Pro Forma Schedule of Investments (Unaudited)
STI Classic Funds Institutional Cash Management Fund
Crestar/Arbor Prime Obligations Fund
November 30, 1998
-------------------------------
STI Classic Institutional
Cash Management Fund
-------------------------------
- ---------------------------------------------------------------------------------------
Security Par (000) Value (000)
- ---------------------------------------------------------------------------------------
Commercial Paper--33.9%
Finance--30.4%
American Express 4.950% 12/18/98 2,800 2,793
Banc One Funding 5.150% 12/08/98 1,979 1,977
Banc One Funding 5.130% 01/28/99 6,623 6,568
Banc One Funding 5.280% 01/28/99 9,000 8,923
Barclays U.S. Funding 5.180% 01/07/99 15,000 14,920
CS First Boston 4.875% 05/07/99
CS First Boston 5.800% 05/06/99
Chrysler Financial 5.240% 02/11/99 10,000 9,895
Den Norske Bank 4.860% 08/10/99
Den Norske Bank 5.380% 05/04/99
Dresdner U.S. Finance 5.190% 01/08/99 10,000 9,945
Dupont 5.060% 01/27/99
Ford Motor Credit 5.450% 01/13/99
General Electric Capital 5.410% 02/22/99
General Electric Capital 5.270% 01/20/99
GMAC 5.240% 02/11/99 8,500 8,411
Goldman Sachs 5.000% 04/20/99
Goldman Sachs 5.480% 02/09/99
KFW International 5.250% 12/08/98 300 300
KFW International 4.950% 12/07/98 500 500
KFW International 5.300% 12/07/98 600 599
KFW International 5.000% 12/04/98 1,100 1,100
Marsh & Mclennan 5.230% 02/24/99 15,000 14,815
Marsh & Mclennan 5.290% 02/24/99 2,700 2,666
Merrill Lynch 4.820% 06/17/99
Merrill Lynch 5.470% 02/26/99
Metlife Funding 4.950% 12/03/98 254 254
Morgan Stanley Dean Witter 5.200% 01/21/99 10,000 9,926
Morgan Stanley Dean Witter 5.170% 03/26/99
Panasonic Finance 5.330% 01/21/99 100 99
Panasonic Finance 5.380% 01/21/99 15,000 14,886
Republic New York 5.190% 01/15/99 10,000 9,935
Royal Bank of Canada 5.450% 01/15/99 1,000 993
- ---------------------------------------------------------------------------------------
119,505
- ---------------------------------------------------------------------------------------
Industrial--3.5%
Allied Signal 5.550% 01/25/99 2,500 2,479
Allied Signal 5.550% 01/21/99 14,050 13,940
Archer Daniels 5.150% 01/15/99 470 467
Eastman Kodak 5.400% 12/02/98 2,600 2,600
Heinz 5.150% 12/03/98 535 535
IBM 5.500% 12/04/98 650 650
- ---------------------------------------------------------------------------------------
-------------------------------------------------------------
Crestar/Arbor Prime
Obligations Fund Pro Forma Combined
-------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Security Par (000) Value (000) Par (000) Value (000)
- -------------------------------------------------------------------------------------------
Commercial Paper--33.9%
Finance--30.4%
American Express 2,800 2,793
Banc One Funding 1,979 1,977
Banc One Funding 6,623 6,568
Banc One Funding 9,000 8,923
Barclays U.S. Funding 15,000 14,920
CS First Boston 10,000 9,787 10,000 9,787
CS First Boston 10,000 10,000 10,000 10,000
Chrysler Financial 10,000 9,895
Den Norske Bank 15,000 14,490 15,000 14,490
Den Norske Bank 30,000 29,310 30,000 29,310
Dresdner U.S. Finance 10,000 9,945
Dupont 35,000 34,720 35,000 34,720
Ford Motor Credit 20,000 19,870 20,000 19,870
General Electric Capital 10,000 9,875 10,000 9,875
General Electric Capital 30,000 29,780 30,000 29,780
GMAC 45,000 44,632 53,500 53,043
Goldman Sachs 30,000 29,417 30,000 29,417
Goldman Sachs 10,000 9,893 10,000 9,893
KFW International 300 300
KFW International 500 500
KFW International 600 599
KFW International 1,100 1,100
Marsh & Mclennan 15,000 14,815
Marsh & Mclennan 2,700 2,666
Merrill Lynch 30,000 29,205 30,000 29,205
Merrill Lynch 10,000 9,868 10,000 9,868
Metlife Funding 254 254
Morgan Stanley Dean Witter 10,000 9,926
Morgan Stanley Dean Witter 35,000 34,422 35,000 34,422
Panasonic Finance 100 99
Panasonic Finance 15,000 14,886
Republic New York 10,000 9,935
Royal Bank of Canada 1,000 993
- -------------------------------------------------------------------------------------------
315,269 434,774
- -------------------------------------------------------------------------------------------
Industrial--3.5%
Allied Signal 2,500 2,479
Allied Signal 14,050 13,940
Archer Daniels 470 467
Eastman Kodak 2,600 2,600
Heinz 535 535
IBM 650 650
- -------------------------------------------------------------------------------------------
Pro Forma Schedule of Investments (Unaudited)
STI Classic Funds Institutional Cash Management Fund
Crestar/Arbor Prime Obligations Fund
November 30, 1998
-------------------------------
STI Classic Institutional
Cash Management Fund
-------------------------------
- ------------------------------------------------------------------------------------------------------
Security Par (000) Value (000)
- ------------------------------------------------------------------------------------------------------
Motorola 4.950% 12/08/98 900 899
JC Penney Funding 5.250% 12/18/98 493 492
RTZ America 5.230% 12/16/98 5,200 5,189
RTZ America 5.000% 12/11/98 1,230 1,228
RTZ America 5.330% 01/21/99 100 99
RTZ America 5.350% 01/22/99 4,800 4,763
Sara Lee 5.000% 12/09/98 5,000 4,994
Smithkline Beecham 5.000% 12/02/98 300 300
Smithkline Beecham 4.950% 12/11/98 10,900 10,885
Toys R Us 5.250% 12/10/98 300 300
Walt Disney 5.550% 12/04/98 515 515
Walt Disney 4.460% 07/13/99
- ------------------------------------------------------------------------------------------------------
50,335
- ------------------------------------------------------------------------------------------------------
Utilities--0.0%
Bell Atlantic 5.000% 12/11/98 100 100
- ------------------------------------------------------------------------------------------------------
100
- ------------------------------------------------------------------------------------------------------
Total Commercial Paper (Cost $485,209) 169,940
- ------------------------------------------------------------------------------------------------------
Corporate Obligations--19.7%
Finance--16.2%
Associates MTN 5.650% 12/01/98 1,000 1,000
Associates Corporation 6.750% 06/28/99
Bankers Trust, New York (A) 5.379% 02/19/99 7,000 7,000
Barclays Bank 5.645% 03/02/99
Bear Stearns 5.700% 03/02/99
Bear Stearns 5.715% 07/30/99
Beta Finance 4.850% 08/03/99
British Telecom Finance 9.375% 02/15/99 1,000 1,007
Caterpillar Financial Services MTN (A) 5.160% 05/09/99 5,000 5,000
Caterpillar Financial Services MTN 5.470% 12/15/98 750 750
Caterpillar Financial Services MTN 6.800% 07/01/99 250 253
CS First Boston 4.860% 07/12/99
Dean Witter Discover 5.030% 03/02/99 4,990 4,983
Deutsche Bank, New York (A) 5.120% 04/14/99 5,000 4,999
FCC National Bank (A) 5.120% 04/09/99 5,000 4,999
First Union Bank 5.430% 11/05/99
Ford Motor Credit 8.000% 01/15/99 1,000 1,003
Ford Motor Credit 6.375% 09/15/99 500 506
General Motors Acceptance 7.750% 01/15/99 500 501
GMAC MTN 7.150% 04/30/99 1,000 1,005
Household Finance 4.780% 03/15/99 3,000 2,992
IBM Credit 5.450% 09/15/99 10,000 10,000
International Lease Finance 5.750% 01/15/99 752 752
- ------------------------------------------------------------------------------------------------------
------------------------------ -------------------------------
Crestar/Arbor Prime
Obligations Fund Pro Forma Combined
------------------------------ -------------------------------
- -----------------------------------------------------------------------------------------------------------
Security Par (000) Value (000) Par (000) Value (000)
- -----------------------------------------------------------------------------------------------------------
Motorola 900 899
JC Penney Funding 493 492
RTZ America 5,200 5,189
RTZ America 1,230 1,228
RTZ America 100 99
RTZ America 4,800 4,763
Sara Lee 5,000 4,994
Smithkline Beecham 300 300
Smithkline Beecham 10,900 10,885
Toys R Us 300 300
Walt Disney 515 515
Walt Disney 40,000 38,889 40,000 38,889
- -----------------------------------------------------------------------------------------------------------
38,889 89,224
- -----------------------------------------------------------------------------------------------------------
Utilities--0.0%
Bell Atlantic 100 100
- -----------------------------------------------------------------------------------------------------------
100
- -----------------------------------------------------------------------------------------------------------
Total Commercial Paper (Cost $485,209) 354,158 524,098
- -----------------------------------------------------------------------------------------------------------
Corporate Obligations--19.7%
Finance--16.2%
Associates MTN 1,000 1,000
Associates Corporation 5,000 5,025 5,000 5,025
Bankers Trust, New York (A) 7,000 7,000
Barclays Bank 15,000 14,998 15,000 14,998
Bear Stearns 10,000 10,000 10,000 10,000
Bear Stearns 15,000 15,000 15,000 15,000
Beta Finance 25,000 25,000 25,000 25,000
British Telecom Finance 1,000 1,007
Caterpillar Financial Services MTN (A) 5,000 5,000
Caterpillar Financial Services MTN 750 750
Caterpillar Financial Services MTN 250 253
CS First Boston 15,000 15,000 15,000 15,000
Dean Witter Discover 4,990 4,983
Deutsche Bank, New York (A) 5,000 4,999
FCC National Bank (A) 5,000 4,999
First Union Bank 20,000 20,000 20,000 20,000
Ford Motor Credit 1,000 1,003
Ford Motor Credit 500 506
General Motors Acceptance 500 501
GMAC MTN 1,000 1,005
Household Finance 3,000 2,992
IBM Credit 10,000 10,000
International Lease Finance 752 752
- -----------------------------------------------------------------------------------------------------------
Pro Forma Schedule of Investments (Unaudited)
STI Classic Funds Institutional Cash Management Fund
Crestar/Arbor Prime Obligations Fund
November 30, 1998
-------------------------------
STI Classic Institutional
Cash Management Fund
-------------------------------
- -------------------------------------------------------------------------------------------------
Security Par (000) Value (000)
- -------------------------------------------------------------------------------------------------
International Lease Finance 6.700% 04/30/99 300 302
International Lease Finance MTN 5.960% 07/07/99 500 500
Nationsbank 8.500% 03/01/99 1,000 1,006
Nationsbank 5.190% 08/06/99 10,000 10,010
PHH Corporation 4.860% 03/18/99
PNC Bank 4.800% 05/21/99
PNC Bank 4.790% 06/11/99
PNC Bank 5.116% 08/03/99 10,000 9,996
Salomon Smith Barney MTN 6.050% 12/17/98 2,000 2,001
Transamerica Financial 5.450% 10/22/99 13,500 13,500
Transamerica MTN (A) 5.427% 02/18/99 1,500 1,500
Xerox Credit 10.000% 04/01/99 780 790
- -------------------------------------------------------------------------------------------------
86,355
- -------------------------------------------------------------------------------------------------
Industrial--0.1%
Fortune Brands 7.500% 05/15/99 1,025 1,032
IBM MTN 6.150% 12/11/98 1,000 1,000
- -------------------------------------------------------------------------------------------------
2,032
- -------------------------------------------------------------------------------------------------
Utilities--0.7%
Alabama Power 7.000% 01/01/99 4,500 4,544
GTE Northwest 6.125% 02/15/99 650 650
Hydro-Quebec Yankee MTN 7.430% 12/14/98 1,000 1,001
Hydro-Quebec Yankee MTN 7.740% 03/03/99 1,000 1,005
Pacific Gas & Electric 5.750% 12/01/98 1,000 1,000
Southern California Edison 7.500% 04/15/99 505 508
Virginia Electric & Power 8.875% 06/01/99 450 457
Virginia Electric & Power MTN 9.650% 01/25/99 990 995
- -------------------------------------------------------------------------------------------------
10,160
- -------------------------------------------------------------------------------------------------
Total Corporate Bond (Cost $282,450) 98,547
- -------------------------------------------------------------------------------------------------
Certificates of Deposit--13.2%
Bankers Trust Company 4.850% 04/30/99
Bayerische Landesbank, New York (A) 5.108% 04/21/99 10,000 9,998
Commerzbank (A) 5.130% 04/14/99 10,000 9,999
CS First Boston 5.920% 12/14/99
Deutsche Bank, New York 5.640% 03/23/99 4,000 3,999
First Union Bank 5.660% 04/15/99
Key Bank 4.950% 12/16/98
Nations Bank 5.600% 12/21/98
Rabobank 5.750% 04/27/99 8,000 7,998
Societe Generale, New York 5.580% 02/10/99 2,000 2,000
Societe Generale, New York 5.800% 04/28/99 9,000 8,996
Societe Generale, New York 5.850% 12/17/98
- -------------------------------------------------------------------------------------------------
------------------------------ --------------------------
Crestar/Arbor Prime
Obligations Fund Pro Forma Combined
------------------------------ --------------------------
- -----------------------------------------------------------------------------------------------------------
Security Par (000) Value (000) Par (000) Value (000)
- -----------------------------------------------------------------------------------------------------------
International Lease Finance 300 302
International Lease Finance MTN 500 500
Nationsbank 1,000 1,006
Nationsbank 10,000 10,010
PHH Corporation 10,000 10,000 10,000 10,000
PNC Bank 20,000 19,995 20,000 19,995
PNC Bank 10,000 9,996 10,000 9,996
PNC Bank 10,000 9,996
Salomon Smith Barney MTN 2,000 2,001
Transamerica Financial 13,500 13,500
Transamerica MTN (A) 1,500 1,500
Xerox Credit 780 790
- ----------------------------------------------------------------------------------------------------------
145,014 231,369
- ----------------------------------------------------------------------------------------------------------
Industrial--0.1%
Fortune Brands 1,025 1,032
IBM MTN 1,000 1,000
- ----------------------------------------------------------------------------------------------------------
- 2,032
- ----------------------------------------------------------------------------------------------------------
Utilities--0.7%
Alabama Power 4,500 4,544
GTE Northwest 650 650
Hydro-Quebec Yankee MTN 1,000 1,001
Hydro-Quebec Yankee MTN 1,000 1,005
Pacific Gas & Electric 1,000 1,000
Southern California Edison 505 508
Virginia Electric & Power 450 457
Virginia Electric & Power MTN 990 995
- ----------------------------------------------------------------------------------------------------------
- 10,160
- ----------------------------------------------------------------------------------------------------------
Total Corporate Bond (Cost $282,450) 145,014 243,561
- ----------------------------------------------------------------------------------------------------------
Certificates of Deposit--13.2%
Bankers Trust Company 10,000 9,998 10,000 9,998
Bayerische Landesbank, New York (A) 10,000 9,998
Commerzbank (A) 10,000 9,999
CS First Boston 5,000 5,000 5,000 5,000
Deutsche Bank, New York 4,000 3,999
First Union Bank 20,000 20,000 20,000 20,000
Key Bank 30,000 30,000 30,000 30,000
Nations Bank 30,000 30,000 30,000 30,000
Rabobank 8,000 7,998
Societe Generale, New York 2,000 2,000
Societe Generale, New York 9,000 8,996
Societe Generale, New York 15,000 15,000 15,000 15,000
- ----------------------------------------------------------------------------------------------------------
Pro Forma Schedule of Investments (Unaudited)
STI Classic Funds Institutional Cash Management Fund
Crestar/Arbor Prime Obligations Fund
November 30, 1998
-------------------------------
STI Classic Institutional
Cash Management Fund
-------------------------------
- -------------------------------------------------------------------------------------------------------------------
Security Par (000) Value (000)
- -------------------------------------------------------------------------------------------------------------------
Societe Generale, New York 5.670% 03/11/99
Swiss Bank 5.750% 05/07/99
SBC Warburg, New York 5.650% 03/24/99 5,000 4,999
SBC Warburg, New York 5.810% 04/29/99 5,000 4,999
- -------------------------------------------------------------------------------------------------------------------
Total Certificates of Deposit (Cost $188,984) 52,988
- -------------------------------------------------------------------------------------------------------------------
Asset-Backed Securities--4.3%
Americredit Auto Receivables Trust, Ser 1998-B Cl A1 5.638% 09/12/99 2,886 2,886
Americredit Auto Recievables Trust, Ser 1998-B Cl A1 5.629% 06/12/99 1,441 1,441
Americredit Auto Recievables Trust, Ser 1998-B Cl A1 5.199% 11/12/99 8,000 8,000
Arcadia Auto Receivables Trust, Ser 1998-B Cl A1 5.470% 02/16/99 13,197 13,197
Arcadia Auto Receivables Trust, Ser 1998-B Cl A1 5.628% 07/15/99 1,562 1,562
Household Automobile Revolving Trust, Ser 1998-1, Cl A1 5.330% 12/17/99 18,000 18,000
Case Equipment Loan Trust, Ser 1998-C Cl A1 5.420% 12/15/99 10,400 10,400
Chase Manhattan Auto Owner Trust, Ser 1999-B Cl A1 5.578% 05/10/99 778 778
Compass Auto Receivables Trust, Ser 1998-A Cl A1 5.659% 07/15/99 1,583 1,583
First Security Auto Owner Trust, Ser 1998-1 Cl A1 5.248% 11/15/99 2,344 2,344
Ford Credit Auto Owner Trust, Ser 1998-B Cl A1 5.615% 05/15/99 228 228
Union Acceptance, Ser 1998-C Cl A1 5.527% 10/08/99 1,685 1,685
- -------------------------------------------------------------------------------------------------------------------
Total Asset-Backed Securities (Cost $62,104) 62,104
- -------------------------------------------------------------------------------------------------------------------
Insurance Funding Agreements--6.3%
General America Life GIC (A) 5.790% 12/01/98
Integrity Life Insurance GIC (A) 5.790% 12/01/98
- -------------------------------------------------------------------------------------------------------------------
Total Insurance Funding Agreements (Cost $90,000) -
- -------------------------------------------------------------------------------------------------------------------
Bank Notes--3.4%
American Express Centurion 5.223% 08/09/99 5,000 5,000
American Express Centurion (A) 5.169% 03/24/99 5,000 5,000
First National Bank, Chicago (A) 5.110% 04/19/99 10,000 9,998
Key Bank NA 5.160% 05/05/99 18,000 17,997
Northern Trust (A) 5.120% 04/09/99 10,000 9,999
- -------------------------------------------------------------------------------------------------------------------
Total Bank Notes (Cost $47,994) 47,994
- -------------------------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations--4.1%
FFCB MTN (A) 4.540% 03/02/99 10,000 9,999
FHLB 5.030% 04/09/99 1,000 1,000
FHLMC REMIC, Ser 1314-JB 7.500% 02/15/06 789 789
FNMA 7.050% 12/10/98 110 110
FNMA 5.165% 03/15/99
SLMA, MTN (A) 5.000% 04/01/99 50,000 4,999
SLMA 4.780% 08/02/99 12,000 11,975
- -------------------------------------------------------------------------------------------------------------------
Total U.S. Government Agency Obligations (Cost $58,424) 28,872
- -------------------------------------------------------------------------------------------------------------------
------------------------------ -------------------------------
Crestar/Arbor Prime
Obligations Fund Pro Forma Combined
------------------------------ -------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Security Par (000) Value (000) Par (000) Value (000)
- -----------------------------------------------------------------------------------------------------------------------
Societe Generale, New York 5,000 5,000 5,000 5,000
Swiss Bank 21,000 20,998 21,000 20,998
SBC Warburg, New York 5,000 4,999
SBC Warburg, New York 5,000 4,999
- -----------------------------------------------------------------------------------------------------------------------
Total Certificates of Deposit (Cost $188,984) 135,996 188,984
- -----------------------------------------------------------------------------------------------------------------------
Asset-Backed Securities--4.3%
Americredit Auto Receivables Trust, Ser 1998-B Cl A1 2,886 2,886
Americredit Auto Recievables Trust, Ser 1998-B Cl A1 1,441 1,441
Americredit Auto Recievables Trust, Ser 1998-B Cl A1 8,000 8,000
Arcadia Auto Receivables Trust, Ser 1998-B Cl A1 13,197 13,197
Arcadia Auto Receivables Trust, Ser 1998-B Cl A1 1,562 1,562
Household Automobile Revolving Trust, Ser 1998-1, Cl A1 18,000 18,000
Case Equipment Loan Trust, Ser 1998-C Cl A1 10,400 10,400
Chase Manhattan Auto Owner Trust, Ser 1999-B Cl A1 778 778
Compass Auto Receivables Trust, Ser 1998-A Cl A1 1,583 1,583
First Security Auto Owner Trust, Ser 1998-1 Cl A1 2,344 2,344
Ford Credit Auto Owner Trust, Ser 1998-B Cl A1 228 228
Union Acceptance, Ser 1998-C Cl A1 1,685 1,685
- -----------------------------------------------------------------------------------------------------------------------
Total Asset-Backed Securities (Cost $62,104) - 62,104
- -----------------------------------------------------------------------------------------------------------------------
Insurance Funding Agreements--6.3%
General America Life GIC (A) 45,000 45,000 45,000 45,000
Integrity Life Insurance GIC (A) 45,000 45,000 45,000 45,000
- -----------------------------------------------------------------------------------------------------------------------
Total Insurance Funding Agreements (Cost $90,000) 90,000 90,000
- -----------------------------------------------------------------------------------------------------------------------
Bank Notes--3.4%
American Express Centurion 5,000 5,000
American Express Centurion (A) 5,000 5,000
First National Bank, Chicago (A) 10,000 9,998
Key Bank NA 18,000 17,997
Northern Trust (A) 10,000 9,999
- -----------------------------------------------------------------------------------------------------------------------
Total Bank Notes (Cost $47,994) - 47,994
- -----------------------------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations--4.1%
FFCB MTN (A) 10,000 9,999
FHLB 1,000 1,000
FHLMC REMIC, Ser 1314-JB 789 789
FNMA 110 110
FNMA 30,000 29,552 30,000 29,552
SLMA, MTN (A) 50,000 4,999
SLMA 12,000 11,975
- -----------------------------------------------------------------------------------------------------------------------
Total U.S. Government Agency Obligations (Cost $58,424) 29,552 58,424
- -----------------------------------------------------------------------------------------------------------------------
Pro Forma Schedule of Investments (Unaudited)
STI Classic Funds Institutional Cash Management Fund
Crestar/Arbor Prime Obligations Fund
November 30, 1998
-------------------------------
STI Classic Institutional
Cash Management Fund
-------------------------------
- -------------------------------------------------------------------------------------------------------------------
Security Par (000) Value (000)
- -------------------------------------------------------------------------------------------------------------------
Foreign Government Agency Obligation--0.2%
Province of Quebec 9.375% 04/01/99 2,200 2,228
- -------------------------------------------------------------------------------------------------------------------
Total Foreign Government Agency Obligation (Cost $2,228) 2,228
- -------------------------------------------------------------------------------------------------------------------
Municipal Bond--3.1%
Tampa Bay Devil Rays Limited 5.050% 12/01/99
- -------------------------------------------------------------------------------------------------------------------
Total Municipal Bond (Cost $45,000) -
- -------------------------------------------------------------------------------------------------------------------
Repurchase Agreements--12.9%
Barclays, 5.39%, dated 11/30/98, matures 12/01/98 68,692 68,692
Deutsche Bank, 5.39%, dated 11/30/98, matures 12/01/98 21,157 21,157
Greewich, 5.39%, dated 11/30/98, matures 12/01/98
Merrill Lynch, 5.39%, dated 11/30/98, matures 12/01/98 29,936 29,936
Morgan Stanley, 5.39%, dated 11/30/98, matures 12/01/98 5,000 5,000
PaineWebber, 5.39%, dated 11/30/98, matures 12/01/998
Salomon Brothers, 5.39%, dated 11/30/98, matures 12/01/98 17,455 17,455
- -------------------------------------------------------------------------------------------------------------------
Total Repurchase Agreements (Cost $184,075) 142,240
- -------------------------------------------------------------------------------------------------------------------
Total Investments --101.0%
(Cost $1,446,468) 604,913
- -------------------------------------------------------------------------------------------------------------------
Other Asset and Liabilities --(1.0%) (17,463)
- -------------------------------------------------------------------------------------------------------------------
Net Assets -- 100% 587,450
- -------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------
Crestar/Arbor Prime
Obligations Fund Pro Forma Combined
-----------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Security Par (000) Value (000) Par (000) Value (000)
- ---------------------------------------------------------------------------------------------------------------------
Foreign Government Agency Obligation--0.2%
Province of Quebec 2,200 2,228
- ---------------------------------------------------------------------------------------------------------------------
Total Foreign Government Agency Obligation (Cost $2,228) - 2,228
- ---------------------------------------------------------------------------------------------------------------------
Municipal Bond--3.1%
Tampa Bay Devil Rays Limited 45,000 45,000 45,000 45,000
- ---------------------------------------------------------------------------------------------------------------------
Total Municipal Bond (Cost $45,000) 45,000 45,000
- ---------------------------------------------------------------------------------------------------------------------
Repurchase Agreements--12.9%
Barclays, 5.39%, dated 11/30/98, matures 12/01/98 68,692 68,692
Deutsche Bank, 5.39%, dated 11/30/98, matures 12/01/98 21,157 21,157
Greewich, 5.39%, dated 11/30/98, matures 12/01/98 20,000 20,000 20,000 20,000
Merrill Lynch, 5.39%, dated 11/30/98, matures 12/01/98 16,949 16,949 46,885 46,885
Morgan Stanley, 5.39%, dated 11/30/98, matures 12/01/98 5,000 5,000
PaineWebber, 5.39%, dated 11/30/98, matures 12/01/998 4,886 4,886 4,886 4,886
Salomon Brothers, 5.39%, dated 11/30/98, matures 12/01/98 17,455 17,455
- --------------------------------------------------------------------------------------------------------------------
Total Repurchase Agreements (Cost $184,075) 41,835 184,075
- --------------------------------------------------------------------------------------------------------------------
Total Investments --101.0%
(Cost $1,446,468) 841,555 1,446,468
- --------------------------------------------------------------------------------------------------------------------
Other Asset and Liabilities --(1.0%) 2,488 (14,975)
- --------------------------------------------------------------------------------------------------------------------
Net Assets -- 100% 844,043 1,431,493
- --------------------------------------------------------------------------------------------------------------------
(A) Adjustable Rate Security--The rate reflected on the Statement of Net Assets
is the rate in effect on November 30, 1998. The date reported on the Statement
of Net Assets is the later of the date on which the security can be redeemed at
par or the next date on which the rate of interest is adjusted.
Cl-Class
FFCB-Federal Farm Credit Bank
FHLB-Federal Home Loan Bank
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
GIC-Guaranteed Investment Contract
MTN-Medium Term Note
REMIC-Real Estate Mortgage Investment Conduit
Ser-Series
SLMA-Student Loan Marketing Association
Pro Forma Statement of Assets and Liabilities (Unaudited)
STI Classic Funds Institutional Cash Management Fund
Crestar/Arbor Prime Obligations Fund
November 30, 1998
(000)
Pro Forma
Combined STI
Classic
STI Classic Institutional
Institutional Crestar/Arbor Cash
Cash Management Prime Management
Money Market Obligations Pro Forma Money Market
Fund Fund Adjustments Fund
ASSETS
Total Investments at Amortized Cost Value (Cost $604,913,
$841,555 and $1,446,468) $604,913 $841,555 $1,446,468
Cash 8 0 8
Accrued Income 3,013 6,569 9,582
Other Assets 119 718 837
------------ --------------- -----------
Total Assets 608,053 848,842 1,456,895
------------ --------------- -----------
LIABILITIES
Accrued Expenses (130) (903) (1,033)
Income/Distribution Payable (2,473) (3,896) (6,369)
Payable for Investment Securities Purchased (18,000) 0 (18,000)
------------ --------------- -----------
Total Liabilities (20,603) (4,799) (25,402)
------------ --------------- -----------
NET ASSETS
Portfolio shares of the Institutional Class (unlimited
authorization - no par value) based on (587,451, 1,431,497)
outstanding shares of beneficial interest 587,451 0 844,046 (a) 1,431,497
Portfolio shares of the Trust Class (unlimited authorization -
no par value) based on 844,046 outstanding shares of
beneficial interest 0 844,046 (844,046)(a) 0
Distributions in excess of net investment income (1) (3) (4)
------------ --------------- -----------
Total Net Assets $587,450 $844,043 $0 $1,431,493
------------ --------------- ------------- -----------
------------ --------------- ------------- -----------
Net Asset Value, Offering and Redemption Price Per Share -
Institutional Shares $1.00 $1.00
------------ -----------
------------ -----------
Net Asset Value, Offering and Redemption Price Per Share -
Trust Shares $1.00
---------------
---------------
Pro Forma Statement of Operations (000) For the Period December 1, 1997 to
November 30, 1998
Pro Forma Combined
STI Classic STI Classic
Institutional Cash Institutional Cash
Management Money Arbor Prime Management Money
Market Fund Obligations Fund Market Fund
------------------ ---------------- --------------------
Interest Income $ 22,646 $ 43,631 $ 66,277
------------------ ---------------- --------------------
Expenses:
Investment Advisory Fees 812 1,546 1 (b) 2,359
Less: Investment Advisory Fees Waived (326) (715) 618 (b) (423)
Administrator Fees 322 618 (78) (b) 862
Less: Administrator Fees Waived (82) (257) 103 (b) (236)
Transfer Agent Fees 8 232 (224)(b) 16
Transfer Agent Out of Pocket Fees 43 - 77 (b) 120
Printing Expenses 18 31 14 (b) 63
Custody Fees 10 259 (216)(b) 53
Professional Fees 8 25 24 (b) 57
Trustee Fees (2) - 12 (b) 10
Registration Fees 5 - 46 (b) 51
Insurance and Other Fees - 5 7 (b) 12
Amortization of Deferred Organization Costs - 3 - (b) 3
------------------ ---------------- --------- --------------------
Total Expenses 816 1,747 384 2,947
------------------ ---------------- --------- --------------------
Net Investment Income 21,830 41,884 63,330
------------------ ---------------- --------------------
Net Realized Gain on Securities Sold - - -
------------------ ---------------- --------------------
Increase in Net Assets Resulting From Operations $ 21,830 $ 41,884 $ 63,330
------------------ ---------------- --------------------
------------------ ---------------- --------------------
Amounts designated as "--" are either $0 or have been rounded to $0.
STI CLASSIC FUNDS/CRESTAR/ARBOR FUNDS
Notes to Pro Forma Financial Statements
November 30, 1998
1. BASIS OF COMBINATION
The unaudited Pro Forma Combining Schedule of Investments, Pro Forma Combining
Statements of Assets and Liabilities and Pro Forma Combining Statements of
Operations give effect to the proposed acquisition of the Arbor Prime
Obligations Fund by the STI Classic Institutional Cash Management Money Market
Fund. The proposed acquisition will be accounted for by the method of accounting
for tax free mergers of investment companies (sometimes referred to as the
pooling without restatement method). The acquisition will be accomplished by an
exchange of all outstanding shares of the Trust Class of the Arbor Prime
Obligations Fund in exchange for shares of the Institutional Class of the STI
Classic Institutional Cash Management Money Market Fund.
The pro forma combining statements should be read in conjunction with the
historical financial statements of the constituent funds and the notes thereto
incorporated by reference in the Statement of Additional Information.
The STI Classic Funds and the Arbor Funds are both, open-end, management
investment company registered under the Investment Company Act of 1940, as
amended.
PRO FORMA ADJUSTMENTS:
(a) The Pro Forma combining statements of assets and liabilities assume the
issuance of additional shares of the respective STI Classic Fund as if the
reorganization had taken place on November 30, 1998 and are based on the
net asset value of the acquiring fund. In addition, the Arbor Prime
Obligation Fund is the surviving fund for accounting purposes and
accordingly, while the legal entity surviving will be the STI Classic
Institutional Cash Management Fund, the performance history of the Arbor
Prime Obligation Fund will be carried forward..
(b) The Proforma adjustments reflect the impact of applying the contractual
fees in place for the legally surviving STI Classic Institutional Cash
Management Fund for Advisor, Administration and Distribution as well as the
expected savings in other expenses due to the combination of the funds.