-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WVzflIXnr9VWXLWPZfz7bNIX6myOdQ3WdliepRv19TXFTM6CPVsZ/RRR6WA8bfrr 63r7wnQBPcvpNcl8u4VCZg== 0000935069-00-000031.txt : 20000203 0000935069-00-000031.hdr.sgml : 20000203 ACCESSION NUMBER: 0000935069-00-000031 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991130 FILED AS OF DATE: 20000131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STI CLASSIC FUNDS CENTRAL INDEX KEY: 0000883939 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06557 FILM NUMBER: 517871 BUSINESS ADDRESS: STREET 1: 2 OLIVER STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6109896602 MAIL ADDRESS: STREET 1: 530 E SWEDESFORD ROAD CITY: WAYNE STATE: PA ZIP: 19087-1693 N-30D 1 STI CLASSIC EQUITY FUNDS SEMI-ANNUAL - -------------------------------------------------------------------------------- FINANCIAL REPORT STI CLASSIC EQUITY FUNDS A Family of Mutual Funds November 30, 1999 [Logo Omitted] 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, 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. /s/signature omitted STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 BALANCED FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (56.5%) BASIC MATERIALS (0.7%) Air Products & Chemicals 41,800 $ 1,353 Mead 12,200 435 Monsanto 14,600 616 ------ 2,404 ------ CAPITAL GOODS (7.4%) Allied Waste Industries* 12,600 102 Eastman Kodak 5,100 316 General Dynamics 7,100 366 General Electric 66,100 8,593 Honeywell 13,400 1,500 Minnesota Mining & Manufacturing 10,100 965 Republic Services, Cl A* 45,100 561 Textron 45,600 3,240 Tyco International 133,018 5,329 United Technologies 48,900 2,763 Waste Management* 25,161 409 W.W. Grainger 14,500 683 ------ 24,827 ------ COMMUNICATION SERVICES (1.9%) Centurytel 25,900 1,191 Charter Communications* 17,400 403 Fox Entertainment Group, Cl A* 25,900 596 GTE 17,300 1,263 MCI WorldCom* 18,743 1,550 Sprint 16,900 1,172 ------ 6,175 ------ CONSUMER CYCLICALS (12.2%) Abercrombie & Fitch, Cl A* 13,700 444 Bed Bath & Beyond* 25,000 781 Brinker International* 41,400 937 Carnival 39,300 1,734 Cendant* 113,341 1,877 Costco Wholesale* 31,500 2,888 CVS 60,800 2,413 Ecolab 48,200 1,669 Family Dollar Stores 16,100 289 Gannett 22,900 1,639 Harley-Davidson 9,000 549 Hasbro 53,700 1,158 Home Depot 3,700 293 Interpublic Group 12,300 578 Kroger* 117,700 2,508 Lear* 32,400 1,071 Linens 'N Things* 24,300 820 Lowe's 68,200 3,397 Masco 98,550 2,488 Maytag 16,000 763 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CONSUMER CYCLICALS--CONTINUED Mediaone Group* 19,900 $ 1,577 New York Times, Cl A 15,200 584 Office Depot* 137,350 1,528 Royal Caribbean Cruises 6,200 306 Saks* 51,400 899 SPX* 12,100 901 Starwood Hotels and Resorts* 3,955 88 Tandy 64,400 4,935 Time Warner 12,700 783 United Rentals* 34,200 590 Young & Rubicam* 3,800 198 ------ 40,685 ------ CONSUMER STAPLES (4.7%) Anheuser Busch 7,900 591 Coca Cola Enterprises 50,000 1,059 ConAgra 55,300 1,334 Dial 26,600 746 Flowers Industries 23,800 390 Kimberly Clark 3,800 243 General Mills 11,300 426 Nabisco Group Holdings 64,900 750 Nike, Cl B 600 28 Pepsi Bottling Group* 39,200 686 PepsiCo 60,200 2,081 Philip Morris 2,300 61 Ralston Purina 9,000 267 Rite Aid 40,200 304 Safeway* 22,900 844 Sara Lee 33,400 810 Seagram 24,500 1,067 Unilever NV* 24,300 1,323 US Foodservice* 80,160 1,453 Viacom, Cl B* 23,300 1,159 ------ 15,622 ------ ENERGY (2.8%) Anadarko Petroleum 11,800 355 Burlington Resources 42,500 1,429 Conoco 38,200 1,000 Consolidated Natural Gas 8,600 551 EOG Resourses 23,700 438 Halliburton 7,300 282 Mobil 6,000 626 Niagara Mohawk Holdings* 12,100 181 Texaco 50,900 3,102 Unocal 39,600 1,314 ------ 9,278 ------ 2 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FINANCIALS (5.9%) Ace Ltd 57,300 $ 974 American International Group 23,328 2,409 AmSouth Bancorp 18,401 415 Associates First Capital 28,100 934 Bank of America 28,231 1,652 Bank United, Cl A 14,100 502 BB&T 4,700 151 Comerica 6,400 339 Conseco 46,000 932 Equifax 5,900 146 FHLMC 28,800 1,422 First Security 6,500 183 Fleet Boston Financial 42,870 1,621 Mellon Financial 57,600 2,099 MGIC Investment 7,400 418 PNC Bank 13,100 730 Radian Group 10,200 499 Torchmark 9,700 308 U.S. Bancorp 35,700 1,220 Unumprovident 46,100 1,501 Washington Mutual 46,576 1,351 ------ 19,806 ------ HEALTH CARE (6.9%) Alza, Cl A* 39,500 1,706 American Home Products 30,100 1,565 Baxter International 35,800 2,419 Bristol-Myers Squibb 22,800 1,666 Cardinal Health 49,665 2,598 Eli Lilly 53,350 3,828 Forest Laboratories* 24,800 1,269 Health Management Associates, Cl A* 55,800 687 Healthsouth* 56,828 323 Medtronic 10,300 400 Merck 29,800 2,339 Schering Plough 10,700 547 Tenet Healthcare* 26,400 589 Warner Lambert 34,000 3,049 ------ 22,985 ------ TECHNOLOGY (13.9%) ADC Telecommunications* 35,800 1,909 Agilent Technologies Inc* 3,600 152 Analog Devices* 12,400 712 BMC Software* 12,000 874 Ceridian* 81,100 1,754 Cisco Systems* 62,000 5,530 Computer Sciences* 16,400 1,070 Comverse Technology* 7,600 919 Dell Computer* 4,000 172 EMC* 34,800 2,908 - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- TECHNOLOGY--CONTINUED General Instrument* 13,300 $ 871 Hewlett Packard 19,000 1,803 IBM 59,400 6,122 Intel 40,100 3,075 Lucent Technologies 49,088 3,586 Microsoft* 77,900 7,093 Nortel Networks 15,100 1,117 Sun Microsystems* 32,300 4,272 Texas Instruments 22,300 2,142 Xerox 8,600 233 ------ 46,314 ------ TRANSPORTATION (0.1%) Delta Air Lines 4,600 227 Southwest Airlines 10,300 168 Trans World Air* 4,100 86 ------ 481 ------ Total Common Stocks (Cost $148,790) 188,577 ------- PREFERRED STOCKS (1.1%) COMMUNICATION SERVICES (0.2%) Cox Communication, CV to 0.8621 Shares* 7,300 650 ------ CONSUMER STAPLES (0.3%) Suiza Capital Trust II, CV to 0.639 Shares, Callable 04/02/01 @ 51.719 35 1,158 ------ ENERGY (0.5%) Apache, CV to 0.8197 Shares 22,000 748 CMS Energy, CV to 0.783 Shares* 26,200 956 ------ 1,704 ------ FINANCE (0.1%) Conseco Financial Trust, CV to 0.9363 Shares 10,000 263 ------ Total Preferred Stocks (Cost $4,246) 3,775 ------ CORPORATE OBLIGATIONS (25.8%) FINANCE (18.4%) Aon 6.900%, 07/01/04 $ 3,400 3,332 Aristar 7.250%, 06/15/06 2,600 2,535 Associates 6.250%, 11/01/08 3,650 3,399 Bank of America 6.625%, 06/15/04 2,000 1,965 3 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 BALANCED FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- FINANCE--CONTINUED Cit Group Holdings 6.500%, 06/14/02 $ 2,850 $ 2,825 Conseco 8.500%, 10/15/02 2,400 2,400 6.800%, 06/15/05 1,800 1,645 6.400%, 06/15/11 2,000 1,948 Countrywide Home Loan 6.850%, 06/15/04 2,750 2,685 Countrywide Home Loan, Ser F, MTN 6.510%, 02/11/05 2,300 2,205 Donaldson Lufkin, MTN 6.150%, 05/04/04 1,250 1,192 Finova Capital 7.250%, 07/12/06 2,200 2,148 Finova Capital, MTN 7.300%, 09/22/03 3,000 2,978 Ford Motor Credit 6.125%, 04/28/03 4,000 3,900 General Electric Capital, Ser A, MTN 6.267%, 07/23/03 4,250 4,170 6.810%, 11/03/03 2,350 2,350 Great Western Financial 8.600%, 02/01/02 800 818 Heller Financial, Ser I, MTN 6.500%, 07/22/02 2,250 2,213 Household Finance 7.200%, 07/15/06 2,250 2,242 Paine Webber Group, Ser C, MTN 6.020%, 04/22/02 3,000 2,918 Provident 7.000%, 07/15/18 2,550 2,209 Reliastar Financial 8.000%, 10/30/06 1,350 1,342 6.500%, 11/15/08 2,000 1,840 Salomon 7.300%, 05/15/02 1,750 1,765 Salomon Smith Barney 6.250%, 01/15/05 1,750 1,667 Wachovia 5.625%, 12/15/08 1,300 1,165 Washington Mutual 7.500%, 08/15/06 1,425 1,425 ------ 61,281 ------ - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- INDUSTRIAL (6.6%) AT&T 6.000%, 03/15/09 $ 2,600 $ 2,395 6.500%, 03/15/29 2,750 2,403 AT&T Capital, MTN 6.890%, 01/25/02 2,750 2,740 Dillards 6.430%, 08/01/04 2,700 2,562 Dow Chemical 7.375%, 11/01/29 1,000 973 Marriot International 7.875%, 09/15/09 1,500 1,491 Philip Morris 7.500%, 04/01/04 1,000 986 Procter & Gamble 6.875%, 09/15/09 1,150 1,146 Sprint Capital 6.900%, 05/01/19 2,000 1,850 Times Mirror 7.450%, 10/15/09 1,000 1,009 Trans-Canada Pipelines 7.150%, 06/15/06 1,800 1,760 Wal-Mart Stores 6.875%, 08/10/09 2,800 2,783 ------ 22,098 ------ UTILITIES (0.8%) Florida Power & Light 5.875%, 04/01/09 3,000 2,738 ------ Total Corporate Obligations (Cost $88,390) 86,117 ------ CONVERTIBLE BONDS (0.7%) Baker Hughes, CV to 18.599 Shares, Callable 12/27/99 @ 73.18 (A) 0.000%, 05/05/08 600 425 Network Associates, CV to 8.538 Shares (A) 0.000%, 02/13/18 1,000 373 Potomac Electric Power, CV to 29.5 Shares 5.000%, 09/01/02 1,300 1,237 WMX Technologies, CV to 18.9065 Shares, Callable 03/15/00 @ 84.303 2.000%, 01/24/05 500 409 ------ Total Convertible Bonds (Cost $2,663) 2,444 ------ 4 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (3.0%) FHLMC 5.750%, 03/15/09 $ 4,600 $ 4,267 FNMA 6.250%, 05/15/29 6,250 5,672 ------ Total U.S. Agency Mortgage-Backed Obligations (Cost $9,913) 9,939 ------ U.S. TREASURY OBLIGATIONS (7.3%) U.S. Treasury Bonds 7.500%, 11/15/16 6,550 7,135 U.S. Treasury Notes 6.000%, 08/15/09 14,325 14,138 6.125%, 08/15/29 3,225 3,160 ------ Total U.S. Treasury Obligations (Cost $24,716) 24,433 ------ REPURCHASE AGREEMENTS (5.2%) Greenwich 5.67%, dated 11/30/99, matures 12/01/99, repurchase price $17,188,692 (collateralized by various FNMA obligations: total market value $17,533,952) (D) 17,189 17,189 ------ Total Repurchase Agreements (Cost $17,189) 17,189 ------ Total Investments (99.6%) (Cost $295,907) 332,474 ------- OTHER ASSETS AND LIABILITIES, NET (0.4%) 1,232 ------- - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 18,029,176 outstanding shares of beneficial interest $200,876 Fund shares of the Investor Class (unlimited authorization -- no par value) based on 990,043 outstanding shares of beneficial interest 11,537 Fund shares of the Flex Class (unlimited authorization -- no par value) based on 6,184,255 outstanding shares of beneficial interest 79,446 Undistributed net investment income 1,111 Accumulated net realized gain on investments 4,169 Net unrealized appreciation on investments 36,567 -------- TOTAL NET ASSETS (100.0%) $333,706 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 13.26 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 13.32 ======== Maximum Offering Price Per Share -- Investor Class ($13.32 / 96.25%) $ 13.84 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $ 13.16 ======== (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 40. 5 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 CAPITAL APPRECIATION FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (92.7%) BASIC MATERIALS (1.1%) Air Products & Chemicals 388,300 $ 12,571 Mead 130,300 4,650 Monsanto 124,800 5,265 -------- 22,486 -------- CAPITAL GOODS (11.6%) Allied Waste Industries* 201,200 1,635 Eastman Kodak 53,200 3,292 General Dynamics 105,400 5,435 General Electric 691,800 89,934 Honeywell 115,500 12,929 Minnesota Mining & Manufacturing 107,700 10,292 Republic Services, Cl A* 472,800 5,880 Textron 428,600 30,457 Tyco International 1,399,504 56,068 United Technologies 415,600 23,481 W.W. Grainger 77,500 3,652 Waste Management* 226,156 3,675 ------- 246,730 ------- COMMUNICATION SERVICES (3.2%) Centurytel 294,850 13,563 Charter Communications* 178,600 4,141 Fox Entertainment Group, Cl A* 188,300 4,331 GTE 183,800 13,417 MCI WorldCom* 228,269 18,875 Sprint 204,800 14,208 ------ 68,535 ------ CONSUMER CYCLICALS (20.3%) Abercrombie & Fitch, Cl A* 143,100 4,633 Bed Bath & Beyond* 278,000 8,687 Brinker International* 427,900 9,681 Carnival 472,300 20,840 Cendant* 1,051,715 17,419 Costco Wholesale* 358,800 32,897 CVS 667,300 26,483 Ecolab 477,800 16,544 Family Dollar Stores 167,100 2,997 Gannett 258,200 18,477 Harley-Davidson 90,000 5,490 Hasbro 565,100 12,185 Home Depot 39,100 3,091 Interpublic Group 137,300 6,453 Kroger* 1,312,800 27,979 Lear* 352,300 11,648 Linens 'N Things* 256,000 8,640 Lowe's 765,700 38,141 Masco 879,800 22,215 Maytag 175,200 8,355 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CONSUMER CYCLICALS--CONTINUED Mediaone Group* 215,700 $ 17,094 New York Times, Cl A 172,200 6,619 Office Depot* 1,560,950 17,366 Royal Caribbean Cruises 33,500 1,654 Saks* 470,600 8,235 SPX* 133,600 9,953 Starwood Hotels and Resorts* 434 10 Tandy 689,500 52,833 Time Warner 132,600 8,180 United Rentals* 313,600 5,410 Young & Rubicam* 40,100 2,093 -------- 432,302 -------- CONSUMER STAPLES (7.4%) Anheuser Busch 83,800 6,269 Coca Cola Enterprises 319,700 6,774 ConAgra 443,700 10,704 Dial 288,700 8,102 Flowers Industries 272,800 4,467 General Mills 610,003 2,280 Kimberly Clark 37,600 2,402 Nabisco Group Holdings 617,400 7,139 Nike, Cl B 6,600 304 Pepsi Bottling Group* 479,400 8,389 PepsiCo 643,600 22,244 Philip Morris 25,100 660 Ralston Purina 94,100 2,794 Rite Aid 345,600 2,614 Safeway* 260,300 9,599 Sara Lee 392,400 9,516 Seagram 223,700 9,745 Unilever NV* 259,700 14,137 US Foodservice* 877,900 15,912 Viacom, Cl B* 244,000 12,139 ------- 156,190 ------- ENERGY (4.5%) Anadarko Petroleum 129,050 3,888 Burlington Resources 454,800 15,293 Conoco 414,500 10,855 Consolidated Natural Gas 116,800 7,490 EOG Resourses 273,300 5,056 Halliburton 88,500 3,424 Mobil 33,000 3,442 Niagara Mohawk Holdings* 133,700 2,006 Texaco 519,100 31,633 Unocal 361,300 11,991 ------ 95,078 ------ 6 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FINANCIALS (9.3%) Ace Ltd 521,300 $ 8,862 American International Group 250,495 25,864 AmSouth Bancorp 189,500 4,276 Associates First Capital 271,300 9,021 Bank of America 308,938 18,073 Bank United, Cl A 87,900 3,131 BB&T 48,900 1,571 Comerica 66,000 3,498 Conseco 510,600 10,340 Equifax 61,900 1,532 FHLMC 222,500 10,986 First Security 77,700 2,185 Fleet Boston Financial 453,440 17,146 Mellon Financial 595,800 21,709 MGIC Investment 74,500 4,209 PNC Bank 138,800 7,738 Radian Group 110,000 5,376 Torchmark 87,500 2,778 U.S. Bancorp 382,700 13,084 Unumprovident 366,900 11,947 Washington Mutual 511,924 14,846 ------- 198,172 ------- HEALTH CARE (11.0%) Alza, Cl A* 423,700 18,299 American Home Products 264,400 13,749 Baxter International 384,000 25,944 Bristol-Myers Squibb 250,000 18,266 Cardinal Health 542,153 28,361 Eli Lilly 378,150 27,132 Forest Laboratories* 275,300 14,092 Health Management Associates, Cl A* 781,600 9,623 Healthsouth* 523,419 2,977 Medtronic 105,800 4,113 Merck 342,764 26,907 Schering Plough 134,900 6,897 Tenet Healthcare* 275,900 6,156 Warner Lambert 357,000 32,018 ------- 234,534 ------- TECHNOLOGY (24.1%) ADC Telecommunications* 282,900 15,082 Agilent Technologies Inc* 36,500 1,540 Analog Devices* 141,800 8,145 BMC Software* 200,800 14,621 Ceridian* 885,300 19,145 Cisco Systems* 771,000 68,764 Computer Sciences* 184,200 12,019 Comverse Technology* 40,300 4,871 Dell Computer* 32,100 1,380 EMC* 395,400 33,041 General Instrument* 143,700 9,412 - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- TECHNOLOGY--CONTINUED Hewlett Packard 201,000 $ 19,070 IBM 614,900 63,373 Intel 465,800 35,721 Lucent Technologies 565,351 41,306 Microsoft* 866,850 78,924 Nortel Networks 188,800 13,971 Sun Microsystems* 336,000 44,436 Texas Instruments 264,600 25,418 Xerox 67,300 1,821 --------- 512,060 --------- TRANSPORTATION (0.2%) Delta Air Lines 48,700 2,398 Southwest Airlines 114,800 1,873 Trans World Air* 4,400 92 --------- 4,363 --------- Total Common Stocks (Cost $1,449,242) 1,970,450 --------- PREFERRED STOCKS (1.9%) CONSUMER STAPLES (0.6%) Suiza Capital Trust II, CV to 0.6390 Shares, Callable 04/02/01 @ 51.719 358,100 11,683 --------- COMMUNICATION SERVICES (0.3%) Cox Communication, CV to 0.8621 Shares* 74,500 6,635 --------- ENERGY (1.0%) AES Trust III, CV to 0.7108 Shares* 75,000 3,877 Apache, CV to 0.8197 Shares 162,000 5,508 CMS Energy, CV to 0.783 Shares* 269,700 9,844 Coastal, CV to 0.5384 Shares* 88,000 2,068 --------- 21,297 --------- FINANCE (0.0%) Conseco Financial Trust, CV to 0.9363 Shares 5,500 145 --------- Total Preferred Stocks (Cost $41,885) 39,760 --------- CONVERTIBLE BONDS (1.0%) Baker Hughes, CV to 18.599 Shares, Callable 12/27/99 @ 73.18 (A) 0.000%, 05/05/08 $ 1,000 709 Clear Channel Communications, CV to 9.4535 Shares 1.500%, 12/01/02 2,000 1,980 Elan, CV to 13.75 Shares (A) 0.000%, 12/14/18 12,000 6,045 7 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 CAPITAL APPRECIATION FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- CONVERTIBLE BONDS--CONTINUED Molten Metal Technology, CV to 25.8065 Shares (B) 5.500%, 05/01/06 $ 10,000 $ 50 Network Associates, CV to 8.538 Shares, Callable 02/13/03 @ 49.452 (A) (B) 0.000%, 02/13/18 10,000 3,725 Network Associates, CV to 8.538 Shares (A) 0.000%, 02/13/18 2,000 745 Potomac Electric Power, CV to 29.5 Shares 5.000%, 09/01/02 1,000 951 Tower Automotive, CV to 38.6399 Shares 5.000%, 08/01/04 4,200 3,533 Waste Management, CV to 22.959 Shares 4.000%, 02/01/02 3,000 2,490 WMX Technologies, CV to 18.9065 Shares, Callable 03/15/00 @ 84.303 2.000%, 01/24/05 1,000 818 ------- Total Convertible Bonds (Cost $28,520) 21,046 ------- CASH EQUIVALENTS (0.4%) Aim Liquid Assets Portfolio (C) 7,942 7,942 ------- Total Cash Equivalents (Cost $7,942) 7,942 ------- REPURCHASE AGREEMENTS (4.3%) Deutsche Bank 5.67%, dated 11/30/99, matures 12/01/99, repurchase price $41,749,061 (collateralized by FHLMC obligation: total market value $42,584,043) (D) 41,749 41,749 Greenwich 5.67%, dated 11/30/99, matures 12/01/99, repurchase price $32,224,078 (collateralized by various FNMA obligations: total market value $32,869,625) (D) 32,224 32,224 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Salomon Brothers 5.67%, dated 11/30/99, matures 12/01/99, repurchase price $18,695,384 (collateralized by FHLMC obligation: total market value $19,620,547) (D) $18,695 $ 18,695 ---------- Total Repurchase Agreements (Cost $92,668) 92,668 ---------- Total Investments (100.3% ) (Cost $1,620,257) 2,131,866 ---------- OTHER ASSETS AND LIABILITIES, NET (-0.3%) (6,949) ---------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 98,594,473 outstanding shares of beneficial interest 1,158,347 Fund shares of the Investor Class (unlimited authorization -- no par value) based on 17,745,919 outstanding shares of beneficial interest 210,012 Fund shares of the Flex Class (unlimited authorization -- no par value) based on 9,794,481 outstanding shares of beneficial interest 149,973 Undistributed net investment loss (199) Accumulated net realized gain on investments 95,175 Net unrealized appreciation on investments 511,609 ---------- TOTAL NET ASSETS (100.0%) $2,124,917 ========== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 16.91 ========== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 16.76 ========== Maximum Offering Price Per Share -- Investor Class ($16.76 / 96.25%) $ 17.41 ========== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares (1) $ 16.37 ========== (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 40. 8 - -------------------------------------------------------------------------------- (UNAUDITED) CORE EQUITY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (95.1%) BASIC MATERIALS (1.4%) Avery Dennison 26,400 $ 1,567 ------- CAPITAL GOODS (13.3%) Applied Materials* 12,000 1,169 Corning 12,500 1,171 Dover 37,000 1,605 Minnesota Mining & Manufacturing 19,600 1,873 Motorola 11,200 1,280 Sysco 63,600 2,421 Tellabs* 40,800 2,647 Tyco International 62,300 2,496 ------- 14,662 ------- COMMUNICATION SERVICES (4.0%) Alltel 26,900 2,327 BellSouth 46,000 2,125 ------- 4,452 ------- CONSUMER CYCLICALS (22.7%) Brinker International* 58,300 1,319 CDW Computer Centers* 18,400 1,294 Circuit City 55,600 2,697 Costco Wholesale* 32,000 2,934 CVS 46,200 1,834 Family Dollar Stores 61,200 1,098 Gannett 25,000 1,789 Hasbro 52,000 1,121 Home Depot 34,300 2,712 Interpublic Group 41,000 1,927 Limited 49,300 2,092 Liz Claiborne 37,000 1,385 Omnicom Group 13,800 1,216 Wal-Mart Stores 28,500 1,642 ------- 25,060 ------- CONSUMER STAPLES (4.9%) Anheuser Busch 26,900 2,012 Nike, Cl B 20,400 938 Paychex 21,000 839 Procter & Gamble 15,000 1,620 ------- 5,409 ------- ENERGY (3.2%) EOG Resourses 106,100 1,963 Halliburton 41,500 1,606 ------- 3,569 ------- - -------------------------------------------------------------------------------- SHARES/ FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- FINANCIALS (16.3%) Aflac 46,500 $ 2,226 AMBAC 24,800 1,352 Capital One Financial 21,700 1,010 Citigroup 46,800 2,521 FHLMC 45,400 2,242 Firstar 79,600 2,070 MBNA 57,400 1,449 MGIC Investment 29,000 1,638 Providian Financial 31,700 2,508 Zebra Technologies, Cl A* 16,400 990 ------- 18,006 ------- HEALTH CARE (7.9%) Amgen* 22,600 1,030 Biomet 32,500 1,030 Johnson & Johnson 16,700 1,733 Schering Plough 51,800 2,648 Warner Lambert 25,400 2,278 ------- 8,719 ------- TECHNOLOGY (21.4%) Allied Signal 43,800 2,620 BMC Software* 22,200 1,616 Cisco Systems* 20,000 1,784 Compuware* 96,600 3,266 EMC* 25,200 2,106 Electronics for Imaging* 44,700 1,992 Intel 37,600 2,883 Microsoft* 22,300 2,030 Oracle* 28,000 1,899 Synopsys* 20,500 1,484 Texas Instruments 20,000 1,921 ------- 23,601 ------- Total Common Stocks (Cost $97,057) 105,045 ------- REPURCHASE AGREEMENT (5.0%) Morgan Stanley 5.65%, dated 11/30/99, matures 12/01/99, repurchase price $5,536,208, (collateralized by FNMA obligation: total market value $5,647,845) $ 5,536 5,536 ------- Total Repurchase Agreement (Cost $5,536) 5,536 ------- Total Investments (100.1%) (Cost $102,593) 110,581 ------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) (105) ------- 9 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 CORE EQUITY FUND--CONCLUDED - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 10,201,314 outstanding shares of beneficial interest $102,395 Distribution in excess of net investment income (13) Accumulated net realized gain on investments 106 Net unrealized appreciation on investments 7,988 -------- TOTAL NET ASSETS 100.0% $110,476 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 10.83 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40. 10 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 (UNAUDITED) EMERGING MARKETS EQUITY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FOREIGN COMMON STOCKS (58.2%) ARGENTINA (1.3%) Capex, Cl A* 4,189 $ 22 Quilmes Industrial 22,000 256 ----- 278 ----- BRAZIL (3.1%) Telesp Participacoes 36,100 650 ----- CHILE (3.9%) Administradora de Fondos de Pensiones Provida ADR 29,500 607 Banco de A. Edwards ADR Rights* 4,674 3 Quimica Y Minera Chile ADR 8,300 236 ----- 846 ----- CZECH REPUBLIC (2.2%) SPT Telecom 33,000 476 ----- GREECE (2.2%) Hellenic Telecommunication Organization 21,583 463 ----- HONG KONG (5.5%) First Pacific 2,200,000 1,190 ----- HUNGARY (1.7%) Matav 60,000 365 ----- INDIA (1.5%) Mahanagar Telephone Nigam GDR 36,500 324 ----- INDONESIA (7.1%) Gulf Indonesia Resources* 150,000 1,134 Indonesian Satellite ADR 18,000 250 PT Indosat, F 96,000 135 ----- 1,519 ----- ISRAEL (4.8%) ECI Telecommunications 40,800 1,023 ----- MEXICO (6.7%) Fomento Economico Mexicano ADR 10,000 379 Grupo Continental 235,500 347 Panamerican Beverages 38,300 718 ----- 1,444 ----- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- PHILIPPINES (6.90%) Ayala 2,000,000 $ 478 San Miguel 729,000 1,007 ------- 1,485 ------- SINGAPORE (8.1%) Overseas - Chinese Banking 34,650 260 Asia Pulp & Paper ADR* 175,000 1,486 ------- 1,746 ------- SOUTH AFRICA (3.2%) South African Breweries 73,616 692 ------- Total Foreign Common Stocks (Cost $12,880) 12,501 ------- Total Investments (58.2%) (Cost $12,880) $12,501 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40. 11 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 E-COMMERCE OPPORTUNITY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (91.3%) CAPITAL GOODS (17.0%) Alpha Industries* 1,700 $ 103 Cobalt Networks* 1,000 169 Copart* 4,510 117 Corning 2,107 197 Enron 3,316 126 Ericsson Telephone ADR 7,734 373 JDS Uniphase* 1,031 236 Motorola 3,211 367 Network Appliance* 1,600 188 Qualcomm* 948 343 Safeguard Scientifics* 3,281 365 Symbol Technologies 4,000 191 Tellabs* 3,572 232 VerticalNet* 2,147 188 Winstar Communications* 3,212 163 Zebra Technologies, Cl A* 2,060 124 ------ 3,482 ------ COMMUNICATION SERVICES (9.6%) Amdocs* 14,459 509 America Online* 5,726 416 AT&T-Liberty Media, Cl A* 5,984 250 Broadvision* 2,365 220 Exodus Communications* 1,927 208 Globalstar Telecommunications Limited* 5,901 142 MCI WorldCom* 2,560 212 ------ 1,957 ------ CONSUMER CYCLICALS (20.7%) Cox Communications* 3,203 151 Ebay* 1,898 313 Federated Department Stores* 2,739 129 First Data 4,596 199 IXL Enterprises* 11,517 415 Omnicom Group 2,849 251 Priceline.com* 3,141 195 Sotheby's Holdings, Cl A 5,870 183 Sykes Enterprises* 7,471 298 Time Warner 3,780 233 TMP Worldwide* 2,951 280 USWeb* 2,275 94 Verisign* 1,503 279 Viant* 4,700 390 Vignette* 1,314 272 Wal-Mart Stores 5,597 322 Webvan Group* 2,500 62 Whittman-Hart* 2,730 168 ------ 4,234 ------ - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CONSUMER STAPLES (2.2%) Colgate-Palmolive 4,000 $ 219 Viacom, Cl B* 4,512 224 ------ 443 ------ ENERGY (1.2%) Gemstar International* 2,168 244 ------ FINANCIALS (6.8%) American Express 2,017 305 Bank One 2,760 97 Charles Schwab 8,480 322 E*trade* 5,810 175 Goldman Sachs Group 3,730 280 Knight/Trimark Group, CL A* 5,210 215 ------ 1,394 ------ TECHNOLOGY (32.0%) Allaire* 1,500 228 Applied Micro Circuits* 2,458 204 Business Objects ADR* 4,018 356 Checkpoint Software* 2,388 338 Cisco Systems* 4,841 432 E-Tek Dynamics* 3,910 293 EMC* 3,126 261 Harbinger* 6,820 120 IBM 1,228 127 ISS Group* 6,000 289 Infospace.com* 3,500 356 Intel 1,802 138 Internet Capital Group* 1,126 189 Mercury Interactive* 1,930 160 Microsoft* 1,982 180 New Era of Networks* 6,000 289 Oracle* 6,427 436 Sapient* 4,136 321 Siebel Systems* 4,304 302 Sun Microsystems* 3,618 478 Texas Instruments 1,704 164 Tibco Software Inc* 4,927 478 Triquint Semiconductor* 2,770 236 Vitria Technology* 1,800 180 ------ 6,555 ------ TRANSPORTATION (1.8%) United Parcel Service* 5,400 357 ------ Total Common Stocks (Cost $16,134) 18,666 ------ 12 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (8.7%) Morgan Stanley 5.65%, dated 11/30/99, matures 12/01/99, repurchase price $1,787,388 (collateralized by FNMA obligation: total market value $1,823,965) (D) $1,787 $ 1,787 ------- Total Repurchase Agreement (Cost $1,787) 1,787 ------- Total Investments (100.0%) (Cost $17,921) $20,453 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40. 13 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 GROWTH AND INCOME FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (97.6%) BASIC MATERIALS (4.4%) International Paper 450,000 $ 23,484 Nucor 200,000 10,087 -------- 33,571 -------- CAPITAL GOODS (10.7%) Boeing 325,000 13,264 Deere 350,000 15,028 General Electric 100,000 13,000 Illinois Tool Works 200,000 12,950 Ingersoll-Rand 250,000 12,109 Philips Electronics ADR* 130,000 15,535 -------- 81,886 -------- COMMUNICATION SERVICES (4.5%) AT&T 300,000 16,762 SBC Communications 350,000 18,178 -------- 34,940 -------- CONSUMER CYCLICALS (10.4%) Albertson's 400,000 12,775 Dayton Hudson 275,000 19,405 Federated Department Stores* 250,000 11,766 Ford Motor 50,000 2,525 Lowe's 80,000 3,985 Modis Professional Services* 900,000 9,619 Walt Disney 700,000 19,512 -------- 79,587 -------- CONSUMER STAPLES (11.9%) Coca-Cola 150,000 10,097 Hershey Foods 300,000 14,737 Kellogg 450,000 15,244 PepsiCo 325,000 11,233 Philip Morris 450,000 11,841 Quaker Oats 175,000 11,419 Sara Lee 700,000 16,975 -------- 91,546 -------- ENERGY (8.3%) Exxon 180,000 14,276 Mobil 130,000 13,561 Royal Dutch Petroleum 200,000 11,600 Schlumberger 200,000 12,012 Texaco 200,000 12,187 -------- 63,636 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FINANCIALS (15.3%) American International Group 175,000 $ 18,069 Bank of America 175,000 10,238 Berkshire Hathaway, Cl B* 8,000 14,920 Citigroup 225,000 12,122 Fannie Mae 250,000 16,656 Fleet Boston Financial 200,000 7,562 KeyCorp 200,000 5,400 Morgan Stanley Dean Witter 75,000 9,047 Washington Mutual 300,000 8,700 Wells Fargo 325,000 15,113 -------- 117,827 -------- HEALTH CARE (9.9%) Amgen* 400,000 18,225 Johnson & Johnson 200,000 20,750 Merck 250,000 19,625 Schering Plough 350,000 17,894 -------- 76,494 -------- TECHNOLOGY (17.8%) 3Com* 450,000 17,916 Adaptec* 250,000 13,469 Cisco Systems* 200,000 17,838 Compaq Computer 250,000 6,109 Hewlett Packard 150,000 14,231 IBM 100,000 10,306 Intel 225,000 17,255 Microsoft* 150,000 13,657 Quantum* 800,000 12,600 Sun Microsystems* 100,000 13,225 -------- 136,606 -------- TRANSPORTATION (0.7%) Canadian Pacific Limited 250,000 5,422 -------- UTILITIES (3.7%) Duke Power 325,000 16,473 Southern 500,000 11,688 -------- 28,161 -------- Total Common Stocks (Cost $564,447) 749,676 -------- 14 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- (UNAUDITED) CASH EQUIVALENT OR MONEY MARKET FUND (3.2%) Aim Liquid Assets Portfolio $21,365 $ 21,365 SEI Daily Income Trust Prime Obligation Portfolio 3,449 3,449 -------- Total Cash Equivalent (Cost $24,814) 24,814 -------- Total Investments (100.8%) (Cost $589,261) 774,490 -------- OTHER ASSETS AND LIABILITIES, NET (-0.8%) (6,272) -------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 44,243,039 outstanding shares of beneficial interest 494,453 Fund shares of the Investor Class (unlimited authorization -- no par value) based on 2,512,324 outstanding shares of beneficial interest 32,217 Fund shares of the Flex Class (unlimited authorization -- no par value) based on 3,256,380 outstanding shares of beneficial interest 48,023 Undistributed net investment income 1,554 Accumulated net realized gain on investments 6,742 Net unrealized appreciation on investments 185,229 -------- TOTAL NET ASSETS (100.0%) $768,218 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 15.36 ======== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 15.47 ======== Maximum Offering Price Per Share -- Investor Class ($15.47 / 96.25%) $ 16.07 ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares(1) $ 15.33 ======== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40. 15 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FOREIGN COMMON STOCKS (75.2%) AUSTRALIA (2.6%) Broken Hill Proprietary 426,232 $ 4,669 Leighton Holdings 1,317,000 4,927 National Australia Bank 390,287 5,628 ------- 15,224 ------- AUSTRIA (0.9%) Erste Bank 59,300 2,859 Mayr-Melnhof Karton 65,000 2,715 ------- 5,574 ------- CANADA (0.0%) Nortel Networks 270 20 ------- DENMARK (0.1%) Danisco 17,700 725 ------- FRANCE (12.0%) Aventis 53,500 3,319 Coflexip Stena Offshore 82,900 6,858 Dexia France 53,380 8,810 ISIS 9,100 550 Lafarge 109,100 10,307 Lagardere S.C.A. 200,500 9,466 Schneider Electric 52,600 3,555 Suez Lyonnaise des Eaux 48,480 7,155 Technip 88,410 8,477 Total Fina, Cl B 62,261 8,297 Valeo 61,550 4,129 ------- 70,923 ------- GERMANY (3.1%) Henkel 117,650 7,418 Metallgesellschaft 578,900 10,716 ------- 18,134 ------- GREECE (1.1%) Hellenic Telecom Organization ADR 101,250 1,089 Hellenic Telecom Organization 242,202 5,200 ------- 6,289 ------- IRELAND (2.8%) Bank of Ireland 1,984,545 16,366 ------- ISRAEL (1.6%) ECI Telecommunications 380,280 9,531 ------- ITALY (2.0%) ENI 2,074,000 11,382 Saipem 165,400 647 ------- 12,029 ------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- JAPAN (17.5%) Aucnet 36,300 $ 3,204 Bank of Tokyo Mitsubishi 363,000 5,254 East Japan Railway 2,560 15,063 Fuji Electric 2,067,000 8,412 Fuji Heavy Industries 1,134,000 8,463 KAO 223,000 6,626 Kirin Brewery 547,000 6,330 Matsushita Electric Industrial 434,000 11,002 NEC 233,000 5,450 Obayashi 1,496,000 7,688 Olympus Optical 622,000 6,771 Sumitomo Heavy Industries 1,221,000 3,616 TDK 52,400 5,756 Toshiba 1,319,000 9,714 ------- 103,349 ------- NETHERLANDS (3.2%) IHC Caland 127,712 4,947 KPN 1,484 83 Nutreco Holdings 265,800 7,776 Unique International 274,015 6,344 ------- 19,150 ------- NEW ZEALAND (1.1%) Fletcher Challenge Building 1,935,559 2,441 Telecom of New Zealand 918,800 3,916 ------- 6,357 ------- NORWAY (3.8%) Kvaerner 196,400 3,705 Petroleum Geo Services ADR* 517,200 8,081 Petroleum Geo Services* 695,090 10,784 ------- 22,570 ------- PANAMA (0.6%) Banco Latinamericano de Exportaciones 150,400 3,610 ------- PHILIPPINES (0.4%) Ayala 9,500,000 2,276 ------- SINGAPORE (2.1%) Asia Pulp & Paper ADR* 711,100 6,045 Overseas - Chinese Banking 864,300 6,480 ------- 12,525 ------- SOUTH KOREA (1.2%) Hite Brewery Limited* 109,200 3,109 Pohang Iron & Steel ADR 121,600 4,370 ------- 7,479 ------- 16 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- SWEDEN (0.8%) Castellum 59,500 $ 567 SKF 173,600 3,869 -------- 4,436 -------- UNITED KINGDOM (18.3%) Allied Zurich 968,050 11,741 Bass 657,582 7,429 Billiton 1,868,400 9,047 Diageo 1,659,616 15,063 Glaxo Wellcome 201,508 6,047 Granada Group 738,766 6,080 Hanson 715,900 5,989 Invensys 1,980,200 9,240 Reckitt & Colman 430,000 5,250 Rolls-Royce 2,588,100 7,879 Royal & Sun Alliance Insurance 1,174,600 7,236 SmithKline Beecham 599,901 8,033 South African Breweries* 966,774 8,898 -------- 107,932 -------- Total Foreign Common Stocks (Cost $443,978) 444,499 -------- TIME DEPOSIT (2.5%) Cayman Time Deposit 5.000%, 12/01/99 $15,000 15,000 -------- Total Time Deposit (Cost $15,000) 15,000 -------- Total Investments (77.7% ) (Cost $458,978) $459,499 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40. 17 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 INTERNATIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FOREIGN COMMON STOCKS (96.0%) AUSTRALIA (2.2%) Amcor 18,995 $ 82 AMP 12,551 117 Brambles Industries 3,313 91 Broken Hill Proprietary 21,354 234 Coles Myer 30,235 154 CSR 43,040 103 Lend Lease 10,599 135 National Australia Bank 16,622 240 Newscorp 33,881 293 Pacific Dunlop 48,287 65 Rio Tinto 8,449 148 Telstra 61,083 355 Westpac Banking 36,880 248 WMC 33,829 155 ------ 2,420 ------ AUSTRIA (1.0%) Bank Austria 6,419 340 Generali Holding Vienna 555 81 Oest Elektrizatswirts, Cl A* 2,213 286 OMV 1,963 178 Wienerberger Baustoffindustr 11,202 221 ------ 1,106 ------ BELGIUM (1.6%) Bekaert 1,620 82 Delhaize Freres 2,120 163 Electrabel 823 263 Fortis CVG* 861 4 Fortis, Cl B 15,274 527 Groupe Bruxelles Lambert 1,264 218 KBC Bancassurance Holding 3,588 169 Solvay, Cl A 1,847 138 Tractebel 602 98 Union Miniere 952 35 ------ 1,697 ------ DENMARK (1.2%) D/S 1912, Cl B 25 264 D/S Svendborg, Cl B 12 181 Danisco 2,710 111 Den Danske Bank 2,900 330 Novo-Nordisk, Cl B 1,270 166 Tele Danmark, Cl B 4,616 298 ------ 1,350 ------ FINLAND (2.0%) Merita 12,800 77 Nokia, Cl A 12,800 1,816 Outokumpu, Cl A 3,100 35 Sonera Group 2,600 108 UPM-Kymmene 3,500 117 ------ 2,153 ------ - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FRANCE (10.8%) Accor 757 $ 172 Air Liquide 2,016 297 Alcatel Alsthom 3,151 612 Axa 4,061 549 Banque National Paris, Cl A 2,738 251 Bouygues 403 186 Canal Plus 2,432 201 Cap Gemini 1,135 201 Carrefour 3,166 553 Casino Guichard-Perrachon 806 101 Cie de Saint Gobain 1,466 250 Compagnie Financiere de Paribas 2,411 268 Elf Aquitane 3,915 613 Eridania Beghin-Say 1,000 112 France Telecom 15,962 1,853 Groupe Danone 958 223 L'Oreal 771 508 Lafarge 1,827 173 Legrand 590 125 Louis Vuitton-Moet Hennessy 1,270 413 Michelin, Cl B 4,464 179 Pernod-Ricard 2,179 124 Peugeot 861 169 Pinault-Printemps-Redoute 1,744 364 Promodes 231 230 Rhone Poulenc, Cl A 4,603 286 Sanofi-Synthelabo* 16,354 675 Schneider 2,471 167 SEITA 1,967 101 Societe Generale 1,524 329 Suez Lyonnaise des Eaux 1,830 270 Total Fina, Cl B 5,808 774 Total Fina-Strip VVPR* 1,314 -- Unibail 400 52 Valeo 1,330 89 Vivendi 7,218 578 ------- 12,048 ------- GERMANY (14.1%) Allianz 3,930 1,153 AMB Aachener & Muenchener Beteiligungs 1,960 127 BASF 11,900 552 Bayer 11,360 481 Bayerische Vereinsbank 6,972 433 Beiersdorf 2,040 138 DaimlerChrysler 18,166 1,239 Deutsche Bank 10,370 685 Deutsche Telekom 56,400 3,235 Dresdner Bank 8,900 416 Heidelberger Zement 1,374 100 Hochtief 1,260 48 18 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- GERMANY--CONTINUED Karstadt Quelle 2,250 $ 78 Linde 4,260 213 Lufthansa 12,730 281 Man Muenchen 3,410 104 Mannesmann 8,630 1,797 Merck 5,900 173 Metro 5,051 271 Muenchener Rueckvers, Registered 2,760 576 Preussag 8,510 428 RWE 8,840 338 SAP 950 312 Schering 1,810 215 Siemens 10,440 1,054 Thyssen 9,060 238 Veba 9,510 465 Viag 16,758 277 Volkswagen 5,110 240 ------- 15,667 ------- HONG KONG (1.5%) Cheung Kong Holdings 22,000 247 CLP Holdings 18,500 86 Hang Seng Bank 15,900 177 Hong Kong & China Gas 44,000 57 Hong Kong Telecommunications 100,800 275 Hutchison Whampoa 30,800 379 New World Development 31,000 61 Sun Hung Kai Properties 28,600 261 Swire Pacific 24,000 138 ------- 1,681 ------- IRELAND (0.6%) Allied Irish Banks 23,400 303 CRH 16,100 323 ------- 626 ------- ITALY (7.1%) Alitalia 51,439 125 Assicurazioni Generali 21,000 606 Banca Commerciale Italiana 39,000 199 Banca Intesa 90,603 388 Benetton Group 97,500 198 Beni Stabili* 28,986 10 Edison 19,000 144 ENI 160,000 878 Fiat 8,400 230 Fiat RNC 4,700 63 INA 126,000 352 Italgas 15,000 59 Mediaset 29,000 331 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- ITALY--CONTINUED Mediobanca 17,750 $ 164 Mondadori Editore 3,734 77 Montedison 96,400 148 Olivetti* 87,500 187 Parmalat Finanziaria 60,000 70 Pirelli 76,000 174 Riunione Adriatica di Sicurta 11,635 99 San Paolo-IMI 28,986 363 Sirti 16,000 97 Telecom Italia 103,500 1,142 Telecom Italia RNC 16,000 86 Telecom Italia Mobile 30,000 117 Telecom Italia Mobile RNC 133,500 1,050 Unicredito Italiano 99,000 462 Unione Immobiliare 229,000 112 ------- 7,931 ------- JAPAN (35.5%) Acom 2,100 258 Advantest 1,600 267 Ajinomoto 10,000 104 Aoyamma Trading 1,200 29 Asahi Bank 39,000 273 Asahi Breweries 10,000 118 Asahi Chemical Industry 24,000 131 Asahi Glass 24,000 193 Autobacs Seven 900 34 Bank of Tokyo - Mitsubishi 72,000 1,042 Bank of Yokohama 17,000 77 Benesse 300 72 Bridgestone 13,000 321 Canon 15,000 441 Central Japan Railway 21 132 Chiyoda* 5,000 10 Chugai Pharmaceutical 2,000 22 Citizen Watch 11,000 68 Cosmo Oil 24,000 38 Dai Nippon Printing 10,000 174 Daicel Chemical Industries 8,000 24 Daiei 25,000 93 Daiichi Pharmaceutical 4,000 56 Daikyo 4,000 12 Daimaru 4,000 14 Daito Trust Construction 2,000 25 Daiwa House Industry 6,000 54 Daiwa Kosho Lease 17,000 66 Daiwa Securities 23,000 329 Denso 15,000 324 East Japan Railway 58 341 Ebara 11,000 125 Eisai 4,000 89 19 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 INTERNATIONAL EQUITY INDEX FUND--CONTINUED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- JAPAN--CONTINED Fanuc 5,000 $ 417 Fuji Bank 54,000 647 Fuji Photo Film 9,000 366 Fujita* 17,000 12 Fujitsu 33,000 1,172 Furukawa Electric 24,000 257 Gunze 15,000 42 Hankyu Department Stores 6,000 29 Haseko* 15,000 8 Hitachi 63,000 871 Hokuriko Bank* 17,000 40 Honda Motor 15,000 618 Hoya 2,000 145 Industrial Bank of Japan 43,000 507 Isetan 4,000 31 Ito Yokado 6,000 647 Itochu* 55,000 328 Japan Airlines 39,000 125 Japan Energy 37,000 36 Japan Steel Works* 12,000 17 Japan Tobacco 17 154 Joyo Bank 25,300 117 Jusco 7,000 134 Kajima 10,000 34 Kaken Pharmaceutical 4,000 27 Kamigumi 9,000 38 Kanebo* 10,000 17 Kansai Electric Power 18,200 349 Kao 9,000 267 Kawasaki Heavy Industries 22,000 30 Kawasaki Kisen Kaisha 10,000 16 Kawasaki Steel* 48,000 99 Kinki Nippon Railway 42,000 175 Kirin Brewery 19,000 220 Komatsu 22,000 124 Konami 600 81 Koyo Seiko 5,000 49 Kubota 33,000 129 Kumagai Gumi* 18,000 15 Kyocera 4,000 483 Maeda Road Construction 4,000 20 Marubeni 19,000 74 Marui 6,000 103 Matsushita Electric 30,000 761 Minebea 9,000 141 Mitsubishi 26,000 227 Mitsubishi Chemical 50,000 207 Mitsubishi Electric 42,000 250 Mitsubishi Estate 22,000 237 Mitsubishi Heavy Industries 52,000 169 Mitsubishi Materials 44,000 95 Mitsubishi Trust & Banking 20,000 231 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- JAPAN--CONTINED Mitsui 35,000 $ 267 Mitsui Fudosan 10,000 80 Mitsui Trust & Banking 37,000 114 Mitsui-Soko 5,000 12 Mitsukoshi* 17,000 81 Murata Manufacturing 4,000 664 Mycal 9,000 44 Namco 2,300 135 NEC 26,000 608 New Oji Paper 17,000 109 NGK Spark Plug 7,000 50 Nikon 6,000 152 Nintendo 1,500 250 Nippon Express 14,000 81 Nippon Oil 54,000 239 Nippon Paper Industries 20,000 147 Nippon Sharyo 5,000 12 Nippon Sheet Glass 13,000 75 Nippon Shinpan 6,000 18 Nippon Steel 102,000 230 Nippon Suisan Kaisha 10,000 20 Nippon Telegraph & Telephone 197 3,535 Nippon Yusen 45,000 182 Nishimatsu Construction 3,000 14 Nissan Motor* 42,000 196 Nomura Securities 31,000 553 Noritake 11,000 47 NSK 10,000 85 NTN 15,000 52 Obayashi 27,000 139 Okumura 5,000 17 Olympus Optical 10,000 109 Orient* 9,000 29 Orix 1,000 163 Osaka Gas 38,000 102 Oyo 2,200 38 Penta-Ocean Construction 12,000 18 Renown 8,000 21 Rohm 2,000 543 Sakura Bank 61,000 452 Sanden 7,000 45 Sankyo 7,000 172 Sanrio 2,000 81 Sanyo Electric 47,000 187 Secom 2,000 226 Sega Enterprises* 3,600 126 Seino Transportation 9,000 54 Seiyu* 6,000 25 Sekisui Chemical 9,000 43 Sekisui House 14,000 136 Sharp 20,000 409 Shimachu 1,000 14 20 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- JAPAN--CONTINED Shimano 3,300 $ 65 Shimizu 29,000 98 Shin-Etsu Chemical 12,000 474 Shiseido 5,000 80 Shizuoka Bank 12,000 128 Skylark 3,000 65 SMC 1,100 194 Snow Brand Milk Products 8,000 33 Softbank 1,200 867 Sony 6,400 1,186 Sumitomo 9,000 88 Sumitomo Bank 47,000 721 Sumitomo Chemical 29,000 163 Sumitomo Electric 14,000 159 Sumitomo Marine & Fire Insurance 6,000 42 Sumitomo Metal 76,000 73 Taisei 35,000 74 Taisho Pharmaceutical 4,000 131 Takara Shuzo 4,000 55 Takashimaya 4,000 34 Takeda Chemical 20,000 1,181 Takefuji 800 115 Toa 10,000 17 Tobu Railway 26,000 78 Toei 10,000 56 Tohoku Electric Power 18,000 261 Tokai Bank 32,000 222 Tokio Marine & Fire Insurance 23,000 293 Tokyo Dome 9,000 46 Tokyo Electric Power 21,000 592 Tokyo Electronics 3,000 312 Tokyo Gas 55,000 119 Tokyo Tatemono 7,000 16 Tokyotokeiba 21,000 31 Tokyu 23,000 60 Toppan Printing 14,000 167 Toray 35,000 171 Tostem 5,000 90 Toto 12,700 78 Toyo Seikan Kaisha 6,300 113 Toyota Motor 58,000 1,968 Trans Cosmos 300 68 Ube Industries 31,000 76 Uny 4,000 42 Yamaha 6,000 55 Yamaichi Securities* 15,000 -- Yamanouchi Pharmaceutical 8,000 349 Yamato Transport 5,000 167 ------- 39,418 ------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- NETHERLANDS (2.3%) ABN Amro Holding 6,040 $ 147 Aegon 3,223 293 Ahold 6,552 209 Akzo Nobel 2,962 127 Heineken 3,696 179 ING Groep 4,880 275 KPN 2,386 133 Philips Electronics 2,517 307 Royal Dutch Petroleum 9,620 567 TNT Post Group 2,315 59 Unilever 2,844 157 Wolters Kluwer 5,094 154 ------- 2,607 ------- NEW ZEALAND (0.3%) Carter Holt Harvey 101,800 123 Telecom of New Zealand 50,000 213 ------- 336 ------- NORWAY (0.8%) Bergesen, Cl A 4,850 72 Christiana Bank 30,500 141 Den Norske Bank, Cl B 34,600 140 Kvaerner 2,500 47 Norsk Hydro 6,525 255 Orkla, Cl A 8,600 132 Uni Storebrand* 9,987 70 ------- 857 ------- PORTUGAL (0.6%) Banco Comercial Portugues 39,230 226 Electricidade de Portugal 10,624 167 Portugal Telecom 30,590 295 ------- 688 ------- SINGAPORE (0.7%) DBS Group Holdings 10,467 136 Overseas - Chinese Banking 28,350 213 Singapore Airlines 28,000 283 Singapore Telecommunications 105,000 198 ------- 830 ------- SPAIN (3.3%) Aguas de Barcelona 6,876 106 Argentaria 9,542 219 Autopistas CESA 12,802 131 Banco Bilbao Vizcaya 30,048 420 Banco Santander Central Hispano 57,184 629 Endesa 11,914 237 Fomento De Construcciones y Contratas 5,094 108 21 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 INTERNATIONAL EQUITY INDEX FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- SPAIN--CONTINUED Gas Natural 5,448 $ 137 Grupo Dragados 8,350 77 Iberdrola 14,176 198 Repsol 14,543 318 Tabacalera, Cl A 8,940 148 Telefonica - Bonus Rights* 41,949 17 Telefonica* 41,949 875 Union Electrica Fenosa 4,282 72 ------- 3,692 ------- SWEDEN (1.3%) AstraZeneca 3,817 171 Electrolux 3,300 64 Ericsson, Cl B 10,900 529 ForeningsSparbaken, Cl A 4,500 69 Hennes & Mauritz, Cl B 6,800 216 Skandinaviska Enskilda Banken Rights* 1,080 6 Skandinaviska Enskilda Banken 5,400 51 Skanska, Cl B 1,400 48 Svenska Cellulosa, Cl B 2,300 64 Svenska Handlesbanken, Cl A 4,800 65 Swedish Match 16,400 59 Volvo, Cl B 2,450 59 ------- 1,401 ------- SWITZERLAND (1.6%) ABB Limited* 783 78 Credit Suisse Group 790 148 Nestle 162 292 Novartis, Registered 174 272 Roche Holdings, Bearer 5 84 Roche Holdings, Genusschein 33 399 Swiss Re 45 92 Swisscom 280 95 UBS 759 208 Zurich Allied 250 144 ------- 1,812 ------- UNITED KINGDOM (7.5%) Abbey National 7,124 121 Allied Zurich 8,498 103 AstraZeneca Group 4,255 190 Barclays Bank 7,549 218 Bass 10,173 115 BG 18,252 96 Boots 7,687 77 BP Amoco 99,512 1,015 British American Tobacco 23,034 145 British Sky Broadcasting 9,683 127 British Telecommunications 30,208 608 Cable & Wireless 12,419 160 - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- UNITED KINGDOM--CONTINUED Cadbury Schweppes 31,650 $ 201 CGU 8,305 126 Diageo 24,825 225 General Electric 18,477 284 Glaxo Wellcome 15,992 480 Granada Group 14,382 118 Great Universal Stores 9,649 65 Halifax 24,158 277 HSBC Holdings 40,675 526 Imperial Chemical 8,890 91 Invensys 46,336 216 J Sainsbury 26,220 130 Kingfisher 6,674 62 Legal & General Group 57,030 157 Lloyds TSB Group 26,841 344 Marks & Spencer 24,762 100 National Power 8,684 56 Prudential 13,456 221 Rentokil Group 23,005 88 Reuters Group 8,867 99 Rio Tinto 10,039 197 Royal & Sun Alliance 10,696 66 Royal Bank of Scotland Group 4,518 88 Smithkline Beecham 24,544 329 Tesco 42,363 115 Unilever 16,632 123 Vodafone Group 124,640 589 ------- 8,348 ------- Total Foreign Common Stocks (Cost $76,830) 106,668 ------- FOREIGN PREFERRED STOCKS (0.6%) AUSTRALIA (0.2%) News Corporation 22,157 172 ------- GERMANY (0.3%) RWE 1,280 39 SAP 680 275 Volkswagen 2,720 71 ------- 385 ------- ITALY (0.1%) Fiat 7,200 93 ------- Total Foreign Preferred Stocks (Cost $525) 650 ------- FOREIGN BONDS (0.1%) ITALY (0.1%) Tecnost 4.534%, 06/23/04 EU 174 178 ------- Total Foreign Bonds (Cost $16) 178 ------- 22 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- Total Investments (96.7%) (Cost $77,371) $107,496 -------- OTHER ASSETS AND LIABILITIES, NET (3.3%) 3,617 -------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 7,349,052 outstanding shares of beneficial interest 75,048 Fund shares of the Investor Class (unlimited authorization -- no par value) based on 371,915 outstanding shares of beneficial interest 3,225 Fund shares of the Flex Class (unlimited authorization -- no par value) based on 185,481 outstanding shares of beneficial interest 2,197 Distribution in excess of net investment income (405) Accumulated net realized gain on investments 927 Net unrealized appreciation on investments 30,125 Net unrealized depreciation on foreign currency and translation of other assets and liabilities in foreign currency investments (4) -------- TOTAL NET ASSETS (100.0%) $111,113 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 14.07 ======== Net Asset Value, Offering Price and Redemption Price Per Share -- Investor Shares $ 13.90 ======== Maximum Offering Price Per Share -- Investor Shares ($13.90 / 96.25%) $ 14.44 ======== Net Asset Value, Offering Price and Redemption Price Per Share -- Flex Shares (1) $ 13.88 ======== (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 40. 23 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 LIFE VISION BALANCED PORTFOLIO - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- EQUITY FUNDS (64.2%) STI Classic Capital Appreciation Fund, Trust Class* 1,124,069 $ 19,008 STI Classic Growth & Income Fund, Trust Class* 1,874,547 28,793 STI Classic Small Cap Equity Fund, Trust Class 592,342 5,302 STI Classic Small Cap Growth Stock Fund, Trust Class* 435,839 7,069 -------- Total Equity Funds (Cost $54,261) 60,172 -------- FIXED INCOME FUNDS (32.4%) STI Classic Investment Grade Bond Fund, Trust Class 1,768,052 17,840 STI Classic Short-Term Bond Fund, Trust Class 460,198 4,501 STI Classic U.S. Government Securities Fund, Trust Class 801,391 8,062 -------- Total Fixed Income Funds (Cost $31,392) 30,403 -------- MONEY MARKET FUND (2.0%) STI Classic Prime Quality Money Market Fund, Trust Class 1,877,398 1,877 -------- Total Money Market Fund (Cost $1,877) 1,877 -------- Total Investments (98.6%) (Cost $87,530) 92,452 -------- OTHER ASSETS AND LIABILITIES, NET (1.4%) 1,301 -------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 8,637,780 outstanding shares of beneficial interest 86,030 Undistributed net investment income 283 Accumulated net realized gain on investments 2,518 Net unrealized appreciation on investments 4,922 -------- TOTAL NET ASSETS (100.0%) $ 93,753 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 10.85 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40. 24 - -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION GROWTH AND INCOME PORTFOLIO - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- EQUITY FUNDS (71.3%) STI Classic Capital Appreciation Fund, Trust Class* 250,241 $ 4,232 STI Classic Growth & Income Fund, Trust Class* 486,795 7,477 STI Classic Small Cap Equity Fund, Trust Class 154,052 1,379 STI Classic Small Cap Growth Stock Fund, Trust Class* 110,756 1,796 -------- Total Equity Funds (Cost $13,402) 14,884 -------- FIXED INCOME FUNDS (25.8%) STI Classic Investment Grade Bond Fund, Trust Class 295,439 2,981 STI Classic Short-Term Bond Fund, Trust Class 102,547 1,003 STI Classic U.S. Government Securities Fund, Trust Class 138,866 1,397 -------- Total Fixed Income Fund (Cost $5,566) 5,381 -------- MONEY MARKET FUND (2.8%) STI Classic Prime Quality Money Market Fund, Trust Class 589,220 589 -------- Total Money Market Fund (Cost $589) 589 -------- Total Investments (100.0%) (Cost $19,557) 20,854 -------- OTHER ASSETS AND LIABILITIES, NET (0.0%) 10 -------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 1,990,289 outstanding shares of beneficial interest 19,117 Undistributed net investment income 17 Accumulated net realized gain on investments 433 Net unrealized appreciation on investments 1,297 -------- TOTAL NET ASSETS 100.0% $ 20,864 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 10.48 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40. 25 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 LIFE VISION MAXIMUM GROWTH PORTFOLIO - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- EQUITY FUNDS (95.2%) STI Classic Capital Appreciation Fund, Trust Class* 370,132 $ 6,259 STI Classic Growth & Income Fund, Trust Class* 548,751 8,429 STI Classic Small Cap Equity Fund, Trust Class 260,731 2,334 STI Classic Small Cap Growth Stock Fund, Trust Class* 177,622 2,881 -------- Total Equity Funds (Cost $18,165) 19,903 -------- MONEY MARKET FUND (4.8%) STI Classic Prime Quality Money Market Fund, Trust Class 988,294 988 -------- Total Money Market Fund (Cost $988) 988 -------- Total Investments (100.0%) (Cost $19,153) 20,891 -------- OTHER ASSETS AND LIABILITIES, NET (0.0%) 8 -------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 1,822,462 outstanding shares of beneficial interest 18,522 Undistributed net investment income 2 Accumulated net realized gain on investments 637 Net unrealized appreciation on investments 1,738 -------- TOTAL NET ASSETS (100.0%) $ 20,899 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 11.47 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40. 26 - -------------------------------------------------------------------------------- (UNAUDITED) MID-CAP EQUITY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (87.0%) BASIC MATERIALS (2.7%) Stillwater Mining* 275,800 $ 6,688 -------- CAPITAL GOODS (3.6%) Dycom Industries* 60,100 2,419 Herman Miller 283,700 6,490 -------- 8,909 -------- COMMUNICATION SERVICES (2.1%) Voicestream Wireless* 38,700 3,570 Western Wireless, Cl A* 28,600 1,675 -------- 5,245 -------- CONSUMER CYCLICALS (13.4%) Abercrombie & Fitch, Cl A* 154,700 5,008 Answerthink Consulting Group* 43,900 1,139 BJ's Wholesale Club* 149,300 5,580 Harley-Davidson 55,600 3,392 Men's Wearhouse* 449,150 11,566 Outback Steakhouse* 94,700 2,231 Pixar* 64,700 2,717 Staff Leasing* 230,000 1,926 -------- 33,559 -------- CONSUMER STAPLES (12.6%) Dial 182,500 5,121 Flowers Industries 164,100 2,687 Hertz, Cl A 91,000 3,850 Imax* 333,300 9,056 US Foodservice* 605,700 10,978 -------- 31,692 -------- ENERGY (11.6%) Barrett Resources* 97,800 2,598 Burlington Resources 73,500 2,472 Cooper Cameron* 42,200 1,809 Ensco International 146,200 2,933 Global Industries* 104,700 821 Global Marine* 126,400 1,936 Nabors Industries* 109,000 2,895 Potomac Electric Power 152,500 3,631 Precision Drilling* 240,900 5,179 Smith International* 54,900 2,189 Weatherford International* 69,900 2,442 -------- 28,905 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FINANCIALS (11.0%) Bank United, Cl A 74,000 $ 2,636 Colonial Bancgroup 374,200 4,280 Dime Bancorp 140,000 2,555 First Virginia Banks 73,700 3,344 Hibernia, Cl A 230,300 2,922 North Fork Bancorporation 233,500 4,699 Peoples Heritage 207,700 3,518 Reliastar Financial 79,300 3,450 -------- 27,404 -------- HEALTH CARE (7.9%) Forest Laboratories* 88,900 4,551 Jones Pharmaceuticals 157,700 5,460 Renal Care* 219,100 4,492 PE Biosystems 42,300 3,453 VISX* 24,300 1,885 -------- 19,841 -------- TECHNOLOGY (20.4%) ADC Telecommunications* 151,700 8,088 Cypress Semiconductor* 86,100 2,346 Flextronics International* 115,700 9,596 J.D. Edwards & Company* 61,500 1,814 Nova* 158,430 4,852 RF Micro Devices* 59,300 4,029 Sanmina* 35,700 3,432 Sawtek* 204,900 9,349 Scientific-Atlanta 41,500 2,420 Symbol Technologies 108,400 5,169 -------- 51,095 -------- TRANSPORTATION (1.7%) CNF Transportation 128,300 4,266 -------- Total Common Stocks (Cost $186,053) 217,604 -------- PREFERRED STOCKS (4.2%) Adelphia Communications, CV to 2.4555 Shares* 49,900 8,633 Winstar Communications, CV to 16.1391 Shares (B)* 1,800 1,800 -------- Total Preferred Stocks (Cost $11,690) 10,433 -------- 27 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 MID-CAP EQUITY FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- CONVERTIBLE BONDS (8.3%) Affymetrix, CV to 8.1301 Shares, Callable 10/07/02 @ 102.50 (B) 5.000%, 10/01/06 $ 1,475 $ 1,453 Chiron, CV to 34.59 Shares (B) 1.900%, 11/17/00 3,350 3,882 Citrix Systems, CV to 7.0306 Shares (A) (B) 0.000%, 03/22/19 12,750 9,132 Sanmina, CV to 11.278 Shares (B) 4.250%, 05/01/04 1,750 2,266 Sepracor, CV to 21.111 Shares, Callable 02/18/01 @ 103.57 6.250%, 02/15/05 1,895 4,039 -------- Total Convertible Bonds (Cost $15,390) 20,772 -------- Total Investments (99.5%) (Cost $213,133) 248,809 -------- OTHER ASSETS AND LIABILITIES, NET (0.5%) 1,303 -------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 17,450,689 outstanding shares of beneficial interest 182,734 Fund shares of the Investor Class (unlimited authorization -- no par value) based on 1,364,497 outstanding shares of beneficial interest 14,906 Fund shares of the Flex Class (unlimited authorization -- no par value) based on 1,208,690 outstanding shares of beneficial interest 15,530 Undistributed net investment loss (282) Accumulated net realized gain on investments 1,548 Net unrealized appreciation on investments 35,676 -------- TOTAL NET ASSETS (100.0%) $250,112 ======== - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 12.54 ======== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 12.33 ======== Maximum Offering Price Per Share -- Investor Class ($12.33 / 96.25%) $ 12.81 ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares(1) $ 11.95 ======== (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 40. 28 - -------------------------------------------------------------------------------- (UNAUDITED) SMALL CAP EQUITY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (100.1%) BASIC MATERIALS (13.0%) Carpenter Technology 276,000 $ 7,245 Lilly Industries Incorporated, Cl A 754,400 10,514 Olin 255,900 4,590 Quixote 295,600 4,748 Texas Industries 287,300 10,415 Wausau-Mosinee Paper 208,000 2,756 -------- 40,268 -------- CAPITAL GOODS (12.7%) American Woodmark 136,600 2,732 Bha Group Holdings, 169,300 1,503 Fedders 62,100 334 Fedders Cl A 233,000 1,092 Gerber Scientific 264,200 5,086 Kaman 263,900 3,134 Lindberg 256,000 2,176 LSI Industries 248,400 5,977 Pittway, Cl A 225,900 7,003 Precision Castparts 230,000 6,253 Smith (A.O.) 172,800 3,802 -------- 39,092 -------- CONSUMER CYCLICALS (21.1%) Angelica 19,900 199 Bush Industries 370,000 5,920 CBRL Group 459,200 5,109 Chemed 117,000 3,042 Federal Signal 226,100 3,830 Grey Advertising 7,300 2,529 Harman International 377,600 19,446 Interface 2,032,900 9,148 Midas 138,300 2,973 Pep Boys 319,500 3,095 Phillips Van Heusen 409,000 3,476 Service Experts* 416,700 2,604 Stride Rite 582,700 3,715 -------- 65,086 -------- CONSUMER STAPLES (21.8%) Bowne & Company 322,100 3,805 Ingles Markets, Cl A 272,300 3,199 Pittston Services Group 819,100 15,563 Polaroid 729,800 14,049 Smucker (J.M.), Cl B 234,400 3,868 Standard Register 185,600 3,909 Universal Foods 661,300 14,053 Wolverine World Wide 654,500 7,159 York Group 413,600 1,745 -------- 67,350 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- ENERGY (2.0%) Fletcher Challenge Energy ADR 152,900 $ 3,459 Pennzoil-Quaker State 268,400 2,785 -------- 6,244 -------- FINANCIALS (11.8%) Administradora de Fondos de Pensiones Provida ADR 121,700 2,502 Banco Latinamericano de Exportaciones 96,000 2,304 Downey Financial 173,500 3,492 Klamath First Bancorp 203,600 2,329 Mutual Risk Management 253,100 3,876 PXRE Group 215,300 2,664 Scottish Annuity & Life* 347,600 2,955 Seacoast Banking of Florida 91,500 2,756 Student Loan 163,700 8,062 West Coast Bancorp 180,730 2,666 Westerfed Financial 164,200 2,668 -------- 36,274 -------- HEALTH CARE (6.1%) Block Drug, Cl A 34,404 1,008 Interim Services* 777,320 14,332 Vital Signs 154,200 3,585 -------- 18,925 -------- SERVICE INDUSTRIES (0.9%) ABM Industries 136,300 2,930 -------- TECHNOLOGY (1.6%) Innovex 288,500 2,596 Pioneer-Standard Electronics 162,300 2,191 -------- 4,787 -------- TRANSPORTATION (5.6%) Hunt J B Transportation Services 197,600 2,643 Knightsbridge Tankers Limited 189,600 2,524 Sea Containers 377,300 11,720 Western Star Truck Holdings 31,500 543 -------- 17,430 -------- UTILITIES (3.5%) Midcoast Energy Resources 169,000 3,169 Nui 214,900 5,413 UGI 106,600 2,085 -------- 10,667 -------- Total Common Stocks (Cost $351,059) 309,053 -------- 29 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 SMALL CAP EQUITY FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (0.0%) Deutsche Bank 5.67%, dated 11/30/99, matures 12/01/99, repurchase price $115,977 (collateralized by FHLMC obligation: total market value $118,297) (D) $116 $ 116 -------- Total Repurchase Agreement (Cost $116) 116 -------- Total Investments (100.1%) (Cost $351,175) 309,169 -------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) (507) -------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 32,966,367 outstanding shares of beneficial interest 375,888 Fund shares of the Flex Class (unlimited authorization -- no par value) based on 1,532,905 outstanding shares of beneficial interest 24,417 Undistributed net investment income 897 Accumulated net realized loss on investments (50,534) Net unrealized depreciation on investments (42,006) -------- TOTAL NET ASSETS (100.0%) $308,662 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 8.95 ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares(1) $ 8.90 ======== (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 40. 30 - -------------------------------------------------------------------------------- (UNAUDITED) SMALL CAP GROWTH STOCK FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (99.8%) BASIC MATERIALS (2.1%) Bel Fuse, Cl A* 40,000 $ 1,960 Centex Construction Products 29,020 1,014 Florida Rock Industries 26,100 816 Granite Construction 37,960 721 -------- 4,511 -------- CAPITAL GOODS (24.3%) Alpha Industries* 30,500 1,845 American Woodmark 26,200 524 Anaren Microwave* 30,000 1,305 Applied Science & Technology,* 32,500 768 Astec Industries* 70,000 1,741 AVT* 10,000 402 Black Box* 15,100 898 Briggs & Stratton 19,660 1,051 C-Cor Electronics 70,600 3,605 Church & Dwight 52,000 1,456 Cobalt Networks* 1,300 219 Copart* 58,000 1,508 CTS 23,000 1,844 D&K Healthcare Resources* 6,000 102 Dii Group* 31,000 1,957 Dycom Industry* 48,400 1,948 Elcor 63,995 2,072 Finisar* 2,000 230 Inter-Tel 50,000 997 Intervoice* 92,300 1,390 Johns Manville 93,000 1,064 Manitowoc 46,322 1,413 Mercury Computer Systems* 40,000 2,282 Meritor Automotive 46,000 788 Mobile Mini* 69,750 1,199 Mueller Industries* 40,000 1,440 National R.V. Holdings* 71,770 1,337 Navistar International* 27,000 1,004 Orbotech Ltd.* 25,500 2,333 Performance Technologies* 40,000 810 Safeguard Scientifics* 17,000 1,889 Simpson Manufacturing* 24,800 1,034 Stericycle* 65,000 1,133 Syncor International* 53,440 1,500 Telcom Semiconductor* 95,000 1,009 Transwitch* 35,000 1,645 Tyco International 31,000 1,242 United Stationers 60,000 1,395 Varco International* 125,000 1,336 -------- 51,715 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMUNICATION SERVICES (3.6%) Gilat Communications Limited* 117,000 $ 1,916 Lightbridge* 66,000 1,336 Pac-West Telecomm* 2,132 54 Polycom* 48,000 3,072 Western Wireless, Cl A* 16,000 937 Xeta 10,000 318 -------- 7,633 -------- CONSUMER CYCLICALS (20.7%) American Eagle Outfitters* 43,380 1,982 American Management Systems 55,100 1,619 Ann Taylor Stores* 46,000 1,987 Arvin Industries 21,300 566 Bebe Stores* 40,000 1,245 BJ's Wholesale Club* 49,000 1,831 Brinker International* 36,085 816 CDW Computer Centers* 28,000 1,969 Chicos* 50,000 1,922 Craftmade International 30,000 270 Cutter & Buck* 71,100 1,106 DR Horton 38,000 522 Fossil* 55,845 1,173 Hot Topic* 25,000 1,105 Innotrac* 50,000 738 Insituform Technologies, Cl A* 65,000 1,629 Jack In Box Inc* 60,630 1,277 Jakks Pacific* 79,500 1,928 K-Swiss, Cl A 113,000 1,610 La-Z-Boy 53,540 964 Labor Ready* 25,650 325 Lason* 20,000 488 Liberty Property Trust 38,970 889 Mohawk Industries* 39,115 975 Monaco Coach* 68,645 1,476 Pacific Sunwear of California* 37,500 1,158 Petco Animal Supplies* 20,000 280 Pulte 34,700 696 Quanta Services* 65,000 1,820 Rare Hospitality International* 85,000 1,806 Standard Pacific 25,000 275 Steven Madden Ltd* 140,000 1,794 Urs* 67,625 1,319 Wabash National 52,800 775 Winnebago Industries 38,800 732 WMS Industries* 70,000 796 Zale* 43,000 2,177 -------- 44,040 -------- 31 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CONSUMER STAPLES (1.0%) Canandaigua Wine, Cl A* 29,100 $ 1,550 Cooper Tire & Rubber 45,000 675 -------- 2,225 -------- ENERGY (1.7%) Basin Exploration* 73,000 1,291 Eagle Geophysical* 1,285 -- Emcor Group* 53,000 927 Newfield Exploration* 30,000 774 Quicksilver Resource* 40,000 182 Vintage Petroleum 35,000 374 -------- 3,548 -------- FINANCIALS (8.3%) City National 20,000 721 Cullen/Frost Bankers 31,440 896 Dime Community Bancorp 60,900 1,207 Doral Financial 100,100 1,195 Financial Security Assurance Holdings 31,000 1,637 Gainsco Incorporated 100,000 594 Greater Bay Bancorp 25,000 1,050 Harbor Florida Bancshares 50,000 637 In Focus Systems* 87,000 1,816 MAF Bancorp 10,000 222 Metris 54,000 1,708 NVR* 4,000 194 Oceanfirst Financial Corporation 45,000 835 PFF Bancorp 43,600 959 Radian Group 32,629 1,595 Trustmark 58,760 1,351 Zebra Technologies, Cl A* 16,000 966 -------- 17,583 -------- HEALTH CARE (10.5%) Andrx Corporation* 21,500 1,107 Arthrocare* 29,000 1,754 Barr Laboratories* 25,000 787 Candela Laser Corp* 55,000 822 Capital Senior Living* 83,800 419 ChiRex* 25,000 869 Cytyc* 30,000 1,309 Datascope Corp.* 42,000 1,558 Imation* 60,000 1,931 Ivax 110,680 2,248 Laser Vision Centers* 121,240 1,758 Medquist* 46,000 1,311 Noven Pharmacuticals* 35,000 453 Pharmacopeia, Inc* 30,000 517 PolyMedica* 87,000 1,523 Resmed* 44,500 1,783 Roberts Pharmaceutical* 70,630 2,282 -------- 22,431 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- TECHNOLOGY (23.0%) 4front Technologies* 108,100 $ 2,297 Advanced Digital Information* 54,000 2,427 Alliance Semiconductor* 130,000 1,869 Ardent Software* 55,000 1,444 Business Objects ADR* 21,000 1,859 Cognizant Technology* 10,000 599 Commscope* 51,500 2,169 Comtech Telecommunications 35,000 652 Cordant Technologies 30,200 880 Cybex Computer Products* 44,000 1,898 Galileo Technology Ltd* 34,000 776 Hauppage Digital* 41,000 989 Herley Industries* 84,600 1,147 Insight Enterprises* 69,877 2,345 Kronos* 37,000 1,919 Lattice Semiconductor* 13,000 582 Mastech* 10,000 188 Micros Systems* 37,730 1,908 Progress Software* 78,390 3,126 Sonicwall* 2,000 68 Sterling Software* 69,000 1,816 Sunquest* 82,000 1,117 Sybase* 204,500 3,298 T-HQ* 45,000 2,419 Technitrol 28,000 1,201 Technomatrix Technologies* 51,080 1,398 Timberline Software 81,907 1,106 U.S. Interactive* 1,050 37 Unify* 28,800 1,426 Xircom* 55,000 2,888 Zomax* 83,000 3,074 -------- 48,922 -------- TRANSPORTATION (4.0%) American Freightways* 108,000 1,870 Forward Air* 53,800 1,675 Frontier Airlines* 72,420 756 Skywest 67,380 1,651 Swift Transportation* 48,540 771 USFreightways 45,000 1,879 -------- 8,602 -------- UTILITIES (0.6%) Kinder Morgan Energy Partners 32,380 1,309 -------- Total Common Stocks (Cost $178,401) 212,519 -------- RIGHTS (0.0%) Talk.com* Expiring, 02/12/00 3 -- -------- Total Rights (Cost $0) -- -------- 32 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (0.4%) Morgan Stanley 5.65%, dated 11/30/99, matures 12/01/99, repurchase price $824,332 (collateralized by FNMA obligation: total market value $881,793) (D) $824 $ 824 -------- Total Repurchase Agreement (Cost $824) 824 -------- Total Investments (100.2%) (Cost $179,225) 213,343 -------- OTHER ASSETS AND LIABILITIES, NET (-0.2%) (336) -------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 12,700,058 outstanding shares of beneficial interest 171,325 Fund shares of the Flex Class (unlimited authorization -- no par value) based on 431,730 outstanding shares of beneficial interest 6,285 Accumulated net investment loss (1,435) Accumulated net realized gain on investments 2,714 Net unrealized appreciation on investments 34,118 -------- TOTAL NET ASSETS (100.0%) $213,007 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 16.23 ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares(1) $ 16.04 ======== (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 40. 33 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 SUNBELT EQUITY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (93.3%) CAPITAL GOODS (11.1%) Artesyn Technologies* 91,115 $ 1,987 Astec Industries* 29,000 721 Blount International* 4,469 73 Dycom Industry* 18,900 761 Maverick Tube* 61,436 1,321 Mueller Industries* 24 864 Sensormatic Electronics* 121,459 1,936 Shaw Group* 74,315 1,551 Trex* 7,431 191 UNIFAB International* 282,533 1,695 Watsco 79,011 859 World Fuel Services 92,066 736 -------- 12,695 -------- CONSUMER CYCLICALS (31.7%) American Management Systems 30,000 881 Brinker International* 37,735 854 CEC Entertainment* 52,634 1,579 Chicos* 22,641 870 Circuit City 64,769 3,141 Dollar General 56,208 1,377 Fairfield Communities* 244,136 2,914 Family Dollar Stores 92,615 1,661 Fossil* 38,000 798 Jack In Box Inc* 45,000 948 Mohawk Industries* 34,000 848 O'Charleys* 117,255 1,539 Profit Recovery Group* 142,497 5,279 Quanta Services* 10,700 300 Rare Hospitality International* 44,000 935 Sonic* 91,630 2,474 Sykes Enterprises* 131,967 5,270 Tandy 48,672 3,729 Zale* 17,500 886 -------- 36,283 -------- CONSUMER STAPLES (6.2%) AHL Services* 96,958 1,782 Central Parking 30,475 789 Nova* 96,975 2,970 Quest Education* 181,445 1,565 -------- 7,106 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- ENERGY (14.8%) Anadarko Petroleum 77,861 $ 2,346 BJ Services* 64,912 2,264 Core Laboratories N.V.* 83,418 1,741 Ensco International 60,488 1,214 Global Industries* 339,913 2,666 Global Marine* 72,606 1,112 Nuevo Energy* 93,776 1,448 Oceaneering International* 74,167 964 Stone Energy* 54,692 2,130 Transocean Offshore 38,399 1,082 -------- 16,967 -------- FINANCIALS (6.6%) CCB Financial 45,388 1,969 Cullen/Frost Bankers 39,497 1,126 First Tennessee National 43,717 1,437 Texas Regional Bancshares, Cl A 31,196 860 Triad Guaranty* 96,338 2,192 -------- 7,584 -------- HEALTH CARE (2.0%) Andrx Corporation* 16,000 824 Ivax 40,000 812 Orthodontic Centers of America* 49,849 608 -------- 2,244 -------- TECHNOLOGY (19.8%) Acxiom* 115,362 2,051 Commscope* 20 842 Cryolife* 237,230 3,203 Cybex Computer Products* 87,509 3,774 Dallas Semiconductor 30,750 1,774 Harbinger* 61,417 1,079 Kemet* 74,315 2,694 National Instruments* 32,782 983 SCB Computer Technology* 669,545 2,009 Scientific-Atlanta 36,482 2,127 Sterling Software* 39,735 1,046 Texas Instruments 11,177 1,074 -------- 22,656 -------- TRANSPORTATION (1.1%) American Freightways* 22,641 392 Forward Air* 26,000 809 -------- 1,201 -------- Total Common Stocks (Cost $79,727) 106,736 -------- 34 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (8.0%) Deutsche Bank 5.61%, dated 11/30/99, matures 12/01/99, repurchase price $9,138,563 (collateralized by U.S. Treasury Note: total market value $9,321,837) (D) $9,136 $ 9,136 -------- Total Repurchase Agreement (Cost $9,136) 9,136 -------- Total Investments (101.3%) (Cost $88,863) 115,872 -------- OTHER ASSETS AND LIABILITIES, NET (-1.3%) (1,450) -------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 9,074,951 outstanding shares of beneficial interest 68,763 Fund shares of the Investor Class (unlimited authorization -- no par value) based on 1,201,639 outstanding shares of beneficial interest 10,265 Fund shares of the Flex Class (unlimited authorization -- no par value) based on 276,112 outstanding shares of beneficial interest 4,505 Accumulated net investment loss (672) Accumulated net realized gain on investments 4,552 Net unrealized appreciation on investments 27,009 -------- TOTAL NET ASSETS (100.0%) $114,422 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $ 10.90 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $ 10.56 ======== Maximum Offering Price Per Share -- Investor Class ($10.56 / 96.25%) $ 10.97 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares(1) $ 10.32 ======== (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 40. 35 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 TAX SENSITIVE GROWTH STOCK FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (94.4%) BASIC MATERIALS (2.7%) Alcoa 117,836 $ 7,718 E. I. du Pont De Nemours 132,071 7,850 -------- 15,568 -------- CAPITAL GOODS (8.4%) Applied Materials* 74,243 7,234 Caterpillar 181,450 8,415 General Electric 131,819 17,136 Minnesota Mining & Manufacturing 85,783 8,198 United Technologies 129,758 7,331 -------- 48,314 -------- COMMUNICATION SERVICES (7.7%) America Online* 118,544 8,617 AT&T 211,342 11,809 Bell Atlantic 51,961 3,290 BellSouth 63,887 2,951 GTE 89,286 6,518 SBC Communications 79,669 4,138 Sprint 93,985 6,520 -------- 43,843 -------- CONSUMER CYCLICALS (8.6%) Dollar General 280,380 6,869 Ford Motor 71,517 3,612 Gap 220,024 8,911 General Motors 44,563 3,209 Home Depot 119,256 9,429 Wal-Mart Stores 263,110 15,162 Walt Disney 72,301 2,015 -------- 49,207 -------- CONSUMER STAPLES (9.9%) Coca-Cola 148,577 10,001 Gillette 104,044 4,181 McDonald's 87,096 3,919 Nike, Cl B 116,511 5,359 Paychex 169,310 6,762 PepsiCo 142,519 4,926 Philip Morris 88,475 2,328 Procter & Gamble 149,679 16,165 Walgreen 105,394 3,070 -------- 56,711 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- ENERGY (6.4%) Chevron 59,644 $ 5,282 Exxon 133,151 10,561 Halliburton 190,483 7,369 Mobil 46,310 4,831 Royal Dutch Petroleum 68,582 3,978 Schlumberger 78,463 4,713 -------- 36,734 -------- FINANCIALS (15.5%) American Express 73,023 11,049 American International Group 106,961 11,044 Bank of America 70,083 4,100 Charles Schwab 181,862 6,899 Chase Manhattan Bank 104,169 8,047 Citigroup 173,486 9,347 Fannie Mae 154,361 10,284 Household International 217,949 8,623 J.P. Morgan 80,100 10,533 Wells Fargo 192,236 8,939 -------- 88,865 -------- HEALTH CARE (11.7%) Abbott Laboratories 79,376 3,016 American Home Products 79,591 4,139 Bristol-Myers Squibb 107,568 7,859 Eli Lilly 53,028 3,805 Johnson & Johnson 78,493 8,144 Medtronic 138,421 5,381 Merck 171,232 13,442 Pfizer 226,528 8,197 Schering Plough 75,704 3,870 Warner Lambert 99,594 8,932 -------- 66,785 -------- TECHNOLOGY (23.5%) Allied Signal 208,609 12,477 Cisco Systems* 172,070 15,346 Computer Associates 179,537 11,670 Dell Computer* 261,612 11,249 EMC* 99,456 8,311 Hewlett Packard 59,983 5,691 IBM 102,834 10,598 Intel 203,029 15,570 Linear Technology 94,514 6,716 Lucent Technologies 92,782 6,779 Microsoft* 181,131 16,491 Oracle* 72,211 4,897 Texas Instruments 94,098 9,039 -------- 134,834 -------- Total Common Stocks (Cost $436,412) 540,861 -------- 36 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS (6.4%) Morgan Stanley 5.61%, dated 11/30/99, matures 12/01/99, repurchase price $6,086,577 (collateralized by FNMA obligations: total market value $6,208,388) (D) $ 6,087 $ 6,087 JP Morgan 5.61%, dated 11/30/99, matures 12/01/99, repurchase price $30,806,981 (collateralized by FNMA obligations: total market value $31,423,121) (D) 30,807 30,807 -------- Total Repurchase Agreements (Cost $36,894) 36,894 -------- Total Investments (100.8%) (Cost $473,306) 577,755 -------- OTHER ASSETS AND LIABILITIES, NET (-0.8%) (4,846) -------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 12,019,917 outstanding shares of beneficial interest 303,184 Fund shares of the Flex Class (unlimited authorization -- no par value) based on 5,408,320 outstanding shares of beneficial interest 165,569 Accumulated net investment loss (267) Accumulated net realized loss on investments (26) Net unrealized appreciation on investments 104,449 -------- TOTAL NET ASSETS 100.0% $572,909 ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 32.96 ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares(1) $ 32.68 ======== (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 40. 37 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 VALUE INCOME STOCK FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS (93.7%) BASIC MATERIALS (4.8%) Allegheny Technologies* 599,150 $ 15,091 Boise Cascade 476,500 16,499 Consolidated Papers 459,900 13,452 Hercules 608,500 14,452 Reynolds Metals 233,800 14,627 Rohm & Haas 249,100 9,123 -------- 83,244 -------- CAPITAL GOODS (12.3%) Cooper Industries 591,100 25,380 Crown Cork & Seal 424,600 8,651 Emerson Electric 468,500 26,705 General Dynamics 348,400 17,964 Hubbell, Cl B 601,000 16,753 Minnesota Mining & Manufacturing 208,400 19,915 National Service Industries 626,200 18,512 Pactiv* 685,400 7,025 Pall 597,900 14,013 Perkinelmer 473,100 19,456 Sonoco Products 817,030 18,792 Teledyne Technologies* 171,185 1,509 Thomas & Betts 398,400 16,334 Water Pik Technologies* 59,915 442 W.W. Grainger 107,300 5,057 -------- 216,508 -------- COMMUNICATION SERVICES (8.7%) Alltel 224,900 19,454 AT&T 610,900 34,134 GTE 745,100 54,392 SBC Communications 364,500 18,931 Sprint 386,500 26,814 -------- 153,725 -------- CONSUMER CYCLICALS (8.4%) Albertson's 707,500 22,596 American Greetings, Cl A 561,500 13,230 Dana 511,400 14,191 Genuine Parts 660,900 17,018 H & R Block 287,300 12,354 J.C. Penney 823,800 18,381 Masco 1,212,400 30,613 TRW 366,100 19,106 -------- 147,489 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CONSUMER STAPLES (17.5%) Bestfoods 759,800 $ 41,647 ConAgra 1,660,300 40,055 Dean Foods 245,300 9,735 Flowers Industries 647,800 10,608 Fort James Corp. 422,300 12,141 Fortune Brands 572,600 19,576 H.J. Heinz 442,700 18,538 International Flavors & Fragrances 758,900 27,937 Kimberly Clark 561,100 35,840 Newell Rubbermaid 559,400 18,355 PepsiCo 894,400 30,913 Ryder 649,200 14,648 Stanley Works 460,600 14,336 Wallace Computer Services 629,200 12,623 --------- 306,952 --------- ENERGY (6.0%) Conoco 1,412,484 36,989 Montana Power 168,100 5,190 Murphy Oil 246,600 13,933 Texaco 565,000 34,430 Unocal 435,500 14,453 --------- 104,995 --------- FINANCIALS (19.8%) Allstate 1,136,400 29,760 American Financial Group 430,400 11,594 American General 299,900 21,986 AmSouth Bancorp 950,468 21,445 Bank of America 710,700 41,576 Bank One 510,100 17,981 Fleet Boston Financial 722,247 27,310 Hibernia, Cl A 912,500 11,577 KeyCorp 785,300 21,203 Paine Webber Group 568,300 22,270 PNC Bank 532,600 29,693 Reliastar Financial 421,400 18,331 Summit Bancorp 601,500 19,624 Torchmark 562,400 17,856 Union Planters 359,664 15,331 Unumprovident 611,500 19,912 --------- 347,449 --------- HEALTH CARE (7.5%) Abbott Laboratories 436,400 16,583 American Home Products 547,400 28,465 Baxter International 843,800 57,009 Pharmacia Upjohn ADR 551,700 30,171 --------- 132,228 --------- 38 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- TECHNOLOGY (5.9%) B.F. Goodrich 651,000 $ 14,688 Harris 449,500 9,440 IBM 292,800 30,177 Northrop Grumman 439,900 24,717 Raytheon , Cl B 219,200 6,727 Xerox 620,000 16,779 --------- 102,528 --------- UTILITIES (2.8%) GPU 391,200 12,518 Questar 907,600 15,599 Scana 797,500 21,632 --------- 49,749 --------- Total Common Stocks (Cost $1,734,258) 1,644,867 --------- REPURCHASE AGREEMENTS (5.9%) Deutsche Bank 5.67%, dated 11/30/99, matures 12/01/99, repurchase price $40,890,599 (collateralized by FHLMC obligation: total market value $41,708,411) (D) $40,891 40,891 Greenwich 5.67%, dated 11/30/99, matures 12/01/99, repurchase price $62,230,142 (collateralized by various FNMA obligations: total market value $63,477,387) (D) 62,230 62,230 --------- Total Repurchase Agreements (Cost $103,121) 103,121 --------- Total Investments (99.6%) (Cost $1,837,379) 1,747,988 --------- OTHER ASSETS AND LIABILITIES, NET (0.4%) 7,711 --------- - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Class (unlimited authorization -- no par value) based on 132,864,827 outstanding shares of beneficial interest $1,466,914 Fund shares of the Investor Class (unlimited authorization -- no par value) based on 14,921,931 outstanding shares of beneficial interest 168,457 Fund shares of the Flex Class (unlimited authorization -- no par value) based on 13,369,203 outstanding shares of beneficial interest 176,719 Undistributed net investment income 4,819 Accumulated net realized gain on investments 28,181 Net unrealized depreciation on investments (89,391) ---------- TOTAL NET ASSETS (100.0%) $1,755,699 ========== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $ 10.91 ========== Net Asset Value and Redemption Price Per Share-- Investor Shares $ 10.87 ========== Maximum Offering Price Per Share -- Investor Class ($10.87 / 96.25%) $ 11.29 ========== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares(1) $ 10.76 ========== (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 40. 39 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 (UNAUDITED) KEY TO ABBREVIATIONS USED IN THE STATEMENT OF NET ASSETS AND SCHEDULE OF INVESTMENTS ADR American Depository Receipt AMBAC American Bond Assurance Corporation Cl Class CV Convertible Security EU Euro FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association GDR Global Depository Receipt MTN Medium Term Note RCN Risparmio Non-Convertible Ser Series * Non-income producing security (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. (D) Tri-Party Repurchase Agreement Amounts designated as "--" are either $0 or have been rounded to $0. 40
STATEMENTS OF ASSETS AND LIABILITIES (000) - ------------------------------------------------------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 (UNAUDITED) ------------ ------------ ------------- E-COMMERCE INTERNATIONAL EMERGING OPPORTUNITY EQUITY MARKETS FUND FUND ------------ ------------ ------------- Assets: Investments at Market Value (Costs $12,880, $17,921 and $458,978, respectively) $12,501 $20,453 $459,499 Cash 5,949 -- 3,279 Foreign Currency (Cost $38, $0 and $108,989, respectively) 38 -- 108,387 Accrued Income -- 13 -- Receivable for Investment Securities Sold 3,560 1,044 21,586 Receivable for Portfolio Shares Purchased 2 807 679 Other Assets 62 -- 1,454 ------- ------- -------- Total Assets 22,112 22,317 594,884 ------- ------- -------- Liabilities: Payable for Investment Securities Purchased 573 773 997 Payable for Portfolio Shares Redeemed -- -- 1,455 Accrued Expenses 42 17 1,161 Other Liabilities -- 9 4 ------- ------- -------- Total Liabilities 615 799 3,617 ------- ------- -------- Net Assets: Fund Shares of the Trust Class (unlimited authorization -- no par value) based on 2,403,728, 1,591,608 and 42,314,181, respectively, of outstanding shares of beneficial interest 28,702 18,941 487,091 Fund Shares of the Investor Class (unlimited authorization -- no par value) based on 0, 0 and 999,282, respectively, outstanding shares of beneficial interest -- -- 12,304 Fund Shares of the Flex Class (unlimited authorization-- no par value) based on 0, 0 and 1,190,572, respectively, outstanding shares of beneficial interest -- -- 16,166 Undistributed net investment income (loss) 142 (1) 227 Accumulated net realized gain (loss) on investments (6,951) 46 75,636 Net unrealized appreciation (depreciation) on investments (379) 2,532 521 Net unrealized depreciation on foreign currency and translation of other assets and liabilities in foreign currency investments (17) -- (678) ------- ------- -------- Total Net Assets $21,497 $21,518 $591,267 ======= ======= ======== Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $8.95 $13.52 $13.30 ======= ======= ======== Net Asset Value, Offering and Redemption Price Per Share-- Investor Shares -- -- $13.19 ======= ======= ======== Maximum Offering Price Per Share-- Investor Shares ($13.19 / 96.25%) -- -- $13.70 ======= ======= ======== Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares (1) -- -- $12.81 ======= ======= ======== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 41
STATEMENTS OF OPERATIONS (000) - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 CAPITAL CORE BALANCED APPRECIATION EQUITY FUND FUND FUND --------- ------------ ---------- 06/01/99- 06/01/99- 09/30/99*- 11/30/99 11/30/99 11/30/99 --------- ------------ ---------- Income: INTEREST INCOME $ 4,565 $ 3,554 $ 111 Dividend Income 950 10,213 64 Less: Foreign Taxes Withheld (3) (25) -- ------- -------- ------ Total Investment Income 5,512 13,742 175 ------- -------- ------ Expenses: Investment Advisory Fees 1,618 13,112 172 Less: Investment Advisory Fees Waived/Reimbursed (197) (932) (10) Administrator Fees 121 809 11 Transfer Agent Fees -- Trust Shares 52 39 3 Transfer Agent Fees -- Investor Shares 8 21 -- Transfer Agent Fees -- Flex Shares 42 76 -- Transfer Agent Out of Pocket Fees -- 103 1 Printing Expenses 8 47 3 Custody Fees 7 48 -- Professional Fees 9 56 2 Trustee Fees 2 11 -- Registration Fees 7 46 5 Distribution Fees --Investor Shares 20 1,044 -- Less: Distribution Fees Waived -- Investor Shares (2) (210) -- Distribution Fees -- Flex Shares 404 821 -- Less: Distribution Fees Waived -- Flex Shares (2) (5) -- Insurance and Other Fees 5 62 1 Amortization of Deferred Organization Costs -- -- -- ------- -------- ------ Total Expenses 2,102 15,148 188 ------- -------- ------ Net Investment Income (Loss) 3,410 (1,406) (13) ------- -------- ------ Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold 108 68,580 106 Net Realized Loss on Foreign Currency Transactions -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments (996) (34,070) 7,988 ------- -------- ------ Total Net Realized and Unrealized Gain (Loss) on Investments (888) 34,510 8,094 ------- -------- ------ NET INCREASE IN NET ASSETS FROM OPERATIONS $ 2,522 $ 33,104 $8,081 ======= ======== ======
EMERGING E-COMMERCE GROWTH AND MARKETS OPPORTUNITY INCOME EQUITY FUND FUND FUND ----------- ----------- ----------- 06/01/99- 09/30/99*- 06/01/99- 11/30/99 11/30/99 11/30/99 ----------- ----------- ----------- Income: INTEREST INCOME $ 50 $ 3 $ 5,993 Dividend Income 329 14 467 Less: Foreign Taxes Withheld (22) -- -- ------ ------- ------- Total Investment Income 357 17 6,460 ------ ------- ------- Expenses: Investment Advisory Fees 162 17 3,254 Less: Investment Advisory Fees Waived/Reimbursed (26) (6) (15) Administrator Fees 9 1 256 Transfer Agent Fees -- Trust Shares 9 3 15 Transfer Agent Fees -- Investor Shares -- -- 18 Transfer Agent Fees -- Flex Shares -- -- 16 Transfer Agent Out of Pocket Fees -- -- 32 Printing Expenses 2 1 33 Custody Fees 21 -- 14 Professional Fees 1 -- 35 Trustee Fees -- -- 4 Registration Fees 1 2 20 Distribution Fees --Investor Shares -- -- 47 Less: Distribution Fees Waived -- Investor Shares -- -- (33) Distribution Fees -- Flex Shares -- -- 212 Less: Distribution Fees Waived -- Flex Shares -- -- (33) Insurance and Other Fees 4 -- 4 Amortization of Deferred Organization Costs 12 -- -- ------ ------- ------- Total Expenses 195 18 3,879 ------ ------- ------- Net Investment Income (Loss) 162 (1) 2,581 ------ ------- ------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold 587 46 7,155 Net Realized Loss on Foreign Currency Transactions (72) -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency (4) -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments 1,723 2,532 7,832 ------ ------- ------- Total Net Realized and Unrealized Gain (Loss) on Investments 2,234 2,578 14,987 ------ ------- ------- NET INCREASE IN NET ASSETS FROM OPERATIONS $2,396 $2,577 $17,568 ====== ======= =======
INTERNATIONAL INTERNATIONAL LIFE VISION EQUITY EQUITY BALANCED FUND INDEX FUND PORTFOLIO ------------- ------------- ------------ 06/01/99- 06/01/99- 06/01/99- 11/30/99 11/30/99 11/30/99 ------------- ------------- ------------ Income: INTEREST INCOME $ 716 $ 47 $ -- Dividend Income 6,069 605 1,018 Less: Foreign Taxes Withheld (283) (49) -- ------- ------- ------ Total Investment Income 6,502 603 1,018 ------- ------- ------ Expenses: Investment Advisory Fees 3,803 441 113 Less: Investment Advisory Fees Waived/Reimbursed (94) (26) (59) Administrator Fees 216 35 29 Transfer Agent Fees -- Trust Shares 8 7 13 Transfer Agent Fees -- Investor Shares 8 7 -- Transfer Agent Fees -- Flex Shares 25 5 -- Transfer Agent Out of Pocket Fees 30 2 -- Printing Expenses 6 1 4 Custody Fees 487 55 2 Professional Fees 14 1 8 Trustee Fees 2 -- -- Registration Fees 18 2 1 Distribution Fees --Investor Shares 19 5 -- Less: Distribution Fees Waived -- Investor Shares (2) (1) -- Distribution Fees -- Flex Shares 63 5 -- Less: Distribution Fees Waived -- Flex Shares -- -- -- Insurance and Other Fees 12 6 1 Amortization of Deferred Organization Costs -- -- -- ------- ------- ------ Total Expenses 4,615 545 112 ------- ------- ------ Net Investment Income (Loss) 1,887 58 906 ------- ------- ------ Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold 77,438 808 769 Net Realized Loss on Foreign Currency Transactions (3,470) (98) -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency (581) 89 -- Net Change in Unrealized Appreciation (Depreciation) on Investments (36,760) 15,728 (122) ------- ------- ------ Total Net Realized and Unrealized Gain (Loss) on Investments 36,627 16,527 647 ------- ------- ------ NET INCREASE IN NET ASSETS FROM OPERATIONS $38,514 $16,585 $1,553 ======= ======= ====== *Commencement of operations. Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 42 & 43
STATEMENTS OF OPERATIONS (000) - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 (UNAUDITED) LIFE VISION LIFE VISION MID-CAP SMALL CAP GROWTH AND INCOME MAXIMUM GROWTH EQUITY EQUITY PORTFOLIO PORTFOLIO FUND 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 ----------------- -------------- ---------- ---------- Income: INTEREST INCOME $ -- $ -- $ 459 $ 445 Dividend Income 202 54 950 3,823 Less: Foreign Taxes Withheld -- -- -- (25) ------ ----- ------- -------- Total Investment Income 202 54 1,409 4,243 ------ ----- ------- -------- Expenses: Investment Advisory Fees 27 19 1,554 1,953 Less: Investment Advisory Fees Waived/Reimbursed (22) (16) (141) (64) Administrator Fees 7 6 96 120 Transfer Agent Fees-- Trust Shares 10 9 9 9 Transfer Agent Fees-- Investor Shares -- -- 2 -- Transfer Agent Fees-- Flex Shares -- -- 20 33 Transfer Agent Out of Pocket Fees -- -- 31 17 Printing Expenses 1 1 7 8 Custody Fees 1 1 5 7 Professional Fees 3 3 5 7 Trustee Fees -- -- 1 2 Registration Fees -- -- 5 7 Distribution Fees-- Investor Shares -- -- 38 -- Less: Distribution Fees Waived-- Investor Shares -- -- (3) -- Distribution Fees-- Flex Shares -- -- 75 86 Less: Distribution Fees Waived-- Flex Shares -- -- (15) (28) Insurance and Other Fees -- -- 5 3 Amortization of Deferred Organization Costs -- -- -- 2 ------ ----- ------- -------- Total Expenses 27 23 1,694 2,162 ------ ----- ------- -------- Net Investment Income (Loss) 175 31 (285) 2,081 ------ ----- ------- -------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold 395 575 1,852 (1,920) Net Change in Unrealized Appreciation (Depreciation) on Investments (48) (105) 6,578 (26,237) ------ ----- ------- -------- Total Net Realized and Unrealized Gain (Loss) on Investments 347 470 8,430 (28,157) ------ ----- ------- -------- NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 522 $ 501 $ 8,145 $(26,076) ====== ===== ======= ========
SMALL CAP SUNBELT TAX SENSITIVE VALUE GROWTH STOCK EQUITY GROWTH STOCK INCOME STOCK FUND FUND FUND 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 ------------ --------- ------------- ----------- Income: INTEREST INCOME $ 65 $ 82 $ 686 $ 4,074 Dividend Income 320 234 2,166 23,389 Less: Foreign Taxes Withheld -- -- 6 -- -------- -------- -------- --------- Total Investment Income 385 316 2,858 27,463 -------- -------- -------- --------- Expenses: Investment Advisory Fees 1,738 923 2,378 8,010 Less: Investment Advisory Fees Waived/Reimbursed (58) (73) (106) (9) Administrator Fees 68 57 143 709 Transfer Agent Fees-- Trust Shares 10 6 9 8 Transfer Agent Fees-- Investor Shares -- -- -- 31 Transfer Agent Fees-- Flex Shares 7 12 41 91 Transfer Agent Out of Pocket Fees 8 7 18 90 Printing Expenses 5 4 10 50 Custody Fees 4 3 8 40 Professional Fees 4 3 8 40 Trustee Fees 1 1 2 10 Registration Fees 4 3 8 40 Distribution Fees-- Investor Shares -- 32 -- 302 Less: Distribution Fees Waived-- Investor Shares -- (2) -- -- Distribution Fees-- Flex Shares 33 19 616 807 Less: Distribution Fees Waived-- Flex Shares (5) (9) (13) -- Insurance and Other Fees 1 2 3 30 Amortization of Deferred Organization Costs -- -- -- -- -------- -------- -------- --------- Total Expenses 1,820 988 3,125 10,249 -------- -------- -------- --------- Net Investment Income (Loss) (1,435) (672) (267) 17,214 -------- -------- -------- --------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold 1,668 21,255 (4,920) 29,554 Net Change in Unrealized Appreciation (Depreciation) on Investments 20,738 (20,982) 44,118 (217,032) -------- -------- -------- --------- Total Net Realized and Unrealized Gain (Loss) on Investments 22,406 273 39,198 (187,478) -------- -------- -------- --------- NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 20,971 $ (399) $ 38,931 $(170,264) ======== ======== ======== ========= Amounts designated as "--" are either $0 or round to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 44 & 45
STATEMENTS OF CHANGES IN NET ASSETS (000) - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIODS ENDED NOVEMBER 30, 1999 AND NOVEMBER 30, 1998 AND THE YEAR ENDED MAY 31, 1999 CAPITAL CORE EMERGING BALANCED FUND APPRECIATION FUND EQUITY FUND MARKETS EQUITY FUND ------------------- -------------------- ------------- -------------------- 06/01/99 06/01/98- 06/01/99- 06/01/98- 09/30/99*- 06/01/99- 06/01/98- 11/30/99 05/31/99 11/30/99 05/31/99 11/30/99 11/30/99 05/31/99 -------- --------- --------- --------- ------------- ---------- --------- Operations: NET INVESTMENT INCOME (LOSS) $ 3,410 $ 5,369 $ (1,406) $ 3,087 $ (13) $ 162 $ 487 Capital Gain Received from Investments -- -- -- -- -- -- -- Net Realized Gain (Loss) on Investments 108 9,690 68,580 166,440 106 587 (6,188) Net Realized Loss on Foreign Currency Transactions -- -- -- -- -- (72) (45) Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency -- -- -- -- -- (4) (12) Net Change in Unrealized Appreciation (Depreciation) on Investments (996) 11,063 (34,070) 151,103 7,988 1,723 3,231 -------- -------- --------- ---------- -------- ------- ------- Increase (Decrease) in Net Assets from Operations 2,522 26,122 33,104 320,630 8,081 2,396 (2,527) -------- -------- --------- ---------- -------- ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares (2,691) (4,438) -- (5,572) -- -- (622) Investor Shares (133) (200) -- (36) -- -- -- Flex Shares (484) (506) -- -- -- -- -- Capital Gains: Trust Shares -- (13,593) -- (240,608) -- -- -- Investor Shares -- (771) -- (41,767) -- -- -- Flex Shares -- (2,745) -- (19,498) -- -- -- -------- -------- -------- ---------- -------- ------- ------- (3,308) (22,253) -- (307,481) -- -- (622) ======== ======== ======== ========== ======== ======= ======= Capital Transactions (1): Trust Shares: Proceeds from Shares Issued 51,168 146,574 167,450 673,116 104,840 10,887 14,574 Shares Issued in Connection with Crestar Merger -- -- -- 139,648 -- -- -- Reinvestment of Cash Distributions 2,641 17,886 -- 234,593 -- -- 544 Cost of Shares Repurchased (65,846) (104,280) (494,345) (623,912) (2,445) (18,537) (19,772) -------- -------- --------- ---------- -------- ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions (12,037) 60,180 (326,895) 423,445 102,395 (7,650) (4,654) -------- -------- --------- ---------- -------- ------- ------- Investor Shares: Proceeds from Shares Issued 1,443 7,551 8,087 32,561 -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- 12,499 -- -- -- Reinvestment of Cash Distributions 132 966 -- 41,544 -- -- -- Cost of Shares Repurchased (3,339) (2,023) (25,947) (49,083) -- -- -- -------- -------- --------- ---------- -------- ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions (1,764) 6,494 (17,860) 37,521 -- -- -- -------- -------- --------- ---------- -------- ------- ------- Flex Shares: Proceeds from Shares Issued 20,448 54,572 20,982 68,098 -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- 7,867 -- -- -- Reinvestment of Cash Distributions 468 3,206 -- 19,257 -- -- -- Cost of Shares Repurchased (12,863) (12,484) (24,476) (39,576) -- -- -- -------- -------- --------- ---------- -------- ------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions 8,053 45,294 (3,494) 55,646 -- -- -- -------- -------- --------- ---------- -------- ------- ------- Increase (Decrease) in Net Assets From Share Transactions (5,748) 111,968 (348,249) 516,612 102,395 (7,650) (4,654) -------- -------- --------- ---------- -------- ------- ------- Total Increase (Decrease) in Net Assets (6,534) 115,837 (315,145) 529,761 110,476 (5,254) (7,803) -------- -------- --------- ---------- -------- ------- ------- Net Assets: Beginning of Period 340,240 224,403 2,440,062 1,910,301 -- 26,751 34,554 -------- -------- ---------- ---------- -------- ------- ------- End of Period $333,706 $340,240 $2,124,917 $2,440,062 $110,476 $21,497 $26,751 ======== ======== ========= ========== ======== ======= ======= (1)Shares Issued and Redeemed: Trust Shares: Shares Issued 3,852 11,211 10,027 40,224 10,436 1,254 1,963 Shares Issued in Connection with Crestar Merger -- -- -- 8,202 -- -- -- Shares Issued in Lieu of Cash Distributions 200 1,393 -- 14,645 -- -- 78 Shares Redeemed (5,007) (8,020) (29,761) (37,763) (235) (2,144) (2,644) -------- -------- --------- ---------- -------- ------- ------- Net Trust Share Transactions (955) 4,584 (19,734) 25,308 10,201 (890) (603) -------- -------- --------- ---------- -------- ------- ------- Investor Shares: Shares Issued 108 570 486 1,967 -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- 738 -- Shares Issued in Lieu of Cash Distributions 10 75 -- 2,607 -- -- -- Shares Redeemed (251) (154) (1,567) (2,983) -- -- -- -------- -------- --------- ---------- -------- ------- ------- Net Investor Share Transactions (133) 491 (1,081) 2,329 -- -- -- -------- -------- --------- ---------- -------- ------- ------- Flex Shares: Shares Issued 1,547 4,165 1,287 4,176 -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- 474 -- -- -- Shares Issued in Lieu of Cash Distributions 36 252 -- 1,228 -- -- -- Shares Redeemed (981) (956) (1,509) (2,440) -- -- -- -------- -------- --------- ---------- -------- ------- ------- Net Flex Share Transactions 602 3,461 (222) 3,438 -- -- -- ======== ======== ========= ========== ======== ======= ======= Net Change in Capital Shares (486) 8,536 (21,037) 31,075 10,201 (890) (603) -------- -------- --------- ---------- -------- ------- -------
E-COMMERCE INTERNATIONAL OPPORTUNITY GROWTH AND EQUITY FUND INCOME FUND FUND ----------- ------------------------------- -------------------- 09/30/99*- 06/01/99- 12/01/98- 12/01/97- 06/01/99- 06/01/98- 11/30/99 11/30/99 05/31/99 11/30/98 11/30/99 05/31/99 ----------- ---------- --------- ---------- --------- --------- Operations: NET INVESTMENT INCOME (LOSS) $ (1) $ 2,581 $ 1,547 $ 3,859 $ 1,887 $ 3,923 Capital Gain Received from Investments -- -- -- -- -- -- Net Realized Gain (Loss) on Investments 46 7,155 48,404 42,161 77,438 21,269 Net Realized Loss on Foreign Currency Transactions -- -- -- -- (3,470) (811) Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency -- -- -- -- (581) (10) Net Change in Unrealized Appreciation (Depreciation) on Investments 2,532 7,832 39,898 33,416 (36,760) (78,440) ------- -------- -------- -------- -------- --------- Increase (Decrease) in Net Assets from Operations 2,577 17,568 89,849 79,436 38,514 (54,069) ------- -------- -------- -------- -------- --------- Distributions to Shareholders: Net Investment Income: Trust Shares -- (1,570) (935) (3,768) -- (2,385) Investor Shares -- (71) (66) (212) -- (6) Flex Shares -- -- (7) -- -- -- Capital Gains: Trust Shares -- (42,751) (38,443) (110,281) (21,048) (33,895) Investor Shares -- (2,474) (2,259) (5,275) (504) (965) Flex Shares -- (2,825) (1,704) (2,562) (638) (1,189) ------- -------- -------- -------- -------- --------- -- (49,691) 43,414 (122,098) (22,190) (38,440) ======= ======== ======== ======== ======== ========= Capital Transactions (1): Trust Shares: Proceeds from Shares Issued 19,399 90,860 77,854 92,390 50,417 172,988 Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- Reinvestment of Cash Distributions -- 32,278 11,972 88,294 19,287 33,324 Cost of Shares Repurchased (458) (49,643) (74,302) (153,783) (95,841) (175,047) ------- -------- -------- -------- -------- --------- Increase (Decrease) in Net Assets From Trust Share Transactions 18,941 73,495 15,524 26,901 (26,137) 31,265 ------- -------- -------- -------- -------- --------- Investor Shares: Proceeds from Shares Issued -- 4,626 2,099 11,222 750 2,728 Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- Reinvestment of Cash Distributions -- 2,323 2,157 5,277 502 965 Cost of Shares Repurchased -- (3,310) (4,209) (8,617) (2,526) (4,566) ------- -------- -------- -------- -------- --------- Increase (Decrease) in Net Assets From Investor Share Transactions -- 3,639 47 7,882 (1,274) (873) ------- -------- -------- -------- -------- --------- Flex Shares: Proceeds from Shares Issued -- 17,454 8,350 12,797 1,051 6,324 Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- Reinvestment of Cash Distributions -- 2,750 1,675 2,504 622 1,174 Cost of Shares Repurchased -- (3,397) (2,763) (2,494) (3,822) (8,295) ------- -------- -------- -------- -------- --------- Increase (Decrease) in Net Assets From Flex Share Transactions -- 16,807 7,262 12,807 (2,149) (797) ------- -------- -------- -------- -------- --------- Increase (Decrease) in Net Assets From Share Transactions 18,941 93,941 22,833 47,590 (29,560) 29,595 ------- -------- -------- -------- -------- --------- Total Increase (Decrease) in Net Assets 21,518 61,818 69,268 4,928 (13,236) (62,914) ------- -------- -------- -------- -------- --------- Net Assets: Beginning of Period -- 706,400 637,132 632,204 604,503 667,417 ------- -------- -------- -------- -------- --------- End of Period $21,518 $768,218 $706,400 $637,132 $591,267 $ 604,503 ======= ======== ======== ======== ======== ========= (1)Shares Issued and Redeemed: Trust Shares: Shares Issued 1,636 5,939 5,206 10,513 3,785 12,883 Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions -- 2,063 840 6,789 1,457 2,626 Shares Redeemed (45) (3,175) (4,849) (14,789) (7,139) (13,225) ------- -------- -------- -------- -------- --------- Net Trust Share Transactions 1,591 4,827 1,197 2,513 (1,897) 2,284 ------- -------- -------- -------- -------- --------- Investor Shares: Shares Issued -- 296 137 764 56 203 Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions -- 147 150 402 38 77 Shares Redeemed -- (210) (272) (591) (190) (350) ------- -------- -------- -------- -------- --------- Net Investor Share Transactions -- 233 15 575 (96) (70) ------- -------- -------- -------- -------- --------- Flex Shares: Shares Issued -- 1,117 550 874 81 468 Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions -- 176 117 192 49 95 Shares Redeemed -- (220) (178) (171) (295) (648) ------- -------- -------- -------- -------- --------- Net Flex Share Transactions -- 1,073 489 895 (165) (85) ======= ======== ======== ======== ======== ========= Net Change in Capital Shares 1,591 6,133 1,701 3,983 (2,158) 2,129 ------- -------- -------- -------- -------- ---------
INTERNATIONAL LIFE VISION EQUITY BALANCED INDEX FUND PORTFOLIO -------------------- ----------------------------- 06/01/99- 06/01/98- 06/01/99- 12/01/98- 12/01/97- 11/30/99 05/31/99 11/30/99 05/31/99 11/30/98 --------- --------- --------- --------- --------- Operations: NET INVESTMENT INCOME (LOSS) $ 58 $ 392 $ 906 $ 867 $ 2,062 Capital Gain Received from Investments -- -- -- 2,204 6,921 Net Realized Gain (Loss) on Investments 808 7,583 769 317 (1,004) Net Realized Loss on Foreign Currency Transactions (98) (40) -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency 89 (88) -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments 15,728 (3,971) (122) 2,338 (1,024) -------- ------- ------- ------- -------- Increase (Decrease) in Net Assets from Operations 16,585 3,876 1,553 5,726 6,955 -------- ------- ------- ------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares -- (1,136) (808) (735) (2,072) Investor Shares -- (83) -- -- -- Flex Shares -- (4) -- -- -- Capital Gains: Trust Shares -- (8,431) -- (6,686) (238) Investor Shares -- (877) -- -- -- Flex Shares -- (172) -- -- -- -------- ------- ------- ------ ------- -- (10,703) (808) (7,241) (2,310) ======== ======= ======= ====== ======= Capital Transactions (1): Trust Shares: Proceeds from Shares Issued 25,316 34,363 22,355 5,124 15,849 Shares Issued in Connection with Crestar Merger -- -- -- -- -- Reinvestment of Cash Distributions -- 8,985 808 7,421 2,310 Cost of Shares Repurchased (11,963) (18,882) (18,343) (15,873) (19,035) -------- ------- ------- ------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions 13,353 24,466 4,820 (3,328) (876) -------- ------- ------- ------- -------- Investor Shares: Proceeds from Shares Issued 1,065 1,083 -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- -- -- Reinvestment of Cash Distributions -- 959 -- -- -- Cost of Shares Repurchased (1,667) (3,668) -- -- -- -------- ------- ------- ------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions (602) (1,626) -- -- -- -------- ------- ------- ------- -------- Flex Shares: Proceeds from Shares Issued 991 980 -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- -- -- Reinvestment of Cash Distributions -- 174 -- -- -- Cost of Shares Repurchased (204) (987) -- -- -- -------- ------- ------- ------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions 787 167 -- -- -- -------- ------- ------- ------- -------- Increase (Decrease) in Net Assets From Share Transactions 13,538 23,007 4,820 (3,328) (876) -------- ------- ------- ------- -------- Total Increase (Decrease) in Net Assets 30,123 16,180 5,565 (5,023) 3,769 -------- ------- ------- ------- -------- Net Assets: Beginning of Period 80,990 64,810 88,188 93,211 89,442 -------- ------- ------- ------- -------- End of Period $111,113 $80,990 $93,753 $88,188 $93,211 ======== ======= ======= ======= ======== (1)Shares Issued and Redeemed: Trust Shares: Shares Issued 1,944 2,851 2,082 476 1,449 Shares Issued in Connection with Crestar Merger -- -- -- -- -- Shares Issued in Lieu of Cash Distributions -- 779 76 712 214 Shares Redeemed (910) (1,537) (1,688) (1,486) (1,743) -------- ------- ------- ------- -------- Net Trust Share Transactions 1,034 2,093 470 (298) (80) -------- ------- ------- ------- -------- Investor Shares: Shares Issued 83 88 -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- -- -- Shares Issued in Lieu of Cash Distributions -- 84 -- -- -- Shares Redeemed (130) (294) -- -- -- -------- ------- ------- ------- -------- Net Investor Share Transactions (47) (122) -- -- -- -------- ------- ------- ------- -------- Flex Shares: Shares Issued 76 80 -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- -- -- Shares Issued in Lieu of Cash Distributions -- 15 -- -- -- Shares Redeemed (16) (82) -- -- -- -------- ------- ------- ------- -------- Net Flex Share Transactions 60 13 -- -- -- ======== ======= ======= ======= ======== Net Change in Capital Shares 1,047 1,984 470 (298) (80) -------- ------- ------- ------- --------
*Commencement of operations. Amounts designated as "--" are either $0 or have been rounded to $0. 46 & 47
STATEMENTS OF CHANGES IN NET ASSETS (000) - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIODS ENDED NOVEMBER 30, 1999 AND NOVEMBER 30, 1998 AND THE YEAR ENDED MAY 31, 1999 (UNAUDITED) LIFE VISION LIFE VISION MID-CAP EQUITY GROWTH AND INCOME PORTFOLIO MAXIMUM GROWTH PORTFOLIO FUND ---------------------------- ---------------------------- ------------------- 06/01/99 12/01/98- 12/01/97- 06/01/99 12/01/98- 12/01/97- 06/01/99 06/01/98- 11/30/99 05/31/99 11/30/98 11/30/99 05/31/99 11/30/98 11/30/99 05/31/99 -------- --------- --------- -------- --------- --------- --------- --------- Operations: Net Investment Income (Loss) $ 175 $ 138 $ 357 $ 31 $ 25 $ 36 $ (285) $ (1,779) Capital Gain Received from Investments -- 490 2,121 -- 499 1,739 1,852 -- Net Realized Gain (Loss) on Investments 395 (82) (45) 575 (42) (463) -- 12,419 Net Change in Unrealized Appreciation (Depreciation) on Investments (48) 922 (580) (105) 1,329 (226) 6,578 (10,771) ------- -------- ------- ------- ------- ------- -------- -------- Increase (Decrease) in Net Assets from Operations 522 1,468 1,853 501 1,811 1,086 8,145 (131) ------- -------- ------- ------- ------- ------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares (160) (114) (360) (34) (24) (35) -- -- Investor Shares -- -- -- -- -- -- -- (3) Flex Shares -- -- -- -- -- -- -- -- Capital Gains: Trust Shares -- (2,475) (22) -- (1,670) -- (10,975) (26,541) Investor Shares -- -- -- -- -- -- (809) (1,970) Flex Shares -- -- -- -- -- -- (710) (1,677) ------- -------- ------- ------- ------- ------- -------- -------- Total Distributions (160) (2,589) (382) (34) (1,694) (35) (12,494) (30,191) ------- -------- ------- ------- ------- ------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued 2,461 2,679 2,591 8,030 2,114 5,852 78,655 197,227 Shares Issued in Connection with Common Trust Fund Conversion -- -- -- -- -- -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- -- -- Reinvestment of Cash Distributions 159 2,589 382 34 1,694 36 10,189 25,335 Cost of Shares Repurchased (4,068) (1,239) (7,923) (6,331) (1,456) (4,421) (120,270) (280,036) ------- -------- ------- ------- ------- ------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions (1,448) 4,029 (4,950) 1,733 2,352 1,467 (31,426) (57,474) ------- -------- ------- ------- ------- ------- -------- -------- Investor Shares: Proceeds from Shares Issued -- -- -- -- -- -- 707 3,015 Reinvestment of Cash Distributions -- -- -- -- -- -- 805 1,967 Cost of Shares Repurchased -- -- -- -- -- -- (3,649) (8,523) ------- -------- ------- ------- ------- ------- -------- -------- Decrease in Net Assets From Investor Share Transactions -- -- -- -- -- -- (2,137) (3,541) ------- -------- ------- ------- ------- ------- -------- -------- Flex Shares: Proceeds from Shares Issued -- -- -- -- -- -- 1,230 4,866 Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- -- -- Reinvestment of Cash Distributions -- -- -- -- -- -- 701 1,671 Cost of Shares Repurchased -- -- -- -- -- -- (2,996) (7,908) ------- -------- ------- ------- ------- ------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions -- -- -- -- -- -- (1,065) (1,371) ------- -------- ------- ------- ------- ------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions (1,448) 4,029 (4,950) 1,733 2,352 1,467 (34,628) (62,386) ------- -------- ------- ------- ------- ------- -------- -------- Total Increase (Decrease) in Net Assets (1,086) 2,908 (3,479) 2,200 2,469 2,518 (38,977) (92,708) ------- -------- ------- ------- ------- ------- -------- -------- Net Assets: Beginning of Period 21,950 19,042 22,521 18,699 16,230 13,712 289,089 381,797 ------- -------- ------- ------- ------- ------- -------- -------- End of Period $20,864 $ 21,950 $19,042 $20,899 $18,699 $16,230 $250,112 $289,089 ======= ======== ======= ======= ======= ======= ======== ======== (1)Shares Issued and Redeemed: Trust Shares: Shares Issued 237 259 239 713 192 599 6,376 16,168 Shares Issued in Connection with Common Trust Fund Conversion -- -- -- -- -- -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions 16 264 35 3 161 3 841 2,230 Shares Redeemed (387) (120) (695) (548) (133) (456) (9,801) (22,862) ------- -------- ------- ------- ------- ------- -------- -------- Net Trust Share Transactions (134) 403 (421) 168 220 146 (2,584) (4,464) ------- -------- ------- ------- ------- ------- -------- -------- Investor Shares: Shares Issued -- -- -- -- -- -- 58 247 Shares Issued in Lieu of Cash Distributions -- -- -- -- -- -- 68 175 Shares Redeemed -- -- -- -- -- -- (300) (707) ------- -------- ------- ------- ------- ------- -------- -------- Net Investor Share Transactions -- -- -- -- -- -- (174) (285) ------- -------- ------- ------- ------- ------- -------- -------- Flex Shares: Shares Issued -- -- -- -- -- -- 104 403 Shares Issued in Connection with Crestar Merger -- -- -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions -- -- -- -- -- -- 61 152 Shares Redeemed -- -- -- -- -- -- (255) (676) ------- -------- ------- ------- ------- ------- -------- -------- Net Flex Share Transactions -- -- -- -- -- -- (90) (121) ======= ======== ======= ======= ======= ======= ======== ======== Net Change in Capital Shares (134) 403 (421) 168 220 146 (2,848) (4,870) ------- -------- ------- ------- ------- ------- -------- --------
SMALL CAP SMALL CAP GROWTH SUNBELT EQUITY FUND STOCK FUND EQUITY FUND -------------------- ----------------------- ---------------------- 06/01/99 06/01/98- 06/01/99- 10/08/98*- 06/01/99 06/01/98- 11/30/99 05/31/99 11/30/99 05/31/99 11/30/99 05/31/99 ---------- -------- ----------- ---------- --------- ----------- Operations: Net Investment Income (Loss) $ 2,081 $ 3,797 $ (1,435) $ (141) $ (672) $ (2,421) Capital Gain Received from Investments -- -- -- -- -- -- Net Realized Gain (Loss) on Investments (1,920) (48,614) 1,668 2,335 21,255 (16,055) Net Change in Unrealized Appreciation (Depreciation) on Investments 26,237) (39,458) 20,738 4,550 (20,982) (79,885) -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets from Operations (26,076) (84,275) 20,971 6,744 (399) (98,361) -------- -------- -------- -------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares (1,771) (3,830) -- (4) -- -- Investor Shares -- -- -- -- -- -- Flex Shares -- (46) -- -- -- -- Capital Gains: Trust Shares -- (17,401) -- (24) -- (22,775) Investor Shares -- -- -- -- -- (1,729) Flex Shares -- (1,638) -- (1) -- (508) -------- -------- -------- -------- -------- -------- Total Distributions (1,771) (22,915) -- (29) -- (25,012) -------- -------- -------- -------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued 70,220 159,166 60,636 69,418 56,255 228,638 Shares Issued in Connection with Common Trust Fund Conversion -- -- -- -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- 88,940 -- -- Reinvestment of Cash Distributions 1,343 19,237 -- 28 -- 21,508 Cost of Shares Repurchased (51,956) (170,356) (27,296) (12,528) (154,421) (372,294) -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions 19,607 8,047 33,340 145,858 (98,166) (122,148) -------- -------- -------- -------- -------- -------- Investor Shares: Proceeds from Shares Issued -- -- -- -- 362 2,830 Reinvestment of Cash Distributions -- -- -- -- -- 1,727 Cost of Shares Repurchased -- -- -- -- (4,441) (10,109) -------- -------- -------- -------- -------- -------- Decrease in Net Assets From Investor Share Transactions -- -- -- -- (4,079) (5,552) -------- -------- -------- -------- -------- -------- Flex Shares: Proceeds from Shares Issued 1,001 2,579 1,350 3,553 145 1,881 Shares Issued in Connection with Crestar Merger -- -- -- 2,699 -- -- Reinvestment of Cash Distributions -- 1,669 -- 1 -- 504 Cost of Shares Repurchased (5,548) (15,110) (1,102) (378) (1,638) (3,604) -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions (4,547) (10,862) 248 5,875 (1,493) (1,219) -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions 15,060 (2,815) 33,588 151,733 (103,738) (128,919) -------- -------- -------- -------- -------- -------- Total Increase (Decrease) in Net Assets (12,787) (110,005) 54,559 158,448 (104,137) (252,292) -------- -------- -------- -------- -------- -------- Net Assets: Beginning of Period 321,449 431,454 158,448 -- 218,559 470,851 -------- -------- -------- -------- -------- -------- End of Period $308,662 $321,449 $213,007 $158,448 $114,422 $218,559 ======== ======== ======== ======== ======== ======== (1)Shares Issued and Redeemed: Trust Shares: Shares Issued 7,251 16,078 4,010 5,174 4,981 19,064 Shares Issued in Connection with Common Trust Fund Conversion -- -- -- -- -- -- Shares Issued in Connection with Crestar Merger -- -- -- 6,174 -- -- Shares Issued in Lieu of Cash Distributions 139 2,040 -- 2 -- 1,997 Shares Redeemed (5,549) (17,349) (1,774) (886) (13,690) (31,845) -------- -------- -------- -------- -------- -------- Net Trust Share Transactions 1,841 769 2,236 10,464 (8,709) (10,784) -------- -------- -------- -------- -------- -------- Investor Shares: Shares Issued -- -- -- -- 33 229 Shares Issued in Lieu of Cash Distributions -- -- -- -- -- 165 Shares Redeemed -- -- -- -- (406) (909) -------- -------- -------- -------- -------- -------- Net Investor Share Transactions -- -- -- -- (373) (515) -------- -------- -------- -------- -------- -------- Flex Shares: Shares Issued 104 245 79 266 13 148 Shares Issued in Connection with Crestar Merger -- -- 188 -- -- -- Shares Issued in Lieu of Cash Distributions -- 179 -- -- -- 49 Shares Redeemed (588) (1,580) (73) (28) (153) (333) -------- -------- -------- -------- -------- -------- Net Flex Share Transactions (484) (1,156) 6 426 (140) (136) ======== ======== ======== ======== ======== ======== Net Change in Capital Shares 1,357 (387) 2,242 10,890 (9,222) (11,435) -------- -------- -------- -------- -------- --------
TAX SENSITIVE GROWTH VALUE INCOME STOCK FUND STOCK FUND ----------------------- ------------------------ 06/01/99- 12/11/98*- 06/01/99- 06/01/98- 11/30/99 05/31/99 11/30/99 05/31/99 ----------- ---------- ----------- ----------- Operations: Net Investment Income (Loss) $ (267) $ 38 $ 17,214 $ 33,942 Capital Gain Received from Investments -- -- -- -- Net Realized Gain (Loss) on Investments (4,920) 4,943 29,554 219,408 Net Change in Unrealized Appreciation (Depreciation) on Investments 44,118 14,808 (217,032) (71,294) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets from Operations 38,931 19,789 (170,264) 182,056 -------- -------- ---------- ---------- Distributions to Shareholders: Net Investment Income: Trust Shares -- (87) (15,157) (30,625) Investor Shares -- -- (1,322) (3,178) Flex Shares -- -- (570) (1,535) Capital Gains: Trust Shares -- -- (114,337) (229,623) Investor Shares -- -- (12,574) (29,331) Flex Shares -- -- (11,272) (25,364) -------- -------- ---------- ---------- Total Distributions -- (87) (155,232) (319,656) -------- -------- ---------- ---------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued 161,756 121,119 289,860 354,278 Shares Issued in Connection with Common Trust Fund Conversion -- 99,222 -- -- Shares Issued in Connection with Crestar Merger -- -- -- -- Reinvestment of Cash Distributions -- 87 119,874 241,723 Cost of Shares Repurchased (17,555) (15,922) (280,315) (621,009) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From Trust Share Transactions 144,201 204,506 129,419 (25,008) -------- -------- ---------- ---------- Investor Shares: Proceeds from Shares Issued -- -- 4,857 17,566 Reinvestment of Cash Distributions -- -- 13,742 32,240 Cost of Shares Repurchased -- -- (21,237) (51,945) -------- -------- ---------- ---------- Decrease in Net Assets From Investor Share Transactions -- -- (2,638) (2,139) -------- -------- ---------- ---------- Flex Shares: Proceeds from Shares Issued 98,163 77,327 15,607 38,150 Shares Issued in Connection with Crestar Merger -- -- -- -- Reinvestment of Cash Distributions -- -- 11,469 26,492 Cost of Shares Repurchased (7,804) (2,117) (23,925) (65,171) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From Flex Share Transactions 90,359 75,210 3,151 (529) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From Share Transactions 234,560 279,716 129,932 (27,676) -------- -------- ---------- ---------- Total Increase (Decrease) in Net Assets 273,491 299,418 (195,564) (165,276) -------- -------- ---------- ---------- Net Assets: Beginning of Period 299,418 -- 1,951,263 2,116,539 -------- -------- ---------- ---------- End of Period $572,909 $299,418 $1,755,699 $1,951,263 ======== ======== ========== ========== (1)Shares Issued and Redeemed: Trust Shares: Shares Issued 5,113 4,133 23,050 28,099 Shares Issued in Connection with Common Trust Fund Conversion -- 3,875 -- -- Shares Issued in Connection with Crestar Merger -- -- -- -- Shares Issued in Lieu of Cash Distributions -- 3 10,007 20,747 Shares Redeemed (555) (549) (23,918) (49,236) -------- -------- ---------- ---------- Net Trust Share Transactions 4,558 7,462 9,139 (390) -------- -------- ---------- ---------- Investor Shares: Shares Issued -- -- 400 1,391 Shares Issued in Lieu of Cash Distributions -- -- 1,151 2,775 Shares Redeemed -- -- (1,799) (4,182) -------- -------- ---------- ---------- Net Investor Share Transactions -- -- (248) (16) -------- -------- ---------- ---------- Flex Shares: Shares Issued 3,114 2,612 1,280 3,029 Shares Issued in Connection with Crestar Merger -- -- -- -- Shares Issued in Lieu of Cash Distributions -- -- 971 2,310 Shares Redeemed (248) (70) (2,049) (5,298) -------- -------- ---------- ---------- Net Flex Share Transactions 2,866 2,542 202 41 ======== ======== ========== ========== Net Change in Capital Shares 7,424 10,004 9,093 (365) -------- -------- ---------- ----------
*Commencement of Operations. Amounts designated as "--" are either $0 or have been rounded to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 48 & 49
FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISED INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS 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 ---------- ------------- ----------------- ------------- ------------- --------- BALANCED FUND Trust Shares 1999* $13.26 $ 0.15 $ -- $(0.15) $ -- $13.26 1999 13.09 0.28 1.09 (0.28) (0.92) 13.26 1998 11.94 0.31 2.19 (0.32) (1.03) 13.09 1997 11.55 0.33 1.47 (0.32) (1.09) 11.94 1996 10.26 0.33 1.41 (0.34) (0.11) 11.55 1995 9.76 0.33 0.49 (0.32) -- 10.26 Investor Shares 1999* $13.32 $ 0.13 $(0.01) $(0.12) $ -- $13.32 1999 13.14 0.24 1.10 (0.24) (0.92) 13.32 1998 11.99 0.28 2.19 (0.29) (1.03) 13.14 1997 11.60 0.29 1.48 (0.29) (1.09) 11.99 1996 10.30 0.30 1.41 (0.30) (0.11) 11.60 1995 9.79 0.28 0.51 (0.28) -- 10.30 Flex Shares 1999* $13.17 $ 0.01 $(0.01) $(0.01) $ -- $13.16 1999 13.02 0.16 1.07 (0.16) (0.92) 13.17 1998 11.90 0.20 2.16 (0.21) (1.03) 13.02 1997 11.53 0.22 1.45 (0.21) (1.09) 11.90 1996(1) 10.36 0.24 1.29 (0.25) (0.11) 11.53 CAPITAL APPRECIATION FUND Trust Shares 1999* $16.62 $ -- $ 0.29 $ -- $ -- $16.91 1999 16.48 0.05 2.70 (0.06) (2.55) 16.62 1998 15.09 0.09 3.96 (0.09) (2.57) 16.48 1997 14.90 0.12 3.13 (0.12) (2.94) 15.09 1996 12.18 0.12 3.32 (0.13) (0.59) 14.90 1995 11.99 0.16 0.57 (0.14) (0.40) 12.18 Investor Shares 1999* $16.53 $ -- $ 0.23 $ -- $ -- $16.76 1999 16.43 (0.05) 2.70 -- (2.55) 16.53 1998 15.06 (0.01) 3.95 -- (2.57) 16.43 1997 14.89 0.03 3.10 (0.02) (2.94) 15.06 1996 12.17 0.03 3.32 (0.04) (0.59) 14.89 1995 11.98 0.09 0.57 (0.07) (0.40) 12.17 Flex Shares 1999* $16.18 $ -- $ 0.19 $ -- $ -- $16.37 1999 16.22 (0.09) 2.60 -- (2.55) 16.18 1998 14.96 (0.04) 3.87 -- (2.57) 16.22 1997 14.84 (0.01) 3.07 -- (2.94) 14.96 1996(2) 12.20 0.02 3.26 (0.05) (0.59) 14.84 CORE EQUITY FUND Trust Shares 1999(3) $10.00 $ -- $ 0.83 $ -- $ -- $10.83 EMERGING MARKETS EQUITY FUND Trust Shares 1999* $ 8.12 $ 0.09 $ 0.74 $ -- $ -- $ 8.95 1999 8.87 0.14 (0.72) (0.17) -- 8.12 1998 10.79 0.16 (1.86) (0.08) (0.14) 8.87 1997(4) 10.00 0.04 0.75 -- -- 10.79 E-COMMERCE OPPORTUNITY FUND Trust Shares 1999 (3) $10.00 $ -- $ 3.52 $ -- $ -- $13.52 GROWTH AND INCOME FUND (A) Trust Shares 1999* $16.09 $ 0.06 $ 0.33 $(0.03) $ (1.09) $15.36 1999(5) 15.10 0.04 1.97 (0.02) (1.00) 16.09 For the years ended November 30: 1998 16.55 0.09 1.64 (0.09) (3.09) 15.10 1997 13.39 0.14 3.24 (0.15) (0.07) 16.55 1996 11.60 0.17 2.38 (0.17) (0.59) 13.39 1995 10.73 0.24 2.62 (0.26) (1.73) 11.60 Investor Shares 1999* $16.21 $ 0.05 $ 0.33 $(0.03) $ (1.09) $15.47 1999(5) 15.21 0.04 1.99 (0.03) (1.00) 16.21 For the years ended November 30: 1998 16.64 0.10 1.66 (0.10) (3.09) 15.21 1997 13.47 0.13 3.25 (0.14) (0.07) 16.64 1996 11.66 0.17 2.39 (0.16) (0.59) 13.47 1995 10.78 0.25 2.62 (0.26) (1.73) 11.66 Flex Shares 1999* $16.10 $ -- $ 0.32 $ -- $ (1.09) $15.33 1999(5) 15.14 (0.01) 1.97 -- (1.00) 16.10 For the years ended November 30: 1998 16.59 (0.01) 1.64 -- (3.08) 15.14 1997 13.44 0.04 3.23 (0.05) (0.07) 16.59 1996 11.64 0.09 2.38 (0.08) (0.59) 13.44 1995 (6) 11.11 0.12 1.62 (1.14) (1.07) 11.64
RATIO OF RATIO OF EXPENSES TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) ------- ------------ ------------------ ------------------ ------------------- BALANCED FUND Trust Shares 1999* 1.10% $ 239,119 0.97% 2.26% 1.09% 1999 10.98 251,752 0.97 2.19 1.06 1998 22.15 188,465 0.96 2.51 1.08 1997 16.66 151,358 0.95 2.89 1.08 1996 17.26 111,638 0.95 3.00 1.09 1995 8.72 89,051 0.95 3.44 1.11 Investor Shares 1999* 0.94% $ 13,186 1.27% 1.96% 1.41% 1999 10.70 14,962 1.27 1.89 1.43 1998 21.72 8,313 1.26 2.21 1.59 1997 16.27 6,012 1.25 2.58 1.64 1996 16.88 4,896 1.25 2.70 1.89 1995 8.29 3,765 1.25 3.17 1.80 Flex Shares 1999* 0.53% $ 81,401 2.03% 1.21% 2.15% 1999 9.84 73,526 2.03 1.13 2.15 1998 20.85 27,625 2.02 1.41 2.23 1997 15.40 6,067 2.01 1.84 2.45 1996(1) 15.58 3,131 2.00 1.85 2.97 CAPITAL APPRECIATION FUND Trust Shares 1999* 1.74% $ 1,667,104 1.17% 0.31% 1.26% 1999 17.83 1,966,842 1.17 0.29 1.26 1998 29.51 1,532,587 1.16 0.61 1.27 1997 24.66 1,085,128 1.15 0.83 1.25 1996 28.97 981,498 1.15 0.90 1.27 1995 6.63 984,205 1.15 1.38 1.28 Investor Shares 1999* 1.39% $ 297,438 1.81% (0.29)% 1.95% 1999 17.20 311,120 1.82 (0.30) 1.96 1998 28.71 271,044 1.81 (0.03) 2.01 1997 23.74 218,660 1.80 0.19 2.02 1996 28.18 191,078 1.80 0.24 2.08 1995 5.93 160,875 1.80 0.73 2.10 Flex Shares 1999* 1.17% $ 160,375 2.28% (0.80)% 2.37% 1999 16.50 162,100 2.29 (0.86) 2.38 1998 28.12 106,670 2.26 (0.46) 2.37 1997 23.24 36,753 2.27 (0.29) 2.43 1996(2) 27.48 10,969 2.27 (0.29) 2.68 CORE EQUITY FUND Trust Shares 1999(3) 2.85% $ 110,476 0.39% (0.03)% 0.41% EMERGING MARKETS EQUITY FUND Trust Shares 1999* 10.22% $ 21,497 1.57% 1.31% 1.78% 1999 (6.22) 26,751 1.57 1.79 1.61 1998 15.74) 34,554 1.56 1.14 1.78 1997(4) 7.90 39,495 1.55 1.37 2.04 E-COMMERCE OPPORTUNITY FUND Trust Shares 1999 (3) 19.54 $ 21,518 0.39% (0.03)% 0.50% GROWTH AND INCOME FUND (A) Trust Shares 1999* 2.37% $ 679,408 1.01% 0.77% 1.01% 1999(5) 14.24 634,279 1.14 0.49 1.43 For the years ended November 1998 13.64% 577,042 1.03% 0.63% 1.21 1997 25.41 590,824 1.02 0.92 1.17 1996 22.68 553,648 1.02 1.38 1.17 1995 28.76 220,386 1.02 2.16 1.17 Investor Shares 1999* 2.23% $ 38,878 1.18% 0.60% 1.30% 1999(5) 14.31 36,958 1.08 0.54 1.17 For the years ended November 1998 13.69% 34,434 1.03% 0.63% 1.18 1997 25.42 28,112 1.03 0.89 1.18 1996 22.63 17,997 1.03 1.35 1.18 1995 28.71 12,633 1.03 2.14 1.18 Flex Shares 1999* 1.86% $ 49,932 1.93% (0.10)% 2.09% 1999(5) 13.85 35,163 1.83 (0.21) 1.97 For the years ended November 1998 12.78% 25,656 1.78 (0.13%) 2.03 1997 24.63 13,269 1.73 0.15 2.09 1996 21.81 5,131 1.68 0.71 2.03 1995 (6) 15.78 2,086 1.68 1.13 2.03
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS PORTFOLIO (EXCLUDING WAIVERS TURNOVER AND REIMBURSEMENTS) RATE -------------------- --------- BALANCED FUND Trust Shares 1999* 2.15% 96% 1999 2.10 179 1998 2.39 154 1997 2.76 197 1996 2.86 155 1995 3.28 157 Investor Shares 1999* 1.82% 96% 1999 1.73 179 1998 1.88 154 1997 2.19 197 1996 2.06 155 1995 2.62 157 Flex Shares 1999* 1.09% 96% 1999 1.01 179 1998 1.20 154 1997 1.40 197 1996(1) 0.88 155 CAPITAL APPRECIATION FUND Trust Shares 1999* 0.22% 66% 1999 0.20 147 1998 0.50 194 1997 0.73 141 1996 0.78 156 1995 1.25 128 Investor Shares 1999* (0.42)% 66% 1999 (0.44) 147 1998 (0.23) 194 1997 (0.03) 141 1996 (0.04) 156 1995 0.43 128 Flex Shares 1999* (0.90)% 66% 1999 (0.95) 147 1998 (0.57) 194 1997 (0.45) 141 1996(2) (0.70) 156 CORE EQUITY FUND Trust Shares 1999(3) (0.05)% 8% EMERGING MARKETS EQUITY FUND Trust Shares 1999* 1.10% 66% 1999 1.75 67 1998 0.92 74 1997(4) 0.88 24 E-COMMERCE OPPORTUNITY FUND Trust Shares 1999 (3) (0.15)% 25.78% GROWTH AND INCOME FUND (A) Trust Shares 1999* 0.77% 23% 1999(5) 0.20 31 For the years ended November 1998 0.45% 71% 1997 0.77 100 1996 1.23 82 1995 2.01 175 Investor Shares 1999* 0.48% 23% 1999(5) 0.45 31 For the years ended November 1998 0.48 71% 1997 0.74 100 1996 1.20 82 1995 1.99 175 Flex Shares 1999* (0.26)% 23% 1999(5) (0.35) 31 For the years ended November 1998 (0.38%) 71 1997 (0.20) 100 1996 0.36 82 1995 (6) 0.78 175 * For the six month period ended November 30, 1999. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. (1) Commenced operations on June 14, 1995. All ratios for the period have been annualized. (2) Commenced operations on June 1, 1995. All ratios for the period have been annualized. (3) Commenced operations on September 30, 1999. All ratios for the period have been annualized. (4) Commenced operations on January 31, 1997. 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 19, 1995. All ratios for the period ended November 30, 1995 have been annualized. (A) On May 24, 1999, the CrestFund Value Fund exchanged all of its assets and certain liabilities for shares of the Growth and Income Fund. The CrestFund Value 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.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 50 & 51
FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS 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 ----------- ------------- ----------------- ------------- ------------- --------- INTERNATIONAL EQUITY FUND Trust Shares 1999* $12.97 $ 0.05 $ 0.77 $ -- $(0.49) $13.30 1999 15.00 -- (1.14) (0.05) (0.84) 12.97 1998 13.63 0.04 2.69 (0.04) (1.32) 15.00 1997 11.40 0.03 2.57 (0.02) (0.35) 13.63 1996(1) 10.00 0.05 1.35 -- -- 11.40 Investor Shares 1999* $12.89 $ 0.03 $ 0.76 $ -- $(0.49) $13.19 1999 14.92 (0.09) (1.10) -- (0.84) 12.89 1998 13.58 0.02 2.64 -- (1.32) 14.92 1997 11.38 (0.01) 2.56 -- (0.35) 13.58 1996(2) 10.44 0.04 0.90 -- -- 11.38 Flex Shares 1999* $12.58 $(0.04) $ 0.76 $ -- $(0.49) $12.81 1999 14.68 (0.29) (0.97) -- (0.84) 12.58 1998 13.47 0.07 2.46 -- (1.32) 14.68 1997 11.37 (0.04) 2.49 -- (0.35) 13.47 1996(2) 10.44 0.02 0.91 -- -- 11.37 INTERNATIONAL EQUITY INDEX FUND Trust Shares 1999* $11.82 $ 0.03 $ 2.22 $ -- $ -- $14.07 1999 13.31 0.09 0.85 (0.24) (2.19) 11.82 1998 11.34 0.11 2.65 (0.11) (0.68) 13.31 1997 10.96 0.10 0.69 (0.11) (0.30) 11.34 1996 10.24 0.10 0.84 (0.13) (0.09) 10.96 1995(3) 10.00 0.08 0.19 (0.02) (0.01) 10.24 Investor Shares 1999* $11.70 $(0.05) $ 2.25 $ -- $ -- $13.90 1999 13.20 (0.11) 0.98 (0.18) (2.19) 11.70 1998 11.26 0.16 2.53 (0.07) (0.68) 13.20 1997 10.88 0.03 0.72 (0.07) (0.30) 11.26 1996 10.20 0.05 0.85 (0.13) (0.09) 10.88 1995(3) 10.00 0.05 0.17 (0.01) (0.01) 10.20 Flex Shares 1999* $11.73 $ -- $ 2.15 $ -- $ -- $13.88 1999 13.17 (0.15) 0.94 (0.04) (2.19) 11.73 1998 11.24 0.17 2.44 -- (0.68) 13.17 1997 10.87 (0.05) 0.72 -- (0.30) 11.24 1996(4) 10.24 -- 0.82 (0.10) (0.09) 10.87 LIFE VISION BALANCED PORTFOLIO (A) Trust Shares 1999* $10.80 $ 0.09 $ 0.06 $(0.10) $ -- $10.85 1999(5) 11.01 0.11 0.56 (0.09) (0.79) 10.80 For the years ended November 30: 1998 10.46 0.24 0.58 (0.24) (0.03) 11.01 1997(6) 10.00 0.12 0.45 (0.11) -- 10.46 LIFE VISION GROWTH AND INCOME PORTFOLIO (A) Trust Shares 1999* $10.33 $ 0.12 $ 0.11 $(0.08) $ -- $10.48 1999(5) 11.06 0.08 0.69 (0.06) (1.44) 10.33 For the years ended November 30: 1998 10.51 0.18 0.56 (0.18) (0.01) 11.06 1997(6) 10.00 0.09 0.51 (0.09) -- 10.51 LIFE VISION MAXIMUM GROWTH PORTFOLIO (A) Trust Shares 1999* $11.31 $ 0.02 $ 0.16 $(0.02) $ -- $11.47 1999(5) 11.32 0.02 1.13 (0.01) (1.15) 11.31 For the years ended November 30: 1998 10.65 0.03 0.67 (0.03) -- 11.32 1997(6) 10.00 0.03 0.65 (0.03) -- 10.65 MID-CAP EQUITY FUND Trust Shares 1999* $12.68 $(0.03) $0.46 $ -- $(0.57) $12.54 1999 13.79 0.01 0.07 -- (1.19) 12.68 1998 13.21 -- 2.54 -- (1.96) 13.79 1997 12.76 0.03 1.69 (0.05) (1.22) 13.21 1996 11.00 0.08 2.63 (0.08) (0.87) 12.76 1995 9.85 0.08 1.15 (0.08) -- 11.00 Investor Shares 1999* $12.50 $(0.07) $0.47 $ -- $(0.57) $12.33 1999 13.67 (0.06) 0.08 -- (1.19) 12.50 1998 13.17 (0.03) 2.49 -- (1.96) 13.67 1997 12.74 (0.03) 1.69 (0.01) (1.22) 13.17 1996 10.99 0.03 2.62 (0.03) (0.87) 12.74 1995 9.84 0.03 1.15 (0.03) -- 10.99 Flex Shares 1999* $12.17 $(0.10) $0.45 $ -- $(0.57) $11.95 1999 13.42 (0.14) 0.08 -- (1.19) 12.17 1998 13.04 (0.04) 2.38 -- (1.96) 13.42 1997 12.69 (0.07) 1.64 -- (1.22) 13.04 1996(7) 11.13 -- 2.45 (0.02) (0.87) 12.69
RATIO OF RATIO OF EXPENSES TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) ------- ------------ ------------------ ------------------ ------------------- INTERNATIONAL EQUITY FUND Trust Shares 1999* 6.40% $562,784 1.48% 0.66% 1.51% 1999 (7.43) 573,255 1.47 0.68 1.52 1998 21.87 628,870 1.47 0.61 1.48 1997 23.29 489,325 1.46 0.51 1.51 1996(1) 14.00 213,306 1.46 1.36 1.65 Investor Shares 1999* 6.20% $ 13,188 1.83% 0.31% 1.89% 1999 (7.82) 14,145 1.83 0.30 1.93 1998 21.39 17,383 1.82 0.24 1.91 1997 22.85 10,674 1.81 0.18 2.05 1996(2) 9.00 3,448 1.81 1.73 3.14 Flex Shares 1999* 5.79% $ 15,295 2.53% (0.39)% 2.56% 1999 (8.48) 17,103 2.53 (0.40) 2.82 1998 20.54 21,164 2.52 (0.46) 2.58 1997 21.98 8,375 2.51 (0.27) 3.03 1996(2) 8.91 953 2.51 1.08 5.86 INTERNATIONAL EQUITY INDEX FUND Trust Shares 1999* 19.04% $103,388 1.07% 0.16% 1.13% 1999 7.87 74,616 1.07 0.69 1.17 1998 25.82 56,200 1.06 0.88 1.18 1997 7.48 53,516 1.05 0.71 1.15 1996 9.29 90,980 1.05 0.84 1.19 1995(3) 2.69 89,446 1.05 1.13 1.31 Investor Shares 1999* 18.80% $ 5,184 1.47% (0.19)% 1.55% 1999 7.33 4,909 1.47 0.25 1.71 1998 25.25 7,141 1.46 0.50 1.84 1997 7.12 5,592 1.45 0.28 1.88 1996 8.90 5,597 1.45 0.48 2.06 1995(3) 2.18 3,960 1.45 0.67 2.44 Flex Shares 1999* 18.33% $ 2,541 2.12% (0.94)% 2.17% 1999 6.68 1,465 2.12 (0.30) 2.92 1998 24.50 1,469 2.11 (0.03) 3.52 1997 6.41 900 2.10 (0.39) 3.69 1996(4) 8.32 917 2.10 (0.24) 4.14 LIFE VISION BALANCED PORTFOLIO (A) Trust Shares 1999* 1.41% $ 93,753 0.25% 2.04% 0.38% 1999(5) 6.35 88,188 0.27 1.90 0.42 For the years ended November 30: 1998 7.90 93,211 0.25 2.21 0.42 1997(6) 5.70 89,442 0.25 2.66 0.42 LIFE VISION GROWTH AND INCOME PORTFOLIO (A) Trust Shares 1999* 2.24% $ 20,864 0.25% 1.63% 0.25% 1999(5) 7.75 21,950 0.27 1.38 0.60 For the years ended November 30: 1998 7.12 19,042 0.25 1.68 0.59 1997(6) 5.97 22,521 0.25 2.11 0.59 LIFE VISION MAXIMUM GROWTH PORTFOLIO (A) Trust Shares 1999* 1.60% $ 20,899 0.25% 0.33% 0.25% 1999(5) 10.99 18,699 0.27 0.28 0.63 For the years ended November 30: 1998 6.53 16,230 0.25 0.23 0.66 1997(6) 6.82 13,712 0.25 0.72 0.73 MID-CAP EQUITY FUND Trust Shares 1999* 3.58% $218,849 1.17% (0.13)% 1.27% 1999 1.61 254,055 1.17 (0.47) 1.28 1998 21.14 337,825 1.16 (0.29) 1.27 1997 14.23 287,370 1.15 0.23 1.26 1996 25.54 253,905 1.15 0.70 1.29 1995 12.56 125,562 1.15 0.88 1.32 Investor Shares 1999* 3.38% $ 16,819 1.58% (0.54)% 1.71% 1999 1.17 19,230 1.62 (0.90) 1.76 1998 20.56 24,930 1.61 (0.75) 1.84 1997 13.76 20,245 1.60 (0.21) 1.85 1996 24.93 17,971 1.60 0.25 1.96 1995 11.96 7,345 1.60 0.43 2.27 Flex Shares 1999* 3.05% $ 14,444 2.22% (1.18)% 2.53% 1999 0.56 15,804 2.22 (1.52) 2.48 1998 19.80 19,042 2.21 (1.37) 2.47 1997 13.06 10,120 2.20 (0.85) 2.58 1996(7) 23.00 5,029 2.20 (0.37) 3.04
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS PORTFOLIO (EXCLUDING WAIVERS TURNOVER AND REIMBURSEMENTS) RATE ------------------- --------- INTERNATIONAL EQUITY FUND Trust Shares 1999* 0.63% 102% 1999 0.63 161 1998 0.60 108 1997 0.46 139 1996(1) 1.17 113 Investor Shares 1999* 0.25% 102% 1999 0.20 161 1998 0.15 108 1997 (0.06) 139 1996(2) 0.40 113 Flex Shares 1999* (0.42)% 102% 1999 (0.69) 161 1998 (0.52) 108 1997 (0.79) 139 1996(2) (2.27) 113 INTERNATIONAL EQUITY INDEX FUND Trust Shares 1999* 0.10% 4% 1999 0.59 32 1998 0.76 1 1997 0.61 2 1996 0.70 30 1995(3) 0.87 10 Investor Shares 1999* (0.27)% 4% 1999 0.01 32 1998 0.12 1 1997 (0.15) 2 1996 (0.13) 30 1995(3) (0.32) 10 Flex Shares 1999* (0.99)% 4% 1999 (1.10) 32 1998 (1.44) 1 1997 (1.98) 2 1996(4) (2.28) 30 LIFE VISION BALANCED PORTFOLIO (A) Trust Shares 1999* 1.91% 68% 1999(5) 1.75 48 For the years ended November 30: 1998 2.04 52 1997(6) 2.49 43 LIFE VISION GROWTH AND INCOME PORTFOLIO (A) Trust Shares 1999* 1.63% 58% 1999(5) 1.05 40 For the years ended November 1998 1.34 57 1997(6) 1.77 25 LIFE VISION MAXIMUM GROWTH PORTFOLIO (A) Trust Shares 1999* 0.33% 96% 1999(5) (0.08) 33 For the years ended November 30: 1998 (0.18) 75 1997(6) 0.24 34 MID-CAP EQUITY FUND Trust Shares 1999* (0.23)% 65% 1999 (0.58) 76 1998 (0.40) 129 1997 0.12 152 1996 0.56 116 1995 0.71 66 Investor Shares 1999* (0.67)% 65% 1999 (1.04) 76 1998 (0.98) 129 1997 (0.46) 152 1996 (0.11) 116 1995 (0.24) 66 Flex Shares 1999* (1.49)% 65% 1999 (1.78) 76 1998 (1.63) 129 1997 (1.23) 152 1996(7) (1.21) 116 * For the six month period ended November 30, 1999. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. (1) Commenced operations on December 1, 1995. All ratios for the period have been annualized. (2) Commenced operations on January 2, 1996. All ratios for the period have been annualized. (3) Commenced operations on June 6, 1994. All ratios for the period have been annualized. (4) Commenced operations on June 8, 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 June 30, 1997. All ratios for the period have been annualized. (7) Commenced operations on June 5, 1995. All ratios for the period have been annualized. (A) On May 24, 1999, the CrestFund Life Vision Balanced, CrestFund Life Vision Growth and Income, and CrestFund Life Vision Maximum Growth Portfolios exchanged all of their assets and certain liabilities for shares of the Life Vision Balanced, Life Vision Growth and Income, and Life Vision Maximum Growth Portfolios, respectively. The CrestFund Life Vision Balanced, CrestFund Life Vision Growth and Income, and CrestFund Life Vision Maximum Growth Portfolios are the accounting survivors in these transactions, 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 52 & 53
FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE YEARS ENDED MAY 31, FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS 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 ---------- ------------- ---------------- -------------- ------------- --------- SMALL CAP EQUITY FUND Trust Shares 1999* $ 9.70 $ 0.06 $(0.76) $(0.05) $ -- $ 8.95 1999 12.88 0.13 (2.57) (0.13) (0.61) 9.70 1998 11.07 0.14 2.41 (0.12) (0.62) 12.88 1997(1) 10.00 0.05 1.04 (0.02) -- 11.07 Flex Shares 1999* $ 9.65 $ -- $(0.75) $ -- $ -- $ 8.90 1999 12.80 0.01 (2.53) (0.02) (0.61) 9.65 1998(2) 11.28 0.03 2.17 (0.06) (0.62) 12.80 SMALL CAP GROWTH STOCK FUND Trust Shares 1999* $14.55 $ (0.10) $ 1.78 $ -- $ -- $16.23 1999(3) 10.00 (0.05) 4.62 -- (0.02) 14.55 Flex Shares 1999* $14.46 $ (0.33) $ 1.91 $ -- $ -- $16.04 1999(3) 10.00 (0.19) 4.67 -- (0.02) 14.46 SUNBELT EQUITY FUND Trust Shares 1999* $11.09 $ (1.14) $ 0.95 $ -- $ -- $10.90 1999 15.12 (0.28) (2.84) -- (0.91) 11.09 1998 13.28 0.01 3.03 -- (1.20) 15.12 1997 14.11 (0.09) 0.25 -- (0.99) 13.28 1996 10.03 (0.04) 4.32 -- (0.20) 14.11 1995 9.70 (0.01) 0.38 -- (0.04) 10.03 Investor Shares 1999* $10.76 $ (1.17) $ 0.97 $ -- $ -- $10.56 1999 14.77 (0.33) (2.77) -- (0.91) 10.76 1998 13.06 (0.07) 2.98 -- (1.20) 14.77 1997 13.95 (0.14) 0.24 -- (0.99) 13.06 1996 9.96 (0.11) 4.30 -- (0.20) 13.95 1995 9.69 (0.05) 0.36 -- (0.04) 9.96 Flex Shares 1999* $10.55 $ (1.33) $ 1.10 $ -- $ -- $10.32 1999 14.60 (0.40) (2.74) -- (0.91) 10.55 1998 13.00 (0.09) 2.89 -- (1.20) 14.60 1997 13.97 (0.14) 0.16 -- (0.99) 13.00 1996(4) 10.20 (0.07) 4.04 -- (0.20) 13.97 TAX SENSITIVE GROWTH STOCK FUND Trust Shares 1999* $29.96 $ 0.03 $ 2.97 $ -- $ -- $32.96 1999(5) 25.61 0.02 4.34 (0.01) -- 29.96 Flex Shares 1999* $29.85 $ (0.12) $ 2.95 $ -- $ -- $32.68 1999(6) 25.52 (0.04) 4.37 -- -- 29.85 VALUE INCOME STOCK FUND Trust Shares 1999* $12.85 $ 0.11 $(1.09) $(0.11) $(0.85) $10.91 1999 13.90 0.24 1.02 (0.24) (2.07) 12.85 1998 13.71 0.26 2.62 (0.27) (2.42) 13.90 1997 13.15 0.30 2.32 (0.30) (1.76) 13.71 1996 11.59 0.35 2.71 (0.34) (1.16) 13.15 1995 10.54 0.32 1.56 (0.32) (0.51) 11.59 Investor Shares 1999* $12.81 $ 0.09 $(1.09) $(0.09) $(0.85) $10.87 1999 13.87 0.19 1.02 (0.20) (2.07) 12.81 1998 13.68 0.20 2.62 (0.21) (2.42) 13.87 1997 13.13 0.25 2.32 (0.26) (1.76) 13.68 1996 11.58 0.30 2.71 (0.30) (1.16) 13.13 1995 10.52 0.28 1.56 (0.27) (0.51) 11.58 Flex Shares 1999* $12.68 $ 0.04 $(1.07) $(0.04) $(0.85) $10.76 1999 13.75 0.10 1.01 (0.11) (2.07) 12.68 1998 13.61 0.12 2.57 (0.13) (2.42) 13.75 1997 13.08 0.18 2.29 (0.18) (1.76) 13.61 1996(7) 11.59 0.26 2.65 (0.26) (1.16) 13.08
RATIO OF RATIO OF EXPENSES TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) --------- ------------ ------------------ ------------------ ------------------- SMALL CAP EQUITY FUND Trust Shares 1999* (7.23)% $ 295,012 1.22% 1.28% 1.26% 1999 (18.72) 301,984 1.22 1.27 1.27 1998 23.59 390,841 1.21 1.07 1.31 1997(1) 10.97 131,049 1.20 1.86 1.37 Flex Shares 1999* (7.77)% $ 13,650 2.27% 0.19% 2.63% 1999 (19.52) 19,465 2.27 0.21 2.55 1998(2) 22.29 40,613 2.06 0.01 2.35 SMALL CAP GROWTH STOCK FUND Trust Shares 1999* 11.55% $ 206,080 1.15% (0.75)% 1.21% 1999(3) 45.70 152,290 1.20 (0.48) 1.49 Flex Shares 1999* 10.93% $ 6,927 2.25% (1.85)% 2.47% 1999(3) 44.78 6,158 2.25 (1.50) 3.19 SUNBELT EQUITY FUND Trust Shares 1999* (1.71)% $ 98,889 1.17% (0.78)% 1.26% 1999 (20.46) 197,215 1.17 (0.68) 1.30 1998 23.86 431,921 1.16 (0.90) 1.27 1997 1.48 381,371 1.15 (0.65) 1.26 1996 43.19 412,430 1.15 (0.34) 1.28 1995 3.81 258,908 1.15 (0.12) 1.30 Investor Shares 1999* (1.86)% $ 12,685 1.56% (1.18)% 1.68% 1999 (20.75) 16,949 1.62 (1.12) 1.78 1998 23.25 30,860 1.61 (1.35) 1.86 1997 1.05 28,095 1.60 (1.10) 1.84 1996 42.58 29,002 1.60 (0.79) 1.93 1995 3.20 22,180 1.60 (0.57) 1.98 Flex Shares 1999* (2.18)% $ 2,848 2.22% (1.84)% 2.88% 1999 (21.28) 4,395 2.22 (1.74) 2.66 1998 22.48 8,070 2.21 (1.96) 2.58 1997 0.46 5,689 2.20 (1.72) 2.69 1996(4) 39.86 2,705 2.20 (1.43) 3.62 TAX SENSITIVE GROWTH STOCK FUND Trust Shares 1999* 10.01% $ 396,146 1.20% 0.21% 1.25% 1999(5) 17.04 223,543 1.20 0.21 1.34 Flex Shares 1999* 9.51% $ 176,763 2.25% (0.84)% 2.32% 1999(6) 16.97 75,875 2.25 (0.80) 2.48 VALUE INCOME STOCK FUND Trust Shares 1999* (8.23)% $1,449,607 0.90% 1.84% 0.90% 1999 11.13 1,589,951 0.92 1.91 0.92 1998 23.10 1,725,418 0.92 1.85 0.92 1997 22.18 1,488,062 0.91 2.40 0.91 1996 27.91 1,244,399 0.92 2.86 0.92 1995 19.06 991,977 0.95 3.16 0.95 Investor Shares 1999* (8.43)% $ 162,270 1.27% 1.49% 1.27% 1999 10.71 194,312 1.28 1.55 1.28 1998 22.71 210,591 1.27 1.47 1.27 1997 21.69 165,999 1.30 2.01 1.31 1996 27.39 130,597 1.30 2.47 1.37 1995 18.71 92,256 1.30 2.80 1.41 Flex Shares 1999* (8.70)% $ 143,822 2.00% 0.75% 2.01% 1999 9.91 167,000 2.02 0.81 2.03 1998 21.76 180,530 2.01 0.78 2.01 1997 20.91 73,466 2.00 1.33 2.03 1996(7) 26.52 26,298 2.00 1.72 2.15
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS PORTFOLIO (EXCLUDING WAIVERS TURNOVER AND REIMBURSEMENTS) RATE ------------------- --------- SMALL CAP EQUITY FUND Trust Shares 1999* 1.24% 38% 1999 1.22 63 1998 0.97 55 1997(1) 1.69 27 Flex Shares 1999* (0.18)% 38% 1999 (0.07) 63 1998(2) (0.28) 55 SMALL CAP GROWTH STOCK FUND Trust Shares 1999* (0.81)% 63% 1999(3) (0.77) 75 Flex Shares 1999* (2.06)% 63% 1999(3) (2.44) 75 SUNBELT EQUITY FUND Trust Shares 1999* (0.86)% 27% 1999 (0.81) 84 1998 (1.01) 70 1997 (0.76) 72 1996 (0.47) 106 1995 (0.27) 80 Investor Shares 1999* (1.30)% 27% 1999 (1.28) 84 1998 (1.60) 70 1997 (1.34) 72 1996 (1.12) 106 1995 (0.95) 80 Flex Shares 1999* (2.50)% 27% 1999 (2.18) 84 1998 (2.33) 70 1997 (2.21) 72 1996(4) (2.85) 106 TAX SENSITIVE GROWTH STOCK FUND Trust Shares 1999* 0.16% 25% 1999(5) 0.07 18 Flex Shares 1999* (0.91)% 25% 1999(6) (1.03) 18 VALUE INCOME STOCK FUND Trust Shares 1999* 1.84% 35% 1999 1.91 69 1998 1.85 99 1997 2.40 105 1996 2.86 134 1995 3.16 126 Investor Shares 1999* 1.49% 35% 1999 1.55 69 1998 1.47 99 1997 2.00 105 1996 2.40 134 1995 2.69 126 Flex Shares 1999* 0.74% 35% 1999 0.80 69 1998 0.78 99 1997 1.30 105 1996(7) 1.57 134 * For the six month period ended November 30, 1999. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. (1) Commenced operations on December 1, 1995. All ratios for the period have been annualized. (2) Commenced operations on January 2, 1996. All ratios for the period have been annualized. (3) Commenced operations on June 6, 1994. All ratios for the period have been annualized. (4) Commenced operations on June 8, 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 June 30, 1997. All ratios for the period have been annualized. (7) Commenced operations on June 5, 1995. All ratios for the period have been annualized. (A) On May 24, 1999, the CrestFund Life Vision Balanced, CrestFund Life Vision Growth and Income, and CrestFund Life Vision Maximum Growth Portfolios exchanged all of their assets and certain liabilities for shares of the Life Vision Balanced, Life Vision Growth and Income, and Life Vision Maximum Growth Portfolios, respectively. The CrestFund Life Vision Balanced, CrestFund Life Vision Growth and Income, and CrestFund Life Vision Maximum Growth Portfolios are the accounting survivors in these transactions, 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 54 & 55 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- STI Classic Equity 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 Core Equity Fund, the Emerging Markets Equity Fund, the E-Commerce Opportunity 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, (collectively the "Equity Funds" or the "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"), 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 Equity Funds. The financial statements of the Fixed Income Funds, Institutional Money Market Funds and Retail Money Market Funds are not presented herein, but presented separately. On February 17, 1999 and February 19, 1999, respectively, the Board of Trustees of the STI Classic Funds 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 CrestFund Funds in a tax-free business combination. While each Fund now exists as an STI Classic Fund, a number of the surviving funds for accounting purposes are CrestFund Funds. In accordance with generally accepted accounting principles, the financial statements presented herein represent those of accounting survivors. Accordingly, the 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 Equity Funds that are listed on a securities exchange for which market quotations are available are valued at the last quoted sales price each business day. If there is no such reported sale, these securities and unlisted securities for which market quotations are readily available are valued at the most recently quoted bid price. Foreign securities in the Emerging Markets Equity Fund, the International Equity Fund and the International Equity Index Fund are valued based upon quotations from the primary market in which they are traded. Debt obligations with sixty days or less remaining until maturity may be valued at their amortized cost. 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). Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold adjusted for the accretion and amortization of purchase discounts and premiums during the respective holding period. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific interest method, which approximates the effective interest method. 56 - -------------------------------------------------------------------------------- (UNAUDITED) REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements ensure that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the funds may be delayed or limited. NET ASSET VALUE PER SHARE -- The net asset value per share of each fund is calculated each business day, by dividing the total value of each fund's assets, less liabilities, by the number of shares outstanding. The maximum offering price per share for Investor shares of the Balanced, the Capital Appreciation, the Core Equity, the E-Commerce Opportunity the Growth and Income, the International Equity, the International Equity Index, the Mid-Cap Equity, the Sunbelt Equity, and the Value Income Stock Funds is equal to the net asset value per share plus a sales load of 3.75%. Flex Shares of the Funds may be purchased at their net asset value. Shares redeemed within the first year after purchase will be subject to a contingent deferred sales charge ("CDSC") equal to 2.00% of the net asset value of the shares at the time of redemption. The CDSC will not apply to shares redeemed after such time. FOREIGN CURRENCY TRANSLATION -- The books and records of the Emerging Markets Equity, the International Equity and the International Equity Index Funds are maintained in U.S. dollars on the following basis: (I) market value of investment securities, assets and liabilities at the current rate of exchange; and (II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Emerging Markets Equity, the International Equity and the International Equity Index Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. The Emerging Markets Equity, the International Equity and the International Equity Index Funds report certain foreign currency related transactions as components of realized and unrealized gains and losses for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes. TBA PURCHASE COMMITMENTS -- The Balanced Fund 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 are declared and paid each calendar quarter by the Equity Funds, except for the Emerging Markets Equity, the International Equity, and the International Equity Index Funds. These funds distribute income annually. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. USE OF ESTIMATES -- The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that effect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates. 3. Organization Costs and Transactions with Affiliates In April 1998, the AICPA issued Statement of Position (SOP) No. 98-5, "Reporting on the Costs of Start-Up Activities." This SOP provides guidance on the financial reporting of start-up costs and organization costs and requires costs of start-up activities and organization costs to be expensed as incurred. Investment companies that began operations prior to June 30, 1998 can adopt the SOP prospectively. Therefore, previously capitalized organization costs will continue to be amortized over a period of sixty months. Any future start-up or organization costs will be expensed as incurred. 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. 57 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS 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. Additionally, SEI Investments Mutual Funds Services was entitled to receive a minimum annual fee of $40,000 for each of the Life Vision Portfolios. The Trust and Federated Services Company are parties to a Transfer Agency servicing agreement dated May 14, 1994 under which Federated Services Company provides transfer agency services to the Trust. The Trust and the Distributor are parties to a Distribution Agreement dated May 29, 1995 regarding the Flex Shares and a Distribution Agreement dated November 21, 1995 with respect to the Trust and Investor shares. The Distributor will receive no fees for its distribution services under this agreement 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 Company. 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 except for the Value Fund Investors Class A for which after April 15, 1999, eliminated the waiver. 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 Funds. 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 a portion of its fees pursuant to the B Shares Plan in order to limit Distribution Fees to .95% for each Fund, except for the Value Fund for which the limit was .90%. Prior to April 15, 1999, the limit was .75% for the Value Fund. Prior to May 24, 1999, the CrestFunds had adopted a shareholder service plan (the "Plan") for Trust Class Shares of the Value Fund, Capital Appreciation Fund and Special Equity Fund. Under the Plan, these Fund's 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 .10%. 5. Investment Advisory and Custodian Agreements: The Trust, STI Capital Management, N.A., ("STI Capital Management, N.A."), and Trusco Capital Management ("Trusco") and the SunTrust Bank, Atlanta have entered into advisory agreements dated May 29, 1992 and June 15, 1993, respectively. Under terms of the respective agreements, the Funds are charged the following annual fees based upon average daily net assets: MAXIMUM FLEX SHARE MAXIMUM DISTRI- MAXIMUM TRUST INVESTOR INVESTOR BUTION FLEX ANNUAL SHARE SHARE SHARE AND SHARE ADVISORY MAXIMUM DISTRI- MAXIMUM SERVICE MAXIMUM FEE EXPENSE BUTION FEE EXPENSE FEE EXPENSE -------- -------- ---------- -------- ------- -------- TRUSCO: Growth and Income Fund .90% 1.01% .25% 1.18% 1.00% 1.93% Life Vision Balanced Portfolio .25% .25% -- -- -- -- Life Vision Growth and Income Portfolio .25% .25% -- -- -- -- Life Vision Maximum Growth Portfolio .25% .25% -- -- -- -- International Equity Index Fund .90% 1.07% .38% 1.47% 1.00% 2.12% Small Cap Growth Stock Fund 1.15% 1.20% -- -- 1.00% 2.25% Sunbelt Equity Fund 1.15% 1.17% .43% 1.62% 1.00% 2.22% Tax Sensitive Growth Stock Fund 1.15% 1.20% -- -- 1.00% 2.25% 58 - -------------------------------------------------------------------------------- (UNAUDITED) STI CAPITAL MANAGEMENT, N.A.: Balanced Fund .95% .97% .28% 1.27% 1.00% 2.03% Capital Appreciation Fund 1.15% 1.17% .68% 1.82% 1.00% 2.29% Core Equity Fund 1.10% 1.20% -- -- -- -- Emerging Markets Equity Fund 1.30% 1.57% -- -- -- -- E-Commerce Opportunity Fund 1.10% 1.20% -- -- -- -- International Equity Fund 1.25% 1.48% .33% 1.83% 1.00% 2.53% Mid-Cap Equity Fund 1.15% 1.17% .43% 1.62% 1.00% 2.22% Small Cap Equity Fund 1.15% 1.22% -- -- 1.00% 2.27% Value Income Stock Fund .80% .92% .33% 1.28% 1.00% 2.02% 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 .75% of average daily net assets for the Capital Appreciation Fund, Value Fund and Special Equity Fund, and .25% of average daily net assets for the Life Vision Balanced Fund, Life Vision Growth and Income Fund, and Life Vision Maximum Growth Fund. SunTrust Bank, Atlanta, acts as custodian for all the funds except the Emerging Markets Equity, the International Equity and the International Equity Index Funds who utilize the Bank of New York as custodian. Fees of the Custodians are paid on the basis of the net assets of the funds. The Custodians play no role in determining the investment policies of the Trust or which securities are to be purchased or sold in the funds. 6. Investment Transactions: The cost of purchases and the proceeds from sales of securities, excluding short-term investments and U.S. Government Securities, for the period ended November 30, 1999, were as follows: PURCHASES SALES (000) (000) ------------ --------- Balanced Fund $ 221,948 $ 186,389 Capital Appreciation Fund 1,402,447 1,700,299 Core Equity Fund 104,301 7,350 Emerging Markets Equity Fund 13,773 26,265 E-Commerce Opportunity Fund 19,328 3,241 Growth and Income Fund 220,579 162,517 International Equity Fund 553,964 726,100 International Equity Index Fund 14,390 3,394 Life Vision Balanced Portfolio 64,757 59,540 Life Vision Growth and Income Portfolio 12,306 13,244 Life Vision Maximum Growth Portfolio 19,795 17,667 Mid-Cap Equity Fund 169,772 206,924 Small Cap Equity Fund 169,208 119,207 Small Cap Growth Stock Fund 154,400 122,001 Sunbelt Equity Fund 41,411 149,216 Tax Sensitive Growth Stock Fund 319,043 97,940 Value Income Stock Fund 660,955 623,989 The cost of U.S. Government security purchases and the proceeds from the sale of U.S. Government Securities for the Balanced Fund during the period ended November 30, 1999, were $90,819 and $112,937, respectively. At May 31, 1999, the Emerging Markets Equity Fund, Small Cap Equity Fund and Sunbelt Equity Fund had capital loss carryforwards for federal tax purposes of $4,447,790, $16,347,746 and $3,453,741, respectively, resulting from security sales. For tax purposes, the losses in the funds can be carried forward for a maximum of eight years to offset any net realized capital gains. The carryforward for each of the funds expires in May 2007. 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 59 NOTES TO FINANCIAL STATEMENTS (concluded) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 depreciation for securities held by the funds at November 30, 1999, were as follows: AGGREGATE AGGREGATE NET GROSS GROSS UNREALIZED UNREALIZED UNREALIZED APPRECIATION/ APPRECIATION DEPRECIATION DEPRECIATION ------------ ------------- -------------- Balanced Fund $ 50,607,718 $ (14,040,817) $ 36,566,901 Capital Appreciation Fund 619,816,660 (108,207,963) 511,608,697 Core Equity Fund 10,071,454 (2,083,699) 7,987,755 Emerging Markets Equity Fund 692,656 (1,071,355) (378,699) E-Commerce Opportunity Fund 2,672,034 (139,385) 2,532,649 Growth and Income Fund 204,110,101 (18,880,960) 185,229,141 International Equity Fund 29,565,839 (29,045,179) 520,660 International Equity Index Fund 34,270,456 (4,146,534) 30,123,922 Life Vision Balanced Portfolio 6,121,656 (1,200,824) 4,920,832 Life Vision Growth and Income Portfolio 1,650,186 (354,310) 1,295,876 Life Vision Maximum Growth Portfolio 1,963,912 (225,855) 1,738,057 Mid-Cap Equity Fund 48,850,594 (13,174,818) 35,675,776 Small Cap Equity Fund 16,511,230 (58,517,539) (42,006,309) Small Cap Growth Stock Fund 44,792,119 (10,674,020) 34,118,099 Sunbelt Equity Fund 33,026,206 (6,016,669) 27,009,537 Tax Sensitive Growth Stock Fund 106,645,662 (2,196,842) 104,448,820 Value Income Stock Fund 149,957,384 (239,348,306) (89,390,922) 7. Common Trust Fund Conversion On December 11, 1998, the SunTrust Quality Growth Stock Common Trust Fund of SunTrust was converted into the STI Classic Tax Sensitive Growth Stock Fund. The assets, which consisted of securities and related receivables, were converted on a tax free basis. At the time of conversion 3,874,558 of Trust Class shares were issued. The net assets of the Sun Trust Quality Growth Stock Common Trust Fund immediately before the conversion were $99,222,180, which included unrealized appreciation of $45,523,361. 60 - -------------------------------------------------------------------------------- (UNAUDITED) 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 Growth and Income Fund, Life Vision Balanced Portfolio, Life Vision Growth and Income Portfolio, Life Vision Maximum Growth Portfolio). 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: SHARES OUTSTANDING UNREALIZED ON MERGER APPRECIATION CRESTFUNDS DATE (DEPRECIATION) - --------------------- ----------- -------------- Capital Appreciation Trust Shares 7,017,951 $50,852,434 Investor Class A 634,910 4,570,273 Investor Class B 405,693 945,904 Special Equity Trust Shares 6,434,126 8,484,235 Investor Class A 335,109 461,214 Investor Class B 439,353 (115,351) Value Fund (1) Trust Shares 39,426,216 185,105,926 Investor Class A 2,284,756 7,740,403 Investor Class B 2,164,932 4,552,822 Life Vision Balanced (1) Trust Shares 8,168,631 6,271,120 Life Vision Growth and Income (1) Trust Shares 2,130,709 1,682,009 Life Vision Maximum Growth (1) Trust Shares 1,650,909 2,180,220 SHARES ISSUED NET ASSETS NAV IN BUSINESS AFTER PER STI CLASSIC FUNDS COMBINATION COMBINATION SHARE - ------------------------- ------------- ----------- ------ Capital Appreciation (1) Trust Shares 8,202,045 $2,043,356,370 $17.02 Investor Shares 738,260 321,669,847 16.93 Flex Shares 474,357 165,340,901 16.58 Small Cap Growth Stock (1) Trust Shares 6,174,359 153,356,352 14.40 Investor Shares -- -- -- Flex Shares 188,473 5,980,718 14.32 Growth and Income Trust Shares 39,426,216 649,230,675 16.47 Investor Shares 2,284,756 37,909,335 16.59 Flex Shares 2,164,932 35,677,567 16.48 Life Vision Balanced Trust Shares 8,168,631 89,406,305 10.95 Life Vision Growth and Income Trust Shares 2,130,709 22,352,880 10.49 Life Vision Maximum Growth Trust Shares 1,650,909 19,002,404 11.51 * Investor Class A shares of Crest Fund Special Equity were exchanged for Trust Shares of STI Small Cap Growth Stock. (1) Represents the accounting survivor in this business combination. 9. Subsequent Event On December 10, 1999 the Small Cap Growth Stock Fund and the International Equity Fund acquired all of the assets of the Sunbelt Equity Fund and Emerging Markets Equity Fund, respectively, pursuant to the plan of reorganization approved by Sunbelt Equity Fund and Emerging Markets Equity Fund on December 10, 1999. The following table summarizes certain relevant information of these funds prior to and immediately after the business combination on December 10, 1999. SHARES OUTSTANDING UNREALIZED ON MERGER APPRECIATION STI CLASSIC FUNDS DATE (DEPRECIATION) - ------------------------ ----------- -------------- Emerging Markets Equity Trust Shares 2,393,361 $ 70,541 Sunbelt Equity Trust Shares 9,176,663 25,562,904 Investor Shares 1,261,749 1,907,642 Flex Shares 287,227 (1,283,351) SHARES ISSUED NET ASSETS NAV IN BUSINESS AFTER PER STI CLASSIC FUNDS COMBINATION COMBINATION SHARE - ------------------------- ------------- ----------- ----- International Equity (1) Trust Shares 1,794,029 $575,635,094 $12.22 Small Cap Growth Stock (1) Trust Shares 5,705,132 305,649,316 16.46 Investor Shares 758,420 12,481,372 16.46 Flex Shares 170,464 9,892,809 16.26 (1) Represents the accounting survivor in this business combination. 61 NOTES NOTES NOTES INVESTMENT ADVISORS STI Capital Management, N.A. Trusco Capital Management, Inc. 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. -----END PRIVACY-ENHANCED MESSAGE-----