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SEMI-ANNUAL
- --------------------------------------------------------------------------------
FINANCIAL REPORT
STI CLASSIC EQUITY FUNDS
A Family of Mutual Funds
November 30, 1999
[Logo Omitted]
<PAGE>
Dear Valued STI Classic Trust Shareholder:
As of November 30, 1999, your STI Classic Funds' assets totaled $20.5 billion or
2.7% more than the totals reported to you as of May 31, 1999, the Funds' fiscal
year end.
The U.S. economic expansion is approaching nine years duration and remains
strong with modest inflation. However, interest rates have risen over a full
percentage point in 1999, as bond investors feared the strong economy and a
tight employment situation would lead to an inflationary surge. Inflation
continues to be well controlled due to strong productivity gains and little
pricing power at corporations. Thus, we believe yields are quite high and
attractive. The Federal Reserve has increased money market rates by
three-quarters of a percentage point in hopes of slowing the growth pace and to
preempt inflationary pressures. Stocks continue to advance as a result of the
excellent economic environment. At some point, we think additional FED rate
increases will drain liquidity from the system and increase competition for
stocks.
The STI Classic Funds introduced two new funds in the fourth quarter of this
year: the Core Equity Fund will focus on companies in the $1 billion plus market
capitalization range with superior growth in earnings, sales and other
traditional valuation measures. The second fund, the E-Commerce Opportunity
Fund, a growth fund, invests in companies that are expected to benefit
substantially from electronic commerce.
With 34 funds now available, the STI Classic Funds are well positioned, as we
approach the new millennium, with a broad range of high quality mutual funds
that utilize a time tested and disciplined investment management approach.
Sincerely,
Anthony R. Gray
Chairman, Chief Investment Officer
STI Capital Management, N.A.
/s/ signature omitted
Douglas S. Phillips, CFA
President, Chief Investment Officer
Trusco Capital Management, Inc.
/s/signature omitted
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
BALANCED FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (56.5%)
BASIC MATERIALS (0.7%)
Air Products & Chemicals 41,800 $ 1,353
Mead 12,200 435
Monsanto 14,600 616
------
2,404
------
CAPITAL GOODS (7.4%)
Allied Waste Industries* 12,600 102
Eastman Kodak 5,100 316
General Dynamics 7,100 366
General Electric 66,100 8,593
Honeywell 13,400 1,500
Minnesota Mining & Manufacturing 10,100 965
Republic Services, Cl A* 45,100 561
Textron 45,600 3,240
Tyco International 133,018 5,329
United Technologies 48,900 2,763
Waste Management* 25,161 409
W.W. Grainger 14,500 683
------
24,827
------
COMMUNICATION SERVICES (1.9%)
Centurytel 25,900 1,191
Charter Communications* 17,400 403
Fox Entertainment Group, Cl A* 25,900 596
GTE 17,300 1,263
MCI WorldCom* 18,743 1,550
Sprint 16,900 1,172
------
6,175
------
CONSUMER CYCLICALS (12.2%)
Abercrombie & Fitch, Cl A* 13,700 444
Bed Bath & Beyond* 25,000 781
Brinker International* 41,400 937
Carnival 39,300 1,734
Cendant* 113,341 1,877
Costco Wholesale* 31,500 2,888
CVS 60,800 2,413
Ecolab 48,200 1,669
Family Dollar Stores 16,100 289
Gannett 22,900 1,639
Harley-Davidson 9,000 549
Hasbro 53,700 1,158
Home Depot 3,700 293
Interpublic Group 12,300 578
Kroger* 117,700 2,508
Lear* 32,400 1,071
Linens 'N Things* 24,300 820
Lowe's 68,200 3,397
Masco 98,550 2,488
Maytag 16,000 763
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
CONSUMER CYCLICALS--CONTINUED
Mediaone Group* 19,900 $ 1,577
New York Times, Cl A 15,200 584
Office Depot* 137,350 1,528
Royal Caribbean Cruises 6,200 306
Saks* 51,400 899
SPX* 12,100 901
Starwood Hotels and Resorts* 3,955 88
Tandy 64,400 4,935
Time Warner 12,700 783
United Rentals* 34,200 590
Young & Rubicam* 3,800 198
------
40,685
------
CONSUMER STAPLES (4.7%)
Anheuser Busch 7,900 591
Coca Cola Enterprises 50,000 1,059
ConAgra 55,300 1,334
Dial 26,600 746
Flowers Industries 23,800 390
Kimberly Clark 3,800 243
General Mills 11,300 426
Nabisco Group Holdings 64,900 750
Nike, Cl B 600 28
Pepsi Bottling Group* 39,200 686
PepsiCo 60,200 2,081
Philip Morris 2,300 61
Ralston Purina 9,000 267
Rite Aid 40,200 304
Safeway* 22,900 844
Sara Lee 33,400 810
Seagram 24,500 1,067
Unilever NV* 24,300 1,323
US Foodservice* 80,160 1,453
Viacom, Cl B* 23,300 1,159
------
15,622
------
ENERGY (2.8%)
Anadarko Petroleum 11,800 355
Burlington Resources 42,500 1,429
Conoco 38,200 1,000
Consolidated Natural Gas 8,600 551
EOG Resourses 23,700 438
Halliburton 7,300 282
Mobil 6,000 626
Niagara Mohawk Holdings* 12,100 181
Texaco 50,900 3,102
Unocal 39,600 1,314
------
9,278
------
2
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
FINANCIALS (5.9%)
Ace Ltd 57,300 $ 974
American International Group 23,328 2,409
AmSouth Bancorp 18,401 415
Associates First Capital 28,100 934
Bank of America 28,231 1,652
Bank United, Cl A 14,100 502
BB&T 4,700 151
Comerica 6,400 339
Conseco 46,000 932
Equifax 5,900 146
FHLMC 28,800 1,422
First Security 6,500 183
Fleet Boston Financial 42,870 1,621
Mellon Financial 57,600 2,099
MGIC Investment 7,400 418
PNC Bank 13,100 730
Radian Group 10,200 499
Torchmark 9,700 308
U.S. Bancorp 35,700 1,220
Unumprovident 46,100 1,501
Washington Mutual 46,576 1,351
------
19,806
------
HEALTH CARE (6.9%)
Alza, Cl A* 39,500 1,706
American Home Products 30,100 1,565
Baxter International 35,800 2,419
Bristol-Myers Squibb 22,800 1,666
Cardinal Health 49,665 2,598
Eli Lilly 53,350 3,828
Forest Laboratories* 24,800 1,269
Health Management Associates,
Cl A* 55,800 687
Healthsouth* 56,828 323
Medtronic 10,300 400
Merck 29,800 2,339
Schering Plough 10,700 547
Tenet Healthcare* 26,400 589
Warner Lambert 34,000 3,049
------
22,985
------
TECHNOLOGY (13.9%)
ADC Telecommunications* 35,800 1,909
Agilent Technologies Inc* 3,600 152
Analog Devices* 12,400 712
BMC Software* 12,000 874
Ceridian* 81,100 1,754
Cisco Systems* 62,000 5,530
Computer Sciences* 16,400 1,070
Comverse Technology* 7,600 919
Dell Computer* 4,000 172
EMC* 34,800 2,908
- --------------------------------------------------------------------------------
SHARES/FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
TECHNOLOGY--CONTINUED
General Instrument* 13,300 $ 871
Hewlett Packard 19,000 1,803
IBM 59,400 6,122
Intel 40,100 3,075
Lucent Technologies 49,088 3,586
Microsoft* 77,900 7,093
Nortel Networks 15,100 1,117
Sun Microsystems* 32,300 4,272
Texas Instruments 22,300 2,142
Xerox 8,600 233
------
46,314
------
TRANSPORTATION (0.1%)
Delta Air Lines 4,600 227
Southwest Airlines 10,300 168
Trans World Air* 4,100 86
------
481
------
Total Common Stocks
(Cost $148,790) 188,577
-------
PREFERRED STOCKS (1.1%)
COMMUNICATION SERVICES (0.2%)
Cox Communication,
CV to 0.8621 Shares* 7,300 650
------
CONSUMER STAPLES (0.3%)
Suiza Capital Trust II,
CV to 0.639 Shares,
Callable 04/02/01 @ 51.719 35 1,158
------
ENERGY (0.5%)
Apache, CV to 0.8197 Shares 22,000 748
CMS Energy, CV to 0.783 Shares* 26,200 956
------
1,704
------
FINANCE (0.1%)
Conseco Financial Trust,
CV to 0.9363 Shares 10,000 263
------
Total Preferred Stocks
(Cost $4,246) 3,775
------
CORPORATE OBLIGATIONS (25.8%)
FINANCE (18.4%)
Aon
6.900%, 07/01/04 $ 3,400 3,332
Aristar
7.250%, 06/15/06 2,600 2,535
Associates
6.250%, 11/01/08 3,650 3,399
Bank of America
6.625%, 06/15/04 2,000 1,965
3
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
BALANCED FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
FINANCE--CONTINUED
Cit Group Holdings
6.500%, 06/14/02 $ 2,850 $ 2,825
Conseco
8.500%, 10/15/02 2,400 2,400
6.800%, 06/15/05 1,800 1,645
6.400%, 06/15/11 2,000 1,948
Countrywide Home Loan
6.850%, 06/15/04 2,750 2,685
Countrywide Home Loan,
Ser F, MTN
6.510%, 02/11/05 2,300 2,205
Donaldson Lufkin, MTN
6.150%, 05/04/04 1,250 1,192
Finova Capital
7.250%, 07/12/06 2,200 2,148
Finova Capital, MTN
7.300%, 09/22/03 3,000 2,978
Ford Motor Credit
6.125%, 04/28/03 4,000 3,900
General Electric Capital,
Ser A, MTN
6.267%, 07/23/03 4,250 4,170
6.810%, 11/03/03 2,350 2,350
Great Western Financial
8.600%, 02/01/02 800 818
Heller Financial, Ser I, MTN
6.500%, 07/22/02 2,250 2,213
Household Finance
7.200%, 07/15/06 2,250 2,242
Paine Webber Group,
Ser C, MTN
6.020%, 04/22/02 3,000 2,918
Provident
7.000%, 07/15/18 2,550 2,209
Reliastar Financial
8.000%, 10/30/06 1,350 1,342
6.500%, 11/15/08 2,000 1,840
Salomon
7.300%, 05/15/02 1,750 1,765
Salomon Smith Barney
6.250%, 01/15/05 1,750 1,667
Wachovia
5.625%, 12/15/08 1,300 1,165
Washington Mutual
7.500%, 08/15/06 1,425 1,425
------
61,281
------
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
INDUSTRIAL (6.6%)
AT&T
6.000%, 03/15/09 $ 2,600 $ 2,395
6.500%, 03/15/29 2,750 2,403
AT&T Capital, MTN
6.890%, 01/25/02 2,750 2,740
Dillards
6.430%, 08/01/04 2,700 2,562
Dow Chemical
7.375%, 11/01/29 1,000 973
Marriot International
7.875%, 09/15/09 1,500 1,491
Philip Morris
7.500%, 04/01/04 1,000 986
Procter & Gamble
6.875%, 09/15/09 1,150 1,146
Sprint Capital
6.900%, 05/01/19 2,000 1,850
Times Mirror
7.450%, 10/15/09 1,000 1,009
Trans-Canada Pipelines
7.150%, 06/15/06 1,800 1,760
Wal-Mart Stores
6.875%, 08/10/09 2,800 2,783
------
22,098
------
UTILITIES (0.8%)
Florida Power & Light
5.875%, 04/01/09 3,000 2,738
------
Total Corporate Obligations
(Cost $88,390) 86,117
------
CONVERTIBLE BONDS (0.7%)
Baker Hughes, CV to 18.599 Shares,
Callable 12/27/99 @ 73.18 (A)
0.000%, 05/05/08 600 425
Network Associates,
CV to 8.538 Shares (A)
0.000%, 02/13/18 1,000 373
Potomac Electric Power,
CV to 29.5 Shares
5.000%, 09/01/02 1,300 1,237
WMX Technologies,
CV to 18.9065 Shares,
Callable 03/15/00 @ 84.303
2.000%, 01/24/05 500 409
------
Total Convertible Bonds
(Cost $2,663) 2,444
------
4
<PAGE>
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS (3.0%)
FHLMC
5.750%, 03/15/09 $ 4,600 $ 4,267
FNMA
6.250%, 05/15/29 6,250 5,672
------
Total U.S. Agency Mortgage-Backed
Obligations
(Cost $9,913) 9,939
------
U.S. TREASURY OBLIGATIONS (7.3%)
U.S. Treasury Bonds
7.500%, 11/15/16 6,550 7,135
U.S. Treasury Notes
6.000%, 08/15/09 14,325 14,138
6.125%, 08/15/29 3,225 3,160
------
Total U.S. Treasury Obligations
(Cost $24,716) 24,433
------
REPURCHASE AGREEMENTS (5.2%)
Greenwich
5.67%, dated 11/30/99,
matures 12/01/99, repurchase
price $17,188,692 (collateralized by
various FNMA obligations: total
market value $17,533,952) (D) 17,189 17,189
------
Total Repurchase Agreements
(Cost $17,189) 17,189
------
Total Investments (99.6%)
(Cost $295,907) 332,474
-------
OTHER ASSETS AND LIABILITIES, NET (0.4%) 1,232
-------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 18,029,176 outstanding shares
of beneficial interest $200,876
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 990,043 outstanding
shares of beneficial interest 11,537
Fund shares of the Flex Class
(unlimited authorization -- no par
value) based on 6,184,255 outstanding
shares of beneficial interest 79,446
Undistributed net investment income 1,111
Accumulated net realized gain
on investments 4,169
Net unrealized appreciation on investments 36,567
--------
TOTAL NET ASSETS (100.0%) $333,706
========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 13.26
========
Net Asset Value and Redemption
Price Per Share -- Investor Shares $ 13.32
========
Maximum Offering Price Per Share --
Investor Class ($13.32 / 96.25%) $ 13.84
========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares (1) $ 13.16
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
5
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
CAPITAL APPRECIATION FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (92.7%)
BASIC MATERIALS (1.1%)
Air Products & Chemicals 388,300 $ 12,571
Mead 130,300 4,650
Monsanto 124,800 5,265
--------
22,486
--------
CAPITAL GOODS (11.6%)
Allied Waste Industries* 201,200 1,635
Eastman Kodak 53,200 3,292
General Dynamics 105,400 5,435
General Electric 691,800 89,934
Honeywell 115,500 12,929
Minnesota Mining &
Manufacturing 107,700 10,292
Republic Services, Cl A* 472,800 5,880
Textron 428,600 30,457
Tyco International 1,399,504 56,068
United Technologies 415,600 23,481
W.W. Grainger 77,500 3,652
Waste Management* 226,156 3,675
-------
246,730
-------
COMMUNICATION SERVICES (3.2%)
Centurytel 294,850 13,563
Charter Communications* 178,600 4,141
Fox Entertainment Group, Cl A* 188,300 4,331
GTE 183,800 13,417
MCI WorldCom* 228,269 18,875
Sprint 204,800 14,208
------
68,535
------
CONSUMER CYCLICALS (20.3%)
Abercrombie & Fitch, Cl A* 143,100 4,633
Bed Bath & Beyond* 278,000 8,687
Brinker International* 427,900 9,681
Carnival 472,300 20,840
Cendant* 1,051,715 17,419
Costco Wholesale* 358,800 32,897
CVS 667,300 26,483
Ecolab 477,800 16,544
Family Dollar Stores 167,100 2,997
Gannett 258,200 18,477
Harley-Davidson 90,000 5,490
Hasbro 565,100 12,185
Home Depot 39,100 3,091
Interpublic Group 137,300 6,453
Kroger* 1,312,800 27,979
Lear* 352,300 11,648
Linens 'N Things* 256,000 8,640
Lowe's 765,700 38,141
Masco 879,800 22,215
Maytag 175,200 8,355
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
CONSUMER CYCLICALS--CONTINUED
Mediaone Group* 215,700 $ 17,094
New York Times, Cl A 172,200 6,619
Office Depot* 1,560,950 17,366
Royal Caribbean Cruises 33,500 1,654
Saks* 470,600 8,235
SPX* 133,600 9,953
Starwood Hotels and Resorts* 434 10
Tandy 689,500 52,833
Time Warner 132,600 8,180
United Rentals* 313,600 5,410
Young & Rubicam* 40,100 2,093
--------
432,302
--------
CONSUMER STAPLES (7.4%)
Anheuser Busch 83,800 6,269
Coca Cola Enterprises 319,700 6,774
ConAgra 443,700 10,704
Dial 288,700 8,102
Flowers Industries 272,800 4,467
General Mills 610,003 2,280
Kimberly Clark 37,600 2,402
Nabisco Group Holdings 617,400 7,139
Nike, Cl B 6,600 304
Pepsi Bottling Group* 479,400 8,389
PepsiCo 643,600 22,244
Philip Morris 25,100 660
Ralston Purina 94,100 2,794
Rite Aid 345,600 2,614
Safeway* 260,300 9,599
Sara Lee 392,400 9,516
Seagram 223,700 9,745
Unilever NV* 259,700 14,137
US Foodservice* 877,900 15,912
Viacom, Cl B* 244,000 12,139
-------
156,190
-------
ENERGY (4.5%)
Anadarko Petroleum 129,050 3,888
Burlington Resources 454,800 15,293
Conoco 414,500 10,855
Consolidated Natural Gas 116,800 7,490
EOG Resourses 273,300 5,056
Halliburton 88,500 3,424
Mobil 33,000 3,442
Niagara Mohawk Holdings* 133,700 2,006
Texaco 519,100 31,633
Unocal 361,300 11,991
------
95,078
------
6
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
FINANCIALS (9.3%)
Ace Ltd 521,300 $ 8,862
American International Group 250,495 25,864
AmSouth Bancorp 189,500 4,276
Associates First Capital 271,300 9,021
Bank of America 308,938 18,073
Bank United, Cl A 87,900 3,131
BB&T 48,900 1,571
Comerica 66,000 3,498
Conseco 510,600 10,340
Equifax 61,900 1,532
FHLMC 222,500 10,986
First Security 77,700 2,185
Fleet Boston Financial 453,440 17,146
Mellon Financial 595,800 21,709
MGIC Investment 74,500 4,209
PNC Bank 138,800 7,738
Radian Group 110,000 5,376
Torchmark 87,500 2,778
U.S. Bancorp 382,700 13,084
Unumprovident 366,900 11,947
Washington Mutual 511,924 14,846
-------
198,172
-------
HEALTH CARE (11.0%)
Alza, Cl A* 423,700 18,299
American Home Products 264,400 13,749
Baxter International 384,000 25,944
Bristol-Myers Squibb 250,000 18,266
Cardinal Health 542,153 28,361
Eli Lilly 378,150 27,132
Forest Laboratories* 275,300 14,092
Health Management Associates,
Cl A* 781,600 9,623
Healthsouth* 523,419 2,977
Medtronic 105,800 4,113
Merck 342,764 26,907
Schering Plough 134,900 6,897
Tenet Healthcare* 275,900 6,156
Warner Lambert 357,000 32,018
-------
234,534
-------
TECHNOLOGY (24.1%)
ADC Telecommunications* 282,900 15,082
Agilent Technologies Inc* 36,500 1,540
Analog Devices* 141,800 8,145
BMC Software* 200,800 14,621
Ceridian* 885,300 19,145
Cisco Systems* 771,000 68,764
Computer Sciences* 184,200 12,019
Comverse Technology* 40,300 4,871
Dell Computer* 32,100 1,380
EMC* 395,400 33,041
General Instrument* 143,700 9,412
- --------------------------------------------------------------------------------
SHARES/FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
TECHNOLOGY--CONTINUED
Hewlett Packard 201,000 $ 19,070
IBM 614,900 63,373
Intel 465,800 35,721
Lucent Technologies 565,351 41,306
Microsoft* 866,850 78,924
Nortel Networks 188,800 13,971
Sun Microsystems* 336,000 44,436
Texas Instruments 264,600 25,418
Xerox 67,300 1,821
---------
512,060
---------
TRANSPORTATION (0.2%)
Delta Air Lines 48,700 2,398
Southwest Airlines 114,800 1,873
Trans World Air* 4,400 92
---------
4,363
---------
Total Common Stocks
(Cost $1,449,242) 1,970,450
---------
PREFERRED STOCKS (1.9%)
CONSUMER STAPLES (0.6%)
Suiza Capital Trust II,
CV to 0.6390 Shares,
Callable 04/02/01 @ 51.719 358,100 11,683
---------
COMMUNICATION SERVICES (0.3%)
Cox Communication,
CV to 0.8621 Shares* 74,500 6,635
---------
ENERGY (1.0%)
AES Trust III, CV to 0.7108 Shares* 75,000 3,877
Apache, CV to 0.8197 Shares 162,000 5,508
CMS Energy, CV to 0.783 Shares* 269,700 9,844
Coastal, CV to 0.5384 Shares* 88,000 2,068
---------
21,297
---------
FINANCE (0.0%)
Conseco Financial Trust,
CV to 0.9363 Shares 5,500 145
---------
Total Preferred Stocks
(Cost $41,885) 39,760
---------
CONVERTIBLE BONDS (1.0%)
Baker Hughes, CV to 18.599 Shares,
Callable 12/27/99 @ 73.18 (A)
0.000%, 05/05/08 $ 1,000 709
Clear Channel Communications,
CV to 9.4535 Shares
1.500%, 12/01/02 2,000 1,980
Elan, CV to 13.75 Shares (A)
0.000%, 12/14/18 12,000 6,045
7
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
CAPITAL APPRECIATION FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
CONVERTIBLE BONDS--CONTINUED
Molten Metal Technology,
CV to 25.8065 Shares (B)
5.500%, 05/01/06 $ 10,000 $ 50
Network Associates,
CV to 8.538 Shares, Callable
02/13/03 @ 49.452 (A) (B)
0.000%, 02/13/18 10,000 3,725
Network Associates,
CV to 8.538 Shares (A)
0.000%, 02/13/18 2,000 745
Potomac Electric Power,
CV to 29.5 Shares
5.000%, 09/01/02 1,000 951
Tower Automotive,
CV to 38.6399 Shares
5.000%, 08/01/04 4,200 3,533
Waste Management,
CV to 22.959 Shares
4.000%, 02/01/02 3,000 2,490
WMX Technologies,
CV to 18.9065 Shares,
Callable 03/15/00 @ 84.303
2.000%, 01/24/05 1,000 818
-------
Total Convertible Bonds
(Cost $28,520) 21,046
-------
CASH EQUIVALENTS (0.4%)
Aim Liquid Assets Portfolio (C) 7,942 7,942
-------
Total Cash Equivalents
(Cost $7,942) 7,942
-------
REPURCHASE AGREEMENTS (4.3%)
Deutsche Bank
5.67%, dated 11/30/99, matures
12/01/99, repurchase price
$41,749,061 (collateralized by
FHLMC obligation: total
market value $42,584,043) (D) 41,749 41,749
Greenwich
5.67%, dated 11/30/99, matures
12/01/99, repurchase price
$32,224,078 (collateralized by
various FNMA obligations: total
market value $32,869,625) (D) 32,224 32,224
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--CONTINUED
Salomon Brothers
5.67%, dated 11/30/99, matures
12/01/99, repurchase price
$18,695,384 (collateralized by
FHLMC obligation: total market
value $19,620,547) (D) $18,695 $ 18,695
----------
Total Repurchase Agreements
(Cost $92,668) 92,668
----------
Total Investments (100.3% )
(Cost $1,620,257) 2,131,866
----------
OTHER ASSETS AND LIABILITIES, NET (-0.3%) (6,949)
----------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 98,594,473 outstanding shares of
beneficial interest 1,158,347
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 17,745,919 outstanding
shares of beneficial interest 210,012
Fund shares of the Flex Class (unlimited
authorization -- no par value) based
on 9,794,481 outstanding shares of
beneficial interest 149,973
Undistributed net investment loss (199)
Accumulated net realized gain
on investments 95,175
Net unrealized appreciation on investments 511,609
----------
TOTAL NET ASSETS (100.0%) $2,124,917
==========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 16.91
==========
Net Asset Value and Redemption
Price Per Share-- Investor Shares $ 16.76
==========
Maximum Offering Price Per Share --
Investor Class ($16.76 / 96.25%) $ 17.41
==========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares (1) $ 16.37
==========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
8
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
CORE EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (95.1%)
BASIC MATERIALS (1.4%)
Avery Dennison 26,400 $ 1,567
-------
CAPITAL GOODS (13.3%)
Applied Materials* 12,000 1,169
Corning 12,500 1,171
Dover 37,000 1,605
Minnesota Mining &
Manufacturing 19,600 1,873
Motorola 11,200 1,280
Sysco 63,600 2,421
Tellabs* 40,800 2,647
Tyco International 62,300 2,496
-------
14,662
-------
COMMUNICATION SERVICES (4.0%)
Alltel 26,900 2,327
BellSouth 46,000 2,125
-------
4,452
-------
CONSUMER CYCLICALS (22.7%)
Brinker International* 58,300 1,319
CDW Computer Centers* 18,400 1,294
Circuit City 55,600 2,697
Costco Wholesale* 32,000 2,934
CVS 46,200 1,834
Family Dollar Stores 61,200 1,098
Gannett 25,000 1,789
Hasbro 52,000 1,121
Home Depot 34,300 2,712
Interpublic Group 41,000 1,927
Limited 49,300 2,092
Liz Claiborne 37,000 1,385
Omnicom Group 13,800 1,216
Wal-Mart Stores 28,500 1,642
-------
25,060
-------
CONSUMER STAPLES (4.9%)
Anheuser Busch 26,900 2,012
Nike, Cl B 20,400 938
Paychex 21,000 839
Procter & Gamble 15,000 1,620
-------
5,409
-------
ENERGY (3.2%)
EOG Resourses 106,100 1,963
Halliburton 41,500 1,606
-------
3,569
-------
- --------------------------------------------------------------------------------
SHARES/
FACE AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
FINANCIALS (16.3%)
Aflac 46,500 $ 2,226
AMBAC 24,800 1,352
Capital One Financial 21,700 1,010
Citigroup 46,800 2,521
FHLMC 45,400 2,242
Firstar 79,600 2,070
MBNA 57,400 1,449
MGIC Investment 29,000 1,638
Providian Financial 31,700 2,508
Zebra Technologies, Cl A* 16,400 990
-------
18,006
-------
HEALTH CARE (7.9%)
Amgen* 22,600 1,030
Biomet 32,500 1,030
Johnson & Johnson 16,700 1,733
Schering Plough 51,800 2,648
Warner Lambert 25,400 2,278
-------
8,719
-------
TECHNOLOGY (21.4%)
Allied Signal 43,800 2,620
BMC Software* 22,200 1,616
Cisco Systems* 20,000 1,784
Compuware* 96,600 3,266
EMC* 25,200 2,106
Electronics for Imaging* 44,700 1,992
Intel 37,600 2,883
Microsoft* 22,300 2,030
Oracle* 28,000 1,899
Synopsys* 20,500 1,484
Texas Instruments 20,000 1,921
-------
23,601
-------
Total Common Stocks
(Cost $97,057) 105,045
-------
REPURCHASE AGREEMENT (5.0%)
Morgan Stanley
5.65%, dated 11/30/99, matures
12/01/99, repurchase price
$5,536,208, (collateralized by
FNMA obligation: total market
value $5,647,845) $ 5,536 5,536
-------
Total Repurchase Agreement
(Cost $5,536) 5,536
-------
Total Investments (100.1%)
(Cost $102,593) 110,581
-------
OTHER ASSETS AND LIABILITIES, NET (-0.1%) (105)
-------
9
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
CORE EQUITY FUND--CONCLUDED
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 10,201,314 outstanding shares
of beneficial interest $102,395
Distribution in excess of net
investment income (13)
Accumulated net realized gain on investments 106
Net unrealized appreciation on investments 7,988
--------
TOTAL NET ASSETS 100.0% $110,476
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 10.83
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
10
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 (UNAUDITED)
EMERGING MARKETS EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
FOREIGN COMMON STOCKS (58.2%)
ARGENTINA (1.3%)
Capex, Cl A* 4,189 $ 22
Quilmes Industrial 22,000 256
-----
278
-----
BRAZIL (3.1%)
Telesp Participacoes 36,100 650
-----
CHILE (3.9%)
Administradora de Fondos de
Pensiones Provida ADR 29,500 607
Banco de A. Edwards ADR Rights* 4,674 3
Quimica Y Minera Chile ADR 8,300 236
-----
846
-----
CZECH REPUBLIC (2.2%)
SPT Telecom 33,000 476
-----
GREECE (2.2%)
Hellenic Telecommunication
Organization 21,583 463
-----
HONG KONG (5.5%)
First Pacific 2,200,000 1,190
-----
HUNGARY (1.7%)
Matav 60,000 365
-----
INDIA (1.5%)
Mahanagar Telephone
Nigam GDR 36,500 324
-----
INDONESIA (7.1%)
Gulf Indonesia Resources* 150,000 1,134
Indonesian Satellite ADR 18,000 250
PT Indosat, F 96,000 135
-----
1,519
-----
ISRAEL (4.8%)
ECI Telecommunications 40,800 1,023
-----
MEXICO (6.7%)
Fomento Economico Mexicano
ADR 10,000 379
Grupo Continental 235,500 347
Panamerican Beverages 38,300 718
-----
1,444
-----
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
PHILIPPINES (6.90%)
Ayala 2,000,000 $ 478
San Miguel 729,000 1,007
-------
1,485
-------
SINGAPORE (8.1%)
Overseas - Chinese Banking 34,650 260
Asia Pulp & Paper ADR* 175,000 1,486
-------
1,746
-------
SOUTH AFRICA (3.2%)
South African Breweries 73,616 692
-------
Total Foreign Common Stocks
(Cost $12,880) 12,501
-------
Total Investments (58.2%)
(Cost $12,880) $12,501
=======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
11
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
E-COMMERCE OPPORTUNITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (91.3%)
CAPITAL GOODS (17.0%)
Alpha Industries* 1,700 $ 103
Cobalt Networks* 1,000 169
Copart* 4,510 117
Corning 2,107 197
Enron 3,316 126
Ericsson Telephone ADR 7,734 373
JDS Uniphase* 1,031 236
Motorola 3,211 367
Network Appliance* 1,600 188
Qualcomm* 948 343
Safeguard Scientifics* 3,281 365
Symbol Technologies 4,000 191
Tellabs* 3,572 232
VerticalNet* 2,147 188
Winstar Communications* 3,212 163
Zebra Technologies, Cl A* 2,060 124
------
3,482
------
COMMUNICATION SERVICES (9.6%)
Amdocs* 14,459 509
America Online* 5,726 416
AT&T-Liberty Media, Cl A* 5,984 250
Broadvision* 2,365 220
Exodus Communications* 1,927 208
Globalstar Telecommunications
Limited* 5,901 142
MCI WorldCom* 2,560 212
------
1,957
------
CONSUMER CYCLICALS (20.7%)
Cox Communications* 3,203 151
Ebay* 1,898 313
Federated Department Stores* 2,739 129
First Data 4,596 199
IXL Enterprises* 11,517 415
Omnicom Group 2,849 251
Priceline.com* 3,141 195
Sotheby's Holdings, Cl A 5,870 183
Sykes Enterprises* 7,471 298
Time Warner 3,780 233
TMP Worldwide* 2,951 280
USWeb* 2,275 94
Verisign* 1,503 279
Viant* 4,700 390
Vignette* 1,314 272
Wal-Mart Stores 5,597 322
Webvan Group* 2,500 62
Whittman-Hart* 2,730 168
------
4,234
------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
CONSUMER STAPLES (2.2%)
Colgate-Palmolive 4,000 $ 219
Viacom, Cl B* 4,512 224
------
443
------
ENERGY (1.2%)
Gemstar International* 2,168 244
------
FINANCIALS (6.8%)
American Express 2,017 305
Bank One 2,760 97
Charles Schwab 8,480 322
E*trade* 5,810 175
Goldman Sachs Group 3,730 280
Knight/Trimark Group, CL A* 5,210 215
------
1,394
------
TECHNOLOGY (32.0%)
Allaire* 1,500 228
Applied Micro Circuits* 2,458 204
Business Objects ADR* 4,018 356
Checkpoint Software* 2,388 338
Cisco Systems* 4,841 432
E-Tek Dynamics* 3,910 293
EMC* 3,126 261
Harbinger* 6,820 120
IBM 1,228 127
ISS Group* 6,000 289
Infospace.com* 3,500 356
Intel 1,802 138
Internet Capital Group* 1,126 189
Mercury Interactive* 1,930 160
Microsoft* 1,982 180
New Era of Networks* 6,000 289
Oracle* 6,427 436
Sapient* 4,136 321
Siebel Systems* 4,304 302
Sun Microsystems* 3,618 478
Texas Instruments 1,704 164
Tibco Software Inc* 4,927 478
Triquint Semiconductor* 2,770 236
Vitria Technology* 1,800 180
------
6,555
------
TRANSPORTATION (1.8%)
United Parcel Service* 5,400 357
------
Total Common Stocks
(Cost $16,134) 18,666
------
12
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT (8.7%)
Morgan Stanley
5.65%, dated 11/30/99, matures
12/01/99, repurchase price
$1,787,388 (collateralized by
FNMA obligation: total market
value $1,823,965) (D) $1,787 $ 1,787
-------
Total Repurchase Agreement
(Cost $1,787) 1,787
-------
Total Investments (100.0%)
(Cost $17,921) $20,453
=======
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
13
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
GROWTH AND INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (97.6%)
BASIC MATERIALS (4.4%)
International Paper 450,000 $ 23,484
Nucor 200,000 10,087
--------
33,571
--------
CAPITAL GOODS (10.7%)
Boeing 325,000 13,264
Deere 350,000 15,028
General Electric 100,000 13,000
Illinois Tool Works 200,000 12,950
Ingersoll-Rand 250,000 12,109
Philips Electronics ADR* 130,000 15,535
--------
81,886
--------
COMMUNICATION SERVICES (4.5%)
AT&T 300,000 16,762
SBC Communications 350,000 18,178
--------
34,940
--------
CONSUMER CYCLICALS (10.4%)
Albertson's 400,000 12,775
Dayton Hudson 275,000 19,405
Federated Department Stores* 250,000 11,766
Ford Motor 50,000 2,525
Lowe's 80,000 3,985
Modis Professional Services* 900,000 9,619
Walt Disney 700,000 19,512
--------
79,587
--------
CONSUMER STAPLES (11.9%)
Coca-Cola 150,000 10,097
Hershey Foods 300,000 14,737
Kellogg 450,000 15,244
PepsiCo 325,000 11,233
Philip Morris 450,000 11,841
Quaker Oats 175,000 11,419
Sara Lee 700,000 16,975
--------
91,546
--------
ENERGY (8.3%)
Exxon 180,000 14,276
Mobil 130,000 13,561
Royal Dutch Petroleum 200,000 11,600
Schlumberger 200,000 12,012
Texaco 200,000 12,187
--------
63,636
--------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
FINANCIALS (15.3%)
American International Group 175,000 $ 18,069
Bank of America 175,000 10,238
Berkshire Hathaway, Cl B* 8,000 14,920
Citigroup 225,000 12,122
Fannie Mae 250,000 16,656
Fleet Boston Financial 200,000 7,562
KeyCorp 200,000 5,400
Morgan Stanley Dean Witter 75,000 9,047
Washington Mutual 300,000 8,700
Wells Fargo 325,000 15,113
--------
117,827
--------
HEALTH CARE (9.9%)
Amgen* 400,000 18,225
Johnson & Johnson 200,000 20,750
Merck 250,000 19,625
Schering Plough 350,000 17,894
--------
76,494
--------
TECHNOLOGY (17.8%)
3Com* 450,000 17,916
Adaptec* 250,000 13,469
Cisco Systems* 200,000 17,838
Compaq Computer 250,000 6,109
Hewlett Packard 150,000 14,231
IBM 100,000 10,306
Intel 225,000 17,255
Microsoft* 150,000 13,657
Quantum* 800,000 12,600
Sun Microsystems* 100,000 13,225
--------
136,606
--------
TRANSPORTATION (0.7%)
Canadian Pacific Limited 250,000 5,422
--------
UTILITIES (3.7%)
Duke Power 325,000 16,473
Southern 500,000 11,688
--------
28,161
--------
Total Common Stocks
(Cost $564,447) 749,676
--------
14
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
(UNAUDITED)
CASH EQUIVALENT OR MONEY MARKET FUND (3.2%)
Aim Liquid Assets Portfolio $21,365 $ 21,365
SEI Daily Income Trust
Prime Obligation Portfolio 3,449 3,449
--------
Total Cash Equivalent
(Cost $24,814) 24,814
--------
Total Investments (100.8%)
(Cost $589,261) 774,490
--------
OTHER ASSETS AND LIABILITIES, NET (-0.8%) (6,272)
--------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 44,243,039 outstanding shares of
beneficial interest 494,453
Fund shares of the Investor Class (unlimited
authorization -- no par value) based
on 2,512,324 outstanding shares of
beneficial interest 32,217
Fund shares of the Flex Class (unlimited
authorization -- no par value) based
on 3,256,380 outstanding shares of
beneficial interest 48,023
Undistributed net investment income 1,554
Accumulated net realized gain
on investments 6,742
Net unrealized appreciation on investments 185,229
--------
TOTAL NET ASSETS (100.0%) $768,218
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 15.36
========
Net Asset Value and Redemption
Price Per Share-- Investor Shares $ 15.47
========
Maximum Offering Price Per Share --
Investor Class ($15.47 / 96.25%) $ 16.07
========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $ 15.33
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
15
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
FOREIGN COMMON STOCKS (75.2%)
AUSTRALIA (2.6%)
Broken Hill Proprietary 426,232 $ 4,669
Leighton Holdings 1,317,000 4,927
National Australia Bank 390,287 5,628
-------
15,224
-------
AUSTRIA (0.9%)
Erste Bank 59,300 2,859
Mayr-Melnhof Karton 65,000 2,715
-------
5,574
-------
CANADA (0.0%)
Nortel Networks 270 20
-------
DENMARK (0.1%)
Danisco 17,700 725
-------
FRANCE (12.0%)
Aventis 53,500 3,319
Coflexip Stena Offshore 82,900 6,858
Dexia France 53,380 8,810
ISIS 9,100 550
Lafarge 109,100 10,307
Lagardere S.C.A. 200,500 9,466
Schneider Electric 52,600 3,555
Suez Lyonnaise des Eaux 48,480 7,155
Technip 88,410 8,477
Total Fina, Cl B 62,261 8,297
Valeo 61,550 4,129
-------
70,923
-------
GERMANY (3.1%)
Henkel 117,650 7,418
Metallgesellschaft 578,900 10,716
-------
18,134
-------
GREECE (1.1%)
Hellenic Telecom Organization
ADR 101,250 1,089
Hellenic Telecom Organization 242,202 5,200
-------
6,289
-------
IRELAND (2.8%)
Bank of Ireland 1,984,545 16,366
-------
ISRAEL (1.6%)
ECI Telecommunications 380,280 9,531
-------
ITALY (2.0%)
ENI 2,074,000 11,382
Saipem 165,400 647
-------
12,029
-------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
JAPAN (17.5%)
Aucnet 36,300 $ 3,204
Bank of Tokyo Mitsubishi 363,000 5,254
East Japan Railway 2,560 15,063
Fuji Electric 2,067,000 8,412
Fuji Heavy Industries 1,134,000 8,463
KAO 223,000 6,626
Kirin Brewery 547,000 6,330
Matsushita Electric Industrial 434,000 11,002
NEC 233,000 5,450
Obayashi 1,496,000 7,688
Olympus Optical 622,000 6,771
Sumitomo Heavy Industries 1,221,000 3,616
TDK 52,400 5,756
Toshiba 1,319,000 9,714
-------
103,349
-------
NETHERLANDS (3.2%)
IHC Caland 127,712 4,947
KPN 1,484 83
Nutreco Holdings 265,800 7,776
Unique International 274,015 6,344
-------
19,150
-------
NEW ZEALAND (1.1%)
Fletcher Challenge Building 1,935,559 2,441
Telecom of New Zealand 918,800 3,916
-------
6,357
-------
NORWAY (3.8%)
Kvaerner 196,400 3,705
Petroleum Geo Services ADR* 517,200 8,081
Petroleum Geo Services* 695,090 10,784
-------
22,570
-------
PANAMA (0.6%)
Banco Latinamericano de
Exportaciones 150,400 3,610
-------
PHILIPPINES (0.4%)
Ayala 9,500,000 2,276
-------
SINGAPORE (2.1%)
Asia Pulp & Paper ADR* 711,100 6,045
Overseas - Chinese Banking 864,300 6,480
-------
12,525
-------
SOUTH KOREA (1.2%)
Hite Brewery Limited* 109,200 3,109
Pohang Iron & Steel ADR 121,600 4,370
-------
7,479
-------
16
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES/FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
SWEDEN (0.8%)
Castellum 59,500 $ 567
SKF 173,600 3,869
--------
4,436
--------
UNITED KINGDOM (18.3%)
Allied Zurich 968,050 11,741
Bass 657,582 7,429
Billiton 1,868,400 9,047
Diageo 1,659,616 15,063
Glaxo Wellcome 201,508 6,047
Granada Group 738,766 6,080
Hanson 715,900 5,989
Invensys 1,980,200 9,240
Reckitt & Colman 430,000 5,250
Rolls-Royce 2,588,100 7,879
Royal & Sun Alliance Insurance 1,174,600 7,236
SmithKline Beecham 599,901 8,033
South African Breweries* 966,774 8,898
--------
107,932
--------
Total Foreign Common Stocks
(Cost $443,978) 444,499
--------
TIME DEPOSIT (2.5%)
Cayman Time Deposit
5.000%, 12/01/99 $15,000 15,000
--------
Total Time Deposit
(Cost $15,000) 15,000
--------
Total Investments (77.7% )
(Cost $458,978) $459,499
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
17
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
FOREIGN COMMON STOCKS (96.0%)
AUSTRALIA (2.2%)
Amcor 18,995 $ 82
AMP 12,551 117
Brambles Industries 3,313 91
Broken Hill Proprietary 21,354 234
Coles Myer 30,235 154
CSR 43,040 103
Lend Lease 10,599 135
National Australia Bank 16,622 240
Newscorp 33,881 293
Pacific Dunlop 48,287 65
Rio Tinto 8,449 148
Telstra 61,083 355
Westpac Banking 36,880 248
WMC 33,829 155
------
2,420
------
AUSTRIA (1.0%)
Bank Austria 6,419 340
Generali Holding Vienna 555 81
Oest Elektrizatswirts, Cl A* 2,213 286
OMV 1,963 178
Wienerberger Baustoffindustr 11,202 221
------
1,106
------
BELGIUM (1.6%)
Bekaert 1,620 82
Delhaize Freres 2,120 163
Electrabel 823 263
Fortis CVG* 861 4
Fortis, Cl B 15,274 527
Groupe Bruxelles Lambert 1,264 218
KBC Bancassurance Holding 3,588 169
Solvay, Cl A 1,847 138
Tractebel 602 98
Union Miniere 952 35
------
1,697
------
DENMARK (1.2%)
D/S 1912, Cl B 25 264
D/S Svendborg, Cl B 12 181
Danisco 2,710 111
Den Danske Bank 2,900 330
Novo-Nordisk, Cl B 1,270 166
Tele Danmark, Cl B 4,616 298
------
1,350
------
FINLAND (2.0%)
Merita 12,800 77
Nokia, Cl A 12,800 1,816
Outokumpu, Cl A 3,100 35
Sonera Group 2,600 108
UPM-Kymmene 3,500 117
------
2,153
------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
FRANCE (10.8%)
Accor 757 $ 172
Air Liquide 2,016 297
Alcatel Alsthom 3,151 612
Axa 4,061 549
Banque National Paris, Cl A 2,738 251
Bouygues 403 186
Canal Plus 2,432 201
Cap Gemini 1,135 201
Carrefour 3,166 553
Casino Guichard-Perrachon 806 101
Cie de Saint Gobain 1,466 250
Compagnie Financiere de Paribas 2,411 268
Elf Aquitane 3,915 613
Eridania Beghin-Say 1,000 112
France Telecom 15,962 1,853
Groupe Danone 958 223
L'Oreal 771 508
Lafarge 1,827 173
Legrand 590 125
Louis Vuitton-Moet Hennessy 1,270 413
Michelin, Cl B 4,464 179
Pernod-Ricard 2,179 124
Peugeot 861 169
Pinault-Printemps-Redoute 1,744 364
Promodes 231 230
Rhone Poulenc, Cl A 4,603 286
Sanofi-Synthelabo* 16,354 675
Schneider 2,471 167
SEITA 1,967 101
Societe Generale 1,524 329
Suez Lyonnaise des Eaux 1,830 270
Total Fina, Cl B 5,808 774
Total Fina-Strip VVPR* 1,314 --
Unibail 400 52
Valeo 1,330 89
Vivendi 7,218 578
-------
12,048
-------
GERMANY (14.1%)
Allianz 3,930 1,153
AMB Aachener & Muenchener
Beteiligungs 1,960 127
BASF 11,900 552
Bayer 11,360 481
Bayerische Vereinsbank 6,972 433
Beiersdorf 2,040 138
DaimlerChrysler 18,166 1,239
Deutsche Bank 10,370 685
Deutsche Telekom 56,400 3,235
Dresdner Bank 8,900 416
Heidelberger Zement 1,374 100
Hochtief 1,260 48
18
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
GERMANY--CONTINUED
Karstadt Quelle 2,250 $ 78
Linde 4,260 213
Lufthansa 12,730 281
Man Muenchen 3,410 104
Mannesmann 8,630 1,797
Merck 5,900 173
Metro 5,051 271
Muenchener Rueckvers,
Registered 2,760 576
Preussag 8,510 428
RWE 8,840 338
SAP 950 312
Schering 1,810 215
Siemens 10,440 1,054
Thyssen 9,060 238
Veba 9,510 465
Viag 16,758 277
Volkswagen 5,110 240
-------
15,667
-------
HONG KONG (1.5%)
Cheung Kong Holdings 22,000 247
CLP Holdings 18,500 86
Hang Seng Bank 15,900 177
Hong Kong & China Gas 44,000 57
Hong Kong Telecommunications 100,800 275
Hutchison Whampoa 30,800 379
New World Development 31,000 61
Sun Hung Kai Properties 28,600 261
Swire Pacific 24,000 138
-------
1,681
-------
IRELAND (0.6%)
Allied Irish Banks 23,400 303
CRH 16,100 323
-------
626
-------
ITALY (7.1%)
Alitalia 51,439 125
Assicurazioni Generali 21,000 606
Banca Commerciale Italiana 39,000 199
Banca Intesa 90,603 388
Benetton Group 97,500 198
Beni Stabili* 28,986 10
Edison 19,000 144
ENI 160,000 878
Fiat 8,400 230
Fiat RNC 4,700 63
INA 126,000 352
Italgas 15,000 59
Mediaset 29,000 331
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
ITALY--CONTINUED
Mediobanca 17,750 $ 164
Mondadori Editore 3,734 77
Montedison 96,400 148
Olivetti* 87,500 187
Parmalat Finanziaria 60,000 70
Pirelli 76,000 174
Riunione Adriatica di Sicurta 11,635 99
San Paolo-IMI 28,986 363
Sirti 16,000 97
Telecom Italia 103,500 1,142
Telecom Italia RNC 16,000 86
Telecom Italia Mobile 30,000 117
Telecom Italia Mobile RNC 133,500 1,050
Unicredito Italiano 99,000 462
Unione Immobiliare 229,000 112
-------
7,931
-------
JAPAN (35.5%)
Acom 2,100 258
Advantest 1,600 267
Ajinomoto 10,000 104
Aoyamma Trading 1,200 29
Asahi Bank 39,000 273
Asahi Breweries 10,000 118
Asahi Chemical Industry 24,000 131
Asahi Glass 24,000 193
Autobacs Seven 900 34
Bank of Tokyo - Mitsubishi 72,000 1,042
Bank of Yokohama 17,000 77
Benesse 300 72
Bridgestone 13,000 321
Canon 15,000 441
Central Japan Railway 21 132
Chiyoda* 5,000 10
Chugai Pharmaceutical 2,000 22
Citizen Watch 11,000 68
Cosmo Oil 24,000 38
Dai Nippon Printing 10,000 174
Daicel Chemical Industries 8,000 24
Daiei 25,000 93
Daiichi Pharmaceutical 4,000 56
Daikyo 4,000 12
Daimaru 4,000 14
Daito Trust Construction 2,000 25
Daiwa House Industry 6,000 54
Daiwa Kosho Lease 17,000 66
Daiwa Securities 23,000 329
Denso 15,000 324
East Japan Railway 58 341
Ebara 11,000 125
Eisai 4,000 89
19
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
INTERNATIONAL EQUITY INDEX FUND--CONTINUED
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
JAPAN--CONTINED
Fanuc 5,000 $ 417
Fuji Bank 54,000 647
Fuji Photo Film 9,000 366
Fujita* 17,000 12
Fujitsu 33,000 1,172
Furukawa Electric 24,000 257
Gunze 15,000 42
Hankyu Department Stores 6,000 29
Haseko* 15,000 8
Hitachi 63,000 871
Hokuriko Bank* 17,000 40
Honda Motor 15,000 618
Hoya 2,000 145
Industrial Bank of Japan 43,000 507
Isetan 4,000 31
Ito Yokado 6,000 647
Itochu* 55,000 328
Japan Airlines 39,000 125
Japan Energy 37,000 36
Japan Steel Works* 12,000 17
Japan Tobacco 17 154
Joyo Bank 25,300 117
Jusco 7,000 134
Kajima 10,000 34
Kaken Pharmaceutical 4,000 27
Kamigumi 9,000 38
Kanebo* 10,000 17
Kansai Electric Power 18,200 349
Kao 9,000 267
Kawasaki Heavy Industries 22,000 30
Kawasaki Kisen Kaisha 10,000 16
Kawasaki Steel* 48,000 99
Kinki Nippon Railway 42,000 175
Kirin Brewery 19,000 220
Komatsu 22,000 124
Konami 600 81
Koyo Seiko 5,000 49
Kubota 33,000 129
Kumagai Gumi* 18,000 15
Kyocera 4,000 483
Maeda Road Construction 4,000 20
Marubeni 19,000 74
Marui 6,000 103
Matsushita Electric 30,000 761
Minebea 9,000 141
Mitsubishi 26,000 227
Mitsubishi Chemical 50,000 207
Mitsubishi Electric 42,000 250
Mitsubishi Estate 22,000 237
Mitsubishi Heavy Industries 52,000 169
Mitsubishi Materials 44,000 95
Mitsubishi Trust & Banking 20,000 231
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
JAPAN--CONTINED
Mitsui 35,000 $ 267
Mitsui Fudosan 10,000 80
Mitsui Trust & Banking 37,000 114
Mitsui-Soko 5,000 12
Mitsukoshi* 17,000 81
Murata Manufacturing 4,000 664
Mycal 9,000 44
Namco 2,300 135
NEC 26,000 608
New Oji Paper 17,000 109
NGK Spark Plug 7,000 50
Nikon 6,000 152
Nintendo 1,500 250
Nippon Express 14,000 81
Nippon Oil 54,000 239
Nippon Paper Industries 20,000 147
Nippon Sharyo 5,000 12
Nippon Sheet Glass 13,000 75
Nippon Shinpan 6,000 18
Nippon Steel 102,000 230
Nippon Suisan Kaisha 10,000 20
Nippon Telegraph & Telephone 197 3,535
Nippon Yusen 45,000 182
Nishimatsu Construction 3,000 14
Nissan Motor* 42,000 196
Nomura Securities 31,000 553
Noritake 11,000 47
NSK 10,000 85
NTN 15,000 52
Obayashi 27,000 139
Okumura 5,000 17
Olympus Optical 10,000 109
Orient* 9,000 29
Orix 1,000 163
Osaka Gas 38,000 102
Oyo 2,200 38
Penta-Ocean Construction 12,000 18
Renown 8,000 21
Rohm 2,000 543
Sakura Bank 61,000 452
Sanden 7,000 45
Sankyo 7,000 172
Sanrio 2,000 81
Sanyo Electric 47,000 187
Secom 2,000 226
Sega Enterprises* 3,600 126
Seino Transportation 9,000 54
Seiyu* 6,000 25
Sekisui Chemical 9,000 43
Sekisui House 14,000 136
Sharp 20,000 409
Shimachu 1,000 14
20
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
JAPAN--CONTINED
Shimano 3,300 $ 65
Shimizu 29,000 98
Shin-Etsu Chemical 12,000 474
Shiseido 5,000 80
Shizuoka Bank 12,000 128
Skylark 3,000 65
SMC 1,100 194
Snow Brand Milk Products 8,000 33
Softbank 1,200 867
Sony 6,400 1,186
Sumitomo 9,000 88
Sumitomo Bank 47,000 721
Sumitomo Chemical 29,000 163
Sumitomo Electric 14,000 159
Sumitomo Marine & Fire Insurance 6,000 42
Sumitomo Metal 76,000 73
Taisei 35,000 74
Taisho Pharmaceutical 4,000 131
Takara Shuzo 4,000 55
Takashimaya 4,000 34
Takeda Chemical 20,000 1,181
Takefuji 800 115
Toa 10,000 17
Tobu Railway 26,000 78
Toei 10,000 56
Tohoku Electric Power 18,000 261
Tokai Bank 32,000 222
Tokio Marine & Fire Insurance 23,000 293
Tokyo Dome 9,000 46
Tokyo Electric Power 21,000 592
Tokyo Electronics 3,000 312
Tokyo Gas 55,000 119
Tokyo Tatemono 7,000 16
Tokyotokeiba 21,000 31
Tokyu 23,000 60
Toppan Printing 14,000 167
Toray 35,000 171
Tostem 5,000 90
Toto 12,700 78
Toyo Seikan Kaisha 6,300 113
Toyota Motor 58,000 1,968
Trans Cosmos 300 68
Ube Industries 31,000 76
Uny 4,000 42
Yamaha 6,000 55
Yamaichi Securities* 15,000 --
Yamanouchi Pharmaceutical 8,000 349
Yamato Transport 5,000 167
-------
39,418
-------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
NETHERLANDS (2.3%)
ABN Amro Holding 6,040 $ 147
Aegon 3,223 293
Ahold 6,552 209
Akzo Nobel 2,962 127
Heineken 3,696 179
ING Groep 4,880 275
KPN 2,386 133
Philips Electronics 2,517 307
Royal Dutch Petroleum 9,620 567
TNT Post Group 2,315 59
Unilever 2,844 157
Wolters Kluwer 5,094 154
-------
2,607
-------
NEW ZEALAND (0.3%)
Carter Holt Harvey 101,800 123
Telecom of New Zealand 50,000 213
-------
336
-------
NORWAY (0.8%)
Bergesen, Cl A 4,850 72
Christiana Bank 30,500 141
Den Norske Bank, Cl B 34,600 140
Kvaerner 2,500 47
Norsk Hydro 6,525 255
Orkla, Cl A 8,600 132
Uni Storebrand* 9,987 70
-------
857
-------
PORTUGAL (0.6%)
Banco Comercial Portugues 39,230 226
Electricidade de Portugal 10,624 167
Portugal Telecom 30,590 295
-------
688
-------
SINGAPORE (0.7%)
DBS Group Holdings 10,467 136
Overseas - Chinese Banking 28,350 213
Singapore Airlines 28,000 283
Singapore Telecommunications 105,000 198
-------
830
-------
SPAIN (3.3%)
Aguas de Barcelona 6,876 106
Argentaria 9,542 219
Autopistas CESA 12,802 131
Banco Bilbao Vizcaya 30,048 420
Banco Santander Central Hispano 57,184 629
Endesa 11,914 237
Fomento De Construcciones y
Contratas 5,094 108
21
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
INTERNATIONAL EQUITY INDEX FUND--CONCLUDED
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
SPAIN--CONTINUED
Gas Natural 5,448 $ 137
Grupo Dragados 8,350 77
Iberdrola 14,176 198
Repsol 14,543 318
Tabacalera, Cl A 8,940 148
Telefonica - Bonus Rights* 41,949 17
Telefonica* 41,949 875
Union Electrica Fenosa 4,282 72
-------
3,692
-------
SWEDEN (1.3%)
AstraZeneca 3,817 171
Electrolux 3,300 64
Ericsson, Cl B 10,900 529
ForeningsSparbaken, Cl A 4,500 69
Hennes & Mauritz, Cl B 6,800 216
Skandinaviska Enskilda Banken
Rights* 1,080 6
Skandinaviska Enskilda Banken 5,400 51
Skanska, Cl B 1,400 48
Svenska Cellulosa, Cl B 2,300 64
Svenska Handlesbanken, Cl A 4,800 65
Swedish Match 16,400 59
Volvo, Cl B 2,450 59
-------
1,401
-------
SWITZERLAND (1.6%)
ABB Limited* 783 78
Credit Suisse Group 790 148
Nestle 162 292
Novartis, Registered 174 272
Roche Holdings, Bearer 5 84
Roche Holdings, Genusschein 33 399
Swiss Re 45 92
Swisscom 280 95
UBS 759 208
Zurich Allied 250 144
-------
1,812
-------
UNITED KINGDOM (7.5%)
Abbey National 7,124 121
Allied Zurich 8,498 103
AstraZeneca Group 4,255 190
Barclays Bank 7,549 218
Bass 10,173 115
BG 18,252 96
Boots 7,687 77
BP Amoco 99,512 1,015
British American Tobacco 23,034 145
British Sky Broadcasting 9,683 127
British Telecommunications 30,208 608
Cable & Wireless 12,419 160
- --------------------------------------------------------------------------------
SHARES/FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
UNITED KINGDOM--CONTINUED
Cadbury Schweppes 31,650 $ 201
CGU 8,305 126
Diageo 24,825 225
General Electric 18,477 284
Glaxo Wellcome 15,992 480
Granada Group 14,382 118
Great Universal Stores 9,649 65
Halifax 24,158 277
HSBC Holdings 40,675 526
Imperial Chemical 8,890 91
Invensys 46,336 216
J Sainsbury 26,220 130
Kingfisher 6,674 62
Legal & General Group 57,030 157
Lloyds TSB Group 26,841 344
Marks & Spencer 24,762 100
National Power 8,684 56
Prudential 13,456 221
Rentokil Group 23,005 88
Reuters Group 8,867 99
Rio Tinto 10,039 197
Royal & Sun Alliance 10,696 66
Royal Bank of Scotland Group 4,518 88
Smithkline Beecham 24,544 329
Tesco 42,363 115
Unilever 16,632 123
Vodafone Group 124,640 589
-------
8,348
-------
Total Foreign Common Stocks
(Cost $76,830) 106,668
-------
FOREIGN PREFERRED STOCKS (0.6%)
AUSTRALIA (0.2%)
News Corporation 22,157 172
-------
GERMANY (0.3%)
RWE 1,280 39
SAP 680 275
Volkswagen 2,720 71
-------
385
-------
ITALY (0.1%)
Fiat 7,200 93
-------
Total Foreign Preferred Stocks
(Cost $525) 650
-------
FOREIGN BONDS (0.1%)
ITALY (0.1%)
Tecnost
4.534%, 06/23/04 EU 174 178
-------
Total Foreign Bonds
(Cost $16) 178
-------
22
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
Total Investments (96.7%)
(Cost $77,371) $107,496
--------
OTHER ASSETS AND LIABILITIES, NET (3.3%) 3,617
--------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 7,349,052 outstanding shares of
beneficial interest 75,048
Fund shares of the Investor Class (unlimited
authorization -- no par value) based
on 371,915 outstanding shares of
beneficial interest 3,225
Fund shares of the Flex Class (unlimited
authorization -- no par value) based
on 185,481 outstanding shares of
beneficial interest 2,197
Distribution in excess of net
investment income (405)
Accumulated net realized gain
on investments 927
Net unrealized appreciation
on investments 30,125
Net unrealized depreciation on
foreign currency and translation
of other assets and liabilities in
foreign currency investments (4)
--------
TOTAL NET ASSETS (100.0%) $111,113
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 14.07
========
Net Asset Value, Offering Price and
Redemption Price Per Share --
Investor Shares $ 13.90
========
Maximum Offering Price Per Share --
Investor Shares ($13.90 / 96.25%) $ 14.44
========
Net Asset Value, Offering Price and
Redemption Price Per Share --
Flex Shares (1) $ 13.88
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
23
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
LIFE VISION BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
EQUITY FUNDS (64.2%)
STI Classic Capital Appreciation
Fund, Trust Class* 1,124,069 $ 19,008
STI Classic Growth & Income
Fund, Trust Class* 1,874,547 28,793
STI Classic Small Cap Equity
Fund, Trust Class 592,342 5,302
STI Classic Small Cap Growth
Stock Fund, Trust Class* 435,839 7,069
--------
Total Equity Funds
(Cost $54,261) 60,172
--------
FIXED INCOME FUNDS (32.4%)
STI Classic Investment Grade
Bond Fund, Trust Class 1,768,052 17,840
STI Classic Short-Term Bond
Fund, Trust Class 460,198 4,501
STI Classic U.S. Government
Securities Fund, Trust Class 801,391 8,062
--------
Total Fixed Income Funds
(Cost $31,392) 30,403
--------
MONEY MARKET FUND (2.0%)
STI Classic Prime Quality Money
Market Fund, Trust Class 1,877,398 1,877
--------
Total Money Market Fund
(Cost $1,877) 1,877
--------
Total Investments (98.6%)
(Cost $87,530) 92,452
--------
OTHER ASSETS AND LIABILITIES, NET (1.4%) 1,301
--------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 8,637,780 outstanding shares of
beneficial interest 86,030
Undistributed net investment income 283
Accumulated net realized gain
on investments 2,518
Net unrealized appreciation
on investments 4,922
--------
TOTAL NET ASSETS (100.0%) $ 93,753
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 10.85
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
24
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
LIFE VISION GROWTH AND INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
EQUITY FUNDS (71.3%)
STI Classic Capital Appreciation
Fund, Trust Class* 250,241 $ 4,232
STI Classic Growth & Income
Fund, Trust Class* 486,795 7,477
STI Classic Small Cap Equity
Fund, Trust Class 154,052 1,379
STI Classic Small Cap Growth
Stock Fund, Trust Class* 110,756 1,796
--------
Total Equity Funds
(Cost $13,402) 14,884
--------
FIXED INCOME FUNDS (25.8%)
STI Classic Investment Grade
Bond Fund, Trust Class 295,439 2,981
STI Classic Short-Term Bond
Fund, Trust Class 102,547 1,003
STI Classic U.S. Government
Securities Fund, Trust Class 138,866 1,397
--------
Total Fixed Income Fund
(Cost $5,566) 5,381
--------
MONEY MARKET FUND (2.8%)
STI Classic Prime Quality Money
Market Fund, Trust Class 589,220 589
--------
Total Money Market Fund
(Cost $589) 589
--------
Total Investments (100.0%)
(Cost $19,557) 20,854
--------
OTHER ASSETS AND LIABILITIES, NET (0.0%) 10
--------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 1,990,289 outstanding shares of
beneficial interest 19,117
Undistributed net investment income 17
Accumulated net realized gain
on investments 433
Net unrealized appreciation
on investments 1,297
--------
TOTAL NET ASSETS 100.0% $ 20,864
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 10.48
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
25
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
LIFE VISION MAXIMUM GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
EQUITY FUNDS (95.2%)
STI Classic Capital Appreciation
Fund, Trust Class* 370,132 $ 6,259
STI Classic Growth & Income
Fund, Trust Class* 548,751 8,429
STI Classic Small Cap Equity
Fund, Trust Class 260,731 2,334
STI Classic Small Cap Growth
Stock Fund, Trust Class* 177,622 2,881
--------
Total Equity Funds
(Cost $18,165) 19,903
--------
MONEY MARKET FUND (4.8%)
STI Classic Prime Quality Money
Market Fund, Trust Class 988,294 988
--------
Total Money Market Fund
(Cost $988) 988
--------
Total Investments (100.0%)
(Cost $19,153) 20,891
--------
OTHER ASSETS AND LIABILITIES, NET (0.0%) 8
--------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 1,822,462 outstanding shares of
beneficial interest 18,522
Undistributed net investment income 2
Accumulated net realized gain
on investments 637
Net unrealized appreciation on investments 1,738
--------
TOTAL NET ASSETS (100.0%) $ 20,899
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 11.47
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
26
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
MID-CAP EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (87.0%)
BASIC MATERIALS (2.7%)
Stillwater Mining* 275,800 $ 6,688
--------
CAPITAL GOODS (3.6%)
Dycom Industries* 60,100 2,419
Herman Miller 283,700 6,490
--------
8,909
--------
COMMUNICATION SERVICES (2.1%)
Voicestream Wireless* 38,700 3,570
Western Wireless, Cl A* 28,600 1,675
--------
5,245
--------
CONSUMER CYCLICALS (13.4%)
Abercrombie & Fitch, Cl A* 154,700 5,008
Answerthink Consulting Group* 43,900 1,139
BJ's Wholesale Club* 149,300 5,580
Harley-Davidson 55,600 3,392
Men's Wearhouse* 449,150 11,566
Outback Steakhouse* 94,700 2,231
Pixar* 64,700 2,717
Staff Leasing* 230,000 1,926
--------
33,559
--------
CONSUMER STAPLES (12.6%)
Dial 182,500 5,121
Flowers Industries 164,100 2,687
Hertz, Cl A 91,000 3,850
Imax* 333,300 9,056
US Foodservice* 605,700 10,978
--------
31,692
--------
ENERGY (11.6%)
Barrett Resources* 97,800 2,598
Burlington Resources 73,500 2,472
Cooper Cameron* 42,200 1,809
Ensco International 146,200 2,933
Global Industries* 104,700 821
Global Marine* 126,400 1,936
Nabors Industries* 109,000 2,895
Potomac Electric Power 152,500 3,631
Precision Drilling* 240,900 5,179
Smith International* 54,900 2,189
Weatherford International* 69,900 2,442
--------
28,905
--------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
FINANCIALS (11.0%)
Bank United, Cl A 74,000 $ 2,636
Colonial Bancgroup 374,200 4,280
Dime Bancorp 140,000 2,555
First Virginia Banks 73,700 3,344
Hibernia, Cl A 230,300 2,922
North Fork Bancorporation 233,500 4,699
Peoples Heritage 207,700 3,518
Reliastar Financial 79,300 3,450
--------
27,404
--------
HEALTH CARE (7.9%)
Forest Laboratories* 88,900 4,551
Jones Pharmaceuticals 157,700 5,460
Renal Care* 219,100 4,492
PE Biosystems 42,300 3,453
VISX* 24,300 1,885
--------
19,841
--------
TECHNOLOGY (20.4%)
ADC Telecommunications* 151,700 8,088
Cypress Semiconductor* 86,100 2,346
Flextronics International* 115,700 9,596
J.D. Edwards & Company* 61,500 1,814
Nova* 158,430 4,852
RF Micro Devices* 59,300 4,029
Sanmina* 35,700 3,432
Sawtek* 204,900 9,349
Scientific-Atlanta 41,500 2,420
Symbol Technologies 108,400 5,169
--------
51,095
--------
TRANSPORTATION (1.7%)
CNF Transportation 128,300 4,266
--------
Total Common Stocks
(Cost $186,053) 217,604
--------
PREFERRED STOCKS (4.2%)
Adelphia Communications,
CV to 2.4555 Shares* 49,900 8,633
Winstar Communications,
CV to 16.1391 Shares (B)* 1,800 1,800
--------
Total Preferred Stocks
(Cost $11,690) 10,433
--------
27
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
MID-CAP EQUITY FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE AMOUNT
(000) VALUE (000)
- --------------------------------------------------------------------------------
CONVERTIBLE BONDS (8.3%)
Affymetrix, CV to 8.1301 Shares,
Callable 10/07/02 @ 102.50 (B)
5.000%, 10/01/06 $ 1,475 $ 1,453
Chiron, CV to 34.59 Shares (B)
1.900%, 11/17/00 3,350 3,882
Citrix Systems, CV to 7.0306
Shares (A) (B)
0.000%, 03/22/19 12,750 9,132
Sanmina, CV to 11.278 Shares (B)
4.250%, 05/01/04 1,750 2,266
Sepracor, CV to 21.111 Shares,
Callable 02/18/01 @ 103.57
6.250%, 02/15/05 1,895 4,039
--------
Total Convertible Bonds
(Cost $15,390) 20,772
--------
Total Investments (99.5%)
(Cost $213,133) 248,809
--------
OTHER ASSETS AND LIABILITIES, NET (0.5%) 1,303
--------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 17,450,689 outstanding shares of
beneficial interest 182,734
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 1,364,497 outstanding
shares of beneficial interest 14,906
Fund shares of the Flex Class (unlimited
authorization -- no par value) based
on 1,208,690 outstanding shares of
beneficial interest 15,530
Undistributed net investment loss (282)
Accumulated net realized gain on investments 1,548
Net unrealized appreciation on investments 35,676
--------
TOTAL NET ASSETS (100.0%) $250,112
========
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 12.54
========
Net Asset Value and Redemption
Price Per Share-- Investor Shares $ 12.33
========
Maximum Offering Price Per Share --
Investor Class ($12.33 / 96.25%) $ 12.81
========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $ 11.95
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
28
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
SMALL CAP EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (100.1%)
BASIC MATERIALS (13.0%)
Carpenter Technology 276,000 $ 7,245
Lilly Industries Incorporated, Cl A 754,400 10,514
Olin 255,900 4,590
Quixote 295,600 4,748
Texas Industries 287,300 10,415
Wausau-Mosinee Paper 208,000 2,756
--------
40,268
--------
CAPITAL GOODS (12.7%)
American Woodmark 136,600 2,732
Bha Group Holdings, 169,300 1,503
Fedders 62,100 334
Fedders Cl A 233,000 1,092
Gerber Scientific 264,200 5,086
Kaman 263,900 3,134
Lindberg 256,000 2,176
LSI Industries 248,400 5,977
Pittway, Cl A 225,900 7,003
Precision Castparts 230,000 6,253
Smith (A.O.) 172,800 3,802
--------
39,092
--------
CONSUMER CYCLICALS (21.1%)
Angelica 19,900 199
Bush Industries 370,000 5,920
CBRL Group 459,200 5,109
Chemed 117,000 3,042
Federal Signal 226,100 3,830
Grey Advertising 7,300 2,529
Harman International 377,600 19,446
Interface 2,032,900 9,148
Midas 138,300 2,973
Pep Boys 319,500 3,095
Phillips Van Heusen 409,000 3,476
Service Experts* 416,700 2,604
Stride Rite 582,700 3,715
--------
65,086
--------
CONSUMER STAPLES (21.8%)
Bowne & Company 322,100 3,805
Ingles Markets, Cl A 272,300 3,199
Pittston Services Group 819,100 15,563
Polaroid 729,800 14,049
Smucker (J.M.), Cl B 234,400 3,868
Standard Register 185,600 3,909
Universal Foods 661,300 14,053
Wolverine World Wide 654,500 7,159
York Group 413,600 1,745
--------
67,350
--------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
ENERGY (2.0%)
Fletcher Challenge Energy ADR 152,900 $ 3,459
Pennzoil-Quaker State 268,400 2,785
--------
6,244
--------
FINANCIALS (11.8%)
Administradora de Fondos de
Pensiones Provida ADR 121,700 2,502
Banco Latinamericano de
Exportaciones 96,000 2,304
Downey Financial 173,500 3,492
Klamath First Bancorp 203,600 2,329
Mutual Risk Management 253,100 3,876
PXRE Group 215,300 2,664
Scottish Annuity & Life* 347,600 2,955
Seacoast Banking of Florida 91,500 2,756
Student Loan 163,700 8,062
West Coast Bancorp 180,730 2,666
Westerfed Financial 164,200 2,668
--------
36,274
--------
HEALTH CARE (6.1%)
Block Drug, Cl A 34,404 1,008
Interim Services* 777,320 14,332
Vital Signs 154,200 3,585
--------
18,925
--------
SERVICE INDUSTRIES (0.9%)
ABM Industries 136,300 2,930
--------
TECHNOLOGY (1.6%)
Innovex 288,500 2,596
Pioneer-Standard Electronics 162,300 2,191
--------
4,787
--------
TRANSPORTATION (5.6%)
Hunt J B Transportation Services 197,600 2,643
Knightsbridge Tankers Limited 189,600 2,524
Sea Containers 377,300 11,720
Western Star Truck Holdings 31,500 543
--------
17,430
--------
UTILITIES (3.5%)
Midcoast Energy Resources 169,000 3,169
Nui 214,900 5,413
UGI 106,600 2,085
--------
10,667
--------
Total Common Stocks
(Cost $351,059) 309,053
--------
29
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
SMALL CAP EQUITY FUND--CONCLUDED
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT (0.0%)
Deutsche Bank
5.67%, dated 11/30/99, matures
12/01/99, repurchase price
$115,977 (collateralized by
FHLMC obligation: total
market value $118,297) (D) $116 $ 116
--------
Total Repurchase Agreement
(Cost $116) 116
--------
Total Investments (100.1%)
(Cost $351,175) 309,169
--------
OTHER ASSETS AND LIABILITIES, NET (-0.1%) (507)
--------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 32,966,367 outstanding shares of
beneficial interest 375,888
Fund shares of the Flex Class (unlimited
authorization -- no par value) based
on 1,532,905 outstanding shares of
beneficial interest 24,417
Undistributed net investment income 897
Accumulated net realized loss
on investments (50,534)
Net unrealized depreciation on investments (42,006)
--------
TOTAL NET ASSETS (100.0%) $308,662
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 8.95
========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $ 8.90
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
30
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
SMALL CAP GROWTH STOCK FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (99.8%)
BASIC MATERIALS (2.1%)
Bel Fuse, Cl A* 40,000 $ 1,960
Centex Construction Products 29,020 1,014
Florida Rock Industries 26,100 816
Granite Construction 37,960 721
--------
4,511
--------
CAPITAL GOODS (24.3%)
Alpha Industries* 30,500 1,845
American Woodmark 26,200 524
Anaren Microwave* 30,000 1,305
Applied Science & Technology,* 32,500 768
Astec Industries* 70,000 1,741
AVT* 10,000 402
Black Box* 15,100 898
Briggs & Stratton 19,660 1,051
C-Cor Electronics 70,600 3,605
Church & Dwight 52,000 1,456
Cobalt Networks* 1,300 219
Copart* 58,000 1,508
CTS 23,000 1,844
D&K Healthcare Resources* 6,000 102
Dii Group* 31,000 1,957
Dycom Industry* 48,400 1,948
Elcor 63,995 2,072
Finisar* 2,000 230
Inter-Tel 50,000 997
Intervoice* 92,300 1,390
Johns Manville 93,000 1,064
Manitowoc 46,322 1,413
Mercury Computer Systems* 40,000 2,282
Meritor Automotive 46,000 788
Mobile Mini* 69,750 1,199
Mueller Industries* 40,000 1,440
National R.V. Holdings* 71,770 1,337
Navistar International* 27,000 1,004
Orbotech Ltd.* 25,500 2,333
Performance Technologies* 40,000 810
Safeguard Scientifics* 17,000 1,889
Simpson Manufacturing* 24,800 1,034
Stericycle* 65,000 1,133
Syncor International* 53,440 1,500
Telcom Semiconductor* 95,000 1,009
Transwitch* 35,000 1,645
Tyco International 31,000 1,242
United Stationers 60,000 1,395
Varco International* 125,000 1,336
--------
51,715
--------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMUNICATION SERVICES (3.6%)
Gilat Communications Limited* 117,000 $ 1,916
Lightbridge* 66,000 1,336
Pac-West Telecomm* 2,132 54
Polycom* 48,000 3,072
Western Wireless, Cl A* 16,000 937
Xeta 10,000 318
--------
7,633
--------
CONSUMER CYCLICALS (20.7%)
American Eagle Outfitters* 43,380 1,982
American Management Systems 55,100 1,619
Ann Taylor Stores* 46,000 1,987
Arvin Industries 21,300 566
Bebe Stores* 40,000 1,245
BJ's Wholesale Club* 49,000 1,831
Brinker International* 36,085 816
CDW Computer Centers* 28,000 1,969
Chicos* 50,000 1,922
Craftmade International 30,000 270
Cutter & Buck* 71,100 1,106
DR Horton 38,000 522
Fossil* 55,845 1,173
Hot Topic* 25,000 1,105
Innotrac* 50,000 738
Insituform Technologies, Cl A* 65,000 1,629
Jack In Box Inc* 60,630 1,277
Jakks Pacific* 79,500 1,928
K-Swiss, Cl A 113,000 1,610
La-Z-Boy 53,540 964
Labor Ready* 25,650 325
Lason* 20,000 488
Liberty Property Trust 38,970 889
Mohawk Industries* 39,115 975
Monaco Coach* 68,645 1,476
Pacific Sunwear of California* 37,500 1,158
Petco Animal Supplies* 20,000 280
Pulte 34,700 696
Quanta Services* 65,000 1,820
Rare Hospitality International* 85,000 1,806
Standard Pacific 25,000 275
Steven Madden Ltd* 140,000 1,794
Urs* 67,625 1,319
Wabash National 52,800 775
Winnebago Industries 38,800 732
WMS Industries* 70,000 796
Zale* 43,000 2,177
--------
44,040
--------
31
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
CONSUMER STAPLES (1.0%)
Canandaigua Wine, Cl A* 29,100 $ 1,550
Cooper Tire & Rubber 45,000 675
--------
2,225
--------
ENERGY (1.7%)
Basin Exploration* 73,000 1,291
Eagle Geophysical* 1,285 --
Emcor Group* 53,000 927
Newfield Exploration* 30,000 774
Quicksilver Resource* 40,000 182
Vintage Petroleum 35,000 374
--------
3,548
--------
FINANCIALS (8.3%)
City National 20,000 721
Cullen/Frost Bankers 31,440 896
Dime Community Bancorp 60,900 1,207
Doral Financial 100,100 1,195
Financial Security Assurance
Holdings 31,000 1,637
Gainsco Incorporated 100,000 594
Greater Bay Bancorp 25,000 1,050
Harbor Florida Bancshares 50,000 637
In Focus Systems* 87,000 1,816
MAF Bancorp 10,000 222
Metris 54,000 1,708
NVR* 4,000 194
Oceanfirst Financial Corporation 45,000 835
PFF Bancorp 43,600 959
Radian Group 32,629 1,595
Trustmark 58,760 1,351
Zebra Technologies, Cl A* 16,000 966
--------
17,583
--------
HEALTH CARE (10.5%)
Andrx Corporation* 21,500 1,107
Arthrocare* 29,000 1,754
Barr Laboratories* 25,000 787
Candela Laser Corp* 55,000 822
Capital Senior Living* 83,800 419
ChiRex* 25,000 869
Cytyc* 30,000 1,309
Datascope Corp.* 42,000 1,558
Imation* 60,000 1,931
Ivax 110,680 2,248
Laser Vision Centers* 121,240 1,758
Medquist* 46,000 1,311
Noven Pharmacuticals* 35,000 453
Pharmacopeia, Inc* 30,000 517
PolyMedica* 87,000 1,523
Resmed* 44,500 1,783
Roberts Pharmaceutical* 70,630 2,282
--------
22,431
--------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
TECHNOLOGY (23.0%)
4front Technologies* 108,100 $ 2,297
Advanced Digital Information* 54,000 2,427
Alliance Semiconductor* 130,000 1,869
Ardent Software* 55,000 1,444
Business Objects ADR* 21,000 1,859
Cognizant Technology* 10,000 599
Commscope* 51,500 2,169
Comtech Telecommunications 35,000 652
Cordant Technologies 30,200 880
Cybex Computer Products* 44,000 1,898
Galileo Technology Ltd* 34,000 776
Hauppage Digital* 41,000 989
Herley Industries* 84,600 1,147
Insight Enterprises* 69,877 2,345
Kronos* 37,000 1,919
Lattice Semiconductor* 13,000 582
Mastech* 10,000 188
Micros Systems* 37,730 1,908
Progress Software* 78,390 3,126
Sonicwall* 2,000 68
Sterling Software* 69,000 1,816
Sunquest* 82,000 1,117
Sybase* 204,500 3,298
T-HQ* 45,000 2,419
Technitrol 28,000 1,201
Technomatrix Technologies* 51,080 1,398
Timberline Software 81,907 1,106
U.S. Interactive* 1,050 37
Unify* 28,800 1,426
Xircom* 55,000 2,888
Zomax* 83,000 3,074
--------
48,922
--------
TRANSPORTATION (4.0%)
American Freightways* 108,000 1,870
Forward Air* 53,800 1,675
Frontier Airlines* 72,420 756
Skywest 67,380 1,651
Swift Transportation* 48,540 771
USFreightways 45,000 1,879
--------
8,602
--------
UTILITIES (0.6%)
Kinder Morgan Energy Partners 32,380 1,309
--------
Total Common Stocks
(Cost $178,401) 212,519
--------
RIGHTS (0.0%)
Talk.com*
Expiring, 02/12/00 3 --
--------
Total Rights
(Cost $0) --
--------
32
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT (0.4%)
Morgan Stanley
5.65%, dated 11/30/99, matures
12/01/99, repurchase price
$824,332 (collateralized by
FNMA obligation: total market
value $881,793) (D) $824 $ 824
--------
Total Repurchase Agreement
(Cost $824) 824
--------
Total Investments (100.2%)
(Cost $179,225) 213,343
--------
OTHER ASSETS AND LIABILITIES, NET (-0.2%) (336)
--------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 12,700,058 outstanding shares of
beneficial interest 171,325
Fund shares of the Flex Class (unlimited
authorization -- no par value) based
on 431,730 outstanding shares of
beneficial interest 6,285
Accumulated net investment loss (1,435)
Accumulated net realized gain
on investments 2,714
Net unrealized appreciation on investments 34,118
--------
TOTAL NET ASSETS (100.0%) $213,007
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 16.23
========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $ 16.04
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
33
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
SUNBELT EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (93.3%)
CAPITAL GOODS (11.1%)
Artesyn Technologies* 91,115 $ 1,987
Astec Industries* 29,000 721
Blount International* 4,469 73
Dycom Industry* 18,900 761
Maverick Tube* 61,436 1,321
Mueller Industries* 24 864
Sensormatic Electronics* 121,459 1,936
Shaw Group* 74,315 1,551
Trex* 7,431 191
UNIFAB International* 282,533 1,695
Watsco 79,011 859
World Fuel Services 92,066 736
--------
12,695
--------
CONSUMER CYCLICALS (31.7%)
American Management Systems 30,000 881
Brinker International* 37,735 854
CEC Entertainment* 52,634 1,579
Chicos* 22,641 870
Circuit City 64,769 3,141
Dollar General 56,208 1,377
Fairfield Communities* 244,136 2,914
Family Dollar Stores 92,615 1,661
Fossil* 38,000 798
Jack In Box Inc* 45,000 948
Mohawk Industries* 34,000 848
O'Charleys* 117,255 1,539
Profit Recovery Group* 142,497 5,279
Quanta Services* 10,700 300
Rare Hospitality International* 44,000 935
Sonic* 91,630 2,474
Sykes Enterprises* 131,967 5,270
Tandy 48,672 3,729
Zale* 17,500 886
--------
36,283
--------
CONSUMER STAPLES (6.2%)
AHL Services* 96,958 1,782
Central Parking 30,475 789
Nova* 96,975 2,970
Quest Education* 181,445 1,565
--------
7,106
--------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
ENERGY (14.8%)
Anadarko Petroleum 77,861 $ 2,346
BJ Services* 64,912 2,264
Core Laboratories N.V.* 83,418 1,741
Ensco International 60,488 1,214
Global Industries* 339,913 2,666
Global Marine* 72,606 1,112
Nuevo Energy* 93,776 1,448
Oceaneering International* 74,167 964
Stone Energy* 54,692 2,130
Transocean Offshore 38,399 1,082
--------
16,967
--------
FINANCIALS (6.6%)
CCB Financial 45,388 1,969
Cullen/Frost Bankers 39,497 1,126
First Tennessee National 43,717 1,437
Texas Regional Bancshares, Cl A 31,196 860
Triad Guaranty* 96,338 2,192
--------
7,584
--------
HEALTH CARE (2.0%)
Andrx Corporation* 16,000 824
Ivax 40,000 812
Orthodontic Centers of America* 49,849 608
--------
2,244
--------
TECHNOLOGY (19.8%)
Acxiom* 115,362 2,051
Commscope* 20 842
Cryolife* 237,230 3,203
Cybex Computer Products* 87,509 3,774
Dallas Semiconductor 30,750 1,774
Harbinger* 61,417 1,079
Kemet* 74,315 2,694
National Instruments* 32,782 983
SCB Computer Technology* 669,545 2,009
Scientific-Atlanta 36,482 2,127
Sterling Software* 39,735 1,046
Texas Instruments 11,177 1,074
--------
22,656
--------
TRANSPORTATION (1.1%)
American Freightways* 22,641 392
Forward Air* 26,000 809
--------
1,201
--------
Total Common Stocks
(Cost $79,727) 106,736
--------
34
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT (8.0%)
Deutsche Bank
5.61%, dated 11/30/99, matures
12/01/99, repurchase price
$9,138,563 (collateralized by
U.S. Treasury Note: total
market value $9,321,837) (D) $9,136 $ 9,136
--------
Total Repurchase Agreement
(Cost $9,136) 9,136
--------
Total Investments (101.3%)
(Cost $88,863) 115,872
--------
OTHER ASSETS AND LIABILITIES, NET (-1.3%) (1,450)
--------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 9,074,951 outstanding shares of
beneficial interest 68,763
Fund shares of the Investor Class (unlimited
authorization -- no par value) based
on 1,201,639 outstanding shares of
beneficial interest 10,265
Fund shares of the Flex Class (unlimited
authorization -- no par value) based
on 276,112 outstanding shares of
beneficial interest 4,505
Accumulated net investment loss (672)
Accumulated net realized gain
on investments 4,552
Net unrealized appreciation on investments 27,009
--------
TOTAL NET ASSETS (100.0%) $114,422
========
Net Asset Value, Offering and Redemption
Price Per Share -- Trust Shares $ 10.90
========
Net Asset Value and Redemption
Price Per Share -- Investor Shares $ 10.56
========
Maximum Offering Price Per Share --
Investor Class ($10.56 / 96.25%) $ 10.97
========
Net Asset Value, Offering and Redemption
Price Per Share -- Flex Shares(1) $ 10.32
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
35
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
TAX SENSITIVE GROWTH STOCK FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (94.4%)
BASIC MATERIALS (2.7%)
Alcoa 117,836 $ 7,718
E. I. du Pont De Nemours 132,071 7,850
--------
15,568
--------
CAPITAL GOODS (8.4%)
Applied Materials* 74,243 7,234
Caterpillar 181,450 8,415
General Electric 131,819 17,136
Minnesota Mining &
Manufacturing 85,783 8,198
United Technologies 129,758 7,331
--------
48,314
--------
COMMUNICATION SERVICES (7.7%)
America Online* 118,544 8,617
AT&T 211,342 11,809
Bell Atlantic 51,961 3,290
BellSouth 63,887 2,951
GTE 89,286 6,518
SBC Communications 79,669 4,138
Sprint 93,985 6,520
--------
43,843
--------
CONSUMER CYCLICALS (8.6%)
Dollar General 280,380 6,869
Ford Motor 71,517 3,612
Gap 220,024 8,911
General Motors 44,563 3,209
Home Depot 119,256 9,429
Wal-Mart Stores 263,110 15,162
Walt Disney 72,301 2,015
--------
49,207
--------
CONSUMER STAPLES (9.9%)
Coca-Cola 148,577 10,001
Gillette 104,044 4,181
McDonald's 87,096 3,919
Nike, Cl B 116,511 5,359
Paychex 169,310 6,762
PepsiCo 142,519 4,926
Philip Morris 88,475 2,328
Procter & Gamble 149,679 16,165
Walgreen 105,394 3,070
--------
56,711
--------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
ENERGY (6.4%)
Chevron 59,644 $ 5,282
Exxon 133,151 10,561
Halliburton 190,483 7,369
Mobil 46,310 4,831
Royal Dutch Petroleum 68,582 3,978
Schlumberger 78,463 4,713
--------
36,734
--------
FINANCIALS (15.5%)
American Express 73,023 11,049
American International Group 106,961 11,044
Bank of America 70,083 4,100
Charles Schwab 181,862 6,899
Chase Manhattan Bank 104,169 8,047
Citigroup 173,486 9,347
Fannie Mae 154,361 10,284
Household International 217,949 8,623
J.P. Morgan 80,100 10,533
Wells Fargo 192,236 8,939
--------
88,865
--------
HEALTH CARE (11.7%)
Abbott Laboratories 79,376 3,016
American Home Products 79,591 4,139
Bristol-Myers Squibb 107,568 7,859
Eli Lilly 53,028 3,805
Johnson & Johnson 78,493 8,144
Medtronic 138,421 5,381
Merck 171,232 13,442
Pfizer 226,528 8,197
Schering Plough 75,704 3,870
Warner Lambert 99,594 8,932
--------
66,785
--------
TECHNOLOGY (23.5%)
Allied Signal 208,609 12,477
Cisco Systems* 172,070 15,346
Computer Associates 179,537 11,670
Dell Computer* 261,612 11,249
EMC* 99,456 8,311
Hewlett Packard 59,983 5,691
IBM 102,834 10,598
Intel 203,029 15,570
Linear Technology 94,514 6,716
Lucent Technologies 92,782 6,779
Microsoft* 181,131 16,491
Oracle* 72,211 4,897
Texas Instruments 94,098 9,039
--------
134,834
--------
Total Common Stocks
(Cost $436,412) 540,861
--------
36
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (6.4%)
Morgan Stanley
5.61%, dated 11/30/99, matures
12/01/99, repurchase price
$6,086,577 (collateralized by
FNMA obligations:
total market value
$6,208,388) (D) $ 6,087 $ 6,087
JP Morgan
5.61%, dated 11/30/99, matures
12/01/99, repurchase price
$30,806,981 (collateralized by
FNMA obligations:
total market value
$31,423,121) (D) 30,807 30,807
--------
Total Repurchase Agreements
(Cost $36,894) 36,894
--------
Total Investments (100.8%)
(Cost $473,306) 577,755
--------
OTHER ASSETS AND LIABILITIES, NET (-0.8%) (4,846)
--------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 12,019,917 outstanding shares of
beneficial interest 303,184
Fund shares of the Flex Class (unlimited
authorization -- no par value) based
on 5,408,320 outstanding shares of
beneficial interest 165,569
Accumulated net investment loss (267)
Accumulated net realized loss
on investments (26)
Net unrealized appreciation
on investments 104,449
--------
TOTAL NET ASSETS 100.0% $572,909
========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 32.96
========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $ 32.68
========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
37
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
VALUE INCOME STOCK FUND
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (93.7%)
BASIC MATERIALS (4.8%)
Allegheny Technologies* 599,150 $ 15,091
Boise Cascade 476,500 16,499
Consolidated Papers 459,900 13,452
Hercules 608,500 14,452
Reynolds Metals 233,800 14,627
Rohm & Haas 249,100 9,123
--------
83,244
--------
CAPITAL GOODS (12.3%)
Cooper Industries 591,100 25,380
Crown Cork & Seal 424,600 8,651
Emerson Electric 468,500 26,705
General Dynamics 348,400 17,964
Hubbell, Cl B 601,000 16,753
Minnesota Mining &
Manufacturing 208,400 19,915
National Service Industries 626,200 18,512
Pactiv* 685,400 7,025
Pall 597,900 14,013
Perkinelmer 473,100 19,456
Sonoco Products 817,030 18,792
Teledyne Technologies* 171,185 1,509
Thomas & Betts 398,400 16,334
Water Pik Technologies* 59,915 442
W.W. Grainger 107,300 5,057
--------
216,508
--------
COMMUNICATION SERVICES (8.7%)
Alltel 224,900 19,454
AT&T 610,900 34,134
GTE 745,100 54,392
SBC Communications 364,500 18,931
Sprint 386,500 26,814
--------
153,725
--------
CONSUMER CYCLICALS (8.4%)
Albertson's 707,500 22,596
American Greetings, Cl A 561,500 13,230
Dana 511,400 14,191
Genuine Parts 660,900 17,018
H & R Block 287,300 12,354
J.C. Penney 823,800 18,381
Masco 1,212,400 30,613
TRW 366,100 19,106
--------
147,489
--------
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- --------------------------------------------------------------------------------
CONSUMER STAPLES (17.5%)
Bestfoods 759,800 $ 41,647
ConAgra 1,660,300 40,055
Dean Foods 245,300 9,735
Flowers Industries 647,800 10,608
Fort James Corp. 422,300 12,141
Fortune Brands 572,600 19,576
H.J. Heinz 442,700 18,538
International Flavors &
Fragrances 758,900 27,937
Kimberly Clark 561,100 35,840
Newell Rubbermaid 559,400 18,355
PepsiCo 894,400 30,913
Ryder 649,200 14,648
Stanley Works 460,600 14,336
Wallace Computer Services 629,200 12,623
---------
306,952
---------
ENERGY (6.0%)
Conoco 1,412,484 36,989
Montana Power 168,100 5,190
Murphy Oil 246,600 13,933
Texaco 565,000 34,430
Unocal 435,500 14,453
---------
104,995
---------
FINANCIALS (19.8%)
Allstate 1,136,400 29,760
American Financial Group 430,400 11,594
American General 299,900 21,986
AmSouth Bancorp 950,468 21,445
Bank of America 710,700 41,576
Bank One 510,100 17,981
Fleet Boston Financial 722,247 27,310
Hibernia, Cl A 912,500 11,577
KeyCorp 785,300 21,203
Paine Webber Group 568,300 22,270
PNC Bank 532,600 29,693
Reliastar Financial 421,400 18,331
Summit Bancorp 601,500 19,624
Torchmark 562,400 17,856
Union Planters 359,664 15,331
Unumprovident 611,500 19,912
---------
347,449
---------
HEALTH CARE (7.5%)
Abbott Laboratories 436,400 16,583
American Home Products 547,400 28,465
Baxter International 843,800 57,009
Pharmacia Upjohn ADR 551,700 30,171
---------
132,228
---------
38
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES/FACE
AMOUNT (000) VALUE (000)
- --------------------------------------------------------------------------------
TECHNOLOGY (5.9%)
B.F. Goodrich 651,000 $ 14,688
Harris 449,500 9,440
IBM 292,800 30,177
Northrop Grumman 439,900 24,717
Raytheon , Cl B 219,200 6,727
Xerox 620,000 16,779
---------
102,528
---------
UTILITIES (2.8%)
GPU 391,200 12,518
Questar 907,600 15,599
Scana 797,500 21,632
---------
49,749
---------
Total Common Stocks
(Cost $1,734,258) 1,644,867
---------
REPURCHASE AGREEMENTS (5.9%)
Deutsche Bank
5.67%, dated 11/30/99, matures
12/01/99, repurchase price
$40,890,599 (collateralized by
FHLMC obligation: total market
value $41,708,411) (D) $40,891 40,891
Greenwich
5.67%, dated 11/30/99, matures
12/01/99, repurchase price
$62,230,142 (collateralized by
various FNMA obligations: total
market value $63,477,387) (D) 62,230 62,230
---------
Total Repurchase Agreements
(Cost $103,121) 103,121
---------
Total Investments (99.6%)
(Cost $1,837,379) 1,747,988
---------
OTHER ASSETS AND LIABILITIES, NET (0.4%) 7,711
---------
- --------------------------------------------------------------------------------
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based
on 132,864,827 outstanding shares of
beneficial interest $1,466,914
Fund shares of the Investor Class
(unlimited authorization -- no par
value) based on 14,921,931 outstanding
shares of beneficial interest 168,457
Fund shares of the Flex Class (unlimited
authorization -- no par value) based
on 13,369,203 outstanding shares
of beneficial interest 176,719
Undistributed net investment income 4,819
Accumulated net realized gain
on investments 28,181
Net unrealized depreciation on investments (89,391)
----------
TOTAL NET ASSETS (100.0%) $1,755,699
==========
Net Asset Value, Offering and Redemption
Price Per Share-- Trust Shares $ 10.91
==========
Net Asset Value and Redemption
Price Per Share-- Investor Shares $ 10.87
==========
Maximum Offering Price Per Share --
Investor Class ($10.87 / 96.25%) $ 11.29
==========
Net Asset Value, Offering and Redemption
Price Per Share-- Flex Shares(1) $ 10.76
==========
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE SALES CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOR DESCRIPTIONS OF ABBREVIATIONS, PLEASE SEE PAGE 40.
39
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999 (UNAUDITED)
KEY TO ABBREVIATIONS USED IN
THE STATEMENT OF NET ASSETS AND
SCHEDULE OF INVESTMENTS
ADR American Depository Receipt
AMBAC American Bond Assurance Corporation
Cl Class
CV Convertible Security
EU Euro
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
GDR Global Depository Receipt
MTN Medium Term Note
RCN Risparmio Non-Convertible
Ser Series
* Non-income producing security
(A) Zero Coupon Bond
(B) Private Placement Security
(C) Adjustable rate security. The rate reported on the Statement of Net
Assets is the rate in effect on November 30, 1999.
(D) Tri-Party Repurchase Agreement
Amounts designated as "--" are either $0 or have been rounded to $0.
40
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES (000)
- -------------------------------------------------------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 (UNAUDITED)
------------ ------------ -------------
E-COMMERCE INTERNATIONAL
EMERGING OPPORTUNITY EQUITY
MARKETS FUND FUND
------------ ------------ -------------
Assets:
<S> <C> <C> <C>
Investments at Market Value (Costs $12,880, $17,921 and $458,978, respectively) $12,501 $20,453 $459,499
Cash 5,949 -- 3,279
Foreign Currency (Cost $38, $0 and $108,989, respectively) 38 -- 108,387
Accrued Income -- 13 --
Receivable for Investment Securities Sold 3,560 1,044 21,586
Receivable for Portfolio Shares Purchased 2 807 679
Other Assets 62 -- 1,454
------- ------- --------
Total Assets 22,112 22,317 594,884
------- ------- --------
Liabilities:
Payable for Investment Securities Purchased 573 773 997
Payable for Portfolio Shares Redeemed -- -- 1,455
Accrued Expenses 42 17 1,161
Other Liabilities -- 9 4
------- ------- --------
Total Liabilities 615 799 3,617
------- ------- --------
Net Assets:
Fund Shares of the Trust Class (unlimited authorization -- no par value)
based on 2,403,728, 1,591,608 and 42,314,181, respectively, of outstanding
shares of beneficial interest 28,702 18,941 487,091
Fund Shares of the Investor Class (unlimited authorization -- no par value)
based on 0, 0 and 999,282, respectively, outstanding shares of beneficial
interest -- -- 12,304
Fund Shares of the Flex Class (unlimited authorization-- no par value) based
on 0, 0 and 1,190,572, respectively, outstanding shares of beneficial interest -- -- 16,166
Undistributed net investment income (loss) 142 (1) 227
Accumulated net realized gain (loss) on investments (6,951) 46 75,636
Net unrealized appreciation (depreciation) on investments (379) 2,532 521
Net unrealized depreciation on foreign currency and translation of other assets
and liabilities in foreign currency investments (17) -- (678)
------- ------- --------
Total Net Assets $21,497 $21,518 $591,267
======= ======= ========
Net Asset Value, Offering and Redemption Price Per Share-- Trust Shares $8.95 $13.52 $13.30
======= ======= ========
Net Asset Value, Offering and Redemption Price Per Share-- Investor Shares -- -- $13.19
======= ======= ========
Maximum Offering Price Per Share-- Investor Shares ($13.19 / 96.25%) -- -- $13.70
======= ======= ========
Net Asset Value, Offering and Redemption Price Per Share-- Flex Shares (1) -- -- $12.81
======= ======= ========
(1) The Flex Shares have a contingent sales charge. For a description of a
possible sales charge, see notes to the financial statements.
Amounts designated as "--" are either $0 or round to $0.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
41
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS (000)
- ------------------------------------------------------------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999
CAPITAL CORE
BALANCED APPRECIATION EQUITY
FUND FUND FUND
--------- ------------ ----------
06/01/99- 06/01/99- 09/30/99*-
11/30/99 11/30/99 11/30/99
--------- ------------ ----------
Income:
<S> <C> <C> <C>
INTEREST INCOME $ 4,565 $ 3,554 $ 111
Dividend Income 950 10,213 64
Less: Foreign Taxes Withheld (3) (25) --
------- -------- ------
Total Investment Income 5,512 13,742 175
------- -------- ------
Expenses:
Investment Advisory Fees 1,618 13,112 172
Less: Investment Advisory Fees Waived/Reimbursed (197) (932) (10)
Administrator Fees 121 809 11
Transfer Agent Fees -- Trust Shares 52 39 3
Transfer Agent Fees -- Investor Shares 8 21 --
Transfer Agent Fees -- Flex Shares 42 76 --
Transfer Agent Out of Pocket Fees -- 103 1
Printing Expenses 8 47 3
Custody Fees 7 48 --
Professional Fees 9 56 2
Trustee Fees 2 11 --
Registration Fees 7 46 5
Distribution Fees --Investor Shares 20 1,044 --
Less: Distribution Fees Waived -- Investor Shares (2) (210) --
Distribution Fees -- Flex Shares 404 821 --
Less: Distribution Fees Waived -- Flex Shares (2) (5) --
Insurance and Other Fees 5 62 1
Amortization of Deferred Organization Costs -- -- --
------- -------- ------
Total Expenses 2,102 15,148 188
------- -------- ------
Net Investment Income (Loss) 3,410 (1,406) (13)
------- -------- ------
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain on Securities Sold 108 68,580 106
Net Realized Loss on Foreign Currency Transactions -- -- --
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and
Translation of Other Assets and Liabilities in Foreign Currency -- -- --
Net Change in Unrealized Appreciation (Depreciation) on Investments (996) (34,070) 7,988
------- -------- ------
Total Net Realized and Unrealized Gain (Loss) on Investments (888) 34,510 8,094
------- -------- ------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 2,522 $ 33,104 $8,081
======= ======== ======
</TABLE>
<TABLE>
<CAPTION>
EMERGING E-COMMERCE GROWTH AND
MARKETS OPPORTUNITY INCOME
EQUITY FUND FUND FUND
----------- ----------- -----------
06/01/99- 09/30/99*- 06/01/99-
11/30/99 11/30/99 11/30/99
----------- ----------- -----------
Income:
<S> <C> <C> <C>
INTEREST INCOME $ 50 $ 3 $ 5,993
Dividend Income 329 14 467
Less: Foreign Taxes Withheld (22) -- --
------ ------- -------
Total Investment Income 357 17 6,460
------ ------- -------
Expenses:
Investment Advisory Fees 162 17 3,254
Less: Investment Advisory Fees Waived/Reimbursed (26) (6) (15)
Administrator Fees 9 1 256
Transfer Agent Fees -- Trust Shares 9 3 15
Transfer Agent Fees -- Investor Shares -- -- 18
Transfer Agent Fees -- Flex Shares -- -- 16
Transfer Agent Out of Pocket Fees -- -- 32
Printing Expenses 2 1 33
Custody Fees 21 -- 14
Professional Fees 1 -- 35
Trustee Fees -- -- 4
Registration Fees 1 2 20
Distribution Fees --Investor Shares -- -- 47
Less: Distribution Fees Waived -- Investor Shares -- -- (33)
Distribution Fees -- Flex Shares -- -- 212
Less: Distribution Fees Waived -- Flex Shares -- -- (33)
Insurance and Other Fees 4 -- 4
Amortization of Deferred Organization Costs 12 -- --
------ ------- -------
Total Expenses 195 18 3,879
------ ------- -------
Net Investment Income (Loss) 162 (1) 2,581
------ ------- -------
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain on Securities Sold 587 46 7,155
Net Realized Loss on Foreign Currency Transactions (72) -- --
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and
Translation of Other Assets and Liabilities in Foreign Currency (4) -- --
Net Change in Unrealized Appreciation (Depreciation) on Investments 1,723 2,532 7,832
------ ------- -------
Total Net Realized and Unrealized Gain (Loss) on Investments 2,234 2,578 14,987
------ ------- -------
NET INCREASE IN NET ASSETS FROM OPERATIONS $2,396 $2,577 $17,568
====== ======= =======
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL INTERNATIONAL LIFE VISION
EQUITY EQUITY BALANCED
FUND INDEX FUND PORTFOLIO
------------- ------------- ------------
06/01/99- 06/01/99- 06/01/99-
11/30/99 11/30/99 11/30/99
------------- ------------- ------------
Income:
<S> <C> <C> <C>
INTEREST INCOME $ 716 $ 47 $ --
Dividend Income 6,069 605 1,018
Less: Foreign Taxes Withheld (283) (49) --
------- ------- ------
Total Investment Income 6,502 603 1,018
------- ------- ------
Expenses:
Investment Advisory Fees 3,803 441 113
Less: Investment Advisory Fees Waived/Reimbursed (94) (26) (59)
Administrator Fees 216 35 29
Transfer Agent Fees -- Trust Shares 8 7 13
Transfer Agent Fees -- Investor Shares 8 7 --
Transfer Agent Fees -- Flex Shares 25 5 --
Transfer Agent Out of Pocket Fees 30 2 --
Printing Expenses 6 1 4
Custody Fees 487 55 2
Professional Fees 14 1 8
Trustee Fees 2 -- --
Registration Fees 18 2 1
Distribution Fees --Investor Shares 19 5 --
Less: Distribution Fees Waived -- Investor Shares (2) (1) --
Distribution Fees -- Flex Shares 63 5 --
Less: Distribution Fees Waived -- Flex Shares -- -- --
Insurance and Other Fees 12 6 1
Amortization of Deferred Organization Costs -- -- --
------- ------- ------
Total Expenses 4,615 545 112
------- ------- ------
Net Investment Income (Loss) 1,887 58 906
------- ------- ------
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain on Securities Sold 77,438 808 769
Net Realized Loss on Foreign Currency Transactions (3,470) (98) --
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and
Translation of Other Assets and Liabilities in Foreign Currency (581) 89 --
Net Change in Unrealized Appreciation (Depreciation) on Investments (36,760) 15,728 (122)
------- ------- ------
Total Net Realized and Unrealized Gain (Loss) on Investments 36,627 16,527 647
------- ------- ------
NET INCREASE IN NET ASSETS FROM OPERATIONS $38,514 $16,585 $1,553
======= ======= ======
<FN>
*Commencement of operations.
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
42 & 43
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS (000)
- ------------------------------------------------------------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 (UNAUDITED)
LIFE VISION LIFE VISION MID-CAP SMALL CAP
GROWTH AND INCOME MAXIMUM GROWTH EQUITY EQUITY
PORTFOLIO PORTFOLIO FUND FUND
----------------- -------------- ---------- ----------
06/01/99- 06/01/99- 06/01/99- 06/01/99-
11/30/99 11/30/99 11/30/99 11/30/99
----------------- -------------- ---------- ----------
Income:
<S> <C> <C> <C> <C>
INTEREST INCOME $ -- $ -- $ 459 $ 445
Dividend Income 202 54 950 3,823
Less: Foreign Taxes Withheld -- -- -- (25)
------ ----- ------- --------
Total Investment Income 202 54 1,409 4,243
------ ----- ------- --------
Expenses:
Investment Advisory Fees 27 19 1,554 1,953
Less: Investment Advisory Fees Waived/Reimbursed (22) (16) (141) (64)
Administrator Fees 7 6 96 120
Transfer Agent Fees-- Trust Shares 10 9 9 9
Transfer Agent Fees-- Investor Shares -- -- 2 --
Transfer Agent Fees-- Flex Shares -- -- 20 33
Transfer Agent Out of Pocket Fees -- -- 31 17
Printing Expenses 1 1 7 8
Custody Fees 1 1 5 7
Professional Fees 3 3 5 7
Trustee Fees -- -- 1 2
Registration Fees -- -- 5 7
Distribution Fees-- Investor Shares -- -- 38 --
Less: Distribution Fees Waived-- Investor Shares -- -- (3) --
Distribution Fees-- Flex Shares -- -- 75 86
Less: Distribution Fees Waived-- Flex Shares -- -- (15) (28)
Insurance and Other Fees -- -- 5 3
Amortization of Deferred Organization Costs -- -- -- 2
------ ----- ------- --------
Total Expenses 27 23 1,694 2,162
------ ----- ------- --------
Net Investment Income (Loss) 175 31 (285) 2,081
------ ----- ------- --------
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on Securities Sold 395 575 1,852 (1,920)
Net Change in Unrealized Appreciation (Depreciation) on Investments (48) (105) 6,578 (26,237)
------ ----- ------- --------
Total Net Realized and Unrealized Gain (Loss) on Investments 347 470 8,430 (28,157)
------ ----- ------- --------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 522 $ 501 $ 8,145 $(26,076)
====== ===== ======= ========
</TABLE>
<TABLE>
<CAPTION>
SMALL CAP SUNBELT TAX SENSITIVE VALUE
GROWTH STOCK EQUITY GROWTH STOCK INCOME STOCK
FUND FUND FUND FUND
------------ --------- ------------- ------------
06/01/99- 06/01/99- 06/01/99- 06/01/99-
11/30/99 11/30/99 11/30/99 11/30/99
------------ --------- ------------- -----------
Income:
<S> <C> <C> <C> <C>
INTEREST INCOME $ 65 $ 82 $ 686 $ 4,074
Dividend Income 320 234 2,166 23,389
Less: Foreign Taxes Withheld -- -- 6 --
-------- -------- -------- ---------
Total Investment Income 385 316 2,858 27,463
-------- -------- -------- ---------
Expenses:
Investment Advisory Fees 1,738 923 2,378 8,010
Less: Investment Advisory Fees Waived/Reimbursed (58) (73) (106) (9)
Administrator Fees 68 57 143 709
Transfer Agent Fees-- Trust Shares 10 6 9 8
Transfer Agent Fees-- Investor Shares -- -- -- 31
Transfer Agent Fees-- Flex Shares 7 12 41 91
Transfer Agent Out of Pocket Fees 8 7 18 90
Printing Expenses 5 4 10 50
Custody Fees 4 3 8 40
Professional Fees 4 3 8 40
Trustee Fees 1 1 2 10
Registration Fees 4 3 8 40
Distribution Fees-- Investor Shares -- 32 -- 302
Less: Distribution Fees Waived-- Investor Shares -- (2) -- --
Distribution Fees-- Flex Shares 33 19 616 807
Less: Distribution Fees Waived-- Flex Shares (5) (9) (13) --
Insurance and Other Fees 1 2 3 30
Amortization of Deferred Organization Costs -- -- -- --
-------- -------- -------- ---------
Total Expenses 1,820 988 3,125 10,249
-------- -------- -------- ---------
Net Investment Income (Loss) (1,435) (672) (267) 17,214
-------- -------- -------- ---------
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on Securities Sold 1,668 21,255 (4,920) 29,554
Net Change in Unrealized Appreciation (Depreciation) on Investments 20,738 (20,982) 44,118 (217,032)
-------- -------- -------- ---------
Total Net Realized and Unrealized Gain (Loss) on Investments 22,406 273 39,198 (187,478)
-------- -------- -------- ---------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 20,971 $ (399) $ 38,931 $(170,264)
======== ======== ======== =========
<FN>
Amounts designated as "--" are either $0 or round to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
44 & 45
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (000)
- ------------------------------------------------------------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS FOR THE PERIODS ENDED NOVEMBER 30, 1999 AND NOVEMBER 30, 1998 AND THE YEAR ENDED MAY 31, 1999
CAPITAL CORE EMERGING
BALANCED FUND APPRECIATION FUND EQUITY FUND MARKETS EQUITY FUND
------------------- -------------------- ------------- --------------------
06/01/99 06/01/98- 06/01/99- 06/01/98- 09/30/99*- 06/01/99- 06/01/98-
11/30/99 05/31/99 11/30/99 05/31/99 11/30/99 11/30/99 05/31/99
-------- --------- --------- --------- ------------- ---------- ---------
Operations:
<S> <C> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME (LOSS) $ 3,410 $ 5,369 $ (1,406) $ 3,087 $ (13) $ 162 $ 487
Capital Gain Received from Investments -- -- -- -- -- -- --
Net Realized Gain (Loss) on Investments 108 9,690 68,580 166,440 106 587 (6,188)
Net Realized Loss on Foreign Currency
Transactions -- -- -- -- -- (72) (45)
Net Change in Unrealized Appreciation
(Depreciation) on Foreign Currency and
Translation of Other Assets and
Liabilities in Foreign Currency -- -- -- -- -- (4) (12)
Net Change in Unrealized Appreciation
(Depreciation) on Investments (996) 11,063 (34,070) 151,103 7,988 1,723 3,231
-------- -------- --------- ---------- -------- ------- -------
Increase (Decrease) in Net Assets from
Operations 2,522 26,122 33,104 320,630 8,081 2,396 (2,527)
-------- -------- --------- ---------- -------- ------- -------
Distributions to Shareholders:
Net Investment Income:
Trust Shares (2,691) (4,438) -- (5,572) -- -- (622)
Investor Shares (133) (200) -- (36) -- -- --
Flex Shares (484) (506) -- -- -- -- --
Capital Gains:
Trust Shares -- (13,593) -- (240,608) -- -- --
Investor Shares -- (771) -- (41,767) -- -- --
Flex Shares -- (2,745) -- (19,498) -- -- --
-------- -------- -------- ---------- -------- ------- -------
(3,308) (22,253) -- (307,481) -- -- (622)
======== ======== ======== ========== ======== ======= =======
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued 51,168 146,574 167,450 673,116 104,840 10,887 14,574
Shares Issued in Connection with Crestar
Merger -- -- -- 139,648 -- -- --
Reinvestment of Cash Distributions 2,641 17,886 -- 234,593 -- -- 544
Cost of Shares Repurchased (65,846) (104,280) (494,345) (623,912) (2,445) (18,537) (19,772)
-------- -------- --------- ---------- -------- ------- -------
Increase (Decrease) in Net Assets From Trust
Share Transactions (12,037) 60,180 (326,895) 423,445 102,395 (7,650) (4,654)
-------- -------- --------- ---------- -------- ------- -------
Investor Shares:
Proceeds from Shares Issued 1,443 7,551 8,087 32,561 -- -- --
Shares Issued in Connection with Crestar Merger -- -- -- 12,499 -- -- --
Reinvestment of Cash Distributions 132 966 -- 41,544 -- -- --
Cost of Shares Repurchased (3,339) (2,023) (25,947) (49,083) -- -- --
-------- -------- --------- ---------- -------- ------- -------
Increase (Decrease) in Net Assets From Investor
Share Transactions (1,764) 6,494 (17,860) 37,521 -- -- --
-------- -------- --------- ---------- -------- ------- -------
Flex Shares:
Proceeds from Shares Issued 20,448 54,572 20,982 68,098 -- -- --
Shares Issued in Connection with Crestar Merger -- -- -- 7,867 -- -- --
Reinvestment of Cash Distributions 468 3,206 -- 19,257 -- -- --
Cost of Shares Repurchased (12,863) (12,484) (24,476) (39,576) -- -- --
-------- -------- --------- ---------- -------- ------- -------
Increase (Decrease) in Net Assets From
Flex Share Transactions 8,053 45,294 (3,494) 55,646 -- -- --
-------- -------- --------- ---------- -------- ------- -------
Increase (Decrease) in Net Assets From Share
Transactions (5,748) 111,968 (348,249) 516,612 102,395 (7,650) (4,654)
-------- -------- --------- ---------- -------- ------- -------
Total Increase (Decrease) in Net Assets (6,534) 115,837 (315,145) 529,761 110,476 (5,254) (7,803)
-------- -------- --------- ---------- -------- ------- -------
Net Assets:
Beginning of Period 340,240 224,403 2,440,062 1,910,301 -- 26,751 34,554
-------- -------- ---------- ---------- -------- ------- -------
End of Period $333,706 $340,240 $2,124,917 $2,440,062 $110,476 $21,497 $26,751
======== ======== ========= ========== ======== ======= =======
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued 3,852 11,211 10,027 40,224 10,436 1,254 1,963
Shares Issued in Connection with Crestar Merger -- -- -- 8,202 -- -- --
Shares Issued in Lieu of Cash Distributions 200 1,393 -- 14,645 -- -- 78
Shares Redeemed (5,007) (8,020) (29,761) (37,763) (235) (2,144) (2,644)
-------- -------- --------- ---------- -------- ------- -------
Net Trust Share Transactions (955) 4,584 (19,734) 25,308 10,201 (890) (603)
-------- -------- --------- ---------- -------- ------- -------
Investor Shares:
Shares Issued 108 570 486 1,967 -- -- --
Shares Issued in Connection with Crestar Merger -- -- -- 738 --
Shares Issued in Lieu of Cash Distributions 10 75 -- 2,607 -- -- --
Shares Redeemed (251) (154) (1,567) (2,983) -- -- --
-------- -------- --------- ---------- -------- ------- -------
Net Investor Share Transactions (133) 491 (1,081) 2,329 -- -- --
-------- -------- --------- ---------- -------- ------- -------
Flex Shares:
Shares Issued 1,547 4,165 1,287 4,176 -- -- --
Shares Issued in Connection with Crestar Merger -- -- -- 474 -- -- --
Shares Issued in Lieu of Cash Distributions 36 252 -- 1,228 -- -- --
Shares Redeemed (981) (956) (1,509) (2,440) -- -- --
-------- -------- --------- ---------- -------- ------- -------
Net Flex Share Transactions 602 3,461 (222) 3,438 -- -- --
======== ======== ========= ========== ======== ======= =======
Net Change in Capital Shares (486) 8,536 (21,037) 31,075 10,201 (890) (603)
-------- -------- --------- ---------- -------- ------- -------
</TABLE>
<TABLE>
<CAPTION>
E-COMMERCE INTERNATIONAL
OPPORTUNITY GROWTH AND EQUITY
FUND INCOME FUND FUND
----------- ------------------------------- --------------------
09/30/99*- 06/01/99- 12/01/98- 12/01/97- 06/01/99- 06/01/98-
11/30/99 11/30/99 05/31/99 11/30/98 11/30/99 05/31/99
----------- ---------- --------- ---------- --------- ---------
Operations:
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME (LOSS) $ (1) $ 2,581 $ 1,547 $ 3,859 $ 1,887 $ 3,923
Capital Gain Received from Investments -- -- -- -- -- --
Net Realized Gain (Loss) on Investments 46 7,155 48,404 42,161 77,438 21,269
Net Realized Loss on Foreign Currency
Transactions -- -- -- -- (3,470) (811)
Net Change in Unrealized Appreciation
(Depreciation) on Foreign Currency and
Translation of Other Assets and
Liabilities in Foreign Currency -- -- -- -- (581) (10)
Net Change in Unrealized Appreciation
(Depreciation) on Investments 2,532 7,832 39,898 33,416 (36,760) (78,440)
------- -------- -------- -------- -------- ---------
Increase (Decrease) in Net Assets from
Operations 2,577 17,568 89,849 79,436 38,514 (54,069)
------- -------- -------- -------- -------- ---------
Distributions to Shareholders:
Net Investment Income:
Trust Shares -- (1,570) (935) (3,768) -- (2,385)
Investor Shares -- (71) (66) (212) -- (6)
Flex Shares -- -- (7) -- -- --
Capital Gains:
Trust Shares -- (42,751) (38,443) (110,281) (21,048) (33,895)
Investor Shares -- (2,474) (2,259) (5,275) (504) (965)
Flex Shares -- (2,825) (1,704) (2,562) (638) (1,189)
------- -------- -------- -------- -------- ---------
-- (49,691) 43,414 (122,098) (22,190) (38,440)
======= ======== ======== ======== ======== =========
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued 19,399 90,860 77,854 92,390 50,417 172,988
Shares Issued in Connection with Crestar
Merger -- -- -- -- -- --
Reinvestment of Cash Distributions -- 32,278 11,972 88,294 19,287 33,324
Cost of Shares Repurchased (458) (49,643) (74,302) (153,783) (95,841) (175,047)
------- -------- -------- -------- -------- ---------
Increase (Decrease) in Net Assets From Trust
Share Transactions 18,941 73,495 15,524 26,901 (26,137) 31,265
------- -------- -------- -------- -------- ---------
Investor Shares:
Proceeds from Shares Issued -- 4,626 2,099 11,222 750 2,728
Shares Issued in Connection with Crestar Merger -- -- -- -- -- --
Reinvestment of Cash Distributions -- 2,323 2,157 5,277 502 965
Cost of Shares Repurchased -- (3,310) (4,209) (8,617) (2,526) (4,566)
------- -------- -------- -------- -------- ---------
Increase (Decrease) in Net Assets From Investor
Share Transactions -- 3,639 47 7,882 (1,274) (873)
------- -------- -------- -------- -------- ---------
Flex Shares:
Proceeds from Shares Issued -- 17,454 8,350 12,797 1,051 6,324
Shares Issued in Connection with Crestar Merger -- -- -- -- -- --
Reinvestment of Cash Distributions -- 2,750 1,675 2,504 622 1,174
Cost of Shares Repurchased -- (3,397) (2,763) (2,494) (3,822) (8,295)
------- -------- -------- -------- -------- ---------
Increase (Decrease) in Net Assets From
Flex Share Transactions -- 16,807 7,262 12,807 (2,149) (797)
------- -------- -------- -------- -------- ---------
Increase (Decrease) in Net Assets From Share
Transactions 18,941 93,941 22,833 47,590 (29,560) 29,595
------- -------- -------- -------- -------- ---------
Total Increase (Decrease) in Net Assets 21,518 61,818 69,268 4,928 (13,236) (62,914)
------- -------- -------- -------- -------- ---------
Net Assets:
Beginning of Period -- 706,400 637,132 632,204 604,503 667,417
------- -------- -------- -------- -------- ---------
End of Period $21,518 $768,218 $706,400 $637,132 $591,267 $ 604,503
======= ======== ======== ======== ======== =========
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued 1,636 5,939 5,206 10,513 3,785 12,883
Shares Issued in Connection with Crestar Merger -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- 2,063 840 6,789 1,457 2,626
Shares Redeemed (45) (3,175) (4,849) (14,789) (7,139) (13,225)
------- -------- -------- -------- -------- ---------
Net Trust Share Transactions 1,591 4,827 1,197 2,513 (1,897) 2,284
------- -------- -------- -------- -------- ---------
Investor Shares:
Shares Issued -- 296 137 764 56 203
Shares Issued in Connection with Crestar Merger -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- 147 150 402 38 77
Shares Redeemed -- (210) (272) (591) (190) (350)
------- -------- -------- -------- -------- ---------
Net Investor Share Transactions -- 233 15 575 (96) (70)
------- -------- -------- -------- -------- ---------
Flex Shares:
Shares Issued -- 1,117 550 874 81 468
Shares Issued in Connection with Crestar Merger -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- 176 117 192 49 95
Shares Redeemed -- (220) (178) (171) (295) (648)
------- -------- -------- -------- -------- ---------
Net Flex Share Transactions -- 1,073 489 895 (165) (85)
======= ======== ======== ======== ======== =========
Net Change in Capital Shares 1,591 6,133 1,701 3,983 (2,158) 2,129
------- -------- -------- -------- -------- ---------
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL LIFE VISION
EQUITY BALANCED
INDEX FUND PORTFOLIO
-------------------- -----------------------------
06/01/99- 06/01/98- 06/01/99- 12/01/98- 12/01/97-
11/30/99 05/31/99 11/30/99 05/31/99 11/30/98
--------- --------- --------- --------- ---------
Operations:
<S> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME (LOSS) $ 58 $ 392 $ 906 $ 867 $ 2,062
Capital Gain Received from Investments -- -- -- 2,204 6,921
Net Realized Gain (Loss) on Investments 808 7,583 769 317 (1,004)
Net Realized Loss on Foreign Currency
Transactions (98) (40) -- -- --
Net Change in Unrealized Appreciation
(Depreciation) on Foreign Currency and
Translation of Other Assets and
Liabilities in Foreign Currency 89 (88) -- -- --
Net Change in Unrealized Appreciation
(Depreciation) on Investments 15,728 (3,971) (122) 2,338 (1,024)
-------- ------- ------- ------- --------
Increase (Decrease) in Net Assets from
Operations 16,585 3,876 1,553 5,726 6,955
-------- ------- ------- ------- --------
Distributions to Shareholders:
Net Investment Income:
Trust Shares -- (1,136) (808) (735) (2,072)
Investor Shares -- (83) -- -- --
Flex Shares -- (4) -- -- --
Capital Gains:
Trust Shares -- (8,431) -- (6,686) (238)
Investor Shares -- (877) -- -- --
Flex Shares -- (172) -- -- --
-------- ------- ------- ------ -------
-- (10,703) (808) (7,241) (2,310)
======== ======= ======= ====== =======
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued 25,316 34,363 22,355 5,124 15,849
Shares Issued in Connection with Crestar
Merger -- -- -- -- --
Reinvestment of Cash Distributions -- 8,985 808 7,421 2,310
Cost of Shares Repurchased (11,963) (18,882) (18,343) (15,873) (19,035)
-------- ------- ------- ------- --------
Increase (Decrease) in Net Assets From Trust
Share Transactions 13,353 24,466 4,820 (3,328) (876)
-------- ------- ------- ------- --------
Investor Shares:
Proceeds from Shares Issued 1,065 1,083 -- -- --
Shares Issued in Connection with Crestar Merger -- -- -- -- --
Reinvestment of Cash Distributions -- 959 -- -- --
Cost of Shares Repurchased (1,667) (3,668) -- -- --
-------- ------- ------- ------- --------
Increase (Decrease) in Net Assets From Investor
Share Transactions (602) (1,626) -- -- --
-------- ------- ------- ------- --------
Flex Shares:
Proceeds from Shares Issued 991 980 -- -- --
Shares Issued in Connection with Crestar Merger -- -- -- -- --
Reinvestment of Cash Distributions -- 174 -- -- --
Cost of Shares Repurchased (204) (987) -- -- --
-------- ------- ------- ------- --------
Increase (Decrease) in Net Assets From
Flex Share Transactions 787 167 -- -- --
-------- ------- ------- ------- --------
Increase (Decrease) in Net Assets From Share
Transactions 13,538 23,007 4,820 (3,328) (876)
-------- ------- ------- ------- --------
Total Increase (Decrease) in Net Assets 30,123 16,180 5,565 (5,023) 3,769
-------- ------- ------- ------- --------
Net Assets:
Beginning of Period 80,990 64,810 88,188 93,211 89,442
-------- ------- ------- ------- --------
End of Period $111,113 $80,990 $93,753 $88,188 $93,211
======== ======= ======= ======= ========
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued 1,944 2,851 2,082 476 1,449
Shares Issued in Connection with Crestar Merger -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- 779 76 712 214
Shares Redeemed (910) (1,537) (1,688) (1,486) (1,743)
-------- ------- ------- ------- --------
Net Trust Share Transactions 1,034 2,093 470 (298) (80)
-------- ------- ------- ------- --------
Investor Shares:
Shares Issued 83 88 -- -- --
Shares Issued in Connection with Crestar Merger -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- 84 -- -- --
Shares Redeemed (130) (294) -- -- --
-------- ------- ------- ------- --------
Net Investor Share Transactions (47) (122) -- -- --
-------- ------- ------- ------- --------
Flex Shares:
Shares Issued 76 80 -- -- --
Shares Issued in Connection with Crestar Merger -- -- -- -- --
Shares Issued in Lieu of Cash Distributions -- 15 -- -- --
Shares Redeemed (16) (82) -- -- --
-------- ------- ------- ------- --------
Net Flex Share Transactions 60 13 -- -- --
======== ======= ======= ======= ========
Net Change in Capital Shares 1,047 1,984 470 (298) (80)
-------- ------- ------- ------- --------
</TABLE>
*Commencement of operations.
Amounts designated as "--" are either $0 or have been rounded to $0.
46 & 47
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (000)
- ------------------------------------------------------------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS FOR THE PERIODS ENDED NOVEMBER 30, 1999 AND NOVEMBER 30, 1998 AND THE YEAR ENDED MAY 31, 1999
(UNAUDITED)
LIFE VISION LIFE VISION MID-CAP EQUITY
GROWTH AND INCOME PORTFOLIO MAXIMUM GROWTH PORTFOLIO FUND
---------------------------- ---------------------------- -------------------
06/01/99 12/01/98- 12/01/97- 06/01/99 12/01/98- 12/01/97- 06/01/99 06/01/98-
11/30/99 05/31/99 11/30/98 11/30/99 05/31/99 11/30/98 11/30/99 05/31/99
-------- --------- --------- -------- --------- --------- --------- ---------
Operations:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Investment Income (Loss) $ 175 $ 138 $ 357 $ 31 $ 25 $ 36 $ (285) $ (1,779)
Capital Gain Received from Investments -- 490 2,121 -- 499 1,739 1,852 --
Net Realized Gain (Loss) on Investments 395 (82) (45) 575 (42) (463) -- 12,419
Net Change in Unrealized Appreciation
(Depreciation) on Investments (48) 922 (580) (105) 1,329 (226) 6,578 (10,771)
------- -------- ------- ------- ------- ------- -------- --------
Increase (Decrease) in Net Assets from
Operations 522 1,468 1,853 501 1,811 1,086 8,145 (131)
------- -------- ------- ------- ------- ------- -------- --------
Distributions to Shareholders:
Net Investment Income:
Trust Shares (160) (114) (360) (34) (24) (35) -- --
Investor Shares -- -- -- -- -- -- -- (3)
Flex Shares -- -- -- -- -- -- -- --
Capital Gains:
Trust Shares -- (2,475) (22) -- (1,670) -- (10,975) (26,541)
Investor Shares -- -- -- -- -- -- (809) (1,970)
Flex Shares -- -- -- -- -- -- (710) (1,677)
------- -------- ------- ------- ------- ------- -------- --------
Total Distributions (160) (2,589) (382) (34) (1,694) (35) (12,494) (30,191)
------- -------- ------- ------- ------- ------- -------- --------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued 2,461 2,679 2,591 8,030 2,114 5,852 78,655 197,227
Shares Issued in Connection with Common
Trust Fund Conversion -- -- -- -- -- -- -- --
Shares Issued in Connection with Crestar
Merger -- -- -- -- -- -- -- --
Reinvestment of Cash Distributions 159 2,589 382 34 1,694 36 10,189 25,335
Cost of Shares Repurchased (4,068) (1,239) (7,923) (6,331) (1,456) (4,421) (120,270) (280,036)
------- -------- ------- ------- ------- ------- -------- --------
Increase (Decrease) in Net Assets From
Trust Share
Transactions (1,448) 4,029 (4,950) 1,733 2,352 1,467 (31,426) (57,474)
------- -------- ------- ------- ------- ------- -------- --------
Investor Shares:
Proceeds from Shares Issued -- -- -- -- -- -- 707 3,015
Reinvestment of Cash Distributions -- -- -- -- -- -- 805 1,967
Cost of Shares Repurchased -- -- -- -- -- -- (3,649) (8,523)
------- -------- ------- ------- ------- ------- -------- --------
Decrease in Net Assets From Investor
Share Transactions -- -- -- -- -- -- (2,137) (3,541)
------- -------- ------- ------- ------- ------- -------- --------
Flex Shares:
Proceeds from Shares Issued -- -- -- -- -- -- 1,230 4,866
Shares Issued in Connection with Crestar
Merger -- -- -- -- -- -- -- --
Reinvestment of Cash Distributions -- -- -- -- -- -- 701 1,671
Cost of Shares Repurchased -- -- -- -- -- -- (2,996) (7,908)
------- -------- ------- ------- ------- ------- -------- --------
Increase (Decrease) in Net Assets From
Flex Share Transactions -- -- -- -- -- -- (1,065) (1,371)
------- -------- ------- ------- ------- ------- -------- --------
Increase (Decrease) in Net Assets From
Share
Transactions (1,448) 4,029 (4,950) 1,733 2,352 1,467 (34,628) (62,386)
------- -------- ------- ------- ------- ------- -------- --------
Total Increase (Decrease) in Net Assets (1,086) 2,908 (3,479) 2,200 2,469 2,518 (38,977) (92,708)
------- -------- ------- ------- ------- ------- -------- --------
Net Assets:
Beginning of Period 21,950 19,042 22,521 18,699 16,230 13,712 289,089 381,797
------- -------- ------- ------- ------- ------- -------- --------
End of Period $20,864 $ 21,950 $19,042 $20,899 $18,699 $16,230 $250,112 $289,089
======= ======== ======= ======= ======= ======= ======== ========
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued 237 259 239 713 192 599 6,376 16,168
Shares Issued in Connection with Common
Trust Fund
Conversion -- -- -- -- -- -- -- --
Shares Issued in Connection with Crestar
Merger -- -- -- -- -- -- -- --
Shares Issued in Lieu of Cash Distributions 16 264 35 3 161 3 841 2,230
Shares Redeemed (387) (120) (695) (548) (133) (456) (9,801) (22,862)
------- -------- ------- ------- ------- ------- -------- --------
Net Trust Share Transactions (134) 403 (421) 168 220 146 (2,584) (4,464)
------- -------- ------- ------- ------- ------- -------- --------
Investor Shares:
Shares Issued -- -- -- -- -- -- 58 247
Shares Issued in Lieu of Cash
Distributions -- -- -- -- -- -- 68 175
Shares Redeemed -- -- -- -- -- -- (300) (707)
------- -------- ------- ------- ------- ------- -------- --------
Net Investor Share Transactions -- -- -- -- -- -- (174) (285)
------- -------- ------- ------- ------- ------- -------- --------
Flex Shares:
Shares Issued -- -- -- -- -- -- 104 403
Shares Issued in Connection with Crestar
Merger -- -- -- -- -- -- -- --
Shares Issued in Lieu of Cash
Distributions -- -- -- -- -- -- 61 152
Shares Redeemed -- -- -- -- -- -- (255) (676)
------- -------- ------- ------- ------- ------- -------- --------
Net Flex Share Transactions -- -- -- -- -- -- (90) (121)
======= ======== ======= ======= ======= ======= ======== ========
Net Change in Capital Shares (134) 403 (421) 168 220 146 (2,848) (4,870)
------- -------- ------- ------- ------- ------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
SMALL CAP
SMALL CAP GROWTH SUNBELT
EQUITY FUND STOCK FUND EQUITY FUND
-------------------- ----------------------- ----------------------
06/01/99 06/01/98- 06/01/99- 10/08/98*- 06/01/99 06/01/98-
11/30/99 05/31/99 11/30/99 05/31/99 11/30/99 05/31/99
---------- -------- ----------- ---------- --------- -----------
Operations:
<S> <C> <C> <C> <C> <C> <C>
Net Investment Income (Loss) $ 2,081 $ 3,797 $ (1,435) $ (141) $ (672) $ (2,421)
Capital Gain Received from Investments -- -- -- -- -- --
Net Realized Gain (Loss) on Investments (1,920) (48,614) 1,668 2,335 21,255 (16,055)
Net Change in Unrealized Appreciation
(Depreciation) on Investments 26,237) (39,458) 20,738 4,550 (20,982) (79,885)
-------- -------- -------- -------- -------- --------
Increase (Decrease) in Net Assets from
Operations (26,076) (84,275) 20,971 6,744 (399) (98,361)
-------- -------- -------- -------- -------- --------
Distributions to Shareholders:
Net Investment Income:
Trust Shares (1,771) (3,830) -- (4) -- --
Investor Shares -- -- -- -- -- --
Flex Shares -- (46) -- -- -- --
Capital Gains:
Trust Shares -- (17,401) -- (24) -- (22,775)
Investor Shares -- -- -- -- -- (1,729)
Flex Shares -- (1,638) -- (1) -- (508)
-------- -------- -------- -------- -------- --------
Total Distributions (1,771) (22,915) -- (29) -- (25,012)
-------- -------- -------- -------- -------- --------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued 70,220 159,166 60,636 69,418 56,255 228,638
Shares Issued in Connection with Common
Trust Fund Conversion -- -- -- -- -- --
Shares Issued in Connection with Crestar
Merger -- -- -- 88,940 -- --
Reinvestment of Cash Distributions 1,343 19,237 -- 28 -- 21,508
Cost of Shares Repurchased (51,956) (170,356) (27,296) (12,528) (154,421) (372,294)
-------- -------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From
Trust Share
Transactions 19,607 8,047 33,340 145,858 (98,166) (122,148)
-------- -------- -------- -------- -------- --------
Investor Shares:
Proceeds from Shares Issued -- -- -- -- 362 2,830
Reinvestment of Cash Distributions -- -- -- -- -- 1,727
Cost of Shares Repurchased -- -- -- -- (4,441) (10,109)
-------- -------- -------- -------- -------- --------
Decrease in Net Assets From Investor
Share Transactions -- -- -- -- (4,079) (5,552)
-------- -------- -------- -------- -------- --------
Flex Shares:
Proceeds from Shares Issued 1,001 2,579 1,350 3,553 145 1,881
Shares Issued in Connection with Crestar
Merger -- -- -- 2,699 -- --
Reinvestment of Cash Distributions -- 1,669 -- 1 -- 504
Cost of Shares Repurchased (5,548) (15,110) (1,102) (378) (1,638) (3,604)
-------- -------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From
Flex Share Transactions (4,547) (10,862) 248 5,875 (1,493) (1,219)
-------- -------- -------- -------- -------- --------
Increase (Decrease) in Net Assets From
Share
Transactions 15,060 (2,815) 33,588 151,733 (103,738) (128,919)
-------- -------- -------- -------- -------- --------
Total Increase (Decrease) in Net Assets (12,787) (110,005) 54,559 158,448 (104,137) (252,292)
-------- -------- -------- -------- -------- --------
Net Assets:
Beginning of Period 321,449 431,454 158,448 -- 218,559 470,851
-------- -------- -------- -------- -------- --------
End of Period $308,662 $321,449 $213,007 $158,448 $114,422 $218,559
======== ======== ======== ======== ======== ========
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued 7,251 16,078 4,010 5,174 4,981 19,064
Shares Issued in Connection with Common
Trust Fund
Conversion -- -- -- -- -- --
Shares Issued in Connection with Crestar
Merger -- -- -- 6,174 -- --
Shares Issued in Lieu of Cash Distributions 139 2,040 -- 2 -- 1,997
Shares Redeemed (5,549) (17,349) (1,774) (886) (13,690) (31,845)
-------- -------- -------- -------- -------- --------
Net Trust Share Transactions 1,841 769 2,236 10,464 (8,709) (10,784)
-------- -------- -------- -------- -------- --------
Investor Shares:
Shares Issued -- -- -- -- 33 229
Shares Issued in Lieu of Cash
Distributions -- -- -- -- -- 165
Shares Redeemed -- -- -- -- (406) (909)
-------- -------- -------- -------- -------- --------
Net Investor Share Transactions -- -- -- -- (373) (515)
-------- -------- -------- -------- -------- --------
Flex Shares:
Shares Issued 104 245 79 266 13 148
Shares Issued in Connection with Crestar
Merger -- -- 188 -- -- --
Shares Issued in Lieu of Cash
Distributions -- 179 -- -- -- 49
Shares Redeemed (588) (1,580) (73) (28) (153) (333)
-------- -------- -------- -------- -------- --------
Net Flex Share Transactions (484) (1,156) 6 426 (140) (136)
======== ======== ======== ======== ======== ========
Net Change in Capital Shares 1,357 (387) 2,242 10,890 (9,222) (11,435)
-------- -------- -------- -------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
TAX SENSITIVE
GROWTH VALUE INCOME
STOCK FUND STOCK FUND
----------------------- ------------------------
06/01/99- 12/11/98*- 06/01/99- 06/01/98-
11/30/99 05/31/99 11/30/99 05/31/99
----------- ---------- ----------- -----------
Operations:
<S> <C> <C> <C> <C>
Net Investment Income (Loss) $ (267) $ 38 $ 17,214 $ 33,942
Capital Gain Received from Investments -- -- -- --
Net Realized Gain (Loss) on Investments (4,920) 4,943 29,554 219,408
Net Change in Unrealized Appreciation
(Depreciation) on Investments 44,118 14,808 (217,032) (71,294)
-------- -------- ---------- ----------
Increase (Decrease) in Net Assets from
Operations 38,931 19,789 (170,264) 182,056
-------- -------- ---------- ----------
Distributions to Shareholders:
Net Investment Income:
Trust Shares -- (87) (15,157) (30,625)
Investor Shares -- -- (1,322) (3,178)
Flex Shares -- -- (570) (1,535)
Capital Gains:
Trust Shares -- -- (114,337) (229,623)
Investor Shares -- -- (12,574) (29,331)
Flex Shares -- -- (11,272) (25,364)
-------- -------- ---------- ----------
Total Distributions -- (87) (155,232) (319,656)
-------- -------- ---------- ----------
Capital Transactions (1):
Trust Shares:
Proceeds from Shares Issued 161,756 121,119 289,860 354,278
Shares Issued in Connection with Common
Trust Fund Conversion -- 99,222 -- --
Shares Issued in Connection with Crestar
Merger -- -- -- --
Reinvestment of Cash Distributions -- 87 119,874 241,723
Cost of Shares Repurchased (17,555) (15,922) (280,315) (621,009)
-------- -------- ---------- ----------
Increase (Decrease) in Net Assets From
Trust Share
Transactions 144,201 204,506 129,419 (25,008)
-------- -------- ---------- ----------
Investor Shares:
Proceeds from Shares Issued -- -- 4,857 17,566
Reinvestment of Cash Distributions -- -- 13,742 32,240
Cost of Shares Repurchased -- -- (21,237) (51,945)
-------- -------- ---------- ----------
Decrease in Net Assets From Investor
Share Transactions -- -- (2,638) (2,139)
-------- -------- ---------- ----------
Flex Shares:
Proceeds from Shares Issued 98,163 77,327 15,607 38,150
Shares Issued in Connection with Crestar
Merger -- -- -- --
Reinvestment of Cash Distributions -- -- 11,469 26,492
Cost of Shares Repurchased (7,804) (2,117) (23,925) (65,171)
-------- -------- ---------- ----------
Increase (Decrease) in Net Assets From
Flex Share Transactions 90,359 75,210 3,151 (529)
-------- -------- ---------- ----------
Increase (Decrease) in Net Assets From
Share
Transactions 234,560 279,716 129,932 (27,676)
-------- -------- ---------- ----------
Total Increase (Decrease) in Net Assets 273,491 299,418 (195,564) (165,276)
-------- -------- ---------- ----------
Net Assets:
Beginning of Period 299,418 -- 1,951,263 2,116,539
-------- -------- ---------- ----------
End of Period $572,909 $299,418 $1,755,699 $1,951,263
======== ======== ========== ==========
(1)Shares Issued and Redeemed:
Trust Shares:
Shares Issued 5,113 4,133 23,050 28,099
Shares Issued in Connection with Common
Trust Fund
Conversion -- 3,875 -- --
Shares Issued in Connection with Crestar
Merger -- -- -- --
Shares Issued in Lieu of Cash Distributions -- 3 10,007 20,747
Shares Redeemed (555) (549) (23,918) (49,236)
-------- -------- ---------- ----------
Net Trust Share Transactions 4,558 7,462 9,139 (390)
-------- -------- ---------- ----------
Investor Shares:
Shares Issued -- -- 400 1,391
Shares Issued in Lieu of Cash
Distributions -- -- 1,151 2,775
Shares Redeemed -- -- (1,799) (4,182)
-------- -------- ---------- ----------
Net Investor Share Transactions -- -- (248) (16)
-------- -------- ---------- ----------
Flex Shares:
Shares Issued 3,114 2,612 1,280 3,029
Shares Issued in Connection with Crestar
Merger -- -- -- --
Shares Issued in Lieu of Cash
Distributions -- -- 971 2,310
Shares Redeemed (248) (70) (2,049) (5,298)
-------- -------- ---------- ----------
Net Flex Share Transactions 2,866 2,542 202 41
======== ======== ========== ==========
Net Change in Capital Shares 7,424 10,004 9,093 (365)
-------- -------- ---------- ----------
</TABLE>
*Commencement of Operations.
Amounts designated as "--" are either $0 or have been rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
48 & 49
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISED INDICATED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS
NET ASSET NET REALIZED AND DISTRIBUTIONS
VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET
BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END
OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD
---------- ------------- ----------------- ------------- ------------- ---------
BALANCED FUND
Trust Shares
<S> <C> <C> <C> <C> <C> <C>
1999* $13.26 $ 0.15 $ -- $(0.15) $ -- $13.26
1999 13.09 0.28 1.09 (0.28) (0.92) 13.26
1998 11.94 0.31 2.19 (0.32) (1.03) 13.09
1997 11.55 0.33 1.47 (0.32) (1.09) 11.94
1996 10.26 0.33 1.41 (0.34) (0.11) 11.55
1995 9.76 0.33 0.49 (0.32) -- 10.26
Investor Shares
1999* $13.32 $ 0.13 $(0.01) $(0.12) $ -- $13.32
1999 13.14 0.24 1.10 (0.24) (0.92) 13.32
1998 11.99 0.28 2.19 (0.29) (1.03) 13.14
1997 11.60 0.29 1.48 (0.29) (1.09) 11.99
1996 10.30 0.30 1.41 (0.30) (0.11) 11.60
1995 9.79 0.28 0.51 (0.28) -- 10.30
Flex Shares
1999* $13.17 $ 0.01 $(0.01) $(0.01) $ -- $13.16
1999 13.02 0.16 1.07 (0.16) (0.92) 13.17
1998 11.90 0.20 2.16 (0.21) (1.03) 13.02
1997 11.53 0.22 1.45 (0.21) (1.09) 11.90
1996(1) 10.36 0.24 1.29 (0.25) (0.11) 11.53
CAPITAL APPRECIATION FUND
Trust Shares
1999* $16.62 $ -- $ 0.29 $ -- $ -- $16.91
1999 16.48 0.05 2.70 (0.06) (2.55) 16.62
1998 15.09 0.09 3.96 (0.09) (2.57) 16.48
1997 14.90 0.12 3.13 (0.12) (2.94) 15.09
1996 12.18 0.12 3.32 (0.13) (0.59) 14.90
1995 11.99 0.16 0.57 (0.14) (0.40) 12.18
Investor Shares
1999* $16.53 $ -- $ 0.23 $ -- $ -- $16.76
1999 16.43 (0.05) 2.70 -- (2.55) 16.53
1998 15.06 (0.01) 3.95 -- (2.57) 16.43
1997 14.89 0.03 3.10 (0.02) (2.94) 15.06
1996 12.17 0.03 3.32 (0.04) (0.59) 14.89
1995 11.98 0.09 0.57 (0.07) (0.40) 12.17
Flex Shares
1999* $16.18 $ -- $ 0.19 $ -- $ -- $16.37
1999 16.22 (0.09) 2.60 -- (2.55) 16.18
1998 14.96 (0.04) 3.87 -- (2.57) 16.22
1997 14.84 (0.01) 3.07 -- (2.94) 14.96
1996(2) 12.20 0.02 3.26 (0.05) (0.59) 14.84
CORE EQUITY FUND
Trust Shares
1999(3) $10.00 $ -- $ 0.83 $ -- $ -- $10.83
EMERGING MARKETS EQUITY FUND
Trust Shares
1999* $ 8.12 $ 0.09 $ 0.74 $ -- $ -- $ 8.95
1999 8.87 0.14 (0.72) (0.17) -- 8.12
1998 10.79 0.16 (1.86) (0.08) (0.14) 8.87
1997(4) 10.00 0.04 0.75 -- -- 10.79
E-COMMERCE OPPORTUNITY FUND
Trust Shares
1999 (3) $10.00 $ -- $ 3.52 $ -- $ -- $13.52
GROWTH AND INCOME FUND (A)
Trust Shares
1999* $16.09 $ 0.06 $ 0.33 $(0.03) $ (1.09) $15.36
1999(5) 15.10 0.04 1.97 (0.02) (1.00) 16.09
For the years ended November 30:
1998 16.55 0.09 1.64 (0.09) (3.09) 15.10
1997 13.39 0.14 3.24 (0.15) (0.07) 16.55
1996 11.60 0.17 2.38 (0.17) (0.59) 13.39
1995 10.73 0.24 2.62 (0.26) (1.73) 11.60
Investor Shares
1999* $16.21 $ 0.05 $ 0.33 $(0.03) $ (1.09) $15.47
1999(5) 15.21 0.04 1.99 (0.03) (1.00) 16.21
For the years ended November 30:
1998 16.64 0.10 1.66 (0.10) (3.09) 15.21
1997 13.47 0.13 3.25 (0.14) (0.07) 16.64
1996 11.66 0.17 2.39 (0.16) (0.59) 13.47
1995 10.78 0.25 2.62 (0.26) (1.73) 11.66
Flex Shares
1999* $16.10 $ -- $ 0.32 $ -- $ (1.09) $15.33
1999(5) 15.14 (0.01) 1.97 -- (1.00) 16.10
For the years ended November 30:
1998 16.59 (0.01) 1.64 -- (3.08) 15.14
1997 13.44 0.04 3.23 (0.05) (0.07) 16.59
1996 11.64 0.09 2.38 (0.08) (0.59) 13.44
1995 (6) 11.11 0.12 1.62 (1.14) (1.07) 11.64
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
RATIO OF EXPENSES TO
NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS
TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS
RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS)
------- ------------ ------------------ ------------------ -------------------
BALANCED FUND
Trust Shares
<S> <C> <C> <C> <C> <C>
1999* 1.10% $ 239,119 0.97% 2.26% 1.09%
1999 10.98 251,752 0.97 2.19 1.06
1998 22.15 188,465 0.96 2.51 1.08
1997 16.66 151,358 0.95 2.89 1.08
1996 17.26 111,638 0.95 3.00 1.09
1995 8.72 89,051 0.95 3.44 1.11
Investor Shares
1999* 0.94% $ 13,186 1.27% 1.96% 1.41%
1999 10.70 14,962 1.27 1.89 1.43
1998 21.72 8,313 1.26 2.21 1.59
1997 16.27 6,012 1.25 2.58 1.64
1996 16.88 4,896 1.25 2.70 1.89
1995 8.29 3,765 1.25 3.17 1.80
Flex Shares
1999* 0.53% $ 81,401 2.03% 1.21% 2.15%
1999 9.84 73,526 2.03 1.13 2.15
1998 20.85 27,625 2.02 1.41 2.23
1997 15.40 6,067 2.01 1.84 2.45
1996(1) 15.58 3,131 2.00 1.85 2.97
CAPITAL APPRECIATION FUND
Trust Shares
1999* 1.74% $ 1,667,104 1.17% 0.31% 1.26%
1999 17.83 1,966,842 1.17 0.29 1.26
1998 29.51 1,532,587 1.16 0.61 1.27
1997 24.66 1,085,128 1.15 0.83 1.25
1996 28.97 981,498 1.15 0.90 1.27
1995 6.63 984,205 1.15 1.38 1.28
Investor Shares
1999* 1.39% $ 297,438 1.81% (0.29)% 1.95%
1999 17.20 311,120 1.82 (0.30) 1.96
1998 28.71 271,044 1.81 (0.03) 2.01
1997 23.74 218,660 1.80 0.19 2.02
1996 28.18 191,078 1.80 0.24 2.08
1995 5.93 160,875 1.80 0.73 2.10
Flex Shares
1999* 1.17% $ 160,375 2.28% (0.80)% 2.37%
1999 16.50 162,100 2.29 (0.86) 2.38
1998 28.12 106,670 2.26 (0.46) 2.37
1997 23.24 36,753 2.27 (0.29) 2.43
1996(2) 27.48 10,969 2.27 (0.29) 2.68
CORE EQUITY FUND
Trust Shares
1999(3) 2.85% $ 110,476 0.39% (0.03)% 0.41%
EMERGING MARKETS EQUITY FUND
Trust Shares
1999* 10.22% $ 21,497 1.57% 1.31% 1.78%
1999 (6.22) 26,751 1.57 1.79 1.61
1998 15.74) 34,554 1.56 1.14 1.78
1997(4) 7.90 39,495 1.55 1.37 2.04
E-COMMERCE OPPORTUNITY FUND
Trust Shares
1999 (3) 19.54 $ 21,518 0.39% (0.03)% 0.50%
GROWTH AND INCOME FUND (A)
Trust Shares
1999* 2.37% $ 679,408 1.01% 0.77% 1.01%
1999(5) 14.24 634,279 1.14 0.49 1.43
For the years ended November
1998 13.64% 577,042 1.03% 0.63% 1.21
1997 25.41 590,824 1.02 0.92 1.17
1996 22.68 553,648 1.02 1.38 1.17
1995 28.76 220,386 1.02 2.16 1.17
Investor Shares
1999* 2.23% $ 38,878 1.18% 0.60% 1.30%
1999(5) 14.31 36,958 1.08 0.54 1.17
For the years ended November
1998 13.69% 34,434 1.03% 0.63% 1.18
1997 25.42 28,112 1.03 0.89 1.18
1996 22.63 17,997 1.03 1.35 1.18
1995 28.71 12,633 1.03 2.14 1.18
Flex Shares
1999* 1.86% $ 49,932 1.93% (0.10)% 2.09%
1999(5) 13.85 35,163 1.83 (0.21) 1.97
For the years ended November
1998 12.78% 25,656 1.78 (0.13%) 2.03
1997 24.63 13,269 1.73 0.15 2.09
1996 21.81 5,131 1.68 0.71 2.03
1995 (6) 15.78 2,086 1.68 1.13 2.03
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET INVESTMENT
INCOME (LOSS) TO
AVERAGE NET ASSETS PORTFOLIO
(EXCLUDING WAIVERS TURNOVER
AND REIMBURSEMENTS) RATE
-------------------- ---------
BALANCED FUND
Trust Shares
<S> <C> <C>
1999* 2.15% 96%
1999 2.10 179
1998 2.39 154
1997 2.76 197
1996 2.86 155
1995 3.28 157
Investor Shares
1999* 1.82% 96%
1999 1.73 179
1998 1.88 154
1997 2.19 197
1996 2.06 155
1995 2.62 157
Flex Shares
1999* 1.09% 96%
1999 1.01 179
1998 1.20 154
1997 1.40 197
1996(1) 0.88 155
CAPITAL APPRECIATION FUND
Trust Shares
1999* 0.22% 66%
1999 0.20 147
1998 0.50 194
1997 0.73 141
1996 0.78 156
1995 1.25 128
Investor Shares
1999* (0.42)% 66%
1999 (0.44) 147
1998 (0.23) 194
1997 (0.03) 141
1996 (0.04) 156
1995 0.43 128
Flex Shares
1999* (0.90)% 66%
1999 (0.95) 147
1998 (0.57) 194
1997 (0.45) 141
1996(2) (0.70) 156
CORE EQUITY FUND
Trust Shares
1999(3) (0.05)% 8%
EMERGING MARKETS EQUITY FUND
Trust Shares
1999* 1.10% 66%
1999 1.75 67
1998 0.92 74
1997(4) 0.88 24
E-COMMERCE OPPORTUNITY FUND
Trust Shares
1999 (3) (0.15)% 25.78%
GROWTH AND INCOME FUND (A)
Trust Shares
1999* 0.77% 23%
1999(5) 0.20 31
For the years ended November
1998 0.45% 71%
1997 0.77 100
1996 1.23 82
1995 2.01 175
Investor Shares
1999* 0.48% 23%
1999(5) 0.45 31
For the years ended November
1998 0.48 71%
1997 0.74 100
1996 1.20 82
1995 1.99 175
Flex Shares
1999* (0.26)% 23%
1999(5) (0.35) 31
For the years ended November
1998 (0.38%) 71
1997 (0.20) 100
1996 0.36 82
1995 (6) 0.78 175
<FN>
* For the six month period ended November 30, 1999. All ratios for the period have been annualized.
+ Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads.
(1) Commenced operations on June 14, 1995. All ratios for the period have been annualized.
(2) Commenced operations on June 1, 1995. All ratios for the period have been annualized.
(3) Commenced operations on September 30, 1999. All ratios for the period have been annualized.
(4) Commenced operations on January 31, 1997. All ratios for the period have been annualized.
(5) For the six month period ended May 31, 1999. All ratios for the period have been annualized.
(6) Commenced operations on April 19, 1995. All ratios for the period ended November 30, 1995 have been annualized.
(A) On May 24, 1999, the CrestFund Value Fund exchanged all of its assets and certain liabilities for shares of the Growth
and Income Fund. The CrestFund Value Fund is the accounting survivor in this transaction, and as a result, its basis of
accounting for assets and liabilities and its operating results for the periods prior to May 24, 1999 have been carried
forward in these financial highlights.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
50 & 51
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE YEARS ENDED MAY 31, (UNLESS OTHERWISE INDICATED) FOR A
SHARE OUTSTANDING THROUGHOUT THE PERIODS
NET ASSET NET REALIZED AND DISTRIBUTIONS
VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET
BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END
OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD
----------- ------------- ----------------- ------------- ------------- ---------
INTERNATIONAL EQUITY FUND
Trust Shares
<S> <C> <C> <C> <C> <C> <C>
1999* $12.97 $ 0.05 $ 0.77 $ -- $(0.49) $13.30
1999 15.00 -- (1.14) (0.05) (0.84) 12.97
1998 13.63 0.04 2.69 (0.04) (1.32) 15.00
1997 11.40 0.03 2.57 (0.02) (0.35) 13.63
1996(1) 10.00 0.05 1.35 -- -- 11.40
Investor Shares
1999* $12.89 $ 0.03 $ 0.76 $ -- $(0.49) $13.19
1999 14.92 (0.09) (1.10) -- (0.84) 12.89
1998 13.58 0.02 2.64 -- (1.32) 14.92
1997 11.38 (0.01) 2.56 -- (0.35) 13.58
1996(2) 10.44 0.04 0.90 -- -- 11.38
Flex Shares
1999* $12.58 $(0.04) $ 0.76 $ -- $(0.49) $12.81
1999 14.68 (0.29) (0.97) -- (0.84) 12.58
1998 13.47 0.07 2.46 -- (1.32) 14.68
1997 11.37 (0.04) 2.49 -- (0.35) 13.47
1996(2) 10.44 0.02 0.91 -- -- 11.37
INTERNATIONAL EQUITY INDEX FUND
Trust Shares
1999* $11.82 $ 0.03 $ 2.22 $ -- $ -- $14.07
1999 13.31 0.09 0.85 (0.24) (2.19) 11.82
1998 11.34 0.11 2.65 (0.11) (0.68) 13.31
1997 10.96 0.10 0.69 (0.11) (0.30) 11.34
1996 10.24 0.10 0.84 (0.13) (0.09) 10.96
1995(3) 10.00 0.08 0.19 (0.02) (0.01) 10.24
Investor Shares
1999* $11.70 $(0.05) $ 2.25 $ -- $ -- $13.90
1999 13.20 (0.11) 0.98 (0.18) (2.19) 11.70
1998 11.26 0.16 2.53 (0.07) (0.68) 13.20
1997 10.88 0.03 0.72 (0.07) (0.30) 11.26
1996 10.20 0.05 0.85 (0.13) (0.09) 10.88
1995(3) 10.00 0.05 0.17 (0.01) (0.01) 10.20
Flex Shares
1999* $11.73 $ -- $ 2.15 $ -- $ -- $13.88
1999 13.17 (0.15) 0.94 (0.04) (2.19) 11.73
1998 11.24 0.17 2.44 -- (0.68) 13.17
1997 10.87 (0.05) 0.72 -- (0.30) 11.24
1996(4) 10.24 -- 0.82 (0.10) (0.09) 10.87
LIFE VISION BALANCED PORTFOLIO (A)
Trust Shares
1999* $10.80 $ 0.09 $ 0.06 $(0.10) $ -- $10.85
1999(5) 11.01 0.11 0.56 (0.09) (0.79) 10.80
For the years ended November 30:
1998 10.46 0.24 0.58 (0.24) (0.03) 11.01
1997(6) 10.00 0.12 0.45 (0.11) -- 10.46
LIFE VISION GROWTH AND INCOME PORTFOLIO (A)
Trust Shares
1999* $10.33 $ 0.12 $ 0.11 $(0.08) $ -- $10.48
1999(5) 11.06 0.08 0.69 (0.06) (1.44) 10.33
For the years ended November 30:
1998 10.51 0.18 0.56 (0.18) (0.01) 11.06
1997(6) 10.00 0.09 0.51 (0.09) -- 10.51
LIFE VISION MAXIMUM GROWTH PORTFOLIO (A)
Trust Shares
1999* $11.31 $ 0.02 $ 0.16 $(0.02) $ -- $11.47
1999(5) 11.32 0.02 1.13 (0.01) (1.15) 11.31
For the years ended November 30:
1998 10.65 0.03 0.67 (0.03) -- 11.32
1997(6) 10.00 0.03 0.65 (0.03) -- 10.65
MID-CAP EQUITY FUND
Trust Shares
1999* $12.68 $(0.03) $0.46 $ -- $(0.57) $12.54
1999 13.79 0.01 0.07 -- (1.19) 12.68
1998 13.21 -- 2.54 -- (1.96) 13.79
1997 12.76 0.03 1.69 (0.05) (1.22) 13.21
1996 11.00 0.08 2.63 (0.08) (0.87) 12.76
1995 9.85 0.08 1.15 (0.08) -- 11.00
Investor Shares
1999* $12.50 $(0.07) $0.47 $ -- $(0.57) $12.33
1999 13.67 (0.06) 0.08 -- (1.19) 12.50
1998 13.17 (0.03) 2.49 -- (1.96) 13.67
1997 12.74 (0.03) 1.69 (0.01) (1.22) 13.17
1996 10.99 0.03 2.62 (0.03) (0.87) 12.74
1995 9.84 0.03 1.15 (0.03) -- 10.99
Flex Shares
1999* $12.17 $(0.10) $0.45 $ -- $(0.57) $11.95
1999 13.42 (0.14) 0.08 -- (1.19) 12.17
1998 13.04 (0.04) 2.38 -- (1.96) 13.42
1997 12.69 (0.07) 1.64 -- (1.22) 13.04
1996(7) 11.13 -- 2.45 (0.02) (0.87) 12.69
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
RATIO OF EXPENSES TO
NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS
TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS
RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS)
------- ------------ ------------------ ------------------ -------------------
INTERNATIONAL EQUITY FUND
Trust Shares
<S> <C> <C> <C> <C> <C>
1999* 6.40% $562,784 1.48% 0.66% 1.51%
1999 (7.43) 573,255 1.47 0.68 1.52
1998 21.87 628,870 1.47 0.61 1.48
1997 23.29 489,325 1.46 0.51 1.51
1996(1) 14.00 213,306 1.46 1.36 1.65
Investor Shares
1999* 6.20% $ 13,188 1.83% 0.31% 1.89%
1999 (7.82) 14,145 1.83 0.30 1.93
1998 21.39 17,383 1.82 0.24 1.91
1997 22.85 10,674 1.81 0.18 2.05
1996(2) 9.00 3,448 1.81 1.73 3.14
Flex Shares
1999* 5.79% $ 15,295 2.53% (0.39)% 2.56%
1999 (8.48) 17,103 2.53 (0.40) 2.82
1998 20.54 21,164 2.52 (0.46) 2.58
1997 21.98 8,375 2.51 (0.27) 3.03
1996(2) 8.91 953 2.51 1.08 5.86
INTERNATIONAL EQUITY INDEX FUND
Trust Shares
1999* 19.04% $103,388 1.07% 0.16% 1.13%
1999 7.87 74,616 1.07 0.69 1.17
1998 25.82 56,200 1.06 0.88 1.18
1997 7.48 53,516 1.05 0.71 1.15
1996 9.29 90,980 1.05 0.84 1.19
1995(3) 2.69 89,446 1.05 1.13 1.31
Investor Shares
1999* 18.80% $ 5,184 1.47% (0.19)% 1.55%
1999 7.33 4,909 1.47 0.25 1.71
1998 25.25 7,141 1.46 0.50 1.84
1997 7.12 5,592 1.45 0.28 1.88
1996 8.90 5,597 1.45 0.48 2.06
1995(3) 2.18 3,960 1.45 0.67 2.44
Flex Shares
1999* 18.33% $ 2,541 2.12% (0.94)% 2.17%
1999 6.68 1,465 2.12 (0.30) 2.92
1998 24.50 1,469 2.11 (0.03) 3.52
1997 6.41 900 2.10 (0.39) 3.69
1996(4) 8.32 917 2.10 (0.24) 4.14
LIFE VISION BALANCED PORTFOLIO (A)
Trust Shares
1999* 1.41% $ 93,753 0.25% 2.04% 0.38%
1999(5) 6.35 88,188 0.27 1.90 0.42
For the years ended November 30:
1998 7.90 93,211 0.25 2.21 0.42
1997(6) 5.70 89,442 0.25 2.66 0.42
LIFE VISION GROWTH AND INCOME PORTFOLIO (A)
Trust Shares
1999* 2.24% $ 20,864 0.25% 1.63% 0.25%
1999(5) 7.75 21,950 0.27 1.38 0.60
For the years ended November 30:
1998 7.12 19,042 0.25 1.68 0.59
1997(6) 5.97 22,521 0.25 2.11 0.59
LIFE VISION MAXIMUM GROWTH PORTFOLIO (A)
Trust Shares
1999* 1.60% $ 20,899 0.25% 0.33% 0.25%
1999(5) 10.99 18,699 0.27 0.28 0.63
For the years ended November 30:
1998 6.53 16,230 0.25 0.23 0.66
1997(6) 6.82 13,712 0.25 0.72 0.73
MID-CAP EQUITY FUND
Trust Shares
1999* 3.58% $218,849 1.17% (0.13)% 1.27%
1999 1.61 254,055 1.17 (0.47) 1.28
1998 21.14 337,825 1.16 (0.29) 1.27
1997 14.23 287,370 1.15 0.23 1.26
1996 25.54 253,905 1.15 0.70 1.29
1995 12.56 125,562 1.15 0.88 1.32
Investor Shares
1999* 3.38% $ 16,819 1.58% (0.54)% 1.71%
1999 1.17 19,230 1.62 (0.90) 1.76
1998 20.56 24,930 1.61 (0.75) 1.84
1997 13.76 20,245 1.60 (0.21) 1.85
1996 24.93 17,971 1.60 0.25 1.96
1995 11.96 7,345 1.60 0.43 2.27
Flex Shares
1999* 3.05% $ 14,444 2.22% (1.18)% 2.53%
1999 0.56 15,804 2.22 (1.52) 2.48
1998 19.80 19,042 2.21 (1.37) 2.47
1997 13.06 10,120 2.20 (0.85) 2.58
1996(7) 23.00 5,029 2.20 (0.37) 3.04
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET INVESTMENT
INCOME (LOSS) TO
AVERAGE NET ASSETS PORTFOLIO
(EXCLUDING WAIVERS TURNOVER
AND REIMBURSEMENTS) RATE
------------------- ---------
INTERNATIONAL EQUITY FUND
Trust Shares
<S> <C> <C>
1999* 0.63% 102%
1999 0.63 161
1998 0.60 108
1997 0.46 139
1996(1) 1.17 113
Investor Shares
1999* 0.25% 102%
1999 0.20 161
1998 0.15 108
1997 (0.06) 139
1996(2) 0.40 113
Flex Shares
1999* (0.42)% 102%
1999 (0.69) 161
1998 (0.52) 108
1997 (0.79) 139
1996(2) (2.27) 113
INTERNATIONAL EQUITY INDEX FUND
Trust Shares
1999* 0.10% 4%
1999 0.59 32
1998 0.76 1
1997 0.61 2
1996 0.70 30
1995(3) 0.87 10
Investor Shares
1999* (0.27)% 4%
1999 0.01 32
1998 0.12 1
1997 (0.15) 2
1996 (0.13) 30
1995(3) (0.32) 10
Flex Shares
1999* (0.99)% 4%
1999 (1.10) 32
1998 (1.44) 1
1997 (1.98) 2
1996(4) (2.28) 30
LIFE VISION BALANCED PORTFOLIO (A)
Trust Shares
1999* 1.91% 68%
1999(5) 1.75 48
For the years ended November 30:
1998 2.04 52
1997(6) 2.49 43
LIFE VISION GROWTH AND INCOME PORTFOLIO (A)
Trust Shares
1999* 1.63% 58%
1999(5) 1.05 40
For the years ended November
1998 1.34 57
1997(6) 1.77 25
LIFE VISION MAXIMUM GROWTH PORTFOLIO (A)
Trust Shares
1999* 0.33% 96%
1999(5) (0.08) 33
For the years ended November 30:
1998 (0.18) 75
1997(6) 0.24 34
MID-CAP EQUITY FUND
Trust Shares
1999* (0.23)% 65%
1999 (0.58) 76
1998 (0.40) 129
1997 0.12 152
1996 0.56 116
1995 0.71 66
Investor Shares
1999* (0.67)% 65%
1999 (1.04) 76
1998 (0.98) 129
1997 (0.46) 152
1996 (0.11) 116
1995 (0.24) 66
Flex Shares
1999* (1.49)% 65%
1999 (1.78) 76
1998 (1.63) 129
1997 (1.23) 152
1996(7) (1.21) 116
<FN>
* For the six month period ended November 30, 1999. All ratios for the period have been annualized.
+ Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales
loads.
(1) Commenced operations on December 1, 1995. All ratios for the period have been annualized.
(2) Commenced operations on January 2, 1996. All ratios for the period have been annualized.
(3) Commenced operations on June 6, 1994. All ratios for the period have been annualized.
(4) Commenced operations on June 8, 1995. All ratios for the period have been annualized.
(5) For the six month period ended May 31, 1999. All ratios for the period have been annualized.
(6) Commenced operations on June 30, 1997. All ratios for the period have been annualized.
(7) Commenced operations on June 5, 1995. All ratios for the period have been annualized.
(A) On May 24, 1999, the CrestFund Life Vision Balanced, CrestFund Life Vision Growth and Income, and CrestFund Life Vision Maximum
Growth Portfolios exchanged all of their assets and certain liabilities for shares of the Life Vision Balanced, Life Vision
Growth and Income, and Life Vision Maximum Growth Portfolios, respectively. The CrestFund Life Vision Balanced, CrestFund
Life Vision Growth and Income, and CrestFund Life Vision Maximum Growth Portfolios are the accounting survivors in these
transactions, and as a result, their basis of accounting for assets and liabilities and their operating results for the
periods prior to May 24, 1999 have been carried forward in these financial highlights.
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
52 & 53
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1999 AND THE YEARS ENDED MAY 31, FOR A SHARE OUTSTANDING THROUGHOUT
THE PERIODS
NET ASSET NET REALIZED AND DISTRIBUTIONS
VALUE NET UNREALIZED GAINS FROM NET DISTRIBUTIONS NET ASSET
BEGINNING INVESTMENT (LOSSES) INVESTMENT FROM REALIZED VALUE END
OF PERIOD INCOME (LOSS) ON INVESTMENTS INCOME CAPITAL GAINS OF PERIOD
---------- ------------- ---------------- -------------- ------------- ---------
SMALL CAP EQUITY FUND
Trust Shares
<S> <C> <C> <C> <C> <C> <C>
1999* $ 9.70 $ 0.06 $(0.76) $(0.05) $ -- $ 8.95
1999 12.88 0.13 (2.57) (0.13) (0.61) 9.70
1998 11.07 0.14 2.41 (0.12) (0.62) 12.88
1997(1) 10.00 0.05 1.04 (0.02) -- 11.07
Flex Shares
1999* $ 9.65 $ -- $(0.75) $ -- $ -- $ 8.90
1999 12.80 0.01 (2.53) (0.02) (0.61) 9.65
1998(2) 11.28 0.03 2.17 (0.06) (0.62) 12.80
SMALL CAP GROWTH STOCK FUND
Trust Shares
1999* $14.55 $ (0.10) $ 1.78 $ -- $ -- $16.23
1999(3) 10.00 (0.05) 4.62 -- (0.02) 14.55
Flex Shares
1999* $14.46 $ (0.33) $ 1.91 $ -- $ -- $16.04
1999(3) 10.00 (0.19) 4.67 -- (0.02) 14.46
SUNBELT EQUITY FUND
Trust Shares
1999* $11.09 $ (1.14) $ 0.95 $ -- $ -- $10.90
1999 15.12 (0.28) (2.84) -- (0.91) 11.09
1998 13.28 0.01 3.03 -- (1.20) 15.12
1997 14.11 (0.09) 0.25 -- (0.99) 13.28
1996 10.03 (0.04) 4.32 -- (0.20) 14.11
1995 9.70 (0.01) 0.38 -- (0.04) 10.03
Investor Shares
1999* $10.76 $ (1.17) $ 0.97 $ -- $ -- $10.56
1999 14.77 (0.33) (2.77) -- (0.91) 10.76
1998 13.06 (0.07) 2.98 -- (1.20) 14.77
1997 13.95 (0.14) 0.24 -- (0.99) 13.06
1996 9.96 (0.11) 4.30 -- (0.20) 13.95
1995 9.69 (0.05) 0.36 -- (0.04) 9.96
Flex Shares
1999* $10.55 $ (1.33) $ 1.10 $ -- $ -- $10.32
1999 14.60 (0.40) (2.74) -- (0.91) 10.55
1998 13.00 (0.09) 2.89 -- (1.20) 14.60
1997 13.97 (0.14) 0.16 -- (0.99) 13.00
1996(4) 10.20 (0.07) 4.04 -- (0.20) 13.97
TAX SENSITIVE GROWTH STOCK FUND
Trust Shares
1999* $29.96 $ 0.03 $ 2.97 $ -- $ -- $32.96
1999(5) 25.61 0.02 4.34 (0.01) -- 29.96
Flex Shares
1999* $29.85 $ (0.12) $ 2.95 $ -- $ -- $32.68
1999(6) 25.52 (0.04) 4.37 -- -- 29.85
VALUE INCOME STOCK FUND
Trust Shares
1999* $12.85 $ 0.11 $(1.09) $(0.11) $(0.85) $10.91
1999 13.90 0.24 1.02 (0.24) (2.07) 12.85
1998 13.71 0.26 2.62 (0.27) (2.42) 13.90
1997 13.15 0.30 2.32 (0.30) (1.76) 13.71
1996 11.59 0.35 2.71 (0.34) (1.16) 13.15
1995 10.54 0.32 1.56 (0.32) (0.51) 11.59
Investor Shares
1999* $12.81 $ 0.09 $(1.09) $(0.09) $(0.85) $10.87
1999 13.87 0.19 1.02 (0.20) (2.07) 12.81
1998 13.68 0.20 2.62 (0.21) (2.42) 13.87
1997 13.13 0.25 2.32 (0.26) (1.76) 13.68
1996 11.58 0.30 2.71 (0.30) (1.16) 13.13
1995 10.52 0.28 1.56 (0.27) (0.51) 11.58
Flex Shares
1999* $12.68 $ 0.04 $(1.07) $(0.04) $(0.85) $10.76
1999 13.75 0.10 1.01 (0.11) (2.07) 12.68
1998 13.61 0.12 2.57 (0.13) (2.42) 13.75
1997 13.08 0.18 2.29 (0.18) (1.76) 13.61
1996(7) 11.59 0.26 2.65 (0.26) (1.16) 13.08
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
RATIO OF EXPENSES TO
NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS
TOTAL END OF EXPENSES TO INCOME (LOSS) TO (EXCLUDING WAIVERS
RETURN+ PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS)
--------- ------------ ------------------ ------------------ -------------------
SMALL CAP EQUITY FUND
Trust Shares
<S> <C> <C> <C> <C> <C>
1999* (7.23)% $ 295,012 1.22% 1.28% 1.26%
1999 (18.72) 301,984 1.22 1.27 1.27
1998 23.59 390,841 1.21 1.07 1.31
1997(1) 10.97 131,049 1.20 1.86 1.37
Flex Shares
1999* (7.77)% $ 13,650 2.27% 0.19% 2.63%
1999 (19.52) 19,465 2.27 0.21 2.55
1998(2) 22.29 40,613 2.06 0.01 2.35
SMALL CAP GROWTH STOCK FUND
Trust Shares
1999* 11.55% $ 206,080 1.15% (0.75)% 1.21%
1999(3) 45.70 152,290 1.20 (0.48) 1.49
Flex Shares
1999* 10.93% $ 6,927 2.25% (1.85)% 2.47%
1999(3) 44.78 6,158 2.25 (1.50) 3.19
SUNBELT EQUITY FUND
Trust Shares
1999* (1.71)% $ 98,889 1.17% (0.78)% 1.26%
1999 (20.46) 197,215 1.17 (0.68) 1.30
1998 23.86 431,921 1.16 (0.90) 1.27
1997 1.48 381,371 1.15 (0.65) 1.26
1996 43.19 412,430 1.15 (0.34) 1.28
1995 3.81 258,908 1.15 (0.12) 1.30
Investor Shares
1999* (1.86)% $ 12,685 1.56% (1.18)% 1.68%
1999 (20.75) 16,949 1.62 (1.12) 1.78
1998 23.25 30,860 1.61 (1.35) 1.86
1997 1.05 28,095 1.60 (1.10) 1.84
1996 42.58 29,002 1.60 (0.79) 1.93
1995 3.20 22,180 1.60 (0.57) 1.98
Flex Shares
1999* (2.18)% $ 2,848 2.22% (1.84)% 2.88%
1999 (21.28) 4,395 2.22 (1.74) 2.66
1998 22.48 8,070 2.21 (1.96) 2.58
1997 0.46 5,689 2.20 (1.72) 2.69
1996(4) 39.86 2,705 2.20 (1.43) 3.62
TAX SENSITIVE GROWTH STOCK FUND
Trust Shares
1999* 10.01% $ 396,146 1.20% 0.21% 1.25%
1999(5) 17.04 223,543 1.20 0.21 1.34
Flex Shares
1999* 9.51% $ 176,763 2.25% (0.84)% 2.32%
1999(6) 16.97 75,875 2.25 (0.80) 2.48
VALUE INCOME STOCK FUND
Trust Shares
1999* (8.23)% $1,449,607 0.90% 1.84% 0.90%
1999 11.13 1,589,951 0.92 1.91 0.92
1998 23.10 1,725,418 0.92 1.85 0.92
1997 22.18 1,488,062 0.91 2.40 0.91
1996 27.91 1,244,399 0.92 2.86 0.92
1995 19.06 991,977 0.95 3.16 0.95
Investor Shares
1999* (8.43)% $ 162,270 1.27% 1.49% 1.27%
1999 10.71 194,312 1.28 1.55 1.28
1998 22.71 210,591 1.27 1.47 1.27
1997 21.69 165,999 1.30 2.01 1.31
1996 27.39 130,597 1.30 2.47 1.37
1995 18.71 92,256 1.30 2.80 1.41
Flex Shares
1999* (8.70)% $ 143,822 2.00% 0.75% 2.01%
1999 9.91 167,000 2.02 0.81 2.03
1998 21.76 180,530 2.01 0.78 2.01
1997 20.91 73,466 2.00 1.33 2.03
1996(7) 26.52 26,298 2.00 1.72 2.15
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET INVESTMENT
INCOME (LOSS) TO
AVERAGE NET ASSETS PORTFOLIO
(EXCLUDING WAIVERS TURNOVER
AND REIMBURSEMENTS) RATE
------------------- ---------
SMALL CAP EQUITY FUND
Trust Shares
<S> <C> <C>
1999* 1.24% 38%
1999 1.22 63
1998 0.97 55
1997(1) 1.69 27
Flex Shares
1999* (0.18)% 38%
1999 (0.07) 63
1998(2) (0.28) 55
SMALL CAP GROWTH STOCK FUND
Trust Shares
1999* (0.81)% 63%
1999(3) (0.77) 75
Flex Shares
1999* (2.06)% 63%
1999(3) (2.44) 75
SUNBELT EQUITY FUND
Trust Shares
1999* (0.86)% 27%
1999 (0.81) 84
1998 (1.01) 70
1997 (0.76) 72
1996 (0.47) 106
1995 (0.27) 80
Investor Shares
1999* (1.30)% 27%
1999 (1.28) 84
1998 (1.60) 70
1997 (1.34) 72
1996 (1.12) 106
1995 (0.95) 80
Flex Shares
1999* (2.50)% 27%
1999 (2.18) 84
1998 (2.33) 70
1997 (2.21) 72
1996(4) (2.85) 106
TAX SENSITIVE GROWTH STOCK FUND
Trust Shares
1999* 0.16% 25%
1999(5) 0.07 18
Flex Shares
1999* (0.91)% 25%
1999(6) (1.03) 18
VALUE INCOME STOCK FUND
Trust Shares
1999* 1.84% 35%
1999 1.91 69
1998 1.85 99
1997 2.40 105
1996 2.86 134
1995 3.16 126
Investor Shares
1999* 1.49% 35%
1999 1.55 69
1998 1.47 99
1997 2.00 105
1996 2.40 134
1995 2.69 126
Flex Shares
1999* 0.74% 35%
1999 0.80 69
1998 0.78 99
1997 1.30 105
1996(7) 1.57 134
<FN>
* For the six month period ended November 30, 1999. All ratios for the period have been annualized.
+ Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales
loads.
(1) Commenced operations on December 1, 1995. All ratios for the period have been annualized.
(2) Commenced operations on January 2, 1996. All ratios for the period have been annualized.
(3) Commenced operations on June 6, 1994. All ratios for the period have been annualized.
(4) Commenced operations on June 8, 1995. All ratios for the period have been annualized.
(5) For the six month period ended May 31, 1999. All ratios for the period have been annualized.
(6) Commenced operations on June 30, 1997. All ratios for the period have been annualized.
(7) Commenced operations on June 5, 1995. All ratios for the period have been annualized.
(A) On May 24, 1999, the CrestFund Life Vision Balanced, CrestFund Life Vision Growth and Income, and CrestFund Life Vision Maximum
Growth Portfolios exchanged all of their assets and certain liabilities for shares of the Life Vision Balanced, Life Vision
Growth and Income, and Life Vision Maximum Growth Portfolios, respectively. The CrestFund Life Vision Balanced, CrestFund
Life Vision Growth and Income, and CrestFund Life Vision Maximum Growth Portfolios are the accounting survivors in these
transactions, and as a result, their basis of accounting for assets and liabilities and their operating results for the
periods prior to May 24, 1999 have been carried forward in these financial highlights.
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
54 & 55
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STI Classic Equity Funds November 30, 1999
1. Organization:
The STI Classic Funds (the "Trust") was organized as a Massachusetts business
trust under a Declaration of Trust dated January 15, 1992. The Trust is
registered under the Investment Company Act of 1940, as amended, as an open-end
management investment company with thirty-six portfolios as of November 30,
1999: the Balanced Fund, the Capital Appreciation Fund (formerly Capital Growth
Fund), the Core Equity Fund, the Emerging Markets Equity Fund, the E-Commerce
Opportunity Fund, the Growth and Income Fund, the International Equity Fund, the
International Equity Index Fund, the Life Vision Balanced Portfolio, the Life
Vision Growth and Income Portfolio, the Life Vision Maximum Growth Portfolio,
the Mid-Cap Equity Fund, the Small Cap Equity Fund, the Small Cap Growth Stock
Fund, the Sunbelt Equity Fund, the Tax Sensitive Growth Stock Fund, the Value
Income Stock Fund, (collectively the "Equity Funds" or the "Funds"), the Florida
Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund, Investment Grade Bond
Fund, the Investment Grade Tax-Exempt Bond Fund, the Limited-Term Federal
Mortgage Securities Fund, the Maryland Municipal Bond Fund, the Short-Term Bond
Fund, the Short-Term U.S. Treasury Securities Fund, and the U.S. Government
Securities Fund, the Virginia Intermediate Municipal Bond Fund, the Virginia
Municipal Bond Fund, (collectively the "Fixed Income Funds"), the Prime Quality
Money Market Fund, the Tax-Exempt Money Market Fund, the Tax-Free Money Market
Fund, the U.S. Government Securities, the U.S. Treasury Money Market Fund
(collectively the "Retail Money Market Funds"), the Classic Institutional Cash
Management Money Market Fund, the Classic Institutional U.S. Government
Securities Money Market Fund and the Classic Institutional U.S. Treasury
Securities Money Market Fund, (collectively the "Institutional Money Market
Funds"). The assets of each portfolio are segregated, and a shareholder's
interest is limited to the fund in which shares are held. Each fund's prospectus
provides a description of the fund's investment objectives, policies and
strategies. The financial statements presented herein are those of the Equity
Funds. The financial statements of the Fixed Income Funds, Institutional Money
Market Funds and Retail Money Market Funds are not presented herein, but
presented separately.
On February 17, 1999 and February 19, 1999, respectively, the Board of Trustees
of the STI Classic Funds and Board of Directors of the CrestFunds, Inc.
("CrestFunds") approved an Agreement and Plan of Reorganization (the
"Reorganization Agreement") providing for the transfer of all assets and certain
stated liabilities of the CrestFunds in exchange for the issuance of shares in
the Funds in a tax-free reorganization (see Note 8).
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the
Trust.
BASIS OF PRESENTATION OF STATEMENTS -- As more fully described in Note 8,
the STI Classic Funds acquired certain CrestFund Funds in a tax-free
business combination. While each Fund now exists as an STI Classic Fund, a
number of the surviving funds for accounting purposes are CrestFund Funds.
In accordance with generally accepted accounting principles, the financial
statements presented herein represent those of accounting survivors.
Accordingly, the Statements of Changes in Net Assets and Financial
Highlights presented reflect periods beginning on the first day of the
accounting survivor's fiscal year.
SECURITY VALUATION -- Investment securities held by the Equity Funds that
are listed on a securities exchange for which market quotations are
available are valued at the last quoted sales price each business day. If
there is no such reported sale, these securities and unlisted securities
for which market quotations are readily available are valued at the most
recently quoted bid price. Foreign securities in the Emerging Markets
Equity Fund, the International Equity Fund and the International Equity
Index Fund are valued based upon quotations from the primary market in
which they are traded. Debt obligations with sixty days or less remaining
until maturity may be valued at their amortized cost. Securities for which
current market quotations are not readily available are valued at their
fair value as determined in good faith by, or in accordance with procedures
adopted by, the Board of Trustees.
FEDERAL INCOME TAXES -- It is each Fund's intention to qualify as a
regulated investment company for Federal income tax purposes and distribute
all of its taxable income and net capital gains. Accordingly, no provisions
for Federal income taxes are required.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Dividend income is recognized on the ex-dividend date and interest income
is recognized on an accrual basis. Costs used in determining net realized
gains and losses on the sales of investment securities are those of the
specific securities sold adjusted for the accretion and amortization of
purchase discounts and premiums during the respective holding period.
Purchase discounts and premiums on securities held by the Funds are
accreted and amortized to maturity using the scientific interest method,
which approximates the effective interest method.
56
<PAGE>
- --------------------------------------------------------------------------------
(UNAUDITED)
REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements ensure that the market
value of the collateral, including accrued interest thereon, is sufficient
in the event of default of the counterparty. If the counterparty defaults
and the value of the collateral declines or if the counterparty enters into
an insolvency proceeding, realization of the collateral by the funds may be
delayed or limited.
NET ASSET VALUE PER SHARE -- The net asset value per share of each fund is
calculated each business day, by dividing the total value of each fund's
assets, less liabilities, by the number of shares outstanding. The maximum
offering price per share for Investor shares of the Balanced, the Capital
Appreciation, the Core Equity, the E-Commerce Opportunity the Growth and
Income, the International Equity, the International Equity Index, the
Mid-Cap Equity, the Sunbelt Equity, and the Value Income Stock Funds is
equal to the net asset value per share plus a sales load of 3.75%.
Flex Shares of the Funds may be purchased at their net asset value. Shares
redeemed within the first year after purchase will be subject to a
contingent deferred sales charge ("CDSC") equal to 2.00% of the net asset
value of the shares at the time of redemption. The CDSC will not apply to
shares redeemed after such time.
FOREIGN CURRENCY TRANSLATION -- The books and records of the Emerging
Markets Equity, the International Equity and the International Equity Index
Funds are maintained in U.S. dollars on the following basis:
(I) market value of investment securities, assets and liabilities at
the current rate of exchange; and
(II) purchases and sales of investment securities, income and expenses
at the relevant rates of exchange prevailing on the respective
dates of such transactions.
The Emerging Markets Equity, the International Equity and the International
Equity Index Funds do not isolate that portion of gains and losses on
investments in equity securities that is due to changes in the foreign
exchange rates from that which is due to changes in market prices of equity
securities.
The Emerging Markets Equity, the International Equity and the International
Equity Index Funds report certain foreign currency related transactions as
components of realized and unrealized gains and losses for financial
reporting purposes, whereas such components are treated as ordinary income
for Federal income tax purposes.
TBA PURCHASE COMMITMENTS -- The Balanced Fund may enter into "TBA" (To Be
Announced) purchase commitments to purchase securities for a fixed price at
a future date beyond customary settlement time. TBA purchase commitments
may be considered securities in themselves, and involve a risk of loss if
the value of the security to be purchased declines prior to settlement
date, which risk is in addition to the risk of decline in the value of the
funds' other assets. Unsettled TBA purchase commitments are valued at the
current market value of the underlying securities, generally according to
the procedures described under "Security Valuation."
OTHER -- Expenses that are directly related to a specific fund are charged
to that fund. Class specific expenses are borne by that class. Other
operating expenses of the Trust are pro-rated to the funds on the basis of
relative net assets. Fund expenses are pro-rated to the respective classes
on the basis of relative net assets.
Distributions from net investment income are declared and paid each calendar
quarter by the Equity Funds, except for the Emerging Markets Equity, the
International Equity, and the International Equity Index Funds. These funds
distribute income annually. Any net realized capital gains on sales of
securities are distributed to shareholders at least annually.
USE OF ESTIMATES -- The preparation of the financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that effect the reported
amount of assets and liabilities, disclosure of contingent assets and
liabilities at the date of the financial statements, and reported amounts
of revenues and expenses during the reporting period. Actual amounts could
differ from these estimates.
3. Organization Costs and Transactions with Affiliates
In April 1998, the AICPA issued Statement of Position (SOP) No. 98-5, "Reporting
on the Costs of Start-Up Activities." This SOP provides guidance on the
financial reporting of start-up costs and organization costs and requires costs
of start-up activities and organization costs to be expensed as incurred.
Investment companies that began operations prior to June 30, 1998 can adopt the
SOP prospectively. Therefore, previously capitalized organization costs will
continue to be amortized over a period of sixty months. Any future start-up or
organization costs will be expensed as incurred.
Certain officers of the Trust are also officers of SEI Investments Mutual Funds
Services (the "Administrator") and/or SEI Investments Distribution Co. (the
"Distributor"). Such officers are paid no fees by the Trust for serving as
officers of the Trust.
The Fund has entered into an agreement with SEI Investments to manage the
investments of repurchase agreements for the Funds. For its services the
Liquidity Desk received $905,023 for the year ended November 30, 1999.
57
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
4. Administration, Transfer Agency Servicing and Distribution Agreements:
The Trust and the Administrator are parties to an Administration Agreement dated
May 29, 1995, as amended November 19, 1997 and March 1, 1999 under which the
Administrator provides administrative services for an annual fee (expressed as a
percentage of the combined average daily net assets of the Trust and STI Classic
Variable Trust) of: .12% up to $1 billion, .09% on the next $4 billion, .07% on
the next $3 billion, .065% on the next $2 billion and .06% for over $10 billion.
Prior to May 24, 1999, administrative and accounting services were provided to
the CrestFunds by SEI Investments Mutual Funds Services who was entitled to
receive a fee at an annual rate of .15% of the average daily net assets of the
CrestFunds. Additionally, SEI Investments Mutual Funds Services was entitled to
receive a minimum annual fee of $40,000 for each of the Life Vision Portfolios.
The Trust and Federated Services Company are parties to a Transfer Agency
servicing agreement dated May 14, 1994 under which Federated Services Company
provides transfer agency services to the Trust.
The Trust and the Distributor are parties to a Distribution Agreement dated May
29, 1995 regarding the Flex Shares and a Distribution Agreement dated November
21, 1995 with respect to the Trust and Investor shares. The Distributor will
receive no fees for its distribution services under this agreement for the Trust
Shares of any fund. With respect to the Investor Shares and Flex Shares, the
Distributor receives amounts, pursuant to a Distribution Plan and (in the case
of Flex Shares) a Distribution and Service Plan, as outlined in the table in
footnote 5 under the column titled "Distribution Fee".
Prior to May 24, 1999, the Distributor, a wholly owned subsidiary of SEI
Investments Co., served as distributor of each of the CrestFunds shares pursuant
to an agreement with the Company. The Trust Class and Investors Class A shares
of the CrestFunds had a separate distribution plan (the 12b-1 Plan) pursuant to
Rule 12b-1 under the 1940 Act. As provided in the 12b-1 Plan, the Trust Class
and Investors Class A shares of the CrestFunds paid the Distributor as
compensation for its services .15% of the aggregate average daily net assets of
such classes of the CrestFunds. The Distributor had voluntarily agreed to waive
any fees payable pursuant to the 12b-1 Plan except for the Value Fund Investors
Class A for which after April 15, 1999, eliminated the waiver. Additionally, the
Investors Class B Shares of the CrestFunds had a distribution plan (the B Shares
Plan) pursuant to Rule 12b-1 under the 1940 Act. As provided in the B Shares
Plan, the Investors Class B Shares of the CrestFunds paid the Distributor as
compensation for its services .75% of the aggregate average daily net assets of
such class of the Funds. In addition, pursuant to the B Shares Plan, the
Distributor was compensated at an annual rate of .25% of the B shares' average
net assets for providing ongoing Shareholder support services to investors in B
shares. The Distributor had agreed to waive a portion of its fees pursuant to
the B Shares Plan in order to limit Distribution Fees to .95% for each Fund,
except for the Value Fund for which the limit was .90%. Prior to April 15, 1999,
the limit was .75% for the Value Fund.
Prior to May 24, 1999, the CrestFunds had adopted a shareholder service plan
(the "Plan") for Trust Class Shares of the Value Fund, Capital Appreciation Fund
and Special Equity Fund. Under the Plan, these Fund's paid the Distributor a
negotiated fee at a rate of up to .25% annually of the average daily net assets
of such Fund attributable to the shares that are subject to the arrangement in
return for provision of a broad range of shareholder and administrative
services. The Distributor had agreed to waive a portion of its shareholder
service plan for trust class shares in order to limit shareholder service fees
to .10%.
5. Investment Advisory and Custodian Agreements:
The Trust, STI Capital Management, N.A., ("STI Capital Management, N.A."), and
Trusco Capital Management ("Trusco") and the SunTrust Bank, Atlanta have entered
into advisory agreements dated May 29, 1992 and June 15, 1993, respectively.
Under terms of the respective agreements, the Funds are charged the following
annual fees based upon average daily net assets:
MAXIMUM
FLEX
SHARE
MAXIMUM DISTRI-
MAXIMUM TRUST INVESTOR INVESTOR BUTION FLEX
ANNUAL SHARE SHARE SHARE AND SHARE
ADVISORY MAXIMUM DISTRI- MAXIMUM SERVICE MAXIMUM
FEE EXPENSE BUTION FEE EXPENSE FEE EXPENSE
-------- -------- ---------- -------- ------- --------
TRUSCO:
Growth and
Income Fund .90% 1.01% .25% 1.18% 1.00% 1.93%
Life Vision
Balanced
Portfolio .25% .25% -- -- -- --
Life Vision
Growth
and Income
Portfolio .25% .25% -- -- -- --
Life Vision
Maximum
Growth
Portfolio .25% .25% -- -- -- --
International
Equity Index
Fund .90% 1.07% .38% 1.47% 1.00% 2.12%
Small Cap Growth
Stock Fund 1.15% 1.20% -- -- 1.00% 2.25%
Sunbelt Equity
Fund 1.15% 1.17% .43% 1.62% 1.00% 2.22%
Tax Sensitive
Growth Stock
Fund 1.15% 1.20% -- -- 1.00% 2.25%
58
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- --------------------------------------------------------------------------------
(UNAUDITED)
STI CAPITAL MANAGEMENT, N.A.:
Balanced
Fund .95% .97% .28% 1.27% 1.00% 2.03%
Capital
Appreciation
Fund 1.15% 1.17% .68% 1.82% 1.00% 2.29%
Core Equity
Fund 1.10% 1.20% -- -- -- --
Emerging Markets
Equity Fund 1.30% 1.57% -- -- -- --
E-Commerce
Opportunity Fund 1.10% 1.20% -- -- -- --
International
Equity Fund 1.25% 1.48% .33% 1.83% 1.00% 2.53%
Mid-Cap Equity
Fund 1.15% 1.17% .43% 1.62% 1.00% 2.22%
Small Cap
Equity Fund 1.15% 1.22% -- -- 1.00% 2.27%
Value Income
Stock Fund .80% .92% .33% 1.28% 1.00% 2.02%
The Investment Advisors and the Distributor have voluntarily agreed to waive all
or a portion of their fees (and to reimburse funds' expenses) in order to limit
operating expenses to an amount as outlined in the table above. Fee waivers and
expense reimbursements are voluntary and may be terminated at any time.
Prior to May 24, 1999, Crestar Asset Management Company ("CAMCO") provided
investment advisory services to the CrestFunds. CAMCO was paid for advisory
services at an annual rate of .75% of average daily net assets for the Capital
Appreciation Fund, Value Fund and Special Equity Fund, and .25% of average daily
net assets for the Life Vision Balanced Fund, Life Vision Growth and Income
Fund, and Life Vision Maximum Growth Fund.
SunTrust Bank, Atlanta, acts as custodian for all the funds except the Emerging
Markets Equity, the International Equity and the International Equity Index
Funds who utilize the Bank of New York as custodian. Fees of the Custodians are
paid on the basis of the net assets of the funds. The Custodians play no role in
determining the investment policies of the Trust or which securities are to be
purchased or sold in the funds.
6. Investment Transactions:
The cost of purchases and the proceeds from sales of securities, excluding
short-term investments and U.S. Government Securities, for the period ended
November 30, 1999, were as follows:
PURCHASES SALES
(000) (000)
------------ ---------
Balanced Fund $ 221,948 $ 186,389
Capital Appreciation Fund 1,402,447 1,700,299
Core Equity Fund 104,301 7,350
Emerging Markets Equity Fund 13,773 26,265
E-Commerce Opportunity Fund 19,328 3,241
Growth and Income Fund 220,579 162,517
International Equity Fund 553,964 726,100
International Equity Index Fund 14,390 3,394
Life Vision Balanced Portfolio 64,757 59,540
Life Vision Growth and Income Portfolio 12,306 13,244
Life Vision Maximum Growth Portfolio 19,795 17,667
Mid-Cap Equity Fund 169,772 206,924
Small Cap Equity Fund 169,208 119,207
Small Cap Growth Stock Fund 154,400 122,001
Sunbelt Equity Fund 41,411 149,216
Tax Sensitive Growth Stock Fund 319,043 97,940
Value Income Stock Fund 660,955 623,989
The cost of U.S. Government security purchases and the proceeds from the sale of
U.S. Government Securities for the Balanced Fund during the period ended
November 30, 1999, were $90,819 and $112,937, respectively.
At May 31, 1999, the Emerging Markets Equity Fund, Small Cap Equity Fund and
Sunbelt Equity Fund had capital loss carryforwards for federal tax purposes of
$4,447,790, $16,347,746 and $3,453,741, respectively, resulting from security
sales. For tax purposes, the losses in the funds can be carried forward for a
maximum of eight years to offset any net realized capital gains. The
carryforward for each of the funds expires in May 2007.
At November 30, 1999, the total cost of securities and the net realized gains or
losses on securities sold for Federal income tax purposes were not materially
different from amounts reported for financial reporting purposes. The aggregate
gross unrealized appreciation and
59
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded)
- --------------------------------------------------------------------------------
STI CLASSIC EQUITY FUNDS NOVEMBER 30, 1999
depreciation for securities held by the funds at November 30, 1999, were as
follows:
AGGREGATE AGGREGATE NET
GROSS GROSS UNREALIZED
UNREALIZED UNREALIZED APPRECIATION/
APPRECIATION DEPRECIATION DEPRECIATION
------------ ------------- --------------
Balanced Fund $ 50,607,718 $ (14,040,817) $ 36,566,901
Capital Appreciation Fund 619,816,660 (108,207,963) 511,608,697
Core Equity Fund 10,071,454 (2,083,699) 7,987,755
Emerging Markets
Equity Fund 692,656 (1,071,355) (378,699)
E-Commerce Opportunity
Fund 2,672,034 (139,385) 2,532,649
Growth and Income Fund 204,110,101 (18,880,960) 185,229,141
International Equity Fund 29,565,839 (29,045,179) 520,660
International Equity
Index Fund 34,270,456 (4,146,534) 30,123,922
Life Vision Balanced
Portfolio 6,121,656 (1,200,824) 4,920,832
Life Vision Growth and
Income Portfolio 1,650,186 (354,310) 1,295,876
Life Vision Maximum
Growth Portfolio 1,963,912 (225,855) 1,738,057
Mid-Cap Equity Fund 48,850,594 (13,174,818) 35,675,776
Small Cap Equity Fund 16,511,230 (58,517,539) (42,006,309)
Small Cap Growth Stock
Fund 44,792,119 (10,674,020) 34,118,099
Sunbelt Equity Fund 33,026,206 (6,016,669) 27,009,537
Tax Sensitive Growth Stock
Fund 106,645,662 (2,196,842) 104,448,820
Value Income Stock Fund 149,957,384 (239,348,306) (89,390,922)
7. Common Trust Fund Conversion
On December 11, 1998, the SunTrust Quality Growth Stock Common Trust Fund of
SunTrust was converted into the STI Classic Tax Sensitive Growth Stock Fund. The
assets, which consisted of securities and related receivables, were converted on
a tax free basis. At the time of conversion 3,874,558 of Trust Class shares were
issued. The net assets of the Sun Trust Quality Growth Stock Common Trust Fund
immediately before the conversion were $99,222,180, which included unrealized
appreciation of $45,523,361.
60
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(UNAUDITED)
8. CrestFunds Merger
The Board of Directors and shareholders of the CrestFunds approved a
reorganization of the CrestFunds into STI Classic Funds which took place at the
close of business on May 17, 1999 (May 24, 1999 for Growth and Income Fund, Life
Vision Balanced Portfolio, Life Vision Growth and Income Portfolio, Life Vision
Maximum Growth Portfolio). The following table summarizes certain relevant
information of the Funds prior to and immediately after the business
combinations on May 17, 1999 and May 24, 1999 and is unaudited:
SHARES
OUTSTANDING UNREALIZED
ON MERGER APPRECIATION
CRESTFUNDS DATE (DEPRECIATION)
- --------------------- ----------- --------------
Capital Appreciation
Trust Shares 7,017,951 $50,852,434
Investor Class A 634,910 4,570,273
Investor Class B 405,693 945,904
Special Equity
Trust Shares 6,434,126 8,484,235
Investor Class A 335,109 461,214
Investor Class B 439,353 (115,351)
Value Fund (1)
Trust Shares 39,426,216 185,105,926
Investor Class A 2,284,756 7,740,403
Investor Class B 2,164,932 4,552,822
Life Vision Balanced (1)
Trust Shares 8,168,631 6,271,120
Life Vision Growth and Income (1)
Trust Shares 2,130,709 1,682,009
Life Vision Maximum Growth (1)
Trust Shares 1,650,909 2,180,220
SHARES ISSUED NET ASSETS NAV
IN BUSINESS AFTER PER
STI CLASSIC FUNDS COMBINATION COMBINATION SHARE
- ------------------------- ------------- ----------- ------
Capital Appreciation (1)
Trust Shares 8,202,045 $2,043,356,370 $17.02
Investor Shares 738,260 321,669,847 16.93
Flex Shares 474,357 165,340,901 16.58
Small Cap Growth Stock (1)
Trust Shares 6,174,359 153,356,352 14.40
Investor Shares -- -- --
Flex Shares 188,473 5,980,718 14.32
Growth and Income
Trust Shares 39,426,216 649,230,675 16.47
Investor Shares 2,284,756 37,909,335 16.59
Flex Shares 2,164,932 35,677,567 16.48
Life Vision Balanced
Trust Shares 8,168,631 89,406,305 10.95
Life Vision Growth and Income
Trust Shares 2,130,709 22,352,880 10.49
Life Vision Maximum Growth
Trust Shares 1,650,909 19,002,404 11.51
* Investor Class A shares of Crest Fund Special Equity were exchanged for
Trust Shares of STI Small Cap Growth Stock.
(1) Represents the accounting survivor in this business combination.
9. Subsequent Event
On December 10, 1999 the Small Cap Growth Stock Fund and the International
Equity Fund acquired all of the assets of the Sunbelt Equity Fund and Emerging
Markets Equity Fund, respectively, pursuant to the plan of reorganization
approved by Sunbelt Equity Fund and Emerging Markets Equity Fund on December 10,
1999. The following table summarizes certain relevant information of these funds
prior to and immediately after the business combination on December 10, 1999.
SHARES
OUTSTANDING UNREALIZED
ON MERGER APPRECIATION
STI CLASSIC FUNDS DATE (DEPRECIATION)
- ------------------------ ----------- --------------
Emerging Markets Equity
Trust Shares 2,393,361 $ 70,541
Sunbelt Equity
Trust Shares 9,176,663 25,562,904
Investor Shares 1,261,749 1,907,642
Flex Shares 287,227 (1,283,351)
SHARES ISSUED NET ASSETS NAV
IN BUSINESS AFTER PER
STI CLASSIC FUNDS COMBINATION COMBINATION SHARE
- ------------------------- ------------- ----------- -----
International Equity (1)
Trust Shares 1,794,029 $575,635,094 $12.22
Small Cap Growth Stock (1)
Trust Shares 5,705,132 305,649,316 16.46
Investor Shares 758,420 12,481,372 16.46
Flex Shares 170,464 9,892,809 16.26
(1) Represents the accounting survivor in this business combination.
61
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NOTES
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
INVESTMENT ADVISORS
STI Capital Management, N.A.
Trusco Capital Management, Inc.
STI Classic Funds are not deposits,
are not insured or guaranteed by the
FDIC or any other government agency,
and are not endorsed by and do not
constitute obligations of SunTrust
Banks, Inc. or any other of its
affiliates. Investment in the Funds
involves risk, including the possible
loss of principal. There is no
guarantee that any STI Classic Fund
will achieve its investment objective.
The STI Classic Funds are advised by
affiliates of SunTrust Banks, Inc.
DISTRIBUTOR
SEI Investments Distribution Co.
This information must be preceded or
accompanied by a current prospectus
for each Fund described.
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