N-30D 1 0001.txt STI CLASSIC EQUITY SAR SEMI-ANNUAL -------------------------------------------------------------------------------- FINANCIAL REPORT -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS -------------------------------------------------------------------------------- A Family of Mutual Funds -------------------------------------------------------------------------------- November 30, 2000 [logo omitted] Dear Valued STI Classic Funds' Shareholder: As of November 30, 2000, your STI Classic Funds' assets totaled $21.2 billion, an increase of 2.0% over the period ending May 31, 2000, the Funds' fiscal year end. U.S. economic expansion has now passed nine years in duration and is the longest in history. However, growth has slowed substantially and many investors are questioning whether a recession will develop. Moreover, many companies are reporting weaker earnings in this economic slowdown. It is certainly a more challenging environment for stock investors. Regardless, inflation remains low due to productivity gains and lack of corporate pricing power. As a result, longer-term interest rates have continued to decline. Thus, the Federal Reserve has substantial flexibility to decrease money market rates and provide a safety net for the economy. We also believe that most stocks have declined substantially as a result of prior Fed tightening. Thus, stock opportunities have emerged and our belief in a more diversified approach beyond just technology stocks will continue to benefit investors in this difficult environment. Sincerely, /S/ SIGNATURE OMITTED Douglas S. Phillips, CFA President, Chief Investment Officer Trusco Capital Management, Inc. 1 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 BALANCED FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS (56.3%) BASIC MATERIALS (1.2%) Air Products & Chemicals 42,000 $ 1,446 Masco 99,450 1,921 -------- 3,367 -------- CAPITAL GOODS (6.6%) Ecolab 31,700 1,377 General Electric 117,500 5,824 Illinois Tool Works 37,100 2,089 Textron 44,100 2,233 Tyco International 134,700 7,105 -------- 18,628 -------- COMMUNICATION SERVICES (2.8%) ADC Telecommunications* 81,800 1,651 Andrew* 59,700 1,086 BellSouth 18,400 769 CenturyTel 20,000 704 Clear Channel Communications* 139 7 Comverse Technology* 8,900 767 Nortel Networks 20,600 778 Qwest Communications International* 33,375 1,260 Tellabs* 18,200 965 -------- 7,987 -------- CONSUMER CYCLICALS (7.3%) Bed Bath & Beyond* 60,800 1,265 BJ's Wholesale Club* 50,600 1,698 Brinker International* 35,400 1,447 CVS 53,000 3,014 Gannett 39,500 2,118 Limited 65,000 1,263 Lowe's 65,600 2,628 McGraw-Hill 17,100 908 RadioShack 55,300 2,592 Time Warner 16,900 1,048 Viacom, Cl B* 28,800 1,472 Walt Disney 50,000 1,447 -------- 20,900 -------- CONSUMER STAPLES (3.9%) Anheuser-Busch 45,000 2,135 Conagra Foods 64,000 1,628 Kroger* 120,000 3,180 Nabisco Group Holdings 64,900 1,906 Nabisco Holdings, Cl A 10,000 546 Safeway* 26,700 1,574 -------- 10,969 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY (4.5%) Apache 26,800 $ 1,400 Conoco, Cl B 100,600 2,521 Ensco International 60,000 1,459 Exxon Mobil 24,000 2,112 Halliburton 48,800 1,629 Schlumberger 38,700 2,399 Transocean Sedco Forex 34,800 1,388 -------- 12,908 -------- FINANCE (9.4%) ACE 44,200 1,746 AMBAC Financial Group 16,000 1,222 American International Group 14,000 1,357 Cigna 15,200 2,003 Citigroup 70,500 3,512 Comerica 10,000 521 Freddie Mac 18,300 1,106 Golden West Financial 37,000 2,167 Mellon Financial 50,000 2,344 Metlife 70,500 2,089 MGIC Investment 28,200 1,777 Providian Financial 11,600 1,044 USA Education 65,000 3,762 Washington Mutual 48,700 2,213 -------- 26,863 -------- HEALTH CARE (7.9%) Cardinal Health 30,000 2,998 Health Management Associates, Cl A* 100,200 2,136 Johnson & Johnson 15,000 1,500 Merck 40,500 3,754 Pfizer 81,950 3,631 Schering-Plough 58,800 3,296 Tenet Healthcare* 56,900 2,422 Universal Health Services, Cl B* 27,300 2,797 -------- 22,534 -------- SERVICES (1.5%) Cendant* 174,741 1,605 Interpublic Group 51,200 2,000 Omnicom Group 10,000 786 -------- 4,391 -------- TECHNOLOGY (10.6%) Analog Devices* 15,000 744 Cisco Systems* 98,400 4,711 Dell Computer* 43,000 828 EMC-Mass* 31,600 2,350 Hewlett-Packard 49,600 1,569 2 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY--CONTINUED Intel 98,800 $ 3,761 International Business Machines 48,200 4,507 Linear Technology 22,000 1,041 Micrel* 23,600 678 Microsoft* 88,500 5,078 Novellus Systems* 50,000 1,297 Sun Microsystems* 45,600 3,468 -------- 30,032 -------- TRANSPORTATION (0.6%) Southwest Airlines 50,000 1,578 -------- Total Common Stocks (Cost $121,112) 160,157 -------- CORPORATE OBLIGATIONS (19.0%) COMMUNICATIONS EQUIPMENT (0.3%) Motorola 7.625%, 11/15/10 $ 750 769 -------- CONSUMER CYCLICALS (1.1%) Avon Products 7.150%, 11/15/09 850 831 May Department Stores 7.900%, 10/15/07 2,250 2,274 -------- 3,105 -------- FINANCE (13.7%) AON 6.900%, 07/01/04 3,400 3,362 Aristar 7.250%, 06/15/06 2,600 2,606 Conseco 8.750%, 02/09/04 4,250 2,932 6.800%, 06/15/05 2,500 1,600 Conseco (B) 6.400%, 06/15/11 950 864 Countrywide Home Loan 6.850%, 06/15/04 1,750 1,750 Countrywide Home Loan, MTN, Ser F 6.510%, 02/11/05 2,300 2,240 Donaldson, Lufkin & Jenrette, MTN 6.150%, 05/04/04 1,250 1,219 Finova Capital 7.250%, 11/08/04 1,425 835 7.250%, 07/12/06 2,200 1,248 Finova Capital, MTN, Ser E 7.300%, 09/22/03 3,000 1,796 Ford Credit 7.600%, 08/01/05 2,700 2,731 -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- FINANCE--CONTINUED General Electric Capital, MTN, Ser A 6.875%, 11/15/10 $ 2,700 $ 2,736 Household Finance 7.200%, 07/15/06 2,250 2,230 ING Groep 8.000%, 10/30/06 1,540 1,598 6.500%, 11/15/08 2,000 1,892 Morgan Stanley Dean Witter, MTN, Ser C 7.125%, 08/15/03 2,100 2,114 Paine Webber Group, MTN, Ser C 6.020%, 04/22/02 3,000 2,981 Provident 7.000%, 07/15/18 2,550 2,126 -------- 38,860 -------- INDUSTRIAL (1.9%) Cooper Tire & Rubber 7.750%, 12/15/09 1,600 1,428 Marriott International, Ser C 7.875%, 09/15/09 2,100 2,131 Philip Morris 7.500%, 04/01/04 500 501 Tribune 7.450%, 10/15/09 1,000 1,013 United Technologies 7.125%, 11/15/10 400 407 -------- 5,480 -------- TECHNOLOGY (0.8%) Computer Sciences 7.500%, 08/08/05 2,350 2,404 -------- UTILITIES (1.2%) Emerson Electric 7.125%, 08/15/10 750 768 Florida Power & Light 5.875%, 04/01/09 3,000 2,764 -------- 3,532 -------- Total Corporate Obligations (Cost $59,535) 54,150 -------- U.S. TREASURY OBLIGATIONS (7.9%) U.S. Treasury Bonds 8.750%, 08/15/20 5,250 7,080 7.500%, 11/15/16 6,550 7,744 6.250%, 05/15/30 2,850 3,120 U.S. Treasury Note 4.750%, 11/15/08 4,650 4,432 -------- Total U.S. Treasury Obligations (Cost $20,788) 22,376 -------- 3 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 BALANCED FUND--CONCLUDED -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (5.0%) FHLMC 7.375%, 05/15/03 $ 4,250 $ 4,363 5.750%, 03/15/09 8,700 8,309 FNMA 7.125%, 01/15/30 1,400 1,496 -------- Total U.S. Agency Mortgage-Backed Obligations (Cost $13,636) 14,168 -------- ASSET-BACKED OBLIGATION (1.5%) Commercial, Ser 1, Cl A2 6.455%, 06/15/08 4,450 4,341 -------- Total Asset-Backed Obligation (Cost $4,132) 4,341 -------- REPURCHASE AGREEMENT (9.8%) Greenwich Capital 6.480% dated 11/30/00, matures 12/01/00, repurchase price $27,957,338 (collateralized by GNMA obligations: total market value $28,512,889) (C) 27,953 27,953 -------- Total Repurchase Agreement (Cost $27,953) 27,953 -------- Total Investments (99.5%) (Cost $247,156) 283,145 -------- OTHER ASSETS AND LIABILITIES, NET (0.5%) 1,307 -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 16,313,703 outstanding shares of beneficial interest $178,051 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 634,394 outstanding shares of beneficial interest 6,836 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 4,536,082 outstanding shares of beneficial interest 57,853 Undistributed net investment income 1,206 Accumulated net realized gain on investments 4,517 Net unrealized appreciation on investments 35,989 -------- Total Net Assets 100.0% $284,452 ======== 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 Shares ($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 38. 4 -------------------------------------------------------------------------------- (UNAUDITED) CAPITAL APPRECIATION FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS (98.1%) BASIC MATERIALS (2.4%) Air Products & Chemicals 357,100 $ 12,298 Masco 891,100 17,209 Praxair 85,000 3,055 --------- 32,562 --------- CAPITAL GOODS (11.3%) Ecolab 268,000 11,641 General Electric 975,000 48,323 Illinois Tool Works 315,500 17,767 Textron 377,900 19,131 Tyco International 1,116,000 58,869 --------- 155,731 --------- COMMUNICATION SERVICES (5.2%) ADC Telecommunications* 694,400 14,018 Andrew* 490,000 8,912 BellSouth 92,000 3,847 CenturyTel 232,000 8,163 Clear Channel Communications* 606 31 Comverse Technology* 75,900 6,542 Nortel Networks 277,800 10,487 Qwest Communications International* 297,961 11,248 Tellabs* 152,000 8,056 --------- 71,304 --------- CONSUMER CYCLICALS (12.9%) Bed Bath & Beyond* 500,000 10,406 BJ's Wholesale Club* 427,000 14,331 Brinker International* 298,000 12,181 CVS 443,000 25,196 Gannett 250,000 13,406 Limited 424,000 8,241 Lowe's 715,100 28,649 McGraw-Hill 141,500 7,517 RadioShack 505,000 23,672 Time Warner 158,000 9,796 Viacom, Cl B* 259,400 13,262 Walt Disney 401,800 11,627 --------- 178,284 --------- CONSUMER STAPLES (6.7%) Anheuser-Busch 375,600 17,817 Conagra Foods 550,000 13,991 Kroger* 1,018,200 26,982 Nabisco Group Holdings 571,100 16,776 Nabisco Holdings, Cl A 71,700 3,912 Safeway* 215,000 12,672 --------- 92,150 --------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY (7.4%) Apache 243,200 $ 12,707 Conoco, Cl B 804,700 20,168 Ensco International 526,000 12,788 Exxon Mobil 100,000 8,800 Halliburton 420,000 14,017 Schlumberger 328,700 20,379 Transocean Sedco Forex 330,000 13,159 --------- 102,018 --------- FINANCE (16.2%) ACE 378,500 14,951 AMBAC Financial Group 110,000 8,401 American International Group 116,500 11,293 Associates First Capital, Cl A 130,000 4,591 Cigna 125,000 16,469 Citigroup 572,000 28,493 Comerica 130,000 6,768 Freddie Mac 155,000 9,368 Golden West Financial 305,000 17,862 Mellon Financial 427,500 20,039 Metlife 570,000 16,886 MGIC Investment 234,500 14,773 Providian Financial 100,000 9,000 USA Education 461,500 26,709 Washington Mutual 385,800 17,530 --------- 223,133 --------- HEALTH CARE (12.9%) Cardinal Health 230,000 22,986 Health Management Associates, Cl A* 600,000 12,787 Johnson & Johnson 155,300 15,530 Merck 337,000 31,236 Pfizer 571,725 25,335 Schering-Plough 500,100 28,037 Tenet Healthcare* 482,900 20,553 Universal Health Services, Cl B* 210,000 21,512 --------- 177,976 --------- SERVICES (2.8%) Cendant* 1,341,015 12,321 Interpublic Group 522,000 20,391 Omnicom Group 83,300 6,549 --------- 39,261 --------- TECHNOLOGY (19.3%) Analog Devices* 150,000 7,444 Cisco Systems* 1,002,300 47,985 Dell Computer* 340,000 6,545 EMC-Mass* 269,600 20,051 Hewlett-Packard 392,000 12,397 5 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 CAPITAL APPRECIATION FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY--CONTINUED Intel 802,700 $ 30,553 International Business Machines 380,000 35,530 Linear Technology 234,000 11,071 Micrel* 201,400 5,790 Microsoft* 767,350 44,027 Novellus Systems* 481,500 12,489 Sun Microsystems* 418,000 31,794 ---------- 265,676 ---------- TRANSPORTATION (1.0%) Southwest Airlines 460,000 14,519 ---------- Total Common Stocks (Cost $959,010) 1,352,614 ---------- REPURCHASE AGREEMENT (1.9%) UBS Warburg 6.500%, dated 11/30/00, matures 12/01/00, repurchase price $25,645,863 (collateralized by FNMA obligation: total market value $26,156,484) (C) $25,641 25,641 ---------- Total Repurchase Agreement (Cost $25,641) 25,641 ---------- Total Investments (100.0%) (Cost $984,651) 1,378,255 ---------- OTHER ASSETS AND LIABILITIES, NET (0.0%) 389 ---------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 72,234,767 outstanding shares of beneficial interest $ 718,659 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 15,141,988 outstanding shares of beneficial interest 166,924 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 7,806,225 outstanding shares of beneficial interest 117,833 Accumulated net investment loss (3,443) Accumulated net realized loss on investments (14,933) Net unrealized appreciation on investments 393,604 ---------- Total Net Assets 100.0% $1,378,644 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $14.58 ========== Net Asset Value and Redemption Price Per Share -- Investor Shares $14.33 ========== Maximum Offering Price Per Share -- Investor Shares ($14.33 / 96.25%) $14.89 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $13.86 ========== (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 38. 6 -------------------------------------------------------------------------------- (UNAUDITED) CORE EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS (91.7%) CAPITAL GOODS (4.1%) Dover 56,400 $ 2,309 Ecolab 57,500 2,498 Tyco International 68,400 3,608 -------- 8,415 -------- COMMUNICATION SERVICES (5.0%) Andrew* 151,600 2,757 BellSouth 58,000 2,425 Tellabs* 97,200 5,152 -------- 10,334 -------- CONSUMER CYCLICALS (13.0%) Bed Bath & Beyond* 131,000 2,726 BJ's Wholesale Club* 97,800 3,282 Brinker International* 45,000 1,839 CDW Computer Centers* 65,100 2,982 Gannett 40,500 2,172 Limited 152,000 2,955 Liz Claiborne 75,000 2,944 Lowe's 67,800 2,716 McGraw-Hill 40,000 2,125 Walt Disney 109,800 3,177 -------- 26,918 -------- CONSUMER STAPLES (6.2%) Anheuser-Busch 80,500 3,819 Safeway* 75,600 4,456 Sysco 82,700 4,569 -------- 12,844 -------- ENERGY (7.6%) Apache 41,000 2,142 Ensco International 89,300 2,171 Exxon Mobil 38,100 3,353 Halliburton 103,500 3,454 Schlumberger 47,500 2,945 Transocean Sedco Forex 40,000 1,595 -------- 15,660 -------- FINANCE (21.0%) Aflac 64,600 4,546 AMBAC Financial Group 50,200 3,834 Citigroup 117,100 5,833 Fannie Mae 54,000 4,266 Golden West Financial 74,200 4,345 MBNA 75,200 2,684 Metlife 180,800 5,356 MGIC Investment 60,000 3,780 Providian Financial 44,900 4,041 USA Education 80,800 4,676 -------- 43,361 -------- -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- HEALTH CARE (11.1%) Biomet 94,500 $ 3,497 Health Management Associates, Cl A* 165,700 3,532 Pfizer 107,800 4,777 Schering-Plough 69,800 3,913 Tenet Healthcare* 75,600 3,218 Universal Health Services, Cl B* 40,100 4,108 -------- 23,045 -------- SERVICES (2.8%) Interpublic Group 70,600 2,758 Omnicom Group 39,600 3,114 -------- 5,872 -------- TECHNOLOGY (18.8%) Cisco Systems* 95,000 4,548 Dell Computer* 50,000 963 EMC-Mass* 38,000 2,826 Hewlett-Packard 45,000 1,423 Intel 101,500 3,863 International Business Machines 50,500 4,722 Jabil Circuit* 87,800 2,744 Linear Technology 56,200 2,659 Micrel* 55,000 1,581 Microchip Technology* 135,650 3,171 Microsoft* 106,500 6,111 Novellus Systems* 106,500 2,762 Sun Microsystems* 20,500 1,559 -------- 38,932 -------- TRANSPORTATION (2.1%) Southwest Airlines 138,500 4,371 -------- Total Common Stocks (Cost $179,003) 189,752 -------- REPURCHASE AGREEMENT (8.3%) Morgan Stanley Dean Witter 6.480%, dated 11/30/00, matures 12/01/00, repurchase price $17,220,135 (collateralized by FNMA obligations: total market value $17,570,445) (C) $17,217 17,217 -------- Total Repurchase Agreement (Cost $17,217) 17,217 -------- Total Investments (100.0%) (Cost $196,220) 206,969 -------- OTHER ASSETS AND LIABILITIES, NET (0.0%) (64) -------- 7 STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 CORE EQUITY FUND--CONCLUDED -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 18,844,399 outstanding shares of beneficial interest $199,683 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 476,272 outstanding shares of beneficial interest 5,168 Accumulated net investment loss (318) Accumulated net realized loss on investments (8,377) Net unrealized appreciation on investments 10,749 -------- Total Net Assets 100.0% $206,905 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.71 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.61 ======== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 38. 8 -------------------------------------------------------------------------------- (UNAUDITED) E-COMMERCE OPPORTUNITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS (96.8%) CAPITAL GOODS (3.3%) Shaw Group* 15,120 $ 932 Sony ADR 43,000 3,203 -------- 4,135 -------- COMMUNICATION SERVICES (3.1%) JDS Uniphase* 36,300 1,817 Network Appliance* 19,800 978 Tellabs* 20,000 1,060 -------- 3,855 -------- COMPUTER SOFTWARE (16.1%) Ariba* 20,000 1,245 Check Point Software Technologies* 10,000 1,026 Datastream Systems* 12,000 117 Electronic Arts* 20,000 714 I2 Technologies* 10,000 965 Internet Security Systems* 32,750 2,419 Micromuse* 10,000 879 Microsoft* 90,000 5,164 Oracle* 205,000 5,432 Portal Software* 55,000 351 RealNetworks* 35,000 435 Tibco Software* 40,000 1,385 -------- 20,132 -------- COMPUTERS & CIRCUIT BOARDS (15.2%) C&D Technologies 12,300 501 Celestica* 19,100 996 Compaq Computer 80,000 1,720 DDI* 42,500 935 Dell Computer* 100,000 1,925 EMC-Mass* 63,400 4,715 International Business Machines 20,000 1,870 Jabil Circuit* 27,100 847 SCI Systems* 17,000 456 Solectron* 40,000 1,120 Sun Microsystems* 14,000 1,065 Symbol Technologies 25,000 1,002 TTM Technologies* 124,800 1,919 -------- 19,071 -------- CONSUMER CYCLICALS (1.1%) Viacom, Cl B* 12,500 639 Wal-Mart Stores 15,000 783 -------- 1,422 -------- ELECTRIC POWER (3.3%) Capstone Turbine* 70,200 1,299 Dynegy, Cl A 21,000 929 Orion Power Holdings* 25,000 472 Southern Energy* 60,000 1,462 -------- 4,162 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ELECTRONIC SEMICONDUCTORS (9.3%) Advanced Micro Devices* 50,000 $ 762 Applied Materials* 25,000 1,011 Intel 86,800 3,304 LSI Logic* 25,000 450 Microchip Technology* 100,000 2,337 National Semiconductor* 39,700 737 Teradyne* 70,000 2,104 Transmeta Delaware* 40,000 905 -------- 11,610 -------- ENERGY (2.4%) Enron 47,275 3,061 -------- FINANCE (5.1%) Charles Schwab 15,000 415 Credit Suisse Group 7,000 1,220 Goldman Sachs Group 8,200 673 Morgan Stanley Dean Witter 10,000 634 Progressive-Ohio 11,050 1,034 USA Education 42,750 2,474 -------- 6,450 -------- HEALTH CARE (0.8%) Human Genome Sciences* 16,250 1,011 -------- INTERNET (6.7%) America Online* 105,200 4,272 TMP Worldwide* 34,900 2,048 VeriSign* 10,000 867 Yahoo* 30,000 1,189 -------- 8,376 -------- NETWORKING PRODUCTS (7.1%) Avocent* 22,400 1,030 Cisco Systems* 45,400 2,174 Extreme Networks* 20,000 1,028 Juniper Networks* 37,600 4,686 -------- 8,918 -------- SERVICES (10.3%) DeVry* 8,000 242 Electronic Data Systems 25,000 1,323 First Data 25,000 1,280 Interpublic Group 113,600 4,437 Omnicom Group 11,500 904 Scient* 50,000 316 Sungard Data Systems* 90,000 4,416 -------- 12,918 -------- 9 SCHEDULE OF INVESTMENTS/STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 E-COMMERCE OPPORTUNITY FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- TELECOMMUNICATIONS/FIBER OPTICS (10.3%) Amdocs* 61,700 $ 3,340 Avanex* 10,000 465 China Unicom ADR* 70,000 989 CIENA* 55,500 4,215 Corvis* 10,000 288 Oni Systems* 25,000 1,087 SDL* 10,000 1,818 Sonus Networks* 30,000 729 -------- 12,931 -------- UTILITIES (2.7%) Calpine* 42,000 1,491 Exelon 28,700 1,901 -------- 3,392 -------- Total Common Stocks (Cost $138,449) 121,444 -------- CORPORATE OBLIGATION (1.3%) Amazon.com 4.750%, 02/01/09 $ 3,500 1,663 -------- Total Corporate Obligation (Cost $2,020) 1,663 -------- Total Investments (98.1%) (Cost $140,469) $123,107 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 38. 10 -------------------------------------------------------------------------------- (UNAUDITED) GROWTH AND INCOME FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS (98.1%) BASIC MATERIALS (0.5%) International Paper 152,000 $ 5,149 ---------- CAPITAL GOODS (9.9%) Boeing 500,000 34,531 Cooper Industries 500,000 20,406 General Electric 250,000 12,391 Ingersoll-Rand 500,000 20,125 Textron 250,000 12,656 ---------- 100,109 ---------- COMMUNICATION SERVICES (4.1%) AT&T 400,000 7,850 SBC Communications 175,000 9,614 Verizon Communications 250,000 14,047 WorldCom* 700,000 10,456 ---------- 41,967 ---------- CONSUMER CYCLICALS (7.7%) Circuit City Stores 800,000 10,150 Gannett 175,000 9,384 Sears Roebuck 500,000 16,220 Target 800,000 24,050 Time Warner 220 14 Walt Disney 600,000 17,362 ---------- 77,180 ---------- CONSUMER STAPLES (13.0%) Coca-Cola 350,000 21,919 Hershey Foods 400,000 25,300 McCormick 500,000 18,625 Philip Morris 200,000 7,637 Quaker Oats 250,000 21,734 Sara Lee 1,500,000 36,000 ---------- 131,215 ---------- ENERGY (6.9%) Exxon Mobil 300,000 26,400 Royal Dutch Petroleum, NY Shares 250,000 14,922 Schlumberger 150,000 9,300 Texaco 325,000 18,870 ---------- 69,492 ---------- FINANCE (23.7%) American General 300,000 22,481 American International Group 262,500 25,446 Bank One 300,000 10,744 Berkshire Hathaway, Cl B* 12,000 26,088 Citigroup 400,000 19,925 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE--CONTINUED Fannie Mae 400,000 $ 31,600 FleetBoston Financial 500,000 18,750 Jefferson-Pilot 300,000 20,475 MGIC Investment 200,000 12,600 Morgan Stanley Dean Witter 100,000 6,337 Washington Mutual 450,000 20,447 Wells Fargo 500,000 23,719 ---------- 238,612 ---------- HEALTH CARE (9.3%) Abbott Laboratories 500,000 27,531 Amgen* 30,000 1,909 Johnson & Johnson 200,000 20,000 Merck 225,000 20,855 Watson Pharmaceutical* 500,000 23,000 ---------- 93,295 ---------- TECHNOLOGY (18.3%) Adaptec* 700,000 7,656 America Online* 350,000 14,214 BMC Software* 600,000 10,388 Compaq Computer 1,300,000 27,950 Computer Sciences* 300,000 20,456 Hewlett-Packard 350,000 11,069 Intel 450,000 17,128 International Business Machines 150,000 14,025 Lucent Technologies 350,000 5,447 Microsoft* 300,000 17,213 Motorola 650,000 13,041 Palm* 700,000 25,331 ---------- 183,918 ---------- UTILITIES (4.7%) Duke Energy 400,000 35,975 Exelon 165,000 10,931 ---------- 46,906 ---------- Total Common Stocks (Cost $809,470) 987,843 ---------- CASH EQUIVALENT (1.8%) SEI Daily Income Trust Prime Obligation Fund 18,518,654 18,519 ---------- Total Cash Equivalent (Cost $18,519) 18,519 ---------- Total Investments (99.9%) (Cost $827,989) 1,006,362 ---------- OTHER ASSETS AND LIABILITIES, NET (0.1%) 1,160 ---------- 11 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 GROWTH AND INCOME FUND--CONCLUDED -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 58,711,736 outstanding shares of beneficial interest $ 714,684 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 2,722,217 outstanding shares of beneficial interest 32,041 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 4,172,837 outstanding shares of beneficial interest 64,591 Undistributed net investment income 1,150 Accumulated net realized gain on investments 16,683 Net unrealized appreciation on investments 178,373 ---------- Total Net Assets 100.0% $1,007,522 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $15.35 ========== Net Asset Value and Redemption Price Per Share -- Investor Shares $15.48 ========== Maximum Offering Price Per Share -- Investor Shares ($15.48 / 96.25%) $16.08 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $15.29 ========== (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 38. 12 -------------------------------------------------------------------------------- (UNAUDITED) INTERNATIONAL EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FOREIGN COMMON STOCKS (96.6%) AUSTRALIA (2.5%) National Australia Bank 344,981 $ 5,410 Pasminco* 2,208,400 836 -------- 6,246 -------- BELGIUM (0.0%) Dexia VVPR Strips* 54,714 -- -------- FRANCE (11.3%) BNP Paribas 38,900 3,007 Coflexip Stena Offshore 29,200 3,482 Compagnie de Saint-Gobain 14,300 1,973 Compagnie Francaise d'Etudes et de Construction Technip 28,710 3,329 Elf Aquitaine 12 2 ISIS 22,500 1,565 Lafarge 80,700 6,059 Suez Lyonnaise des Eaux 16,400 2,780 Total Fina Elf 28,044 4,011 Vivendi 19,700 1,218 -------- 27,426 -------- GERMANY (7.8%) BASF 99,200 3,761 Bayer 76,000 3,348 Bayerische Hypo-und Vereinsbank 60,800 3,054 Bayerische Motoren Werke 87,300 2,622 Buderus 67,400 1,300 Deutsche Post* 44,300 856 FAG Kugelfischer Georg Schaefer 250,500 1,701 Siemens 20,100 2,301 -------- 18,943 -------- HONG KONG (3.0%) China Mobile* 405,000 2,212 Esprit Holdings 650,000 542 Li & Fung 1,512,000 3,160 Sun Hung Kai Properties 191,000 1,475 -------- 7,389 -------- IRELAND (0.1%) Bank of Ireland 17,306 142 -------- ISRAEL (0.5%) ECI Telecom 53,080 1,121 -------- ITALY (6.8%) Banca Intesa 689,385 3,038 ENI-Ente Nazionale Idrocarburi 827,900 5,053 Parmalat Finanziaria 2,640,500 4,229 Saipem 829,900 4,190 -------- 16,510 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN (23.1%) Canon 32,300 $ 1,268 Daiwa House Industry 270,000 1,711 Daiwa Securities Group 127,000 1,336 DDI 453 2,135 Fast Retailing 21,700 5,297 Fuji Heavy Industries 833,000 5,888 Hitachi 194,000 1,851 Japan Tobacco 325 2,074 KAO 85,000 2,609 Kirin Brewery 237,400 2,261 Kyocera 19,600 2,566 Lawson 13,500 459 Matsumotokiyoshi 10,700 377 Matsushita Electric Industrial 184,000 4,618 Minebea 158,000 1,617 Murata Manufacturing 12,000 1,603 Olympus Optical 79,000 1,162 Promise 35,200 2,593 Sharp 294,000 3,503 SKY Perfect Communications* 29 47 Sumitomo Heavy Industries 868,000 1,645 TDK 6,700 728 Tokio Marine & Fire Insurance 148,000 1,669 Toshiba 454,000 3,217 Yamada Denki 27,000 1,926 Yokowo 117,000 2,176 -------- 56,336 -------- NETHERLANDS (6.8%) Akzo Nobel 48,300 2,294 Fortis 141,500 4,163 IHC Caland 96,412 4,410 Royal KPN 2 -- Unique International 269,686 5,752 -------- 16,619 -------- NEW ZEALAND (1.0%) Fletcher Challenge Building 3,228,459 2,516 -------- NORWAY (1.6%) Kvaerner* 85,779 648 Petroleum Geo Services ADR* 300,400 3,323 -------- 3,971 -------- SINGAPORE (0.7%) Oversea-Chinese Banking 241,600 1,625 -------- SOUTH KOREA (0.9%) Hite Brewery 48,500 1,516 Pohang Iron & Steel ADR 45,000 650 -------- 2,166 -------- 13 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 INTERNATIONAL EQUITY FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- SPAIN (5.1%) Altadis 327,200 $ 4,754 Sociedad General de Aguas de Barcelona 126,351 1,595 SOL Melia 199,300 1,594 Telefonica* 204,600 3,215 Union Electrica Fenosa 66,100 1,184 -------- 12,342 -------- SWEDEN (2.6%) Sandvik 176,300 3,779 Swedish Match 711,000 2,517 -------- 6,296 -------- SWITZERLAND (4.3%) ABB 13,400 1,220 Zurich Financial Services 16,937 9,133 -------- 10,353 -------- UNITED KINGDOM (18.5%) Cable & Wireless 389,700 4,817 Diageo 767,505 7,964 Hanson 785,800 4,261 IMI 197,100 595 Imperial Tobacco Group 119,700 1,290 Lloyds TSB Group 506,875 4,836 Marconi 330,800 3,142 Prudential 167,000 2,557 Reckitt Benckiser 522,988 6,643 Rolls-Royce 354,369 1,025 Stagecoach Holdings 4,426,771 3,671 Vodafone Group 1,270,000 4,343 -------- 45,144 -------- Total Foreign Common Stocks (Cost $251,623) 235,145 -------- FOREIGN WARRANTS (0.0%) FRANCE (0.0%) Lafarge, Expires 03/20/01* 18,732 51 -------- Total Foreign Warrants (Cost $0) 51 -------- Total Investments (96.6%) (Cost $251,623) 235,196 -------- OTHER ASSETS AND LIABILITIES, NET (3.4%) 8,259 -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 21,677,589 outstanding shares of beneficial interest $251,784 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 730,784 outstanding shares of beneficial interest 8,655 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 827,776 outstanding shares of beneficial interest 12,289 Accumulated net investment loss (3,282) Accumulated net realized loss on investments (9,579) Net unrealized depreciation on investments (16,427) Net unrealized appreciation on foreign currency and translation of other assets and liabilities in foreign currency investments 15 -------- Total Net Assets 100.0% $243,455 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.50 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.40 ======== Maximum Offering Price Per Share -- Investor Shares ($10.40 / 96.25%) $10.81 ======== Net Asset Value, Offering Price and Redemption Price Per Share -- Flex Shares (1) $9.98 ======== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. 14 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- At November 30, 2000, sector diversification of the Fund was as follows: % OF VALUE SECTOR DIVERSIFICATION NET ASSETS (000) ---------------------- ---------- ---------- Food, Beverage and Tobacco 12.7% $ 30,980 Petroleum & Fuel Products 8.9 21,627 Banks 8.7 21,113 Telephones & Telecommunications 8.6 20,985 Building & Construction 8.4 20,497 Electrical Components & Equipment 7.3 17,718 Insurance 5.5 13,358 Consumer Goods 5.1 12,423 Commercial Services 4.7 11,430 Chemicals 3.9 9,402 Diversified Operations 3.6 8,708 Automotive 3.5 8,510 Financial Services 3.3 8,092 Retail 3.3 8,059 Machinery 2.2 5,425 Transportation 1.9 4,527 Wholesale 1.5 3,701 Cosmetics & Toiletries 1.1 2,609 Metals 0.6 1,486 Real Estate 0.6 1,475 Engineering 0.5 1,220 Aerospace & Defense 0.4 1,025 Computer & Services 0.3 728 Broadcasting, Newspapers & Advertising -- 47 ------- -------- TOTAL FOREIGN COMMON STOCKS 96.6 235,145 FOREIGN WARRANTS -- 51 ------- -------- TOTAL INVESTMENTS 96.6 235,196 OTHER ASSETS AND LIABILITIES, NET 3.4 8,259 ------- -------- NET ASSETS 100.0% $243,455 ======= ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 38. 15 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 INTERNATIONAL EQUITY INDEX FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FOREIGN COMMON STOCKS (97.5%) AUSTRALIA (2.6%) Amcor 31,691 $ 84 AMP 54,584 539 BHP 77,634 795 Brambles Industries 11,480 272 Coles Myer 65,117 256 Commonwealth Bank of Australia 54,365 906 CSR 46,354 107 Foster's Brewing Group 138,984 342 Lend Lease 40,807 453 National Australia Bank 57,041 894 News 81,480 724 OneSteel* 21,908 10 Pacific Dunlop 110,154 87 PaperlinX 12,530 22 Rio Tinto 14,905 206 Telstra Corporation 294,857 964 Westpac Banking 88,156 649 WMC 70,155 267 Woolworths 63,063 257 -------- 7,834 -------- AUSTRIA (1.5%) Austria Tabakwerke 6,564 323 BA Holding 29,678 1,452 Flughafen Wien 9,527 333 Generali Holding Vienna 2,034 294 Mayr-Melnhof Karton 4,758 187 Oesterreichische Elektrizitaetswirtschafts, Cl A 8,643 752 OMV 7,194 492 VA Technologie 4,408 137 Wienerberger Baustoffindustr 21,618 364 -------- 4,334 -------- BELGIUM (1.8%) Agfa-Gevaert 11,951 286 Bekaert 2,132 87 Delhaize-Le Lion 4,847 213 D'ieteren 498 107 Electrabel 3,837 796 Fortis 51,089 1,506 Groupe Bruxelles Lambert 1,965 453 KBC Bancassurance Holding 22,971 901 Solvay 7,825 373 UCB 11,658 404 Union Miniere 2,473 87 -------- 5,213 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- DENMARK (1.4%) D/S 1912, Cl B 68 $ 587 Dampskibsselkabet Svendborg, Cl B 45 525 Danisco 5,310 200 Danske Bank 36,000 588 Group 4 Falck 800 100 ISS* 2,200 136 Navision Software* 1,100 25 Novo-Nordisk, Cl B 4,070 789 Novozymes, Cl B* 4,070 75 Tele Danmark 12,516 504 Vestas Wind Systems 5,400 265 William Demant Holding 5,000 198 -------- 3,992 -------- FINLAND (0.8%) Metso 1,600 15 Nokia 47,300 1,983 Outokumpu Oyj 2,600 20 Sampo Insurance 1,400 69 Sonera 7,300 140 Tietoenator 1,200 23 UPM-Kymmene 3,500 101 -------- 2,351 -------- FRANCE (9.4%) Accor 6,348 239 Air Liquide 2,923 382 Alcatel, Cl A 35,001 1,737 Aventis 23,006 1,805 Axa 11,401 1,598 BNP Paribas 13,350 1,032 Bouygues 10,100 444 Canal Plus 3,776 478 Cap Gemini 3,696 511 Carrefour Supermarche 20,659 1,245 Cie Generale D'Optique Essilor International 384 112 Compagnie de Saint-Gobain 2,614 361 Dassault Systemes 3,421 244 Eridania Beghin-Say 1,025 103 Etablissements Economiques du Casino Guichard Perrachon 2,662 256 France Telecom 30,098 2,528 Groupe Danone 4,561 606 Lafarge 3,399 255 Lagardere S.C.A. 4,277 225 L'Oreal 19,955 1,596 LVMH Moet-Hennessy Louis Vuitton 14,489 959 16 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FRANCE--CONTINUED Michelin, Cl B 4,201 $ 121 Pechiney, Cl A 2,681 105 Pernod-Ricard 1,399 78 Pinault-Printemps-Redoute 3,740 677 PSA Peugeot Citroen 1,482 306 Publicis Groupe 2,950 88 Sagem 1,183 131 Sanofi-Synthelabo 21,675 1,321 Schneider Electric 4,644 287 Sidel 1,068 53 Societe BIC 2,079 74 Societe Eurafrance 174 109 Societe Generale, Cl A 12,935 698 Sodexho Alliance 1,075 193 STMicroelectronics 26,525 1,119 Suez Lyonnaise des Eaux 5,986 1,015 Thomson CSF 5,283 230 Total Fina Elf 21,667 3,099 Total Fina Elf VVPR Strips* 1,314 -- Union du Credit-Bail Immobilier 1,215 179 Usinor 8,210 87 Valeo 2,353 109 Vivendi 17,982 1,111 -------- 27,906 -------- GERMANY (13.4%) Adidas-Salomon 2,800 157 Allianz 14,180 4,956 BASF 36,200 1,372 Bayer 41,910 1,846 Bayerische Hypo-und Vereinsbank 24,422 1,227 Beiersdorf 5,290 589 Continental 9,150 131 DaimlerChrysler 58,066 2,254 Deutsche Bank 35,670 2,590 Deutsche Lufthansa 22,380 473 Deutsche Telekom 176,200 5,615 Douglas Holding 2,550 84 Dresdner Bank 29,950 1,124 E.On* 44,323 2,519 EM.TV & Merchandising 7,200 120 Fresenius Medical Care 5,650 475 Gehe 4,800 171 Heidelberger Zement 3,774 172 Hochtief 4,160 78 Kamps 4,850 60 KarstadtQuelle 7,100 219 Linde 7,910 360 MAN 6,310 169 Merck Kgaa 10,600 397 Metro 18,101 774 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- GERMANY--CONTINUED Muenchener Rueckversicher 10,260 $ 3,366 Preussag 9,910 324 RWE 27,290 1,166 SAP 10,650 1,122 Schering 11,980 657 SGL Carbon* 1,350 65 Siemens 34,490 3,948 ThyssenKrupp 30,310 389 Volkswagen 18,210 904 WCM Beteiligungs & Grundbesi 10,850 164 -------- 40,037 -------- HONG KONG (1.2%) Bank of East Asia 48,400 105 Cathay Pacific Airways 78,000 139 CLP Holdings 52,500 245 Hang Seng Bank 42,900 501 Hong Kong & China Gas 130,700 164 Hutchison Whampoa 85,080 1,017 Johnson Electric Holdings 64,000 121 Li & Fung 52,000 109 New World Development 73,000 76 Pacific Century CyberWorks* 283,630 176 Sun Hung Kai Properties 53,600 414 Swire Pacific, Cl A 36,500 234 Television Broadcasts 9,000 49 Wharf Holdings 64,000 130 -------- 3,480 -------- IRELAND (0.4%) Allied Irish Banks 25 -- CRH 21,400 312 Independent News & Media 52,400 139 Independent News & Media (GB) 13,000 33 Irish Life & Permanent 14,200 155 Jefferson Smurfit Group 125,100 199 Jefferson Smurfit Group (GB) 45,700 75 Kerry Group, Cl A 8,000 93 Ryanair Holdings* 29,300 270 -------- 1,276 -------- ITALY (8.5%) Alitalia 98,439 177 Arnoldo Mondadori Editore 16,068 162 Assicurazioni Generali 74,100 2,706 Autogrill 17,000 201 Autostrade Concessioni e Costruzioni Autostrade 75,000 477 Banca di Roma 345,000 372 Banca Intesa 313,103 1,380 Banca Intesa RNC 51,000 137 17 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 INTERNATIONAL EQUITY INDEX FUND--CONTINUED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ITALY--CONTINUED Banca Popolare di Milano 18,500 $ 119 Benetton Group 125,000 239 Bipop-Carire 103,500 786 Bulgari 18,750 227 Enel 455,258 1,712 ENI-Ente Nazionale Idrocarburi 499,500 3,049 Fiat 24,400 597 Fiat RNC 6,700 93 Gruppo Editoriale L'Espresso 22,500 209 Italcementi 15,400 121 Italgas 44,000 196 La Rinascente 20,500 117 Mediaset 72,600 947 Mediobanca 36,500 418 Parmalat Finanziaria 105,000 168 Pirelli 125,000 394 Riunione Adriatica di Sicurta 44,562 594 San Paolo-IMI 87,236 1,354 Telecom Italia 231,500 2,680 Telecom Italia RNC 56,250 306 TIM 414,750 3,278 TIM RNC 97,500 439 Tiscali* 5,665 157 Unicredito Italiano 310,500 1,554 -------- 25,366 -------- JAPAN (32.8%) 77 Bank 19,000 125 Acom 6,700 502 Advantest 4,300 505 Ajinomoto 32,000 387 Amada 16,000 131 Aoyama Trading 4,100 29 Asahi Bank 120,000 407 Asahi Breweries 26,000 276 Asahi Chemical Industry 73,000 457 Asahi Glass 57,000 560 Asatsu-DK 2,000 51 Autobacs Seven 2,400 59 Bank of Fukuoka 29,000 126 Bank of Tokyo-Mitsubishi 210,000 2,271 Bank of Yokohama 56,000 250 Benesse 4,800 151 Bridgestone 41,000 510 Canon 40,000 1,571 Casio Computer 13,000 119 Central Japan Railway 105 682 Chugai Pharmaceutical 12,000 212 Chuo Mitsui Trust & Banking 39,000 123 Citizen Watch 17,000 139 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN--CONTINUED Cosmo Oil Company 49,000 $ 112 Credit Saison 8,300 172 CSK 2,800 51 Dai Nippon Printing 37,000 539 Daicel Chemical Industries 23,000 73 Daiei* 43,000 85 Daiichi Pharmaceutical 14,000 387 Daikin 13,000 282 Daikyo* 14,000 22 Daimaru 18,000 49 Dainippon Ink & Chemical 41,000 138 Daito Trust Construction 6,400 105 Daiwa Bank 94,000 173 Daiwa House Industry 26,000 165 Daiwa Kosho Lease 23,000 65 Daiwa Securities Group 62,000 652 Denso 43,000 961 East Japan Railway 181 1,042 Ebara 16,000 203 Eisai 14,000 480 Fanuc 10,900 879 Fuji Machine Manufacturing 2,000 51 Fuji Photo Film 24,000 966 Fuji Television Network 19 168 Fujitsu 90,000 1,436 Furukawa Electric 30,000 720 Gunma Bank 26,000 135 Gunze 22,000 83 Hankyu Department Store 14,000 57 Haseko* 89,000 35 Hirose Electric 1,900 232 Hitachi 151,000 1,441 Hokuriku Bank* 26,000 54 Honda Motor 44,000 1,541 Hoya 5,600 465 Isetan 14,000 129 Itochu* 65,000 302 Ito-Yokado 19,000 952 Japan Air Lines 86,000 370 Japan Energy* 88,000 193 Japan Steel Works* 34,000 34 Japan Tobacco 91 581 Joyo Bank 39,300 131 Jusco 16,000 358 Kadokawa Shoten Publishing 1,000 23 Kajima 66,000 191 Kaken Pharmaceutical 7,000 37 Kamigumi 23,000 109 Kanebo* 34,000 93 Kaneka 17,000 142 18 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN--CONTINUED Kansai Electric Power 48,200 $ 811 KAO 29,000 890 Kawasaki Heavy Industries* 100,000 129 Kawasaki Kisen Kaisha 43,000 72 Kawasaki Steel 134,000 160 Kinki Nippon Railway 89,000 376 Kirin Brewery 48,000 457 Komatsu 48,000 240 Konami 5,200 350 Koyo Seiko 12,000 86 Kubota 68,000 242 Kuraray 22,000 183 Kurita Water Industries 7,000 106 Kyocera 8,600 1,126 Kyowa Hakko Kogyo 21,000 168 Maeda Road Construction 18,000 77 Marubeni* 68,000 162 Marui 18,000 232 Matsushita Electric Industrial 94,000 2,359 Meiji Seika 23,000 136 Minebea 19,000 195 Mitsubishi 81,000 620 Mitsubishi Chemical 110,000 308 Mitsubishi Electric 101,000 656 Mitsubishi Estate 62,000 697 Mitsubishi Heavy Industries 160,000 699 Mitsubishi Materials 52,000 147 Mitsubishi Trust & Banking 54,000 395 Mitsui 75,000 466 Mitsui Fudosan 38,000 441 Mitsui Marine & Fire Insurance 37,000 217 Mitsui Mining & Smelting 32,000 272 Mitsukoshi* 29,000 117 Mizuho Holding 370 2,395 Murata Manufacturing 11,200 1,496 Mycal 23,000 53 Namco 2,800 70 NEC 73,000 1,374 NGK Insulators 18,000 234 NGK Spark Plug 12,000 202 Nidec 3,200 189 Nikon 17,000 244 Nintendo 6,500 973 Nippon Express 57,000 357 Nippon Mitsubishi Oil 71,000 390 Nippon Paper Industries 46,000 259 Nippon Sheet Glass 21,000 295 Nippon Shinpan 17,000 23 Nippon Steel 335,000 593 Nippon Suisan Kaisha 24,000 39 Nippon Telegraph & Telephone 578 4,983 Nippon Yusen Kabushiki Kaisha 63,000 270 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN--CONTINUED Nishimatsu Construction 25,000 $ 87 Nissan Motor* 184,000 1,125 Nissin Food Products 5,900 154 Nitto Denko 7,600 252 Nomura Securities 90,000 1,893 Noritake 18,000 102 NSK 29,000 204 NTN 29,000 87 Obayashi 42,000 196 Oji Paper 53,000 292 Okumura 21,000 66 Olympus Optical 14,000 206 Omron 12,000 271 Orient* 19,000 30 Oriental Land 4,700 326 Orix 3,820 362 Osaka Gas 122,000 334 OYO 3,000 33 Penta-Ocean Constrution 35,000 44 Pioneer 8,000 256 Promise 5,700 420 Rohm 5,400 1,302 Sakura Bank 178,000 1,028 Sanden 12,000 58 Sankyo 22,000 476 Sanrio 4,000 58 Sanyo Electric 91,000 709 Secom 11,000 771 Sega* 7,300 79 Seino Transportation 15,000 69 Seiyu* 16,000 46 Sekisui Chemical 24,000 76 Sekisui House 35,000 339 Sharp 49,000 584 Shimachu 3,400 46 Shimamura 1,200 90 Shimano 7,600 145 Shimizu 50,000 153 Shin-Etsu Chemical 20,000 896 Shionogi 17,000 342 Shiseido 19,000 246 Shizuoka Bank 35,000 322 Skylark 6,000 163 SMC 3,400 497 Snow Brand Milk Products 19,000 65 Softbank 15,000 784 Sony 41,400 3,124 Sumitomo 52,000 412 Sumitomo Bank 139,000 1,387 Sumitomo Chemical 87,000 382 Sumitomo Electric Industries 39,000 667 Sumitomo Marine & Fire 30,000 201 19 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 INTERNATIONAL EQUITY INDEX FUND--CONTINUED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN--CONTINUED Sumitomo Metal Industries* 200,000 $ 128 Taisei 79,000 128 Taisho Pharmaceutical 17,000 443 Taiyo Yuden 5,000 198 Takara Shuzo 10,000 207 Takashimaya 20,000 144 Takeda Chemical Industries 39,000 2,415 Takefuji 6,800 404 Teijin 50,000 232 Terumo 10,700 212 Tobu Railway 63,000 183 Toei 6,000 26 Toho 1,000 134 Tohoku Electric Power 33,000 425 Tokai Bank 105,000 478 Tokio Marine & Fire Insurance 74,000 834 Tokyo Broadcasting System 3,000 111 Tokyo Dome* 16,000 62 Tokyo Electric Power 60,100 1,421 Tokyo Electron 7,800 556 Tokyo Gas 142,000 400 Tokyu 60,000 321 Toppan Printing 37,000 322 Toray Industries 87,000 348 Toshiba 152,000 1,077 Tosoh 29,000 89 Tostem 11,000 158 Toto 24,700 177 Toyo Information Systems 2,000 113 Toyo Seikan Kaisha 11,300 195 Toyota Motor 169,700 6,051 Trans Cosmos 1,100 73 Ube Industries 49,000 112 Uni-Charm 3,200 145 UNY 9,000 119 World 2,250 76 Yamaha 12,000 122 Yamaichi Securities* 15,000 -- Yamanouchi Pharmaceutical 17,000 827 Yamato Transport 20,000 400 Yokogawa Electric 13,000 109 -------- 97,570 -------- NETHERLANDS (2.8%) ABN Amro Holding 27,147 570 Aegon 24,027 990 Akzo Nobel 5,815 276 ASM Lithography Holding* 7,380 155 Buhrmann 1,884 47 Elsevier 11,463 145 Getronics 6,174 32 Hagemeyer 1,541 34 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- NETHERLANDS--CONTINUED Heineken 5,659 $ 306 ING Groep 16,745 1,207 Koninklijke Ahold 11,892 381 Koninklijke Philips Electronics 22,132 732 Royal Dutch Petroleum 37,246 2,234 Royal KPN 16,964 229 TNT Post Group 8,445 203 Unilever 10,442 644 Wolters Kluwer 4,951 121 -------- 8,306 -------- NEW ZEALAND (0.3%) Carter Holt Harvey 260,100 188 Fletcher Challenge Energy 51,700 186 Telecom of New Zealand 185,785 437 -------- 811 -------- NORWAY (1.1%) Bergesen, Cl A 8,750 151 DNB Holding 87,900 405 Frontline* 8,100 124 Kvaerner* 8,800 66 Merkantildata* 18,600 76 Norsk Hydro 28,025 1,124 Opticom* 1,200 104 Orkla 23,900 430 Petroleum Geo-Services* 11,600 135 Schibsted 7,200 91 Storebrand 32,387 224 Tomra Systems 16,400 295 -------- 3,225 -------- PORTUGAL (0.8%) Banco Comercial Portugues 121,577 607 Banco Espirito Santo 13,922 216 BPI-SGPS 37,962 120 Brisa-Auto Estradas de Portugal* 18,632 156 Cimpor Cimentos de Portugal* 8,979 207 Electricidade de Portugal* 180,092 536 Portugal Telecom* 62,248 509 Sonae S.G.P.S. 144,306 157 -------- 2,508 -------- SINGAPORE (0.6%) Chartered Semiconductor Manufacturing* 20,000 67 DBS Group Holdings 38,467 436 Oversea-Chinese Banking 36,350 245 Singapore Airlines 31,000 299 Singapore Press Holdings 11,000 171 Singapore Technologies Engineering 59,000 88 Singapore Telecommunications 152,000 253 United Overseas Bank 49,000 352 -------- 1,911 -------- 20 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- SPAIN (4.2%) Acerinox 3,658 $ 95 ACS - Actividades Cons y Servicios* 3,460 80 Altadis 17,595 256 Autopistas Concesionaria Espanola* 19,441 149 Banco Bilbao Vizcaya Argentaria 168,995 2,260 Banco Santander Central Hispano 236,832 2,101 Endesa 56,678 917 Fomento de Construcciones y Contratas* 8,430 150 Gas Natural 22,553 375 Grupo Dragados* 12,884 128 Iberdrola* 50,371 603 Repsol YPF 66,075 1,080 Sociedad General de Aguas de Barcelona 7,732 98 SOL Melia 9,872 79 Telefonica* 228,191 3,585 Telepizza* 10,883 27 Union Electrica Fenosa 16,618 298 Zardoya-Otis 14,347 116 Zeltia* 9,580 167 -------- 12,564 -------- SWEDEN (1.2%) Assa Abloy, Cl B 7,200 129 Atlas Copco, Cl A 4,200 89 Electrolux, Cl B 7,100 99 Hennes & Mauritz, Cl B 15,900 268 NetCom, Cl B* 2,100 70 OM Gruppen 1,600 41 Sandvik 6,600 142 Securitas, Cl B 7,500 121 Skandia Forsakrings 19,100 291 Skandinaviska Enskilda Banken, Cl A 13,300 143 Skanska, Cl B 3,200 130 Svenska Cellulosa, Cl B 6,500 128 Svenska Handelsbanken, Cl A 14,000 223 Swedish Match 12,100 43 Telefonaktiebolaget LM Ericsson, Cl B 134,200 1,532 Volvo, Cl B 7,250 108 WM-Data, Cl B 9,500 32 -------- 3,589 -------- SWITZERLAND (1.9%) ABB 3,483 317 Adecco 230 143 Credit Suisse Group 2,870 500 Givaudan* 141 35 Holderbank Financiere Glarus, Cl B 120 125 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- SWITZERLAND--CONTINUED Nestle 377 $ 819 Novartis 769 1,248 Roche Holding, Bearer 17 196 Roche Holding, Genuss 75 743 Swiss Re 155 345 Swisscom 850 203 Syngenta* 997 45 UBS 4,558 630 Zurich Financial Services 838 452 -------- 5,801 -------- UNITED KINGDOM (10.8%) 3I Group 13,747 244 Abbey National 26,776 419 Amvescap 14,281 223 ARM Holdings* 18,176 113 AstraZeneca 32,170 1,642 BAE Systems 62,499 321 Barclays 27,865 781 Bass 25,643 270 BG Group 78,185 317 BOC Group 14,814 208 Boots 25,603 220 BP Amoco 407,105 3,165 British American Tobacco 45,454 323 British SKY Broadcasting* 36,826 514 British Telecommunications 120,410 1,040 Cadbury Schweppes 57,130 398 Centrica 80,656 274 CGNU 45,984 694 CMG 12,974 162 Diageo 73,986 768 Dixons Group 25,928 91 EMI Group 23,923 188 Exel 11,471 179 GKN 24,438 266 Glaxo Wellcome 67,519 1,969 Granada Compass* 54,075 516 Great Universal Stores 29,601 222 Halifax Group 45,295 423 Hanson 26,996 146 Hays 38,180 189 HSBC Holdings 169,557 2,233 Imperial Chemical Industries 28,133 192 International Power* 35,430 129 Invensys 118,700 289 J. Sainsbury 53,831 317 Kingfisher 28,173 184 Lattice Group* 78,185 165 Legal & General Group 116,977 298 Lloyds TSB Group 96,317 919 21 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 INTERNATIONAL EQUITY INDEX FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- UNITED KINGDOM--CONTINUED Logica 7,688 $ 153 Marconi 48,681 462 Marks & Spencer 61,066 169 Misys 13,832 97 National Grid Group 18,415 162 Pearson 11,515 258 Prudential 38,549 590 Psion 9,191 30 Reed International 19,002 170 Rentokil Initial 22,492 62 Reuters Group 31,488 463 Rio Tinto 30,059 450 Royal Bank of Scotland Group 50,813 1,044 Sage Group* 24,544 135 Scottish Power 41,708 312 Sema 9,182 38 SmithKline Beecham 110,696 1,443 Tesco 161,585 648 Unilever 66,016 547 Vodafone Group 1,102,648 3,771 WPP Group 18,604 202 -------- 32,217 -------- Total Foreign Common Stocks (Cost $305,484) 290,291 -------- FOREIGN PREFERRED STOCKS (0.7%) AUSTRALIA (0.2%) News 86,531 667 -------- GERMANY (0.5%) RWE 4,980 157 SAP 7,690 991 Volkswagen 6,470 183 -------- 1,331 -------- ITALY (0.0%) Fiat 7,200 112 -------- Total Foreign Preferred Stocks (Cost $2,866) 2,110 -------- FOREIGN RIGHTS (0.0%) HONG KONG (0.0%) Pacific Century Cyberworks* 8,508 -- -------- PORTUGAL (0.0%) Portugal Telecom* 62,248 1 -------- Total Foreign Rights (Cost $0) 1 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- CASH EQUIVALENT (0.0%) HighMark Diversified Money Market Fund 1,845 $ 2 -------- Total Cash Equivalent (Cost $2) 2 -------- Total Investments (98.2%) (Cost $308,352) 292,404 -------- OTHER ASSETS AND LIABILITIES, NET (1.8%) 5,312 -------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 23,491,350 outstanding shares of beneficial interest 314,429 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 270,272 outstanding shares of beneficial interest 1,837 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 476,981 outstanding shares of beneficial interest 6,329 Undistributed net investment income 44 Accumulated net realized loss on investments (8,923) Net unrealized depreciation on investments (15,948) Net unrealized depreciation on foreign currency and translation of other assets and liabilities in foreign currency investments (52) -------- Total Net Assets 100.0% $297,716 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $12.29 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $12.12 ======== Maximum Offering Price Per Share -- Investor Shares ($12.12 / 96.25%) $12.59 ======== Net Asset Value, Offering Price and Redemption Price Per Share -- Flex Shares (1) $12.02 ======== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. 22 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- At November 30, 2000, sector diversification of the Fund was as follows: % OF VALUE SECTOR DIVERSIFICATION NET ASSETS (000) ---------------------- ---------- --------- Banks 14.3% $ 42,675 Telephones & Telecommunications 12.2 36,479 Electrical Components & Equipment 11.0 32,645 Insurance 6.9 20,465 Medical Products & Services 6.6 19,802 Petroleum & Fuel Products 5.5 16,361 Diversified Operations 5.1 15,246 Automotive 4.9 14,661 Food, Beverage, & Tobacco 4.3 12,701 Consumer Goods 4.0 11,938 Retail 2.9 8,684 Chemicals 2.6 7,685 Financial Services 2.2 6,697 Transportation 2.2 6,433 Building & Construction 2.1 6,121 Computers & Services 2.0 5,876 Broadcasting, Newspapers & Advertising 1.5 4,395 Commercial Services 1.4 4,129 Cosmetics & Toiletries 1.2 3,450 Real Estate 0.8 2,518 Metals 0.8 2,329 Machinery 0.8 2,290 Airlines 0.7 2,061 Paper & Related Products 0.6 1,670 Investment Companies 0.3 1,028 Engineering 0.3 936 Aerospace & Defense 0.1 321 Consumer Services 0.1 260 Home Furnishing & Appliances 0.1 177 Wholesale -- 155 Agriculture -- 103 ------ -------- TOTAL FOREIGN COMMON STOCKS 97.5 290,291 TOTAL FOREIGN PREFERRED STOCKS 0.7 2,110 TOTAL FOREIGN RIGHTS -- 1 CASH EQUIVALENT -- 2 ------ -------- TOTAL INVESTMENTS 98.2 292,404 OTHER ASSETS AND LIABILITIES, NET 1.8 5,312 ------ -------- NET ASSETS 100.0% $297,716 ====== ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 38. 23 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 LIFE VISION AGGRESSIVE GROWTH FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EQUITY FUNDS (98.3%) STI Classic Core Equity Fund, Trust Shares 585,334 $ 6,269 STI Classic Growth and Income Fund, Trust Shares 209,125 3,210 STI Classic International Equity Index Fund, Trust Shares 260,765 3,205 STI Classic Mid-Cap Equity Fund, Trust Shares 33,415 358 STI Classic Small Cap Growth Stock Fund, Trust Shares 69,141 1,175 STI Classic Small Cap Value Equity Fund, Trust Shares 123,527 1,217 STI Classic Value Income Stock Fund, Trust Shares 305,524 3,233 ------- Total Equity Funds (Cost $18,673) 18,667 ------- MONEY MARKET FUND (1.8%) STI Classic Prime Quality Money Market Fund, Trust Shares 332,326 332 ------- Total Money Market Fund (Cost $332) 332 ------- Total Investments (100.1%) (Cost $19,005) 18,999 ------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) (16) ------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 1,633,516 outstanding shares of beneficial interest 16,513 Undistributed net investment income 62 Accumulated net realized gain on investments 2,414 Net unrealized depreciation on investments (6) ------- Total Net Assets 100.0% $18,983 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $11.62 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 38. 24 -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION GROWTH AND INCOME FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EQUITY FUNDS (78.9%) STI Classic Core Equity Fund, Trust Shares 462,391 $ 4,952 STI Classic Growth and Income Fund, Trust Shares 462,684 7,102 STI Classic International Equity Index Fund, Trust Shares 510,887 6,279 STI Classic Mid-Cap Equity Fund, Trust Shares 71,777 769 STI Classic Small Cap Growth Stock Fund, Trust Shares 160,034 2,721 STI Classic Small Cap Value Equity Fund, Trust Shares 285,647 2,814 STI Classic Value Income Stock Fund, Trust Shares 675,955 7,152 ------- Total Equity Funds (Cost $31,981) 31,789 ------- FIXED INCOME FUNDS (20.5%) STI Classic Investment Grade Bond Fund, Trust Shares 463,105 4,543 STI Classic Limited-Term Federal Mortgage Securities Fund, Trust Shares 187,411 1,850 STI Classic Short-Term Bond Fund, Trust Shares 187,575 1,849 ------- Total Fixed Income Funds (Cost $8,159) 8,242 ------- MONEY MARKET FUND (0.7%) STI Classic Prime Quality Money Market Fund, Trust Shares 278,924 279 ------- Total Money Market Fund (Cost $279) 279 ------- Total Investments (100.1%) (Cost $40,419) 40,310 ------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) (30) ------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 3,804,573 outstanding shares of beneficial interest $38,693 Undistributed net investment income 208 Accumulated net realized gain on investments 1,488 Net unrealized depreciation on investments (109) ------- Total Net Assets 100.0% $40,280 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.59 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 38. 25 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 LIFE VISION MODERATE GROWTH FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EQUITY FUNDS (63.7%) STI Classic Core Equity Fund, Trust Shares 1,274,495 $13,650 STI Classic Growth and Income Fund, Trust Shares 454,859 6,982 STI Classic International Equity Index Fund, Trust Shares 1,169,286 14,370 STI Classic Mid-Cap Equity Fund, Trust Shares 149,881 1,607 STI Classic Small Cap Growth Stock Fund, Trust Shares 310,964 5,286 STI Classic Small Cap Value Equity Fund, Trust Shares 554,982 5,467 STI Classic Value Income Stock Fund, Trust Shares 664,512 7,030 ------- Total Equity Funds (Cost $55,495) 54,392 ------- FIXED INCOME FUNDS (35.2%) STI Classic Investment Grade Bond Fund, Trust Shares 1,406,871 13,801 STI Classic Limited-Term Federal Mortgage Securities Fund, Trust Shares 825,833 8,151 STI Classic Short-Term Bond Fund, Trust Shares 826,114 8,146 ------- Total Fixed Income Funds (Cost $29,839) 30,098 ------- MONEY MARKET FUND (1.1%) STI Classic Prime Quality Money Market Fund, Trust Shares 919,808 920 ------- Total Money Market Fund (Cost $920) 920 ------- Total Investments (100.0%) (Cost $86,254) 85,410 ------- OTHER ASSETS AND LIABILITIES, NET (0.0%) (26) ------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 8,043,302 outstanding shares of beneficial interest $80,290 Undistributed net investment income 598 Accumulated net realized gain on investments 5,340 Net unrealized depreciation on investments (844) ------- Total Net Assets 100.0% $85,384 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.62 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 38. 26 -------------------------------------------------------------------------------- (UNAUDITED) MID-CAP EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS (91.5%) BASIC MATERIALS (6.8%) Bowater 47,700 $ 2,543 Potash of Saskatchewan 26,900 1,777 Stillwater Mining* 254,100 8,561 -------- 12,881 -------- CAPITAL GOODS (4.6%) ACT Manufacturing* 102,400 2,067 Optimal Robotics* 135,650 3,595 SPX* 29,100 3,079 -------- 8,741 -------- COMMUNICATION SERVICES (5.8%) Commscope* 97,700 1,655 Sirius Satellite Radio* 63,800 2,050 Western Wireless, Cl A* 157,800 6,263 Winstar Communications* 68,025 995 -------- 10,963 -------- CONSUMER CYCLICALS (7.3%) American Eagle Outfitters* 58,600 2,582 Men's Wearhouse* 479,450 11,207 -------- 13,789 -------- CONSUMER STAPLES (3.6%) Hispanic Broadcasting* 45,100 1,218 Sensient Technologies 153,300 3,449 Suiza Foods* 49,500 2,138 -------- 6,805 -------- ENERGY (12.0%) Barrett Resources* 65,000 2,511 BJ Services* 26,100 1,390 Bouygues Offshore 81,400 1,679 Coflexip Stena Offshore 10,300 592 Cooper Cameron* 16,300 884 Ensco International 22,700 552 Global Marine* 58,700 1,288 Nabors Industries* 21,800 958 National-Oilwell* 34,800 1,109 Noble Drilling* 38,800 1,118 Ocean Energy* 70,600 918 Precision Drilling* 215,400 5,546 Smith International* 20,400 1,184 Stone Energy* 43,300 2,176 Veritas DGC* 36,600 899 -------- 22,804 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE (6.4%) Colonial Bancgroup 47,400 $ 441 Hibernia, Cl A 233,200 2,784 Marshall & Ilsley 53,700 2,289 North Fork Bancorporation 106,500 2,256 SouthTrust 131,700 4,445 -------- 12,215 -------- HEALTH CARE (15.3%) Barr Laboratories* 38,200 2,304 Chiron* 28,192 1,152 Health Management Associates, Cl A* 312,800 6,666 King Pharmaceuticals* 216,712 10,565 Renal Care Group* 235,300 5,118 Sepracor* 26,500 1,936 Watson Pharmaceutical* 29,500 1,357 -------- 29,098 -------- TECHNOLOGY (27.4%) Antec* 48,700 399 Caliper Technologies* 35,700 1,582 C-Cube Microsystems* 548,050 8,289 Concurrent Computer* 338,900 3,357 Cree* 22,400 1,257 Cypress Semiconductor* 57,200 1,208 Efficient Networks* 34,500 630 Integrated Circuit Systems* 13,700 217 Integrated Device Technology* 28,800 857 Intuit* 44,800 2,041 J.D. Edwards* 68,800 1,746 Jabil Circuit* 36,800 1,150 Sandisk* 64,700 2,576 Sawtek* 113,400 5,833 Scientific-Atlanta 28,000 1,130 Seachange International* 149,900 3,494 Stratos Lightwave* 82,700 1,308 Symbol Technologies 127,250 5,098 Virata* 89,400 1,274 Vishay Intertechnology* 59,200 1,117 Vitesse Semiconductor* 26,100 1,126 Zoran* 237,400 6,217 -------- 51,906 -------- UTILITIES (2.3%) Calpine* 23,800 845 Equitable Resources 61,800 3,445 -------- 4,290 -------- Total Common Stocks (Cost $176,846) 173,492 -------- 27 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 MID-CAP EQUITY FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- PREFERRED STOCK (0.5%) Winstar Communications, Ser A, PIK 32,000 $ 836 -------- Total Preferred Stock (Cost $1,132) 836 -------- CONVERTIBLE BONDS (5.3%) Affymetrix, CV to 16.2602 Shares (A) 5.000%, 10/01/06 $ 1,450 1,628 Human Genome Sciences, CV to 9.1324 Shares (A) 3.750%, 03/15/07 2,220 1,776 Human Genome Sciences, CV to 17.7778 Shares (A) 5.000%, 02/01/07 1,415 1,804 Millennium Pharmaceuticals, CV to 23.7696 (A) 5.500%, 01/15/07 1,690 2,343 Sepracor, CV to 10.8249 Shares (A) 5.000%, 02/15/07 2,675 2,535 -------- Total Convertible Bonds (Cost $10,348) 10,086 -------- REPURCHASE AGREEMENT (0.8%) Deutsche Bank 6.510%, dated 11/30/00, matures 12/01/00, repurchase price $1,602,500 (collateralized by U.S. Treasury Bond: total market value $1,634,983) (C) 1,602 1,602 -------- Total Repurchase Agreement (Cost $1,602) 1,602 -------- Total Investments (98.1%) (Cost $189,928) 186,016 -------- OTHER ASSETS AND LIABILITIES, NET (1.9%) 3,638 -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 15,402,198 outstanding shares of beneficial interest $155,007 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 1,148,685 outstanding shares of beneficial interest 11,887 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 1,252,228 outstanding shares of beneficial interest 15,843 Accumulated net investment loss (447) Accumulated net realized gain on investments 11,276 Net unrealized depreciation on investments (3,912) -------- Total Net Assets 100.0% $189,654 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.72 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.45 ======== Maximum Offering Price Per Share -- Investor Shares ($10.45 / 96.25%) $10.86 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.01 ======== (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 38. 28 -------------------------------------------------------------------------------- (UNAUDITED) SMALL CAP GROWTH STOCK FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS (98.7%) BASIC MATERIALS (1.7%) Rogers* 144,865 $ 5,269 Stillwater Mining* 80,800 2,722 -------- 7,991 -------- CAPITAL GOODS (10.5%) Anixter International* 80,000 1,490 Astec Industries* 64,740 708 Carlisle 65,000 2,750 CTS 90,000 3,246 Dycom Industries* 110,000 4,111 EMCOR Group* 120,000 2,970 Granite Construction 80,000 2,225 Herley Industries* 124,000 2,403 Insituform Technologies, Cl A* 130,000 4,428 Kemet* 71,700 1,255 Kent Electronics* 110,000 1,726 L-3 Communications Holdings* 50,000 3,231 Mastec* 125,000 3,375 Mueller Industries* 75,000 1,725 Shaw Group* 107,800 6,643 Superior Industries International 76,000 2,589 Toro 90,000 3,009 Trimble Navigation* 123,600 2,657 -------- 50,541 -------- COMMUNICATION SERVICES (2.7%) Boston Communications Group* 131,253 2,674 Cable Design Technologies* 160,000 2,400 Commscope* 40,000 677 Comtech Telecommunications* 33,900 343 Digital Lightwave* 6,967 220 Gentner Communications* 204,200 2,450 Lightbridge* 100,000 837 Polycom* 65,000 2,198 Symmetricom* 92,500 983 Xeta Technologies* 30,000 249 -------- 13,031 -------- CONSUMER CYCLICALS (20.7%) American Eagle Outfitters* 40,000 1,762 Barnes & Noble* 125,600 3,407 BJ's Wholesale Club* 135,000 4,531 Brinker International* 50,000 2,044 CEC Entertainment* 125,000 4,172 Chico's FAS* 185,700 4,526 Christopher & Banks* 120,000 3,615 Circuit City CarMax Group* 370,000 1,480 Claire's Stores 90,000 1,671 Concord Camera* 235,000 4,700 Cost Plus/California* 60,000 1,605 Gildan Activewear, Cl A* 60,000 1,785 HOT Topic* 119,400 4,418 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- CONSUMER CYCLICALS -- CONTINUED Jack in the Box* 100,000 $ 2,700 Jakks Pacific* 96,000 732 Kaufman & Broad Home 100,000 3,137 K-Swiss, Cl A 103,240 2,478 Men's Wearhouse* 140,000 3,272 Monaco Coach* 40,000 605 Neiman-Marcus Group, Cl A* 21,645 652 NVR* 24,900 2,266 O'Charleys* 144,700 2,514 Payless ShoeSource* 30,000 2,002 Pier 1 Imports 290,000 3,208 Polaris Industries 45,000 1,657 Pulte 100,000 3,862 Rare Hospitality International* 220,000 5,665 Sonic Automotive* 80,000 640 Sonic* 90,000 3,510 Standard-Pacific 160,000 3,300 Station Casinos* 170,000 3,166 Steven Madden* 250,000 1,844 THQ* 90,000 1,614 Toll Brothers* 140,000 5,582 Ultimate Electronics* 125,000 3,391 United Stationers* 100,000 2,575 -------- 100,088 -------- CONSUMER STAPLES (2.5%) Constellation Brands, Cl A* 100,000 4,900 Measurement Specialties* 150,000 3,562 Smithfield Foods* 125,800 3,554 -------- 12,016 -------- ENERGY (10.2%) CAL Dive International* 160,000 3,140 Carbo Ceramics 70,000 1,820 Core Laboratories* 180,000 3,578 Eagle Geophysical* 1,285 -- Global Industries* 400,000 4,050 Marine Drilling* 200,000 4,000 Maverick Tube* 150,000 1,903 National-Oilwell* 160,000 5,100 Newfield Exploration* 100,000 3,650 Patterson Energy* 200,000 4,663 Quicksilver Resources* 35,000 284 Rowan* 116,000 2,306 Stone Energy* 85,000 4,271 UNIFAB International* 295,068 2,361 Veritas DGC* 180,000 4,421 Vintage Petroleum 200,000 3,838 -------- 49,385 -------- FINANCE (9.6%) Actrade Financial Technologies* 100,000 2,031 Barra* 13,400 767 29 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 SMALL CAP GROWTH STOCK FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE -- CONTINUED City National 120,000 $ 3,968 Cullen/Frost Bankers 135,000 4,354 Doral Financial 310,000 5,851 Gainsco 100,000 263 GBC Bancorp/California 30,000 1,046 Greater Bay Bancorp 45,000 1,493 Heller Financial 160,000 4,230 Metris 172,500 4,172 OceanFirst Financial 88,000 1,837 Radian Group 84,999 5,525 Silicon Valley Bancshares* 50,000 1,725 Southwest Bancorp of Texas* 65,600 2,345 Southwest Securities Group 74,000 1,485 Texas Regional Bancshares, Cl A 35,000 1,022 Triad Guaranty* 120,600 3,482 Trustmark 52,760 979 -------- 46,575 -------- HEALTH CARE (13.3%) Barr Laboratories* 100,000 6,031 Cryolife* 195,000 8,056 Eden Bioscience* 110,000 3,836 Galen Holdings ADR* 30,000 1,373 Inverness Medical Technology* 160,000 5,550 King Pharmaceuticals* 140,625 6,855 Mid Atlantic Medical Services* 270,000 5,738 North American Scientific* 179,500 3,321 Noven Pharmaceuticals* 250,970 6,337 Orthodontic Centers of America* 75,000 2,278 Oxford Health Plans* 50,000 2,028 Pharmacopeia* 100,000 2,163 PolyMedica* 155,000 3,536 Priority Healthcare, Cl B* 80,000 2,180 SICOR* 300,000 4,481 Sunquest Information Systems* 41,000 420 -------- 64,183 -------- SERVICES (4.0%) Carreker* 100,000 2,300 Copart* 190,000 3,230 Learning Tree International* 50,000 1,728 Opus360* 850 -- Prepaid Legal Services* 150,000 4,341 Rent-A-Center* 120,000 2,978 SCB Computer Technology* 640,000 300 Sensormatic Electronics* 250,000 4,469 Zomax* 30,000 143 -------- 19,489 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY (21.1%) Actel* 80,000 $ 1,815 Advanced Digital Information* 290,000 4,282 Advanced Power Technology* 110,000 2,186 Aeroflex* 127,490 2,653 Alliance Semiconductor* 180,000 2,351 Alpha Industries* 140,000 4,279 Aremissoft* 100,000 3,725 Asyst Technologies* 50,000 541 Avocent* 83,500 3,841 Bel Fuse, Cl A* 47,500 1,588 Bel Fuse, Cl B 35,000 1,155 Benchmark Electronics* 80,000 2,310 C&D Technologies 80,000 3,260 C-COR.net* 180,000 1,958 Cyberoptics* 28,000 514 Dallas Semiconductor 57,000 1,685 Dataram* 145,000 1,849 Exar* 45,000 1,131 Excel Technology* 99,000 1,794 Filenet* 175,000 4,583 GSI Lumonics* 90,000 911 Icos Vision Systems* 50,000 1,213 Ikos Systems* 90,000 990 InFocus* 129,700 4,021 Insight Enterprises* 65,500 1,441 Integrated Silicon Solutions* 200,000 1,538 International Rectifier* 50,000 1,513 Ixys* 32,315 420 Lattice Semiconductor* 70,000 1,164 Mentor Graphics* 180,000 4,253 Merix* 100,000 1,963 Orbotech* 45,000 2,002 Pericom Semiconductor* 170,000 2,656 Photon Dynamics* 65,000 1,430 Rainbow Technologies* 166,400 2,850 Semtech* 110,000 2,413 Silicon Storage Technology* 123,388 1,481 Sipex* 85,000 2,125 SonicWall* 150,000 2,475 Sybase* 250,000 5,000 Technitrol 68,000 2,550 Telcom Semiconductor* 135,000 1,536 Three-Five Systems* 115,200 3,182 Tidel Technologies* 200,000 775 Transwitch* 40,000 1,090 Unify* 175,000 77 Veeco Instruments* 10,000 321 Virata* 110,000 1,568 Zebra Technologies, Cl A* 40,000 1,675 -------- 102,133 -------- 30 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- TRANSPORTATION (2.4%) American Freightways* 70,200 $ 1,952 Atlas Air* 55,000 1,911 Frontier Airlines* 200,000 5,675 Skywest 25,000 1,488 Teekay Shipping 25,000 798 -------- 11,824 -------- Total Common Stocks (Cost $433,051) 477,256 -------- RIGHTS (0.0%) Elan* 190,000 137 -------- Total Rights (Cost $0) 137 -------- WARRANTS (0.0%) Per-Se Technologies, Expires 07/08/03* 3,664 -- -------- Total Warrants (Cost $0) -- -------- REPURCHASE AGREEMENT (1.2%) Morgan Stanley Dean Witter 6.480%, dated 11/30/00, matures 12/01/00, repurchase price $5,971,658 (collateralized by FNMA obligations: total market value $6,090,273) (C) $ 5,971 5,971 -------- Total Repurchase Agreement (Cost $5,971) 5,971 -------- Total Investments (99.9%) (Cost $439,022) 483,364 -------- OTHER ASSETS AND LIABILITIES, NET (0.1%) 254 -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 25,299,909 outstanding shares of beneficial interest $369,644 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 1,781,971 outstanding shares of beneficial interest 25,449 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 1,401,599 outstanding shares of beneficial interest 23,671 Accumulated net investment loss (2,926) Accumulated net realized gain on investments 23,438 Net unrealized appreciation on investments 44,342 -------- Total Net Assets 100.0% $483,618 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $17.00 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $16.94 ======== Maximum Offering Price Per Share -- Investor Shares ($16.94 / 96.25%) $17.60 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $16.63 ======== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 38. 31 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 SMALL CAP VALUE EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS (93.5%) BASIC MATERIALS (13.2%) Agnico-Eagle Mines 245,600 $ 1,612 Arch Coal 166,700 1,698 Cambrex 118,500 4,310 Carpenter Technology 48,400 1,606 Celanese 177,500 2,907 Homestake Mining 115,600 571 Lesco 118,800 1,604 Lindberg 146,600 1,182 PolyOne 148,400 825 Sociedad Quimica y Minera de Chile ADR 108,900 1,987 Texas Industries 271,100 6,032 USG 43,500 797 Wausau-Mosinee Paper 201,300 1,749 Wellman 128,200 1,667 -------- 28,547 -------- CAPITAL GOODS (27.4%) American Woodmark 118,500 1,748 A.O. Smith 126,200 2,098 Aptargroup 103,900 2,598 BAE Systems Canada 108,200 1,637 Ball 113,800 4,431 Benjamin Moore* 26,200 987 BHA Group Holdings 157,200 2,505 Briggs & Stratton 45,500 1,689 Cummins Engine 111,400 3,934 Falcon Products 85,300 634 Fedders 62,100 295 Fedders, Cl A 206,000 940 Gerber Scientific 265,700 1,860 Kaman, Cl A 146,700 1,705 Lennox International 153,489 1,074 Louisiana-Pacific 441,392 3,117 LSI Industries 206,100 4,431 Milacron 171,400 2,614 National Service Industries 123,100 2,531 Oshkosh Truck 27,600 1,075 Quixote 256,500 4,232 Roper Industries 86,100 2,658 RPM/Ohio 194,900 1,827 Tecumseh Products, Cl A 47,000 1,924 Timken 77,800 1,045 United Dominion Industries 34,300 658 Valspar 65,500 1,811 Woodhead Industries 84,500 1,859 York International 46,800 1,223 -------- 59,140 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- CONSUMER CYCLICALS (13.9%) American Greetings, Cl A 118,200 $ 1,086 Bassett Furniture Industries 176,500 2,030 Bowne 178,300 1,438 Bush Industries, Cl A 226,300 2,843 Federal Signal 30,200 647 Harman International Industries 27,700 1,011 Moore 309,600 774 Movado Group 203,400 2,428 PEP Boys 782,100 3,177 Phillips-Van Heusen 254,500 3,277 Polaroid 592,200 4,442 Standard Register 140,600 1,687 Sturm Ruger 62,400 499 U.S. Industries 159,200 1,065 Wolverine World Wide 299,700 3,615 -------- 30,019 -------- CONSUMER STAPLES (5.0%) Earthgrains 11,000 250 Great Atlantic & Pacific Tea 174,100 1,425 Ingles Markets, Cl A 233,700 2,249 Sensient Technologies 301,635 6,787 -------- 10,711 -------- ENERGY (6.5%) Fletcher Challenge Energy 63,100 2,236 Penn Virginia 62,000 1,686 Pennzoil-Quaker State 861,000 10,171 -------- 14,093 -------- FINANCE (9.7%) Annuity and Life Re 63,300 1,642 Colonial Bancgroup 83,300 776 Klamath First Bancorp 171,500 1,994 PXRE Group 114,400 1,559 Scottish Annuity & Life Holdings 236,800 2,412 Seacoast Banking, Cl A 78,500 1,904 Student Loan 47,400 2,477 Washington Federal 99,800 2,278 West Coast Bancorp-Oregon 194,953 1,706 Westerfed Financial 139,500 2,973 White Mountains Insurance Group 4,000 1,118 -------- 20,839 -------- HEALTH CARE (3.1%) Alpharma, Cl A 36,200 1,235 Carter-Wallace 36,100 1,085 Mentor 245,700 4,469 -------- 6,789 -------- 32 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- SERVICES (6.8%) ABM Industries 54,900 $ 1,568 Chemed 65,100 2,238 Pittston Brink's Group 722,600 10,929 -------- 14,735 -------- TECHNOLOGY (1.3%) Helix Technology 96,600 2,276 Pioneer Standard Electronics 47,200 466 -------- 2,742 -------- TRANSPORTATION (2.1%) Knightsbridge Tankers 68,400 1,394 USFreightways 59,400 1,552 Wabash National 206,300 1,560 -------- 4,506 -------- UTILITIES (4.5%) Midcoast Energy Resources 124,300 2,424 NUI 37,300 1,077 Piedmont Natural Gas 47,100 1,557 UGI 91,000 2,019 Western Resources 118,500 2,711 -------- 9,788 -------- Total Common Stocks (Cost $230,110) 201,909 -------- CASH EQUIVALENT (0.0%) SEI Daily Income Trust Prime Obligation Fund 37,201 37 -------- Total Cash Equivalent (Cost $37) 37 -------- REPURCHASE AGREEMENT (6.8%) Morgan Stanley Dean Witter 6.480%, dated 11/30/00, matures 12/01/00, repurchase price $14,554,745 (collateralized by FHLMC obligations: market value $14,843,198) (C) $ 14,552 14,552 -------- Total Repurchase Agreement (Cost $14,552) 14,552 -------- Total Investments (100.3%) (Cost $244,699) 216,498 -------- OTHER ASSETS AND LIABILITIES, NET (-0.3%) (598) -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 21,165,525 outstanding shares of beneficial interest $269,759 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 751,983 outstanding shares of beneficial interest 17,282 Undistributed net investment income 968 Accumulated net realized loss on investments (43,908) Net unrealized depreciation on investments (28,201) -------- Total Net Assets 100.0% $215,900 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $9.85 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $9.82 ======== (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 38. 33 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 TAX SENSITIVE GROWTH STOCK FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS (99.6%) BASIC MATERIALS (2.6%) Alcoa 527,910 $ 14,880 E.I. du Pont de Nemours 211,782 8,961 -------- 23,841 -------- CAPITAL GOODS (9.8%) Caterpillar 290,970 11,439 General Electric 604,344 29,953 Gillette 263,579 8,929 Minnesota Mining & Manufacturing 122,566 12,241 Tyco International 225,102 11,874 United Technologies 208,080 14,735 -------- 89,171 -------- COMMUNICATION SERVICES (9.2%) AT&T 263,896 5,179 BellSouth 102,443 4,283 JDS Uniphase* 152,597 7,639 Network Appliance* 267,386 13,202 Nokia Oyj ADR 250,000 10,688 Nortel Networks 248,410 9,377 Qualcomm* 151,262 12,139 SBC Communications 217,743 11,962 Verizon Communications 175,000 9,833 -------- 84,302 -------- CONSUMER CYCLICALS (5.3%) Dollar General 761,977 10,906 Gap 350,000 8,728 Home Depot 182,813 7,164 Wal-Mart Stores 355,881 18,573 Walt Disney 115,936 3,355 -------- 48,726 -------- CONSUMER STAPLES (10.1%) Coca-Cola 188,246 11,789 McDonald's 239,670 7,639 Nike, Cl B 175,000 7,459 Pepsico 228,539 10,370 Philip Morris 764,774 29,205 Procter & Gamble 150,000 11,231 Walgreen 311,339 13,874 -------- 91,567 -------- ENERGY (5.4%) Chevron 50,632 4,145 Exxon Mobil 311,809 27,439 Royal Dutch Petroleum, NY Shares 159,975 9,549 Schlumberger 125,814 7,800 -------- 48,933 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE (11.9%) American Express 151,180 $ 8,305 American International Group 207,277 20,093 Bank of America 112,371 4,488 Bank of New York 100,000 5,519 Charles Schwab 490,770 13,588 Chase Manhattan 250,551 9,239 Citigroup 370,946 18,478 Fannie Mae 172,521 13,629 Wells Fargo 308,269 14,624 -------- 107,963 -------- HEALTH CARE (16.4%) Abbott Laboratories 127,294 7,009 American Home Products 127,640 7,674 Amgen* 75,000 4,772 Bristol-Myers Squibb 167,495 11,609 Eli Lilly 100,000 9,369 Johnson & Johnson 275,866 27,587 Medtronic 221,963 11,820 Merck 374,572 34,718 Pfizer 640,793 28,395 Schering-Plough 121,383 6,805 -------- 149,758 -------- SERVICES (2.1%) Paychex 322,898 18,768 -------- TECHNOLOGY (25.9%) America Online* 190,167 7,723 Applied Materials* 110,703 4,477 Brocade Communications System* 87,786 14,743 Cisco Systems* 834,479 39,951 Computer Associates International 286,214 7,477 Dell Computer* 135,649 2,611 EMC-Mass* 424,720 31,589 Hewlett-Packard 31,174 986 Intel 534,886 20,359 International Business Machines 164,885 15,417 Jabil Circuit* 250,000 7,813 Linear Technology 246,291 11,653 Microsoft* 559,428 32,097 Oracle* 476,308 12,622 Sun Microsystems* 207,925 15,815 Texas Instruments 279,618 10,433 -------- 235,766 -------- TRANSPORTATION (0.9%) Ford Motor 214,688 4,884 General Motors 71,458 3,537 -------- 8,421 -------- Total Common Stocks (Cost $831,837) 907,216 -------- 34 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS (0.5%) JP Morgan 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $2,610,868 (collateralized by GNMA obligations: total market value $2,662,606) (C) $2,610 $ 2,610 Morgan Stanley Dean Witter 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $2,002,099 (collateralized by FHLMC obligation: total market value $2,042,011) (C) 2,002 2,002 -------- Total Repurchase Agreements (Cost $4,612) 4,612 -------- Total Investments (100.1%) (Cost $836,449) 911,828 -------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) (1,005) -------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 20,832,242 outstanding shares of beneficial interest 600,482 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 9,543,274 outstanding shares of beneficial interest 303,914 Accumulated net investment loss (3,563) Accumulated net realized loss on investments (65,389) Net unrealized appreciation on investments 75,379 -------- Total Net Assets 100.0% $910,823 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $30.16 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $29.60 ======== (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 38. 35 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 VALUE INCOME STOCK FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS (92.2%) BASIC MATERIALS (10.2%) Alcoa 715,400 $ 20,165 Boise Cascade 380,300 10,981 International Paper 530,900 17,984 Praxair 504,400 18,127 Rohm & Haas 687,900 20,465 -------- 87,722 -------- CAPITAL GOODS (21.7%) Cooper Industries 337,800 13,786 Dover 559,500 22,905 Emerson Electric 418,100 30,469 General Dynamics 249,100 18,994 Honeywell International 669,000 32,614 Hubbell, Cl B 447,300 11,574 Ingersoll-Rand 257,100 10,348 Minnesota Mining & Manufacturing 97,800 9,768 National Service Industries 265,400 5,457 Rockwell International 429,000 17,267 Sonoco Products 350,830 6,052 W.W. Grainger 190,300 6,958 -------- 186,192 -------- COMMUNICATION SERVICES (10.2%) Alltel 337,400 20,666 CenturyTel 264,000 9,289 SBC Communications 428,200 23,524 Sprint (FON Group) 347,200 7,986 Verizon Communications 464,410 26,094 -------- 87,559 -------- CONSUMER CYCLICALS (3.5%) Gannett 327,900 17,584 McGraw-Hill 244,200 12,973 -------- 30,557 -------- CONSUMER NON-DURABLES (1.7%) Fortune Brands 297,000 8,576 Genuine Parts 328,700 6,307 -------- 14,883 -------- CONSUMER STAPLES (4.6%) Conagra Foods 511,600 13,014 Kimberly-Clark 237,200 16,589 Pepsico 207,900 9,433 -------- 39,036 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY (10.6%) BP Amoco ADR 268,100 $ 12,718 Conoco, Cl B 1,265,084 31,706 Exxon Mobil 353,700 31,126 Texaco 143,100 8,309 Unocal 197,400 6,736 -------- 90,595 -------- FINANCE (16.6%) Allstate 362,100 13,850 American General 217,700 16,314 Amsouth Bancorporation 432,368 6,431 Chase Manhattan 450,125 16,598 Chubb 172,500 14,059 Citigroup 402,200 20,035 FleetBoston Financial 530,947 19,911 Keycorp 330,400 8,239 PNC Financial Services Group 289,900 19,278 Torchmark 208,300 7,915 -------- 142,630 -------- HEALTH CARE (4.5%) Baxter International 218,500 18,914 Pharmacia 315,494 19,245 -------- 38,159 -------- SERVICES (0.5%) H&R Block 113,300 3,987 -------- TECHNOLOGY (2.8%) Avnet 364,300 6,421 International Business Machines 186,800 17,466 -------- 23,887 -------- UTILITIES (5.3%) Coastal 214,900 15,741 Duke Energy 196,100 17,637 Questar 184,132 5,133 Scana 230,917 6,509 -------- 45,020 -------- Total Common Stocks (Cost $723,292) 790,227 -------- 36 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS (8.0%) Deutsche Bank 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $26,588,002 (collateralized by FNMA and FHLMC obligations: total market value $27,114,874) (C) $26,583 $ 26,583 Greenwich Capital 6.490%, dated 11/30/00, matures 12/01/00, repurchase price $41,896,120 (collateralized by GNMA obligations: total market value $42,726,656) (C) 41,889 41,889 -------- Total Repurchase Agreements (Cost $68,472) 68,472 -------- Total Investments (100.2%) (Cost $791,764) 858,699 -------- OTHER ASSETS AND LIABILITIES, NET (-0.2%) (1,604) -------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 66,941,977 outstanding shares of beneficial interest 815,413 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 8,135,139 outstanding shares of beneficial interest 102,347 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 6,073,471 outstanding shares of beneficial interest 105,844 Undistributed net investment income 3,259 Accumulated net realized loss on investments (236,703) Net unrealized appreciation on investments 66,935 -------- Total Net Assets 100.0% $857,095 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.58 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.54 ======== Maximum Offering Price Per Share -- Investor Shares ($10.54 / 96.25%) $10.95 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.44 ======== (1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 38. 37 -------------------------------------------------------------------------------- KEY TO ABBREVIATIONS USED IN THE STATEMENTS OF NET ASSETS AND SCHEDULE OF INVESTMENTS ADR American Depository Receipt Cl Class CV Convertible Security FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association GB Great British Pound GNMA Government National Mortgage Association MTN Medium Term Note PIK Payment-in-Kind RNC Risparmio Non-Convertible Ser Series * Non-income producing security (A) Private Placement Security (B) Adjustable rate security. The rate reported on the Statement of Net Assets is the rate in effect on November 30, 2000. (C) Tri-Party Repurchase Agreement Amounts designated as "--" are either $0 or have been rounded to $0. 38 STATEMENT OF ASSETS AND LIABILITIES (000) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 (UNAUDITED) ------------ E-COMMERCE OPPORTUNITY FUND ------------ Assets: Investments at Market Value (Cost $140,469) ................... $123,107 Receivable for Investment Securities Sold ..................... 8,503 Receivable for Portfolio Shares Purchased ..................... 221 Accrued Income ................................................ 166 -------- Total Assets .................................................. 131,997 -------- Liabilities: Payable for Investment Securities Purchased ................... 6,135 Accrued Expenses .............................................. 209 Payable for Portfolio Shares Redeemed ......................... 179 Payable to Custodian Bank ..................................... 58 -------- Total Liabilities ............................................. 6,581 -------- Total Net Assets .............................................. $125,416 ======== Net Assets: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 7,305,134 outstanding shares of beneficial interest ......................................... 125,946 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 1,692,256 outstanding shares of beneficial interest ......................................... 32,589 Accumulated net investment loss ............................... (495) Accumulated net realized loss on investments .................. (15,262) Net unrealized depreciation on investments .................... (17,362) -------- Total Net Assets .............................................. $125,416 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares ............................. $13.96 ====== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) .......................... $13.84 ====== (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. 39 STATEMENTS OF OPERATIONS (000) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2000
CAPITAL CORE E-COMMERCE BALANCED APPRECIATION EQUITY OPPORTUNITY FUND FUND FUND FUND ------------ --------------- ------------- ------------- 06/01/00- 06/01/00- 06/01/00- 06/01/00- 11/30/00 11/30/00 11/30/00 11/30/00 ------------ --------------- ------------- ------------- Income: Interest Income ................................................ $ 4,250 $ 1,834 $ 246 $ 482 Dividend Income ................................................ 682 5,734 571 133 Less: Foreign Taxes Withheld ................................... -- -- -- -- ------- -------- ------- -------- Total Income ................................................... 4,932 7,568 817 615 ------- -------- ------- -------- Expenses: Investment Advisory Fees ....................................... 1,427 9,049 1,016 880 Less: Investment Advisory Fees Waived .......................... (77) (333) (13) (10) Administrator Fees ............................................. 106 554 65 56 Transfer Agent Fees -- Trust Shares ............................ 10 10 8 8 Transfer Agent Fees -- Investor Shares ......................... 10 69 -- -- Transfer Agent Fees -- Flex Shares ............................. 39 99 8 30 Transfer Agent Out of Pocket Expenses .......................... 14 71 8 7 Printing Fees .................................................. 8 39 4 4 Custody Fees ................................................... 6 32 4 3 Professional Fees .............................................. 8 31 4 3 Trustee Fees ................................................... 1 8 1 1 Registration Fees .............................................. 6 31 11 8 Distribution Fees -- Investor Shares ........................... 13 833 -- -- Less: Distribution Fees Waived -- Investor Shares .............. (9) (108) -- -- Distribution Fees -- Flex Shares ............................... 314 611 25 139 Less: Distribution Fees Waived -- Flex Shares .................. (18) (26) (6) (19) Insurance and Other Fees ....................................... 7 40 -- -- ------- -------- ------- -------- Total Expenses ................................................. 1,865 11,010 1,135 1,110 ------- -------- ------- -------- Net Investment Income (Loss) ................................... 3,067 (3,442) (318) (495) ------- -------- ------- -------- Net Realized and Unrealized Gain (Loss) on Investments: Capital Gain Received from Investments ......................... -- -- -- -- Net Realized Gain (Loss) on Securities Sold .................... 593 14,360 (8,498) (6,461) Net Realized Loss on Foreign Currency Transactions ............. -- -- -- -- Net Change in Unrealized Depreciation on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency .......................... -- -- -- -- Net Change in Unrealized Depreciation on Investments ........... (2,329) (63,038) (863) (13,924) ------- -------- ------- -------- Total Net Realized and Unrealized Gain (Loss) on Investments ... (1,736) (48,678) (9,361) (20,385) ------- -------- ------- -------- Net Increase (Decrease) in Net Assets from Operations .......... $ 1,331 $(52,120) $(9,679) $(20,880) ======= ======== ======= ========
Amounts designated as "--" are either $0 or round to $0. -------------------------------------------------------------------------------- (UNAUDITED)
GROWTH AND INTERNATIONAL INTERNATIONAL LIFE VISION INCOME EQUITY EQUITY AGGRESSIVE GROWTH FUND FUND INDEX FUND FUND ------------- ------------- ------------- ----------------- 06/01/00- 06/01/00- 06/01/00- 06/01/00- 11/30/00 11/30/00 11/30/00 11/30/00 ------------- ------------- ------------- ------------- Income: Interest Income ................................................ $ 557 $ 77 $ -- $ -- Dividend Income ................................................ 7,132 3,057 2,111 126 Less: Foreign Taxes Withheld ................................... -- (259) (205) -- ------- -------- -------- -------- Total Income ................................................... 7,689 2,875 1,906 126 ------- -------- -------- -------- Expenses: Investment Advisory Fees ....................................... 4,552 1,778 1,525 25 Less: Investment Advisory Fees Waived .......................... -- (77) (174) (18) Administrator Fees ............................................. 356 101 120 7 Transfer Agent Fees -- Trust Shares ............................ 8 9 9 8 Transfer Agent Fees -- Investor Shares ......................... 24 14 9 -- Transfer Agent Fees -- Flex Shares ............................. 50 22 10 -- Transfer Agent Out of Pocket Expenses .......................... 46 12 13 1 Printing Fees .................................................. 25 11 11 -- Custody Fees ................................................... 20 189 259 1 Professional Fees .............................................. 20 7 7 -- Trustee Fees ................................................... 5 1 2 -- Registration Fees .............................................. 12 6 6 -- Distribution Fees -- Investor Shares ........................... 54 11 4 -- Less: Distribution Fees Waived -- Investor Shares .............. (38) (1) (1) -- Distribution Fees -- Flex Shares ............................... 319 42 26 -- Less: Distribution Fees Waived -- Flex Shares .................. (71) -- -- -- Insurance and Other Fees ....................................... 1 15 20 1 ------- -------- -------- -------- Total Expenses ................................................. 5,383 2,140 1,846 25 ------- -------- -------- -------- Net Investment Income (Loss) ................................... 2,306 735 60 101 ------- -------- -------- -------- Net Realized and Unrealized Gain (Loss) on Investments: Capital Gain Received from Investments ......................... -- -- -- 128 Net Realized Gain (Loss) on Securities Sold .................... 17,572 (323) (10,842) 2,093 Net Realized Loss on Foreign Currency Transactions ............. -- (176) (187) -- Net Change in Unrealized Depreciation on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency .......................... -- (439) (75) -- Net Change in Unrealized Depreciation on Investments ........... (1,465) (22,731) (30,382) (2,310) ------- -------- -------- ------- Total Net Realized and Unrealized Gain (Loss) on Investments ... 16,107 (23,669) (41,486) (89) ------- -------- -------- ------- Net Increase (Decrease) in Net Assets from Operations .......... $18,413 $(22,934) $(41,426) $ 12 ======= ======== ======== =======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 40 & 41 STATEMENTS OF OPERATIONS (000) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2000
LIFE VISION LIFE VISION MID-CAP SMALL CAP GROWTH AND INCOME MODERATE EQUITY GROWTH STOCK FUND GROWTH FUND FUND FUND ------------------- ------------- ------------- -------------- 06/01/00- 06/01/00- 06/01/00- 06/01/00- 11/30/00 11/30/00 11/30/00 11/30/00 ------------- ------------- ------------- ------------- Income: Interest Income ........................................ $ -- $ 1,241 $ 541 $ 129 Dividend Income ........................................ 474 -- 539 468 ------- ------- -------- -------- Total Income ........................................... 474 1,241 1,080 597 ------- ------- -------- -------- Expenses: Investment Advisory Fees ............................... 45 95 1,347 3,086 Less: Investment Advisory Fees Waived .................. (26) (45) (59) (50) Administrator Fees ..................................... 13 27 83 189 Transfer Agent Fees -- Trust Shares .................... 8 8 9 11 Transfer Agent Fees -- Investor Shares ................. -- -- 14 22 Transfer Agent Fees -- Flex Shares ..................... -- -- 15 17 Transfer Agent Out of Pocket Expenses .................. 2 3 10 23 Printing Fees .......................................... 1 2 6 13 Custody Fees ........................................... 1 2 5 11 Professional Fees ...................................... 1 2 5 11 Trustee Fees ........................................... -- -- 1 3 Registration Fees ...................................... 1 2 5 27 Distribution Fees -- Investor Shares ................... -- -- 31 90 Less: Distribution Fees Waived -- Investor Shares ...... -- -- (12) (46) Distribution Fees -- Flex Shares ....................... -- -- 72 127 Less: Distribution Fees Waived -- Flex Shares .......... -- -- (11) (11) Insurance and Other Fees ............................... -- 1 6 -- ------- ------- -------- -------- Total Expenses ......................................... 46 97 1,527 3,523 ------- ------- -------- -------- Net Investment Income (Loss) ........................... 428 1,144 (447) (2,926) ------- ------- -------- -------- Net Realized and Unrealized Gain (Loss) on Investments: Capital Gain Received from Investments ................. 221 326 -- -- Net Realized Gain (Loss) on Securities Sold ............ 1,523 4,997 11,534 31,944 Net Change in Unrealized Appreciation (Depreciation) on Investments ...................................... (1,862) (6,152) (37,077) (48,388) ------- ------- -------- -------- Total Net Realized and Unrealized Gain (Loss) on Investments ...................................... (118) (829) (25,543) (16,444) ------- ------- -------- -------- Net Increase (Decrease) in Net Assets from Operations .. $ 310 $ 315 $(25,990) $(19,370) ======= ======= ======== ========
Amounts designated as "--" are either $0 or round to $0. -------------------------------------------------------------------------------- (UNAUDITED)
SMALL CAP TAX SENSITIVE VALUE VALUE EQUITY GROWTH STOCK INCOME STOCK FUND FUND FUND -------------- --------------- -------------- 06/01/00- 06/01/00- 06/01/00- 11/30/00 11/30/00 11/30/00 ------------- ------------- ------------- Income: Interest Income ........................................ $ 283 $ 587 $ 2,326 Dividend Income ........................................ 2,988 4,758 11,312 ------- -------- -------- Total Income ........................................... 3,271 5,345 13,638 ------- -------- -------- Expenses: Investment Advisory Fees ............................... 1,266 5,935 3,786 Less: Investment Advisory Fees Waived .................. (21) (93) -- Administrator Fees ..................................... 78 364 333 Transfer Agent Fees -- Trust Shares .................... 9 8 10 Transfer Agent Fees -- Investor Shares ................. -- -- 43 Transfer Agent Fees -- Flex Shares ..................... 22 139 69 Transfer Agent Out of Pocket Expenses .................. 10 46 43 Printing Fees .......................................... 6 26 24 Custody Fees ........................................... 4 21 19 Professional Fees ...................................... 4 21 19 Trustee Fees ........................................... 1 5 5 Registration Fees ...................................... 5 36 19 Distribution Fees -- Investor Shares ................... -- -- 151 Less: Distribution Fees Waived -- Investor Shares ...... -- -- (5) Distribution Fees -- Flex Shares ....................... 40 1,556 353 Less: Distribution Fees Waived -- Flex Shares .......... (19) (55) (28) Insurance and Other Fees ............................... 15 23 24 ------- -------- -------- Total Expenses ......................................... 1,420 8,032 4,865 ------- -------- -------- Net Investment Income (Loss) ........................... 1,851 (2,687) 8,773 ------- -------- -------- Net Realized and Unrealized Gain (Loss) on Investments: Capital Gain Received from Investments ................. -- -- -- Net Realized Gain (Loss) on Securities Sold ............ 8,259 (46,589) (66,634) Net Change in Unrealized Appreciation (Depreciation) on Investments ...................................... 8,131 (42,997) 76,895 ------- -------- -------- Total Net Realized and Unrealized Gain (Loss) on Investments ...................................... 16,390 (89,586) 10,261 ------- -------- -------- Net Increase (Decrease) in Net Assets from Operations .. $18,241 $(92,273) $ 19,034 ======= ======== ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 42 & 43 STATEMENTS OF CHANGES IN NET ASSETS (000) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2000 AND THE YEAR ENDED MAY 31, 2000
E-COMMERCE CAPITAL CORE OPPORTUNITY BALANCED FUND APPRECIATION FUND EQUITY FUND FUND ------------------- ------------------------- --------------------- --------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 09/30/99*- 06/01/00- 09/30/99*- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 --------- --------- ----------- ------------ --------- ---------- --------- ---------- Operations: Net Investment Income (Loss) ....... $ 3,067 $ 6,981 $ (3,442) $ (1,560) $ (318) $ (265) $ (495) $ (323) Capital Gain Received from Investments ...................... -- -- -- -- -- -- -- -- Net Realized Gain (Loss) on Investments ...................... 593 5,831 14,360 240,075 (8,498) 386 (6,461) (8,801) 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 ................... (2,329) 755 (63,038) (89,037) (863) 11,612 (13,924) (3,438) -------- --------- ---------- ----------- -------- -------- -------- -------- Increase (Decrease) in Net Assets from Operations .................. 1,331 13,567 (52,120) 149,478 (9,679) 11,733 (20,880) (12,562) -------- --------- ---------- ----------- -------- -------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ..................... (2,715) (5,433) -- -- -- -- -- -- Investor Shares .................. (97) (248) -- -- -- -- -- -- Flex Shares ...................... (408) (950) -- -- -- -- -- -- Capital Gains: Trust Shares ..................... -- (4,291) (138,157) (88,647) -- -- -- -- Investor Shares .................. -- (233) (29,016) (16,187) -- -- -- -- Flex Shares ...................... -- (1,444) (14,731) (8,873) -- -- -- -- -------- --------- ---------- ----------- -------- -------- -------- -------- Total Distributions ................ (3,220) (12,599) (181,904) (113,707) -- -- -- -- -------- --------- ---------- ----------- -------- -------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ...... 29,882 93,109 124,331 313,347 80,219 159,873 26,541 140,662 Shares Issued in Connection with Fund Reorganizations ......... -- -- -- -- -- -- -- -- Reinvestment of Cash Distributions ................ 2,661 9,575 128,244 83,171 -- -- -- -- Cost of Shares Repurchased ....... (38,394) (131,695) (319,360) (1,096,316) (20,356) (20,053) (14,691) (26,252) -------- --------- ---------- ----------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions .... (5,851) (29,011) (66,785) (699,798) 59,863 139,820 11,850 114,410 -------- --------- ---------- ----------- -------- -------- -------- -------- Investor Shares: Proceeds from Shares Issued ...... 163 1,969 3,793 12,858 -- -- -- -- Shares Issued in Connection with ESC Merger ................... -- -- -- -- -- -- -- -- Reinvestment of Cash Distributions ................ 95 477 28,498 15,949 -- -- -- -- Cost of Shares Repurchased ....... (1,398) (7,771) (28,838) (93,208) -- -- -- -- -------- --------- ---------- ----------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions . (1,140) (5,325) 3,453 (64,401) -- -- -- -- -------- --------- ---------- ----------- -------- -------- -------- -------- Flex Shares: Proceeds from Shares Issued ..... 6,167 26,174 7,046 29,168 1,388 4,336 10,323 25,730 Shares Issued in Connection with ESC Merger ................... -- -- -- -- -- -- -- -- Reinvestment of Cash Distributions ................ 395 2,328 14,479 8,732 -- -- -- -- Cost of Shares Repurchased ....... (10,813) (37,791) (22,032) (73,027) (435) (121) (2,503) (952) -------- --------- ---------- ----------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions .. (4,251) (9,289) (507) (35,127) 953 4,215 7,820 24,778 -------- --------- ---------- ----------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ....... (11,242) (43,625) (63,839) (799,326) 60,816 144,035 19,670 139,188 -------- --------- ---------- ----------- -------- -------- -------- -------- Total Increase (Decrease) in Net Assets ................. (13,131) (42,657) (297,863) (763,555) 51,137 155,768 (1,210) 126,626 -------- --------- ---------- ----------- -------- -------- -------- -------- Net Assets: Beginning of Period ................ 297,583 340,240 1,676,507 2,440,062 155,768 -- 126,626 -- -------- --------- ---------- ----------- -------- -------- -------- -------- End of Period ...................... $284,452 $ 297,583 $1,378,644 $ 1,676,507 $206,905 $155,768 $125,416 $126,626 ======== ========= ========== =========== ======== ======== ======== ========
*Commencement of operations. (1) See Note 7 in the notes to the financial statements for additional information. Amounts designated as "--" are either $0 or have been rounded to $0. -------------------------------------------------------------------------------- (UNAUDITED)
INTERNATIONAL INTERNATIONAL LIFE VISION GROWTH AND EQUITY EQUITY AGGRESSIVE INCOME FUND FUND INDEX FUND GROWTH FUND ----------------------- --------------------- -------------------- -------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 ----------- ---------- --------- ---------- --------- --------- --------- --------- Operations: Net Investment Income (Loss) ....... $ 2,306 $ 5,647 $ 735 $ 2,936 $ 60 $ 1,346 $ 101 $ 87 Capital Gain Received from Investments ...................... -- -- -- -- -- -- 128 780 Net Realized Gain (Loss) on Investments ...................... 17,572 28,329 (323) 76,552 (10,842) 2,725 2,093 158 Net Realized Loss on Foreign Currency Transactions ............ -- -- (176) (5,581) (187) (534) -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency .............. -- -- (439) 565 (75) 116 -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments ................... (1,465) 1,238 (22,731) (31,341) (30,382) 37 (2,310) 461 ---------- --------- --------- -------- -------- ------- -------- Increase (Decrease) in Net Assets from Operations .................. 18,413 35,214 (22,934) 43,131 (41,426) 3,690 12 1,486 ---------- --------- -------- --------- -------- -------- ------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ..................... (2,519) (4,628) -- (2,937) -- (276) (43) (88) Investor Shares .................. (81) (188) -- (22) -- -- -- -- Flex Shares ...................... -- -- -- -- -- -- -- -- Capital Gains: Trust Shares ..................... (24,395) (44,093) (23,931) (70,119) -- (863) -- (807) Investor Shares .................. (1,167) (2,546) (847) (1,670) -- (41) -- -- Flex Shares ...................... (1,712) (2,921) (902) (2,014) -- (21) -- -- ---------- --------- -------- --------- -------- -------- ------- -------- Total Distributions ................ (29,874) (54,376) (25,680) (76,762) -- (1,201) (43) (895) ---------- --------- -------- --------- -------- -------- ------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ...... 162,304 367,032 26,514 66,686 61,491 297,168 5,818 11,078 Shares Issued in Connection with Fund Reorganizations ......... -- -- -- 21,915 -- -- -- -- Reinvestment of Cash Distributions ................ 20,084 34,372 21,222 66,001 -- 1,011 43 894 Cost of Shares Repurchased ....... (155,742) (134,326) (73,953) (396,524) (73,480) (33,456) (5,259) (12,850) ---------- --------- -------- --------- -------- -------- ------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions .... 26,646 267,078 (26,217) (241,922) (11,989) 264,723 602 (878) ---------- --------- -------- --------- -------- -------- ------- -------- Investor Shares: Proceeds from Shares Issued ...... 2,976 17,046 5,009 1,176 3,714 2,934 -- -- Shares Issued in Connection with ESC Merger ................... -- 7,989 -- 1,242 -- -- -- -- Reinvestment of Cash Distributions ................ 1,123 2,496 807 1,683 -- 40 -- -- Cost of Shares Repurchased ....... (4,194) (20,339) (7,086) (7,206) (4,526) (4,152) -- -- ---------- --------- -------- --------- -------- -------- ------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions . (95) 7,192 (1,270) (3,105) (812) (1,178) -- -- ---------- --------- -------- --------- -------- -------- ------- -------- Flex Shares: Proceeds from Shares Issued ..... 8,768 37,577 730 2,028 1,149 5,107 -- -- Shares Issued in Connection with ESC Merger ................... -- 1,536 -- 666 -- -- -- -- Reinvestment of Cash Distributions ................ 1,665 2,843 886 1,975 -- 21 -- -- Cost of Shares Repurchased ....... (8,238) (13,227) (2,513) (10,061) (475) (883) -- -- ---------- --------- -------- --------- -------- -------- ------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions .. 2,195 28,729 (897) (5,392) 674 4,245 -- -- ---------- --------- -------- --------- -------- -------- ------- -------- Increase (Decrease) in Net Assets From Share Transactions ....... 28,746 302,999 (28,384) (250,419) (12,127) 267,790 602 (878) ---------- --------- -------- --------- -------- -------- ------- -------- Total Increase (Decrease) in Net Assets ................. 17,285 283,837 (76,998) (284,050) (53,553) 270,279 571 (287) ---------- --------- -------- --------- -------- -------- ------- -------- Net Assets: Beginning of Period ................ 990,237 706,400 320,453 604,503 351,269 80,990 18,412 18,699 ---------- --------- -------- --------- -------- -------- ------- -------- End of Period ...................... $1,007,522 $ 990,237 $243,455 $ 320,453 $297,716 $351,269 $18,983 $ 18,412 ========== ========= ======== ========= ======== ======== ======= ========
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 PERIOD ENDED NOVEMBER 30, 2000 AND THE YEAR ENDED MAY 31, 2000
SMALL CAP LIFE VISION LIFE VISION MID-CAP EQUITY GROWTH GROWTH AND INCOME FUND MODERATE GROWTH FUND FUND STOCK FUND ---------------------- --------------------- --------------------- -------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 --------- --------- --------- --------- --------- ---------- --------- --------- Operations: Net Investment Income (Loss) ........ $ 428 $ 414 $ 1,144 $ 1,837 $ (447) $ (239) $ (2,926) $ (2,813) Capital Gain Received from Investments ....................... 221 832 326 2,705 -- -- -- -- Net Realized Gain (Loss) on Investments .................... 1,523 (524) 4,997 (979) 11,534 39,061 31,944 22,517 Net Change in Unrealized Appreciation (Depreciation) on Investments ..... (1,862) 408 (6,152) 264 (37,077) 4,067 (48,388) 40,570 -------- -------- ------- -------- -------- --------- -------- -------- Increase (Decrease) in Net Assets from Operations ................... 310 1,130 315 3,827 (25,990) 42,889 (19,370) 60,274 -------- -------- -------- -------- -------- --------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ...................... (308) (359) (885) (1,683) -- -- -- -- Investor Shares ................... -- -- -- -- -- -- -- -- Flex Shares ....................... -- -- -- -- -- -- -- -- Capital Gains: Trust Shares ...................... -- (571) -- (3,458) (29,130) (15,785) (17,148) (2,438) Investor Shares ................... -- -- -- -- (2,080) (1,189) (1,316) -- Flex Shares ....................... -- -- -- -- (2,042) (1,047) (922) (83) -------- -------- -------- -------- -------- --------- -------- -------- Total Distributions ................. (308) (930) (885) (5,141) (33,252) (18,021) (19,386) (2,521) -------- -------- -------- -------- -------- --------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ....... 15,132 18,854 47,959 33,036 70,179 155,090 71,180 191,895 Shares Issued in Connection with Fund Reorganizations ........... -- -- -- -- -- -- -- 93,889 Reinvestment of Cash Distributions .................. 306 928 884 5,141 26,157 14,649 15,015 2,092 Cost of Shares Repurchased ........ (5,633) (11,459) (32,511) (55,429) (86,170) (239,058) (52,950) (68,278) -------- ------- -------- -------- -------- --------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions ..... 9,805 8,323 16,332 (17,252) 10,166 (69,319) 33,245 219,598 -------- -------- -------- -------- -------- --------- -------- -------- Investor Shares: Proceeds from Shares Issued ....... -- -- -- -- 880 1,381 2,157 2,463 Shares Issued in Connection with Fund Reorganizations ........... -- -- -- -- -- -- -- 12,481 Shares Issued in Connection with ESC Merger ..................... -- -- -- -- -- -- -- 34,455 Reinvestment of Cash Distributions .................. -- -- -- -- 2,050 1,183 1,206 -- Cost of Shares Repurchased ........ -- -- -- -- (1,675) (8,975) (11,003) (7,316) -------- -------- -------- -------- -------- --------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions .. -- -- -- -- 1,255 (6,411) (7,640) 42,083 -------- -------- -------- -------- -------- --------- -------- -------- Flex Shares: Proceeds from Shares Issued ....... -- -- -- -- 3,334 3,480 4,912 4,518 Shares Issued in Connection with Fund Reorganizations ........... -- -- -- -- -- -- -- 2,772 Shares Issued in Connection with ESC Merger ..................... -- -- -- -- -- -- -- 14,435 Reinvestment of Cash Distributions .................. -- -- -- -- 2,022 1,037 913 83 Cost of Shares Repurchased ........ -- -- -- -- (3,527) (7,098) (3,627) (5,119) -------- -------- -------- -------- -------- --------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions ...... -- -- -- -- 1,829 (2,581) 2,198 16,689 -------- -------- -------- -------- -------- --------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ........ 9,805 8,323 16,332 (17,252) 13,250 (78,311) 27,803 278,370 -------- -------- -------- -------- -------- --------- -------- -------- Total Increase (Decrease) in Net Assets ............... 9,807 8,523 15,762 (18,566) (45,992) (53,443) (10,953) 336,123 -------- -------- -------- -------- -------- --------- -------- -------- Net Assets: Beginning of Period ................. 30,473 21,950 69,622 88,188 235,646 289,089 494,571 158,448 -------- -------- -------- -------- -------- --------- -------- -------- End of Period ....................... $40,280 $ 30,473 $ 85,384 $ 69,622 $189,654 $ 235,646 $483,618 $494,571 ======== ======== ======== ======== ======== ========= ======== ========
(1) See Note 7 in the financial statements for additional information Amounts designated as "--" are either $0 or have been rounded to $0. -------------------------------------------------------------------------------- (UNAUDITED)
TAX SENSITIVE SMALL CAP VALUE GROWTH VALUE INCOME EQUITY FUND STOCK FUND STOCK FUND --------------------- ------------------------ ------------------------ 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 --------- ---------- ----------- ----------- ----------- ----------- Operations: Net Investment Income (Loss) ........ $ 1,851 $ 3,756 $ (2,687) $ (1,126) $ 8,773 $ 30,996 Capital Gain Received from Investments ....................... -- -- -- -- -- -- Net Realized Gain (Loss) on Investments .................... 8,259 (3,553) (46,589) (23,743) (66,634) (147,760) Net Change in Unrealized Appreciation (Depreciation) on Investments ..... 8,131 (20,563) (42,997) 58,045 76,895 (137,601) -------- --------- ---------- ---------- ---------- ---------- Increase (Decrease) in Net Assets from Operations ................... 18,241 (20,360) (92,273) 33,176 19,034 (254,365) -------- --------- ---------- ---------- ----------- ---------- Distributions to Shareholders: Net Investment Income: Trust Shares ...................... (1,696) (3,505) -- -- (8,716) (27,678) Investor Shares ................... -- -- -- -- (776) (2,514) Flex Shares ....................... (19) (6) -- -- (338) (1,129) Capital Gains: Trust Shares ...................... -- -- -- -- -- (131,535) Investor Shares ................... -- -- -- -- -- (14,565) Flex Shares ....................... -- -- -- -- -- (13,032) -------- --------- ---------- ---------- ---------- ---------- Total Distributions ................. (1,715) (3,511) -- -- (9,830) (190,453) -------- --------- ---------- ---------- ---------- ---------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ....... 19,147 103,359 84,463 556,671 61,329 383,909 Shares Issued in Connection with Fund Reorganizations ........... -- -- -- -- -- -- Reinvestment of Cash Distributions .................. 1,441 2,725 -- -- 7,701 146,588 Cost of Shares Repurchased ........ (40,007) (173,187) (104,060) (95,363) (290,232) (831,377) -------- --------- ---------- ---------- ---------- ---------- Increase (Decrease) in Net Assets From Trust Share Transactions ..... (19,419) (67,103) (19,597) 461,308 (221,202) (300,880) -------- --------- ---------- ---------- ---------- ---------- Investor Shares: Proceeds from Shares Issued ....... -- -- -- -- 1,250 6,784 Shares Issued in Connection with Fund Reorganizations ........... -- -- -- -- -- -- Shares Issued in Connection with ESC Merger ..................... -- -- -- -- -- -- Reinvestment of Cash Distributions .................. -- -- -- -- 752 16,876 Cost of Shares Repurchased ........ -- -- -- -- (21,579) (72,831) -------- --------- ---------- ---------- ---------- ---------- Increase (Decrease) in Net Assets From Investor Share Transactions .. -- -- -- -- (19,577) (49,171) -------- --------- ---------- ---------- ---------- ---------- Flex Shares: Proceeds from Shares Issued ....... 411 1,802 55,394 242,949 1,031 18,991 Shares Issued in Connection with Fund Reorganizations ........... -- -- -- -- -- -- Shares Issued in Connection with ESC Merger ..................... -- -- -- -- -- -- Reinvestment of Cash Distributions .................. 19 5 -- -- 330 13,741 Cost of Shares Repurchased ........ (2,307) (11,612) (33,475) (36,077) (23,229) (78,588) -------- --------- ---------- ---------- ---------- ---------- Increase (Decrease) in Net Assets From Flex Share Transactions ...... (1,877) (9,805) 21,919 206,872 (21,868) (45,856) -------- --------- ---------- ---------- ---------- ---------- Increase (Decrease) in Net Assets From Share Transactions ........ (21,296) (76,908) 2,322 668,180 (262,647) (395,907) -------- --------- ---------- ---------- ---------- ---------- Total Increase (Decrease) in Net Assets ............... (4,770) (100,779) (89,951) 701,356 (253,443) (840,725) -------- --------- ---------- ---------- ---------- ---------- Net Assets: Beginning of Period ................. 220,670 321,449 1,000,774 299,418 1,110,538 1,951,263 -------- --------- ---------- ---------- ---------- ---------- End of Period ....................... $215,900 $ 220,670 $ 910,823 $1,000,774 $ 857,095 $1,110,538 ======== ========= ========== ========== ========== ==========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 46 & 47 FINANCIAL HIGHLIGHTS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2000 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 TOTAL OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD RETURN+ ----------- --------------- ----------------- --------------- ------------- ----------- --------- BALANCED FUND Trust Shares 2000* $13.37 $ 0.16 $(0.11) $(0.16) $ -- $13.26 0.36% 2000 13.26 0.32 0.33 (0.30) (0.24) 13.37 5.02 1999 13.09 0.28 1.09 (0.28) (0.92) 13.26 10.98 1998 11.94 0.31 2.19 (0.32) (1.03) 13.09 22.15 1997 11.55 0.33 1.47 (0.32) (1.09) 11.94 16.66 1996 10.26 0.33 1.41 (0.34) (0.11) 11.55 17.26 Investor Shares 2000* $13.43 $ 0.14 $(0.11) $(0.14) $ -- $13.32 0.20% 2000 13.32 0.29 0.31 (0.25) (0.24) 13.43 4.66 1999 13.14 0.24 1.10 (0.24) (0.92) 13.32 10.70 1998 11.99 0.28 2.19 (0.29) (1.03) 13.14 21.72 1997 11.60 0.29 1.48 (0.29) (1.09) 11.99 16.27 1996 10.30 0.30 1.41 (0.30) (0.11) 11.60 16.88 Flex Shares 2000* $13.27 $ 0.08 $(0.10) $(0.09) $ -- $13.16 (0.19)% 2000 13.17 0.17 0.33 (0.16) (0.24) 13.27 3.88 1999 13.02 0.16 1.07 (0.16) (0.92) 13.17 9.84 1998 11.90 0.20 2.16 (0.21) (1.03) 13.02 20.85 1997 11.53 0.22 1.45 (0.21) (1.09) 11.90 15.40 1996(1) 10.36 0.24 1.29 (0.25) (0.11) 11.53 15.58 CAPITAL APPRECIATION FUND Trust Shares 2000* $17.12 $(0.02) $(0.46) $ -- $(2.06) $14.58 (4.14)% 2000 16.62 0.02 1.40 -- (0.92) 17.12 8.98 1999 16.48 0.05 2.70 (0.06) (2.55) 16.62 17.83 1998 15.09 0.09 3.96 (0.09) (2.57) 16.48 29.51 1997 14.90 0.12 3.13 (0.12) (2.94) 15.09 24.66 1996 12.18 0.12 3.32 (0.13) (0.59) 14.90 28.97 Investor Shares 2000* $16.91 $(0.07) $(0.45) $ -- $(2.06) $14.33 (4.44)% 2000 16.53 (0.11) 1.41 -- (0.92) 16.91 8.29 1999 16.43 (0.05) 2.70 -- (2.55) 16.53 17.20 1998 15.06 (0.01) 3.95 -- (2.57) 16.43 28.71 1997 14.89 0.03 3.10 (0.02) (2.94) 15.06 23.74 1996 12.17 0.03 3.32 (0.04) (0.59) 14.89 28.18 Flex Shares 2000* $16.45 $(0.11) $(0.42) $ -- $(2.06) $13.86 (4.65)% 2000 16.18 (0.24) 1.43 -- (0.92) 16.45 7.77 1999 16.22 (0.09) 2.60 -- (2.55) 16.18 16.50 1998 14.96 (0.04) 3.87 -- (2.57) 16.22 28.12 1997 14.84 (0.01) 3.07 -- (2.94) 14.96 23.24 1996(2) 12.20 0.02 3.26 (0.05) (0.59) 14.84 27.48 CORE EQUITY FUND Trust Shares 2000* $11.11 $(0.02) $(0.38) $ -- $ -- $10.71 (3.60)% 2000(3) 10.00 (0.02) 1.13 -- -- 11.11 11.10 Flex Shares 2000* $11.06 $(0.07) $(0.38) $ -- $ -- $10.61 (4.07)% 2000(4) 10.63 (0.04) 0.47 -- -- 11.06 4.05 E-COMMERCE OPPORTUNITY FUND Trust Shares 2000* $15.87 $(0.04) $(1.87) $ -- $ -- $13.96 (11.97)% 2000(3) 10.00 (0.04) 5.91 -- -- 15.87 58.70 Flex Shares 2000* $15.81 $(0.11) $(1.86) $ -- $ -- $13.84 (12.46)% 2000(4) 18.20 (0.07) (2.32) -- -- 15.81 (13.13)
* For the six month period ended November 30, 2000. 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 24, 2000. All ratios for the period have been annualized. Amounts designated as "--" are either $0 or have been rounded to $0. -------------------------------------------------------------------------------- (UNAUDITED)
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME (LOSS) TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER ERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ----------- ------------------ ------------------ ------------------- ------------------- --------- BALANCED FUND Trust Shares 2000* $ 216,306 1.01% 2.27% 1.06% 2.22% 36% 2000 223,634 0.97 2.39 1.07 2.29 182 1999 251,752 0.97 2.19 1.06 2.10 179 1998 188,465 0.96 2.51 1.08 2.39 154 1997 151,358 0.95 2.89 1.08 2.76 197 1996 111,638 0.95 3.00 1.09 2.86 155 Investor Shares 2000* $ 8,452 1.31% 1.96% 1.55% 1.72% 36% 2000 9,627 1.27 2.07 1.51 1.83 182 1999 14,962 1.27 1.89 1.43 1.73 179 1998 8,313 1.26 2.21 1.59 1.88 154 1997 6,012 1.25 2.58 1.64 2.19 197 1996 4,896 1.25 2.70 1.89 2.06 155 Flex Shares 2000* $ 59,694 2.09% 1.19% 2.18% 1.10% 36% 2000 64,322 2.03 1.33 2.18 1.18 182 1999 73,526 2.03 1.13 2.15 1.01 179 1998 27,625 2.02 1.41 2.23 1.20 154 1997 6,067 2.01 1.84 2.45 1.40 197 1996(1) 3,131 2.00 1.85 2.97 0.88 155 CAPITAL APPRECIATION FUND Trust Shares 2000* $1,053,468 1.21% (0.25)% 1.25% (0.29)% 32% 2000 1,296,927 1.17 0.10 1.26 0.01 129 1999 1,966,842 1.17 0.29 1.26 0.20 147 1998 1,532,587 1.16 0.61 1.27 0.50 194 1997 1,085,128 1.15 0.83 1.25 0.73 141 1996 981,498 1.15 0.90 1.27 0.78 156 Investor Shares 2000* $ 216,957 1.85% (0.90)% 1.98% (1.03)% 32% 2000 251,421 1.82 (0.55) 1.98 (0.71) 129 1999 311,120 1.82 (0.30) 1.96 (0.44) 147 1998 271,044 1.81 (0.03) 2.01 (0.23) 194 1997 218,660 1.80 0.19 2.02 (0.03) 141 1996 191,078 1.80 0.24 2.08 (0.04) 156 Flex Shares 2000* $ 108,219 2.35% (1.39)% 2.41% (1.45)% 32% 2000 128,159 2.29 (1.03) 2.39 (1.13) 129 1999 162,100 2.29 (0.86) 2.38 (0.95) 147 1998 106,670 2.26 (0.46) 2.37 (0.57) 194 1997 36,753 2.27 (0.29) 2.43 (0.45) 141 1996(2) 10,969 2.27 (0.29) 2.68 (0.70) 156 CORE EQUITY FUND Trust Shares 2000* $ 201,854 1.20% (0.32)% 1.21% (0.33)% 32% 2000(3) 151,421 1.20 (0.30) 1.27 (0.37) 44 Flex Shares 2000* $ 5,051 2.32% (1.45)% 2.54% (1.67)% 32% 2000(4) 4,347 2.25 (1.39) 2.70 (1.84) 44 E-COMMERCE OPPORTUNITY FUND Trust Shares 2000* $ 102,001 1.20% (0.44)% 1.21% (0.45)% 340% 2000(3) 106,425 1.20 (0.54) 1.34 (0.68) 250 Flex Shares 2000* $ 23,415 2.28% (1.49)% 2.41% (1.62)% 340% 2000(4) 20,201 2.25 (1.65) 2.40 (1.80) 250
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, 2000 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 TOTAL OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD RETURN+ ----------- -------------- ---------------- ------------- ------------- --------- ----------- GROWTH AND INCOME FUND (A) Trust Shares 2000* $15.53 $ 0.04 $ 0.25 $(0.04) $(0.43) $15.35 1.83% 2000 16.09 0.11 0.55 (0.10) (1.12) 15.53 4.11 1999(1) 15.10 0.04 1.97 (0.02) (1.00) 16.09 14.24 For the years ended November 30: 1998 16.55 0.09 1.64 (0.09) (3.09) 15.10 13.64 1997 13.39 0.14 3.24 (0.15) (0.07) 16.55 25.41 1996 11.60 0.17 2.38 (0.17) (0.59) 13.39 22.68 1995 10.73 0.24 2.62 (0.26) (1.73) 11.60 28.76 Investor Shares 2000* $15.65 $ 0.03 $ 0.26 $(0.03) $(0.43) $15.48 1.79% 2000 16.21 0.09 0.55 (0.08) (1.12) 15.65 3.92 1999(1) 15.21 0.04 1.99 (0.03) (1.00) 16.21 14.31 For the years ended November 30: 1998 16.64 0.10 1.66 (0.10) (3.09) 15.21 13.69 1997 13.47 0.13 3.25 (0.14) (0.07) 16.64 25.42 1996 11.66 0.17 2.39 (0.16) (0.59) 13.47 22.63 1995 10.78 0.25 2.62 (0.26) (1.73) 11.66 28.71 Flex Shares 2000* $15.49 $(0.03) $ 0.26 $ -- $(0.43) $15.29 1.42% 2000 16.10 -- 0.51 -- (1.12) 15.49 3.11 1999(1) 15.14 (0.01) 1.97 -- (1.00) 16.10 13.85 For the years ended November 30: 1998 16.59 (0.01) 1.64 -- (3.08) 15.14 12.78 1997 13.44 0.04 3.23 (0.05) (0.07) 16.59 24.63 1996 11.64 0.09 2.38 (0.08) (0.59) 13.44 21.81 1995(2) 11.11 0.12 1.62 (0.14) (1.07) 11.64 15.78 INTERNATIONAL EQUITY FUND Trust Shares 2000* $12.56 $ 0.02 $(0.97) $ -- $(1.11) $10.50 (8.34)% 2000 12.97 (0.10) 1.42 (0.07) (1.66) 12.56 10.58 1999 15.00 -- (1.14) (0.05) (0.84) 12.97 (7.43) 1998 13.63 0.04 2.69 (0.04) (1.32) 15.00 21.87 1997 11.40 0.03 2.57 (0.02) (0.35) 13.63 23.29 1996(3) 10.00 0.05 1.35 -- -- 11.40 14.00 Investor Shares 2000* $12.47 $ -- $(0.96) $ -- $(1.11) $10.40 (8.58)% 2000 12.89 (0.11) 1.37 (0.02) (1.66) 12.47 10.15 1999 14.92 (0.09) (1.10) -- (0.84) 12.89 (7.82) 1998 13.58 0.02 2.64 -- (1.32) 14.92 21.39 1997 11.38 (0.01) 2.56 -- (0.35) 13.58 22.85 1996(4) 10.44 0.04 0.90 -- -- 11.38 9.00 Flex Shares 2000* $12.06 $(0.07) $(0.90) $ -- $(1.11) $ 9.98 (8.88)% 2000 12.58 (0.32) 1.46 -- (1.66) 12.06 9.38 1999 14.68 (0.29) (0.97) -- (0.84) 12.58 (8.48) 1998 13.47 0.07 2.46 -- (1.32) 14.68 20.54 1997 11.37 (0.04) 2.49 -- (0.35) 13.47 21.98 1996(4) 10.44 0.02 0.91 -- -- 11.37 8.91 INTERNATIONAL EQUITY INDEX FUND Trust Shares 2000* $13.97 $ -- $(1.68) $ -- $ -- $12.29 (12.03)% 2000 11.82 0.16 2.13 (0.03) (0.11) 13.97 19.36 1999 13.31 0.09 0.85 (0.24) (2.19) 11.82 7.87 1998 11.34 0.11 2.65 (0.11) (0.68) 13.31 25.82 1997 10.96 0.10 0.69 (0.11) (0.30) 11.34 7.48 1996 10.24 0.10 0.84 (0.13) (0.09) 10.96 9.29 Investor Shares 2000* $13.80 $(0.12) $(1.56) $ -- $ -- $12.12 (12.17)% 2000 11.70 (0.11) 2.32 -- (0.11) 13.80 18.86 1999 13.20 (0.11) 0.98 (0.18) (2.19) 11.70 7.33 1998 11.26 0.16 2.53 (0.07) (0.68) 13.20 25.25 1997 10.88 0.03 0.72 (0.07) (0.30) 11.26 7.12 1996 10.20 0.05 0.85 (0.13) (0.09) 10.88 8.90 Flex Shares 2000* $13.74 $(0.05) $(1.67) $ -- $ -- $12.02 (12.52)% 2000 11.73 0.08 2.04 -- (0.11) 13.74 18.04 1999 13.17 (0.15) 0.94 (0.04) (2.19) 11.73 6.68 1998 11.24 0.17 2.44 -- (0.68) 13.17 24.50 1997 10.87 (0.05) 0.72 -- (0.30) 11.24 6.41 1996(5) 10.24 -- 0.82 (0.10) (0.09) 10.87 8.32
* For the six month period ended November 30, 2000. 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) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (2) Commenced operations on April 19, 1995. All ratios for the period ended November 30, 1995 have been annualized. (3) Commenced operations on December 1, 1995. All ratios for the period have been annualized. -------------------------------------------------------------------------------- (UNAUDITED)
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME (LOSS) TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------ ------------------ ------------------ ------------------- ------------------- --------- GROWTH AND INCOME FUND (A) Trust Shares 2000* $902,270 1.00% 0.52% 1.00% 0.52% 34% 2000 885,109 1.01 0.76 1.01 0.76 53 1999(1) 634,279 1.14 0.49 1.43 0.20 31 For the years ended November 30: 1998 577,042 1.03 0.63 1.21 0.45 71 1997 590,824 1.02 0.92 1.17 0.77 100 1996 553,648 1.02 1.38 1.17 1.23 82 1995 220,386 1.02 2.16 1.17 2.01 175 Investor Shares 2000* $ 41,914 1.18% 0.33% 1.35% 0.16% 34% 2000 42,666 1.18 0.58 1.31 0.45 53 1999(1) 36,958 1.08 0.54 1.17 0.45 31 For the years ended November 30: 1998 34,434 1.03 0.63 1.18 0.48 71 1997 28,112 1.03 0.89 1.18 0.74 100 1996 17,997 1.03 1.35 1.18 1.20 82 1995 12,633 1.03 2.14 1.18 1.99 175 Flex Shares 2000* $ 63,338 1.95% (0.43)% 2.15% (0.63)% 34% 2000 62,462 1.93 (0.14) 2.18 (0.39) 53 1999(1) 35,163 1.83 (0.21) 1.97 (0.35) 31 For the years ended November 30: 1998 25,656 1.78 (0.13) 2.03 (0.38) 71 1997 13,269 1.73 0.15 2.09 (0.20) 100 1996 5,131 1.68 0.71 2.03 0.36 82 1995(2) 2,086 1.68 1.13 2.03 0.78 175 INTERNATIONAL EQUITY FUND Trust Shares 2000* $227,591 1.45% 0.56% 1.49% 0.52% 37% 2000 299,100 1.48 0.59 1.48 0.59 179 1999 573,255 1.47 0.68 1.52 0.63 161 1998 628,870 1.47 0.61 1.48 0.60 108 1997 489,325 1.46 0.51 1.51 0.46 139 1996(3) 213,306 1.46 1.36 1.65 1.17 113 Investor Shares 2000* $ 7,600 1.83% 0.19% 2.04% (0.02)% 37% 2000 10,462 1.83 0.33 1.95 0.21 179 1999 14,145 1.83 0.30 1.93 0.20 161 1998 17,383 1.82 0.24 1.91 0.15 108 1997 10,674 1.81 0.18 2.05 (0.06) 139 1996(4) 3,448 1.81 1.73 3.14 0.40 113 Flex Shares 2000* $ 8,264 2.57% (0.56)% 2.80% (0.79)% 37% 2000 10,891 2.53 (0.38) 2.74 (0.59) 179 1999 17,103 2.53 (0.40) 2.82 (0.69) 161 1998 21,164 2.52 (0.46) 2.58 (0.52) 108 1997 8,375 2.51 (0.27) 3.03 (0.79) 139 1996(4) 953 2.51 1.08 5.86 (2.27) 113 INTERNATIONAL EQUITY INDEX FUND Trust Shares 2000* $288,708 1.06% 0.06% 1.16% (0.04)% 10% 2000 340,853 1.07 0.83 1.18 0.72 9 1999 74,616 1.07 0.69 1.17 0.59 32 1998 56,200 1.06 0.88 1.18 0.76 1 1997 53,516 1.05 0.71 1.15 0.61 2 1996 90,980 1.05 0.84 1.19 0.70 30 Investor Shares 2000* $ 3,276 1.46% (0.32)% 1.78% (0.64)% 10% 2000 4,563 1.47 0.07 1.79 (0.25) 9 1999 4,909 1.47 0.25 1.71 0.01 32 1998 7,141 1.46 0.50 1.84 0.12 1 1997 5,592 1.45 0.28 1.88 (0.15) 2 1996 5,597 1.45 0.48 2.06 (0.13) 30 Flex Shares 2000* $ 5,732 2.13% (1.02)% 2.34% (1.23)% 10% 2000 5,853 2.12 (0.36) 2.61 (0.85) 9 1999 1,465 2.12 (0.30) 2.92 (1.10) 32 1998 1,469 2.11 (0.03) 3.52 (1.44) 1 1997 900 2.10 (0.39) 3.69 (1.98) 2 1996(5) 917 2.10 (0.24) 4.14 (2.28) 30
(4) Commenced operations on January 2, 1996. All ratios for the period have been annualized. (5) Commenced operations on June 8, 1995. All ratios for the period 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. Amounts designated as "--" are either $0 or have been rounded to $0. 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, 2000 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 TOTAL OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD RETURN+ ----------- ------------- ---------------- ------------- ------------- --------- ---------- LIFE VISION AGGRESSIVE GROWTH FUND (A) Trust Shares 2000* $11.61 $ 0.07 $(0.03) $(0.03) $ -- $11.62 0.32% 2000 11.31 0.05 0.74 (0.05) (0.44) 11.61 7.25 1999(1) 11.32 0.02 1.13 (0.01) (1.15) 11.31 10.99 For the years ended November 30: 1998 10.65 0.03 0.67 (0.03) -- 11.32 6.53 1997(2) 10.00 0.03 0.65 (0.03) -- 10.65 6.82 LIFE VISION GROWTH AND INCOME FUND (A) Trust Shares 2000* $10.50 $ 0.12 $ 0.07 $(0.10) $ -- $10.59 1.79% 2000 10.33 0.07 0.52 (0.17) (0.25) 10.50 5.81 1999(1) 11.06 0.08 0.69 (0.06) (1.44) 10.33 7.75 For the years ended November 30: 1998 10.51 0.18 0.56 (0.18) (0.01) 11.06 7.12 1997(2) 10.00 0.09 0.51 (0.09) -- 10.51 5.97 LIFE VISION MODERATE GROWTH FUND (A) Trust Shares 2000* $10.61 $ 0.16 $(0.01) $(0.14) $ -- $10.62 1.35% 2000 10.80 0.33 0.13 (0.21) (0.44) 10.61 4.46 1999(1) 11.01 0.11 0.56 (0.09) (0.79) 10.80 6.35 For the years ended November 30: 1998 10.46 0.24 0.58 (0.24) (0.03) 11.01 7.90 1997(2) 10.00 0.12 0.45 (0.11) -- 10.46 5.70 MID-CAP EQUITY FUND Trust Shares 2000* $14.10 $(0.02) $(1.30) $ -- $(2.06) $10.72 (12.36)% 2000 12.68 (0.04) 2.32 -- (0.86) 14.10 19.10 1999 13.79 0.01 0.07 -- (1.19) 12.68 1.61 1998 13.21 -- 2.54 -- (1.96) 13.79 21.14 1997 12.76 0.03 1.69 (0.05) (1.22) 13.21 14.23 1996 11.00 0.08 2.63 (0.08) (0.87) 12.76 25.54 Investor Shares 2000* $13.82 $(0.02) $(1.29) $ -- $(2.06) $10.45 (12.56)% 2000 12.50 (0.19) 2.37 -- (0.86) 13.82 18.55 1999 13.67 (0.06) 0.08 -- (1.19) 12.50 1.17 1998 13.17 (0.03) 2.49 -- (1.96) 13.67 20.56 1997 12.74 (0.03) 1.69 (0.01) (1.22) 13.17 13.76 1996 10.99 0.03 2.62 (0.03) (0.87) 12.74 24.93 Flex Shares 2000* $13.35 $(0.02) $(1.26) $ -- $(2.06) $10.01 (12.79)% 2000 12.17 (0.22) 2.26 -- (0.86) 13.35 17.87 1999 13.42 (0.14) 0.08 -- (1.19) 12.17 0.56 1998 13.04 (0.04) 2.38 -- (1.96) 13.42 19.80 1997 12.69 (0.07) 1.64 -- (1.22) 13.04 13.06 1996(3) 11.13 -- 2.45 (0.02) (0.87) 12.69 23.00 SMALL CAP GROWTH STOCK FUND Trust Shares 2000* $18.30 $(0.10) $(0.48) $ -- $(0.72) $17.00 (3.71)% 2000 14.55 (0.08) 4.02 -- (0.19) 18.30 27.24 1999(4) 10.00 (0.05) 4.62 -- (0.02) 14.55 45.70 Investor Shares 2000* $18.27 $(0.33) $(0.28) $ -- $(0.72) $16.94 (3.88)% 2000(5) 16.46 (0.07) 1.88 -- -- 18.27 11.00 Flex Shares 2000* $18.00 $(0.14) $(0.51) $ -- $(0.72) $16.63 (4.17)% 2000 14.46 (0.04) 3.77 -- (0.19) 18.00 25.95 1999(4) 10.00 (0.19) 4.67 -- (0.02) 14.46 44.78 SMALL CAP VALUE EQUITY FUND Trust Shares 2000* $ 9.13 $ 0.09 $ 0.71 $(0.08) $ -- $ 9.85 8.75% 2000 9.70 0.13 (0.59) (0.11) -- 9.13 (4.72) 1999 12.88 0.13 (2.57) (0.13) (0.61) 9.70 (18.72) 1998 11.07 0.14 2.41 (0.12) (0.62) 12.88 23.59 1997(6) 10.00 0.05 1.04 (0.02) -- 11.07 10.97 Flex Shares 2000* $ 9.10 $ 0.02 $ 0.72 $(0.02) $ -- $ 9.82 8.17% 2000 9.65 -- (0.54) (0.01) -- 9.10 (5.65) 1999 12.80 0.01 (2.53) (0.02) (0.61) 9.65 (19.52) 1998(7) 11.28 0.03 2.17 (0.06) (0.62) 12.80 22.29
* For the six month period ended November 30, 2000. 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) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (2) Commenced operations on June 30, 1997. All ratios for the period have been annualized. (3) Commenced operations on June 5, 1995. All ratios for the period have been annualized. (4) Commenced operations on October 8, 1998. All ratios for the period have been annualized. (5) Commenced operations on December 12, 1999. All ratios for the period have been annualized. -------------------------------------------------------------------------------- (UNAUDITED)
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME (LOSS) TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------ ------------------ ------------------ ------------------- ------------------- --------- LIFE VISION AGGRESSIVE GROWTH FUND (A) Trust Shares 2000* $ 18,983 0.25% 1.02% 0.43% 0.84% 139% 2000 18,412 0.25 0.48 0.44 0.29 183 1999(1) 18,699 0.27 0.28 0.63 (0.08) 33 For the years ended November 30: 1998 16,230 0.25 0.23 0.66 (0.18) 75 1997(2) 13,712 0.25 0.72 0.73 0.24 34 LIFE VISION GROWTH AND INCOME FUND (A) Trust Shares 2000* $ 40,280 0.25% 2.36% 0.39% 2.22% 126% 2000 30,473 0.25 1.77 0.42 1.60 189 1999(1) 21,950 0.27 1.38 0.60 1.05 40 For the years ended November 30: 1998 19,042 0.25 1.68 0.59 1.34 57 1997(2) 22,521 0.25 2.11 0.59 1.77 25 LIFE VISION MODERATE GROWTH FUND (A) Trust Shares 2000* $ 85,384 0.25% 2.99% 0.37% 2.87% 177% 2000 69,622 0.25 2.19 0.37 2.07 151 1999(1) 88,188 0.27 1.90 0.42 1.75 48 For the years ended November 30: 1998 93,211 0.25 2.21 0.42 2.04 52 1997(2) 89,442 0.25 2.66 0.42 2.49 43 MID-CAP EQUITY FUND Trust Shares 2000* $165,120 1.21% (0.29)% 1.26% (0.34)% 47% 2000 206,545 1.17 -- 1.25 (0.08) 131 1999 254,055 1.17 (0.47) 1.28 (0.58) 76 1998 337,825 1.16 (0.29) 1.27 (0.40) 129 1997 287,370 1.15 0.23 1.26 0.12 152 1996 253,905 1.15 0.70 1.29 0.56 116 Investor Shares 2000* $ 12,006 1.66% (0.74)% 1.87% (0.95)% 47% 2000 14,513 1.62 (0.43) 1.81 (0.62) 131 1999 19,230 1.62 (0.90) 1.76 (1.04) 76 1998 24,930 1.61 (0.75) 1.84 (0.98) 129 1997 20,245 1.60 (0.21) 1.85 (0.46) 152 1996 17,971 1.60 0.25 1.96 (0.11) 116 Flex Shares 2000* $ 12,528 2.28% (1.36)% 2.46% (1.54)% 47% 2000 14,588 2.22 (1.05) 2.44 (1.27) 131 1999 15,804 2.22 (1.52) 2.48 (1.78) 76 1998 19,042 2.21 (1.37) 2.47 (1.63) 129 1997 10,120 2.20 (0.85) 2.58 (1.23) 152 1996(3) 5,029 2.20 (0.37) 3.04 (1.21) 116 SMALL CAP GROWTH STOCK FUND Trust Shares 2000* $430,120 1.23% (1.01)% 1.25% (1.03)% 48% 2000 431,478 1.20 (0.86) 1.23 (0.89) 110 1999(4) 152,290 1.20 (0.48) 1.49 (0.77) 75 Investor Shares 2000* $ 30,187 1.60% (1.38)% 1.87% (1.65)% 48% 2000(5) 39,865 1.55 (1.26) 1.79 (1.50) 110 Flex Shares 2000* $ 23,311 2.31% (2.08)% 2.39% (2.16)% 48% 2000 23,228 2.25 (1.92) 2.42 (2.09) 110 1999(4) 6,158 2.25 (1.50) 3.19 (2.44) 75 SMALL CAP VALUE EQUITY FUND Trust Shares 2000* $208,507 1.25% 1.72% 1.27% 1.70% 51% 2000 212,074 1.22 1.31 1.25 1.28 65 1999 301,984 1.22 1.27 1.27 1.22 63 1998 390,841 1.21 1.07 1.31 0.97 55 1997(6) 131,049 1.20 1.86 1.37 1.69 27 Flex Shares 2000* $ 7,393 2.29% 0.63% 2.79% 0.13% 51% 2000 8,596 2.27 0.21 2.56 (0.08) 65 1999 19,465 2.27 0.21 2.55 (0.07) 63 1998(7) 40,613 2.06 0.01 2.35 (0.28) 55
(6) Commenced operations on January 31, 1997. All ratios for the period have been annualized. (7) Commenced operations on June 5, 1997. 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 Moderate Growth, Life Vision Growth and Income, and Life Vision Aggressive Growth Funds, 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, 2000 AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
NET ASSET NET REALIZED AND DISTRIBUTIONS VALUE NET NREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END TOTAL OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD RETURN+ ----------- ------------- ---------------- ------------- ------------- --------- --------- TAX SENSITIVE GROWTH STOCK FUND Trust Shares 2000* $33.10 $(0.03) $(2.91) $ -- $ -- $30.16 (8.88)% 2000 29.96 0.02 3.12 -- -- 33.10 10.48 1999(1) 25.61 0.02 4.34 (0.01) -- 29.96 17.04 Flex Shares 2000* $32.65 $(0.19) $(2.86) $ -- $ -- $29.60 (9.34)% 2000 29.85 (0.16) 2.96 -- -- 32.65 9.38 1999(2) 25.52 (0.04) 4.37 -- -- 29.85 16.97 VALUE INCOME STOCK FUND Trust Shares 2000* $10.38 $ 0.11 $ 0.20 $(0.11) $ -- $10.58 3.04% 2000 12.85 0.23 (1.49) (0.22) (0.99) 10.38 (10.52) 1999 13.90 0.24 1.02 (0.24) (2.07) 12.85 11.13 1998 13.71 0.26 2.62 (0.27) (2.42) 13.90 23.10 1997 13.15 0.30 2.32 (0.30) (1.76) 13.71 22.18 1996 11.59 0.35 2.71 (0.34) (1.16) 13.15 27.91 Investor Shares 2000* $10.35 $ 0.08 $ 0.19 $(0.08) $ -- $10.54 2.70% 2000 12.81 0.19 (1.48) (0.18) (0.99) 10.35 (10.83) 1999 13.87 0.19 1.02 (0.20) (2.07) 12.81 10.71 1998 13.68 0.20 2.62 (0.21) (2.42) 13.87 22.71 1997 13.13 0.25 2.32 (0.26) (1.76) 13.68 21.69 1996 11.58 0.30 2.71 (0.30) (1.16) 13.13 27.39 Flex Shares 2000* $10.24 $ 0.03 $ 0.22 $(0.05) $ -- $10.44 2.43% 2000 12.68 0.08 (1.44) (0.09) (0.99) 10.24 (11.50) 1999 13.75 0.10 1.01 (0.11) (2.07) 12.68 9.91 1998 13.61 0.12 2.57 (0.13) (2.42) 13.75 21.76 1997 13.08 0.18 2.29 (0.18) (1.76) 13.61 20.91 1996(3) 11.59 0.26 2.65 (0.26) (1.16) 13.08 26.52
* For the six month period ended November 30, 2000. 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 11, 1998. All ratios for the period have been annualized. (2) Commenced operations on December 15, 1998. All ratios for the period have been annualized. (3) Commenced operations on June 1, 1995. All ratios for the period have been annualized. Amounts designated as "--" are either $0 or have been rounded to $0. -------------------------------------------------------------------------------- (UNAUDITED)
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME (LOSS) TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE ------------ ------------------ ------------------ ------------------- ------------------- --------- TAX SENSITIVE GROWTH STOCK FUND Trust Shares 2000* $ 628,370 1.23% (0.20)% 1.25% (0.22)% 41% 2000 710,179 1.20 0.13 1.26 0.07 30 1999(1) 223,543 1.20 0.21 1.34 0.07 18 Flex Shares 2000* $ 282,453 2.29% (1.25)% 2.34% (1.30)% 41% 2000 290,595 2.25 (0.91) 2.35 (1.01) 30 1999(2) 75,875 2.25 (0.80) 2.48 (1.03) 18 VALUE INCOME STOCK FUND Trust Shares 2000* $ 708,879 0.90% 1.97% 0.90% 1.97% 39% 2000 921,797 0.89 2.02 0.89 2.02 62 1999 1,589,951 0.92 1.91 0.92 1.91 69 1998 1,725,418 0.92 1.85 0.92 1.85 99 1997 1,488,062 0.91 2.40 0.91 2.40 105 1996 1,244,399 0.92 2.86 0.92 2.86 134 Investor Shares 2000* $ 85,233 1.31% 1.57% 1.32% 1.56% 39% 2000 104,178 1.28 1.64 1.28 1.64 62 1999 194,312 1.28 1.55 1.28 1.55 69 1998 210,591 1.27 1.47 1.27 1.47 99 1997 165,999 1.30 2.01 1.31 2.00 105 1996 130,597 1.30 2.47 1.37 2.40 134 Flex Shares 2000* $ 62,983 2.04% 0.84% 2.10% 0.78% 39% 2000 84,563 2.02 0.91 2.03 0.90 62 1999 167,000 2.02 0.81 2.03 0.80 69 1998 180,530 2.01 0.78 2.01 0.78 99 1997 73,466 2.00 1.33 2.03 1.30 105 1996(3) 26,298 2.00 1.72 2.15 1.57 134
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 54 & 55 NOTES TO FINANCIAL STATEMENTS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 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-five funds as of November 30, 2000: the Balanced Fund, the Capital Appreciation Fund, the Core Equity Fund, the E-Commerce Opportunity Fund, the Growth and Income Fund, the International Equity Fund, the International Equity Index Fund, the Life Vision Aggressive Growth Fund, the Life Vision Growth and Income Fund, the Life Vision Moderate Growth Fund, the Mid-Cap Equity Fund, the Small Cap Growth Stock Fund, the Small Cap Value 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, the High Income Fund, the 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, 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 U.S. Government Securities Money Market Fund, the U.S. Treasury Money Market Fund, the Virginia Tax-Free Money Market Fund (formerly the Tax-Free 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 fund 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, Retail Money Market Funds and Institutional Money Market Funds are not presented herein, but presented separately. On August 17, 1999 and May 18, 1999, respectively, the Board of Trustees of the STI Classic Funds approved an Agreement and Plan of Reorganization (the "Reorganization Agreement") providing for the transfer of all the assets and liabilities of the Emerging Markets Equity Fund and the Sunbelt Equity Fund in exchange for the issuance of shares in the International Equity Fund and Small Cap Growth Stock Fund, respectively, in a tax-free reorganization (see Note 9). On February 15, 2000 and November 10, 1999 respectively, the Board of Trustees of the STI Classic Funds and the Board of Directors of the ESC Strategic Funds approved an Agreement and Plan of Reorganization (the "Reorganization Agreement") providing for the transfer of all assets and certain stated liabilities of the ESC Strategic Funds in exchange for the issuance of shares in the Funds in a tax-free reorganization (see Note 10). 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust. 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 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, of which there are none as of November 30, 2000, 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. 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, 56 -------------------------------------------------------------------------------- (UNAUDITED) 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 Growth and Income, the International Equity, the International Equity Index, the Mid-Cap Equity, the Small Cap Growth Stock, 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% for either the net asset value of the shares at the time of purchase or the net asset value of the shares next calculated after the Fund receives the sale request, whichever is less. The CDSC will not apply to shares redeemed after such time. FOREIGN CURRENCY TRANSLATION -- The books and records of 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 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 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. 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. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Distributions from net investment income are declared and paid each calendar quarter by the Equity Funds, except for 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 accounting principles generally accepted in the United States requires management to make estimates and assumptions that effect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates. 3. Transactions with Affiliates: Certain officers of the Trust are also officers of SEI Investments Mutual Funds Services (the "Administrator") and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust for serving as officers of the Trust. The Funds have entered into an agreement with the Distributor to act as an agent in placing repurchase agreements for the Funds. For its services the Distributor received $930,925 for the six month period ended November 30, 2000. 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. The Trust and Federated Services Company are parties to a Transfer Agency servicing agreement dated May 14, 57 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 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". 5. Investment Advisory and Custodian Agreements: The Trust and STI Capital Management, N.A., Trusco Capital Management and SunTrust Bank, Atlanta have entered into advisory agreements dated May 29, 1992, June 15, 1993, and December 20, 1993, respectively. Effective June 30, 2000, SunTrust Banks, Inc. reorganized all of the investment management functions of its three institutional money management units, including SunTrust Bank, Atlanta into Trusco Capital Management, Inc. (the "Investment Adviser"). Under terms of the respective agreements, the Funds are charged the following annual fees based upon average daily net assets: MAXIMUM FLEX SHARE MAXIMUM MAXIMUM DISTRIBUTION ANNUAL INVESTOR SHARE AND ADVISORY FEE DISTRIBUTION FEE SERVICE FEE ------------ ---------------- ----------- Balanced Fund ........................ .95% .28% 1.00% Capital Appreciation Fund ............ 1.15% .68% 1.00% Core Equity Fund ..................... 1.10% -- 1.00% E-Commerce Opportunity Fund .......... 1.10% -- 1.00% Growth and Income Fund ............... .90% .25% 1.00% International Equity Fund ............ 1.25% .33% 1.00% International Equity Index Fund ...... .90% .38% 1.00% Life Vision Aggressive Growth Fund ... .25% -- -- Life Vision Growth and Income Fund ... .25% -- -- Life Vision Moderate Growth Fund ..... .25% -- -- Mid-Cap Equity Fund .................. 1.15% .43% 1.00% Small Cap Growth Stock Fund .......... 1.15% .50% 1.00% Small Cap Value Equity Fund .......... 1.15% -- 1.00% Tax Sensitive Growth Stock Fund ...... 1.15% -- 1.00% Value Income Stock Fund .............. .80% .33% 1.00% The Investment Adviser 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. Fee waivers and expense reimbursements are voluntary and may be terminated at any time. SunTrust Bank, Atlanta, acts as custodian for all the funds except 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. 58 -------------------------------------------------------------------------------- (UNAUDITED) 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, 2000, were as follows: PURCHASES SALES (000) (000) ----------- --------- Balanced Fund ......................... $ 76,713 $ 93,485 Capital Appreciation Fund ............. 489,146 656,453 Core Equity Fund ...................... 102,303 56,649 E-Commerce Opportunity Fund ........... 527,513 506,780 Growth and Income Fund ................ 341,712 350,976 International Equity Fund ............. 100,471 142,865 International Equity Index Fund ....... 34,741 48,159 Life Vision Aggressive Growth Fund .... 27,525 25,780 Life Vision Growth and Income Fund .... 54,735 44,588 Life Vision Moderate Growth Fund ...... 150,557 133,688 Mid-Cap Equity Fund ................... 101,960 106,607 Small Cap Growth Stock Fund ........... 257,179 250,650 Small Cap Value Equity Fund ........... 108,244 142,405 Tax Sensitive Growth Stock Fund ....... 440,316 415,463 Value Income Stock Fund ............... 343,467 559,669 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, 2000, were $19,651,599 and $16,265,172, respectively. Subsequent to October 31, 1999, the Funds recognized net capital losses for tax purposes that have been deferred to 2000 and can be used to offset future capital gains at May 31, 2000. The Funds also had capital loss carryforwards at May 31, 2000 as follows:
POST POST 10/31 CAPITAL LOSS 10/31 CURRENCY CARRYOVER EXPIRES EXPIRES EXPIRES DEFERRED LOSS 5/31/00 2006 2007 2008 LOSS DEFERRED FUND (000) (000) (000) (000) (000) (000) ---- ------- ------- ------- ------- -------- -------- E-Commerce Opportunity Fund $ 18 $ -- $ -- $ 18 $ 4,381 $ -- International Equity Fund 5,954 1,506 4,448 -- -- 4,826 International Equity Index Fund -- -- -- -- -- 431 Small Cap Growth Stock Fund 5,520 1,239 4,281 -- -- -- Small Cap Value Equity Fund 45,722 -- 16,348 29,374 5,503 -- Tax Sensitive Growth Stock Fund 142 -- 142 -- -- -- Value Income Stock Fund -- -- -- -- 169,653 --
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. At November 30, 2000, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were not materially different from amounts reported for financial reporting purposes. The aggregate gross unrealized appreciation and depreciation for securities held by the funds at November 30, 2000, were as follows: AGGREGATE AGGREGATE NET GROSS GROSS UNREALIZED UNREALIZED UNREALIZED APPRECIATION APPRECIATION DEPRECIATION (DEPRECIATION) FUND (000) (000) (000) ---- ------------ ------------ -------------- Balanced Fund $ 51,326 $(15,337) $ 35,989 Capital Appreciation Fund 471,147 (77,543) 393,604 Core Equity Fund 27,561 (16,812) 10,749 E-Commerce Opportunity Fund 4,323 (21,685) (17,362) Growth and Income Fund 221,193 (42,820) 178,373 International Equity Fund 18,963 (35,390) (16,427) International Equity Index Fund 27,616 (43,564) (15,948) Life Vision Aggressive Growth Fund 875 (881) (6) Life Vision Growth and Income Fund 1,108 (1,217) (109) Life Vision Moderate Growth Fund 2,012 (2,856) (844) Mid-Cap Equity Fund 27,618 (31,530) (3,912) Small Cap Growth Stock Fund 97,003 (52,661) 44,342 Small Cap Value Equity Fund 15,230 (43,431) (28,201) Tax Sensitive Growth Stock Fund 149,378 (73,999) 75,379 Value Income Stock Fund 114,139 (47,204) 66,935 59 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 7. Capital Share Transactions: Capital Share Transactions for the funds were as follows (000):
E-COMMERCE CAPITAL CORE OPPORTUNITY BALANCED FUND APPRECIATION FUND EQUITY FUND FUND ------------------- -------------------- -------------------- --------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 09/30/99*- 06/01/00- 09/30/99*- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 --------- --------- --------- --------- --------- ---------- --------- ---------- Trust Shares: Shares Issued ...................... 2,189 7,060 7,395 18,930 6,970 15,465 1,390 8,128 Shares Issued in Connection with Fund Reorganizations ............ -- -- -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions ................... 195 734 7,825 5,218 -- -- -- -- Shares Redeemed .................... (2,798) (10,050) (18,707) (66,755) (1,759) (1,832) (791) (1,422) ------ ------- ------- ------- ------ ------ ----- ------ Net Trust Share Transactions ......... (414) (2,256) (3,487) (42,607) 5,211 13,633 599 6,706 ------ ------- ------- ------- ------ ------ ----- ------ Investor Shares: Shares Issued ...................... 12 149 236 782 -- -- -- -- Shares Issued in Connection with ESC Merger ...................... -- -- -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions ................... 7 36 1,767 1,010 -- -- -- -- Shares Redeemed .................... (102) (591) (1,752) (5,728) -- -- -- -- ------ ------- ------- ------- ------ ------ ----- ------ Net Investor Share Transactions ...... (83) (406) 251 (3,936) -- -- -- -- ------ ------- ------- ------- ------ ------ ----- ------ Flex Shares: Shares Issued ...................... 454 1,989 451 1,804 122 404 546 1,330 Shares Issued in Connection with ESC Merger ...................... -- -- -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions ................... 29 180 926 567 -- -- -- -- Shares Redeemed .................... (795) (2,903) (1,366) (4,592) (39) (11) (132) (52) ------ ------- ------- ------- ------ ------ ----- ------ Net Flex Share Transactions .......... (312) (734) 11 (2,221) 83 393 414 1,278 ------ ------- ------- ------- ------ ------ ----- ------ Net Change in Capital Shares ......... (809) (3,396) (3,225) (48,764) 5,294 14,026 1,013 7,984 ====== ======= ======= ======= ====== ====== ===== ======
-------------------------------------------------------------------------------- (UNAUDITED)
INTERNATIONAL LIFE VISION GROWTH AND INTERNATIONAL EQUITY INDEX AGGRESSIVE INCOME FUND EQUITY FUND FUND GROWTH FUND -------------------- -------------------- -------------------- -------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 --------- --------- --------- --------- --------- --------- --------- --------- Trust Shares: Shares Issued ...................... 10,313 24,090 2,195 5,136 4,506 20,423 481 983 Shares Issued in Connection with Fund Reorganizations ............ -- -- -- 1,794 -- -- -- -- Shares Issued in Lieu of Cash Distributions ................... 1,279 2,200 1,829 5,244 -- 70 4 81 Shares Redeemed .................... (9,888) (8,699) (6,157) (32,574) (5,422) (2,401) (437) (1,132) ------ ------ ------ ------- ------ ------ ---- ------ Net Trust Share Transactions ......... 1,704 17,591 (2,133) (20,400) (916) 18,092 48 (68) ------ ------ ------ ------- ------ ------ ---- ------ Investor Shares: Shares Issued ...................... 189 1,108 472 91 290 211 -- -- Shares Issued in Connection with ESC Merger ...................... -- 502 -- 103 -- -- -- -- Shares Issued in Lieu of Cash Distributions ................... 71 159 70 135 -- 3 -- -- Shares Redeemed .................... (264) (1,321) (650) (585) (351) (302) -- -- ------ ------ ------ ------- ------ ------ ---- ------ Net Investor Share Transactions ...... (4) 448 (108) (256) (61) (88) -- -- ------ ------ ------ ------- ------ ------ ---- ------ Flex Shares: Shares Issued ...................... 560 2,436 66 165 87 363 -- -- Shares Issued in Connection with ESC Merger ...................... -- 97 -- 57 -- -- -- -- Shares Issued in Lieu of Cash Distributions ................... 106 182 80 163 -- 1 -- -- Shares Redeemed .................... (525) (867) (221) (839) (36) (63) -- -- ------ ------ ------ ------- ------ ------ ---- ------ Net Flex Share Transactions .......... 141 1,848 (75) (454) 51 301 -- -- ------ ------ ------ ------- ------ ------ ---- ------ Net Change in Capital Shares ......... 1,841 19,887 (2,316) (21,110) (926) 18,305 48 (68) ====== ====== ====== ======= ====== ====== ==== ======
LIFE VISION LIFE VISION GROWTH AND INCOME FUND MODERATE GROWTH FUND ---------------------- -------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 --------- --------- --------- --------- Trust Shares: Shares Issued ............................................ 1,394 1,802 4,380 3,097 Shares Issued in Connection with Fund Reorganizations .... -- -- -- -- Shares Issued in Lieu of Cash Distributions .............. 29 90 82 491 Shares Redeemed .......................................... (521) (1,113) (2,981) (5,194) ----- ------ ------ ------ Net Trust Share Transactions ............................... 902 779 1,481 (1,606) ----- ------ ------ ------ Investor Shares: Shares Issued ............................................ -- -- -- -- Shares Issued in Connection with Fund Reorganizations .... -- -- -- -- Shares Issued in Connection with ESC Merger .............. -- -- -- -- Shares Issued in Lieu of Cash Distributions .............. -- -- -- -- Shares Redeemed .......................................... -- -- -- -- ----- ------ ------ ------ Net Investor Share Transactions ............................ -- -- -- -- ----- ------ ------ ------ Flex Shares: Shares Issued ............................................ -- -- -- -- Shares Issued in Connection with Fund Reorganizations .... -- -- -- -- Shares Issued in Connection with ESC Merger .............. -- -- -- -- Shares Issued in Lieu of Cash Distributions .............. -- -- -- -- Shares Redeemed .......................................... -- -- -- -- ----- ------ ------ ------ Net Flex Share Transactions ................................ -- -- -- -- ----- ------ ------ ------ Net Change in Capital Shares ............................. 902 779 1,481 (1,606) ===== ====== ====== ======
*Commencement of operations. Amounts designated as "--" are either $0 or have been rounded to $0.
MID-CAP EQUITY SMALL CAP GROWTH SMALL CAP VALUE TAX SENSITIVE VALUE INCOME FUND STOCK FUND EQUITY FUND GROWTH STOCK FUND STOCK FUND -------------------- -------------------- -------------------- -------------------- -------------------- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 06/01/00- 06/01/99- 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 11/30/00 05/31/00 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- 4,978 11,917 3,646 11,362 1,908 10,968 2,451 16,874 6,043 32,686 -- -- -- 5,705 -- -- -- -- -- -- 1,943 1,197 764 127 150 294 -- -- 779 12,665 (6,171) (18,496) (2,708) (4,061) (4,113) (19,166) (3,076) (2,879) (28,646) (80,311) ------ ------- ------ ------ ------ ------- ------ ------ ------- ------- 750 (5,382) 1,702 13,133 (2,055) (7,904) (625) 13,995 (21,824) (34,960) ------ ------- ------ ------ ------ ------- ------ ------ ------- ------- 67 108 111 127 -- -- -- -- 123 596 -- -- -- 758 -- -- -- -- -- -- -- -- -- 1,677 -- -- -- -- -- -- 156 98 62 -- -- -- -- -- 76 1,463 (124) (695) (563) (390) -- -- -- -- (2,130) (7,163) ------ ------- ------ ------ ------ ------- ------ ------ ------- ------- 99 (489) (390) 2,172 -- -- -- -- (1,931) (5,104) ------ ------- ------ ------ ------ ------- ------ ------ ------- ------- 262 273 257 261 41 194 1,646 7,452 103 1,626 -- -- -- 170 -- -- -- -- -- -- -- -- -- 712 -- -- -- -- -- -- 160 89 47 5 2 1 -- -- 34 1,198 (263) (567) (188) (288) (236) (1,266) (1,003) (1,094) (2,319) (7,736) ------ ------- ------ ------ ------ ------- ------ ------ ------- ------- 159 (205) 116 860 (193) (1,071) 643 6,358 (2,182) (4,912) ------ ------- ------ ------ ------ ------- ------ ------ ------- ------- 1,008 (6,076) 1,428 16,165 (2,248) (8,975) 18 20,353 (25,937) (44,976) ====== ======= ====== ====== ====== ======= ====== ====== ======= =======
60 & 61 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 8. Concentration of Credit Risk: The E-Commerce Opportunity Fund invests a substantial portion of its assets in securities in the technology industry. Therefore, it may be more affected by economic and political developments in that industry than would be comparable general equity fund. Each International Fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. 9. Fund Reorganizations: 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 and is unaudited. SHARES OUTSTANDING UNREALIZED ON MERGER APPRECIATION STI CLASSIC FUNDS DATE (DEPRECIATION) ----------------- ----------- -------------- Emerging Markets Equity Trust Shares ..................... 2,393,361 $ 55,572* 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 .................. 758,425 12,481,372 16.46 Flex Shares ...................... 170,464 9,892,809 16.26 * Includes unrealized gain on investments and unrealized loss on foreign currency (1) Represents the accounting survivor in this business combination. 10. ESC Strategic Funds Merger: The Board of Directors and shareholders of the ESC Funds approved a reorganization of the ESC Funds into STI Classic Funds which took place at the close of business on March 24, 2000. The following table summarizes certain relevant information of the Funds prior to and immediately after the business combinations on March 24, 2000 and is unaudited. SHARES OUTSTANDING UNREALIZED ON MERGER APPRECIATION ESC FUNDS DATE (DEPRECIATION) --------- ----------- -------------- Appreciation Fund Class A .......................... 870,690 $ 2,501,314 Class D .......................... 175,438 (1,297,012) Small Cap Fund Class A .......................... 1,275,432 6,276,446 Class D .......................... 480,442 2,865,501 Small Cap II Fund Class A .......................... 500,936 2,188,506 Class D .......................... 317,826 1,262,314 International Equity Class A .......................... 170,094 315,475* Class D .......................... 96,927 (22,816)* SHARES ISSUED NET ASSETS NAV IN BUSINESS AFTER PER STI CLASSIC FUNDS CONNECTION COMBINATION SHARE ----------------- ------------- ------------- ------- Growth and Income Fund(1) Investor Shares .................. 502,426 $50,200,825 $15.90 Flex Shares ...................... 97,459 62,797,756 15.76 Small Cap Growth Stock Fund(1) Investor Shares .................. 1,335,449 47,582,016 20.55 Flex Shares ...................... 495,872 27,591,623 20.27 Small Cap Growth Stock Fund(1) Investor Shares .................. 341,148 47,582,016 20.55 Flex Shares ...................... 216,285 27,591,623 20.27 International Equity(1) Investor Shares .................. 103,172 11,187,283 12.04 Flex Shares ...................... 57,124 12,018,530 11.65 * Includes unrealized gain on investments and unrealized loss on foreign currency (1) Represents the accounting survivor in this business combination. 62 -------------------------------------------------------------------------------- (UNAUDITED) 11. Shareholder Voting Results: There was a special meeting of shareholders held on October 27, 2000 and continued on November 10, 2000, at which the shareholders of the Funds were asked to consider several proposals. The following were the results of the vote by proposal: PROPOSAL 1: TO CONSIDER AND ACT UPON A PROPOSAL TO ELECT MEMBERS TO THE BOARD OF TRUSTEES OF EACH TRUST. 1. Approval of the election of Thomas Gallagher. Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,384,024,469 99.76% 69.87% Withheld 22,376,293 0.24% 0.16% --------------- ------------ ----------- 9,406,400,762 100.00% 70.03% 2. Approval of the election of James O. Robbins. Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,384,046,726 99.76% 69.87% Withheld 22,354,036 0.24% 0.16% --------------- ------------ ----------- 9,406,400,762 100.00% 70.03% 3. Approval of the election of F. Wendell Gooch. Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,384,006,466 99.76% 69.87% Withheld 22,394,296 0.24% 0.16% --------------- ------------ ----------- 9,406,400,762 100.00% 70.03% 4. Approval of the election of Wilton Looney. Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,379,720,005 99.72% 69.84% Withheld 26,680,757 0.28% 0.20% --------------- ------------ ----------- 9,406,400,762 100.00% 70.04% 5. Approval of the election of Jonathan T. Walton. Shares Voted % of Voted % of Total --------------- ------------ ----------- For 9,379,944,586 99.72% 69.84% Withheld 26,456,176 0.28% 0.19% --------------- ------------ ----------- 9,406,400,762 100.00% 70.03% PROPOSAL 2: TO APPROVE THE ADOPTION OF STANDARDIZED INVESTMENT POLICIES BY REVISING OR ELIMINATING CERTAIN OF THE TRUST'S CURRENT FUNDAMENTAL INVESTMENT POLICIES: 2.1. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING DIVERSIFICATION. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,897,300 95.32% 53.98% Against 27,091 0.21% 0.12% Abstain 552,037 4.42% 2.50% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,600,722 81.88% 59.18% Against 95,013 0.14% 0.10% Abstain 97,905 0.15% 0.11% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,303,622 97.32% 90.07% Against 12,654 0.08% 0.07% Abstain 54,758 0.37% 0.34% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,802,084 85.71% 81.80% Against 3,703 0.04% 0.04% Abstain 8,499 0.10% 0.10% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,709,394 90.94% 83.15% Against 63,336 0.10% 0.09% Abstain 160,661 0.27% 0.25% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,053,602 94.53% 86.24% Against 11,946 0.05% 0.05% Abstain 5,392 0.02% 0.02% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,953,885 97.52% 93.64% Against 2,516 0.01% --% Abstain 46,068 0.18% 0.18% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 884,474 97.25% 54.43% Against 25,003 2.74% 1.53% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 63 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,734,886 99.06% 52.34% Against 16,362 0.93% 0.49% Abstain -- -- -- Broker Non-Vote -- -- -- --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,647,377 97.68% 57.92% Against 86,461 2.31% 1.37% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 13,012,726 99.84% 81.08% Against 3,649 0.02% 0.02% Abstain 9,370 0.07% 0.05% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,777,608 91.83% 80.74% Against 134,868 0.56% 0.50% Abstain 52,558 0.22% 0.19% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,549,143 95.91% 88.37% Against 7,318 0.03% 0.03% Abstain 136,382 0.66% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,413,093 73.73% 70.30% Against 54,263 0.18% 0.17% Abstain 71,733 0.24% 0.23% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,494,948 85.77% 69.59% Against 92,716 0.12% 0.09% Abstain 1,037,183 1.35% 1.10% Broker Non-Vote 9,732,149 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 2.2. TO ELIMINATE THE POLICIES CONCERNING INVESTING FOR CONTROL. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,873,812 95.13% 53.88% Against 43,613 0.34% 0.19% Abstain 559,003 4.47% 2.53% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,401,178 81.57% 58.96% Against 264,410 0.41% 0.29% Abstain 128,052 0.19% 0.14% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,299,213 97.29% 90.04% Against 16,660 0.11% 0.10% Abstain 55,161 0.37% 0.34% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,797,701 85.65% 81.75% Against 7,969 0.10% 0.09% Abstain 8,616 0.10% 0.10% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,598,906 90.75% 82.98% Against 171,946 0.29% 0.27% Abstain 162,539 0.28% 0.25% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,036,641 94.45% 86.16% Against 25,150 0.11% 0.10% Abstain 9,149 0.04% 0.03% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,943,746 97.48% 93.60% Against 4,728 0.01% 0.01% Abstain 53,995 0.21% 0.21% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 872,514 95.93% 53.69% Against 36,963 4.06% 2.27% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 64 -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,734,886 99.06% 52.34% Against 16,362 0.93% 0.49% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,520,000 94.27% 55.90% Against 213,838 5.72% 3.39% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 13,002,194 99.76% 81.02% Against 14,181 0.10% 0.08% Abstain 9,370 0.07% 0.05% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,753,337 91.73% 80.65% Against 152,020 0.64% 0.56% Abstain 59,676 0.25% 0.22% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,539,776 95.86% 88.32% Against 16,165 0.07% 0.07% Abstain 136,902 0.67% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,390,482 73.65% 70.22% Against 71,792 0.24% 0.23% Abstain 76,815 0.26% 0.25% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,422,533 85.67% 69.51% Against 174,126 0.22% 0.18% Abstain 1,028,187 1.34% 1.09% Broker Non-Vote 9,732,150 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 2.3. TO REVISE THE FUNDAMENTAL INVESTMENT POLICY CONCERNING BORROWING. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,879,688 95.18% 53.90% Against 36,453 0.29% 0.16% Abstain 560,287 4.48% 2.54% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,416,126 81.59% 58.98% Against 254,396 0.39% 0.28% Abstain 123,118 0.19% 0.13% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,298,703 97.29% 90.04% Against 15,996 0.10% 0.10% Abstain 56,335 0.38% 0.35% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,800,343 85.69% 81.78% Against 5,162 0.06% 0.06% Abstain 8,781 0.11% 0.10% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,610,972 90.77% 82.99% Against 161,500 0.27% 0.25% Abstain 160,919 0.27% 0.25% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,034,476 94.44% 86.16% Against 28,140 0.13% 0.12% Abstain 8,324 0.03% 0.03% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,935,147 97.45% 93.57% Against 9,625 0.03% 0.03% Abstain 57,697 0.23% 0.22% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 884,474 97.25% 54.43% Against 25,003 2.74% 1.53% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 65 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,734,886 99.06% 52.34% Against 16,362 0.93% 0.49% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,534,058 94.64% 56.12% Against 199,780 5.35% 3.17% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 13,005,673 99.79% 81.04% Against 10,702 0.08% 0.06% Abstain 9,370 0.07% 0.05% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,763,294 91.77% 80.69% Against 144,001 0.60% 0.53% Abstain 57,739 0.24% 0.21% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,530,679 95.82% 88.28% Against 26,139 0.12% 0.11% Abstain 136,025 0.66% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,382,069 73.62% 70.19% Against 78,378 0.26% 0.25% Abstain 78,642 0.27% 0.25% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,421,552 85.67% 69.51% Against 177,215 0.23% 0.18% Abstain 1,026,080 1.34% 1.09% Broker Non-Vote 9,732,149 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 2.4. TO ELIMINATE THE FUNDAMENTAL POLICIES CONCERNING PLEDGING, MORTGAGING OR HYPOTHECATING ASSETS. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,876,577 95.15% 53.89% Against 32,458 0.26% 0.14% Abstain 567,393 4.54% 2.57% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,360,176 81.50% 58.91% Against 253,244 0.39% 0.28% Abstain 180,220 0.28% 0.20% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,298,960 97.29% 90.04% Against 15,697 0.10% 0.09% Abstain 56,377 0.38% 0.35% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,796,720 85.64% 81.74% Against 7,298 0.09% 0.08% Abstain 10,268 0.12% 0.12% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,564,674 90.69% 82.92% Against 199,604 0.34% 0.31% Abstain 169,113 0.29% 0.26% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,040,767 94.47% 86.18% Against 19,146 0.09% 0.08% Abstain 11,027 0.05% 0.04% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,933,363 97.44% 93.56% Against 5,437 0.02% 0.02% Abstain 63,669 0.25% 0.24% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 884,474 97.25% 54.43% Against 25,003 2.74% 1.53% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 66 -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,732,725 98.94% 52.28% Against 18,523 1.05% 0.55% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,534,058 94.64% 56.12% Against 199,780 5.35% 3.17% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,991,230 99.68% 80.95% Against 10,384 0.07% 0.06% Abstain 24,131 0.18% 0.15% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,758,123 91.75% 80.67% Against 144,469 0.60% 0.53% Abstain 62,441 0.26% 0.23% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,545,194 95.89% 88.35% Against 10,654 0.05% 0.04% Abstain 136,995 0.67% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,374,521 73.60% 70.17% Against 81,265 0.27% 0.26% Abstain 83,303 0.28% 0.27% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,450,449 85.71% 69.54% Against 148,367 0.19% 0.15% Abstain 1,026,031 1.34% 1.09% Broker Non-Vote 9,732,149 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 2.5. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING SECURITIES LENDING. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,895,106 95.30% 53.97% Against 28,243 0.22% 0.12% Abstain 553,079 4.43% 2.50% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,368,412 81.51% 58.92% Against 265,958 0.41% 0.29% Abstain 159,270 0.24% 0.17% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,300,602 97.30% 90.05% Against 15,023 0.10% 0.09% Abstain 55,409 0.37% 0.34% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,802,458 85.71% 81.81% Against 3,616 0.04% 0.04% Abstain 8,212 0.10% 0.09% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,668,047 90.87% 83.08% Against 88,951 0.15% 0.14% Abstain 176,393 0.30% 0.27% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,041,444 94.47% 86.19% Against 18,447 0.08% 0.07% Abstain 11,049 0.05% 0.04% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,934,565 97.45% 93.57% Against 3,161 0.01% 0.01% Abstain 64,743 0.26% 0.25% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 895,588 98.47% 55.11% Against 13,889 1.52% 0.85% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 67 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,737,805 99.23% 52.43% Against 13,443 0.76% 0.40% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,647,377 97.68% 57.92% Against 86,461 2.31% 1.37% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,992,217 99.68% 80.95% Against 23,526 0.18% 0.14% Abstain 10,002 0.07% 0.06% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,764,243 91.78% 80.69% Against 145,937 0.61% 0.54% Abstain 54,853 0.23% 0.20% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,547,548 95.90% 88.36% Against 9,068 0.04% 0.04% Abstain 136,227 0.66% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,376,199 73.60% 70.18% Against 82,558 0.28% 0.27% Abstain 80,332 0.27% 0.26% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,473,104 85.74% 69.56% Against 136,632 0.17% 0.14% Abstain 1,015,111 1.32% 1.07% Broker Non-Vote 9,732,149 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 2.6. TO ELIMINATE THE FUNDAMENTAL POLICIES CONCERNING INVESTMENT IN OTHER INVESTMENT COMPANIES. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,658,590 93.41% 52.90% Against 264,204 2.11% 1.19% Abstain 553,634 4.43% 2.51% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,473,686 81.68% 59.04% Against 208,533 0.32% 0.23% Abstain 111,421 0.17% 0.12% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,303,287 97.32% 90.07% Against 12,858 0.08% 0.08% Abstain 54,889 0.37% 0.34% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,800,601 85.69% 81.79% Against 5,332 0.06% 0.06% Abstain 8,353 0.10% 0.10% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,669,667 90.87% 83.09% Against 98,290 0.16% 0.15% Abstain 165,434 0.28% 0.26% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,049,461 94.51% 86.22% Against 15,468 0.07% 0.06% Abstain 6,011 0.02% 0.02% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,952,359 97.52% 93.64% Against 3,028 0.01% 0.01% Abstain 47,082 0.19% 0.18% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 872,514 95.93% 53.69% Against 36,963 4.06% 2.27% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 68 -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,734,886 99.06% 52.34% Against 16,362 0.93% 0.49% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,633,319 97.30% 57.70% Against 100,519 2.69% 1.59% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 13,004,870 99.78% 81.03% Against 9,942 0.07% 0.06% Abstain 10,933 0.08% 0.06% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,756,784 91.74% 80.66% Against 150,948 0.63% 0.55% Abstain 57,301 0.24% 0.21% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,546,257 95.90% 88.35% Against 10,053 0.04% 0.04% Abstain 136,533 0.66% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,390,464 73.65% 70.22% Against 71,243 0.24% 0.23% Abstain 77,382 0.26% 0.25% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,283,600 85.49% 69.36% Against 322,278 0.42% 0.34% Abstain 1,018,969 1.33% 1.08% Broker Non-Vote 9,732,149 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 2.7. TO ELIMINATE THE FUNDAMENTAL POLICIES CONCERNING SHORT SALES. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,632,639 93.20% 52.78% Against 280,372 2.24% 1.27% Abstain 563,417 4.51% 2.55% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,312,815 81.43% 58.86% Against 319,919 0.49% 0.35% Abstain 160,906 0.25% 0.18% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,302,296 97.31% 90.06% Against 13,400 0.09% 0.08% Abstain 55,338 0.37% 0.34% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,793,995 85.61% 81.71% Against 8,393 0.10% 0.10% Abstain 11,898 0.14% 0.14% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,516,453 90.61% 82.85% Against 244,947 0.42% 0.38% Abstain 171,991 0.29% 0.27% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,042,639 94.48% 86.19% Against 21,220 0.10% 0.09% Abstain 7,081 0.03% 0.03% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,925,413 97.41% 93.53% Against 16,576 0.06% 0.06% Abstain 60,480 0.24% 0.23% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 884,474 97.25% 54.43% Against 25,003 2.74% 1.53% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 69 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,734,886 99.06% 52.34% Against 16,362 0.93% 0.49% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,534,058 94.64% 56.12% Against 199,780 5.35% 3.17% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 13,004,505 99.78% 81.03% Against 10,751 0.08% 0.06% Abstain 10,489 0.08% 0.06% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,746,378 91.70% 80.62% Against 159,081 0.67% 0.58% Abstain 59,574 0.25% 0.22% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,548,490 95.91% 88.36% Against 8,216 0.04% 0.03% Abstain 136,137 0.66% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,370,545 73.59% 70.16% Against 91,172 0.31% 0.29% Abstain 77,372 0.26% 0.25% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,249,811 85.45% 69.33% Against 290,901 0.38% 0.33% Abstain 1,084,135 1.41% 1.15% Broker Non-Vote 9,732,149 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 2.8. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING INVESTMENT IN REAL ESTATE. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,893,877 95.29% 53.97% Against 22,890 0.18% 0.10% Abstain 559,661 4.48% 2.53% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,515,284 81.74% 59.09% Against 181,897 0.28% 0.20% Abstain 96,459 0.15% 0.10% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,305,027 97.33% 90.08% Against 11,011 0.07% 0.06% Abstain 54,996 0.37% 0.34% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,800,953 85.70% 81.79% Against 2,701 0.03% 0.03% Abstain 10,632 0.13% 0.12% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,679,660 90.89% 83.10% Against 81,618 0.14% 0.12% Abstain 172,113 0.29% 0.27% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,050,132 94.51% 86.22% Against 15,605 0.07% 0.06% Abstain 5,203 0.02% 0.02% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,947,395 97.50% 93.62% Against 5,405 0.02% 0.02% Abstain 49,669 0.20% 0.19% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 883,628 97.15% 54.38% Against 25,849 2.84% 1.59% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 70 -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,739,966 99.35% 52.49% Against 11,282 0.64% 0.34% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,633,319 97.30% 57.70% Against 100,519 2.69% 1.59% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 13,004,405 99.78% 81.03% Against 10,874 0.08% 0.06% Abstain 10,466 0.08% 0.06% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,772,606 91.81% 80.72% Against 144,606 0.60% 0.53% Abstain 47,821 0.20% 0.17% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,549,579 95.91% 88.37% Against 7,091 0.03% 0.03% Abstain 136,173 0.66% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,404,790 73.70% 70.27% Against 60,130 0.20% 0.19% Abstain 74,169 0.25% 0.24% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,493,678 85.77% 69.59% Against 115,354 0.15% 0.12% Abstain 1,015,815 1.33% 1.07% Broker Non-Vote 9,732,149 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 2.9. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING UNDERWRITING OF SECURITIES. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,888,198 95.25% 53.94% Against 26,434 0.21% 0.11% Abstain 561,796 4.50% 2.54% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,468,213 81.67% 59.04% Against 198,592 0.30% 0.22% Abstain 126,835 0.19% 0.14% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,302,324 97.31% 90.06% Against 11,630 0.07% 0.07% Abstain 57,080 0.38% 0.35% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,799,754 85.68% 81.78% Against 3,873 0.04% 0.04% Abstain 10,659 0.13% 0.12% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,596,385 90.75% 82.97% Against 163,880 0.28% 0.25% Abstain 173,126 0.29% 0.27% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,046,553 94.50% 86.21% Against 19,070 0.08% 0.08% Abstain 5,317 0.02% 0.02% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,938,137 97.46% 93.58% Against 5,405 0.02% 0.02% Abstain 58,927 0.23% 0.23% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 883,628 97.15% 54.38% Against 25,849 2.84% 1.59% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 71 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,737,805 99.23% 52.43% Against 13,443 0.76% 0.40% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,520,000 94.27% 55.90% Against 213,838 5.72% 3.39% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 13,006,110 99.79% 81.04% Against 9,737 0.07% 0.06% Abstain 9,898 0.07% 0.06% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,767,828 91.79% 80.70% Against 144,282 0.60% 0.53% Abstain 52,924 0.22% 0.19% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,549,176 95.91% 88.37% Against 7,592 0.03% 0.03% Abstain 136,075 0.66% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,395,937 73.67% 70.24% Against 65,608 0.22% 0.21% Abstain 77,544 0.26% 0.25% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,487,625 85.76% 69.58% Against 105,530 0.13% 0.11% Abstain 1,031,692 1.35% 1.09% Broker Non-Vote 9,732,149 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 2.10. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING PURCHASE OF COMMODITIES. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,880,089 95.18% 53.91% Against 40,794 0.32% 0.18% Abstain 555,545 4.45% 2.52% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,334,476 81.46% 58.88% Against 314,598 0.48% 0.35% Abstain 144,566 0.22% 0.16% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,305,267 97.33% 90.08% Against 11,510 0.07% 0.07% Abstain 54,257 0.36% 0.34% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,799,825 85.68% 81.78% Against 3,668 0.04% 0.04% Abstain 10,793 0.13% 0.12% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,669,287 90.87% 83.09% Against 94,663 0.16% 0.14% Abstain 169,441 0.29% 0.26% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,039,685 94.47% 86.18% Against 22,893 0.10% 0.09% Abstain 8,362 0.03% 0.03% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,931,464 97.43% 93.56% Against 22,592 0.09% 0.08% Abstain 48,413 0.19% 0.18% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 895,588 98.47% 55.11% Against 13,889 1.52% 0.85% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 72 -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,737,805 99.23% 52.43% Against 13,443 0.76% 0.40% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,647,377 97.68% 57.92% Against 86,461 2.31% 1.37% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 12,987,532 99.65% 80.93% Against 27,242 0.20% 0.16% Abstain 10,971 0.08% 0.06% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,762,501 91.77% 80.68% Against 148,627 0.62% 0.55% Abstain 53,906 0.22% 0.19% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,542,762 95.88% 88.34% Against 14,110 0.06% 0.06% Abstain 135,971 0.66% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,389,110 73.65% 70.22% Against 70,406 0.24% 0.23% Abstain 79,573 0.27% 0.26% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,436,477 85.69% 69.53% Against 177,105 0.23% 0.18% Abstain 1,011,265 1.32% 1.07% Broker Non-Vote 9,732,149 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 2.11. TO REVISE THE FUNDAMENTAL POLICIES CONCERNING CONCENTRATION. BALANCED FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 11,889,691 95.26% 53.95% Against 29,352 0.23% 0.13% Abstain 557,385 4.46% 2.52% Broker Non-Vote 4,534 0.03% 0.02% --------------- ------------ ----------- 12,480,962 100.00% 56.63% CAPITAL APPRECIATION FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,441,199 81.63% 59.00% Against 225,450 0.35% 0.25% Abstain 126,991 0.19% 0.14% Broker Non-Vote 11,446,624 17.81% 12.88% --------------- ------------ ----------- 64,240,264 100.00% 72.28% CORE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 14,301,862 97.31% 90.06% Against 11,951 0.08% 0.07% Abstain 57,221 0.38% 0.36% Broker Non-Vote 325,241 2.21% 2.04% --------------- ------------ ----------- 14,696,275 100.00% 92.54% E-COMMERCE OPPORTUNITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 6,801,719 85.70% 81.80% Against 2,929 0.03% 0.03% Abstain 9,638 0.12% 0.11% Broker Non-Vote 1,121,454 14.13% 13.48% --------------- ------------ ----------- 7,935,740 100.00% 95.44% GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 52,674,961 90.88% 83.10% Against 83,883 0.14% 0.13% Abstain 174,547 0.30% 0.27% Broker Non-Vote 5,023,758 8.66% 7.92% --------------- ------------ ----------- 57,957,149 100.00% 91.43% INTERNATIONAL EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 20,045,184 94.49% 86.20% Against 13,591 0.06% 0.05% Abstain 12,165 0.05% 0.05% Broker Non-Vote 1,141,808 5.38% 4.91% --------------- ------------ ----------- 21,212,748 100.00% 91.22% INTERNATIONAL EQUITY INDEX FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 23,951,028 97.51% 93.63% Against 3,161 0.01% 0.01% Abstain 48,280 0.19% 0.18% Broker Non-Vote 558,262 2.27% 2.18% --------------- ------------ ----------- 24,560,731 100.00% 96.01% LIFE VISION AGGRESSIVE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 895,588 98.47% 55.11% Against 13,889 1.52% 0.85% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 909,477 100.00% 55.97% 73 NOTES TO FINANCIAL STATEMENTS (concluded) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2000 LIFE VISION GROWTH AND INCOME FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 1,737,805 99.23% 52.43% Against 13,443 0.76% 0.40% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 1,751,248 100.00% 52.83% LIFE VISION MODERATE GROWTH FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 3,647,377 97.68% 57.92% Against 86,461 2.31% 1.37% Abstain -- --% --% Broker Non-Vote -- --% --% --------------- ------------ ----------- 3,733,838 100.00% 59.29% MID-CAP EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 13,004,931 99.78% 81.03% Against 9,985 0.07% 0.06% Abstain 10,829 0.08% 0.06% Broker Non-Vote 7,055 0.05% 0.04% --------------- ------------ ----------- 13,032,800 100.00% 81.21% SMALL CAP GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,770,739 91.80% 80.71% Against 136,929 0.57% 0.50% Abstain 57,366 0.24% 0.21% Broker Non-Vote 1,748,166 7.37% 6.48% --------------- ------------ ----------- 23,713,200 100.00% 87.91% SMALL CAP VALUE EQUITY FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 19,545,813 95.89% 88.35% Against 10,841 0.05% 0.04% Abstain 136,189 0.66% 0.61% Broker Non-Vote 688,961 3.38% 3.11% --------------- ------------ ----------- 20,381,804 100.00% 92.13% TAX SENSITIVE GROWTH STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 21,390,203 73.65% 70.22% Against 71,476 0.24% 0.23% Abstain 77,410 0.26% 0.25% Broker Non-Vote 7,500,907 25.82% 24.62% --------------- ------------ ----------- 29,039,996 100.00% 95.34% VALUE INCOME STOCK FUND Shares Voted % of Voted % of Total --------------- ------------ ----------- For 65,454,451 85.72% 69.54% Against 104,088 0.13% 0.11% Abstain 1,066,308 1.39% 1.13% Broker Non-Vote 9,732,149 12.74% 10.34% --------------- ------------ ----------- 76,356,996 100.00% 81.13% 74 NOTES NOTES INVESTMENT ADVISER 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 an affiliate of SunTrust Banks, Inc. DISTRIBUTOR SEI Investments Distribution Co. This information must be preceded or accompanied by a current prospectus for each Fund described.