N-CSRS 1 sticlassiceqcomb.txt STI CLASSIC EQUITY SAR 113003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------- FORM N-CSR -------- CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES INVESTMENT COMPANY ACT FILE NUMBER 811-6557 STI CLASSIC FUNDS (Exact name of registrant as specified in charter) -------- 2 Oliver Street Boston, MA 02109 (Address of principal executive offices) (Zip code) Trusco Capital Management, Inc. 50 Hurt Plaza; Suite 1400 Atlanta, Georgia 30303 (Name and address of agent for service) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 1-800-428-6970 DATE OF FISCAL YEAR END: MAY 31, 2004 DATE OF REPORTING PERIOD: NOVEMBER 30, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. SEMI-ANNUAL ......................................................... FINANCIAL REPORT ......................................................... STI CLASSIC EQUITY FUNDS ......................................................... A Family of Mutual Funds ......................................................... November 30, 2003 [STI Classic Funds Logo Omitted] Dear Valued STI Classic Funds' Shareholder: Following a rough first quarter, investors enjoyed above-average annualized equity market returns, while the fixed-income markets experienced a modest decline. The stock market, as measured by the S&P 500 Index, rose 10.80% on a total return basis for the six months ended November 30, 2003, while bonds, as measured by the Lehman Aggregate Bond Index, slipped 1.03%. This continued broadly based, positive equity market performance was most welcome following the worst three-year market since the 1930s. We remain positive on the economy and the stock market looking forward, but we also see some factors emerging in 2004 that could generate short-term turbulence. The year got off to a rocky start amid a myriad of concerns including a sluggish economy, potential deflation, corporate malfeasance, and war with Iraq; any one of which would be sufficient to cause market turmoil. Layoffs, inventory reductions, and other cost cutting measures continued as corporations struggled to regain profitability. The S&P 500 Index fell 14.5% between November 30, 2002 and mid-March 2003. However, the consumer received new financial stimulus from another sharp drop in mortgage rates, an accommodative monetary policy from the Federal Reserve, and passage of a new tax cut package. This influx of funds, along with a competitive pricing environment, was enough to keep consumers in a buying mood despite a continued weak job market, and companies made significant strides in returning to profitability. By the fall of Baghdad in early April, it was evident that corporate earnings had turned the corner, and investors exited low-yielding bonds and money market funds in favor of stocks. Within the equity markets, small-cap and international stocks generated the strongest returns, reinforcing the value of having a diversified portfolio. The S&P SmallCap 600 Index rose 23.90%, and the MSCI EAFE Index returned 20.26% between May 31 and November 30, 2003. Within the large-cap equity arena, which includes the S&P 500 Index, the initial market rally favored lower quality companies with severely depressed prices; what some have referred to as a "dash to trash." Higher quality companies with stronger earnings growth trailed. Within the fixed-income markets, the improving economy benefited credit-sensitive sectors, such as the corporate bond market, on a relative basis, while the high-yield market in particular surged over 9%. Looking ahead, our expectations for the economy remain positive, highlighted by renewed job growth and further corporate capital investment. We remain positive on equities, but believe returns will be more challenging in the coming year. Thus, greater price sensitivity on individual issues is warranted. Deflation fears are abating, but the Federal Reserve will likely keep rates at or near the current four-decade low for a "considerable period", which should further support the expansion. Government spending will continue to be strong, and the decline in the dollar will improve the value of multinational foreign earnings. These factors, along with 2004 being a Presidential election year, should help sustain a favorable climate for corporate earnings and stock prices. However, over the near-term, the market advance could pause, consolidate, and digest the recent rally before moving higher. In the fixed-income markets, low inflation and a steady Federal Reserve policy should continue to support bond valuations over the near-term, but cyclical economic forces are likely to put pressure on inflation and lift bond yields from the current secular low. We believe our emphasis on fundamental research on each company security we purchase will 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 the confidence and trust you show by investing in our Funds, and we will continue to earn and validate that trust. Sincerely, /s/ Douglas S. Phillips Douglas S. Phillips, CFA Chief Investment Officer 1 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 BALANCED FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (48.3%) CAPITAL GOODS (3.7%) 3M 24,000 $ 1,897 Caterpillar 20,000 1,521 Danaher 18,000 1,498 General Dynamics 25,000 2,022 L-3 Communications Holdings* (D) 49,200 2,315 Parker Hannifin 54,000 2,969 -------- 12,222 -------- COMMUNICATION SERVICES (1.0%) COX Communications, Cl A* (D) 54,800 1,858 Fox Entertainment Group, Cl A* 56,000 1,599 -------- 3,457 -------- COMPUTER SOFTWARE (1.9%) Amdocs* 69,500 1,739 Fiserv* (D) 65,500 2,456 Veritas Software* 59,500 2,262 -------- 6,457 -------- CONSUMER CYCLICALS (8.1%) Bed Bath & Beyond* 67,100 2,834 Coach* 76,400 3,044 Costco Wholesale* 84,000 3,009 Deere 30,500 1,868 Dollar General 89,400 1,888 Gap 97,500 2,096 Home Depot 94,000 3,455 Lowe's 56,000 3,265 Wal-Mart Stores 50,500 2,810 Walt Disney 117,600 2,715 -------- 26,984 -------- CONSUMER STAPLES (3.4%) Avon Products 49,700 3,405 Gillette (D) 80,000 2,698 Procter & Gamble 21,600 2,079 Starbucks* 44,000 1,411 Sysco 50,500 1,834 -------- 11,427 -------- ENERGY (4.9%) Anadarko Petroleum 48,000 2,156 BJ Services* 57,500 1,834 Devon Energy 41,000 2,024 Exxon Mobil 88,000 3,183 Noble* 68,500 2,369 Schlumberger 69,400 3,256 Valero Energy (D) 32,300 1,392 -------- 16,214 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE (9.8%) AFLAC 71,000 $ 2,554 Allstate 58,500 2,362 AMBAC Financial Group 51,400 3,534 American Express 68,500 3,131 American International Group 48,000 2,781 Bank of America 21,200 1,599 Citigroup 65,000 3,058 Dow Jones 23,000 1,141 JP Morgan Chase 83,900 2,967 MBNA 123,700 3,033 Morgan Stanley 28,000 1,548 State Street 57,500 2,930 Zions Bancorporation 31,300 1,930 -------- 32,568 -------- HEALTH CARE (7.0%) Allergan 18,500 1,383 Amgen* 34,500 1,984 Bausch & Lomb (D) 36,700 1,843 Becton Dickinson 29,000 1,161 Biomet 85,000 3,040 Health Management Associates, Cl A 114,500 2,943 Johnson & Johnson 62,600 3,086 Pfizer 100,000 3,355 UnitedHealth Group 81,300 4,382 -------- 23,177 -------- SERVICES (1.7%) Cendant* 142,500 3,158 United Parcel Service, Cl B 32,600 2,372 -------- 5,530 -------- TECHNOLOGY (6.8%) Affiliated Computer Services, Cl A* (D) 49,700 2,492 Apple Computer* 107,000 2,238 Cisco Systems* 87,500 1,983 Dell* 93,100 3,212 EMC* 227,000 3,119 Intel 76,000 2,541 Microsoft 164,500 4,228 Oracle* 237,000 2,846 -------- 22,659 -------- Total Common Stock (Cost $138,568) 160,695 -------- 2 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- CORPORATE OBLIGATIONS (22.1%) CAPITAL GOODS (1.1%) General Dynamics 4.250%, 05/15/13 $ 650 $ 619 International Paper 6.750%, 09/01/11 785 872 Masco (D) 5.875%, 07/15/12 650 692 Northrop Grumman 7.000%, 03/01/06 755 827 Weyerhaeuser 7.950%, 03/15/25 575 639 -------- 3,649 -------- COMMUNICATION SERVICES (1.4%) Comcast Cablevision 8.375%, 05/01/07 635 730 Cox Communications 7.125%, 10/01/12 745 852 Liberty Media (D) 3.500%, 09/25/06 850 846 Sprint Capital 7.625%, 01/30/11 740 812 Univision Comm 3.500%, 10/15/07 825 821 Viacom 7.875%, 09/01/23 600 704 -------- 4,765 -------- CONSUMER CYCLICALS (2.4%) Albertson's 7.500%, 02/15/11 695 790 DaimlerChrysler 6.400%, 05/15/06 730 777 Ford Motor 7.450%, 07/16/31 910 863 General Motors 8.375%, 07/15/33 775 844 Kraft Foods 5.250%, 10/01/13 820 817 Kroger 7.800%, 08/15/07 630 714 May Department Stores 7.450%, 09/15/11 765 887 Nordstrom 8.950%, 10/15/05 600 665 Safeway 6.150%, 03/01/06 700 747 Time Warner 6.125%, 04/15/06 735 785 -------- 7,889 -------- -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- ENERGY (1.3%) Amerada Hess 7.125%, 03/15/33 $ 795 $ 806 Anadarko Petroleum 3.250%, 05/01/08 785 766 Conoco 6.950%, 04/15/29 1,440 1,622 Kerr-McGee 5.375%, 04/15/05 275 285 Petroleos Mexicanos 9.250%, 03/30/18 650 749 -------- 4,228 -------- FINANCE (13.2%) Allstate 7.875%, 05/01/05 1,850 1,998 Bank of America 6.500%, 03/15/06 1,725 1,872 Bank One 5.500%, 03/26/07 730 785 Bear Stearns (D) 5.700%, 01/15/07 2,230 2,401 Boeing Capital (D) 5.650%, 05/15/06 740 787 CIT Group 4.125%, 02/21/06 1,850 1,906 Citigroup Global Markets 6.500%, 02/15/08 1,350 1,497 Devon Financing 6.875%, 09/30/11 675 760 EOP Operating LP 8.375%, 03/15/06 675 754 First Data 3.375%, 08/01/08 910 897 General Electric Capital (D) 3.500%, 05/01/08 3,230 3,213 Golden West Financial 4.125%, 08/15/07 750 772 Goldman Sachs Group 4.750%, 07/15/13 1,680 1,622 Household Finance (D) 5.750%, 01/30/07 1,500 1,611 International Lease Finance 3.750%, 08/01/07 2,280 2,305 JP Morgan Chase (D) 5.250%, 05/30/07 1,465 1,554 KFW International Finance, Ser DTC 2.500%, 10/17/05 1,100 1,109 Lehman Brothers Holdings (D) 4.000%, 01/22/08 1,540 1,557 3 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 BALANCED FUND--CONCLUDED -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- FINANCE -- CONTINUED MBNA America Bank 5.375%, 01/15/08 $ 665 $ 705 Merrill Lynch, Ser B, MTN 3.375%, 09/14/07 2,380 2,388 MetLife 5.375%, 12/15/12 1,600 1,641 3.911%, 05/15/05 245 252 National Rural Utilities 3.000%, 02/15/06 1,775 1,788 NB Capital Trust IV 8.250%, 04/15/27 1,700 1,958 Simon Property Group LP 6.375%, 11/15/07 700 767 SLM, MTN 3.625%, 03/17/08 1,885 1,881 Textron Financial, Ser E, MTN 2.750%, 06/01/06 675 668 Wachovia 6.800%, 06/01/05 1,000 1,069 Washington Mutual Financial 8.250%, 06/15/05 1,380 1,504 Wells Fargo 3.500%, 04/04/08 2,075 2,068 -------- 44,089 -------- TECHNOLOGY (0.4%) Computer Sciences 7.500%, 08/08/05 1,375 1,493 -------- TELEPHONES & TELECOMMUNICATIONS (0.9%) British Telecom PLC 7.875%, 12/15/05 305 336 Verizon Global Funding 7.250%, 12/01/10 1,550 1,771 Verizon New York, Cl B 7.375%, 04/01/32 755 819 -------- 2,926 -------- TRANSPORTATION (0.4%) Norfolk Southern 7.800%, 05/15/27 675 806 Union Pacific 5.750%, 10/15/07 650 696 -------- 1,502 -------- UTILITIES (1.0%) Alabama Power, Ser X 3.125%, 05/01/08 525 514 Carolina Power & Light 6.500%, 07/15/12 625 687 -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- UTILITIES -- CONTINUED Deutsche Telekom International Finance 8.250%, 06/15/05 $ 715 $ 777 Dominion Resources, Ser B 7.625%, 07/15/05 650 703 Pacificorp 6.900%, 11/15/11 450 514 -------- 3,195 -------- Total Corporate Obligations (Cost $72,991) 73,736 -------- U.S. TREASURY OBLIGATIONS (13.1%) U.S. Treasury Bonds 7.500%, 11/15/16 (D) 8,270 10,461 6.250%, 08/15/23 7,915 8,942 5.375%, 02/15/31 10,100 10,465 U.S. Treasury Notes 4.375%, 08/15/12 4,640 4,705 3.250%, 08/15/07 (D) 9,025 9,141 -------- Total U.S. Treasury Obligations (Cost $43,003) 43,714 -------- U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS (10.8%) FHLB 2.625%, 05/15/07 5,255 5,173 FHLMC 5.875%, 03/21/11 2,670 2,859 5.250%, 01/15/06 6,410 6,802 FNMA 6.500%, 07/01/32 991 1,033 6.000%, 09/01/17 1,442 1,507 5.500%, 10/01/23 2,427 2,462 5.000%, 06/01/33 4,942 4,854 4.500%, 06/01/18 3,292 3,272 GNMA 8.500%, 04/15/31 1,112 1,206 8.000%, 08/15/31 to 09/15/31 3,030 3,281 6.000%, 12/15/31 3,365 3,486 -------- Total U.S. Government Mortgage- Backed Obligations (Cost $35,850) 35,935 -------- ASSET-BACKED OBLIGATIONS (1.4%) Capital Auto Receivables Asset Trust, Ser 2002-4, Cl A4 2.640%, 03/17/08 1,200 1,204 General Electric Commercial Mortgage, Ser 2002-1a, Cl A3 6.269%, 12/10/35 1,790 1,969 4 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- FACE AMOUNT (000)/ SHARES VALUE (000) -------------------------------------------------------------------------------- ASSET-BACKED OBLIGATIONS -- CONTINUED Harley-Davidson Motorcycle Trust, Ser 2002-2, Cl A2 3.090%, 06/15/10 $ 800 $ 812 JP Morgan Chase Commercial Mortgage Securities, Ser 2002-C3, Cl A2 4.994%, 07/12/35 775 782 -------- Total Asset-Backed Obligations (Cost $4,576) 4,767 -------- FOREIGN GOVERNMENT DEBT SECURITIES (1.1%) CANADA (0.9%) Province of Ontario 6.000%, 02/21/06 1,300 1,395 Province of Quebec, Ser NN 7.125%, 02/09/24 1,200 1,407 -------- 2,802 -------- MEXICO (0.2%) United Mexican States 4.625%, 10/08/08 700 701 -------- 3,503 -------- Total Foreign Government Debt Securities (Cost $3,510) 3,510 -------- MUNICIPAL BOND (0.2%) Illinois State 4.950%, 06/01/23 800 735 -------- Total Municipal Bond (Cost $799) 735 -------- SHORT-TERM INVESTMENT (11.9%) Boston Global Investment Trust-- Enhanced Portfolio (A) 39,558,591 39,559 -------- Total Short-Term Investment (Cost $39,559) 39,559 -------- EXCHANGE TRADED FUND (1.1%) SPDR Trust, Ser 1 34,200 3,642 -------- Total Exchange Traded Fund (Cost $3,007) 3,642 -------- REPURCHASE AGREEMENT (2.3%) Bear Stearns 0.980%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $7,502,100 (collateralized by various U.S. Government Obligations: total market value $7,652,032)(C) $7,501 7,501 -------- Total Repurchase Agreement (Cost $7,501) 7,501 -------- Total Investments (112.3%) (Cost $349,364) 373,787 -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES (-12.3%) Payable upon Return of Securities Loaned $(39,559) Investment Advisory Fees Payable (252) Administration Fees Payable (19) Distribution Fees Payable (58) Custodian Fees Payable (5) Other Assets and Liabilities, Net (945) -------- TOTAL OTHER ASSETS AND LIABILITIES (40,838) -------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 20,809,064 outstanding shares of beneficial interest 234,055 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 757,257 outstanding shares of beneficial interest 8,373 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 6,179,750 outstanding shares of beneficial interest 79,163 Undistributed net investment income 614 Accumulated net realized loss on investments (13,679) Net unrealized appreciation on investments 24,423 -------- Total Net Assets (100.0%) $332,949 ======== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($250,174,182 / 20,809,064 shares) $12.02 ======== Net Asset Value and Redemption Price Per Share -- A Shares ($9,143,709 / 757,257 shares) $12.07 ======== Maximum Offering Price Per Share -- A Shares ($12.07 / 96.25%) $12.54 ======== Net Asset Value and Offering Price Per Share -- L Shares (1) ($73,630,850 / 6,179,750 shares) $11.91 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 5 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 CAPITAL APPRECIATION FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (95.1%) CAPITAL GOODS (8.0%) 3M 208,000 $ 16,440 Caterpillar 187,200 14,237 Danaher 167,000 13,894 Deere 258,300 15,815 General Dynamics 210,000 16,983 L-3 Communications Holdings* (D) 360,000 16,938 Parker Hannifin 403,500 22,188 --------- 116,495 --------- COMMUNICATION SERVICES (2.1%) COX Communications, Cl A* (D) 470,000 15,933 Fox Entertainment Group, Cl A* 505,000 14,418 --------- 30,351 --------- COMPUTER SOFTWARE (3.7%) Amdocs* (D) 660,000 16,513 Fiserv* (D) 445,000 16,688 Veritas Software* 548,800 20,866 --------- 54,067 --------- CONSUMER CYCLICALS (15.2%) Bed Bath & Beyond* 541,500 22,873 Coach* 874,000 34,820 Costco Wholesale* 700,000 25,074 Dollar General 556,000 11,743 Gap 988,000 21,242 Home Depot 622,000 22,865 Lowe's (D) 630,000 36,729 Wal-Mart Stores 394,000 21,922 Walt Disney 955,000 22,051 --------- 219,319 --------- CONSUMER STAPLES (6.5%) Avon Products 404,000 27,674 Gillette 420,000 14,167 Procter & Gamble 222,000 21,365 Starbucks* 382,000 12,251 Sysco 503,000 18,269 --------- 93,726 --------- ENERGY (9.4%) Anadarko Petroleum 390,000 17,523 BJ Services* 600,000 19,134 Devon Energy 332,000 16,387 Exxon Mobil 800,000 28,936 Noble* 425,000 14,696 Schlumberger 581,000 27,261 Valero Energy (D) 286,500 12,348 --------- 136,285 --------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE (18.4%) AFLAC 555,000 $ 19,963 Allstate 574,000 23,178 AMBAC Financial Group 412,500 28,360 American Express 680,000 31,083 American International Group 320,000 18,544 Bank of America 182,500 13,766 Citigroup 586,500 27,589 JP Morgan Chase 728,000 25,742 MBNA 1,030,000 25,256 Morgan Stanley 275,000 15,202 State Street 470,000 23,951 Zions Bancorporation (D) 232,500 14,338 ---------- 266,972 ---------- HEALTH CARE (14.5%) Allergan 180,000 13,451 Amgen* 340,000 19,553 Bausch & Lomb (D) 308,000 15,471 Becton Dickinson 240,000 9,607 Biomet 680,000 24,324 Health Management Associates, Cl A (D) 948,500 24,376 Johnson & Johnson 587,300 28,948 Pfizer 1,100,000 36,905 UnitedHealth Group 694,000 37,407 ---------- 210,042 ---------- SERVICES (3.5%) Cendant* 1,334,000 29,562 United Parcel Service, Cl B 283,500 20,630 ---------- 50,192 ---------- TECHNOLOGY (13.8%) Affiliated Computer Services, Cl A* (D) 430,000 21,560 Apple Computer* 923,500 19,320 Cisco Systems* 792,000 17,947 Dell* 794,500 27,410 EMC* 2,046,000 28,112 Intel 737,000 24,638 Microsoft 1,400,000 35,980 Oracle* 2,048,000 24,596 ---------- 199,563 ---------- Total Common Stock (Cost $1,167,702) 1,377,012 ---------- EXCHANGE TRADED FUND (2.0%) SPDR Trust, Ser 1 264,500 28,169 ---------- Total Exchange Traded Fund (Cost $21,674) 28,169 ---------- 6 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- FACE AMOUNT (000)/ SHARES VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS (4.2%) Bear Stearns 0.995%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $42,948,223 (collateralized by various U.S. Government Obligations: total market value $43,808,595) (C) $42,946 $ 42,946 Solomon Smith Barney 0.955%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $17,830,535 (collateralized by various U.S. Government Obligations: total market value (C)17,829 17,829 $18,186,279 ---------- Total Repurchase Agreements (Cost $60,775) 60,775 ---------- SHORT-TERM INVESTMENT (3.8%) Boston Global Investment Trust -- Enhanced Portfolio (A) 55,344,775 55,345 ---------- Total Short-Term Investment (Cost $55,345) 55,345 ---------- Total Investments (105.1%) (Cost $1,305,496) 1,521,301 ---------- OTHER ASSETS AND LIABILITIES (-5.1%) Payable upon Return of Securities Loaned (55,345) Investment Advisory Fees Payable (1,328) Administration Fees Payable (82) Distribution Fees Payable (149) Custodian Fees Payable (25) Transfer Agent Shareholder Servicing Fees Payable (3) Other Assets and Liabilities, Net (16,880) ---------- TOTAL OTHER ASSETS AND LIABILITIES (73,812) ---------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 101,944,086 outstanding shares of beneficial interest $1,079,794 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 12,790,339 outstanding shares of beneficial interest 137,700 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 9,798,757 outstanding shares of beneficial interest 141,817 Accumulated net investment loss (2,925) Accumulated net realized loss on investments (124,702) Net unrealized appreciation on investments 215,805 ---------- Total Net Assets (100.0%) $1,447,489 ========== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($1,197,555,994 / 101,944,086 shares) $11.75 ========== Net Asset Value and Redemption Price Per Share -- A Shares ($144,542,960 / 12,790,339 shares) $11.30 ========== Maximum Offering Price Per Share -- A Shares ($11.30 / 96.25%) $11.74 ========== Net Asset Value and Offering Price Per Share -- L Shares (1) ($105,389,604 / 9,798,757 shares) $10.76 ========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 7 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 GROWTH AND INCOME FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (96.9%) BASIC MATERIALS (3.4%) E.I. du Pont de Nemours 300,000 $ 12,438 International Paper 250,000 9,302 Praxair 100,000 7,178 -------- 28,918 -------- CAPITAL GOODS (11.6%) Boeing 80,000 3,071 Cooper Industries Ltd., Cl A 250,000 13,413 Emerson Electric 250,000 15,260 General Electric 500,000 14,335 Honeywell International 500,000 14,845 Illinois Tool Works 150,000 11,715 Precision Castparts 100,000 4,052 Rockwell Automation 400,000 13,300 United Technologies 100,000 8,570 -------- 98,561 -------- COMMUNICATION SERVICES (4.4%) Alltel 250,000 11,352 SBC Communications 150,000 3,492 Verizon Communications 700,000 22,939 -------- 37,783 -------- COMPUTER SOFTWARE (2.3%) Storage Technology* 400,000 10,080 Sungard Data Systems* 350,600 9,473 -------- 19,553 -------- CONSUMER CYCLICALS (11.3%) Brunswick 322,000 9,676 Gannett 100,000 8,660 Johnson Controls 75,000 8,208 Jones Apparel Group 400,000 13,800 Kohl's* 250,000 12,080 Lowe's 50,000 2,915 May Department Stores (D) 600,000 17,790 Target 350,000 13,552 Walt Disney 400,000 9,236 -------- 95,917 -------- CONSUMER STAPLES (5.3%) Gillette (D) 200,000 6,746 HJ Heinz 400,000 14,440 Kimberly-Clark 150,000 8,133 PepsiCo 100,000 4,812 Procter & Gamble 50,000 4,812 Sara Lee 200,000 4,110 Sysco 50,000 1,816 -------- 44,869 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY (8.7%) Burlington Resources 175,000 $ 8,785 ChevronTexaco 175,000 13,143 ConocoPhillips 250,000 14,185 Exxon Mobil 400,000 14,468 Schlumberger 275,000 12,903 XTO Energy (D) 400,000 10,112 -------- 73,596 -------- FINANCE (23.9%) American International Group 225,000 13,039 Bank of America 175,000 13,200 Berkshire Hathaway, Cl B* (D) 7,000 19,607 Cincinnati Financial 220,000 8,917 Citigroup 350,000 16,464 Comerica 250,000 13,037 Fannie Mae 20,000 1,400 Fifth Third Bancorp 100,000 5,813 Goldman Sachs Group 125,000 12,010 Jefferson-Pilot (D) 250,000 12,132 MGIC Investment (D) 150,000 7,943 Morgan Stanley 175,000 9,674 PNC Financial Services Group 300,000 16,308 Prudential Financial 500,000 19,555 US Bancorp 800,000 22,168 Wells Fargo 200,000 11,466 -------- 202,733 -------- HEALTH CARE (9.4%) Abbott Laboratories 200,000 8,840 Barr Laboratories* (D) 100,000 8,254 Bristol-Myers Squibb 500,000 13,175 C.R. Bard 187,100 14,145 Express Scripts* 100,000 6,473 Johnson & Johnson 200,000 9,858 Oxford Health Plans* (D) 250,000 10,955 Pfizer 250,000 8,387 -------- 80,087 -------- SERVICES (1.6%) Cendant* 600,000 13,296 -------- TECHNOLOGY (8.8%) Computer Sciences* 300,000 12,420 DST Systems* (D) 25,000 933 First Data 175,000 6,624 Hewlett-Packard 500,000 10,845 Intel 250,000 8,357 International Business Machines 90,000 8,149 Lexmark International* 40,000 3,096 Microsoft 600,000 15,420 Texas Instruments 300,000 8,928 -------- 74,772 -------- 8 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- TRANSPORTATION (3.0%) Norfolk Southern 600,000 $ 12,846 Ryder System 415,900 12,972 -------- 25,818 -------- UTILITIES (3.2%) American Electric Power 600,000 16,614 Exelon 175,000 10,819 -------- 27,433 -------- Total Common Stock (Cost $686,564) 823,336 -------- MONEY MARKET FUND (1.7%) Federated Prime Value Money Market Fund 14,134,917 14,135 -------- Total Money Market Fund (Cost $14,135) 14,135 -------- SHORT-TERM INVESTMENT (3.3%) Boston Global Investment Trust -- Enhanced Portfolio (A) 28,524,574 28,525 -------- Total Short-Term Investment (Cost $28,525) 28,525 -------- Total Investments (101.9%) (Cost $729,224) 865,996 -------- OTHER ASSETS AND LIABILITIES (-1.9%) Payable upon Return of Securities Loaned (28,525) Investment Advisory Fees Payable (619) Administration Fees Payable (48) Distribution Fees Payable (58) Custodian Fees Payable (14) Other Assets and Liabilities, Net 12,862 -------- TOTAL OTHER ASSETS AND LIABILITIES (16,402) -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 52,713,213 outstanding shares of beneficial interest $641,572 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 3,042,048 outstanding shares of beneficial interest 35,465 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 6,812,739 outstanding shares of beneficial interest 104,278 Undistributed net investment income 1,982 Accumulated net realized loss on investments (70,475) Net unrealized appreciation on investments 136,772 -------- Total Net Assets (100.0%) $849,594 ======== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($716,345,694 / 52,713,213 shares) $13.59 ======== Net Asset Value and Redemption Price Per Share -- A Shares ($41,673,797 / 3,042,048 shares) $13.70 ======== Maximum Offering Price Per Share -- A Shares ($13.70 / 96.25%) $14.23 ======== Net Asset Value and Offering Price Per Share -- L Shares (1) ($91,574,431 / 6,812,739 shares) $13.44 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 9 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 INFORMATION AND TECHNOLOGY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (91.3%) CAPITAL GOODS (6.1%) American Power Conversion 20,000 $ 437 Applied Materials* 15,000 364 Jabil Circuit* 15,000 413 ------- 1,214 ------- COMMUNICATION SERVICES (8.7%) Alcatel ADR* (D) 32,000 417 Avaya* 40,000 544 Comverse Technology* 20,000 384 Nokia Oyj ADR 8,000 144 Qualcomm 5,500 245 ------- 1,734 ------- COMPUTER SOFTWARE (8.3%) BEA Systems* 12,000 152 McData, Cl B* 15,195 161 Portal Software* 4,500 34 Siebel Systems (D)* 24,000 316 Symantec* 21,000 690 Veritas Software* 8,000 304 ------- 1,657 ------- SEMICONDUCTORS (13.9%) Cypress Semiconductor* 22,500 504 Flextronics International Ltd.* 15,000 240 Marvell Technology Group Ltd.* 8,792 347 Micrel* (D) 45,000 770 RF Micro Devices* 23,000 268 Sanmina-SCI* 37,000 451 TTM Technologies* 12,000 203 ------- 2,783 ------- SERVICES (16.5%) Accenture Ltd., Cl A* 30,000 747 Akamai Technologies* (D) 15,000 201 Amazon.Com* 5,000 270 Ask Jeeves* 9,000 174 eBay* 6,000 335 Getty Images* 5,000 217 Interpublic Group of Companies* 15,000 214 Manpower 4,000 188 Sotheby's Holdings, Cl A* 1,453 17 Utstarcom* 10,000 379 VeriSign* 35,000 567 ------- 3,309 ------- TECHNOLOGY (37.8%) CACI International, Cl A* 2,500 125 Celestica* 30,000 458 Cisco Systems* 37,000 838 -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY -- CONTINUED EMC* 10,000 $ 137 Enterasys Networks* 24,000 103 Hewlett-Packard 24,000 521 Intel 8,000 268 International Business Machines 8,000 724 Juniper Networks* 27,400 517 Microchip Technology 24,000 826 Microsoft 29,000 745 Network Associates* 13,000 174 Novellus Systems* 8,000 350 Pec Solutions* 8,000 144 SAP ADR 23,000 887 Triquint Semiconductor* 38,000 307 Yahoo!* 10,000 430 ------- 7,554 ------- Total Common Stock (Cost $14,621) 18,251 ------- FOREIGN COMMON STOCK (1.1%) COMMUNICATION SERVICES (1.1%) Ericsson LM ADR* (D) 14,000 227 ------- Total Foreign Common Stock (Cost $198) 227 ------- EXCHANGE TRADED FUND (2.7%) Nasdaq-100 Index Tracking Stock 15,000 531 ------- Total Exchange Traded Fund (Cost $525) 531 ------- SHORT-TERM INVESTMENT (7.7%) Boston Global Investment Trust -- Enhanced Portfolio (A) 1,543,575 1,544 ------- Total Short-Term Investment (Cost $1,544) 1,544 ------- REPURCHASE AGREEMENT (5.1%) Dresdner Kleinwort Benson 0.955%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $1,018,059 (collateralized by various U.S. Government Obligations: total market value $1,038,485) (C) $ 1,018 1,018 ------- Total Repurchase Agreement (Cost $1,018) 1,018 ------- Total Investments (107.9%) (Cost $17,906) 21,571 ------- 10 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES (-7.9%) Payable upon Return of Securities Loaned $(1,544) Investment Advisory Fees Payable (18) Administration Fees Payable (1) Distribution Fees Payable (3) Custodian Fees Payable (1) Other Assets and Liabilities, Net (6) -------- TOTAL OTHER ASSETS AND LIABILITIES (1,573) -------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 1,581,334 outstanding shares of beneficial interest 75,199 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 220 outstanding shares of beneficial interest 1 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 1,109,168 outstanding shares of beneficial interest 27,690 Accumulated net investment loss (93) Accumulated net realized loss on investments (86,464) Net unrealized appreciation on investments 3,665 -------- Total Net Assets (100.0%) $ 19,998 ======== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($11,943,213 / 1,581,334 shares) $7.55 ======== Net Asset Value and Redemption Price Per Share -- A Shares ($1,660 / 220 shares) $7.55 ======== Maximum Offering Price Per Share -- A Shares ($7.55 / 96.25%) $7.84 ======== Net Asset Value and Offering Price Per Share -- L Shares (1) ($8,052,976 / 1,109,168 shares) $7.26 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 11 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 INTERNATIONAL EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FOREIGN COMMON STOCK (97.0%) AUSTRALIA (4.4%) Australia & New Zealand Banking Group 90,516 $ 1,102 Australia & New Zealand Banking Group* 16,458 200 Billabong International 202,000 1,020 BlueScope Steel 324,200 1,171 Boral (D) 402,978 1,458 National Australia Bank 49,000 1,025 News Corp 139,203 1,187 Orica 60,600 565 Origin Energy 194,800 658 Publishing & Broadcasting 95,600 807 QBE Insurance Group (D) 181,000 1,335 -------- 10,528 -------- BELGIUM (0.7%) Delhaize Group 7,200 348 Fortis 70,286 1,315 -------- 1,663 -------- DENMARK (0.7%) Danske Bank A/S 76,755 1,626 -------- FINLAND (1.4%) Nokia 141,446 2,548 Tietoenator 32,115 893 -------- 3,441 -------- FRANCE (9.4%) Alcatel* 90,600 1,183 Aventis 31,475 1,817 AXA 44,900 863 BNP Paribas 54,975 3,097 Compagnie de Saint-Gobain 25,300 1,132 Dassault Systemes 10,398 464 France Telecom* 52,000 1,340 Lafarge 9,432 751 Pernod-Ricard 9,800 1,041 Peugeot 25,783 1,213 Societe Generale 15,750 1,261 Suez 57,003 987 Technip 2,407 259 Thomson 36,733 778 Total 24,399 3,942 Vinci 10,700 856 Vivendi Universal* 70,700 1,623 -------- 22,607 -------- GERMANY (7.5%) Allianz 12,179 1,371 BASF 38,365 1,898 Bayer 22,400 605 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- GERMANY -- CONTINUED Bayerische Motoren Werke 15,365 $ 677 Deutsche Bank 27,687 1,930 Deutsche Post 58,500 1,102 Deutsche Telekom* 118,192 1,962 E.ON 10,300 584 Infineon Technologies* 45,000 639 Metro 20,800 891 Muenchener Rueckversicherungs 7,392 840 SAP 10,386 1,596 Schering 9,100 458 Siemens 39,713 2,897 Volkswagen 9,900 492 -------- 17,942 -------- HONG KONG (1.6%) Bank of East Asia 209,400 658 Cathay Pacific Airways (D) 234,000 452 Cheung Kong Holdings 56,000 442 CLP Holdings 94,300 458 Esprit Holdings 320,500 1,023 Hutchison Whampoa 109,700 801 -------- 3,834 -------- IRELAND (1.0%) Anglo Irish Bank 113,882 1,542 Bank of Ireland 75,700 935 -------- 2,477 -------- ITALY (3.5%) Banca Intesa 300,357 1,131 ENI-Ente Nazionale Idrocarburi 127,313 2,170 Mediaset 157,000 1,780 Parmalat Finanziaria 189,257 520 Saipem 37,067 272 Telecom Italia* 515,398 1,492 UniCredito Italiano 198,500 997 -------- 8,362 -------- JAPAN (20.8%) Alps Electric 49,000 693 Asahi Breweries 27,700 230 Asahi Glass (D) 109,000 802 Canon 38,100 1,760 Chugoku Electric Power 47,800 796 Daiwa House Industry 34,000 323 Denso 16,700 312 East Japan Railway 158 721 Eisai 46,100 1,168 Fast Retailing 19,500 1,150 Fujitsu* 70,000 385 Hitachi 168,000 989 Honda Motor 37,700 1,542 JFE Holdings (D) 30,200 707 12 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN -- CONTINUED Kao (D) 18,000 $ 367 KDDI 98 511 Kirin Brewery 130,000 1,039 Komatsu 113,000 644 Kyushu Electric Power 25,900 426 Marubeni (D) 264,000 434 Matsushita Electric Industrial 36,000 464 Millea Holdings 56 603 Mitsubishi 140,000 1,285 Mitsubishi Tokyo Financial Group 209 1,561 Mitsui (D) 82,500 555 Mitsui Fudosan (D) 95,000 828 Mitsui OSK Lines 244,000 991 Mitsui Sumitomo Insurance 98,000 731 NEC 50,000 363 Nippon Express (D) 116,000 503 Nippon Steel 361,000 692 Nippon Telegraph & Telephone 364 1,745 Nissan Motor (D) 106,000 1,212 Nitto Denko (D) 26,900 1,358 Nomura Holdings 91,000 1,446 NTT DoCoMo 436 940 Oki Electric Industry* (D) 89,000 336 Olympus 26,200 561 Onward Kashiyama 22,000 241 ORIX 5,600 411 Pioneer (D) 39,100 1,000 Ricoh 89,300 1,629 Sanyo Electric (D) 54,000 242 Seiko Epson Corp 26,500 1,007 Sekisui House 104,000 981 Seven-Eleven Japan 15,000 434 Sharp 104,000 1,556 Shin-Etsu Chemical 18,000 664 Showa Shell Sekiyu KK 28,200 217 Sony 15,700 545 Sumitomo 76,000 472 Sumitomo Chemical 133,000 475 Sumitomo Mitsui Financial Group* 401 1,959 Takeda Chemical Industries 15,800 606 Tokyo Electric Power 55,900 1,159 Tokyo Gas 139,000 476 Toyota Motor 100,700 3,025 UFJ Holdings* 115 491 Yamaha 45,200 808 Yamanouchi Pharmaceutical 14,600 420 -------- 49,991 -------- NETHERLANDS (4.8%) ABN AMRO Holding 110,925 2,441 Akzo Nobel 34,981 1,214 ING Groep 92,724 1,986 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- NETHERLANDS -- CONTINUED Koninklijke Philips Electronics 68,203 $ 1,938 Royal Dutch Petroleum 40,400 1,815 Royal KPN* 148,100 1,161 Unilever 9,400 564 United Services Group 28,190 569 -------- 11,688 -------- NEW ZEALAND (0.6%) Fletcher Building 545,993 1,406 -------- NORWAY (0.4%) Telenor ASA 180,711 1,089 -------- SINGAPORE (0.8%) DBS Group Holdings 94,000 763 Fraser & Neave 56,130 374 Jardine Cycle & Carriage 2,538 9 SembCorp Industries 269,000 200 Singapore Airlines 32,000 225 Singapore Telecommunications 260,000 270 -------- 1,841 -------- SPAIN (4.8%) Acciona 9,000 508 Altadis 34,946 933 Banco Santander Central Hispano 244,326 2,539 Endesa 100,400 1,649 Gamesa Corp Tecnologica 22,800 659 Repsol YPF 64,800 1,132 Sociedad General de Aguas de Barcelona 48,220 685 Telefonica 239,295 3,098 Union Fenosa 25,674 420 -------- 11,623 -------- SWEDEN (2.4%) Autoliv 34,897 1,168 Electrolux, Cl B 61,000 1,284 Sandvik 42,165 1,342 Svenska Handelsbanken, Cl A 40,400 746 Telefonaktiebolaget LM Ericsson, Cl B* 744,948 1,203 -------- 5,743 -------- SWITZERLAND (7.5%) Credit Suisse Group 68,442 2,271 Nestle 13,987 3,251 Novartis 126,874 5,359 Roche Holding 17,000 1,532 STMicroelectronics 20,487 567 UBS 46,732 3,009 Zurich Financial Services* 16,200 2,087 -------- 18,076 -------- 13 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 INTERNATIONAL EQUITY FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- UNITED KINGDOM (24.7%) AstraZeneca 44,682 $ 2,028 Aviva 188,500 1,501 Balfour Beatty 311,031 1,161 Barclays 329,600 2,905 BP 803,633 5,608 British American Tobacco 135,456 1,699 BT Group 204,034 610 Burberry Group 151,500 998 Centrica 499,200 1,625 Emap 99,377 1,443 Galen Holdings 53,900 677 GlaxoSmithKline 261,278 5,891 HBOS 253,333 3,181 HSBC Holdings 382,900 5,802 Kidde 775,732 1,391 mmO2* 1,145,900 1,483 Next 77,500 1,486 Rentokil Initial 461,714 1,731 Royal Bank of Scotland Group 110,206 3,076 Shell Transport & Trading 347,668 2,200 Shire Pharmaceuticals* 68,800 568 Tesco 426,591 1,825 Vodafone Group 2,679,748 6,153 Whitbread 72,100 895 William Hill 226,500 1,523 Wimpey George 321,975 1,888 -------- 59,348 -------- Total Foreign Common Stock (Cost $200,325) 233,285 -------- RIGHTS (0.0%) SPAIN (0.0%) Aguas De Barcelona* (D) 48,220 6 -------- Total Rights (Cost $0) 6 -------- EXCHANGE TRADED FUND (0.6%) iShares MSCI EAFE Index Fund (D) 11,800 1,507 -------- Total Exchange Traded Fund (Cost $1,489) 1,507 -------- SHORT-TERM INVESTMENT (4.4%) Boston Global Investment Trust -- Enhanced Portfolio (A) 10,443,454 10,443 -------- Total Short-Term Investment (Cost $10,443) 10,443 -------- Total Investments (102.0%) (Cost $212,257) 245,241 -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES (-2.0%) Payable Upon Return of Securities Loaned $ (10,443) Investment Advisory Fees Payable (241) Administration Fees Payable (14) Distribution Fees Payable (4) Custodian Fees Payable (37) Other Assets and Liabilities, Net 5,986 -------- TOTAL OTHER ASSETS AND LIABILITIES (4,753) -------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 23,963,104 outstanding shares of beneficial interest 279,242 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 730,673 outstanding shares of beneficial interest 6,798 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 786,417 outstanding shares of beneficial interest 11,831 Undistributed net investment income 3,132 Accumulated net realized loss on investments (93,637) Net unrealized appreciation on investments 32,984 Net unrealized appreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies 138 -------- Total Net Assets (100.0%) $240,488 ======== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($226,722,404 / 23,963,104 shares) $9.46 ======== Net Asset Value and Redemption Price Per Share -- A Shares ($6,823,459 / 730,673 shares) $9.34 ======== Maximum Offering Price Per Share -- A Shares ($9.34 / 96.25%) $9.70 ======== Net Asset Value and Offering Price Per Share -- L Shares (1) ($6,942,273 / 786,417 shares) $8.83 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 14 -------------------------------------------------------------------------------- (UNAUDITED) At November 30, 2003, sector diversification of the Fund was as follows: % OF VALUE SECTOR DIVERSIFICATION NET ASSETS (000) ---------------------------- -------------- ---------- FOREIGN COMMON STOCK Banks 13.8% $ 33,158 Telephones & Telecommunications 8.9 21,382 Drugs 7.4 17,819 Energy 6.9 16,867 Financial Services 4.2 10,084 Food, Beverage & Tobacco 3.9 9,304 Communication Services 3.6 8,681 Semiconductors 3.5 8,420 Automotive 3.4 8,170 Insurance 3.2 7,696 Electrical Services 2.7 6,497 Apparel/Textiles 2.2 5,202 Chemicals 2.1 5,006 Building & Construction 2.0 4,772 Retail 1.9 4,652 Machinery 1.9 4,560 Commercial Banks 1.9 4,551 Computer Software 1.9 4,546 Utilities 1.7 4,151 Wholesale 1.5 3,767 Services 1.5 3,731 Real Estate 1.3 3,242 Household Products 1.3 3,063 Concrete & Mineral Products 1.2 2,867 Office Furniture & Fixtures 1.1 2,636 Gas/Natural Gas 0.9 2,101 Glass Products 0.8 1,934 Broadcasting 0.8 1,780 Photographic Equipment & Supplies 0.7 1,760 Gambling 0.6 1,523 % OF VALUE SECTOR DIVERSIFICATION NET ASSETS (000) ---------------------------- -------------- ---------- Printing & Publishing 0.6 1,443 Lumber & Wood Products 0.6 1,406 Steel & Steel Works 0.6 1,399 Beauty Products 0.6 1,367 Miscellaneous Manufacturing 0.6 1,342 Investment Bankers/Broker Dealers 0.5 1,197 Autoparts 0.5 1,168 Electric Products 0.5 1,161 Telephone 0.5 1,161 Aerospace & Defense 0.5 1,111 Government Agencies 0.4 1,089 Marine Transportation 0.4 991 Mortgage Bankers & Brokers 0.4 935 Transportation 0.3 728 Railroads 0.3 721 Rubber & Plastic 0.3 664 Medical & Medical Products 0.2 561 Specialty Construction 0.2 508 Leasing Company 0.2 411 ------ -------- TOTAL FOREIGN COMMON STOCK 97.0% $233,285 SHORT-TERM INVESTMENT 4.4 10,443 EXCHANGE TRADED FUND 0.6 1,507 RIGHTS -- 6 ------ -------- TOTAL INVESTMENTS 102.0 245,241 TOTAL OTHER ASSETS AND LIABILITIES (2.0) (4,753) ------ -------- TOTAL NET ASSETS 100.0% $240,488 ====== ======== 15 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 INTERNATIONAL EQUITY INDEX FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FOREIGN COMMON STOCK (95.2%) AUSTRALIA (2.6%) Alumina 39,656 $ 169 Amcor 26,805 160 AMP 28,729 124 Australia & New Zealand Banking Group 38,885 473 Australia & New Zealand Banking Group* 7,070 86 Australian Gas Light 19,509 151 BHP Billiton 99,299 810 BlueScope Steel 34,569 125 Brambles Industries (D) 29,180 96 Coca-Cola Amatil 20,682 91 Cochlear 2,438 50 Coles Myer 34,610 186 Commonwealth Bank of Australia 28,979 579 CSL 5,655 66 CSR 43,122 54 Foster's Group 69,625 222 General Property Trust 89,550 189 Lend Lease Corp 17,995 137 Macquarie Bank 8,055 198 Mayne Group 37,205 96 Mirvac Group 30,927 98 National Australia Bank 38,601 808 News Corp 43,386 370 QBE Insurance Group (D) 26,224 193 Rinker Group 33,351 141 Rio Tinto 8,917 226 Santos 26,756 125 Southcorp 29,055 58 Stockland 41,098 152 Suncorp-Metway 22,088 199 TABCORP Holdings 16,790 136 Telstra Corp 47,739 170 Wesfarmers 12,274 250 Westfield Holdings 15,189 159 Westfield Trust 96,972 241 Westpac Banking 40,768 451 WMC Resources* 36,559 129 Woodside Petroleum 17,862 178 Woolworths 24,347 200 -------- 8,346 -------- AUSTRIA (1.3%) Boehler-Uddeholm 3,106 201 Erste Bank der Oesterreichischen Sparkassen 8,050 920 Flughafen Wien 6,213 264 IMMOFINANZ Immobilien Anlagen* 44,811 337 Mayr-Melnhof Karton 1,584 170 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- AUSTRIA -- CONTINUED OMV 5,109 $ 724 Telekom Austria* 70,043 813 VA Technologie* 3,892 108 Verbund-- Oesterreichische Elektrizitaetswirtschaf 1,751 179 Voestalpine 6,163 243 Wienerberger 12,533 317 -------- 4,276 -------- BELGIUM (1.6%) AGFA-Gevaert 10,980 272 Bekaert 1,895 106 Colruyt 2,208 207 D'ieteren (D) 364 78 Delhaize Group 5,769 279 Dexia (D) 44,598 711 Electrabel 2,151 632 Fortis 72,287 1,335 Groupe Bruxelles Lambert 5,399 269 Interbrew 11,567 286 KBC Bancassurance Holding 6,582 288 Solvay (D) 5,076 393 UCB 7,371 236 Umicore (D) 1,933 129 -------- 5,221 -------- DENMARK (1.0%) AP Moller -- Maersk 89 638 Danisco 4,359 179 Danske Bank 33,246 704 Group 4 Falck 6,336 125 H Lundbeck 5,500 87 ISS 3,878 180 Novo-Nordisk 17,970 689 Novozymes 5,570 195 TDC 9,200 308 Vestas Wind Systems 7,838 118 William Demant Holding* 3,257 101 -------- 3,324 -------- FINLAND (0.7%) Nokia 101,250 1,824 Stora Enso 15,406 207 Tietoenator 3,169 88 UPM-Kymmene 11,700 217 -------- 2,336 -------- FRANCE (9.2%) Accor 10,296 432 Air Liquide (Loyalty Shares)* (B) 1,526 245 Air Liquide 3,373 542 Alcatel* 56,168 733 Alstom* 15,531 32 Aventis 31,055 1,792 16 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FRANCE -- CONTINUED AXA 64,136 $ 1,232 BNP Paribas 37,053 2,088 Bouygues 9,868 306 Cap Gemini* 5,325 263 Carrefour 26,632 1,435 Casino Guichard Perrachon (D) 2,045 190 Cie de Saint-Gobain 14,306 640 Cie Generale D'Optique Essilor International 6,230 311 Credit Agricole 16,813 367 Dassault Systemes 2,475 110 European Aeronautic Defense and Space 14,396 314 France Telecom* 36,531 942 Groupe Danone 5,803 904 L'Oreal 15,820 1,174 Lafarge (Loyalty Shares)* (B) 997 79 Lafarge 5,041 402 Lagardere S.C.A. 6,749 368 LVMH Moet Hennessy Louis Vuitton (D) 10,511 724 Michelin (C.G.D.E.) 7,093 281 Pechiney 3,675 211 Pernod-Ricard 3,191 339 Peugeot 9,444 444 Pinault-Printemps-Redoute 3,137 308 Publicis Groupe 5,452 172 Renault 7,950 528 Sanofi-Synthelabo 17,020 1,153 Schneider Electric 10,045 619 Societe BIC 2,837 126 Societe Generale 14,997 1,201 Societe Television Francaise 1 6,871 222 Sodexho Alliance 5,673 161 Suez 37,305 646 Technip 1,506 162 Thales 4,539 142 Thomson 9,442 200 Total 30,350 4,904 Unibail 3,491 310 Valeo 4,076 159 Veolia Environnement 12,058 284 Vinci 3,579 286 Vivendi Universal* 42,674 980 Wanadoo* 21,048 162 -------- 29,625 -------- GERMANY (14.4%) Adidas-Salomon 5,115 528 Allianz 27,702 3,118 Altana 7,583 460 BASF 57,169 2,828 Bayer 67,440 1,822 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- GERMANY -- CONTINUED Bayerische Hypo-und Vereinsbank* 34,515 $ 811 Beiersdorf 2,855 320 Celesio 4,032 183 Commerzbank 44,479 861 Continental 14,509 506 DaimlerChrysler 89,182 3,397 Deutsche Bank 54,007 3,765 Deutsche Boerse 10,490 528 Deutsche Lufthansa 21,827 334 Deutsche Post 41,917 789 Deutsche Telekom* 217,224 3,606 Douglas Holding 6,189 172 E.ON 60,404 3,425 Epcos* 6,198 141 Fresenius Medical Care 4,037 256 HeidelbergCement* 3,469 142 Hypo Real Estate Holding* 8,629 184 Infineon Technologies* 45,681 649 KarstadtQuelle 5,291 140 Linde 9,191 445 MAN 12,486 339 Merck KGaA 6,208 244 Metro 15,524 665 MLP* 6,418 121 Muenchener Rueckversicherungs 15,248 1,733 RWE 37,316 1,203 SAP 21,281 3,270 Schering 17,547 883 Siemens 82,874 6,046 ThyssenKrupp 32,659 605 TUI 15,725 293 Volkswagen 23,712 1,178 -------- 45,990 -------- GREECE (1.0%) Alpha Bank A.E. 20,600 543 Coca Cola Hellenic Bottling 10,600 232 Commercial Bank of Greece 8,200 173 EFG Eurobank Ergasias 19,700 332 Hellenic Petroleum 17,200 140 Hellenic Telecommunications Organization 27,300 327 Intracom 14,300 92 National Bank of Greece 23,430 529 Piraeus Bank 20,900 213 Public Power 8,700 197 Titan Cement 4,000 152 Viohalco 16,600 87 Vodafone-Panafon 23,800 176 -------- 3,193 -------- 17 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 INTERNATIONAL EQUITY INDEX FUND--CONTINUED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- HONG KONG (1.2%) Bank of East Asia 84,800 $ 266 Cheung Kong Holdings 59,000 465 CLP Holdings 73,100 355 Hang Seng Bank 27,600 355 Henderson Land Development 37,000 148 Hong Kong & China Gas 160,237 240 HongKong Electric Holdings 52,500 210 Hutchison Whampoa 76,080 556 i-CABLE Communications 6,500 2 Johnson Electric Holdings 69,500 93 Li & Fung 80,000 137 PCCW* 76,326 51 Sun Hung Kai Properties 55,600 448 Swire Pacific 46,000 273 Wharf Holdings 65,000 162 -------- 3,761 -------- IRELAND (0.8%) Allied Irish Banks 60,965 901 Bank of Ireland 45,411 561 CRH 30,014 561 Elan Corp* 18,773 101 Irish Life & Permanent 14,393 203 Kerry Group 8,738 156 Ryanair Holdings* 14,383 110 -------- 2,593 -------- ITALY (7.8%) Alleanza Assicurazioni 45,753 476 Arnoldo Mondadori Editore 18,346 152 Assicurazioni Generali 90,120 2,251 Autogrill 15,772 209 Banca Fideuram (D) 30,040 189 Banca Intesa 417,626 1,491 Banca Monte dei Paschi di Siena 88,666 291 Banca Nazionale del Lavoro* 149,724 351 Banca Popolare di Milano SCRL 47,661 283 Banco Popolare di Verona e Novara SCRL 38,347 632 Benetton Group 8,447 109 Bulgari 18,101 167 Capitalia* 116,135 367 Enel 196,987 1,259 ENI-Ente Nazionale Idrocarburi 247,680 4,222 Fiat* 25,258 198 FinecoGroup* 171,496 135 Finmeccanica 605,647 465 Italcementi 11,705 144 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ITALY -- CONTINUED Luxottica Group 13,231 $ 232 Mediaset (D) 60,812 690 Mediobanca (D) 46,681 490 Mediolanum 25,766 193 Parmalat Finanziaria 46,288 127 Pirelli 147,924 141 Rinascente* 15,295 -- Riunione Adriatica di Sicurta 30,291 488 Sanpaolo IMI (D) 94,032 1,209 Seat Pagine Gialle* 366,379 355 Snam Rete Gas 91,702 361 Telecom Italia* (D) 1,367,831 3,343 Telecom Italia Media* 138,972 66 TIM 360,135 1,852 Tiscali* 19,365 157 UniCredito Italiano 353,135 1,774 -------- 24,869 -------- JAPAN (29.7%) 77 Bank 29,000 154 Acom 4,930 199 Advantest 4,700 336 Aeon 15,500 501 Aiful 3,100 185 Ajinomoto 35,000 375 Alps Electric 12,000 170 Amada 21,000 103 Asahi Breweries 27,000 224 Asahi Glass (D) 49,000 361 Asahi Kasei 85,000 406 Bank of Fukuoka (D) 45,000 185 Bank of Yokohama (D) 68,000 288 Benesse 5,900 129 Bridgestone 42,000 558 Canon 54,000 2,495 Casio Computer (D) 22,000 216 Central Japan Railway 53 423 Chiba Bank 47,000 191 Chubu Electric Power 39,000 782 Chugai Pharmaceutical 20,000 270 Citizen Watch 24,000 195 COMSYS Holdings* 13,000 67 Credit Saison 9,500 199 CSK (D) 5,400 181 Dai Nippon Printing 41,000 565 Daido Life Insurance 85 231 Daiichi Pharmaceutical (D) 16,600 279 Daikin Industries 13,000 268 Dainippon Ink and Chemicals 68,000 126 Daito Trust Construction 7,100 200 Daiwa House Industry 31,000 294 Daiwa Securities Group 83,000 534 18 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN -- CONTINUED Denki Kagaku Kogyo 44,000 $ 129 Denso 29,700 555 East Japan Railway 215 982 Ebara 25,000 97 Eisai (D) 15,000 380 Fanuc 7,800 459 Fast Retailing 3,900 230 Fuji Photo Film 30,000 849 Fuji Television Network 22 109 Fujikura 27,000 151 Fujisawa Pharmaceutical 18,000 336 Fujitsu* 106,000 584 Furukawa Electric (D) 42,000 140 Gunma Bank 26,000 112 Hirose Electric 2,500 292 Hitachi 182,000 1,072 Honda Motor 50,400 2,062 Hoya 7,400 649 Isetan 15,500 161 Ishikawajima-Harima Heavy Industries (D) 86,000 104 Ito-Yokado 23,000 764 Itochu 99,000 297 Itochu Techno-Science 2,800 79 Japan Airlines System* 50,000 128 Japan Tobacco 50 336 JFE Holdings (D) 30,575 716 JGC 17,000 134 Joyo Bank 55,300 171 JSR 15,000 325 Kajima (D) 58,000 185 Kamigumi 24,000 155 Kaneka 22,000 153 Kansai Electric Power 40,500 678 Kao (D) 33,000 673 Katokichi 4,800 76 Kawasaki Heavy Industries (D) 115,000 125 Keihin Electric Express Railway (D) 42,000 243 Keio Electric Railway 42,000 215 Keyence 2,200 494 Kikkoman 17,000 113 Kinden 16,000 70 Kinki Nippon Railway* (D) 90,250 253 Kirin Brewery 46,000 368 Kokuyo 8,300 89 Komatsu 68,000 387 Konami 6,900 177 Konica Minolta Holdings 23,000 272 Kubota 71,000 259 Kuraray 29,000 216 Kurita Water Industries (D) 10,600 118 Kyocera 10,900 664 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN -- CONTINUED Kyowa Hakko Kogyo 26,000 $ 147 Kyushu Electric Power 25,200 415 Lawson 4,800 174 Mabuchi Motor (D) 2,300 166 Makita 13,000 119 Marubeni 129,000 212 Marui 22,700 279 Matsushita Electric Industrial 132,880 1,712 Matsushita Electric Works 27,000 195 Meiji Seika Kaisha (D) 32,000 119 Meitec 3,900 137 Millea Holdings 89 959 Minebea 27,000 138 Mitsubishi 67,000 615 Mitsubishi Chemical 114,000 260 Mitsubishi Electric 115,000 454 Mitsubishi Estate (D) 64,000 572 Mitsubishi Heavy Industries 188,000 501 Mitsubishi Logistics 12,000 94 Mitsubishi Materials* (D) 67,000 97 Mitsubishi Rayon 47,000 166 Mitsubishi Tokyo Financial Group 247 1,845 Mitsui (D) 79,000 532 Mitsui Chemicals 44,000 235 Mitsui Fudosan* (D) 48,000 419 Mitsui Mining & Smelting 43,000 159 Mitsui OSK Lines 71,000 288 Mitsui Sumitomo Insurance 82,340 614 Mitsukoshi* (D) 37,000 136 Mizuho Financial Group* 365 953 Murata Manufacturing 15,300 865 NEC 90,000 652 NGK Insulators 21,000 135 NGK Spark Plug 14,000 115 Nidec (D) 2,700 268 Nikko Cordial 92,000 465 Nikon* 20,000 250 Nintendo 6,400 553 Nippon Express 60,000 260 Nippon Meat Packers 13,000 126 Nippon Mining Holdings* 47,000 148 Nippon Oil 90,000 445 Nippon Sheet Glass 31,000 80 Nippon Steel 330,000 633 Nippon Telegraph & Telephone 337 1,615 Nippon Unipac Holding 55 265 Nippon Yusen Kabushiki Kaisha 72,000 282 Nissan Motor (D) 162,400 1,857 Nisshin Seifun Group 17,000 137 Nissin Food Products 6,700 159 Nitto Denko 9,300 470 Nomura Holdings 115,000 1,827 19 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 INTERNATIONAL EQUITY INDEX FUND--CONTINUED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN -- CONTINUED NSK (D) 37,000 $ 129 NTT Data 87 319 NTT DoCoMo 1,128 2,431 Obayashi (D) 47,000 180 OJI Paper 50,000 292 Olympus 16,000 343 Omron 17,000 323 Onward Kashiyama 13,000 143 Oracle Corp Japan (D) 2,600 129 Oriental Land 3,800 207 ORIX 5,420 397 Osaka Gas (D) 136,000 356 Pioneer (D) 12,000 307 Promise 6,150 262 Resona Holdings* 314,000 393 Ricoh 41,000 748 Rohm 7,000 819 Sankyo 24,200 436 Sanyo Electric 101,000 452 Sapporo Holdings (D) 30,000 72 Secom 12,500 454 Sega* 8,700 80 Sekisui Chemical 39,000 173 Sekisui House 32,000 302 Seven-Eleven Japan 27,000 781 Sharp 60,000 898 Shimamura 1,600 99 Shimano 8,400 163 Shimizu 42,000 145 Shin-Etsu Chemical 23,000 848 Shionogi 21,000 347 Shiseido (D) 25,000 281 Shizuoka Bank 38,000 266 Showa Denko* 84,000 176 Showa Shell Sekiyu 13,700 105 Skylark (D) 7,700 115 SMC 3,400 405 Softbank (D) 14,100 534 Sompo Japan Insurance 49,000 364 Sony 56,800 1,971 Stanley Electric 13,000 247 Sumitomo 52,000 323 Sumitomo Chemical 80,000 286 Sumitomo Electric Industries 39,000 319 Sumitomo Metal Industries 256,000 220 Sumitomo Metal Mining 37,000 234 Sumitomo Mitsui Financial Group* 236 1,153 Sumitomo Realty & Development 29,000 226 Sumitomo Trust & Banking 66,000 354 Taiheiyo Cement (D) 59,000 134 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- JAPAN -- CONTINUED Taisei 63,000 $ 204 Taisho Pharmaceutical (D) 12,000 209 Taiyo Yuden 10,000 117 Takara Holdings (D) 17,000 137 Takashimaya (D) 25,000 172 Takeda Chemical Industries 53,700 2,059 Takefuji (D) 4,510 243 TDK (D) 7,700 501 Teijin 60,000 163 Teikoku Oil 23,000 102 Terumo 12,500 224 THK (D) 8,400 169 Tobu Railway 70,000 238 Toho 15,400 177 Tohoku Electric Power 27,300 434 Tokyo Broadcasting System 4,200 65 Tokyo Electric Power 72,000 1,492 Tokyo Electron 10,000 708 Tokyo Gas 165,000 565 Tokyu 74,000 344 TonenGeneral Sekiyu 23,000 187 Toppan Printing 40,000 367 Toray Industries (D) 89,000 346 Toshiba 176,000 649 Tosoh 46,000 123 Tostem Inax Holding 16,512 290 Toto 25,700 199 Toyo Seikan Kaisha (D) 12,300 141 Toyobo 64,000 125 Toyota Industries 10,000 188 Toyota Motor 174,200 5,233 Trend Micro* 7,000 177 Ube Industries 73,000 140 UFJ Holdings* (D) 231 987 Uni-Charm (D) 3,500 167 UNY (D) 13,000 127 Wacoal 10,000 79 West Japan Railway 73 277 World 3,750 111 Yakult Honsha 9,000 123 Yamada Denki 6,700 199 Yamaha 12,900 231 Yamaichi Securities* 15,000 -- Yamanouchi Pharmaceutical 20,200 581 Yamato Transport 27,000 318 Yamazaki Baking (D) 14,000 107 Yokogawa Electric (D) 21,000 274 -------- 95,205 -------- LUXEMBOURG (0.1%) Arcelor 16,122 261 -------- 20 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- NETHERLANDS (2.8%) ABN AMRO Holding 41,598 $ 916 Aegon 34,928 466 Akzo Nobel 7,733 268 ASML Holding* 13,151 248 Heineken 5,600 209 ING Groep 45,093 966 Koninklijke Ahold* 23,207 167 Koninklijke Philips Electronics 35,372 1,005 Qiagen* 16,294 188 Reed Elsevier 21,098 256 Royal Dutch Petroleum 54,342 2,441 Royal KPN* 46,986 368 TPG 10,822 234 Unilever 14,882 893 VNU 7,670 239 Wolters Kluwer 10,237 155 -------- 9,019 -------- NEW ZEALAND (0.4%) Auckland International Airport 37,428 159 Carter Holt Harvey 82,300 93 Contact Energy 38,226 133 Fisher & Paykel Healthcare 11,033 86 Fletcher Building 54,884 141 Sky City Entertainment Group 65,152 190 Telecom Corp of New Zealand 126,022 419 Warehouse Group 18,390 62 -------- 1,283 -------- NORWAY (1.4%) DnB Holding 63,000 380 Gjensidige NOR 8,700 379 Norsk Hydro 21,140 1,210 Norske Skogindustrier 15,750 302 Orkla 33,350 741 Statoil 60,000 598 Storebrand* 26,400 161 Tandberg* 20,894 152 Telenor (D) 66,400 400 Tomra Systems 27,150 154 -------- 4,477 -------- PORTUGAL (0.9%) Banco BPI 69,684 220 Banco Comercial Portugues 195,723 401 Banco Espirito Santo 14,323 212 Brisa-Auto Estradas de Portugal 47,087 299 Cimpor Cimentos de Portugal 27,659 133 Electricidade de Portugal 218,837 546 Portugal Telecom SGPS 103,899 978 Sonae SGPS* 193,715 162 -------- 2,951 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- SINGAPORE (0.6%) City Developments 28,000 $ 97 DBS Group Holdings 41,467 337 Oversea-Chinese Banking 39,350 272 Singapore Airlines 27,000 189 Singapore Press Holdings 23,000 260 Singapore Telecommunications 228,000 237 United Overseas Bank 47,000 352 -------- 1,744 -------- SPAIN (4.3%) Abertis Infraestructuras 13,971 196 Acerinox (D) 4,030 186 ACS Actividades Cons y Serv 3,846 166 Altadis 18,023 481 Antena 3 Television* 916 38 Banco Bilbao Vizcaya Argentaria 172,010 2,062 Banco Popular Espanol 9,251 485 Banco Santander Central Hispano 241,015 2,505 Endesa 53,095 872 Fomento de Construcciones Y Contratas 4,531 155 Gas Natural SDG 12,856 265 Grupo Dragados 9,205 192 Iberdrola 44,882 774 Inditex 12,752 283 Repsol 55,392 967 Sacyr Vallehermoso 9,342 132 Sociedad General de Aguas de Barcelona 5,682 81 Telefonica 271,014 3,509 Union Fenosa 13,060 214 Zeltia (D) 11,877 77 -------- 13,640 -------- SWEDEN (1.7%) Assa Abloy 12,000 137 Atlas Copco 5,600 200 Electrolux 13,500 284 Gambro 11,600 96 Hennes & Mauritz 18,500 432 Nordea 87,000 576 Sandvik 9,400 299 Securitas 13,400 163 Skandia Forsakrings 40,900 138 Skandinaviska Enskilda Banken 21,400 279 Skanska 19,600 162 SKF 4,700 172 Svenska Cellulosa 6,700 258 Svenska Handelsbanken 19,800 366 Swedish Match 15,100 136 Tele2* 4,950 252 21 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 INTERNATIONAL EQUITY INDEX FUND--CONTINUED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- SWEDEN -- CONTINUED Telefonaktiebolaget LM Ericsson* 548,800 $ 886 TeliaSonera 64,000 285 Volvo 9,650 279 -------- 5,400 -------- SWITZERLAND (1.9%) ABB* 13,332 65 Adecco 2,073 129 Compagnie Financiere Richemont 7,410 183 Credit Suisse Group 13,693 454 Holcim 2,050 89 Nestle 4,251 988 Novartis 26,557 1,122 Roche Holding 8,329 774 STMicroelectronics 27,513 761 Swiss Reinsurance 3,356 208 Swisscom 375 113 Syngenta 2,152 132 UBS 13,909 896 Zurich Financial Services* 1,390 179 -------- 6,093 -------- UNITED KINGDOM (9.8%) 3i Group 15,165 159 Amersham 17,289 224 Amvescap 14,613 104 ARM Holdings* 33,243 69 AstraZeneca 31,288 1,420 Aviva 40,880 325 AWG* 536,112 1 BAA 24,465 199 BAE Systems 56,559 169 Barclays 116,259 1,025 BG Group 72,549 342 BHP Billiton 48,542 364 BOC Group 12,833 179 Boots Group 19,447 238 BP 397,545 2,774 Brambles Industries 23,351 70 British American Tobacco 32,229 404 British Land 15,639 149 British Sky Broadcasting* 25,359 294 BT Group 155,439 464 Cable & Wireless 47,663 109 Cadbury Schweppes 37,819 241 Canary Wharf Group* 15,185 63 Capita Group 20,590 89 Carnival 4,408 155 Celltech Group* 8,578 52 Centrica 84,326 274 Compass Group 50,303 302 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- UNITED KINGDOM -- CONTINUED Diageo 57,434 $ 716 Dixons Group 44,529 105 Electrocomponents 14,159 83 EMI Group 25,656 75 Exel 9,691 127 GKN 23,726 109 GlaxoSmithKline 106,794 2,408 Granada 73,580 156 GUS 21,884 285 Hanson 17,664 123 Hays 50,670 111 HBOS 71,559 898 Hilton Group 47,861 174 HSBC Holdings 188,024 2,849 Imperial Chemical Industries 28,556 95 Imperial Tobacco Group 15,815 290 Intercontinental Hotels Group 20,714 191 International Power* 32,977 64 Invensys 113,861 39 J Sainsbury 30,952 160 Johnson Matthey 6,178 107 Kingfisher 47,713 226 Land Securities Group 13,594 224 Legal & General Group 115,823 198 Lloyds TSB Group 92,980 657 LogicaCMG 18,962 89 Marks & Spencer Group 45,537 210 Mitchells & Butlers 23,893 96 National Grid Transco 57,305 387 Pearson 19,169 214 Peninsular and Oriental Steam Navigation 22,197 94 Provident Financial 8,271 87 Prudential 36,170 278 Reckitt Benckiser 12,173 266 Reed Elsevier 28,391 234 Rentokil Initial 44,742 168 Reuters Group 30,832 130 Rio Tinto 19,871 475 Royal & Sun Alliance Insurance Group 29,279 43 Royal Bank of Scotland Group 49,121 1,371 Sage Group 33,922 106 Scottish & Newcastle 19,193 121 Scottish & Southern Energy 19,847 223 Scottish Power 40,884 253 Shell Transport & Trading 170,524 1,079 Smith & Nephew 23,240 178 Smiths Group 15,319 175 Tesco 133,047 569 Unilever 51,928 451 United Utilities 17,847 152 United Utilities, Cl A* 9,915 51 22 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- UNITED KINGDOM -- CONTINUED Vodafone Group 1,231,501 $ 2,827 Wolseley 15,140 194 WPP Group 23,967 230 -------- 31,479 -------- Total Foreign Common Stock (Cost $294,610) 305,086 -------- FOREIGN PREFERRED STOCK (0.6%) AUSTRALIA (0.1%) News Corp 61,236 431 -------- GERMANY (0.5%) Henkel KGaA 6,278 466 Porsche 929 480 ProSieben SAT.1 Media 12,064 198 Volkswagen 11,680 384 -------- 1,528 -------- Total Foreign Preferred Stock (Cost $1,871) 1,959 -------- RIGHTS (0.0%) AUSTRALIA (0.0%) Amp 28,729 2 -------- BELGIUM (0.0%) Umicore 1,933 -- -------- FRANCE (0.0%) Alstom 15,531 8 Credit Agricole 1 -- -------- 8 -------- NETHERLANDS (0.0%) Koninklijke Ahold Nv 23,207 22 -------- SPAIN (0.0%) Aguas De Barcelona 5,682 1 -------- SWITZERLAND (0.0%) ABB 13,332 16 -------- Total Rights (Cost $109) 49 -------- WARRANTS (0.0%) FRANCE (0.0%) Alstom, Expires 01/09/04* 15,531 6 -------- Total Warrants (Cost $37) 6 -------- EXCHANGE TRADED FUNDS (2.4%) iShares MSCI EAFE Index Fund (D) 44,551 5,691 iShares MSCI Japan Index Fund (D) 223,000 1,998 -------- Total Exchange Traded Funds (Cost $5,880) 7,689 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- SHORT-TERM INVESTMENT (8.3%) Boston Global Investment Trust -- Enhanced Portfolio (A) 26,714,990 $ 26,715 -------- Total Short-Term Investment (Cost $26,715) 26,715 -------- Total Investments (106.5%) (Cost $329,222) 341,504 -------- OTHER ASSETS AND LIABILITIES (-6.5%) Payable upon Return of Securities Loaned (26,715) Investment Advisory Fees Payable (211) Administration Fees Payable (18) Distribution Fees Payable (7) Custodian Fees Payable (69) Other Assets and Liabilities, Net 6,041 -------- TOTAL OTHER ASSETS AND LIABILITIES (20,979) -------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 29,437,338 outstanding shares of beneficial interest 363,339 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 1,491,121 outstanding shares of beneficial interest 10,769 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 448,098 outstanding shares of beneficial interest 6,002 Undistributed net investment income 3,249 Accumulated net realized loss on investments (75,394) Net unrealized appreciation on investments 12,282 Net unrealized appreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies 278 -------- Total Net Assets (100.0%) $320,525 ======== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($301,119,235 / 29,437,338 shares) $10.23 ======== Net Asset Value and Redemption Price Per Share -- A Shares ($15,003,985 / 1,491,121 shares) $10.06 ======== Maximum Offering Price Per Share -- A Shares ($10.06 / 96.25%) $10.45 ======== Net Asset Value and Offering Price Per Share -- L Shares (1) ($4,401,843 / 448,098 shares) $9.82 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 23 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 INTERNATIONAL EQUITY INDEX FUND--CONCLUDED At November 30, 2003, sector diversification of the Fund was as follows: % OF VALUE SECTOR DIVERSIFICATION NET ASSETS (000) ---------------------- ---------- -------- FOREIGN COMMON STOCK Banks 12.1% $ 38,747 Telephones & Telecommunications 7.0 22,280 Energy 6.3 20,198 Automotive 4.9 15,639 Drugs 4.3 13,837 Semiconductors 4.2 13,372 Electrical Services 4.1 13,025 Insurance 3.9 12,406 Communication Services 3.5 11,234 Chemicals 3.3 10,716 Food, Beverage & Tobacco 3.3 10,601 Financial Services 3.2 10,133 Machinery 2.7 8,643 Retail 2.6 8,428 Real Estate 1.8 5,712 Services 1.8 5,650 Commercial Banks 1.6 5,233 Computer Software 1.5 4,671 Beauty Products 1.2 3,908 Photographic Equipment & Supplies 1.2 3,866 Building & Construction 1.2 3,797 Printing & Publishing 1.0 3,183 Wholesale 1.0 3,165 Transportation 1.0 3,059 Investment Bankers/Broker Dealers 0.8 2,713 Steel & Steel Works 0.8 2,673 Utilities 0.8 2,598 Railroads 0.8 2,517 Metals & Mining 0.8 2,413 Medical & Medical Products 0.7 2,378 Gas/Natural Gas 0.7 2,212 Rubber & Plastic 0.6 2,031 Apparel/Textiles 0.6 2,023 Paper & Packaging 0.6 2,022 Glass Products 0.6 1,937 Government Agencies 0.6 1,845 Life/Health Insurance 0.5 1,738 Miscellaneous Manufacturing 0.5 1,654 Aerospace & Defense 0.5 1,649 Autoparts 0.5 1,601 Concrete & Mineral Products 0.5 1,572 Marine Transportation 0.5 1,457 Broadcasting 0.4 1,362 Consumer Products 0.4 1,355 Entertainment 0.4 1,314 Electrical Technology 0.4 1,158 Hotels & Lodging 0.4 1,132 Petroleum & Fuel Products 0.3 1,066 Office Furniture & Fixtures 0.3 963 % OF VALUE SECTOR DIVERSIFICATION NET ASSETS (000) ---------------------- ---------- -------- Professional Services 0.3% $ 820 Building & Construction Supplies 0.3 819 Metals 0.2 789 Telephone 0.2 778 Household Products 0.2 647 Transportation Equipment 0.2 644 Mortgage Bankers & Brokers 0.2 561 Specialty Construction 0.2 527 Multi Family Real Estate 0.2 486 Leasing Company 0.1 397 Petroleum Refining 0.1 326 Electric Products 0.1 312 Personal Credit Institutions 0.1 286 Lumber & Wood Products 0.1 141 Testing Laboratories -- 188 Educational Services -- 129 Motorcycles, Bicycles & Parts -- 125 Restaurants -- 115 Containers-Paper & Plastics -- 107 Cable -- 2 ------ -------- TOTAL FOREIGN COMMON STOCK 95.2 305,086 SHORT-TERM INVESTMENT 8.3 26,715 EXCHANGE TRADED FUNDS 2.4 7,689 FOREIGN PREFERRED STOCK 0.6 1,959 RIGHTS -- 49 WARRANTS -- 6 ------ -------- TOTAL INVESTMENTS 106.5 341,504 TOTAL OTHER ASSETS AND LIABILITIES (6.5) (20,979) ------ -------- TOTAL NET ASSETS 100.0% $320,525 ====== ======== 24 -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION AGGRESSIVE GROWTH FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EQUITY FUNDS (96.0%) STI Classic Capital Appreciation Fund, T Shares 1,072,136 $12,598 STI Classic Growth and Income Fund, T Shares 568,254 7,722 STI Classic International Equity Index Fund, T Shares 634,184 6,488 STI Classic Mid-Cap Equity Fund, T Shares 194,016 1,936 STI Classic Small Cap Growth Stock Fund, T Shares 99,216 1,919 STI Classic Small Cap Value Equity Fund, T Shares 117,504 1,981 STI Classic Value Income Stock Fund, T Shares 399,491 4,215 ------- Total Equity Funds (Cost $35,170) 36,859 ------- MONEY MARKET FUND (3.9%) STI Classic Prime Quality Money Market Fund, T Shares 1,493,086 1,493 ------- Total Money Market Fund (Cost $1,493) 1,493 ------- Total Investments (99.9%) (Cost $36,663) 38,352 ------- OTHER ASSETS AND LIABILITIES (0.1%) Investment Advisory Fees Payable (3) Administration Fees Payable (2) Other Assets and Liabilities, Net 43 ------- TOTAL OTHER ASSETS AND LIABILITIES 38 ------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 3,659,078 outstanding shares of beneficial interest $36,339 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 2,115 outstanding shares of beneficial interest 20 Paid in Capital -- B Shares (unlimited authorization -- no par value) based on 334,509 outstanding shares of beneficial interest 2,881 Distribution in excess of net investment income (7) Accumulated net realized loss on investments (2,532) Net unrealized appreciation on investments 1,689 ------- Total Net Assets (100.0%) $38,390 ======= Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($35,169,374 / 3,659,078 shares) $9.61 ======= Net Asset Value and Redemption Price Per Share -- A Shares ($20,322 / 2,115 shares) $9.61 ======= Maximum Offering Price Per Share -- A Shares ($9.61 / 96.25%) $9.98 ======= Net Asset Value and Offering Price Per Share -- B Shares (1) ($3,200,388 / 334,509 shares) $9.57 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 25 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 LIFE VISION CONSERVATIVE FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EQUITY FUNDS (25.0%) STI Classic Capital Appreciation Fund, T Shares 17,325 $ 203 STI Classic Growth and Income Fund, T Shares 15,135 206 STI Classic International Equity Index Fund, T Shares 19,898 203 STI Classic Mid-Cap Equity Fund, T Shares 8,281 83 STI Classic Small Cap Growth Stock Fund, T Shares 8,476 164 STI Classic Small Cap Value Equity Fund, T Shares 10,003 169 ------ Total Equity Funds (Cost $896) 1,028 ------ FIXED INCOME FUNDS (70.7%) STI Classic High Income Fund, T Shares 27,351 206 STI Classic Investment Grade Bond Fund, T Shares 38,336 403 STI Classic Limited-Term Federal Mortgage Securities Fund, T Shares 195,853 2,013 STI Classic U.S. Government Securities Fund, T Shares 26,765 282 ------ Total Fixed Income Funds (Cost $2,928) 2,904 ------ MONEY MARKET FUND (3.0%) STI Classic Prime Quality Money Market Fund, T Shares 120,982 121 ------ Total Money Market Fund (Cost $121) 121 ------ Total Investments (98.7%) (Cost $3,945) 4,053 ------ -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES (1.3%) Distribution Fees Payable $ (1) Other Assets and Liabilities, Net 54 ------ TOTAL OTHER ASSETS AND LIABILITIES 53 ------ NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 950 outstanding shares of beneficial interest 10 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 512 outstanding shares of beneficial interest 5 Paid in Capital -- B Shares (unlimited authorization -- no par value) based on 379,508 outstanding shares of beneficial interest 3,968 Undistributed net investment income 10 Accumulated net realized gain on investments 5 Net unrealized appreciation on investments 108 ------ Total Net Assets (100.0%) $4,106 ====== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($10,245 / 950 shares) $10.78 ====== Net Asset Value and Redemption Price Per Share -- A Shares ($5,521 / 512 shares) $10.78 ====== Maximum Offering Price Per Share -- A Shares ($10.78 / 96.25%) $11.20 ====== Net Asset Value and Offering Price Per Share -- B Shares (1) ($4,090,158 / 379,508 shares) $10.78 ====== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 26 -------------------------------------------------------------------------------- (UNAUDITED) LIFE VISION GROWTH AND INCOME FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EQUITY FUNDS (70.0%) STI Classic Capital Appreciation Fund, T Shares 1,237,613 $14,542 STI Classic Growth and Income Fund, T Shares 901,110 12,246 STI Classic International Equity Index Fund, T Shares 1,103,330 11,287 STI Classic Mid-Cap Equity Fund, T Shares 410,200 4,094 STI Classic Small Cap Growth Stock Fund, T Shares 166,776 3,226 STI Classic Small Cap Value Equity Fund, T Shares 199,074 3,356 STI Classic Value Income Stock Fund, T Shares 767,606 8,098 ------- Total Equity Funds (Cost $51,378) 56,849 ------- FIXED INCOME FUNDS (26.7%) STI Classic High Income Fund, T Shares 542,898 4,077 STI Classic Investment Grade Bond Fund, T Shares 608,103 6,391 STI Classic Limited-Term Federal Mortgage Securities Fund, T Shares 699,124 7,187 STI Classic U.S. Government Securities Fund, T Shares 379,082 3,992 ------- Total Fixed Income Funds (Cost $21,018) 21,647 ------- MONEY MARKET FUND (3.4%) STI Classic Prime Quality Money Market Fund, T Shares 2,743,915 2,744 ------- Total Money Market Fund (Cost $2,744) 2,744 ------- Total Investments (100.1%) (Cost $75,140) 81,240 ------- OTHER ASSETS AND LIABILITIES (-0.1%) Investment Advisory Fees Payable (9) Administration Fees Payable (5) Distribution Fees Payable (3) Other Assets and Liabilities (48) ------- TOTAL OTHER ASSETS AND LIABILITIES (65) ------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 7,099,564 outstanding shares of beneficial interest $73,501 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 20,413 outstanding shares of beneficial interest 209 Paid in Capital -- B Shares (unlimited authorization -- no par value) based on 769,644 outstanding shares of beneficial interest 7,316 Undistributed net investment income 114 Accumulated net realized loss on investments (6,065) Net unrealized appreciation on investments 6,100 ------- Total Net Assets (100.0%) $81,175 ======= Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($73,054,669 / 7,099,564 shares) $10.29 ======= Net Asset Value and Redemption Price Per Share -- A Shares ($209,976 / 20,413 shares) $10.29 ======= Maximum Offering Price Per Share -- A Shares ($10.29 / 96.25%) $10.69 ======= Net Asset Value and Offering Price Per Share -- B Shares (1) ($7,910,194 / 769,644 shares) $10.28 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 27 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 LIFE VISION MODERATE GROWTH FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- EQUITY FUNDS (56.0%) STI Classic Capital Appreciation Fund, T Shares 1,449,747 $ 17,034 STI Classic Growth and Income Fund, T Shares 815,055 11,077 STI Classic International Equity Index Fund, T Shares 1,545,357 15,809 STI Classic Mid-Cap Equity Fund, T Shares 618,699 6,175 STI Classic Small Cap Growth Stock Fund, T Shares 379,449 7,338 STI Classic Small Cap Value Equity Fund, T Shares 374,994 6,322 STI Classic Value Income Stock Fund, T Shares 347,469 3,666 -------- Total Equity Funds (Cost $58,307) 67,421 -------- FIXED INCOME FUNDS (42.2%) STI Classic High Income Fund, T Shares 819,052 6,151 STI Classic Investment Grade Bond Fund, T Shares 1,719,684 18,074 STI Classic Limited-Term Federal Mortgage Securities Fund, T Shares 1,991,376 20,471 STI Classic U.S. Government Securities Fund, T Shares 571,657 6,020 -------- Total Fixed Income Funds (Cost $48,941) 50,716 -------- MONEY MARKET FUND (3.0%) STI Classic Prime Quality Money Market Fund, T Shares 3,603,092 3,603 -------- Total Money Market Fund (Cost $3,603) 3,603 -------- Total Investments (101.2%) (Cost $110,851) 121,740 -------- OTHER ASSETS AND LIABILITIES (-1.2%) Investment Advisory Fees Payable (15) Administration Fees Payable (7) Distribution Fees Payable (4) Custodian Fees Payable (1) Other Assets and Liabilities, Net (1,436) -------- TOTAL OTHER ASSETS AND LIABILITIES (1,463) -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 11,263,223 outstanding shares of beneficial interest $106,791 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 6,653 outstanding shares of beneficial interest 65 Paid in Capital -- B Shares (unlimited authorization -- no par value) based on 1,059,294 outstanding shares of beneficial interest 9,590 Undistributed net investment income 279 Accumulated net realized loss on investments (7,337) Net unrealized appreciation on investments 10,889 -------- Total Net Assets (100.0%) $120,277 ======== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($109,908,795 / 11,263,223 shares) $9.76 ======== Net Asset Value and Redemption Price Per Share -- A Shares ($64,901 / 6,653 shares) $9.76 ======== Maximum Offering Price Per Share -- A Shares ($9.76 / 96.25%) $10.14 ======== Net Asset Value and Offering Price Per Share -- B Shares (1) ($10,303,099 / 1,059,294 shares) $9.73 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 28 -------------------------------------------------------------------------------- (UNAUDITED) MID-CAP EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (94.8%) BASIC MATERIALS (6.2%) Ferro 73,980 $ 1,679 Lennar, Cl A 19,500 1,909 Lubrizol 49,350 1,487 NVR* (D) 3,180 1,561 Potlatch 134,080 4,324 Rohm & Haas 43,300 1,739 -------- 12,699 -------- CAPITAL GOODS (7.3%) Advance Auto Parts* 2,290 187 BorgWarner 15,800 1,248 Delphi 137,960 1,212 Eaton 18,120 1,866 Goodrich 82,960 2,282 Harsco 49,350 1,957 Hubbell, Cl B 44,860 1,974 Jabil Circuit* 72,085 1,983 Textron 43,600 2,173 -------- 14,882 -------- COMMUNICATION SERVICES (3.0%) Avaya* 111,397 1,515 Belo, Cl A 44,610 1,267 CenturyTel 29,585 968 Harris 36,790 1,426 Reader's Digest Association 63,130 903 -------- 6,079 -------- COMPUTER SOFTWARE (5.5%) BMC Software* 39,225 652 Callidus Software* 5,970 101 Computer Associates International 42,095 981 Electronic Arts* 25,400 1,123 Intuit* 42,890 2,157 Open Solutions* 8,360 154 Quest Software* 46,470 690 Siebel Systems* (D) 87,030 1,147 Storage Technology* 31,130 785 Sungard Data Systems* 27,200 735 Symantec* 19,860 652 Veritas Software* 52,075 1,980 -------- 11,157 -------- CONSUMER CYCLICALS (10.7%) Albertson's 30,980 659 Big 5 Sporting Goods* 44,780 962 CBRL Group 8,680 358 Coach* 26,200 1,044 Dollar General 70,400 1,487 Fortune Brands 14,800 1,011 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- CONSUMER CYCLICALS -- CONTINUED Fossil* 35,020 $ 1,021 Hasbro (D) 55,760 1,233 Marvel Enterprises* 7,210 207 May Department Stores 98,400 2,918 Neiman-Marcus Group, Cl A* 9,700 523 RadioShack 31,140 970 Rent-A-Center* 34,540 1,122 Scholastic* 45,000 1,493 SCP Pool* 51,190 1,834 Sears Roebuck 22,200 1,224 Staples* 47,800 1,298 Xerox* (D) 86,060 1,048 Zale* (D) 23,630 1,280 -------- 21,692 -------- CONSUMER STAPLES (4.3%) Archer-Daniels-Midland 45,630 652 Clorox 24,630 1,156 HJ Heinz 69,480 2,508 RJ Reynolds Tobacco Holdings 19,980 1,103 Starbucks* 57,600 1,847 UST 38,810 1,397 -------- 8,663 -------- ENERGY (4.5%) Amerada Hess 47,330 2,242 Ashland 76,300 3,032 Marathon Oil 100,320 2,971 Tidewater (D) 35,020 967 -------- 9,212 -------- FINANCE (21.2%) Ameritrade Holding* 20,900 263 AmSouth Bancorp 27,350 656 Annaly Mortgage Management REIT (D) 91,940 1,587 AON 36,330 797 Archstone-Smith Trust REIT 24,780 681 Bear Stearns (D) 35,320 2,559 Brandywine Realty Trust REIT 33,330 902 Charter One Financial 17,360 577 Colonial Properties Trust REIT 59,090 2,275 Comerica 61,110 3,187 Commerce Bancshares 37,989 1,813 Countrywide Financial 22,860 2,414 Equity Office Properties Trust REIT 76,000 2,108 Equity Residential REIT 35,170 1,033 First Industrial Realty Trust REIT (D) 87,450 2,896 Jefferies Group 36,000 1,126 Legg Mason 9,800 781 29 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 MID-CAP EQUITY FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE -- CONTINUED Lexington Corporate Properties Trust REIT 40,800 $ 805 Lincoln National 64,140 2,515 Northern Trust 45,620 2,046 PMI Group 42,290 1,574 St. Paul 46,170 1,713 State Street 41,430 2,111 UnionBanCal 23,310 1,328 Unitrin 46,320 1,752 UnumProvident 19,680 294 Webster Financial (D) 70,340 3,225 -------- 43,018 -------- HEALTH CARE (8.3%) American Healthways* (D) 14,030 650 Beckman Coulter 16,500 844 Coventry Health Care* 15,790 946 Dade Behring Holdings* 64,100 2,167 IMS Health 49,300 1,135 Inamed* 27,200 2,131 Pacificare Health Systems* 9,840 641 Patterson Dental* (D) 17,800 1,212 Pharmaceutical Resources* 26,800 1,945 Select Medical* 37,950 1,360 Therasense* (D) 37,340 637 Watson Pharmaceuticals* (D) 18,370 866 WellChoice* 18,970 646 Zimmer Holdings* 26,000 1,714 -------- 16,894 -------- SEMICONDUCTORS (4.8%) Altera* 47,934 1,214 AMIS Holdings* 66,960 1,243 Amkor Technology* 26,870 524 Arrow Electronics* 75,995 1,777 Intersil, Cl A 74,830 1,976 Molex (D) 40,190 1,293 National Semiconductor* 30,000 1,342 Tessera Technologies* 26,870 490 -------- 9,859 -------- SERVICES (5.7%) Convergys* 33,310 511 Deluxe 37,800 1,557 DigitalNet Holdings* 1,785 36 Electronic Data Systems (D) 35,480 767 Getty Images* (D) 23,620 1,025 GTECH Holdings 20,835 1,037 H&R Block (D) 38,960 2,115 International Game Technology 33,800 1,173 Iron Mountain* (D) 13,000 478 LECG* 5,970 128 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- SERVICES -- CONTINUED National Processing* 60,500 $ 1,467 ServiceMaster 122,310 1,370 -------- 11,664 -------- TECHNOLOGY (5.8%) Apple Computer* 19,830 415 Avnet* 71,100 1,516 Lexmark International* 8,280 641 LSI Logic* 99,770 935 Monsanto 50,660 1,374 Network Associates* 23,560 315 Novellus Systems* 52,280 2,288 Nvidia* (D) 53,290 1,127 Pitney Bowes 78,620 3,125 -------- 11,736 -------- TRANSPORTATION (1.2%) Burlington Northern Santa Fe 47,780 1,422 Quality Distribution* (D) 53,740 982 -------- 2,404 -------- UTILITIES (6.3%) Black Hills 32,150 1,037 Citizens Communications* 94,420 1,025 Edison International* 58,510 1,195 GrafTech International Ltd.* 126,570 1,498 Great Plains Energy (D) 51,115 1,622 OGE Energy 160,540 3,824 PG&E* 34,100 857 Williams 39,510 371 WPS Resources 2,690 119 Xcel Energy 79,170 1,322 -------- 12,870 -------- Total Common Stock (Cost $162,799) 192,829 -------- PREFERRED CONVERTIBLE STOCK (0.1%) FINANCE (0.1%) UnumProvident (E) 8,680 280 -------- Total Preferred Convertible Stock (Cost $275) 280 -------- EXCHANGE TRADED FUND (2.3%) Midcap SPDR Trust, Ser 1 45,200 4,712 -------- Total Exchange Traded Fund (Cost $4,617) 4,712 -------- 30 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- SHORT-TERM INVESTMENT (9.2%) Boston Global Investment Trust -- Enhanced Portfolio (A) 18,627,475 $ 18,627 -------- Total Short-Term Investment (Cost $18,627) 18,627 -------- REPURCHASE AGREEMENT (5.0%) Bank of New York 1.050%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $10,168,301 (collateralized by various U.S. Government Obligations: total market value $10,370,877) (C) $10,167 10,167 -------- Total Repurchase Agreement (Cost $10,167) 10,167 -------- Total Investments (111.4%) (Cost $196,485) 226,615 -------- OTHER ASSETS AND LIABILITIES (-11.4%) Payable upon Return of Securities Loaned (18,627) Investment Advisory Fees Payable (183) Administration Fees Payable (11) Distribution Fees Payable (13) Custodian Fees Payable (1) Other Assets and Liabilities, Net (4,427) -------- TOTAL OTHER ASSETS AND LIABILITIES (23,262) -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 17,346,679 outstanding shares of beneficial interest $181,011 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 1,486,538 outstanding shares of beneficial interest 14,416 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 1,778,063 outstanding shares of beneficial interest 20,664 Undistributed net investment income 292 Accumulated net realized loss on investments (43,160) Net unrealized appreciation on investments 30,130 -------- Total Net Assets (100.0%) $203,353 ======== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($173,047,516 / 17,346,679 shares) $9.98 ======== Net Asset Value and Redemption Price Per Share -- A Shares ($14,278,015 / 1,486,538 shares) $9.60 ======== Maximum Offering Price Per Share -- A Shares ($9.60 / 96.25%) $9.97 ======== Net Asset Value and Offering Price Per Share -- L Shares (1) ($16,027,563 / 1,778,063 shares) $9.01 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 31 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 MID CAP VALUE EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (94.2%) BASIC MATERIALS (8.1%) Abitibi-Consolidated 247,300 $ 1,714 Bemis 29,600 1,347 Boise Cascade 55,500 1,638 Lubrizol 58,300 1,757 Nucor 25,300 1,420 PPG Industries 33,000 1,929 Sappi Ltd. ADR 103,600 1,334 -------- 11,139 -------- CAPITAL GOODS (10.5%) Black & Decker (D) 28,800 1,336 Empresa Brasileira de Aeronautica ADR (D) 50,700 1,492 Lear* 20,800 1,230 Leggett & Platt 79,600 1,619 Masco 27,600 751 Pentair 42,500 1,853 Raytheon 66,600 1,845 Rockwell Collins 24,700 664 Sonoco Products 75,000 1,605 W.W. Grainger 43,600 2,017 -------- 14,412 -------- COMMUNICATION SERVICES (1.5%) CenturyTel (D) 63,800 2,086 -------- CONSUMER CYCLICALS (17.4%) Abercrombie & Fitch, Cl A* 75,800 2,225 Blyth 68,900 2,070 Brinker International* 53,400 1,739 J.C. Penney 51,700 1,286 Knight-Ridder 18,000 1,339 Limited Brands 95,100 1,704 Mattel 136,700 2,767 Newell Rubbermaid 46,000 1,052 Pier 1 Imports (D) 87,000 2,218 Polo Ralph Lauren 58,800 1,745 RR Donnelley & Sons (D) 56,500 1,585 VF 65,100 2,687 Wendy's International 35,400 1,375 -------- 23,792 -------- CONSUMER STAPLES (6.6%) Adolph Coors, Cl B 28,600 1,576 Bunge 47,100 1,341 Dial (D) 52,400 1,356 HJ Heinz 58,000 2,094 PepsiAmericas 80,600 1,265 Smithfield Foods* (D) 62,600 1,468 -------- 9,100 -------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY (8.1%) Anadarko Petroleum 31,100 $ 1,397 Diamond Offshore Drilling (D) 91,200 1,601 GlobalSantaFe 68,000 1,462 Noble Energy 35,600 1,412 Tidewater (D) 84,400 2,330 Transocean* 80,200 1,554 Valero Energy (D) 31,700 1,366 -------- 11,122 -------- FINANCE (18.1%) Banknorth Group (D) 41,900 1,373 Bear Stearns 21,400 1,551 Boston Properties REIT (D) 29,200 1,351 Charter One Financial 52,780 1,753 Comerica 34,400 1,794 Developers Diversified Realty REIT 33,300 1,049 Hartford Financial Services Group 22,400 1,232 Keycorp 92,300 2,565 Nationwide Financial Services, Cl A (D) 59,100 1,929 PMI Group 34,500 1,284 PNC Financial Services Group 21,900 1,191 Protective Life 39,600 1,301 Safeco 48,800 1,827 South Financial Group 37,600 1,072 UnumProvident 80,600 1,203 Wilmington Trust 37,200 1,309 Zions Bancorporation 16,700 1,030 -------- 24,814 -------- HEALTH CARE (6.6%) Health Management Associates, Cl A 97,100 2,495 Hillenbrand Industries (D) 27,800 1,596 IVAX* 63,500 1,362 Shire Pharmaceuticals ADR* 59,100 1,478 Steris* (D) 90,200 2,086 -------- 9,017 -------- SERVICES (3.5%) Allied Waste Industries* (D) 172,500 2,148 Pittson Brink's Group 74,300 1,649 Viad 39,800 979 -------- 4,776 -------- TECHNOLOGY (8.6%) Autodesk 56,300 1,307 Avnet* 63,000 1,344 BISYS Group* (D) 62,500 933 Celestica* 94,000 1,436 32 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY -- CONTINUED Computer Sciences* 24,100 $ 998 Ingram Micro, Cl A* 92,200 1,344 Network Associates* 106,400 1,425 Pitney Bowes 30,700 1,220 Vishay Intertechnology* (D) 82,500 1,733 -------- 11,740 -------- TRANSPORTATION (0.8%) Werner Enterprises 61,400 1,115 -------- UTILITIES (4.4%) American Electric Power 24,600 681 FirstEnergy 28,400 984 FPL Group (D) 11,900 756 KeySpan 21,800 768 Pinnacle West Capital 18,700 736 PPL 24,800 1,014 Progress Energy 24,300 1,065 -------- 6,004 -------- Total Common Stock (Cost $114,266) 129,117 -------- SHORT-TERM INVESTMENT (13.7%) Boston Global Investment Trust -- Enhanced Portfolio (A) 18,799,688 18,800 -------- Total Short-Term Investment (Cost $18,800) 18,800 -------- CASH EQUIVALENTS (5.4%) Federated Prime Money Market Obligations Fund 3,629,850 3,630 Federated Prime Value Money Market Fund 3,693,290 3,693 -------- Total Cash Equivalents (Cost $7,323) 7,323 -------- Total Investments (113.3%) (Cost $140,389) 155,240 -------- OTHER ASSETS AND LIABILITIES (-13.3%) Payable upon Return of Securities Loaned (18,800) Investment Advisory Fees Payable (128) Administration Fees Payable (8) Distribution Fees Payable (1) Custodian Fees Payable (2) Other Assets and Liabilities, Net 673 -------- TOTAL OTHER ASSETS AND LIABILITIES (18,266) -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 13,058,109 outstanding shares of beneficial interest $143,820 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 7,722 outstanding shares of beneficial interest 75 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 749,588 outstanding shares of beneficial interest 7,585 Undistributed net investment income 88 Accumulated net realized loss on investments (29,445) Net unrealized appreciation on investments 14,851 -------- Total Net Assets (100.0%) $136,974 ======== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($129,497,906 / 13,058,109 shares) $9.92 ======== Net Asset Value and Redemption Price Per Share -- A Shares ($76,542 / 7,722 shares) $9.91 ======== Maximum Offering Price Per Share -- A Shares ($9.91 / 96.25%) $10.30 ======== Net Asset Value and Offering Price Per Share -- L Shares ($7,399,107 / 749,588 shares) $9.87 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 33 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 SMALL CAP GROWTH STOCK FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (99.3%) BASIC MATERIALS (3.4%) A. Schulman (D) 150,000 $ 2,932 Celanese* 130,000 4,572 Cooper Tire & Rubber (D) 181,600 3,634 Hercules* 400,000 4,016 M/I Schottenstein Homes 75,000 2,876 MDC Holdings (D) 30,000 2,081 Schnitzer Steel Industries, Cl A (D) 50,000 2,706 Silgan Holdings* 135,000 4,651 Standard-Pacific (D) 30,000 1,498 ---------- 28,966 ---------- CAPITAL GOODS (8.4%) Albany International, Cl A 164,400 5,098 America's Car Mart* 145,000 4,257 American Axle & Manufacturing Holdings* 165,000 6,539 BorgWarner (D) 50,000 3,950 Briggs & Stratton (D) 60,000 4,050 Copart* 99,000 1,188 CSK Auto* (D) 292,300 5,331 CTS 225,100 2,760 Dycom Industries* 165,000 4,183 ElkCorp (D) 150,000 3,813 Griffon* (D) 270,000 5,270 Newport* 100,000 1,703 Rogers* 145,000 6,365 Sensytech* 168,036 2,445 Simpson Manufacturing* 44,100 2,170 Thor Industries (D) 45,000 2,744 United Defense Industries* (D) 160,000 5,322 United Stationers* 105,000 4,237 ---------- 71,425 ---------- COMMUNICATION SERVICES (1.5%) Anaren* 80,000 1,198 Applied Signal Technology 106,330 2,318 Boston Communications Group* (D) 170,000 1,530 Ditech Communications* 220,000 3,861 EMS Technologies* 105,067 2,233 Symmetricom* 160,000 1,125 TTI Team Telecom International Ltd.* 142,428 702 ---------- 12,967 ---------- COMPUTER SOFTWARE (8.0%) American Software, Cl A 561,000 3,450 Ascential Software* 120,000 3,036 Ciber* (D) 270,000 2,460 Dot Hill Systems* 500,000 8,525 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMPUTER SOFTWARE -- CONTINUED Epicor Software* 173,500 $ 2,150 EPIQ Systems* 981 17 Hypercom* 500,000 2,545 Hypercom* (B) 250,000 1,158 Hyperion Solutions* (D) 150,000 4,977 Lexar Media* (D) 95,000 2,029 Lionbridge Technologies* (D) 460,000 4,968 Micros Systems* 30,450 1,317 Performance Technologies* 200,400 2,703 THQ* (D) 240,000 3,862 TradeStation Group* (D) 370,000 3,308 Transact Technologies* 112,600 2,629 Transaction Systems Architects, Cl A* 46,800 921 Ultimate Software Group* 100,000 898 Ultimate Software Group* (B) 700,000 5,783 Verint Systems* 150,000 3,477 WebEx Communications* (D) 270,000 5,335 Western Digital* 170,000 2,115 ---------- 67,663 ---------- CONSUMER CYCLICALS (16.9%) 4Kids Entertainment* (D) 300,000 8,055 Aeropostale* (D) 130,000 4,055 Alliance Gaming* (D) 40,000 1,048 Bebe Stores* (D) 205,000 5,804 Bombay* 480,000 4,910 Brown Shoe 140,000 4,890 Cache* 253,500 5,473 Cash America International 170,000 3,295 CBRL Group 160,000 6,600 Checkers Drive-In Restaurant* 280,000 2,565 Christopher & Banks (D) 220,000 5,951 DEL Laboratories* 125,895 3,040 Electronics Boutique Holdings* (D) 70,000 1,704 Goody's Family Clothing 342,700 3,639 Guitar Center* 110,000 3,198 Hooker Furniture 75,000 3,149 Imco Recycling* 190,000 1,435 JOS A Bank Clothiers* (D) 175,200 7,220 K-Swiss, Cl A (D) 95,000 4,627 K2* 200,000 3,060 Linens 'N Things* (D) 100,000 2,941 Movie Gallery* (D) 190,000 3,361 O'Charleys* (D) 221,000 3,768 O'Reilly Automotive* 60,000 2,611 Penn National Gaming* (D) 260,000 6,141 Rare Hospitality International* (D) 210,000 5,250 Select Comfort* 130,000 3,498 Sonic* (D) 120,000 3,704 34 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- CONSUMER CYCLICALS -- CONTINUED Sonic Automotive (D) 175,000 $ 3,929 Sonic Solutions* (D) 340,000 6,416 Sports Authority* (D) 60,000 2,610 Steak N Shake* 135,600 2,387 Steiner Leisure Ltd.* (D) 250,000 3,705 Tuesday Morning* 135,000 4,315 Vans* 356,100 4,558 ---------- 142,912 ---------- CONSUMER STAPLES (1.3%) Cott (D) 240,000 6,247 Sanderson Farms 130,000 4,470 ---------- 10,717 ---------- ENERGY (8.4%) Cal Dive International* (D) 170,000 3,604 Comstock Resources* 290,000 4,727 Core Laboratories* 270,000 4,023 Denbury Resources* 130,000 1,643 Energen 65,000 2,531 Grey Wolf* 650,000 2,203 Harvest Natural Resources* 470,000 3,483 Headwaters* (D) 310,000 5,915 Horizon Offshore* 390,000 1,747 Key Energy Services* 250,000 2,278 Magnum Hunter Resources* 630,000 5,664 Maverick Tube* 280,000 5,174 National-Oilwell* (D) 120,000 2,309 Oil States International* 190,000 2,386 Peabody Energy 140,000 4,718 Premcor* 180,000 4,185 Remington Oil & Gas* 220,000 3,927 Southwestern Energy* 95,000 1,939 Superior Energy Services* 200,000 1,696 Torch Offshore* 270,000 1,434 Ultra Petroleum* 120,000 2,287 Unit* 170,000 3,502 ---------- 71,375 ---------- FINANCE (7.7%) American Safety Insurance Holdings Ltd. 100,000 1,347 Arch Capital Group Ltd.* 100,000 3,696 Asta Funding 150,000 4,740 BankAtlantic Bancorp, Cl A 250,000 4,743 Columbia Bancorp 50,000 1,468 Dime Community Bancshares 115,000 3,536 Doral Financial (D) 30,000 1,517 Federal Agricultural Mortgage, Cl C* (D) 94,400 2,689 First Cash Financial Services* 120,000 3,187 First Niagara Financial Group 100,000 1,519 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE -- CONTINUED FirstFed Financial* 40,000 $ 1,880 Hub International Ltd. 100,000 1,642 IPC Holdings Ltd. 130,000 4,876 Northwest Bancorp 58,500 1,283 R&G Financial, Cl B 220,000 8,318 RLI 130,000 4,706 South Financial Group 120,000 3,420 United Community Banks 51,500 1,739 Westcorp (D) 125,000 4,681 World Acceptance* 200,000 3,864 ---------- 64,851 ---------- HEALTH CARE (18.0%) Alaris Medical Systems* 70,000 1,114 American Healthways* (D) 70,000 3,242 American Medical Security Group* 150,000 3,373 AMERIGROUP* 60,000 2,635 Amsurg* (D) 40,000 1,488 Andrx* (D) 170,000 3,733 Applera -- Celera Genomics Group* 320,000 4,342 Bio-Rad Laboratories, Cl A* 90,000 4,612 Biosite* (D) 50,000 1,342 Centene* 55,000 1,688 Connetics* (D) 209,800 3,703 Creo Products* 260,000 2,759 Cyberonics* (D) 200,000 5,498 Diagnostic Products 43,929 1,987 Endo Pharmaceuticals Holdings* 150,000 2,826 Fisher Scientific International* 140,000 5,638 Gen-Probe* 75,000 2,604 Gentiva Health Services* 400,000 5,228 Guilford Pharmaceuticals* (D) 300,000 2,049 I-Stat* (D) 180,000 2,268 ICU Medical* (D) 50,000 1,704 Idexx Laboratories* (D) 90,000 4,262 Ii-Vi* 130,000 2,959 Integra LifeSciences Holdings* (D) 155,000 4,865 Kos Pharmaceuticals* (D) 180,000 8,010 Martek Biosciences* (D) 120,000 7,289 Merit Medical Systems* 110,000 3,443 Osteotech* 292,900 2,241 Per-Se Technologies* 252,400 3,546 Possis Medical* 280,000 4,771 Protein Design Labs* (D) 370,000 5,128 Renal Care Group* 110,000 4,440 Sierra Health Services* (D) 280,000 7,672 SurModics* (D) 110,000 2,329 Sybron Dental Specialties* 121,800 3,509 35 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 SMALL CAP GROWTH STOCK FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- HEALTH CARE -- CONTINUED Taro Pharmaceuticals Industries* (D) 105,000 $ 7,239 Techne* (D) 100,000 3,608 Unifirst 90,000 2,091 Ventana Medical Systems* 135,000 5,087 WellChoice* 150,000 5,105 West Pharmaceutical Services 33,500 1,139 ---------- 152,566 ---------- SEMICONDUCTORS (3.9%) Conexant Systems* 445,000 2,247 Cypress Semiconductor* (D) 380,000 8,504 Integrated Device Technology* 430,000 8,106 Monolithic System Technology* 300,000 2,238 Nam Tai Electronics Adr (D) 210,000 7,768 Power-One* 540,000 4,552 ---------- 33,415 ---------- SERVICES (8.7%) Anteon International* (D) 160,000 6,106 Bennett Environmental* (D) 300,000 5,241 CDI 130,000 4,407 Central European Distribution* (D) 75,000 2,356 Concorde Career Colleges* 200,100 5,303 Corinthian Colleges* 40,000 2,557 Corrections Corp of America* 150,000 4,200 eSpeed, Cl A* 250,000 5,895 Exult* 350,000 2,516 Getty Images* (D) 70,000 3,038 Gevity HR 277,800 6,251 Kroll* (D) 250,000 5,988 MPS Group* 286,000 2,631 Navigant Consulting* 379,200 6,560 Secure Computing* (D) 380,000 5,711 SM&A* 420,000 4,952 ---------- 73,712 ---------- TECHNOLOGY (8.7%) Actel* (D) 55,000 1,508 Advanced Power Technology* 100,000 821 Aeroflex* 380,000 4,822 Ansys* 65,200 2,516 ATMI* (D) 128,800 2,962 Avocent* 150,000 5,743 Axcelis Technologies* 250,000 2,867 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY -- CONTINUED CACI International, Cl A* 70,000 $ 3,484 Computer Network Technology* (D) 280,000 2,786 Infocrossing* 10,000 100 Infocrossing* (B) 397,455 3,653 infoUSA* 190,000 1,615 Itron* (D) 150,000 2,879 IXYS* 540,000 4,536 Maxtor* (D) 550,000 6,138 Mercury Computer Systems* (D) 180,000 4,311 Neoware Systems* (D) 330,000 5,534 Silicon Storage Technology* 268,959 3,650 Take-Two Interactive Software* (D) 160,000 5,296 Vitesse Semiconductor* (D) 600,000 4,380 Wilson Greatbatch Technologies* 100,000 4,190 ---------- 73,791 ---------- TRANSPORTATION (4.4%) Celadon Group* 175,400 2,385 ExpressJet Holdings* (D) 180,000 2,828 JB Hunt Transport Services* (D) 140,000 3,662 Marten Transport Ltd.* 160,000 3,859 OMI* 600,000 4,416 Overnite* (D) 50,000 1,118 Pacer International* 200,000 4,186 PAM Transportation Services* 120,000 2,346 Skywest 280,000 4,830 US Xpress Enterprises, Cl A* 170,000 2,270 Werner Enterprises 275,000 4,991 ---------- 36,891 ---------- Total Common Stock (Cost $641,514) 841,251 ---------- WARRANTS (0.0%) InfoCrossing, Expires 10/31/08* (B) 139,109 273 ---------- Total Warrants (Cost $6) 273 ---------- SHORT-TERM INVESTMENT (21.7%) Boston Global Investment Trust -- Enhanced Portfolio (A) 183,637,550 183,638 ---------- Total Short-Term Investment (Cost $183,638) 183,638 ---------- 36 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (0.7%) Bank of New York 1.050%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $5,521,754, (collateralized by U.S. Treasury Obligations total market value $5,632,485) (C) $5,521 $ 5,521 ---------- Total Repurchase Agreement (Cost $5,521) 5,521 ---------- Total Investments (121.7%) (Cost $830,679) 1,030,683 ---------- OTHER ASSETS AND LIABILITIES (-21.7%) Payable upon Return of Securities Loaned (183,638) Investment Advisory Fees Payable (797) Administration Fees Payable (49) Distribution Fees Payable (34) Custodian Fees Payable (16) Transfer Agent Shareholder Servicing Fees Payable (1) Other Assets and Liabilities, Net 806 ---------- TOTAL OTHER ASSETS AND LIABILITIES (183,729) ---------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 40,226,111 outstanding shares of beneficial interest $ 606,982 Paid in Capital --A Shares (unlimited authorization -- no par value) based on 1,586,714 outstanding shares of beneficial interest 21,229 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 2,127,936 outstanding shares of beneficial interest 35,556 Accumulated net investment loss (2,783) Accumulated net realized loss on investments (14,034) Net unrealized appreciation on investments 200,004 --------- Total Net Assets (100.0%) $ 846,954 ========= Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($777,783,932 / 40,226,111 shares) $19.34 ========= Net Asset Value and Redemption Price Per Share -- A Shares ($30,242,046 / 1,586,714 shares) $19.06 ========= Maximum Offering Price Per Share -- A Shares ($19.06 / 96.25%) $19.80 ========= Net Asset Value and Offering Price Per Share -- L Shares (1) ($38,927,928 / 2,127,936 shares) $18.29 ========= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 37 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 SMALL CAP VALUE EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (94.8%) BASIC MATERIALS (6.9%) Carpenter Technology 179,900 $ 4,821 Cia Siderurgica Nacional ADR* 59,300 2,668 Lubrizol 167,500 5,047 Olin (D) 316,900 5,771 Sappi Ltd. ADR 458,100 5,900 Sociedad Quimica Minera de Chile ADR 75,900 3,146 Tenaris ADR* 103,173 2,819 Texas Industries (D) 315,700 9,222 United States Steel 270,500 6,722 Wellman 133,400 1,160 -------- 47,276 -------- CAPITAL GOODS (18.0%) Baldor Electric 277,800 6,028 BHA Group Holdings 63,600 1,596 BorgWarner 126,700 10,009 Briggs & Stratton (D) 82,700 5,582 Cummins 89,500 4,157 Edelbrock 12,540 149 Empresa Brasileira de Aeronautica ADR (D) 524,816 15,440 Federal Signal (D) 215,000 3,257 Goodrich 184,200 5,067 HON Industries 173,700 7,381 Lennox International (D) 258,789 4,400 LSI Industries 509,187 6,340 Makita ADR 870,600 7,888 Oshkosh Truck 164,400 7,710 Quixote 309,100 7,616 Robbins & Myers 279,400 6,164 Roper Industries 80,100 4,016 Snap-On 156,300 4,692 Standard Register 77,900 1,237 Stewart & Stevenson Services 256,600 3,603 Tecumseh Products, Cl A 80,300 3,305 Valspar 127,900 6,171 York International 67,200 2,685 -------- 124,493 -------- COMMUNICATION SERVICES (4.0%) Harris 703,928 27,291 -------- CONSUMER CYCLICALS (20.1%) Bassett Furniture Industries 228,300 3,744 Benetton Group ADR (D) 238,900 6,152 Blyth 158,100 4,751 CBRL Group 237,900 9,813 Circuit City Stores (D) 1,299,900 16,925 Ethan Allen Interiors (D) 198,200 8,067 Fairmont Hotels & Resorts (D) 247,400 6,816 Harman International Industries (D) 50,614 6,897 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- CONSUMER CYCLICALS -- CONTINUED Intrawest (D) 443,100 $ 8,357 John H. Harland (D) 239,300 6,557 John Wiley & Sons, Cl A 213,800 5,559 Libbey (D) 149,800 4,390 Media General, Cl A 121,500 8,127 Movado Group 149,400 4,062 Natuzzi ADR 284,500 2,851 Nautilus Group (D) 579,200 8,242 Phillips-Van Heusen 354,200 6,234 Pier 1 Imports (D) 302,800 7,721 Sturm Ruger 139,100 1,604 Winnebago Industries (D) 215,200 11,894 -------- 138,763 -------- CONSUMER STAPLES (6.5%) Adolph Coors, Cl B (D) 148,100 8,162 Church & Dwight 292,800 11,861 Dial (D) 220,500 5,707 Ingles Markets, Cl A 225,800 2,281 Interstate Bakeries 168,200 2,649 JM Smucker 206,043 9,464 Sensient Technologies (D) 267,135 5,035 -------- 45,159 -------- ENERGY (2.9%) Arch Coal (D) 199,000 5,272 ENSCO International 129,100 3,266 Noble Energy 73,700 2,922 Peabody Energy 259,100 8,732 -------- 20,192 -------- FINANCE (12.3%) American Financial Group 212,000 5,198 Banner 120,300 3,025 City National (D) 111,700 7,066 Colonial BancGroup 402,700 6,729 FNB 138,133 4,583 Glacier Bancorp 155,797 4,934 HCC Insurance Holdings 263,700 8,204 Horizon Financial 242,706 4,293 Hub International Ltd. 459,800 7,550 PXRE Group Ltd. 180,500 4,368 Scottish Annuity & Life Holdings Ltd. 182,900 3,832 Seacoast Banking Corp of Florida 227,700 4,033 Stancorp Financial Group 82,700 5,174 Washington Federal 175,376 5,002 West Coast Bancorp 239,453 5,206 Wilmington Trust 161,500 5,685 -------- 84,882 -------- 38 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- HEALTH CARE (1.7%) Alpharma, Cl A 211,029 $ 4,252 Cambrex 312,900 7,591 -------- 11,843 -------- SERVICES (7.0%) ABM Industries 352,300 5,584 Hollinger International 385,000 6,125 Pittson Brink's Group 845,300 18,766 Reynolds & Reynolds, Cl A 532,600 14,774 Roto-Rooter 87,600 3,224 Sotheby's Holdings, Cl A* 1,515 18 -------- 48,491 -------- TECHNOLOGY (8.8%) Autodesk 1,021,000 23,708 C&D Technologies 283,800 5,682 Fair Isaac (D) 119,800 6,608 Helix Technology 345,900 7,506 Keithley Instruments 258,500 4,666 Premier Farnell ADR 805,500 7,161 Symbol Technologies 360,600 5,030 -------- 60,361 -------- TRANSPORTATION (4.6%) Canadian Pacific Railway Ltd. 48,300 1,316 CHC Helicopter, Cl A 397,400 8,528 CP Ships Ltd. (D) 645,600 12,215 KLM Royal Dutch Air 467,200 7,400 USF 77,600 2,563 -------- 32,022 -------- UTILITIES (2.0%) Allete 332,069 9,885 Puget Energy 171,600 3,990 -------- 13,875 -------- Total Common Stock (Cost $484,124) 654,648 -------- CASH EQUIVALENT (0.0%) SEI Daily Income Trust Prime Obligation Fund, Cl A 37,201 37 -------- Total Cash Equivalent (Cost $37) 37 -------- SHORT-TERM INVESTMENT (12.7%) Boston Global Investment Trust -- Enhanced Portfolio (A) 87,319,791 87,320 -------- Total Short-Term Investment (Cost $87,320) 87,320 -------- -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (5.1%) Morgan Stanley 0.995%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $34,832,072, (collateralized by U.S. Treasury Obligations total market value $35,528,714) (C) $35,004 $ 35,004 -------- Total Repurchase Agreement (Cost $35,004) 35,004 -------- Total Investments (112.6%) (Cost $606,485) 777,009 -------- OTHER ASSETS AND LIABILITIES (-12.6%) Payable upon Return of Securities Loaned (87,320) Investment Advisory Fees Payable (629) Administration Fees Payable (38) Distribution Fees Payable (31) Custodian Fees Payable (8) Transfer Agent Shareholder Servicing Fees Payable (1) Other Assets and Liabilities, Net 1,160 -------- TOTAL OTHER ASSETS AND LIABILITIES (86,867) -------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 38,203,268 outstanding shares of beneficial interest 485,410 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 38,919 outstanding shares of beneficial interest 647 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 2,721,710 outstanding shares of beneficial interest 44,073 Undistributed net investment income 613 Accumulated net realized loss on investments (11,125) Net unrealized appreciation on investments 170,524 -------- Total Net Assets (100.0%) $690,142 ======== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($644,292,190 / 38,203,268) $16.86 ======== Net Asset Value and Redemption Price Per Share -- A Shares ($654,493 / 38,919 shares) $16.82 ======== Maximum Offering Price Per Share -- A Shares ($16.82 / 96.25%) $17.48 ======== Net Asset Value and Offering Price Per Share -- L Shares (1) ($45,195,114 / 2,721,710 shares) $16.61 ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 39 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 STRATEGIC QUANTITATIVE EQUITY FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (97.7%) BASIC MATERIALS (7.7%) Belden 10,385 $ 205 Centex 2,414 264 Cytec Industries* 5,566 202 Dow Chemical 7,488 281 DR Horton 5,201 227 Fleetwood Enterprises* 20,347 207 Hovnanian Enterprises, Cl A* 2,235 206 KB Home 3,423 236 Lennar, Cl A 2,263 222 MDC Holdings 3,078 213 PPG Industries 4,859 284 Pulte Homes 2,720 260 Reliance Steel & Aluminum 6,850 202 Ryland Group 2,343 216 Standard-Pacific 4,334 216 Toll Brothers* 5,655 234 -------- 3,675 -------- CAPITAL GOODS (8.8%) Alaska Air Group* 6,661 192 Allete 6,334 189 Applied Industrial Technologies 8,473 201 Briggs & Stratton 2,958 200 Carlisle 3,353 197 Crane 10,011 291 Eaton 2,821 291 Goodrich 10,228 281 HON Industries 4,140 176 Oshkosh Truck 4,199 197 Paccar 3,560 286 Parker Hannifin 5,537 304 Standard Register 11,037 175 TBC* 7,576 224 Tektronix 18,544 511 Teledyne Technologies* 11,778 202 Textron 5,703 284 -------- 4,201 -------- COMMUNICATION SERVICES (5.4%) Andrew* 35,044 412 Avaya* 36,383 495 Avid Technology* 7,689 407 Checkpoint Systems* 21,236 411 Lucent Technologies* 140,177 448 Polycom* 20,068 398 -------- 2,571 -------- COMPUTER SOFTWARE (9.9%) Ascential Software* 17,998 456 Citrix Systems* 18,987 456 JDA Software Group* 18,842 343 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMPUTER SOFTWARE -- CONTINUED Peoplesoft* 22,913 $ 485 Radisys* 20,582 379 RSA Security* 31,112 457 Symantec* 14,376 472 Systems & Computer Technology* 27,118 415 Transaction Systems Architects, Cl A* 20,271 399 Veritas Software* 13,129 499 WebEx Communications* 18,580 367 -------- 4,728 -------- CONSUMER CYCLICALS (11.1%) Applebees International 5,578 216 Autozone* 2,433 233 Bed Bath & Beyond* 5,548 234 Best Buy 4,034 250 Chico's FAS* 5,536 212 Coach* 5,750 229 Deere 4,706 288 Dollar General 10,501 222 Duane Reade* 13,441 187 Fortune Brands 3,608 247 Gap 12,316 265 Harman International Industries 1,647 224 Hasbro 10,741 238 HOT Topic* 7,157 213 Johnson Controls 2,188 239 K-Swiss, Cl A 4,654 227 Lowe's 4,014 234 Pacific Sunwear of California* 9,022 205 Performance Food Group* 4,816 189 RadioShack 7,867 245 Regis 5,434 223 Staples* 8,842 240 Tiffany 4,962 225 -------- 5,285 -------- CONSUMER STAPLES (3.9%) Adolph Coors, Cl B 4,840 267 Anheuser-Busch 5,468 283 Corn Products International 5,343 185 Dean Foods* 5,963 196 Kroger* 15,436 291 PepsiAmericas 11,927 187 Ruddick 11,255 190 Supervalu 10,678 276 -------- 1,875 -------- ENERGY (3.0%) CARBO Ceramics 1,652 72 ChevronTexaco 2,322 174 Devon Energy 3,581 177 40 -------------------------------------------------------------------------------- (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- ENERGY -- CONTINUED Exxon Mobil 4,707 $ 170 FMC Technologies* 3,410 73 Newfield Exploration* 1,739 71 Occidental Petroleum 4,893 180 Patina Oil & Gas 1,636 73 Plains Resources* 5,259 82 Pogo Producing 1,641 72 Prima Energy* 2,426 72 Stone Energy* 1,909 71 Swift Energy* 4,957 70 XTO Energy 2,931 74 -------- 1,431 -------- FINANCE (19.4%) ACE 9,065 331 Allstate 8,127 328 AMBAC Financial Group 4,552 313 Bank of America 4,256 321 Bear Stearns 4,212 305 Chubb 4,825 316 Countrywide Financial 3,050 322 Everest Re Group Ltd. 5,447 448 Fidelity National Financial 14,723 520 First American 15,921 471 Flagstar Bancorp 20,113 445 Irwin Financial 16,323 494 John Hancock Financial Services 9,065 333 JP Morgan Chase 8,965 317 Landamerica Financial Group 9,046 465 Lehman Brothers Holdings 4,469 323 Lincoln National 8,127 319 MBNA 12,976 318 Merrill Lynch 5,417 307 Metlife 10,315 337 New Century Financial 12,176 463 Stancorp Financial Group 7,174 449 Stewart Information Services* 14,124 546 Zenith National Insurance 15,069 492 -------- 9,283 -------- HEALTH CARE (6.6%) Amgen* 2,999 172 Biomet 5,134 184 Bristol-Myers Squibb 7,354 194 C.R. Bard 2,318 175 Cooper 3,834 175 Coventry Health Care* 3,049 183 Dentsply International 3,782 170 Genzyme* 4,003 187 Health Net* 5,280 173 Henry Schein* 2,685 181 Hillenbrand Industries 2,808 161 Johnson & Johnson 3,715 183 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- HEALTH CARE -- CONTINUED Lincare Holdings* 4,321 $ 129 Mid Atlantic Medical Services* 2,826 174 Stryker 2,285 185 Techne* 4,793 173 UnitedHealth Group 3,140 169 WellPoint Health Networks* 2,078 194 -------- 3,162 -------- SEMICONDUCTORS (6.8%) Broadcom, Cl A* 14,755 537 ESS Technology* 28,668 478 Micrel* 24,323 416 National Semiconductor* 11,682 522 Sanmina-SCI* 46,725 570 Silicon Laboratories* 7,418 364 Standard Microsystems* 13,423 360 -------- 3,247 -------- SERVICES (2.8%) Cendant* 13,772 305 Coinstar* 13,231 223 Consolidated Graphics* 6,900 207 United Rentals* 11,167 207 URS* 8,861 202 US Oncology* 17,020 173 -------- 1,317 -------- TECHNOLOGY (9.9%) Apple Computer* 20,723 434 CACI International, Cl A* 8,124 404 Corning* 42,938 492 EMC* 34,288 471 Filenet* 15,089 395 Intel 14,487 484 j2 Global Communications* 14,132 402 Monsanto 11,292 306 Sandisk* 5,075 410 Texas Instruments 16,491 491 Trimble Navigation Ltd.* 14,489 440 -------- 4,729 -------- TRANSPORTATION (2.4%) Atlantic Coast Airlines Holdings* 17,561 192 JB Hunt Transport Services* 7,576 198 Northrop Grumman 3,172 294 Ryder System 9,410 294 Skywest 10,499 181 -------- 1,159 -------- Total Common Stock (Cost $42,646) 46,663 -------- 41 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 STRATEGIC QUANTITATIVE EQUITY FUND--CONCLUDED -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (2.2%) Morgan Stanley 0.995%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $1,032,157, (collateralized by U.S. Treasury Obligations total market value $1,052,800) (C) $1,029 $ 1,029 ------- Total Repurchase Agreement (Cost $1,029) 1,029 ------- Total Investments (99.9%) (Cost $43,675) 47,692 ------- OTHER ASSETS AND LIABILITIES (0.1%) Investment Advisory Fees Payable (36) Administration Fees Payable (2) Other Assets and Liabilities, Net 83 ------- TOTAL OTHER ASSETS AND LIABILITIES 45 ------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 3,955,305 outstanding shares of beneficial interest $42,105 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 3,534 outstanding shares of beneficial interest 41 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 52,335 outstanding shares of beneficial interest 604 Accumulated net investment loss (20) Accumulated net realized gain on investments 990 Net unrealized appreciation on investments 4,017 ------- Total Net Assets (100.0%) $47,737 ======= Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($47,073,275 / 3,955,305 shares) $11.90 ======= Net Asset Value and Redemption Price Per Share -- A Shares ($42,040 / 3,534 shares) $11.90 ======= Maximum Offering Price Per Share -- A Shares ($11.90 / 96.25%) $12.36 ======= Net Asset Value and Offering Price Per Share -- L Shares (1) ($621,985 / 52,335 shares) $11.88 ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 42 -------------------------------------------------------------------------------- (UNAUDITED) TAX SENSITIVE GROWTH STOCK FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (99.8%) CAPITAL GOODS (8.1%) 3M 75,132 $ 5,938 Applied Materials* 170,606 4,146 Danaher 40,000 3,328 General Electric 245,844 7,048 Masco 61,600 1,676 --------- 22,136 --------- COMMUNICATION SERVICES (3.0%) COX Communications, Cl A* (D) 124,300 4,214 Qualcomm 89,500 3,987 --------- 8,201 --------- COMPUTER SOFTWARE (1.5%) Veritas Software* 107,000 4,068 --------- CONSUMER CYCLICALS (19.9%) Bed Bath & Beyond* 175,100 7,396 Coach* 230,000 9,163 Costco Wholesale* 80,000 2,866 Gap 108,100 2,324 Harley-Davidson (D) 65,100 3,071 Home Depot 120,000 4,411 Lowe's 125,000 7,287 Target 35,500 1,375 Wal-Mart Stores 171,881 9,563 Walgreen 66,339 2,442 Walt Disney 189,500 4,376 --------- 54,274 --------- CONSUMER STAPLES (7.8%) Anheuser-Busch 50,000 2,591 Gillette 87,000 2,935 PepsiCo 135,000 6,496 Procter & Gamble 70,000 6,737 Starbucks* 79,800 2,559 --------- 21,318 --------- ENERGY (2.7%) Apache 39,875 2,863 Schlumberger 93,800 4,401 --------- 7,264 --------- FINANCE (13.4%) Aflac 166,000 5,971 American Express 121,180 5,539 American International Group 68,477 3,968 Bank of America 62,371 4,705 Citigroup 105,946 4,984 Fannie Mae 57,621 4,033 MBNA 148,700 3,646 -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE -- CONTINUED Progressive 23,100 $ 1,804 State Street 40,700 2,074 --------- 36,724 --------- HEALTH CARE (18.1%) Allergan 25,000 1,868 Amgen* 105,900 6,090 Biomet 149,600 5,351 Health Management Associates, Cl A 105,000 2,699 Johnson & Johnson 166,732 8,218 Medtronic 92,063 4,161 Pfizer 366,093 12,283 UnitedHealth Group 129,100 6,959 Wyeth 42,640 1,680 --------- 49,309 --------- SEMICONDUCTORS (2.5%) Analog Devices* 40,500 2,015 Xilinx* 125,000 4,699 --------- 6,714 --------- SERVICES (1.2%) eBay* 25,000 1,396 United Parcel Service, Cl B 26,600 1,936 --------- 3,332 --------- TECHNOLOGY (21.6%) Affiliated Computer Services, Cl A* (D) 80,000 4,011 Apple Computer* 172,300 3,604 Cisco Systems* 430,079 9,746 Dell* 200,000 6,900 EMC* 327,100 4,494 Intel 330,886 11,062 International Business Machines 24,985 2,262 Microsoft 399,056 10,256 Oracle* 555,808 6,675 --------- 59,010 --------- Total Common Stock (Cost $204,347) 272,350 --------- SHORT-TERM INVESTMENT (3.1%) Boston Global Investment Trust -- Enhanced Portfolio (A) 8,556,625 8,557 --------- Total Short-Term Investment (Cost $8,557) 8,557 --------- 43 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 TAX SENSITIVE GROWTH STOCK FUND--CONCLUDED -------------------------------------------------------------------------------- FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- REPURCHASE AGREEMENT (0.3%) Bank of New York 1.050%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $803,930, (collateralized by U.S. Treasury Obligations total market value $820,840) (C) $804 $ 804 --------- Total Repurchase Agreement (Cost $804) 804 --------- Total Investments (103.2%) (Cost $213,708) 281,711 --------- OTHER ASSETS AND LIABILITIES (-3.2%) Payable upon Return of Securities Loaned (8,557) Investment Advisory Fees Payable (260) Administration Fees Payable (16) Distribution Fees Payable (79) Custodian Fees Payable (5) Other Assets and Liabilities, Net 274 --------- TOTAL OTHER ASSETS AND LIABILITIES (8,643) --------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 7,366,139 outstanding shares of beneficial interest $265,438 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 10,587 outstanding shares of beneficial interest 234 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 5,002,629 outstanding shares of beneficial interest 202,530 Accumulated net investment loss (1,747) Accumulated net realized loss on investments (261,390) Net unrealized appreciation on investments 68,003 --------- Total Net Assets (100.0%) $ 273,068 ========= Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($165,815,446 / 7,366,139 shares) $22.51 ========= Net Asset Value and Redemption Price Per Share -- A Shares ($238,270 / 10,587 shares) $22.51 ========= Maximum Offering Price Per Share -- A Shares ($22.51 / 96.25%) $23.39 ========= Net Asset Value and Offering Price Per Share -- L Shares (1) ($107,013,924 / 5,002,629 shares) $21.39 ========= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 44 -------------------------------------------------------------------------------- (UNAUDITED) VALUE INCOME STOCK FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (94.7%) BASIC MATERIALS (9.4%) Alcoa 267,900 $ 8,790 Bemis 88,500 4,027 E.I. du Pont de Nemours 307,600 12,753 International Flavors & Fragrances (D) 180,000 5,844 International Paper 326,000 12,130 Nucor 158,400 8,888 PPG Industries 169,500 9,911 Rohm & Haas (D) 238,300 9,568 Vulcan Materials 103,800 4,616 --------- 76,527 --------- CAPITAL GOODS (12.7%) Boeing 116,000 4,453 Dover 211,800 8,131 Emerson Electric 205,400 12,538 General Electric 426,900 12,239 Honeywell International 410,900 12,200 Lockheed Martin 179,900 8,265 Masco (D) 299,300 8,141 Pall 161,400 4,135 Parker Hannifin 160,900 8,848 Rockwell Collins 151,100 4,063 Sonoco Products 190,200 4,070 Teleflex 140,700 6,438 W.W. Grainger 218,900 10,126 --------- 103,647 --------- COMMUNICATION SERVICES (7.4%) Alltel 253,900 11,530 BellSouth 516,500 13,444 Harris 239,300 9,278 SBC Communications 567,900 13,221 Verizon Communications 387,810 12,708 --------- 60,181 --------- CONSUMER CYCLICALS (12.6%) Colgate-Palmolive 229,500 12,049 Gannett 146,600 12,696 Genuine Parts 227,300 7,155 Leggett & Platt 402,600 8,189 Limited Brands 657,500 11,782 Mattel 428,200 8,667 May Department Stores (D) 291,100 8,631 McGraw-Hill 151,500 10,378 Newell Rubbermaid 175,300 4,009 VF 248,400 10,251 Walt Disney 378,000 8,728 --------- 102,535 --------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- CONSUMER STAPLES (5.4%) Clorox 185,700 $ 8,713 HJ Heinz 294,100 10,617 Kimberly-Clark 223,100 12,096 Kraft Foods, Cl A (D) 129,700 4,108 PepsiCo 170,100 8,185 --------- 43,719 --------- ENERGY (7.5%) BP ADR 283,900 12,120 Diamond Offshore Drilling 468,000 8,213 Exxon Mobil 447,100 16,171 GlobalSantaFe 373,100 8,022 Schlumberger 160,500 7,531 Tidewater 313,800 8,664 --------- 60,721 --------- FINANCE (25.5%) Allstate 201,900 8,153 American Express 170,800 7,807 American International Group 191,204 11,080 Bank of America 214,400 16,172 Bank of New York 291,700 8,949 Bank One 291,600 12,644 Citigroup 343,900 16,177 Comerica 237,000 12,360 Hartford Financial Services Group 153,300 8,431 Keycorp 465,100 12,925 Lehman Brothers Holdings 185,300 13,381 Merrill Lynch 207,000 11,747 Nationwide Financial Services, Cl A 270,100 8,816 Safeco 364,000 13,625 Travelers Property Casualty, Cl A 499,300 7,789 US Bancorp 430,600 11,932 Wachovia 265,400 12,142 Wells Fargo 237,100 13,593 --------- 207,723 --------- HEALTH CARE (6.3%) Abbott Laboratories 389,800 17,229 Becton Dickinson 223,500 8,947 Johnson & Johnson 272,600 13,437 Wyeth 296,100 11,666 --------- 51,279 --------- TECHNOLOGY (5.3%) Automatic Data Processing 160,000 6,117 Hewlett-Packard 402,700 8,735 Koninklijke Philips Electronics 312,400 8,878 Motorola 625,100 8,776 45 STATEMENT OF NET ASSETS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 VALUE INCOME STOCK FUND--CONCLUDED -------------------------------------------------------------------------------- SHARES/FACE AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY -- CONTINUED Pitney Bowes 265,800 $ 10,566 --------- 43,072 --------- TRANSPORTATION (1.1%) Norfolk Southern 413,300 8,849 --------- UTILITIES (1.5%) FPL Group (D) 65,100 4,137 Progress Energy 189,100 8,286 --------- 12,423 --------- Total Common Stock (Cost $688,593) 770,676 --------- SHORT-TERM INVESTMENT (1.7%) Boston Global Investment Trust -- Enhanced Portfolio (A) 14,335,825 14,336 --------- Total Short-Term Investment (Cost $14,336) 14,336 --------- REPURCHASE AGREEMENTS (5.1%) Bank of New York 1.030%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $26,536,324, (collateralized by U.S. Treasury Obligations total market value $27,065,555) (C) $26,534 26,534 Morgan Stanley 0.995%, dated 11/28/03, to be repurchased on 12/01/03, repurchase price $14,957,956, (collateralized by U.S. Treasury Obligations, total market value $15,257,115) (C) 14,955 14,955 -------- Total Repurchase Agreements (Cost $41,489) 41,489 -------- Total Investments (101.5%) (Cost $744,418) 826,501 -------- OTHER ASSETS AND LIABILITIES (-1.5%) Payable upon Return of Securities Loaned (14,336) Investment Advisory Fees Payable (532) Administration Fees Payable (47) Distribution Fees Payable (61) Custodian Fees Payable (14) Transfer Agent Shareholder Servicing Fees Payable (1) Other Assets and Liabilities, Net 2,421 -------- TOTAL OTHER ASSETS AND LIABILITIES (12,570) -------- -------------------------------------------------------------------------------- VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Paid in Capital -- T Shares (unlimited authorization -- no par value) based on 65,068,389 outstanding shares of beneficial interest $781,148 Paid in Capital -- A Shares (unlimited authorization -- no par value) based on 6,713,057 outstanding shares of beneficial interest 86,961 Paid in Capital -- L Shares (unlimited authorization -- no par value) based on 5,460,795 outstanding shares of beneficial interest 99,672 Undistributed net investment income 1,901 Accumulated net realized loss on investments (237,834) Net unrealized appreciation on investments 82,083 --------- Total Net Assets (100.0%) $ 813,931 ========= Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($686,485,402 / 65,068,389 shares) $10.55 ========= Net Asset Value and Redemption Price Per Share -- A Shares ($70,610,468 / 6,713,057 shares) $10.52 ========= Maximum Offering Price Per Share -- A Shares ($10.52 / 96.25%) $10.93 ========= Net Asset Value and Offering Price Per Share -- L Shares (1) ($56,835,489 / 5,460,795 shares) $10.41 ========= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 46 SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- (UNAUDITED) VANTAGE FUND -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCK (62.7%) BASIC MATERIALS (7.4%) American Standard* 1,300 $ 130 Newmont Mining 1,500 72 Weyerhaeuser+ 1,500 85 ------- 287 ------- CAPITAL GOODS (15.1%) American Power Conversion 2,000 44 Cooper Industries Ltd., Cl A 2,000 107 Crane 3,500 102 Hubbell, Cl B+ 3,100 136 Parker Hannifin 1,800 99 Trinity Industries+ 3,800 99 ------- 587 ------- COMMUNICATION SERVICES (1.6%) Alcatel ADR* 2,000 26 Utstarcom* 1,000 38 ------- 64 ------- COMPUTER SOFTWARE (1.3%) BEA Systems* 4,000 51 ------- CONSUMER CYCLICALS (9.4%) Autozone* 500 48 Kenneth Cole Productions, Cl A 2,300 69 New York Times, Cl A 1,500 69 Tiffany 1,500 68 Urban Outfitters*+ 1,000 39 Walgreen 2,000 73 ------- 366 ------- ENERGY (5.5%) ENSCO International 2,000 51 Nabors Industries, Ltd.* 2,000 74 Patina Oil & Gas 2,000 90 ------- 215 ------- FINANCE (2.7%) American Express+ 2,300 105 ------- SERVICES (7.0%) Accenture Ltd., Cl A*+ 5,500 137 Getty Images* 1,500 65 Interpublic Group of Companies* 5,000 71 ------- 273 ------- -------------------------------------------------------------------------------- SHARES VALUE (000) -------------------------------------------------------------------------------- TECHNOLOGY (7.1%) CACI International, Cl A* 500 $ 25 International Business Machines 1,000 91 Microsoft 2,500 64 SAP ADR 2,500 96 ------ 276 ------ TRANSPORTATION (5.6%) Airtran Holdings*+ 4,700 69 Expeditors International Washington 1,800 70 Swift Transportation* 4,000 80 ------ 219 ------ Total Common Stock (Cost $2,246) 2,443 ------ Total Investments (62.7%) (Cost $2,246) $2,443 ====== SECURITIES SOLD SHORT (-19.9%) CAPITAL GOODS (-1.9%) Eastman Kodak (3,000) $ (73) ------ CONSUMER CYCLICALS (-1.2%) TJX (2,000) (45) ------ CONSUMER STAPLES (-1.6%) Anheuser-Busch (1,200) (62) ------ EXCHANGE TRADED FUND (-4.4%) iShares Lehman (2,000) (171) ------ FINANCE (-5.0%) Fannie Mae (1,200) (84) Freddie Mac (2,000) (109) ------ (193) ------ HEALTH CARE (-1.0%) Merck (1,000) (41) ------ SERVICES (-3.0%) Cendant* (3,000) (66) Lamar Advertising* (1,500) (53) ------ (119) ------ TRANSPORTATION (-1.8%) Carnival (2,000) (70) ------ Total Securities Sold Short (Proceeds $(769)) $ (774) ====== PERCENTAGES ARE BASED ON NET ASSETS OF $3,896,087. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. FOR DESCRIPTIONS OF ABBREVIATIONS AND FOOTNOTES, PLEASE SEE PAGE 48. 47 -------------------------------------------------------------------------------- KEY TO ABBREVIATIONS AND FOOTNOTES USED IN THE STATEMENTS OF NET ASSETS AND SCHEDULE OF INVESTMENTS ADR American Depositary Receipt Cl Class FHLB Federal Home Loan Bank FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association GNMA Government National Mortgage Association LP Limited Partnership Ltd. Limited MTN Medium Term Note PLC Public Limited Company REIT Real Estate Investment Trust Ser Series SPDR Standard & Poor's Depository Receipt * Non-income producing security + All or a portion of this security is held as collateral for short sales. (A) This security was purchased with cash collateral held from securities lending (see Note 8 in Notes to Financial Statements). (B) Securities considered illiquid and restricted (not readily marketable). Securities fair valued using methods determined in good faith according to procedures adopted by the Valuation Committee of the Board of Trustees. The total value of the securities were 0.10% and 1.28% of net assets for the International Equity Index and Small Cap Growth Stock Funds, respectively. (see Note 2 in Notes to Financial Statements). (C) Tri-Party Repurchase Agreement (D) This security or a partial position of the security was on loan at November 30, 2003 (see Note 8 in Notes to Financial Statements). The total value of securities on loan at November 30, 2003 was $38,408,953, $54,209,444, $27,934,835, $1,504,904, $9,893,517, $25,331,256, $18,248,921, $18,347,830, $179,847,710, $85,597,181, $8,381,171 and $13,971,102 for the Balanced Fund, Capital Appreciation Fund, Growth and Income Fund, Information and Technology Fund, International Equity Fund, International Equity Index Fund, Mid-Cap Equity Fund, Mid Cap Value Equity Fund, Small Cap Growth Stock Fund, Small Cap Value Equity Fund, Tax Sensitive Growth Stock Fund and Value Income Stock Fund, respectively. (E) Securities sold within terms of a private placement memorandum, exempt from registration under section 144a of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." (1) The L Shares and B Shares have a contingent deferred sales charge. For a description of a possible sales charge, see Note 2 in Notes to Financial Statements. Amounts designated as "--" are either $0 or have been rounded to $0. 48
STATEMENT OF ASSETS AND LIABILITIES (000) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 (UNAUDITED) VANTAGE FUND --------- Assets: Investments at Market Value (Cost $2,246) .............................................................................. $2,443 Cash ................................................................................................................... 1,668 Deposits with Brokers for Securities Sold Short -- (See Note 2) ........................................................ 567 Accrued Income ......................................................................................................... 2 ------ Total Assets ........................................................................................................... 4,680 ------ Liabilities: Securities Sold Short at Value (Proceeds $769) -- (See Note 2) ......................................................... 774 Investment Advisory Fees Payable ....................................................................................... 5 Accrued Expenses ....................................................................................................... 5 ------ Total Liabilities ...................................................................................................... 784 ------ Total Net Assets ....................................................................................................... $3,896 ====== Net Assets: Paid in Capital-- T Shares (unlimited authorization -- no par value) based on 358,641 outstanding shares of beneficial interest ............................................. $4,574 Paid in Capital-- L Shares (unlimited authorization -- no par value) based on 80,133 outstanding shares of beneficial interest .............................................. 842 Accumulated net investment loss ........................................................................................ (26) Accumulated net realized loss on investments ........................................................................... (1,686) Net unrealized appreciation on investments and securities sold short ................................................... 192 ------ Total Net Assets ....................................................................................................... $3,896 ====== Net Asset Value, Offering and Redemption Price Per Share -- T Shares ($3,189,510 / 358,641 shares) .......................................................................................... $8.89 ====== Net Asset Value and Offering Price Per Share -- L Shares (1) ($706,577 / 80,133 shares) ............................................................................................. $8.82 ====== (1) The L Shares have a contingent deferred sales charge. For a description of a possible sales charge, see Note 2 in Notes to Financial Statements.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 49
STATEMENTS OF OPERATIONS (000) ----------------------------------------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2003 CAPITAL BALANCED APPRECIATION FUND FUND -------- ------------ Income: Interest Income ............................................................... $ 3,134 $ 177 Dividend Income* .............................................................. 674 6,276 Security Lending Income ....................................................... 38 96 Less: Foreign Taxes Withheld .................................................. -- -- ------- ------- Total Income .................................................................. 3,846 6,549 ------- ------- Expenses: Investment Advisory Fees ...................................................... 1,517 7,932 Administration Fees ........................................................... 110 475 Distribution Fees -- A Shares .................................................. 12 487 Distribution Fees -- L Shares .................................................. 356 500 Distribution Fees -- B Shares .................................................. -- -- Custody Fees .................................................................. 6 28 Transfer Agent Shareholder Servicing Fees ..................................... 4 18 Transfer Agent Fees -- T Shares ................................................ 8 8 Transfer Agent Fees -- A Shares ................................................ 10 55 Transfer Agent Fees -- L Shares ................................................ 47 95 Transfer Agent Fees -- B Shares ................................................ -- -- Transfer Agent Out of Pocket Fees ............................................. 7 27 Registration Fees ............................................................. 5 23 Professional Fees ............................................................. 5 23 Printing Fees ................................................................. 4 17 Trustee Fees .................................................................. 1 6 Other Fees .................................................................... 5 20 ------- ------- Total Expenses ................................................................ 2,097 9,714 ------- ------- Less: Investment Advisory Fees Waived ....................................... (45) (138) Less: Distribution Fees Waived -- A Shares .................................. (8) (71) Less: Distribution Fees Waived -- L Shares .................................. (20) (31) Less: Distribution Fees Waived -- B Shares .................................. -- -- ------- ------- Net Expenses .................................................................. 2,024 9,474 ------- ------- Net Investment Income (Loss) .................................................. 1,822 (2,925) ------- ------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold* ......................................... 9,940 89,166 Net Realized Gain on Foreign Currency Transactions ............................ -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency ............. -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments* .......... (6,739) 1,171 ------- ------- Total Net Realized and Unrealized Gain on Investments ......................... 3,201 90,337 ------- ------- Net Increase in Net Assets from Operations .................................... $ 5,023 $87,412 ======= ======= * Dividend income, net realized gain on securities sold and net change in unrealized appreciation on investments for the Life Vision Funds are attributable to the underlying investments in affiliated investment companies.
Amounts designated as "--" are either $0 or have been rounded to $0. 50
------------------------------------------------------------------------------------------------------------------------------------ (UNAUDITED) GROWTH AND INFORMATION AND INTERNATIONAL INCOME TECHNOLOGY EQUITY FUND FUND FUND ------- --------------- ------------- Income: Interest Income ............................................................... $ 60 $ 3 $ 2 Dividend Income* .............................................................. 8,334 17 2,457 Security Lending Income ....................................................... 41 45 95 Less: Foreign Taxes Withheld .................................................. (6) -- (283) ------- ------ -------- Total Income .................................................................. 8,429 65 2,271 ------- ------ -------- Expenses: Investment Advisory Fees ...................................................... 3,512 101 1,380 Administration Fees ........................................................... 268 6 76 Distribution Fees -- A Shares ................................................. 49 -- 12 Distribution Fees -- L Shares ................................................. 411 36 31 Distribution Fees -- B Shares ................................................. -- -- -- Custody Fees .................................................................. 16 4 97 Transfer Agent Shareholder Servicing Fees ..................................... 9 -- 3 Transfer Agent Fees -- T Shares ............................................... 8 8 8 Transfer Agent Fees -- A Shares ............................................... 24 -- 12 Transfer Agent Fees -- L Shares ............................................... 76 26 16 Transfer Agent Fees -- B Shares ............................................... -- -- -- Transfer Agent Out of Pocket Fees ............................................. 17 1 4 Registration Fees ............................................................. 13 1 4 Professional Fees ............................................................. 13 1 3 Printing Fees ................................................................. 9 -- 3 Trustee Fees .................................................................. 4 -- 1 Other Fees .................................................................... 8 -- 2 ------- ------ -------- Total Expenses ................................................................ 4,437 184 1,652 ------- ------ -------- Less: Investment Advisory Fees Waived ....................................... -- -- -- Less: Distribution Fees Waived -- A Shares .................................. (36) -- (9) Less: Distribution Fees Waived -- L Shares .................................. (101) (26) (12) Less: Distribution Fees Waived -- B Shares .................................. -- -- -- ------- ------ ------- Net Expenses .................................................................. 4,300 158 1,631 ------- ------ ------- Net Investment Income (Loss) .................................................. 4,129 (93) 640 ------- ------ ------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold* ......................................... 14,706 3,349 5,328 Net Realized Gain on Foreign Currency Transactions -- -- 270 Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency ............. -- -- (108) Net Change in Unrealized Appreciation (Depreciation) on Investments* .......... 68,096 689 30,993 ------- ------ ------- Total Net Realized and Unrealized Gain on Investments ......................... 82,802 4,038 36,483 ------- ------ ------- Net Increase in Net Assets from Operations .................................... $86,931 $3,945 $37,123 ======= ====== =======
INTERNATIONAL LIFE VISION EQUITY AGGRESSIVE GROWTH INDEX FUND FUND -------------- ----------------- Income: Interest Income ............................................................... $ -- $ -- Dividend Income* .............................................................. 2,559 72 Security Lending Income ....................................................... 137 -- Less: Foreign Taxes Withheld .................................................. (272) -- ------- ------ Total Income .................................................................. 2,424 72 ------- ------ Expenses: Investment Advisory Fees ...................................................... 1,330 42 Administration Fees ........................................................... 102 12 Distribution Fees -- A Shares ................................................. 26 -- Distribution Fees -- L Shares ................................................. 18 -- Distribution Fees -- B Shares ................................................. -- 11 Custody Fees .................................................................. 162 1 Transfer Agent Shareholder Servicing Fees ..................................... 3 -- Transfer Agent Fees -- T Shares ............................................... 8 8 Transfer Agent Fees -- A Shares ............................................... 11 -- Transfer Agent Fees -- L Shares ............................................... 10 -- Transfer Agent Fees -- B Shares ............................................... -- 8 Transfer Agent Out of Pocket Fees ............................................. 7 1 Registration Fees ............................................................. 5 -- Professional Fees ............................................................. 5 1 Printing Fees ................................................................. 4 -- Trustee Fees .................................................................. 1 -- Other Fees .................................................................... 2 -- ------- ------ Total Expenses ................................................................ 1,694 84 ------- ------ Less: Investment Advisory Fees Waived ....................................... (127) (23) Less: Distribution Fees Waived -- A Shares .................................. (4) -- Less: Distribution Fees Waived -- L Shares .................................. (8) -- Less: Distribution Fees Waived -- B Shares .................................. -- (11) ------- ------ Net Expenses .................................................................. 1,555 50 ------- ------ Net Investment Income (Loss) .................................................. 869 22 ------- ------ Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold* ......................................... 507 266 Net Realized Gain on Foreign Currency Transactions ............................ 93 -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency ............. 151 -- Net Change in Unrealized Appreciation (Depreciation) on Investments* .......... 56,240 3,665 ------- ------ Total Net Realized and Unrealized Gain on Investments ......................... 56,991 3,931 ------- ------ Net Increase in Net Assets from Operations .................................... $57,860 $3,953 ======= ======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 51
STATEMENTS OF OPERATIONS (000) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2003 LIFE VISION LIFE VISION LIFE VISION CONSERVATIVE GROWTH AND INCOME MODERATE FUND FUND GROWTH FUND ------------ ----------------- ------------- Income: Dividend Income* ................................................ $ 30 $ 521 $ 914 Interest Income ................................................. -- -- -- Security Lending Income ......................................... -- -- -- Less: Foreign Tax Withheld ...................................... -- -- -- ---- ------ ------ Total Income .................................................... 30 521 914 ---- ------ ------ Expenses: Investment Advisory Fees ........................................ 3 91 136 Administration Fees ............................................. 1 25 37 Distribution Fees -- A Shares ................................... -- -- -- Distribution Fees -- L Shares ................................... -- -- -- Distribution Fees -- B Shares ................................... 14 24 35 Custody Fees .................................................... -- 1 2 Transfer Agent Shareholder Servicing Fees ....................... -- 1 2 Transfer Agent Fees -- T Shares ................................. -- 8 8 Transfer Agent Fees -- A Shares ................................. -- -- -- Transfer Agent Fees -- L Shares ................................. -- -- -- Transfer Agent Fees -- B Shares ................................. 8 10 10 Transfer Agent Out of Pocket Fees ............................... -- 1 2 Registration Fees ............................................... -- 1 2 Professional Fees ............................................... -- 1 2 Printing Fees ................................................... -- 1 1 Trustee Fees .................................................... -- -- -- Dividends on Securities Sold Short .............................. -- -- -- Other Fees ...................................................... 1 1 1 ---- ------ ------ Total Expenses .................................................. 27 165 238 ---- ------ ------ Less: Investment Advisory Fees Waived ......................... (2) (41) (58) Less: Distribution Fees Waived -- A Shares .................... -- -- -- Less: Distribution Fees Waived/Reimbursed -- L Shares ......... -- -- -- Less: Distribution Fees Waived -- B Shares .................... (12) (15) (18) ---- ------ ------ Net Expenses .................................................... 13 109 162 ---- ------ ------ Net Investment Income (Loss) .................................... 17 412 752 ---- ------ ------ Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold and Securities Sold Short* . 5 1,723 1,202 Net Change in Unrealized Appreciation (Depreciation) on Investments and Securities Sold Short* ..................... 90 5,363 7,543 ---- ------ ------ Total Net Realized and Unrealized Gain on Investments ........... 95 7,086 8,745 ---- ------ ------ Net Increase in Net Assets from Operations ...................... $112 $7,498 $9,497 ==== ====== ====== * Dividend income, net realized gain on securities sold and net change in unrealized appreciation on investments for the Life Vision Funds are attributable to the underlying investments in affiliated investment companies. (1) The Strategic Quantitative Equity Fund commenced operations on August 7, 2003.
Amounts designated as "--" are either $0 or have been rounded to $0. 52
------------------------------------------------------------------------------------------------------------------------------------ (UNAUDITED) MID-CAP MID CAP SMALL CAP SMALL CAP EQUITY VALUE EQUITY GROWTH STOCK VALUE EQUITY FUND FUND FUND FUND ------- ------------ ------------ ------------ Income: Dividend Income* ............................................. $ 1,622 $ 967 $ 1,499 $ 4,573 Interest Income .............................................. 30 51 63 112 Security Lending Income ...................................... 92 43 401 227 Less: Foreign Tax Withheld ................................... -- (6) (7) (35) ------- ------- -------- -------- Total Income ................................................. 1,744 1,055 1,956 4,877 ------- ------- -------- -------- Expenses: Investment Advisory Fees ..................................... 961 763 4,349 3,471 Administration Fees .......................................... 57 42 260 208 Distribution Fees -- A Shares ................................ 28 -- 66 -- Distribution Fees -- L Shares ................................ 68 33 161 197 Distribution Fees -- B Shares ................................ -- -- -- -- Custody Fees ................................................. 6 4 38 17 Transfer Agent Shareholder Servicing Fees .................... 2 1 9 8 Transfer Agent Fees -- T Shares .............................. 8 8 11 8 Transfer Agent Fees -- A Shares .............................. 14 -- 19 -- Transfer Agent Fees -- L Shares .............................. 21 13 26 42 Transfer Agent Fees -- B Shares .............................. -- -- -- -- Transfer Agent Out of Pocket Fees ............................ 3 3 15 11 Registration Fees ............................................ 3 2 13 10 Professional Fees ............................................ 3 2 13 11 Printing Fees ................................................ 2 1 9 7 Trustee Fees ................................................. 1 1 4 3 Dividends on Securities Sold Short ........................... -- -- -- -- Other Fees ................................................... -- 2 7 7 ------- ------- -------- -------- Total Expenses ............................................... 1,177 875 5,000 4,000 ------- ------- -------- -------- Less: Investment Advisory Fees Waived ...................... (21) (61) -- -- Less: Distribution Fees Waived -- A Shares ................. (11) -- (37) -- Less: Distribution Fees Waived/Reimbursed -- L Shares ...... (17) (24) (16) (29) Less: Distribution Fees Waived -- B Shares ................. -- -- -- -- ------- ------- -------- -------- Net Expenses ................................................. 1,128 790 4,947 3,971 ------- ------- -------- -------- Net Investment Income (Loss) ................................. 616 265 (2,991) 906 ------- ------- -------- -------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold and Securities Sold Short* 8,380 6,573 65,769 14,113 Net Change in Unrealized Appreciation (Depreciation) on Investments and Securities Sold Short* .................. 14,150 10,839 117,434 111,981 ------- ------- -------- -------- Total Net Realized and Unrealized Gain on Investments ........ 22,530 17,412 183,203 126,094 ------- ------- -------- -------- Net Increase in Net Assets from Operations ................... $23,146 $17,677 $180,212 $127,000 ======= ======= ======== ========
STRATEGIC TAX SENSITIVE VALUE QUANTITATIVE GROWTH STOCK INCOME STOCK VANTAGE EQUITY FUND(1) FUND FUND FUND ------------- ------------- ------------ ------- Income: Dividend Income* ............................................. $ 92 $ 1,441 $ 8,943 $ 18 Interest Income .............................................. 3 19 211 4 Security Lending Income ...................................... -- 20 41 -- Less: Foreign Tax Withheld ................................... -- -- (28) -- ----- ------- -------- ---- Total Income ................................................. 95 1,480 9,167 22 ----- ------- -------- ---- Expenses: Investment Advisory Fees ..................................... 118 1,669 3,204 34 Administration Fees .......................................... 7 100 276 1 Distribution Fees -- A Shares ................................ -- -- 112 -- Distribution Fees -- L Shares ................................ -- 546 263 4 Distribution Fees -- B Shares ................................ -- -- -- -- Custody Fees ................................................. -- 6 16 -- Transfer Agent Shareholder Servicing Fees .................... -- 3 9 -- Transfer Agent Fees -- T Shares .............................. 3 8 8 8 Transfer Agent Fees -- A Shares .............................. -- -- 32 -- Transfer Agent Fees -- L Shares .............................. -- 95 49 7 Transfer Agent Fees -- B Shares .............................. -- -- -- -- Transfer Agent Out of Pocket Fees ............................ 1 6 19 -- Registration Fees ............................................ -- 5 13 -- Professional Fees ............................................ -- 5 14 -- Printing Fees ................................................ -- 3 10 -- Trustee Fees ................................................. -- 1 4 -- Dividends on Securities Sold Short ........................... -- -- -- 3 Other Fees ................................................... 1 2 11 -- ----- ------- -------- ---- Total Expenses ............................................... 130 2,449 4,040 57 ----- ------- -------- ---- Less: Investment Advisory Fees Waived ...................... (15) -- -- (2) Less: Distribution Fees Waived -- A Shares ................. -- -- (13) -- Less: Distribution Fees Waived/Reimbursed -- L Shares ...... -- (57) (15) (7) Less: Distribution Fees Waived -- B Shares ................. -- -- -- -- ----- ------- -------- ---- Net Expenses ................................................. 115 2,392 4,012 48 ----- ------- -------- ---- Net Investment Income (Loss) ................................. (20) (912) 5,155 (26) ----- ------- -------- ---- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain on Securities Sold and Securities Sold Short* 990 9,010 25,646 268 Net Change in Unrealized Appreciation (Depreciation) on Investments and Securities Sold Short* .................. 4,017 14,580 39,681 (31) ------ ------- -------- ---- Total Net Realized and Unrealized Gain on Investments ........ 5,007 23,590 65,327 237 ------ ------- -------- ---- Net Increase in Net Assets from Operations ................... $4,987 $22,678 $70,482 $211 ====== ======= ======== ====
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 53
STATEMENTS OF CHANGES IN NET ASSETS (000) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2003 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2003 CAPITAL BALANCED FUND APPRECIATION FUND --------------------------- -------------------------- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 ------------ ------------ ------------ ------------ Operations: Net Investment Income (Loss) ............................................ $ 1,822 $ 4,261 $ (2,925) $ (5,958) Net Realized Gain (Loss) on Securities Sold ............................. 9,940 (22,027) 89,166 (191,580) Net Realized Gain on Foreign Currency Transactions ...................... -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency ....... -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments ........................................................ (6,739) 14,697 1,171 47,666 -------- -------- ---------- ---------- Net Increase(Decrease) in Net Assets from Operations .................... 5,023 (3,069) 87,412 (149,872) -------- -------- ---------- ---------- Dividends to Shareholders: Net Investment Income: T Shares .............................................................. (1,827) (4,267) -- -- A Shares .............................................................. (54) (136) -- -- L Shares .............................................................. (190) (618) -- -- -------- -------- ---------- ---------- Total Dividends ......................................................... (2,071) (5,021) -- -- -------- -------- ---------- ---------- Capital Transactions (1): T Shares: Proceeds from Shares Issued ........................................... 45,040 64,673 154,348 243,462 Reinvestment of Cash Distributions .................................... 1,722 4,061 -- -- Cost of Shares Repurchased ............................................ (27,272) (75,973) (120,162) (237,698) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From T Share Transactions ............. 19,490 (7,239) 34,186 5,764 -------- -------- ---------- ---------- A Shares (2): Proceeds from Shares Issued ........................................... 1,265 1,079 7,493 23,224 Reinvestment of Cash Distributions .................................... 53 134 -- -- Cost of Shares Repurchased ............................................ (534) (1,735) (13,139) (27,320) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From A Share Transactions ............. 784 (522) (5,646) (4,096) -------- -------- ---------- ---------- L Shares: Proceeds from Shares Issued ........................................... 14,038 16,361 15,002 22,663 Reinvestment of Cash Distributions .................................... 176 584 -- -- Cost of Shares Repurchased ............................................ (8,818) (22,271) (10,007) (26,440) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From L Share Transactions ............. 5,396 (5,326) 4,995 (3,777) -------- -------- ---------- ---------- Increase (Decrease) in Net Assets From Share Transactions ............. 25,670 (13,087) 33,535 (2,109) -------- -------- ---------- ---------- Total Increase (Decrease) in Net Assets ............................. 28,622 (21,177) 120,947 (151,981) -------- -------- ---------- ---------- Net Assets: Beginning of Year ..................................................... 304,327 325,504 1,326,542 1,478,523 -------- -------- ---------- ---------- End of Year ........................................................... $332,949 $304,327 $1,447,489 $1,326,542 ======== ======== ========== ==========
(1) See Note 5 in Notes to Financial Statements for additional information. (2) A Shares commenced operations on October 27, 2003 for the Information and Technology Fund. Amounts designated as "--" are either $0 or have been rounded to $0. 54
------------------------------------------------------------------------------------------------------------------------------------ GROWTH AND INFORMATION AND TECHNOLOGY INCOME FUND FUND -------------------------- -------------------------- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 ---------- --------- ------------ ------------ Operations: Net Investment Income (Loss) ............................................... $ 4,129 $ 6,620 $ (93) $ (221) Net Realized Gain (Loss) on Securities Sold ................................ 14,706 (81,525) 3,349 (15,209) Net Realized Gain on Foreign Currency Transactions ......................... -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Currency and Translation of Other Assets and Liabilities in Foreign Currency........................................................... -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments ........................................................... 68,096 (26,671) 689 4,224 -------- -------- -------- -------- Net Increase(Decrease) in Net Assets from Operations ....................... 86,931 (101,576) 3,945 (11,206) -------- -------- -------- -------- Dividends to Shareholders: Net Investment Income: T Shares ................................................................. (3,144) (6,291) -- -- A Shares ................................................................. (153) (270) -- -- L Shares ................................................................. (39) (125) -- -- -------- -------- -------- -------- Total Dividends ............................................................ (3,336) (6,686) -- -- -------- -------- -------- -------- Capital Transactions (1): T Shares: Proceeds from Shares Issued .............................................. 109,754 97,378 3,322 3,953 Reinvestment of Cash Distributions ....................................... 1,149 2,307 -- -- Cost of Shares Repurchased ............................................... (64,049) (200,850) (5,586) (15,842) -------- -------- -------- -------- Increase (Decrease) in Net Assets From T Share Transactions ................ 46,854 (101,165) (2,264) (11,889) -------- -------- -------- -------- A Shares (2): Proceeds from Shares Issued .............................................. 5,524 12,024 11 -- Reinvestment of Cash Distributions ....................................... 139 247 -- -- Cost of Shares Repurchased ............................................... (4,448) (8,883) (10) -- -------- -------- -------- -------- Increase (Decrease) in Net Assets From A Share Transactions ................ 1,215 3,388 1 -- -------- -------- -------- -------- L Shares: Proceeds from Shares Issued .............................................. 17,185 16,261 784 823 Reinvestment of Cash Distributions ....................................... 37 119 -- -- Cost of Shares Repurchased ............................................... (8,720) (24,930) (742) (2,373) -------- -------- -------- -------- Increase (Decrease) in Net Assets From L Share Transactions ................ 8,502 (8,550) 42 (1,550) -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ................ 56,571 (106,327) (2,221) (13,439) -------- -------- -------- -------- Total Increase (Decrease) in Net Assets ................................ 140,166 (214,589) 1,724 (24,645) -------- -------- -------- -------- Net Assets: Beginning of Year ........................................................ 709,428 924,017 18,274 42,919 -------- -------- -------- -------- End of Year .............................................................. $849,594 $709,428 $ 19,998 $ 18,274 ======== ======== ======== ========
INTERNATIONAL EQUITY INTERNATIONAL EQUITY FUND INDEX FUND -------------------------- ------------------------ 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 ---------- ---------- ----------- ---------- Operations: Net Investment Income (Loss) ............................................... $ 640 $ 1,679 $ 869 $ 3,085 Net Realized Gain (Loss) on Securities Sold ................................ 5,328 (44,637) 507 (16,811) Net Realized Gain on Foreign Currency Transactions ......................... 270 746 93 484 Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency .......... (108) 241 151 62 Net Change in Unrealized Appreciation (Depreciation) on Investments ........................................................... 30,993 740 56,240 (26,241) -------- --------- -------- -------- Net Increase(Decrease) in Net Assets from Operations ...................... 37,123 (41,231) 57,860 (39,421) -------- --------- -------- -------- Dividends to Shareholders: Net Investment Income: T Shares ................................................................. -- (1,433) -- (1,078) A Shares ................................................................. -- (19) -- (4) L Shares ................................................................. -- -- -- -- -------- --------- -------- -------- Total Dividends ............................................................ -- (1,452) -- (1,082) -------- --------- -------- -------- Capital Transactions (1): T Shares: Proceeds from Shares Issued .............................................. 35,736 86,628 30,605 62,225 Reinvestment of Cash Distributions ....................................... -- 611 -- 835 Cost of Shares Repurchased ............................................... (34,854) (108,037) (32,702) (62,128) -------- --------- -------- -------- Increase (Decrease) in Net Assets From T Share Transactions ................ 882 (20,798) (2,097) 932 -------- --------- -------- -------- A Shares (2): Proceeds from Shares Issued .............................................. 15,757 14,843 18,234 21,764 Reinvestment of Cash Distributions ....................................... -- 18 -- 4 Cost of Shares Repurchased ............................................... (16,652) (13,138) (15,831) (15,195) -------- --------- -------- -------- Increase (Decrease) in Net Assets From A Share Transactions ................ (895) 1,723 2,403 6,573 -------- --------- -------- -------- L Shares: Proceeds from Shares Issued .............................................. 937 6,250 978 4,554 Reinvestment of Cash Distributions ....................................... -- -- -- -- Cost of Shares Repurchased ............................................... (686) (6,195) (359) (4,487) -------- --------- -------- -------- Increase (Decrease) in Net Assets From L Share Transactions ................ 251 55 619 67 -------- --------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ................ 238 (19,020) 925 7,572 -------- --------- -------- -------- Total Increase (Decrease) in Net Assets ................................ 37,361 (61,703) 58,785 (32,931) -------- --------- -------- -------- Net Assets: Beginning of Year ........................................................ 203,127 264,830 261,740 294,671 -------- --------- -------- -------- End of Year ..............................................................$240,488 $ 203,127 $320,525 $261,740 ======== ========= ======== ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 55 STATEMENTS OF CHANGES IN NET ASSETS (000) --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2003 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2003 LIFE VISION AGGRESSIVE LIFE VISION GROWTH FUND CONSERVATIVE FUND -------------------------- ------------------------- 06/01/03- 06/01/02- 06/01/03- 03/11/03**- 11/30/03 05/31/02 11/30/03 05/31/03 ----------- ----------- ---------- ----------- Operations: Net Investment Income (Loss)* ............................................... $ 22 $ 89 $ 17 $ 1 Capital Gain Received from Investments in Affiliated Investment Companies* .. -- 30 -- -- Net Realized Gain (Loss) on Securities Sold* ................................ 266 (1,580) 5 -- Net Change in Unrealized Appreciation (Depreciation) on Investments* ........................................................... 3,665 (1,995) 90 18 ------- ------- ------ ---- Net Increase (Decrease) in Net Assets from Operations ....................... 3,953 (3,456) 112 19 ------- ------- ------ ---- Dividends to Shareholders: Net Investment Income: T Shares .................................................................. (29) (92) -- -- A Shares .................................................................. -- -- -- -- B Shares .................................................................. -- -- (8) -- ------- ------- ------ ---- Total Dividends ............................................................. (29) (92) (8) -- ------- ------- ------ ---- Capital Transactions (1): T Shares (2): Proceeds from Shares Issued ............................................... 4,799 5,003 10 -- Reinvestment of Cash Distributions ........................................ 29 91 -- -- Redemption Fees ........................................................... -- -- -- -- Cost of Shares Repurchased ................................................ (2,022) (7,185) -- -- ------- ------- ------ ---- Increase (Decrease) in Net Assets From T Share Transactions ................. 2,806 (2,091) 10 -- ------- ------- ------ ---- A Shares (2): Proceeds from Shares Issued ............................................... 20 -- 5 -- Reinvestment of Cash Distributions ........................................ -- -- -- -- Cost of Shares Repurchased ................................................ -- -- -- -- ------- ------- ------ ---- Increase in Net Assets From A Share Transactions ............................ 20 -- 5 -- ------- ------- ------ ---- L Shares (2): Proceeds from Shares Issued ............................................... -- -- -- -- Cost of Shares Repurchased ................................................ -- -- -- -- ------- ------- ------ ---- Increase (Decrease) in Net Assets From L Share Transactions ................. -- -- -- -- ------- ------- ------ ---- B Shares (2): Proceeds from Shares Issued ............................................... 1,941 975 3,305 811 Reinvestment of Cash Distributions ........................................ -- -- 7 -- Cost of Shares Repurchased ................................................ (34) (1) (125) (30) ------- ------- ------ ---- Increase in Net Assets From B Share Transactions ............................ 1,907 974 3,187 781 ------- ------- ------ ---- Increase (Decrease) in Net Assets From Share Transactions ................. 4,733 (1,117) 3,202 781 ------- ------- ------ ---- Total Increase (Decrease) in Net Assets ................................. 8,657 (4,665) 3,306 800 ------- ------- ------ ---- Net Assets: Beginning of Period ....................................................... 29,733 34,398 800 -- ------- ------- ------ ---- End of Period ............................................................. $38,390 $29,733 $4,106 $800 ======= ======= ====== ====
* Net investment income (loss), capital gains received from investments in affiliated investment companies, net realized loss on securities sold and net change in unrealized appreciation (depreciation) on investments and for the Life Vision Funds are attributable to the underlying investments in affiliated investment companies. ** Commencement of Operations. (1) See Note 5 in Notes to Financial Statements for additional information (2) T Shares commenced operations on November 6, 2003 for the Life Vision Conservative Fund. A Shares commenced operations on October 16, 2003, November 11, 2003, November 5, 2003 and October 10, 2003 for the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund and the Life Vision Moderate Growth Fund, respectively. B Shares commenced operations on March 11, 2003 for the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund and the Life Vision Moderate Growth Fund. L Shares commenced operations on October 13, 2003 for the Strategic Quantitative Equity Fund. Amounts designated as "--" are either $0 or have been rounded to $0. 56
------------------------------------------------------------------------------------------------------------------------------------ LIFE VISION LIFE VISION GROWTH AND INCOME FUND MODERATE GROWTH FUND --------------------------- ------------------------ 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 ------------ ------------ ----------- ----------- Operations: Net Investment Income (Loss)* ............................................. $ 412 $ 928 $ 752 $ 1,614 Capital Gain Received from Investments in Affiliated Investment Companies* -- 73 -- 91 Net Realized Gain (Loss) on Securities Sold* .............................. 1,723 (4,254) 1,202 (1,615) Net Change in Unrealized Appreciation (Depreciation) on Investments* ......................................................... 5,363 (1,727) 7,543 (1,207) ------- -------- -------- ------- Net Increase (Decrease) in Net Assets from Operations ..................... 7,498 (4,980) 9,497 (1,117) ------- -------- -------- ------- Dividends to Shareholders: Net Investment Income: T Shares ................................................................ (399) (931) (725) (1,621) A Shares ................................................................ -- -- -- -- B Shares ................................................................ (16) -- (27) (1) ------- -------- -------- ------- Total Dividends ........................................................... (415) (931) (752) (1,622) ------- -------- -------- ------- Capital Transactions (1): T Shares (2): Proceeds from Shares Issued ............................................. 14,614 19,612 24,323 34,474 Reinvestment of Cash Distributions ...................................... 398 927 722 1,615 Redemption Fees ......................................................... -- -- -- -- Cost of Shares Repurchased .............................................. (8,017) (32,451) (17,034) (28,076) ------- -------- -------- ------- Increase (Decrease) in Net Assets From T Share Transactions ............... 6,995 (11,912) 8,011 8,013 ------- -------- -------- ------- A Shares (2): Proceeds from Shares Issued ............................................. 209 -- 65 -- Reinvestment of Cash Distributions ...................................... -- -- -- -- Cost of Shares Repurchased .............................................. -- -- -- -- ------- -------- -------- ------- Increase in Net Assets From A Share Transactions .......................... 209 -- 65 -- ------- -------- -------- ------- L Shares (2): Proceeds from Shares Issued ............................................. -- -- -- -- Cost of Shares Repurchased .............................................. -- -- -- -- ------- -------- -------- ------- Increase (Decrease) in Net Assets From L Share Transactions ............... -- -- -- -- ------- -------- -------- ------- B Shares (2): Proceeds from Shares Issued ............................................. 5,595 1,896 7,421 2,605 Reinvestment of Cash Distributions ...................................... 15 -- 26 1 Cost of Shares Repurchased .............................................. (188) (2) (404) (59) ------- -------- -------- ------- Increase in Net Assets From B Share Transactions .......................... 5,422 1,894 7,043 2,547 ------- -------- -------- ------- Increase (Decrease) in Net Assets From Share Transactions ............... 12,626 (10,018) 15,119 10,560 ------- -------- -------- ------- Total Increase (Decrease) in Net Assets ............................... 19,709 (15,929) 23,864 7,821 ------- -------- -------- ------- Net Assets: Beginning of Period ..................................................... 61,466 77,395 96,413 88,592 ------- -------- -------- ------- End of Period ........................................................... $81,175 $61,466 $120,277 $96,413 ======= ======== ======== =======
MID-CAP EQUITY FUND ---------------------------- 06/01/03- 06/01/02- 11/30/03 05/31/03 ---------- ---------- Operations: Net Investment Income (Loss)* ............................................. $ 616 $ (612) Capital Gain Received from Investments in Affiliated Investment Companies* -- -- Net Realized Gain (Loss) on Securities Sold* .............................. 8,380 (17,032) Net Change in Unrealized Appreciation (Depreciation) on Investments* ......................................................... 14,150 (6,819) -------- -------- Net Increase (Decrease) in Net Assets from Operations ..................... 23,146 (24,463) -------- -------- Dividends to Shareholders: Net Investment Income: T Shares ................................................................ (310) -- A Shares ................................................................ (14) -- B Shares ................................................................ -- -- -------- -------- Total Dividends ........................................................... (324) -- -------- -------- Capital Transactions (1): T Shares (2): Proceeds from Shares Issued ............................................. 51,017 126,939 Reinvestment of Cash Distributions ...................................... 124 -- Redemption Fees ......................................................... -- 83 Cost of Shares Repurchased .............................................. (15,448) (159,005) -------- -------- Increase (Decrease) in Net Assets From T Share Transactions ............... 35,693 (31,983) -------- -------- A Shares (2): Proceeds from Shares Issued ............................................. 2,640 4,798 Reinvestment of Cash Distributions ...................................... 13 -- Cost of Shares Repurchased .............................................. (2,253) (2,409) -------- -------- Increase in Net Assets From A Share Transactions .......................... 400 2,389 -------- -------- L Shares (2): Proceeds from Shares Issued ............................................. 3,708 3,460 Cost of Shares Repurchased .............................................. (1,512) (3,677) -------- -------- Increase (Decrease) in Net Assets From L Share Transactions ............... 2,196 (217) -------- -------- B Shares (2): Proceeds from Shares Issued ............................................. -- -- Reinvestment of Cash Distributions ...................................... -- -- Cost of Shares Repurchased .............................................. -- -- -------- -------- Increase in Net Assets From B Share Transactions .......................... -- -- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ............... 38,289 (29,811) -------- -------- Total Increase (Decrease) in Net Assets ............................... 61,111 (54,274) -------- -------- Net Assets: Beginning of Period ..................................................... 142,242 196,516 -------- -------- End of Period ........................................................... $203,353 $142,242 ======== ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 57
STATEMENTS OF CHANGES IN NET ASSETS (000) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2003 (UNAUDITED) AND THE YEAR ENDED MAY 31, 2003 MID CAP SMALL CAP VALUE EQUITY GROWTH FUND STOCK FUND ----------------------- ----------------------- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 ---------- ---------- ---------- ---------- Operations: Net Investment Income (Loss) .............................................. $ 265 $ 659 $ (2,991) $ (4,842) Net Realized Gain (Loss) on Securities Sold and Securities Sold Short ..... 6,573 (36,016) 65,769 (73,786) Net Change in Unrealized Appreciation (Depreciation) on Investments and Securities Sold Short ................................ 10,839 724 117,434 14,238 -------- -------- -------- -------- Net Increase (Decrease) in Net Assets from Operations ..................... 17,677 (34,633) 180,212 (64,390) -------- -------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: T Shares ................................................................ (303) (552) -- -- A Shares ................................................................ -- -- -- -- L Shares ................................................................ (1) (4) -- -- Capital Gains: T Shares ................................................................ -- (2,137) -- (8,364) A Shares ................................................................ -- -- -- (313) L Shares ................................................................ -- (108) -- (427) -------- -------- -------- -------- Total Dividends and Distributions ......................................... (304) (2,801) -- (9,104) -------- -------- -------- -------- Capital Transactions (1): T Shares: Proceeds from Shares Issued ............................................. 29,771 42,357 121,273 138,559 Reinvestment of Cash Distributions ...................................... 108 1,307 -- 6,573 Cost of Shares Repurchased .............................................. (16,689) (82,431) (77,612) (104,086) -------- -------- -------- -------- Increase (Decrease) in Net Assets From T Share Transactions ............... 13,190 (38,767) 43,661 41,046 -------- -------- -------- -------- A Shares (2): Proceeds from Shares Issued ............................................. 112 -- 4,899 7,284 Reinvestment of Cash Distributions ...................................... -- -- -- 296 Cost of Shares Repurchased .............................................. (37) -- (2,833) (7,682) -------- -------- -------- -------- Increase (Decrease) in Net Assets From A Share Transactions ............... 75 -- 2,066 (102) -------- -------- -------- -------- L Shares: Proceeds from Shares Issued ............................................. 2,184 3,348 8,816 6,509 Reinvestment of Cash Distributions ...................................... 1 98 -- 414 Cost of Shares Repurchased .............................................. (1,447) (1,971) (3,003) (6,817) -------- -------- -------- -------- Increase (Decrease) in Net Assets From L Share Transactions ............... 738 1,475 5,813 106 -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ............... 14,003 (37,292) 51,540 41,050 -------- -------- -------- -------- Total Increase (Decrease) in Net Assets ............................... 31,376 (74,726) 231,752 (32,444) -------- -------- -------- -------- Net Assets: Beginning of Period ....................................................... 105,598 180,324 615,202 647,646 -------- -------- -------- -------- End of Period ............................................................. $136,974 $105,598 $846,954 $615,202 ======== ======== ======== ========
* Commencement of Operations. (1) See Note 5 in Notes to Financial Statements for additional information (2) A Shares commenced operations on October 27, 2003, October 9, 2003, October 8, 2003 and October 14, 2003 for the Mid Cap Value Equity Fund, the Small Cap Value Equity Fund, the Strategic Quantitative Equity Fund and the Tax Sensitive Growth Stock Fund, respectively. Amounts designated as "--" are either $0 or have been rounded to $0. 58
------------------------------------------------------------------------------------------------------------------------------------ STRATEGIC SMALL CAP VALUE QUANTITATIVE EQUITY FUND EQUITY FUND ----------------------- ------------------------ 06/01/03- 06/01/02- 08/07/03*- 11/30/03 05/31/03 11/30/03 ---------- ---------- ----------- Operations: Net Investment Income (Loss) .......................................... $ 906 $ 3,018 $ (20) Net Realized Gain (Loss) on Securities Sold and Securities Sold Short . 14,113 20,540 990 Net Change in Unrealized Appreciation (Depreciation) on Investments and Securities Sold Short ............................ 111,981 (63,220) 4,017 -------- -------- ------- Net Increase (Decrease) in Net Assets from Operations ................. 127,000 (39,662) 4,987 -------- -------- ------- Dividends and Distributions to Shareholders: Net Investment Income: T Shares ............................................................ (1,742) (2,605) -- A Shares ............................................................ -- -- -- L Shares ............................................................ (5) -- -- Capital Gains: T Shares ............................................................ -- -- -- A Shares ............................................................ -- -- -- L Shares ............................................................ -- -- -- -------- -------- ------- Total Dividends and Distributions ..................................... (1,747) (2,605) -- -------- -------- ------- Capital Transactions (1): T Shares: Proceeds from Shares Issued ......................................... 112,879 119,973 42,270 Reinvestment of Cash Distributions .................................. 966 1,424 -- Cost of Shares Repurchased .......................................... (105,122) (176,975) (165) -------- -------- ------- Increase (Decrease) in Net Assets From T Share Transactions ........... 8,723 (55,578) 42,105 -------- -------- ------- A Shares (2): Proceeds from Shares Issued ......................................... 705 -- 41 Reinvestment of Cash Distributions .................................. -- -- -- Cost of Shares Repurchased .......................................... (58) -- -- -------- -------- ------- Increase (Decrease) in Net Assets From A Share Transactions ........... 647 -- 41 -------- -------- ------- L Shares: Proceeds from Shares Issued ......................................... 8,210 13,859 604 Reinvestment of Cash Distributions .................................. 5 -- -- Cost of Shares Repurchased .......................................... (5,228) (10,389) -- -------- -------- ------- Increase (Decrease) in Net Assets From L Share Transactions ........... 2,987 3,470 604 -------- -------- Increase (Decrease) in Net Assets From Share Transactions ........... 12,357 (52,108) 42,750 -------- -------- Total Increase (Decrease) in Net Assets ........................... 137,610 (94,375) 47,737 -------- -------- Net Assets: Beginning of Period ................................................... 552,532 646,907 -- -------- -------- ------- End of Period ........................................................ $690,142 $552,532 $47,737 ======== ======== =======
------------------------------------------------------------------------------------------------------------------------------------ TAX SENSITIVE GROWTH VALUE INCOME STOCK FUND STOCK FUND ----------------------- ------------------------- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 ---------- ---------- ----------- ---------- Operations: Net Investment Income (Loss) .......................................... $ (912) $ (1,308) $ 5,155 $ 11,079 Net Realized Gain (Loss) on Securities Sold and Securities Sold Short . 9,010 (64,791) 25,646 (77,218) Net Change in Unrealized Appreciation (Depreciation) on Investments and Securities Sold Short ............................ 14,580 16,858 39,681 (14,271) -------- -------- -------- -------- Net Increase (Decrease) in Net Assets from Operations ................. 22,678 (49,241) 70,482 (80,410) -------- -------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: T Shares ............................................................ -- -- (4,950) (9,401) A Shares ............................................................ -- -- (364) (735) L Shares ............................................................ -- -- (103) (189) Capital Gains: T Shares ............................................................ -- -- -- -- A Shares ............................................................ -- -- -- -- L Shares ............................................................ -- -- -- -- -------- -------- -------- -------- Total Dividends and Distributions ..................................... -- -- (5,417) (10,325) -------- -------- -------- -------- Capital Transactions (1): T Shares: Proceeds from Shares Issued ......................................... 5,873 79,785 55,103 189,197 Reinvestment of Cash Distributions .................................. -- -- -- 3,780 Cost of Shares Repurchased .......................................... (53,027) (97,881) (109,528) (126,339) -------- -------- -------- -------- Increase (Decrease) in Net Assets From T Share Transactions ........... (47,154) (18,096) (50,645) 70,056 -------- -------- -------- -------- A Shares (2): Proceeds from Shares Issued ......................................... 234 -- 4,837 10,612 Reinvestment of Cash Distributions .................................. -- -- 345 705 Cost of Shares Repurchased .......................................... -- -- (5,419) (12,542) -------- -------- -------- -------- Increase (Decrease) in Net Assets From A Share Transactions ........... 234 -- (237) (1,225) -------- -------- -------- -------- L Shares: Proceeds from Shares Issued ......................................... 3,850 7,888 7,759 8,232 Reinvestment of Cash Distributions .................................. -- -- 99 181 Cost of Shares Repurchased .......................................... (15,054) (44,717) (4,310) (11,412) -------- -------- -------- -------- Increase (Decrease) in Net Assets From L Share Transactions ........... (11,204) (36,829) 3,548 (2,999) -------- -------- -------- -------- Increase (Decrease) in Net Assets From Share Transactions ........... (58,124) (54,925) (47,334) 65,832 -------- -------- -------- -------- Total Increase (Decrease) in Net Assets ........................... (35,446) (104,166) 17,731 (24,903) -------- -------- -------- -------- Net Assets: Beginning of Period ................................................... 308,514 412,680 796,200 821,103 -------- -------- -------- -------- End of Period ......................................................... $273,068 $308,514 $813,931 $796,200 ======== ======== ======== ========
------------------------------------------------------------------------------------------------------------------------------------ VANTAGE FUND ----------------------- 06/01/03- 06/01/02- 11/30/03 05/31/03 ---------- ----------- Operations: Net Investment Income (Loss) .......................................... $ (26) $ (58) Net Realized Gain (Loss) on Securities Sold and Securities Sold Short . 268 (1,511) Net Change in Unrealized Appreciation (Depreciation) on Investments and Securities Sold Short ............................ (31) 291 ------ ------ Net Increase (Decrease) in Net Assets from Operations ................. 211 (1,278) ------ ------ Dividends and Distributions to Shareholders: Net Investment Income: T Shares ............................................................ -- -- A Shares ............................................................ -- -- L Shares ............................................................ -- -- Capital Gains: T Shares ............................................................ -- -- A Shares ............................................................ -- -- L Shares ............................................................ -- -- ------ ------ Total Dividends and Distributions ..................................... -- -- ------ ------ Capital Transactions (1): T Shares: Proceeds from Shares Issued ......................................... 65 1,489 Reinvestment of Cash Distributions .................................. -- -- Cost of Shares Repurchased .......................................... (1,248) (4,953) ------ ------ Increase (Decrease) in Net Assets From T Share Transactions ........... (1,183) (3,464) ------ ------ A Shares (2): Proceeds from Shares Issued ......................................... -- -- Reinvestment of Cash Distributions .................................. -- -- Cost of Shares Repurchased .......................................... -- -- ------ ------ Increase (Decrease) in Net Assets From A Share Transactions ........... -- -- ------ ------ L Shares: Proceeds from Shares Issued ......................................... 50 436 Reinvestment of Cash Distributions .................................. -- -- Cost of Shares Repurchased .......................................... (276) (276) ------ ------ Increase (Decrease) in Net Assets From L Share Transactions ........... (226) 160 ------ ------ Increase (Decrease) in Net Assets From Share Transactions ........... (1,409) (3,304) ------ ------ Total Increase (Decrease) in Net Assets ........................... (1,198) (4,582) ------ ------ Net Assets: Beginning of Period ................................................... 5,094 9,676 ------ ------ End of Period ......................................................... $3,896 $5,094 ====== ====== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
59
FINANCIAL HIGHLIGHTS ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2003 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET ASSET NET REALIZED AND DIVIDENDS TOTAL VALUE, NET UNREALIZED GAINS TOTAL FROM NET DISTRIBUTIONS DIVIDENDS BEGINNING INVESTMENT (LOSSES) FROM INVESTMENT FROM REALIZED AND OF PERIOD INCOME (LOSS) ON INVESTMENTS OPERATIONS INCOME CAPITAL GAINS DISTRIBUTIONS --------- ------------- ---------------- ---------- ---------- ------------- ------------- BALANCED FUND T Shares 2003* $11.92 $ 0.08(2) $ 0.11(2) $(0.19) $(0.09) $ -- $(0.09) 2003 12.18 0.20 (0.23) (0.03) (0.23) -- (0.23) 2002 13.18 0.23 (0.65) (0.42) (0.24) (0.34) (0.58) 2001 13.37 0.30 0.12 0.42 (0.31) (0.30) (0.61) 2000 13.26 0.32 0.33 0.65 (0.30) (0.24) (0.54) 1999 13.09 0.28 1.09 1.37 (0.28) (0.92) (1.20) A Shares 2003* $11.97 $ 0.06(2) $ 0.11(2) $(0.17) $(0.07) $ -- $(0.07) 2003 12.24 0.16 (0.24) (0.08) (0.19) -- (0.19) 2002 13.24 0.18 (0.64) (0.46) (0.20) (0.34) (0.54) 2001 13.43 0.27 0.11 0.38 (0.27) (0.30) (0.57) 2000 13.32 0.29 0.31 0.60 (0.25) (0.24) (0.49) 1999 13.14 0.24 1.10 1.34 (0.24) (0.92) (1.16) L Shares 2003* $11.82 $ 0.02(2) $ 0.10(2) $(0.12) $(0.03) $ -- $(0.03) 2003 12.07 0.08 (0.22) (0.14) (0.11) -- (0.11) 2002 13.07 0.10 (0.65) (0.55) (0.11) (0.34) (0.45) 2001 13.27 0.16 0.11 0.27 (0.17) (0.30) (0.47) 2000 13.17 0.17 0.33 0.50 (0.16) (0.24) (0.40) 1999 13.02 0.16 1.07 1.23 (0.16) (0.92) (1.08) CAPITAL APPRECIATION FUND T Shares 2003* $11.02 $(0.02)(2) $ 0.75(2) $(0.73) $ -- $ -- $ -- 2003 12.24 (0.03)(2) (1.19)(2) (1.22) -- -- -- 2002 13.89 -- (1.53) (1.53) -- (0.12) (0.12) 2001 17.12 (0.05) (0.38) (0.43) -- (2.80) (2.80) 2000 16.62 0.02 1.40 1.42 -- (0.92) (0.92) 1999 16.48 0.05 2.70 2.75 (0.06) (2.55) (2.61) A Shares 2003* $10.63 $(0.05)(2) $ 0.72(2) $(0.67) $ -- $ -- $ -- 2003 11.89 (0.10)(2) (1.16)(2) (1.26) -- -- -- 2002 13.59 (0.10) (1.48) (1.58) -- (0.12) (0.12) 2001 16.91 (0.14) (0.38) (0.52) -- (2.80) (2.80) 2000 16.53 (0.11) 1.41 1.30 -- (0.92) (0.92) 1999 16.43 (0.05) 2.70 2.65 -- (2.55) (2.55) L Shares 2003* $10.15 $(0.07)(2) $ 0.68(2) $(0.61) $ -- $ -- $ -- 2003 11.40 (0.14)(2) (1.11)(2) (1.25) -- -- -- 2002 13.09 (0.06) (1.51) (1.57) -- (0.12) (0.12) 2001 16.45 (0.16) (0.40) (0.56) -- (2.80) (2.80) 2000 16.18 (0.24) 1.43 1.19 -- (0.92) (0.92) 1999 16.22 (0.09) 2.60 2.51 -- (2.55) (2.55) GROWTH AND INCOME FUND (A) T Shares 2003* $12.21 $ 0.08(2) $ 1.36(2) $(1.44) $(0.06) $ -- $(0.06) 2003 13.80 0.13 (1.60) (1.47) (0.12) -- (0.12) 2002 15.05 0.09 (1.26) (1.17) (0.08) -- (0.08) 2001 15.53 0.07 (0.04) 0.03 (0.08) (0.43) (0.51) 2000 16.09 0.11 0.55 0.66 (0.10) (1.12) (1.22) 1999(1) 15.10 0.04 1.97 2.01 (0.02) (1.00) (1.02) A Shares 2003* $12.31 $ 0.06(2) $ 1.38(2) $(1.44) $(0.05) $ -- $(0.05) 2003 13.91 0.11 (1.61) (1.50) (0.10) -- (0.10) 2002 15.17 0.06 (1.27) (1.21) (0.05) -- (0.05) 2001 15.65 0.04 (0.04) -- (0.05) (0.43) (0.48) 2000 16.21 0.09 0.55 0.64 (0.08) (1.12) (1.20) 1999(1) 15.21 0.04 1.99 2.03 (0.03) (1.00) (1.03) L Shares 2003* $12.08 $ 0.02(2) $ 1.35(2) $(1.37) $(0.01) $ -- $(0.01) 2003 13.66 -- (1.56) (1.56) (0.02) -- (0.02) 2002 14.96 (0.02) (1.28) (1.30) -- -- -- 2001 15.49 (0.05) (0.05) (0.10) -- (0.43) (0.43) 2000 16.10 -- 0.51 0.51 -- (1.12) (1.12) 1999(1) 15.14 (0.01) 1.97 1.96 -- (1.00) (1.00)
* For the six month period ended November 30, 2003. 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. (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. 60
------------------------------------------------------------------------------------------------------------------------------------ RATIO OF RATIO OF EXPENSES TO NET ASSET NET ASSETS, RATIO OF NET INVESTMENT AVERAGE NET ASSETS PORTFOLIO VALUE, END TOTAL END OF NET EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS TURNOVER OF PERIOD RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND/OR REIMBURSEMENTS) RATE ---------- -------- ------------ ------------------ ------------------ ---------------------- --------- BALANCED FUND T Shares 2003* $12.02 1.63% $ 250,174 1.02% 1.53% 1.05% 63% 2003 11.92 (0.14) 228,475 1.02 1.74 1.05 102 2002 12.18 (3.29) 241,604 1.02 1.78 1.05 95 2001 13.18 3.24 209,316 1.01 2.24 1.05 99 2000 13.37 5.02 223,634 0.97 2.39 1.07 182 1999 13.26 10.98 251,752 0.97 2.19 1.06 179 A Shares 2003* $12.07 1.47% $ 9,144 1.33% 1.22% 1.54% 63% 2003 11.97 (0.54) 8,285 1.33 1.43 1.55 102 2002 12.24 (3.57) 9,020 1.33 1.46 1.55 95 2001 13.24 2.91 7,834 1.32 1.93 1.54 99 2000 13.43 4.66 9,627 1.27 2.07 1.51 182 1999 13.32 10.70 14,962 1.27 1.89 1.43 179 L Shares 2003* $11.91 1.03% $ 73,631 2.09% 0.46% 2.17% 63% 2003 11.82 (1.15) 67,567 2.09 0.67 2.18 102 2002 12.07 (4.33) 74,880 2.09 0.71 2.16 95 2001 13.07 2.11 67,824 2.07 1.18 2.15 99 2000 13.27 3.88 64,322 2.03 1.33 2.18 182 1999 13.17 9.84 73,526 2.03 1.13 2.15 179 CAPITAL APPRECIATION FUND T Shares 2003* $11.75 6.62% $1,197,556 1.22% (0.27)% 1.24% 55% 2003 11.02 (9.97) 1,090,549 1.22 (0.32) 1.24 69 2002 12.24 (11.06) 1,204,445 1.22 (0.54) 1.24 75 2001 13.89 (3.74) 1,177,933 1.21 (0.29) 1.24 75 2000 17.12 8.98 1,296,927 1.17 0.10 1.26 129 1999 16.62 17.83 1,966,842 1.17 0.29 1.26 147 A Shares 2003* $11.30 6.30% $ 144,543 1.88% (0.93)% 2.00% 55% 2003 10.63 (10.60) 141,488 1.88 (0.98) 2.00 69 2002 11.89 (11.68) 163,155 1.88 (1.20) 1.99 75 2001 13.59 (4.38) 202,548 1.86 (0.94) 1.98 75 2000 16.91 8.29 251,421 1.82 (0.55) 1.98 129 1999 16.53 17.20 311,120 1.82 (0.30) 1.96 147 L Shares 2003* $10.76 6.01% $ 105,390 2.35% (1.40)% 2.43% 55% 2003 10.15 (10.96) 94,505 2.35 (1.45) 2.45 69 2002 11.40 (12.05) 110,923 2.35 (1.67) 2.39 75 2001 13.09 (4.79) 112,497 2.33 (1.41) 2.39 75 2000 16.45 7.77 128,159 2.29 (1.03) 2.39 129 1999 16.18 16.50 162,100 2.29 (0.86) 2.38 147 GROWTH AND INCOME FUND (A) T Shares 2003* $13.59 11.84% $ 716,346 0.99% 1.17% 0.99% 21% 2003 12.21 (10.58) 598,862 0.99 1.05 0.99 52 2002 13.80 (7.80) 792,557 0.99 0.63 0.99 68 2001 15.05 0.11 867,664 0.99 0.49 0.99 73 2000 15.53 4.11 885,109 1.01 0.76 1.01 53 1999(1) 16.09 14.24 634,279 1.14 0.49 1.43 31 A Shares 2003* $13.70 11.73% $ 41,674 1.18% 0.97% 1.36% 21% 2003 12.31 (10.74) 36,305 1.18 0.88 1.38 52 2002 13.91 (7.97) 36,789 1.18 0.44 1.36 68 2001 15.17 (0.07) 40,174 1.18 0.30 1.35 73 2000 15.65 3.92 42,666 1.18 0.58 1.31 53 1999(1) 16.21 14.31 36,958 1.08 0.54 1.17 31 L Shares 2003* $13.44 11.31% $ 91,574 1.93% 0.23% 2.18% 21% 2003 12.08 (11.41) 74,261 1.93 0.11 2.20 52 2002 13.66 (8.69) 94,671 1.93 (0.29) 2.16 68 2001 14.96 (0.77) 78,376 1.93 (0.45) 2.14 73 2000 15.49 3.11 62,462 1.93 (0.14) 2.18 53 1999(1) 16.10 13.85 35,163 1.83 (0.21) 1.97 31
(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. 61
FINANCIAL HIGHLIGHTS ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2003 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET ASSET NET REALIZED AND DIVIDENDS TOTAL VALUE, NET UNREALIZED GAINS TOTAL FROM NET DISTRIBUTIONS DIVIDENDS BEGINNING INVESTMENT (LOSSES) FROM INVESTMENT FROM REALIZED AND OF PERIOD INCOME (LOSS) ON INVESTMENTS OPERATIONS INCOME CAPITAL GAINS DISTRIBUTIONS --------- ------------- ---------------- ---------- ---------- ------------- ------------- INFORMATION AND TECHNOLOGY FUND T Shares T Shares 2003* $ 6.07 $(0.02)(1) $ 1.50(1) $(1.48) $ -- $ -- $ -- 2003 8.06 (0.04)(1) (1.95)(1) (1.99) -- -- -- 2002 13.34 0.01 (5.29) (5.28) -- -- -- 2001 15.87 (0.08) (2.45) (2.53) -- -- -- 2000(2) 10.00 (0.04) 5.91 5.87 -- -- -- A Shares 2003*(4) $ 7.16 $(0.01)(1)++ $ 0.40(1)++ $ 0.39 $ -- $ -- $ -- L Shares 2003* $ 5.86 $(0.05)(1) $ 1.45(1) $ 1.40 $ -- $ -- $ -- 2003 7.86 (0.09)(1) (1.91)(1) (2.00) -- -- -- 2002 13.15 (0.14) (5.15) (5.29) -- -- -- 2001 15.81 (0.22) (2.44) (2.66) -- -- -- 2000(3) 18.20 (0.07) (2.32) (2.39) -- -- -- INTERNATIONAL EQUITY FUND T Shares 2003* $ 8.00 $ 0.03(1) $ 1.43(1) $ 1.46 $ -- $ -- $ -- 2003 9.31 0.07 (1.32) (1.25) (0.06) -- (0.06) 2002 10.19 0.19 (1.07) (0.88) -- -- -- 2001 12.56 -- (1.22) (1.22) (0.04) (1.11) (1.15) 2000 12.97 (0.10) 1.42 1.32 (0.07) (1.66) (1.73) 1999 15.00 -- (1.14) (1.14) (0.05) (0.84) (0.89) A Shares 2003* $ 7.92 $ 0.01(1) $ 1.41(1) $ 1.42 $ -- $ -- $ -- 2003 9.21 0.04 (1.30) (1.26) (0.03) -- (0.03) 2002 10.11 0.14 (1.04) (0.90) -- -- -- 2001 12.47 (0.02) (1.23) (1.25) -- (1.11) (1.11) 2000 12.89 (0.11) 1.37 1.26 (0.02) (1.66) (1.68) 1999 14.92 (0.09) (1.10) (1.19) -- (0.84) (0.84) L Shares 2003* $ 7.50 $(0.02)(1) $ 1.35(1) $ 1.33 $ -- $ -- $ -- 2003 8.75 (0.01) (1.24) (1.25) -- -- -- 2002 9.68 0.04 (0.97) (0.93) -- -- -- 2001 12.06 (0.16) (1.11) (1.27) -- (1.11) (1.11) 2000 12.58 (0.32) 1.46 1.14 -- (1.66) (1.66) 1999 14.68 (0.29) (0.97) (1.26) -- (0.84) (0.84) INTERNATIONAL EQUITY INDEX FUND T Shares 2003* $ 8.39 $ 0.03(1) $ 1.81(1) $ 1.84 $ -- $ -- $ -- 2003 9.76 0.10(1) (1.43)(1) (1.33) (0.04) -- (0.04) 2002 11.18 0.04 (1.43) (1.39) (0.03) -- (0.03) 2001 13.97 0.06 (2.69) (2.63) (0.07) (0.09) (0.16) 2000 11.82 0.16 2.13 2.29 (0.03) (0.11) (0.14) 1999 13.31 0.09 0.85 0.94 (0.24) (2.19) (2.43) A Shares 2003* $ 8.28 $ --(1) $ 1.78(1) $ 1.78 $ -- $ -- $ -- 2003 9.64 0.10(1) (1.45)(1) (1.35) (0.01) -- (0.01) 2002 11.05 (0.02) (1.38) (1.40) (0.01) -- (0.01) 2001 13.80 (0.01) (2.65) (2.66) -- (0.09) (0.09) 2000 11.70 (0.11) 2.32 2.21 -- (0.11) (0.11) 1999 13.20 (0.11) 0.98 0.87 (0.18) (2.19) (2.37) L Shares 2003* $ 8.10 $(0.02)(1) $ 1.74(1) $ 1.72 $ -- $ -- $ -- 2003 9.48 0.01(1) (1.39)(1) (1.38) -- -- -- 2002 10.93 (0.12) (1.33) (1.45) -- -- -- 2001 13.74 (0.06) (2.66) (2.72) -- (0.09) (0.09) 2000 11.73 0.08 2.04 2.12 -- (0.11) (0.11) 1999 13.17 (0.15) 0.94 0.79 (0.04) (2.19) (2.23)
* For the six month period ended November 30, 2003. 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. ++ Ratios reflect the impact of initial low level of average net assets associated with commencement of operations. (1) Per share data calculated using average shares outstanding method. (2) T Shares commenced operations on September 30, 1999. All ratios for the period have been annualized. (3) L Shares commenced operations on January 24, 2000. All ratios for the period have been annualized. (4) A Shares commenced operations on October 27, 2003. All ratios for the period have been annualized. Amounts designated as "--" are either $0 or have been rounded to $0. 62
------------------------------------------------------------------------------------------------------------------------------------ RATIO OF RATIO OF EXPENSES TO NET ASSET NET ASSETS, RATIO OF NET INVESTMENT AVERAGE NET ASSETS PORTFOLIO VALUE, END TOTAL END OF NET EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS TURNOVER OF PERIOD RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND/OR REIMBURSEMENTS) RATE ---------- -------- ------------ ------------------ ------------------ ---------------------- --------- INFORMATION AND TECHNOLOGY FUND T Shares 2003* $ 7.55 24.38% $ 11,943 1.38% (0.66)% 1.38% 248% 2003 6.07 (24.69) 11,789 1.25 (0.72) 1.25 1,259 2002 8.06 (39.58) 32,068 1.19 (0.92) 1.19 1,102 2001 13.34 (15.94) 87,045 1.20 (0.45) 1.21 750 2000(2) 15.87 58.70 106,425 1.20 (0.54) 1.34 250 A Shares 2003*(4) $ 7.55 5.45% $ 2 1.30% (1.12)% 1.81% 248% L Shares 2003* $ 7.26 23.89% $ 8,053 2.25% (1.55)% 2.97% 248% 2003 5.86 (25.45) 6,485 2.25 (1.68) 3.00 1,259 2002 7.86 (40.23) 10,851 2.25 (1.99) 2.57 1,102 2001 13.15 (16.82) 22,104 2.25 (1.50) 2.45 750 2000(3) 15.81 (13.13) 20,201 2.25 (1.65) 2.40 250 INTERNATIONAL EQUITY FUND T Shares 2003* $ 9.46 18.25% $226,722 1.43% 0.63% 1.43% 35% 2003 8.00 (13.40) 191,041 1.46 0.83 1.46 89 2002 9.31 (8.64) 252,991 1.48 0.48 1.48 102 2001 10.19 (10.79) 208,120 1.45 0.50 1.45 68 2000 12.56 10.58 299,100 1.48 0.59 1.48 179 1999 12.97 (7.43) 573,255 1.47 0.68 1.52 161 A Shares 2003* $ 9.34 17.93% $ 6,824 1.83% 0.12% 2.09% 35% 2003 7.92 (13.70) 6,408 1.83 0.59 2.22 89 2002 9.21 (8.90) 5,272 1.83 (0.21) 2.08 102 2001 10.11 (11.13) 7,517 1.79 0.18 1.97 68 2000 12.47 10.15 10,462 1.83 0.33 1.95 179 1999 12.89 (7.82) 14,145 1.83 0.30 1.93 161 L Shares 2003* $ 8.83 17.73% $ 6,942 2.53% (0.47)% 2.93% 35% 2003 7.50 (14.29) 5,678 2.53 (0.17) 3.03 89 2002 8.75 (9.61) 6,567 2.53 (0.73) 2.93 102 2001 9.68 (11.71) 7,765 2.48 (0.51) 2.57 68 2000 12.06 9.38 10,891 2.53 (0.38) 2.74 179 1999 12.58 (8.48) 17,103 2.53 (0.40) 2.82 161 INTERNATIONAL EQUITY INDEX FUND T Shares 2003* $10.23 21.93% $301,119 1.02% 0.63% 1.10% 6% 2003 8.39 (13.63) 248,770 1.03 1.26 1.12 25 2002 9.76 (12.43) 287,944 1.04 0.63 1.12 35 2001 11.18 (18.90) 236,862 1.06 0.40 1.09 13 2000 13.97 19.36 340,853 1.07 0.83 1.18 9 1999 11.82 7.87 74,616 1.07 0.69 1.17 32 A Shares 2003* $10.06 21.50% $ 15,004 1.49% 0.06% 1.64% 6% 2003 8.28 (14.03) 9,877 1.49 1.33 1.87 25 2002 9.64 (12.65) 3,222 1.49 (0.12) 1.90 35 2001 11.05 (19.31) 3,451 1.46 0.05 1.83 13 2000 13.80 18.86 4,563 1.47 0.07 1.79 9 1999 11.70 7.33 4,909 1.47 0.25 1.71 32 L Shares 2003* $ 9.82 21.23% $ 4,402 2.14% (0.53)% 2.66% 6% 2003 8.10 (14.56) 3,093 2.14 0.18 2.82 25 2002 9.48 (13.27) 3,505 2.14 (0.68) 2.62 35 2001 10.93 (19.84) 4,731 2.10 (0.61) 2.15 13 2000 13.74 18.04 5,853 2.12 (0.36) 2.61 9 1999 11.73 6.68 1,465 2.12 (0.30) 2.92 32
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 63
FINANCIAL HIGHLIGHTS ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2003 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET ASSET NET REALIZED AND DIVIDENDS TOTAL VALUE, NET UNREALIZED GAINS TOTAL FROM NET DISTRIBUTIONS DIVIDENDS BEGINNING INVESTMENT (LOSSES) FROM INVESTMENT FROM REALIZED AND OF PERIOD INCOME (LOSS) ON INVESTMENTS OPERATIONS INCOME CAPITAL GAINS DISTRIBUTIONS --------- ------------- ---------------- ---------- ---------- ------------- ------------- LIFE VISION AGGRESSIVE GROWTH FUND (A) (B) (C) T Shares 2003* $ 8.55 $ 0.01(4) $ 1.06(4) $ 1.07 $(0.01) $ -- $(0.01) 2003 9.57 0.03 (1.02) (0.99) (0.03) -- (0.03) 2002 10.31 0.02 (0.74) (0.72) (0.02) -- (0.02) 2001 11.61 0.11 0.23 0.34 (0.12) (1.52) (1.64) 2000 11.31 0.05 0.74 0.79 (0.05) (0.44) (0.49) 1999(1) 11.32 0.02 1.13 1.15 (0.01) (1.15) (1.16) A Shares 2003*(5) $ 9.46 $(0.01)(4)(9) $ 0.16(4)(9) $ 0.15 $ -- $ -- $ -- B Shares 2003* $ 8.53 $(0.03)(4) $ 1.07(4) $ 1.04 $ -- $ -- $ -- 2003(2) 7.23 (0.01) 1.31 1.30 -- -- -- LIFE VISION CONSERVATIVE FUND (B) (C) T Shares 2003*(6) $10.71 $ --(4)(9) $ 0.07(4)(9) $ 0.07 $ -- $ -- $ -- A Shares 2003*(7) $10.68 $ 0.01(4)(9) $ 0.09(4)(9) $ 0.10 $ -- $ -- $ -- B Shares 2003* $10.43 $ 0.07(4) $ 0.32(4) $ 0.39 $(0.04) $ -- $(0.04) 2003(2) 10.00 0.01 0.42 0.43 -- -- -- LIFE VISION GROWTH AND INCOME FUND (B) (C) (D) T Shares 2003* $ 9.33 $ 0.06(4) $ 0.96(4) $ 1.02 $(0.06) $ -- $(0.06) 2003 9.98 0.13 (0.65) (0.52) (0.13) -- (0.13) 2002 10.42 0.12 (0.43) (0.31) (0.13) -- (0.13) 2001 10.50 0.24 0.40 0.64 (0.25) (0.47) (0.72) 2000 10.33 0.07 0.52 0.59 (0.17) (0.25) (0.42) 1999(1) 11.06 0.08 0.69 0.77 (0.06) (1.44) (1.50) A Shares 2003*(8) $10.18 $ --(4)(9) $ 0.11(4)(9) $ 0.11 $ -- $ -- $ -- B Shares 2003* $ 9.34 $ 0.02(4) $ 0.96(4) $ 0.98 $(0.04) $ -- $(0.04) 2003(2) 8.10 0.02 1.24 1.26 (0.02) -- (0.02) LIFE VISION MODERATE GROWTH FUND (B) (C) (D) T Shares 2003* $ 9.02 $ 0.07(4) $ 0.74(4) $ 0.81 $(0.07) $ -- $(0.07) 2003 9.40 0.16 (0.38) (0.22) (0.16) -- (0.16) 2002 9.73 0.17 (0.32) (0.15) (0.18) -- (0.18) 2001 10.61 0.32 0.20 0.52 (0.34) (1.06) (1.40) 2000 10.80 0.33 0.13 0.46 (0.21) (0.44) (0.65) 1999(1) 11.01 0.11 0.56 0.67 (0.09) (0.79) (0.88) A Shares 2003*(3) $ 9.58 $ 0.01(4)(9) $ 0.17(4)(9) $ 0.18 $ -- $ -- $ -- B Shares 2003* $ 9.00 $ 0.03(4) $ 0.75(4) $ 0.78 $(0.05) $ -- $(0.05) 2003(2) 8.05 0.03 0.95 0.98 (0.03) -- (0.03) MID-CAP EQUITY FUND T Shares 2003* $ 8.74 $ 0.04(4) $ 1.22(4) $ 1.26 $(0.02) $ -- $(0.02) 2003 9.79 (0.03)(4) (1.02)(4)++ (1.05)++ -- -- -- 2002 10.95 0.01 (1.17) (1.16) -- -- -- 2001 14.10 (0.03) (0.61) (0.64) -- (2.51) (2.51) 2000 12.68 (0.04) 2.32 2.28 -- (0.86) (0.86) 1999 13.79 0.01 0.07 0.08 -- (1.19) (1.19) A Shares 2003* $ 8.42 $ 0.02(4) $ 1.17(4) $ 1.19 $(0.01) $ -- $(0.01) 2003 9.47 (0.05)(4) (1.00)(4) (1.05) -- -- -- 2002 10.64 (0.03) (1.14) (1.17) -- -- -- 2001 13.82 (0.05) (0.62) (0.67) -- (2.51) (2.51) 2000 12.50 (0.19) 2.37 2.18 -- (0.86) (0.86) 1999 13.67 (0.06) 0.08 0.02 -- (1.19) (1.19) L Shares 2003* $ 7.92 $(0.01)(4) $ 1.10(4) $ 1.09 $ -- $ -- $ -- 2003 8.97 (0.10)(4) (0.95)(4) (1.05) -- -- -- 2002 10.14 0.02 (1.19) (1.17) -- -- -- 2001 13.35 (0.07) (0.63) (0.70) -- (2.51) (2.51) 2000 12.17 (0.22) 2.26 2.04 -- (0.86) (0.86) 1999 13.42 (0.14) 0.08 (0.06) -- (1.19) (1.19)
* For the six month period ended November 30, 2003. 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. ++ Includes redemption fees of $0.01. (1) For the six month period ended May 31, 1999. All ratios for the period have been annualized. (2) B Shares commenced operations on March 11, 2003. All ratios for the period have been annualized. (3) A Shares commenced operations on October 10, 2003. All ratios for the period have been annualized. (4) Per share data calculated using average shares outstanding method. (5) A Shares commenced operations on October 16, 2003. All ratios for the period have been annualized. (6) T Shares commenced operations on November 6, 2003. All ratios for the period have been annualized. (7) A Shares commenced operations on November 11, 2003. All ratios for the period have been annualized. (8) A Shares commenced operations on November 5, 2003. All ratios for the period have been annualized. (9) Ratios reflect the impact of initial low level of average net assets associated with commencement of operations. 64
------------------------------------------------------------------------------------------------------------------------------------ RATIO OF RATIO OF EXPENSES TO NET ASSET NET ASSETS, RATIO OF NET INVESTMENT AVERAGE NET ASSETS PORTFOLIO VALUE, END TOTAL END OF NET EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS TURNOVER OF PERIOD RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND/OR REIMBURSEMENTS) RATE ---------- -------- ------------ ------------------ ------------------ ---------------------- --------- LIFE VISION AGGRESSIVE GROWTH FUND (A) (B) (C) T Shares 2003* $ 9.61 12.50% $ 35,170 0.25% 0.18% 0.39% 30% 2003 8.55 (10.36) 28,681 0.25 0.33 0.40 50 2002 9.57 (6.96) 34,398 0.25 0.17 0.41 101 2001 10.31 3.07 23,936 0.25 1.05 0.43 202 2000 11.61 7.25 18,412 0.25 0.48 0.44 183 1999(1) 11.31 10.99 18,699 0.27 0.28 0.63 33 A Shares 2003*(5) $ 9.61 1.59% $ 20 0.51% (0.50)% 0.85% 30% B Shares 2003* $ 9.57 12.19% $ 3,200 1.00% (0.61)% 2.17% 30% 2003(2) 8.53 18.03 1,052 0.89 (0.86) 1.36 50 LIFE VISION CONSERVATIVE FUND (B) (C) T Shares 2003*(6) $10.78 0.65% $ 10 0.25% --% 0.36% 106% A Shares 2003*(7) $10.78 0.94% $ 6 0.63% 1.82% 0.77% 106% B Shares 2003* $10.78 3.71% $ 4,090 0.95% 1.23% 1.96% 106% 2003(2) 10.43 4.30 800 0.92 0.85 1.39 160 LIFE VISION GROWTH AND INCOME FUND (B) (C) (D) T Shares 2003* $10.29 10.98% $ 73,055 0.25% 1.18% 0.36% 60% 2003 9.33 (5.16) 59,449 0.25 1.46 0.37 139 2002 9.98 (2.97) 77,395 0.25 1.25 0.39 166 2001 10.42 6.31 37,550 0.25 2.41 0.39 286 2000 10.50 5.81 30,473 0.25 1.77 0.42 189 1999(1) 10.33 7.75 21,950 0.27 1.38 0.60 40 A Shares 2003*(8) $10.29 1.08% $ 210 0.54% 0.68% 0.86% 60% B Shares 2003* $10.28 10.52% $ 7,910 1.00% 0.42% 1.74% 60% 2003(2) 9.34 15.57 2,017 0.90 0.39 1.34 139 LIFE VISION MODERATE GROWTH FUND (B) (C) (D) T Shares 2003* $ 9.76 9.00% $109,909 0.25% 1.43% 0.36% 66% 2003 9.02 (2.21) 93,722 0.25 1.87 0.36 101 2002 9.40 (1.52) 88,592 0.25 1.81 0.36 202 2001 9.73 5.28 73,429 0.25 3.04 0.37 247 2000 10.61 4.46 69,622 0.25 2.19 0.37 151 1999(1) 10.80 6.35 88,188 0.27 1.90 0.42 48 A Shares 2003*(3) $ 9.76 1.88% $ 65 0.56% 1.07% 0.85% 66% B Shares 2003* $ 9.73 8.67% $ 10,303 1.00% 0.67% 1.62% 66% 2003(2) 9.00 12.22 2,691 0.91 0.93 1.34 101 MID-CAP EQUITY FUND T Shares 2003* $ 9.98 14.43% $173,047 1.23% 0.86% 1.25% 68% 2003 8.74 (10.73) 118,092 1.22 (0.31) 1.25 144 2002 9.79 (10.59) 171,813 1.22 (0.18) 1.24 87 2001 10.95 (6.92) 156,111 1.21 (0.24) 1.25 100 2000 14.10 19.10 206,545 1.17 -- 1.25 131 1999 12.68 1.61 254,055 1.17 (0.47) 1.28 76 A Shares 2003* $ 9.60 14.14% $ 14,278 1.68% 0.42% 1.88% 68% 2003 8.42 (11.09) 12,137 1.68 (0.68) 1.92 144 2002 9.47 (11.00) 10,766 1.68 (0.63) 1.89 87 2001 10.64 (7.34) 12,316 1.66 (0.69) 1.86 100 2000 13.82 18.55 14,513 1.62 (0.43) 1.81 131 1999 12.50 1.17 19,230 1.62 (0.90) 1.76 76 L Shares 2003* $ 9.01 13.76% $ 16,028 2.28% (0.19)% 2.56% 68% 2003 7.92 (11.71) 12,013 2.28 (1.33) 2.60 144 2002 8.97 (11.54) 13,937 2.28 (1.23) 2.50 87 2001 10.14 (7.88) 12,910 2.26 (1.29) 2.46 100 2000 13.35 17.87 14,588 2.22 (1.05) 2.44 131 1999 12.17 0.56 15,804 2.22 (1.52) 2.48 76
(A) On May 24, 1999, the CrestFund Life Vision Maximum Growth Portfolio exchanged all of its assets and certain liabilities for shares of the Life Vision Aggressive Growth Fund. The CrestFund Life Vision Maximum Growth Portfolio 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. (B) The Life Vision Funds and its shareholders indirectly bear a pro rata share of the expenses of the underlying STIClassic Funds. The expense ratios do not include such expenses. (C) Recognition of net investment income by the Life Vision Funds is affected by the timing of the declaration of dividends by the STI Classic Funds in which the Life Vision Funds invest. (D) On May 24, 1999, the 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 Growth and Income and Life Vision Moderate Growth Funds, respectively. The CrestFund Life Vision Growth and Income, and CrestFund Life Vision Balanced Portfolios are the accounting survivors in these transactions, and as a result, their basis of accounting for assets and liabilities and their operating results for the periods prior to May 24, 1999 have been carried forward in these financial highlights. Amounts designated as "--" are either $0 or have been rounded to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 65
FINANCIAL HIGHLIGHTS ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2003 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET ASSET NET REALIZED AND DIVIDENDS TOTAL VALUE, NET UNREALIZED GAINS TOTAL FROM NET DISTRIBUTIONS DIVIDENDS BEGINNING INVESTMENT (LOSSES) FROM INVESTMENT FROM REALIZED AND OF PERIOD INCOME (LOSS) ON INVESTMENTS OPERATIONS INCOME CAPITAL GAINS DISTRIBUTIONS --------- ------------- ---------------- ---------- ---------- ------------- ------------- MID CAP VALUE EQUITY FUND T Shares 2003* $ 8.62 $ 0.02(3) $ 1.30(3) $ 1.32 $(0.02) $ -- $(0.02) 2003 10.95 0.05 (2.16) (2.11) (0.04) (0.18) (0.22) 2002(4) 10.00 0.02 0.94 0.96 (0.01) -- (0.01) A Shares 2003*(5) $ 9.39 $ 0.01(3)++ $ 0.51(3)++ $ 0.52 $ -- $ -- $ -- L Shares 2003* $ 8.58 $(0.01)(3) $ 1.30(3) $ 1.29 $ --** $ -- $ --** 2003 10.92 0.01 (2.16) (2.15) (0.01) (0.18) (0.19) 2002(4) 10.00 (0.01) 0.93 0.92 -- -- -- SMALL CAP GROWTH STOCK FUND T Shares 2003* $15.19 $(0.06)(3) $ 4.21(3) $ 4.15 $ -- $ -- $ -- 2003 17.28 (0.12)(3) (1.72)(3) (1.84) -- (0.25) (0.25) 2002 18.37 -- (1.02) (1.02) -- (0.07) (0.07) 2001 18.30 (0.18) 1.71 1.53 -- (1.46) (1.46) 2000 14.55 (0.08) 4.02 3.94 -- (0.19) (0.19) 1999(1) 10.00 (0.05) 4.62 4.57 -- (0.02) (0.02) A Shares 2003* $15.00 $(0.09)(3) $ 4.15(3) $ 4.06 $ -- $ -- $ -- 2003 17.12 (0.17)(3) (1.70)(3) (1.87) -- (0.25) (0.25) 2002 18.26 (0.17) (0.90) (1.07) -- (0.07) (0.07) 2001 18.27 (0.59) 2.04 1.45 -- (1.46) (1.46) 2000(2) 16.46 (0.07) 1.88 1.81 -- -- -- L Shares 2003* $14.45 $(0.15)(3) $ 3.99(3) $ 3.84 $ -- $ -- $ -- 2003 16.62 (0.26)(3) (1.66)(3) (1.92) -- (0.25) (0.25) 2002 17.85 (0.02) (1.14) (1.16) -- (0.07) (0.07) 2001 18.00 (0.25) 1.56 1.31 -- (1.46) (1.46) 2000 14.46 (0.04) 3.77 3.73 -- (0.19) (0.19) 1999(1) 10.00 (0.19) 4.67 4.48 -- (0.02) (0.02) SMALL CAP VALUE EQUITY FUND T Shares 2003* $13.73 $ 0.03(3) $ 3.15(3) $ 3.18 $(0.05) $ -- $(0.05) 2003 14.54 0.08 (0.82) (0.74) (0.07) -- (0.07) 2002 12.21 0.08 2.35 2.43 (0.10) -- (0.10) 2001 9.13 0.17 3.07 3.24 (0.16) -- (0.16) 2000 9.70 0.13 (0.59) (0.46) (0.11) -- (0.11) 1999 12.88 0.13 (2.57) (2.44) (0.13) (0.61) (0.74) A Shares 2003*(6) $15.75 $ 0.02(3)++ $ 1.05(3)++ $ 1.07 $ -- $ -- $ -- L Shares 2003* $13.55 $(0.05)(3) $ 3.11(3) $ 3.06 $ --** $ -- $ --** 2003 14.43 (0.04) (0.84) (0.88) -- -- -- 2002 12.15 -- 2.29 2.29 (0.01) -- (0.01) 2001 9.10 0.07 3.04 3.11 (0.06) -- (0.06) 2000 9.65 -- (0.54) (0.54) (0.01) -- (0.01) 1999 12.80 0.01 (2.53) (2.52) (0.02) (0.61) (0.63) STRATEGIC QUANTITATIVE EQUITY FUND T Shares 2003*(7) $10.00 $(0.01)(3)++ $ 1.91(3)++ $ 1.90 $ -- $ -- $ -- A Shares 2003*(8) $11.35 $(0.01)(3)++ $ 0.56(3)++ $ 0.55 $ -- $ -- $ -- L Shares 2003*(9) $11.64 $(0.02)(3)++ $ 0.26(3)++ $ 0.24 $ -- $ -- $ --
* For the six month period ended November 30, 2003. All ratios for the period have been annualized. ** Amount represents less than $0.01 per share. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. ++ Ratios reflect the impact of initial low level of average net assets associated with commencement of operations. (1) T Shares commenced operations on October 8, 1998. All ratios for the period have been annualized. (2) A Shares commenced operations on December 12, 1999. All ratios for the period have been annualized. (3) Per share data calculated using average shares outstanding method. 66
------------------------------------------------------------------------------------------------------------------------------------ RATIO OF RATIO OF EXPENSES TO NET ASSET NET ASSETS, RATIO OF NET INVESTMENT AVERAGE NET ASSETS PORTFOLIO VALUE, END TOTAL END OF NET EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS TURNOVER OF PERIOD RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND/OR REIMBURSEMENTS) RATE ---------- -------- ------------ ------------------ ------------------ ---------------------- --------- MID CAP VALUE EQUITY FUND T Shares 2003* $ 9.92 15.40% $129,498 1.26% 0.47% 1.36% 42% 2003 8.62 (19.05) 99,854 1.25 0.63 1.35 71 2002(4) 10.95 9.65 174,859 1.27 0.29 1.37 30 A Shares 2003*(5) $ 9.91 5.54% $ 77 1.60% 0.67% 1.82% 42% L Shares 2003* $ 9.87 15.05% $ 7,399 1.90% (0.17)% 2.75% 42% 2003 8.58 (19.58) 5,744 1.90 0.03 2.85 71 2002(4) 10.92 9.24 5,465 1.89 (0.31) 2.72 30 SMALL CAP GROWTH STOCK FUND T Shares 2003* $19.34 27.32% $777,784 1.25% (0.73)% 1.25% 55% 2003 15.19 (10.50) 567,714 1.24 (0.87) 1.24 96 2002 17.28 (5.55) 593,211 1.25 (1.01) 1.25 100 2001 18.37 8.33 508,857 1.24 (0.95) 1.25 112 2000 18.30 27.24 431,478 1.20 (0.86) 1.23 110 1999(1) 14.55 45.70 152,290 1.20 (0.48) 1.49 75 A Shares 2003* $19.06 27.07% $ 30,242 1.61% (1.09)% 1.89% 55% 2003 15.00 (10.77) 21,887 1.61 (1.23) 1.93 96 2002 17.12 (5.86) 24,978 1.61 (1.37) 1.88 100 2001 18.26 7.89 28,933 1.60 (1.33) 1.87 112 2000(2) 18.27 11.00 39,865 1.55 (1.26) 1.79 110 L Shares 2003* $18.29 26.57% $ 38,928 2.31% (1.79)% 2.41% 55% 2003 14.45 (11.40) 25,601 2.31 (1.93) 2.46 96 2002 16.62 (6.50) 29,457 2.31 (2.07) 2.41 100 2001 17.85 7.19 26,941 2.29 (2.01) 2.39 112 2000 18.00 25.95 23,228 2.25 (1.92) 2.42 110 1999(1) 14.46 44.78 6,158 2.25 (1.50) 3.19 75 SMALL CAP VALUE EQUITY FUND T Shares 2003* $16.86 23.19% $644,292 1.25% 0.37% 1.25% 10% 2003 13.73 (5.09) 518,468 1.24 0.64 1.24 29 2002 14.54 20.06 614,199 1.25 0.67 1.25 29 2001 12.21 35.90 401,900 1.25 1.72 1.25 86 2000 9.13 (4.72) 212,074 1.22 1.31 1.25 65 1999 9.70 (18.72) 301,984 1.22 1.27 1.27 63 A Shares 2003*(6) $16.82 6.79% $ 655 1.55% 0.74% 1.70% 10% L Shares 2003* $16.61 22.60% $ 45,195 2.31% (0.69)% 2.46% 10% 2003 13.55 (6.10) 34,064 2.31 (0.40) 2.50 29 2002 14.43 18.92 32,708 2.31 (0.38) 2.52 29 2001 12.15 34.30 11,167 2.30 0.63 2.66 86 2000 9.10 (5.65) 8,596 2.27 0.21 2.56 65 1999 9.65 (19.52) 19,465 2.27 0.21 2.55 63 STRATEGIC QUANTITATIVE EQUITY FUND T Shares 2003*(7) $11.90 19.00% $ 47,073 1.12% (0.19)% 1.27% 80% A Shares 2003*(8) $11.90 4.85% $ 42 1.51% (0.43)% 1.71% 80% L Shares 2003*(9) $11.88 2.06% $ 622 2.43% (1.21)% 2.60% 80%
(4) Commenced operations on November 30, 2001. All ratios for the period have been annualized. (5) A Shares commenced operations on October 27, 2003. All ratios for the period have been annualized. (6) A Shares commenced operations on October 9, 2003. All ratios for the period have been annualized. (7) T Shares commenced operations on August 7, 2003. All ratios for the period have been annualized. (8) A Shares commenced operations on October 8, 2003. All ratios for the period have been annualized. (9) L Shares commenced operations on October 13, 2003. All ratios for the period have been annualized. Amounts designated as "--" are either $0 or have been rounded to $0. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 67
FINANCIAL HIGHLIGHTS ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS FOR THE SIX MONTH PERIOD ENDED NOVEMBER 30, 2003 (UNAUDITED) AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS NET ASSET NET REALIZED AND DIVIDENDS TOTAL VALUE, NET UNREALIZED GAINS TOTAL FROM NET DISTRIBUTIONS DIVIDENDS BEGINNING INVESTMENT (LOSSES) FROM INVESTMENT FROM REALIZED AND OF PERIOD INCOME (LOSS) ON INVESTMENTS OPERATIONS INCOME CAPITAL GAINS DISTRIBUTIONS --------- ------------- ---------------- ---------- ---------- ------------- ------------- TAX SENSITIVE GROWTH STOCK FUND T Shares 2003* $20.78 $(0.02)(3) $ 1.75 $ 1.73 $ -- $ -- $ -- 2003 23.25 --(3) (2.47) (2.47) -- -- -- 2002 26.74 (0.02) (3.47) (3.49) -- -- -- 2001 33.10 (0.03) (6.33) (6.36) -- -- -- 2000 29.96 0.02 3.12 3.14 -- -- -- 1999(4) 25.61 0.02 4.34 4.36 (0.01) -- (0.01) A Shares 2003*(5) $22.32 $(0.02)(3)++ $ 0.21++ $ 0.19 $ -- $ -- $ -- L Shares 2003* $19.85 $(0.13)(3) $ 1.67 $ 1.54 $ -- $ -- $ -- 2003 22.45 (0.20)(3) (2.40) (2.60) -- -- -- 2002 26.10 (0.41) (3.24) (3.65) -- -- -- 2001 32.65 (0.36) (6.19) (6.55) -- -- -- 2000 29.85 (0.16) 2.96 2.80 -- -- -- 1999(6) 25.52 (0.04) 4.37 4.33 -- -- -- VALUE INCOME STOCK FUND T Shares 2003* $ 9.73 $ 0.07(3) $ 0.82 $ 0.89 $(0.07) $ -- $(0.07) 2003 11.05 0.15 (1.33) (1.18) (0.14) -- (0.14) 2002 11.61 0.12 (0.56) (0.44) (0.12) -- (0.12) 2001 10.38 0.19 1.24 1.43 (0.20) -- (0.20) 2000 12.85 0.23 (1.49) (1.26) (0.22) (0.99) (1.21) 1999 13.90 0.24 1.02 1.26 (0.24) (2.07) (2.31) A Shares 2003* $ 9.70 $ 0.05(3) $ 0.82 $ 0.87 $(0.05) $ -- $(0.05) 2003 11.01 0.12 (1.32) (1.20) (0.11) -- (0.11) 2002 11.58 0.08 (0.56) (0.48) (0.09) -- (0.09) 2001 10.35 0.14 1.25 1.39 (0.16) -- (0.16) 2000 12.81 0.19 (1.48) (1.29) (0.18) (0.99) (1.17) 1999 13.87 0.19 1.02 1.21 (0.20) (2.07) (2.27) L Shares 2003* $ 9.60 $ 0.01(3) $ 0.82 $ 0.83 (0.02) $ -- $(0.02) 2003 10.90 0.05 (1.31) (1.26) (0.04) -- (0.04) 2002 11.46 -- (0.55) (0.55) (0.01) -- (0.01) 2001 10.24 0.04 1.26 1.30 (0.08) -- (0.08) 2000 12.68 0.08 (1.44) (1.36) (0.09) (0.99) (1.08) 1999 13.75 0.10 1.01 1.11 (0.11) (2.07) (2.18) VANTAGE FUND T Shares 2003* $ 8.45 $(0.04)(3) $ 0.48 $ 0.44 $ -- $ -- $ -- 2003 9.65 (0.12) (1.08) (1.20) -- -- -- 2002(1) 10.00 (0.03) (0.32) (0.35) -- -- -- L Shares 2003* $ 8.39 $(0.06)(3) $ 0.49 $ 0.43 $ -- $ -- $ -- 2003 9.64 (0.11) (1.14) (1.25) -- -- -- 2002(2) 10.49 (0.02) (0.83) (0.85) -- -- --
* For the six month period ended November 30, 2003. All ratios for the period have been annualized. ** Includes dividends on securities sold short. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. ++ Ratios reflect the impact of initial low level of average net assets associated with commencement of operations. (1) T Shares commenced operations on November 30, 2001. All ratios for the period have been annualized. (2) L Shares commenced operations on March 11, 2002. All ratios for the period have been annualized. (3) Per share data calculated using average shares outstanding method. (4) T Shares commenced operations on December 11, 1998. All ratios for the period have been annualized. (5) A Shares commenced operations on October 14, 2003. All ratios for the period have been annualized. (6) L Shares commenced operations on December 15, 1998. All ratios for the period have been annualized. Amounts designated as "--" are either $0 or have been rounded to $0. 68
------------------------------------------------------------------------------------------------------------------------------------ RATIO OF RATIO OF EXPENSES TO NET ASSET NET ASSETS, RATIO OF NET INVESTMENT AVERAGE NET ASSETS PORTFOLIO VALUE, END TOTAL END OF NET EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS TURNOVER OF PERIOD RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND/OR REIMBURSEMENTS) RATE ---------- -------- ------------ ------------------ ------------------ ---------------------- --------- TAX SENSITIVE GROWTH STOCK FUND T Shares 2003* $22.51 8.33% $ 165,816 1.25% (0.23)% 1.25% 24% 2003 20.78 (10.62) 198,429 1.24 (0.01) 1.24 58 2002 23.25 (13.05) 244,707 1.24 (0.10) 1.24 69 2001 26.74 (19.21) 460,311 1.24 (0.10) 1.25 103 2000 33.10 10.48 710,179 1.20 0.13 1.26 30 1999(4) 29.96 17.04 223,543 1.20 0.21 1.34 18 A Shares 2003*(5) $22.51 0.85% $ 238 1.65% (0.58)% 1.68% 24% L Shares 2003* $21.39 7.76% $ 107,014 2.31% (1.29)% 2.42% 24% 2003 19.85 (11.58) 110,085 2.31 (1.07) 2.40 58 2002 22.45 (13.98) 167,973 2.31 (1.16) 2.36 69 2001 26.10 (20.06) 233,496 2.30 (1.15) 2.34 103 2000 32.65 9.38 290,595 2.25 (0.91) 2.35 30 1999(6) 29.85 16.97 75,875 2.25 (0.80) 2.48 18 VALUE INCOME STOCK FUND T Shares 2003* $10.55 9.22% $ 686,485 0.89% 1.39% 0.89% 30% 2003 9.73 (10.54) 681,899 0.89 1.68 0.89 46 2002 11.05 (3.68) 686,014 0.90 1.13 0.90 60 2001 11.61 14.09 704,842 0.90 1.70 0.90 77 2000 10.38 (10.52) 921,797 0.89 2.02 0.89 62 1999 12.85 11.13 1,589,951 0.92 1.91 0.92 69 A Shares 2003* $10.52 9.04% $70,610 1.28% 1.01% 1.32% 30% 2003 9.70 (10.85) 65,294 1.28 1.29 1.32 46 2002 11.01 (4.14) 75,697 1.28 0.74 1.31 60 2001 11.58 13.63 85,584 1.28 1.31 1.31 77 2000 10.35 (10.83) 104,178 1.28 1.64 1.28 62 1999 12.81 10.71 194,312 1.28 1.55 1.28 69 L Shares 2003* $10.41 8.65% $ 56,836 2.02% 0.28% 2.08% 30% 2003 9.60 (11.56) 49,007 2.02 0.55 2.10 46 2002 10.90 (4.82) 59,392 2.02 -- 2.05 60 2001 11.46 12.85 65,895 2.01 0.59 2.05 77 2000 10.24 (11.50) 84,563 2.02 0.91 2.03 62 1999 12.68 9.91 167,000 2.02 0.81 2.03 69 VANTAGE FUND T Shares 2003* $ 8.89 5.21% $ 3,189 2.06%** (1.01)% 2.16%** 439% 2003 8.45 (12.44) 4,195 2.15** (0.68) 2.25** 3,249 2002(1) 9.65 (3.50) 8,816 2.03** (0.78) 2.13** 1,063 L Shares 2003* $ 8.82 5.13% $ 707 2.39%** (1.35)% 4.49%** 439% 2003 8.39 (12.97) 899 2.88** (1.22) 4.53** 3,249 2002(2) 9.64 (8.10) 860 2.73** (1.44) 3.32** 1,063
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 69 NOTES TO FINANCIAL STATEMENTS -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 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 offering 44 funds as of November 30, 2003. The financial statements presented herein are those of 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 Conservative 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 Strategic Quantitative Equity Fund, the Tax Sensitive Growth Stock Fund, the Value Income Stock Fund and the Vantage Fund (each a "Fund" and collectively the "Funds"). The Funds may offer the following share classes: T shares (formerly Trust shares), A shares (formerly Investor shares), L shares (formerly Flex shares) and B Shares. The financial statements of the remaining funds are presented separately. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Funds' prospectus provides a description of the Funds' investment objectives, policies and strategies. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust: USE OF ESTIMATES -- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. SECURITY VALUATION -- Equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for equity securities traded on NASDAQ), including equity securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if an equity security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Investments and investments sold short that are traded on a national securities exchange or national market system are valued at (1) market value based upon the last reported sale as of the last day of the accounting period, or (2) if there are no reported sales, the last bid price for long positions and ask price for short positions. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. 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, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund and the Life Vision Moderate Growth Fund consist of investments in 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 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. 70 -------------------------------------------------------------------------------- (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 A Shares is equal to the net asset value per share plus a sales load of 3.75%. L 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% 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. B Shares of the Funds may be purchased at their net asset value. A CDSC is imposed on certain redemptions of the B Shares. The CDSC varies depending on the number of years from the time of payment for the purchase of B Shares until the redemption of such shares. YEARS AFTER CONTINGENT DEFERRED PURCHASE SALES CHARGE ---------- ------------ 0 to 1 Year 5% 1 to 2 Years 4% 2 to 3 Years 4% 3 to 4 Years 3% 4 to 5 Years 2% 5 Years + 0% The Funds may charge a redemption fee up to 2% of redemption proceeds, which will automatically be paid to the Fund. There were no redemption fees for the six month period ended November 30, 2003. 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." ILLIQUID SECURITIES -- Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed. RESTRICTED SECURITIES -- Certain of the Funds' investments are restricted as to resale. The table below shows the number of shares held, the acquisition date, cost, market value, value per share of such securities and percentage of net assets which the securities comprise as of November 30, 2003:
MARKET VALUE NUMBER ACQUISITION AS OF VALUE % OF OF SHARES DATE COST 11/30/03 PER SHARE NET ASSETS --------- ----------- ---------- ---------- --------- ---------- SMALL CAP GROWTH STOCK FUND Hypercom 250,000 08/12/03 $ 975,000 $1,157,975 $4.63 0.14% InfoCrossing Common Stock 397,455 10/20/03 3,117,910 3,652,564 9.19 0.43% InfoCrossing Warrants 139,109 10/20/03 6,086 272,470 1.96 0.03% Ultimate Software Group 700,000 07/15/03 3,710,000 5,783,120 8.26 0.68% INTERNATIONAL EQUITY INDEX FUND Air Liquide (Loyalty Shares) 1,526 09/26/03 148,600 245,115 160.63 0.08% Lafarge (Loyalty Shares) 997 06/26/03 63,762 79,412 79.65 0.02%
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 secu- 71 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 rity to make delivery to the buyer. The Funds are then 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. EXPENSES -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution and transfer agent fees, 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. In addition to the investment advisory and management fees, custodian fees, service fees, administration 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 Funds' direct expenses as described above, Fund shareholders of the Life Vision Funds also bear a proportionate share of the underlying Funds' expenses. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends and distributions to shareholders, which are determined in accordance with Federal tax regulations are recorded on the ex-dividend date. Dividends 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. 3. Agreements and Other Transactions with Affiliates: INVESTMENT ADVISORY AGREEMENT -- The Trust and Trusco Capital Management, Inc. (the "Investment Adviser"), a wholly owned subsidiary of SunTrust Banks, Inc., have entered into advisory agreements dated May 29, 1992, June 15, 1993, December 20, 1993, March 10, 2003 and last amended September 4, 2003. Under terms of the amended agreement, the Funds are charged the following annual fees based upon average daily net assets: MAXIMUM ANNUAL ADVISORY FEE ------------ Balanced Fund ..................................... 0.95% Capital Appreciation Fund ......................... 1.15% Growth and Income Fund ............................ 0.90% Information and Technology Fund ................... 1.10% International Equity Fund ......................... 1.25% International Equity Index Fund ................... 0.90% Life Vision Aggressive Growth Fund ................ 0.25% Life Vision Conservative Fund ..................... 0.25% Life Vision Growth and Income Fund ................ 0.25% Life Vision Moderate Growth Fund .................. 0.25% Mid-Cap Equity Fund ............................... 1.15% Mid Cap Value Equity Fund ......................... 1.25% Small Cap Growth Stock Fund ....................... 1.15% Small Cap Value Equity Fund ....................... 1.15% Strategic Quantitative Equity Fund ................ 1.15% Tax Sensitive Growth Stock Fund ................... 1.15% Value Income Stock Fund ........................... 0.80% Vantage Fund ...................................... 1.60% The Investment Adviser has voluntarily agreed to waive all or a portion of its 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. ADMINISTRATION AGREEMENT -- The Trust and SEI Investments Global Funds Services (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. DISTRIBUTION AGREEMENT -- The Trust and SEI Investments Distribution Co. (the "Distributor") are parties to a Distribution Agreement dated November 21, 1995. The Distributor will receive no fees for its distribution services under the plan for the T Shares of any Fund. With respect to the A Shares, L Shares and B Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of L Shares and B Shares) a 72 -------------------------------------------------------------------------------- (UNAUDITED) Distribution and Service Plan, as outlined in the table below:
MAXIMUM MAXIMUM L SHARES B SHARES MAXIMUM DISTRIBUTION DISTRIBUTION A SHARES AND AND DISTRIBUTION FEE SERVICE FEE SERVICE FEE ---------------- ----------- ------------ Balanced Fund ...................... 0.28% 1.00% -- Capital Appreciation Fund .......... 0.68% 1.00% -- Growth and Income Fund ............. 0.25% 1.00% -- Information and Technology Fund ................... -- 1.00% -- International Equity Fund .......... 0.33% 1.00% -- International Equity Index Fund .... 0.38% 1.00% -- Life Vision Aggressive Growth Fund . -- -- 1.00% Life Vision Conservative Fund ...... -- -- 1.00% Life Vision Growth and Income Fund . -- -- 1.00% Life Vision Moderate Growth Fund ... -- -- 1.00% Mid-Cap Equity Fund ................ 0.43% 1.00% -- Mid Cap Value Equity Fund .......... -- 1.00% -- Small Cap Growth Stock Fund ........ 0.50% 1.00% -- Small Cap Value Equity Fund ........ -- 1.00% -- Strategic Quantitative Equity Fund . -- 1.00% -- Tax Sensitive Growth Stock Fund .... -- 1.00% -- Value Income Stock Fund ............ 0.33% 1.00% -- Vantage Fund ....................... --% 1.00% --
The Distributor has voluntarily 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. TRANSFER AGENCY AGREEMENTS -- The Trust and Federated Services Company are parties to a Transfer Agency servicing agreement dated May 14, 1994, as amended April 16, 2003, 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 certain transfer agency account activity processing and servicing. The transfer agency service fees are based upon a monthly per account charge for the total shareholder accounts at the Trust's transfer agent. CUSTODIAN AGREEMENTS -- SunTrust Bank acts as custodian for all the Funds except the International Equity and the International Equity Index Funds (the "International Funds"), which utilize Brown Brothers Harriman & Co. as custodian. Custodians are paid on the basis of the net assets and transaction costs 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. OTHER -- Certain officers of the Trust are also officers of the Adviser, Administrator and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers of the Trust. The Trust had entered into an agreement with the Distributor to act as an agent in placing repurchase agreements for the Trust. As of October 24, 2003, this agreement was discontinued. For the six month period ended November 30, 2003 the following Funds paid the Distributor through a reduction in the yield earned by the Funds on those repurchase agreements: FEES -------- Balanced Fund .............................. $4,195 Capital Appreciation Fund .................. 7,623 Information and Technology Fund ............ 118 Mid-Cap EquityFund ......................... 1,578 Mid Cap Value Equity Fund .................. 2,630 Small Cap Growth Stock Fund ................ 3,340 Small Cap Value Equity Fund ................ 4,671 Tax Sensitive Growth Stock Fund ............ 896 Value Income Stock Fund .................... 9,010 Vantage Fund ............................... 163 The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital markets, Inc. which is a direct non-bank subsidiary of SunTrust Banks, Inc. to act as an agent in placing repurchase agreements for the Trust. For the six month period ended November 30, 2003, the following Funds paid SunTrust Robinson Humphrey, through a reduction in the yield earned by the Funds on those repurchase agreements: FEES --------- Balanced Fund .............................. $ 613 Capital Appreciation Fund .................. 2,973 Information and Technology Fund ............ 18 Mid-Cap Equity Fund ........................ 351 Small Cap Growth Stock Fund ................ 281 Small Cap Value Equity Fund ................ 1,497 Strategic Quantitative Equity Fund ......... 65 Tax Sensitive Growth Stock Fund ............ 233 Value Income Stock Fund .................... 2,670 4. Investment Transactions: The cost of purchases and the proceeds from sales of securities, excluding short-term investments and U.S. Government securities, for the six month period ended November 30, 2003, were as follows: PURCHASES SALES (000) (000) ---------- ---------- Balanced Fund ........................... $144,668 $116,042 Capital Appreciation Fund ............... 758,285 739,385 Growth and Income Fund .................. 211,731 160,744 Information and Technology Fund ......... 44,148 47,289 International Equity Fund ............... 76,988 74,628 International Equity Index Fund ......... 16,979 17,106 Life Vision Aggressive Growth Fund ...... 14,600 9,824 Life Vision Conservative Fund ........... 6,007 2,845 Life Vision Growth and Income Fund ...... 55,697 42,920 Life Vision Moderate Growth Fund ........ 87,451 70,650 Mid-Cap Equity Fund ..................... 144,101 108,753 Mid Cap Value Equity Fund ............... 61,497 46,833 Small Cap Growth Stock Fund ............. 469,632 404,643 Small Cap Value Equity Fund ............. 59,979 67,873 Strategic Quantitative Equity Fund ...... 70,622 28,967 Tax Sensitive Growth Stock Fund ......... 67,527 120,900 Value Income Stock Fund ................. 226,392 275,306 Vantage Fund* ........................... 12,930 15,596 *Includes short sales and covers of short sales. The cost of U.S. Government security purchases and the proceeds from the sale of U.S. Government securities from the Balanced Fund during the six month period ended November 30, 2003 were $85,851,636 and $74,218,461, respectively. 73
NOTES TO FINANCIAL STATEMENTS (continued) ------------------------------------------------------------------------------------------------------------------------------------ STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 5. 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 -------------------- ------------------- -------------------- -------------------- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 11/30/03 05/31/03 11/30/03 05/31/03 --------- --------- --------- --------- --------- --------- --------- --------- T Shares (4): Shares Issued ............................ 3,800 5,631 13,603 23,181 8,563 8,406 475 691 Shares Issued in Lieu of Cash Distributions 145 356 -- -- 90 201 -- -- Shares Redeemed .......................... (2,302) (6,654) (10,636) (22,631) (4,980) (17,009) (836) (2,728) ------ ------ ------- ------- ------ ------- ---- ------ Net T Share Transactions ................. 1,643 (667) 2,967 550 3,673 (8,402) (361) (2,037) ------ ------ ------- ------- ------ ------- ---- ------ A Shares (3): Shares Issued ............................ 106 94 691 2,305 430 1,049 1 -- Shares Issued in Lieu of Cash Distributions 4 12 -- -- 11 21 -- -- Shares Redeemed .......................... (45) (151) (1,206) (2,724) (348) (766) (1) -- ------ ------ ------- ------- ------ ------- ---- ------ Net A Share Transactions ................. 65 (45) (515) (419) 93 304 -- -- ------ ------ ------- ------- ------ ------- ---- ------ L Shares: Shares Issued ............................ 1,197 1,446 1,444 2,333 1,348 1,416 118 156 Shares Issued in Lieu of Cash Distributions 15 52 -- -- 3 11 -- -- Shares Redeemed .......................... (749) (1,982) (960) (2,752) (684) (2,212) (115) (430) ------ ------ ------- ------- ------ ------- ---- ------ Net L Share Transactions ................. 463 (484) 484 (419) 667 (785) 3 (274) ------ ------ ------- ------- ------ ------- ---- ------ B Shares (2): Shares Issued ............................ -- -- -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions -- -- -- -- -- -- -- -- Shares Redeemed .......................... -- -- -- -- -- -- -- -- ------ ------ ------- ------- ------ ------- ---- ------ Net B Share Transactions ................. -- -- -- -- -- -- -- -- ------ ------ ------- ------- ------ ------- ---- ------ Net Change in Capital Shares ............. 2,171 (1,196) 2,936 (288) 4,433 (8,883) (358) (2,311) ====== ====== ======= ======= ====== ======= ==== ======
LIFE VISION MID-CAP EQUITY MID CAP SMALL CAP GROWTH MODERATE GROWTH FUND FUND VALUE EQUITY FUND STOCK FUND -------------------- --------------------- -------------------- ------------------- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 11/30/03 05/31/03 11/30/03 05/31/03 --------- --------- --------- --------- --------- --------- --------- --------- T Shares: Shares Issued 2,607 4,043 5,499 15,332 3,256 5,129 7,152 10,120 Shares Issued in Lieu of Cash Distributions 78 189 13 -- 12 162 -- 487 Shares Redeemed (1,814) (3,260) (1,681) (19,371) (1,797) (9,676) (4,293) (7,574) ------ ------ ------- ------- ------ ------- ----- ------ Net T Share Transactions 871 972 3,831 (4,039) 1,471 (4,385) 2,859 3,033 ------ ------ ------- ------- ------ ------- ----- ------ A Shares (3): Shares Issued 7 -- 301 616 12 -- 295 541 Shares Issued in Lieu of Cash Distributions -- -- 1 -- -- -- -- 22 Shares Redeemed -- -- (256) (312) (4) -- (167) (563) ------ ------ ------- ------- ------ ------- ----- ------ Net A Share Transactions 7 -- 46 304 8 -- 128 -- ------ ------ ------- ------- ------ ------- ----- ------ L Shares (1): Shares Issued -- -- 443 468 242 400 539 494 Shares Issued in Lieu of Cash Distributions -- -- -- -- -- 12 -- 32 Shares Redeemed -- -- (182) (505) (161) (243) (183) (527) ------ ------ ------- ------- ------ ------- ----- ------ Net L Share Transactions -- -- 261 (37) 81 169 356 (1) ------ ------ ------- ------- ------ ------- ----- ------ B Shares (2): Shares Issued 800 306 -- -- -- -- -- -- Shares Issued in Lieu of Cash Distributions 3 -- -- -- -- -- -- -- Shares Redeemed (43) (7) -- -- -- -- -- -- ------ ------ ------- ------- ------ ------- ----- ------ Net B Share Transactions 760 299 -- -- -- -- -- -- ------ ------ ------- ------- ------ ------- ----- ------ Net Change in Capital Shares 1,638 1,271 4,138 (3,772) 1,560 (4,216) 3,343 3,032 ====== ====== ======= ======= ====== ======= ===== ======
(1) L Shares commenced operations beginning on March 11, 2002 and October 13, 2003 for the Vantage Fund and the Strategic Quantitative Equity Fund. (2) B Shares commenced operations beginning on March 11, 2003 for the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund and the Life Vision Moderate Growth Fund. Amounts designated as "--" are either $0 or have been rounded to $0. 74
------------------------------------------------------------------------------------------------------------------------------------ (UNAUDITED) INTERNATIONAL LIFE VISION INTERNATIONAL EQUITY INDEX AGGRESSIVE EQUITY FUND FUND GROWTH FUND -------------------- --------------------- -------------------- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 11/30/03 05/31/03 --------- --------- --------- --------- --------- --------- T Shares (4): Shares Issued ................................... 4,126 10,800 3,266 7,835 524 625 Shares Issued in Lieu of Cash Distributions ..... -- 83 -- 108 3 11 Shares Redeemed ................................. (4,050) (14,173) (3,472) (7,797) (223) (877) ------ ------ ------- ------- ------ ------- Net T Share Transactions ........................ 76 (3,290) (206) 146 304 (241) ------ ------ ------- ------- ------ ------- A Shares (3): Shares Issued ................................... 1,928 2,102 2,067 2,898 2 -- Shares Issued in Lieu of Cash Distributions ..... -- 3 -- -- -- -- Shares Redeemed ................................. (2,007) (1,869) (1,769) (2,039) -- -- ------ ------ ------- ------- ------ ------- Net A Share Transactions ........................ (79) 236 298 859 2 -- ------ ------ ------- ------- ------ ------- L Shares: Shares Issued ................................... 114 890 107 600 -- -- Shares Issued in Lieu of Cash Distributions ..... -- -- -- -- -- -- Shares Redeemed ................................. (85) (883) (41) (588) -- -- ------ ------ ------- ------- ------ ------- Net L Share Transactions ........................ 29 7 66 12 -- -- ------ ------ ------- ------- ------ ------- B Shares (2): Shares Issued ................................... -- -- -- -- 215 123 Shares Issued in Lieu of Cash Distributions ..... -- -- -- -- -- -- Shares Redeemed ................................. -- -- -- -- (3) -- ------ ------ ------- ------- ------ ------- Net B Share Transactions ........................ -- -- -- -- 212 123 ------ ------ ------- ------- ------ ------- Net Change in Capital Shares .................... 26 (3,047) 158 1,017 518 (118) ====== ====== ======= ======= ====== =======
LIFE VISION LIFE VISION CONSERVATIVE GROWTH AND FUND INCOME FUND ------------------- -------------------- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 --------- --------- --------- --------- T Shares (4): Shares Issued ................................... 1 -- 1,499 2,189 Shares Issued in Lieu of Cash Distributions ..... -- -- 41 106 Shares Redeemed ................................. -- -- (811) (3,678) ----- ------ ----- ------ Net T Share Transactions ........................ 1 -- 729 (1,383) ----- ------ ----- ------ A Shares (3): Shares Issued ................................... 1 -- 20 -- Shares Issued in Lieu of Cash Distributions ..... -- -- -- -- Shares Redeemed ................................. -- -- -- -- ----- ------ ----- ------ Net A Share Transactions ........................ 1 -- 20 -- ----- ------ ----- ------ L Shares: Shares Issued ................................... -- -- -- -- Shares Issued in Lieu of Cash Distributions ..... -- -- -- -- Shares Redeemed ................................. -- -- -- -- ----- ------ ----- ------ Net L Share Transactions ........................ -- -- -- -- ----- ------ ----- ------ B Shares (2): Shares Issued ................................... 314 80 571 216 Shares Issued in Lieu of Cash Distributions ..... 1 -- 1 -- Shares Redeemed ................................. (12) (3) (19) -- ----- ------ ----- ------ Net B Share Transactions ........................ 303 77 553 216 ----- ------ ----- ------ Net Change in Capital Shares .................... 305 77 1,302 (1,167) ===== ====== ===== ======
SMALL CAP VALUE STRATEGIC QUANTITATIVE TAX SENSITIVE EQUITY FUND EQUITY FUND GROWTH STOCK FUND -------------------- --------------------- -------------------- 06/01/03- 06/01/02- 08/07/03*- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 11/30/03 05/31/03 --------- --------- -------- --------- --------- T Shares: Shares Issued .................................. 7,543 9,369 3,969 271 3,969 Shares Issued in Lieu of Cash Distributions .... 67 110 -- -- -- Shares Redeemed ................................ (7,179) (13,947) (14) (2,455) (4,945) ----- ------ ----- ----- ----- Net T Share Transactions ....................... 431 (4,468) 3,955 (2,184) (976) ----- ------ ----- ----- ----- A Shares (3): Shares Issued .................................. 43 -- 4 11 -- Shares Issued in Lieu of Cash Distributions .... -- -- -- -- -- Shares Redeemed ................................ (4) -- -- -- -- ----- ------ ----- ----- ----- Net A Share Transactions ....................... 39 -- 4 11 -- ----- ------ ----- ----- ----- L Shares (1): Shares Issued .................................. 562 1,087 52 188 417 Shares Issued in Lieu of Cash Distributions .... -- -- -- -- -- Shares Redeemed ................................ (355) (839) -- (731) (2,353) ----- ------ ----- ----- ----- Net L Share Transactions ....................... 207 248 52 (543) (1,936) ----- ------ ----- ----- ----- B Shares (2): Shares Issued .................................. -- -- -- -- -- Shares Issued in Lieu of Cash Distributions .... -- -- -- -- -- Shares Redeemed ................................ -- -- -- -- -- ----- ------ ----- ----- ----- Net B Share Transactions ....................... -- -- -- -- -- ----- ------ ----- ----- ----- Net Change in Capital Shares ................... 677 (4,220) 4,011 (2,716) (2,912) ===== ====== ===== ===== =====
VALUE INCOME VANTAGE STOCK FUND FUND -------------------- --------------------- 06/01/03- 06/01/02- 06/01/03- 06/01/02- 11/30/03 05/31/03 11/30/03 05/31/03 --------- --------- --------- --------- T Shares: Shares Issued .................................. 5,466 20,952 7 169 Shares Issued in Lieu of Cash Distributions .... 378 785 -- -- Shares Redeemed ................................ (10,889) (13,723) (145) (585) ------ ------ ---- ---- Net T Share Transactions ....................... (5,045) 8,014 (138) (416) ------ ------ ---- ---- A Shares (3): Shares Issued .................................. 485 1,168 -- -- Shares Issued in Lieu of Cash Distributions .... 35 77 -- -- Shares Redeemed ................................ (540) (1,386) -- -- ------ ------ ---- ---- Net A Share Transactions ....................... (20) (141) -- -- ------ ------ ---- ---- L Shares (1): Shares Issued .................................. 777 909 6 50 Shares Issued in Lieu of Cash Distributions .... 10 20 -- -- Shares Redeemed ................................ (432) (1,272) (33) (32) ------ ------ ---- ---- Net L Share Transactions ....................... 355 (343) (27) 18 ------ ------ ---- ---- B Shares (2): Shares Issued .................................. -- -- -- -- Shares Issued in Lieu of Cash Distributions .... -- -- -- -- Shares Redeemed ................................ -- -- -- -- ------ ------ ---- ---- Net B Share Transactions ....................... -- -- -- -- ------ ------ ---- ---- Net Change in Capital Shares ................... (4,710) 7,530 (165) (398) ====== ====== ==== ====
(3) A Shares commenced operations on October 27, 2003, October 16, 2003, November 11, 2003, November 5, 2003, October 10, 2003, October 27, 2003, October 9, 2003, October 8, 2003 and October 14, 2003 for the Information and Technology Fund, the Life Vision Aggressive Fund, the Life Vision Conservative Fund, the Life Vision Growth & Income Fund, the Life Vision Moderate Growth Fund, the Mid Cap Value Equity Fund, the Small Cap Value Equity Fund, the Strategic Quantitative Equity Fund and the Tax Sensitive Growth Stock Fund, respectively. (4) T Shares commenced operations on November 6, 2003, for the Life Vision Conservative Fund. 75 NOTES TO FINANCIAL STATEMENTS (continued) -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS NOVEMBER 30, 2003 6. Federal Tax Policies and 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 may be subject to taxes imposed by countries in which they invest with respect to their investments in issuer existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. The timing and characterization of certain income and capital gains distributions are determined annually in accordance with Federal tax regulations which may differ from accounting principles generally accepted in the United States of America. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to paid-in-capital, undistributed net investment income (loss), or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. For tax purposes, the losses in the Funds can be carried forward for a maximum of eight years to offset any future net realized capital gains. The Funds had capital loss carryforwards at May 31, 2003 as follows (000):
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING 2006 2007 2008 2009 2010 2011 -------- -------- -------- -------- -------- -------- Balanced Fund .............................. $ -- $ -- $ -- $ -- $ -- $15,343 Capital Appreciation Fund .................. -- -- 16,350 -- 4,420 88,823 Growth and Income Fund ..................... -- -- -- 724 2,132 53,940 Information and Technology Fund ............ -- -- 18 1,084 68,371 19,102 International Equity Fund .................. 3,868 2,086 -- 3,394 27,543 31,153 International Equity Index Fund ............ -- -- -- 6,233 23,827 16,546 Life Vision Aggressive Growth Fund ......... -- -- -- -- 15 873 Life Vision Conservative Fund .............. -- -- -- -- -- -- Life Vision Growth and Income Fund ......... -- -- -- -- 1,545 1,299 Life Vision Moderate Growth Fund ........... -- -- -- -- 586 553 Mid-Cap Equity Fund ........................ -- -- -- -- 3,489 47,489 Mid Cap Value Equity Fund .................. -- -- -- -- -- 21,169 Small Cap Growth Stock Fund ................ -- 4,189 -- -- -- 48,036 Small Cap Value Equity Fund ................ -- -- 22,106 -- 3,105 -- Strategic Quantitative Equity Fund ......... -- -- -- -- -- -- Tax Sensitive Growth Stock Fund* ........... -- 142 40,228 153,993 52,653 9,527 Value Income Stock Fund .................... -- -- -- 184,254 -- 28,942 Vantage Fund ............................... -- -- -- -- -- 1,198
* Information reflects fund activity based on the Fund's October 31, 2003 tax reporting year. Amounts designated as "--" are either $0 or have been rounded to $0. 76 -------------------------------------------------------------------------------- (UNAUDITED) At November 30, 2003, the total cost of securities and securities sold short for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Funds was as follows:
AGGREGATE AGGREGATE GROSS GROSS NET FEDERAL UNREALIZED UNREALIZED UNREALIZED TAX COST APPRECIATION (DEPRECIATION) APPRECIATION (000) (000) (000) (000) ---------- ------------ -------------- ------------ Balanced Fund ....................... $ 349,364 $ 27,573 $ (3,150) $ 24,423 Capital Appreciation Fund ........... 1,307,200 238,351 (24,250) 214,101 Growth and Income Fund .............. 730,655 150,408 (15,067) 135,341 Information and Technology Fund ..... 17,996 3,827 (252) 3,575 International Equity Fund ........... 212,257 37,831 (4,847) 32,984 International Equity Index Fund ..... 329,222 47,871 (35,589) 12,282 Life Vision Aggressive Growth Fund .. 37,067 2,540 (1,255) 1,285 Life Vision Conservative Fund ....... 3,952 137 (36) 101 Life Vision Growth and Income Fund .. 75,542 6,121 (423) 5,698 Life Vision Moderate Growth Fund .... 111,536 10,913 (709) 10,204 Mid-Cap Equity Fund ................. 197,091 30,765 (1,241) 29,524 Mid Cap Value Equity Fund ........... 140,509 16,784 (2,053) 14,731 Small Cap Growth Stock Fund ......... 831,262 219,345 (19,924) 199,421 Small Cap Value Equity Fund ......... 606,512 186,705 (16,208) 170,497 Strategic Quantitative Equity Fund .. 43,675 4,460 (443) 4,017 Tax Sensitive Growth Stock Fund ..... 218,896 68,426 (5,611) 62,815 Value Income Stock Fund ............. 744,912 100,296 (18,707) 81,589 Vantage Fund ........................ 2,258 253 (73) 180
7. Concentrations/Risks: 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. In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. 8. 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 331/3% 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 Securities and Exchange Commission. 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 the Boston Global Investment Trust-Enhanced Portfolio. This investment consists of money market instruments including money market mutual funds registered under the Investment Company Act of 1940, commercial paper, repurchase agreements, U.S. Treasury Bills and U.S. agency obligations. 9. Subsequent Event At its meeting on November 12, 2003, the Board of Trustees unanimously approved the ceasing of operations of the Vantage Fund as being in the best interest of the Fund and its shareholders. Consequently, the Fund was liquidated after the close of business on December 31, 2003. 77 NOTES -------------------------------------------------------------------------------- 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 Logo Omitted] BACKED BY TRADITION. STRENGTHENED BY EXPERIENCE.SM STI-SA-001-0400 ITEM 2. CODE OF ETHICS. The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable - only effective for annual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable - only effective for annual reports for periods ending on or after December 15, 2003. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. (RESERVED) ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEMS 8. (RESERVED) ITEM 9. CONTROLS AND PROCEDURES. (a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. ITEMS 10. EXHIBITS. File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (a) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith. (b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit -------------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) STI Classic Funds By (Signature and Title)* /s/James F. Volk -------------------------------------- James F. Volk, President Date 01/23/04 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ James F. Volk -------------------------------------- James F. Volk, President Date 01/23/04 By (Signature and Title)* /s/ Jennifer E. Spratley -------------------------------------- Jennifer E. Spratley, CFO Date 01/23/04 * Print the name and title of each signing officer under his or her signature.