STI CLASSIC VARIABLE TRUST
Supplement dated November 13, 2000 to the
STI Classic Variable Trust Statement of Additional Information
dated May 1, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE STATEMENT OF ADDITIONAL INFORMATION ("SAI") AND SHOULD BE READ IN
CONJUNCTION WITH THE SAI.
On August 15, 2000, the Board of Trustees recommended that shareholders of each
Fund approve certain revisions to each Fund's fundamental investment policies.
At a shareholder meeting held October 27, 2000, shareholders of record as of
August 16, 2000 approved these revised policies which took effect immediately
thereafter.
The numbered fundamental investment policies following the heading "INVESTMENT
LIMITATIONS" on pages B-19 and B-20 of the SAI should be replaced with the
following:
No Fund may:
1. With respect to 75% of each Fund's total assets,
invest more than 5% of the value of the total assets
of a Fund in the securities of any one issuer (other
than securities issued or guaranteed by the U.S.
government or any of its agencies or
instrumentalities, repurchase agreements involving
such securities, and securities issued by investment
companies), or purchase the securities of any one
issuer if such purchase would cause more than 10% of
the voting securities of such issuer to be held by a
Fund.
2. Borrow money in an amount exceeding 33 1/3% of the
value of its total assets, provided that, for the
purposes of this limitation, investment strategies
that either obligate a Fund to purchase securities or
require a Fund to segregate assets are not considered
to be borrowing. Asset coverage of at least 300% is
required for all borrowing, except where the Fund has
borrowed money for temporary purposes (less than 60
days), and in an amount not exceeding 5% of its total
assets.
3. Underwrite securities issued by others, except to the
extent that the Fund may be considered an underwriter
within the meaning of the Securities Act of 1933 in
the sale of portfolio securities.
4. Issue senior securities (as defined in the Investment
Company Act of 1940 (the "1940 Act")), except as
permitted by rule, regulation or order of the
Securities and Exchange Commission.
5. Purchase the securities of any issuer (other than
securities issued or guaranteed by the U.S.
government or any of its agencies or
instrumentalities and securities issued by investment
companies) if, as a result, more than 25% of the
Fund's total assets would be invested in the
securities of companies whose principal business
activities are in the same industry.
6. Purchase or sell real estate, unless acquired as a
result of ownership of securities or other
instruments (but this shall not prevent a Fund from
investing in securities or other instruments either
issued by companies that invest in real estate,
backed by real estate or securities of companies
engaged in the real estate business).
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7. Purchase or sell physical commodities, unless
acquired as a result of ownership of securities or
other instruments.
8. Make loans, except that a Fund may: (i) purchase or
hold debt instruments in accordance with its
investment objectives and policies; (ii) enter into
repurchase agreements; and (iii) lend its portfolio
securities.
As a result of the resignation of one Trustee, the impending retirement of four
Trustees on November 18, 2000 and the appointment and subsequent election of two
new Trustees, as of November 18, 2000, the following persons will serve as
Trustees of the Trust:
THOMAS GALLAGHER (11/25/47) - Trustee+ - President, Genuine Parts
Company Wholesale Distribution, 1970 - present; Director, National
Service Industries; Director, Oxford Industries.
F. WENDELL GOOCH (12/3/32) - Trustee - Retired. President, Orange
County Publishing Co., Inc., 1981-1997, publisher of the Paoli News and
the Paoli Republican and Editor of the Paoli Republican, 1981-1997,
President, H & W Distribution, Inc., 1984-1997. Current Trustee on
the Board of Trustees for the SEI Family of Funds and The Capitol
Mutual Funds. Executive Vice President, Trust Department, Harris
Trust and Savings Bank and Chairman of the Board of Directors of The
Harris Trust Company of Arizona before January 1981.
WILTON LOONEY (4/18/19) - Trustee+ - President of Genuine Parts
Company, 1961-1964; Chairman of the Board, 1964-1990; Honorary
Chairman of the Board, 1990 to present. Director, Rollins, Inc.;
Director, RPC Energy Services, Inc.
JAMES O. ROBBINS (7/4/42) - Trustee - President and Chief Executive
Officer, Cox Communications, Inc., 1983 - present; Director, NCR;
Director, Cox Communications.
JONATHAN T. WALTON (3/28/30) - Trustee - Retired. Executive Vice
President, NBD Bank, N.A. and NBD Bancorp, October 1956 to March 1995.
Trustee, W.K. Kellogg Trust.
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+ Mssrs. Gallagher and Looney may be deemed "interested persons" of
the Trust as defined in the 1940 Act.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
