-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TZ8QwSiMA69g9b+hp2pjYxS8h3Aslh5AbaKbARO/CqdS9d/HzPxE/7Vqsag94UXR w+/nocs0htw9oBRJdJ9J/g== 0000935069-02-000038.txt : 20020414 0000935069-02-000038.hdr.sgml : 20020414 ACCESSION NUMBER: 0000935069-02-000038 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20011130 FILED AS OF DATE: 20020125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STI CLASSIC FUNDS CENTRAL INDEX KEY: 0000883939 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06557 FILM NUMBER: 02517445 BUSINESS ADDRESS: STREET 1: 2 OLIVER STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6109896602 MAIL ADDRESS: STREET 1: 530 E SWEDESFORD ROAD CITY: WAYNE STATE: PA ZIP: 19087-1693 N-30D 1 sticlassicequity11_01.txt STI CLASSIC EQUITY FUNDS SAR 11_01 SEMI-ANNUAL ................................................................................ FINANCIAL REPORT ................................................................................ STI CLASSIC EQUITY FUNDS ................................................................................ A Family of Mutual Funds ................................................................................ November 30, 2001 [STI CLASSIC FUNDS LOGO OMITTED] Dear Valued STI Classic Funds' Shareholder: Equity prices, as measured by the S&P 500 Composite Index, drifted downward all summer despite lower interest rates. The primary causes were persistent erosion in profits expectations and a generally downbeat news flow, especially in the technology and telecommunications sectors which remained over-supplied with inventory. Price weakness continued in early September right up until the tragic terrorist attacks on the 11th. After a sharp but brief sell-off when the markets reopened on September 17th, equities bottomed on September 21st and through early December had recovered about 18% from the absolute low. In late November, a recession was declared to have begun in March. In the aftermath of September 11th, we urged an aggressive approach to stocks. Our rationale included the following reasons for a more constructive near-term view: 1) Aggressive lowering of short-term interest rates by the Federal Reserve (the "Fed") was potentially beneficial to the economy; 2) The Federal Government was also increasing fiscal stimulus to boost the economy; 3) Long-term interest rates had fallen to 40-year lows, making stocks more attractive; 4) Analysts' estimates for profits growth were finally beginning to approach realistic levels; 5) Investor psychology was very negative and it almost always pays to be optimistic when the consensus is gloomy; and finally 6) The bear market was eighteen months old, measured from March 2000, which was lengthy compared to an average bear market of about eleven months. In short, while there were plenty of reasons for concern, markets in the past have tended to overreact to crisis events. Generally such negative overreactions are the right time to lean the other way and become more positive in action. So far, this has played out in exactly the same fashion, with the best performing sectors off the September lows including economically sensitive Technology, Materials, Capital Goods and Consumer Discretionary stocks. On the other side of the ledger, defensive sectors such as Utilities and Energy have lagged. The market, having come a good ways in a hurry, may pause for breath, but overall it is on a typical track of recovering over 20% and several months in time before the end of a recession. Since we believe corporate profits will be on the upswing by Q2-2002, the market is performing its usual role of looking ahead to discount a better economy next year. Over the last six months, investors have experienced both good and bad returns depending on asset mix. The mixed results illustrate again the merits of following sound diversification particularly for conservative investors who wish to minimize volatility. For example, bonds did quite well June through November, with corporate bonds up 5.9% and Governments up 6.3%. Stock investors were less fortunate, with the Large Cap S&P 500 -8.7% for the six-month period. The S&P 400 Mid Cap Index declined 6.8% and the S&P 600 Small Cap Index fell 2.6% during this period. While large cap stocks began to do better after September 11th, traditionally small caps, and especially the growth sector of small cap, have done quite well after the end of recessions. In summary, it would be healthy for the stock market to take a pause. We are more price sensitive but the investing environment still looks quite positive for equities. We are a little more cautious on bonds, believing that eleven rate cuts by the Fed and a very steep yield curve have priced a lot of good news into bond prices. That said, corporate bonds and certain segments of the mortgage market still hold appeal due to the wide yield advantage over Treasury bonds. Thank you for your loyalty and confidence in the STI Classic Funds. Sincerely, /s/Douglas S. Phillips Douglas S. Phillips, CFA Chief Investment Officer 1 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 BALANCED FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCK (49.9%) CAPITAL GOODS (6.4%) General Dynamics 13,400 $ 1,114 General Electric 74,600 2,872 Lockheed Martin 87,700 4,074 Thermo Electron* 62,000 1,346 Tyco International 131,700 7,744 United Technologies 31,800 1,914 -------- 19,064 -------- COMMUNICATION SERVICES (0.8%) COX Communications, Cl A* 22,400 873 Sprint-PCS Group* 64,500 1,609 -------- 2,482 -------- COMPUTER SOFTWARE (1.8%) BMC Software* 109,000 1,826 Citrix Systems* 118,800 2,657 Parametric Technology* 111,500 976 -------- 5,459 -------- CONSUMER CYCLICALS (7.2%) AOL Time Warner* 20,300 709 Bed Bath & Beyond* 19,200 623 Best Buy* 27,000 1,928 Clorox 69,600 2,751 Coach* 35,200 1,162 Harley-Davidson 32,300 1,698 Home Depot 80,800 3,770 Liz Claiborne 39,500 1,974 Lowe's 90,000 4,078 McGraw-Hill 31,400 1,774 Talbots 30,000 983 -------- 21,450 -------- CONSUMER STAPLES (0.9%) Kroger* 40,000 1,013 Sysco 60,900 1,497 -------- 2,510 -------- ENERGY (2.1%) Anadarko Petroleum 27,200 1,412 BP ADR 28,400 1,254 Exxon Mobil 63,800 2,386 Halliburton 51,500 1,104 -------- 6,156 -------- FINANCE (9.8%) AMBAC Financial Group 40,000 2,243 American International Group 41,100 3,387 Citigroup 82,900 3,971 Countrywide Credit Industry 29,500 1,253 Fifth Third Bancorp 24,600 1,478 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FINANCE--CONTINUED Freddie Mac 55,400 $ 3,666 Marsh & McLennan 24,800 2,653 MBNA 87,200 2,811 USA Education 65,000 5,529 Washington Mutual 69,200 2,165 -------- 29,156 -------- HEALTH CARE (10.6%) Allergan 14,500 1,095 Baxter International 40,700 2,116 Biomet 77,500 2,169 Cardinal Health 45,000 3,074 Genzyme - General Division* 17,000 929 Guidant* 7,700 376 Health Management Associates, Cl A* 96,600 1,885 Johnson & Johnson 23,500 1,369 King Pharmaceuticals* 31,700 1,263 Lincare Holdings* 33,100 984 Pfizer 98,800 4,279 St. Jude Medical* 38,300 2,853 Tenet Healthcare* 34,700 2,082 UnitedHealth Group 32,700 2,336 Universal Health Services, Cl B* 54,600 2,288 Viasys Healthcare* 9,058 161 Wellpoint Health Networks* 18,700 2,205 -------- 31,464 -------- SERVICES (1.5%) Apollo Group, Cl A* 44,800 2,010 Cendant* 72,000 1,227 Omnicom Group 15,000 1,288 -------- 4,525 -------- TECHNOLOGY (7.6%) Adobe Systems 89,000 2,855 Electronic Data Systems 51,300 3,551 International Game Technology* 31,200 1,934 Lexmark International* 72,100 3,725 Microchip Technology* 34,200 1,235 Microsoft* 93,300 5,991 Oracle* 134,400 1,886 Texas Instruments 46,700 1,497 -------- 22,674 -------- TRANSPORTATION (1.2%) Norfolk Southern 98,800 1,916 Union Pacific 26,800 1,475 -------- 3,391 -------- Total Common Stock (Cost $123,298) 148,331 -------- 2 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- CORPORATE OBLIGATIONS (19.7%) CAPITAL GOODS (1.0%) Dover 6.500%, 02/15/11 $ 1,000 $ 1,029 United Technology 6.350%, 03/01/11 1,800 1,866 -------- 2,895 -------- COMMUNICATION SERVICES (1.4%) Qwest Capital Funding 7.900%, 08/15/10 1,500 1,566 Verizon, Ser A 5.650%, 11/15/11 850 825 WorldCom 6.500%, 05/15/04 1,625 1,678 -------- 4,069 -------- CONSUMER CYCLICALS (2.2%) Avon Products 7.150%, 11/15/09 850 916 Marriott International, Ser C 7.875%, 09/15/09 1,500 1,569 May Department Stores 7.900%, 10/15/07 1,650 1,838 Walt Disney Company, MTN 5.500%, 12/29/06 2,100 2,102 -------- 6,425 -------- CONSUMER STAPLES (2.0%) Coca-Cola Enterprises 8.500%, 02/01/22 850 1,025 5.375%, 08/15/06 3,300 3,375 Conagra Foods 6.750%, 09/15/11 1,150 1,195 Philip Morris 7.500%, 04/01/04 500 539 -------- 6,134 -------- ENERGY (0.8%) Kerr-McGee 6.875%, 09/15/11 1,500 1,513 5.875%, 09/15/06 800 804 -------- 2,317 -------- FINANCE (11.1%) AON 6.900%, 07/01/04 1,500 1,590 Boeing Capital 5.650%, 05/15/06 2,250 2,257 Capital One 6.500%, 07/30/04 650 660 ChevronTexaco Capital 5.500%, 01/15/09 950 952 - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- FINANCE--CONTINUED Conseco 8.750%, 02/09/04 $ 450 $ 232 6.800%, 06/15/05 1,125 574 Countrywide Home Loan, Ser F, MTN 6.510%, 02/11/05 2,250 2,365 Donaldson, Lufkin & Jenrette, MTN 6.150%, 05/04/04 1,150 1,199 Ford Motor Credit 7.250%, 10/25/11 2,525 2,542 6.875%, 02/01/06 2,075 2,136 General Motors Acceptance 6.750%, 01/15/06 1,800 1,851 ING Groep 8.000%, 10/30/06 1,540 1,700 International Lease Finance, Ser M, MTN 5.950%, 06/06/05 2,175 2,224 Morgan Stanley Dean Witter 6.750%, 04/15/11 2,000 2,076 National Rural Utilities 6.000%, 05/15/06 2,250 2,336 5.250%, 07/15/04 1,700 1,749 Salomon Smith Barney Holdings 6.500%, 02/15/08 1,475 1,534 Washington Mutual Bank 6.875%, 06/15/11 2,000 2,081 Wells Fargo Financial 6.125%, 02/15/06 1,150 1,204 5.875%, 08/15/08 1,650 1,666 -------- 32,928 -------- HEALTH CARE (0.5%) Cardinal Health 6.750%, 02/15/11 1,500 1,582 -------- TECHNOLOGY (0.7%) Computer Sciences 7.500%, 08/08/05 1,900 2,036 -------- Total Corporate Obligations (Cost $57,124) 58,386 -------- U.S. TREASURY OBLIGATIONS (7.8%) U.S. Treasury Bonds 7.500%, 11/15/16 7,600 9,198 6.250%, 05/15/30 7,995 8,943 U.S. Treasury Note 2.750%, 10/31/03 5,000 5,000 -------- Total U.S. Treasury Obligations (Cost $21,963) 23,141 -------- 3 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 BALANCED FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS (4.0%) FHLMC 5.250%, 02/15/04 $ 2,750 $ 2,863 FNMA 7.125%, 01/15/30 5,150 5,865 6.250%, 02/01/11 3,000 3,116 -------- Total U.S. Government Agency Obligations (Cost $11,434) 11,844 -------- U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS (5.9%) GNMA 8.500%, 04/15/31 6,702 7,110 8.000%, 08/15/31 9,916 10,470 -------- Total U.S. Government Mortgage-Backed Obligations (Cost $17,378) 17,580 -------- CERTIFICATE OF DEPOSIT (0.6%) US Bank 6.375%, 08/01/11 1,750 1,792 -------- Total Certificate of Deposit (Cost $1,741) 1,792 -------- REPURCHASE AGREEMENT (11.5%) UBS Warburg 2.1000%, dated 11/30/01, matures 12/03/01, repurchase price $34,326,642 (collateralized by U.S. Government obligations: total market value $35,007,377) (C) 34,321 34,321 -------- Total Repurchase Agreement (Cost $34,321) 34,321 -------- Total Investments (99.4%) (Cost $267,259) 295,395 -------- OTHER ASSETS AND LIABILITIES, NET (0.6%) 1,751 -------- - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 16,923,200 outstanding shares of beneficial interest $185,433 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 593,491 outstanding shares of beneficial interest 6,291 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 5,440,733 outstanding shares of beneficial interest 69,650 Undistributed net investment income 910 Accumulated net realized gain on investments 6,726 Net unrealized appreciation on investments 28,136 -------- Total Net Assets (100.0%) $297,146 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $12.97 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $13.03 ======== Maximum Offering Price Per Share -- Investor Shares ($13.03 / 96.25%) $13.54 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $12.86 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 4 - -------------------------------------------------------------------------------- (UNAUDITED) CAPITAL APPRECIATION FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCK (98.6%) CAPITAL GOODS (12.6%) General Dynamics 128,700 $ 10,701 General Electric 714,500 27,508 Lockheed Martin 826,800 38,405 Thermo Electron* 594,500 12,901 Tyco International 1,213,400 71,348 United Technologies 300,000 18,060 -------- 178,923 -------- COMMUNICATION SERVICES (1.7%) COX Communications, Cl A* 210,700 8,207 Sprint-PCS Group* 612,900 15,292 -------- 23,499 -------- COMPUTER SOFTWARE (3.6%) BMC Software* 1,030,000 17,253 Citrix Systems* 1,116,500 24,976 Parametric Technology* 1,060,000 9,275 -------- 51,504 -------- CONSUMER CYCLICALS (13.8%) AOL Time Warner* 190,000 6,631 Bed Bath & Beyond* 180,000 5,845 Best Buy* 257,500 18,383 Clorox 524,400 20,724 Coach* 337,000 11,121 Harley-Davidson 306,600 16,121 Home Depot 763,700 35,634 Liz Claiborne 375,200 18,752 Lowe's 800,000 36,248 McGraw-Hill 303,000 17,120 Talbots 283,500 9,293 -------- 195,872 -------- CONSUMER STAPLES (1.7%) Kroger* 395,000 10,002 Sysco 570,400 14,026 -------- 24,028 -------- ENERGY (4.2%) Anadarko Petroleum 262,000 13,598 BP ADR 271,000 11,970 Exxon Mobil 606,200 22,672 Halliburton 500,000 10,715 -------- 58,955 -------- FINANCE (19.5%) AMBAC Financial Group 380,000 21,310 American International Group 390,000 32,136 Citigroup 783,200 37,515 Countrywide Credit Industry 280,000 11,894 Fifth Third Bancorp 234,200 14,073 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FINANCE--CONTINUED Freddie Mac 530,500 $ 35,103 Marsh & McLennan 239,000 25,566 MBNA 833,400 26,869 USA Education 580,800 49,409 Washington Mutual 695,000 21,740 --------- 275,615 --------- HEALTH CARE (20.6%) Allergan 137,800 10,403 Baxter International 382,700 19,900 Biomet 734,200 20,550 Cardinal Health 345,000 23,570 Genzyme - General Division* 159,000 8,685 Guidant* 72,700 3,549 Health Management Associates, Cl A* 926,800 18,082 Johnson & Johnson 224,400 13,071 King Pharmaceuticals* 298,300 11,884 Lincare Holdings* 313,400 9,314 Pfizer 929,400 40,252 St. Jude Medical* 365,000 27,193 Tenet Healthcare* 330,000 19,800 UnitedHealth Group 314,500 22,471 Universal Health Services, Cl B* 500,200 20,963 Viasys Healthcare* 86,856 1,545 Wellpoint Health Networks* 176,400 20,798 --------- 292,030 --------- SERVICES (3.0%) Apollo Group, Cl A* 421,000 18,894 Cendant* 677,000 11,536 Omnicom Group 141,800 12,175 --------- 42,605 --------- TECHNOLOGY (15.6%) Adobe Systems 843,000 27,044 Electronic Data Systems 493,700 34,174 International Game Technology* 304,700 18,888 Lexmark International* 693,300 35,823 Microchip Technology* 322,000 11,627 Microsoft* 906,350 58,197 Oracle* 1,275,000 17,888 Texas Instruments 541,600 17,358 --------- 220,999 --------- TRANSPORTATION (2.3%) Norfolk Southern 943,000 18,285 Union Pacific 253,700 13,966 --------- 32,251 --------- Total Common Stock (Cost $1,139,000) 1,396,281 --------- 5 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 CAPITAL APPRECIATION FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (1.9%) UBS Warburg 2.100%, dated 11/30/01, matures 12/03/01, repurchase price $27,474,020 (collateralized by U.S. Government obligation: total market value $28,019,120) (C) $27,469 $ 27,469 ---------- Total Repurchase Agreement (Cost $27,469) 27,469 ---------- Total Investments (100.5%) (Cost $1,166,469) 1,423,750 ---------- OTHER ASSETS AND LIABILITIES, NET (-0.5%) (7,245) ---------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 86,391,862 outstanding shares of beneficial interest 898,308 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 14,218,250 outstanding shares of beneficial interest 155,590 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 8,581,922 outstanding shares of beneficial interest 128,073 Accumulated net investment loss (4,705) Accumulated net realized loss on investments (18,042) Net unrealized appreciation on investments 257,281 ---------- Total Net Assets (100.0%) $1,416,505 ========== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $13.08 ========== Net Asset Value and Redemption Price Per Share -- Investor Shares $12.75 ========== Maximum Offering Price Per Share -- Investor Shares ($12.75 / 96.25%) $13.25 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $12.26 ========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 6 - -------------------------------------------------------------------------------- (UNAUDITED) GROWTH AND INCOME FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCK (98.5%) BASIC MATERIALS (2.9%) International Paper 650,000 $ 25,967 -------- CAPITAL GOODS (10.5%) Boeing 450,000 15,795 Cooper Industries 700,000 28,595 General Electric 300,000 11,550 Honeywell International 500,000 16,570 Ingersoll-Rand 200,000 8,378 Lockheed Martin 300,000 13,935 -------- 94,823 -------- COMMUNICATION SERVICES (7.0%) AT&T 700,000 12,243 SBC Communications 400,000 14,952 Verizon Communications 325,000 15,275 WorldCom - MCI Group* 500,000 6,555 WorldCom Group* 1,000,000 14,540 -------- 63,565 -------- CONSUMER CYCLICALS (10.2%) AOL Time Warner* 250,000 8,725 Brunswick 800,000 15,760 Gannett 150,000 10,417 Hasbro* 850,000 13,983 Johnson Controls 115,000 9,145 Lennar 350,000 13,020 McDonald's 350,000 9,394 Target 300,000 11,262 -------- 91,706 -------- CONSUMER STAPLES (9.2%) Hershey Foods 150,000 9,819 HJ Heinz 500,000 19,060 McCormick 450,000 19,350 PepsiCo 200,000 9,726 Procter & Gamble* 125,000 9,683 Sara Lee 700,000 15,316 -------- 82,954 -------- ENERGY (7.3%) ChevronTexaco 250,000 21,253 Conoco 700,000 19,159 Exxon Mobil 500,000 18,700 Royal Dutch Petroleum, NY Shares 150,000 7,251 -------- 66,363 -------- FINANCE (22.7%) American International Group 150,000 12,360 Bank One 500,000 18,720 Berkshire Hathaway, Cl B* 11,000 25,663 Citigroup 400,000 19,160 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FINANCE--CONTINUED Fannie Mae 175,000 $ 13,755 Fifth Third Bancorp 300,000 18,027 Jefferson-Pilot 400,000 17,800 JP Morgan Chase 500,000 18,860 Merrill Lynch 300,000 15,027 MGIC Investment 200,000 11,710 Sovereign Bancorp 1,500,000 16,575 Wells Fargo 400,000 17,120 -------- 204,777 -------- HEALTH CARE (8.0%) Abbott Laboratories 375,000 20,625 Barr Laboratories* 150,000 10,957 Johnson & Johnson 300,000 17,475 Merck 225,000 15,244 Watson Pharmaceuticals* 275,000 8,231 -------- 72,532 -------- TECHNOLOGY (17.3%) Cisco Systems* 300,000 6,132 Computer Associates International 650,000 21,625 EMC-Mass 400,000 6,716 Intel 700,000 22,862 International Business Machines 125,000 14,449 Lexmark International* 250,000 12,917 Lucent Technologies* 1,300,000 9,516 Microsoft* 300,000 19,263 Motorola 800,000 13,312 Sun Microsystems* 1,100,000 15,664 Tellabs* 200,000 3,056 Texas Instruments 350,000 11,218 -------- 156,730 -------- UTILITIES (3.4%) Duke Energy 600,000 21,690 Exelon 200,000 8,922 -------- 30,612 -------- Total Common Stock (Cost $770,351) 890,029 -------- CASH EQUIVALENT (1.2%) SEI Daily Income Trust Prime Obligation Fund, Cl A 11,160,325 11,160 -------- Total Cash Equivalent (Cost $11,160) 11,160 -------- Total Investments (99.7%) (Cost $781,511) 901,189 -------- OTHER ASSETS AND LIABILITIES, NET (0.3%) 2,480 -------- 7 STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 GROWTH AND INCOME FUND--CONCLUDED - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 55,913,688 outstanding shares of beneficial interest $674,609 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 2,653,936 outstanding shares of beneficial interest 30,984 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 5,856,622 outstanding shares of beneficial interest 89,224 Undistributed net investment income 1,540 Accumulated net realized loss on investments (12,366) Net unrealized appreciation on investments 119,678 -------- Total Net Assets (100.0%) $903,669 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $14.03 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $14.15 ======== Maximum Offering Price Per Share -- Investor Shares ($14.15 / 96.25%) $14.70 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $13.91 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 8 - -------------------------------------------------------------------------------- (UNAUDITED) INFORMATION AND TECHNOLOGY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCK (92.9%) COMMUNICATION SERVICES (2.1%) Turkcell Iletisim Hizmet ADR* 60,000 $ 930 WorldCom Group* 40,651 591 ------- 1,521 ------- COMPUTER SOFTWARE (16.5%) Amdocs* 53,900 1,782 BEA Systems* 50,000 839 EMC-Mass 50,000 840 Internet Security Systems* 35,000 1,134 McData, Cl B* 60,000 1,512 Microsoft* 10,000 642 Netegrity* 50,000 823 Network Appliance* 30,000 463 SAP ADR 40,000 1,241 Tibco Software* 150,000 1,889 Veritas Software* 25,000 972 ------- 12,137 ------- CONSUMER CYCLICALS (6.7%) AOL Time Warner* 30,000 1,047 Best Buy* 10,000 714 Macrovision* 72,000 2,498 Ticketmaster, Cl B* 40,000 643 ------- 4,902 ------- ENERGY (1.5%) Dynegy, Cl A 8,000 243 Mirant* 8,000 195 Valero Energy 20,000 700 ------- 1,138 ------- FINANCE (5.6%) E*trade Group* 20,000 160 MGIC Investment 20,000 1,171 PMI Group 15,000 947 USA Education 12,000 1,021 Waddell & Reed Financial, Cl A 30,000 811 ------- 4,110 ------- HEALTH CARE (6.9%) Amgen* 32,000 2,126 Forest Laboratories* 5,000 354 Given Imaging* 10,000 145 Guidant* 42,000 2,050 Neurocrine Biosciences* 8,000 381 ------- 5,056 ------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- INTERNET (1.3%) Amazon.Com* 15,000 $ 170 Yahoo 50,000 778 ------- 948 ------- SEMICONDUCTORS (9.0%) Advanced Micro Devices* 20,000 271 Altera* 14,000 319 Analog Devices* 9,000 382 Broadcom, Cl A* 5,000 220 Microtune* 35,000 742 National Semiconductor* 35,000 1,055 Thomson Multimedia* 60,000 1,657 Thomson Multimedia ADR 25,000 680 Vitesse Semiconductor* 30,000 366 Xilinx* 27,000 975 ------- 6,667 ------- SERVICES (8.2%) Affiliated Computer Services, Cl A* 12,000 1,121 Electronic Data Systems 20,000 1,384 Perot Systems, Cl A* 75,000 1,376 Robert Half International* 50,000 1,348 Spherion* 20,000 179 TMP Worldwide* 15,000 619 ------- 6,027 ------- TECHNOLOGY (35.1%) Applied Micro Circuits* 20,000 273 Brocade Communications System* 20,000 656 Celestica* 20,000 846 Check Point Software Technologies* 20,000 767 CIENA* 38,000 675 Cirrus Logic* 190,000 2,529 Compaq Computer 175,000 1,776 Corning 15,000 141 Ericsson ADR 50,000 273 Extreme Networks* 85,000 1,346 Genesis Microchip* 42,000 2,391 Harmonic* 95,000 1,156 Hewlett-Packard 5,000 110 JDS Uniphase* 70,000 706 Juniper Networks* 25,000 615 Kopin* 15,000 242 Linear Technology 6,000 246 Oni Systems* 20,000 142 Photon Dynamics* 18,000 704 9 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 INFORMATION AND TECHNOLOGY FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- TECHNOLOGY--CONTINUED Qualcomm* 10,000 $ 587 SCI Systems* 120,000 3,438 Scientific-Atlanta 30,000 807 Solectron* 26,000 382 Sonus Networks* 85,000 410 Sun Microsystems* 60,000 854 Tollgrade Communications* 17,000 508 Trimble Navigation* 27,500 464 Zoran* 81,000 2,815 ------- 25,859 ------- Total Common Stock (Cost $57,268) 68,365 ------- Total Investments (92.9%) (Cost $57,268) $68,365 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 10 - -------------------------------------------------------------------------------- (UNAUDITED) INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FOREIGN COMMON STOCK (94.1%) AUSTRALIA (3.0%) Amcor 173,600 $ 633 Coles Myer 199,800 852 Foster's Brewing Group 299,500 763 National Australia Bank 101,581 1,669 Westpac Banking 231,900 1,801 -------- 5,718 -------- DENMARK (0.7%) Danske Bank 52,300 827 Sophus Berendsen, Cl B 25,500 512 -------- 1,339 -------- FINLAND (1.5%) Nokia Oyj 75,800 1,772 Tietoenator Oyj 43,900 1,130 -------- 2,902 -------- FRANCE (10.8%) Alcatel, Cl A 54,600 996 Aventis 13,850 967 BNP Paribas 38,900 3,414 Cie de Saint-Gobain 13,000 1,896 France Telecom 8,800 348 Lafarge 37,000 3,396 Peugeot 21,600 915 Suez 68,000 2,055 Technip-Coflexip 21,906 2,579 TotalFinaElf 19,360 2,470 Vivendi Universal 27,500 1,407 -------- 20,443 -------- GERMANY (6.3%) Allianz 5,800 1,366 BASF 19,800 762 Bayer 18,900 611 Bayerische Hypo-und Vereinsbank 25,800 834 Bayerische Motoren Werke 53,800 1,782 Buderus 53,675 1,326 Deutsche Bank 36,500 2,363 Deutsche Post 44,300 630 Siemens 38,350 2,263 -------- 11,937 -------- HONG KONG (1.7%) Esprit Holdings 650,000 729 Hong Kong Electric Holdings 238,000 871 Hutchison Whampoa 174,000 1,612 -------- 3,212 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- IRELAND (0.1%) Bank of Ireland 17,307 $ 153 -------- ITALY (5.1%) ENI-Ente Nazionale Idrocarburi* 163,900 1,916 IntesaBci* 689,385 1,676 Parmalat Finanziaria* 1,065,724 2,882 Saipem* 375,300 1,687 Telecom Italia* 180,100 1,534 -------- 9,695 -------- JAPAN (18.8%) Canon 90,300 3,058 Chubu Electric Power 86,900 1,659 Eisai 19,000 466 Fanuc 8,300 391 Fast Retailing 8,750 868 Futaba 34,700 833 Honda Motor 26,100 990 Japan Tobacco 196 1,285 Kirin Brewery 60,400 438 Kyocera 19,600 1,468 Minebea 158,000 950 Mitsubishi Heavy Industries 390,000 1,080 Mitsubishi Tokyo Finance Group* 34 233 Mizuho Holding 73 184 Nissan Motor 350,000 1,728 NKK* 1,059,000 636 NTT Docomo 95 1,242 Olympus Optical 79,000 1,091 Promise 35,200 2,038 Ricoh 94,000 1,687 Sankyo 61,000 1,063 Sega* 20,000 415 Seven - Eleven 20,000 830 Sharp 109,000 1,415 Sumitomo Chemical 387,000 1,424 Takeda Chemical Industries 39,000 1,780 Tokio Marine & Fire Insurance 148,000 1,172 Tokyu 80,000 309 Toyota Motor 107,900 2,761 Yamada Denki 27,000 1,849 Yamaha 48,000 405 -------- 35,748 -------- 11 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 INTERNATIONAL EQUITY FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- NETHERLANDS (9.0%) ABN Amro Holding 112,660 $ 1,831 Akzo Nobel 48,300 2,178 Draka Holding* 13,100 454 Fortis 141,500 3,302 IHC Caland 40,912 1,835 ING Groep 79,100 2,068 Koninklijke Philips Electronics 56,500 1,543 United Services Group 232,286 3,941 -------- 17,152 -------- NEW ZEALAND (0.4%) Telecom of New Zealand 342,211 723 -------- NORWAY (0.7%) Norske Skogindutrier 56,800 986 Telenor 96,100 398 -------- 1,384 -------- SINGAPORE (0.8%) Oversea-Chinese Banking 241,600 1,412 -------- SOUTH KOREA (0.3%) Halla Climate 6,900 206 Hana Bank 36,500 397 -------- 603 -------- SPAIN (5.3%) Aguas de Barcelona 110,451 1,451 Altadis 169,200 2,697 Banco Santander Central Hispano 155,900 1,329 Sol Melia* 199,300 1,504 Telefonica* 144,792 1,956 Union Electrica Fenosa 66,100 1,034 -------- 9,971 -------- SWEDEN (3.1%) Autoliv 56,300 1,044 Ericsson, Cl B 319,500 1,764 Sandvik 106,000 2,242 Swedish Match 174,600 874 -------- 5,924 -------- SWITZERLAND (2.5%) Nestle 10,350 2,134 Novartis 76,400 2,681 -------- 4,815 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- UNITED KINGDOM (24.0%) ARM Holdings* 62,300 $ 343 AstraZeneca 55,300 2,472 BAE Systems 425,200 1,934 Balfour Beatty 138,400 348 Barclays 92,100 2,824 BHP Billiton 234,600 1,128 BP 603,000 4,459 British SKY Broadcasting* 39,200 478 BT Group 255,650 1,010 Debenhams 65,100 353 Diageo 246,405 2,636 GlaxoSmithKline 189,300 4,751 Hanson 71,600 482 HBOS 112,600 1,325 Lattice Group 723,400 1,568 Lloyds TSB Group 210,894 2,171 Logica 14,900 165 Marks & Spencer 78,200 389 Powderject Pharmaceuticals* 26,100 202 Prudential 237,122 2,585 Rank Group 635,500 2,075 Reed International 108,800 915 Royal Bank of Scotland Group 113,249 2,624 Safeway 90,500 396 Shell Transport & Trading 169,300 1,169 Tesco 230,000 789 Vodafone Group 2,369,400 6,082 -------- 45,673 -------- Total Foreign Common Stock (Cost $192,735) 178,804 -------- Total Investments (94.1%) (Cost $192,735) $178,804 ======== 12 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- At November 30, 2001, sector diversification of the Fund was as follows: % OF VALUE SECTOR DIVERSIFICATION NET ASSETS (000) - ---------------------- ----------- ------- FOREIGN COMMON STOCK Banking 15.0% $28,538 Telecommunications 9.6 18,279 Food, Beverage and Tobacco 8.9 16,949 Pharmaceuticals 7.6 14,382 Services 6.4 12,108 Oil &Gas 6.4 12,100 Automotive 5.7 10,877 Electronics 5.5 10,507 Diversified Operations 4.2 8,017 Manufacturing 4.0 7,599 Insurance 3.8 7,191 Construction Materials 3.6 6,758 Retail 2.9 5,556 Chemicals 2.6 4,975 Distribution 2.0 3,787 Audio/Video 1.2 2,236 Transportation 1.1 2,108 Consumer Products 1.1 2,097 Financial Services 1.1 2,038 Multi Media 0.7 1,407 Computers 0.7 1,295 ----- -------- TOTAL FOREIGN COMMON STOCK 94.1 178,804 ----- -------- TOTAL INVESTMENTS 94.1 178,804 OTHER ASSETS AND LIABILITIES, NET 5.9 11,382 ----- -------- TOTAL NET ASSETS 100.0% $190,186 ===== ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 13 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 INTERNATIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FOREIGN COMMON STOCK (98.6%) AUSTRALIA (3.3%) Amcor 28,541 $ 104 AMP 33,151 329 Australia & New Zealand Banking Group 22,065 193 Australian Gas Light 19,850 92 BHP 114,052 596 Brambles Industries 34,891 180 Coca-Cola Amatil 27,403 76 Cochlear 3,053 71 Coles Myer 38,039 162 Commonwealth Bank of Australia 35,985 535 Computershare 24,721 71 CSL 5,522 138 CSR 35,839 125 Foster's Brewing Group 69,629 177 General Property Trust 70,401 102 Lend Lease 18,176 113 Macquarie Bank 4,381 80 Mayne Nickless 30,554 115 Mirvac Group 36,508 74 National Australia Bank 46,896 770 News 57,104 437 QBE Insurance 24,599 91 Rio Tinto 9,935 179 Santos 36,108 121 Southcorp Holdings 28,039 113 Stockland Trust Group 35,701 82 Suncorp-Metway 14,604 100 TABCORP Holdings* 19,383 104 Telstra 155,142 444 Wesfarmers 12,407 206 Westfield Holdings 8,039 67 Westfield Trust* 60,009 103 Westpac Banking 50,130 389 WMC 36,613 180 Woodside Petroleum 10,909 75 Woolworths 37,667 217 -------- 7,011 -------- AUSTRIA (1.0%) Best Water Technology 3,241 77 Boehler-Uddeholm 2,851 114 Erste Bank Der Oesterreichischen Sparkassen 5,365 281 Flughafen Wien 5,181 139 Mayr-Melnhof Karton 2,534 120 Oesterreichische Elektrizitaetswirtschafts, Cl A 4,914 348 OMV 4,817 401 Telekom Austria* 43,687 366 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- AUSTRIA--CONTINUED VA Technologie 4,205 $ 85 Voest-Alpine 2,486 69 Wienerberger Baustoffindustr 11,343 160 -------- 2,160 -------- BELGIUM (1.8%) AGFA-Gevaert 11,951 132 Bekaert 2,132 70 Colruyt* 2,426 106 D'ieteren 498 70 Delhaize-Le Lion 4,206 224 Dexia 21,000 291 Electrabel 2,418 509 Fortis, Cl B 42,406 997 Groupe Bruxelles Lambert 5,683 295 Interbrew* 10,031 264 KBC Bancassurance Holding 10,930 336 Solvay 3,941 226 UCB 6,831 266 Umicore 2,473 96 -------- 3,882 -------- DENMARK (1.1%) D/S 1912, Cl B 34 230 Dampskibsselkabet Svendborg, Cl B 28 252 Danisco 2,767 99 Danske Bank 27,464 434 Group 4 Falck 800 97 ISS* 2,200 122 Novo-Nordisk, Cl B 13,006 505 Novozymes, Cl B 4,070 80 TDC 8,016 280 Vestas Wind Systems 4,495 150 William Demant Holding* 3,600 98 -------- 2,347 -------- FINLAND (1.0%) Nokia Oyj 79,694 1,862 Sonera Oyj 13,000 67 Stora Enso Oyi, Cl R 5,969 76 Tietoenator Oyj 2,089 54 UPM-Kymmene Oyj 4,100 139 -------- 2,198 -------- FRANCE (9.0%) Accor 6,195 205 Air Liquide 2,570 365 Alcatel, Cl A 33,686 615 Alstom 4,284 50 Aventis 21,170 1,479 AXA 43,577 952 14 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- FRANCE--CONTINUED BNP Paribas 11,917 $ 1,046 Bouygues 7,442 257 Cap Gemini 3,418 219 Carrefour Supermarche 17,173 890 Castorama Dubois Investissements 1,422 68 Cie de Saint-Gobain 2,282 333 Cie Generale D'Optique Essilor International 4,362 128 Dassault Systemes 2,690 128 Etablissements Economiques du Casino Guichard Perrachon 2,076 163 European Aeronautic Defense & Space 6,072 72 France Telecom 19,974 789 Groupe Danone 3,991 461 L'OREAL 14,390 990 Lafarge 3,861 354 Lagardere 3,794 157 LVMH Moet Hennessy Louis Vuitton 10,721 435 Michelin, Cl B 4,772 156 Pechiney, Cl A 2,016 98 Pernod-Ricard 1,820 134 Peugeot 7,685 325 Pinault-Printemps-Redoute 2,767 364 Publicis Groupe 4,036 101 Renault 2,243 77 Sanofi-Synthelabo 15,619 1,082 Schneider Electric 4,931 226 Societe BIC 2,048 68 Societe Generale, Cl A 10,559 575 Societe Television Francaise 2,670 65 Sodexho Alliance 3,033 124 Suez 25,934 784 Technip-Coflexip 713 84 Thales 3,561 128 TotalFinaElf 20,143 2,570 Union du Credit-Bail Immobilier* 1,654 85 Usinor 8,486 106 Valeo 2,711 103 Vinci 2,237 126 Vivendi Universal 28,346 1,450 -------- 18,987 -------- GERMANY (12.5%) Adidas-Salomon 2,400 154 Aixtron 1,700 42 Allianz 10,400 2,449 Altana 2,100 105 BASF 29,800 1,146 Bayer 38,700 1,251 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- GERMANY--CONTINUED Bayerische Hypo-und Vereinsbank 24,900 $ 805 Beiersdorf 3,200 354 Continental 8,900 108 DaimlerChrysler 50,600 2,125 Deutsche Bank 29,600 1,916 Deutsche Lufthansa 16,800 220 Deutsche Post 9,900 141 Deutsche Telekom 133,500 2,244 Douglas Holding 2,050 48 E.ON 36,200 1,806 Epcos 3,300 154 Fresenius Medical Care 4,200 274 Gehe 3,300 126 Heidelberger Zement 3,200 151 Infineon Technologies 10,200 198 KarstadtQuelle 4,900 178 Linde 5,800 249 MAN 7,710 152 Merck KGaA 6,700 245 Metro 12,501 425 MLP 1,600 117 Muenchener Rueckversicherungs 7,000 1,890 Preussag 9,910 255 RWE 25,300 941 SAP 14,200 1,760 Schering 10,400 565 Siemens 47,050 2,776 ThyssenKrupp 24,100 343 Volkswagen 15,600 683 WCM Beteiligungs & Grundbesi 13,000 150 -------- 26,546 -------- GREECE (1.0%) Alpha Credit Bank* 13,600 254 Bank of Piraeus* 10,800 97 Coca Cola Hellenic Bottling* 8,900 130 Commercial Bank of Greece* 6,300 215 EFG Eurobank Ergasias 11,500 167 Hellenic Petroleum* 9,800 67 Hellenic Telecom* 20,400 346 Intracom Common* 6,600 93 National Bank of Greece* 15,800 388 Panafon Hellenic Telecom* 15,000 76 Titan Cement* 3,500 122 Viohalco* 9,600 84 -------- 2,039 -------- HONG KONG (1.1%) Bank of East Asia 40,800 86 Cheung Kong Holdings 17,000 164 CLP Holdings 51,600 200 15 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 INTERNATIONAL EQUITY INDEX FUND--CONTINUED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- HONG KONG--CONTINUED Hang Seng Bank 26,600 $ 288 Henderson Land Development 26,000 98 Hong Kong & China Gas 115,670 145 Hutchison Whampoa 64,080 594 Johnson Electric Holdings 64,000 73 Li & Fung 50,000 56 Pacific Century CyberWorks* 245,630 70 Sun Hung Kai Properties 39,600 292 Swire Pacific, Cl A 28,000 136 Wharf Holdings 50,000 108 -------- 2,310 -------- IRELAND (0.8%) Allied Irish Banks 20,025 211 Allied Irish Banks - Dublin 10,491 109 Bank of Ireland* 18,429 165 CRH 16 275 Elan* 10,520 471 Irish Life & Permanent 13,536 152 Jefferson Smurfit Group 13,986 30 Kerry Group, Cl A 8,000 101 Ryanair Holdings 13,673 155 -------- 1,669 -------- ITALY (7.5%) Alitalia* 80,439 77 Alleanza Assicurazioni* 10,200 107 Arnoldo Mondadori Editore* 15,468 101 Assicurazioni Generali* 64,875 1,780 Autogrill 14,000 127 Autostrade Concessioni e Costruzioni Autostrade* 64,000 425 Banca di Roma* 78,125 174 Banca Fideuram* 9,150 68 Banca Monte Dei Paschi di Sien* 25,750 68 Banca Nazionale del Lavoro* 52,750 119 Banca Popolare di Milano* 30,300 106 Benetton Group* 9,700 104 Bipop-Carire* 98,500 168 Bulgari 16,250 138 Enel* 174,375 998 ENI-Ente Nazionale Idrocarburi* 199,450 2,332 Fiat 21,000 349 IntesaBci* 281,500 684 IntesaBci RNC* 45,500 79 Italcementi 11,650 89 Italgas* 19,500 175 Luxottica Group 4,100 63 Mediaset* 54,700 409 Mediobanca* 33,100 356 Mediolanum* 7,400 66 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- ITALY--CONTINUED Parmalat Finanziaria* 41,602 $ 112 Pirelli* 96,571 162 Rinascente* 17,500 66 Riunione Adriatica di Sicurta* 31,450 383 Sanpaolo IMI* 64,750 714 Seat-Pagine Gialle* 175,500 148 Telecom Italia* 185,500 1,580 Telecom Italia RNC* 88,100 446 TIM 377,000 2,130 Tiscali* 9,503 94 Unicredito Italiano* 236,000 890 -------- 15,887 -------- JAPAN (31.5%) 77 Bank 17,000 79 Acom 5,200 422 Advantest 4,200 268 Aeon 14,000 295 Aiful 1,200 93 Ajinomoto 29,000 295 Alps Electric 11,000 75 Amada 16,000 74 Asahi Bank 115,000 91 Asahi Breweries 21,000 206 Asahi Glass 51,000 298 Asahi Kasei 67,000 248 Bank of Fukuoka 27,000 102 Bank of Yokohama 50,000 168 Benesse 5,000 146 Bridgestone 36,000 401 Canon 42,000 1,423 Casio Computer 15,000 79 Central Japan Railway 73 480 Chiba Bank 20,000 66 Chubu Electric Power 13,000 248 Chugai Pharmaceutical 12,000 161 Citizen Watch 16,000 84 Credit Saison 7,400 162 CSK 3,500 94 Dai Nippon Printing 32,000 343 Daiichi Pharmaceutical 12,000 258 Daikin Industries 11,000 179 Dainippon Ink & Chemical 41,000 67 Daito Trust Construction 6,400 100 Daiwa Bank 91,000 77 Daiwa House Industry 25,000 152 Daiwa Securities Group 61,000 410 Denki Kagaku Kogyo 25,000 57 Denso 37,900 568 East Japan Railway 156 820 Ebara 14,000 103 Eisai 13,000 319 16 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- JAPAN--CONTINUED Fanuc 8,600 $ 405 Fast Retailing 800 79 Fuji Photo Film 22,000 758 Fuji Soft ABC 1,800 75 Fuji Television Network 19 84 Fujikura 19,000 87 Fujisawa Pharmaceutical 6,000 137 Fujitsu 87,000 719 Furukawa Electric 27,000 162 Gunma Bank 24,000 121 Hirose Electric 1,800 146 Hitachi 141,000 1,042 Honda Motor 36,500 1,384 Hoya 5,200 342 Isetan 10,000 101 Ishikawajima Harim Heavy Industies 59,000 90 Ito-Yokado 18,000 808 Itochu 64,000 169 Itochu Techno-Science 1,200 68 Japan Airlines 75,000 201 Japan Energy 57,000 81 Japan Tobacco 68 446 JGC 12,000 80 Joyo Bank 38,300 113 Kajima 49,000 155 Kamigumi 17,000 71 Kaneka 15,000 93 Kansai Electric Power 40,000 625 Kao 26,000 555 Katokichi 3,700 69 Kawasaki Heavy Industries* 70,000 72 Kawasaki Steel 134,000 134 Keihin Electric Express Railway 34,000 138 Keio Electric Railway 18,000 86 Keyence 800 141 Kikkoman* 13,000 78 Kinden 14,000 75 Kinki Nippon Railway 77,250 297 Kirin Brewery 41,000 298 Kokuyo 9,000 80 Komatsu 48,000 161 Konami 5,700 193 Konica 17,000 96 Kubota 61,000 177 Kuraray 22,000 144 Kurita Water Industries 7,000 88 Kyocera 8,200 614 Kyowa Hakko Kogyo 20,000 108 Kyushu Electric Power 7,700 118 Mabuchi Motor 1,000 82 Makita 16,000 95 Marubeni* 76,000 65 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- JAPAN--CONTINUED Marui 16,000 $ 210 Matsushita Communication 2,600 94 Matsushita Electric Industrial 92,000 1,222 Matsushita Electric Works 11,000 97 Meiji Seika Kaisha 19,000 81 Meitec 2,600 71 Minebea 22,000 132 Mitsubishi 64,000 445 Mitsubishi Chemical 100,000 224 Mitsubishi Electric 94,000 395 Mitsubishi Estate 51,000 436 Mitsubishi Heavy Industries 145,000 402 Mitsubishi Logistics 10,000 82 Mitsubishi Materials 46,000 70 Mitsubishi Rayon 28,000 73 Mitsubishi Tokyo Finance Group* 219 1,499 Mitsui 67,000 378 Mitsui Fudosan 35,000 320 Mitsui Marine & Fire Insurance 60,340 300 Mitsui Mining & Smelting 33,000 106 Mitsukoshi 22,000 75 Mizuho Holding 345 869 Murata Manufacturing 11,500 778 NEC 75,000 763 NGK Insulators 15,000 121 NGK Spark Plug 10,000 78 Nidec 2,600 136 Nikko Cordial 32,000 169 Nikon 18,000 162 Nintendo 5,700 984 Nippon Comsys 3,000 22 Nippon Express 50,000 180 Nippon Meat Packers 11,000 114 Nippon Mitsubishi Oil 70,000 322 Nippon Sheet Glass 21,000 90 Nippon Steel 285,000 403 Nippon Telegraph & Telephone 376 1,558 Nippon Unipac Holding* 42 205 Nippon Yusen Kabushiki Kaisha 55,000 160 Nissan Motor 151,000 746 Nisshin Seifun Group 13,000 84 Nissin Food Products 5,100 110 Nitto Denko 7,600 161 Nomura Holdings 87,000 1,208 NSK 28,000 99 NTT Data 35 142 NTT Docomo 96 1,255 Obayashi 36,000 132 OJI Paper 48,000 232 Olympus Optical 12,000 166 Omron 12,000 164 Onward Kashiyama 8,000 84 17 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 INTERNATIONAL EQUITY INDEX FUND--CONTINUED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- JAPAN--CONTINUED Oracle 900 $ 73 Oriental Land 3,700 265 ORIX 3,720 358 Osaka Gas 106,000 277 Pioneer 8,000 193 Promise 5,100 295 Ricoh 15,000 269 Rohm 5,100 693 Sankyo 20,000 348 Sanyo Electric 82,000 424 Sapporo Breweries 26,000 73 Secom 10,500 583 Sega* 7,600 158 Sekisui Chemical 27,000 78 Sekisui House 33,000 252 Seven - Eleven 10,000 415 Sharp 48,000 623 Shimamura 1,700 106 Shimano 6,900 88 Shimizu 36,000 145 Shin-Etsu Chemical 18,800 712 Shionogi 15,000 258 Shiseido 18,000 175 Shizuoka Bank 32,000 247 Showa Denko* 54,000 66 Showa Shell Sekiyu* 16,000 104 Skylark 6,000 148 SMC 3,000 303 Softbank 12,200 266 Sony 40,400 1,906 Sumitomo 45,000 246 Sumitomo Chemical 72,000 265 Sumitomo Electric Industries 34,000 283 Sumitomo Metal Industries* 177,000 68 Sumitomo Metal Mining 26,000 91 Sumitomo Mitsui Banking 212,800 1,158 Sumitomo Trust & Banking 22,000 109 Taiheiyo Cement 48,000 74 Taisei 47,000 129 Taisho Pharmaceutical 14,000 247 Taiyo Yuden 6,000 95 Takara Shuzo 10,000 99 Takashimaya 13,000 82 Takeda Chemical Industries 39,000 1,780 Takefuji 5,250 424 TDK 3,100 157 Teijin 41,000 152 Teikoku Oil 20,000 85 Terumo 10,100 132 Tobu Railway 53,000 152 Toho 1,100 126 Tohoku Electric Power 21,700 326 Tokio Marine & Fire Insurance 63,000 499 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- JAPAN--CONTINUED Tokyo Broadcasting System 3,000 $ 48 Tokyo Electric Power 58,500 1,347 Tokyo Electron 8,100 430 Tokyo Gas 119,000 325 Tokyu 50,000 193 TonenGeneral Sekiyu 10,000 71 Toppan Printing 31,000 283 Toray Industries 68,000 186 Toshiba 145,000 619 Tosoh 31,000 66 Tostem Inax Holding 14,512 197 Toto 20,700 111 Toyo Seikan Kaisha 11,300 149 Toyobo 35,000 49 Toyota Motor 137,400 3,515 Trend Micro* 3,000 78 UBE Industries 49,000 67 UFJ Holdings* 58 192 Uni-Charm 2,700 71 UNY 8,000 88 Wacoal 10,000 96 West Japan Railway 24 105 World 2,950 87 Yakult Honsha* 8,000 66 Yamaha 10,000 84 Yamaichi Securities* 15,000 -- Yamanouchi Pharmaceutical 16,000 450 Yamato Transport 19,000 362 Yamazaki Baking 13,000 87 Yasuda Fire & Marine Insurance 17,000 104 Yokogawa Electric 15,000 122 -------- 66,854 -------- NETHERLANDS (2.8%) ABN Amro Holding 23,599 384 Aegon 18,150 484 Akzo Nobel 5,265 237 ASML Lithography Holding* 7,186 127 Elsevier 13,365 155 Heineken 5,028 187 ING Groep 28,832 754 Koninklijke Ahold 11,892 351 Koninklijke Philips Electronics 21,686 592 Qiagen* 7,300 145 Royal Dutch Petroleum 33,818 1,635 Royal KPN* 16,964 78 TNT Post Group 7,710 157 Unilever 9,099 518 VNU 2,557 82 Wolters Kluwer 5,588 121 -------- 6,007 -------- 18 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- NEW ZEALAND (0.4%) Auckland International Airport 57,751 $ 92 Carter Holt Harvey 153,761 111 Contact Energy 59,275 100 Fisher & Paykel Healthcare 10,809 82 Fletcher Building 65,817 79 Telecom of New Zealand 142,409 301 Warehouse Group 37,001 105 -------- 870 -------- NORWAY (1.2%) Bergesen, Cl A 8,750 149 DnB Holding 54,100 226 Elkem 4,600 80 Gjensidige NOR Sparebank 3,100 88 Norsk Hydro 16,925 656 Norske Skogindutrier 9,200 160 Orkla 17,400 286 Petroleum Geo-Services* 11,600 74 Statoil* 35,000 227 Storebrand 23,287 129 Tandberg* 5,797 119 Telenor 42,800 177 Tomra Systems 15,350 163 -------- 2,534 -------- PORTUGAL (0.8%) Banco Comercial Portugues* 104,823 431 Banco Espirito Santo 10,518 131 BPI-SGPS 33,944 74 Brisa-Auto Estradas de Portugal 16,448 140 Cimpor Cimentos de Portugal 6,216 104 Electricidade de Portugal 129,706 297 Portugal Telecom SGPS* 57,421 437 Sonae SGPS 137,149 95 -------- 1,709 -------- SINGAPORE (0.6%) Chartered Semiconductor Manufacturing* 33,000 74 City Developments 34,000 89 DBS Group Holdings 35,467 221 Oversea-Chinese Banking 36,350 212 Singapore Airlines 31,000 159 Singapore Press Holdings 13,000 135 Singapore Telecommunications 163,000 157 United Overseas Bank 33,000 207 -------- 1,254 -------- SPAIN (4.7%) Acerinox 3,658 115 ACS 3,460 82 Aguas de Barcelona 7,732 102 Altadis 15,026 239 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- SPAIN--CONTINUED Autopistas Concesionaria Espanola* 13,811 $ 135 Banco Bilbao Vizcaya Argentaria 144,254 1,775 Banco Santander Central Hispano 195,006 1,662 Endesa 45,733 732 Fomento de Construcciones y Contratas* 6,120 131 Gas Natural SDG 14,705 258 Grupo Dragados* 9,619 119 Iberdrola 39,782 511 Inditex De Diseno Textil* 10,406 201 Repsol YPF 51,252 720 Sol Melia* 9,872 74 Telefonica* 201,009 2,716 Terra Networks* 9,901 83 Union Electrica Fenosa 15,273 239 Vallehermoso 11,571 76 Zeltia* 6,916 56 -------- 10,026 -------- SWEDEN (1.8%) Assa Abloy, Cl B 9,200 128 Atlas Copco, Cl A 4,900 103 Electrolux, Cl B 10,500 152 Ericsson, Cl B 201,500 1,113 Gambro, Cl A 11,200 72 Hennes & Mauritz, Cl B 18,300 365 Nordea 66,500 330 Sandvik 7,500 159 Securitas, Cl B 8,600 153 Skandia Forsakrings 27,100 202 Skandinaviska Enskilda Banken, Cl A 15,700 138 Skanska, Cl B 12,800 83 SKF, Cl B 4,200 75 Svenska Cellulosa, Cl B 6,500 163 Svenska Handelsbanken, Cl A 16,500 221 Swedish Match 100 -- Tele2, Cl B* 4,450 143 Telia 30,200 131 Volvo, Cl B 10,550 166 -------- 3,897 -------- SWITZERLAND (2.3%) ABB 13,932 146 Adecco 2,300 119 Credit Suisse Group* 10,341 399 Holcim, Cl B 364 75 Nestle 3,174 654 Novartis 25,075 880 Roche Holding, Bearer Shares 1,048 87 Roche Holding, Genuss Shares 6,311 451 19 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 INTERNATIONAL EQUITY INDEX FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- SWITZERLAND--CONTINUED STMicroelectronics 20,715 $ 703 Swiss Reinsurance 2,437 246 Swisscom 501 136 Syngenta* 1,804 91 UBS* 11,842 588 Zurich Financial Services 792 202 -------- 4,777 -------- UNITED KINGDOM (12.4%) 3I Group 11,987 149 Amersham 12,500 118 Amvescap 13,529 193 ARM Holdings* 16,459 91 AstraZeneca 27,850 1,245 AWG* 9,502 75 BAA 19,649 165 BAE Systems 38,783 176 Barclays 26,777 821 Bass 18,270 185 BG Group 62,138 234 BHP Billiton 21,094 101 BOC Group 9,784 148 Boots 17,146 144 BP 356,305 2,635 Brambles Industries* 19,452 94 British American Tobacco 35,215 284 British Land 11,579 77 British SKY Broadcasting* 23,697 289 BT Group 139,396 551 Cable & Wireless 25,753 121 Cadbury Schweppes 32,889 209 Canary Wharf Group* 13,217 86 Capita Group 13,425 90 Celltech Group* 5,356 69 Centrica 69,430 211 CGNU 35,663 425 CMG 12,616 43 Compass Group 39,276 281 Diageo 54,417 582 Dixons Group 36,045 125 Electrocomponents 9,935 71 EMI Group 21,633 97 Exel 9,012 103 GKN 19,452 78 GlaxoSmithKline 98,440 2,471 Granada 58,028 116 Great Universal Stores 20,623 184 Hanson 17,993 121 Hays 36,376 105 HBOS 57,076 672 Hilton Group 36,939 111 HSBC Holdings 149,287 1,799 Imperial Chemical Industries 16,500 94 Imperial Tobacco Group 5,690 67 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- UNITED KINGDOM--CONTINUED International Power* 24,731 $ 73 Invensys 67,527 95 J Sainsbury 29,049 149 Jefferson Smurfit Group 27,691 59 Johnson Matthey 4,989 69 Kingfisher 24,756 141 Land Securities 9,332 106 Lattice Group 65,157 141 Legal & General Group 84,780 187 Lloyds TSB Group 88,057 907 Logica 7,167 79 Marconi 43,528 22 Marks & Spencer 53,804 267 National Grid Group 27,278 172 P&O Princess Cruises 17,406 91 Pearson 13,081 154 Peninsular & Oriental Steam Navigation 24,570 87 Provident Financial 7,956 74 Prudential 32,538 355 Reckitt Benckiser 5,305 70 Reed International 21,227 179 Rentokil Initial 36,435 133 Reuters Group 23,796 231 Rio Tinto 17,875 335 Royal & Sun Alliance Insurance Group 14,655 84 Royal Bank of Scotland Group 43,199 1,001 Sage Group* 25,110 85 Scottish & Southern Energy 8,775 77 Scottish Power 32,897 184 Shell Transport & Trading 75,359 520 Smith & Nephew 17,903 96 Smiths Group 12,787 120 Tesco 113,369 389 Unilever 46,804 378 United Utilities 12,697 115 Vodafone Group 1,088,885 2,795 Wolseley 12,634 91 WPP Group 18,604 182 -------- 26,399 -------- Total Foreign Common Stock (Cost $250,965) 209,363 -------- FOREIGN PREFERRED STOCK (0.4%) AUSTRALIA (0.2%) News Corporation 64,592 422 -------- GERMANY (0.2%) Hugo Boss 4,000 84 Porsche 300 107 Prosieben SAT.1 Media 8,200 53 Volkswagen 5,500 163 -------- 407 -------- 20 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- ITALY (0.0%) Fiat 6,000 $ 73 -------- Total Foreign Preferred Stock (Cost $1,370) 902 -------- FOREIGN RIGHTS (0.0%) FRANCE (0.0%) Sodexho Alliance 3,033 3 -------- Total Foreign Rights (Cost $0) 3 -------- Total Investments (99.0%) (Cost $252,335) $210,268 ======== - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- At November 30, 2001, sector diversification of the Fund was as follows: % OF VALUE SECTOR DIVERSIFICATION NET ASSETS (000) - ---------------------- ----------- -------- FOREIGN COMMON STOCK Banking 14.6% $ 30,908 Electronics 9.7 20,683 Pharmaceuticals 7.2 15,324 Oil & Gas 6.7 14,171 Telephone 6.6 13,920 Insurance 5.5 11,689 Food, Beverage and Tobacco 5.3 11,282 Automotive 5.2 11,024 Telecommunications 4.7 9,891 Diversified Operations 4.1 8,670 Manufacturing 3.6 7,686 Retail 2.9 6,176 Transportation 2.9 6,171 Chemicals 2.9 6,086 Financial Services 2.4 5,129 Construction Materials 2.4 5,046 Computers 2.3 4,940 Services 2.0 4,228 Multi-Media 1.9 4,084 Consumer Products 1.8 3,877 Audio/Video 1.6 3,405 Real Estate 1.2 2,546 Cosmetics & Toiletries 1.1 2,335 Distribution 0.0 92 ----- -------- TOTAL FOREIGN COMMON STOCK 98.6 209,363 TOTAL FOREIGN PREFERRED STOCK 0.4 902 FOREIGN RIGHTS -- 3 ----- -------- TOTAL INVESTMENTS 99.0 210,268 OTHER ASSETS AND LIABILITIES, NET 1.0 1,902 ----- -------- TOTAL NET ASSETS 100.0% $212,170 ===== ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 21 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 LIFE VISION AGGRESSIVE GROWTH FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- EQUITY FUNDS (96.9%) STI Classic Capital Appreciation Fund, Trust Shares 610,325 $ 7,983 STI Classic Growth and Income Fund, Trust Shares 281,805 3,954 STI Classic International Equity Index Fund, Trust Shares 418,387 4,012 STI Classic Mid-Cap Equity Fund, Trust Shares 46,220 489 STI Classic Small Cap Growth Stock Fund, Trust Shares 89,704 1,511 STI Classic Small Cap Value Equity Fund, Trust Shares 122,512 1,523 STI Classic Value Income Stock Fund, Trust Shares 366,060 3,957 ------- Total Equity Funds (Cost $23,464) 23,429 ------- MONEY MARKET FUND (3.0%) STI Classic Prime Quality Money Market Fund, Trust Shares 730,601 731 ------- Total Money Market Fund (Cost $731) 731 ------- Total Investments (99.9%) (Cost $24,195) 24,160 ------- OTHER ASSETS AND LIABILITIES, NET (0.1%) 30 ------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 2,519,950 outstanding shares of beneficial interest 25,150 Distributions in excess of net investment income (4) Accumulated net realized loss on investments (921) Net unrealized depreciation on investments (35) ------- Total Net Assets (100.0%) $24,190 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $9.60 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 22 - -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION GROWTH AND INCOME FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- EQUITY FUNDS (74.2%) STI Classic Capital Appreciation Fund, Trust Shares 443,875 $ 5,806 STI Classic Growth and Income Fund, Trust Shares 583,679 8,189 STI Classic International Equity Index Fund, Trust Shares 761,812 7,306 STI Classic Mid-Cap Equity Fund, Trust Shares 95,048 1,005 STI Classic Small Cap Growth Stock Fund, Trust Shares 194,794 3,282 STI Classic Small Cap Value Equity Fund, Trust Shares 259,437 3,225 STI Classic Value Income Stock Fund, Trust Shares 755,588 8,168 ------- Total Equity Funds (Cost $35,899) 36,981 ------- FIXED INCOME FUNDS (22.9%) STI Classic Investment Grade Bond Fund, Trust Shares 591,084 6,201 STI Classic Limited-Term Federal Mortgage Securities Fund, Trust Shares 253,693 2,613 STI Classic Short-Term Bond Fund, Trust Shares 256,095 2,602 ------- Total Fixed Income Funds (Cost $10,973) 11,416 ------- MONEY MARKET FUND (3.0%) STI Classic Prime Quality Money Market Fund, Trust Shares 1,497,841 1,498 ------- Total Money Market Fund (Cost $1,498) 1,498 ------- Total Investments (100.1%) (Cost $48,370) 49,895 ------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) (31) ------- - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 5,026,688 outstanding shares of beneficial interest $51,095 Distribution in excess of net investment income (13) Accumulated net realized loss on investments (2,743) Net unrealized appreciation on investments 1,525 ------- Total Net Assets (100.0%) $49,864 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $9.92 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 23 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 LIFE VISION MODERATE GROWTH FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- EQUITY FUNDS (58.6%) STI Classic Capital Appreciation Fund, Trust Shares 972,097 $12,715 STI Classic Growth and Income Fund, Trust Shares 446,138 6,259 STI Classic International Equity Index Fund, Trust Shares 1,352,554 12,971 STI Classic Mid-Cap Equity Fund, Trust Shares 145,447 1,539 STI Classic Small Cap Growth Stock Fund, Trust Shares 297,969 5,021 STI Classic Small Cap Value Equity Fund, Trust Shares 393,229 4,888 STI Classic Value Income Stock Fund, Trust Shares 583,752 6,310 ------- Total Equity Funds (Cost $49,356) 49,703 ------- FIXED INCOME FUNDS (38.4%) STI Classic Investment Grade Bond Fund, Trust Shares 1,413,707 14,829 STI Classic Limited-Term Federal Mortgage Securities Fund, Trust Shares 860,196 8,860 STI Classic Short-Term Bond Fund, Trust Shares 870,817 8,848 ------- Total Fixed Income Funds (Cost $31,098) 32,537 ------- MONEY MARKET FUND (3.1%) STI Classic Prime Quality Money Market Fund, Trust Shares 2,637,939 2,638 ------- Total Money Market Fund (Cost $2,638) 2,638 ------- Total Investments (100.1%) (Cost $83,092) 84,878 ------- OTHER ASSETS AND LIABILITIES, NET (-0.1%) (87) ------- - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 9,030,356 outstanding shares of beneficial interest $87,068 Undistributed net investment income 223 Accumulated net realized loss on investments (4,286) Net unrealized appreciation on investments 1,786 ------- Total Net Assets (100.0%) $84,791 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $9.39 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 24 - -------------------------------------------------------------------------------- (UNAUDITED) MID-CAP EQUITY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCK (85.6%) BASIC MATERIALS (5.7%) Bowater 39,300 $ 1,890 Cytec Industries* 56,000 1,433 Eastman Chemical 24,200 929 HB Fuller 78,200 2,336 Lyondell Chemical 30,100 427 Praxair 41,000 2,170 Stillwater Mining* 131,000 2,063 -------- 11,248 -------- CAPITAL GOODS (4.4%) Jacobs Engineering Group* 23,100 1,593 Optimal Robotics, Cl A* 72,550 1,908 PerkinElmer 12,600 349 Shaw Group* 29,500 793 SPX* 34,400 4,180 -------- 8,823 -------- COMMUNICATION SERVICES (2.2%) Commscope* 37,600 741 Dobson Communications, Cl A* 81,000 771 Leap Wireless International* 52,800 949 Western Wireless, Cl A* 80,100 1,968 -------- 4,429 -------- COMPUTER SOFTWARE (2.0%) Citrix Systems* 41,500 928 Electronic Arts* 21,300 1,288 Intuit* 16,800 738 Rational Software* 54,500 1,038 -------- 3,992 -------- CONSUMER CYCLICALS (8.2%) Abercrombie & Fitch, Cl A* 80,500 1,932 American Eagle Outfitters* 71,850 1,756 Circuit City Stores 110,000 1,931 Electronics Boutique Holdings* 28,200 1,199 Fluor 34,800 1,317 Men's Wearhouse* 29,750 570 Mohawk Industries* 13,100 601 Payless Shoesource* 23,700 1,311 Royal Caribbean Cruises 50,700 786 Six Flags* 77,600 1,111 TMP Worldwide* 20,500 847 Too* 21,900 643 Tweeter Home Entertainment Group* 92,200 2,277 -------- 16,281 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CONSUMER STAPLES (7.5%) Adelphia Communications, Cl A* 36,100 $ 906 Adolph Coors, Cl B 14,100 804 Brinker International* 27,500 770 CDW Computer Centers* 23,900 1,305 CEC Entertainment* 9,200 342 Charter Communications, Cl A* 47,700 734 Cheesecake Factory* 14,100 436 Darden Restaurants 32,400 996 Emmis Communications, Cl A* 80,600 1,336 Hispanic Broadcasting* 59,300 1,296 Radio One, Cl D* 80,300 1,266 Sensient Technologies 122,400 2,190 Suiza Foods* 42,200 2,541 -------- 14,922 -------- ENERGY (5.2%) BJ Services* 33,900 944 Cooper Cameron* 16,800 616 Ensco International 30,400 612 Evergreen Resources* 7,100 275 GlobalSantaFe 58,549 1,417 Murphy Oil 3,400 244 National-Oilwell* 24,100 403 Ocean Energy 107,100 1,898 Patterson-UTI Energy* 62,400 1,264 Precision Drilling* 67,900 1,605 Pride International* 29,900 383 Smith International* 12,200 552 -------- 10,213 -------- FINANCE (13.0%) AG Edwards 21,300 907 Colonial Bancgroup 53,200 705 Everest Re Group 6,400 457 Hibernia, Cl A 208,500 3,415 Lincoln National 21,600 1,030 M&T Bank 20,600 1,452 Marshall & Ilsley 55,100 3,385 National Commerce Financial 62,000 1,488 North Fork Bancorporation 90,300 2,735 Protective Life 36,600 1,029 RenaissanceRe Holdings 6,200 613 Safeco 64,300 2,068 SouthTrust 154,200 3,773 Sovereign Bancorp 131,900 1,458 TCF Financial 12,800 588 Zions Bancorporation 11,900 575 -------- 25,678 -------- 25 - -------------------------------------------------------------------------------- (UNAUDITED) STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 MID-CAP EQUITY FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- HEALTH CARE (16.6%) AdvancePCS* 18,600 $ 515 Albany Molecular Research* 16,800 387 Andrx Group* 15,600 1,152 Barr Laboratories* 25,300 1,848 Cephalon* 15,900 1,157 Genzyme - General Division* 32,500 1,775 Health Management Associates, Cl A* 166,200 3,242 Human Genome Sciences* 4,300 183 Idec Pharmaceuticals* 35,200 2,474 IVAX* 29,300 604 King Pharmaceuticals* 133,449 5,317 Lincare Holdings* 28,700 853 Millennium Pharmaceuticals* 22,500 767 Protein Design Labs* 39,400 1,485 Province Healthcare* 42,800 1,254 Quest Diagnostics* 13,200 815 Renal Care Group* 162,900 5,223 Sepracor* 8,000 399 Teva Pharmaceutical Industries ADR 38,600 2,258 Transkaryotic Therapies* 12,200 520 Varian Medical Systems* 8,200 566 -------- 32,794 -------- SERVICE INDUSTRIES (0.5%) Apollo Group, Cl A* 23,100 1,037 -------- TECHNOLOGY (17.7%) Aeroflex* 45,200 733 Applied Micro Circuits* 14,400 196 Cabot Microelectronics* 19,700 1,366 Cadence Design Systems* 58,400 1,393 Caliper Technologies* 52,700 645 Cerner* 28,700 1,518 Concurrent Computer* 207,500 3,052 Cree* 66,600 1,656 DST Systems* 21,200 1,011 Genesis Microchip* 21,800 1,241 Gentex* 16,500 394 Inrange Technologies, Cl B* 34,500 233 Integrated Circuit Systems* 78,000 1,460 Integrated Device Technology* 19,700 581 L-3 Communications Holdings* 7,200 600 Mentor Graphics* 20,300 460 Microsemi* 19,200 597 Network Associates* 51,900 1,191 Nvidia* 32,700 1,787 QLogic* 28,200 1,394 RF Micro Devices* 34,500 837 Seachange International* 102,000 3,025 Stratos Lightwave* 135,700 776 Sungard Data Systems* 22,200 623 - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- TECHNOLOGY--CONTINUED Symbol Technologies 136,375 $ 2,267 Triquint Semiconductor* 52,331 832 Virata* 135,100 1,785 Waters* 34,000 1,243 Zoran* 61,100 2,123 -------- 35,019 -------- TRANSPORTATION (0.7%) Expeditors International Washington 11,900 595 Forward Air* 24,700 749 -------- 1,344 -------- UTILITIES (1.9%) Equitable Resources 61,400 1,996 FirstEnergy 34,700 1,172 Mirant* 24,800 606 -------- 3,774 -------- Total Common Stock (Cost $159,580) 169,554 -------- PREFERRED STOCK (1.2%) Adelphia Communications, Ser D 27,400 2,449 -------- Total Preferred Stock (Cost $3,087) 2,449 -------- CONVERTIBLE BONDS (6.5%) Adelphia Communications CV to 22.8530 Shares, Callable 05/01/21 @ 100 3.250%, 05/01/21 $ 675 649 Affymetrix CV to 16.2602 Shares, Callable 10/07/02 @ 102.5 5.000%, 10/01/06 770 696 AmeriSource Health CV to 18.8791 Shares, Callable 12/03/04 @ 102 5.000%, 12/01/07 550 731 DR Horton CV to 17.4927 Shares, Callable 05/14/03 @ 55.97 (A) 2.813%, 05/11/21 1,317 759 Gilead Sciences CV to 20.3562 Shares, Callable 12/20/03 @ 102.86 5.000%, 12/15/07 1,120 1,851 Human Genome Sciences CV to 17.778 Shares, Callable 02/06/03 @ 102.5 5.000%, 02/01/07 2,540 2,635 26 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- CONVERTIBLE BONDS--CONTINUED Lennar CV to 6.3892 Shares, Callable 04/06/06 @ 100 (A) 5.526%, 04/04/21 $1,417 $ 485 Sepracor CV to 10.8249 Shares 5.000%, 02/15/07 2,750 2,224 SPX CV to 4.8116 Shares, Callable 02/06/06 @ 100 (A) (B) 2.057%, 02/06/21 1,750 1,164 SPX CV to 4.8116 Shares, Callable 02/06/21 @ 100 (A) 2.014%, 02/06/21 2,425 1,613 -------- Total Convertible Bonds (Cost $13,485) 12,807 -------- REPURCHASE AGREEMENTS (9.5%) Deustche Bank 2.100%, dated 11/30/01, matures 12/03/01, repurchase price $12,061,235 (collateralized by U.S. Treasury Notes: total market value $12,300,337) (C) 12,059 12,059 UBS Warburg 2.100%, dated 11/30/01, matures 12/03/01, repurchase price $6,761,739 (collateralized by U.S. Government obligation: total market value $6,896,495) (C) 6,761 6,761 -------- Total Repurchase Agreements (Cost $18,820) 18,820 -------- Total Investments (102.8%) (Cost $194,972) 203,630 -------- OTHER ASSETS AND LIABILITIES, NET (-2.8%) (5,636) -------- - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 16,433,734 outstanding shares of beneficial interest $165,979 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 1,070,977 outstanding shares of beneficial interest 11,050 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 1,353,647 outstanding shares of beneficial interest 16,871 Accumulated net investment loss (138) Accumulated net realized loss on investments (4,426) Net unrealized appreciation on investments 8,658 -------- Total Net Assets (100.0%) $197,994 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.58 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.26 ======== Maximum Offering Price Per Share -- Investor Shares ($10.26 / 96.25%) $10.66 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $9.74 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 27 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 SMALL CAP GROWTH STOCK FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCK (99.4%) BASIC MATERIALS (0.7%) Eden Bioscience* 150,600 $ 640 Stillwater Mining* 220,000 3,465 -------- 4,105 -------- CAPITAL GOODS (12.6%) American Woodmark 50,000 2,212 C&D Technologies 75,000 1,545 Copart* 180,000 6,170 Dal-Tile International* 270,000 5,805 Donaldson 80,000 2,912 DRS Technologies* 110,000 3,667 Elcor 190,000 4,695 EMCOR Group* 100,000 4,545 Florida Rock Industries 41,500 1,276 Global Power Equipment Group* 10,000 144 Granite Construction 120,000 2,928 Griffon* 50,000 702 Herley Industries* 230,000 3,091 Keith* 150,000 1,281 Kemet* 140,000 2,366 L-3 Communications Holdings* 24,800 2,068 Mettler Toledo International* 100,000 4,927 Monaco Coach* 150,000 2,925 Newport 120,000 2,132 Rogers* 120,000 3,838 ROHN Industries* 350,000 634 Shaw Group* 230,000 6,185 Trimble Navigation* 170,000 2,870 United Stationers* 90,000 2,622 -------- 71,540 -------- COMMUNICATION SERVICES (3.3%) Advanced Fibre Communication* 180,000 3,506 Anaren Microwave* 140,000 2,292 Commonwealth Telephone Enterprises* 65,000 2,981 Comtech Telecommunications* 15,000 181 Gentner Communications* 238,900 4,365 Spectralink* 210,000 3,494 Symmetricom* 250,000 1,775 -------- 18,594 -------- COMPUTER SOFTWARE (5.4%) Activision* 165,000 4,100 AremisSoft* 254,000 183 Borland Software* 100,000 1,446 CACI International, Cl A* 70,000 5,178 Micros Systems* 30,000 746 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMPUTER SOFTWARE--CONTINUED NETIQ* 110,000 $ 3,719 Numerical Technologies* 130,000 3,461 RADVision* 440,000 3,674 THQ* 140,000 8,021 -------- 30,528 -------- CONSUMER CYCLICALS (18.0%) 4 Kids Entertainment* 320,000 6,502 Action Performance* 100,000 3,305 Aftermarket Technology* 27,500 519 American Eagle Outfitters* 115,000 2,811 Anchor Gaming* 20,000 1,218 Argosy Gaming* 90,000 2,952 Barnes & Noble* 80,000 2,472 Bebe Stores* 110,000 2,034 Buca* 140,000 2,038 CEC Entertainment* 60,000 2,232 Cheesecake Factory* 30,000 927 Chico's FAS* 170,000 5,391 Christopher & Banks* 160,000 6,102 Circuit City Stores-Carmax* 520,000 10,374 Coach* 90,000 2,970 Columbia Sportswear* 10,000 320 K-Swiss, Cl A 95,000 3,053 Mohawk Industries* 65,000 2,981 MTR Gaming Group* 470,000 6,373 O'Charleys* 100,000 1,921 O'Reilly Automotive* 160,000 5,350 Oakley* 220,000 2,871 Penn National Gaming* 250,000 6,392 Rare Hospitality International* 100,000 1,965 Rent-A-Center* 150,000 4,552 Scholastic* 50,000 2,173 Shuffle Master* 201,600 3,629 Sonic Automotive* 115,000 2,283 Ultimate Electronics* 80,000 2,066 Winnebago Industries 133,200 4,489 -------- 102,265 -------- CONSUMER STAPLES (2.5%) Cott* 370,000 6,301 P.F. Chang's China Bistro* 100,000 4,410 Ralcorp Holdings* 70,000 1,432 Ruby Tuesday 100,000 1,950 -------- 14,093 -------- ENERGY (3.2%) CAL Dive International* 185,000 3,955 Carbo Ceramics 10,000 334 Core Laboratories* 70,200 1,095 Key Energy Services* 150,000 1,238 28 - -------------------------------------------------------------------------------- (UNAUDITED) - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- ENERGY--CONTINUED Maverick Tube* 105,000 $ 1,101 National-Oilwell* 80,000 1,339 Patterson-UTI Energy* 60,000 1,215 Pride International* 40,000 512 St Mary Land & Exploration 90,000 1,724 Stone Energy* 85,000 3,030 Torch Offshore* 120,000 540 Varco International* 40,000 566 Veritas DGC* 81,500 1,292 -------- 17,941 -------- FINANCE (9.9%) Affiliated Managers Group* 79,530 5,396 Allied Capital 130,000 3,288 American Home Mortgage Holdings 92,000 1,329 Capitol Federal Financial 185,800 3,725 Coinstar* 180,000 4,289 Corus Bankshares 10,000 419 Doral Financial 190,000 6,162 Harbor Florida Bancshares 150,000 2,453 Hilb, Rogal & Hamilton 15,000 892 IndyMac Bancorp* 140,000 3,177 Irwin Financial 160,000 2,648 Jefferies Group 140,000 4,949 LaBranche* 100,000 3,125 Net.B@nk* 258,700 2,390 OceanFirst Financial 95,000 2,321 Raymond James Financial 110,000 3,553 RenaissanceRe Holdings 17,000 1,680 Sterling Bancshares 170,000 1,977 Trustmark 95,000 2,292 -------- 56,065 -------- HEALTH CARE (18.4%) Annuity and Life Re 110,000 2,685 Arthrocare* 140,000 2,279 Cardiodynamics International* 400,000 2,912 Charles River Laboratories International* 165,000 5,470 Covance* 230,000 4,600 Coventry Health Care* 150,000 3,147 Cryolife* 230,000 7,038 Cytyc* 100,000 2,444 DaVita* 50,000 1,133 Dianon Systems* 75,000 3,630 Dynacq International* 161,900 3,638 Edwards Lifesciences* 110,000 2,778 Galen Holdings ADR 60,000 2,588 Gentiva Health Services* 80,000 1,634 Henry Schein* 10,000 402 Integra LifeSciences Holdings* 140,000 3,790 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- HEALTH CARE --CONTINUED Lumenis* 245,000 $ 4,765 Medicis Pharmaceutical, Cl A* 1 -- Mentor 115,000 3,256 Merit Medical Systems* 166,700 2,445 Mid Atlantic MedicalServices* 60,000 1,217 MIM* 270,000 3,281 North American Scientific* 95,000 1,515 Option Care* 141,600 2,407 Orthodontic Centers of America* 180,000 5,083 Pharmaceutical Product Development* 90,000 2,171 Pharmaceutical Resources* 110,000 3,795 Possis Medical* 35,000 602 Priority Healthcare, Cl B* 140,000 4,624 SICOR* 260,000 4,389 Steris* 110,000 2,137 SurModics* 55,000 1,780 Taro Pharmaceuticals Industries* 147,500 5,328 Thoratec* 310,000 5,270 -------- 104,233 -------- SERVICES (2.3%) Corinthian Colleges* 80,000 2,774 Overture Services* 100,000 2,555 TRC* 90,000 4,051 Waste Connections* 120,000 3,505 -------- 12,885 -------- TECHNOLOGY (18.8%) Advanced Digital Information* 110,000 1,721 Advanced Power Technology* 120,000 1,254 Aeroflex* 225,000 3,647 Alpha Industries* 205,000 4,920 Ansys* 165,000 4,125 Asyst Technologies* 250,000 2,790 ATMI* 110,100 2,488 Avocent* 110,000 2,626 Axcelis Technologies* 200,000 2,722 Bel Fuse, Cl A* 24,400 501 Cabot Microelectronics* 36,000 2,497 Carreker* 100,000 665 Catapult Communications* 25,000 606 Cerner* 50,000 2,645 Dataram* 150,000 1,211 Elantec Semiconductor* 70,000 2,381 Enterasys Networks* 150,000 1,487 Exar* 95,300 1,887 Excel Technology* 55,000 897 Filenet* 110,000 1,840 Genesis Microchip* 100,000 5,693 Hyperion Solutions* 10,000 191 29 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 SMALL CAP GROWTH STOCK FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- TECHNOLOGY--CONTINUED Integrated Silicon Solutions* 155,000 $ 1,801 Kronos* 90,000 3,879 Kulicke & Soffa Industries* 160,000 2,514 M-Systems Flash Disk Pioneers* 90,500 905 Manhattan Associates* 124,900 3,782 Mercury Computer Systems* 115,000 5,308 Merix* 160,000 2,989 Microsemi* 134,500 4,183 Orbotech* 100,000 2,521 Photon Dynamics* 40,000 1,565 Planar Systems* 130,000 2,503 Power Integrations* 175,000 3,973 Register.com* 167,500 1,549 Semtech* 150,000 5,778 Silicon Storage Technology* 178,500 2,201 SonicWALL* 230,000 3,915 Stratos Lightwave* 60,000 343 Technitrol 80,000 1,928 Virata* 190,000 2,510 Zoran* 95,000 3,301 -------- 106,242 -------- TRANSPORTATION (4.3%) Atlantic Coast Airlines Holdings* 50,000 1,035 Heartland Express* 110,000 3,082 JB Hunt Transport Services* 160,000 2,864 Landstar System* 65,000 4,511 Railamerica* 170,000 2,210 Skywest 180,000 4,196 USFreightways 100,000 3,402 Werner Enterprises 130,000 3,113 -------- 24,413 -------- Total Common Stock (Cost $493,807) 562,904 -------- RIGHTS (0.0%) Elan* 190,000 27 -------- Total Rights (Cost $0) 27 -------- WARRANTS (0.0%) Per-Se Technologies, Expires 07/08/03* 3,664 -- -------- Total Warrants (Cost $0) -- -------- - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (0.3%) Morgan Stanley Dean Witter 2.080%, dated 11/30/01, matures 12/03/01, repurchase price $1,658,027 (collateralized by U.S. Government obligations: total market value $1,704,036) (C) $1,658 $ 1,658 -------- Total Repurchase Agreement (Cost $1,658) 1,658 -------- Total Investments (99.7%) (Cost $495,465) 564,589 -------- OTHER ASSETS AND LIABILITIES, NET (0.3%) 1,977 -------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 30,677,067 outstanding shares of beneficial interest $464,484 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 1,518,612 outstanding shares of beneficial interest 20,548 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 1,482,492 outstanding shares of beneficial interest 25,000 Accumulated net investment loss (2,854) Accumulated net realized loss on investments (9,736) Net unrealized appreciation on investments 69,124 -------- Total Net Assets (100.0%) $566,566 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $16.85 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $16.73 ======== Maximum Offering Price Per Share -- Investor Shares ($16.73 / 96.25%) $17.38 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $16.30 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 30 - -------------------------------------------------------------------------------- (UNAUDITED) SMALL CAP VALUE EQUITY FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCK (92.3%) BASIC MATERIALS (19.0%) Arch Coal 283,600 $ 5,669 Carpenter Technology 138,700 3,566 Celanese 257,200 4,655 Fording* 315,900 5,017 Lennox International 199,289 1,853 Lesco 299,200 2,110 Louisiana-Pacific 76,892 591 LSI Industries 211,100 5,330 Olin 214,900 3,550 Peabody Energy 198,800 5,270 Pennzoil-Quaker State 1,006,100 13,079 Sappi ADR* 526,200 5,378 Siderca ADR 104,500 1,306 SKF ADR 141,100 2,519 Soc Quimica Minera de Chile ADR 202,600 4,317 Texas Industries 255,700 8,886 USX-U.S. Steel Group 432,300 7,302 Wellman 187,800 2,569 Worthington Industries 187,600 2,776 -------- 85,743 -------- CAPITAL GOODS (19.4%) ABM Industries 142,000 4,288 Allete 281,469 6,659 AO Smith 100,400 1,795 BF Goodrich 144,900 3,531 BHA Group Holdings 102,500 1,537 Briggs & Stratton 68,800 2,657 C&D Technologies 135,700 2,795 Chemed 87,600 2,716 Church & Dwight 639,400 16,816 Cummins 64,000 2,321 Empresa Bras de Aeronautica ADR 726,200 13,435 Falcon Products 59,700 337 Fedders 47,100 148 Fedders, Cl A 204,800 561 National Service Industries 57,500 915 Pioneer Standard Electronics 259,900 2,932 Quixote 256,500 6,051 Roper Industries 77,800 3,268 RPM 236,300 3,266 Standard Register 125,500 2,209 Tecumseh Products, Cl A 46,100 2,150 Valspar 121,500 4,797 York International 61,800 2,256 -------- 87,440 -------- COMMUNICATIONS EQUIPMENT (3.9%) Harris 554,428 17,686 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CONSUMER CYCLICALS (10.8%) American Greetings, Cl A 622,100 $ 8,118 Bassett Furniture Industries 188,300 2,757 Fairmont Hotels & Resorts* 423,300 9,037 Harman International Industries 191,214 8,159 Intrawest 241,200 3,883 Liz Claiborne 26,200 1,309 Movado Group 149,000 2,757 PEP Boys-Manny Moe & Jack 222,900 3,700 Phillips-Van Heusen 350,500 3,856 Spiegel, Cl A 538,300 2,439 Sturm Ruger 134,100 1,589 Wolverine World Wide 67,000 1,004 -------- 48,608 -------- CONSUMER STAPLES (3.1%) Ingles Markets, Cl A 219,300 2,632 Interstate Bakeries 160,800 3,962 JM Smucker 72,700 2,560 Sensient Technologies 282,635 5,056 -------- 14,210 -------- ENERGY (2.8%) Ensco International 123,300 2,481 Noble Affiliates 92,000 3,008 Penn Virginia 117,800 3,705 UGI 113,500 3,343 -------- 12,537 -------- FINANCE (14.6%) American Financial Group 144,800 3,559 Banner 152,700 2,494 City National 94,400 4,111 CNA Surety 229,200 3,383 Colonial Bancgroup 334,700 4,435 Community First Bankshares 141,065 3,462 Crawford, Cl A 2,800 25 FNB 136,060 3,469 Glacier Bancorp 226,134 4,263 Horizon Financial 237,365 3,026 Klamath First Bancorp 216,100 2,850 Pacific Northwest Bancorp 118,300 2,545 PXRE Group 184,200 2,717 Riggs National 196,200 2,843 Scottish Annuity & Life Holdings 235,200 3,881 Seacoast Banking 91,400 4,008 Student Loan 44,200 3,387 Washington Federal 139,460 3,426 West Coast Bancorp 267,153 3,737 Wilmington Trust 73,100 4,430 -------- 66,051 -------- 31 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 SMALL CAP VALUE EQUITY FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- HEALTH CARE (5.8%) Alpharma, Cl A 605,429 $ 14,518 Cambrex 149,600 5,817 Mentor 211,300 5,982 -------- 26,317 -------- SERVICES (3.4%) Pittston Brink's Group 745,900 15,373 -------- TECHNOLOGY (4.3%) Autodesk 494,100 18,381 Helix Technology 35,900 738 Richardson Electronics 35,400 423 -------- 19,542 -------- TRANSPORTATION (5.2%) CHC Helicopter, Cl A* 394,500 3,945 CP Railway* 169,700 3,260 CP Ships* 848,000 7,971 Gatx 27,100 763 Oshkosh Truck 82,100 3,506 USFreightways 64,900 2,208 Wabash National* 245,300 1,975 -------- 23,628 -------- Total Common Stock (Cost $375,187) 417,135 -------- CASH EQUIVALENT (0.0%) SEI Daily Income Trust Prime Obligation Fund, Cl A 37,201 37 -------- Total Cash Equivalent (Cost $37) 37 -------- - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (6.7%) Morgan Stanley Dean Witter 2.080%, dated 11/30/01, matures 12/03/01, repurchase price $30,477,415 (collateralized by U.S. Government obligations: total market value $31,082,187) (C) $30,472 30,472 -------- Total Repurchase Agreement (Cost $30,472) 30,472 -------- Total Investments (99.0%) (Cost $405,696) 447,644 -------- OTHER ASSETS AND LIABILITIES, NET (1.0%) 4,296 -------- - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited uthorization -- no par value) based on 35,172,834 outstanding shares of beneficial interest $435,625 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 1,186,854 outstanding shares of beneficial interest 22,534 Undistributed net investment income 582 Accumulated net realized loss on investments (48,749) Net unrealized appreciation on investments 41,948 -------- Total Net Assets (100.0%) $451,940 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $12.43 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $12.37 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 32 - ------------------------------------------------------------------------------- (UNAUDITED) TAX SENSITIVE GROWTH STOCK FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCK (98.1%) BASIC MATERIALS (2.1%) Alcoa 152,910 $ 5,902 E.I. du Pont de Nemours 125,000 5,543 -------- 11,445 -------- CAPITAL GOODS (9.6%) Applied Materials* 135,703 5,393 Boeing 50,000 1,755 General Electric 504,344 19,417 Minnesota Mining & Manufacturing 47,566 5,450 Tyco International 225,102 13,236 United Technologies 108,080 6,507 -------- 51,758 -------- COMMUNICATION SERVICES (4.5%) AT&T 150,000 2,624 BellSouth 52,443 2,019 Comcast, Cl A* 50,000 1,900 Qualcomm* 51,262 3,010 SBC Communications 167,743 6,270 Verizon Communications 125,000 5,875 Viasat* 189,500 2,695 -------- 24,393 -------- COMPUTER SOFTWARE (1.3%) Citrix Systems* 150,000 3,355 Veritas Software* 100,000 3,889 -------- 7,244 -------- CONSUMER CYCLICALS (17.7%) AOL Time Warner* 190,167 6,637 Bed Bath & Beyond* 150,000 4,870 Best Buy* 100,000 7,139 Charlotte Russe Holding* 75,000 1,335 Christopher & Banks* 100,000 3,814 Colgate-Palmolive* 125,000 7,295 Ford Motor 214,688 4,066 Harley-Davidson 175,000 9,202 Home Depot 217,813 10,163 Liz Claiborne 150,000 7,497 Nike, Cl B 100,000 5,299 Target 75,000 2,816 Viacom, Cl B* 100,000 4,365 Wal-Mart Stores 255,881 14,112 Walgreen 161,339 5,324 Walt Disney 75,000 1,535 -------- 95,469 -------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CONSUMER STAPLES (5.5%) Anheuser-Busch 50,000 $ 2,155 Coca-Cola 88,246 4,144 McDonald's 89,670 2,407 PepsiCo 100,000 4,863 Philip Morris 179,774 8,480 Procter & Gamble* 100,000 7,746 -------- 29,795 -------- ENERGY (5.7%) Apache 75,000 3,449 ChevronTexaco 50,632 4,304 El Paso 35,000 1,558 Exxon Mobil 363,618 13,599 Royal Dutch Petroleum, NY Shares 134,975 6,525 Schlumberger 25,000 1,200 -------- 30,635 -------- FINANCE (16.2%) Allstate 50,000 1,712 American Express 76,180 2,507 American International Group 132,277 10,900 Bank of America 87,371 5,363 Bank of New York 125,000 4,905 Bank One 75,000 2,808 Citigroup 195,946 9,386 Fannie Mae 97,521 7,665 Fifth Third Bancorp 80,000 4,807 FleetBoston Financial 75,000 2,756 Freddie Mac 100,000 6,617 Household International 100,000 5,899 JP Morgan Chase 75,551 2,850 Paychex 172,898 6,053 US Bancorp 100,000 1,898 USA Education 75,000 6,380 Wells Fargo 108,269 4,634 -------- 87,140 -------- HEALTH CARE (18.9%) Abbott Laboratories 127,294 7,001 American Home Products 77,640 4,666 Amgen* 75,000 4,982 Bristol-Myers Squibb 117,495 6,317 Eli Lilly 50,000 4,133 Guidant* 100,000 4,881 Johnson & Johnson 201,732 11,751 King Pharmaceuticals* 125,000 4,980 Medtronic 121,963 5,766 Merck 104,572 7,085 33 STATEMENT OF NET ASSETS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 TAX SENSITIVE GROWTH STOCK FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- HEALTH CARE --CONTINUED Pfizer 425,793 $ 18,441 Pharmacia 100,000 4,440 Schering-Plough 121,383 4,337 Tenet Healthcare* 125,000 7,500 UnitedHealth Group 75,000 5,359 -------- 101,639 -------- TECHNOLOGY (16.6%) Adobe Systems 175,000 5,614 Automatic Data Processing 100,000 5,546 Catapult Communications* 25,000 606 Cisco Systems* 354,479 7,246 Dell Computer* 150,000 4,189 EMC-Mass 124,720 2,094 Intel 334,886 10,937 International Business Machines 89,885 10,390 Linear Technology 96,291 3,951 Microsoft* 284,428 18,263 Network Appliance* 300,000 4,629 Oracle* 316,308 4,438 SBS Technologies* 125,000 1,561 Sun Microsystems* 240,850 3,430 Texas Instruments 204,618 6,558 -------- 89,452 -------- Total Common Stock (Cost $469,962) 528,970 -------- REPURCHASE AGREEMENT (0.7%) Morgan Stanley Dean Witter 2.080%, dated 11/30/01, matures 12/03/01, repurchase price $3,781,355 (collateralized by U.S. Government obligation: total market value $3,858,026) (C) $3,781 3,781 -------- Total Repurchase Agreement (Cost $3,781) 3,781 -------- Total Investments (98.8%) (Cost $473,743) 532,751 -------- OTHER ASSETS AND LIABILITIES, NET (1.2%) 6,634 -------- - -------------------------------------------------------------------------------- VALUE (000) - -------------------------------------------------------------------------------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 14,201,626 outstanding shares of beneficial interest $422,944 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 8,137,125 outstanding shares of beneficial interest 267,604 Accumulated net investment loss (2,753) Accumulated net realized loss on investments (207,418) Net unrealized appreciation on investments 59,008 -------- Total Net Assets (100.0%) $539,385 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $24.40 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $23.69 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 34 - -------------------------------------------------------------------------------- (UNAUDITED) VALUE INCOME STOCK FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCK (93.3%) BASIC MATERIALS (5.9%) Alcoa 210,400 $ 8,122 International Paper 452,300 18,069 Praxair 153,100 8,102 Rohm & Haas 330,700 11,740 -------- 46,033 -------- CAPITAL GOODS (12.5%) Dover 666,900 24,582 Emerson Electric 167,800 9,071 Honeywell International 295,700 9,799 Ingersoll-Rand 212,600 8,906 Minnesota Mining & Manufacturing 77,200 8,846 Pall 185,100 4,261 Parker Hannifin 103,900 4,265 Tyco International 341,500 20,080 Volvo ADR 533,100 8,530 -------- 98,340 -------- COMMUNICATION SERVICES (8.8%) Alltel 176,600 11,493 CenturyTel 250,900 8,480 SBC Communications 535,700 20,025 Sprint (FON Group) 386,600 8,424 Verizon Communications 439,710 20,666 -------- 69,088 -------- CONSUMER CYCLICALS (9.0%) Ford Motor 463,200 8,773 Gannett 251,900 17,494 Genuine Parts 229,500 7,734 Interpublic Group 331,500 9,657 Limited 628,100 8,743 Masco 475,800 9,959 McGraw-Hill 145,100 8,198 -------- 70,558 -------- CONSUMER STAPLES (5.6%) Clorox 260,500 10,295 Kimberly-Clark 302,400 17,591 PepsiCo 165,200 8,034 Walt Disney 392,700 8,038 -------- 43,958 -------- ENERGY (12.6%) Anadarko Petroleum 168,300 8,735 BP ADR 453,600 20,035 Conoco, Cl B 678,984 18,584 Diamond Offshore Drilling 304,700 8,440 - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- ENERGY--CONTINUED Exxon Mobil 674,800 $ 25,238 Phillips Petroleum 315,300 17,540 -------- 98,572 -------- FINANCE (20.5%) Allstate 295,800 10,128 AMBAC Financial Group 145,600 8,165 American Express 267,200 8,794 American International Group 111,804 9,213 Amsouth Bancorporation 429,868 7,875 Bank of America 129,200 7,930 Chubb 246,000 17,235 Citigroup 554,600 26,565 FleetBoston Financial 335,647 12,335 Jefferson-Pilot 177,600 7,903 JP Morgan Chase 309,225 11,664 Keycorp 239,800 5,491 Morgan Stanley Dean Witter 176,100 9,774 PNC Financial Services Group 197,900 11,468 Torchmark 157,000 6,194 -------- 160,734 -------- HEALTH CARE (7.1%) Becton Dickinson 462,000 15,648 Merck 125,900 8,530 Pharmacia 427,994 19,003 Schering-Plough 341,400 12,198 -------- 55,379 -------- TECHNOLOGY (5.5%) Avnet 177,200 4,208 Electronic Data Systems 54,300 3,759 Hewlett-Packard 468,800 10,309 Koninklijke Philips Electronics 639,900 17,322 PerkinElmer 286,700 7,947 -------- 43,545 -------- UTILITIES (5.8%) Allegheny Energy 33,800 1,178 El Paso 156,227 6,952 FirstEnergy 213,600 7,215 FPL Group 132,900 7,363 PPL 257,200 9,149 Scana 240,817 6,507 Williams 276,500 7,388 -------- 45,752 -------- Total Common Stock (Cost $692,058) 731,959 -------- 35 STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 VALUE INCOME STOCK FUND--CONCLUDED - -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (6.5%) UBS Warburg 2.100%, dated 11/30/01, matures 12/03/01, repurchase price $51,221,593 (collateralized by U.S. Government obligation: total market value $52,239,290) (C) $51,213 $ 51,213 -------- Total Repurchase Agreement (Cost $51,213) 51,213 -------- Total Investments (99.8%) (Cost $743,271) 783,172 -------- OTHER ASSETS AND LIABILITIES, NET (0.2%) 1,209 -------- NET ASSETS: Fund shares of the Trust Shares (unlimited authorization -- no par value) based on 60,056,067 outstanding shares of beneficial interest 738,911 Fund shares of the Investor Shares (unlimited authorization -- no par value) based on 7,092,372 outstanding shares of beneficial interest 90,806 Fund shares of the Flex Shares (unlimited authorization -- no par value) based on 5,535,400 outstanding shares of beneficial interest 100,061 Undistributed net investment income 1,342 Accumulated net realized loss on investments (186,640) Net unrealized appreciation on investments 39,901 -------- Total Net Assets (100.0%) $784,381 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.81 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.77 ======== Maximum Offering Price Per Share -- Investor Shares ($10.77 / 96.25%) $11.19 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $10.66 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 36 - -------------------------------------------------------------------------------- (UNAUDITED) VANTAGE FUND - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCK (48.7%) COMMUNICATION SERVICES (1.3%) McData, Cl B* 1,197 $ 30 ------- COMPUTER SOFTWARE (1.7%) Cirrus Logic* 2,989 40 ------- CONSUMER CYCLICALS (11.5%) Barnes & Noble* 350 11 Bed Bath & Beyond* 207 7 Best Buy* 494 35 Dal-Tile International* 2,261 49 Michaels Stores* 1,407 42 Pier 1 Imports 1,901 28 Tiffany 525 15 Williams-Sonoma* 550 21 Zale* 1,554 55 ------- 263 ------- ENERGY (3.1%) GlobalSantaFe 1,162 28 Nabors Industries* 1,351 42 ------- 70 ------- FINANCE (5.2%) MGIC Investment 469 27 PMI Group 441 28 USA Education 161 14 WP Stewart 1,439 35 XL Capital, Cl A 151 14 ------- 118 ------- HEALTH CARE (4.4%) Amgen* 207 14 Forest Laboratories* 189 13 Genzyme - General Division* 350 19 Guidant* 833 41 Neurocrine Biosciences* 291 14 ------- 101 ------- REAL ESTATE INVESTMENT TRUSTS (5.7%) Prime Hospitality* 5,369 54 Public Storage 1,215 41 Shurgard Storage Centers, Cl A 1,155 35 ------- 130 ------- SERVICES (1.6%) Robert Half International* 784 21 Spherion* 1,642 15 ------- 36 ------- - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- TECHNOLOGY (14.2%) Affiliated Computer Services, Cl A* 291 $ 27 BEA Systems* 2,363 40 Compaq Computer 4,914 50 Microtune* 350 8 Photon Dynamics* 1,173 46 SAP ADR 350 11 Thomson Multimedia ADR 2,412 66 Tibco Software* 2,240 28 Zoran* 1,418 49 ------- 325 ------- Total Common Stock (Cost $1,116) 1,113 ------- OTHER INVESTMENT COMPANY (2.3%) Korea Fund 4,302 53 ------- Total Other Investment Company (Cost $53) 53 ------- Total Investments (51.0%) (Cost $1,169) 1,166 ======= SECURITIES SOLD SHORT (-28.4%) BASIC MATERIALS (-3.3%) CSX (403) (15) International Paper (760) (30) Phelps Dodge (434) (16) Weyerhaeuser (287) (15) ------- (76) ------- CAPITAL GOODS (-1.3%) National Service Industries (1,792) (29) ------- COMMUNICATION SERVICES (-2.0%) Clear Channel Communications (490) (23) DDI (1,397) (15) Hispanic Broadcasting (1,019) (22) ------- (60) ------- 37 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 (UNAUDITED) VANTAGE FUND--CONCLUDED - -------------------------------------------------------------------------------- SHARES VALUE (000) - -------------------------------------------------------------------------------- CONSUMER CYCLICALS (-5.7%) DR Horton (900) $ (30) New York Times, Cl A (518) (19) Ryland Group (392) (24) Scripps, Cl A (242) (15) Sears Roebuck (833) (38) Tribune (350) (13) ------- (139) ------- CONSUMER STAPLES (-2.4%) Campbell Soup (385) (11) HJ Heinz (294) (11) Sara Lee (497) (11) Starbucks (1,225) (22) ------- (55) ------- FINANCE (-3.0%) Chubb (175) (12) Golden West Financial (560) (29) Nationwide Financial Services (403) (15) Washington Mutual (910) (29) Watts Industries, Cl A (948) (13) ------- (98) ------- HEALTH CARE (-1.9%) Medtronic (578) (27) Pfizer (354) (16) ------- (43) ------- SERVICE (-1.0%) Omnicom Group (259) (22) ------- TECHNOLOGY (-7.8%) Applied Materials (949) (38) Intel (956) (31) Motorola (1,271) (21) Nokia Oyj ADR (903) (21) Nortel Networks (4,347) (34) Siebel Systems (1,533) (34) Texas Instruments (714) (23) ------- (202) ------- Total Securities Sold Short (Cost $-722) $ (724) ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 39. 38 - -------------------------------------------------------------------------------- KEY TO ABBREVIATIONS USED IN THE STATEMENTS OF NET ASSETS AND SCHEDULES OF INVESTMENTS ADR American Depository Receipt Cl Class CV Convertible Security FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association GNMA Government National Mortgage Association MTN Medium Term Note RNC Risparmio Non-Convertible Ser Series * Non-income producing security (A) Zero Coupon Bond. The rate reported is the effective yield at time of purchase. (B) Private Placement Security (C) Tri-Party Repurchase Agreement (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see Notes to the Financial Statements. Amounts designated as "--" are either $0 or have been rounded to $0. 39 This page left intentionally blank STATEMENTS OF ASSETS AND LIABILITIES (000) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 (UNAUDITED)
-------------- ------------- ------------- ------------ ------- INFORMATION INTERNATIONAL INTERNATIONAL MID CAP AND TECHNOLOGY EQUITY EQUITY INDEX VALUE EQUITY VANTAGE FUND FUND FUND FUND FUND -------------- ------------- ------------- ------------ ------- Assets: Investments at Market Value (Cost $57,268, $192,735, $252,335, $0 and $1,169, respectively) .............. $ 68,365 $178,804 $210,268 $ -- $1,166 Cash .................................................... -- 18,214 5,806 -- -- Foreign Currency (Cost $0, $2,856, $940, $0 and $0, respectively) ....................................... -- 2,886 952 -- -- Receivable for Investment Securities Sold ............... 9,714 2,775 16,234 6,590 647 Deposits with Brokers for Securities Sold Short -- Note 2 -- -- -- -- 75 Receivable for Portfolio Shares Purchased ............... 43 2,542 4,793 -- 2,289 Accrued Income .......................................... 8 316 251 -- -- Other Assets ............................................ -- 591 754 -- -- -------- -------- -------- ------ ------ Total Assets ............................................ 78,130 206,128 239,058 6,590 4,177 -------- -------- -------- ------ ------ Liabilities: Securities sold short, at Value (Proceeds $-722)-- Note 2 -- -- -- -- 724 Payable for Investment Securities Purchased ............. 3,504 1,341 20,623 -- 1,169 Accrued Expenses ........................................ 108 315 324 -- -- Payable for Portfolio Shares Redeemed ................... 214 14,241 5,882 -- -- Payable to Custodian Bank ............................... 732 -- -- -- -- Other Liabilities ....................................... -- 45 59 -- -- -------- -------- -------- Total Liabilities ....................................... 4,558 15,942 26,888 -- 1,893 -------- -------- -------- ------ ------ Total Net Assets ........................................ $ 73,572 $190,186 $212,170 $6,590 $2,284 ======== ======== ======== ====== ====== Net Assets: Fund shares of the Trust Shares (unlimited authorization-- no par value) based on 5,400,059, 18,612,982, 20,656,889 658,980 and 228,910 outstanding shares of beneficial interest, respectively ................................ $103,951 $219,090 $280,876 $6,387 $2,289 Fund shares of the Investor Shares (unlimited authorization-- no par value) based on 0, 1,842,226, 897,183, 0, and 0 outstanding shares of beneficial interest, respectively -- 17,437 7,500 -- -- Fund shares of the Flex Shares (unlimited authorization-- no par value) based on 1,549,931, 999,621, 605,678, 20,310, and 0 outstanding shares of beneficial interest, respectively .......................................... 31,005 13,558 7,383 203 -- Accumulated net investment loss ......................... (430) (389) (506) -- -- Accumulated net realized loss on investments ............ (72,051) (45,590) (41,017) -- -- Net unrealized appreciation (depreciation) on investments 11,097 (13,931) (42,067) -- (5) Net unrealized appreciation on foreign currency and translation of other assets and liabilities in foreign currency investments .......................... -- 11 1 -- -- -------- -------- -------- ------ ------ Total Net Assets ........................................ $ 73,572 $190,186 $212,170 $6,590 $2,284 ======== ======== ======== ====== ====== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares .............................. $10.63 $8.89 $9.59 $10.00 $9.98 ====== ===== ===== ====== ===== Net Asset Value and Redemption Price Per Share -- Investor Shares ........................... N/A $8.82 $9.46 N/A N/A ====== ===== ===== ====== ===== Maximum Offering Price Per Share -- Investor Shares ($8.82 / 96.25%, $9.46 / 96.25%, respectively) ......... N/A $9.16 $9.83 N/A N/A ====== ===== ===== ====== ===== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) ............................ $10.42 $8.41 $9.33 $10.00 N/A ====== ===== ===== ====== ===== (1) The Flex Shares have a contingent sales charge. For a description of a possible sales charge, see notes to the financial statements. Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 41 STATEMENTS OF OPERATIONS (000) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001
CAPITAL BALANCED APPRECIATION FUND FUND -------------- -------------- Income: Dividend Income .......................................................................... $ 488 $ 4,656 Interest Income .......................................................................... 3,781 407 Less: Foreign Taxes Withheld ............................................................. (1) (10) ------- -------- Total Income ............................................................................. 4,268 5,053 ------- -------- Expenses: Investment Advisory Fees ................................................................. 1,382 8,046 Administrator Fees ....................................................................... 101 486 Transfer Agent Fees -- Trust Shares ...................................................... 10 10 Transfer Agent Fees -- Investor Shares ................................................... 10 64 Transfer Agent Fees -- Flex Shares ....................................................... 40 68 Transfer Agent Out of Pocket Expenses .................................................... 7 36 Printing Fees ............................................................................ 7 35 Custody Fees ............................................................................. 3 17 Professional Fees ........................................................................ 6 28 Trustee Fees ............................................................................. 1 7 Registration Fees ........................................................................ 4 19 Distribution Fees -- Investor Shares ..................................................... 11 628 Distribution Fees -- Flex Shares ......................................................... 344 527 Insurance and Other Fees ................................................................. 1 10 ------- -------- Total Expenses ........................................................................... 1,927 9,981 ------- -------- Less:Investment Advisory Fees Waived ..................................................... (41) (140) Distribution Fees Waived-- Investor Shares ......................................... (8) (83) Distribution Fees Waived-- Flex Shares ............................................. (13) -- ------- -------- Net Expenses ............................................................................. 1,865 9,758 ------- -------- Net Investment Income (Loss) ............................................................. 2,403 (4,705) ------- -------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold .............................................. 1,837 (9,046) Net Realized Gain (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 ...................... (6,278) (75,500) ------- -------- Total Net Realized and Unrealized Loss on Investments .................................... (4,441) (84,546) ------- -------- Net Decrease in Net Assets from Operations ............................................... $(2,038) $(89,251) ======= ======== Amounts designated as "--" are either $0 or have been rounded to $0.
42 - -------------------------------------------------------------------------------- (UNAUDITED)
GROWTH AND INFORMATION AND INTERNATIONAL INTERNATIONAL LIFE VISION INCOME TECHNOLOGY EQUITY EQUITY AGGRESSIVE GROWTH FUND FUND FUND INDEX FUND FUND ---------- -------------- ------------- ------------- ----------------- $ 7,265 $ 79 $ 1,883 $ 1,486 $ 48 139 61 6 3 -- (9) -- (99) (120) -- -------- -------- -------- -------- ------- 7,395 140 1,790 1,369 48 -------- -------- -------- -------- ------- 4,189 444 1,228 974 28 323 28 68 75 8 9 8 9 9 8 24 34 12 9 -- 61 2 16 11 -- 24 2 6 6 1 23 2 5 5 1 12 1 133 153 -- 19 2 3 4 -- 5 -- 1 1 -- 13 2 3 3 -- 48 -- 2 -- -- 394 84 21 12 -- 6 (12) 6 5 1 -------- -------- -------- -------- ------- 5,150 597 1,513 1,267 47 -------- -------- -------- -------- ------- -- -- -- (93) (19) (36) -- -- -- -- (85) (27) -- -- -- -------- -------- -------- -------- ------- 5,029 570 1,513 1,174 28 -------- -------- -------- -------- ------- 2,366 (430) 277 195 20 -------- -------- -------- -------- ------- (10,775) (31,858) (24,426) (18,208) (645) -- -- 109 (90) -- -- -- 157 (3) -- (56,961) 9,016 (2,837) (15,927) (917) -------- -------- -------- -------- ------- (67,736) (22,842) (26,997) (34,228) (1,562) -------- -------- -------- -------- ------- $(65,370) $(23,272) $(26,720) $(34,033) $(1,542) ======== ======== ======== ======== =======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 43 STATEMENTS OF OPERATIONS (000) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001
LIFE VISION LIFE VISION MID-CAP GROWTH AND INCOME MODERATE EQUITY FUND GROWTH FUND FUND ---------------- ------------ ------- Income: Dividend Income ................................................. $ 316 $ 791 $ 467 Interest Income ................................................. -- -- 614 Less: Foreign Tax Withheld ...................................... -- -- (3) ------- ------- ------- Total Income .................................................... 316 791 1,078 ------- ------- ------- Expenses: Investment Advisory Fees ........................................ 54 97 1,054 Administrator Fees .............................................. 15 27 63 Transfer Agent Fees -- Trust Shares ............................. 9 9 9 Transfer Agent Fees -- Investor Shares .......................... -- -- 13 Transfer Agent Fees -- Flex Shares .............................. -- -- 16 Transfer Agent Out of Pocket Expenses ........................... 1 2 5 Printing Fees ................................................... 1 2 5 Custody Fees .................................................... 1 1 2 Professional Fees ............................................... 1 1 2 Trustee Fees .................................................... -- -- 1 Registration Fees ............................................... 1 1 4 Distribution Fees -- Investor Shares ............................ -- -- 24 Distribution Fees -- Flex Shares ................................ -- -- 64 Insurance and Other Fees ........................................ -- 1 -- ------- ------- ------- Total Expenses .................................................. 83 141 1,262 ------- ------- ------- Less: Investment Advisory Fees Waived ........................... (29) (44) (23) Distribution Fees Waived -- Investor Shares ............... -- -- (11) Distribution Fees Waived -- Flex Shares ................... -- -- (12) ------- ------- ------- Net Expenses .................................................... 54 97 1,216 ------- ------- ------- Net Investment Income (Loss) .................................... 262 694 (138) ------- ------- ------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Securities Sold ..................... (1,409) (2,070) (2,457) Net Change in Unrealized Appreciation (Depreciation) on Investments ................................................ (649) (105) (3,481) ------- ------- ------- Total Net Realized and Unrealized Gain (Loss) on Investments .... (2,058) (2,175) (5,938) ------- ------- ------- Net Increase (Decrease) in Net Assets from Operations ........... $(1,796) $(1,481) $(6,076) ======= ======= =======
(1) The Mid-Cap Value Equity Fund commenced operations on November 30, 2001. (2) The Vantage Fund commenced operations on November 29, 2001. Amounts designated as "--" are either $0 or have been rounded to $0. 44 - -------------------------------------------------------------------------------- (UNAUDITED)
MID CAP SMALL CAP SMALL CAP TAX SENSITIVE VALUE VALUE EQUITY GROWTH STOCK VALUE EQUITY GROWTH STOCK INCOME STOCK VANTAGE FUND (1) FUND FUND FUND FUND FUND (2) ------------ ------------ ------------ ------------- ------------ -------- $-- $ 653 $3,820 $ 3,255 $ 7,114 $-- -- 117 692 139 860 -- -- -- (5) -- (23) -- --- -------- ------ -------- -------- --- -- 770 4,507 3,394 7,951 -- --- -------- ------ -------- -------- --- -- 3,182 2,536 3,388 3,197 -- -- 192 153 205 277 -- -- 12 9 9 10 -- -- 19 -- -- 36 -- -- 21 20 128 50 -- -- 14 11 15 22 -- -- 14 11 15 20 -- -- 7 6 7 10 -- -- 11 9 12 16 -- -- 3 2 3 4 -- -- 7 6 8 11 -- -- 65 -- -- 130 -- -- 122 65 1,023 305 -- -- 3 2 3 9 -- --- -------- ------ -------- -------- --- -- 3,672 2,830 4,816 4,097 -- --- -------- ------ -------- -------- --- -- -- -- -- -- -- -- (36) -- -- (13) -- -- (12) (15) (58) (11) -- --- -------- ------ -------- -------- --- -- 3,624 2,815 4,758 4,073 -- --- -------- ------ -------- -------- --- -- (2,854) 1,692 (1,364) 3,878 -- --- -------- ------ -------- -------- --- -- (5,990) 4,399 (36,651) 17,632 -- -- (42,691) 2,940 (22,595) (77,595) (5) --- -------- ------ -------- -------- --- -- (48,681) 7,339 (59,246) (59,963) (5) --- -------- ------ -------- -------- --- $-- $(51,535) $9,031 $(60,610) $(56,085) $(5) === ======== ====== ======== ======== ===
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 45 STATEMENTS OF CHANGES IN NET ASSETS (000) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2001
CAPITAL BALANCED FUND APPRECIATION FUND ------------------------ -------------------------- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01 05/31/01 11/30/01 05/31/01 --------- --------- ------------ ----------- Operations: Net Investment Income (Loss) ............................... $ 2,403 $ 5,810 $ (4,705) $ (6,991) Net Realized Gain (Loss) on Securities Sold ................ 1,837 7,461 (9,046) 102,081 Net Realized Gain (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 ........................................... (6,278) (3,904) (75,500) (148,100) -------- --------- ---------- ---------- Increase (Decrease) in Net Assets from Operations .......... (2,038) 9,367 (89,251) (53,010) -------- --------- ---------- ---------- Distributions to Shareholders: Net Investment Income: Trust Shares ............................................. (2,103) (5,165) -- -- Investor Shares .......................................... (63) (180) -- -- Flex Shares .............................................. (330) (821) -- -- Capital Gains: Trust Shares ............................................. -- (4,937) -- (186,922) Investor Shares .......................................... -- (191) -- (39,562) Flex Shares .............................................. -- (1,368) -- (20,425) -------- --------- ---------- ---------- Total Distributions ........................................ (2,496) (12,662) -- (246,909) -------- --------- ---------- ---------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .............................. 35,312 55,417 213,578 244,831 Shares Issued in Connection with Fund Reorganizations .... -- -- -- 228,414 Reinvestment of Cash Distributions ....................... 2,046 9,950 -- 173,461 Cost of Shares Repurchased ............................... (23,983) (77,211) (192,022) (539,484) -------- --------- ---------- ---------- Increase (Decrease) in Net Assets From Trust Share Transactions .......................................... 13,375 (11,844) 21,556 107,222 -------- --------- ---------- ---------- Investor Shares: Proceeds from Shares Issued .............................. 680 459 3,311 6,569 Reinvestment of Cash Distributions ....................... 62 366 -- 38,862 Cost of Shares Repurchased ............................... (723) (2,529) (12,004) (45,950) -------- --------- ---------- ---------- Increase (Decrease) in Net Assets From Investor Share Transactions ........................................... 19 (1,704) (8,693) (519) -------- --------- ---------- ---------- Flex Shares: Proceeds from Shares Issued .............................. 10,524 21,023 11,658 19,049 Shares Issued in Connection with Fund Reorganizations .... -- -- -- 5,868 Reinvestment of Cash Distributions ....................... 311 2,109 -- 20,065 Cost of Shares Repurchased ............................... (7,523) (18,898) (11,743) (35,295) -------- --------- ---------- ---------- Increase (Decrease) in Net Assets From Flex Share Transactions ........................................... 3,312 4,234 (85) 9,687 -------- --------- ---------- ---------- Increase (Decrease) in Net Assets From Share Transactions ........................................... 16,706 (9,314) 12,778 116,390 -------- --------- ---------- ---------- Total Increase (Decrease) in Net Assets ................ 12,172 (12,609) (76,473) (183,529) -------- --------- ---------- ---------- Net Assets: Beginning of Period ........................................ 284,974 297,583 1,492,978 1,676,507 -------- --------- ---------- ---------- End of Period .............................................. $297,146 $ 284,974 $1,416,505 $1,492,978 ======== ========= ========== ==========
(1) See Note 7 in the Notes to Financial Statements for additional information. Amounts designated as "--" are either $0 or have been rounded to $0. 46 - --------------------------------------------------------------------------------
INTERNATIONAL GROWTH AND INFORMATION AND TECHNOLOGY EQUITY INCOME FUND FUND FUND ----------------------------- ------------------------------- -------------------------------- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 ---------- --------- ---------- --------- ---------- --------- $ 2,366 $ 4,188 $ (430) $ (904) $ 277 $ 1,191 (10,775) (705) (31,858) (31,392) (24,426) (11,441) -- -- -- -- 109 (517) -- -- -- -- 157 (600) (56,961) (3,199) 9,016 5,519 (2,837) (17,398) -------- -------- --------- -------- --------- -------- (65,370) 284 (23,272) (26,777) (26,720) (28,765) -------- -------- --------- -------- --------- -------- (1,489) (4,781) -- -- -- (877) (35) (150) -- -- -- -- -- -- -- -- -- -- -- (24,395) -- -- -- (23,931) -- (1,167) -- -- -- (847) -- (1,712) -- -- -- (902) -------- -------- --------- -------- --------- -------- (1,524) (32,205) -- -- -- (26,557) -------- -------- --------- -------- --------- -------- 53,963 243,507 6,003 41,035 17,221 53,266 -- -- -- -- -- -- 559 20,958 -- -- -- 21,730 (78,993) (253,423) (17,000) (39,461) (34,254) (114,255) -------- -------- --------- -------- --------- -------- (24,471) 11,042 (10,997) 1,574 (17,033) (39,259) -------- -------- --------- -------- --------- -------- 3,570 5,435 -- -- 172,778 35,555 31 1,186 -- -- -- 807 (3,535) (7,839) -- -- (163,883) (37,661) -------- -------- --------- -------- --------- -------- 66 (1,218) -- -- 8,895 (1,299) -------- -------- --------- -------- --------- -------- 16,070 32,257 1,374 14,430 2,853 6,441 -- -- -- -- -- -- -- 1,665 -- -- -- 886 (7,316) (15,848) (2,682) (6,704) (1,211) (8,498) -------- -------- --------- -------- --------- -------- 8,754 18,074 (1,308) 7,726 1,642 (1,171) -------- -------- --------- -------- --------- -------- (15,651) 27,898 (12,305) 9,300 (6,496) (41,729) -------- -------- --------- -------- --------- -------- (82,545) (4,023) (35,577) (17,477) (33,216) (97,051) -------- -------- --------- -------- --------- -------- 986,214 990,237 109,149 126,626 223,402 320,453 -------- -------- --------- -------- --------- -------- $903,669 $986,214 $ 73,572 $109,149 $ 190,186 $223,402 ======== ======== ========= ======== ========= ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 47 STATEMENTS OF CHANGES IN NET ASSETS (000) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2001
INTERNATIONAL LIFE VISION EQUITY AGGRESSIVE INDEX FUND GROWTH FUND --------------------------- -------------------------- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01 05/31/01 11/30/01 05/31/01 --------- --------- --------- --------- Operations: Net Investment Income (Loss) .................................... $ 195 $ 1,146 $ 20 $ 212 Capital Gain Received from Investments .......................... -- -- -- 165 Net Realized Gain (Loss) on Investments ......................... (18,208) (22,415) (645) 1,870 Net Realized Loss on Foreign Currency Transactions .............. (90) (347) -- -- Net Change in Unrealized Depreciation on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency .............................................. (3) (19) -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments ................................................ (15,927) (40,574) (917) (1,422) -------- -------- ------- ------- Increase (Decrease) in Net Assets from Operations ............... (34,033) (62,239) (1,542) 825 -------- -------- ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares .................................................. -- (1,603) (24) (220) Investor Shares ............................................... -- -- -- -- Flex Shares ................................................... -- -- -- -- Capital Gains: Trust Shares .................................................. -- (2,188) -- (2,504) Investor Shares ............................................... -- (28) -- -- Flex Shares ................................................... -- (45) -- -- -------- -------- ------- ------- Total Distributions ............................................. -- (3,864) (24) (2,724) -------- -------- ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ................................... 21,704 92,148 6,408 14,367 Reinvestment of Cash Distributions ............................ -- 2,830 24 2,711 Cost of Shares Repurchased .................................... (27,391) (134,833) (4,612) (9,655) -------- -------- ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions .................................................... (5,687) (39,855) 1,820 7,423 -------- -------- ------- ------- Investor Shares: Proceeds from Shares Issued ................................... 63,151 19,493 -- -- Reinvestment of Cash Distributions ............................ -- 26 -- -- Cost of Shares Repurchased .................................... (57,876) (19,943) -- -- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions .................................................. 5,275 (424) -- -- -------- -------- ------- ------- Flex Shares: Proceeds from Shares Issued ................................... 3,005 6,535 -- -- Reinvestment of Cash Distributions ............................ -- 43 -- -- Cost of Shares Repurchased .................................... (1,434) (6,421) -- -- -------- -------- ------- ------- Increase in Net Assets From Flex Share Transactions .................................................. 1,571 157 -- -- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Share Transactions ................................................ 1,159 (40,122) 1,820 7,423 -------- -------- ------- ------- Total Increase (Decrease) in Net Assets ..................... (32,874) (106,225) 254 5,524 -------- -------- ------- ------- Net Assets: Beginning of Period ............................................. 245,044 351,269 23,936 18,412 -------- -------- ------- ------- End of Period ................................................... $212,170 $245,044 $24,190 $23,936 ======== ======== ======= =======
(1) See Note 7 in the Notes to Financial Statements for additional information Amounts designated as "--" are either $0 or have been rounded to $0. 48 - --------------------------------------------------------------------------------
LIFE VISION LIFE VISION MID-CAP EQUITY GROWTH AND INCOME FUND MODERATE GROWTH FUND FUND ------------------------- -------------------------- --------------------------- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 --------- --------- ---------- ----------- --------- ---------- $ 262 $ 913 $ 694 $ 2,256 $ (138) $ (708) -- 298 -- 490 -- -- (1,409) 412 (2,070) 3,951 (2,457) 6,260 -- -- -- -- -- -- -- -- -- -- -- -- (649) 421 (105) (3,417) (3,481) (21,026) ------- ------- ------- -------- -------- --------- (1,796) 2,044 (1,481) 3,280 (6,076) (15,474) ------- ------- ------- -------- -------- --------- (275) (921) (742) (2,323) -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- (1,868) -- (6,675) -- (36,018) -- -- -- -- -- (2,597) -- -- -- -- -- (2,609) ------- ------- ------- -------- -------- --------- (275) (2,789) (742) (8,998) -- (41,224) ------- ------- ------- -------- -------- --------- 18,644 24,159 21,284 61,628 106,191 117,778 274 2,775 731 8,988 -- 32,369 (4,533) (19,112) (8,430) (61,091) (83,304) (151,284) ------- ------- ------- -------- -------- --------- 14,385 7,822 13,585 9,525 22,887 (1,137) ------- ------- ------- -------- -------- --------- -- -- -- -- 4,007 6,611 -- -- -- -- -- 2,556 -- -- -- -- (4,959) (7,751) ------- ------- ------- -------- -------- --------- -- -- -- -- (952) 1,416 ------- ------- ------- -------- -------- --------- -- -- -- -- 1,982 5,097 -- -- -- -- -- 2,582 -- -- -- -- (1,184) (5,569) ------- ------- ------- -------- -------- --------- -- -- -- -- 798 2,110 ------- ------- ------- -------- -------- --------- 14,385 7,822 13,585 9,525 22,733 2,389 ------- ------- ------- -------- -------- --------- 12,314 7,077 11,362 3,807 16,657 (54,309) ------- ------- ------- -------- -------- --------- 37,550 30,473 73,429 69,622 181,337 235,646 ------- ------- ------- -------- -------- --------- $49,864 $37,550 $84,791 $ 73,429 $197,994 $ 181,337 ======= ======= ======= ======== ======== =========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 49 STATEMENTS OF CHANGES IN NET ASSETS (000) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2001
MID CAP SMALL CAP VALUE EQUITY GROWTH FUND STOCK FUND ------------ --------------------------- 11/30/01*- 06/01/01- 06/01/00- 11/30/01 11/30/01 05/31/01 --------- --------- --------- Operations: Net Investment Income (Loss) ............................................... $ -- $ (2,854) $ (5,471) Net Realized Gain (Loss) on Securities Sold ................................ -- (5,990) 27,514 Net Change in Unrealized Appreciation (Depreciation) on Investments ........................................................... -- (42,691) 19,085 ------ -------- -------- Increase (Decrease) in Net Assets from Operations .......................... -- (51,535) 41,128 ------ -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ........................................................... -- -- -- Investor Shares ........................................................ -- -- -- Flex Shares ............................................................ -- -- -- Capital Gains: Trust Shares ........................................................... -- -- (36,059) Investor Shares ........................................................ -- -- (2,634) Flex Shares ............................................................ -- -- (1,955) ------ -------- -------- Total Distributions ........................................................ -- -- (40,648) ------ -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued .............................................. 6,387 97,700 147,538 Reinvestment of Cash Distributions ....................................... -- -- 31,468 Cost of Shares Repurchased ............................................... -- (42,741) (102,290) ------ -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions ............................................................... 6,398 54,959 76,716 ------ -------- -------- Investor Shares: Proceeds from Shares Issued .............................................. -- 4,217 6,093 Reinvestment of Cash Distributions ....................................... -- -- 2,440 Cost of Shares Repurchased ............................................... -- (5,421) (19,670) ------ -------- -------- Decrease in Net Assets From Investor Share Transactions ............................................................... -- (1,204) (11,137) ------ -------- -------- Flex Shares: Proceeds from Shares Issued .............................................. 203 2,559 8,615 Reinvestment of Cash Distributions ....................................... -- -- 1,935 Cost of Shares Repurchased ............................................... -- (2,944) (6,449) ------ -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions ............................................................... 203 (385) 4,101 ------ -------- -------- Increase (Decrease) in Net Assets From Share Transactions ......................................................... 6,590 53,370 69,680 ------ -------- -------- Total Increase (Decrease) in Net Assets ............................... 6,590 1,835 70,160 ------ -------- -------- Net Assets: Beginning of Period ...................................................... -- 564,731 494,571 ------ -------- -------- End of Period ............................................................ $6,590 $566,566 $564,731 ====== ======== ======== (1) See Note 7 in the financial statements for additional information *Commencement of Operations. Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 50
TAX SENSITIVE SMALL CAP VALUE GROWTH VALUE INCOME VANTAGE EQUITY FUND STOCK FUND STOCK FUND FUND -------------------------- -------------------------- ---------------------------- ---------- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/29/01*- 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 --------- --------- --------- ---------- --------- ---------- ---------- $ 1,692 $ 4,447 $ (1,364) $ (3,912) $ 3,878 $ 14,150 $ -- 4,399 (981) (36,651) (151,967) 17,632 (34,203) -- 2,940 75,340 (22,595) (36,773) (77,595) 127,456 (5) -------- -------- --------- ---------- -------- ---------- -------- 9,031 78,806 (60,610) (192,652) (56,085) 107,403 (5) -------- -------- --------- ---------- -------- ---------- -------- (2,505) (3,821) -- -- (3,978) (14,738) -- -- -- -- -- (332) (1,369) -- (15) (48) -- -- (21) (564) -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -------- -------- --------- ---------- -------- ---------- -------- (2,520) (3,869) -- -- (4,331) (16,671) -- -------- -------- --------- ---------- -------- ---------- -------- 83,815 198,095 10,528 111,167 78,658 164,924 2,289 1,459 3,024 -- -- 3,421 13,019 -- (56,204) (83,742) (85,235) (231,337) (88,048) (469,678) -- -------- -------- --------- ---------- -------- ---------- -------- 29,070 117,377 (74,707) (120,170) (5,969) (291,735) 2,289 -------- -------- --------- ---------- -------- ---------- -------- -- -- -- -- 1,192 2,039 -- -- -- -- -- 320 1,326 -- -- -- -- -- (4,792) (31,203) -- -------- -------- --------- ---------- -------- ---------- -------- -- -- -- -- (3,280) (27,838) -- -------- -------- --------- ---------- -------- ---------- -------- 4,318 3,356 10,051 77,445 3,418 4,891 -- 15 47 -- -- 21 552 -- (1,041) (3,320) (29,156) (71,590) (5,714) (30,819) -- -------- -------- --------- ---------- -------- ---------- -------- 3,292 83 (19,105) 5,855 (2,275) (25,376) -- -------- -------- --------- ---------- -------- ---------- -------- 32,362 117,460 (93,812) (114,315) (11,524) (344,949) 2,289 -------- -------- --------- ---------- -------- ---------- -------- 38,873 192,397 (154,422) (306,967) (71,940) (254,217) 2,284 -------- -------- --------- ---------- -------- ---------- -------- 413,067 220,670 693,807 1,000,774 856,321 1,110,538 -- -------- -------- --------- ---------- -------- ---------- -------- $451,940 $413,067 $ 539,385 $ 693,807 $784,381 $ 856,321 $ 2,284 ======== ======== ========= ========== ======== ========== ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 51 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
NET ASSET NET REALIZED AND DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD ---------- ------------ ----------------- ------------ ------------- --------- BALANCED FUND Trust Shares 2001* $13.18 $ 0.12 $(0.20) $(0.13) $ -- $12.97 2001 13.37 0.30 0.12 (0.31) (0.30) 13.18 2000 13.26 0.32 0.33 (0.30) (0.24) 13.37 1999 13.09 0.28 1.09 (0.28) (0.92) 13.26 1998 11.94 0.31 2.19 (0.32) (1.03) 13.09 1997 11.55 0.33 1.47 (0.32) (1.09) 11.94 Investor Shares 2001* $13.24 $ 0.10 $(0.21) $(0.10) $ -- $13.03 2001 13.43 0.27 0.11 (0.27) (0.30) 13.24 2000 13.32 0.29 0.31 (0.25) (0.24) 13.43 1999 13.14 0.24 1.10 (0.24) (0.92) 13.32 1998 11.99 0.28 2.19 (0.29) (1.03) 13.14 1997 11.60 0.29 1.48 (0.29) (1.09) 11.99 Flex Shares 2001* $13.07 $ 0.05 $(0.20) $(0.06) $ -- $12.86 2001 13.27 0.16 0.11 (0.17) (0.30) 13.07 2000 13.17 0.17 0.33 (0.16) (0.24) 13.27 1999 13.02 0.16 1.07 (0.16) (0.92) 13.17 1998 11.90 0.20 2.16 (0.21) (1.03) 13.02 1997 11.53 0.22 1.45 (0.21) (1.09) 11.90 CAPITAL APPRECIATION FUND Trust Shares 2001* $13.89 $(0.03) $(0.78) $ -- $ -- $13.08 2001 17.12 (0.05) (0.38) -- (2.80) 13.89 2000 16.62 0.02 1.40 -- (0.92) 17.12 1999 16.48 0.05 2.70 (0.06) (2.55) 16.62 1998 15.09 0.09 3.96 (0.09) (2.57) 16.48 1997 14.90 0.12 3.13 (0.12) (2.94) 15.09 Investor Shares 2001* $13.59 $(0.09) $(0.75) $ -- $ -- $12.75 2001 16.91 (0.14) (0.38) -- (2.80) 13.59 2000 16.53 (0.11) 1.41 -- (0.92) 16.91 1999 16.43 (0.05) 2.70 -- (2.55) 16.53 1998 15.06 (0.01) 3.95 -- (2.57) 16.43 1997 14.89 0.03 3.10 (0.02) (2.94) 15.06 Flex Shares 2001* $13.09 $(0.10) $(0.73) $ -- $ -- $12.26 2001 16.45 (0.16) (0.40) -- (2.80) 13.09 2000 16.18 (0.24) 1.43 -- (0.92) 16.45 1999 16.22 (0.09) 2.60 -- (2.55) 16.18 1998 14.96 (0.04) 3.87 -- (2.57) 16.22 1997 14.84 (0.01) 3.07 -- (2.94) 14.96 GROWTH AND INCOME FUND (A) Trust Shares 2001* $15.05 $ 0.04 $(1.03) $(0.03) $ -- $14.03 2001 15.53 0.07 (0.04) (0.08) (0.43) 15.05 2000 16.09 0.11 0.55 (0.10) (1.12) 15.53 1999(1) 15.10 0.04 1.97 (0.02) (1.00) 16.09 For the years ended November 30: 1998 16.55 0.09 1.64 (0.09) (3.09) 15.10 1997 13.39 0.14 3.24 (0.15) (0.07) 16.55 1996 11.60 0.17 2.38 (0.17) (0.59) 13.39 Investor Shares 2001* $15.17 $ 0.03 $(1.04) $(0.01) $ -- $14.15 2001 15.65 0.04 (0.04) (0.05) (0.43) 15.17 2000 16.21 0.09 0.55 (0.08) (1.12) 15.65 1999(1) 15.21 0.04 1.99 (0.03) (1.00) 16.21 For the years ended November 30: 1998 16.64 0.10 1.66 (0.10) (3.09) 15.21 1997 13.47 0.13 3.25 (0.14) (0.07) 16.64 1996 11.66 0.17 2.39 (0.16) (0.59) 13.47 Flex Shares 2001* $14.96 $ (0.01) $(1.04) $ -- $ -- $13.91 2001 15.49 (0.05) (0.05) -- (0.43) 14.96 2000 16.10 -- 0.51 -- (1.12) 15.49 1999(1) 15.14 (0.01) 1.97 -- (1.00) 16.10 For the years ended November 30: 1998 16.59 (0.01) 1.64 -- (3.08) 15.14 1997 13.44 0.04 3.23 (0.05) (0.07) 16.59 1996 11.64 0.09 2.38 (0.08) (0.59) 13.44 * For the six month period ended November 30, 2001. All ratios for the period have been annualized. The performance in the above table does not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares. + 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.
52 - --------------------------------------------------------------------------------
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME (LOSS) TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE -------- ------------ ------------------ ------------------ ------------------ ------------------- --------- (0.58)% $ 219,446 1.02% 1.91% 1.05% 1.88% 45% 3.24 209,316 1.01 2.24 1.05 2.20 99 5.02 223,634 0.97 2.39 1.07 2.29 182 10.98 251,752 0.97 2.19 1.06 2.10 179 22.15 188,465 0.96 2.51 1.08 2.39 154 16.66 151,358 0.95 2.89 1.08 2.76 197 (0.74)% $ 7,732 1.33% 1.60% 1.58% 1.35% 45% 2.91 7,834 1.32 1.93 1.54 1.71 99 4.66 9,627 1.27 2.07 1.51 1.83 182 10.70 14,962 1.27 1.89 1.43 1.73 179 21.72 8,313 1.26 2.21 1.59 1.88 154 16.27 6,012 1.25 2.58 1.64 2.19 197 (1.12)% $ 69,968 2.09% 0.85% 2.16% 0.78% 45% 2.11 67,824 2.07 1.18 2.15 1.10 99 3.88 64,322 2.03 1.33 2.18 1.18 182 9.84 73,526 2.03 1.13 2.15 1.01 179 20.85 27,625 2.02 1.41 2.23 1.20 154 15.40 6,067 2.01 1.84 2.45 1.40 197 (5.83)% $1,130,006 1.22% (0.50)% 1.24% (0.52)% 43% (3.74) 1,177,933 1.21 (0.29) 1.24 (0.32) 75 8.98 1,296,927 1.17 0.10 1.26 0.01 129 17.83 1,966,842 1.17 0.29 1.26 0.20 147 29.51 1,532,587 1.16 0.61 1.27 0.50 194 24.66 1,085,128 1.15 0.83 1.25 0.73 141 (6.18)% $ 181,318 1.88% (1.16)% 1.99% (1.27)% 43% (4.38) 202,548 1.86 (0.94) 1.98 (1.06) 75 8.29 251,421 1.82 (0.55) 1.98 (0.71) 129 17.20 311,120 1.82 (0.30) 1.96 (0.44) 147 28.71 271,044 1.81 (0.03) 2.01 (0.23) 194 23.74 218,660 1.80 0.19 2.02 (0.03) 141 (6.34)% $ 105,181 2.35% (1.63)% 2.37% (1.65)% 43% (4.79) 112,497 2.33 (1.41) 2.39 (1.47) 75 7.77 128,159 2.29 (1.03) 2.39 (1.13) 129 16.50 162,100 2.29 (0.86) 2.38 (0.95) 147 28.12 106,670 2.26 (0.46) 2.37 (0.57) 194 23.24 36,753 2.27 (0.29) 2.43 (0.45) 141 (6.59)% $ 784,650 0.99% 0.59% 0.99% 0.59% 35% 0.11 867,664 0.99 0.49 0.99 0.49 73 4.11 885,109 1.01 0.76 1.01 0.76 53 14.24 634,279 1.14 0.49 1.43 0.20 31 13.64 577,042 1.03 0.63 1.21 0.45 71 25.41 590,824 1.02 0.92 1.17 0.77 100 22.68 553,648 1.02 1.38 1.17 1.23 82 (6.63)% $ 37,551 1.18% 0.41% 1.37% 0.22% 35% (0.07) 40,174 1.18 0.30 1.35 0.13 73 3.92 42,666 1.18 0.58 1.31 0.45 53 14.31 36,958 1.08 0.54 1.17 0.45 31 13.69 34,434 1.03 0.63 1.18 0.48 71 25.42 28,112 1.03 0.89 1.18 0.74 100 22.63 17,997 1.03 1.35 1.18 1.20 82 (7.02)% $ 81,468 1.93% (0.33)% 2.14% (0.54)% 35% (0.77) 78,376 1.93 (0.45) 2.14 (0.66) 73 3.11 62,462 1.93 (0.14) 2.18 (0.39) 53 13.85 35,163 1.83 (0.21) 1.97 (0.35) 31 12.78 25,656 1.78 (0.13) 2.03 (0.38) 71 24.63 13,269 1.73 0.15 2.09 (0.20) 100 21.81 5,131 1.68 0.71 2.03 0.36 82 (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. 53 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEARS ENDED MAY 31, FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
NET ASSET NET REALIZED AND DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD --------- ------------ ----------------- ------------ ------------- --------- INFORMATION & TECHNOLOGY FUND Trust Shares 2001* $13.34 $(0.07) $(2.64) $ -- $ -- $10.63 2001 15.87 (0.08) (2.45) -- -- 13.34 2000(1) 10.00 (0.04) 5.91 -- -- 15.87 Flex Shares 2001* $13.15 $(0.12) $(2.61) $ -- $ -- $10.42 2001 15.81 (0.22) (2.44) -- -- 13.15 2000(2) 18.20 (0.07) (2.32) -- -- 15.81 INTERNATIONAL EQUITY FUND Trust Shares 2001* $10.19 $ -- $(1.30) $ -- $ -- $ 8.89 2001 12.56 -- (1.22) (0.04) (1.11) 10.19 2000 12.97 (0.10) 1.42 (0.07) (1.66) 12.56 1999 15.00 -- (1.14) (0.05) (0.84) 12.97 1998 13.63 0.04 2.69 (0.04) (1.32) 15.00 1997 11.40 0.03 2.57 (0.02) (0.35) 13.63 Investor Shares 2001* $10.11 $ 0.08 $(1.37) $ -- $ -- $ 8.82 2001 12.47 (0.02) (1.23) -- (1.11) 10.11 2000 12.89 (0.11) 1.37 (0.02) (1.66) 12.47 1999 14.92 (0.09) (1.10) -- (0.84) 12.89 1998 13.58 0.02 2.64 -- (1.32) 14.92 1997 11.38 (0.01) 2.56 -- (0.35) 13.58 Flex Shares 2001* $ 9.68 $ 0.10 $(1.37) $ -- $ -- $ 8.41 2001 12.06 (0.16) (1.11) -- (1.11) 9.68 2000 12.58 (0.32) 1.46 -- (1.66) 12.06 1999 14.68 (0.29) (0.97) -- (0.84) 12.58 1998 13.47 0.07 2.46 -- (1.32) 14.68 1997 11.37 (0.04) 2.49 -- (0.35) 13.47 INTERNATIONAL EQUITY INDEX FUND Trust Shares 2001* $11.18 $ 0.01 $(1.60) $ -- $ -- $ 9.59 2001 13.97 0.06 (2.69) (0.07) (0.09) 11.18 2000 11.82 0.16 2.13 (0.03) (0.11) 13.97 1999 13.31 0.09 0.85 (0.24) (2.19) 11.82 1998 11.34 0.11 2.65 (0.11) (0.68) 13.31 1997 10.96 0.10 0.69 (0.11) (0.30) 11.34 Investor Shares 2001* $11.05 $ 0.27 $(1.86) $ -- $ -- $ 9.46 2001 13.80 (0.01) (2.65) -- (0.09) 11.05 2000 11.70 (0.11) 2.32 -- (0.11) 13.80 1999 13.20 (0.11) 0.98 (0.18) (2.19) 11.70 1998 11.26 0.16 2.53 (0.07) (0.68) 13.20 1997 10.88 0.03 0.72 (0.07) (0.30) 11.26 Flex Shares 2001* $10.93 $ 0.01 $(1.61) $ -- $ -- $ 9.33 2001 13.74 (0.06) (2.66) -- (0.09) 10.93 2000 11.73 0.08 2.04 -- (0.11) 13.74 1999 13.17 (0.15) 0.94 (0.04) (2.19) 11.73 1998 11.24 0.17 2.44 -- (0.68) 13.17 1997 10.87 (0.05) 0.72 -- (0.30) 11.24 * For the six month period ended November 30, 2001. All ratios for the period have been annualized. The performance in the above table does not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. (1) Commenced operations on September 30, 1999. All ratios for the period have been annualized. (2) 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.
54 - --------------------------------------------------------------------------------
RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME (LOSS) TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE --------- ------------ ------------------ ------------------ ------------------ ------------------- --------- (20.31)% $ 57,415 1.19% (0.84)% 1.19% (0.84)% 587% (15.94) 87,045 1.20 (0.45) 1.21 (0.46) 750 58.70 106,425 1.20 (0.54) 1.34 (0.68) 250 (20.76)% $ 16,157 2.25% (1.90)% 2.57% (2.22)% 587% (16.82) 22,104 2.25 (1.50) 2.45 (1.70) 750 (13.13) 20,201 2.25 (1.65) 2.40 (1.80) 250 (12.76)% $ 165,531 1.49% 0.34% 1.49% 0.34% 57% (10.79) 208,120 1.45 0.50 1.45 0.50 68 10.58 299,100 1.48 0.59 1.48 0.59 179 (7.43) 573,255 1.47 0.68 1.52 0.63 161 21.87 628,870 1.47 0.61 1.48 0.60 108 23.29 489,325 1.46 0.51 1.51 0.46 139 (12.76)% $ 16,253 1.79% (0.08)% 1.79% (0.08)% 57% (11.13) 7,517 1.79 0.18 1.97 -- 68 10.15 10,462 1.83 0.33 1.95 0.21 179 (7.82) 14,145 1.83 0.30 1.93 0.20 161 21.39 17,383 1.82 0.24 1.91 0.15 108 22.85 10,674 1.81 0.18 2.05 (0.06) 139 (13.12)% $ 8,402 2.53% (0.71)% 2.53% (0.71)% 57% (11.71) 7,765 2.48 (0.51) 2.57 (0.60) 68 9.38 10,891 2.53 (0.38) 2.74 (0.59) 179 (8.48) 17,103 2.53 (0.40) 2.82 (0.69) 161 20.54 21,164 2.52 (0.46) 2.58 (0.52) 108 21.98 8,375 2.51 (0.27) 3.03 (0.79) 139 (14.22)% $ 198,034 1.06% 0.21% 1.14% 0.13% 15% (18.90) 236,862 1.06 0.40 1.09 0.37 13 19.36 340,853 1.07 0.83 1.18 0.72 9 7.87 74,616 1.07 0.69 1.17 0.59 32 25.82 56,200 1.06 0.88 1.18 0.76 1 7.48 53,516 1.05 0.71 1.15 0.61 2 (14.39)% $ 8,483 1.47% (0.26)% 2.02% (0.81)% 15% (19.31) 3,451 1.46 0.05 1.83 (0.32) 13 18.86 4,563 1.47 0.07 1.79 (0.25) 9 7.33 4,909 1.47 0.25 1.71 0.01 32 25.25 7,141 1.46 0.50 1.84 0.12 1 7.12 5,592 1.45 0.28 1.88 (0.15) 2 (14.64)% $ 5,653 2.14% (0.88)% 2.64% (1.38)% 15% (19.84) 4,731 2.10 (0.61) 2.15 (0.66) 13 18.04 5,853 2.12 (0.36) 2.61 (0.85) 9 6.68 1,465 2.12 (0.30) 2.92 (1.10) 32 24.50 1,469 2.11 (0.03) 3.52 (1.44) 1 6.41 900 2.10 (0.39) 3.69 (1.98) 2 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 55 FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET ASSET NET REALIZED AND DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD -------------- ------------- ----------------- --------------- -------------- ------------- LIFE VISION AGGRESSIVE GROWTH FUND (A) Trust Shares 2001* $10.31 $ 0.01 $(0.71) $(0.01) $ -- $ 9.60 2001 11.61 0.11 0.23 (0.12) (1.52) 10.31 2000 11.31 0.05 0.74 (0.05) (0.44) 11.61 1999(1) 11.32 0.02 1.13 (0.01) (1.15) 11.31 For the years ended November 30: 1998 10.65 0.03 0.67 (0.03) -- 11.32 1997(2) 10.00 0.03 0.65 (0.03) -- 10.65 LIFE VISION GROWTH AND INCOME FUND (A) Trust Shares 2001* $10.42 $ 0.06 $(0.49) $(0.07) $ -- $ 9.92 2001 10.50 0.24 0.40 (0.25) (0.47) 10.42 2000 10.33 0.07 0.52 (0.17) (0.25) 10.50 1999(1) 11.06 0.08 0.69 (0.06) (1.44) 10.33 For the years ended November 30: 1998 10.51 0.18 0.56 (0.18) (0.01) 11.06 1997(2) 10.00 0.09 0.51 (0.09) -- 10.51 LIFE VISION MODERATE GROWTH FUND (A) Trust Shares 2001* $ 9.73 $ 0.09 $(0.33) $(0.10) $ -- $ 9.39 2001 10.61 0.32 0.20 (0.34) (1.06) 9.73 2000 10.80 0.33 0.13 (0.21) (0.44) 10.61 1999(1) 11.01 0.11 0.56 (0.09) (0.79) 10.80 For the years ended November 30: 1998 10.46 0.24 0.58 (0.24) (0.03) 11.01 1997(2) 10.00 0.12 0.45 (0.11) -- 10.46 MID-CAP EQUITY FUND Trust Shares 2001* $10.95 $(0.01) $(0.36) $ -- $ -- $10.58 2001 14.10 (0.03) (0.61) -- (2.51) 10.95 2000 12.68 (0.04) 2.32 -- (0.86) 14.10 1999 13.79 0.01 0.07 -- (1.19) 12.68 1998 13.21 -- 2.54 -- (1.96) 13.79 1997 12.76 0.03 1.69 (0.05) (1.22) 13.21 Investor Shares 2001* $10.64 $(0.05) $(0.33) $ -- $ -- $10.26 2001 13.82 (0.05) (0.62) -- (2.51) 10.64 2000 12.50 (0.19) 2.37 -- (0.86) 13.82 1999 13.67 (0.06) 0.08 -- (1.19) 12.50 1998 13.17 (0.03) 2.49 -- (1.96) 13.67 1997 12.74 (0.03) 1.69 (0.01) (1.22) 13.17 Flex Shares 2001* $10.14 $(0.02) $(0.38) $ -- $ -- $ 9.74 2001 13.35 (0.07) (0.63) -- (2.51) 10.14 2000 12.17 (0.22) 2.26 -- (0.86) 13.35 1999 13.42 (0.14) 0.08 -- (1.19) 12.17 1998 13.04 (0.04) 2.38 -- (1.96) 13.42 1997 12.69 (0.07) 1.64 -- (1.22) 13.04 MID CAP VALUE EQUITY FUND Trust Shares 2001(3)* $10.00 $ -- $ -- $ -- $ -- $10.00 Flex Shares 2001(3)* $10.00 $ -- $ -- $ -- $ -- $10.00 SMALL CAP GROWTH STOCK FUND Trust Shares 2001* $18.37 $(0.07) $(1.45) $ -- $ -- $16.85 2001 18.30 (0.18) 1.71 -- (1.46) 18.37 2000 14.55 (0.08) 4.02 -- (0.19) 18.30 1999(4) 10.00 (0.05) 4.62 -- (0.02) 14.55 Investor Shares 2001* $18.26 $(0.18) $(1.35) $ -- $ -- $16.73 2001 18.27 (0.59) 2.04 -- (1.46) 18.26 2000(5) 16.46 (0.07) 1.88 -- -- 18.27 Flex Shares 2001* $17.85 $(0.18) $(1.37) $ -- $ -- $16.30 2001 18.00 (0.25) 1.56 -- (1.46) 17.85 2000 14.46 (0.04) 3.77 -- (0.19) 18.00 1999(4) 10.00 (0.19) 4.67 -- (0.02) 14.46 * For the six month period ended November 30, 2001. All ratios for the period have been annualized. The performance in the above table does not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares. + 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 November 30, 2001. All ratios for the period have been annualized. (4) Commenced operations on October 8, 1998. All ratios for the period have been annualized. 56 - ----------------------------------------------------------------------------------------------------------------------------------- RATIO OF RATIO OF NET INVESTMENT RATIO OF RATIO OF EXPENSES TO INCOME (LOSS) TO NET ASSETS EXPENSES TO NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO TOTAL END OF AVERAGE NET INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER RETURN+ PERIOD (000) ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE -------- ------------- ----------- ------------------- ------------------- ------------------ ---------- (6.78)% $ 24,190 0.25% 0.17% 0.41% 0.01% 57% 3.07 23,936 0.25 1.05 0.43 0.87 202 7.25 18,412 0.25 0.48 0.44 0.29 183 10.99 18,699 0.27 0.28 0.63 (0.08) 33 6.53 16,230 0.25 0.23 0.66 (0.18) 75 6.82 13,712 0.25 0.72 0.73 0.24 34 (4.12)% $ 49,864 0.25% 1.22% 0.39% 1.09% 70% 6.31 37,550 0.25 2.41 0.39 2.27 286 5.81 30,473 0.25 1.77 0.42 1.60 189 7.75 21,950 0.27 1.38 0.60 1.05 40 7.12 19,042 0.25 1.68 0.59 1.34 57 5.97 22,521 0.25 2.11 0.59 1.77 25 (2.47)% $ 84,791 0.25% 1.78% 0.36% 1.67% 76% 5.28 73,429 0.25 3.04 0.37 2.92 247 4.46 69,622 0.25 2.19 0.37 2.07 151 6.35 88,188 0.27 1.90 0.42 1.75 48 7.90 93,211 0.25 2.21 0.42 2.04 52 5.70 89,442 0.25 2.66 0.42 2.49 43 (3.38)% $173,823 1.23% (0.05)% 1.25% (0.07)% 38% (6.92) 156,111 1.21 (0.24) 1.25 (0.28) 100 19.10 206,545 1.17 -- 1.25 (0.08) 131 1.61 254,055 1.17 (0.47) 1.28 (0.58) 76 21.14 337,825 1.16 (0.29) 1.27 (0.40) 129 14.23 287,370 1.15 0.23 1.26 0.12 152 (3.57)% $ 10,985 1.67% (0.50)% 1.90% (0.73)% 38% (7.34) 12,316 1.66 (0.69) 1.86 (0.89) 100 18.55 14,513 1.62 (0.43) 1.81 (0.62) 131 1.17 19,230 1.62 (0.90) 1.76 (1.04) 76 20.56 24,930 1.61 (0.75) 1.84 (0.98) 129 13.76 20,245 1.60 (0.21) 1.85 (0.46) 152 (3.94)% $ 13,186 2.27% (1.09)% 2.49% (1.31)% 38% (7.88) 12,910 2.26 (1.29) 2.46 (1.49) 100 17.87 14,588 2.22 (1.05) 2.44 (1.27) 131 0.56 15,804 2.22 (1.52) 2.48 (1.78) 76 19.80 19,042 2.21 (1.37) 2.47 (1.63) 129 13.06 10,120 2.20 (0.85) 2.58 (1.23) 152 --% $ 6,387 --% --% --% --% --% --% $ 203 --% --% --% --% --% (8.27)% $517,003 1.25% (0.97)% 1.25% (0.97)% 58% 8.33 508,857 1.24 (0.95) 1.25 (0.96) 112 27.24 431,478 1.20 (0.86) 1.23 (0.89) 110 45.70 152,290 1.20 (0.48) 1.49 (0.77) 75 (8.38)% $ 25,405 1.61% (1.33)% 1.89% (1.61)% 58% 7.89 28,933 1.60 (1.33) 1.87 (1.60) 112 11.00 39,865 1.55 (1.26) 1.79 (1.50) 110 (8.68)% $ 24,158 2.31% (2.03)% 2.41% (2.13)% 58% 7.19 26,941 2.29 (2.01) 2.39 (2.11) 112 25.95 23,228 2.25 (1.92) 2.42 (2.09) 110 44.78 6,158 2.25 (1.50) 3.19 (2.44) 75 (5) Commenced operations on December 12, 1999. All ratios for the period have been annualized. (A) On May 24, 1999, the CrestFund Life Vision Maximum Growth, CrestFund Life Vision Growth and Income, and CrestFund Life Vision Balanced Portfolios exchanged all of their assets and certain liabilities for shares of the Life Vision Aggressive Growth, Life Vision Growth and Income, and Life Vision Moderate Growth Funds, respectively. The CrestFund Life Vision Maximum Growth, CrestFund Life Vision Growth and Income, and CrestFund Life Vision Balanced 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
57 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2001 (UNAUDITED) AND THE YEARS ENDED MAY 31, FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
NET ASSET NET REALIZED AND DISTRIBUTIONS VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD ---------- ------------- ---------------- ------------- ------------- ------------ SMALL CAP VALUE EQUITY FUND Trust Shares 2001* $12.21 $ 0.05 $0.24 $(0.07) $ -- $12.43 2001 9.13 0.17 3.07 (0.16) -- 12.21 2000 9.70 0.13 (0.59) (0.11) -- 9.13 1999 12.88 0.13 (2.57) (0.13) (0.61) 9.70 1998 11.07 0.14 2.41 (0.12) (0.62) 12.88 1997(1) 10.00 0.05 1.04 (0.02) -- 11.07 Flex Shares 2001* $12.15 $ -- $0.24 $(0.02) $ -- $12.37 2001 9.10 0.07 3.04 (0.06) -- 12.15 2000 9.65 -- (0.54) (0.01) -- 9.10 1999 12.80 0.01 (2.53) (0.02) (0.61) 9.65 1998(2) 11.28 0.03 2.17 (0.06) (0.62) 12.80 TAX SENSITIVE GROWTH STOCK FUND Trust Shares 2001* $26.74 $(0.01) $(2.33) $ -- $ -- $24.40 2001 33.10 (0.03) (6.33) -- -- 26.74 2000 29.96 0.02 3.12 -- -- 33.10 1999(3) 25.61 0.02 4.34 (0.01) -- 29.96 Flex Shares 2001* $26.10 $(0.20) $(2.21) $ -- $ -- $23.69 2001 32.65 (0.36) (6.19) -- -- 26.10 2000 29.85 (0.16) 2.96 -- -- 32.65 1999(4) 25.52 (0.04) 4.37 -- -- 29.85 VALUE INCOME STOCK FUND Trust Shares 2001* $11.61 $ 0.06 $(0.79) $(0.07) $ -- $10.81 2001 10.38 0.19 1.24 (0.20) -- 11.61 2000 12.85 0.23 (1.49) (0.22) (0.99) 10.38 1999 13.90 0.24 1.02 (0.24) (2.07) 12.85 1998 13.71 0.26 2.62 (0.27) (2.42) 13.90 1997 13.15 0.30 2.32 (0.30) (1.76) 13.71 Investor Shares 2001* $11.58 $ 0.04 $(0.80) $(0.05) $ -- $10.77 2001 10.35 0.14 1.25 (0.16) -- 11.58 2000 12.81 0.19 (1.48) (0.18) (0.99) 10.35 1999 13.87 0.19 1.02 (0.20) (2.07) 12.81 1998 13.68 0.20 2.62 (0.21) (2.42) 13.87 1997 13.13 0.25 2.32 (0.26) (1.76) 13.68 Flex Shares 2001* $11.46 $(0.01) $(0.79) $ -- $ -- $10.66 2001 10.24 0.04 1.26 (0.08) -- 11.46 2000 12.68 0.08 (1.44) (0.09) (0.99) 10.24 1999 13.75 0.10 1.01 (0.11) (2.07) 12.68 1998 13.61 0.12 2.57 (0.13) (2.42) 13.75 1997 13.08 0.18 2.29 (0.18) (1.76) 13.61 VANTAGE FUND Trust Shares 2001*(5) $10.00 $(0.01) $(0.01) $ -- $ -- $ 9.98 * For the six month period ended November 30, 2001. All ratios for the period have been annualized. The performance in the above table does not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. (1) Commenced operations on January 31, 1997. All ratios for the period have been annualized. (2) Commenced operations on June 5, 1997. All ratios for the period have been annualized. (3) Commenced operations on December 11, 1998. All ratios for the period have been annualized. (4) Commenced operations on December 15, 1998. All ratios for the period have been annualized. (5) Commenced operations on November 29, 2001. All ratios for the period have been annualized. Amounts designated as "--" are either $0 or have been rounded to $0.
58
- ----------------------------------------------------------------------------------------------------------------------------------- RATIO OF RATIO OF NET INVESTMENT RATIO OF EXPENSES TO INCOME (LOSS) TO NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE -------- --------------- ------------------ ------------------ ------------------ ------------------ ----------- 2.43% $ 437,255 1.25% 0.80% 1.25% 0.80% 21% 35.90 401,900 1.25 1.72 1.25 1.72 86 (4.72) 212,074 1.22 1.31 1.25 1.28 65 (18.72) 301,984 1.22 1.27 1.27 1.22 63 23.59 390,841 1.21 1.07 1.31 0.97 55 10.97 131,049 1.20 1.86 1.37 1.69 27 1.94% $ 14,685 2.31% (0.26)% 2.54% (0.49)% 21% 34.30 11,167 2.30 0.63 2.66 0.27 86 (5.65) 8,596 2.27 0.21 2.56 (0.08) 65 (19.52) 19,465 2.27 0.21 2.55 (0.07) 63 22.29 40,613 2.06 0.01 2.35 (0.28) 55 (8.75)% $ 346,591 1.25% (0.09)% 1.25% (0.09)% 31% (19.21) 460,311 1.24 (0.10) 1.25 (0.11) 103 10.48 710,179 1.20 0.13 1.26 0.07 30 17.04 223,543 1.20 0.21 1.34 0.07 18 (9.23)% $ 192,794 2.31% (1.15)% 2.37% (1.21)% 31% (20.06) 233,496 2.30 (1.15) 2.34 (1.19) 103 9.38 290,595 2.25 (0.91) 2.35 (1.01) 30 16.97 75,875 2.25 (0.80) 2.48 (1.03) 18 (6.30)% $ 648,943 0.90% 1.09% 0.90% 1.09% 30% 14.09 704,842 0.90 1.70 0.90 1.70 77 (10.52) 921,797 0.89 2.02 0.89 2.02 62 11.13 1,589,951 0.92 1.91 0.92 1.91 69 23.10 1,725,418 0.92 1.85 0.92 1.85 99 22.18 1,488,062 0.91 2.40 0.91 2.40 105 (6.59)% $ 76,405 1.28% 0.71% 1.31% 0.68% 30% 13.63 85,584 1.28 1.31 1.31 1.28 77 (10.83) 104,178 1.28 1.64 1.28 1.64 62 10.71 194,312 1.28 1.55 1.28 1.55 69 22.71 210,591 1.27 1.47 1.27 1.47 99 21.69 165,999 1.30 2.01 1.31 2.00 105 (6.95)% $ 59,033 2.02% (0.03)% 2.05% (0.06)% 30% (11.50) 84,563 2.02 0.91 2.03 0.90 62 9.91 167,000 2.02 0.81 2.03 0.80 69 21.76 180,530 2.01 0.78 2.01 0.78 99 20.91 73,466 2.00 1.33 2.03 1.30 105 (0.20)% $ 2,284 --% --% --% --% --% THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
59 NOTES TO FINANCIAL STATEMENTS - ------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 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-seven funds as of November 30, 2001: the Balanced Fund, the Capital Appreciation Fund, the Growth and Income Fund, the Information and Technology Fund (formerly E-Commerce Opportunity 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 Mid Cap Value 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, the Vantage 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 Strategic Income 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 (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 February 20, 2001, the Board of Trustees of the STI Classic Funds approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Core Equity Fund in exchange for the issuance of shares in the Capital Appreciation Fund in a tax-free reorganization (see Note 9). 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, 2001, 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 continue 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. 60 - -------------------------------------------------------------------------------- (UNAUDITED) REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements ensure that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. NET ASSET VALUE PER SHARE -- The net asset value per share of each Fund is calculated each business day, by dividing the total value of each Fund's assets, less liabilities, by the number of shares outstanding. The maximum offering price per share for Investor shares of the Balanced, Capital Appreciation, Growth and Income, International Equity, International Equity Index, Mid-Cap Equity, Small Cap Growth Stock, and 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." SHORT SALES -- As consistent with the Funds' investment objectives, the Funds may engage in short sales that are either "uncovered" or "against the box." A short sale is "against the box" if at all times during which the short position is open, the Funds own at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. Uncovered short sales are transactions under which the Funds sell a security they do not own. To complete such a transaction, the Funds must borrow the security to make delivery to the buyer. The Funds then are obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Funds. Until the security is replaced, the Funds are required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Funds also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Until the Funds close their short position or replaces the borrowed security, the Funds will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time the security was sold short, or (b) otherwise cover the Funds' short positions. 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 61 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 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 financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect 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. IMPLEMENTATION OF NEW ACCOUNTING STANDARDS -- The Funds implemented the provisions of the AICPA Audit and Accounting Guide, Audits of Investment Companies (the "Guide"), as required on June 1, 2001. The implementation did not have any material impact on the results of operations or financial condition of the Funds upon adoption of the provisions of the Guide. 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 Trust has entered into an agreement with the Distributor to act as an agent in placing repur- chase agreements for the Trust. For its services the Distributor received $472,591 for the period ended November 30, 2001. The Trust has also entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc. which is a direct non-bank subsidiary of SunTrust Banks, Inc. to act as an agent in placing repurchase agreements for the Trust. For its services SunTrust Robinson Humphrey received $550,684 for the period ended November 30, 2001. 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: 0.12% up to $1 billion, 0.09% on the next $4 billion, 0.07% on the next $3 billion, 0.065% on the next $2 billion and 0.06% for over $10 billion. The Trust and Federated Services Company are parties to a Transfer Agency servicing agreement dated May 14, 1994 under which Federated Services Company provides transfer agency services to the Trust. The Trust and the Distributor are parties to a Distribution and Service 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 ..................... 0.95% 0.28% 1.00% Capital Appreciation Fund ......... 1.15% 0.68% 1.00% Growth and Income Fund ............ 0.90% 0.25% 1.00% Information and Technology Fund ... 1.10% -- 1.00% International Equity Fund ......... 1.25% 0.33% 1.00% International Equity Index Fund ... 0.90% 0.38% 1.00% Life Vision Aggressive Growth Fund 0.25% -- -- Life Vision Growth and Income Fund 0.25% -- -- Life Vision Moderate Growth Fund .. 0.25% -- -- Mid-Cap Equity Fund ............... 1.15% 0.43% 1.00% Mid Cap Value Equity Fund ......... 1.15% 0.43% 1.00% Small Cap Growth Stock Fund ....... 1.15% 0.50% 1.00% Small Cap Value Equity Fund ....... 1.15% -- 1.00% Tax Sensitive Growth Stock Fund ... 1.15% -- 1.00% Value Income Stock Fund ........... 0.80% 0.33% 1.00% Vantage Fund ...................... 0.80% -- -- 62 - -------------------------------------------------------------------------------- (UNAUDITED) The Investment Adviser and the Distributor have vol- untarily 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, 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. 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, 2001, were as follows: PURCHASES SALES (000) (000) ---------- --------- Balanced Fund ........................ $ 96,602 $ 87,486 Capital Appreciation Fund ............ 601,973 598,992 Growth and Income Fund ............... 334,762 318,338 Information and Technology Fund ...... 451,026 448,224 International Equity Fund ............ 113,253 104,880 International Equity Index Fund ...... 33,267 37,076 Life Vision Aggressive Growth Fund ... 12,849 14,641 Life Vision Growth and Income Fund ... 29,722 44,123 Life Vision Moderate Growth Fund ..... 58,270 71,906 Mid-Cap Equity Fund .................. 65,103 84,149 Small Cap Growth Stock Fund .......... 316,724 369,893 Small Cap Value Equity Fund .......... 82,331 139,782 Tax Sensitive Growth Stock Fund ...... 262,446 181,953 Value Income Stock Fund .............. 226,187 231,065 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, 2001, were $30,741,623 and $29,083,773, respectively. At November 30, 2001, 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, 2001, were as follows: AGGREGATE AGGREGATE NET GROSS GROSS UNREALIZED UNREALIZED UNREALIZED APPRECIATION APPRECIATION (DEPRECIATION) (DEPRECIATION) FUND (000) (000) (000) - ---- ------------- ------------- --------------- Balanced Fund ................. $ 35,686 $ (7,550) $ 28,136 Capital Appreciation Fund ..... 311,926 (56,468) 255,458 Growth and Income Fund ........ 151,251 (31,990) 119,261 Information and Technology Fund 10,934 (2,760) 8,174 International Equity Fund ..... 313,904 (734,442) (420,538) International Equity Index Fund 733,091 (2,648,822) (1,915,731) Life Vision Aggressive Growth Fund ................ 1,309 (1,345) (36) Life Vision Growth and Income Fund ................ 2,869 (1,344) 1,525 Life Vision Moderate Growth Fund ...................... 5,105 (3,319) 1.786 Mid-Cap Equity Fund .......... 28,551 (20,178) 8,373 Small Cap Growth Stock Fund .. 112,444 (45,584) 66,860 Small Cap Value Equity Fund .. 63,349 (21,430) 41,919 Tax Sensitive Growth Stock Fund 89,252 (39,904) 49,348 Value Income Stock Fund ...... 81,542 (42,213) 39,329 Vantage Fund ................. 6 (11) (5) 63 NOTES TO FINANCIAL STATEMENTS (continued) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 7. Capital Share Transactions: Capital Share Transactions for the Funds were as follows (000):
CAPITAL GROWTH AND BALANCED FUND APPRECIATION FUND INCOME FUND --------------------- --------------------- --------------------- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 --------- ---------- --------- --------- --------- --------- Trust Shares: Shares Issued ......................................... 2,765 4,141 16,624 15,774 3,789 15,726 Shares Issued in Connection with Fund Reorganizations . -- -- -- 16,143 -- -- Shares Issued in Lieu of Cash Distributions ........... 164 752 -- 11,118 42 1,340 Shares Redeemed ....................................... (1,886) (5,741) (15,010) (33,979) (5,582) (16,409) ------ ------ ------- ------- ------ ------ Net Trust Share Transactions .......................... 1,043 (848) 1,614 9,056 (1,751) 657 ------ ------ ------- ------- ------ ------ Investor Shares: Shares Issued ......................................... 53 35 272 435 255 351 Shares Issued in Lieu of Cash Distributions ........... 5 27 -- 2,538 2 75 Shares Redeemed ....................................... (57) (187) (957) (2,961) (251) (504) ------ ------ ------- ------- ------ ------ Net Investor Share Transactions ....................... 1 (125) (685) 12 6 (78) ------ ------ ------- ------- ------ ------ Flex Shares: Shares Issued ......................................... 823 1,599 965 1,334 1,141 2,141 Shares Issued in Connection with Fund Reorganizations.. -- -- -- 440 -- -- Shares Issued in Lieu of Cash Distributions............ 25 160 1,358 -- 106 Shares Redeemed ....................................... (595) (1,419) (975) (2,335) (524) (1,039) ------ ------ ------- ------- ------ ------ Net Flex Share Transactions ........................... 253 340 (10) 797 617 1,208 ------ ------ ------- ------- ------ ------ Net Change in Capital Shares........................... 1,297 (633) 919 9,865 (1,128) 1,787 ====== ====== ======= ======= ====== ====== LIFE VISION MID-CAP EQUITY MID CAP MODERATE GROWTH FUND FUND VALUE EQUITY FUND ----------------------- ---------------------- ------------------ 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01*- 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 ---------- --------- --------- --------- ---------- Trust Shares: Shares Issued ....................................... 2,300 5,756 10,214 9,459 639 Shares Issued in Lieu of Cash Distributions ......... 81 920 -- 2,492 -- Shares Redeemed ..................................... (899) (5,690) (8,038) (12,345) -- ------ ------ ------- ------- ---- Net Trust Share Transactions ........................ 1,482 986 2,176 (394) 639 ------ ------ ------- ------- ---- Investor Shares: Shares Issued ....................................... -- -- 384 635 -- Shares Issued in Lieu of Cash Distributions ......... -- -- -- 202 -- Shares Redeemed -- -- (471) (729) -- ------ ------ ------- ------- ---- Net Investor Share Transactions ..................... -- -- (87) 108 -- ------ ------ ------- ------- ---- Flex Shares: Shares Issued ....................................... -- -- 206 441 20 Shares Issued in Lieu of Cash Distributions ......... -- -- -- 214 -- Shares Redeemed ..................................... -- -- (126) (474) -- ------ ------ ------- ------- ---- Net Flex Share Transactions ......................... -- -- 80 181 20 ------ ------ ------- ------- ---- Net Change in Capital Shares ........................ 1,482 986 2,169 (105) 659 ====== ====== ======= ======= ==== *Commencement of Operations. Amounts designated as "--" are either $0 or have been rounded to $0.
64 - -------------------------------------------------------------------------------- (UNAUDITED)
INTERNATIONAL LIFE VISION INFORMATION AND INTERNATIONAL EQUITY INDEX AGGRESSIVE TECHNOLOGY FUND EQUITY FUND FUND GROWTH FUND ------------------------- ---------------------------- ------------------------ ---------------------------- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 --------- --------- --------- --------- --------- ---------- --------- --------- 570 2,421 1,871 4,749 2,208 7,104 671 1,350 -- -- -- -- -- -- -- -- -- -- -- 1,877 -- 230 3 262 (1,694) (2,603) (3,677) (10,018) (2,738) (10,554) (476) (876) -------- -------- -------- -------- ------- -------- ----- ------ (1,124) (182) (1,806) (3,392) (530) (3,220) 198 736 -------- -------- -------- -------- ------- -------- ----- ------ -- -- 19,258 3,452 6,666 1,680 -- -- -- -- -- 70 -- 2 -- -- -- -- (18,159) (3,618) (6,082) (1,701) -- -- -------- -------- -------- -------- ------- -------- ----- ------ -- -- 1,099 (96) 584 (19) -- -- -------- -------- -------- -------- ------- -------- ----- ------ 133 844 338 659 326 577 -- -- -- -- -- -- -- -- -- -- -- -- -- 80 -- 4 -- -- (264) (441) (140) (840) (153) (574) -- -- -------- -------- -------- -------- ------- -------- ----- ------ (131) 403 198 (101) 173 7 -- -- -------- -------- -------- -------- ------- -------- ----- ------ (1,255) 221 (509) (3,589) 227 (3,232) 198 736 ======== ======== ======== ======== ======= ======== ===== ====== LIFE VISION GROWTH AND INCOME FUND ------------------------- 06/01/01- 06/01/00- 11/30/01 05/31/01 --------- --------- 1,855 2,263 -- -- 29 270 (460) (1,833) ------ ------- 1,424 700 ------ ------- -- -- -- -- -- -- ------ ------- -- -- ------ ------- -- -- -- -- -- -- -- -- ------ ------- -- -- ------ ------- 1,424 700 ====== =======
SMALL CAP GROWTH SMALL CAP VALUE TAX SENSITIVE VALUE INCOME STOCK FUND EQUITY FUND GROWTH STOCK FUND STOCK FUND ------------------------- ---------------------------- ------------------------ ---------------------------- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 06/01/01- 06/01/00- 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 11/30/01 05/31/01 --------- --------- --------- --------- --------- --------- --------- --------- 5,610 7,958 6,777 17,362 439 3,365 7,198 15,463 -- 1,679 124 298 -- -- 329 1,281 (2,639) (5,529) (4,653) (7,956) (3,449) (7,610) (8,170) (44,811) ------- ------- ------- ------- ------- ------- ------- -------- 2,971 4,108 2,248 9,704 (3,010) (4,245) (643) (28,067) ------- ------- ------- ------- ------- ------- ------- -------- 242 345 -- -- -- -- 113 195 -- 131 -- -- -- -- 31 131 (307) (1,064) -- -- -- -- (445) (2,999) ------- ------- ------- ------- ------- ------- ------- -------- (65) (588) -- -- -- -- (301) (2,673) ------- ------- ------- ------- ------- ------- ------- -------- 159 472 355 294 428 2,438 320 453 -- 105 1 5 -- -- 2 55 (185) (354) (88) (325) (1,236) (2,392) (539) (3,011) ------- ------- ------- ------- ------- ------- ------- -------- (26) 223 268 (26) (808) 46 (217) (2,503) ------- ------- ------- ------- ------- ------- ------- -------- 2,879 3,743 2,516 9,678 (3,818) (4,199) (1,161) (33,243) ======= ======= ======= ======= ======= ======= ======= ======== VANTAGE FUND ------------ 11/29/01*- 11/30/01 ------------ 229 -- -- ----- 229 ----- -- -- -- ----- -- ----- -- -- -- ----- -- ----- 229 =====
65 NOTES TO FINANCIAL STATEMENTS (concluded) - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2001 (UNAUDITED) 8. Concentration of Credit Risk: The Information and Technology 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 a general equity fund would be. The International Equity and International Equity Index Funds invest 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 May 18, 2001 the Capital Appreciation Fund acquired all of the assets of the Core Equity Fund pursuant to the plan of reorganization approved by the shareholders of the Core Equity Fund on May 18, 2001. The following table summarizes certain relevant information of these Funds prior to and immediately after the business combination on May 18, 2001 and is unaudited. 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 the shareholders of the 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 ON MERGER UNREALIZED FUND DATE APPRECIATION - ---- --------------- -------------- Core Equity Fund Trust Shares ........ 20,993,304 $23,724,070 Flex Shares ......... 547,370 515,296 SHARES ISSUED NET ASSETS NAV IN BUSINESS AFTER PER FUND COMBINATION COMBINATION SHARE - ---- --------------- -------------- -------- Capital Appreciation Fund (1) Trust Shares ....... 16,143,326 $1,205,864,347 $14.15 Flex Shares ........ 439,947 114,299,999 13.34 (1) Represents the accounting survivor in this business combination. 10. Shareholder Voting Results: The undersigned, being the holder of all of the issued and outstanding shares of the Mid Cap Value Equity Fund, Strategic Income Fund and Vantage Fund (each a "Fund" and collectively, the "Funds"), each a series of STI Classic Funds, a Massachusetts business trust (the "Trust"), in accordance with Article V, Sections 1 and 4 of the Trust's Agreement and Declaration of Trust and in lieu of a meeting of shareholders, does hereby consent to and approve the following resolutions: RESOLVED: That SEI Investments Mutual Funds Services (the "Administrator") be, and it hereby is, appointed to serve as Administrator of the Fund and that the Administration Agreement between the Trust and the Administrator including the schedule thereto relating to the Fund, as previously approved by the Trust's Board of Trustees be, and it hereby, approved. RESOLVED: That Trusco Capital Management, Inc. (the "Adviser") be, and it hereby is, appointed to serve as Adviser to the assets of the Fund and that the Investment Advisory Agreement between the Trust and the Adviser on behalf of the fund, previously approved by the Trust's Board of Trustees be, and it is hereby, approved. RESOLVED: That SEI Investments Distribution Co. (the "Distributor") be, and it hereby is, appointed as Distributor of the shares of the Fund and that the Distribution Agreement between the Trust and the Distributor previously approved by the Trust's Board of Trustees with respect to the Fund be, and it is hereby, approved. RESOLVED: That the Distribution and Service Plan between the Trust and the Distributor, with respect to the Flex Shares Class, previously approved by the Trust's Board of Trustees be, and it is hereby, approved. RESOLVED: That the Distribution Plan between the Trust and the Distributor, with respect to the Investor Shares Class, previously approved by the Trust's Board of Trustees be, and it is hereby, approved. 66 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. STI-SA-001-0200 -----END PRIVACY-ENHANCED MESSAGE-----