N-30D 1 sticlassicequityfunds.txt STI CLASSIC EQUITY FUNDS SAR NOVEMBER 30 2002 [BACKGROUND GRAPHIC OMITTED] SEMI-ANNUAL ................................................................................ FINANCIAL REPORT ................................................................................ STI CLASSIC EQUITY FUNDS ................................................................................ A Family of Mutual Funds ................................................................................ November 30, 2002 [STI Classic Funds Logo Omitted] Backed by Tradition. Strengthened by Experience.SM Dear Valued STI Classic Funds' Shareholder: The equity markets closed lower and the bond markets finished higher in the six months ended November 30, 2002, but stocks appeared to begin a cyclical bottoming process that may bode well for improved performance in 2003. Continued concerns about strength of the economic and corporate profits recovery left the S&P 500 Composite Index down 11.5% on a total return basis during this period, while the fixed-income market performance as measured by the Lehman Aggregate Bond Index rose just under 5%. As you may recall from previous letters, we have been cautiously positive on the equity markets since shortly after the tragic events of September 11, 2001. The favorable confluence of aggressive interest rate cuts by the Federal Reserve, tax reductions and spending increases by the Federal Government, more realistic corporate earnings expectations, and increasingly negative investor psychology helped provide a more attractive environment for equities. You may also recall however, that we have been much more price-sensitive and timing-sensitive in our equity selection. This was a result of our expectation that the current economic recovery would be more muted by historical standards, and that the markets would have a tendency to "chase" good news beyond its actual value. We also adopted a more cautious stance toward fixed-income investments, emphasizing the potential benefits from a gradual reduction in credit risk rather than betting that long term yields will fall much below their 40-year lows. During the past six months, the economy continued its uneven but positive recovery at a pace that resembled the "stealth recovery" of the early 1990s. Job and production growth has been frustratingly slow, causing investors to worry about a "double-dip" recession. The S&P 500 Composite Index tended to reflect the on-again-off-again shift in sentiment and expectations, bottoming first in July and again in October. While none of the ten major sectors in the Index posted gains over the past six months, both the battered technology and telecommunications sectors did garner some renewed investor interest amid signs of an evolving capital spending recovery. Large-cap stocks also regained favor during the period, though they lagged small-cap stocks over the past twelve months. Neither the growth nor the value styles showed a significant performance advantage, however. The fixed-income markets also experienced shifting performance during the period. While the highest quality, longer-term Treasury securities showed the best returns over the six months, corporate and mortgage-backed securities staged an impressive recovery in October and November. During this time we continued to emphasize the benefits of and need for a well-diversified portfolio as the most effective means of navigating these turbulent markets. We are increasingly optimistic in our outlook for the economy and the stock markets in the closing days of 2002, but we also realize there are significant potential constraints on both. While the economy is currently working its way through a "soft patch," it appears that most corporations have eliminated excess inventories, have downsized considerably, and have returned to profitability. Moreover, the Fed reduced short-term rates again in November and the Republican control of both houses of Congress following the mid-term elections suggests a higher probability of further tax cuts and other fiscal stimulus. While these factors will help provide a sturdy base for recovery, the pace of growth is likely to be somewhat constrained by an already strong pace of consumer spending, sluggish job growth and the threat from global instability. This may mean a continuation of the volatility that has characterized market performance in recent years, but we believe the economy and the stock markets can develop a more positive trend. We believe our emphasis on fundamental research on each company security we purchase will continue to provide the kind of strong relative performance that our clients have come to know and expect from the STI Classic Family of Mutual Funds. We thank you for your loyalty and trust during these challenging times, and we will continue to earn and validate that trust in 2003. Sincerely, /S/ Douglas S. Phillips Douglas S. Phillips, CFA Chief Investment Officer 1 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 BALANCED FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (50.2%) BASIC MATERIALS (0.6%) Rohm & Haas 45,000 $ 1,593 -------- CAPITAL GOODS (6.7%) 3M 12,000 1,558 Black & Decker 25,000 1,074 Danaher 2,000 126 Eaton 26,000 1,973 General Dynamics 31,000 2,525 Illinois Tool Works 30,000 2,040 Lockheed Martin 82,000 4,280 Masco 100,000 2,017 Tyco International 160,000 2,854 -------- 18,447 -------- COMMUNICATION SERVICES (2.2%) Fox Entertainment Group, Cl A* 39,500 1,053 Nokia Oyj ADR 150,000 2,882 Tribune 46,500 2,130 -------- 6,065 -------- COMPUTER SOFTWARE (0.2%) Mercury Interactive* 15,000 502 -------- CONSUMER CYCLICALS (7.4%) Bed Bath & Beyond* 67,100 2,328 Brinker International* 26,700 796 CDW Computer Centers* 10,500 535 Coach* 50,000 1,701 Family Dollar Stores 34,000 1,003 Fortune Brands 28,800 1,405 Gannett 26,000 1,853 Harley-Davidson 48,400 2,349 Johnson Controls 18,000 1,492 Kohl's* 26,100 1,788 Lowe's 90,000 3,735 Limited Brands 15,030 256 Mattel 58,000 1,196 -------- 20,437 -------- CONSUMER STAPLES (2.2%) Clorox 69,600 3,051 Procter & Gamble 15,500 1,302 Sara Lee 36,000 840 Sysco 33,500 986 -------- 6,179 -------- ENERGY (3.5%) Anadarko Petroleum 50,000 2,360 Apache 32,600 1,756 BJ Services* 52,000 1,739 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY -- CONTINUED Burlington Resources 40,500 $ 1,706 Noble* 61,200 2,078 -------- 9,639 -------- FINANCE (8.0%) Allstate 53,800 2,100 AMBAC Financial Group 40,000 2,500 American Express 68,500 2,667 American International Group 35,400 2,306 Bank of America 24,500 1,717 Countrywide Credit Industry 50,000 2,465 Freddie Mac 82,600 4,761 SLM 38,200 3,733 -------- 22,249 -------- HEALTH CARE (7.9%) Allergan 27,000 1,587 Bausch & Lomb 20,500 774 Forest Laboratories* 28,000 3,005 Health Management Associates, Cl A 123,000 2,156 Johnson & Johnson 62,600 3,569 King Pharmaceuticals* 66,000 1,253 Pfizer 110,700 3,491 Tenet Healthcare* 48,000 886 UnitedHealth Group 32,000 2,606 WellPoint Health Networks* 37,400 2,462 -------- 21,789 -------- SEMICONDUCTORS (2.5%) Microchip Technology 55,000 1,582 Micron Technology* 140,000 2,213 Texas Instruments 83,200 1,673 Xilinx* 57,000 1,405 -------- 6,873 -------- SERVICES (1.0%) Apollo Group, Cl A* 65,000 2,681 -------- TECHNOLOGY (6.0%) Affiliated Computer Services, Cl A* 49,700 2,485 Cisco Systems* 135,000 2,014 First Data 54,000 1,871 Lexmark International* 50,000 3,307 Microsoft* 70,500 4,076 Motorola 168,000 1,912 Sun Microsystems* 200,000 858 -------- 16,523 -------- 2 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- TRANSPORTATION (2.0%) Carnival 53,700 $ 1,506 Norfolk Southern 53,400 1,054 Union Pacific 53,500 3,098 -------- 5,658 -------- Total Common Stock (Cost $128,675) 138,635 -------- U.S. TREASURY OBLIGATIONS (5.8%) U.S. Treasury Bonds 7.500%, 11/15/16 $6,075 7,678 6.250%, 05/15/30 5,875 6,764 5.375%, 02/15/31 550 577 -------- 15,019 -------- U.S. Treasury Note 5.750%, 11/15/05 1,000 1,091 -------- Total U.S. Treasury Obligations (Cost $14,692) 16,110 -------- U.S. GOVERNMENT AGENCY OBLIGATIONS (1.5%) FHLB 4.125%, 01/14/05 2,000 2,073 FNMA 5.250%, 08/01/12 2,100 2,117 -------- Total U.S. Government Agency Obligations (Cost $4,093) 4,190 -------- U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS (10.5%) FHLMC 6.500%, 02/01/17 1,522 1,597 FNMA 7.000%, 05/01/32 5,311 5,545 GNMA 8.500%, 04/15/31 2,788 3,015 8.000%, 08/15/31 to 09/15/31 8,296 8,897 7.000%, 04/15/32 to 07/15/32 3,920 4,119 6.000%, 12/15/31 5,734 5,903 -------- Total U.S. Government Mortgage-Backed Obligations (Cost $28,415) 29,076 -------- CORPORATE OBLIGATIONS (25.2%) CAPITAL GOODS (1.3%) Alcoa 4.250%, 08/15/07 1,400 1,420 Diageo Capital 3.500%, 11/19/07 750 734 Masco 5.875%, 07/15/12 700 724 Weyerhaeuser 7.950%, 03/15/25 575 643 -------- 3,521 -------- -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- COMMUNICATION SERVICES (2.1%) Ameritech Capital Funding 6.450%, 01/15/18 $1,775 $ 1,769 AT&T Broadband 9.455%, 11/15/22 (D) 635 704 AT&T Wireless Services 8.125%, 05/01/12 850 816 Westinghouse Electric 7.875%, 09/01/23 600 693 Verizon New Jersey 5.875%, 01/17/12 1,750 1,795 -------- 5,777 -------- CONSUMER CYCLICALS (1.4%) Cardinal Health 4.450%, 06/30/05 300 311 Federated Department Stores 6.625%, 04/01/11 (D) 675 717 Ford Motor 6.625%, 10/01/28 1,400 1,078 Kerr-McGee 5.375%, 04/15/05 275 287 Viacom 5.625%, 05/01/07 (D) 1,400 1,479 -------- 3,872 -------- CONSUMER STAPLES (1.8%) Coca-Cola Enterprises 8.500%, 02/01/22 1,550 1,953 Conagra Foods 6.750%, 09/15/11 675 750 Philip Morris 7.500%, 04/01/04 2,200 2,307 -------- 5,010 -------- ENERGY (0.9%) Anadarko Petroleum 6.125%, 03/15/12 675 719 Conoco 6.950%, 04/15/29 1,100 1,211 Kerr-McGee 5.875%, 09/15/06 425 452 -------- 2,382 -------- FINANCE (14.4%) Allstate 7.875%, 05/01/05 (D) 1,850 2,042 Bank of America 4.875%, 09/15/12 (D) 1,750 1,715 Boeing Capital 5.650%, 05/15/06 (D) 1,200 1,252 3 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 BALANCED FUND--CONCLUDED -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- FINANCE -- CONTINUED Capital One 6.500%, 07/30/04 $ 750 $ 733 CIT Group 5.500%, 02/15/04 2,000 2,030 Countrywide Home Loan, Ser F, MTN 6.510%, 02/11/05 2,100 2,229 DaimlerChrysler NA Holdings 7.200%, 09/01/09 1,850 1,982 Donaldson, Lufkin & Jenrette, MTN 6.150%, 05/04/04 1,150 1,205 EOP Operating LP 6.500%, 06/15/04 675 701 Ford Credit 6.875%, 02/01/06 1,900 1,877 General Electric Capital, Ser A, MTN 6.750%, 03/15/32 (D) 2,525 2,683 General Motors Acceptance 8.000%, 11/01/31 1,750 1,708 Golden West Financial 4.125%, 08/15/07 750 755 Goldman Sachs Group 6.600%, 01/15/12 1,750 1,895 Household Finance 5.750%, 01/30/07 1,450 1,438 International Lease Finance, Ser M, MTN 5.950%, 06/06/05 2,000 2,080 KFW International Finance, Ser DTC 2.500%, 10/17/05 1,100 1,089 Merrill Lynch, Ser B, MTN 5.350%, 06/15/04 1,650 1,716 Morgan Stanley Dean Witter 7.250%, 04/01/32 2,500 2,754 National Rural Utilities 5.250%, 07/15/04 600 623 Salomon Smith Barney Holdings 6.500%, 02/15/08 2,700 2,946 Wachovia 6.800%, 06/01/05 1,000 1,091 Washington Mutual Financial 8.250%, 06/15/05 1,150 1,284 Wells Fargo Finance 5.500%, 08/01/12 2,100 2,155 -------- 39,983 -------- -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- FOREIGN GOVERNMENTS (1.1%) Ontario Global 6.000%, 02/21/06 $1,400 $ 1,512 Province of Quebec, Ser NN 7.125%, 02/09/24 1,300 1,510 -------- 3,022 -------- TECHNOLOGY (0.7%) Computer Sciences 7.500%, 08/08/05 1,750 1,884 -------- TRANSPORTATION (0.5%) Norfolk Southern 7.800%, 05/15/27 675 791 Union Pacific 5.750%, 10/15/07 700 750 -------- 1,541 -------- UTILITIES (1.0%) Alabama Power, Ser Q 5.500%, 10/15/17 625 621 Carolina Power & Light 6.500%, 07/15/12 675 709 Dominion Resources, Ser B 7.625%, 07/15/05 875 945 Pacificorp 6.900%, 11/15/11 450 498 -------- 2,773 -------- Total Corporate Obligations (Cost $68,151) 69,765 -------- ASSET-BACKED OBLIGATIONS (3.1%) Bank One Issuance Trust, Ser 2002-a4, Cl A4 2.940%, 06/16/08 2,100 2,096 Capital Auto Receivables Asset Trust, Ser 2002-4, Cl A4 2.640%, 03/17/08 1,200 1,197 General Electric Commercial Mortgage, Series 2002-1a, Cl A3 6.269%, 12/10/35 2,000 2,163 GMAC Communication Mortgage Securities, Ser 2002-c2, Cl A3 5.713%, 10/15/38 775 810 Harley-Davidson Motorcycle Trust, Ser 2002-2, Cl A2 3.090%, 06/15/10 900 905 JP Morgan Chase Commercial Mortgage Security, Ser 2002-C1, Cl A3 5.376%, 07/12/12 1,400 1,427 -------- Total Asset-Backed Obligations (Cost $8,395) 8,598 -------- 4 -------------------------------------------------------------------------------- UNAUDITED) -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (9.7%) UBS Warburg 1.320%, dated 11/29/02, matures 12/02/02, repurchase price $26,929,927 (collateralized by U.S. Treasury Obligation: total market value $27,469,208) (C) $26,927 $ 26,927 -------- Total Repurchase Agreement (Cost $26,927) 26,927 -------- Total Investments (106.0%) (Cost $279,348) 293,301 -------- OTHER ASSETS AND LIABILITIES (-6.0%) Collateral Received on Securities Loaned 10,630 Payable Upon Return of Securities Loaned (10,630) Investment Advisory Fees Payable (224) Administration Fees Payable (17) Distribution Fees Payable (50) Custodian Fees Payable (1) Other Assets and Liabilities (16,346) -------- Total Other Assets and Liabilities, Net (16,638) -------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 17,754,112 outstanding shares of beneficial interest 198,016 Paid in Capital -- Investor Shares (unlimited authorization -- no par value) based on 686,471 outstanding shares of beneficial interest 7,534 Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 5,712,569 outstanding shares of beneficial interest 73,634 Undistributed net investment income 465 Accumulated net realized loss on investments (16,939) Net unrealized appreciation on investments 13,953 -------- Total Net Assets (100.0%) $276,663 ======== -------------------------------------------------------------------------------- VALUE -------------------------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $11.48 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $11.53 ======== Maximum Offering Price Per Share -- Investor Shares ($11.53 / 96.25%) $11.98 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $11.38 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 5 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 CAPITAL APPRECIATION FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (97.9%) BASIC MATERIALS (0.9%) Rohm & Haas 312,500 $ 11,059 ---------- CAPITAL GOODS (12.7%) 3M 100,000 12,985 Black & Decker (D) 295,000 12,676 Danaher 15,000 943 Eaton 181,500 13,770 General Dynamics 261,000 21,258 Illinois Tool Works 300,000 20,397 Lockheed Martin 760,000 39,672 Masco 767,500 15,481 Tyco International 1,475,000 26,314 ---------- 163,496 ---------- COMMUNICATION SERVICES (3.8%) Fox Entertainment Group, Cl A* 375,000 9,998 Nokia Oyj ADR 1,295,000 24,877 Tribune 296,400 13,575 ---------- 48,450 ---------- COMPUTER SOFTWARE (1.8%) Intuit* 263,800 14,229 Mercury Interactive* (D) 250,000 8,370 ---------- 22,599 ---------- CONSUMER CYCLICALS (14.4%) Bed Bath & Beyond* 541,500 18,785 Brinker International* 243,000 7,241 CDW Computer Centers* (D) 131,500 6,703 Coach* 525,000 17,861 Family Dollar Stores 306,000 9,024 Fortune Brands 255,000 12,436 Gannett 217,500 15,497 Harley-Davidson (D) 408,800 19,843 Johnson Controls 154,000 12,765 Kohl's* 270,000 18,495 Lowe's 800,000 33,200 Limited Brands 148,168 2,520 Mattel 511,500 10,547 ---------- 184,917 ---------- CONSUMER STAPLES (4.3%) Clorox (D) 633,000 27,751 Procter & Gamble 141,300 11,869 Sara Lee 302,500 7,057 Sysco 302,000 8,885 ---------- 55,562 ---------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY (6.9%) Anadarko Petroleum 453,000 $ 21,381 Apache 290,000 15,625 BJ Services* 477,000 15,956 Burlington Resources 410,000 17,269 Noble* 525,000 17,824 ---------- 88,055 ---------- FINANCE (15.4%) Allstate 506,000 19,749 AMBAC Financial Group 330,000 20,628 American Express 516,000 20,088 American International Group 353,000 22,998 Bank of America 190,000 13,315 Countrywide Credit Industry 387,000 19,079 Freddie Mac 696,500 40,146 SLM 424,000 41,438 ---------- 197,441 ---------- HEALTH CARE (15.7%) Allergan (D) 237,500 13,963 Bausch & Lomb 181,800 6,861 Forest Laboratories* 257,000 27,584 Health Management Associates, Cl A (D) 1,001,900 17,563 Johnson & Johnson 511,500 29,166 King Pharmaceuticals* 612,000 11,616 Pfizer 1,052,000 33,180 Tenet Healthcare* 600,000 11,070 UnitedHealth Group 306,000 24,924 WellPoint Health Networks* 380,000 25,015 ---------- 200,942 ---------- SEMICONDUCTORS (4.4%) Microchip Technology 350,000 10,066 Micron Technology* 1,272,000 20,110 Texas Instruments 705,000 14,178 Xilinx* 509,000 12,542 ---------- 56,896 ---------- SERVICES (1.9%) Apollo Group, Cl A* 600,000 24,750 ---------- TECHNOLOGY (11.3%) Affiliated Computer Services, Cl A* 367,500 18,375 Cisco Systems* 1,178,000 17,576 First Data 408,000 14,133 Lexmark International* 452,000 29,895 Microsoft* 634,000 36,658 Motorola 1,580,000 17,981 Sun Microsystems* 2,400,000 10,298 ---------- 144,916 ---------- 6 -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- TRANSPORTATION (4.4%) Carnival 465,000 $ 13,043 Norfolk Southern 798,000 15,744 Union Pacific 466,400 27,005 ---------- 55,792 ---------- Total Common Stock (Cost $1,157,402) 1,254,875 ---------- REPURCHASE AGREEMENT (1.2%) UBS Warburg 1.320%, dated 11/29/02, matures 12/02/02, repurchase price $15,972,567 (collateralized by U.S. Treasury Obligations: total market value $16,290,274) (C) $15,971 15,971 ---------- Total Repurchase Agreement (Cost $15,971) 15,971 ---------- Total Investments (99.1%) (Cost $1,173,373) 1,270,846 ---------- OTHER ASSETS AND LIABILITIES (0.9%) Collateral Received on Securities Loaned 20,848 Payable Upon Return of Securities Loaned (20,848) Investment Advisory Fees Payable (1,178) Administration Fees Payable (71) Distribution Fees Payable (134) Custodian Fees Payable (3) Other Assets and Liabilities 13,194 ---------- Total Other Assets and Liabilities, Net 11,808 ---------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 97,875,110 outstanding shares of beneficial interest 1,038,959 Paid in Capital -- Investor Shares (unlimited authorization -- no par value) based on 13,611,795 outstanding shares of beneficial interest 146,968 Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 9,191,817 outstanding shares of beneficial interest 135,910 Accumulated net investment loss (3,532) Accumulated net realized loss on investments (133,124) Net unrealized appreciation on investments 97,473 ---------- Total Net Assets (100.0%) $1,282,654 ========== -------------------------------------------------------------------------------- VALUE -------------------------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $10.73 ========== Net Asset Value and Redemption Price Per Share -- Investor Shares $10.39 ========== Maximum Offering Price Per Share -- Investor Shares ($10.39 / 96.25%) $10.79 ========== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $9.93 ========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 7 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 GROWTH AND INCOME FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (97.9%) BASIC MATERIALS (4.7%) E.I. du Pont de Nemours 300,000 $ 13,386 International Flavors & Fragrances 250,000 8,255 International Paper 325,000 12,756 -------- 34,397 -------- CAPITAL GOODS (13.4%) Boeing 300,000 10,200 Cooper Industries, Cl A 450,000 17,109 DST Systems* 160,000 6,072 Emerson Electric 200,000 10,430 General Electric 700,000 18,970 Illinois Tool Works 125,000 8,499 Precision Castparts 225,000 5,530 Rockwell Automation 600,000 12,630 United Technologies 125,000 7,809 -------- 97,249 -------- COMMUNICATION SERVICES (4.0%) Alltel 150,000 8,262 SBC Communications 200,000 5,700 Verizon Communications 350,000 14,658 -------- 28,620 -------- CONSUMER CYCLICALS (13.0%) AOL Time Warner* 400,000 6,548 Brunswick 400,000 8,408 Gannett 80,000 5,700 Hasbro 500,000 6,410 Johnson Controls 100,000 8,289 Jones Apparel Group* 300,000 11,040 Lowe's 200,000 8,300 Newell Rubbermaid 500,000 15,860 Target 400,000 13,912 Walt Disney 500,000 9,910 -------- 94,377 -------- CONSUMER STAPLES (6.5%) HJ Heinz 450,000 15,669 Kimberly-Clark 175,000 8,806 McCormick 200,000 4,758 PepsiCo 150,000 6,372 Sara Lee 500,000 11,665 -------- 47,270 -------- ENERGY (8.5%) ChevronTexaco 225,000 15,082 ConocoPhillips 300,000 14,343 Exxon Mobil 475,000 16,530 Royal Dutch Petroleum 150,000 6,532 Tidewater 300,000 9,279 -------- 61,766 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE (21.9%) American International Group 175,000 $ 11,401 Bank of America 250,000 17,520 Bank One 400,000 15,796 Berkshire Hathaway, Cl B* 9,000 21,699 Citigroup 350,000 13,608 Countrywide Credit Industry 125,000 6,162 Fannie Mae 175,000 11,034 Fifth Third Bancorp 150,000 8,400 Jefferson-Pilot 300,000 11,445 MGIC Investment 200,000 9,334 PNC Financial Services Group 250,000 10,550 UnumProvident 350,000 5,967 Wells Fargo 350,000 16,174 -------- 159,090 -------- HEALTH CARE (10.0%) Abbott Laboratories 300,000 13,134 Barr Laboratories* 100,000 6,603 Bristol-Myers Squibb 500,000 13,250 C.R. Bard 142,400 7,903 Express Scripts, Cl A* 150,000 7,590 Johnson & Johnson 170,000 9,693 Merck 85,000 5,050 Oxford Health Plans* 250,000 9,130 -------- 72,353 -------- TECHNOLOGY (10.8%) Cisco Systems* 200,000 2,984 Computer Sciences* 250,000 8,723 Hewlett-Packard 500,000 9,740 Intel 400,000 8,352 International Business Machines 100,000 8,710 Lexmark International* 150,000 9,921 Microsoft* 150,000 8,673 Motorola 1,000,000 11,380 Texas Instruments 500,000 10,055 -------- 78,538 -------- TRANSPORTATION (1.6%) Norfolk Southern 573,000 11,305 -------- UTILITIES (3.5%) Duke Energy 850,000 16,779 Exelon 166,700 8,367 -------- 25,146 -------- Total Common Stock (Cost $674,610) 710,111 -------- 8 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- CASH EQUIVALENT (2.1%) SEI Daily Income Trust Prime Obligation Fund, Cl A 15,430,538 $ 15,431 -------- Total Cash Equivalent (Cost $15,431) 15,431 -------- Total Investments (100.0%) (Cost $690,041) 725,542 -------- OTHER ASSETS AND LIABILITIES (0.0%) Investment Advisory Fees Payable (521) Administration Fees Payable (39) Distribution Fees Payable (44) Custodian Fees Payable (2) Other Assets and Liabilities 334 -------- Total Other Assets and Liabilities, Net (272) -------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 51,902,787 outstanding shares of beneficial interest 626,263 Paid in Capital -- Investor Shares (unlimited authorization -- no par value) based on 2,698,417 outstanding shares of beneficial interest 31,408 Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 6,350,144 outstanding shares of beneficial interest 97,940 Undistributed net investment income 1,621 Accumulated net realized loss on investments (67,463) Net unrealized appreciation on investments 35,501 -------- Total Net Assets (100.0%) $725,270 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $11.91 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $12.00 ======== Maximum Offering Price Per Share -- Investor Shares ($12.00 / 96.25%) $12.47 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $11.78 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 9 SCHEDULE OFINVESTMENTS/STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 INFORMATION AND TECHNOLOGY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (100.5%) COMMUNICATION SERVICES (4.6%) AT&T Wireless Services* 35,000 $ 264 China Unicom ADR* 30,000 231 Nokia Oyj ADR 15,000 288 Nortel Networks* 90,000 175 Tellabs* 17,000 151 ------- 1,109 ------- COMPUTER SOFTWARE (19.8%) BEA Systems* 90,000 994 BMC Software* 21,500 385 Electronic Arts* 6,000 407 Internet Security Systems* 22,312 558 Mercury Interactive* 15,000 502 Oracle* 51,500 626 Peoplesoft* 5,000 98 Siebel Systems* 35,000 298 TIBCO Software* 26,000 191 Veritas Software* 27,500 500 webMethods* 28,000 270 ------- 4,829 ------- HEALTH CARE (4.9%) Biovail* 5,000 166 King Pharmaceuticals* 25,000 475 Shire Pharmaceuticals ADR* 14,000 290 WellChoice* 10,400 269 ------- 1,200 ------- SEMICONDUCTORS (30.0%) Analog Devices* 27,000 829 Flextronics International* 30,000 330 Intel 47,935 1,001 Intersil, Cl A* 21,000 363 Jabil Circuit* 31,000 665 Marvell Technology Group* 10,000 226 Micron Technology* 65,000 1,028 QLogic* 13,000 565 STMicroelectronics (D) 43,000 1,092 Texas Instruments 20,940 421 Xilinx* 32,000 788 ------- 7,308 ------- SERVICES (1.6%) Robert Half International* 20,000 393 ------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY (39.6%) Amdocs* 17,000 $ 195 Applied Micro Circuits* 28,000 128 Brocade Communications Systems* 42,000 239 Celestica* (D) 35,000 634 Cisco Systems* 33,000 492 Corning* 30,000 133 Electronic Data Systems 15,000 278 EMC/Massachusetts* 17,000 123 Extreme Networks* 65,000 293 Hewlett-Packard 60,000 1,169 Integrated Circuit Systems* (D) 40,596 945 International Business Machines 13,000 1,132 JDS Uniphase* 35,000 119 Juniper Networks* 50,000 487 Lucent Technologies* 85,000 149 Microsoft* 18,000 1,041 Motorola 10,000 114 Network Appliance* 62,000 860 Sun Microsystems* 85,000 365 Synopsys* 14,000 728 ------- 9,624 ------- Total Common Stock (Cost $19,891) 24,463 ------- EXCHANGE TRADED FUND (2.8%) Nasdaq-100 Index Tracking Stock* 25,000 690 ------- Total Exchange Traded Fund (Cost $527) 690 ------- Total Investments (103.3%) (Cost $20,418) $25,153 ======= Percentages based on Net Assets of $24,338,610. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 10 -------------------------------------------------------------------------------- (UNAUDITED) INTERNATIONAL EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FOREIGN COMMON STOCK (96.9%) AUSTRALIA (4.8%) Amcor* 65,177 $ 300 Australia & New Zealand Banking Group* 210,126 2,217 BHP Billiton* 159,584 907 Boral* 286,500 676 Foodland Associated* 40,308 391 News* 85,403 609 Qantas Airways* 671,468 1,429 TABCORP Holdings* 185,790 1,148 Telstra* 216,870 556 Westpac Banking* 237,500 1,897 -------- 10,130 -------- BELGIUM (1.3%) Fortis* 103,900 1,840 Fortis (Amsterdam)* 47,686 845 -------- 2,685 -------- DENMARK (0.5%) Danske Bank* 58,855 986 -------- FINLAND (2.2%) Nokia Oyj* 195,346 3,770 Tietoenator Oyj* 57,115 903 -------- 4,673 -------- FRANCE (8.3%) Aventis* 47,775 2,659 BNP Paribas* 84,675 3,454 Dassault Systemes* 19,398 549 Lafarge* 27,532 2,240 Peugeot* 25,783 1,163 Suez* 66,203 1,212 Technip-Coflexip* 6,468 507 Thomson Multimedia* 90,133 2,000 Total Fina Elf* 27,174 3,652 -------- 17,436 -------- GERMANY (6.2%) Allianz* 5,122 572 BASF* 41,965 1,616 Bayer* 15,558 356 Bayerische Hypo-und Vereinsbank* 33,469 549 Bayerische Motoren Werke* 56,265 1,909 Buderus* 34,840 788 Deutsche Bank* 42,587 2,135 Deutsche Telekom* 91,392 1,112 Muenchener Rueckversicherungs* 2,700 376 SAP* 11,916 1,045 Schering* 9,100 388 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- GERMANY -- CONTINUED Siemens* 44,213 $ 2,171 -------- 13,017 -------- HONG KONG (1.8%) Esprit Holdings* 530,000 985 Hang Lung Properties* 661,000 619 Hong Kong Electric Holdings* 297,000 1,162 Hutchinson Whampoa* 141,700 995 -------- 3,761 -------- IRELAND (1.0%) Allied Irish Banks* 78,800 1,104 Anglo Irish Bank* 148,800 1,021 -------- 2,125 -------- ITALY (4.7%) ENI-Ente Nazionale Idrocarburi* 116,313 1,692 IntesaBci* 705,042 1,540 Parmalat Finanziaria* 811,357 1,945 Saipem* 240,967 1,465 Telecom Italia* 264,040 2,159 TIM* 94,400 487 Unicredito Italiano* 140,200 559 -------- 9,847 -------- JAPAN (21.1%) Aiful* 17,150 826 Asahi Glass* 73,000 472 Canon* 82,100 3,130 Chubu Electric Power* 49,300 833 Denso* 21,800 351 East Japan Railway* 249 1,175 Fanuc* 19,000 912 Fuji Photo Film* 46,000 1,494 Hitachi* 231,000 982 Honda Motor* 27,900 1,052 Ito-Yokado* 19,000 653 Japan Tobacco* 195 1,210 JFE Holdings* 40,800 480 Kao* 60,000 1,288 Kyocera* 12,500 832 Matsushita Electric Industrial* 98,000 1,006 Millea Holdings* 70 539 Minebea* 110,000 482 Mitsubishi Tokyo Financial* 222 1,341 Mitsubishi Heavy Industries* 465,800 1,182 Mitsui* 155,500 787 Mitsui Chemicals* 165,000 694 Mizuho Holdings* 300 335 Nippon Steel* 361,000 439 Nippon Telegraph & Telephone* 305 1,200 11 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 INTERNATIONAL EQUITY FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN -- CONTINUED Nissan Motor* 137,000 $ 1,093 Nitto Denko* 14,400 418 Nomura Holdings* 62,000 746 NTT Docomo* 633 1,281 Olympus Optical* 87,000 1,427 Ricoh* 78,300 1,323 Shin-Etsu Chemical* 18,000 641 Sompo Japan Insurance* 93,000 522 Sony* 56,700 2,508 Sumitomo* 76,000 331 Sumitomo Chemical* 133,000 480 Sumitomo Mitsui Financial Group* (B) 231 737 Sumitomo Trust & Banking* 157,000 684 Taisei* 311,000 525 Takeda Chemical Industries* 41,500 1,745 Tokyo Gas* 401,000 1,195 Toshiba* 115,000 375 Toyota Motor* 89,200 2,344 West Japan Railway* 117 414 Yamada Denki* 38,100 894 Yamanouchi Pharmaceutical* 36,900 1,006 -------- 44,384 -------- NETHERLANDS (5.4%) ABN Amro Holding* 126,550 2,173 Akzo Nobel* 29,581 927 IHC Caland* 35,511 1,713 ING Groep* 90,347 1,721 Koninklijke Philips Electronics* 68,203 1,497 Nutreco Holding* 24,963 411 Royal Dutch Petroleum* 33,200 1,454 Unilever* 6,300 367 United Services Group* 86,007 1,044 -------- 11,307 -------- NORWAY (0.3%) Telenor* 180,711 735 -------- SINGAPORE (0.8%) Keppel* 776,100 1,731 -------- SOUTH KOREA (0.6%) Hyundai Motor* 25,460 739 Samsung Electronics* 1,880 602 -------- 1,341 -------- SPAIN (2.9%) Altadis* 61,846 1,243 Banco Santander Central Hispano* 169,911 1,217 Sociedad General de Aguas de Barcelona* 48,220 456 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- SPAIN -- CONTINUED Telefonica* 230,003 $ 2,343 Union Fenosa* 69,474 924 -------- 6,183 -------- SWEDEN (2.1%) Autoliv* 77,197 1,720 Sandvik* 67,365 1,624 Swedish Match* 67,352 457 Telefonaktiebolaget LM Ericsson* 605,448 591 -------- 4,392 -------- SWITZERLAND (6.9%) Credit Suisse Group* 73,242 1,723 Nestle* 14,907 3,015 Novartis* 149,074 5,547 STMicroelectronics* 33,987 870 UBS* 46,732 2,355 Zurich Financial Services* 9,000 969 -------- 14,479 -------- UNITED KINGDOM (26.0%) AstraZeneca* 74,182 2,823 Balfour Beatty* 394,169 1,013 Barclays* 135,661 982 BHP Billiton* 248,502 1,319 BP* 867,733 5,651 British American Tobacco* 207,656 1,874 BT Group* 513,218 1,677 Diageo* 33,721 351 Dixons Group* 359,600 965 easyjet* 75,322 411 Game Group* 1 -- George Wimpey* 279,930 1,045 GlaxoSmithKline* 215,454 4,033 HBOS* 247,972 2,687 HSBC Holdings* 295,400 3,505 Kidde* 734,132 820 Legal & General Group* 612,100 1,095 Marks & Spencer Group* 196,002 1,046 Misys* 49,479 183 Northern Rock* 162,146 1,697 P&O Princess Cruises* 235,329 1,824 Prudential* 42,811 357 Reckitt Benckiser* 49,800 866 Reed Elsevier* 119,184 1,048 Rentokil Initial* 588,914 1,929 Royal Bank of Scotland Group* 154,106 3,952 Scottish & Southern Energy* 71,000 684 Shell Transport & Trading* 374,868 2,432 Signet Group* 372,857 506 Skyepharma* 1,406,256 985 12 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- UNITED KINGDOM -- CONTINUED Tesco* 514,591 $ 1,625 Vodafone Group* 2,761,448 5,242 -------- 54,627 -------- Total Foreign Common Stock (Cost $225,890) 203,839 -------- RIGHTS (0.0%) SPAIN (0.0%) Sociedad General Aguas De Barcelona Rights Expires 12/5/02 48,220 4 -------- Total Rights (Cost $0) 4 -------- Total Investments (96.9%) (Cost $225,890) 203,843 -------- OTHER ASSETS AND LIABILITIES (3.1%) Investment Advisory Fees Payable (215) Administration Fees Payable (12) Distribution Fees Payable (2) Custodian Fees Payable (47) Other Assets and Liabilities 6,824 -------- Total Other Assets and Liabilities, Net 6,548 -------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 25,685,253 outstanding shares of beneficial interest 291,273 Paid in Capital -- Investor Shares (unlimited authorization -- no par value) based on 677,794 outstanding shares of beneficial interest 6,777 Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 740,805 outstanding shares of beneficial interest 11,455 Undistributed net investment income 1,348 Accumulated net realized loss on investments (78,493) Net unrealized depreciation on investments (22,047) Net unrealized appreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies 78 -------- Total Net Assets (100.0%) $210,391 ======== -------------------------------------------------------------------------------- VALUE -------------------------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $7.78 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $7.68 ======== Maximum Offering Price Per Share -- Investor Shares ($7.68 / 96.25%) $7.98 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $7.27 ======== At November 30, 2002, sector diversification of the Fund was as follows (Unaudited): % OF VALUE SECTOR DIVERSIFICATION NET ASSETS (000) ---------------------------- -------------- ---------- FOREIGN COMMON STOCK Audio/Video 2.6% $5,514 Automotive 4.9 10,371 Banking 17.9 37,606 Chemicals 2.4 5,132 Computers 1.7 3,543 Construction Materials 5.7 11,920 Consumer Products 0.2 357 Cosmetics & Toiletries 0.6 1,288 Distribution 1.0 2,103 Diversified Operations 3.5 7,286 Electronics 2.0 4,109 Entertainment 0.5 1,148 Financial Services 0.7 1,572 Food, Beverage & Tobacco 6.4 13,443 Insurance 3.5 7,343 Medical Supplies 7.5 15,719 Metals 1.5 3,145 Multi-Media 0.3 609 Office Equipment 2.1 4,453 Oil & Gas 7.5 15,793 Paper & Paper Products 0.1 300 Publishing 1.8 3,787 Real Estate 0.3 619 Retail 2.9 6,039 Services 2.2 4,549 Telecommunications 8.8 18,569 Transportation 3.3 6,839 Utilities 5.0 10,683 ------ -------- TOTAL FOREIGN COMMON STOCK 96.9 203,839 RIGHTS 0.0 4 ------ -------- TOTAL INVESTMENTS 96.9 203,843 OTHER ASSETS & LIABILITIES 3.1 6,548 ------ -------- TOTAL NET ASSETS 100.0% $210,391 ====== ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 13 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 INTERNATIONAL EQUITY INDEX FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FOREIGN COMMON STOCK (96.2%) AUSTRALIA (2.8%) Alumina* 39,530 $ 185 Amcor* 35,187 162 AMP* 36,550 270 Australia & New Zealand Banking Group* 46,860 494 Australian Gas Light* 13,624 78 BHP Billiton* 119,123 677 BHP Steel* 26,381 47 Brambles Industries* 34,409 87 Coca-Cola Amatil* 14,666 44 Cochlear* 1,872 39 Coles Myer* 39,978 147 Commonwealth Bank of Australia* 35,992 549 Computershare* 15,777 18 CSL* 5,651 68 CSR* 33,369 117 Foster's Group* 72,647 190 General Property Trust* 67,376 109 Lend Lease* 14,186 80 Macquarie Bank* 7,077 95 Mayne Group* 28,820 51 Mirvac Group* 22,018 51 National Australia Bank* 45,335 834 News* 52,233 372 QBE Insurance Group* 21,766 98 Rio Tinto* 11,085 216 Santos* 22,071 74 Southcorp Holdings* 22,241 59 Stockland Trust Group* 29,072 80 Suncorp-Metway* 18,675 123 TABCORP Holdings* 15,385 95 Telstra* 66,388 170 Wesfarmers* 12,862 202 Westfield Holdings* 15,060 118 Westfield Trust* 71,766 139 Westpac Banking* 53,839 430 Woodside Petroleum* 16,637 112 Woolworths* 37,304 237 -------- 6,917 -------- AUSTRIA (1.6%) Boehler-Uddeholm* 4,940 220 BWT* 5,727 53 Erste Bank Der Oesterreichischen Sparkassen* 14,908 808 Flughafen Wien* 7,289 241 Mayr-Melnhof Karton* 2,682 190 Oesterreichische Elektrizitaetswirtsschafts, Cl A* 3,072 231 OMV* 8,019 724 Telekom Austria* 74,395 674 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- AUSTRIA -- CONTINUED VA Technologie* 6,248 $ 99 Voest-Alpine* 10,978 280 Wienerberger Baustoffindustr* 20,403 312 -------- 3,832 -------- BELGIUM (1.6%) AGFA-Gevaert* 7,660 156 Bekaert* 1,792 75 Colruyt* 1,544 78 D'ieteren* 257 35 Delhaize Group* 6,847 127 Dexia* 47,262 579 Electrabel* 2,172 511 Fortis* 69,647 1,233 Groupe Bruxelles Lambert* 5,564 223 Interbrew* 12,007 251 KBC Bancassurance Holding* 6,837 226 Solvay* 3,913 257 UCB* 8,127 222 Umicore* 1,468 61 -------- 4,034 -------- DENMARK (1.1%) D/S 1912, Cl B* 25 139 Dampskibsselkabet Svendborg, Cl B* 17 122 Danisco* 5,459 181 Danske Bank* 40,846 684 Group 4 Falck* 6,236 147 H Lundbeck* 6,100 172 ISS* 4,078 158 Novo-Nordisk, Cl B* 20,770 640 Novozymes, Cl B* 5,170 103 TDC* 10,600 281 Vestas Wind Systems* 10,438 97 William Demant Holding* 3,757 78 -------- 2,802 -------- FINLAND (1.2%) Nokia Oyj* 117,550 2,269 Sonera Oyj* 6,188 34 Stora Enso Oyj, Cl R* 19,306 236 Tietoenator Oyj* 3,209 51 UPM-Kymmene Oyj* 7,400 268 -------- 2,858 -------- FRANCE (9.1%) Accor* 10,671 374 Air Liquide* 4,979 669 Alcatel, Cl A* 50,703 290 Alstom* 10,947 82 Altran Technologies* 3,626 29 Aventis* 30,637 1,705 14 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FRANCE -- CONTINUED AXA* 61,398 $ 986 BNP Paribas* 36,080 1,472 Bouygues* 8,280 245 Cap Gemini* 5,419 173 Carrefour* 24,242 1,065 Casino Guichard Perrachon* 1,583 108 Castorama Dubois Investissements* 54 3 Cie de Saint-Gobain* 14,610 441 Cie Generale D'Optique Essilor International* 5,413 215 Dassault Systemes* 2,263 64 European Aeronautic Defence and Space* 14,218 181 France Telecom* 19,106 342 Groupe Danone* 5,884 771 L'Oreal* 15,564 1,111 Lafarge* 6,245 508 Lagardere* 7,224 332 LVMH Moet Hennessy Louis Vuitton* 10,498 495 Michelin, Cl B* 7,227 251 Pechiney, Cl A* 3,866 147 Pernod-Ricard* 2,388 215 Peugeot* 8,467 382 Pinault-Printemps-Redoute* 3,140 278 Publicis Groupe* 5,520 141 Renault* 8,073 399 Sanofi-Synthelabo* 18,482 1,092 Schneider Electric, Cl A* 10,198 496 Societe Bic* 2,030 67 Societe Generale, Cl A* 13,816 778 Societe Television Francaise* 7,194 216 Sodexho Alliance* 4,937 128 Suez* 38,888 712 Technip-Coflexip* 1,131 89 Thales* 3,789 107 Thomson Multimedia* 8,200 182 Total Fina Elf* 29,480 3,962 Union du Credit- Bail Immobilier* 2,384 149 Valeo* 3,752 123 Vinci* 3,582 206 Vivendi Universal* 44,089 719 -------- 22,500 -------- GERMANY (11.7%) Adidas-Salomon* 4,488 366 Aixtron* 5,597 35 Allianz* 15,930 1,778 Altana* 7,020 315 BASF* 48,558 1,869 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- GERMANY -- CONTINUED Bayer* 61,232 $ 1,400 Bayerische Hypo-und Vereinsbank* 30,451 500 Beiersdorf* 3,182 316 Continental* 11,565 186 DaimlerChrysler* 76,326 2,782 Deutsche Bank* 49,476 2,481 Deutsche Boerse* 7,207 287 Deutsche Lufthansa* 20,600 227 Deutsche Post* 35,959 386 Deutsche Telekom* 186,734 2,272 Douglas Holding* 2,105 40 E.ON* 52,274 2,236 Epcos* 5,300 94 Fresenius Medical Care* 3,800 172 Gehe* 2,938 107 HeidelbergCement* 2,796 102 Infineon Technologies* 32,600 331 KarstadtQuelle* 4,453 80 Linde* 8,736 328 Man* 10,466 158 Merck KGaA* 4,870 122 Metro* 13,792 336 MLP* 5,600 78 Muenchener Rueckversicherungs* 9,245 1,288 RWE* 32,812 922 SAP* 18,299 1,605 Schering* 16,586 708 Siemens* 71,252 3,499 ThyssenKrupp* 31,956 380 TUI* 14,600 298 Volkswagen* 20,933 848 WCM Beteiligungs & Grundbesi* 18,766 51 -------- 28,983 -------- GREECE (0.9%) Alpha Bank* 20,800 258 Coca-Cola Hellenic Bottling* 12,800 192 Commercial Bank Of Greece* 9,600 146 EFG Eurobank Ergasias* 19,100 216 Hellenic Petroleum* 12,800 78 Hellenic Telecommunications Organization* 35,800 392 Intracom* 13,700 77 National Bank of Greece* 21,700 303 Piraeus Bank* 19,400 122 Titan Cement* 3,900 143 Viohalco* 15,800 72 Vodafone-Panafon* 22,200 127 -------- 2,126 -------- 15 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 INTERNATIONAL EQUITY INDEX FUND--CONTINUED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- HONG KONG (1.2%) Bank of East Asia* 56,600 $ 99 Cheung Kong Holdings* 62,000 455 CLP Holdings* 63,100 253 Hang Seng Bank* 27,300 297 Henderson Land Development* 31,000 110 Hong Kong & China Gas* 153,237 202 Hong Kong Electric Holdings* 48,500 190 Hutchinson Whampoa* 79,080 555 Johnson Electric Holdings* 61,000 70 Li & Fung* 66,000 73 PCCW* 411,630 79 Sun Hung Kai Properties* 54,600 368 Swire Pacific, Cl A* 39,000 160 Wharf Holdings* 51,000 108 -------- 3,019 -------- IRELAND (0.7%) Allied Irish Banks* 7,568 107 Allied Irish Banks* 20,025 281 Bank of Ireland* 49,157 538 CRH* 6,332 93 CRH* 19,332 282 Elan* 18,086 47 Irish Life & Permanent* 5,420 60 Kerry Group, Cl A* 6,213 80 Ryanair Holdings* 17,517 134 -------- 1,622 -------- ITALY (9.1%) Alitalia* 214,791 62 Alleanza Assicurazioni* 50,665 426 Arnoldo Mondadori Editore* 16,583 118 Assicurazioni Generali* 104,262 2,084 Autogrill* 15,406 140 Autostrade Concessioni e Costruzioni Autostrade* 93,828 890 Banca Fideuram* 35,053 199 Banca Monte Dei Paschi di Siena* 98,978 240 Banca Nazionale del Lavoro* 203,834 256 Banca Popolare di Milano* 49,156 174 Benetton Group* 6,967 66 Bulgari* 17,539 92 Capitalia* 152,476 257 Enel* 219,326 1,115 ENI-Ente Nazionale Idrocarburi* 295,006 4,291 Fiat* 29,972 289 FinecoGroup* 191,987 103 IntesaBci* 373,530 816 IntesaBci - RNC* 90,696 144 Italcementi* 10,195 99 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ITALY -- CONTINUED Italgas* 24,519 $ 313 Luxottica Group* 16,450 223 Mediaset* 68,642 581 Mediobanca* 46,862 362 Mediolanum* 27,822 168 Parmalat Finanziaria* 51,269 123 Pirelli* 122,667 132 Rinascente* 15,295 68 Riunione Adriatica di Sicurta* 39,247 492 Sanpaolo IMI* 91,161 710 Seat-Pagine Gialle* 561,506 458 Snam Rete Gas* 94,383 292 Telecom Italia* 245,612 2,008 Telecom Italia - RNC* 208,091 1,122 TIM* 395,581 2,042 Tiscali* 20,669 120 Unicredito Italiano* 357,857 1,428 -------- 22,503 -------- JAPAN (29.7%) 77 Bank* 25,000 94 Acom* 4,840 184 Advantest* 5,100 259 Aeon* 15,500 381 Aiful* 3,100 149 Ajinomoto* 35,000 350 Alps Electric* 11,000 150 Amada* 18,000 57 Asahi Breweries* 30,000 178 Asahi Glass* 51,000 330 Asahi Kasei* 95,000 223 Bank of Fukuoka* 39,000 148 Bank of Yokohama* 64,000 258 Benesse* 6,700 82 Bridgestone* 39,000 522 Canon* 53,000 2,020 Casio Computer* 15,000 90 Central Japan Railway* 51 319 Chiba Bank* 49,000 147 Chubu Electric Power* 36,900 623 Chugai Pharmaceutical* 18,000 148 Citizen Watch* 22,000 109 Credit Saison* 9,100 167 CSK* 5,000 122 Dai Nippon Printing* 42,000 498 Daiichi Pharmaceutical* 16,000 240 Daikin Industries* 12,000 197 Dainippon Ink & Chemicals* 50,000 85 Daito Trust Construction* 6,800 136 Daiwa House Industry* 34,000 182 Daiwa Securities Group* 78,000 357 Denki Kagaku Kogyo* 37,000 83 16 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN -- CONTINUED Denso* 28,500 $ 459 East Japan Railway* 199 939 Ebara* 27,000 94 Eisai* 15,900 328 Fanuc* 7,000 336 Fast Retailing* 4,100 147 Fuji Photo Film* 28,000 910 Fuji Soft ABC* 2,800 55 Fuji Television Network* 17 70 Fujikura* 31,000 81 Fujisawa Pharmaceutical* 15,000 326 Fujitsu* 112,000 400 Furukawa Electric* 37,000 90 Gunma Bank* 28,000 122 Hirose Electric* 2,300 170 Hitachi* 177,000 753 Honda Motor* 40,400 1,523 Hoya* 7,100 483 Isetan* 12,000 92 Ishikawajima-Harima Heavy Industries* 103,000 111 Ito-Yokado* 23,000 790 Itochu* 95,000 219 Itochu Techno-Science* 2,700 60 Japan Airlines System* 46,000 103 Japan Tobacco* 51 316 JFE Holdings* 30,575 360 JGC* 16,000 95 Joyo Bank* 56,300 153 Kajima* 58,000 146 Kamigumi* 16,000 71 Kaneka* 18,000 101 Kansai Electric Power* 38,300 530 Kao* 34,000 730 Katokichi* 5,400 76 Kawasaki Heavy Industries* 92,000 77 Keihin Electric Express Railway* 32,000 143 Keio Electric Railway* 42,000 226 Keyence* 2,000 358 Kikkoman* 17,000 110 Kinden* 28,000 88 Kinki Nippon Railway* 112,250 252 Kirin Brewery* 47,000 283 Kokuyo* 6,700 56 Komatsu* 68,000 243 Konami* 7,000 182 Konica* 18,000 130 Kubota* 71,000 190 Kuraray* 28,000 170 Kurita Water Industries* 8,000 77 Kyocera* 10,600 705 Kyowa Hakko Kogyo* 31,000 127 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN -- CONTINUED Kyushu Electric Power* 23,800 $ 325 Lawson* 3,900 105 Mabuchi Motor* 2,200 205 Makita* 9,000 66 Marubeni* 98,000 90 Marui* 23,200 232 Matsushita Electric Industrial* 139,880 1,435 Matsushita Electric Works* 27,000 160 Meiji Seika Kaisha* 22,000 59 Meitec* 3,800 92 Millea Holdings* 83 639 Minebea* 25,000 110 Mitsubishi* 67,000 422 Mitsubishi Chemical* 119,000 244 Mitsubishi Electric* 113,000 321 Mitsubishi Estate* 58,000 433 Mitsubishi Heavy Industries* 184,000 467 Mitsubishi Logistics* 10,000 52 Mitsubishi Materials* 69,000 78 Mitsubishi Rayon* 60,000 136 Mitsubishi Tokyo Financial* 203 1,226 Mitsui* 80,000 405 Mitsui Chemicals* 42,000 177 Mitsui Fudosan* 47,000 338 Mitsui Mining & Smelting* 41,000 103 Mitsui Sumitomo Insurance* 80,340 350 Mitsukoshi* 28,000 60 Mizuho Holdings* 351 393 Murata Manufacturing* 15,100 704 NEC* 92,000 393 NGK Insulators* 21,000 117 NGK Spark Plug* 12,000 83 Nidec* 2,500 164 Nikko Cordial* 87,000 335 Nikon* 20,000 162 Nintendo* 6,400 679 Nippon Comsys* 8,000 31 Nippon Express* 58,000 235 Nippon Meat Packers* 13,000 116 Nippon Mining Holdings* 34,500 45 Nippon Oil* 94,000 376 Nippon Sheet Glass* 35,000 72 Nippon Steel* 315,000 383 Nippon Telegraph & Telephone* 329 1,294 Nippon Unipac Holding* 55 249 Nippon Yusen Kabushiki Kaisha* 73,000 226 Nissan Motor* 145,800 1,163 Nisshin Seifun Group* 14,000 91 Nissin Food Products* 6,400 136 Nitto Denko* 9,600 279 Nomura Holdings* 112,000 1,347 NSK* 32,000 89 17 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 INTERNATIONAL EQUITY INDEX FUND--CONTINUED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN -- CONTINUED NTT Data* 87 $ 261 NTT Docomo* 1,102 2,231 Obayashi* 45,000 99 OJI Paper* 50,000 213 Olympus Optical* 16,000 263 Omron* 16,000 237 Onward Kashiyama* 8,000 60 Oracle Corp Japan* 2,900 85 Oriental Land* 3,500 212 ORIX* 5,220 350 Osaka Gas* 136,000 319 Pioneer* 11,200 219 Promise* 5,700 210 Resona Holdings* 280,000 158 Ricoh* 40,000 676 Rohm* 6,900 965 Sankyo* 24,100 272 Sanyo Electric* 100,000 295 Sapporo Breweries* 20,000 34 Secom* 13,000 452 Sega* 7,400 80 Sekisui Chemical* 43,000 112 Sekisui House* 36,000 261 Seven - Eleven* 23,000 708 Sharp* 59,000 641 Shimamura* 1,200 78 Shimano* 5,800 84 Shimizu* 43,000 110 Shin-Etsu Chemical* 22,800 811 Shionogi* 19,000 261 Shiseido* 25,000 297 Shizuoka Bank* 41,000 256 Showa Denko* 71,000 86 Showa Shell Sekiyu* 10,000 61 Skylark* 7,300 105 SMC* 3,400 312 Softbank* 13,400 152 Sompo Japan Insurance* 49,000 275 Sony* 55,900 2,473 Stanley Electric* 9,000 106 Sumitomo* 54,000 235 Sumitomo Chemical* 75,000 271 Sumitomo Electric Industries* 33,000 210 Sumitomo Metal Industries* 226,000 83 Sumitomo Metal Mining* 38,000 127 Sumitomo Mitsui Financial Group* 246 784 Sumitomo Realty & Development* 27,000 116 Sumitomo Trust & Banking* 60,000 262 Taiheiyo Cement* 59,000 83 Taisei* 64,000 108 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN -- CONTINUED Taisho Pharmaceutical* 12,000 $ 188 Taiyo Yuden* 8,000 100 Takara Holdings* 13,000 62 Takashimaya* 19,000 74 Takeda Chemical Industries* 49,700 2,089 Takefuji* 4,930 270 TDK* 8,000 353 Teijin* 59,000 145 Teikoku Oil* 15,000 55 Terumo* 13,900 186 THK* 8,100 108 Tobu Railway* 57,000 150 Toho* 11,600 113 Tohoku Electric Power* 26,400 365 Tokyo Broadcasting System* 3,000 43 Tokyo Electric Power* 69,100 1,173 Tokyo Electron* 10,100 514 Tokyo Gas* 163,000 486 Tokyu* 72,000 251 TonenGeneral Sekiyu* 25,000 162 Toppan Printing* 41,000 302 Toray Industries* 93,000 211 Toshiba* 175,000 570 Tosoh* 38,000 86 Tostem* 17,512 239 Toto* 22,700 78 Toyo Seikan Kaisha* 11,300 123 Toyobo* 43,000 55 Toyota Industries* 9,400 140 Toyota Motor* 147,700 3,882 Trend Micro* 6,500 150 Ube Industries* 65,000 66 UFJ Holdings* 211 217 Uni-Charm* 3,200 116 UNY* 10,000 93 Wacoal* 8,000 65 West Japan Railway* 70 248 World* 2,950 54 Yakult Honsha* 11,000 123 Yamada Denki* 5,300 124 Yamaha* 13,900 134 Yamaichi Securities* 15,000 -- Yamanouchi Pharmaceutical* 21,000 573 Yamato Transport* 27,000 399 Yamazaki Baking* 10,000 55 Yokogawa Electric* 16,000 103 -------- 73,288 -------- LUXEMBOURG (0.1%) Arcelor* 17,633 232 -------- 18 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- NETHERLANDS (2.8%) ABN Amro Holding* 31,415 $ 539 Aegon* 19,962 323 Akzo Nobel* 7,676 240 ASML Holding* 11,905 136 Heineken* 5,335 202 ING Groep* 36,915 703 Koninklijke Ahold* 15,451 213 Koninklijke Philips Electronics* 30,456 668 Qiagen* 13,996 94 Reed Elsevier* 16,518 205 Royal Dutch Petroleum* 46,431 2,034 Royal KPN* 40,686 270 TPG* 9,001 165 Unilever* 12,582 733 VNU* 5,940 178 Wolters Kluwer* 7,314 130 -------- 6,833 -------- NEW ZEALAND (0.4%) Auckland International Airport* 31,681 82 Carter Holt Harvey* 141,182 120 Contact Energy* 44,846 85 Fisher & Paykel Healthcare* 11,655 60 Fletcher Building* 53,591 86 Sky City Entertainment Group* 33,231 123 Telecom Corp of New Zealand* 147,196 355 Warehouse Group* 21,300 76 -------- 987 -------- NORWAY (1.3%) Bergesen, Cl A 3,900 75 DnB Holding* 56,200 276 Elkem* 1,800 37 Gjensidige NOR Sparebank* 6,400 201 Norsk Hydro* 20,580 821 Norske Skogindustrier* 14,150 224 Orkla* 28,450 491 Petroleum Geo-Services* 14,900 5 Statoil* 54,000 394 Storebrand* 22,000 93 Tandberg* 16,494 227 Telenor* 57,200 233 Tomra Systems* 24,550 216 -------- 3,293 -------- PORTUGAL (0.9%) Banco Comercial Portugues* 175,328 469 Banco Espirito Santo* 14,197 163 BPI-SGPS* 51,379 111 Brisa-Auto Estradas de Portugal* 40,563 208 Cimpor Cimentos de Portugal* 4,543 72 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- PORTUGAL -- CONTINUED Electricidade de Portugal* 243,376 $ 409 Portugal Telecom SGPS* 109,113 739 Sonae SGPS* 135,209 59 -------- 2,230 -------- SINGAPORE (0.6%) Chartered Semiconductor Manufacturing* 62,000 40 City Developments* 39,000 99 DBS Group Holdings* 43,467 276 Oversea-Chinese Banking* 38,350 217 Singapore Airlines* 23,000 139 Singapore Press Holdings* 15,000 168 Singapore Telecommunications* 201,000 149 United Overseas Bank* 45,000 306 -------- 1,394 -------- SPAIN (4.8%) Acerinox* 4,796 186 ACESA Infraestructuras* 10,220 109 ACS Actividades Cons y Serv* 3,237 96 Altadis* 22,560 453 Banco Bilbao Vizcaya Argentaria* 197,480 2,061 Banco Santander Central Hispano* 279,407 2,001 Endesa* 64,951 770 Fomento de Construcciones Y Contratas* 3,268 74 Gas Natural SDG* 12,506 239 Grupo Dragados* 10,715 170 Iberdrola* 53,732 696 Inditex De Diseno Textil* 15,901 387 Repsol YPF* 64,508 813 Sociedad General de Aguas de Barcelona* 4,391 42 Sol Melia* 12,724 59 Telefonica* 293,020 2,985 Terra Networks* 31,394 162 Union Fenosa* 20,529 273 Vallehermoso* 9,023 84 Zeltia* 12,414 84 -------- 11,744 -------- SWEDEN (1.7%) Assa Abloy, Cl B* 13,400 179 Atlas Copco, Cl A 5,300 122 Electrolux, Cl B* 14,700 263 Gambro, Cl A* 11,400 70 Hennes & Mauritz, Cl B* 20,950 441 Nordea* 85,000 415 Sandvik* 10,400 251 Securitas* 13,800 209 19 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 INTERNATIONAL EQUITY INDEX FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- SWEDEN -- CONTINUED Skandia Forsakrings* 39,400 $ 116 Skandinaviska Enskilda Banken, Cl A* 22,200 206 Skanska, Cl B* 18,000 116 SKF, Cl B* 3,200 91 Svenska Cellulosa, Cl B* 7,000 242 Svenska Handelsbanken, Cl A* 19,700 276 Swedish Match* 17,100 116 Tele2, Cl B* 4,150 109 Telefonaktiebolaget LM Ericsson* 626,800 612 Telia* 42,500 164 Volvo, Cl B* 9,950 188 -------- 4,186 -------- SWITZERLAND (2.0%) ABB* 11,721 39 Adecco* 1,538 72 Compagnie Financiere Richemont* 7,690 145 Credit Suisse Group* 11,429 269 Holcim, Cl B* 352 70 Nestle* 3,845 778 Novartis* 27,674 1,030 Roche Holding* 7,416 527 Roche Holding, Bearer Shares* 658 81 STMicroelectronics* 27,114 694 Swiss Reinsurance* 2,998 224 Swisscom* 338 98 Syngenta* 1,364 77 UBS* 13,209 666 Zurich Financial Services* 1,651 178 -------- 4,948 -------- UNITED KINGDOM (10.9%) 3i Group* 13,602 126 Amersham* 15,622 141 Amvescap* 14,002 103 ARM Holdings* 23,126 24 AstraZeneca* 31,361 1,194 Aviva* 43,384 370 AWG* 3,942 25 BAA* 23,773 194 BAE Systems* 65,703 173 Barclays* 121,913 882 BG Group* 78,724 296 BHP Billiton* 46,953 249 BOC Group* 11,063 154 Boots* 20,080 178 BP* 402,292 2,620 Brambles Industries* 16,147 37 British American Tobacco* 33,119 299 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- UNITED KINGDOM -- CONTINUED British Land* 11,565 $ 79 British Sky Broadcasting* 20,979 214 BT Group* 164,352 537 Cable & Wireless* 50,489 64 Cadbury Schweppes* 41,616 270 Canary Wharf Group* 10,939 45 Capita Group* 15,025 64 Celltech Group* 8,079 42 Centrica* 92,816 244 CMG* 14,436 19 Compass Group* 49,800 245 Diageo* 61,322 639 Dixons Group* 43,375 116 Electrocomponents* 9,705 53 EMI Group* 17,594 45 Exel* 6,639 79 GKN* 16,221 60 GlaxoSmithKline* 107,097 2,005 Granada* 61,761 92 GUS* 22,456 206 Hanson* 16,420 83 Hays* 36,752 57 HBOS* 69,873 757 Hilton Group* 35,087 101 HSBC Holdings* 165,381 1,962 Imperial Chemical Industries* 26,949 105 Imperial Tobacco Group* 16,269 231 International Power* 24,934 41 Invensys* 78,083 80 J Sainsbury* 32,346 149 Johnson Matthey* 4,876 65 Kingfisher* 40,998 141 Land Securities Group* 10,237 123 Land Securities Group, Cl B* 2,237 4 Legal & General Group* 115,061 206 Lloyds TSB Group* 101,017 853 Logica* 10,002 27 Marks & Spencer Group* 51,448 275 National Grid Transco* 61,128 410 P&O Princess Cruises* 15,457 120 Pearson* 17,863 206 Peninsular & Oriental Steam Navigation* 15,217 43 Provident Financial* 5,476 59 Prudential* 39,721 331 Reckitt Benckiser* 11,731 204 Reed Elsevier* 28,260 248 Rentokil Initial* 42,982 141 Reuters Group* 31,956 117 Rio Tinto* 20,051 406 Royal & Sun Alliance Insurance Group* 32,123 74 20 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- UNITED KINGDOM -- CONTINUED Royal Bank of Scotland Group* 49,301 $ 1,264 Sage Group* 33,377 81 Scottish & Newcastle* 11,816 83 Scottish & Southern Energy* 19,183 185 Scottish Power* 41,334 217 Shell Transport & Trading* 172,828 1,121 Six Continents* 19,329 170 Smith & Nephew* 20,632 121 Smiths Group* 12,422 144 Tesco* 134,824 426 Unilever* 51,894 462 United Utilities* 12,341 116 Vodafone Group* 1,230,980 2,337 Wolseley* 12,878 109 WPP Group* 25,428 215 -------- 26,853 -------- Total Foreign Common Stock (Cost $296,020) 237,184 -------- FOREIGN PREFERRED STOCK (0.7%) AUSTRALIA (0.2%) News* 66,884 401 -------- GERMANY (0.5%) Henkel KGaA* 5,427 330 Hugo Boss* 2,991 30 Porsche* 852 397 Prosieben SAT.1 Media* 8,593 59 Volkswagen* 10,603 313 Wella* 2,562 145 -------- 1,274 -------- ITALY (0.0%) Fiat* 10,793 60 -------- Total Foreign Preferred Stock (Cost $2,162) 1,735 -------- RIGHTS (0.0%) SPAIN (0.0%) Sociedad General Aguas de Barcelona Expires 12/5/02 4,391 -- -------- Total Rights (Cost $0) -- -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EXCHANGE TRADED FUND (1.8%) UNITED STATES (1.8%) IShares MSCI EAFE Index 42,902 $ 4,479 -------- Total Exchange Traded Fund (Cost $4,176) 4,479 -------- Total Investments (98.7%) (Cost $302,358) 243,398 -------- OTHER ASSETS AND LIABILITIES (1.3%) Investment Advisory Fees Payable (165) Administration Fees Payable (14) Distribution Fees Payable (1) Custodian Fees Payable (84) Other Assets and Liabilities 3,470 -------- Total Other Assets and Liabilities, Net 3,206 -------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 29,395,451 outstanding shares of beneficial interest 364,037 Paid in Capital -- Investor Shares (unlimited authorization -- no par value) based on 500,581 outstanding shares of beneficial interest 3,153 Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 345,713 outstanding shares of beneficial interest 5,104 Undistributed net investment income 666 Accumulated net realized loss on investments (67,487) Net unrealized depreciation on investments (58,960) Net unrealized appreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies 91 -------- Total Net Assets (100.0%) $246,604 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $8.16 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $8.03 ======== Maximum Offering Price Per Share -- Investor Shares ($8.03 / 96.25%) $8.34 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $7.88 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 21 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 INTERNATIONAL EQUITY INDEX FUND--CONCLUDED At November 30, 2002, sector diversification of the Fund was as follows (Unaudited): % OF VALUE SECTOR DIVERSIFICATION NET ASSETS (000) ---------------------------- -------------- ---------- FOREIGN COMMON STOCK Aerospace & Defense 0.3% $ 622 Audio/Video 1.8 4,443 Automotive 5.3 12,996 Banking 11.4 28,022 Chemicals 2.7 6,614 Computers 3.1 7,544 Construction Materials 3.0 7,316 Consumer Products 0.8 2,042 Cosmetics & Toiletries 0.9 2,338 Distribution 0.7 1,605 Diversified Operations 2.9 7,074 Electronics 3.1 7,534 Entertainment 0.4 1,037 Financial Services 1.9 4,765 Food, Beverage & Tobacco 5.2 12,858 Insurance 4.7 11,541 Machinery 0.7 1,716 Medical Supplies 6.8 16,682 Metals 2.0 5,027 Multi-Media 1.1 2,810 Office Supplies 1.7 4,224 Oil & Gas 7.4 18,344 Paper & Paper Products 0.8 1,961 Publishing 2.2 5,468 Real Estate 1.4 3,510 Retail 2.5 6,249 Rubber & Plastic 0.4 923 Services 2.0 4,849 Telecommunications 10.4 25,708 Television 0.4 1,015 Transportation 2.5 6,223 Utilities 5.7 14,124 ------ -------- TOTAL FOREIGN COMMON STOCK 96.2 237,184 TOTAL FOREIGN PREFERRED STOCK 0.7 1,735 RIGHTS 0.0 -- TOTAL EXCHANGE TRADED FUND 1.8 4,479 ------ -------- TOTAL INVESTMENTS 98.7 243,398 OTHER ASSETS AND LIABILITIES, NET 1.3 3,206 ------ -------- TOTAL NET ASSETS 100.0 $246,604 ====== ======== 22 -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION AGGRESSIVE GROWTH FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EQUITY FUNDS (97.2%) (2) STI Classic Capital Appreciation Fund, Trust Shares 830,758 $ 8,914 STI Classic Growth and Income Fund, Trust Shares 385,838 4,595 STI Classic International Equity Index Fund, Trust Shares 560,829 4,576 STI Classic Mid-Cap Equity Fund, Trust Shares 63,715 543 STI Classic Small Cap Growth Stock Fund, Trust Shares 120,335 1,751 STI Classic Small Cap Value Equity Fund, Trust Shares 128,413 1,666 STI Classic Value Income Stock Fund, Trust Shares 489,371 4,698 ------- Total Equity Funds (Cost $30,166) 26,743 ------- MONEY MARKET FUND (2.7%) (2) STI Classic Prime Quality Money Market Fund, Trust Shares 753,483 753 ------- Total Money Market Fund (Cost $753) 753 ------- Total Investments (99.9%) (Cost $30,919) 27,496 ------- OTHER ASSETS AND LIABILITIES (0.1%) Investment Advisory Fees Payable (3) Administration Fees Payable (2) Other Assets and Liabilities 22 ------- Total Other Assets and Liabilities, Net 17 ------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 3,311,432 outstanding shares of beneficial interest 33,203 Distributions in excess of net investment income (2) Accumulated net realized loss on investments (2,265) Net unrealized depreciation on investments (3,423) ------- Total Net Assets (100.0%) $27,513 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $8.31 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 23 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 LIFE VISION GROWTH AND INCOME FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EQUITY FUNDS (76.1%) (2) STI Classic Capital Appreciation Fund, Trust Shares 703,356 $ 7,547 STI Classic Growth and Income Fund, Trust Shares 921,352 10,973 STI Classic International Equity Index Fund, Trust Shares 1,184,324 9,664 STI Classic Mid-Cap Equity Fund, Trust Shares 152,181 1,297 STI Classic Small Cap Growth Stock Fund, Trust Shares 298,877 4,349 STI Classic Small Cap Value Equity Fund, Trust Shares 318,757 4,134 STI Classic Value Income Stock Fund, Trust Shares 1,168,720 11,220 ------- Total Equity Funds (Cost $53,600) 49,184 ------- FIXED INCOME FUNDS (21.1%) (2) STI Classic Investment Grade Bond Fund, Trust Shares 711,851 7,389 STI Classic Limited-Term Federal Mortgage Securities Fund, Trust Shares 600,944 6,262 ------- Total Fixed Income Funds (Cost $13,130) 13,651 ------- MONEY MARKET FUND (2.7%) (2) STI Classic Prime Quality Money Market Fund, Trust Shares 1,753,301 1,753 ------- Total Money Market Fund (Cost $1,753) 1,753 ------- Total Investments (99.9%) (Cost $68,483) 64,588 ------- OTHER ASSETS AND LIABILITIES (0.1%) Investment Advisory Fees Payable (7) Administration Fees Payable (4) Other Assets and Liabilities 66 ------- Total Other Assets and Liabilities, Net 55 ------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 7,192,859 outstanding shares of beneficial interest $73,521 Undistributed net investment income 92 Accumulated net realized loss on investments (5,075) Net unrealized depreciation on investments (3,895) ------- Total Net Assets (100.0%) $64,643 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $8.99 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 24 -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION MODERATE GROWTH FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EQUITY FUNDS (60.9%) (2) STI Classic Capital Appreciation Fund, Trust Shares 1,248,355 $13,395 STI Classic Growth and Income Fund, Trust Shares 572,212 6,815 STI Classic International Equity Index Fund, Trust Shares 1,739,751 14,196 STI Classic Mid-Cap Equity Fund, Trust Shares 189,472 1,614 STI Classic Small Cap Growth Stock Fund, Trust Shares 369,199 5,372 STI Classic Small Cap Value Equity Fund, Trust Shares 393,754 5,107 STI Classic Value Income Stock Fund, Trust Shares 735,679 7,063 ------- Total Equity Funds (Cost $56,224) 53,562 ------- FIXED INCOME FUNDS (36.1%) (2) STI Classic Investment Grade Bond Fund, Trust Shares 1,387,055 14,398 STI Classic Limited-Term Federal Mortgage Securities Fund, Trust Shares 1,664,903 17,348 ------- Total Fixed Income Funds (Cost $30,379) 31,746 ------- MONEY MARKET FUND (2.8%) (2) STI Classic Prime Quality Money Market Fund, Trust Shares 2,462,947 2,463 ------- Total Money Market Fund (Cost $2,463) 2,463 ------- Total Investments (99.8%) (Cost $89,066) 87,771 ------- OTHER ASSETS AND LIABILITIES (0.2%) Investment Advisory Fees Payable (10) Administration Fees Payable (5) Other Assets and Liabilities 155 ------- Total Other Assets and Liabilities, Net 140 ------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 10,122,243 outstanding shares of beneficial interest $96,610 Undistributed net investment income 238 Accumulated net realized loss on investments (7,642) Net unrealized depreciation on investments (1,295) ------- Total Net Assets (100.0%) $87,911 ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $8.68 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 25 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 MID-CAP EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (94.8%) BASIC MATERIALS (3.9%) Airgas* 88,300 $ 1,484 HB Fuller 78,200 2,266 Praxair 41,000 2,419 -------- 6,169 -------- CAPITAL GOODS (5.8%) Albemarle 42,200 1,315 Alliant Techsystems* 19,600 1,156 Jacobs Engineering Group* 71,800 2,607 RPM International 82,700 1,271 SPX* 35,000 1,652 Superior Industries International 26,100 1,100 -------- 9,101 -------- COMMUNICATION SERVICES (1.8%) Belo, Cl A 49,000 1,136 CenturyTel 53,300 1,646 -------- 2,782 -------- COMPUTER SOFTWARE (3.9%) Activision* 93,700 2,024 Electronic Arts* 22,700 1,540 Intuit* 14,400 777 Sungard Data Systems* 32,900 769 Symantec* 24,400 1,067 -------- 6,177 -------- CONSUMER CYCLICALS (13.2%) Abercrombie & Fitch, Cl A* 48,000 1,194 Applebees International 44,000 1,109 Brinker International* 28,300 843 CDW Computer Centers* 28,200 1,437 Columbia Sportswear* 27,100 1,197 Electronics Boutique Holdings* 93,700 2,866 Fluor 61,700 1,692 GameStop* 68,400 1,272 Harman International Industries 17,300 1,080 Michaels Stores* 27,000 1,017 Neiman-Marcus Group, Cl A* 38,500 1,202 Petsmart* 50,900 939 Polaris Industries (D) 19,500 1,264 Too* 83,100 2,439 Williams-Sonoma* (D) 50,100 1,320 -------- 20,871 -------- CONSUMER STAPLES (10.6%) CBRL Group 77,700 2,118 Cheesecake Factory* 14,100 503 Darden Restaurants 46,800 1,012 Dean Foods* (D) 91,000 3,381 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- CONSUMER STAPLES -- CONTINUED Emmis Communications, Cl A* 60,800 $ 1,394 Entercom Communications* 29,700 1,609 Panera Bread, Cl A* 30,000 1,110 Radio One, Cl D* (D) 89,800 1,545 Sensient Technologies 122,400 3,007 Westwood One* 29,200 1,135 -------- 16,814 -------- ENERGY (4.1%) ENSCO International 57,400 1,606 Evergreen Resources* 25,200 1,079 FMC Technologies* 48,500 935 Ocean Energy 86,800 1,635 Varco International* 78,900 1,291 -------- 6,546 -------- FINANCE (13.7%) Commerce Bancorp 14,600 668 Compass Bancshares 35,600 1,150 E*TRADE Group* 113,500 645 Everest Re Group 40,800 2,362 Hibernia, Cl A 87,800 1,715 Investors Financial Services 40,200 1,406 M&T Bank 19,200 1,549 Marshall & Ilsley 53,700 1,526 National Commerce Financial 61,500 1,533 New York Community Bancorp 31,100 867 North Fork Bancorporation 65,800 2,291 RenaissanceRe Holdings 68,200 2,779 SouthTrust 59,200 1,547 Sovereign Bancorp 77,600 1,072 TCF Financial 14,500 618 -------- 21,728 -------- HEALTH CARE (14.7%) AdvancePCS* 59,800 1,476 Affymetrix* 11,800 320 Barr Laboratories* 32,200 2,126 Caremark Rx* 86,600 1,529 Cephalon* (D) 28,600 1,567 Charles River Laboratories International* 16,100 588 Express Scripts, Cl A* 10,000 506 Gilead Sciences* 13,600 537 Health Net* 50,300 1,298 King Pharmaceuticals* 112,849 2,142 LifePoint Hospitals* 32,500 1,026 Mid Atlantic Medical Services* 24,000 744 Mylan Laboratories 40,600 1,369 NBTY* 52,600 961 Province Healthcare* (D) 64,150 826 Quest Diagnostics* 29,200 1,629 26 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- HEALTH CARE -- CONTINUED Renal Care Group* 68,100 $ 2,133 Steris* 24,800 564 Teva Pharmaceutical Industries 11,900 941 Universal Health Services, Cl B* 15,500 694 WellChoice* 11,000 284 -------- 23,260 -------- SEMICONDUCTORS (3.7%) Emulex* 49,300 1,190 Intersil, Cl A* 56,300 973 Marvell Technology Group* (D) 38,900 881 Microchip Technology 54,750 1,575 QLogic* 27,200 1,182 -------- 5,801 -------- SERVICES (7.6%) Apollo Group, Cl A* 22,100 912 Career Education* 19,000 739 Checkfree* 54,000 1,058 Education Management* 38,800 1,499 Expedia, Cl A* 8,600 660 GTECH Holdings* 49,400 1,136 Hotels.com, Cl A* (D) 14,300 1,041 Manpower 26,600 991 Pittston Brink's Group 88,200 1,664 Republic Services* 109,400 2,352 -------- 12,052 -------- TECHNOLOGY (8.5%) Acxiom* 88,900 1,365 Affiliated Computer Services, Cl A* 40,900 2,045 Cabot Microelectronics* (D) 26,800 1,617 Cerner* (D) 43,100 1,418 Gentex* 37,500 1,125 L-3 Communications Holdings* 43,300 1,946 RF Micro Devices* (D) 138,800 1,692 Synopsys* 20,000 1,040 Utstarcom* (D) 55,600 1,143 -------- 13,391 -------- TRANSPORTATION (1.9%) Expeditors International Washington 23,800 796 Heartland Express* 51,200 1,116 JB Hunt Transport Services* 42,300 1,164 -------- 3,076 -------- UTILITIES (1.4%) Equitable Resources 61,400 2,166 -------- Total Common Stock (Cost $136,978) 149,934 -------- -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- CONVERTIBLE BONDS (3.0%) AmeriSource Health CV to 18.8791 Shares, Callable 12/03/04 @ 102.14 5.000%, 12/01/07 $ 550 $ 730 DR Horton CV to 17.4927 Shares, Callable 05/14/03 @ 55.97 (A) 3.276%, 05/11/21 682 411 Gilead Sciences CV to 20.3562 Shares, Callable 12/20/03 @ 102.86 5.000%, 12/15/07 1,120 1,922 Lennar CV to 6.3842 Shares, Callable 04/06/06 @ 100 (A) 5.191%, 04/04/21 717 323 SPX CV to 4.8116 Shares, Callable 02/06/06 @ 66.39 (A) 2.279%, 02/06/21 2,025 1,291 -------- Total Convertible Bonds (Cost $4,250) 4,677 -------- REPURCHASE AGREEMENT (5.4%) UBS Warburg 1.320%, dated 11/29/02, matures 12/02/02, repurchase price $8,554,489 (collateralized by U.S. Treasury Obligation: total market value $8,727,726) (C) 8,554 8,554 -------- Total Repurchase Agreement (Cost $8,554) 8,554 -------- Total Investments (103.2%) (Cost $149,782) 163,165 -------- OTHER ASSETS AND LIABILITIES (-3.2%) Collateral Received on Securities Loaned 8,030 Payable Upon Return of Securities Loaned (8,030) Investment Advisory Fees Payable (143) Administration Fees Payable (9) Distribution Fees Payable (9) Other Assets and Liabilities (4,847) -------- Total Other Assets and Liabilities, Net (5,008) -------- 27 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 MID-CAP EQUITY FUND--CONCLUDED -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 15,936,547 outstanding shares of beneficial interest $164,345 Paid in Capital -- Investor Shares (unlimited authorization -- no par value) based on 1,250,274 outstanding shares of beneficial interest 12,594 Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 1,555,654 outstanding shares of beneficial interest 18,763 Accumulated net investment loss (530) Accumulated net realized loss on investments (50,398) Net unrealized appreciation on investments 13,383 -------- Total Net Assets (100.0%) $158,157 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $8.52 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $8.23 ======== Maximum Offering Price Per Share -- Investor Shares ($8.23 / 96.25%) $8.55 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $7.76 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 28 -------------------------------------------------------------------------------- (UNAUDITED) MID CAP VALUE EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (93.5%) BASIC MATERIALS (12.0%) Abitibi-Consolidated 349,200 $ 2,710 Boise Cascade 117,300 3,176 Cabot 43,700 1,107 Eastman Chemical 26,000 1,017 Lubrizol 38,800 1,209 Martin Marietta Materials 33,000 1,040 Sappi ADR 117,200 1,524 United States Steel (D) 89,400 1,295 -------- 13,078 -------- CAPITAL GOODS (11.8%) Eaton 10,500 797 Empresa Brasileira de Aeronautica ADR 229,000 3,348 Masco 90,300 1,821 Pall 98,600 1,881 Pentair 35,500 1,269 Rockwell Collins 86,200 1,845 Textron 44,700 1,927 -------- 12,888 -------- COMMUNICATION SERVICES (1.9%) CenturyTel 66,400 2,050 -------- CONSUMER CYCLICALS (9.1%) Abercrombie & Fitch, Cl A* 64,800 1,612 Federated Department Stores* 33,500 1,095 Newell Rubbermaid 32,400 1,028 Park Place Entertainment* 349,100 2,891 RR Donnelley & Sons 97,200 2,067 Visteon 151,500 1,219 -------- 9,912 -------- CONSUMER STAPLES (5.5%) CVS 62,300 1,675 Estee Lauder, Cl A 30,000 818 PepsiAmericas 102,300 1,558 Supervalu 109,200 1,963 -------- 6,014 -------- ENERGY (7.7%) Diamond Offshore Drilling (D) 88,100 1,977 Noble Energy 42,800 1,584 Premcor* 67,400 1,392 Tidewater 38,000 1,175 Valero Energy 70,600 2,257 -------- 8,385 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE (17.5%) Banknorth Group 46,200 $ 1,018 Charter One Financial 97,980 2,949 Comerica 15,900 753 Hartford Financial Services Group 21,000 1,030 Keycorp 108,400 2,828 Lincoln National 63,700 2,238 PNC Financial Services Group 20,900 882 Protective Life 45,500 1,344 St. Paul 46,200 1,720 Stilwell Financial 110,100 1,621 Wilmington Trust 52,400 1,656 Zions Bancorporation 25,800 1,062 -------- 19,101 -------- HEALTH CARE (7.2%) Becton Dickinson 32,300 958 Healthsouth* 255,900 1,042 IVAX* 222,000 2,999 Manor Care* 99,500 1,938 McKesson 36,100 936 -------- 7,873 -------- SERVICES (5.5%) Allied Waste Industries* 192,800 2,059 Pittston Brink's Group 108,000 2,037 Viad 83,600 1,909 -------- 6,005 -------- TECHNOLOGY (10.5%) Advanced Micro Devices* 257,300 2,187 Autodesk 120,700 1,898 Avnet* 161,800 2,263 Celestica* (D) 103,900 1,883 Scientific-Atlanta (D) 95,000 1,292 Vishay Intertechnology* 139,600 1,972 -------- 11,495 -------- TRANSPORTATION (1.4%) Delta Air Lines 108,400 1,463 -------- UTILITIES (3.4%) Dominion Resources 21,500 1,095 FPL Group 9,000 529 KeySpan 45,300 1,599 PPL 15,400 513 -------- 3,736 -------- Total Common Stock (Cost $112,209) 102,000 -------- 29 STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 MID CAP VALUE EQUITY FUND--CONCLUDED -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (5.6%) UBS Warburg 1.320%, dated 11/29/02, matures 12/02/02, repurchase price $6,075,243 (collateralized by U.S. Treasury Obligation: total market value $6,200,100) (C) $6,075 $ 6,075 -------- Total Repurchase Agreement (Cost $6,075) 6,075 -------- Total Investments (99.1%) (Cost $118,284) 108,075 -------- OTHER ASSETS AND LIABILITIES (0.9%) Collateral Received on Securities Loaned 2,975 Payable Upon Return of Securities Loaned (2,975) Investment Advisory Fees Payable (99) Administration Fees Payable (6) Other Assets and Liabilities 1,094 -------- Total Other Assets and Liabilities, Net 989 -------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 12,081,329 outstanding shares of beneficial interest 135,237 Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 581,070 outstanding shares of beneficial interest 6,172 Undistributed net investment income 96 Accumulated net realized loss on investments (22,232) Net unrealized depreciation on investments (10,209) -------- Total Net Assets (100.0%) $109,064 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $8.61 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $8.58 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 30 -------------------------------------------------------------------------------- (UNAUDITED) SMALL CAP GROWTH STOCK FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (98.9%) BASIC MATERIALS (1.7%) A. Schulman 175,800 $ 3,265 Celanese 20,000 465 Myers Industries 157,500 1,764 Stillwater Mining* 200,000 1,130 Worthington Industries 130,000 2,290 -------- 8,914 -------- CAPITAL GOODS (8.6%) Alliant Techsystems* 95,000 5,605 American Axle & Manufacturing Holdings* 110,000 2,638 Astec Industries* 220,000 2,257 BE Aerospace* 282,000 1,069 BorgWarner 34,000 1,752 Copart* 215,000 2,599 Drew Industries* 105,000 1,727 DRS Technologies* 136,000 4,537 Griffon* 180,000 2,241 Herley Industries* 224,000 3,360 Keith* 250,300 3,031 Kemet* 100,000 1,087 Manitowoc 70,000 1,876 Monaco Coach* 54,300 916 Nautilus Group* (D) 100,000 1,584 Newport* 175,000 2,520 Oshkosh Truck 36,200 2,244 Rogers* 120,000 2,922 Watsco 155,000 2,472 -------- 46,437 -------- COMMUNICATION SERVICES (1.6%) Anaren Microwave* 315,000 3,667 Boston Communications Group* 70,000 950 Commonwealth Telephone Enterprises* 70,000 2,685 Symmetricom* 150,000 547 TTI Team Telecom International* 214,000 997 -------- 8,846 -------- COMMUNICATIONS EQUIPMENT (2.0%) Cubic 150,000 2,543 Powerwave Technologies* 400,000 2,632 Tekelec* 250,500 2,553 Titan* (D) 250,000 2,960 -------- 10,688 -------- COMPUTER SOFTWARE (5.7%) Activision* 20,000 432 Borland Software* 320,000 4,234 Fair Isaac 10,000 438 Hyperion Solutions* 220,000 6,131 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMPUTER SOFTWARE -- CONTINUED JD Edwards* 250,000 $ 3,532 NETIQ* 150,000 2,603 NetScreen Technologies* (D) 150,000 2,587 Numerical Technologies* (D) 305,000 1,373 Pinnacle Systems* 30,000 424 ScanSoft* (D) 145,000 1,064 SonicWALL* 270,000 1,091 SS&C Technologies* 153,500 1,583 THQ* 40,000 715 Western Digital* 520,000 4,394 -------- 30,601 -------- CONSUMER CYCLICALS (19.6%) 4Kids Entertainment* (D) 330,000 7,920 Aftermarket Technology* 110,000 1,443 Alliance Gaming* 290,800 5,031 AnnTaylor Stores* 100,000 2,375 Boyd Gaming* (D) 280,000 3,990 Carmax* (D) 170,000 3,349 Chico's FAS* (D) 200,000 4,496 Christopher & Banks* 120,000 3,270 Columbia Sportswear* 35,000 1,546 Cost Plus* 115,000 3,761 Dial 156,000 3,248 Electronics Boutique Holdings* (D) 70,000 2,141 Guitar Center* 90,000 1,796 Gymboree* 290,000 5,887 Imco Recycling* 280,000 2,164 J Jill Group* 205,000 4,766 JOS A Bank Clothiers* 150,000 3,795 K-Swiss, Cl A 170,000 4,294 La-Z-Boy 20,000 503 Linens `N Things* 120,000 2,984 Movie Gallery* 190,000 3,260 MTR Gaming Group* 360,000 3,614 Multimedia Games* (D) 120,000 3,010 O'Charleys* 130,000 2,842 O'Reilly Automotive* 90,000 2,498 Penn National Gaming* 261,200 4,845 Quiksilver* 115,000 3,151 Rare Hospitality International* 120,000 3,212 Sonic Automotive* 150,000 2,649 Wet Seal, Cl A* 300,000 3,462 Winnebago Industries 95,000 4,697 -------- 105,999 -------- CONSUMER STAPLES (2.3%) Church & Dwight 95,000 2,861 Cott* (D) 310,000 5,484 Ralcorp Holdings* 105,000 2,468 Schweitzer-Mauduit International 70,000 1,776 -------- 12,589 -------- 31 SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 SMALL CAP GROWTH STOCK FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY (9.9%) CAL Dive International* 204,000 $ 4,714 CARBO Ceramics 20,000 666 Comstock Resources* 468,700 3,956 Core Laboratories* 350,000 3,727 Dril-Quip* 50,000 942 Headwaters* 292,000 4,678 Horizon Offshore* 520,000 3,016 Hydril* 150,000 3,465 Key Energy Services* 370,000 3,330 Magnum Hunter Resources* 430,000 2,473 Maverick Tube* 301,000 3,862 National-Oilwell* (D) 200,000 4,350 Newfield Exploration* 70,000 2,532 Oceaneering International* 55,500 1,332 Oil States International* 50,000 642 Patterson-UTI Energy* 100,000 2,901 Remington Oil & Gas* 185,300 2,880 Stone Energy* 40,000 1,206 Superior Energy Services* 180,000 1,476 Torch Offshore* 290,000 1,531 -------- 53,679 -------- FINANCE (6.1%) Affiliated Managers Group* 48,000 2,616 Coinstar* 70,000 1,690 Doral Financial 180,000 4,851 Federal Agricultural Mortgage* (D) 115,000 3,623 Harbor Florida Bancshares 34,100 735 Hilb Rogal & Hamilton 85,000 3,222 Jefferies Group 75,000 3,338 LaBranche* 110,000 3,339 Netbank* 194,000 1,899 OceanFirst Financial 67,200 1,485 R&G Financial, Cl B 105,000 2,399 Raymond James Financial (D) 70,000 2,240 Sterling Bancshares 110,000 1,387 -------- 32,824 -------- HEALTH CARE (16.7%) Accredo Health* 85,000 4,533 Alaris Medical* 237,000 1,692 Apria Healthcare Group* 145,000 3,400 Biosite* (D) 20,000 570 Cardiodynamics International* 157,000 641 Cephalon* 50,000 2,740 Charles River Laboratories International* 160,000 5,848 Covance* 280,000 6,278 Enzon* 120,000 2,218 Fisher Scientific International* 128,000 3,835 Gentiva Health Services* 87,000 714 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- HEALTH CARE -- CONTINUED Henry Schein* 75,000 $ 3,192 Integra LifeSciences Holdings* 270,000 4,741 LifePoint Hospitals* 110,000 3,474 Merit Medical Systems* 270,000 5,125 North American Scientific* 95,000 836 Orthodontic Centers Of America* (D) 90,000 1,162 Osteotech* 155,000 883 Pacificare Health Systems* 30,000 802 Pediatrix Medical Group* 70,000 2,843 Pharmaceutical Product Development* 210,000 6,289 Possis Medical* (D) 310,000 5,016 Priority Healthcare, Cl B* (D) 239,000 5,263 Renal Care Group* 115,000 3,602 SICOR* 260,000 4,100 Steris* 235,000 5,342 Taro Pharmaceuticals Industries* (D) 135,000 5,300 -------- 90,439 -------- SEMICONDUCTORS (4.3%) Advanced Power Technology* 100,000 460 ATMI* 105,000 2,517 Axcelis Technologies* 130,000 1,062 Exar* 117,000 1,649 Genesis Microchip* (D) 220,000 4,378 GlobespanVirata* 300,000 1,299 IXYS* 315,000 2,259 Microsemi* 250,000 1,587 OSI Systems* 130,000 2,239 Power Integrations* 170,000 3,476 Semtech* 100,000 1,508 Silicon Laboratories* 30,000 879 Suntron* 261 1 -------- 23,314 -------- SERVICES (4.8%) Avid Technology* 50,000 981 CDI* 160,000 4,602 Dollar Thrifty Automotive Group* 150,000 3,162 eSpeed, Cl A* 200,000 3,010 Fidelity National Information Solutions* 140,000 2,794 FTI Consulting* 120,000 4,921 Getty Images* 40,000 1,195 Kroll* (D) 140,000 2,625 MPS Group* 286,000 1,716 PRG-Schultz International* (D) 70,000 671 -------- 25,677 -------- 32 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY (10.2%) Adaptec* 224,000 $ 1,510 Aeroflex* 520,000 4,046 Ansys* (D) 65,000 1,339 Asyst Technologies* (D) 233,000 1,960 Avocent* 200,000 4,710 CACI International, Cl A* 151,000 5,753 Carreker* 200,000 1,252 Catapult Communications* 140,300 1,595 Engineered Support Systems 137,150 5,080 eResearch Technology* (D) 160,000 2,242 Filenet* 250,000 3,437 Hutchinson Technology* 64,000 1,738 Manhattan Associates* 25,000 750 Mercury Computer Systems* 178,800 5,584 Neoware Systems* (D) 150,000 3,024 Orbotech* 78,000 1,331 Photon Dynamics*(D) 78,000 2,749 Planar Systems* 135,000 2,811 Silicon Storage Technology* 356,100 2,511 Technitrol 97,000 1,675 -------- 55,097 -------- TRANSPORTATION (5.4%) Atlantic Coast Airlines Holdings* 190,000 2,037 Covenant Transport, Cl A* 40,000 706 Genesee & Wyoming, Cl A* 83,000 1,628 Heartland Express* 107,000 2,332 JB Hunt Transport Services* 130,000 3,576 Kansas City Southern* 150,000 1,912 Landstar System* 90,000 4,708 PAM Transportation Services* 100,000 2,000 Skywest 180,000 2,450 Werner Enterprises 166,000 3,664 Yellow* 130,000 3,864 -------- 28,877 -------- Total Common Stock (Cost $517,496) 533,981 -------- RIGHTS (0.0%) Elan*++ 190,000 1 -------- Total Rights (Cost $0) 1 -------- WARRANTS (0.0%) Per-Se Technologies, Strike Price $0.05, Expires 07/08/03* 3,664 -- -------- Total Warrants (Cost $0) -- -------- -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (1.3%) Morgan Stanley Dean Witter 1.280%, dated 11/29/02, matures 12/02/02, repurchase price $7,191,043 (collateralized by FNMA obligations: total market value $7,335,097) (C) $7,190 $ 7,190 -------- Total Repurchase Agreement (Cost $7,190) 7,190 -------- Total Investments (100.2%) (Cost $524,686) $541,172 ======== Percentages based on Net Assets of $540,329,756. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 33 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 SMALL CAP VALUE EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (99.4%) BASIC MATERIALS (13.4%) Arch Coal 329,500 $ 6,593 Boise Cascade 211,600 5,730 Carpenter Technology 176,500 2,423 Celanese 184,400 4,285 Cia Siderurgica Nacional ADR (D) 160,000 2,136 Lesco 299,200 4,084 Olin 316,900 4,782 Peabody Energy 269,100 7,333 Sappi ADR 405,000 5,265 Siderca ADR (D) 112,800 1,770 SKF ADR 78,300 2,210 Soc Quimica Minera de Chile ADR (D) 175,100 3,922 Southern Peru Copper 290,000 4,190 Texas Industries 315,700 7,798 United States Steel 403,600 5,844 Wellman 133,400 1,601 -------- 69,966 -------- CAPITAL GOODS (15.4%) BHA Group Holdings 131,700 2,166 Briggs & Stratton 82,700 3,486 Cummins 140,500 4,417 Empresa Brasileira de Aeronautica ADR 841,416 12,302 Goodrich 187,000 3,441 Lennox International 258,789 3,675 LSI Industries 380,250 4,008 Lubrizol 286,800 8,937 Minerals Technologies 80,000 3,452 Oshkosh Truck 78,900 4,892 Pentair 8,500 304 Quixote 315,500 6,275 Robbins & Myers 192,300 3,144 Roper Industries 80,100 3,377 Snap-On 113,700 3,404 Stewart & Stevenson Services 299,000 3,346 Tecumseh Products, Cl A 63,400 3,018 Valspar 112,900 5,275 York International 67,200 1,685 -------- 80,604 -------- CONSUMER CYCLICALS (15.2%) Bassett Furniture Industries 228,300 3,084 Blyth 227,100 6,291 Edelbrock 12,540 132 Fairmont Hotels & Resorts 405,300 9,970 Goodyear Tire & Rubber 550,200 4,534 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- CONSUMER CYCLICALS -- CONTINUED Harman International Industries 184,814 $ 11,532 Intrawest (D) 289,500 3,616 John H. Harland 239,300 5,042 John Wiley & Sons, Cl A 201,500 4,292 Makita ADR 870,600 6,268 Movado Group 149,400 2,659 Natuzzi Spa ADR 229,300 2,460 Phillips-Van Heusen 354,200 4,658 Pier 1 Imports 256,900 5,012 Standard Register 77,900 1,457 Sturm Ruger 139,100 1,481 Thomas Industries 110,200 3,015 Wallace Computer Services 131,400 2,464 Wolverine World Wide 85,700 1,433 -------- 79,400 -------- CONSUMER STAPLES (9.1%) Church & Dwight 520,600 15,680 Dial 220,500 4,591 Ingles Markets, Cl A 225,800 2,640 Interstate Bakeries 168,200 3,877 JM Smucker 365,043 14,284 Sensient Technologies 267,135 6,564 -------- 47,636 -------- ENERGY (1.7%) ENSCO International 129,100 3,612 Noble Energy 140,100 5,185 -------- 8,797 -------- FINANCE (15.7%) American Financial Group 173,000 4,109 Annuity and Life Re Holdings 238,400 527 Banner 120,300 2,406 City National 91,800 4,165 Colonial BancGroup 401,000 4,876 Community Bank System 9,200 294 Community First Bankshares 125,965 3,404 FNB 154,413 4,350 Glacier Bancorp 202,734 4,683 HCC Insurance Holdings 263,700 6,149 Horizon Financial 304,306 3,719 Klamath First Bancorp 215,100 3,259 Pacific Northwest Bancorp 111,700 2,804 Protective Life 12,700 375 PXRE Group 204,600 4,348 Riggs National 206,200 3,184 Scottish Annuity & Life Holdings (D) 221,000 3,666 34 -------------------------------------------------------------------------------- (UNAUDITED) SMALL CAP VALUE EQUITY FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE -- CONTINUED Seacoast Banking Corp of Florida 260,500 $ 4,824 Stancorp Financial Group 50,700 2,686 Student Loan 45,400 4,524 Washington Federal 175,706 4,261 West Coast Bancorp 267,153 4,432 Wilmington Trust 161,500 5,103 -------- 82,148 -------- HEALTH CARE (4.2%) Alpharma, Cl A 658,029 8,850 Cambrex 312,900 9,224 Instrumentarium ADR 29,100 792 Invacare 95,900 3,141 -------- 22,007 -------- SERVICES (6.3%) ABM Industries 343,500 5,098 Chemed 103,100 3,794 Hollinger International 404,700 3,962 Media General, Cl A 85,800 5,031 Pittston Brink's Group 786,000 14,824 -------- 32,709 -------- TECHNOLOGY (10.9%) Autodesk 1,482,900 22,970 C&D Technologies 230,000 4,478 Fair Isaac 129,200 5,659 Harris 622,128 16,748 Helix Technology 57,600 817 Keithley Instruments 234,300 2,983 Symbol Technologies 290,700 2,991 -------- 56,646 -------- TRANSPORTATION (5.0%) Canadian Pacific Railway(D) 98,300 2,000 CHC Helicopter, Cl A 396,200 8,217 CP Ships (D) 827,600 10,428 KLM Royal Dutch Air 280,800 3,061 USFreightways 77,600 2,361 -------- 26,067 -------- UTILITIES (2.5%) Allete 332,069 7,767 TECO Energy (D) 96,600 1,424 UGI 103,200 3,798 -------- 12,989 -------- Total Common Stock (Cost $486,364) 518,969 -------- -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- CASH EQUIVALENT (0.0%) SEI Daily Income Trust Prime Obligation Fund, Cl A 37,201 $ 37 -------- Total Cash Equivalent (Cost $37) 37 -------- REPURCHASE AGREEMENT (0.2%) Morgan Stanley Dean Witter 1.280%, dated 11/29/02, matures 12/02/02, repurchase price $885,025 (collateralized by FNMA obligations: total market value $902,629) (C) $885 885 -------- Total Repurchase Agreement (Cost $885) 885 -------- Total Investments (99.6%) (Cost $487,286) 519,891 -------- OTHER ASSETS AND LIABILITIES (0.4%) Collateral Received on Securities Loaned 15,404 Payable Upon Return of Securities Loaned (15,404) Investment Advisory Fees Payable (480) Administration Fees Payable (28) Distribution Fees Payable (18) Custodian Fees Payable (1) Other Assets and Liabilities 2,533 -------- Total Other Assets and Liabilities, Net 2,006 -------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 37,884,910 outstanding shares of beneficial interest 477,810 Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 2,377,661 outstanding shares of beneficial interest 39,242 Undistributed net investment income 730 Accumulated net realized loss on investments (28,490) Net unrealized appreciation on investments 32,605 -------- Total Net Assets (100.0%) $521,897 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $12.97 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $12.83 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 35 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 TAX SENSITIVE GROWTH STOCK FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (97.6%) BASIC MATERIALS (3.6%) Alcoa 87,910 $ 2,246 E.I. du Pont de Nemours 45,000 2,008 Praxair 60,000 3,540 Rohm & Haas 100,000 3,539 -------- 11,333 -------- CAPITAL GOODS (8.5%) 3M 17,566 2,281 Applied Materials* 186,406 3,178 General Electric 387,344 10,497 Illinois Tool Works 55,000 3,739 Lockheed Martin 50,000 2,610 Masco 200,000 4,034 -------- 26,339 -------- COMMUNICATION SERVICES (5.0%) AT&T 28,500 799 Comcast Special, Cl A* 40,000 912 Comcast, Cl A* 56,613 1,327 Fox Entertainment Group, Cl A* 150,000 3,999 Nokia Oyj ADR 300,000 5,763 Qualcomm* 65,000 2,679 -------- 15,479 -------- CONSUMER CYCLICALS (17.8%) AOL Time Warner* 180,167 2,949 Bed Bath & Beyond* 200,000 6,938 Coach* 170,000 5,783 Colgate-Palmolive 60,000 3,083 Harley-Davidson 100,000 4,854 Kohl's* 60,000 4,110 Liz Claiborne 100,000 3,220 Lowe's 40,000 1,660 Limited Brands 200,000 3,402 Target 45,000 1,565 Viacom, Cl B* 100,000 4,701 Wal-Mart Stores 171,881 9,309 Walgreen 126,339 3,637 -------- 55,211 -------- CONSUMER STAPLES (7.1%) Anheuser-Busch 85,000 4,175 Clorox 85,000 3,726 PepsiCo 135,000 5,735 Philip Morris 69,774 2,632 Procter & Gamble 70,000 5,880 -------- 22,148 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY (4.9%) Apache 62,500 $ 3,368 Exxon Mobil 278,618 9,696 Schlumberger 50,000 2,213 -------- 15,277 -------- FINANCE (14.9%) Allstate 75,000 2,927 American Express 96,180 3,744 American International Group 103,277 6,728 Bank of America 62,371 4,371 Bank One 50,000 1,975 Citigroup 155,946 6,063 Fannie Mae 72,521 4,572 Fifth Third Bancorp 55,000 3,080 Freddie Mac 85,000 4,899 SLM 55,000 5,375 Wells Fargo (D) 53,269 2,462 -------- 46,196 -------- HEALTH CARE (19.4%) Abbott Laboratories 42,294 1,852 Amgen* 75,000 3,540 Bristol-Myers Squibb 67,495 1,789 Eli Lilly 25,000 1,708 Forest Laboratories* 50,000 5,367 Health Management Associates, Cl A 150,000 2,630 Johnson & Johnson 166,732 9,507 King Pharmaceuticals* 25,000 475 Medtronic 121,963 5,702 Merck 104,572 6,213 Pfizer 247,793 7,815 Pharmacia 50,000 2,115 Tenet Healthcare* 75,000 1,384 UnitedHealth Group 40,000 3,258 WellPoint Health Networks* 70,000 4,608 Wyeth 62,640 2,407 -------- 60,370 -------- SEMICONDUCTORS (4.0%) Intel 244,886 5,113 Linear Technology 61,291 2,037 Micron Technology* 100,000 1,581 Texas Instruments 184,618 3,713 -------- 12,444 -------- 36 -------------------------------------------------------------------------------- (UNAUDITED) TAX SENSITIVE GROWTH STOCK FUND -- CONCLUDED -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY (12.4%) Affiliated Computer Services, Cl A* 80,000 $ 4,000 Automatic Data Processing 50,000 2,174 Cisco Systems* 354,479 5,289 Dell Computer* 200,000 5,714 International Business Machines 64,885 5,651 Microsoft* 209,428 12,109 Network Appliance* 100,000 1,387 Oracle* 181,308 2,203 -------- 38,527 -------- Total Common Stock (Cost $279,215) 303,324 -------- REPURCHASE AGREEMENT (3.4%) Morgan Stanley Dean Witter 1.280%, dated 11/29/02, matures 12/02/02, repurchase price $10,577,919 (collateralized by FNMA obligations: total market value $10,789,364) (C) $10,577 10,577 -------- Total Repurchase Agreement (Cost $10,577) 10,577 -------- Total Investments (101.0%) (Cost $289,792) 313,901 -------- OTHER ASSETS AND LIABILITIES (-1.0%) Collateral Received on Securities Loaned 1,094 Payable Upon Return of Securities Loaned (1,094) Investment Advisory Fees Payable (293) Administration Fees Payable (17) Distribution Fees Payable (92) Custodian Fees Payable (1) Other Assets and Liabilities (2,635) -------- Total Other Assets and Liabilities, Net (3,038) -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 9,281,783 outstanding shares of beneficial interest $308,959 Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 6,198,014 outstanding shares of beneficial interest 226,376 Accumulated net investment loss (1,954) Accumulated net realized loss on investments (246,627) Net unrealized appreciation on investments 24,109 -------- Total Net Assets (100.0%) $310,863 ======== Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $20.40 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $19.60 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 37 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 VALUE INCOME STOCK FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (91.5%) BASIC MATERIALS (7.4%) Alcoa 342,300 $ 8,746 Bowater (D) 134,600 5,839 Eastman Chemical 272,564 10,666 International Paper 311,500 12,226 Praxair 134,200 7,918 Rohm & Haas 235,300 8,327 -------- 53,722 -------- CAPITAL GOODS (14.3%) Boeing 116,200 3,951 Dover 429,100 13,388 Eaton 120,700 9,158 Emerson Electric 197,400 10,294 Honeywell International 363,600 9,406 Ingersoll-Rand, Cl A 227,000 10,487 Masco 456,400 9,206 Pall 325,500 6,211 Parker Hannifin 198,900 9,287 Rockwell Collins 301,600 6,454 Stanley Works 155,400 5,585 Textron 226,901 9,779 -------- 103,206 -------- COMMUNICATION SERVICES (8.4%) Alltel 164,900 9,083 BellSouth 325,100 9,038 CenturyTel 324,800 10,030 SBC Communications 579,400 16,513 Verizon Communications 380,210 15,923 -------- 60,587 -------- CONSUMER CYCLICALS (9.0%) Ford Motor 645,900 7,350 Gannett 157,700 11,236 Genuine Parts 249,700 7,938 Limited Brands 493,300 8,391 May Department Stores 305,000 7,460 McGraw-Hill 136,000 8,063 Newell Rubbermaid 208,800 6,623 Walt Disney 384,700 7,625 -------- 64,686 -------- CONSUMER STAPLES (7.0%) Clorox 144,300 6,326 HJ Heinz 230,300 8,019 Kimberly-Clark 248,400 12,499 McDonald's 237,300 4,390 PepsiCo 269,700 11,457 Supervalu 453,800 8,159 -------- 50,850 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY (10.7%) BP 299,200 $ 11,732 ConocoPhillips 398,940 19,073 Diamond Offshore Drilling 396,100 8,888 Exxon Mobil 419,500 14,599 Schlumberger 180,100 7,969 Tidewater 242,500 7,501 Valero Energy 232,200 7,423 -------- 77,185 -------- FINANCE (23.2%) Allstate 270,200 10,546 AMBAC Financial Group 128,200 8,014 American Express 215,300 8,382 American International Group 188,804 12,301 AmSouth Bancorp 363,868 6,939 Bank of America 124,600 8,732 Bank of New York 214,200 6,501 Citigroup 348,300 13,542 FleetBoston Financial 255,447 6,930 Hartford Financial Services Group 76,100 3,733 Jefferson-Pilot 165,000 6,295 JP Morgan Chase 359,425 9,047 Keycorp 302,600 7,895 Lincoln National 240,100 8,437 Merrill Lynch 222,500 9,679 Morgan Stanley 193,000 8,731 PNC Financial Services Group 175,500 7,406 St. Paul 276,200 10,286 Torchmark 165,500 6,147 US Bancorp 381,000 8,344 -------- 167,887 -------- HEALTH CARE (4.5%) Becton Dickinson 370,300 10,987 Bristol-Myers Squibb 408,000 10,812 Pharmacia 82,894 3,506 Schering-Plough 322,300 7,303 -------- 32,608 -------- TECHNOLOGY (3.9%) Hewlett-Packard 570,700 11,117 Koninklijke Philips Electronics (D)450,200 9,733 Motorola 670,300 7,628 -------- 28,478 -------- TRANSPORTATION (1.1%) Norfolk Southern 407,900 8,048 -------- UTILITIES (2.0%) FPL Group 115,200 6,774 Progress Energy 174,000 7,308 -------- 14,082 -------- Total Common Stock (Cost $684,866) 661,339 -------- 38 -------------------------------------------------------------------------------- (UNAUDITED) VALUE INCOME STOCK FUND -- CONCLUDED -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS (8.4%) Greenwich Capital 1.310%, dated 11/29/02, matures 12/02/02, repurchase price $30,979,964 (collateralized by U.S. Treasury Note: total market value $31,598,544) (C) $30,977 $ 30,977 UBS Warburg 1.310%, dated 11/29/02, matures 12/02/02, repurchase price $29,983,023 (collateralized by U.S. Treasury Obligation: total market value $30,580,080) (C) 29,980 29,980 -------- Total Repurchase Agreements (Cost $60,957) 60,957 -------- Total Investments (99.9%) (Cost $745,823) 722,296 -------- OTHER ASSETS AND LIABILITIES (0.1%) Collateral Received on Securities Loaned 825 Payable Upon Return of Securities Loaned (825) Investment Advisory Fees Payable (457) Administration Fees Payable (39) Distribution Fees Payable (50) Custodian Fees Payable (2) Other Assets and Liabilities 1,373 -------- Total Other Assets and Liabilities, Net 825 -------- NET ASSETS: Paid in Capital -- Trust Shares (unlimited authorization -- no par value) based on 63,541,022 outstanding shares of beneficial interest 775,320 Paid in Capital -- Investor Shares (unlimited authorization -- no par value) based on 6,783,276 outstanding shares of beneficial interest 87,652 Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 5,101,379 outstanding shares of beneficial interest 95,994 Undistributed net investment income 2,035 Accumulated net realized loss on investments (214,353) Net unrealized depreciation on investments (23,527) -------- Total Net Assets (100.0%) $723,121 ======== -------------------------------------------------------------------------------- VALUE -------------------------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares $9.60 ======== Net Asset Value and Redemption Price Per Share -- Investor Shares $9.57 ======== Maximum Offering Price Per Share -- Investor Shares ($9.57 / 96.25%) $9.94 ======== Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) $9.47 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 39 SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 VANTAGE FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (79.2%) BASIC MATERIALS (4.2%) Alcan 3,000 $ 95 E.I. du Pont de Nemours 1,500 67 International Paper 3,500 137 Lyondell Chemical 4,200 60 ------- 359 ------- CAPITAL GOODS (9.5%) Applied Materials* 6,000 102 General Dynamics 2,000 163 Ingersoll-Rand, Cl A 2,700 125 ITT Industries 2,800 169 PPG Industries 2,500 125 Textron 3,000 129 ------- 813 ------- COMMUNICATION SERVICES (3.8%) Comcast, Cl A* 4,853 114 SBC Communications 4,173 119 Verizon Communications 2,099 88 ------- 321 ------- COMPUTER SOFTWARE (1.8%) BEA Systems* 6,000 66 Oracle* 7,000 85 ------- 151 ------- CONSUMER CYCLICALS (6.2%) Gap 4,500 72 Jones Apparel Group* 2,500 92 Men's Wearhouse* 5,000 95 Office Depot* 6,500 115 Starwood Hotels & Resorts Worldwide 6,000 152 ------- 526 ------- CONSUMER STAPLES (2.1%) Estee Lauder, Cl A 2,000 54 Hershey Foods 2,000 129 ------- 183 ------- ENERGY (6.5%) Anadarko Petroleum 3,000 142 BJ Services* 2,600 87 Burlington Resources 2,200 93 Nabors Industries* 3,100 110 Schlumberger 2,800 124 ------- 556 ------- FINANCE (17.7%) AMBAC Financial Group 2,552 160 Bear Stearns 2,500 160 Berkshire Hathaway, Cl B* 100 241 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE -- CONTINUED Citigroup 3,000 $ 117 Marsh & McLennan+ 4,900 231 Merrill Lynch 5,000 218 Morgan Stanley 3,400 154 PMI Group 1,300 42 T Rowe Price Group+ 6,100 185 ------- 1,508 ------- HEALTH CARE (3.2%) King Pharmaceuticals*+ 9,500 180 Shire Pharmaceuticals ADR* 1,297 27 WellChoice* 2,600 67 ------- 274 ------- SEMICONDUCTORS (5.1%) Intel 6,000 125 Micron Technology* 6,000 95 STMicroelectronics+ 8,500 216 ------- 436 ------- SERVICES (2.8%) Cendant* 5,000 63 Manpower 2,500 93 Robert Half International* 4,500 88 ------- 244 ------- TECHNOLOGY (7.8%) Amdocs* 4,500 52 Hewlett-Packard+ 8,000 156 International Business Machines+ 1,432 125 Microsoft* 5,725 331 ------- 664 ------- TRANSPORTATION (8.5%) Airtran Holdings* 10,000 39 Canadian Pacific Railway* 6,000 122 Delta Air Lines 10,000 135 JB Hunt Transport Services* 4,000 110 Norfolk Southern 5,000 99 Union Pacific 2,000 116 Yellow* 3,500 104 ------- 725 ------- Total Common Stock (Cost $6,390) 6,760 ------- EXCHANGE TRADED FUNDS (4.2%) DIAMONDS Trust Series I+ 1,500 133 SPDR Trust Series 1+ 2,400 225 ------- 358 ------- Total Exchange Traded Funds (Cost $347) 358 ------- 40 -------------------------------------------------------------------------------- UNAUDITED) -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (14.0%) USB Warburg 1.320%, dated 11/29/02, matures 12/02/02, repurchase price $1,197,580 (collateralized by U.S. Treasury Obligation: total market value $1,225,080) (C) $1,197 $ 1,197 ------- Total Repurchase Agreement (Cost $1,197) 1,197 ------- Total Investments (97.4%) (Cost $7,934) $ 8,315 ======= SECURITIES SOLD SHORT (-11.8%) CONSUMER CYCLICALS (-6.9%) Bed Bath & Beyond* (2,500) (87) Blockbuster, Cl A (10,500) (228) Gillette (5,000) (152) Ionics* (5,500) (124) ------- (591) ------- CONSUMER STAPLES (-4.9%) PepsiCo (2,000) (85) W.M. Wrigley Jr. (3,000) (161) Whole Foods Market* (3,300) (175) ------- (421) ------- Total Securities Sold Short (Proceeds $-962) $(1,012) ======= Percentages based on Net Assets of $8,539,317. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 42. 41 -------------------------------------------------------------------------------- KEY TO ABBREVIATIONS USED IN THE STATEMENTS OF NET ASSETS AND SCHEDULES OF INVESTMENTS ADR American Depositary Receipt Cl Class CV Convertible Security FHLB Federal Home Loan Bank FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association GNMA Government National Mortgage Association LP Limited Partnership MTN Medium Term Note RNC Risparmio Non-Convertible Ser Series * Non-income producing security + All or a portion of this security is held as collateral for short sales. ++ These rights represent a potential distribution settlement in a legal claim and do not have a strike price or expiration date. (A) Zero Coupon Bond. The rate reported is the effective yield at time of purchase. (B) Security is fair valued by The Board of Trustees. (C) Tri-Party Repurchase Agreement (D) This security or a partial position of this security is on loan at November 30, 2002 (see Note 10 in the Notes to Financial Statements). The total value of securities on loan at November 30, 2002 was $10,305,246, $20,154,811,$2,318,960, $7,650,152, $2,863,544, $14,835,184, $37,039,872, $1,053,588, and $823,100 for the Balanced Fund, Capital Appreciation Fund, Information and Technology Fund, Mid-Cap Equity Fund, Mid Cap Value Equity Fund, Small Cap Value Equity Fund, Small Cap Growth Stock Fund, Tax Sensitive Growth Stock Fund and the Value Income Stock Fund, respectively. (1) The Flex Shares have a contingent deferred sales charge. For a description of a possible sales charge, see Note 2 in the Notes to Financial Statements. (2) Affiliated investments Amounts designated as "--" are either $0 or have been rounded to $0. 42
STATEMENTS OF ASSETS AND LIABILITIES (000) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 (UNAUDITED) ----------- ------------ ------- INFORMATION AND SMALL CAP TECHNOLOGY GROWTH STOCK VANTAGE FUND FUND FUND ----------- ------------ ------- Assets: Investments at Market Value (Cost $20,418, $524,686 and $7,934, respectively) ........ $25,153 $541,172 $8,315 Receivable for Investment Securities Sold ............................................ -- 3,572 1,523 Deposits with Brokers for Securities Sold Short ...................................... -- -- 1,009 Receivable for Paid in Capital Shares Purchased ...................................... 4 451 -- Other Assets ......................................................................... 1 15 -- Collateral Received on Securities Loaned ............................................. 2,465 38,892 -- Accrued Income ....................................................................... 8 67 9 ------- -------- ------- Total Assets ......................................................................... 27,631 584,169 10,856 ------- -------- ------- Liabilities: Payable to Custodian ................................................................. 760 -- -- Payable Upon Return of Securities Loaned ............................................. 2,465 38,892 -- Securities Sold Short at Value (Proceeds $-962) ...................................... -- -- 1,012 Payable for Investment Securities Purchased .......................................... 1 4,140 1,290 Payable for Paid in Capital Shares Redeemed .......................................... 32 221 -- Investment Advisory Fees Payable ..................................................... 1 29 10 Distribution Fees Payable ............................................................ 1 19 -- Custodian Fees Payable ............................................................... -- 1 -- Accrued Expenses ..................................................................... 32 537 5 ------- -------- ------- Total Liabilities .................................................................... 3,292 43,839 2,317 ------- -------- ------- Total Net Assets ..................................................................... $24,339 $540,330 $ 8,539 ======= ======== ======= Net Assets: Paid in Capital-- Trust Shares (unlimited authorization -- no par value) based on 2,633,217, 34,139,161 and 825,594, outstanding shares of beneficial interest, respectively .................................................. $81,298 $524,444 $8,502 Paid in Capital -- Investor Shares (unlimited authorization -- no par value) based on 1,332,428 outstanding shares of beneficial interest ....................... -- 17,723 -- Paid in Capital -- Flex Shares (unlimited authorization -- no par value) based on 1,152,161, 1,741,766 and 117,288 outstanding shares of beneficial interest, respectively .................................................. 27,965 29,498 1,158 Accumulated net investment loss ...................................................... (150) (2,436) (38) Accumulated net realized loss on investments ......................................... (89,509) (45,385) (1,414) Net unrealized appreciation on investments ........................................... 4,735 16,486 331 ------- -------- ------- Total Net Assets ..................................................................... $24,339 $540,330 $8,539 ======= ======== ======= Net Asset Value, Offering and Redemption Price Per Share -- Trust Shares ................ $6.49 $14.55 $9.06 ======= ======== ======= Net Asset Value and Redemption Price Per Share -- Investor Shares ....................... -- $14.40 -- ======= ======== ======= Maximum Offering Price Per Share -- Investor Shares ($14.40 / 96.25%) ................... -- $14.96 -- ======= ======== ======= Net Asset Value, Offering and Redemption Price Per Share -- Flex Shares (1) ............. $6.29 $13.93 $9.02 ======= ======== ======= (1) The Flex Shares have a contingent deferred sales charge. For a description of a possible sales charge, see Note 2 in the Notes to 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. 43
STATEMENTS OF OPERATIONS (000) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2002 (Unaudited) CAPITAL GROWTH AND INFORMATION AND BALANCED APPRECIATION INCOME TECHNOLOGY FUND FUND FUND FUND -------- ----------- --------- -------------- Income Dividend Income* ....................................... $ 621 $ 5,148 $ 7,368 $ 42 Interest Income ........................................ 3,349 169 55 10 Income from Securities Lending ......................... 4 2 -- 1 Less: Foreign Taxes Withheld ........................... (1) (13) -- (3) -------- --------- --------- ------- Total Income ........................................... 3,973 5,306 7,423 50 -------- --------- --------- ------- Expenses: Investment Advisory Fees ............................... 1,427 7,385 3,333 146 Administrator Fees ..................................... 103 442 255 9 Transfer Agent Fees -- Trust Shares .................... 9 10 9 6 Transfer Agent Fees -- Investor Shares ................. 10 60 23 -- Transfer Agent Fees -- Flex Shares ..................... 46 94 79 25 Transfer Agent Out of Pocket Expenses and Shareholder Servicing Fees ........................... 8 35 20 -- Printing Expenses ...................................... 4 19 11 1 Custody Fees ........................................... 3 13 7 -- Professional Fees ...................................... 5 23 13 1 Trustee Fees ........................................... 2 6 3 -- Registration Fees ...................................... 5 20 12 1 Distribution Fees -- Investor Shares ................... 11 482 40 -- Distribution Fees -- Flex Shares ....................... 334 468 388 36 Insurance and Other Fees ............................... 3 16 6 -- -------- --------- --------- ------- Total Expenses ......................................... 1,970 9,073 4,199 225 -------- --------- --------- ------- Less: Investment Advisory Fees Waived ...................... (42) (128) -- -- Distribution Fees Waived/Reimbursed by Distributor -- Investor Shares ..................... (8) (74) (33) -- Distribution Fees Waived -- Flex Shares .............. (19) (33) (102) (25) -------- --------- --------- ------- Net Expenses ........................................... 1,901 8,838 4,064 200 -------- --------- --------- ------- Net Investment Income (Loss) ........................... 2,072 (3,532) 3,359 (150) -------- --------- --------- ------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Loss on Securities Sold* .................. (15,991) (110,836) (63,807) (14,905) Net Realized Gain on Foreign Currency Transactions ..... -- -- -- -- Net Change in Unrealized Appreciation on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies .................... -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments* ...................................... (2,512) (69,495) (59,846) 5,983 -------- --------- --------- ------- Total Net Realized and Unrealized Loss on Investments .. (18,503) (180,331) (123,653) (8,922) -------- --------- --------- ------- Net Decrease in Net Assets from Operations ............. $(16,431) $(183,863) $(120,294) $(9,072) ======== ========= ========= =======
INTERNATIONAL INTERNATIONAL LIFE VISION EQUITY EQUITY AGGRESSIVE GROWTH FUND INDEX FUND FUND ------------- ------------- ----------------- Income Dividend Income* ....................................... $ 2,249 $ 2,141 $ 64 Interest Income ........................................ 29 -- -- Income from Securities Lending ......................... -- -- -- Less: Foreign Taxes Withheld ........................... (249) (179) -- -------- -------- ------- Total Income ........................................... 2,029 1,962 64 -------- -------- ------- Expenses: Investment Advisory Fees ............................... 1,467 1,158 35 Administrator Fees ..................................... 81 89 10 Transfer Agent Fees -- Trust Shares .................... 9 9 9 Transfer Agent Fees -- Investor Shares ................. 12 8 -- Transfer Agent Fees -- Flex Shares ..................... 16 11 -- Transfer Agent Out of Pocket Expenses and Shareholder Servicing Fees ........................... 6 7 1 Printing Expenses ...................................... 4 4 -- Custody Fees ........................................... 133 170 -- Professional Fees ...................................... 4 4 1 Trustee Fees ........................................... 1 1 -- Registration Fees ...................................... 4 4 1 Distribution Fees -- Investor Shares ................... 8 6 -- Distribution Fees -- Flex Shares ....................... 28 15 -- Insurance and Other Fees ............................... -- -- 1 -------- -------- ------- Total Expenses ......................................... 1,773 1,486 58 -------- -------- ------- Less: Investment Advisory Fees Waived ...................... -- (110) (22) Distribution Fees Waived/Reimbursed by Distributor -- Investor Shares ..................... (11) (7) -- Distribution Fees Waived -- Flex Shares .............. (14) (9) -- -------- -------- ------- Net Expenses ........................................... 1,748 1,360 36 -------- -------- ------- Net Investment Income (Loss) ........................... 281 602 28 -------- -------- ------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Loss on Securities Sold* .................. (24,715) (8,410) (1,017) Net Realized Gain on Foreign Currency Transactions ..... 368 277 -- Net Change in Unrealized Appreciation on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies .................... 73 26 -- Net Change in Unrealized Appreciation (Depreciation) on Investments* ...................................... (23,298) (41,243) (3,442) -------- -------- ------- Total Net Realized and Unrealized Loss on Investments .. (47,572) (49,350) (4,459) -------- -------- ------- Net Decrease in Net Assets from Operations ............. $(47,291) $(48,748) $(4,431) ======== ======== ======= * Dividend Income, net realized gain (loss) on securities sold and net change in unrealized appreciation (depreciation) on investments for the Life Vision Funds are primarily attributable to the underlying investments in affiliated investment companies. Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 44 & 45
STATEMENTS OF OPERATIONS (000) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2002 (Unaudited) LIFE VISION LIFE VISION MID-CAP MID CAP SMALL CAP GROWTH AND INCOME MODERATE EQUITY VALUE EQUITY GROWTH STOCK FUND GROWTH FUND FUND FUND FUND ----------------- ----------- -------- ------------ ------------ Income: Dividend Income* $ 498 $ 826 $ 487 $ 1,080 $ 995 Interest Income ................................ -- -- 43 17 34 Income from Securities Lending ................. -- -- 3 -- 10 Less: Foreign Tax Withheld ..................... -- -- (1) (12) (6) ------- ------- -------- -------- --------- Total Income ................................... 498 826 532 1,085 1,033 ------- ------- -------- -------- --------- Expenses Investment Advisory Fees ....................... 83 105 919 787 3,051 Administrator Fees ............................. 23 29 55 43 183 Transfer Agent Fees -- Trust Shares ............ 9 9 9 8 12 Transfer Agent Fees -- Investor Shares ......... -- -- 12 -- 18 Transfer Agent Fees -- Flex Shares ............. -- -- 21 12 26 Transfer Agent Out of Pocket Expenses and Shareholder Servicing Fees ............... 2 2 4 4 14 Printing Expenses .............................. 1 1 2 2 8 Custody Fees ................................... 1 1 1 1 5 Professional Fees .............................. 1 1 3 2 10 Trustee Fees ................................... -- -- 1 1 3 Registration Fees 1 2 2 3 9 Distribution Fees -- Investor Shares ........... -- -- 21 -- 49 Distribution Fees -- Flex Shares ............... -- -- 59 24 121 Dividends on Securities Sold Short ............. -- -- -- -- -- Insurance and Other Fees ....................... 2 1 -- 1 8 ------- ------- -------- -------- --------- Total Expenses ................................. 123 151 1,109 888 3,517 ------- ------- -------- -------- --------- Less: Investment Advisory Fees Waived .............. (40) (46) (20) (63) -- Distribution Fees Waived -- Investor Shares .. -- -- (10) -- (31) Distribution Fees Waived/Reimbursed by Distributor -- Flex Shares ................. -- -- (17) (20) (17) ------- ------- -------- -------- --------- Net Expenses ................................... 83 105 1,062 805 3,469 ------- ------- -------- -------- --------- Net Investment Income (Loss) ................... 415 721 (530) 280 (2,436) ------- ------- -------- -------- --------- Net Realized and Unrealized Loss on Investments: Net Realized Gain (Loss) on Securities Sold* ... (1,468) (627) (15,890) (24,474) (48,470) Net Change in Unrealized Appreciation (Depreciation) on Investments* .............. (6,359) 5,848) (9,416) (13,497) (51,846) ------- ------- -------- -------- --------- Total Net Realized and Unrealized Loss on Investments ............................. (7,827) (6,475) (25,306) (37,971) (100,316) ------- ------- -------- -------- --------- Net Decrease in Net Assets from Operations ..... $(7,412) $(5,754) $(25,836) $(37,691) $(102,752) ======= ======= ======== ======== =========
SMALL CAP TAX SENSITIVE VALUE VALUE EQUITY GROWTH STOCK INCOME STOCK VANTAGE FUND FUND FUND FUND ------------ ------------- ------------ -------- Income: Dividend Income* $ 4,561 $ 2,175 $ 8,372 $ 39 Interest Income .............................. 147 43 497 32 Income from Securities Lending ............... 2 -- -- -- Less: Foreign Tax Withheld ................... (82) (4) (27) -- -------- -------- --------- ----- Total Income ................................. 4,628 2,214 8,842 71 -------- -------- --------- ----- Expenses Investment Advisory Fees ..................... 3,161 1,935 2,816 75 Administrator Fees ........................... 189 116 242 3 Transfer Agent Fees -- Trust Shares .......... 9 8 10 8 Transfer Agent Fees -- Investor Shares ....... -- -- 34 -- Transfer Agent Fees -- Flex Shares ........... 39 108 49 7 Transfer Agent Out of Pocket Expenses and Shareholder Servicing Fees ............. 15 9 19 -- Printing Expenses ............................ 8 5 10 -- Custody Fees ................................. 5 3 7 -- Professional Fees ............................ 10 6 13 -- Trustee Fees ................................. 3 2 4 -- Registration Fees 9 5 11 -- Distribution Fees-- Investor Shares .......... -- -- 106 -- Distribution Fees-- Flex Shares .............. 151 661 244 5 Dividends on Securities Sold Short ........... -- -- -- 23 Insurance and Other Fees ..................... 16 -- 6 -- -------- -------- --------- ----- Total Expenses ............................... 3,615 2,858 3,571 121 -------- -------- --------- ----- Less: Investment Advisory Fees Waived ............ -- -- -- (4) Distribution Fees Waived -- Investor Shares -- -- (14) -- Distribution Fees Waived/Reimbursed by Distributor -- Flex Shares ............... (28) (59) (17) (8) -------- -------- --------- ----- Net Expenses ................................. 3,587 2,799 3,540 109 -------- -------- --------- ----- Net Investment Income (Loss) ................. 1,041 (585) 5,302 (38) -------- -------- --------- ----- Net Realized and Unrealized Loss on Investments: Net Realized Gain (Loss) on Securities Sold* . 17,288 (41,018) (28,091) (993) Net Change in Unrealized Appreciation (Depreciation) on Investments* ............ (89,158) (12,456) (80,200) 399 -------- -------- --------- ----- Total Net Realized and Unrealized Loss on Investments ........................... (71,870) (53,474) (108,291) (594) -------- -------- --------- ----- Net Decrease in Net Assets from Operations ... $(70,829) $(54,059) $(102,989) $(632) ======== ======== ========= ===== * Dividend Income, net realized gain (loss) on securities sold and net change in unrealized appreciation (depreciation) on investments for the Life Vision Funds are primarily attributable to the underlying investments in affiliated investment companies. Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 46 & 47
STATEMENTS OF CHANGES IN NET ASSETS (000) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2002 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2002 CAPITAL BALANCED FUND APPRECIATION FUND ------------------------ ------------------------ 06/01/02- 06/01/01- 06/01/02- 06/01/01- 11/30/02 05/31/02 11/30/02 05/31/02 --------- --------- --------- --------- Operations: Net Investment Income (Loss) .......................... $ 2,072 $ 4,563 $ (3,532) $ (10,142) Net Realized Gain (Loss) on Securities Sold ........... (15,991) 2,199 (110,836) (143) Net Realized Gain on Foreign Currency Transactions .... -- -- -- -- Net Change in Unrealized Appreciation on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets andLiabilities Denominated in Foreign Currencies ................... -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments ...................................... (2,512) (17,949) (69,495) (165,813) -------- -------- ---------- ---------- Decrease in Net Assets from Operations ................ (16,431) (11,187) (183,863) (176,098) -------- -------- ---------- ---------- Distributions to Shareholders: Net Investment Income: Trust Shares ........................................ (2,223) (4,065) -- -- Investor Shares ..................................... (67) (129) -- -- Flex Shares ......................................... (296) (591) -- -- Capital Gains: Trust Shares ........................................ -- (5,781) -- (10,431) Investor Shares ..................................... -- (213) -- (1,696) Flex Shares ......................................... -- (1,844) -- (1,028) -------- -------- ---------- ---------- Total Distributions ................................... (2,586) (12,623) -- (13,155) -------- -------- ---------- ---------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ......................... 30,371 92,218 134,000 545,325 Reinvestment of Cash Distributions .................. 2,135 9,625 -- 8,702 Cost of Shares Repurchased .......................... (56,294) (52,097) (139,784) (378,030) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From Trust Share Transactions .......................................... (23,788) 49,746 (5,784) 175,997 -------- -------- ---------- ---------- Investor Shares: Proceeds from Shares Issued ......................... 335 2,760 12,315 9,448 Reinvestment of Cash Distributions .................. 66 338 -- 1,668 Cost of Shares Repurchased .......................... (978) (1,259) (13,424) (25,945) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From Investor Share Transactions .......................................... (577) 1,839 (1,109) (14,829) -------- -------- ---------- ---------- Flex Shares: Proceeds from Shares Issued ......................... 6,996 26,377 10,586 38,048 Reinvestment of Cash Distributions .................. 280 2,319 -- 1,003 Cost of Shares Repurchased .......................... (12,735) (15,941) (15,699) (25,421) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From Flex Share Transactions .......................................... (5,459) 12,755 (5,113) 13,630 -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From Share Transactions ...................................... (29,824) 64,340 (12,006) 174,798 -------- -------- ---------- ---------- Total Increase (Decrease) in Net Assets ........... (48,841) 40,530 (195,869) (14,455) -------- -------- ---------- ---------- Net Assets: Beginning of Period ................................. 325,504 284,974 1,478,523 1,492,978 -------- -------- ---------- ---------- End of Period ....................................... $276,663 $325,504 $1,282,654 $1,478,523 ======== ======== ========== ========== (1) See Note 8 in the Notes to Financial Statements for additional information. Amounts designated as "--" are either $0 or have been rounded to $0.
48 --------------------------------------------------------------------------------
INTERNATIONAL GROWTH AND INFORMATION AND TECHNOLOGY EQUITY INCOME FUND FUND FUND --------------------- --------------------------- ------------------------ 06/01/02- 06/01/01- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 --------- --------- --------- ---------- --------- --------- Operations: Net Investment Income (Loss) .......................... $ 3,359 $ 4,992 $ (150) $ (810) $ 281 $ 785 Net Realized Gain (Loss) on Securities Sold ........... (63,807) (2,065) (14,905) (34,411) (24,715) (31,939) Net Realized Gain on Foreign Currency Transactions .... -- -- -- -- 368 48 Net Change in Unrealized Appreciation on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets andLiabilities Denominated in Foreign Currencies ................... -- -- -- -- 73 151 Net Change in Unrealized Appreciation (Depreciation) on Investments ...................................... (59,846) (81,292) 5,983 (3,329) (23,298) 12,345 -------- ------- -------- --------- -------- -------- Decrease in Net Assets from Operations ................ (120,294) (78,365) (9,072) (38,550) (47,291) (18,610) -------- ------- -------- --------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ........................................ (2,859) (4,300) -- -- -- -- Investor Shares ..................................... (109) (135) -- -- -- -- Flex Shares ......................................... (25) -- -- -- -- -- Capital Gains: Trust Shares ........................................ -- -- -- -- -- -- Investor Shares ..................................... -- -- -- -- -- -- Flex Shares ......................................... -- -- -- -- -- -- -------- -------- -------- --------- -------- -------- Total Distributions ................................... (2,993) (4,435) -- -- -- -- -------- -------- -------- --------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ......................... 52,737 153,837 2,468 12,552 52,360 122,777 Reinvestment of Cash Distributions .................. 1,052 1,608 -- -- -- -- Cost of Shares Repurchased .......................... (123,409) (158,642) (10,665) (37,401) (60,245) (59,774) -------- -------- -------- --------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions .......................................... (69,620) (3,197) (8,197) (24,849) (7,885) 63,003 -------- -------- -------- --------- -------- -------- Investor Shares: Proceeds from Shares Issued ......................... 5,077 7,129 -- -- 1,797 204,662 Reinvestment of Cash Distributions .................. 100 122 -- -- -- -- Cost of Shares Repurchased .......................... (4,631) (7,307) -- -- (990) (207,235) -------- -------- -------- --------- -------- -------- Increase (Decrease) in Net Assets From Investor Share Transactions .......................................... 546 (56) -- -- 807 (2,573) -------- -------- -------- --------- -------- -------- Flex Shares: Proceeds from Shares Issued ......................... 8,308 40,844 301 2,266 2,685 7,548 Reinvestment of Cash Distributions .................. 24 -- -- -- -- -- Cost of Shares Repurchased .......................... (14,718) (16,988) (1,612) (5,097) (2,755) (7,940) -------- -------- -------- --------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions .......................................... (6,386) 23,856 (1,311) (2,831) (70) (392) -------- -------- -------- --------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ...................................... (75,460) 20,603 (9,508) (27,680) (7,148) 60,038 -------- -------- -------- --------- -------- -------- Total Increase (Decrease) in Net Assets ........... (198,747) (62,197) (18,580) (66,230) (54,439) 41,428 -------- -------- -------- --------- -------- -------- Net Assets: Beginning of Period ................................. 924,017 986,214 42,919 109,149 64,830 223,402 -------- -------- -------- --------- -------- -------- End of Period ....................................... $725,270 $924,017 $ 24,339 $ 42,919 $210,391 $264,830 ======== ======== ======== ========= ======== ======== (1) See Note 8 in the Notes to Financial Statements for additional information. Amounts designated as "--" are either $0 or have been rounded to $0.
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, 2002 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2002 INTERNATIONAL LIFE VISION EQUITY AGGRESSIVE INDEX FUND GROWTH FUND ------------------------ --------------------- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 11/30/02 05/31/02 11/30/02 05/31/02 ---------- ---------- ---------- ---------- Operations: Net Investment Income (Loss)* ................................. $ 602 $ 1,447 $ 28 $ 47 Capital Gain Received from Investments ........................ -- -- -- 80 Net Realized Loss on Securities Sold* ......................... (8,410) (36,218) (1,017) (1,052) Net Realized Gain (Loss) on Foreign Currency Transactions ..... 277 (321) -- -- Net Change in Unrealized Appreciation on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currency ............................................ 26 61 -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments* ............................................. (41,243) 8,423 (3,442) (863) -------- -------- ------- ------- Decrease in Net Assets from Operations (48,748) (26,608) (4,431) (1,788) -------- -------- ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares ................................................ -- (767) (30) (57) Investor Shares ............................................. -- (11) -- -- -------- -------- ------- ------- Total Distributions ........................................... -- (778) (30) (57) -------- -------- ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ................................. 35,218 134,438 2,267 19,227 Reinvestment of Cash Distributions .......................... -- 767 30 57 Cost of Shares Repurchased .................................. (35,685) (57,264) (4,721) (6,977) -------- -------- ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions .................................................. (467) 77,941 (2,424) 12,307 -------- -------- ------- ------- Investor Shares: Proceeds from Shares Issued ................................. 3,631 129,643 -- -- Reinvestment of Cash Distributions .......................... -- 11 -- -- Cost of Shares Repurchased .................................. (2,271) (130,086) -- -- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Investor Share Transactions .................................................. 1,360 (432) -- -- -------- -------- ------- ------- Flex Shares: Proceeds from Shares Issued ................................. 1,816 7,290 -- -- Reinvestment of Cash Distributions .......................... -- -- -- -- Cost of Shares Repurchased .................................. (2,028) (7,786) -- -- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions .................................................. (212) (496) -- -- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Share Transactions ............................................. 681 77,013 (2,424) 12,307 -------- -------- ------- ------- Total Increase (Decrease) in Net Assets .................. (48,067) 49,627 (6,885) 10,462 -------- -------- ------- ------- Net Assets: Beginning of Period ......................................... 294,671 245,044 34,398 23,936 -------- -------- ------- ------- End of Period ............................................... $246,604 $294,671 $27,513 $34,398 ======== ======== ======= ======= * Net investment income (loss), net realized gain (loss) on investments, and net change in unrealized appreciation (depreciation) on investments for theLife Vision Funds are primarily attributable to the underlying investments in affiliated investment companies. (1) See Note 8 in the Notes to Financial Statements for additional information Amounts designated as "--" are either $0 or have been rounded to $0.
50
-------------------------------------------------------------------------------- LIFE VISION LIFE VISION MID-CAP EQUITY GROWTH AND INCOME FUND MODERATE GROWTH FUND FUND ----------------------- ----------------------- ----------------------- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 ---------- ---------- ---------- --------- ---------- ---------- Operations: Net Investment Income (Loss)* ............................ $ 415 $ 639 $ 721 $ 1,488 $ (530) $ (534) Capital Gain Received from Investments ................... -- 73 -- 150 -- -- Net Realized Loss on Investments* ........................ (1,468) (2,267) (627) (4,949) (15,890) (32,539) Net Realized Gain (Loss) on Foreign Currency Transactions -- -- -- -- -- -- Net Change in Unrealized Appreciation on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currency ....................................... -- -- -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments* ........................................ (6,359) 290 (5,848) 2,662 (9,416) 10,660 -------- ------- ------- ------- -------- --------- Decrease in Net Assets from Operations (7,412) (1,265) (5,754) (649) (25,836) (22,413) -------- ------- -------- ------- -------- --------- Distributions to Shareholders: Net Investment Income: Trust Shares ........................................... (443) (598) (770) (1,472) -- -- Investor Shares ........................................ -- -- -- -- -- -- -------- ------- ------- ------- -------- --------- Total Distributions ...................................... (443) (598) (770) (1,472) -- -- -------- ------- ------- ------- -------- --------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ............................ 12,645 53,119 22,468 36,185 94,774 254,418 Reinvestment of Cash Distributions ..................... 441 595 766 1,452 -- -- Cost of Shares Repurchased ............................. (17,983) (12,006) (17,391) (20,353) (108,238) (219,234) -------- ------- ------- ------- -------- --------- Increase (Decrease) in Net Assets From Trust Share Transactions ............................................. (4,897) 41,708 5,843 17,284 (13,464) 35,184 -------- ------- ------- ------- -------- --------- Investor Shares: Proceeds from Shares Issued ............................ -- -- -- -- 1,971 5,382 Reinvestment of Cash Distributions ..................... -- -- -- -- -- -- Cost of Shares Repurchased ............................. -- -- -- -- (1,056) (5,676) -------- ------- ------- ------- -------- --------- Increase (Decrease) in Net Assets From Investor Share Transactions ............................................. -- -- -- -- 915 (294) -------- ------- ------- ------- -------- --------- Flex Shares: Proceeds from Shares Issued ............................ -- -- -- -- 1,870 6,756 Reinvestment of Cash Distributions ..................... -- -- -- -- -- -- Cost of Shares Repurchased ............................. -- -- -- -- (1,844) (4,054) -------- ------- -------- ------ -------- --------- Increase (Decrease) in Net Assets From Flex Share Transactions ............................................. -- -- -- -- 26 2,702 -------- ------- ------- ------- -------- --------- Increase (Decrease) in Net Assets From Share Transactions ........................................ (4,897) 41,708 5,843 17,284 (12,523) 37,592 -------- ------- ------- ------- -------- --------- Total Increase (Decrease) in Net Assets ............. (12,752) 39,845 (681) 15,163 (38,359) 15,179 -------- ------- ------- ------- -------- --------- Net Assets: Beginning of Period .................................... 77,395 37,550 88,592 73,429 196,516 181,337 --------- ------- ------- ------- -------- --------- End of Period .......................................... $ 64,643 $77,395 $87,911 $88,592 $158,157 $ 196,516 ======== ======= ======= ======= ======== ========= * Net investment income (loss), net realized gain (loss) on investments, and net change in unrealized appreciation (depreciation) on investments for theLife Vision Funds are primarily attributable to the underlying investments in affiliated investment companies. (1) See Note 8 in the Notes to Financial Statements for additional information Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 51
STATEMENTS OF CHANGES IN NET ASSETS (000) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2002 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2002 MID CAP SMALL CAP VALUE EQUITY GROWTH SMALL CAP VALUE FUND STOCK FUND EQUITY FUND ----------------------- ------------------------ ------------------------- 06/01/02- 11/30/01*- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 ---------- ----------- ---------- ---------- ---------- ---------- Operations: Net Investment Income (Loss) ................. $ 280 $ 153 $ (2,436) $ (6,319) $ 1,041 $ 3,146 Net Realized Gain (Loss) on Securities Sold ............................ (24,474) 2,242 (48,470) 12,904 17,288 7,370 Net Change in Unrealized Appreciation (Depreciation) on Investments .............. (13,497) 3,288 (51,846) (43,483) (89,158) 82,755 -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets from Operations ............................ (37,691) 5,683 (102,752) (36,898) (70,829) 93,271 -------- -------- -------- -------- -------- -------- Distributions to Shareholders: Net Investment Income: Trust Shares ............................... (209) (128) -- -- (1,352) (3,500) Investor Shares ............................ -- -- -- -- -- (15) Flex Shares ................................ -- -- -- -- -- -- Capital Gains: Trust Shares ............................... -- -- -- (2,201) -- -- Investor Shares ............................ -- -- -- (108) -- -- Flex Shares ................................ -- -- -- (106) -- -- -------- -------- -------- -------- -------- -------- Total Distributions .......................... (209) (128) -- (2,415) (1,352) (3,515) -------- -------- -------- -------- -------- -------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ................ 19,942 187,081 57,661 204,546 61,499 226,657 Reinvestment of Cash Distributions ......... 56 22 -- 1,813 717 2,013 Cost of Shares Repurchased ................. (54,158) (17,706) (60,154) (86,510) (116,671) (102,960) -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Trust Share Transactions (34,160) 169,397 (2,493) 119,849 (54,455) 125,710 ............................................... --------- -------- -------- -------- -------- -------- Investor Shares: Proceeds from Shares Issued ................ -- -- 2,789 6,448 -- -- Reinvestment of Cash Distributions ......... -- -- -- 102 -- -- Cost of Shares Repurchased -- -- (4,511) (8,754) -- -- ............................................... -------- -------- -------- -------- -------- ------- Decrease in Net Assets From Investor Share Transactions ................................. -- -- (1,722) (2,204) -- -- -------- -------- -------- -------- -------- -------- Flex Shares (2): Proceeds from Shares Issued ................ 1,828 5,565 3,051 10,866 6,732 21,029 Reinvestment of Cash Distributions ......... -- -- -- 104 -- 15 Cost of Shares Repurchased ................. (1,028) (193) (3,400) (6,387) (5,106) (2,670) -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Flex Share Transactions ...................... 800 5,372 (349) 4,583 1,626 18,374 -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions .................. (33,360) 174,769 (4,564) 122,228 (52,829) 144,084 -------- -------- -------- -------- -------- -------- Total Increase (Decrease) in Net Assets ............................. (71,260) 180,324 (107,316) 82,915 (125,010) 233,840 -------- -------- -------- -------- -------- -------- Net Assets: Beginning of Period ........................ 180,324 -- 647,646 564,731 646,907 413,067 -------- -------- -------- -------- -------- -------- End of Period .............................. $109,064 $180,324 $540,330 $647,646 $521,897 $646,907 ======== ======== ======== ======== ======== ========
TAX SENSITIVE GROWTH VALUE INCOME VANTAGE STOCK FUND STOCK FUND FUND ----------------------- ---------------------- ---------------------- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 06/01/02- 11/30/01*- 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 ---------- ---------- ----------- ---------- ---------- ----------- Operations: Net Investment Income (Loss) ................. $ (585) $ (2,575) $ 5,302 $ 8,024 $ (38) $ (28) Net Realized Gain (Loss) on Securities Sold ............................ (41,018) (34,842) (28,091) 18,010 (993) (421) Net Change in Unrealized Appreciation (Depreciation) on Investments .............. (12,456) (45,038) (80,200) (60,823) 399 (68) -------- -------- -------- -------- ------- ------- Increase (Decrease) in Net Assets from Operations ............................ (54,059) (82,455) (102,989) (34,789) (632) (517) -------- -------- -------- -------- ------- ------- Distributions to Shareholders: Net Investment Income: Trust Shares ............................... -- -- (4,294) (7,740) -- -- Investor Shares ............................ -- -- (331) (629) -- -- Flex Shares ................................ -- -- (51) (41) -- -- Capital Gains: Trust Shares ............................... -- -- -- -- -- -- Investor Shares ............................ -- -- -- -- -- -- Flex Shares ................................ -- -- -- -- -- -- -------- -------- -------- -------- ------- ------- Total Distributions .......................... -- -- (4,676) (8,410) -- -- -------- -------- -------- -------- ------- ------- Capital Transactions (1): Trust Shares: Proceeds from Shares Issued ................ 29,397 17,347 77,051 166,044 1,166 9,433 Reinvestment of Cash Distributions ......... -- -- 3,356 6,531 -- -- Cost of Shares Repurchased ................. (52,311) (181,586) (66,824) (155,718) (1,915) (158) -------- -------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Trust Share Transactions (22,914) (164,239) 13,583 16,857 (749) 9,275 ............................................... -------- -------- -------- -------- ------- ------- Investor Shares: Proceeds from Shares Issued ................ -- -- 5,285 4,311 -- -- Reinvestment of Cash Distributions ......... -- -- 318 607 -- -- Cost of Shares Repurchased -- -- (6,374) (10,581) -- -- ............................................... -------- -------- -------- -------- ------- ------- Decrease in Net Assets From Investor Share Transactions ................................. -- -- (771) (5,663) -- -- -------- -------- -------- -------- ------- ------- Flex Shares (2): Proceeds from Shares Issued ................ 3,606 19,925 3,305 8,816 393 919 Reinvestment of Cash Distributions ......... -- -- 50 40 -- -- Cost of Shares Repurchased ................. (28,450) (54,358) (6,484) (12,069) (149) (1) -------- -------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Flex Share Transactions ...................... (24,844) (34,433) (3,129) (3,213) 244 918 -------- -------- -------- -------- ------- ------- Increase (Decrease) in Net Assets From Share Transactions .................. (47,758) (198,672) 9,683 7,981 (505) 10,193 -------- -------- -------- -------- ------- ------- Total Increase (Decrease) in Net Assets ............................. (101,817) (281,127) (97,982) (35,218) (1,137) 9,676 -------- -------- -------- -------- ------- ------- Net Assets: Beginning of Period ........................ 412,680 693,807 821,103 856,321 9,676 -- -------- -------- -------- -------- ------- ------- End of Period .............................. $310,863 $412,680 $723,121 $821,103 $ 8,539 $ 9,676 ======== ======== ======== ======== ======= ======= * Commencement of Operations. (1) See Note 8 in the Notes to Financial Statements for additional information (2) Flex shares were offered beginning on March 11, 2002 for the Vantage Fund. Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 52 & 53
FINANCIAL HIGHLIGHTS ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2002 (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 TOTAL OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD RETURN+ ---------- ------------- ----------------- ------------- ------------- ---------- -------- BALANCED FUND Trust Shares 2002* $12.18 $ 0.12 $(0.71) $(0.11) $ -- $11.48 (4.81)% 2002 13.18 0.23 (0.65) (0.24) (0.34) 12.18 (3.29) 2001 13.37 0.30 0.12 (0.31) (0.30) 13.18 3.24 2000 13.26 0.32 0.33 (0.30) (0.24) 13.37 5.02 1999 13.09 0.28 1.09 (0.28) (0.92) 13.26 10.98 1998 11.94 0.31 2.19 (0.32) (1.03) 13.09 22.15 Investor Shares 2002* $12.24 $ 0.10 $(0.71) $(0.10) $ -- $11.53 (5.03)% 2002 13.24 0.18 (0.64) (0.20) (0.34) 12.24 (3.57) 2001 13.43 0.27 0.11 (0.27) (0.30) 13.24 2.91 2000 13.32 0.29 0.31 (0.25) (0.24) 13.43 4.66 1999 13.14 0.24 1.10 (0.24) (0.92) 13.32 10.70 1998 11.99 0.28 2.19 (0.29) (1.03) 13.14 21.72 Flex Shares 2002* $12.07 $ 0.05 $(0.69) $(0.05) $ -- $11.38 (5.31)% 2002 13.07 0.10 (0.65) (0.11) (0.34) 12.07 (4.33) 2001 13.27 0.16 0.11 (0.17) (0.30) 13.07 2.11 2000 13.17 0.17 0.33 (0.16) (0.24) 13.27 3.88 1999 13.02 0.16 1.07 (0.16) (0.92) 13.17 9.84 1998 11.90 0.20 2.16 (0.21) (1.03) 13.02 20.85 CAPITAL APPRECIATION FUND Trust Shares 2002*(2) $12.24 $(0.02) $(1.49) $ -- $ -- $10.73 (12.34)% 2002 13.89 -- (1.53) -- (0.12) 12.24 (11.06) 2001 17.12 (0.05) (0.38) -- (2.80) 13.89 (3.74) 2000 16.62 0.02 1.40 -- (0.92) 17.12 8.98 1999 16.48 0.05 2.70 (0.06) (2.55) 16.62 17.83 1998 15.09 0.09 3.96 (0.09) (2.57) 16.48 29.51 Investor Shares 2002*(2) $11.89 $(0.05) $(1.45) $ -- $ -- $10.39 (12.62)% 2002 13.59 (0.10) (1.48) -- (0.12) 11.89 (11.68) 2001 16.91 (0.14) (0.38) -- (2.80) 13.59 (4.38) 2000 16.53 (0.11) 1.41 -- (0.92) 16.91 8.29 1999 16.43 (0.05) 2.70 -- (2.55) 16.53 17.20 1998 15.06 (0.01) 3.95 -- (2.57) 16.43 28.71 Flex Shares 2002*(2) $11.40 $(0.08) $(1.39) $ -- $ -- $ 9.93 (12.89)% 2002 13.09 (0.06) (1.51) -- (0.12) 11.40 (12.05) 2001 16.45 (0.16) (0.40) -- (2.80) 13.09 (4.79) 2000 16.18 (0.24) 1.43 -- (0.92) 16.45 7.77 1999 16.22 (0.09) 2.60 -- (2.55) 16.18 16.50 1998 14.96 (0.04) 3.87 -- (2.57) 16.22 28.12 GROWTH AND INCOME FUND (A) Trust Shares 2002*(2) $13.80 $ 0.06 $(1.90) $(0.05) $ -- $11.91 (13.30)% 2002 15.05 0.09 (1.26) (0.08) -- 13.80 (7.80) 2001 15.53 0.07 (0.04) (0.08) (0.43) 15.05 0.11 2000 16.09 0.11 0.55 (0.10) (1.12) 15.53 4.11 1999(1) 15.10 0.04 1.97 (0.02) (1.00) 16.09 14.24 For the years ended November 30: 1998 16.55 0.09 1.64 (0.09) (3.09) 15.10 13.64 Investor Shares 2002*(2) $13.91 $ 0.05 $(1.92) $(0.04) $ -- $12.00 (13.43)% 2002 15.17 0.06 (1.27) (0.05) -- 13.91 (7.97) 2001 15.65 0.04 (0.04) (0.05) (0.43) 15.17 (0.07) 2000 16.21 0.09 0.55 (0.08) (1.12) 15.65 3.92 1999(1) 15.21 0.04 1.99 (0.03) (1.00) 16.21 14.31 For the years ended November 30: 1998 16.64 0.10 1.66 (0.10) (3.09) 15.21 13.69 Flex Shares 2002*(2) $13.66 $ -- $(1.88) $ -- $ -- $11.78 (13.73)% 2002 14.96 (0.02) (1.28) -- -- 13.66 (8.69) 2001 15.49 (0.05) (0.05) -- (0.43) 14.96 (0.77) 2000 16.10 -- 0.51 -- (1.12) 15.49 3.11 1999(1) 15.14 (0.01) 1.97 -- (1.00) 16.10 13.85 For the years ended November 30: 1998 16.59 (0.01) 1.64 -- (3.08) 15.14 12.78
RATIO OF RATIO OF RATIO OF NET INVESTMENT NET ASSETS, RATIO OF NET INVESTMENT EXPENSES TO INCOME (LOSS) TO PORTFOLIO END OF EXPENSES TO INCOME (LOSS) TO AVERAGE NET ASSETS AVERAGE NET ASSETS TURNOVER PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS (EXCLUDING WAIVERS) (EXCLUDING WAIVERS) RATE ------------ ------------------ ------------------ ------------------- ------------------- ------------ BALANCED FUND Trust Shares 2002* $ 203,753 1.02% 1.63% 1.05% 1.60% 46% 2002 241,604 1.02 1.78 1.05 1.75 95 2001 209,316 1.01 2.24 1.05 2.20 99 2000 223,634 0.97 2.39 1.07 2.29 182 1999 251,752 0.97 2.19 1.06 2.10 179 1998 188,465 0.96 2.51 1.08 2.39 154 Investor Shares 2002* $ 7,917 1.33% 1.29% 1.56% 1.06% 46% 2002 9,020 1.33 1.46 1.55 1.24 95 2001 7,834 1.32 1.93 1.54 1.71 99 2000 9,627 1.27 2.07 1.51 1.83 182 1999 14,962 1.27 1.89 1.43 1.73 179 1998 8,313 1.26 2.21 1.59 1.88 154 Flex Shares 2002* $ 64,993 2.09% 0.54% 2.18% 0.45% 46% 2002 74,880 2.09 0.71 2.16 0.64 95 2001 67,824 2.07 1.18 2.15 1.10 99 2000 64,322 2.03 1.33 2.18 1.18 182 1999 73,526 2.03 1.13 2.15 1.01 179 1998 27,625 2.02 1.41 2.23 1.20 154 CAPITAL APPRECIATION Trust Shares 2002*(2) $1,049,954 1.22% (0.40)% 1.24% (0.42)% 32% 2002 1,204,445 1.22 (0.54) 1.24 (0.56) 75 2001 1,177,933 1.21 (0.29) 1.24 (0.32) 75 2000 1,296,927 1.17 0.10 1.26 0.01 129 1999 1,966,842 1.17 0.29 1.26 0.20 147 1998 1,532,587 1.16 0.61 1.27 0.50 194 Investor Shares 2002*(2) $ 141,397 1.88% (1.06)% 2.00% (1.18)% 32% 2002 163,155 1.88 (1.20) 1.99 (1.31) 75 2001 202,548 1.86 (0.94) 1.98 (1.06) 75 2000 251,421 1.82 (0.55) 1.98 (0.71) 129 1999 311,120 1.82 (0.30) 1.96 (0.44) 147 1998 271,044 1.81 (0.03) 2.01 (0.23) 194 Flex Shares 2002*(2) $ 91,303 2.35% (1.53)% 2.44% (1.62)% 32% 2002 110,923 2.35 (1.67) 2.39 (1.71) 75 2001 112,497 2.33 (1.41) 2.39 (1.47) 75 2000 128,159 2.29 (1.03) 2.39 (1.13) 129 1999 162,100 2.29 (0.86) 2.38 (0.95) 147 1998 106,670 2.26 (0.46) 2.37 (0.57) 194 GROWTH AND INCOME FUND (A) Trust Shares 2002*(2) $ 618,055 0.99% 1.01% 0.99% 1.01% 28% 2002 792,557 0.99 0.63 0.99 0.63 68 2001 867,664 0.99 0.49 0.99 0.49 73 2000 885,109 1.01 0.76 1.01 0.76 53 1999(1) 634,279 1.14 0.49 1.43 0.20 31 For the years ended November 30: 1998 577,042 1.03 0.63 1.21 0.45 71 Investor Shares 2002*(2) $ 32,393 1.18% 0.85% 1.39% 0.64% 28% 2002 36,789 1.18 0.44 1.36 0.26 68 2001 40,174 1.18 0.30 1.35 0.13 73 2000 42,666 1.18 0.58 1.31 0.45 53 1999(1) 36,958 1.08 0.54 1.17 0.45 31 For the years ended November 30: 1998 34,434 1.03 0.63 1.18 0.48 71 Flex Shares 2002*(2) $ 74,822 1.93% 0.07% 2.19% (0.19)% 28% 2002 94,671 1.93 (0.29) 2.16 (0.52) 68 2001 78,376 1.93 (0.45) 2.14 (0.66) 73 2000 62,462 1.93 (0.14) 2.18 (0.39) 53 1999(1) 35,163 1.83 (0.21) 1.97 (0.35) 31 For the years ended November 30: 1998 25,656 1.78 (0.13) 2.03 (0.38) 71 * For the six month period ended November 30, 2002. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. (1) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (2) Per share data calculated using average shares outstanding method. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. (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. 54 & 55
FINANCIAL HIGHLIGHTS ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2002 (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 TOTAL OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD RETURN+ ---------- ------------- ----------------- ------------- ------------- ---------- -------- INFORMATION AND TECHNOLOGY FUND Trust Shares 2002* $ 8.06 $(0.07) $(1.50) $ -- $ -- $ 6.49 (19.48)% 2002 13.34 0.01 (5.29) -- -- 8.06 (39.58) 2001 15.87 (0.08) (2.45) -- -- 13.34 (15.94) 2000(1) 10.00 (0.04) 5.91 -- -- 15.87 58.70 Flex Shares 2002* $ 7.86 $(0.14) $(1.43) $ -- $ -- $ 6.29 (19.97)% 2002 13.15 (0.14) (5.15) -- -- 7.86 (40.23) 2001 15.81 (0.22) (2.44) -- -- 13.15 (16.82) 2000(2) 18.20 (0.07) (2.32) -- -- 15.81 (13.13) INTERNATIONAL EQUITY FUND Trust Shares 2002*(4) $ 9.31 $ 0.01 $(1.54) $ -- $ -- $ 7.78 (16.43)% 2002 10.19 0.19 (1.07) -- -- 9.31 (8.64) 2001 12.56 -- (1.22) (0.04) (1.11) 10.19 (10.79) 2000 12.97 (0.10) 1.42 (0.07) (1.66) 12.56 10.58 1999 15.00 -- (1.14) (0.05) (0.84) 12.97 (7.43) 1998 13.63 0.04 2.69 (0.04) (1.32) 15.00 21.87 Investor Shares 2002*(4) $ 9.21 $ -- $(1.53) $ -- $ -- $ 7.68 (16.50)% 2002 10.11 0.14 (1.04) -- -- 9.21 (8.90) 2001 12.47 (0.02) (1.23) -- (1.11) 10.11 (11.13) 2000 12.89 (0.11) 1.37 (0.02) (1.66) 12.47 10.15 1999 14.92 (0.09) (1.10) -- (0.84) 12.89 (7.82) 1998 13.58 0.02 2.64 -- (1.32) 14.92 21.39 Flex Shares 2002*(4) $ 8.75 $(0.03) $(1.45) $ -- $ -- $ 7.27 (16.91)% 2002 9.68 0.04 (0.97) -- -- 8.75 (9.61) 2001 12.06 (0.16) (1.11) -- (1.11) 9.68 (11.71) 2000 12.58 (0.32) 1.46 -- (1.66) 12.06 9.38 1999 14.68 (0.29) (0.97) -- (0.84) 12.58 (8.48) 1998 13.47 0.07 2.46 -- (1.32) 14.68 20.54 INTERNATIONAL EQUITY INDEX FUND Trust Shares 2002*(4) $ 9.76 $ 0.02 $(1.62) $ -- $ -- $ 8.16 (16.39)% 2002 11.18 0.04 (1.43) (0.03) -- 9.76 (12.43) 2001 13.97 0.06 (2.69) (0.07) (0.09) 11.18 (18.90) 2000 11.82 0.16 2.13 (0.03) (0.11) 13.97 19.36 1999 13.31 0.09 0.85 (0.24) (2.19) 11.82 7.87 1998 11.34 0.11 2.65 (0.11) (0.68) 13.31 25.82 Investor Shares 2002*(4) $ 9.64 $ -- $(1.61) $ -- $ -- $ 8.03 (16.60)% 2002 11.05 (0.02) (1.38) (0.01) -- 9.64 (12.65) 2001 13.80 (0.01) (2.65) -- (0.09) 11.05 (19.31) 2000 11.70 (0.11) 2.32 -- (0.11) 13.80 18.86 1999 13.20 (0.11) 0.98 (0.18) (2.19) 11.70 7.33 1998 11.26 0.16 2.53 (0.07) (0.68) 13.20 25.25 Flex Shares 2002*(4) $ 9.48 $(0.02) $(1.58) $ -- $ -- $ 7.88 (16.88)% 2002 10.93 (0.12) (1.33) -- -- 9.48 (13.27) 2001 13.74 (0.06) (2.66) -- (0.09) 10.93 (19.84) 2000 11.73 0.08 2.04 -- (0.11) 13.74 18.04 1999 13.17 (0.15) 0.94 (0.04) (2.19) 11.73 6.68 1998 11.24 0.17 2.44 -- (0.68) 13.17 24.50 LIFE VISION AGGRESSIVE GROWTH FUND (A) (B) Trust Shares 2002* $ 9.57 $ 0.01 $(1.26) $(0.01) $ -- $ 8.31 (13.07)% 2002 10.31 0.02 (0.74) (0.02) -- 9.57 (6.96) 2001 11.61 0.11 0.23 (0.12) (1.52) 10.31 3.07 2000 11.31 0.05 0.74 (0.05) (0.44) 11.61 7.25 1999(3) 11.32 0.02 1.13 (0.01) (1.15) 11.31 10.99 For the years ended November 30: 1998 10.65 0.03 0.67 (0.03) -- 11.32 6.53
RATIO OF RATIO OF RATIO OF NET INVESTMENT NET ASSETS, RATIO OF NET INVESTMENT EXPENSES TO INCOME (LOSS) TO PORTFOLIO END OF EXPENSES TO INCOME (LOSS) TO AVERAGE NET ASSETS AVERAGE NET ASSETS TURNOVER PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS (EXCLUDING WAIVERS) (EXCLUDING WAIVERS) RATE ------------ ------------------ ------------------ ------------------- ------------------- ------------ INFORMATION AND TECHNOLOGY FUND Trust Shares 2002* 17,087 1.22% (0.84)% 1.22% (0.84)% 681% 2002 32,068 1.19 (0.92) 1.19 (0.92) 1,102 2001 87,045 1.20 (0.45) 1.21 (0.46) 750 2000(1) 106,425 1.20 (0.54) 1.34 (0.68) 250 Flex Shares 2002* 7,252 2.25% (1.87)% 2.94% (2.56)% 681% 2002 10,851 2.25 (1.99) 2.57 (2.31) 1,102 2001 22,104 2.25 (1.50) 2.45 (1.70) 750 2000(2) 20,201 2.25 (1.65) 2.40 (1.80) 250 INTERNATIONAL EQUITY FUND Trust Shares 2002*(4) 199,795 1.46% 0.26% 1.46% 0.26% 41% 2002 252,991 1.48 0.48 1.48 0.48 102 2001 208,120 1.45 0.50 1.45 0.50 68 2000 299,100 1.48 0.59 1.48 0.59 179 1999 573,255 1.47 0.68 1.52 0.63 161 1998 628,870 1.47 0.61 1.48 0.60 108 Investor Shares 2002*(4) $ 5,208 1.83% (0.11)% 2.26% (0.54)% 41% 2002 5,272 1.83 (0.21) 2.08 (0.46) 102 2001 7,517 1.79 0.18 1.97 -- 68 2000 10,462 1.83 0.33 1.95 0.21 179 1999 14,145 1.83 0.30 1.93 0.20 161 1998 17,383 1.82 0.24 1.91 0.15 108 Flex Shares 2002*(4) $ 5,388 2.53% (0.81)% 3.02% (1.30)% 41% 2002 6,567 2.53 (0.73) 2.93 (1.13) 102 2001 7,765 2.48 (0.51) 2.57 (0.60) 68 2000 10,891 2.53 (0.38) 2.74 (0.59) 179 1999 17,103 2.53 (0.40) 2.82 (0.69) 161 1998 21,164 2.52 (0.46) 2.58 (0.52) 108 INTERNATIONAL EQUITY INDEX FUND Trust Shares 2002*(4) 239,857 1.04% 0.49% 1.13% 0.40% 10% 2002 287,944 1.04 0.63 1.12 0.55 35 2001 236,862 1.06 0.40 1.09 0.37 13 2000 340,853 1.07 0.83 1.18 0.72 9 1999 74,616 1.07 0.69 1.17 0.59 32 1998 56,200 1.06 0.88 1.18 0.76 1 Investor Shares 2002*(4) $ 4,022 1.49% (0.04)% 2.01% (0.56)% 10% 2002 3,222 1.49 (0.12) 1.90 (0.53) 35 2001 3,451 1.46 0.05 1.83 (0.32) 13 2000 4,563 1.47 0.07 1.79 (0.25) 9 1999 4,909 1.47 0.25 1.71 0.01 32 1998 7,141 1.46 0.50 1.84 0.12 1 Flex Shares 2002*(4) $ 2,725 2.14% (0.60)% 2.85% (1.31)% 10% 2002 3,505 2.14 (0.68) 2.62 (1.16) 35 2001 4,731 2.10 (0.61) 2.15 (0.66) 13 2000 5,853 2.12 (0.36) 2.61 (0.85) 9 1999 1,465 2.12 (0.30) 2.92 (1.10) 32 1998 1,469 2.11 (0.03) 3.52 (1.44) 1 LIFE VISION AGGRESSIVE GROWTH FUND (A) (B) Trust Shares 2002* 27,513 0.25% 0.21% 0.41% 0.05% 21% 2002 34,398 0.25 0.17 0.41 0.01 101 2001 23,936 0.25 1.05 0.43 0.87 202 2000 18,412 0.25 0.48 0.44 0.29 183 1999(3) 18,699 0.27 0.28 0.63 (0.08) 33 For the years ended November 30: 1998 16,230 0.25 0.23 0.66 (0.18) 75 * For the six month period ended November 30, 2002. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. (1) Trust shares were offered beginning on September 30, 1999. All ratios for the period have been annualized. (2) Flex shares were offered beginning on January 24, 2000. All ratios for the period have been annualized. (3) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (4) Per share data calculated using average shares outstanding method. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. (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. (B) The Life Vision Funds and its shareholders indirectly bear a pro rata share of the expenses of the underlying STI Classic Funds. Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 56 & 57 FINANCIAL HIGHLIGHTS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2002 (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 GROWTH AND INCOME FUND (A) (B) Trust Shares 2002* $ 9.98 $ 0.06 $(0.99) $(0.06) $ -- $ 8.99 2002 10.42 0.12 (0.43) (0.13) -- 9.98 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 LIFE VISION MODERATE GROWTH FUND (A) (B) Trust Shares 2002* $ 9.40 $ 0.07 $(0.71) $(0.08) $ -- $ 8.68 2002 9.73 0.17 (0.32) (0.18) -- 9.40 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 MID-CAP EQUITY FUND Trust Shares 2002* $ 9.79 $(0.02) $(1.25) $ -- $ -- $ 8.52 2002 10.95 0.01 (1.17) -- -- 9.79 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 Investor Shares 2002* $ 9.47 $(0.01) $(1.23) $ -- $ -- $ 8.23 2002 10.64 (0.03) (1.14) -- -- 9.47 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 Flex Shares 2002* $ 8.97 $(0.06) $(1.15) $ -- $ -- $ 7.76 2002 10.14 0.02 (1.19) -- -- 8.97 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 MID CAP VALUE EQUITY FUND Trust Shares 2002* $10.95 $ 0.02 $(2.35) $(0.01) -- $ 8.61 2002(2) 10.00 0.02 0.94 (0.01) -- 10.95 Flex Shares 2002* $10.92 $(0.01) $(2.33) $ -- $ -- $ 8.58 2002(2) 10.00 (0.01) 0.93 -- -- 10.92 SMALL CAP GROWTH STOCK FUND Trust Shares 2002* $17.28 $(0.06) $(2.67) $ -- $ -- $14.55 2002 18.37 -- (1.02) -- (0.07) 17.28 2001 18.30 (0.18) 1.71 -- (1.46) 18.37 2000 14.55 (0.08) 4.02 -- (0.19) 18.30 1999(3) 10.00 (0.05) 4.62 -- (0.02) 14.55 Investor Shares 2002* $17.12 $(0.24) $(2.48) $ -- $ -- $14.40 2002 18.26 (0.17) (0.90) -- (0.07) 17.12 2001 18.27 (0.59) 2.04 -- (1.46) 18.26 2000(4) 16.46 (0.07) 1.88 -- -- 18.27 Flex Shares 2002* $16.62 $(0.15) $(2.54) $ -- $ -- $13.93 2002 17.85 (0.02) (1.14) -- (0.07) 16.62 2001 18.00 (0.25) 1.56 -- (1.46) 17.85 2000 14.46 (0.04) 3.77 -- (0.19) 18.00 1999(3) 10.00 (0.19) 4.67 -- (0.02) 14.46 * For the six month period ended November 30, 2002. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. (1) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (2) Commenced operations on November 30, 2001. All ratios for the period have been annualized. (3) Shares were offered beginning on October 8, 1998. All ratios for the period have been annualized. (4) Investor shares were offered beginning on December 12, 1999. All ratios for the period have been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
58
RATIO OF NET RATIO OF RATIO OF NET INVESTMENT ASSETS, RATIO OF NET INVESTMENT EXPENSES TO INCOME (LOSS) TO END OF EXPENSES INCOME (LOSS) AVERAGE NET AVERAGE NET PORTFOLIO TOTAL PERIOD TO AVERAGE TO AVERAGE ASSETS (EXCLUDING ASSET TURNOVER RETURN+ (000) NET ASSETS NET ASSETS WAIVERS) (EXCLUDING WAIVERS) RATE ------- ----- ---------- ---------- -------- -------- ---- LIFE VISION GROWTH AND INCOME FUND (A) (B) Trust Shares 2002* (9.33)% $ 64,643 0.25% 1.25% 0.37% 1.13% 52% 2002 (2.97) 77,395 0.25 1.25 0.39 1.11 166 2001 6.31 37,550 0.25 2.41 0.39 2.27 286 2000 5.81 30,473 0.25 1.77 0.42 1.60 189 1999(1) 7.75 21,950 0.27 1.38 0.60 1.05 40 For the years ended November 30: 1998 7.12 19,042 0.25 1.68 0.59 1.34 57 LIFE VISION MODERATE GROWTH FUND (A) (B) Trust Shares 2002* (6.70)% $ 87,911 0.25% 1.72% 0.36% 1.61% 53% 2002 (1.52) 88,592 0.25 1.81 0.36 1.70 202 2001 5.28 73,429 0.25 3.04 0.37 2.92 247 2000 4.46 69,622 0.25 2.19 0.37 2.07 151 1999(1) 6.35 88,188 0.27 1.90 0.42 1.75 48 For the years ended November 30: 1998 7.90 93,211 0.25 2.21 0.42 2.04 52 MID-CAP EQUITY FUND Trust Shares 2002* (12.97)% $135,787 1.22% (0.56)% 1.25% (0.59)% 35% 2002 (10.59) 171,813 1.22 (0.18) 1.24 (0.20) 87 2001 (6.92) 156,111 1.21 (0.24) 1.25 (0.28) 100 2000 19.10 206,545 1.17 .-- 1.25 (0.08) 131 1999 1.61 254,055 1.17 (0.47) 1.28 (0.58) 76 1998 21.14 337,825 1.16 (0.29) 1.27 (0.40) 129 Investor Shares 2002* (13.09)% $ 10,292 1.68% (1.00)% 1.92% (1.24)% 35% 2002 (11.00) 10,766 1.68 (0.63) 1.89 (0.84) 87 2001 (7.34) 12,316 1.66 (0.69) 1.86 (0.89) 100 2000 18.55 14,513 1.62 (0.43) 1.81 (0.62) 131 1999 1.17 19,230 1.62 (0.90) 1.76 (1.04) 76 1998 20.56 24,930 1.61 (0.75) 1.84 (0.98) 129 Flex Shares 2002* (13.49)% $ 12,078 2.28% (1.61)% 2.59% (1.92)% 35% 2002 (11.54) 13,937 2.28 (1.23) 2.50 (1.45) 87 2001 (7.88) 12,910 2.26 (1.29) 2.46 (1.49) 100 2000 17.87 14,588 2.22 (1.05) 2.44 (1.27) 131 1999 0.56 15,804 2.22 (1.52) 2.48 (1.78) 76 1998 19.80 19,042 2.21 (1.37) 2.47 (1.63) 129 MID CAP VALUE EQUITY FUND Trust Shares 2002* (21.24)% $104,078 1.25% 0.47% 1.35% 0.37% 28% 2002(2) 9.65 174,859 1.27 0.29 1.37 0.19 30 Flex Shares 2002* (21.43)% $ 4,986 1.91% (0.15)% 2.84% (1.08)% 28% 2002(2) 9.24 5,465 1.89 (0.31) 2.72 (1.14) 30 SMALL CAP GROWTH STOCK FUND Trust Shares 2002* (15.74)% $496,886 1.25% (0.86)% 1.25% (0.86)% 39% 2002 (5.55) 593,211 1.25 (1.01) 1.25 (1.01) 100 2001 8.33 508,857 1.24 (0.95) 1.25 (0.96) 112 2000 27.24 431,478 1.20 (0.86) 1.23 (0.89) 110 1999(3) 45.70 152,290 1.20 (0.48) 1.49 (0.77) 75 Investor Shares 2002* (15.89)% $ 19,189 1.61% (1.22)% 1.92% (1.53)% 39% 2002 (5.86) 24,978 1.61 (1.37) 1.88 (1.64) 100 2001 7.89 28,933 1.60 (1.33) 1.87 (1.60) 112 2000(4) 11.00 39,865 1.55 (1.26) 1.79 (1.50) 110 Flex Shares 2002* (16.19)% $ 24,255 2.31% (1.92)% 2.45% (2.06)% 39% 2002 (6.50) 29,457 2.31 (2.07) 2.41 (2.17) 100 2001 7.19 26,941 2.29 (2.01) 2.39 (2.11) 112 2000 25.95 23,228 2.25 (1.92) 2.42 (2.09) 110 1999(3) 44.78 6,158 2.25 (1.50) 3.19 (2.44) 75 (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. (B) The Life Vision Funds and its shareholders indirectly bear a pro rata share of the expenses of the underlying STIClassic Funds. Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 59 FINANCIAL HIGHLIGHTS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 2002 (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 ---------- -------------- ---------------- --------- --------------- ----------- SMALL CAP VALUE EQUITY FUND Trust Shares 2002* $14.54 $ 0.03 $(1.57) $(0.03) $ -- $12.97 2002 12.21 0.08 2.35 (0.10) -- 14.54 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 Flex Shares 2002* $14.43 $(0.04) $(1.56) $ -- $ -- $12.83 2002 12.15 -- 2.29 (0.01) -- 14.43 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(1) 11.28 0.03 2.17 (0.06) (0.62) 12.80 TAX SENSITIVE GROWTH STOCK FUND Trust Shares 2002*(6) $23.25 $ 0.01 $(2.86) $ -- $ -- $20.40 2002 26.74 (0.02) (3.47) -- -- 23.25 2001 33.10 (0.03) (6.33) -- -- 26.74 2000 29.96 0.02 3.12 -- -- 33.10 1999(2) 25.61 0.02 4.34 (0.01) -- 29.96 Flex Shares 2002*(6) $22.45 $(0.10) $(2.75) $ -- $ -- $19.60 2002 26.10 (0.41) (3.24) -- -- 22.45 2001 32.65 (0.36) (6.19) -- -- 26.10 2000 29.85 (0.16) 2.96 -- -- 32.65 1999(3) 25.52 (0.04) 4.37 -- -- 29.85 VALUE INCOME STOCK FUND Trust Shares 2002* $11.05 $ 0.07 $(1.45) $(0.07) $ -- $ 9.60 2002 11.61 0.12 (0.56) (0.12) -- 11.05 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 Investor Shares 2002* $11.01 $ 0.06 $(1.45) $(0.05) $ -- $ 9.57 2002 11.58 0.08 (0.56) (0.09) -- 11.01 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 Flex Shares 2002* $10.90 $ 0.01 $(1.43) $(0.01) $ -- $ 9.47 2002 11.46 -- (0.55) (0.01) -- 10.90 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 VANTAGE FUND Trust Shares 2002* $ 9.65 $(0.04) $(0.55) $ -- $ -- $ 9.06 2002(4) 10.00 (0.03) (0.32) -- -- 9.65 Flex Shares 2002* $ 9.64 $(0.05) $(0.57) $ -- $ -- $ 9.02 2002(5) 10.49 (0.02) (0.83) -- -- 9.64 * For the six month period ended November 30, 2002. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. (1) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (2) Commenced operations on November 30, 2001. All ratios for the period have been annualized. (3) Shares were offered beginning on October 8, 1998. All ratios for the period have been annualized. (4) Investor shares were offered beginning on December 12, 1999. All ratios for the period have been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 60
RATIO OF RATIO OF RATIO OF NET INVESTMENT NET RATIO OF NET INVESTMENT EXPENSES TO INCOME (LOSS) TO ASSETS, EXPENSES INCOME (LOSS) AVERAGE NET AVERAGE NET PORTFOLIO TOTAL END OF TO AVERAGE TO AVERAGE ASSETS (EXCLUDING ASSETS TURNOVER RETURN+ PERIOD (000) NET ASSETS NET ASSETS WAIVERS) (EXCLUDING WAIVERS) RATE ------- ----------- ------------ ----------- --------------- ------------------ -------- SMALL CAP VALUE EQUITY FUND Trust Shares 2002* (10.58)% $ 491,382 1.25% 0.44% 1.25% 0.44% 11% 2002 20.06 614,199 1.25 0.67 1.25 0.67 29 2001 35.90 401,900 1.25 1.72 1.25 1.72 86 2000 (4.72) 212,074 1.22 1.31 1.25 1.28 65 1999 (18.72) 301,984 1.22 1.27 1.27 1.22 63 1998 23.59 390,841 1.21 1.07 1.31 0.97 55 Flex Shares 2002* (11.02)% $ 30,515 2.31% (0.62)% 2.50% (0.81)% 11% 2002 18.92 32,708 2.31 (0.38) 2.52 (0.59) 29 2001 34.30 11,167 2.30 0.63 2.66 0.27 86 2000 (5.65) 8,596 2.27 0.21 2.56 (0.08) 65 1999 (19.52) 19,465 2.27 0.21 2.55 (0.07) 63 1998(1) 22.29 40,613 2.06 0.01 2.35 (0.28) 55 TAX SENSITIVE GROWTH STOCK FUND Trust Shares 2002*(6) (12.22)% $ 189,394 1.24% 0.06% 1.24% 0.06% 29% 2002 (13.05) 244,707 1.24 (0.10) 1.24 (0.10) 69 2001 (19.21) 460,311 1.24 (0.10) 1.25 (0.11) 103 2000 10.48 710,179 1.20 0.13 1.26 0.07 30 1999(2) 17.04 223,543 1.20 0.21 1.34 0.07 18 Flex Shares 2002*(6) (12.69)% $ 121,469 2.31% (0.99)% 2.40% (1.08)% 29% 2002 (13.98) 167,973 2.31 (1.16) 2.36 (1.21) 69 2001 (20.06) 233,496 2.30 (1.15) 2.34 (1.19) 103 2000 9.38 290,595 2.25 (0.91) 2.35 (1.01) 30 1999(3) 16.97 75,875 2.25 (0.80) 2.48 (1.03) 18 VALUE INCOME STOCK FUND Trust Shares 2002* (12.49)% $ 609,878 0.89% 1.62% 0.89% 1.62% 18% 2002 (3.68) 686,014 0.90 1.13 0.90 1.13 60 2001 14.09 704,842 0.90 1.70 0.90 1.70 77 2000 (10.52) 921,797 0.89 2.02 0.89 2.02 62 1999 11.13 1,589,951 0.92 1.91 0.92 1.91 69 1998 23.10 1,725,418 0.92 1.85 0.92 1.85 99 Investor Shares 2002* (12.63)% $ 64,917 1.28% 1.23% 1.32% 1.19% 18% 2002 (4.14) 75,697 1.28 0.74 1.31 0.71 60 2001 13.63 85,584 1.28 1.31 1.31 1.28 77 2000 (10.83) 104,178 1.28 1.64 1.28 1.64 62 1999 10.71 194,312 1.28 1.55 1.28 1.55 69 1998 22.71 210,591 1.27 1.47 1.27 1.47 99 Flex Shares 2002* (13.02)% $ 48,326 2.02% 0.49% 2.09% 0.42% 18% 2002 (4.82) 59,392 2.02 -- 2.05 (0.03) 60 2001 12.85 65,895 2.01 0.59 2.05 0.55 77 2000 (11.50) 84,563 2.02 0.91 2.03 0.90 62 1999 9.91 167,000 2.02 0.81 2.03 0.80 69 1998 21.76 180,530 2.01 0.78 2.01 0.78 99 VANTAGE FUND Trust Shares 2002* (6.11)% $ 7,481 2.27% (0.75)% 2.37% (0.85)% 1,791% 2002(4) (3.50) 8,816 2.03 (0.78) 2.13 (0.88) 1,063 Flex Shares 2002* (6.43)% $ 1,058 2.96% (1.31)% 4.67% (3.02)% 1,791% 2002(5) (8.10) 860 2.73 (1.44) 3.32 (2.03) 1,063
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 61 NOTES TO FINANCIAL STATEMENTS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 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 forty funds as of November 30, 2002: the Balanced Fund, the Capital Appreciation Fund, the Growth and Income Fund, the Information and Technology 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 Classic Institutional Short-Term Bond Fund, the Classic Institutional Super Short Income Plus Fund, and the Classic Institutional U.S. Government "Institutional Fixed Income 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. 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 are valued at their fair value as determined in good faith by, or in accordance with, procedures adopted by the Board of Trustees. The assets of the Life Vision Aggressive Growth Fund, Life Vision Growth and Income Fund and the Life Vision Moderate Growth Fund consist primarily of the investments in the underlying affiliated investment companies, which are valued at their respective daily net asset values. SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on the date the security is purchased or sold (trade date). Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold adjusted for the accretion and amortization of purchase discounts and premiums during the respective holding period. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific interest method, which approximates the effective interest method. REPURCHASE AGREEMENTS -- In connection with transactions involving repurchase agreements, a third party custodian bank takes possession of the underlying securities ("collateral"), the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. In the event of default on the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. 62 -------------------------------------------------------------------------------- (UNAUDITED) 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. A gain, limited to the price at which the Funds sold the security short, or a loss, unlimited in size, will be recognized upon the determination of a short sale. Until the Funds close their short position or replace 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 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 to shareholders, which are determined in accordance with income tax regulations are recorded on the ex-dividend date. Distributions from net investment income, if any, 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. 63 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 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. 3. Transactions with Affiliates: Certain officers of the Trust are also officers of SEI Investments Global Funds Services (formerly SEI Investment Mutual Fund 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 repurchase agreements for the Trust. For the period ended November 30, 2002 the following Funds paid the distributor through a reduction in the yield earned by the Funds on those repurchase agreements: Fees -------- Balanced Fund .................................................... $5,704 Capital Appreciation Fund ........................................ 5,020 Information and Technology Fund .................................. 319 Mid-Cap EquityFund ............................................... 1,569 Mid Cap Value Equity Fund ........................................ 570 Small Cap Growth Stock Fund ...................................... 1,035 Small Cap Value Equity Fund ...................................... 4,278 Tax Sensitive Growth Stock Fund .................................. 1,351 Value Income Stock Fund .......................................... 15,037 Vantage Fund ..................................................... 598 In addition to the investment advisory and management fees, custodian fees, service fees, administrator and transfer agent fees, each Fund is responsible for paying most other operating expenses including organization costs, fees and expenses of outside directors, registration fees, printing of shareholder reports, legal, auditing, insurance and other miscellaneous expenses. In addition to the Fund's direct expenses as described above, Fund shareholders of the Life Vision Funds also bear a proportionate share of the underlying Funds' expenses. 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 SunTrust Securities Inc. ("STS"), a wholly-owned subsidiary of SunTrust Banks, Inc., are parties to an agreement under which STS provides shareholder support and other account-related services. Shareholder service fees (including out of pocket expenses) paid to STS for the period ended November 30, 2002, were as follows: Balanced Fund .................................................... $ 4,048 Capital Appreciation Fund ........................................ 17,310 Growth and Income Fund ........................................... 9,982 Information and Technology Fund .................................. 359 International Equity Fund ........................................ 3,163 International Equity Index Fund .................................. 3,468 Life Vision Aggressive Growth Fund ............................... 378 Life Vision Growth and Income Fund ............................... 895 Life Vision Moderate Growth Fund ................................. 1,133 Mid-Cap EquityFund ............................................... 2,155 Mid Cap Value Equity Fund ........................................ 1,697 Small Cap Growth Stock Fund ...................................... 7,152 Small Cap Value Equity Fund ...................................... 7,409 Tax Sensitive Growth Stock Fund .................................. 4,537 Value Income Stock Fund .......................................... 9,490 Vantage Fund ..................................................... 126 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." 64 -------------------------------------------------------------------------------- (UNAUDITED) 5. Investment Advisory and Custodian Agreements: The Trust and Trusco Capital Management have entered into advisory agreements dated May 29, 1992 and June 15, 1993. 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 ........ 1.25% -- 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 ..................... 1.60% --% 1.00% The Investment Adviser and the Distributor have vol- untarily agreed to waive all or a portion of their fees (and to reimburse Fund 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. Custodians are paid on the basis of the net assets and transaction fees 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, 2002, were as follows: PURCHASES SALES (000) (000) -------- --------- Balanced Fund ............................... $ 95,959 $ 89,241 Capital Appreciation Fund ................... 403,552 416,796 Growth and Income Fund ...................... 211,459 292,566 Information and Technology Fund ............. 179,436 186,726 International Equity Fund ................... 96,433 93,422 International Equity Index Fund ............. 28,912 26,390 Life Vision Aggressive Growth Fund .......... 6,067 8,500 Life Vision Growth and Income Fund .......... 35,141 39,981 Life Vision Moderate Growth Fund ............ 50,600 44,802 Mid-Cap Equity Fund ......................... 55,625 59,812 Mid Cap Value Equity Fund ................... 35,493 61,229 Small Cap Growth Stock Fund ................. 211,059 222,625 Small Cap Value Equity Fund ................. 61,560 63,155 Tax Sensitive Growth Stock Fund ............. 98,458 148,769 Value Income Stock Fund ..................... 154,021 121,059 Vantage Fund ................................ 89,986 87,659 7. Federal Tax Information: 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. The Funds had capital loss carryforwards at May 31, 2002 as follows (000): CAPITAL LOSS CAPITAL LOSS CAPITAL LOSS CARRYOVERS CARRYOVERS CARRYOVERS EXPIRING EXPIRING EXPIRING PORTFOLIO 2006 2007 2008 --------- ------ ------- ------- Balanced Fund ....................... $ -- $ -- $ -- Capital Appreciation Fund ........... -- -- 16,349 Growth and Income Fund .............. -- -- -- Information and Technology Fund ..... -- -- 18 International Equity Fund ........... 3,869 2,086 -- International Equity Index Fund ..... -- -- -- Life Vision Aggressive Growth Fund ........................ -- -- -- Life Vision Growth and Income Fund ........................ -- -- -- Life Vision Moderate Growth Fund ........................ -- -- -- Mid-Cap Equity Fund ................. -- -- -- Small Cap Growth Stock Fund ......... -- 4,190 -- Small Cap Value Equity Fund ......... -- 13,277 29,374 Tax Sensitive Growth Stock Fund ..... -- 142 40,227 Value Income Stock Fund ............. -- -- -- Vantage Fund ........................ -- -- -- CAPITAL LOSS CAPITAL LOSS CARRYOVERS CARRYOVERS POST POST EXPIRING EXPIRING OCTOBER OCTOBER PORTFOLIO 2009 2010 LOSS CURRENCY --------- ------- ------ ------ ------ Balanced Fund ................ $ -- $ -- $ 645 $ -- Capital Appreciation Fund .... -- 4,420 -- -- Growth and Income Fund ....... 723 2,132 -- -- Information and Technology Fund ............. 1,084 68,371 4,228 -- International Equity Fund .... 3,394 27,543 13,255 23 International Equity Index Fund .................. 6,234 23,827 15,376 305 Life Vision Aggressive Growth Fund ................. -- 16 -- -- Life Vision Growth and Income Fund ................. -- 1,546 21 -- Life Vision Moderate Growth Fund ................. -- 584 459 -- Mid-Cap Equity Fund .......... -- 3,489 30,722 -- Small Cap Growth Stock Fund .. -- -- -- -- Small Cap Value Equity Fund .. -- 3,105 -- -- Tax Sensitive Growth Stock Fund .................. 143,458 -- -- -- Value Income Stock Fund ...... 184,255 -- -- -- Vantage Fund ................. -- -- 187 -- Amounts designated as "--" are either $0 or have been rounded to $0. For tax purposes, the losses in the Funds can be carried forward for a maximum of eight years to offset any net realized capital gains. Included in the Capital Appreciation and Small Cap Growth Stock Fund are capital loss carryforwards acquired in previous mergers. Utilization of these losses may be limited in accordance with Federal tax regulations. 65 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 Post-October losses represent losses realized on investment and foreign currency transactions from November 1, 2001 through May 31, 2002 that, in accordance with Federal income tax regulations the Fund has elected to defer and treat as having arisen in the following fiscal year. The following Funds had cumulative wash sales for the period ended November 30, 2002. FUND AMOUNT ---- ---------- Growth and Income Fund ........................................... $ 242,427 Information and Technology Fund .................................. 728,977 Mid-Cap Equity Fund .............................................. 131,996 Mid Cap Value Equity Fund ........................................ 283,714 Small Cap Growth Stock Fund ...................................... 2,733,252 Small Cap Value Equity Fund ...................................... 44,282 Value Income Stock Fund .......................................... 48,012 Vantage Fund ..................................................... 23,109 At November 30, 2002, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes are different from amounts reported for financial reporting purposes due to wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation for securities held by the Funds at November 30, 2002, were as follows:
AGGREGATE AGGREGATE NET GROSS GROSS UNREALIZED FEDERAL UNREALIZED UNREALIZED APPRECIATION TAX COST APPRECIATION (DEPRECIATION) (DEPRECIATION) (000) (000) (000) (000) ---------- -------- --------- -------- Balanced Fund ........................... $ 279,348 $ 25,787 $ (11,834) $ 13,953 Capital Appreciation Fund ............... 1,173,373 204,650 (107,177) 97,473 Growth and Income Fund .................. 690,283 90,218 (54,959) 35,259 Information and Technology Fund ......... 21,147 4,562 (556) 4,006 International Equity Fund ............... 225,890 7,775 (29,822) (22,047) International Equity Index Fund ......... 302,358 13,134 (72,094) (58,960) Life Vision Aggressive Growth Fund ...... 30,919 626 (4,049) (3,423) Life Vision Growth and Income Fund ...... 68,483 1,884 (5,779) (3,895) Life Vision Moderate Growth Fund ........ 89,066 3,247 (4,542) (1,295) Mid-Cap Equity Fund ..................... 149,914 21,122 (7,871) 13,251 Mid Cap Value Equity Fund ............... 118,568 5,275 (15,768) (10,493) Small Cap Growth Stock Fund ............. 527,419 83,689 (69,936) 13,753 Small Cap Value Equity Fund ............. 487,330 77,859 (45,298) 32,561 Tax Sensitive Growth Stock Fund ......... 289,792 49,705 (25,596) 24,109 Value Income Stock Fund ................. 745,871 59,606 (83,181) (23,575) Vantage Fund ............................ 7,957 427 (119) 308
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NOTES TO FINANCIAL STATEMENTS (continued) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 8. Capital Share Transactions: Capital Share Transactions for the Funds were as follows (000): CAPITAL GROWTH AND INFORMATION AND BALANCED FUND APPRECIATION FUND INCOME FUND TECHNOLOGY FUND ------------------- -------------------- ------------------- -------------------- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 --------- --------- -------- --------- --------- --------- --------- --------- Trust Shares: Shares Issued ...................... 2,662 7,317 12,522 42,503 4,513 10,865 421 1,226 Shares Issued in Lieu of Cash Distributions ............ 186 769 -- 676 90 115 -- -- Shares Redeemed .................... (4,927) (4,133) (13,074) (29,530) (10,142) (11,203) (1,767) (3,771) -------- -------- -------- -------- -------- -------- -------- -------- Net Trust Share Transactions ....... (2,079) 3,953 (552) 13,649 (5,539) (223) (1,346) (2,545) -------- -------- -------- -------- -------- -------- -------- -------- Investor Shares: Shares Issued ...................... 29 218 1,206 767 436 145 -- -- Shares Issued in Lieu of Cash Distributions ............ 6 27 -- 133 9 367 -- -- Shares Redeemed .................... (86) (100) (1,318) (2,079) (392) (515) -- -- -------- -------- -------- -------- -------- -------- -------- -------- Net Investor Share Transactions .... (51) 145 (112) (1,179) 53 (3) -- -- -------- -------- -------- -------- -------- -------- -------- -------- Flex Shares: Shares Issued ...................... 617 2,104 1,065 3,182 705 2,906 52 227 Shares Issued in Lieu of Cash Distributions ............ 25 186 -- 83 2 -- -- -- Shares Redeemed .................... (1,130) (1,277) (1,607) (2,123) (1,288) (1,215) (281) (527) -------- -------- -------- -------- -------- -------- -------- -------- Net Flex Share Transactions ........ (488) 1,013 (542) 1,142 (581) 1,691 (229) (300) -------- -------- -------- -------- -------- -------- -------- -------- Net Change in Capital Shares ....... (2,618) 5,111 (1,206) 13,612 (6,067) 1,465 (1,575) (2,845) ======== ======== ======== ======== ======== ======== ======== ========
INTERNATIONAL LIFE VISION LIFE VISION INTERNATIONAL EQUITY INDEX AGGRESSIVE GROWTH AND EQUITY FUND FUND GROWTH FUND INCOME FUND --------------------- -------------------- -------------------- --------------------- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 --------- --------- --------- --------- --------- --------- --------- --------- Trust Shares: Shares Issued ...................... 6,210 13,263 4,259 14,145 276 1,990 1,396 5,298 Shares Issued in Lieu of Cash Distributions ............ -- -- -- 83 4 6 50 61 Shares Redeemed .................... (7,702) (6,505) (4,361) (5,918) (565) (722) (2,007) (1,208) -------- --------- --------- -------- -------- -------- -------- -------- Net Trust Share Transactions ....... (1,492) 6,758 (102) 8,310 (285) 1,274 (561) 4,151 -------- --------- --------- -------- -------- -------- -------- -------- Investor Shares: Shares Issued ...................... 235 22,904 447 13,957 -- -- -- -- Shares Issued in Lieu of Cash Distributions ............ -- -- -- 1 -- -- -- -- Shares Redeemed .................... (130) (23,074) (280) (13,936) -- -- -- -- -------- --------- --------- -------- -------- -------- -------- -------- Net Investor Share Transactions .... 105 (170) 167 22 -- -- -- -- -------- --------- --------- -------- -------- -------- -------- -------- Flex Shares: Shares Issued ...................... 374 893 240 790 -- -- -- -- Shares Issued in Lieu of Cash Distributions ............ -- -- -- -- -- -- -- -- Shares Redeemed .................... (383) (945) (264) (853) -- -- -- -- -------- --------- --------- -------- -------- -------- -------- -------- Net Flex Share Transactions ........ (9) (52) (24) (63) -- -- -- -- -------- --------- --------- -------- -------- -------- -------- -------- Net Change in Capital Shares ....... (1,396) 6,536 41 8,269 (285) 1,274 (561) 4,151 ======== ========= ========= ======== ======== ======== ======== ========
LIFE VISION MID-CAP EQUITY MID CAP SMALL CAP GROWTH MODERATE GROWTH FUND FUND VALUE EQUITY FUND STOCK FUND ------------------- -------------------- -------------------- -------------------- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 06/01/02- 11/30/01*- 06/01/02- 06/01/01- 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 -------- -------- -------- -------- -------- -------- -------- -------- Trust Shares: Shares Issued ...................... 2,619 3,884 11,353 24,362 2,242 17,613 4,070 11,664 Shares Issued in Lieu of Cash Distributions ............. 89 157 -- -- 6 2 -- 104 Shares Redeemed .................... (2,006) (2,169) (12,971) (21,065) (6,139) (1,643) (4,265) (5,140) -------- -------- -------- -------- -------- -------- -------- -------- Net Trust Share Transactions ....... 702 1,872 (1,618) 3,297 (3,891) 15,972 (195) 6,628 -------- -------- -------- -------- -------- -------- -------- -------- Investor Shares: Shares Issued ...................... -- -- 246 520 -- -- 201 368 Shares Issued in Lieu of Cash Distributions ............ -- -- -- -- -- -- -- 6 Shares Redeemed .................... -- -- (133) (541) -- -- (328) (499) -------- -------- -------- -------- -------- -------- -------- -------- Net Investor Share Transactions .... -- -- 113 (21) -- -- (127) (125) -------- -------- -------- -------- -------- -------- -------- -------- Flex Shares (1): Shares Issued ...................... -- -- 247 707 204 518 223 647 Shares Issued in Lieu of Cash Distributions ............ -- -- -- -- -- -- -- 6 Shares Redeemed .................... -- -- (245) (427) (123) (18) (254) (389) -------- -------- -------- -------- -------- -------- -------- -------- Net Flex Share Transactions ........ -- -- 2 280 81 500 (31) 264 -------- -------- -------- -------- -------- -------- -------- -------- Net Change in Capital Shares ....... 702 1,872 (1,503) 3,556 (3,810) 16,472 (353) 6,767 ======== ======== ======== ======== ======== ======== ======== ========
SMALL CAP VALUE TAX SENSITIVE VALUE INCOME VANTAGE EQUITY FUND GROWTH STOCK FUND STOCK FUND FUND --------------------- -------------------- -------------------- --------------------- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 06/01/02- 06/01/01- 06/01/02- 11/30/01*- 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 11/30/02 05/31/02 -------- -------- -------- -------- -------- --------- -------- -------- Trust Shares: Shares Issued ...................... 4,747 17,156 1,369 719 8,228 15,102 130 929 Shares Issued in Lieu of Cash Distributions ............. 54 166 -- -- 357 609 -- -- Shares Redeemed .................... (9,156) (8,007) (2,613) (7,405) (7,143) (14,311) (217) (16) -------- -------- -------- -------- -------- --------- -------- -------- Net Trust Share Transactions ....... (4,355) 9,315 (1,244) (6,686) 1,442 1,400 (87) 913 -------- -------- -------- -------- ------- -------- -------- -------- Investor Shares: Shares Issued ...................... -- -- -- -- 573 394 -- -- Shares Issued in Lieu of Cash Distributions ............ -- -- -- -- 34 57 -- -- Shares Redeemed .................... -- -- -- -- (698) (970) -- -- -------- -------- -------- -------- -------- -------- -------- -------- Net Investor Share Transactions .... -- -- -- -- (91) (519) -- -- -------- -------- -------- -------- -------- -------- -------- -------- Flex Shares (1): Shares Issued ...................... 517 1,554 187 846 354 813 45 89 Shares Issued in Lieu of Cash Distributions ............ -- 1 -- -- 6 4 -- -- Shares Redeemed .................... (406) (207) (1,471) (2,309) (708) (1,120) (17) -- -------- -------- -------- -------- -------- -------- -------- -------- Net Flex Share Transactions ........ 111 1,348 (1,284) (1,463) (348) (303) 28 89 -------- -------- -------- -------- -------- -------- -------- -------- Net Change in Capital Shares ....... (4,244) 10,663 (2,528) (8,149) 1,003 578 (59) 1,002 ======== ======== ======== ======== ======== ========= ======== ========
* Commencement of Operations. (1) Flex shares were offered beginning on March 11, 2002 for the Vantage Fund. Amounts designated as "--" are either $0 or have been rounded to $0. 68 & 69 NOTES TO FINANCIAL STATEMENTS (concluded) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2002 9. 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. 10. Securities Lending Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust's Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). No Fund will lend portfolio securities to its investment adviser, or its affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash. The value of the collateral is at least equal to the market value of the securities loaned. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. These investments include repurchase agreements*; which are collateralized by United States Treasury and Government Agency securities and high-quality, short-term instruments**, such as floating rates, commercial paper, certificates of deposit, and private placements with an average weighted maturity date not to exceed 60 days and an effective maturity date not to exceed 397 days. The market value of securities on loan at November 30, 2002 and the value of collateral at November 30, 2002, with respect to such loans were as follows: -------------------------------------------------------------------------------- MARKET VALUE MARKET VALUE OF SECURITIES LOANED OF COLLATERAL ($THOUSANDS) ($THOUSANDS) -------------------------------------------------------------------------------- Balanced Fund $10,305 $10,630 Capital Appreciation Fund 20,155 20,848 Information and Technology Fund 2,319 2,465 Mid-Cap Equity Fund 7,650 8,030 Mid Cap Value Fund 2,864 2,975 Small Cap Growth Stock Fund 37,040 38,892 Small Cap Value Equity Fund 14,835 15,404 Tax Sensitive Growth Stock Fund 1,054 1,094 Value Income Stock Fund 823 825 * At November 30, 2002, the collateral consisted of repurchase agreements yielding 1.37% to 1.40% with J.P. Morgan and Morgan Stanley Dean Witter. **At November 30, 2002, the effective maturity dates for the short-term instruments ranged from 12/03/02 to 06/05/03. 11. Subsequent Event On January 13, 2003, the Board of Trustees appointed Brown Brothers Harriman & Co. to serve as global custodian to the STI Classic International Equity and STI Classic International Equity Index Funds. 70 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 Classic Funds Logo Omitted] Backed by Tradition. Strengthened by Experience.[servicemark] STI-SA-001-0300