value of the security to be purchased declines prior to settlement
date, which risk is in addition to the risk of decline in the value of the
funds' other assets. Unsettled TBA purchase commitments are valued at the
current market value of the underlying securities, generally according to
the procedures described under "Security Valuation."
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 for each of the Fixed Income Funds are
declared daily and paid monthly. 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. Transactions with Affiliates:
Certain officers of the Trust are also officers of SEI Investments Mutual Funds
Services (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.
The Fund has entered into an agreement with SEI Investments to manage the
investments of repurchase agreements for the Funds. For its services the
Liquidity Desk received $905,023 for the year ended November 30, 1999.
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 and March 1, 1999, 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.
Prior to May 24, 1999, administrative and accounting services were provided to
the CrestFunds by SEI Investments Mutual Funds Services who was entitled to
receive a fee at an annual rate of .15% of the average daily net assets of the
CrestFunds. The Administrator had voluntarily agreed to waive a portion of its
fee for Government Bond Fund and Virginia Municipal Bond Fund in order to limit
operating expenses.
The Trust and Federated Services Company are parties to a Transfer Agency
servicing agreement dated May 14,
47
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
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 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".
Prior to May 24, 1999, the Distributor, a wholly owned subsidiary of SEI
Investments Co., served as distributor of each of the CrestFunds shares pursuant
to an agreement with the CrestFunds. The Trust Class and Investors Class A
shares of the CrestFunds had a separate distribution plan (the 12b-1 Plan)
pursuant to Rule 12b-1 under the 1940 Act. As provided in the 12b-1 Plan, the
Trust Class and Investors Class A shares of the CrestFunds paid the Distributor
as compensation for its services .15% of the aggregate average daily net assets
of such classes of the CrestFunds. The Distributor had voluntarily agreed to
waive any fees payable pursuant to the 12b-1 Plan. Additionally, the Investors
Class B Shares of the CrestFunds had a distribution plan (the B Shares Plan)
pursuant to Rule 12b-1 under the 1940 Act. As provided in the B Shares Plan, the
Investors Class B Shares of the CrestFunds paid the Distributor as compensation
for its services .75% of the aggregate average daily net assets of such class of
the CrestFunds. In addition, pursuant to the B Shares Plan, the Distributor was
compensated at an annual rate of .25% of the B shares' average net assets for
providing ongoing shareholder support services to investors in B shares. The
Distributor had agreed to waive the portion of its fees pursuant to the B Shares
Plan in order to limit distribution fees to .95% for each of the CrestFunds.
Prior to May 24, 1999, the CrestFunds had adopted a shareholder service plan
(the "Plan") for Trust Class Shares of the Limited Term Bond Fund, Intermediate
Bond Fund, Government Bond Fund, Maryland Municipal Bond Fund, Virginia
Intermediate Municipal Bond Fund and Virginia Municipal Bond Fund. Under the
Plan, the CrestFunds paid the Distributor a negotiated fee at a rate of up to
.25% annually of the average daily net assets of such Fund attributable to the
shares that are subject to the arrangement in return for provision of a broad
range of shareholder and administrative services. The Distributor had agreed to
waive a portion of its shareholder service plan for trust class shares in order
to limit shareholder service fees to .05%.
5. Investment Advisory and Custodian Agreements:
The Trust and STI Capital Management, N.A., ("STI Capital Management, N.A."),
Trusco Capital Management ("Trusco") and the SunTrust Bank, Atlanta have entered
into advisory agreements dated May 29, 1992, June 15, 1993, and December 20,
1993 respectively.
Under terms of the respective agreements, the Funds are charged the following
annual fees based upon average daily net assets:
<TABLE>
<CAPTION>
Maximum
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
-------- ------- ---------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
TRUSCO:
Maryland
Municipal Bond
Fund .............. .65% .68% -- -- 1.00% 1.59%
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%
Virginia
Intermediate
Municipal
Bond Fund ......... .65% .76% .15% .79% -- --
Virginia
Municipal
Bond Fund ......... .65% .74% -- -- 1.00% 1.65%
STI CAPITAL MANAGEMENT, N.A.:
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%
Investment
Grade
Tax-Exempt
Bond Fund ......... .74% .77% .43% 1.17% 1.00% 1.65%
Limited-Term
Federal Mortgage
Securities
Fund .............. .65% .67% .23% .92% 1.00% 1.27%
SUNTRUST BANK, ATLANTA:
Georgia
Tax-Exempt
Bond Fund ......... .65% .67% .18% .87% 1.00% 1.37%
</TABLE>
48
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
The investment advisors 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.
Prior to May 24, 1999, Crestar Asset Management Company ("CAMCO") provided
Investment Advisory services to the CrestFunds. CAMCO was paid for advisory
services at an annual rate of .50% of average daily net assets for the Limited
Term Bond Fund and Virginia Intermediate Municipal Bond Fund, and .60% of
average daily net assets for the Intermediate Bond Fund, Government Bond Fund,
Maryland Municipal Bond Fund and Virginia Municipal Bond Fund.
SunTrust Bank, Atlanta, acts as custodian for all of the funds. Fees of the
Custodian are paid on the basis of 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. 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, 1999, were as follows:
Purchases Sales
(000) (000)
------------ ---------
Florida Tax-Exempt Bond Fund .............. $ 54,917 $ 63,484
Georgia Tax-Exempt Bond Fund .............. 9,264 11,606
Investment Grade Bond Fund ................ 669,828 335,925
Investment Grade Tax-Exempt Bond Fund ..... 183,871 195,088
Limited-Term Federal Mortgage
Securities Fund ........................ -- --
Maryland Municipal Bond Fund .............. 9,360 516
Short-Term Bond Fund ...................... 58,670 41,115
Short-Term U.S. Treasury Securities Fund .. -- --
U.S. Government Securities Fund ........... 351 22
Virginia Intermediate Municipal Bond Fund . 14 19
Virginia Municipal Bond Fund .............. 6,880 432
The cost of purchases and proceeds from sales of U.S. Government securities
were:
Purchases Sales
(000) (000)
------------ ---------
Florida Tax-Exempt Bond Fund .............. $ -- $ --
Georgia Tax-Exempt Bond Fund .............. -- --
Investment Grade Bond Fund ................ 512,511 813,117
Investment Grade Tax-Exempt Bond Fund ..... -- --
Limited-Term Federal Mortgage
Securities Fund ......................... 211,550 308,504
Maryland Municipal Bond Fund .............. -- --
Short-Term Bond Fund ...................... 29,943 45,866
Short-Term U.S. Treasury Securities Fund .. 6,134 2,008
U.S. Government Securities Fund ........... 731,674 21,686
Virginia Intermediate Municipal Bond Fund . -- --
Virginia Municipal Bond Fund .............. -- --
At November 30, 1999, 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, 1999, were as follows:
<TABLE>
<CAPTION>
Aggregate Aggregate Net
Gross Gross Unrealized
Unrealized Unrealized Appreciation/
Appreciation Depreciation Depreciation
------------ ------------- ------------
<S> <C> <C> <C>
Florida Tax-Exempt Bond Fund ....... $ 734,775 $ (2,251,363) $ (1,516,588)
Georgia Tax-Exempt Bond Fund ....... 357,562 (2,508,183) (2,150,621)
Investment Grade Bond Fund ......... 1,714,154 (27,742,053) (26,027,899)
Investment Grade Tax-Exempt
Bond Fund ........................ 381,348 (1,738,202) (1,356,854)
Limited-Term Federal Mortgage
Securities Fund .................. 70,772 (1,537,792) (1,467,020)
Maryland Municipal Bond Fund ....... 44,134 (1,567,524) (1,523,400)
Short-Term Bond Fund ............... 35,653 (3,356,454) (3,320,801)
Short-Term U.S. Treasury
Securities Fund .................. 9,403 (527,002) (517,599)
U.S. Government Securities Fund .... 205,835 (3,043,305) (2,837,470)
Virginia Intermediate Municipal
Bond Fund ........................ 2,415,581 (7,084,460) (4,668,879)
Virginia Municipal Bond Fund ....... 84,047 (2,248,520) (2,164,473)
</TABLE>
49
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded)
- --------------------------------------------------------------------------------
STI CLASSIC FIXED INCOME FUNDS November 30, 1999
7. Concentration of Credit Risk:
The Investment Grade Bond Fund and the Short-Term Bond 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 investment 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, the Maryland Municipal Bond Fund, the Virginia Intermediate Municipal Bond
Fund, and the Virginia Municipal 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.
8. CrestFunds Merger
The Board of Directors and shareholders of the CrestFunds approved a
reorganization of the CrestFunds into STI Classic Funds which took place at the
close of business on May 17, 1999 (May 24, 1999 for Maryland Municipal Bond
Fund, Virginia Intermediate Municipal Bond Fund, and Virginia Municipal Bond
Fund).
50
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
The following table summarizes certain relevant information of the Funds prior
to and immediately after the business combinations on May 17, 1999 and May 24,
1999 and is unaudited:
OUTSTANDING UNREALIZED
ON MERGER APPRECIATION
CRESTFUNDS DATE (DEPRECIATION)
- -------------------- ------------ --------------
Intermediate Bond
Trust Shares .................... $32,817,534 $(3,403,150)
Investor Class A ................ 248,950 (67,865)
Investor Class B ................ -- --
Limited Term Bond
Trust Shares .................... 7,494,047 31,650
Investor Class A ................ -- --
Investor Class B ................ -- --
Government Bond
Trust Shares .................... 5,608,897 (698,071)
Investor Class A ................ -- --
Investor Class B ................ 315,993 61,930
Maryland Municipal Bond (1)
Trust Shares .................... 2,941,190 305,068
Investor Class B ................ 764,740 (31,446)
Virginia Intermediate Municipal Bond (1)
Trust Shares .................... 23,538,137 5,880,351
Investor Class A ................ 753,539 76,972
Virginia Municipal Bond (1)
Trust Shares .................... 3,019,996 511,586
Investor Class B ................ 647,089 (13,152)
SHARES ISSUED NET ASSETS NAV
IN BUSINESS AFTER PER
STI CLASSIC FUND COMBINATION COMBINATION SHARE
- -------------------- ------------- -------------- ------
Investment Grade Bond (1)
Trust Shares ..................... $30,232,924 $1,152,435,532 $10.40
Investor Shares .................. 229,458 35,442,645 10.40
Flex Shares ...................... -- 25,684,095 10.41
Short-Term Bond (1)
Trust Shares ..................... 7,307,720 209,577,527 9.96
Investor Shares .................. -- 1,817,569 9.97
Flex Shares ...................... -- 2,447,180 9.98
U.S. Government Securities (1)
Trust Shares ..................... 5,438,788 101,799,419 10.32
Investor Shares .................. -- 2,563,370 10.31
Flex Shares ...................... 307,517 11,288,553 10.32
Maryland Municipal Bond
Trust Shares ..................... 2,941,190 29,603,005 10.06
Flex Shares ...................... 764,740 7,712,932 10.09
Virginia Intermediate Municipal Bond
Trust Shares ..................... 23,538,137 240,886,726 10.23
Investor Shares .................. 753,539 7,715,363 10.24
Virginia Municipal Bond
Trust Shares ..................... 3,019,996 31,617,660 10.47
Flex Shares ...................... 647,089 6,805,221 10.52
(1) Represents the accounting survivor in this business combination.
51
<PAGE>
NOTES
<PAGE>
[BLANK PAGE]
<PAGE>
INVESTMENT ADVISORS
STI Capital Management, N.A.
Trusco Capital Management, Inc.
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.
