-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EvuuiqPQXdwMUNtHgARsnzWmVBc8gN3DawnSE1QjCk7Dka8L+RVwhbrXe7X2mqy7 jH3KdNaQsvg/NS+jfGRTEg== 0000950152-06-009895.txt : 20061205 0000950152-06-009895.hdr.sgml : 20061205 20061205154650 ACCESSION NUMBER: 0000950152-06-009895 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060930 FILED AS OF DATE: 20061205 DATE AS OF CHANGE: 20061205 EFFECTIVENESS DATE: 20061205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STI CLASSIC FUNDS CENTRAL INDEX KEY: 0000883939 IRS NUMBER: 232678674 STATE OF INCORPORATION: OH FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06557 FILM NUMBER: 061257358 BUSINESS ADDRESS: STREET 1: 3435 STELZER RD. CITY: COLUMBUS STATE: OH ZIP: 43219 BUSINESS PHONE: 6144708000 MAIL ADDRESS: STREET 1: 3435 STELZER RD. CITY: COLUMBUS STATE: OH ZIP: 43219 0000883939 S000004641 STI Classic Balanced Fund C000012643 A Shares STBLX C000012644 C Shares SCBFX C000012645 I Shares SBATX 0000883939 S000004658 STI Classic Capital Appreciation Fund C000012678 A Shares STCIX C000012679 C Shares STCFX C000012680 I Shares STCAX 0000883939 S000004660 STI Classic Large Cap Relative Value Fund C000012686 A Shares CFVIX C000012687 C Shares CVIBX C000012688 I Shares CRVAX 0000883939 S000004661 STI Classic International Equity Fund C000012689 A Shares SCIIX C000012690 C Shares SIEFX C000012691 I Shares STITX 0000883939 S000004662 STI Classic International Equity Index Fund C000012692 A Shares SIIIX C000012693 C Shares SIIFX C000012694 I Shares SIEIX 0000883939 S000004663 STI Classic Mid-Cap Equity Fund C000012695 A Shares SCAIX C000012696 C Shares SCMEX C000012697 I Shares SAGTX 0000883939 S000004664 STI Classic Mid-Cap Value Equity Fund C000012698 A Shares SAMVX C000012699 C Shares SMVFX C000012700 I Shares SMVTX 0000883939 S000004665 STI Classic Small Cap Growth Stock Fund C000012701 A Shares SCGIX C000012702 C Shares SSCFX C000012703 I Shares SSCTX 0000883939 S000004666 STI Classic Small Cap Value Equity Fund C000012704 A Shares SASVX C000012705 C Shares STCEX C000012706 I Shares SCETX 0000883939 S000004667 STI Classic Large Cap Quantitative Equity Fund C000012707 A Shares SQEAX C000012708 C Shares SQELX C000012709 I Shares SQETX 0000883939 S000004668 STI Classic Quality Growth Stock Fund C000012710 A Shares SXSAX C000012711 C Shares STTFX C000012712 I Shares STTAX 0000883939 S000004669 STI Classic Large Cap Value Equity Fund C000012713 A Shares SVIIX C000012714 C Shares SVIFX C000012715 I Shares STVTX 0000883939 S000004673 STI Classic Aggressive Growth Stock Fund C000012728 A Shares SAGAX C000012729 C Shares SAGLX C000012730 I Shares SCATX 0000883939 S000004674 STI Classic Emerging Growth Stock Fund C000012731 A Shares SCEAX C000012732 C Shares SEGLX C000012733 I Shares SEGTX 0000883939 S000004675 STI Classic U.S. Government Securities Ultra-Short Bond Fund C000012734 I Shares SIGVX 0000883939 S000004676 STI Classic High Quality Bond Fund C000012735 I Shares SHQIX 0000883939 S000004677 STI Classic Ultra-Short Bond Fund C000012736 I Shares SISSX 0000883939 S000004679 STI Classic High Grade Municipal Bond Fund C000012738 A Shares SFLTX C000012739 C Shares SCFEX C000012740 I Shares SCFTX 0000883939 S000004680 STI Classic Georgia Tax-Exempt Bond Fund C000012741 A Shares SGTEX C000012742 C Shares SCGTX C000012743 I Shares SGATX 0000883939 S000004681 STI Classic High Income Fund C000012744 A Shares SAHIX C000012745 C Shares STHIX C000012746 I Shares STHTX 0000883939 S000004692 STI Classic Investment Grade Bond Fund C000012757 A Shares STGIX C000012758 C Shares SCIGX C000012759 I Shares STIGX 0000883939 S000004693 STI Classic Investment Grade Tax-Exempt Bond Fund C000012760 A Shares SISIX C000012761 C Shares SCITX C000012762 I Shares STTBX 0000883939 S000004694 STI Classic Limited-Term Federal Mortgage Securities Fund C000012763 A Shares SLTMX C000012764 C Shares SCLFX C000012765 I Shares SLMTX 0000883939 S000004695 STI Classic Maryland Municipal Bond Fund C000012766 A Shares SMMAX C000012767 C Shares CMDBX C000012768 I Shares CMDTX 0000883939 S000004696 STI Classic North Carolina Tax-Exempt Bond Fund C000012769 A Shares SNCIX C000012770 C Shares SNCLX C000012771 I Shares CNCTX 0000883939 S000004697 STI Classic Short-Term Bond Fund C000012772 A Shares STSBX C000012773 C Shares SCBSX C000012774 I SHares SSBTX 0000883939 S000004698 STI Classic Short-Term U.S. Treasury Securities Fund C000012775 A Shares STSFX C000012776 C Shares SSUSX C000012777 I Shares SUSTX 0000883939 S000004699 STI Classic Strategic Income Fund C000012778 A Shares SAINX C000012779 C Shares STIFX C000012780 I Shares STICX 0000883939 S000004700 STI Classic U.S. Government Securities Fund C000012781 A Shares SCUSX C000012782 C Shares SGUSX C000012783 I Shares SUGTX 0000883939 S000004701 STI Classic Virginia Intermediate Municipal Bond Fund C000012784 A Shares CVIAX C000012785 C Shares SVILX C000012786 I Shares CRVTX 0000883939 S000004723 STI Classic Total Return Fund C000012868 A Shares CBPSX C000012869 C Shares SCBLX C000012870 I Shares SAMFX 0000883939 S000004724 STI Classic Intermediate Bond Fund C000012871 A Shares IBASX C000012872 C Shares IBLSX C000012873 I Shares SAMIX 0000883939 S000004725 STI Classic Limited Duration Fund C000012874 I Shares SAMLX 0000883939 S000004726 STI Classic Prime Quality Money Market Fund C000012875 A Shares SQIXX C000012876 C Shares SQFXX C000012877 I Shares SQTXX 0000883939 S000004727 STI Classic Tax-Exempt Money Market Fund C000012878 A Shares SEIXX C000012879 I Shares STTXX 0000883939 S000004728 STI Classic U.S. Government Securities Money Market Fund C000012880 A Shares SUIXX C000012881 I Shares STUXX 0000883939 S000004729 STI Classic U.S. Treasury Money Market Fund C000012882 A Shares SATXX C000012883 I Shares CUSXX 0000883939 S000004730 STI Classic Virginia Tax-Free Money Market Fund C000012884 A Shares CIAXX C000012885 I Shares CFMXX 0000883939 S000004731 STI Classic Institutional Cash Management Money Market Fund C000012886 Institutional Shares CICXX 0000883939 S000004732 STI Classic Institutional U.S. Government Securities Money Market Fund C000012887 Institutional Shares CRGXX 0000883939 S000004733 STI Classic Institutional U.S. Treasury Securities Money Market Fund C000012888 Corporate Trust Shares C000012889 Institutional Shares CIUXX 0000883939 S000004734 STI Classic Institutional Municipal Cash Reserve Money Market Fund C000012890 Institutional Shares CMRXX 0000883939 S000004735 STI Classic Life Vision Aggressive Growth Fund C000012891 A Shares SLAAX C000012892 B Shares SLABX C000012893 I Shares CVMGX C000012894 C Shares CLVLX 0000883939 S000004736 STI Classic Life Vision Conservative Fund C000012895 A Shares SVCAX C000012896 B Shares SCCBX C000012897 I Shares SCCTX C000012898 C Shares SCCLX 0000883939 S000004737 STI Classic Life Vision Growth and Income Fund C000012899 A Shares SGIAX C000012900 B Shares SGIBX C000012901 I Shares CLVGX C000012902 C Shares SGILX 0000883939 S000004738 STI Classic Life Vision Moderate Growth Fund C000012903 A Shares SVMAX C000012904 B Shares SVGBX C000012905 I Shares CLVBX C000012906 C Shares SVGLX 0000883939 S000004739 STI Classic Life Vision Target Date 2015 Fund C000012907 A Shares LVFAX C000012908 C Shares LVFCX C000012909 I Shares LVFIX 0000883939 S000004740 STI Classic Life Vision Target Date 2025 Fund C000012910 A Shares LVTAX C000012911 C Shares LVTCX C000012912 I Shares LVTIX 0000883939 S000004741 STI Classic Life Vision Target Date 2035 Fund C000012913 A Shares LVRAX C000012914 C Shares LVRCX C000012915 I Shares LVRIX 0000883939 S000004750 Seix High Yield Fund C000012926 A Shares HYPSX C000012927 C Shares HYLSX C000012928 I Shares SAMHX 0000883939 S000011297 Seix Floating Rate High Income Fund C000031119 A Shares SFRAX C000031120 C Shares C000031121 I Shares SAMBX 0000883939 S000011298 STI Classic Small Cap Quantitative Equity Fund C000031122 A Shares SCQAX C000031123 C Shares SCQEX C000031124 I Shares SCQIX 0000883939 S000014957 STI Classic Large Cap Growth Stock Fund C000040601 A Shares C000040602 C Shares C000040603 I Shares N-CSRS 1 l22891anvcsrs.txt STI CLASSIC FUNDS N-CSRS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-06557 --------------------------------------------- STI Classic Funds - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) BISYS Fund Services, 3435 Stelzer Road Columbus, Ohio 43219 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) BISYS Fund Services, 3435 Stelzer Road Columbus, Ohio 43219 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 614-470-8000 ---------------------------- Date of fiscal year end: 03/31 ---------------------------- Date of reporting period: 09/30/06 ---------------------------- ITEM 1. REPORTS TO STOCKHOLDERS. 2006 SEMI-ANNUAL REPORT ---------- EQUITY FUNDS SEPTEMBER 30, 2006 STI Classic Funds TABLE OF CONTENTS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS September 30, 2006 Letter to Shareholders...................................................... 1 Industry Allocation......................................................... 3 Schedules of Portfolio Investments.......................................... 7 Statements of Assets and Liabilities........................................ 64 Statements of Operations.................................................... 68 Statements of Changes in Net Assets......................................... 72 Financial Highlights........................................................ 84 Notes to Financial Statements............................................... 96 Trustees and Officers of the STI Classic Funds.............................. 110 Additional Information...................................................... 112
LETTER TO SHAREHOLDERS - -------------------------------------------------------------------------------- September 30, 2006 Dear Valued STI Classic Funds Shareholder, The third quarter began as something of a struggle, but finished on a positive note as the markets happily received encouraging news from both the Federal Reserve and the energy markets. By the close on September 30, the S&P 500 gained 5.7% on a total return basis, and the Lehman Aggregate Bond Index added 3.8%. As the quarter began, economic momentum was fading following the post-Katrina rebound in the first quarter, but some of the headwinds that helped to slow growth in the spring continued to build. In particular, the Federal Reserve continued raising short-term interest rates, and oil prices reached nominal record highs above $76 per barrel. However, midway through the quarter, these two sources of restraint changed course; the Federal Reserve announced that they would leave interest rates unchanged, and oil prices fell sharply. The shift in the Fed's policy was attributed to its forecast of slower economic growth easing future inflation pressures, while the drop in energy prices was linked to a reversal in global supply disruption fears and elevated inventories. While stable short-term rates and falling energy prices are generally positive for equities, performance among sectors was uneven during the quarter. The strongest sectors in the S&P 500 were Health Care and Telecom, followed by Technology, Financials, and Utilities. The weakest sector was, not surprisingly, Energy, while Materials and Industrials also posted negative returns. This eclectic performance mix ultimately fell in favor of the Value style. Equity performance was also concentrated in the higher quality, Large-Cap stocks over Mid-Caps and Small-Caps. The Russell Mid-Cap(R) Index rose 2.1% for the quarter, while the Russell 2000(R) Small-Cap Index gained just 0.4%, following an extended period of outperformance. International stocks improved in the third quarter, but the 4.0% rise in the MSCI EAFE International Index trailed the S&P 500. The change in market direction in the middle of the quarter and the unusual pattern of sector relative performance tended to work against most equity managers in the third period. Still, all of our investment disciplines stayed true to their quality-oriented, bottom-up selection process, which has helped our clients earn strong relative returns over market cycles. Bonds, not surprisingly, also benefited from the pause in Fed tightening and lower inflation pressures. The yield on the 10-year Treasury note fell over half a percent (51 basis points-0.51%) to close at 4.63% at the end of the quarter. All major sectors in the fixed-income market improved, but the reduced pressures tended to benefit Corporate, High Yield, and long-maturity bonds most. Mortgage bonds also performed well after adjusting for their shorter maturity. The outlook for the markets is more encouraging now that Fed policy is "neutral" and energy prices are well off their record high, but other concerns remain. We expect the pace of economic growth to remain below average for the remainder of this year and into the first half of 2007, which should slow corporate profits growth. Moreover, the continued inverted yield has a strong record of predicting a slower growth trajectory. This type of environment tends to weed out companies with weaker balance sheets and ineffective operating models, just as it did in the third quarter. 1 - -------------------------------------------------------------------------------- Our investment disciplines, both in equity and fixed-income, concentrate on higher quality, financially strong companies which have been well suited to weather periods of economic transition. Thus we remain reasonably sanguine regarding the outlook for financial assets given the prospect of some moderation in recent inflationary pressures. We close this letter with a note of thanks to you, our valued client. We appreciate the continued confidence you have placed in us, and you can rest assured that we work each day to earn that confidence. Sincerely, /s/ David H. Eidson /s/ Robert J. Rhodes, CFA David H. Eidson Robert J. Rhodes, CFA Chairman and CEO Executive Vice President 2 INDUSTRY ALLOCATION - -------------------------------------------------------------------------------- STI CLASSIC FUNDS September 30, 2006 Percentages are based on market value (Unaudited) AGGRESSIVE GROWTH STOCK FUND Consumer Discretionary 21.1% Consumer Staples 4.1% Financials 11.0% Health Care 18.5% Industrials 2.2% Information Technology 35.5% Software 0.8% Telecommunications Services 6.8% CAPITAL APPRECIATION FUND Consumer Discretionary 12.6% Consumer Staples 4.8% Energy 6.0% Financials 16.2% Health Care 12.8% Industrials 10.4% Information Technology 16.5% Materials 1.1% Money Market Funds 1.0% Short-Term Investments 17.0% Telecommunications Services 1.6% EMERGING GROWTH STOCK FUND Consumer Discretionary 19.0% Consumer Staples 3.0% Financials 16.6% Health Care 15.8% Industrials 7.4% Information Technology 22.5% Money Market Funds 5.5% Telecommunication Services 10.2%
INTERNATIONAL EQUITY FUND Consumer Discretionary 10.5% Consumer Staples 4.3% Energy 6.8% Financials 27.9% Health Care 6.6% Industrials 10.3% Information Technology 5.9% Materials 8.2% Short-Term Investments 10.2% Telecommunication Services 5.1% Utilities 4.2% INTERNATIONAL EQUITY INDEX FUND Consumer Discretionary 10.3% Consumer Staples 4.9% Energy 5.8% Financials 26.7% Health Care 4.5% Industrials 9.4% Information Technology 4.9% Materials 6.8% Short-Term Investments 15.4% Telecommunication Services 5.1% Utilities 6.2% LARGE CAP QUANTITATIVE EQUITY FUND Consumer Discretionary 5.6% Consumer Staples 15.0% Energy 7.5% Financials 39.1% Health Care 6.8% Industrials 13.8% Information Technology 8.6% Materials 2.5% Money Market Funds 1.1%
Portfolio composition is subject to change. 3 INDUSTRY ALLOCATION - -------------------------------------------------------------------------------- STI CLASSIC FUNDS September 30, 2006 Percentages are based on market value (Unaudited) LARGE CAP RELATIVE VALUE FUND Consumer Discretionary 7.5% Consumer Staples 11.2% Energy 9.2% Financials 22.4% Health Care 10.9% Industrials 10.1% Information Technology 10.3% Materials 3.1% Money Market Funds 0.1% Short-Term Investments 8.2% Telecommunication Services 3.3% Utilities 3.7% LARGE CAP VALUE EQUITY FUND Consumer Discretionary 5.9% Consumer Staples 7.4% Energy 9.2% Financials 24.4% Health Care 7.2% Industrials 12.8% Information Technology 4.1% Materials 3.6% Money Market Funds 4.4% Short-Term Investments 11.3% Telecommunication Services 5.2% Utilities 4.5% MID-CAP EQUITY FUND Consumer Discretionary 13.6% Consumer Staples 5.8% Energy 5.2% Financials 18.9% Health Care 8.2% Industrials 8.5% Information Technology 10.6% Materials 3.8% Short-Term Investments 16.4% Telecommunication Services 1.5% Utilities 7.5%
MID-CAP VALUE EQUITY FUND Consumer Discretionary 10.2% Consumer Staples 5.9% Energy 7.0% Financials 19.9% Health Care 3.4% Industrials 12.7% Information Technology 7.1% Materials 8.8% Money Market Funds 3.4% Short-Term Investments 13.4% Telecommunication Services 0.9% Utilities 7.3% QUALITY GROWTH STOCK FUND Consumer Discretionary 8.1% Consumer Staples 9.2% Energy 7.9% Financials 21.8% Health Care 11.4% Industrials 8.7% Information Technology 17.1% Materials 2.8% Money Market Funds 2.0% Short-Term Investments 7.6% Telecommunication Services 1.7% Utilities 1.7% SMALL CAP GROWTH STOCK FUND Consumer Discretionary 11.6% Consumer Staples 1.2% Energy 5.0% Financials 7.2% Health Care 13.4% Industrials 12.3% Information Technology 21.3% Materials 2.5% Money Market Funds 1.5% Short-Term Investments 23.7% Telecommunication Services 0.2% Warrants 0.1%
Portfolio composition is subject to change. 4 INDUSTRY ALLOCATION - -------------------------------------------------------------------------------- STI CLASSIC FUNDS September 30, 2006 Percentages are based on market value (Unaudited) SMALL CAP QUANTITATIVE EQUITY FUND Consumer Discretionary 8.7% Consumer Staples 1.7% Energy 2.6% Financials 32.9% Health Care 5.9% Industrials 23.1% Information Technology 20.1% Materials 2.7% Money Market Funds 2.3% SMALL CAP VALUE EQUITY FUND Consumer Discretionary 19.8% Consumer Staples 3.4% Energy 4.1% Financials 14.3% Health Care 5.2% Industrials 23.2% Information Technology 5.3% Materials 8.0% Money Market Funds 0.1% Short-Term Investments 13.9% Utilities 2.7% BALANCED FUND Consumer Discretionary 7.6% Consumer Staples 2.8% Energy 4.4% Financials 11.0% Health Care 8.0% Industrials 8.0% Information Technology 6.4% Materials 0.5% Telecommunication Services 1.0% Corporate Bonds 7.1% Fixed Income Securities 1.9% U.S. Government Agencies 3.5% U.S. Government Agency Mortgages 5.1% U.S. Treasury Obligations 14.5% Short-Term Investments 18.0% Repurchase Agreements 0.2%
LIFE VISION AGGRESSIVE GROWTH FUND Equity Funds 95.0% Money Market Funds 5.0% LIFE VISION CONSERVATIVE FUND Equity Funds 20.1% Fixed Income Funds 71.2% Money Market Funds 8.7% LIFE VISION GROWTH AND INCOME FUND Equity Funds 70.0% Fixed Income Funds 22.0% Money Market Funds 8.0% LIFE VISION MODERATE GROWTH FUND Equity Funds 50.0% Fixed Income Funds 42.0% Money Market Funds 8.0% LIFE VISION TARGET DATE 2015 FUND Equity Funds 71.9% Fixed Income Funds 23.0% Money Market Funds 4.0% Exchange Traded Funds 1.1% LIFE VISION TARGET DATE 2025 FUND Equity Funds 88.6% Fixed Income Funds 4.9% Money Market Funds 5.1% Exchange Traded Funds 1.4% LIFE VISION TARGET DATE 2035 FUND Equity Funds 93.5% Fixed Income Funds 1.0% Money Market Funds 4.0% Exchange Traded Funds 1.5%
Portfolio composition is subject to change. 5 This page is intentionally left blank 6 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) AGGRESSIVE GROWTH STOCK FUND
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- COMMON STOCKS (99.6%) CONSUMER DISCRETIONARY (21.0%) Best Buy Co., Inc. 102,300 5,479 Blue Nile, Inc. * 149,600 5,438 Coach, Inc. * 183,900 6,326 eBay, Inc. * 356,900 10,122 Life Time Fitness, Inc. * 59,000 2,731 Monster Worldwide, Inc. * 83,902 3,036 Nutri/System, Inc. * 84,500 5,264 Starbucks Corp. * 406,400 13,838 Urban Outfitters, Inc. * 207,600 3,672 Walt Disney Co. (The) 241,400 7,462 -------- 63,368 -------- CONSUMER STAPLES (4.1%) Whole Foods Market, Inc. 207,600 12,338 -------- FINANCIALS (11.0%) BlackRock, Inc., Cl A 70,400 10,490 Calamos Asset Management, Inc., Cl A 80,300 2,354 CB Richard Ellis Group, Inc. Cl A * 79,900 1,966 Euronet Worldwide, Inc. * 125,300 3,076 Greenhill & Co., Inc. 24,400 1,635 Legg Mason, Inc. 59,700 6,021 Portfolio Recovery Associates, Inc. * 109,700 4,813 SLM Corp. 50,900 2,646 -------- 33,001 -------- HEALTH CARE (18.4%) Alcon, Inc. 60,900 6,973 Celgene Corp. * 122,400 5,300 Covance, Inc. * 38,200 2,536 Edwards Lifesciences Corp. * 37,600 1,752 Gen-Probe, Inc. * 32,800 1,538 Genentech, Inc. * 78,541 6,495 Gilead Sciences, Inc. * 204,750 14,066 IDEXX Laboratories, Inc. * 30,500 2,780 Kyphon, Inc. * 81,000 3,031 Psychiatric Solutions, Inc. * 209,700 7,149 Varian Medical Systems, Inc. * 71,500 3,817 -------- 55,437 -------- INDUSTRIALS (2.2%) Corporate Executive Board Co. (The) 38,300 3,443 US Airways Group, Inc. * 71,100 3,152 -------- 6,595 --------
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- INFORMATION TECHNOLOGY (35.3%) Alliance Data Systems Corp. * 111,200 6,137 Apple Computer, Inc. * 252,400 19,443 aQuantive, Inc. * 334,100 7,891 Broadcom Corp., Cl A * 198,700 6,029 Cognizant Technology Solutions Corp., Cl A * 239,900 17,767 F5 Networks, Inc. * 86,300 4,636 Google, Inc., Cl A * 25,200 10,128 Marvell Technology Group Ltd. * 117,500 2,276 Paychex, Inc. 187,900 6,924 QUALCOMM, Inc. 345,900 12,573 SiRF Technology Holdings, Inc. * 89,700 2,152 Yahoo!, Inc. * 413,100 10,443 -------- 106,399 -------- SOFTWARE (0.8%) Adobe Systems, Inc. * 66,100 2,475 -------- TELECOMMUNICATION SERVICES (6.8%) American Tower Corp., Cl A * 68,100 2,486 NII Holdings, Inc. * 236,400 14,694 Time Warner Telecom, Inc., Cl A * 169,000 3,213 -------- 20,393 -------- Total Common Stocks (Cost $271,928) 300,006 -------- Total Investments (Cost $271,928) (a) -- 99.6% 300,006 Other assets in excess of liabilities -- 0.4% 1,094 -------- Net Assets -- 100.0% $301,100 ========
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $273,122 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................. $ 41,531 Unrealized Depreciation................. (14,647) -------- Unrealized Appreciation (Depreciation)........................ $ 26,884 ========
Cl -- Class See Notes to Financial Statements. 7 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CAPITAL APPRECIATION FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- COMMON STOCKS (100.1%) CONSUMER DISCRETIONARY (15.4%) Carnival Corp. (b) 304,800 14,335 Coach, Inc. * (b) 424,000 14,586 Family Dollar Stores, Inc. 437,600 12,795 Garmin Ltd. (b) 304,000 14,829 International Game Technology (b) 567,400 23,547 Lowe's Cos., Inc. (b) 774,000 21,718 Newell Rubbermaid, Inc. (b) 688,000 19,484 TJX Cos., Inc. (The) 440,000 12,333 Univision Communications, Inc., Cl A * (b) 584,300 20,065 Walt Disney Co. (The) (b) 636,300 19,668 Whirlpool Corp. (b) 155,900 13,113 YUM! Brands, Inc. 300,000 15,615 ---------- 202,088 ---------- CONSUMER STAPLES (5.9%) Anheuser-Busch Cos., Inc. (b) 445,500 21,166 Colgate-Palmolive Co. 187,500 11,644 Comcast Corp., Cl A * (b) 276,000 10,160 Procter & Gamble Co. (The) 386,000 23,923 Wal-Mart Stores, Inc. 216,000 10,653 ---------- 77,546 ---------- ENERGY (7.3%) BJ Services Co. 432,600 13,034 Chevron Corp. 155,300 10,073 Exxon Mobil Corp. 765,000 51,331 Nabors Industries Ltd. * (b) 292,900 8,714 Noble Corp. (b) 200,000 12,836 ---------- 95,988 ---------- FINANCIALS (19.8%) Ambac Financial Group, Inc. 212,000 17,543 American Express Co. 304,000 17,048 American International Group, Inc. 335,500 22,230 Bank of America Corp. 450,800 24,149 Chubb Corp. (The) 681,200 35,396 Genworth Financial, Inc., Cl A 608,300 21,297
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- FINANCIALS--CONTINUED Goldman Sachs Group, Inc. (The) (b) 140,000 23,684 JPMorgan Chase & Co. 502,100 23,579 Merrill Lynch & Co., Inc. (b) 204,000 15,957 MGIC Investment Corp. (b) 204,000 12,234 Morgan Stanley 332,800 24,264 SLM Corp. 233,000 12,111 Wells Fargo & Co. 266,000 9,624 ---------- 259,116 ---------- HEALTH CARE (15.6%) AmerisourceBergen Corp. 444,000 20,069 Baxter International, Inc. 593,500 26,981 Becton, Dickinson & Co. 303,700 21,462 Forest Laboratories, Inc. * 560,000 28,342 Health Management Associates, Inc., Cl A 420,000 8,778 Omnicare, Inc. (b) 260,000 11,203 Pfizer, Inc. 692,000 19,625 Quest Diagnostics, Inc. 290,000 17,736 Schering-Plough Corp. 934,900 20,652 Universal Health Services, Inc., Cl B 377,000 22,594 Vertex Pharmaceuticals, Inc. * (b) 218,600 7,356 ---------- 204,798 ---------- INDUSTRIALS (12.7%) Danaher Corp. 228,000 15,657 Emerson Electric Co. 196,000 16,437 General Electric Co. 675,000 23,828 Honeywell International, Inc. 450,000 18,405 Illinois Tool Works, Inc. 505,400 22,692 Raytheon Co. 775,000 37,207 United Parcel Service, Inc., Cl B 131,800 9,482 Waste Management, Inc. 632,800 23,211 ---------- 166,919 ---------- INFORMATION TECHNOLOGY (20.2%) Analog Devices, Inc. 203,600 5,984 ASML Holding NV * 649,200 15,113 CheckFree Corp. * (b) 720,000 29,751 Cisco Systems, Inc. * 1,025,000 23,575 Comverse Technology, Inc. * 707,000 15,158
See Notes to Financial Statements. 8 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CAPITAL APPRECIATION FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Corning, Inc. * 380,000 9,276 Global Payments, Inc. 370,000 16,284 International Business Machines Corp. 125,700 10,300 Intersil Corp., Cl A (b) 494,500 12,140 LSI Logic Corp. * (b) 865,000 7,110 Maxim Integrated Products, Inc. 320,500 8,996 Microsoft Corp. 882,000 24,106 Novellus Systems, Inc. * (b) 484,200 13,393 Oracle Corp. * 908,400 16,115 QUALCOMM, Inc. 469,000 17,048 Symantec Corp. * (b) 866,000 18,428 Xilinx, Inc. 375,000 8,231 Zebra Technology Corp., Cl A * (b) 375,000 13,403 ---------- 264,411 ---------- MATERIALS (1.3%) Praxair, Inc. 296,800 17,559 ---------- TELECOMMUNICATION SERVICES (1.9%) AT&T, Inc. (b) 772,800 25,162 ---------- Total Common Stocks (Cost $1,142,358) 1,313,587 ---------- SHORT-TERM INVESTMENT (20.8%) CSFB Enhanced Liquidity Portfolio, 5.518% (c) 272,116,347 272,116 ---------- Total Short-Term Investment (Cost $272,116) 272,116 ----------
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- MONEY MARKET (1.2%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (d) 15,686,487 15,686 ---------- Total Money Market (Cost $15,686) 15,686 ---------- Total Investments (Cost $1,430,160) (a) -- 122.1% 1,601,389 Liabilities in excess of other assets -- (22.1)% (290,192) ---------- Net Assets -- 100.0% $1,311,197 ==========
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $1,430,515 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................ $198,683 Unrealized Depreciation................ (27,809) -------- Unrealized Appreciation (Depreciation)....................... $170,874 ========
(b)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $264,406. (c)This security was purchased with cash collateral held from securities lending. (d)Affiliate investment. Cl -- Class See Notes to Financial Statements. 9 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) EMERGING GROWTH STOCK FUND
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- COMMON STOCKS (97.6%) CONSUMER DISCRETIONARY (19.6%) Blue Nile, Inc. * 79,600 2,893 J. Crew Group, Inc. * 9,600 289 Life Time Fitness, Inc. * 51,000 2,361 Monster Worldwide, Inc. * 48,500 1,755 Nutri/System, Inc. * 48,500 3,021 Polo Ralph Lauren Corp. 36,900 2,387 Select Comfort Corp. * 35,500 777 Stamps.com, Inc. * 73,500 1,401 Urban Outfitters, Inc. * 154,000 2,724 Volcom, Inc. * 52,300 1,179 ------- 18,787 ------- CONSUMER STAPLES (3.1%) Whole Foods Market, Inc. 49,300 2,930 ------- FINANCIALS (17.1%) BlackRock, Inc., Cl A 24,700 3,680 Calamos Asset Management, Inc., Cl A 57,200 1,677 CB Richard Ellis Group, Inc., Cl A * 59,700 1,469 Euronet Worldwide, Inc. * 96,900 2,379 Greenhill & Co., Inc. 17,100 1,146 Huron Consulting Group, Inc. * 26,600 1,043 Legg Mason, Inc. 20,600 2,078 Portfolio Recovery Associates, Inc. * 67,500 2,961 ------- 16,433 ------- HEALTH CARE (16.3%) Amylin Pharmaceuticals, Inc. * 29,400 1,296 Celgene Corp. * 50,100 2,169 Covance, Inc. * 29,500 1,958 Gen-Probe, Inc. * 26,500 1,243 IDEXX Laboratories, Inc. * 8,800 802 Kyphon, Inc. * 64,000 2,395 Psychiatric Solutions, Inc. * 78,000 2,658 Varian Medical Systems, Inc. * 36,800 1,965 Ventana Medical Systems, Inc. * 10,300 421 Vertex Pharmaceuticals, Inc. * 21,400 720 ------- 15,627 -------
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- INDUSTRIALS (7.6%) AirTran Holdings, Inc. * 238,800 2,368 Corporate Executive Board Co. (The) 16,300 1,466 Fuel Tech, Inc. * 15,500 231 Mobile Mini, Inc. * 23,500 668 US Airways Group, Inc. * 46,700 2,070 World Fuel Services Corp. * 11,900 481 ------- 7,284 ------- INFORMATION TECHNOLOGY (23.4%) Alliance Data Systems Corp. * 25,800 1,424 aQuantive, Inc. * 153,100 3,617 Baidu.com, Inc., ADR * 10,300 902 Cognizant Technology Solutions Corp., Cl A * 50,300 3,726 DivX, Inc. * 10,000 238 F5 Networks, Inc. * 71,900 3,863 NetEase.com, Inc., ADR * 34,300 561 Riverbed Technology, Inc. * 49,200 959 Shutterfly, Inc. * 72,300 1,124 SiRF Technology Holdings, Inc. * 81,300 1,950 Smith Micro Software, Inc. * 81,600 1,173 Supertex, Inc. * 10,300 400 ViaSat, Inc. * 61,700 1,547 WebSideStory, Inc. * 73,500 971 ------- 22,455 ------- TELECOMMUNICATION SERVICES (10.5%) Crown Castle International Corp. * 58,000 2,044 NII Holdings, Inc. * 74,400 4,625 SBA Communications Corp., Cl A * 44,400 1,080 Time Warner Telecom, Inc., Cl A * 121,100 2,302 ------- 10,051 ------- Total Common Stocks (Cost $86,799) 93,567 -------
See Notes to Financial Statements. 10 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) EMERGING GROWTH STOCK FUND -- CONCLUDED
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- MONEY MARKET (5.7%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (b) 5,479,206 5,479 ------- Total Money Market (Cost $5,479) 5,479 ------- Total Investments (Cost $92,278) (a) -- 103.3% 99,046 Liabilities in excess of other assets -- (3.3)% (3,120) ------- Net Assets -- 100.0% $95,926 =======
- --------------- * Non-income producing security. (a) Cost for federal income tax purposes is $92,384 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation............... $10,348 Unrealized Depreciation............... (3,686) ------- Unrealized Appreciation (Depreciation)...................... $ 6,662 =======
(b) Affiliate investment. ADR -- American Depository Receipt Cl -- Class See Notes to Financial Statements. 11 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- FOREIGN COMMON STOCKS (96.3%) AUSTRALIA (4.5%) Alumina Ltd. 208,646 962 Australia & New Zealand Banking 455,238 9,112 Group Ltd. Babcock & Brown Ltd. 336,366 5,048 BHP Billiton Ltd. 52,879 1,010 CSR Ltd. 1,474,599 3,274 Downer EDI Ltd. 678,431 3,033 Leighton Holdings Ltd. 322,194 4,643 Promina Group Ltd. 1,389,481 6,139 QBE Insurance Group Ltd. 129,293 2,360 Rio Tinto Group Ltd. (b) 137,791 7,197 St. George Bank Ltd. (b) 96,976 2,185 Zinifex Ltd. 141,681 1,240 ---------- 46,203 ---------- BELGIUM (0.6%) Fortis 141,834 5,756 ---------- DENMARK (0.5%) Danske Bank A/S 121,095 4,763 ---------- FINLAND (1.6%) Fortum Corp. 223,823 5,962 Nokia Corp., Cl A 542,121 10,764 ---------- 16,726 ---------- FRANCE (11.5%) Air France-KLM 139,078 4,193 AXA 284,608 10,494 BNP Paribas 127,977 13,769 Bouygues SA 29,269 1,565 Capgemini SA 69,471 3,684 Compagnie de Saint- Gobain 62,456 4,530 Credit Agricole SA 183,580 8,063 France Telecom SA 254,978 5,851 Lafarge SA 60,380 7,793 PSA Peugeot Citroen SA 38,613 2,177 Sanofi-Aventis 79,637 7,088 Schneider Electric SA 50,536 5,635 Societe Generale 63,379 10,085 SUEZ SA 199,771 8,784 TOTAL SA (b) 137,146 8,999 VINCI SA 71,175 7,923 Vivendi Universal SA 221,277 7,976 ---------- 118,609 ----------
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- GERMANY (7.5%) Adidas-Salomon AG 107,647 5,058 Allianz AG 56,089 9,706 BASF AG 97,322 7,813 Bayer AG 42,567 2,164 Continental AG 60,028 6,972 Deutsche Bank AG 70,410 8,519 Deutsche Telekom AG (b) 346,838 5,510 E.ON AG 84,561 10,048 MAN AG 93,849 7,928 PUMA Rudolf Dassler Sport AG (b) 12,566 4,282 SAP AG 19,724 3,914 ThyssenKrupp AG (b) 172,234 5,807 ---------- 77,721 ---------- HONG KONG (1.5%) BOC Hong Kong Holdings Ltd. 1,226,621 2,755 China Mobile Ltd. 349,483 2,470 China Netcom Group Corp. Ltd. 1,152,711 2,069 CLP Holdings Ltd. 345,569 2,094 CNOOC Ltd. 3,968,205 3,300 Guoco Group Ltd. 250,610 3,199 ---------- 15,887 ---------- IRELAND (1.0%) Allied Irish Banks PLC 40,926 1,090 Anglo Irish Bank Corp. PLC 258,473 4,244 CRH PLC 158,584 5,354 ---------- 10,688 ---------- ITALY (2.0%) Banca Intesa SpA 687,889 4,527 Benetton Group SpA 194,017 3,338 Eni SpA (b) 360,426 10,679 UniCredito Italiano SpA 203,505 1,689 ---------- 20,233 ---------- JAPAN (23.2%) AEON Credit Service Co. Ltd. 81,710 1,954 Brother Industries Ltd. 275,147 3,459 Canon, Inc. (b) 255,090 13,304 Daicel Chemical Industries Ltd. 642,288 4,454 Daiwa Securities Group, Inc. 314,057 3,664 DENSO Corp. 110,152 3,870
See Notes to Financial Statements. 12 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- JAPAN--CONTINUED East Japan Railway Co. 556 3,888 Fujikura Ltd. 176,020 1,927 Fujitsu Ltd. (b) 211,224 1,742 Honda Motor Co. Ltd. 270,608 9,096 Ibiden Co. Ltd. 86,435 4,567 ITOCHU Corp. 882,880 6,840 KDDI Corp. 321 2,000 Keisei Electric Railway Co. Ltd. 238,090 1,459 Kitz Corp. 411,331 3,288 Komatsu Ltd. 469,881 8,116 Kubota Corp. 267,736 2,199 Kyocera Corp. 37,335 3,196 Makita Corp. (b) 193,354 5,681 Matsushita Electric Industrial Co. Ltd. 430,759 9,118 Mitsubishi Rayon Co. Ltd. 312,204 2,062 Mitsubishi Tokyo Financial Group, Inc. 209 2,690 Mitsui Trust Holdings, Inc. 445,609 5,071 Mizuho Financial Group, Inc. 1,803 13,983 New City Residence Investment Corp. 117 536 NGK Spark Plug Co. Ltd. (b) 210,298 4,175 Nihon Parkerizing Co. Ltd. 109,318 1,823 Nippon Telegraph & Telephone Corp. 823 4,041 NSK Ltd. 455,799 3,848 Okinawa Electric Power Co., Inc. (The) 77,078 4,529 ORIX Corp. 32,786 9,063 Ricoh Co. Ltd. 250,134 4,977 Sankyo Co. Ltd. 63,553 3,395 Sega Sammy Holdings, Inc. 184,914 5,949 Shin-Etsu Chemical Co. Ltd. 35,945 2,295 Sumitomo Chemical Co. Ltd. 512,311 3,826 Sumitomo Corp. 661,743 8,253 Sumitomo Electric Industries Ltd. 116,173 1,573 Sumitomo Metal Industries Ltd. 819,883 3,145
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- JAPAN--CONTINUED Sumitomo Mitsui Financial Group, Inc. 1,208 12,682 Takeda Pharmaceutical Co. Ltd. 115,852 7,229 Tokyo Electron Ltd. 54,888 4,057 Tokyo Ohka Kogyo Co. Ltd. 128,587 3,419 Tokyo Steel Manufacturing Co. Ltd. 77,819 1,225 Toyota Motor Corp. 356,394 19,371 Tsubakimoto Chain Co. 403,920 1,864 Yamada Denki Co. Ltd. 32,527 3,261 Yamaha Motor Co. Ltd. 228,456 6,054 Yamatake Corp. 113,209 2,789 ---------- 241,007 ---------- NETHERLANDS (3.6%) ABN AMRO Holding NV (b) 258,811 7,547 Akzo Nobel NV 96,966 5,973 ASML Holding NV * 84,165 1,968 Heineken NV 133,539 6,107 ING Groep NV (b) 270,778 11,910 Royal KPN NV 324,774 4,142 ---------- 37,647 ---------- NEW ZEALAND (0.5%) Fletcher Building Ltd. 944,524 5,289 ---------- NORWAY (2.0%) DNB NOR ASA 337,016 4,128 Norsk Hydro ASA 214,643 4,795 Orkla ASA (b) 150,655 7,170 Telenor ASA 343,890 4,486 ---------- 20,579 ---------- PORTUGAL (0.3%) Energias de Portugal SA 602,823 2,614 ---------- SINGAPORE (0.4%) United Overseas Bank Ltd. 409,806 4,207 ---------- SPAIN (2.6%) Banco Santander Central Hispano SA (b) 832,961 13,170 Endesa SA 71,105 3,025 Repsol YPF SA 212,283 6,317 Telefonica SA 246,735 4,276 ---------- 26,788 ----------
See Notes to Financial Statements. 13 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- SWEDEN (3.0%) Alfa Laval AB 125,417 4,212 Autoliv, Inc. 38,075 2,108 Nordea Bank AB 209,815 2,750 Sandvik AB (b) 370,469 4,248 Svenska Handelsbanken AB, Cl A 119,264 3,223 Swedish Match AB 392,863 6,395 Telefonaktiebolaget LM Ericsson 2,285,213 7,923 ---------- 30,859 ---------- SWITZERLAND (6.6%) Credit Suisse Group 203,210 11,761 Nestle SA (b) 41,155 14,354 Novartis AG 261,766 15,286 Roche Holding Ltd. (b) 61,904 10,706 UBS AG 119,431 7,146 Zurich Financial Services 35,215 8,655 ---------- 67,908 ---------- THAILAND (0.2%) Delta Electronics PCL 3,544,767 1,690 ---------- UNITED KINGDOM (23.2%) Allied Irish Banks PLC 187,505 4,985 Anglo American PLC 248,640 10,394 Anglo Irish Bank Corp. PLC 11,995 197 AstraZeneca PLC 222,878 13,928 Aviva PLC 594,566 8,715 AWG PLC 161,910 4,683 Barclays PLC 949,364 11,979 Barratt Developments PLC 110,175 2,199 BHP Billiton PLC 346,422 5,980 Bodycote International PLC 1,040,177 4,625 BP PLC 1,605,723 17,495 British Airways PLC * 742,339 5,934 British American Tobacco PLC 350,947 9,487 BT Group PLC 2,207,564 11,076 CRH PLC 31,437 1,064 DSG International PLC 1,796,067 7,364 First Choice Holidays PLC 558,145 2,085 GlaxoSmithKline PLC 546,861 14,558 HBOS PLC 204,693 4,050 HSBC Holdings PLC 1,261,378 23,014 National Grid PLC 527,770 6,595
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- UNITED KINGDOM--CONTINUED Prudential PLC 237,157 2,946 Royal & Sun Alliance Insurance Group PLC 827,123 2,307 Royal Bank of Scotland Group PLC (The) 383,712 13,210 Royal Dutch Shell PLC, Cl A 518,101 17,090 Royal Dutch Shell PLC, Cl B 288,818 9,803 Scottish & Newcastle PLC 454,765 4,853 Smith News PLC * 488,657 1,100 Tomkins PLC 983,361 4,358 Vodafone Group PLC 4,370,247 10,002 WH Smith PLC * 488,657 3,291 WPP Group PLC 171,813 2,129 ---------- 241,496 ---------- Total Foreign Common Stocks (Cost $788,098) 996,670 ---------- FOREIGN PREFERRED STOCKS (0.8%) GERMANY (0.8%) Fresenius AG, 1.510% 24,833 4,431 ProSiebenSat.1 Media AG, 0.840% 149,886 4,162 ---------- Total Foreign Preferred Stocks (Cost $8,030) 8,593 ---------- SHORT-TERM INVESTMENTS (11.1%) Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 4.530% 7,693,073 7,693 CSFB Enhanced Liquidity Portfolio, 5.518% (c) 107,266,473 107,267 ---------- Total Short-Term Investments (Cost $114,960) 114,960 ---------- Total Investments (Cost $911,088) (a) -- 108.2% 1,120,223 Liabilities in excess of other assets -- (8.2)% (84,974) ---------- Net Assets -- 100.0% $1,035,249 ==========
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $920,442 (amount in thousands). Unrealized appreciation/ See Notes to Financial Statements. 14 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY FUND -- CONCLUDED (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................. $207,288 Unrealized Depreciation................. (7,507) -------- Unrealized Appreciation (Depreciation)........................ $199,781 ========
(b)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $106,955. (c)This security was purchased with cash collateral held from securities lending. Cl -- Class PLC -- Public Limited Company PCL -- Public Company Limited The investment concentrations for the International Equity Fund as a percentage of net assets, by industry, as of September 30, 2006, were as follows (unaudited): Consumer Discretionary 11.4% Consumer Staples 4.7 Energy 7.4 Financials 30.0 Health Care 7.1 Industrials 11.2 Information Technology 6.4 Materials 8.9 Short-Term Investments 11.0 Telecommunication Services 5.5 Utilities 4.6
See Notes to Financial Statements. 15 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- COMMON STOCK (0.0%) UNITED STATES (0.0%) Ship Finance International Ltd. 4,300 86 ---------- Total Common Stock (Cost $73) 86 ---------- FOREIGN COMMON STOCKS (93.9%) AUSTRALIA (3.6%) Alumina Ltd. 78,578 362 Amcor Ltd. 48,118 266 AMP Ltd. 99,292 661 Aristocrat Leisure Ltd. (b) 22,596 237 Australia & New Zealand Banking Group Ltd. 92,930 1,860 Australian Gas Light Co. 33,400 534 AXA Asia Pacific Holdings Ltd. 55,893 271 BHP Billiton Ltd. 185,838 3,550 BlueScope Steel Ltd. 45,870 221 Boral Ltd. 40,875 220 Brambles Industries Ltd. (b) 57,353 545 Centro Properties Group 54,208 325 Coca-Cola Amatil Ltd. 52,906 264 Coles Myer Ltd. 67,703 726 Commonwealth Bank of Australia 66,482 2,266 Computershare Ltd. 33,134 190 CSL Ltd. 10,412 419 CSR Ltd. 88,300 196 Foster's Group Ltd. 125,546 602 GPT Group 133,553 468 Insurance Australia Group Ltd. 107,436 423 John Fairfax Holdings Ltd. 82,219 259 Lend Lease Corp. Ltd. 27,713 331 Lion Nathan Ltd. 39,384 238 Macquarie Bank Ltd. 16,117 830 Macquarie Goodman Group 93,485 454 Macquarie Infrastructure Group 157,769 376 Mirvac Group Ltd. 90,741 320 National Australia Bank Ltd. 85,184 2,329
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- AUSTRALIA--CONTINUED Newcrest Mining Ltd. 18,422 309 Orica Ltd. 18,249 306 Origin Energy Ltd. 63,473 315 Perpetual Ltd. 5,205 284 QBE Insurance Group Ltd. 45,937 839 Rinker Group Ltd. 55,093 571 Rio Tinto Group Ltd. (b) 14,150 739 Santos Ltd. 46,285 386 Sonic Healthcare Ltd. 23,530 231 Stockland Trust Group 99,741 550 Suncorp-Metway Ltd. 39,016 638 Sydney Roads Group * 52,589 43 TABCORP Holdings Ltd. 30,565 356 Telstra Corp. Ltd. (b) 113,153 313 Toll Holdings Ltd. 41,081 471 Transurban Group 61,523 335 Wesfarmers Ltd. 25,356 660 Westfield Group 71,524 1,003 Westpac Banking Corp. 93,726 1,586 Woodside Petroleum Ltd. 30,580 894 Woolworths Ltd. 62,639 946 WorleyParsons Ltd. (b) 15,824 198 Zinifex Ltd. 33,046 289 ---------- 32,005 ---------- AUSTRIA (1.5%) BETandWIN.com Interactive Entertainment AG * (b) 4,357 115 BOHLER-UDDEHOLM AG 13,240 745 Erste Bank der oesterreichischen Sparkassen AG 39,812 2,478 Flughafen Wien AG 3,519 291 Immofinanz Immobilien Anlagen AG * 74,312 895 Meinl European Land Ltd. * 41,086 895 OMV AG 36,788 1,906 Raiffeisen International Bank-Holding AG (b) 7,383 786 RHI AG * 6,822 267 Telekom Austria AG 78,670 1,985 Verbund AG 21,060 1,019
See Notes to Financial Statements. 16 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- AUSTRIA--CONTINUED voestalpine AG 20,624 852 Wiener Staedtische Allgemeine Versicherung AG 6,465 406 Wienerberger AG 14,658 692 ---------- 13,332 ---------- BELGIUM (1.9%) Agfa-Gevaert NV 14,463 343 Barco NV 2,315 212 Belgacom SA 20,846 812 Delhaize Group 9,428 792 Dexia Group 66,511 1,723 Fortis 136,301 5,532 Groep Colruyt (b) 2,158 368 Groupe Bruxelles Lambert SA 9,832 1,049 InBev 21,932 1,207 KBC Bank & Insurance Holding Co. 21,828 2,298 NV Mobistar SA 4,281 354 NV Bekaert SA 1,916 189 NV Umicore SA 3,567 528 Omega Pharma NV 3,029 175 Solvay SA 8,188 1,059 UCB SA (b) 10,877 692 ---------- 17,333 ---------- DENMARK (1.3%) A.P. Moller-Maersk A/S 154 1,320 Bang & Olufsen A/S, Cl B (b) 1,910 205 Carlsberg A/S, Cl B 4,500 379 Coloplast A/S, Cl B (b) 4,644 373 Danisco A/S 7,409 601 Danske Bank A/S 50,968 2,005 DSV A/S 3,150 551 FLS Industries A/S 6,450 299 GN Store Nord A/S (b) 30,900 473 H. Lundbeck A/S 9,200 214 Jyske Bank A/S * 10,325 595 Novo Nordisk A/S, Cl B 32,587 2,423 Novozymes A/S, Cl B 7,370 562 Sydbank A/S 10,950 403 Topdanmark A/S * 2,500 345
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- DENMARK--CONTINUED Trygvesta A/S (b) 3,700 221 Vestas Wind Systems A/S * 25,038 669 William Demant Holding * 4,307 331 ---------- 11,969 ---------- FINLAND (0.9%) Cargotec Corp., Cl B 5,572 236 Fortum Corp. 23,613 629 Kone Oyj, Cl B 6,824 331 Metso Corp. 8,000 294 Neste Oil Oyj 11,003 320 Nokia Corp., Cl A 204,350 4,058 Sampo PLC, Cl A 26,452 551 Stora Enso Oyj 35,006 531 Tietoenator Oyj 5,289 155 UPM-Kymmene Corp. 30,400 722 ---------- 7,827 ---------- FRANCE (10.4%) Accor 17,025 1,160 Air France-KLM 9,858 297 Alcatel 113,703 1,388 Alstom * 8,791 795 Atos Origin SA * 6,051 334 AXA 133,785 4,933 BNP Paribas (b) 66,122 7,113 Bouygues SA 17,023 910 Business Objects SA * (b) 9,093 308 Capgemini SA 10,296 546 Carrefour SA 48,375 3,056 Casino Guichard- Perrachon SA 4,093 330 CNP Assurances SA 2,791 271 Compagnie de Saint- Gobain 25,040 1,816 Compagnie Generale des Etablissements 12,716 932 Michelin Credit Agricole SA 46,945 2,062 Dassault Systemes SA 4,961 279 Essilor International SA 8,425 863 Euronext Paris SA 9,442 918 European Aeronautic Defence & Space Co. Eads NV (b) 27,977 805 France Telecom SA 140,556 3,226 Gaz de France (b) 15,234 606
See Notes to Financial Statements. 17 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- FRANCE--CONTINUED Gecina SA 2,652 354 Groupe Danone 19,022 2,670 Hermes International (b) 6,030 557 Imerys 3,354 281 Klepierre 3,764 564 L'Air Liquide Prime Fidelite 1,069 218 L'Air Liquide SA 8,417 1,717 L'Oreal SA 23,083 2,344 Lafarge SA 12,674 1,636 Lagardere SCA 10,353 747 LVMH Moet Hennessy Louis Vuitton SA 19,549 2,014 M6 Metropole Television 6,690 205 Neopost SA 3,160 377 PagesJaunes SA 12,867 365 Pernod Ricard 6,364 1,324 Pinault-Printemps- Redoute SA 4,848 719 PSA Peugeot Citroen SA 13,658 770 Publicis Groupe SA 11,170 440 Renault SA 15,330 1,758 Sagem SA (b) 14,584 295 Sanofi-Aventis (b) 82,375 7,332 Schneider Electric SA 18,681 2,083 Societe BIC 4,498 280 Societe Generale 27,339 4,350 Societe Television Francaise 1 10,468 334 Sodexho Alliance SA 8,825 489 SUEZ SA 83,183 3,658 Technip SA 10,636 604 Thales 9,004 399 Thomson 26,826 421 TOTAL SA (b) 180,501 11,844 Unibail Holding (b) 4,490 943 Valeo SA 6,474 231 Vallourec SA 2,995 698 Veolia Environnement SA 26,887 1,623 VINCI SA 17,942 1,997 Vivendi Universal SA 94,964 3,423 Zodiac SA 3,745 222 ---------- 93,234 ----------
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- GERMANY (13.3%) Adidas-Salomon AG 32,114 1,509 Allianz AG 61,614 10,662 ALTANA AG 11,761 651 BASF AG 75,312 6,046 Bayer AG 110,611 5,624 Beiersdorf AG 9,381 497 Bilfinger Berger AG 7,397 438 Celesio AG 14,508 756 Commerzbank AG 95,290 3,228 Continental AG 20,028 2,326 DaimlerChrysler AG 138,789 6,953 Deutsche Bank AG 78,520 9,501 Deutsche Boerse AG 15,491 2,327 Deutsche Lufthansa AG 33,938 719 Deutsche Post AG 120,120 3,150 Deutsche Post AG 3,502 90 Deutsche Postbank AG 8,404 638 Deutsche Telekom AG (b) 433,708 6,890 Douglas Holding AG 6,789 317 E.ON AG (b) 92,994 11,049 Heidelberger Druckmaschinen AG 11,030 456 Hochtief AG 7,402 463 Hypo Real Estate Holding AG 20,765 1,295 Infineon Technologies AG * (b) 118,780 1,408 IVG Immobilien AG 15,998 582 Karstadt Quelle AG * (b) 12,195 291 Linde AG 16,874 1,591 MAN AG 18,906 1,597 Merck KGaA 8,426 890 METRO AG 21,447 1,251 MLP AG (b) 10,855 243 Muenchener Rueckversicherungs AG (b) 29,570 4,677 PUMA Rudolf Dassler Sport AG 1,959 668 Rheinmetall AG 7,020 510 RWE AG 67,394 6,225 Salzgitter AG 6,955 654 SAP AG 33,624 6,672 Siemens AG 128,325 11,195 Solarworld AG (b) 6,661 367 Suedzucker AG 10,745 264 ThyssenKrupp AG 54,650 1,842
See Notes to Financial Statements. 18 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- GERMANY--CONTINUED TUI AG (b) 32,991 681 Volkswagen AG (b) 25,969 2,220 Wincor Nixdorf AG 3,034 440 ---------- 119,853 ---------- GREECE (1.1%) Alpha Bank SA 52,476 1,400 Coca-Cola HBC 13,800 476 Cosmote Mobile Telecommunications SA 18,300 439 EFG Eurobank Ergasias SA 30,916 947 Germanos SA 10,220 244 Hellenic Petroleum SA 19,180 230 Hellenic Technodomiki Tev SA 26,180 256 Hellenic Telecommunications Organization SA * 45,070 1,105 National Bank of Greece SA 51,999 2,238 OPAP SA 31,910 1,072 Piraeus Bank SA 30,000 777 Public Power Corp. SA 15,540 374 Titan Cement Co. SA 7,840 372 Viohalco SA 18,180 184 ---------- 10,114 ---------- HONG KONG (0.9%) Bank of East Asia Ltd. 117,385 536 BOC Hong Kong Holdings Ltd. 194,000 436 Cheung Kong Holdings Ltd. 72,000 773 CLP Holdings Ltd. 64,100 388 Esprit Holdings Ltd. 44,500 406 Foxconn International Holdings Ltd. * (b) 97,000 299 Hang Seng Bank Ltd. 27,400 346 Henderson Land Development Co. Ltd. 54,000 304 Hong Kong & China Gas Co. Ltd. (The) 166,237 390 Hong Kong Exchanges & Clearing Ltd. 58,000 423 Hongkong Electric Holdings Ltd. 64,000 299 Hutchison Whampoa Ltd. 95,080 839 Li & Fung Ltd. 147,400 366
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- HONG KONG--CONTINUED Link REIT (The) 104,000 217 New World Development Co. Ltd. 169,000 291 PCCW Ltd. 215,326 132 Sun Hung Kai Properties Ltd. 70,600 771 Swire Pacific Ltd. 51,500 538 Wharf Holdings Ltd. (The) 84,000 288 ---------- 8,042 ---------- IRELAND (1.3%) Allied Irish Banks PLC 78,799 2,098 Bank of Ireland 90,763 1,774 Bank of Ireland 32,464 938 C&C Group PLC 34,600 470 CRH PLC 47,236 1,595 DCC PLC 11,376 284 DEPFA Bank PLC 57,452 1,062 Elan Corp. PLC * 42,406 656 Grafton Group PLC 28,278 373 Independent News & Media PLC (d) 154 0 Independent News & Media PLC 81,378 246 Irish Life & Permanent PLC 28,797 721 Kerry Group PLC 16,308 387 Kerry Group PLC, Cl A 6,213 217 Kingspan Group PLC 14,621 301 Ryanair Holdings PLC * 26,051 279 ---------- 11,401 ---------- ITALY (8.7%) Alleanza Assicurazioni SpA (b) 63,112 738 Arnoldo Mondadori Editore SpA (b) 27,901 258 Assicurazioni Generali SpA 161,521 6,041 Autogrill SpA (b) 20,663 329 Autostrade SpA (b) 53,132 1,576 Banca Fideuram SpA 63,129 402 Banca Intesa SpA (b) 679,016 4,468 Banca Intesa SpA 162,593 996 Banca Monte dei Paschi di Siena SpA (b) 190,669 1,156 Banca Popolare di Milano Scarl SpA (b) 82,707 1,094
See Notes to Financial Statements. 19 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- ITALY--CONTINUED Banche Popolari Unite SpA 64,687 1,740 Banco Popolare di Verona e Novara Scrl SpA 67,992 1,878 Benetton Group SpA 14,363 247 Bulgari SpA 29,964 381 Capitalia SpA 302,915 2,508 Enel SpA (b) 733,629 6,693 Eni SpA (b) 454,779 13,476 Fiat SpA * (b) 98,916 1,576 Finmeccanica SpA 48,561 1,084 Fondiaria-Sai SpA 13,510 593 Gruppo Editoriale L'Espresso SpA (b) 44,146 226 Italcementi SpA 12,881 326 Lottomatica SpA 12,963 488 Luxottica Group SpA 24,211 713 Mediaset SpA 132,571 1,425 MEDIOBANCA-Banca di Credito Finanziario SpA (b) 85,688 1,869 Mediolanum SpA (b) 53,219 395 Pirelli & C. SpA (b) 567,648 488 Sanpaolo IMI SpA 188,808 3,986 Seat Pagine Gialle SpA 851,278 426 Snam Rete Gas SpA 186,233 904 Telecom Italia RNC SpA 1,008,050 2,428 Telecom Italia SpA 1,840,598 5,227 Terna SpA (b) 232,855 678 Tiscali SpA * (b) 63,228 179 UniCredito Italiano SpA (b) 1,349,381 11,198 ---------- 78,190 ---------- JAPAN (21.5%) 77 Bank Ltd. 33,000 229 Acom Co. Ltd. 5,950 254 Advantest Corp. 13,200 655 AEON Co. Ltd. 43,600 1,069 AEON Credit Service Co. Ltd. 9,000 215 Aiful Corp. 5,800 224 Aisin Seiki Co. Ltd. 17,000 497 Ajinomoto Co., Inc. 51,000 549 All Nippon Airways Co. Ltd. 55,000 223 Alps Electric Co. Ltd. 17,800 186
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- JAPAN--CONTINUED Amada Co. Ltd. 31,000 311 Ariake Japan Co. Ltd. 40 1 Asahi Breweries Ltd. 30,400 443 Asahi Glass Co. Ltd. 70,000 864 Asahi Kasei Corp. 100,000 640 Astellas Pharma, Inc. 38,661 1,555 Bank of Fukuoka Ltd. (The) 49,000 360 Bank of Yokohama Ltd. (The) 90,000 709 Benesse Corp. 6,100 226 Bridgestone Corp. 47,000 949 Canon, Inc. 75,100 3,918 Casio Computer Co. Ltd. (b) 20,300 409 Central Japan Railway Co. 111 1,184 Chiba Bank Ltd. (The) 61,000 544 Chubu Electric Power Co., Inc. 45,800 1,190 Chugai Pharmaceutical Co. Ltd. 21,200 456 Citizen Watch Co. Ltd. (b) 36,100 297 Credit Saison Co. Ltd. 14,700 620 CSK Corp. (b) 5,900 247 Dai Nippon Printing Co. Ltd. 50,000 772 Daiichi Sankyo Co. Ltd. 53,525 1,518 Daikin Industries Ltd. 19,000 563 Daimaru, Inc. (The) 20,000 247 Dainippon Ink & Chemicals, Inc. 67,000 244 Daito Trust Construction Co. Ltd. 6,900 374 Daiwa House Industry Co. Ltd. 44,000 762 Daiwa Securities Group, Inc. 98,000 1,143 Denki Kagaku Kogyo KK 49,000 190 DENSO Corp. 37,600 1,321 Dentsu, Inc. 146 397 DOWA Mining Co. Ltd. (b) 25,000 216 East Japan Railway Co. 239 1,671 Eisai Co. Ltd. 17,600 851 Electric Power Development Co. Ltd. 11,320 403 FANUC Ltd. 13,700 1,069
See Notes to Financial Statements. 20 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- JAPAN--CONTINUED Fast Retailing Co. Ltd. 4,000 376 Fuji Electric Co. Ltd. 49,000 253 Fuji Photo Film Co. Ltd. 35,400 1,292 Fujikura Ltd. 30,000 328 Fujitsu Ltd. (b) 141,000 1,163 Furukawa Electric Co. Ltd. (The) 52,000 343 Gunma Bank Ltd. (The) 42,000 310 Hirose Electric Co. Ltd. 2,700 358 Hitachi Chemical Co. Ltd. 9,500 230 Hitachi Ltd. 254,000 1,482 Hokkaido Electric Power Co., Inc. 11,600 281 Hokuhoku Financial Group, Inc. 96,000 362 Honda Motor Co. Ltd. 110,200 3,705 Hoya Corp. 31,700 1,194 Ibiden Co. Ltd. 10,200 539 INPEX Holdings, Inc. * 74 588 Isetan Co. Ltd. 16,200 273 Ishikawajima-Harima Heavy Industries Co. Ltd. 94,000 287 ITOCHU Corp. 120,000 930 Japan Real Estate Investment Corp. 35 296 Japan Retail Fund Investment Corp. (b) 36 265 Japan Tobacco, Inc. 325 1,263 JFE Holdings, Inc. 40,975 1,606 JGC Corp. 18,000 301 Joyo Bank Ltd. (The) 60,300 358 JSR Corp. 13,900 306 Kajima Corp. (b) 76,000 347 Kamigumi Co. Ltd. 28,000 218 Kaneka Corp. 25,000 237 Kansai Electric Power Co., Inc. (The) 44,300 1,022 Kansai Paint Co. Ltd. 24,000 181 Kao Corp. 34,000 907 Kawasaki Heavy Industries Ltd. 102,000 338 Kawasaki Kisen Kaisha Ltd. (b) 48,000 303 KDDI Corp. 181 1,128 Keihin Electric Express Railway Co. Ltd. (b) 42,000 307
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- JAPAN--CONTINUED Keio Electric Railway Co. Ltd. 52,000 347 Keyence Corp. 3,260 751 Kinki Nippon Railway Co. Ltd. (b) 132,250 414 Kirin Brewery Co. Ltd. 55,000 734 Kobe Steel Ltd. 229,000 719 Kokuyo Co. Ltd. 13,700 218 Komatsu Ltd. 66,800 1,154 Konami Corp. 8,900 226 Konica Minolta Holdings, Inc. 39,000 522 Kubota Corp. 89,000 731 Kuraray Co. Ltd. 29,000 323 Kurita Water Industries Ltd. 12,400 240 Kyocera Corp. 12,400 1,061 Kyowa Hakko Kogyo Co. Ltd. 29,000 204 Kyushu Electric Power Co., Inc. 24,300 574 Lawson, Inc. 5,500 193 Leopalace21 Corp. 10,000 365 Mabuchi Motor Co. Ltd. (b) 3,500 214 Makita Corp. (b) 9,900 291 Marubeni Corp. 127,000 632 Marui Co. Ltd. 25,300 370 Matsushita Electric Industrial Co. Ltd. 139,880 2,962 Matsushita Electric Works Ltd. 31,000 328 Millea Holdings, Inc. 51,500 1,928 Minebea Co. Ltd. 39,000 213 Mitsubishi Chemical Holdings Corp. 86,000 539 Mitsubishi Corp. 99,400 1,868 Mitsubishi Electric Corp. 142,000 1,196 Mitsubishi Estate Co. Ltd. 85,000 1,857 Mitsubishi Gas Chemical Co., Inc. 30,000 326 Mitsubishi Heavy Industries Ltd. 245,000 1,014 Mitsubishi Logistics Corp. 14,000 224 Mitsubishi Materials Corp. (b) 75,000 309 Mitsubishi Rayon Co., Ltd. 42,000 277
See Notes to Financial Statements. 21 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- JAPAN--CONTINUED Mitsubishi Tokyo Financial Group, Inc. 616 7,930 Mitsui & Co. Ltd. (b) 115,000 1,462 Mitsui Chemicals, Inc. 53,000 381 Mitsui Engineering & Shipbuilding Co. Ltd. (b) 73,000 237 Mitsui Fudosan Co. Ltd. 62,000 1,409 Mitsui Mining & Smelting Co. Ltd. 49,000 253 Mitsui O.S.K. Lines Ltd. (b) 85,000 628 Mitsui Sumitomo Insurance Co. Ltd. 89,340 1,117 Mitsui Trust Holdings, Inc. 51,000 580 Mitsukoshi Ltd. (b) 39,000 175 Mizuho Financial Group, Inc. 695 5,391 Murata Manufacturing Co. Ltd. 15,700 1,090 Namco Bandai Holdings, Inc. 20,050 315 NEC Corp. 160,000 879 NGK Insulators Ltd. 25,000 351 NGK Spark Plug Co. Ltd. (b) 15,000 298 Nidec Corp. 9,000 679 Nikko Cordial Corp. 68,500 795 Nikon Corp. (b) 25,000 516 Nintendo Co. Ltd. 7,100 1,463 Nippon Building Fund, Inc. (b) 37 376 Nippon Electric Glass Co. Ltd. 20,000 441 Nippon Express Co. Ltd. 70,000 375 Nippon Meat Packers, Inc. 16,000 180 Nippon Mining Holdings, Inc. 75,000 530 Nippon Oil Corp. 105,000 773 Nippon Sheet Glass Co. Ltd. (b) 38,000 179 Nippon Steel Corp. (b) 447,000 1,839 Nippon Telegraph & Telephone Corp. 369 1,812 Nippon Unipac Holding 75 272 Nippon Yusen KK (b) 94,000 572
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- JAPAN--CONTINUED Nissan Chemical Industries Ltd. 16,000 189 Nissan Motor Co. Ltd. 164,400 1,842 Nisshin Seifun Group, Inc. 18,300 191 Nisshin Steel Co. Ltd. 82,000 243 Nissin Food Products Co. Ltd. 7,300 232 Nitto Denko Corp. 13,000 770 NOK Corp. (b) 9,200 227 Nomura Holdings, Inc. 127,900 2,252 Nomura Research Institute Ltd. 2,200 305 NSK Ltd. 37,000 312 NTN Corp. 37,000 293 NTT DATA Corp. (b) 97 448 NTT DoCoMo, Inc. 1,334 2,056 Obayashi Corp. 52,000 366 Odakyu Electric Railway Co. Ltd. (b) 61,000 388 Oji Paper Co. Ltd. (b) 59,000 323 Olympus Corp. 18,000 530 OMRON Corp. 18,600 457 Onward Kashiyama Co. Ltd. 14,000 201 Oriental Land Co. Ltd. (b) 4,800 269 ORIX Corp. 6,780 1,874 Osaka Gas Co. Ltd. 144,000 502 Pioneer Corp. (b) 16,300 287 Promise Co. Ltd. 6,950 277 Rakuten, Inc. 599 235 Resona Holdings, Inc. 343 1,028 Ricoh Co. Ltd. 52,000 1,035 ROHM Co. Ltd. 8,800 817 Sankyo Co. Ltd. 4,600 246 SANYO Electric Co. Ltd. * (b) 132,000 268 SBI Holdings, Inc. 896 321 Secom Co. Ltd. 16,600 822 Sega Sammy Holdings, Inc. 15,704 505 Seiko Epson Corp. (b) 12,500 341 Sekisui Chemical Co. Ltd. 38,000 320 Sekisui House Ltd. 41,000 620 Seven & I Holdings Co. Ltd. 60,140 1,935 Sharp Corp. 75,000 1,286 Shimamura Co. Ltd. 2,000 195
See Notes to Financial Statements. 22 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- JAPAN--CONTINUED Shimano, Inc. 8,300 232 Shimizu Corp. 51,000 291 Shin-Etsu Chemical Co. Ltd. 28,100 1,794 Shinsei Bank Ltd. 125,000 762 Shionogi & Co. Ltd. 24,000 441 Shiseido Co. Ltd. (b) 27,000 539 Shizuoka Bank Ltd. (The) 48,000 522 Showa Denko KK 85,000 366 Showa Shell Sekiyu KK 19,100 213 SMC Corp. 4,700 622 Softbank Corp. (b) 55,700 1,153 Sompo Japan Insurance, Inc. 66,000 864 Sony Corp. 72,800 2,947 Stanley Electric Co. Ltd. 14,400 297 Sumitomo Chemical Co. Ltd. 114,000 851 Sumitomo Corp. 82,600 1,030 Sumitomo Electric Industries Ltd. 56,300 762 Sumitomo Heavy Industries Ltd. 44,000 368 Sumitomo Metal Industries Ltd. 308,000 1,181 Sumitomo Metal Mining Co. Ltd. (b) 39,000 511 Sumitomo Mitsui Financial Group, Inc. 446 4,683 Sumitomo Realty & Development Co. Ltd. 29,000 852 Sumitomo Trust & Banking Co. Ltd. (The) 98,000 1,026 Suruga Bank Ltd. 21,000 262 Suzuken Co. Ltd. 6,400 240 T&D Holdings, Inc. 17,500 1,267 Taiheiyo Cement Corp. 70,000 259 Taisei Corp. 78,000 280 Taisho Pharmaceutical Co. Ltd. 12,000 230 Taiyo Yuden Co. Ltd. (b) 16,000 240 Takashimaya Co. Ltd. (b) 23,000 292 Takeda Pharmaceutical Co. Ltd. 61,700 3,851 Takefuji Corp. 9,840 452 TDK Corp. 10,300 825 Teijin Ltd. 65,000 350
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- JAPAN--CONTINUED Terumo Corp. 13,100 497 THK Co. Ltd. 9,700 229 Tobu Railway Co. Ltd. (b) 78,000 394 Toho Co. Ltd. 14,400 293 Tohoku Electric Power Co., Inc. 28,300 619 Tokyo Electric Power Co., Inc. (The) 80,700 2,324 Tokyo Electron Ltd. 12,700 939 Tokyo Gas Co. Ltd. (b) 149,000 747 Tokyu Corp. 93,000 639 TonenGeneral Sekiyu KK (b) 29,000 262 Toppan Printing Co. Ltd. 44,000 488 Toray Industries, Inc. 103,000 775 Toshiba Corp. (b) 215,000 1,394 Tosoh Corp. 46,000 187 Tostem Inax Holding Corp. 22,112 462 TOTO Ltd. (b) 23,700 224 Toyo Seikan Kaisha Ltd. 13,600 260 Toyobo Co. Ltd. 74,000 195 Toyota Industries Corp. 14,500 615 Toyota Motor Corp. 203,000 11,035 Trend Micro, Inc. 7,500 220 Ube Industries Ltd. 88,000 250 Uni-Charm Corp. 4,200 233 UNY Co. Ltd. 16,000 212 Ushio, Inc. 12,600 272 USS Co. Ltd. 2,960 190 Wacoal Corp. 16,000 202 West Japan Railway Co. 144 616 Yahoo Japan Corp. (b) 1,079 406 Yakult Honsha Co. Ltd. 10,700 314 Yamada Denki Co. Ltd. 6,860 688 Yamaha Corp. 15,300 322 Yamaha Motor Co. Ltd. 14,300 379 Yamato Transport Co. Ltd. 34,000 492 Yokogawa Electric Corp. 20,400 268 ---------- 194,369 ---------- NETHERLANDS (3.5%) ABN AMRO Holding NV (b) 130,780 3,814 AEGON NV 103,360 1,938 Akzo Nobel NV 19,872 1,224 ASML Holding NV * (b) 34,793 813
See Notes to Financial Statements. 23 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- NETHERLANDS--CONTINUED Fugro NV 6,000 253 Hagemeyer NV * (b) 43,224 210 Heineken NV 16,855 771 ING Groep NV (b) 134,011 5,895 Mittal Steel Co. NV 21,100 737 Mittal Steel Co. NV 37,386 1,304 QIAGEN NV * (b) 22,416 354 Randstad Holding NV 3,853 219 Reed Elsevier NV (b) 52,925 882 Rodamco Europe NV (b) 4,646 541 Royal Ahold NV * 116,863 1,242 Royal DSM NV 13,203 579 Royal KPN NV 141,666 1,807 Royal Numico NV 12,293 553 Royal Philips Electronics NV 90,202 3,165 SBM Offshore NV 12,700 345 TPG NV 30,641 1,162 Unilever NV 120,756 2,970 Vedior NV 13,551 254 Wolters Kluwer NV 23,231 606 ---------- 31,638 ---------- NEW ZEALAND (0.5%) Auckland International Airport Ltd. (b) 334,300 443 Contact Energy Ltd. 77,603 362 Fisher & Paykel Appliances Holdings Ltd. 95,674 225 Fisher & Paykel Healthcare Corp. Ltd. 162,014 439 Fletcher Building Ltd. 119,373 668 Kiwi Income Property Trust 320,778 289 Sky City Entertainment Group Ltd. 143,943 498 Telecom Corp. of New Zealand Ltd. (b) 471,032 1,337 ---------- 4,261 ---------- NORWAY (1.3%) Acergy SA * 25,100 429 Det Norske Oljeselskap ASA * (b) 95,200 133 DNB NOR ASA 93,740 1,148 Frontline Ltd. (b) 8,400 321 Norsk Hydro ASA 95,600 2,135
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- NORWAY--CONTINUED Norske Skogindustrier ASA 24,150 363 Orkla ASA 26,600 1,266 Petoleum Geo-Services ASA * 7,134 348 Petrojarl ASA * 7,134 77 Schibsted ASA (b) 10,600 318 SeaDrill Ltd. * 34,600 454 Statoil ASA 82,500 1,950 Storebrand ASA 36,600 387 Tandberg ASA 20,694 221 Telenor ASA 102,400 1,336 Tomra Systems ASA (b) 27,950 171 Yara International ASA (b) 30,840 468 ---------- 11,525 ---------- PORTUGAL (1.0%) Banco BPI SA 100,190 747 Banco Comercial Portugues SA 497,865 1,547 Banco Espirito Santo SA 48,555 742 Brisa-Auto-estradas de Portugal SA 81,666 905 CIMPOR-Cimentos de Portugal, SGPS, SA 50,980 365 Energias de Portugal SA 383,064 1,661 Jeronimo Martins, SGPS, SA 13,411 239 Keppel Corp. Ltd. 39,000 363 Portugal Telecom, SGPS, SA 165,558 2,068 PT Multimedia-Servicos de Telecomunicacoes e Multimedia, SGPS, SA 22,010 267 Sonae, SGPS, SA 263,119 457 ---------- 9,361 ---------- SINGAPORE (0.5%) Capitaland Ltd. 89,000 283 City Developments Ltd. 41,000 276 DBS Group Holdings Ltd. 66,467 803 Oversea-Chinese Banking Corp. Ltd. 175,700 725 Singapore Airlines Ltd. 39,000 359 Singapore Press Holdings Ltd. 120,750 312 Singapore Telecommunications Ltd. 283,660 436
See Notes to Financial Statements. 24 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- SINGAPORE--CONTINUED United Overseas Bank Ltd. 75,000 770 United Overseas Land Ltd. 139,300 307 Venture Corp. Ltd. 30,000 238 ---------- 4,509 ---------- SPAIN (6.3%) Abertis Infraestructuras SA (b) 33,527 880 Acciona SA 4,153 632 Acerinox SA (b) 25,226 486 Actividades de Construccion y Servicios SA (ACS) (b) 30,117 1,428 Altadis SA (b) 34,031 1,615 Antena 3 de Television SA (b) 12,294 251 Banco Bilbao Vizcaya Argentaria SA (b) 368,595 8,530 Banco Popular Espanol SA (b) 106,060 1,739 Banco Santander Central Hispano SA 650,731 10,289 Cintra Concesiones de Infraestructuras de Transporte SA (b) 27,641 389 Corporacion Mapfre SA 15,213 318 Ebro Puleva SA 16,201 331 Endesa SA 102,849 4,375 Fadesa Inmobiliaria SA (b) 7,484 333 Fomento de Construcciones y Contratas SA 6,647 531 Gamesa Corporacion Tecnologica SA 22,098 484 Gas Natural SDG SA (b) 22,995 838 Grupo Ferrovial SA (b) 9,139 735 Iberdrola SA (b) 92,560 4,143 Iberia Lineas Aereas de Espana SA 94,195 253 Indra Sistemas SA 19,673 428 Industria de Diseno Textil SA (b) 25,038 1,167 Inmobiliaria Colonial SA 4,720 366 Metrovacesa SA (b) 6,916 834 Promotora de Informaciones SA (b) 14,588 239 Repsol YPF SA 110,038 3,274
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- SPAIN--CONTINUED Sacyr Vallehermoso Group SA (b) 13,805 627 Sociedad General de Aguas de Barcelona SA, Cl A 10,872 353 Telefonica Publicidad e Informacion SA 26,688 282 Telefonica SA (b) 500,238 8,671 Union Fenosa SA (b) 20,860 1,065 Zeltia SA * (b) 34,645 258 ---------- 56,144 ---------- SWEDEN (1.8%) ASSA ABLOY AB 23,400 435 Atlas Copco AB, Cl A 21,700 570 Atlas Copco AB, Cl B 15,541 389 Boliden AB 18,400 349 Electrolux AB, Ser B (b) 17,900 291 Getinge AB, Cl B 14,200 260 H&M Hennes & Mauritz AB 27,750 1,161 Husqvarna AB, Cl B * 17,900 211 Nordea Bank AB 128,800 1,688 Sandvik AB 63,300 726 Scania AB, Cl B 7,527 449 Securitas AB, Cl B 21,000 264 Securitas Direct AB, Cl B * 21,000 53 Securitas Systems AB, Cl B * 21,000 79 Skandinaviska Enskilda Banken AB 30,800 828 Skanska AB, Cl B 25,100 425 SKF AB, Cl B 27,400 401 SSAB Svenskt Stal AB, Ser A 11,400 212 Svenska Cellulosa AB ACA 8,500 390 Svenska Handelsbanken AB, Cl A 33,100 895 Swedish Match AB 23,600 384 Tele2 AB, Cl B (b) 24,500 247 Telefonaktiebolaget LM Ericsson 905,800 3,142 TeliaSonera AB 116,500 747 Volvo AB, Cl A 6,557 406 Volvo AB, Cl B 13,950 831 ---------- 15,833 ----------
See Notes to Financial Statements. 25 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- SWITZERLAND (2.0%) ABB Ltd. 42,045 553 Adecco SA 3,943 238 Compagnie Financiere Richemont SA 13,029 627 Credit Suisse Group 26,006 1,505 Holcim Ltd. 4,976 407 Nestle SA 7,744 2,702 Nobel Biocare Holding AG 865 213 Novartis AG 46,001 2,686 Roche Holding Ltd. 14,207 2,457 STMicroelectronics NV 58,342 1,011 Swiss Reinsurance Co. 7,499 574 Swisscom AG 772 257 Syngenta AG 2,815 425 UBS AG 42,140 2,521 Xstrata PLC 16,344 675 Zurich Financial Services 3,083 758 ---------- 17,609 ---------- UNITED KINGDOM (10.6%) 3I Group PLC 21,131 370 AMVESCAP PLC 34,094 370 Anglo American PLC 46,810 1,957 AstraZeneca PLC 54,671 3,416 Aviva PLC 90,507 1,327 BAE Systems PLC 121,797 901 Barclays PLC 224,527 2,833 Barratt Developments PLC 11,879 237 BG Group PLC 130,002 1,580 BHP Billiton PLC 84,866 1,465 Boots Group PLC 37,979 551 BP PLC 692,617 7,545 Brambles Industries PLC 34,279 307 British American Tobacco PLC 53,971 1,459 British Land Co. PLC (The) 21,472 548 British Sky Broadcasting Group PLC 45,640 467 BT Group PLC 293,378 1,472 Bunzl PLC 30,585 383 Burberry Group PLC 26,473 256 Cadbury Schweppes PLC 76,541 815 Capita Group PLC (The) 33,355 342 Carnival PLC 7,052 337 Centrica PLC 134,608 820 Compass Group PLC 85,307 428
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- UNITED KINGDOM--CONTINUED Corus Group PLC 35,478 258 Daily Mail & General Trust PLC 19,072 217 Diageo PLC 94,285 1,665 DSG International PLC 82,208 337 Elan Corp. PLC * 18,086 281 EMAP PLC 11,989 169 Enterprise Inns PLC 16,127 319 Friends Provident PLC 76,822 278 Gallaher Group PLC 25,629 419 GKN PLC 36,074 194 GlaxoSmithKline PLC 198,799 5,292 GUS PLC 31,602 572 Hammerson PLC 16,989 417 Hanson PLC 30,896 447 Hays PLC 72,491 196 HBOS PLC 134,213 2,656 HSBC Holdings PLC 385,286 7,028 ICAP PLC 25,085 242 Imperial Chemical Industries PLC 48,410 360 Imperial Tobacco Group PLC 24,474 816 InterContinental Hotels Group PLC 16,574 290 International Power PLC 62,672 367 ITV PLC 174,542 316 J Sainsbury PLC 58,013 408 Johnson Matthey PLC 10,122 261 Kelda Group PLC 24,763 394 Kingfisher PLC 96,258 442 Land Securities Group PLC 17,875 659 Legal & General Group PLC 239,461 639 Liberty International PLC 16,465 378 Lloyds TSB Group PLC 198,563 2,005 Man Group PLC 69,240 581 Marks & Spencer Group PLC 59,702 718 Mitchells & Butlers PLC 31,322 346 National Grid PLC 93,282 1,166 Next PLC 9,555 339 Old Mutual PLC 200,454 629 Pearson PLC 32,051 456 Persimmon PLC 11,625 291 Provident Financial PLC 20,451 239
See Notes to Financial Statements. 26 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- UNITED KINGDOM--CONTINUED Prudential PLC 88,354 1,097 Punch Taverns PLC 12,598 229 Reckitt Benckiser PLC 20,066 832 Reed Elsevier PLC 49,779 552 Rentokil Initial PLC 96,633 265 Reuters Group PLC 53,433 435 Rio Tinto PLC 36,076 1,707 Rolls-Royce PLC 66,478 564 Royal & Sun Alliance Insurance Group PLC 123,009 343 Royal Bank of Scotland Group PLC (The) 110,408 3,801 Royal Dutch Shell PLC, Cl A 132,864 4,383 Royal Dutch Shell PLC, Cl B 96,226 3,266 SABMiller PLC 30,620 572 Sage Group PLC (The) 65,479 308 Scottish & Newcastle PLC 33,242 355 Scottish & Southern Energy PLC 31,147 769 Scottish Power PLC 73,628 898 Severn Trent PLC 16,074 402 Slough Estates PLC 26,485 330 Smith & Nephew PLC 39,890 367 Smiths Group PLC 22,415 376 Tate & Lyle PLC 23,905 322 Tesco PLC 274,413 1,849 Tomkins PLC 39,274 174 Unilever PLC (b) 43,601 1,075 United Business Media PLC 16,626 206 United Utilities PLC 33,365 441 Vodafone Group PLC 1,836,177 4,202 Whitbread PLC 11,555 280 Whitbread PLC * 13,595 39 William Hill Organization Ltd. 20,301 245
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- UNITED KINGDOM--CONTINUED Wolseley PLC 24,242 511 WPP Group PLC 45,503 564 Yell Group PLC 32,812 366 ---------- 95,398 ---------- Total Foreign Common Stocks (Cost $595,622) 843,947 ---------- FOREIGN PREFERRED STOCKS (0.7%) GERMANY (0.6%) Fresenius Medical Care AG, 1.230% 9,344 1,215 Henkel KGaA, Vorzug, 1.360% 8,837 1,233 Porsche AG, 5.000% 1,191 1,233 ProSiebenSat.1 Media AG, 0.840% 12,482 347 RWE AG, 1.750% 5,555 464 Volkswagen AG, 1.210% 15,594 920 ---------- 5,412 ---------- ITALY (0.1%) Compagnia Assicuratrice Unipol SpA, 0.125% 185,420 549 ---------- Total Foreign Preferred Stocks (Cost $3,599) 5,961 ---------- EXCHANGE TRADED FUNDS (1.7%) iShares MSCI EAFE Index Fund (b) 137,732 9,327 iShares MSCI Germany Index Fund (b) 55,376 1,332 iShares MSCI Italy Index Fund (b) 62,610 1,908 iShares MSCI Japan Index Fund 175,400 2,377 ---------- Total Exchange Traded Funds (Cost $13,413) 14,944 ----------
See Notes to Financial Statements. 27 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERNATIONAL EQUITY INDEX FUND -- CONCLUDED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- SHORT-TERM INVESTMENTS (15.6%) Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 4.530% 6,244,873 6,245 CSFB Enhanced Liquidity Portfolio, 5.518% (c) 133,547,804 133,548 ---------- Total Short-Term Investments (Cost $139,793) 139,793 ---------- Total Investments (Cost $752,500) (a) -- 111.9% 1,004,731 Liabilities in excess of other assets -- (11.9)% (106,904) ---------- Net Assets -- 100.0% $ 897,827 ==========
- --------------- * Non-income producing security. (a) Cost for federal income tax purposes is $773,554 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation............... $246,431 Unrealized Depreciation............... (15,254) -------- Unrealized Appreciation (Depreciation)...................... $231,177 ========
(b) This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $127,552. (c) This security was purchased with cash collateral held from securities lending. (d) Market value is less than one thousand dollars. Cl -- Class PLC -- Public Limited Company Ser -- Series The investment concentrations for the International Equity Index Fund as a percentage of net assets, by industry, as of September 30, 2006, were as follows (unaudited): Consumer Discretionary 11.5% Consumer Staples 5.5 Energy 6.5 Financials 30.0 Health Care 5.0 Industrials 10.5 Information Technology 5.5 Materials 7.6 Short-Term Investments 17.2 Telecommunication Services 5.7 Utilities 6.9
See Notes to Financial Statements. 28 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LARGE CAP QUANTITATIVE EQUITY FUND
- ------------------------------------------------------ Shares Value($) - ------------------------------------------------------ COMMON STOCKS (99.7%) CONSUMER DISCRETIONARY (5.6%) Best Buy Co., Inc. 23,028 1,233 Big Lots, Inc. * 61,335 1,215 Circuit City Stores, Inc. 49,750 1,249 Coach, Inc. * 36,685 1,262 Dillard's, Inc., Cl A 37,387 1,224 Johnson Controls, Inc. 17,270 1,239 Kohl's Corp. * 18,814 1,221 McDonald's Corp. 31,579 1,235 McGraw-Hill Cos., Inc. (The) 21,849 1,269 Newell Rubbermaid, Inc. 43,867 1,242 Nordstrom, Inc. 28,576 1,209 Office Depot, Inc. * 30,725 1,220 OfficeMax, Inc. 30,493 1,242 Omnicom Group, Inc. 13,314 1,246 Sherwin-Williams Co. (The) 22,120 1,234 Starbucks Corp. * 36,534 1,244 -------- 19,784 -------- CONSUMER STAPLES (15.1%) Coca-Cola Enterprises, Inc. 365,932 7,622 Costco Wholesale Corp. 152,746 7,588 Pepsi Bottling Group, Inc. (The) 214,650 7,620 Procter & Gamble Co. (The) 122,839 7,614 SUPERVALU, Inc. 257,681 7,641 Wal-Mart Stores, Inc. 153,203 7,556 Walgreen Co. 170,296 7,559 -------- 53,200 -------- ENERGY (7.6%) Anadarko Petroleum Corp. 87,397 3,831 BJ Services Co. 129,048 3,888 ConocoPhillips 64,513 3,840 Marathon Oil Corp. 50,023 3,847 Nabors Industries Ltd. * 129,779 3,861 Sunoco, Inc. 61,432 3,820 Valero Energy Corp. 74,137 3,816 -------- 26,903 -------- FINANCIALS (39.4%) ACE Ltd. 158,308 8,664 Allstate Corp. (The) 138,985 8,719 Ambac Financial Group, Inc. 105,430 8,724 American International Group, Inc. 131,736 8,729 Bank of America Corp. 163,046 8,734 Bear Stearns & Co., Inc. 62,595 8,771 Chubb Corp. (The) 166,200 8,636 Franklin Resources, Inc. 82,737 8,749
- ------------------------------------------------------ Shares Value($) - ------------------------------------------------------ FINANCIALS--CONTINUED Genworth Financial, Inc., Cl A 248,332 8,694 JPMorgan Chase & Co. 185,074 8,691 Loews Corp. 228,814 8,672 MetLife, Inc. 153,902 8,723 Morgan Stanley 119,822 8,736 Regions Financial Corp. 235,350 8,659 SAFECO Corp. 148,182 8,732 XL Capital Ltd., Cl A 126,431 8,686 -------- 139,319 -------- HEALTH CARE (6.9%) Abbott Laboratories 50,402 2,448 AmerisourceBergen Corp. 54,132 2,447 Amgen, Inc. * 34,045 2,435 Baxter International, Inc. 54,216 2,464 Becton, Dickinson & Co. 35,100 2,480 Express Scripts, Inc. * 32,268 2,436 Merck & Co., Inc. 57,915 2,427 Stryker Corp. 49,092 2,434 UnitedHealth Group, Inc. 49,250 2,423 WellPoint, Inc. * 31,792 2,450 -------- 24,444 -------- INDUSTRIALS (13.9%) Caterpillar, Inc. 67,379 4,434 Cooper Industries Ltd., Cl A 52,752 4,496 Cummins, Inc. 37,161 4,431 Lockheed Martin Corp. 52,278 4,499 Northrop Grumman Corp. 65,606 4,466 PACCAR, Inc. 78,234 4,461 Raytheon Co. 93,267 4,478 Ryder System, Inc. 84,084 4,345 Southwest Airlines Co. 268,928 4,480 Union Pacific Corp. 51,131 4,499 Waste Management, Inc. 120,295 4,412 -------- 49,001 -------- INFORMATION TECHNOLOGY (8.7%) Agilent Technologies, Inc. * 66,841 2,185 Apple Computer, Inc. * 28,625 2,205 Applied Materials, Inc. 124,333 2,204 BMC Software, Inc. * 79,068 2,152 Ciena Corp. * 80,473 2,193 Cisco Systems, Inc. * 93,885 2,159 Comverse Technology, Inc. * 102,723 2,202 Convergys Corp. * 105,677 2,182 Google, Inc., Cl A * 5,462 2,195 Hewlett-Packard Co. 61,285 2,249 Molex, Inc. 56,135 2,188
See Notes to Financial Statements. 29 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LARGE CAP QUANTITATIVE EQUITY FUND -- CONCLUDED
- ------------------------------------------------------ Shares Value($) - ------------------------------------------------------ INFORMATION TECHNOLOGY--CONTINUED Novell, Inc. * 359,613 2,194 Novellus Systems, Inc. * 79,268 2,193 Oracle Corp. * 122,536 2,174 -------- 30,675 -------- MATERIALS (2.5%) PPG Industries, Inc. 65,721 4,409 Praxair, Inc. 75,058 4,440 -------- 8,849 -------- Total Common Stocks (Cost $338,780) 352,175 -------- MONEY MARKET (1.1%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (b) 4,055,770 4,056 Total Money Market (Cost $4,056) 4,056 -------- Total Investments (Cost $342,836) (a) -- 100.8% 356,231 Liabilities in excess of other assets -- (0.8)% (2,935) -------- Net Assets -- 100.0% $353,296 ========
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $345,087 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................. $25,933 Unrealized Depreciation................. (14,789) ------- Unrealized Appreciation (Depreciation)........................ $11,144 =======
(b)Affiliate investment. Cl -- Class See Notes to Financial Statements. 30 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LARGE CAP RELATIVE VALUE FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- COMMON STOCKS (99.1%) CONSUMER DISCRETIONARY (8.1%) Abercrombie & Fitch Co., Cl A (b) 275,000 19,107 Advance Auto Parts, Inc. 350,000 11,529 CBS Corp., Cl B 800,000 22,536 Lowe's Cos., Inc. 250,000 7,015 NIKE, Inc., Cl B (b) 200,000 17,524 Target Corp. 150,000 8,288 Time Warner, Inc. 1,500,000 27,345 Walt Disney Co. (The) (b) 500,000 15,455 ---------- 128,799 ---------- CONSUMER STAPLES (12.1%) Anheuser-Busch Cos., Inc. 375,000 17,816 Archer Daniels Midland Co. 400,000 15,152 ConAgra Foods, Inc. 1,000,000 24,480 CVS Corp. 500,000 16,060 Diageo PLC ADR 225,000 15,984 General Mills, Inc. 450,000 25,469 PepsiCo, Inc. 150,000 9,789 Procter & Gamble Co. (The) 275,000 17,045 Unilever PLC ADR (b) 700,000 17,367 Wal-Mart Stores, Inc. 500,000 24,660 Wm. Wrigley Jr. Co. (b) 225,000 10,364 ---------- 194,186 ---------- ENERGY (9.9%) Baker Hughes, Inc. (b) 375,000 25,575 Cameron International Corp. * (b) 375,000 18,116 Chevron Corp. 525,000 34,051 ConocoPhillips 550,000 32,742 CONSOL Energy, Inc. 700,000 22,211 Exxon Mobil Corp. 370,000 24,827 ---------- 157,522 ---------- FINANCIALS (23.4%) American International Group, Inc. 250,000 16,565 Ameriprise Financial, Inc. 500,000 23,450 Bank of America Corp. 850,000 45,534 Berkshire Hathaway, Inc., Cl B * (b) 6,500 20,631 Cincinnati Financial Corp. 325,000 15,620 CIT Group, Inc. 500,000 24,315 Citigroup, Inc. 800,000 39,736 Genworth Financial, Inc., Cl A 500,000 17,505
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- FINANCIALS--CONTINUED Goldman Sachs Group, Inc. (The) (b) 75,000 12,688 Morgan Stanley 250,000 18,228 New York Community Bancorp, Inc. (b) 1,200,000 19,656 Principal Financial Group, Inc. (b) 375,000 20,355 State Street Corp. 225,000 14,040 U.S. Bancorp 550,000 18,271 UBS AG ADR 400,000 23,724 Wachovia Corp. (b) 350,000 19,530 Wells Fargo & Co. (b) 650,000 23,517 ---------- 373,365 ---------- HEALTH CARE (11.8%) Abbott Laboratories 300,000 14,568 Amgen, Inc. * (b) 300,000 21,459 Becton, Dickinson & Co. 250,000 17,668 Boston Scientific Corp. * 1,000,000 14,790 Bristol-Myers Squibb Co. 650,000 16,198 Eli Lilly & Co. 500,000 28,500 Johnson & Johnson 250,000 16,235 Medtronic, Inc. 450,000 20,898 Pfizer, Inc. 1,350,000 38,286 ---------- 188,602 ---------- INDUSTRIALS (10.9%) 3M Co. 350,000 26,047 Dover Corp. 400,000 18,976 Emerson Electric Co. 200,000 16,772 General Electric Co. 900,000 31,770 Goodrich Corp. 550,000 22,286 Illinois Tool Works, Inc. 350,000 15,715 Ingersoll-Rand Co. Ltd., Cl A (b) 600,000 22,788 R.R. Donnelley & Sons Co. 625,000 20,600 ---------- 174,954 ---------- INFORMATION TECHNOLOGY (11.9%) Accenture Ltd., Cl A 700,000 22,197 Agilent Technologies, Inc. * (b) 400,000 13,076 Applied Materials, Inc. 1,000,000 17,730 Cisco Systems, Inc. * 700,000 16,100 First Data Corp. 500,000 21,000 Fiserv, Inc. * 271,000 12,761 Hewlett-Packard Co. 400,000 14,676 Intel Corp. (b) 1,000,000 20,570 Microsoft Corp. 700,000 19,131
See Notes to Financial Statements. 31 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LARGE CAP RELATIVE VALUE FUND -- CONCLUDED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Nokia Corp. ADR 1,000,000 19,690 Texas Instruments, Inc. 400,000 13,300 ---------- 190,231 ---------- MATERIALS (3.4%) E.I. du Pont de Nemours & Co. (b) 400,000 17,136 Praxair, Inc. 270,000 15,973 Sonoco Products Co. 625,000 21,025 ---------- 54,134 ---------- TELECOMMUNICATION SERVICES (3.6%) ALLTEL Corp. 425,000 23,587 BellSouth Corp. 425,000 18,169 Vodafone Group PLC ADR (b) 700,000 16,002 ---------- 57,758 ---------- UTILITIES (4.0%) Edison International 600,000 24,983 Entergy Corp. (b) 250,000 19,558 Exelon Corp. 250,000 15,135 SCANA Corp. (b) 125,000 5,034 ---------- 64,710 ---------- Total Common Stocks (Cost $1,295,231) 1,584,261 ---------- SHORT-TERM INVESTMENT (8.9%) CSFB Enhanced Liquidity Portfolio, 5.518% (c) 143,063,260 143,063 ---------- Total Short-Term Investment (Cost $143,063) 143,063 ---------- MONEY MARKET (0.1%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (d) 831,668 832 ---------- Total Money Market (Cost $832) 832 ----------
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- Total Investments (Cost $1,439,126) (a) -- 108.1% 1,728,156 Liabilities in excess of other assets -- (8.1)% (129,644) ---------- Net Assets -- 100.0% $1,598,512 ==========
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $1,442,594 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................ $300,947 Unrealized Depreciation................ (15,385) -------- Unrealized Appreciation (Depreciation)....................... $285,562 ========
(b)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $138,299. (c)This security was purchased with cash collateral held from securities lending. (d)Affiliate investment. ADR -- American Depository Receipt Cl -- Class PLC -- Public Limited Company See Notes to Financial Statements. 32 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LARGE CAP VALUE EQUITY FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- COMMON STOCKS (95.0%) CONSUMER DISCRETIONARY (6.6%) Advance Auto Parts, Inc. 254,933 8,397 Borders Group, Inc. 347,140 7,082 Foot Locker, Inc. 279,400 7,055 New York Times Co. (The), Cl A (b) 334,000 7,675 OSI Restaurant Partners, Inc. (b) 164,013 5,201 Target Corp. (b) 165,250 9,131 Time Warner, Inc. (b) 453,500 8,267 Williams-Sonoma, Inc. (b) 221,150 7,163 ---------- 59,971 ---------- CONSUMER STAPLES (8.3%) Alberto-Culver Co. 128,728 6,512 Colgate-Palmolive Co. 256,600 15,935 Hershey Co. (The) (b) 148,350 7,929 PepsiCo, Inc. 255,600 16,680 Procter & Gamble Co. (The) 329,050 20,396 Sara Lee Corp. 510,900 8,210 ---------- 75,662 ---------- ENERGY (10.4%) Arch Coal, Inc. 173,650 5,020 Chevron Corp. 287,250 18,631 ConocoPhillips 317,500 18,901 Exxon Mobil Corp. 377,300 25,316 Marathon Oil Corp. 251,400 19,333 Questar Corp. 84,500 6,910 ---------- 94,111 ---------- FINANCIALS (27.5%) American International Group, Inc. 234,450 15,535 Astoria Financial Corp. 240,125 7,401 Bank of America Corp. 430,850 23,082 Bank of New York Co., Inc. (The) (b) 215,008 7,581 BB&T Corp. (b) 329,200 14,412 Bear Stearns & Co., Inc. 57,200 8,014 CIT Group, Inc. 164,700 8,009 Citigroup, Inc. 521,729 25,915 Colonial BancGroup, Inc. (The) 287,750 7,050 Genworth Financial, Inc., Cl A 222,600 7,793 Hartford Financial Services Group, Inc. (The) 89,500 7,764 JPMorgan Chase & Co. 241,616 11,346
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- FINANCIALS--CONTINUED Legg Mason, Inc. 91,050 9,183 Lincoln National Corp. (b) 73,700 4,575 Merrill Lynch & Co., Inc. (b) 102,500 8,018 Morgan Stanley 110,608 8,064 Northern Trust Corp. 131,100 7,660 U.S. Bancorp 439,050 14,585 UCBH Holdings, Inc. 288,400 5,035 Wachovia Corp. (b) 353,050 19,700 Washington Mutual, Inc. (b) 333,650 14,504 Willis Group Holdings Ltd. 119,036 4,523 XL Capital Ltd., Cl A 145,850 10,020 ---------- 249,769 ---------- HEALTH CARE (8.1%) Cooper Companies, Inc. (The) (b) 127,850 6,840 Health Management Associates, Inc., Cl A 334,450 6,990 Johnson & Johnson (b) 257,600 16,729 PerkinElmer, Inc. 232,646 4,404 Pfizer, Inc. 771,850 21,889 Wyeth 327,750 16,663 ---------- 73,515 ---------- INDUSTRIALS (14.4%) 3M Co. 132,500 9,861 Con-way, Inc. 105,050 4,708 Cooper Industries Ltd., Cl A 78,550 6,694 Emerson Electric Co. 88,152 7,392 General Electric Co. 758,850 26,786 Honeywell International, Inc. 157,100 6,425 Illinois Tool Works, Inc. 384,400 17,260 ITT Industries, Inc. 198,376 10,171 Pentair, Inc. 241,200 6,317 R.R. Donnelley & Sons Co. 229,900 7,578 Rockwell Automation, Inc. 88,350 5,133 Union Pacific Corp. 120,700 10,622 W.W. Grainger, Inc. (b) 104,350 6,994 Wabtec Corp. 187,200 5,079 ---------- 131,020 ---------- INFORMATION TECHNOLOGY (4.6%) Analog Devices, Inc. 275,600 8,100 Diebold, Inc. (b) 185,478 8,074 First Data Corp. 183,200 7,694 Harris Corp. 109,525 4,873
See Notes to Financial Statements. 33 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LARGE CAP VALUE EQUITY FUND -- CONCLUDED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Jack Henry & Associates, Inc. (b) 257,115 5,597 Maxim Integrated Products, Inc. (b) 256,900 7,211 ---------- 41,549 ---------- MATERIALS (4.1%) Alcoa, Inc. 168,050 4,712 Dow Chemical Co. (The) 177,850 6,933 E.I. du Pont de Nemours & Co. (b) 186,750 8,000 Martin Marietta Materials, Inc. 59,400 5,026 Praxair, Inc. 138,900 8,217 Weyerhaeuser Co. 77,550 4,772 ---------- 37,660 ---------- TELECOMMUNICATION SERVICES (5.9%) ALLTEL Corp. 184,336 10,231 AT&T, Inc. (b) 433,900 14,128 Sprint Nextel Corp. (b) 535,950 9,192 Verizon Communications, Inc. 402,610 14,948 Windstream Corp. 408,393 5,387 ---------- 53,886 ---------- UTILITIES (5.1%) Dominion Resources, Inc. (b) 151,068 11,555 Duke Energy Corp. 339,356 10,249 Entergy Corp. 163,250 12,771 PPL Corp. (b) 350,344 11,526 ---------- 46,101 ---------- Total Common Stocks (Cost $762,241) 863,244 ---------- SHORT-TERM INVESTMENT (12.7%) CSFB Enhanced Liquidity Portfolio, 5.518% (c) 115,837,442 115,837 ---------- Total Short-Term Investment (Cost $115,837) 115,837 ----------
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- MONEY MARKET (4.9%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (d) 44,535,907 44,536 ---------- Total Money Market (Cost $44,536) 44,536 ---------- Total Investments (Cost $922,614) (a) -- 112.6% 1,023,617 Liabilities in excess of other assets -- (12.6)% (114,833) ---------- Net Assets -- 100.0% $ 908,784 ==========
- --------------- (a)Cost for federal income tax purposes is $923,660 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................. $110,749 Unrealized Depreciation................. (10,792) -------- Unrealized Appreciation (Depreciation)........................ $ 99,957 ========
(b)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $115,358. (c)This security was purchased with cash collateral held from securities lending. (d)Affiliate investment. Cl -- Class See Notes to Financial Statements. 34 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) MID-CAP EQUITY FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- COMMON STOCKS (99.1%) CONSUMER DISCRETIONARY (16.1%) Abercrombie & Fitch Co., Cl A (b) 56,093 3,897 American Eagle Outfitters, Inc. 65,329 2,863 AnnTaylor Stores Corp. * 84,705 3,546 Black & Decker Corp. (The) 43,969 3,489 Brinker International, Inc. (b) 89,450 3,586 CBS Corp., Cl B 111,772 3,149 Darden Restaurants, Inc. (b) 58,950 2,504 Dillard's, Inc., Cl A (b) 141,109 4,618 DIRECTV Group, Inc. (The) * 126,378 2,487 Hilton Hotels Corp. 133,557 3,720 J.C. Penney Co., Inc. (b) 64,828 4,434 Limited Brands, Inc. 107,114 2,837 Liz Claiborne, Inc. 80,437 3,178 Mattel, Inc. 161,017 3,172 Men's Wearhouse, Inc. (The) (b) 88,450 3,291 Nordstrom, Inc. (b) 66,848 2,828 Office Depot, Inc. * 53,242 2,114 Omnicom Group, Inc. (b) 34,507 3,230 Whirlpool Corp. (b) 28,789 2,421 -------- 61,364 -------- CONSUMER STAPLES (6.9%) Church & Dwight Co., Inc. 52,599 2,057 Corn Products International, Inc. 83,657 2,722 Del Monte Foods Co. (b) 263,980 2,759 General Mills, Inc. 54,031 3,058 J. M. Smucker Co. (The) (b) 66,665 3,197 Kroger Co. (The) 140,089 3,242 Pepsi Bottling Group, Inc. (The) 154,296 5,477 Reynolds American, Inc. (b) 60,313 3,737 -------- 26,249 -------- ENERGY (6.2%) Cameron International Corp. * (b) 73,901 3,570 Chesapeake Energy Corp. (b) 98,520 2,855 Diamond Offshore Drilling, Inc. 42,622 3,085 Murphy Oil Corp. 62,649 2,979 Noble Energy, Inc. 82,325 3,753
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- ENERGY--CONTINUED Pogo Producing Co. (b) 46,922 1,921 Tesoro Corp. 48,990 2,840 Tidewater, Inc. (b) 57,921 2,560 -------- 23,563 -------- FINANCIALS (22.3%) A.G. Edwards, Inc. 61,779 3,292 AMB Property Corp. REIT 45,553 2,510 Ambac Financial Group, Inc. 46,766 3,870 American Financial Group, Inc. 75,625 3,549 Ameriprise Financial, Inc. 42,422 1,990 Arch Capital Group Ltd. * 57,920 3,677 Archstone-Smith Trust REIT 52,804 2,875 Assurant, Inc. 56,584 3,022 BRE Properties, Inc., Cl A REIT 50,729 3,030 CB Richard Ellis Group, Inc. Cl A * 105,303 2,590 CIT Group, Inc. 81,422 3,960 Comerica, Inc. 36,768 2,093 E*TRADE Financial Corp. * 85,321 2,041 FelCor Lodging Trust, Inc. REIT 78,735 1,579 Fidelity National Title Group, Inc., Cl A (b) 71,770 1,504 First Marblehead Corp. (The) (b) 27,060 1,874 HCC Insurance Holdings, Inc. 79,005 2,598 Host Hotels & Resorts, Inc. REIT 151,796 3,481 IndyMac Bancorp, Inc. (b) 22,806 939 IStar Financial, Inc. REIT (b) 32,046 1,336 Jones Lang LaSalle, Inc. 42,777 3,657 KeyCorp 96,589 3,616 MGIC Investment Corp. 69,428 4,164 National Retail Properties, Inc. REIT 83,802 1,810 PMI Group, Inc. (The) 93,389 4,091 ProLogis REIT (b) 84,204 4,805 Radian Group, Inc. 64,284 3,857 Raymond James Financial, Inc. 116,653 3,411 SL Green Realty Corp. REIT 21,925 2,449 Transatlantic Holdings, Inc. 31,252 1,888 -------- 85,558 --------
See Notes to Financial Statements. 35 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) MID-CAP EQUITY FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- HEALTH CARE (9.7%) Applera Corp.-Applied Biosystems Group 97,045 3,213 Becton, Dickinson & Co. 57,274 4,048 Caremark Rx, Inc. 51,385 2,912 Dade Behring Holdings, Inc. 65,494 2,630 Henry Schein, Inc. * (b) 54,929 2,754 Laboratory Corp. of America Holdings * 55,863 3,663 Millipore Corp. * (b) 47,534 2,914 Quest Diagnostics, Inc. 61,292 3,749 Thermo Electron Corp. * (b) 114,532 4,504 Universal Health Services, Inc., Cl B 62,242 3,730 WellCare Health Plans, Inc. * (b) 53,209 3,013 -------- 37,130 -------- INDUSTRIALS (10.1%) Alaska Air Group, Inc. * 68,159 2,593 Copart, Inc. * 118,747 3,348 Covanta Holding Corp. * (b) 140,449 3,024 Crane Co. 79,983 3,343 CSX Corp. 79,941 2,624 Curtiss-Wright Corp. 81,601 2,477 Eaton Corp. 40,408 2,782 Ingersoll-Rand Co. Ltd., Cl A 78,808 2,993 L-3 Communications Holdings, Inc. 25,982 2,035 Mettler Toledo International, Inc. * 37,864 2,505 PACCAR, Inc. (b) 53,674 3,060 Ryder System, Inc. 43,957 2,272 Sotheby's Holdings, Inc., Cl A (b) 88,564 2,855 Timken Co. (The) (b) 83,621 2,490 -------- 38,401 -------- INFORMATION TECHNOLOGY (12.6%) Acxiom Corp. 115,036 2,837 Autodesk, Inc. * 48,071 1,672 AVX Corp. (b) 117,565 2,080 BMC Software, Inc. * (b) 136,124 3,704 Cadence Design Systems, Inc. * (b) 170,816 2,897 Convergys Corp. * 148,150 3,059 Electronic Data Systems Corp. (b) 121,559 2,981 Integrated Device Technology, Inc. * (b) 74,320 1,194
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Lexmark International, Inc., Cl A * (b) 47,316 2,728 LSI Logic Corp. * 294,471 2,421 Micron Technology, Inc. * (b) 124,808 2,172 National Semiconductor Corp. 139,994 3,294 NCR Corp. * (b) 92,229 3,641 Novellus Systems, Inc. * (b) 59,925 1,658 Sabre Holdings Corp., Cl A 121,944 2,852 Sybase, Inc. * (b) 128,003 3,103 Vishay Intertechnology, Inc. * (b) 203,062 2,851 Xerox Corp. * 189,804 2,953 -------- 48,097 -------- MATERIALS (4.5%) Air Products & Chemicals, Inc. 15,701 1,042 Albemarle Corp. (b) 33,797 1,836 FMC Corp. 39,304 2,518 H.B. Fuller Co. 81,503 1,910 Lyondell Chemical Co. (b) 103,864 2,636 Sensient Technologies Corp. 58,643 1,148 Steel Dynamics, Inc. 30,136 1,520 Temple-Inland, Inc. (b) 65,690 2,634 United States Steel Corp. 33,030 1,905 -------- 17,149 -------- TELECOMMUNICATION SERVICES (1.8%) American Tower Corp., Cl A * (b) 56,574 2,065 Qwest Communications International, Inc. * (b) 401,546 3,502 Telephone & Data Systems, Inc. 29,204 1,229 -------- 6,796 -------- UTILITIES (8.9%) AES Corp. (The) * (b) 163,825 3,340 AGL Resources, Inc. 56,723 2,070 Alliant Energy Corp. 116,067 4,147 American Electric Power Co., Inc. (b) 96,802 3,521 FirstEnergy Corp. 60,242 3,365 Great Plains Energy, Inc. (b) 78,490 2,435 MDU Resources Group, Inc. (b) 112,933 2,523 National Fuel Gas Co. 48,523 1,764
See Notes to Financial Statements. 36 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) MID-CAP EQUITY FUND -- CONCLUDED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- UTILITIES--CONTINUED OGE Energy Corp. (b) 99,566 3,595 PG&E Corp. (b) 109,919 4,578 Puget Energy, Inc. 112,218 2,551 -------- 33,889 -------- Total Common Stocks (Cost $346,247) 378,196 -------- SHORT-TERM INVESTMENT (19.5%) CSFB Enhanced Liquidity Portfolio, 5.518% (c) 74,463,899 74,464 -------- Total Short-Term Investment (Cost $74,464) 74,464 -------- Total Investments (Cost $420,711) (a) -- 118.6% 452,660 Liabilities in excess of other assets -- (18.6)% (71,101) -------- Net Assets -- 100.0% $381,559 ========
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $424,618 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................. $32,218 Unrealized Depreciation.................. (4,176) ------- Unrealized Appreciation (Depreciation)... $28,042 =======
(b)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $71,316. (c)This security was purchased with cash collateral held from securities lending. Cl -- Class REIT -- Real Estate Investment Trust See Notes to Financial Statements. 37 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) MID-CAP VALUE EQUITY FUND
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- COMMON STOCKS (96.4%) CONSUMER DISCRETIONARY (11.8%) Advance Auto Parts, Inc. 116,900 3,851 American Greetings Corp., Cl A (b) 112,060 2,591 Borders Group, Inc. 198,900 4,058 Foot Locker, Inc. 120,400 3,040 KB Home (b) 47,200 2,067 New York Times Co. (The), Cl A (b) 112,300 2,581 OSI Restaurant Partners, Inc. (b) 66,900 2,121 Royal Caribbean Cruises Ltd. 56,300 2,185 Standard Pacific Corp. (b) 94,000 2,209 Williams-Sonoma, Inc. 90,400 2,928 YUM! Brands, Inc. 42,400 2,207 -------- 29,838 -------- CONSUMER STAPLES (6.8%) Fomento Economico Mexicano SA ADR 20,500 1,987 Hershey Co. (The) 70,200 3,752 J. M. Smucker Co. (The) 32,000 1,534 Kroger Co. (The) 111,700 2,585 Sara Lee Corp. 255,300 4,104 SUPERVALU, Inc. 107,700 3,193 -------- 17,155 -------- ENERGY (8.1%) CHC Helicopter Corp., Cl A 103,089 2,038 Chesapeake Energy Corp. (b) 82,700 2,397 Hess Corp. (b) 103,200 4,275 Pogo Producing Co. 109,600 4,488 Questar Corp. 34,300 2,805 Sunoco, Inc. 73,200 4,551 -------- 20,554 -------- FINANCIALS (23.1%) Alliancebernstein Holding LP (b) 32,400 2,235 Annaly Mortgage Management, Inc. 291,300 3,828 Aspen Insurance Holdings Ltd. 84,100 2,172 Astoria Financial Corp. 73,800 2,275 BankUnited Financial Corp., Cl A 171,440 4,469 CIT Group, Inc. 93,700 4,557 Colonial BancGroup, Inc. (The) 83,800 2,053 Comerica, Inc. 63,900 3,637 Developers Diversified Realty Corp. REIT 25,300 1,411 FirstMerit Corp. 82,300 1,907
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- FINANCIALS--CONTINUED Lazard Ltd., Cl A (b) 125,900 5,032 Legg Mason, Inc. 49,200 4,962 Lincoln National Corp. (b) 34,800 2,160 Protective Life Corp. 72,300 3,308 South Financial Group, Inc. (The) (b) 93,000 2,421 Trustreet Properties, Inc. REIT (b) 366,100 4,580 UCBH Holdings, Inc. 141,300 2,467 Willis Group Holdings Ltd. 49,700 1,889 XL Capital Ltd., Cl A (b) 48,900 3,359 -------- 58,722 -------- HEALTH CARE (3.9%) Cooper Cos., Inc. (The) (b) 71,000 3,799 Health Management Associates, Inc., Cl A 149,700 3,129 PerkinElmer, Inc. 156,600 2,964 -------- 9,892 -------- INDUSTRIALS (14.7%) Cooper Industries Ltd., Cl A 34,700 2,957 ITT Industries, Inc. 75,400 3,866 L-3 Communications Holdings, Inc. 56,248 4,406 Macquarie Infrastructure Co. Trust 85,149 2,655 Pentair, Inc. 200,400 5,248 R.R. Donnelley & Sons Co. 174,852 5,764 Rockwell Automation, Inc. 94,100 5,467 SkyWest, Inc. 180,600 4,428 UTI Worldwide, Inc. (b) 92,699 2,593 -------- 37,384 -------- INFORMATION TECHNOLOGY (8.2%) Analog Devices, Inc. 115,300 3,389 Black Box Corp. 122,200 4,757 CDW Corp. 33,600 2,072 Diebold, Inc. 106,808 4,649 Electronic Data Systems Corp. 117,500 2,881 Maxim Integrated Products, Inc. 104,700 2,939 -------- 20,687 -------- MATERIALS (10.2%) Air Products & Chemicals, Inc. 71,600 4,752 Ball Corp. 105,200 4,255 Foundation Coal Holdings, Inc. 232,555 7,529 International Flavors & Fragrances, Inc. 48,800 1,930
See Notes to Financial Statements. 38 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) MID-CAP VALUE EQUITY FUND -- CONCLUDED
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- MATERIALS--CONTINUED Valspar Corp. (The) 53,698 1,428 Vulcan Materials Co. 36,300 2,840 Weyerhaeuser Co. 51,300 3,156 -------- 25,890 -------- TELECOMMUNICATION SERVICES (1.1%) Windstream Corp. 214,400 2,828 -------- UTILITIES (8.5%) Ameren Corp. (b) 80,700 4,260 Constellation Energy Group, Inc. 27,800 1,646 Edison International 143,400 5,972 Entergy Corp. 54,100 4,232 Public Service Enterprise Group, Inc. 41,500 2,539 WPS Resources Corp. 59,200 2,938 -------- 21,587 -------- Total Common Stocks (Cost $239,680) 244,537 -------- SHORT-TERM INVESTMENT (15.5%) CSFB Enhanced Liquidity Portfolio, 5.518% (c) 39,409,922 39,410 -------- Total Short-Term Investment (Cost $39,410) 39,410 --------
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- MONEY MARKET (3.9%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (d) 9,813,297 9,813 Total Money Market (Cost $9,813) 9,813 -------- Total Investments (Cost $288,903) (a) -- 115.8% 293,760 Liabilities in excess of other assets -- (15.8)% (40,111) -------- Net Assets -- 100.0% $253,649 ========
- --------------- (a)Cost for federal income tax purposes is $289,278 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................ $13,490 Unrealized Depreciation................ (9,008) ------- Unrealized Appreciation (Depreciation)....................... $ 4,482 =======
(b)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $38,070. (c)This security was purchased with cash collateral held from securities lending. (d)Affiliate investment. ADR -- American Depository Receipt Cl -- Class LP -- Limited Partnership REIT -- Real Estate Investment Trust See Notes to Financial Statements. 39 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) QUALITY GROWTH STOCK FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- COMMON STOCKS (98.2%) CONSUMER DISCRETIONARY (8.8%) Best Buy Co., Inc. 23,000 1,232 Johnson Controls, Inc. 17,000 1,220 Lowe's Cos., Inc. 47,000 1,319 Staples, Inc. (b) 91,500 2,225 TJX Cos., Inc. (The) 61,000 1,710 -------- 7,706 -------- CONSUMER STAPLES (10.0%) Colgate-Palmolive Co. 33,000 2,049 CVS Corp. 36,000 1,156 PepsiCo, Inc. 39,000 2,546 Procter & Gamble Co. (The) 11,000 682 Wal-Mart Stores, Inc. 46,884 2,312 -------- 8,745 -------- ENERGY (8.6%) Anadarko Petroleum Corp. 23,000 1,008 Apache Corp. 15,250 964 BJ Services Co. 35,000 1,055 Chevron Corp. 24,000 1,557 Exxon Mobil Corp. 44,000 2,951 -------- 7,535 -------- FINANCIALS (23.7%) American Express Co. 19,180 1,076 American International Group, Inc. 27,000 1,789 Bank of America Corp. 45,000 2,410 Capital One Financial Corp. (b) 10,000 787 Chubb Corp. (The) 29,000 1,507 Citigroup, Inc. 30,000 1,490 Goldman Sachs Group, Inc. (The) 6,000 1,015 JPMorgan Chase & Co. 50,000 2,348 Legg Mason, Inc. 15,000 1,513 Lincoln National Corp. (b) 29,000 1,800 Merrill Lynch & Co., Inc. 20,000 1,564 MGIC Investment Corp. 14,000 840 Prudential Financial, Inc. 11,000 839 St. Paul Travelers Cos., Inc. (The) 36,000 1,688 -------- 20,666 -------- HEALTH CARE (12.4%) Amgen, Inc. * 24,000 1,717
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- HEALTH CARE--CONTINUED Becton, Dickinson & Co. 3,000 212 Coventry Health Care, Inc. * 20,000 1,030 Medtronic, Inc. 29,063 1,350 Pfizer, Inc. 95,000 2,695 Quest Diagnostics, Inc. (b) 7,000 428 Stryker Corp. (b) 31,000 1,537 WellPoint, Inc. * 24,000 1,849 -------- 10,818 -------- INDUSTRIALS (9.5%) Danaher Corp. 16,000 1,099 General Dynamics Corp. 15,000 1,075 General Electric Co. 80,844 2,854 J. B. Hunt Transport Services, Inc. 23,000 478 Rockwell Collins, Inc. 24,000 1,316 Waste Management, Inc. 40,000 1,467 -------- 8,289 -------- INFORMATION TECHNOLOGY (18.6%) CheckFree Corp. * (b) 5,000 207 Cisco Systems, Inc. * 110,000 2,530 Cognizant Technology Solutions Corp., Cl A * 16,000 1,185 Google, Inc., Cl A * 2,000 804 Hewlett-Packard Co. 31,000 1,137 Intel Corp. 62,086 1,277 International Business Machines Corp. 21,000 1,721 Intersil Corp., Cl A 37,000 908 Jabil Circuit, Inc. (b) 28,000 800 Microsoft Corp. 69,056 1,887 Oracle Corp. * 93,808 1,664 QUALCOMM, Inc. 31,000 1,127 Texas Instruments, Inc. (b) 30,000 998 -------- 16,245 -------- MATERIALS (3.0%) Praxair, Inc. 44,000 2,603 -------- TELECOMMUNICATION SERVICES (1.8%) AT&T, Inc. (b) 47,000 1,530 -------- UTILITIES (1.8%) Dominion Resources, Inc. 20,000 1,530 -------- Total Common Stocks (Cost $69,231) 85,667 --------
See Notes to Financial Statements. 40 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) QUALITY GROWTH STOCK FUND -- CONCLUDED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- WARRANTS (0.0%) INFORMATION TECHNOLOGY (0.0%) Lucent Technologies, Inc. * 22,693 4 -------- Total Warrants (Cost $0) 4 -------- SHORT-TERM INVESTMENT (8.2%) CSFB Enhanced Liquidity Portfolio, 5.518% (c) 7,149,250 7,149 -------- Total Short-Term Investment (Cost $7,149) 7,149 -------- MONEY MARKET (2.2%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (d) 1,907,011 1,907 -------- Total Money Market (Cost $1,907) 1,907 -------- Total Investments (Cost $78,287) (a) -- 108.6% 94,727 Liabilities in excess of other assets -- (8.6)% (7,495) -------- Net Assets -- 100.0% $ 87,232 ========
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $78,431 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................. $17,556 Unrealized Depreciation.................. (1,260) ------- Unrealized Appreciation (Depreciation)... $16,296 =======
(b)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $6,887. (c)This security was purchased with cash collateral held from securities lending. (d)Affiliate investment. Cl -- Class See Notes to Financial Statements. 41 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SMALL CAP GROWTH STOCK FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- COMMON STOCKS (96.9%) CONSUMER DISCRETIONARY (15.0%) Aaron Rents, Inc. (b) 224,228 5,153 Aeropostale, Inc. * 239,638 7,005 bebe stores, Inc. (b) 401,973 9,960 Carter's, Inc. * (b) 205,771 5,430 Casual Male Retail Group, Inc. * (b) 421,116 5,782 Cavco Industries, Inc. * 4,255 134 CBRL Group, Inc. (b) 148,347 5,998 Charlotte Russe Holding, Inc. * 157,917 4,349 Children's Place Retail Stores, Inc. (The) * (b) 71,503 4,578 Christopher & Banks Corp. 253,627 7,477 Coldwater Creek, Inc. * (b) 287,123 8,257 Conn's, Inc. * (b) 291,644 6,087 Crocs, Inc. * (b) 136,541 4,636 Dick's Sporting Goods, Inc. * (b) 154,078 7,014 Dress Barn, Inc. (The) * (b) 129,206 2,819 DSW, Inc., Cl A * (b) 210,557 6,633 J. Crew Group, Inc. * 120,246 3,616 Jos. A. Bank Clothiers, Inc. * (b) 163,900 4,910 Kimball International, Inc., Cl B 345,018 6,659 Matthews International Corp., Cl A 167,489 6,165 Movado Group, Inc. 122,844 3,123 Panera Bread Co., Cl A * (b) 123,950 7,220 Pantry, Inc. (The) * 77,507 4,369 Papa John's International, Inc. * 95,777 3,459 Phillips-Van Heusen Corp. 103,180 4,310 Pool Corp. (b) 105,279 4,053 Priceline.com, Inc. * (b) 160,807 5,916 Red Robin Gourmet Burgers, Inc. * (b) 152,883 7,049 Ruth's Chris Steak House, Inc. * 220,128 4,143 Select Comfort Corp. * 66,528 1,456 Sonic Corp. * (b) 303,845 6,870 Speedway Motorsports, Inc. 92,477 3,367 Steiner Leisure Ltd. * (b) 62,210 2,616
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- CONSUMER DISCRETIONARY--CONTINUED Steven Madden Ltd. 142,522 5,593 Stride Rite Corp. (The) 392,403 5,478 Tween Brands, Inc. * 92,199 3,467 Under Armour, Inc., Cl A * (b) 181,686 7,271 WMS Industries, Inc. * (b) 186,631 5,451 Zumiez, Inc. * (b) 191,416 5,168 ---------- 203,041 ---------- CONSUMER STAPLES (1.6%) Central European Distribution Corp. * (b) 110,064 2,577 Corn Products International, Inc. 210,557 6,852 NBTY, Inc. * (b) 267,982 7,843 Wild Oats Markets, Inc. * (b) 234,485 3,792 ---------- 21,064 ---------- ENERGY (6.5%) Allis-Chalmers Energy, Inc. * (b) 311,242 4,557 Core Laboratories NV * 101,219 6,457 Drill-Quip, Inc. * (b) 61,620 4,170 Exploration Co. of Delaware (The) * 202,268 1,936 Global Industries Ltd. * 350,355 5,452 Goodrich Petroleum Corp. * (b) 118,950 3,583 Grey Wolf, Inc. * (b) 880,172 5,879 Gulf Island Fabrication, Inc. 145,250 3,790 GulfMark Offshore, Inc. * 177,059 5,638 Hanover Compressor Co. * (b) 325,665 5,933 Helix Energy Solutions Group, Inc. * (b) 167,237 5,586 Hornbeck Offshore Services, Inc. * (b) 170,617 5,715 Lufkin Industries, Inc. 39,617 2,097 Oceaneering International, Inc. * 154,970 4,773 RPC Energy, Inc. (b) 299,374 5,485 Sunoco Logistics Partners LP (b) 114,467 5,124 Superior Energy Services, Inc. * 166,799 4,380
See Notes to Financial Statements. 42 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SMALL CAP GROWTH STOCK FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- ENERGY--CONTINUED TETRA Technologies, Inc. * (b) 152,376 3,681 W-H Energy Services, Inc. * 79,643 3,303 ---------- 87,539 ---------- FINANCIALS (9.3%) American Safety Insurance Holdings Ltd. * 110,064 2,014 BankUnited Financial Corp., Cl A 172,273 4,491 Cash America International, Inc. 167,489 6,545 CompuCredit Corp. * (b) 205,771 6,216 Corus Bankshares, Inc. (b) 263,196 5,885 EZCORP, Inc. * 100,494 3,887 FelCor Lodging Trust, Inc. REIT 325,407 6,524 First BanCorp (b) 210,557 2,329 First Citizens BancShares, Inc., Cl A 36,908 7,053 FPIC Insurance Group, Inc. * (b) 191,416 7,582 Hanmi Financial Corp. 59,010 1,157 Hanover Insurance Group, Inc. (The) 166,107 7,413 Harleysville Group, Inc. 231,804 8,112 International Securities Exchange Holdings, Inc. 155,832 7,307 Portfolio Recovery Associates, Inc. * (b) 168,626 7,398 PrivateBancorp, Inc. (b) 156,920 7,174 Safety Insurance Group, Inc. (b) 77,701 3,781 Smithtown Bancorp, Inc. (b) 105,279 2,841 Sunstone Hotel Investors, Inc. REIT 239,269 7,111 Triad Guaranty, Inc. * (b) 139,825 7,155 United Community Banks, Inc. (b) 215,343 6,471 Zenith National Insurance Corp. 205,771 8,209 ---------- 126,655 ---------- HEALTH CARE (17.4%) Adeza Biomedical Corp. * 121,395 1,992
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- HEALTH CARE--CONTINUED Allscripts Healthcare Solutions, Inc. * (b) 349,335 7,843 Amedisys, Inc. * (b) 148,347 5,885 Arena Pharmaceuticals, Inc. * (b) 445,271 5,334 Aspect Medical Systems, Inc. * (b) 373,069 6,368 BioMarin Pharmaceutical, Inc. * (b) 438,397 6,238 Conceptus, Inc. * 241,781 4,277 Conor Medsystems, Inc. * (b) 157,917 3,722 Digene Corp. * 86,138 3,717 Gen-Probe, Inc. * 147,317 6,908 Genomic Health, Inc. * (b) 330,192 4,775 HealthExtras, Inc. * 258,412 7,316 Healthways, Inc. * (b) 129,206 5,763 Hi-Tech Pharmacal Co., Inc. * 3,691 47 Hologic, Inc. * (b) 228,866 9,959 Human Genome Sciences, Inc. * (b) 595,237 6,869 ICU Medical, Inc. * (b) 81,352 3,700 Illumina, Inc. * (b) 181,845 6,008 Immucor, Inc. * (b) 166,047 3,721 Kendle International, Inc. * 178,914 5,729 LHC Group, Inc. * 235,058 5,246 LifeCell Corp. * (b) 334,978 10,792 Medicis Pharmaceutical Corp., Cl A (b) 116,537 3,770 Meridian Bioscience, Inc. (b) 282,339 6,638 Neurometrix, Inc. * (b) 333,402 6,338 New River Pharmaceuticals, Inc. * (b) 114,850 2,955 Nighthawk Radiology Holdings, Inc. * (b) 157,917 3,021 NuVasive, Inc. * (b) 137,654 2,768 Omicell, Inc. * 401,973 7,191 OSI Pharmaceuticals, Inc. * (b) 215,343 8,082 Palomar Medical Technologies, Inc. * (b) 193,175 8,152 PDL BioPharma, Inc. * (b) 425,805 8,175 Per-Se Technologies, Inc. * (b) 401,973 9,157
See Notes to Financial Statements. 43 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SMALL CAP GROWTH STOCK FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- HEALTH CARE--CONTINUED Phase Forward, Inc. * 420,672 5,023 Providence Service Corp. (The) * (b) 114,596 3,162 PSS World Medical, Inc. * (b) 382,832 7,653 Psychiatric Solutions, Inc. * 205,425 7,003 Res-Care, Inc. * 368,476 7,403 SurModics, Inc. * (b) 110,869 3,894 Ventana Medical Systems, Inc. * 164,713 6,725 West Pharmaceutical Services, Inc. 201,503 7,913 ---------- 237,232 ---------- INDUSTRIALS (15.9%) Acuity Brands, Inc. 177,059 8,038 AirTran Holdings, Inc. * (b) 168,446 1,671 Alaska Air Group, Inc. * 73,156 2,783 Albany International Corp., Cl A 100,494 3,198 American Woodmark Corp. (b) 119,636 4,031 Ameron International Corp. 44,959 2,987 Barnes Group, Inc. 219,604 3,856 Barrett Business Services, Inc. * 222,164 4,770 Brady Corp., Cl A 196,201 6,898 BTU International, Inc. * (b) 226,771 2,728 CBIZ, Inc. * (b) 861,699 6,290 Ceradyne, Inc. * (b) 101,374 4,165 Columbus McKinnon Corp. * 42,664 769 Copart, Inc. * 358,905 10,118 EMCOR Group, Inc. * (b) 88,004 4,826 Encore Wire Corp. * (b) 86,137 3,040 ESCO Technologies, Inc. * (b) 18,189 837 Flow International Corp. * (d) 819,992 10,635 Gardner Denver, Inc. * 206,730 6,839 General Cable Corp. * 262,859 10,044 Genesee & Wyoming, Inc., Cl A * 215,343 5,000
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- INDUSTRIALS--CONTINUED Genlyte Group, Inc. (The) * 134,160 9,552 Granite Construction, Inc. 61,445 3,278 Griffon Corp. * (b) 168,535 4,023 Hub Group, Inc., Cl A * (b) 170,672 3,888 Insituform Technologies, Inc., Cl A * (b) 190,102 4,616 Kansas City Southern, Inc. * 215,343 5,881 Kirby Corp. * 157,917 4,948 M & F Worldwide Corp. * 224,913 3,306 Marten Transport Ltd. * 153,132 2,617 Mobile Mini, Inc. * (b) 149,268 4,241 MTC Technologies, Inc. * 244,055 5,867 Mueller Industries, Inc. (b) 167,489 5,891 NCI Building Systems, Inc. * (b) 186,631 10,855 Old Dominion Freight Line, Inc. * (b) 200,987 6,036 Power-One, Inc. * (b) 667,180 4,830 Simpson Manufacturing Co., Inc. (b) 197,996 5,352 Toro Co. (The) 186,631 7,870 TurboChef Technologies, Inc. * (b) 63,785 887 Ultralife Batteries, Inc. * (b) 315,837 3,288 Wabtec Corp. 287,123 7,790 Woodward Governor Co. 224,913 7,544 ---------- 216,083 ---------- INFORMATION TECHNOLOGY (27.6%) @Road, Inc. * (b) 1,238,162 7,231 24/7 Real Media, Inc. * (b) 583,818 4,986 Actuate Corp. * 958,102 4,235 Aeroflex, Inc. * 586,235 6,026 Agilysys, Inc. 330,192 4,636 ANADIGICS, Inc. * (b) 556,147 3,982 Anaren, Inc. * 244,055 5,142 ANSYS, Inc. * (b) 148,347 6,554 ARRIS Group, Inc. * (b) 517,877 5,935 Art Technology Group, Inc. * 1,344,698 3,442 ASM International NV * 421,116 7,639 Aspen Technology, Inc. * (b) 450,908 4,924
See Notes to Financial Statements. 44 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SMALL CAP GROWTH STOCK FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Atheros Communications * (b) 411,545 7,461 Atmel Corp. * (b) 669,956 4,047 Avid Technology, Inc. * (b) 34,397 1,253 Avocent Corp. * 220,128 6,630 Bankrate, Inc. * (b) 89,588 2,379 Benchmark Electronics, Inc. * 306,266 8,232 Blackbaud, Inc. 216,799 4,767 Cirrus Logic, Inc. * 722,186 5,265 CommScope, Inc. * (b) 244,055 8,020 Comtech Group, Inc. * (b) 440,257 6,591 CryptoLogic, Inc. 266 6 Cymer, Inc. * (b) 171,720 7,540 Cypress Semiconductor Corp. * (b) 483,325 8,589 Diodes, Inc. * 84,182 3,634 Ditech Networks, Inc. * 569,462 4,391 eFunds Corp. * (b) 147,000 3,554 Electro Scientific Industries, Inc. * 306,266 6,309 FEI Co. * (b) 215,343 4,546 Forrester Research, Inc. * 153,132 4,029 Heartland Payment Systems, Inc. (b) 105,279 2,737 Hittite Microwave Corp. * (b) 172,273 7,666 Hyperion Solutions Corp. * (b) 200,987 6,930 InfoCrossing, Inc. * (b) 275,664 3,697 Integrated Device Technology, Inc. * (b) 239,269 3,843 Ituran Location & Control Ltd. 200,987 2,884 Lattice Semiconductor Corp. * 684,312 4,667 Littelfuse, Inc. * 172,273 5,978 Liveperson, Inc. * 784,805 4,214 Mentor Graphics Corp. * 397,189 5,592 Merix Corp. * (b) 239,269 2,299 Microtune, Inc. * 482,819 2,347 Netlogic Microsystems, Inc. * (b) 105,359 2,673 NICE Systems Ltd. * 254,583 7,044 Nuance Communications, Inc. * (b) 511,273 4,177 Orbotech Ltd. * 312,093 7,397
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Park Electrochemical Corp. 101,187 3,206 Paxar Corp. * 244,055 4,876 Perficient, Inc. * 189,691 2,974 Quality Systems, Inc. * 172,792 6,703 Quest Software, Inc. * (b) 315,837 4,510 Radiant Systems, Inc. * (b) 477,574 5,769 Radvision Ltd. * 260,301 4,295 Radyne ComStream, Inc. * 259,700 3,179 ROFIN-SINAR Technologies, Inc. * 137,163 8,335 Rogers Corp. * (b) 140,612 8,683 SonicWALL, Inc. * 483,325 5,278 Stellent, Inc. 775,235 8,404 SumTotal Systems, Inc. * 512,334 3,817 Sunair Services Corp. * (d) 1,000,000 4,300 Technitrol, Inc. 258,412 7,714 Tessera Technologies, Inc. * 86,138 2,996 Tollgrade Communications, Inc. * 294,442 2,635 Transaction Systems Architects, Inc. * (b) 244,055 8,376 Trimble Navigation Ltd. * (b) 234,485 11,039 TriQuint Semiconductor, Inc. * 961,865 5,002 Ultimate Software Group, Inc. (The) * 155,535 3,660 ValueClick, Inc. * (b) 470,928 8,730 Varian Semiconductor Equipment Associates, Inc. * (b) 114,850 4,215 VASCO Data Security International, Inc.* (b) 289,306 2,997 webMethods, Inc. * 260,115 1,990 Xyratex Ltd. * 258,905 4,935 ---------- 374,738 ---------- MATERIALS (3.3%) Albemarle Corp. 148,347 8,061 AMCOL International Corp. (b) 286,411 7,134 Carpenter Technology Corp. 60,296 6,482 Eagle Materials, Inc. 148,347 4,996 Gibraltar Industries, Inc. 257,263 5,706 Glatfelter Co. 248,841 3,372
See Notes to Financial Statements. 45 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SMALL CAP GROWTH STOCK FUND -- CONCLUDED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- MATERIALS--CONTINUED Myers Industries, Inc. 151,827 2,581 PolyOne Corp. * (b) 760,879 6,338 ---------- 44,670 ---------- TELECOMMUNICATION SERVICES (0.3%) Time Warner Telecom, Inc., Cl A * 181,762 3,455 ---------- Total Common Stocks (Cost $1,160,829) 1,314,477 ---------- WARRANTS (0.1%) HEALTH CARE (0.0%) Drugmax, Inc. *(c) 1,301,500 0 ---------- INFORMATION TECHNOLOGY (0.1%) InfoCrossing, Inc. * 139,109 772 ---------- TELECOMMUNICATION SERVICES (0.0%) Sunair Services Corp. (c)(d) 350,000 0 ---------- Total Warrants (Cost $169) 772 ---------- SHORT-TERM INVESTMENT (30.6%) CSFB Enhanced Liquidity Portfolio, 5.518% (e) 415,028,621 415,029 ---------- Total Short-Term Investment (Cost $415,029) 415,029 ---------- MONEY MARKET (1.9%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (f) 25,152,583 25,153 ---------- Total Money Market (Cost $25,153) 25,153 ---------- Total Investments (Cost $1,601,180) (a) -- 129.5% 1,755,431 Liabilities in excess of other assets -- (29.5)% (400,239) ---------- Net Assets -- 100.0% $1,355,192 ==========
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $1,608,910 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................. $192,720 Unrealized Depreciation................. (46,199) -------- Unrealized Appreciation (Depreciation)........................ $146,521 ========
(b)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $398,484. (c)Value rounds to less than $1,000. (d)Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e)This security was purchased with cash collateral held from securities lending. (f)Affiliate investment. ADR -- American Depository Receipt Cl -- Class LP -- Limited Partnership REIT -- Real Estate Investment Trust See Notes to Financial Statements. 46 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SMALL CAP QUANTITATIVE EQUITY FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- COMMON STOCKS (98.7%) CONSUMER DISCRETIONARY (8.8%) Ambassadors Groups, Inc. 3,345 95 Bright Horizons Family Solutions, Inc. * 2,310 96 CBRL Group, Inc. 2,367 96 Charlotte Russe Holding, Inc. * 3,503 96 Children's Place Retail Stores, Inc. (The) * 1,503 96 Christopher & Banks Corp. 3,159 93 Dress Barn, Inc. (The) * 4,225 92 DXP Enterprises, Inc. * 4,135 97 Group 1 Automotive, Inc. 1,915 96 Jack in the Box, Inc. * 1,832 96 K-Swiss, Inc., Cl A 3,088 93 Maidenform Brands, Inc. * 5,097 98 Men's Wearhouse, Inc. (The) 2,522 94 Morgans Hotel Group Co. * 7,586 95 Pantry, Inc. (The) * 1,755 99 Phillips-Van Heusen Corp. 2,220 93 Smith & Wesson Holding Corp. * 6,876 95 Steven Madden Ltd. 2,451 96 TiVo, Inc. * 12,511 95 Wolverine World Wide, Inc. 3,490 98 ------- 1,909 ------- CONSUMER STAPLES (1.7%) Central European Distribution Corp. * 1,929 45 Chattem, Inc. * 1,326 47 Flowers Foods, Inc. 1,717 46 Nash Finch Co. 1,953 46 NBTY, Inc. * 1,577 46 Ruddick Corp. 1,788 47 Seaboard Corp. 39 47 USANA Health Sciences, Inc. * 995 44 ------- 368 ------- ENERGY (2.6%) Allis-Chalmers Energy, Inc. * 2,645 39 Alon USA Energy, Inc. 1,291 38 Basic Energy Services, Inc. * 1,576 38 Delek US Holdings, Inc. * 2,067 38 Grey Wolf, Inc. * 5,646 38 Gulf Island Fabrication, Inc. 1,472 38 Hanover Compressor Co. * 2,113 38 Lufkin Industries, Inc. 714 38 Matrix Service Co. * 2,866 38 NATCO Group, Inc., Cl A * 1,287 37 Oil States International, Inc. * 1,366 38 Penn Virginia Corp. 593 38 USEC, Inc. 3,860 37
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- ENERGY--CONTINUED W-H Energy Services, Inc. * 905 38 Western Refining, Inc. 1,652 38 ------- 569 ------- FINANCIALS (33.3%) American Financial REIT 31,264 349 ASTA Funding, Inc. 9,001 337 BankUnited Financial Corp., Cl A 13,114 342 Capital Trust, Inc., Cl A 8,417 343 Commerce Group Corp. (The) 11,518 346 Corus Bankshares, Inc. 15,494 346 DiamondRock Hospitality Co. 20,967 348 Downey Financial Corp. 5,258 351 FelCor Lodging Trust, Inc. REIT 17,334 348 FirstFed Financial Corp. * 6,264 356 FPIC Insurance Group, Inc. * 8,667 343 Harleysville Group, Inc. 9,976 349 Highland Hospitality Corp. REIT 23,659 339 Impac Mortgage Holdings, Inc. 37,250 349 Infinity Property & Casualty Corp. 8,417 346 LandAmerica Financial Group, Inc. 5,289 348 ProAssurance Corp. * 7,060 348 Safety Insurance Group, Inc. 7,117 346 Spirit Finance Corp. REIT 30,186 351 Triad Guaranty, Inc. * 6,760 346 Zenith National Insurance Corp. 8,710 347 ------- 7,278 ------- HEALTH CARE (6.0%) Alpharma, Inc., Cl A 2,910 67 AMERIGROUP Corp. * 2,102 62 Greatbatch, Inc. * 2,769 63 Healthspring, Inc. * 3,052 59 Healthways, Inc. * 1,385 62 Inventiv Health, Inc. * 1,973 63 Kindred Healthcare, Inc. * 2,095 62 Magellan Health Services, Inc. * 1,472 62 Medcath Corp. * 2,095 63 Mentor Corp. 1,242 63 Molina Healthcare, Inc. * 1,746 62 Noven Pharmaceuticals, Inc. * 2,566 62 Odyssey HealthCare, Inc. * 4,219 60 Pain Therapeutics, Inc. * 7,484 64 Palomar Medical Technologies, Inc. * 1,526 64 Progenics Pharmaceuticals, Inc. * 2,721 64 Savient Pharmaceuticals, Inc. * 9,671 63 Sunrise Senior Living, Inc. * 2,082 62 Visicu, Inc. * 6,985 63
See Notes to Financial Statements. 47 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SMALL CAP QUANTITATIVE EQUITY FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- HEALTH CARE--CONTINUED West Pharmaceutical Services, Inc. 1,592 63 Zoll Medical Corp. * 1,751 63 ------- 1,316 ------- INDUSTRIALS (23.3%) Alaska Air Group, Inc. * 7,784 296 American Woodmark Corp. 8,763 295 Arkansas Best Corp. 6,811 293 Cascade Corp. 6,417 293 Consolidated Graphics, Inc. * 4,978 300 Dollar Thrifty Automotive Group, Inc. * 6,660 297 Freightcar America, Inc. 5,654 300 Granite Construction, Inc. 5,449 291 H&E Equipment Services, Inc. * 12,539 306 Lamson & Sessions Co. * 12,332 294 Old Dominion Freight Line, Inc. * 9,761 293 PW Eagle, Inc. 10,334 309 Saia, Inc. * 8,999 293 U.S. Xpress Enterprises, Inc., Cl A * 12,698 294 Viad Corp. 8,324 295 Watson Wyatt Worldwide, Inc., Cl A 7,221 295 Williams Scotsman International, Inc. * 13,684 292 World Fuel Services Corp. * 932 38 ------- 5,074 ------- INFORMATION TECHNOLOGY (20.3%) Actel Corp. * 9,929 154 Amkor Technology, Inc * 29,066 150 Aspen Technology, Inc. * 14,147 154 Asyst Technologies, Inc. * 22,837 154 Brocade Communications Systems, Inc. * 22,837 161 Covansys Corp. * 9,135 157 CSG Systems International, Inc. * 5,965 158 Digi International, Inc. * 11,930 161 Forrester Research, Inc. * 5,899 155 InterDigital Communications Corp. * 4,567 156 JDA Software Group, Inc. * 10,182 157 Lightbridge, Inc. * 13,901 163 Littelfuse, Inc. * 4,554 158 Mentor Graphics Corp. * 11,258 159 MicroStrategy, Inc., Cl A * 1,602 163 ON Semiconductor Corp. * 25,784 152
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Plexus Corp. * 8,156 157 Polycom, Inc. * 6,420 157 RadiSys Corp. * 7,470 159 Redback Networks, Inc. * 11,258 156 Silicon Image, Inc. * 12,789 163 Sykes Enterprises, Inc. * 8,033 162 TheStreet.com, Inc. 14,344 153 TTM Technologies, Inc. * 13,434 157 United Online, Inc. 13,212 161 UTStarcom, Inc. * 17,962 159 Websense, Inc. * 7,435 161 Zoran Corp. * 9,991 161 ------- 4,418 ------- MATERIALS (2.7%) H.B. Fuller Co. 12,718 298 OM Group, Inc. * 6,826 300 ------- 598 ------- Total Common Stocks (Cost $21,603) 21,530 ------- MONEY MARKET (2.3%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (b) 496,907 497 ------- Total Money Market (Cost $497) 497 ------- Total Investments (Cost $22,100) (a) -- 101.0% 22,027 Liabilities in excess of other assets -- (1.0)% (228) ------- Net Assets -- 100.0% $21,799 =======
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $22,244 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation..................... $ 555 Unrealized Depreciation..................... (772) ----- Unrealized Appreciation (Depreciation)...... $(217) =====
(b)Affiliate investment. Cl -- Class REIT -- Real Estate Investment Trust See Notes to Financial Statements. 48 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SMALL CAP VALUE EQUITY FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- COMMON STOCKS (100.1%) CONSUMER DISCRETIONARY (23.0%) ADESA, Inc. (b) 221,369 5,116 Applebee's International, Inc. (b) 417,100 8,972 Asbury Automotive Group, Inc. 39,800 820 Bassett Furniture Industries, Inc. 209,900 3,409 bebe stores, Inc. (b) 544,600 13,494 Benetton Group SpA ADR 179,300 6,168 Borders Group, Inc. 511,200 10,428 BorgWarner, Inc. 83,400 4,768 CKE Restaurants, Inc. (b) 521,300 8,716 Cobra Electronics Corp. 317,600 2,700 Courier Corp. 109,100 4,052 Group 1 Automotive, Inc. 131,100 6,542 Harte-Hanks, Inc. 217,500 5,731 International Speedway Corp., Cl A 149,600 7,456 K-Swiss, Inc., Cl A (b) 267,067 8,028 Lithia Motors, Inc. 241,400 5,967 Makita Corp. ADR 243,154 7,227 Media General, Inc., Cl A 100,000 3,772 Movado Group, Inc. 522,400 13,279 Oakley, Inc. (b) 118,700 2,024 Pool Corp. (b) 207,700 7,996 Stanley Furniture Co., Inc. 75,000 1,598 Technical Olympic USA, Inc. (b) 437,700 4,303 Tuesday Morning Corp. (b) 554,000 7,690 United Auto Group, Inc. 264,600 6,192 Winnebago Industries, Inc. (b) 208,700 6,549 World Wrestling Entertainment, Inc. 341,800 5,616 --------- 168,613 --------- CONSUMER STAPLES (4.0%) Church & Dwight Co., Inc. 323,450 12,649 Flowers Foods, Inc. 125,400 3,371 Ingles Markets, Inc., Cl A 79,900 2,108 Inter Parfums, Inc. 217,900 4,149 J. M. Smucker Co. (The) 152,843 7,329 --------- 29,606 --------- ENERGY (4.8%) CARBO Ceramics, Inc. (b) 186,100 6,705 CHC Helicopter Corp., Cl A 693,800 13,717 Maritrans, Inc. (b) 144,600 5,292
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- ENERGY--CONTINUED Tidewater, Inc. (b) 106,900 4,724 Ultrapar Participacoes SA ADR 275,100 4,880 --------- 35,318 --------- FINANCIALS (16.7%) Bank of Hawaii Corp. 149,000 7,176 Banner Corp. 99,700 4,092 Capital Corp. of the West 54,800 1,700 City National Corp. 76,300 5,117 Cohen & Steers, Inc. 245,130 7,932 Desert Community Bank 84,100 1,521 Federal Agricultural Mortgage Corp., Cl C 78,089 2,067 First Republic Bank (b) 270,900 11,530 Glacier Bancorp, Inc. 213,232 7,286 HCC Insurance Holdings, Inc. (b) 248,750 8,179 Horizon Financial Corp. 223,306 6,668 Hub International Ltd. 461,400 13,345 International Bancshares Corp. 123,600 3,668 Jones Lang LaSalle, Inc. 89,500 7,650 National Interstate Corp. 122,206 3,006 Seacoast Banking Corp. of Florida 209,300 6,321 StanCorp Financial Group, Inc. 202,300 9,029 UCBH Holdings, Inc. 344,800 6,020 Washington Federal, Inc. 189,504 4,252 West Coast Bancorp 220,153 6,723 --------- 123,282 --------- HEALTH CARE (6.0%) Cooper Cos., Inc. (The) (b) 330,800 17,697 PerkinElmer, Inc. 252,600 4,782 Perrigo Co. 431,200 7,317 STERIS Corp. 346,700 8,342 West Pharmaceutical Services, Inc. 163,500 6,421 --------- 44,559 --------- INDUSTRIALS (27.0%) ABM Industries, Inc. 181,600 3,407 American Ecology Corp. (b) 219,700 4,337 Briggs & Stratton Corp. (b) 128,500 3,540 Brink's Co. (The) 93,700 4,972 Deluxe Corp. 280,700 4,800 Donaldson Co., Inc. 256,100 9,450
See Notes to Financial Statements. 49 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SMALL CAP VALUE EQUITY FUND -- CONTINUED
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- INDUSTRIALS--CONTINUED DRS Technologies, Inc. (b) 36,400 1,590 ElkCorp (b) 129,500 3,516 Florida East Coast Industries, Inc. 103,500 5,908 Forward Air Corp. 303,811 10,053 Gol Linhas Aereas Inteligentes SA ADR (b) 208,192 7,151 Graco, Inc. 467,100 18,245 Grupo Aeroportuario del Pacifico SA de CV ADR 588,600 20,011 Heartland Express, Inc. 343,100 5,380 Herman Miller, Inc. (b) 330,100 11,293 Lan Airlines SA ADR 144,900 5,522 Lennox International, Inc. 311,889 7,142 LSI Industries, Inc. 493,287 8,016 McGrath Rentcorp 289,400 7,409 Mine Safety Appliances Co. (b) 135,183 4,818 Multi-Color Corp. 160,700 4,620 Oshkosh Truck Corp. 94,000 4,744 Portec Rail Products, Inc. 149,127 1,432 Quixote Corp. (b) 389,920 6,948 Simpson Manufacturing Co., Inc. (b) 149,900 4,052 Supreme Industries, Inc., Cl A 79,705 528 UTI Worldwide, Inc. (b) 132,600 3,709 Wabtec Corp. 484,600 13,147 Walter Industries, Inc. (b) 187,800 8,015 Woodward Governor Co. 127,600 4,280 --------- 198,035 --------- INFORMATION TECHNOLOGY (6.2%) Black Box Corp. 128,400 4,997 Cohu, Inc. 342,800 6,112 Diebold, Inc. 182,400 7,940 Harris Corp. 208,556 9,279 Jack Henry & Associates, Inc. (b) 512,900 11,166 Keithley Instruments, Inc. 253,000 3,226 Nam Tai Electronics, Inc. 258,600 3,178 --------- 45,898 ---------
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- MATERIALS (9.3%) Aber Diamond Corp. 127,000 4,054 Agnico-Eagle Mines Ltd. 201,900 6,285 Airgas, Inc. 450,288 16,288 AMCOL International Corp. (b) 184,200 4,588 Foundation Coal Holdings, Inc. 210,200 6,804 RPM International, Inc. (b) 531,700 10,097 Scotts Miracle-Gro Co. (The), Cl A 137,600 6,122 Sensient Technologies Corp. 290,000 5,675 Valspar Corp. (The) 338,800 9,012 --------- 68,925 --------- UTILITIES (3.1%) Companhia de Saneamento Basico do Estado de Sao Paulo ADR 467,900 14,084 PNM Resources, Inc. (b) 324,200 8,938 --------- 23,022 --------- Total Common Stocks (Cost $592,914) 737,258 --------- SHORT-TERM INVESTMENT (16.2%) CSFB Enhanced Liquidity Portfolio, 5.518% (c) 119,781,975 119,782 --------- Total Short-Term Investment (Cost $119,782) 119,782 --------- MONEY MARKET (0.1%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (d) 1,041,061 1,041 --------- Total Money Market (Cost $1,041) 1,041 --------- Total Investments (Cost $713,737) (a) -- 116.4% 858,081 Liabilities in excess of other assets -- (16.4)% (120,845) --------- Net Assets -- 100.0% $ 737,236 =========
See Notes to Financial Statements. 50 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SMALL CAP VALUE EQUITY FUND -- CONCLUDED - --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $714,090 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................. $179,585 Unrealized Depreciation.................. (35,594) -------- Unrealized Appreciation (Depreciation)... $143,991 ========
(b)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $114,408. (c)This security was purchased with cash collateral held from securities lending. (d)Affiliate investment. ADR -- American Depository Receipt Cl -- Class See Notes to Financial Statements. 51 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) BALANCED FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- COMMON STOCKS (61.7%) CONSUMER DISCRETIONARY (9.4%) Carnival Corp. 12,600 593 Coach, Inc. * 26,800 922 Garmin Ltd. (b) 14,400 702 International Game Technology 15,700 652 Lowe's Cos., Inc. 49,500 1,388 Newell Rubbermaid, Inc. 27,100 767 TJX Cos., Inc. (The) 19,000 533 Univision Communications, Inc., Cl A* (b) 19,500 670 Walt Disney Co. (The) 17,700 547 Whirlpool Corp. 5,800 488 YUM! Brands, Inc. 12,000 625 -------- 7,887 -------- CONSUMER STAPLES (3.5%) Anheuser-Busch Cos., Inc. 16,500 784 Colgate-Palmolive Co. 8,600 534 Procter & Gamble Co. (The) 14,000 868 Wal-Mart Stores, Inc. 14,800 730 -------- 2,916 -------- ENERGY (5.5%) BJ Services Co. 19,000 572 Chevron Corp. 16,800 1,090 Exxon Mobil Corp. 33,000 2,215 Nabors Industries Ltd. * (b) 10,700 318 Noble Corp. 6,900 443 -------- 4,638 -------- FINANCIALS (13.7%) Ambac Financial Group, Inc. 7,500 621 American Express Co. 12,900 723 American International Group, Inc. 14,700 974 Bank of America Corp. 11,800 632 Chubb Corp. (The) 25,200 1,309 Genworth Financial, Inc., Cl A 48,500 1,697 Goldman Sachs Group, Inc. (The) 5,400 914 JPMorgan Chase & Co. 25,000 1,174 Merrill Lynch & Co., Inc. 10,700 837 MGIC Investment Corp. 8,200 492 Morgan Stanley 14,600 1,064 SLM Corp. 10,000 520 Wells Fargo & Co. 11,199 405 -------- 11,362 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- HEALTH CARE (10.0%) AmerisourceBergen Corp. 17,200 777 Baxter International, Inc. 23,500 1,068 Becton, Dickinson & Co. 12,000 848 Forest Laboratories, Inc. * 23,600 1,195 Health Management Associates, Inc., ClA 18,000 376 Pfizer, Inc. 37,700 1,069 Quest Diagnostics, Inc. 19,000 1,163 Schering-Plough Corp. 36,900 815 Universal Health Services, Inc., Cl B 16,600 995 -------- 8,306 -------- INDUSTRIALS (9.9%) Danaher Corp. 19,000 1,305 Emerson Electric Co. 8,000 671 General Electric Co. 41,200 1,454 Honeywell International, Inc. 13,400 548 Illinois Tool Works, Inc. 39,800 1,787 Raytheon Co. 20,000 960 United Parcel Service, Inc., Cl B 7,500 540 Waste Management, Inc. 27,000 990 -------- 8,255 -------- INFORMATION TECHNOLOGY (7.9%) ASML Holding NV * 19,200 447 CheckFree Corp. * (b) 25,000 1,033 Cisco Systems, Inc. * 35,000 805 Comverse Technology, Inc. * (b) 23,500 504 International Business Machines Corp. 5,200 426 Intersil Corp., Cl A 22,400 550 Microsoft Corp. 34,000 929 Novellus Systems, Inc. * 13,300 368 QUALCOMM, Inc. 20,000 727 Zebra Technology Corp., Cl A * 23,100 826 -------- 6,615 -------- MATERIALS (0.6%) Praxair, Inc. 9,100 538 -------- TELECOMMUNICATION SERVICES (1.2%) AT&T, Inc. (b) 31,400 1,022 -------- Total Common Stocks (Cost $43,326) 51,539 --------
See Notes to Financial Statements. 52 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) BALANCED FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- CORPORATE BONDS (8.8%) AEROSPACE & DEFENSE (0.1%) United Technologies Corp., 4.875%, 05/01/15 90 87 -------- AIRLINES (0.1%) Southwest Airlines Co., 5.125%, 03/01/17 105 99 -------- BANKS (0.2%) Bank of America Corp., 7.400%, 01/15/11 155 168 -------- BEVERAGES (0.2%) SABMiller PLC, 6.200%, 07/01/11 (d) 195 200 -------- BUILDING MATERIALS (0.1%) Lafarge SA, 6.150%, 07/15/11 110 112 -------- CONSUMER STAPLES (0.2%) Avon Products, Inc., 5.125%, 01/15/11 165 164 -------- DIVERSIFIED FINANCIAL SERVICES (3.1%) CIT Group, Inc., 5.125%, 09/30/14 95 93 Citigroup, Inc., 5.125%, 05/05/14 45 44 Citigroup, Inc., 5.850%, 12/11/34 45 45 ERAC USA Finance Co., 5.600%, 05/01/15 (d) 120 119 Ford Motor Credit Co., 7.000%, 10/01/13 185 172 Fund American Cos., Inc., 5.875%, 05/15/13 335 331 General Motors Acceptance Corp., 8.000%, 11/01/31 365 382 Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13 225 216 HSBC Holdings PLC, 7.625%, 05/17/32 85 103 International Lease Finance Corp., Ser Q, 5.250%, 01/10/13 60 60 International Lease Finance Corp., Ser R, 5.625%, 09/20/13 50 50 Janus Capital Group, Inc., 5.875%, 09/15/11 85 86
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED John Deere Capital Corp., 3.900%, 01/15/08 50 49 JPMorgan Chase & Co., 6.625%, 03/15/12 250 265 Lazard Group LLC, 7.125%, 05/15/15 185 193 Morgan Stanley, 5.300%, 03/01/13 130 130 Western Union Co (The), 5.930%, 10/01/16 (d) 265 267 -------- 2,605 -------- ELECTRIC (0.4%) MidAmerican Energy Holdings Co., 6.125%, 04/01/36 (d) 140 142 Pacific Gas & Electric Co., 6.050%, 03/01/34 155 155 -------- 297 -------- ENTERTAINMENT (0.2%) GTECH Holdings Corp., 4.750%, 10/15/10 200 201 -------- HEALTH CARE (0.1%) Teva Pharmaceutical Finance LLC, 6.150%, 02/01/36 55 53 -------- INFORMATION TECHNOLOGY (0.1%) Comcast Corp., 6.450%, 03/15/37 95 95 -------- INSURANCE (0.0%) Metlife, Inc., 5.700%, 06/15/35 25 24 -------- INVESTMENT COMPANIES (0.1%) Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 50 53 -------- MEDIA (0.5%) Cox Communications, Inc., 4.625%, 06/01/13 70 65 Expedia, Inc., 7.456%, Ser. 144A 08/15/18 (d) 240 254 News America, Inc., 6.200%, 12/15/34 75 72 -------- 391 --------
See Notes to Financial Statements. 53 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) BALANCED FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MINING (0.2%) Alcan, Inc., 5.750%, 06/01/35 50 47 Inco Ltd., 7.750%, 05/15/12 115 125 -------- 172 -------- MISCELLANEOUS MANUFACTURER (0.7%) General Electric Co., 5.000%, 02/01/13 395 391 Siemens AG, 6.125%, 08/17/26 (d) 200 205 -------- 596 -------- OIL & GAS (0.6%) Anadarko Petroleum Corp., 5.950%, 09/15/16 125 126 Devon Financing Corp. ULC, 7.875%, 09/30/31 165 202 Enterprise Products Operating LP, Ser B, 5.750%, 03/01/35 80 72 Weatherford International Ltd., 6.500%, 08/01/36 70 71 -------- 471 -------- PIPELINES (0.2%) CenterPoint Energy Resources Corp., Ser B, 7.875%, 04/01/13 65 72 Kinder Morgan, Inc., 6.400%, 01/05/36 95 85 -------- 157 -------- REITS (0.1%) Simon Property Group LP, 6.375%, 11/15/07 45 45 -------- RETAIL (0.4%) Woolworths Ltd., 5.550%, 11/15/15 (d) 350 348 -------- TELECOMMUNICATIONS (1.2%) AT&T, Inc., 5.100%, 09/15/14 160 155 Cisco Systems Inc., 5.500%, 02/22/16 210 212 Deutsche Telekom AG, 5.750%, 03/23/16 230 225 Verizon Communications, Inc., 5.550%, 02/15/16 140 138
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- TELECOMMUNICATIONS--CONTINUED Vodafone Group PLC, 5.500%, 06/15/11 265 265 -------- 995 -------- Total Corporate Bonds (Cost $7,264) 7,333 -------- FIXED INCOME SECURITIES (2.4%) AUTOMOBILE ABS (0.4%) Daimler Chrysler Auto Trust, Ser 2005-A, Cl A4, 3.740%, 02/08/10 225 221 Honda Auto Receivables Owner Trust, 140 140 -------- Ser 2006-1, Cl A3, 5.070%, 02/18/10 361 -------- COLLATERALIZED MORTGAGE OBLIGATIONS (2.0%) Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42 195 190 Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.400%, 07/15/44 (e) 345 343 GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.519%, 03/10/44 (e) 205 206 GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40 250 247 GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (e) 290 293 JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-CB15, Cl A4, 5.810%, 06/12/43 (e) 135 140 Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (e) 195 196 -------- 1,615 -------- Total Fixed Income Securities (Cost $1,972) 1,976 --------
See Notes to Financial Statements. 54 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) BALANCED FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- U.S. GOVERNMENT AGENCIES (4.4%) FREDDIE MAC (4.4%) 5.125%, 04/18/11 (b) 1,645 1,660 5.250%, 04/18/16 (b) 1,335 1,362 6.750%, 03/15/31 570 696 -------- Total U.S. Government Agencies (Cost $3,643) 3,718 -------- U.S. GOVERNMENT AGENCY MORTGAGES (6.3%) FANNIE MAE (0.8%) 5.500%, 04/01/36 (e) 698 688 -------- FREDDIE MAC (5.5%) 6.000%, 08/01/36 894 898 6.000%, 08/01/36 892 897 6.500%, 08/01/36 922 939 6.500%, 08/01/36 834 850 5.500%, 09/01/36 1,038 1,024 -------- 4,608 -------- Total U.S. Government Agency Mortgages (Cost $5,269) 5,296 -------- U.S. TREASURY OBLIGATIONS (18.0%) U.S. TREASURY BONDS (1.9%) 4.500%, 02/15/36 (b) 1,665 1,595 -------- U.S. TREASURY NOTES (16.1%) 2.500%, 10/31/06 (b) 280 279 2.875%, 11/30/06 1,510 1,505 5.625%, 05/15/08 (b) 1,040 1,054 3.375%, 12/15/08 (b) 3,390 3,301 4.875%, 08/15/09 (b) 1,645 1,656 4.250%, 10/15/10 (b) 1,400 1,383 4.875%, 04/30/11 30 30 4.625%, 08/31/11 (b) 2,535 2,538 4.000%, 02/15/15 (b) 1,565 1,498 4.875%, 08/15/16 210 214 -------- 13,458 -------- Total U.S. Treasury Obligations (Cost $14,923) 15,053 -------- SHORT-TERM INVESTMENT (22.5%) CSFB Enhanced Liquidity Portfolio, 5.518% (c) 18,846,691 18,847 -------- Total Short-Term Investment (Cost $18,847) 18,847 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- REPURCHASE AGREEMENT (0.2%) Deutsche Bank AG, 4.855%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $152 (collateralized by U.S. Treasury Obligations; DN, due 08/15/21; total market value $156) 152 152 -------- Total Repurchase Agreements (Cost $152) 152 -------- Total Investments (Cost $95,396) (a) -- 124.3% 103,914 Liabilities in excess of other assets -- (24.3)% (20,332) -------- Net Assets -- 100.0% $ 83,582 ========
CREDIT DEFAULT SWAP AGREEMENTS
Unrealized Underlying Notional Fixed Expiration Appreciation Instrument Amount Rate Date (Depreciation) - ---------- -------- ----- ---------- -------------- Dow Jones CDX Indices; Series 7 (Citibank N.A.) $60,000 0.40% 12/20/11 $ -- H.J. Heinz Co. (Citibank N.A.) ($60,000) 0.36% 12/20/11 $ -- ----- $ -- =====
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $95,733 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................... $8,965 Unrealized Depreciation.................... (784) ------ Unrealized Appreciation (Depreciation)..... $8,181 ======
(b)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $18,693. See Notes to Financial Statements. 55 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) BALANCED FUND -- CONCLUDED (c)This security was purchased with cash collateral held from securities lending. (d)Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e)Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. Cl -- Class DN -- Discount Note LLC -- Limited Liability Company LP -- Limited Partnership PLC -- Public Limited Company REIT -- Real Estate Investment Trust Ser -- Series At September 30, 2006 the Fund's foreign currency exchange contracts were as follows:
CONTRACT AMOUNT CONTRACT UNREALIZED DELIVERY IN LOCAL VALUE MARKET APPRECIATION CURRENCY DATE CURRENCY IN USD VALUE (DEPRECIATION) - -------- -------- --------------- -------- ------ -------------- Short: Japanese Yen 10/03/06 134,841 $1,149 $1,142 $7 ------ ------ -- Total Short Contracts $1,149 $1,142 $7 ====== ====== ==
See Notes to Financial Statements. 56 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIFE VISION AGGRESSIVE GROWTH FUND
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- EQUITY FUNDS (95.2%) STI Classic Aggressive Growth Stock Fund, I Shares * (b) 393,902 4,534 STI Classic Capital Appreciation Fund, I Shares (b) 1,236,860 15,906 STI Classic Emerging Growth Stock Fund, I Shares * (b) 55,787 646 STI Classic International Equity Index Fund, I Shares (b) 592,903 9,741 STI Classic Large Cap Quantitative Equity Fund, I Shares (b) 381,879 5,190 STI Classic Large Cap Relative Value Fund, I Shares (b) 675,473 12,057 STI Classic Large Cap Value Equity Fund, I Shares (b) 357,157 5,179 STI Classic Mid-Cap Equity Fund, I Shares (b) 281,212 3,737 STI Classic Mid-Cap Value Equity Fund, I Shares (b) 140,190 1,872 STI Classic Small Cap Growth Stock Fund, I Shares * (b) 59,900 1,220 STI Classic Small Cap Quantitative Equity Fund, I Shares (b) 90,614 835 STI Classic Small Cap Value Equity Fund, I Shares (b) 32,139 642 ------- Total Equity Funds (Cost $49,903) 61,559 -------
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- MONEY MARKET FUND (5.0%) STI Classic Prime Quality Money Market Fund, 4.820% (b) 3,250,786 3,251 ------- Total Money Market Fund (Cost $3,251) 3,251 ------- Total Investments (Cost $53,154) (a) -- 100.2% 64,810 Liabilities in excess of other assets -- (0.2)% (133) ------- Net Assets -- 100.0% $64,677 =======
- --------------- * Non-income producing security (a)Cost for federal income tax purposes is $54,478 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................ $10,404 Unrealized Depreciation................ (72) ------- Unrealized Appreciation (Depreciation)....................... $10,332 =======
(b)Affiliate Investment. See Notes to Financial Statements. 57 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIFE VISION CONSERVATIVE FUND
- --------------------------------------------------------- Shares Value($) - --------------------------------------------------------- EQUITY FUNDS (20.0%) STI Classic Aggressive Growth Stock Fund, I Shares * (b) 12,021 138 STI Classic Capital Appreciation Fund, I Shares (b) 21,569 277 STI Classic International Equity Index Fund, I Shares (b) 28,146 463 STI Classic Large Cap Quantitative Equity Fund, I Shares (b) 10,197 139 STI Classic Large Cap Relative Value Fund, I Shares (b) 15,516 278 STI Classic Large Cap Value Equity Fund, I Shares (b) 6,358 92 STI Classic Mid-Cap Equity Fund, I Shares (b) 6,905 92 STI Classic Mid-Cap Value Equity Fund, I Shares (b) 6,884 92 STI Classic Small Cap Growth Stock Fund, I Shares * (b) 4,490 91 STI Classic Small Cap Quantitative Equity Fund, I Shares (b) 9,927 91 STI Classic Small Cap Value Equity Fund, I Shares (b) 4,577 91 ------ Total Equity Funds (Cost $1,420) 1,844 ------ FIXED INCOME FUNDS (71.0%) STI Classic Core Bond Fund, I Shares (b) 616,971 6,133 STI Classic High Income Fund, I Shares (b) 13,151 92 STI Classic Seix Floating Rate High Income Fund, I Shares (b) 32,770 323 ------ Total Fixed Income Funds (Cost $6,660) 6,548 ------
- --------------------------------------------------------- Shares Value($) - --------------------------------------------------------- MONEY MARKET FUND (8.7%) STI Classic Prime Quality Money Market Fund, 4.820% (b) 801,542 802 ------ Total Money Market Fund (Cost $802) 802 ------ Total Investments (Cost $8,882) (a) -- 99.7% 9,194 Other assets in excess of liabilities -- 0.3% 27 ------ Net Assets -- 100.0% $9,221 ======
- --------------- * Non-income producing security (a)Cost for federal income tax purposes is $8,919 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................. $ 403 Unrealized Depreciation.................. (128) ----- Unrealized Appreciation (Depreciation)... $ 275 =====
(b)Affiliate Investment. See Notes to Financial Statements. 58 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIFE VISION GROWTH AND INCOME FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- EQUITY FUNDS (70.2%) STI Classic Aggressive Growth Stock Fund, I Shares * (b) 591,305 6,806 STI Classic Capital Appreciation Fund, I Shares (b) 1,909,624 24,559 STI Classic Emerging Growth Stock Fund, I Shares * (b) 82,066 950 STI Classic International Equity Index Fund, I Shares (b) 913,716 15,012 STI Classic Large Cap Quantitative Equity Fund, I Shares (b) 581,835 7,907 STI Classic Large Cap Relative Value Fund, I Shares (b) 1,015,057 18,119 STI Classic Large Cap Value Equity Fund, I Shares (b) 562,919 8,162 STI Classic Mid-Cap Equity Fund, I Shares (b) 448,323 5,958 STI Classic Mid-Cap Value Equity Fund, I Shares (b) 223,491 2,984 STI Classic Small Cap Growth Stock Fund, I Shares * (b) 99,391 2,025 STI Classic Small Cap Quantitative Equity Fund, I Shares (b) 146,483 1,349 STI Classic Small Cap Value Equity Fund, I Shares (b) 74,294 1,485 -------- Total Equity Funds (Cost $75,642) 95,316 -------- FIXED INCOME FUNDS (22.0%) STI Classic Core Bond Fund, I Shares (b) 2,669,670 26,537 STI Classic High Income Fund, I Shares (b) 194,058 1,362 STI Classic Seix Floating Rate High Income Fund, I Shares (b) 207,245 2,043 -------- Total Fixed Income Funds (Cost $30,353) 29,942 --------
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- MONEY MARKET FUND (8.0%) STI Classic Prime Quality Money Market Fund, 4.820% (b) 10,926,330 10,926 -------- Total Money Market Fund (Cost $10,926) 10,926 -------- Total Investments (Cost $116,921) (a) --100.2% 136,184 Liabilities in excess of other assets -- (0.2)% (254) -------- Net Assets -- 100.0% $135,930 ========
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $118,504 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................... $18,333 Unrealized Depreciation................... (653) ------- Unrealized Appreciation (Depreciation).... $17,680 =======
(b)Affiliate Investment. See Notes to Financial Statements. 59 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIFE VISION MODERATE GROWTH FUND
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- EQUITY FUNDS (50.5%) STI Classic Aggressive Growth Stock Fund, I Shares * (b) 594,647 6,844 STI Classic Capital Appreciation Fund, I Shares (b) 1,730,247 22,251 STI Classic International Equity Index Fund, I Shares (b) 891,798 14,652 STI Classic Large Cap Quantitative Equity Fund, I Shares (b) 572,573 7,781 STI Classic Large Cap Relative Value Fund, I Shares (b) 1,037,153 18,513 STI Classic Large Cap Value Equity Fund, I Shares (b) 510,015 7,395 STI Classic Mid-Cap Equity Fund, I Shares (b) 484,639 6,441 STI Classic Mid-Cap Value Equity Fund, I Shares (b) 220,889 2,949 STI Classic Small Cap Growth Stock Fund, I Shares * (b) 99,049 2,018 STI Classic Small Cap Quantitative Equity Fund, I Shares (b) 199,067 1,833 STI Classic Small Cap Value Equity Fund, I Shares (b) 91,786 1,835 -------- Total Equity Funds (Cost $71,800) 92,512 -------- FIXED INCOME FUNDS (42.4%) STI Classic Core Bond Fund, I Shares (b) 7,256,100 72,126
- ------------------------------------------------------- Shares Value($) - ------------------------------------------------------- FIXED INCOME FUNDS--CONTINUED STI Classic High Income Fund, I Shares (b) 263,721 1,851 STI Classic Seix Floating Rate High Income Fund, I Shares (b) 375,521 3,703 -------- Total Fixed Income Funds (Cost $78,869) 77,680 -------- MONEY MARKET FUND (8.1%) STI Classic Prime Quality Money Market Fund, 4.820% (b) 14,883,015 14,883 -------- Total Money Market Fund (Cost $14,883) 14,883 -------- Total Investments (Cost $165,552) (a) --101.0% 185,075 Liabilities in excess of other assets -- (1.0)% (1,846) -------- Net Assets -- 100.0% $183,229 ========
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is $168,562 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................... $18,028 Unrealized Depreciation................... (1,515) ------- Unrealized Appreciation (Depreciation).... $16,513 =======
(b)Affiliate Investment. See Notes to Financial Statements. 60 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIFE VISION TARGET DATE 2015 FUND
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- EQUITY FUNDS (71.0%) STI Classic Aggressive Growth Stock Fund, I Shares* (b) 3,903 45 STI Classic Capital Appreciation Fund, I Shares (b) 11,779 151 STI Classic Emerging Growth Stock Fund, I Shares * (b) 563 7 STI Classic International Equity Index Fund, I Shares (b) 5,981 98 STI Classic Large Cap Quantitative Equity Fund, I Shares (b) 3,012 41 STI Classic Large Cap Relative Value Fund, I Shares (b) 6,869 123 STI Classic Large Cap Value Equity Fund, I Shares (b) 3,378 49 STI Classic Mid-Cap Equity Fund, I Shares (b) 2,690 36 STI Classic Mid-Cap Value Equity Fund, I Shares (b) 1,341 18 STI Classic Small Cap Growth Stock Fund, I Shares* (b) 596 12 STI Classic Small Cap Quantitative Equity Fund, I Shares (b) 879 8 ---- Total Equity Funds (Cost $562) 588 ---- FIXED INCOME FUNDS (22.7%) STI Classic Core Bond Fund, I Shares (b) 16,843 168 STI Classic High Income Fund, I Shares (b) 1,165 8 STI Classic Seix Floating Rate High Income Fund, I Shares (b) 1,244 12 ---- Total Fixed Income Funds (Cost $186) 188 ----
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- MONEY MARKET FUND (4.0%) STI Classic Prime Quality Money Market Fund, 4.820% (b) 33,402 33 ---- Total Money Market Fund (Cost $33) 33 ---- EXCHANGE TRADED FUND (1.1%) iShares Russell 2000 Value Index Fund 120 9 ---- Total Exchange Traded Fund (Cost $8) 9 ---- Total Investments (Cost $789) (a) -- 98.8% 818 Other assets in excess of liabilities -- 1.2% 10 ---- Net Assets -- 100.0% $828 ====
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is the same. Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation..................... $31 Unrealized Depreciation..................... (2) --- Unrealized Appreciation (Depreciation)...... $29 ===
(b)Affiliate Investment. See Notes to Financial Statements. 61 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIFE VISION TARGET DATE 2025 FUND
- --------------------------------------------------------- Shares Value($) - --------------------------------------------------------- EQUITY FUNDS (84.4%) STI Classic Aggressive Growth Stock Fund, I Shares* (b) 9,682 111 STI Classic Capital Appreciation Fund, I Shares (b) 29,614 382 STI Classic Emerging Growth Stock Fund, I Shares* (b) 1,309 15 STI Classic International Equity Index Fund, I Shares (b) 14,634 240 STI Classic Large Cap Quantitative Equity Fund, I Shares (b) 9,334 127 STI Classic Large Cap Relative Value Fund, I Shares (b) 16,569 296 STI Classic Large Cap Value Equity Fund, I Shares (b) 9,311 135 STI Classic Mid-Cap Equity Fund, I Shares (b) 7,205 96 STI Classic Mid-Cap Value Equity Fund, I Shares (b) 3,529 47 STI Classic Small Cap Growth Stock Fund, I Shares* (b) 1,562 32 STI Classic Small Cap Quantitative Equity Fund, I Shares (b) 1,817 17 ------ Total Equity Funds (Cost $1,459) 1,498 ------ FIXED INCOME FUNDS (4.7%) STI Classic Core Bond Fund, I Shares (b) 4,246 42 STI Classic High Income Fund, I Shares (b) 2,407 17 STI Classic Seix Floating Rate High Income Fund, I Shares (b) 2,571 25 ------ Total Fixed Income Funds (Cost $84) 84 ------
- --------------------------------------------------------- Shares Value($) - --------------------------------------------------------- MONEY MARKET FUND (4.9%) STI Classic Prime Quality Money Market Fund, 4.820% (b) 87,071 87 ------ Total Money Market Fund (Cost $87) 87 ------ EXCHANGE TRADED FUND (1.3%) iShares Russell 2000 Value Index Fund 316 23 ------ Total Exchange Traded Fund (Cost $23) 23 ------ Total Investments (Cost $1,653) (a) -- 95.3% 1,692 Other assets in excess of liabilities -- 4.7% 83 ------ Net Assets -- 100.0% $1,775 ======
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is the same. Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation..................... $ 50 Unrealized Depreciation..................... (11) ---- Unrealized Appreciation (Depreciation)...... $ 39 ====
(b)Affiliate Investment. See Notes to Financial Statements. 62 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIFE VISION TARGET DATE 2035 FUND
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- EQUITY FUNDS (92.2%) STI Classic Aggressive Growth Stock Fund, I Shares* (b) 5,184 60 STI Classic Capital Appreciation Fund, I Shares (b) 15,946 205 STI Classic Emerging Growth Stock Fund, I Shares* (b) 734 9 STI Classic International Equity Index Fund, I Shares (b) 7,803 128 STI Classic Large Cap Quantitative Equity Fund, I Shares (b) 5,026 68 STI Classic Large Cap Relative Value Fund, I Shares (b) 8,842 158 STI Classic Large Cap Value Equity Fund, I Shares (b) 4,700 68 STI Classic Mid-Cap Equity Fund, I Shares (b) 3,828 51 STI Classic Mid-Cap Value Equity Fund, I Shares (b) 1,909 25 STI Classic Small Cap Growth Stock Fund, I Shares* (b) 830 17 STI Classic Small Cap Quantitative Equity Fund, I Shares (b) 917 8 ---- Total Equity Funds (Cost $774) 797 ---- FIXED INCOME FUND (1.0%) STI Classic Core Bond Fund, I Shares (b) 857 9 ---- Total Fixed Income Fund (Cost $8) 9 ----
- -------------------------------------------------------- Shares Value($) - -------------------------------------------------------- MONEY MARKET FUND (3.9%) STI Classic Prime Quality Money Market Fund, 4.820% (b) 34,395 34 ---- Total Money Market Fund (Cost $34) 34 ---- EXCHANGE TRADED FUND (1.5%) iShares Russell 2000 Value Index Fund 171 13 ---- Total Exchange Traded Fund (Cost $12) 13 ---- Total Investments (Cost $828) (a) -- 98.6% 853 Other assets in excess of liabilities -- 1.4% 12 ---- Net Assets -- 100.0% $865 ====
- --------------- * Non-income producing security. (a)Cost for federal income tax purposes is the same. Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................... $31 Unrealized Depreciation................... (6) --- Unrealized Appreciation (Depreciation).... $25 ===
(b)Affiliate Investment. See Notes to Financial Statements. 63 STATEMENTS OF ASSETS AND LIABILITIES STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands) (Unaudited)
Aggressive Capital Emerging International Large Cap Growth Stock Appreciation Growth Stock International Equity Quantitative Fund Fund Fund Equity Fund Index Fund Equity Fund ------------ ------------ ------------ ------------- ------------- ------------ Assets: Investments, at Cost................. $271,928 $1,430,160 $ 92,278 $ 911,088 $ 752,500 $342,836 ======== ========== ======== ========== ========== ======== Investments, at Value*............... $300,006 $1,601,389 $ 99,046 $1,120,223 $1,004,731 $356,231 Cash................................. 104 -- -- 1 -- -- Foreign Currency, at Value (Cost $22,124 and $25,315, respectively)...................... -- -- -- 21,938 25,551 -- Interest and Dividends Receivable.... 42 676 39 2,428 1,794 224 Receivable for Investment Securities Sold............................... 1,357 17,122 659 4,604 -- 78,008 Receivable for Capital Shares Sold... 490 1,234 577 949 658 353 Reclaims Receivable.................. -- -- -- 207 111 -- Prepaid Expenses and Other Assets.... 24 17 24 21 12 29 -------- ---------- -------- ---------- ---------- -------- Total Assets....................... 302,023 1,620,438 100,345 1,150,371 1,032,857 434,845 -------- ---------- -------- ---------- ---------- -------- Liabilities: Payable for Investment Securities Purchased.......................... -- 32,700 4,223 5,195 -- 80,611 Payable for Capital Shares Redeemed........................... 590 3,167 127 1,434 977 644 Payable upon Return of Securities Loaned............................. -- 272,116 -- 107,267 133,548 -- Investment Advisory Fees Payable..... 295 1,010 59 969 350 237 Administration Fees Payable.......... 6 26 1 21 17 7 Compliance Services Fees Payable..... 1 5 -- 4 3 2 Distribution and Service Fees Payable............................ 3 56 -- 10 6 1 Custodian Fees Payable............... 7 33 4 138 49 33 Accrued Expenses..................... 21 128 5 84 80 14 -------- ---------- -------- ---------- ---------- -------- Total Liabilities.................. 923 309,241 4,419 115,122 135,030 81,549 -------- ---------- -------- ---------- ---------- -------- Total Net Assets...................... $301,100 $1,311,197 $ 95,926 $1,035,249 $ 897,827 $353,296 ======== ========== ======== ========== ========== ======== Net Assets Consist of: Capital.............................. $294,234 $1,089,693 $ 90,639 $ 816,501 $ 696,990 $336,274 Accumulated Net Investment Income (Loss)............................. (1,153) 87 (218) 11,377 11,030 (11) Accumulated Net Realized Gains (Losses) on Investments and Foreign Currency Transactions.............. (20,059) 50,188 (1,263) (1,549) (62,645) 3,638 Net Unrealized Appreciation on Investments and Foreign Currency Transactions....................... 28,078 171,229 6,768 208,920 252,452 13,395 -------- ---------- -------- ---------- ---------- -------- Total Net Assets...................... $301,100 $1,311,197 $ 95,926 $1,035,249 $ 897,827 $353,296 ======== ========== ======== ========== ========== ======== NET ASSETS: I Shares............................. $296,487 $1,181,770 $ 95,513 $1,014,418 $ 886,646 $350,699 A Shares............................. $ 556 $ 87,028 $ 297 $ 12,596 $ 6,082 $ 1,273 C Shares............................. $ 4,057 $ 42,399 $ 116 $ 8,235 $ 5,099 $ 1,324 SHARES OUTSTANDING (UNLIMITED NUMBER OF SHARES AUTHORIZED, NO PAR VALUE): I Shares............................. 25,761 91,895 8,245 67,203 53,959 25,816 A Shares............................. 49 7,114 25 844 374 94 C Shares............................. 361 3,700 11 585 322 101 NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: I Shares............................. $ 11.51 $ 12.86 $ 11.58 $ 15.10 $ 16.43 $ 13.59 A Shares............................. $ 11.43 $ 12.23 $ 11.48 $ 14.92 $ 16.26 $ 13.48 C Shares**........................... $ 11.22 $ 11.46 $ 11.31 $ 14.08 $ 15.82 $ 13.16 OFFERING PRICE PER SHARE: (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) I Shares............................. $ 11.51 $ 12.86 $ 11.58 $ 15.10 $ 16.43 $ 13.59 A Shares............................. $ 12.13 $ 12.98 $ 12.18 $ 15.83 $ 17.25 $ 14.30 C Shares............................. $ 11.22 $ 11.46 $ 11.31 $ 14.08 $ 15.82 $ 13.16 Maximum Sales Charge -- A Shares...... 5.75% 5.75% 5.75% 5.75% 5.75% 5.75%
* The Capital Appreciation Fund, International Equity Fund and International Equity Index Fund include securities on loan of $264,406, $106,955 and $127,552, respectively. ** Redemption Price Per Share Varies by Length of Time Shares are Held. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 64 STATEMENTS OF ASSETS AND LIABILITIES STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands) (Unaudited)
Large Cap Large Cap Mid-Cap Mid-Cap Quality Small Cap Relative Value Value Equity Equity Value Equity Growth Stock Growth Stock Fund Fund Fund Fund Fund Fund -------------- ------------ -------- ------------ ------------ ------------ Assets: Investments, at Cost..................... $1,439,126 $ 922,614 $420,711 $288,903 $ 78,287 $1,601,180 ========== ========== ======== ======== ======== ========== Investments, at Value*................... $1,728,156 $1,023,617 $452,660 $293,760 $ 94,727 $1,755,431 Cash..................................... -- -- 6,040 -- -- -- Interest and Dividends Receivable........ 1,754 1,233 375 400 47 561 Receivable for Investment Securities Sold................................... 17,867 7,748 -- 4,707 831 24,300 Receivable for Capital Shares Sold....... 1,254 520 293 96 2 1,571 Prepaid Expenses and Other Assets........ 12 15 10 15 8 19 ---------- ---------- -------- -------- -------- ---------- Total Assets........................... 1,749,043 1,033,133 459,378 298,978 95,615 1,781,882 ---------- ---------- -------- -------- -------- ---------- Liabilities: Payable for Investment Securities Purchased.............................. 4,083 5,863 1,460 4,847 749 6,961 Payable for Capital Shares Redeemed...... 2,052 1,901 1,473 804 372 3,230 Payable upon Return of Securities Loaned................................. 143,063 115,837 74,464 39,410 7,149 415,029 Investment Advisory Fees Payable......... 1,058 575 355 224 61 1,250 Administration Fees Payable.............. 31 18 9 5 2 28 Compliance Services Fees Payable......... 5 3 1 1 -- 5 Distribution and Service Fees Payable.... 69 49 12 6 32 36 Custodian Fees Payable................... 29 24 21 9 7 41 Accrued Expenses......................... 141 79 24 23 11 110 ---------- ---------- -------- -------- -------- ---------- Total Liabilities...................... 150,531 124,349 77,819 45,329 8,383 426,690 ---------- ---------- -------- -------- -------- ---------- Total Net Assets.......................... $1,598,512 $ 908,784 $381,559 $253,649 $ 87,232 $1,355,192 ========== ========== ======== ======== ======== ========== Net Assets Consist of: Capital.................................. $1,200,718 $ 783,273 $329,532 $211,553 $256,071 $1,170,954 Accumulated Net Investment Income (Loss)................................. 534 459 45 145 (3) (4,294) Accumulated Net Realized Gains (Losses) on Investments......................... 108,230 24,049 20,033 37,094 (185,276) 34,281 Net Unrealized Appreciation on Investments............................ 289,030 101,003 31,949 4,857 16,440 154,251 ---------- ---------- -------- -------- -------- ---------- Total Net Assets.......................... $1,598,512 $ 908,784 $381,559 $253,649 $ 87,232 $1,355,192 ========== ========== ======== ======== ======== ========== NET ASSETS: I Shares................................. $1,479,587 $ 805,355 $358,773 $244,821 $ 47,689 $1,271,916 A Shares................................. $ 46,731 $ 61,210 $ 11,731 $ 2,812 $ 422 $ 57,741 C Shares................................. $ 72,194 $ 42,219 $ 11,055 $ 6,016 $ 39,121 $ 25,535 SHARES OUTSTANDING (UNLIMITED NUMBER OF SHARES AUTHORIZED, NO PAR VALUE): I Shares................................. 82,897 55,531 26,996 18,340 1,852 62,441 A Shares................................. 2,595 4,233 920 211 16 2,918 C Shares................................. 4,095 2,949 938 454 1,636 1,384 NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: I Shares................................. $ 17.85 $ 14.50 $ 13.29 $ 13.35 $ 25.75 $ 20.37 A Shares................................. $ 18.01 $ 14.46 $ 12.75 $ 13.31 $ 25.56 $ 19.79 C Shares**............................... $ 17.63 $ 14.32 $ 11.79 $ 13.27 $ 23.92 $ 18.45 OFFERING PRICE PER SHARE: (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) I Shares................................. $ 17.85 $ 14.50 $ 13.29 $ 13.35 $ 25.75 $ 20.37 A Shares................................. $ 19.11 $ 15.34 $ 13.53 $ 14.12 $ 27.12 $ 21.00 C Shares................................. $ 17.63 $ 14.32 $ 11.79 $ 13.27 $ 23.92 $ 18.45 Maximum Sales Charge -- A Shares.......... 5.75% 5.75% 5.75% 5.75% 5.75% 5.75%
* The Large Cap Relative Value Fund, Large Cap Value Equity Fund, Mid-Cap Equity Fund, Mid-Cap Value Equity Fund, Quality Growth Stock Fund and Small Cap Growth Stock Fund include securities on loan of $138,299, $115,358, $71,316, $38,070, $6,887 and $398,484, respectively. ** Redemption Price Per Share Varies by Length of Time Shares are Held. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 65 STATEMENTS OF ASSETS AND LIABILITIES STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands) (Unaudited)
Small Cap Small Cap Life Vision Life Vision Life Vision Quantitative Value Equity Balanced Aggressive Conservative Growth and Equity Fund Fund Fund Growth Fund Fund Income Fund ------------ ------------ -------- ----------- ------------ ----------- Assets: Investments, at Cost......................... $22,100 $713,737 $ 95,396 $53,154 $8,882 $116,921 ======= ======== ======== ======= ====== ======== Investments, at Value*....................... $22,027 $858,081 $103,762 $64,810 $9,194 $136,184 Repurchase Agreements, at Cost............... -- -- 152 -- -- -- ------- -------- -------- ------- ------ -------- Total Investments............................ 22,027 858,081 103,914 64,810 9,194 136,184 Cash......................................... -- -- 616 -- -- -- Interest and Dividends Receivable............ 30 865 394 13 31 164 Receivable for Investment Securities Sold.... 5,183 -- 3,697 -- -- -- Receivable for Capital Shares Sold........... 1 281 45 51 -- 144 Receivable for Forward Foreign Currency Contracts.................................. -- -- 7 -- -- -- Prepaid Expenses and Other Assets............ 12 10 11 5 4 7 ------- -------- -------- ------- ------ -------- Total Assets............................... 27,253 859,237 108,684 64,879 9,229 136,499 ------- -------- -------- ------- ------ -------- Liabilities: Payable for Investment Securities Purchased.................................. 5,256 -- 4,369 -- -- -- Payable for Capital Shares Redeemed.......... 179 1,422 1,786 184 -- 533 Payable upon Return of Securities Loaned..... -- 119,782 18,847 -- -- -- Investment Advisory Fees Payable............. 19 685 59 5 1 11 Administration Fees Payable.................. -- 15 -- 1 -- 3 Compliance Services Fees Payable............. -- 3 -- -- -- -- Distribution and Service Fees Payable........ -- 9 22 5 4 15 Custodian Fees Payable....................... -- 24 11 4 3 4 Accrued Expenses............................. -- 61 8 3 -- 3 ------- -------- -------- ------- ------ -------- Total Liabilities.......................... 5,454 122,001 25,102 202 8 569 ------- -------- -------- ------- ------ -------- Total Net Assets.............................. $21,799 $737,236 $ 83,582 $64,677 $9,221 $135,930 ======= ======== ======== ======= ====== ======== Net Assets Consist of: Capital...................................... $23,363 $448,568 $ 68,413 $53,080 $8,851 $115,276 Accumulated Net Investment Income............ 22 164 155 1 10 44 Accumulated Net Realized Gains (Losses) on Investments and Foreign Currency Transactions............................... (1,513) 144,160 6,495 (60) 48 1,347 Net Unrealized Appreciation (Depreciation) on Investments, Foreign Currency Transactions and Swaps.................................. (73) 144,344 8,519 11,656 312 19,263 ------- -------- -------- ------- ------ -------- Total Net Assets.............................. $21,799 $737,236 $ 83,582 $64,677 $9,221 $135,930 ======= ======== ======== ======= ====== ======== NET ASSETS: I Shares..................................... $21,751 $691,532 $ 52,937 $55,338 $2,862 $108,191 A Shares..................................... $ 37 $ 7,221 $ 5,304 $ 2,821 $ 736 $ 6,511 C Shares..................................... $ 11 $ 38,483 $ 25,341 $ 1,240 $ 722 $ 4,415 B Shares..................................... N/A N/A N/A $ 5,278 $4,901 $ 16,813 SHARES OUTSTANDING (UNLIMITED NUMBER OF SHARES AUTHORIZED, NO PAR VALUE): I Shares..................................... 2,362 34,589 4,417 4,463 253 8,651 A Shares..................................... 4 364 440 228 65 522 C Shares..................................... 1 1,976 2,132 100 64 353 B Shares..................................... N/A N/A N/A 431 434 1,346 NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: I Shares..................................... $ 9.21 $ 19.99 $ 11.99 $ 12.40 $11.27 $ 12.51 A Shares..................................... $ 9.20 $ 19.86 $ 12.04 $ 12.37 $11.28 $ 12.49 C Shares**................................... $ 9.17 $ 19.47 $ 11.89 $ 12.39 $11.27 $ 12.45 B Shares**................................... N/A N/A N/A $ 12.26 $11.28 $ 12.49 OFFERING PRICE PER SHARE: (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) I Shares..................................... $ 9.21 $ 19.99 $ 11.99 $ 12.40 $11.27 $ 12.51 A Shares..................................... $ 9.76 $ 21.07 $ 12.77 $ 13.12 $11.84 $ 13.25 C Shares..................................... $ 9.17 $ 19.47 $ 11.89 $ 12.39 $11.27 $ 12.45 B Shares..................................... N/A N/A N/A $ 12.26 $11.28 $ 12.49 Maximum Sales Charge -- A Shares.............. 5.75% 5.75% 5.75% 5.75% 4.75% 5.75%
* The Small Cap Value Equity Fund and Balanced Fund include securities on loan of $114,408 and $18,693, respectively. ** Redemption Price Per Share Varies by Length of Time Shares are Held. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 66 STATEMENTS OF ASSETS AND LIABILITIES STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands) (Unaudited)
Life Vision Life Vision Life Vision Life Vision Moderate Target Date Target Date Target Date Growth Fund 2015 Fund 2025 Fund 2035 Fund ----------- ----------- ----------- ----------- Assets: Investments, at Cost....................................... $165,552 $ 789 $1,653 $ 828 ======== ====== ====== ====== Investments, at Value...................................... $185,075 $ 818 $1,692 $ 853 Interest and Dividends Receivable.......................... 376 1 1 -- Receivable for Capital Shares Sold......................... 900 -- 74 2 Receivable from Investment Adviser......................... -- 4 4 4 Prepaid Expenses and Other Assets.......................... 5 6 7 7 -------- ------ ------ ------ Total Assets............................................. 186,356 829 1,778 866 -------- ------ ------ ------ Liabilities: Payable for Capital Shares Redeemed........................ 3,089 -- -- -- Investment Advisory Fees Payable........................... 15 -- -- -- Administration Fees Payable................................ 4 -- -- -- Compliance Services Fees Payable........................... 1 -- -- -- Distribution and Service Fees Payable...................... 11 -- -- -- Custodian Fees Payable..................................... 5 1 1 1 Accrued Expenses........................................... 2 -- 2 -- -------- ------ ------ ------ Total Liabilities........................................ 3,127 1 3 1 -------- ------ ------ ------ Total Net Assets............................................ $183,229 $ 828 $1,775 $ 865 ======== ====== ====== ====== Net Assets Consist of: Capital.................................................... $163,192 $ 799 $1,736 $ 836 Accumulated Net Investment Income.......................... 116 1 -- -- Accumulated Net Realized Gains (Losses) on Investments..... 398 (1) -- 4 Net Unrealized Appreciation on Investments................. 19,523 29 39 25 -------- ------ ------ ------ Total Net Assets............................................ $183,229 $ 828 $1,775 $ 865 ======== ====== ====== ====== NET ASSETS: I Shares................................................... $162,030 $ 828 $1,750 $ 861 A Shares................................................... $ 6,297 N/A $ 25 $ 4 C Shares................................................... $ 1,986 N/A N/A N/A B Shares................................................... $ 12,916 N/A N/A N/A SHARES OUTSTANDING (UNLIMITED NUMBER OF SHARES AUTHORIZED, NO PAR VALUE): I Shares................................................... 14,839 75 156 79 A Shares................................................... 577 N/A 2 -- C Shares................................................... 182 N/A N/A N/A B Shares................................................... 1,187 N/A N/A N/A NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: I Shares................................................... $ 10.92 $10.98 $11.20 $10.95 A Shares................................................... $ 10.91 N/A $11.20 $10.95 C Shares*.................................................. $ 10.89 N/A N/A N/A B Shares*.................................................. $ 10.89 N/A N/A N/A OFFERING PRICE PER SHARE: (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) I Shares................................................... $ 10.92 $10.98 $11.20 $10.95 A Shares................................................... $ 11.58 N/A $11.88 $11.62 C Shares................................................... $ 10.89 N/A N/A N/A B Shares................................................... $ 10.89 N/A N/A N/A Maximum Sales Charge -- A Shares............................ 5.75% 5.75% 5.75% 5.75%
* Redemption Price Per Share Varies by Length of Time Shares are Held. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 67 STATEMENTS OF OPERATIONS STI CLASSIC FUNDS For the Period Ended September 30, 2006 (Amounts in thousands) (Unaudited)
Aggressive Capital Emerging International Large Cap Growth Stock Appreciation Growth International Equity Quantitative Fund Fund Stock Fund Equity Fund Index Fund Equity Fund ------------ ------------ ---------- ------------- ------------- ------------ Investment Income: Dividend Income....................... $ 555 $8,806 $ 99 $17,081 $15,911 $ 1,926 Interest Income....................... 84 375 10 361 429 35 Income from Securities Lending........ -- 371 -- 921 983 -- Less: Foreign Taxes Withheld.......... -- -- -- (1,791) (1,830) -- -------- ------ ------- ------- ------- ------- Total Investment Income............. 639 9,552 109 16,572 15,493 1,961 -------- ------ ------- ------- ------- ------- Expenses: Investment Advisory Fees.............. 1,658 6,300 293 5,684 2,028 1,337 Administration and Fund Accounting Fees................................ 38 173 7 129 105 40 Compliance Services Fees.............. 3 12 1 9 8 6 Distribution Fees -- A Shares......... 1 137 -- 21 8 2 Distribution and Service Fees -- C Shares.............................. 22 227 1 42 27 7 Custodian Fees........................ 8 11 3 272 274 23 Professional Fees..................... 7 28 1 22 17 6 Insurance Fees........................ 1 4 -- 3 2 1 Registration Fees..................... 8 (13) 2 19 8 4 Transfer Agent Fees................... 9 61 -- 10 4 -- Printing Fees......................... 14 45 2 37 28 12 Trustees' Fees........................ 3 15 1 11 9 3 Other Expenses........................ 9 9 1 25 54 5 -------- ------ ------- ------- ------- ------- Total Expenses...................... 1,781 7,009 312 6,284 2,572 1,446 Less: Administration Fees Waived.... -- (1) -- (1) (1) -- -------- ------ ------- ------- ------- ------- Net Expenses........................ 1,781 7,008 312 6,283 2,571 1,446 -------- ------ ------- ------- ------- ------- Net Investment Income (Loss)............ (1,142) 2,544 (203) 10,289 12,922 515 -------- ------ ------- ------- ------- ------- Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions............... (11,189) (4,048) (660) 24,899 5,432 (2,785) Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions....... (2,605) 5,156 (4,069) 7,142 14,660 (507) -------- ------ ------- ------- ------- ------- Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions............... (13,794) 1,108 (4,729) 32,041 20,092 (3,292) -------- ------ ------- ------- ------- ------- Change in Net Assets from Operations.... $(14,936) $3,652 $(4,932) $42,330 $33,014 $(2,777) ======== ====== ======= ======= ======= =======
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 68 STATEMENTS OF OPERATIONS STI CLASSIC FUNDS For the Period Ended September 30, 2006 (Amounts in thousands) (Unaudited)
Large Cap Large Cap Mid-Cap Small Cap Relative Value Mid-Cap Value Quality Growth Growth Value Fund Equity Fund Equity Fund Equity Fund Stock Fund Stock Fund ---------- ----------- ----------- ----------- -------------- ---------- Investment Income: Dividend Income............................ $19,658 $10,158 $ 2,948 $ 2,769 $ 705 $ 2,643 Interest Income............................ -- 171 455 -- 17 960 Income from Securities Lending............. 312 166 102 94 13 1,441 ------- ------- -------- -------- -------- --------- Total Investment Income.................. 19,970 10,495 3,505 2,863 735 5,044 ------- ------- -------- -------- -------- --------- Expenses: Investment Advisory Fees................... 6,321 3,440 2,220 1,331 447 8,577 Administration and Fund Accounting Fees.... 199 112 57 34 13 201 Compliance Services Fees................... 11 8 4 2 1 14 Distribution Fees -- A Shares.............. 59 94 19 4 1 88 Distribution and Service Fees -- C Shares................................... 371 213 61 31 211 153 Custodian Fees............................. 13 8 15 4 2 30 Professional Fees.......................... 32 19 9 6 2 32 Insurance Fees............................. 4 2 1 1 -- 4 Registration Fees.......................... (6) 6 19 13 13 10 Transfer Agent Fees........................ 55 39 26 5 27 149 Printing Fees.............................. 55 31 18 10 5 56 Trustees' Fees............................. 17 10 5 3 1 17 Other Expenses............................. 9 6 6 3 3 9 ------- ------- -------- -------- -------- --------- Total Expenses........................... 7,140 3,988 2,460 1,447 726 9,340 Less: Administration Fees Waived......... (1) (1) (1) -- -- (2) ------- ------- -------- -------- -------- --------- Net Expenses............................. 7,139 3,987 2,459 1,447 726 9,338 ------- ------- -------- -------- -------- --------- Net Investment Income (Loss)................. 12,831 6,508 1,046 1,416 9 (4,294) ------- ------- -------- -------- -------- --------- Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Investments Sold..................................... 39,477 55,137 16,266 21,136 9,313 (28,975) Net Change in Unrealized Appreciation (Depreciation) on Investments............ 19,631 (14,881) (28,676) (16,612) (11,255) (219,785) ------- ------- -------- -------- -------- --------- Net Realized and Unrealized Gain (Loss) on Investments.............................. 59,108 40,256 (12,410) 4,524 (1,942) (248,760) ------- ------- -------- -------- -------- --------- Change in Net Assets from Operations......... $71,939 $46,764 $(11,364) $ 5,940 $ (1,933) $(253,054) ======= ======= ======== ======== ======== =========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 69 STATEMENTS OF OPERATIONS STI CLASSIC FUNDS For the Period Ended September 30, 2006 (Amounts in thousands) (Unaudited)
Small Cap Small Cap Life Vision Life Vision Life Vision Quantitative Value Balanced Aggressive Conservative Growth and Equity Fund Equity Fund Fund Growth Fund Fund Income Fund ------------ ----------- -------- ----------- ------------ ----------- Investment Income: Dividend Income*........................... $ 125 $ 6,356 $ 406 $274 $190 $1,235 Interest Income............................ 5 77 949 -- -- -- Income from Securities Lending............. -- 230 46 -- -- -- ------- -------- ------ ---- ---- ------ Total Investment Income.................. 130 6,663 1,401 274 190 1,235 ------- -------- ------ ---- ---- ------ Expenses: Investment Advisory Fees................... 101 4,319 400 31 5 64 Administration and Fund Accounting Fees.... 2 97 12 8 1 16 Compliance Services Fees................... -- 7 1 1 -- 1 Distribution Fees -- A Shares.............. -- 8 8 4 2 9 Distribution and Service Fees -- C Shares................................... -- 52 138 6 4 18 Distribution Fees -- B Shares.............. 21 19 64 Custodian Fees............................. -- 12 4 5 3 4 Professional Fees.......................... 1 16 2 1 -- 3 Insurance Fees............................. -- 2 -- -- -- -- Registration Fees.......................... -- 6 16 2 -- 2 Transfer Agent Fees........................ -- 21 20 2 1 8 Printing Fees.............................. -- 25 4 3 1 5 Trustees' Fees............................. -- 8 1 1 -- 1 Other Expenses............................. 1 3 1 1 -- 4 ------- -------- ------ ---- ---- ------ Total Expenses........................... 105 4,576 607 86 36 199 Less: Investment Advisory Fees Waived.... -- -- (11) -- (3) -- Less: Administration Fees Waived......... -- -- (4) -- -- -- ------- -------- ------ ---- ---- ------ Net Expenses............................. 105 4,576 592 86 33 199 ------- -------- ------ ---- ---- ------ Net Investment Income........................ 25 2,087 809 188 157 1,036 ------- -------- ------ ---- ---- ------ Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currency Transactions: Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions*............................ (1,513) 53,273 366 (30) (35) (39) Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps and Foreign Currency Transactions*........... (73) (90,525) 110 398 86 963 ------- -------- ------ ---- ---- ------ Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currency Transactions............................. (1,586) (37,252) 476 368 51 924 ------- -------- ------ ---- ---- ------ Change in Net Assets from Operations......... $(1,561) $(35,165) $1,285 $556 $208 $1,960 ======= ======== ====== ==== ==== ======
* Dividend income, capital gain from investments in affiliated investment companies, net realized gain on securities sold and net change in unrealized appreciation on investments for the Life Vision Funds are attributable to the underlying investments in affiliated investment companies. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 70 STATEMENTS OF OPERATIONS STI CLASSIC FUNDS For the Period Ended September 30, 2006 (Amounts in thousands) (Unaudited)
Life Vision Life Vision Life Vision Life Vision Moderate Target Date Target Date Target Date Growth Fund 2015 Fund 2025 Fund 2035 Fund ----------- ----------- ----------- ----------- Investment Income: Dividend Income*................................. $2,484 $ 6 $ 8 $ 3 ------ --- --- --- Total Investment Income........................ 2,484 6 8 3 ------ --- --- --- Expenses: Investment Advisory Fees......................... 91 -- 1 -- Administration and Fund Accounting Fees.......... 23 -- -- -- Compliance Services Fees......................... 2 -- -- -- Distribution Fees -- A Shares.................... 9 -- -- Distribution and Service Fees -- C Shares........ 9 Distribution Fees -- B Shares.................... 50 Custodian Fees................................... 4 1 2 1 Professional Fees................................ 4 -- -- -- Registration Fees................................ -- 9 8 8 Transfer Agent Fees.............................. 6 -- -- -- Printing Fees.................................... 6 -- -- -- Trustees' Fees................................... 2 -- -- -- Other Expenses................................... 1 -- -- -- ------ --- --- --- Total Expenses................................. 207 10 11 9 Less: Investment Advisory Fees Waived or Fees Reimbursed.................... -- (9) (9) (9) ------ --- --- --- Net Expenses................................... 207 1 2 -- ------ --- --- --- Net Investment Income.............................. 2,277 5 6 3 ------ --- --- --- Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Investments Sold*.... 51 (4) (2) (1) Net Change in Unrealized Appreciation (Depreciation) on Investments*................. 1,075 18 21 8 ------ --- --- --- Net Realized and Unrealized Gain on Investments.................................... 1,126 14 19 7 ------ --- --- --- Change in Net Assets from Operations............... $3,403 $19 $25 $10 ====== === === ===
* Dividend income, capital gain from investments in affiliated investment companies, net realized gain on securities sold and net change in unrealized appreciation on investments for the Life Vision Funds are attributable to the underlying investments in affiliated investment companies. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 71 STATEMENTS OF CHANGES IN NET ASSETS STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Aggressive Growth Capital Appreciation Emerging Growth Stock Fund Fund Stock Fund ------------------------ ------------------------- ------------------------ 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- ---------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income (Loss).................... $ (1,142) $ (722) $ 2,544 $ 2,425 $ (203) $ (255) Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions.............. (11,189) (3,816) (4,048) 55,310 (660) 1,325 Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions..... (2,605) 27,629 5,156 51,746 (4,069) 9,111 Net Increase from Payments by Affiliates............. -- -- -- -- -- -- -------- -------- ---------- ---------- ------- ------- Change in Net Assets from Operations................ (14,936) 23,091 3,652 109,481 (4,932) 10,181 -------- -------- ---------- ---------- ------- ------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares................ -- (5) (2,511) (2,305) -- -- A Shares................ -- -- (66) -- -- -- C Shares................ -- -- -- -- -- -- Net Realized Gains: I Shares................ -- -- -- (29,860) -- -- A Shares................ -- -- -- (2,465) -- -- C Shares................ -- -- -- (1,308) -- -- -------- -------- ---------- ---------- ------- ------- Total Dividends and Distributions............. -- (5) (2,577) (35,938) -- -- -------- -------- ---------- ---------- ------- ------- Change in Net Assets from Capital Transactions...... 56,070 171,957 (142,730) (316,585) 52,155 17,908 -------- -------- ---------- ---------- ------- ------- Change in Net Assets........ 41,134 195,043 (141,655) (243,042) 47,223 28,089 -------- -------- ---------- ---------- ------- ------- Net Assets: Beginning of Period......... 259,966 64,923 1,452,852 1,695,894 48,703 20,614 -------- -------- ---------- ---------- ------- ------- End of Period............... $301,100 $259,966 $1,311,197 $1,452,852 $95,926 $48,703 ======== ======== ========== ========== ======= ======= Accumulated Net Investment Income (Loss), End of Period.................... $ (1,153) $ (11) $ 87 $ 120 $ (218) $ (15) ======== ======== ========== ========== ======= ======= International Equity Fund ------------------------ 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Operations: Net Investment Income (Loss).................... $ 10,289 $ 9,597 Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions.............. 24,899 46,895 Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions..... 7,142 110,353 Net Increase from Payments by Affiliates............. -- 2 ---------- -------- Change in Net Assets from Operations................ 42,330 166,847 ---------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares................ -- (8,756) A Shares................ -- (88) C Shares................ -- -- Net Realized Gains: I Shares................ -- -- A Shares................ -- -- C Shares................ -- -- ---------- -------- Total Dividends and Distributions............. -- (8,844) ---------- -------- Change in Net Assets from Capital Transactions...... 45,685 291,758 ---------- -------- Change in Net Assets........ 88,015 449,761 ---------- -------- Net Assets: Beginning of Period......... 947,234 497,473 ---------- -------- End of Period............... $1,035,249 $947,234 ========== ======== Accumulated Net Investment Income (Loss), End of Period.................... $ 11,377 $ 1,088 ========== ========
Amounts designated as "--" are either $0 or have been rounded to $0. See Notes to Financial Statements. 72 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Aggressive Growth Capital Appreciation Emerging Growth International Stock Fund Fund Stock Fund Equity Fund ----------------------- ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued................ $133,511 $193,192 $ 154,992 $ 390,413 $61,325 $25,991 $ 224,373 $ 411,692 Dividends Reinvested.... -- 2 1,371 22,561 -- -- -- 2,197 Cost of Shares Redeemed.............. (76,791) (19,718) (272,208) (676,657) (9,287) (8,236) (177,908) (121,946) -------- -------- --------- --------- ------- ------- --------- --------- Change in Net Assets from I Shares......... $ 56,720 $173,476 $(115,845) $(263,683) $52,038 $17,755 $ 46,465 $ 291,943 -------- -------- --------- --------- ------- ------- --------- --------- A Shares: Proceeds from Shares Issued................ $ 2,767 $ 190 $ 3,433 $ 8,707 $ 120 $ 116 $ 12,061 $ 4,921 Dividends Reinvested.... -- -- 63 2,391 -- -- -- 77 Cost of Shares Redeemed.............. (2,588) (43) (21,131) (38,114) (27) (18) (12,205) (3,828) -------- -------- --------- --------- ------- ------- --------- --------- Change in Net Assets from A Shares......... $ 179 $ 147 $ (17,635) $ (27,016) $ 93 $ 98 $ (144) $ 1,170 -------- -------- --------- --------- ------- ------- --------- --------- C Shares: Proceeds from Shares Issued................ $ 46 $ 218 $ 229 $ 1,332 $ 57 $ 55 $ 243 $ 1,175 Dividends Reinvested.... -- -- -- 1,268 -- -- -- -- Cost of Shares Redeemed.............. (875) (1,884) (9,479) (28,486) (33) -- (879) (2,530) -------- -------- --------- --------- ------- ------- --------- --------- Change in Net Assets from C Shares......... $ (829) $ (1,666) $ (9,250) $ (25,886) $ 24 $ 55 $ (636) $ (1,355) -------- -------- --------- --------- ------- ------- --------- --------- Change in Net Assets from Capital Transactions.... $ 56,070 $171,957 $(142,730) $(316,585) $52,155 $17,908 $ 45,685 $ 291,758 ======== ======== ========= ========= ======= ======= ========= ========= Share Transactions: I Shares: Issued.................. 11,774 16,618 12,405 31,807 5,281 2,376 15,231 32,572 Reinvested.............. -- -- 110 1,810 -- -- -- 166 Redeemed................ (6,793) (1,805) (21,694) (54,757) (805) (791) (12,015) (9,601) -------- -------- --------- --------- ------- ------- --------- --------- Change in I Shares...... 4,981 14,813 (9,179) (21,140) 4,476 1,585 3,216 23,137 -------- -------- --------- --------- ------- ------- --------- --------- A Shares: Issued.................. 262 17 289 745 10 10 845 391 Reinvested.............. -- -- 5 202 -- -- -- 6 Redeemed................ (240) (4) (1,764) (3,241) (2) (2) (825) (302) -------- -------- --------- --------- ------- ------- --------- --------- Change in A Shares...... 22 13 (1,470) (2,294) 8 8 20 95 -------- -------- --------- --------- ------- ------- --------- --------- C Shares: Issued.................. 4 21 21 121 5 5 17 100 Reinvested.............. -- -- -- 114 -- -- -- -- Redeemed................ (78) (178) (848) (2,575) (3) -- (64) (217) -------- -------- --------- --------- ------- ------- --------- --------- Change in C Shares...... (74) (157) (827) (2,340) 2 5 (47) (117) -------- -------- --------- --------- ------- ------- --------- --------- Change in Shares.......... 4,929 14,669 (11,476) (25,774) 4,486 1,598 3,189 23,115 ======== ======== ========= ========= ======= ======= ========= =========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 73 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
International Large Cap Quantitative Large Cap Relative Equity Index Fund Equity Fund Value Fund ------------------------ ------------------------ ------------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- ---------- (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income...... $ 12,922 $ 11,433 $ 515 $ 93 $ 12,831 $ 14,557 Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions............. 5,432 5,290 (2,785) 10,158 39,477 110,126 Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions.... 14,660 132,522 (507) 9,471 19,631 39,541 Net Increase from Payments by Affiliates............ -- 7 -- -- -- -- -------- -------- -------- -------- ---------- ---------- Change in Net Assets from Operations............... 33,014 149,252 (2,777) 19,722 71,939 164,224 -------- -------- -------- -------- ---------- ---------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares................. -- (9,595) (540) (60) (12,527) (13,698) A Shares................. -- (84) -- -- (346) (388) C Shares................. -- (8) -- -- (282) (93) Net Realized Gains: I Shares................. -- -- -- (12,525) -- (52,561) A Shares................. -- -- -- (77) -- (1,849) C Shares................. -- -- -- (118) -- (3,290) -------- -------- -------- -------- ---------- ---------- Total Dividends and Distributions............ -- (9,687) (540) (12,780) (13,155) (71,879) -------- -------- -------- -------- ---------- ---------- Change in Net Assets from Capital Transactions..... 76,148 117,744 69,187 185,415 19,167 284,015 -------- -------- -------- -------- ---------- ---------- Change in Net Assets....... 109,162 257,309 65,870 192,357 77,951 376,360 -------- -------- -------- -------- ---------- ---------- Net Assets: Beginning of Period........ 788,665 531,356 287,426 95,069 1,520,561 1,144,201 -------- -------- -------- -------- ---------- ---------- End of Period.............. $897,827 $788,665 $353,296 $287,426 $1,598,512 $1,520,561 ======== ======== ======== ======== ========== ========== Accumulated Net Investment Income (Loss), End of Period................... $ 11,030 $ (864) $ (11) $ 14 $ 534 $ 858 ======== ======== ======== ======== ========== ========== Large Cap Value Equity Fund ------------------------ 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Operations: Net Investment Income...... $ 6,508 $ 14,917 Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions............. 55,137 55,766 Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions.... (14,881) 28,775 Net Increase from Payments by Affiliates............ -- -- -------- --------- Change in Net Assets from Operations............... 46,764 99,458 -------- --------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares................. (5,600) (13,581) A Shares................. (353) (989) C Shares................. (105) (340) Net Realized Gains: I Shares................. -- -- A Shares................. -- -- C Shares................. -- -- -------- --------- Total Dividends and Distributions............ (6,058) (14,910) -------- --------- Change in Net Assets from Capital Transactions..... (10,571) (127,185) -------- --------- Change in Net Assets....... 30,135 (42,637) -------- --------- Net Assets: Beginning of Period........ 878,649 921,286 -------- --------- End of Period.............. $908,784 $ 878,649 ======== ========= Accumulated Net Investment Income (Loss), End of Period................... $ 459 $ 9 ======== =========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 74 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
International Large Cap Quantitative Large Cap Relative Large Cap Value Equity Index Fund Equity Fund Value Fund Equity Fund ----------------------- ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued................ $152,238 $258,434 $94,404 $220,812 $ 222,132 $ 552,868 $ 62,936 $ 135,139 Dividends Reinvested.... -- 5,754 150 4,633 3,718 35,791 4,022 9,868 Cost of Shares Redeemed.............. (72,057) (144,948) (25,284) (40,814) (196,891) (286,603) (64,057) (244,925) -------- -------- ------- -------- --------- --------- -------- --------- Change in Net Assets from I Shares......... $ 80,181 $119,240 $69,270 $184,631 $ 28,959 $ 302,056 $ 2,901 $ (99,918) -------- -------- ------- -------- --------- --------- -------- --------- A Shares: Proceeds from Shares Issued................ $ 3,901 $ 1,666 $ 1,518 $ 904 $ 10,157 $ 9,149 $ 3,750 $ 3,961 Dividends Reinvested.... -- 81 -- 68 300 2,010 340 947 Cost of Shares Redeemed.............. (6,864) (2,293) (1,433) (212) (11,520) (13,233) (13,615) (19,040) -------- -------- ------- -------- --------- --------- -------- --------- Change in Net Assets from A Shares......... $ (2,963) $ (546) $ 85 $ 760 $ (1,063) $ (2,074) $ (9,525) $ (14,132) -------- -------- ------- -------- --------- --------- -------- --------- C Shares: Proceeds from Shares Issued................ $ 210 $ 351 $ 33 $ 467 $ 1,030 $ 4,631 $ 504 $ 1,086 Dividends Reinvested.... -- 7 -- 111 268 3,215 101 327 Cost of Shares Redeemed.............. (1,280) (1,308) (201) (554) (10,027) (23,813) (4,552) (14,548) -------- -------- ------- -------- --------- --------- -------- --------- Change in Net Assets from C Shares......... $ (1,070) $ (950) $ (168) $ 24 $ (8,729) $ (15,967) $ (3,947) $ (13,135) -------- -------- ------- -------- --------- --------- -------- --------- Change in Net Assets from Capital Transactions.... $ 76,148 $117,744 $69,187 $185,415 $ 19,167 $ 284,015 $(10,571) $(127,185) ======== ======== ======= ======== ========= ========= ======== ========= Share Transactions: I Shares: Issued.................. 9,523 18,710 6,974 16,302 12,904 33,293 4,495 10,604 Reinvested.............. -- 402 11 353 216 2,139 289 757 Redeemed................ (4,535) (10,515) (1,871) (2,988) (11,390) (17,149) (4,584) (18,995) -------- -------- ------- -------- --------- --------- -------- --------- Change in I Shares...... 4,988 8,597 5,114 13,667 1,730 18,283 200 (7,634) -------- -------- ------- -------- --------- --------- -------- --------- A Shares: Issued.................. 250 115 115 67 591 549 270 311 Reinvested.............. -- 6 -- 5 17 119 25 73 Redeemed................ (429) (167) (108) (16) (655) (786) (973) (1,484) -------- -------- ------- -------- --------- --------- -------- --------- Change in A Shares...... (179) (46) 7 56 (47) (118) (678) (1,100) -------- -------- ------- -------- --------- --------- -------- --------- C Shares: Issued.................. 13 26 3 35 61 284 37 87 Reinvested.............. -- 1 -- 9 16 195 7 25 Redeemed................ (83) (101) (16) (42) (591) (1,453) (330) (1,152) -------- -------- ------- -------- --------- --------- -------- --------- Change in C Shares...... (70) (74) (13) 2 (514) (974) (286) (1,040) -------- -------- ------- -------- --------- --------- -------- --------- Change in Shares.......... 4,739 8,477 5,108 13,725 1,169 17,191 (764) (9,774) ======== ======== ======= ======== ========= ========= ======== =========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 75 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Mid-Cap Mid-Cap Value Quality Growth Equity Fund Equity Fund Stock Fund ------------------------ ------------------------ ------------------------ 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income (Loss).................... $ 1,046 $ 1,762 $ 1,416 $ 2,168 $ 9 $ (276) Net Realized Gain (Loss) on Investments Sold.......... 16,266 31,428 21,136 26,814 9,313 17,605 Net Change in Unrealized Appreciation (Depreciation) on Investments............... (28,676) 22,166 (16,612) 9,917 (11,255) (7,295) -------- -------- -------- -------- -------- -------- Change in Net Assets from Operations................ (11,364) 55,356 5,940 38,899 (1,933) 10,034 -------- -------- -------- -------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares.................. (1,129) (1,634) (1,313) (2,100) (12) (463) A Shares.................. (16) (36) (10) (15) -- (2) C Shares.................. -- -- (2) (11) -- (64) Net Realized Gains: I Shares.................. -- (14,705) -- (20,403) -- -- A Shares.................. -- (730) -- (208) -- -- C Shares.................. -- (694) -- (598) -- -- -------- -------- -------- -------- -------- -------- Total Dividends and Distributions............. (1,145) (17,799) (1,325) (23,335) (12) (529) -------- -------- -------- -------- -------- -------- Change in Net Assets from Capital Transactions...... (45,899) 158,637 (3,301) 19,071 (34,184) (53,743) -------- -------- -------- -------- -------- -------- Change in Net Assets........ (58,408) 196,194 1,314 34,635 (36,129) (44,238) -------- -------- -------- -------- -------- -------- Net Assets: Beginning of Period......... 439,967 243,773 252,335 217,700 123,361 167,599 -------- -------- -------- -------- -------- -------- End of Period............... $381,559 $439,967 $253,649 $252,335 $ 87,232 $123,361 ======== ======== ======== ======== ======== ======== Accumulated Net Investment Income (Loss), End of Period.................... $ 45 $ 144 $ 145 $ 54 $ (3) $ -- ======== ======== ======== ======== ======== ======== Small Cap Growth Stock Fund ------------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- ---------- (Unaudited) Operations: Net Investment Income (Loss).................... $ (4,294) $ (9,311) Net Realized Gain (Loss) on Investments Sold.......... (28,975) 129,014 Net Change in Unrealized Appreciation (Depreciation) on Investments............... (219,785) 224,874 ---------- ---------- Change in Net Assets from Operations................ (253,054) 344,577 ---------- ---------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares.................. -- -- A Shares.................. -- -- C Shares.................. -- -- Net Realized Gains: I Shares.................. -- (105,684) A Shares.................. -- (3,574) C Shares.................. -- (2,682) ---------- ---------- Total Dividends and Distributions............. -- (111,940) ---------- ---------- Change in Net Assets from Capital Transactions...... (129,573) 490,131 ---------- ---------- Change in Net Assets........ (382,627) 722,768 ---------- ---------- Net Assets: Beginning of Period......... 1,737,819 1,015,051 ---------- ---------- End of Period............... $1,355,192 $1,737,819 ========== ========== Accumulated Net Investment Income (Loss), End of Period.................... $ (4,294) $ -- ========== ==========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 76 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Mid-Cap Mid-Cap Value Quality Growth Small Cap Growth Equity Fund Equity Fund Stock Fund Stock Fund ----------------------- ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued................ $ 78,956 $250,612 $ 51,255 $ 82,778 $ 2,366 $ 7,349 $ 305,763 $ 836,404 Dividends Reinvested.... 430 8,646 425 10,665 2 68 -- 86,652 Cost of Shares Redeemed.............. (119,305) (97,492) (54,882) (73,941) (27,786) (37,892) (436,432) (441,501) --------- -------- -------- -------- -------- -------- --------- --------- Change in Net Assets from I Shares......... $ (39,919) $161,766 $ (3,202) $ 19,502 $(25,418) $(30,475) $(130,669) $ 481,555 --------- -------- -------- -------- -------- -------- --------- --------- A Shares: Proceeds from Shares Issued................ $ 1,933 $ 3,061 $ 815 $ 1,345 $ 109 $ 582 $ 19,638 $ 19,918 Dividends Reinvested.... 15 727 9 187 -- 1 -- 3,405 Cost of Shares Redeemed.............. (5,908) (4,203) (492) (970) (151) (825) (12,875) (10,408) --------- -------- -------- -------- -------- -------- --------- --------- Change in Net Assets from A Shares......... $ (3,960) $ (415) $ 332 $ 562 $ (42) $ (242) $ 6,763 $ 12,915 --------- -------- -------- -------- -------- -------- --------- --------- C Shares: Proceeds from Shares Issued................ $ 131 $ 1,009 $ 407 $ 344 $ 155 $ 550 $ 640 $ 2,166 Dividends Reinvested.... -- 665 2 576 -- 59 -- 2,539 Cost of Shares Redeemed.............. (2,151) (4,388) (840) (1,913) (8,879) (23,635) (6,307) (9,044) --------- -------- -------- -------- -------- -------- --------- --------- Change in Net Assets from C Shares......... $ (2,020) $ (2,714) $ (431) $ (993) $ (8,724) $(23,026) $ (5,667) $ (4,339) --------- -------- -------- -------- -------- -------- --------- --------- Change in Net Assets from Capital Transactions.... $ (45,899) $158,637 $ (3,301) $ 19,071 $(34,184) $(53,743) $(129,573) $ 490,131 ========= ======== ======== ======== ======== ======== ========= ========= Share Transactions: I Shares: Issued.................. 5,926 19,102 3,932 6,541 92 290 14,032 38,694 Reinvested.............. 33 667 33 871 -- 3 -- 4,066 Redeemed................ (8,984) (7,583) (4,156) (5,921) (1,124) (1,509) (21,001) (20,410) --------- -------- -------- -------- -------- -------- --------- --------- Change in I Shares...... (3,025) 12,186 (191) 1,491 (1,032) (1,216) (6,969) 22,350 --------- -------- -------- -------- -------- -------- --------- --------- A Shares: Issued.................. 155 246 62 107 4 23 933 944 Reinvested.............. 1 58 1 15 -- -- -- 164 Redeemed................ (456) (341) (38) (77) (6) (33) (617) (498) --------- -------- -------- -------- -------- -------- --------- --------- Change in A Shares...... (300) (37) 25 45 (2) (10) 316 610 --------- -------- -------- -------- -------- -------- --------- --------- C Shares: Issued.................. 11 87 32 27 7 24 31 110 Reinvested.............. -- 58 -- 48 -- 3 -- 131 Redeemed................ (184) (380) (65) (152) (379) (1,016) (331) (466) --------- -------- -------- -------- -------- -------- --------- --------- Change in C Shares...... (173) (235) (33) (77) (372) (989) (300) (225) --------- -------- -------- -------- -------- -------- --------- --------- Change in Shares.......... (3,498) 11,914 (199) 1,459 (1,406) (2,215) (6,953) 22,735 ========= ======== ======== ======== ======== ======== ========= =========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 77 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Small Cap Quantitative Small Cap Value Life Vision Equity Fund Equity Fund Balanced Fund Aggressive Growth Fund ------------ ------------------------ ------------------------ ------------------------ 04/03/06*- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ------------ ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income........ $ 25 $ 2,087 $ 3,550 $ 809 $ 3,022 $ 188 $ 650 Capital Gain Received from Investments in Affiliated Investment Companies....... -- -- -- -- -- -- 1,091 Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions............... (1,513) 53,273 190,190 366 9,135 (30) 959 Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps and Foreign Currency Transactions............... (73) (90,525) 10,943 110 (2,870) 398 4,463 Net Increase from Payments by Affiliates................. -- -- -- -- 71 -- -- ------- -------- --------- -------- --------- ------- ------- Change in Net Assets from Operations................. (1,561) (35,165) 204,683 1,285 9,358 556 7,163 ------- -------- --------- -------- --------- ------- ------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares................... (3) (2,110) (3,434) (636) (2,575) (183) (583) A Shares................... -- (11) (13) (50) (101) (5) (22) C Shares................... -- (75) (118) (157) (312) -- (5) B Shares................... -- (42) Net Realized Gains: I Shares................... -- -- (142,285) -- (8,598) -- (519) A Shares................... -- -- (974) -- (380) -- (26) C Shares................... -- -- (8,202) -- (2,237) -- (8) B Shares................... -- (64) ------- -------- --------- -------- --------- ------- ------- Total Dividends and Distributions.............. (3) (2,196) (155,026) (843) (14,203) (188) (1,269) ------- -------- --------- -------- --------- ------- ------- Change in Net Assets from Capital Transactions....... 23,363 (38,817) (11,427) (23,020) (139,394) 2,023 5,577 ------- -------- --------- -------- --------- ------- ------- Change in Net Assets......... 21,799 (76,178) 38,230 (22,578) (144,239) 2,391 11,471 ------- -------- --------- -------- --------- ------- ------- Net Assets: Beginning of Period.......... -- 813,414 775,184 106,160 250,399 62,286 50,815 ------- -------- --------- -------- --------- ------- ------- End of Period................ $21,799 $737,236 $ 813,414 $ 83,582 $ 106,160 $64,677 $62,286 ======= ======== ========= ======== ========= ======= ======= Accumulated Net Investment Income, End of Period...... $ 22 $ 164 $ 273 $ 155 $ 189 $ 1 $ 1 ======= ======== ========= ======== ========= ======= =======
* Commencement of operations. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 78 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Small Cap Quantitative Small Cap Value Life Vision Equity Fund Equity Fund Balanced Fund Aggressive Growth Fund ------------ ----------------------- ----------------------- ----------------------- 04/03/06*- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ------------ ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued........ $24,664 $ 67,221 $ 173,077 $ 5,065 $ 30,214 $ 7,999 $ 15,960 Dividends Reinvested............... 1 1,517 106,300 615 10,973 177 1,089 Cost of Shares Redeemed............ (1,352) (104,782) (290,041) (22,667) (163,733) (5,912) (12,553) ------- --------- --------- -------- --------- ------- -------- Change in Net Assets from I Shares........................... $23,313 $ (36,044) $ (10,664) $(16,987) $(122,546) $ 2,264 $ 4,496 ------- --------- --------- -------- --------- ------- -------- A Shares: Proceeds from Shares Issued........ $ 39 $ 2,621 $ 1,825 $ 89 $ 259 $ 289 $ 957 Dividends Reinvested............... -- 7 644 49 473 5 46 Cost of Shares Redeemed............ -- (549) (2,054) (675) (3,423) (113) (711) ------- --------- --------- -------- --------- ------- -------- Change in Net Assets from A Shares........................... $ 39 $ 2,079 $ 415 $ (537) $ (2,691) $ 181 $ 292 ------- --------- --------- -------- --------- ------- -------- C Shares: Proceeds from Shares Issued........ $ 11 $ 194 $ 696 $ 200 $ 816 $ 201 $ 1,184 Dividends Reinvested............... -- 72 7,953 149 2,443 -- 13 Cost of Shares Redeemed............ -- (5,118) (9,827) (5,845) (17,416) (118) (120) ------- --------- --------- -------- --------- ------- -------- Change in Net Assets from C Shares........................... $ 11 $ (4,852) $ (1,178) $ (5,496) $ (14,157) $ 83 $ 1,077 ------- --------- --------- -------- --------- ------- -------- B Shares: Proceeds from Shares Issued........ $ 104 $ 401 Dividends Reinvested............... -- 104 Cost of Shares Redeemed............ (609) (793) ------- -------- Change in Net Assets from B Shares........................... $ (505) $ (288) ------- -------- Change in Net Assets from Capital Transactions....................... $23,363 $ (38,817) $ (11,427) $(23,020) $(139,394) $ 2,023 $ 5,577 ======= ========= ========= ======== ========= ======= ======== Share Transactions: I Shares: Issued............................. 2,507 3,315 8,501 428 2,483 658 1,378 Reinvested......................... -- 78 5,755 53 923 15 92 Redeemed........................... (145) (5,247) (14,423) (1,925) (13,467) (491) (1,098) ------- --------- --------- -------- --------- ------- -------- Change in I Shares................. 2,362 (1,854) (167) (1,444) (10,061) 182 372 ------- --------- --------- -------- --------- ------- -------- A Shares: Issued............................. 4 136 89 7 21 24 84 Reinvested......................... -- -- 35 4 40 -- 4 Redeemed........................... -- (28) (102) (58) (278) (9) (63) ------- --------- --------- -------- --------- ------- -------- Change in A Shares................. 4 108 22 (47) (217) 15 25 ------- --------- --------- -------- --------- ------- -------- C Shares: Issued............................. 1 10 35 16 67 17 102 Reinvested......................... -- 4 442 13 208 -- 1 Redeemed........................... -- (264) (496) (505) (1,441) (10) (10) ------- --------- --------- -------- --------- ------- -------- Change in C Shares................. 1 (250) (19) (476) (1,166) 7 93 ------- --------- --------- -------- --------- ------- -------- B Shares: Issued............................. 9 36 Reinvested......................... -- 9 Redeemed........................... (50) (69) ------- -------- Change in B Shares................. (41) (24) ------- -------- Change in Shares..................... 2,367 (1,996) (164) (1,967) (11,444) 163 466 ======= ========= ========= ======== ========= ======= ========
* Commencement of operations. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 79 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Life Vision Life Vision Life Vision Conservative Fund Growth and Income Fund Moderate Growth Fund ------------------------ ------------------------ ------------------------ 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income......... $ 157 $ 262 $ 1,036 $ 2,089 $ 2,277 $ 4,178 Capital Gain Received from Investments in Affiliated Investment Companies........ -- 67 -- 1,834 -- 1,945 Net Realized Gain (Loss) on Investments Sold............ (35) 28 (39) 1,961 51 3,257 Net Change in Unrealized Appreciation (Depreciation) on Investments.............. 86 20 963 6,195 1,075 3,923 ------- ------- -------- -------- -------- -------- Change in Net Assets from Operations.................. 208 377 1,960 12,079 3,403 13,303 ------- ------- -------- -------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares.................... (56) (74) (886) (1,750) (2,070) (3,669) A Shares.................... (17) (36) (45) (83) (69) (157) C Shares.................... (9) (17) (17) (21) (16) (20) B Shares.................... (76) (128) (84) (204) (122) (266) Net Realized Gains: I Shares.................... -- (14) -- -- -- (3,087) A Shares.................... -- (7) -- -- -- (163) C Shares.................... -- (4) -- -- -- (26) B Shares.................... -- (29) -- -- -- (315) ------- ------- -------- -------- -------- -------- Total Dividends and Distributions............... (158) (309) (1,032) (2,058) (2,277) (7,703) ------- ------- -------- -------- -------- -------- Change in Net Assets from Capital Transactions........ (1,243) 3,691 10,652 6,593 2,234 18,789 ------- ------- -------- -------- -------- -------- Change in Net Assets.......... (1,193) 3,759 11,580 16,614 3,360 24,389 ------- ------- -------- -------- -------- -------- Net Assets: Beginning of Period........... 10,414 6,655 124,350 107,736 179,869 155,480 ------- ------- -------- -------- -------- -------- End of Period................. $ 9,221 $10,414 $135,930 $124,350 $183,229 $179,869 ======= ======= ======== ======== ======== ======== Accumulated Net Investment Income, End of Period....... $ 10 $ 11 $ 44 $ 40 $ 116 $ 116 ======= ======= ======== ======== ======== ======== Life Vision Target Date 2015 Fund ------------------------- 04/01/06- 10/12/05*- 09/30/06 03/31/06 ----------- ---------- (Unaudited) Operations: Net Investment Income......... $ 5 $ 3 Capital Gain Received from Investments in Affiliated Investment Companies........ -- 3 Net Realized Gain (Loss) on Investments Sold............ (4) -- Net Change in Unrealized Appreciation (Depreciation) on Investments.............. 18 11 ---- ---- Change in Net Assets from Operations.................. 19 17 ---- ---- Dividends and Distributions to Shareholders: Net Investment Income: I Shares.................... (5) (2) A Shares.................... C Shares.................... B Shares.................... Net Realized Gains: I Shares.................... -- -- A Shares.................... C Shares.................... B Shares.................... ---- ---- Total Dividends and Distributions............... (5) (2) ---- ---- Change in Net Assets from Capital Transactions........ 544 255 ---- ---- Change in Net Assets.......... 558 270 ---- ---- Net Assets: Beginning of Period........... 270 -- ---- ---- End of Period................. $828 $270 ==== ==== Accumulated Net Investment Income, End of Period....... $ 1 $ 1 ==== ====
* Commencement of operations. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 80 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Life Vision Life Vision Life Vision Conservative Fund Growth and Income Fund Moderate Growth Fund ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued................. $ 938 $3,189 $18,387 $ 28,839 $ 25,342 $ 52,916 Dividends Reinvested........................ 54 84 880 1,747 2,050 6,685 Cost of Shares Redeemed..................... (1,210) (613) (9,790) (28,075) (24,659) (38,674) ------- ------ ------- -------- -------- -------- Change in Net Assets from I Shares.......... $ (218) $2,660 $ 9,477 $ 2,511 $ 2,733 $ 20,927 ------- ------ ------- -------- -------- -------- A Shares: Proceeds from Shares Issued................. $ 19 $ 717 $ 1,103 $ 2,726 $ 649 $ 2,619 Dividends Reinvested........................ 14 34 45 82 67 311 Cost of Shares Redeemed..................... (626) (42) (431) (1,078) (386) (5,501) ------- ------ ------- -------- -------- -------- Change in Net Assets from A Shares.......... $ (593) $ 709 $ 717 $ 1,730 $ 330 $ (2,571) ------- ------ ------- -------- -------- -------- C Shares: Proceeds from Shares Issued................. $ 213 $ 930 $ 2,162 $ 3,013 $ 530 $ 1,691 Dividends Reinvested........................ 7 18 15 20 14 43 Cost of Shares Redeemed..................... (337) (115) (615) (342) (248) (92) ------- ------ ------- -------- -------- -------- Change in Net Assets from C Shares.......... $ (117) $ 833 $ 1,562 $ 2,691 $ 296 $ 1,642 ------- ------ ------- -------- -------- -------- B Shares: Proceeds from Shares Issued................. $ -- $ 120 $ 75 $ 1,586 $ 24 $ 620 Dividends Reinvested........................ 63 133 79 193 118 561 Cost of Shares Redeemed..................... (378) (764) (1,258) (2,118) (1,367) (2,390) ------- ------ ------- -------- -------- -------- Change in Net Assets from B Shares.......... $ (315) $ (511) $(1,104) $ (339) $ (1,225) $ (1,209) ------- ------ ------- -------- -------- -------- Change in Net Assets from Capital Transactions................................ $(1,243) $3,691 $10,652 $ 6,593 $ 2,134 $ 18,789 ======= ====== ======= ======== ======== ======== Share Transactions: I Shares: Issued...................................... 83 284 1,492 2,447 2,344 4,953 Reinvested.................................. 5 8 72 146 192 625 Redeemed.................................... (109) (55) (797) (2,382) (2,291) (3,619) ------- ------ ------- -------- -------- -------- Change in I Shares.......................... (21) 237 767 211 245 1,959 ------- ------ ------- -------- -------- -------- A Shares: Issued...................................... 2 64 91 232 70 246 Reinvested.................................. 1 3 4 7 6 29 Redeemed.................................... (56) (4) (35) (91) (36) (517) ------- ------ ------- -------- -------- -------- Change in A Shares.......................... (53) 63 60 148 40 (242) ------- ------ ------- -------- -------- -------- C Shares: Issued...................................... 18 83 175 254 49 160 Reinvested.................................. 1 2 1 2 1 4 Redeemed.................................... (30) (10) (51) (28) (23) (9) ------- ------ ------- -------- -------- -------- Change in C Shares.......................... (11) 75 125 228 27 155 ------- ------ ------- -------- -------- -------- B Shares: Issued...................................... (1) 11 7 138 2 59 Reinvested.................................. 6 12 6 16 11 53 Redeemed.................................... (34) (68) (103) (179) (127) (226) ------- ------ ------- -------- -------- -------- Change from B Shares........................ (29) (45) (90) (25) (114) (114) ------- ------ ------- -------- -------- -------- Change in Shares.............................. (114) 330 862 562 198 1,758 ======= ====== ======= ======== ======== ======== Life Vision Target Date 2015 Fund ------------------------ 04/01/06- 10/12/05*- 09/30/06 03/31/06 ----------- ---------- (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued................. $624 $255 Dividends Reinvested........................ 5 2 Cost of Shares Redeemed..................... (85) (2) ---- ---- Change in Net Assets from I Shares.......... $544 $255 ---- ---- A Shares: Proceeds from Shares Issued................. Dividends Reinvested........................ Cost of Shares Redeemed..................... Change in Net Assets from A Shares.......... C Shares: Proceeds from Shares Issued................. Dividends Reinvested........................ Cost of Shares Redeemed..................... Change in Net Assets from C Shares.......... B Shares: Proceeds from Shares Issued................. Dividends Reinvested........................ Cost of Shares Redeemed..................... Change in Net Assets from B Shares.......... Change in Net Assets from Capital Transactions................................ $544 $255 ==== ==== Share Transactions: I Shares: Issued...................................... 58 25 Reinvested.................................. -- -- Redeemed.................................... (8) -- ---- ---- Change in I Shares.......................... 50 25 ---- ---- A Shares: Issued...................................... Reinvested.................................. Redeemed.................................... Change in A Shares.......................... C Shares: Issued...................................... Reinvested.................................. Redeemed.................................... Change in C Shares.......................... B Shares: Issued...................................... Reinvested.................................. Redeemed.................................... Change from B Shares........................ Change in Shares.............................. 50 25 ==== ====
* Commencement of operations. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 81 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Life Vision Life Vision Target Date 2025 Fund Target Date 2035 Fund ------------------------- ------------------------- 04/01/06- 10/21/05*- 04/01/06- 11/02/05*- 09/30/06 03/31/06 09/30/06 03/31/06 ----------- ---------- ----------- ---------- (Unaudited) (Unaudited) Operations: Net Investment Income..................................... $ 6 $ 3 $ 3 $ 3 Capital Gain Received from Investments in Affiliated Investment Companies.................................... -- 2 -- 4 Net Realized Gain (Loss) on Investments Sold.............. (2) -- (1) 1 Net Change in Unrealized Appreciation (Depreciation) on Investments............................................. 21 18 8 17 ------ ------ ---- ---- Change in Net Assets from Operations...................... 25 23 10 25 ------ ------ ---- ---- Dividends and Distributions to Shareholders: Net Investment Income: I Shares................................................ (7) (2) (3) (3) A Shares................................................ -- -- Net Realized Gains: I Shares................................................ -- -- -- -- A Shares................................................ -- -- ------ ------ ---- ---- Total Dividends and Distributions......................... (7) (2) (3) (3) ------ ------ ---- ---- Change in Net Assets from Capital Transactions............ 647 1,089 268 568 ------ ------ ---- ---- Change in Net Assets...................................... 665 1,110 275 590 ------ ------ ---- ---- Net Assets: Beginning of Period....................................... 1,110 -- 590 -- ------ ------ ---- ---- End of Period............................................. $1,775 $1,110 $865 $590 ====== ====== ==== ==== Accumulated Net Investment Income, End of Period.......... $ -- $ 1 $ -- $ -- ====== ====== ==== ====
* Commencement of operations. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 82 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Life Vision Life Vision Target Date 2025 Fund Target Date 2035 Fund ------------------------ ------------------------ 04/01/06- 10/21/05*- 04/01/06- 11/02/05*- 09/30/06 03/31/06 09/30/06 03/31/06 ----------- ---------- ----------- ---------- (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued............................... $ 717 $1,096 $275 $634 Dividends Reinvested...................................... 7 2 3 3 Cost of Shares Redeemed................................... (102) (9) (14) (69) ----- ------ ---- ---- Change in Net Assets from I Shares........................ $ 622 $1,089 $264 $568 ----- ------ ---- ---- A Shares(1): Proceeds from Shares Issued............................... $ 25 $ 4 Dividends Reinvested...................................... -- -- Cost of Shares Redeemed................................... -- -- ----- ---- Change in Net Assets from A Shares........................ $ 25 $ 4 ----- ---- Change in Net Assets from Capital Transactions.............. $ 647 $1,089 $268 $568 ===== ====== ==== ==== Share Transactions: I Shares: Issued.................................................... 64 101 26 61 Reinvested................................................ 1 -- -- -- Redeemed.................................................. (9) (1) (1) (7) ----- ------ ---- ---- Change in I Shares........................................ 56 100 25 54 ----- ------ ---- ---- A Shares(1): Issued.................................................... 2 -- Reinvested................................................ -- -- Redeemed.................................................. -- -- ----- ---- Change in A Shares........................................ 2 -- ----- ---- Change in Shares............................................ 58 100 25 54 ===== ====== ==== ====
* Commencement of operations. (1) A Shares commenced operations on July 12, 2006 and May 4, 2006 for the Life Vision Target Date 2025 Fund and Life Vision Target Date 2035 Fund, respectively. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 83 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- AGGRESSIVE GROWTH STOCK FUND I Shares Period Ended September 30, 2006* $12.24 $(0.04)(a) $(0.69)(a) $(0.73) $ -- $ -- $ -- Year Ended March 31, 2006 9.89 (0.07)(a) 2.42(a) 2.35 --** -- --** Period Ended March 31, 2005 10.00 (0.06)(a) (0.05)(a) (0.11) -- -- -- Period Ended May 31, 2004(b) 10.00 (0.02)(a) 0.02(a) -- -- -- -- A Shares Period Ended September 30, 2006* 12.16 (0.06)(a) (0.67)(a) (0.73) -- -- -- Year Ended March 31, 2006 9.84 (0.10)(a) 2.42(a) 2.32 -- -- -- Period Ended March 31, 2005 9.99 (0.09)(a) (0.06)(a) (0.15) -- -- -- Period Ended May 31, 2004(b) 10.00 (0.03)(a) 0.02(a) (0.01) -- -- -- C Shares Period Ended September 30, 2006* 12.00 (0.10)(a) (0.68)(a) (0.78) -- -- -- Year Ended March 31, 2006 9.78 (0.17)(a) 2.39(a) 2.22 -- -- -- Period Ended March 31, 2005 9.97 (0.15)(a) (0.04)(a) (0.19) -- -- -- Period Ended May 31, 2004(b) 10.00 (0.04)(a) 0.01(a) (0.03) -- -- -- CAPITAL APPRECIATION FUND I Shares Period Ended September 30, 2006* 12.83 0.03(a) 0.03(a) 0.06 (0.03) -- (0.03) Year Ended March 31, 2006 12.22 0.03(a) 0.86(a) 0.89 (0.02) (0.26) (0.28) Period Ended March 31, 2005 12.33 0.03(a) 0.07(a) 0.10 (0.03) (0.18) (0.21) Year Ended May 31, 2004 11.02 (0.03)(a) 1.34(a) 1.31 -- -- -- Year Ended May 31, 2003 12.24 (0.03)(a) (1.19)(a) (1.22) -- -- -- Year Ended May 31, 2002 13.89 -- (1.53) (1.53) -- (0.12) (0.12) Year Ended May 31, 2001 17.12 (0.05) (0.38) (0.43) -- (2.80) (2.80) A Shares Period Ended September 30, 2006* 12.20 0.01(a) 0.03(a) 0.04 (0.01) -- (0.01) Year Ended March 31, 2006 11.66 (0.03)(a) 0.83(a) 0.80 -- (0.26) (0.26) Period Ended March 31, 2005 11.82 (0.04)(a) 0.06(a) 0.02 -- (0.18) (0.18) Year Ended May 31, 2004 10.63 (0.10)(a) 1.29(a) 1.19 -- -- -- Year Ended May 31, 2003 11.89 (0.10)(a) (1.16)(a) (1.26) -- -- -- Year Ended May 31, 2002 13.59 (0.10) (1.48) (1.58) -- (0.12) (0.12) Year Ended May 31, 2001 16.91 (0.14) (0.38) (0.52) -- (2.80) (2.80) C Shares Period Ended September 30, 2006* 11.46 (0.03)(a) 0.03(a) -- -- -- -- Year Ended March 31, 2006 11.04 (0.09)(a) 0.77(a) 0.68 -- (0.26) (0.26) Period Ended March 31, 2005 11.22 (0.07)(a) 0.07(a) -- -- (0.18) (0.18) Year Ended May 31, 2004 10.15 (0.15)(a) 1.22(a) 1.07 -- -- -- Year Ended May 31, 2003 11.40 (0.14)(a) (1.11)(a) (1.25) -- -- -- Year Ended May 31, 2002 13.09 (0.06) (1.51) (1.57) -- (0.12) (0.12) Year Ended May 31, 2001 16.45 (0.16) (0.40) (0.56) -- (2.80) (2.80) Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- AGGRESSIVE GROWTH STOCK FUND I Shares Period Ended September 30, 2006* $11.51 (5.96)% $ 296,487 1.17% (0.74)% 1.17% 28% Year Ended March 31, 2006 12.24 23.77 254,412 1.19 (0.61) 1.23 30 Period Ended March 31, 2005 9.89 (1.10) 58,988 1.22 (0.79) 1.45 42 Period Ended May 31, 2004(b) 10.00 -- 20,501 1.22 (0.74) 1.61 2 A Shares Period Ended September 30, 2006* 11.43 (6.00) 556 1.47 (1.08) 1.47 28 Year Ended March 31, 2006 12.16 23.58 331 1.50 (0.94) 1.55 30 Period Ended March 31, 2005 9.84 (1.50) 140 1.58 (1.14) 5.56 42 Period Ended May 31, 2004(b) 9.99 (0.10) 49 1.65 (1.25) 11.29+++ 2 C Shares Period Ended September 30, 2006* 11.22 (6.50) 4,057 2.16 (1.73) 2.16 28 Year Ended March 31, 2006 12.00 22.70 5,223 2.17 (1.63) 2.27 30 Period Ended March 31, 2005 9.78 (1.91) 5,795 2.19 (1.75) 2.56 42 Period Ended May 31, 2004(b) 9.97 (0.30) 65 2.10 (1.69) 8.78+++ 2 CAPITAL APPRECIATION FUND I Shares Period Ended September 30, 2006* 12.86 0.52 1,181,770 0.98 0.43 0.98 41 Year Ended March 31, 2006 12.83 7.33 1,296,236 1.06 0.22 1.07 74 Period Ended March 31, 2005 12.22 0.76 1,493,213 1.19 0.31 1.21 72 Year Ended May 31, 2004 12.33 11.89 1,248,636 1.23 (0.25) 1.24 106 Year Ended May 31, 2003 11.02 (9.97) 1,090,549 1.22 (0.32) 1.24 69 Year Ended May 31, 2002 12.24 (11.06) 1,204,445 1.22 (0.54) 1.24 75 Year Ended May 31, 2001 13.89 (3.74) 1,177,933 1.21 (0.29) 1.24 75 A Shares Period Ended September 30, 2006* 12.23 0.32 87,028 1.28 0.13 1.28 41 Year Ended March 31, 2006 12.20 6.97 104,733 1.50 (0.22) 1.50 74 Period Ended March 31, 2005 11.66 0.15 126,895 1.86 (0.38) 1.90 72 Year Ended May 31, 2004 11.82 11.19 145,883 1.88 (0.91) 2.00 106 Year Ended May 31, 2003 10.63 (10.60) 141,488 1.88 (0.98) 2.00 69 Year Ended May 31, 2002 11.89 (11.68) 163,155 1.88 (1.20) 1.99 75 Year Ended May 31, 2001 13.59 (4.38) 202,548 1.86 (0.94) 1.99 75 C Shares Period Ended September 30, 2006* 11.46 -- 42,399 1.98 (0.57) 1.98 41 Year Ended March 31, 2006 11.46 6.27 51,883 2.07 (0.79) 2.08 74 Period Ended March 31, 2005 11.04 (0.02) 75,786 2.21 (0.74) 2.24 72 Year Ended May 31, 2004 11.22 10.54 100,472 2.35 (1.38) 2.43 106 Year Ended May 31, 2003 10.15 (10.96) 94,505 2.35 (1.45) 2.45 69 Year Ended May 31, 2002 11.40 (12.05) 110,923 2.35 (1.67) 2.39 75 Year Ended May 31, 2001 13.09 (4.79) 112,497 2.33 (1.41) 2.39 75
See Notes to Financial Highlights and Notes to Financial Statements. 84 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- EMERGING GROWTH STOCK FUND I Shares Period Ended September 30, 2006* $12.83 $(0.04)(a) $(1.21)(a) $(1.25) $ -- $ -- $ -- Year Ended March 31, 2006 9.38 (0.09)(a) 3.54(a) 3.45 -- -- -- Period Ended March 31, 2005 9.60 (0.08)(a) (0.14)(a) (0.22) -- -- -- Period Ended May 31, 2004(b) 10.00 (0.03)(a) (0.37)(a) (0.40) -- -- -- A Shares Period Ended September 30, 2006* 12.74 (0.06)(a) (1.20)(a) (1.26) -- -- -- Year Ended March 31, 2006 9.34 (0.13)(a) 3.53(a) 3.40 -- -- -- Period Ended March 31, 2005 9.59 (0.11)(a) (0.14)(a) (0.25) -- -- -- Period Ended May 31, 2004(b) 10.00 (0.04)(a) (0.37)(a) (0.41) -- -- -- C Shares Period Ended September 30, 2006* 12.59 (0.10)(a) (1.18)(a) (1.28) -- -- -- Year Ended March 31, 2006 9.29 (0.20)(a) 3.50(a) 3.30 -- -- -- Period Ended March 31, 2005 9.58 (0.15)(a) (0.14)(a) (0.29) -- -- -- Period Ended May 31, 2004(c) 10.14 (0.05)(a) (0.51)(a) (0.56) -- -- -- INTERNATIONAL EQUITY FUND I Shares Period Ended September 30, 2006* 14.49 0.15(a) 0.46(a) 0.61 -- -- -- Year Ended March 31, 2006 11.77 0.16 2.72 2.88 (0.16) -- (0.16) Period Ended March 31, 2005 10.15 0.06 1.67 1.73 (0.11) -- (0.11) Year Ended May 31, 2004 8.00 0.10(a) 2.19(a) 2.29 (0.14) -- (0.14) Year Ended May 31, 2003 9.31 0.07 (1.32) (1.25) (0.06) -- (0.06) Year Ended May 31, 2002 10.19 0.19 (1.07) (0.88) -- -- -- Year Ended May 31, 2001 12.56 -- (1.22) (1.22) (0.04) (1.11) (1.15) A Shares Period Ended September 30, 2006* 14.34 0.13(a) 0.45(a) 0.58 -- -- -- Year Ended March 31, 2006 11.64 0.11 2.70 2.81 (0.11) -- (0.11) Period Ended March 31, 2005 10.03 0.01 1.67 1.68 (0.07) -- (0.07) Year Ended May 31, 2004 7.92 0.04(a) 2.17(a) 2.21 (0.10) -- (0.10) Year Ended May 31, 2003 9.21 0.04 (1.30) (1.26) (0.03) -- (0.03) Year Ended May 31, 2002 10.11 0.14 (1.04) (0.90) -- -- -- Year Ended May 31, 2001 12.47 (0.02) (1.23) (1.25) -- (1.11) (1.11) C Shares Period Ended September 30, 2006* 13.58 0.08(a) 0.42(a) 0.50 -- -- -- Year Ended March 31, 2006 11.01 -- 2.57 2.57 -- -- -- Period Ended March 31, 2005 9.49 (0.02)(a) 1.54(a) 1.52 --** -- --** Year Ended May 31, 2004 7.50 (0.01)(a) 2.06(a) 2.05 (0.06) -- (0.06) Year Ended May 31, 2003 8.75 (0.01) (1.24) (1.25) -- -- -- Year Ended May 31, 2002 9.68 0.04 (0.97) (0.93) -- -- -- Year Ended May 31, 2001 12.06 (0.16) (1.11) (1.27) -- (1.11) (1.11) Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- EMERGING GROWTH STOCK FUND I Shares Period Ended September 30, 2006* $11.58 (9.74)% $ 95,513 1.17% (0.76)% 1.17% 20% Year Ended March 31, 2006 12.83 36.78 48,369 1.20 (0.84) 1.24 107 Period Ended March 31, 2005 9.38 (2.29) 20,494 1.23 (1.03) 1.51 64 Period Ended May 31, 2004(b) 9.60 (4.00) 12,891 1.22 (1.04) 1.69 11 A Shares Period Ended September 30, 2006* 11.48 (9.82) 297 1.46 (1.10) 1.46 20 Year Ended March 31, 2006 12.74 36.30 227 1.51 (1.16) 1.55 107 Period Ended March 31, 2005 9.34 (2.61) 86 1.59 (1.40) 6.91 64 Period Ended May 31, 2004(b) 9.59 (4.10) 39 1.65 (1.46) 13.36+++ 11 C Shares Period Ended September 30, 2006* 11.31 (10.17) 116 2.16 (1.80) 2.16 20 Year Ended March 31, 2006 12.59 35.52 107 2.17 (1.82) 2.21 107 Period Ended March 31, 2005 9.29 (3.03) 34 2.11 (1.92) 13.65 64 Period Ended May 31, 2004(c) 9.58 (5.52) 34 2.11 (1.95) 18.36+++ 11 INTERNATIONAL EQUITY FUND I Shares Period Ended September 30, 2006* 15.10 4.28 1,014,418 1.23 2.04 1.23 61 Year Ended March 31, 2006 14.49 24.47# 926,845 1.31 1.40 1.32 59 Period Ended March 31, 2005 11.77 17.09 480,731 1.38 0.85 1.38 39 Year Ended May 31, 2004 10.15 28.64 332,180 1.41 1.08 1.41 58 Year Ended May 31, 2003 8.00 (13.40) 191,041 1.46 0.83 1.46 89 Year Ended May 31, 2002 9.31 (8.64) 252,991 1.48 0.48 1.48 102 Year Ended May 31, 2001 10.19 (10.79) 208,120 1.45 0.50 1.45 68 A Shares Period Ended September 30, 2006* 14.92 4.12 12,596 1.53 1.79 1.53 61 Year Ended March 31, 2006 14.34 24.15# 11,805 1.62 1.14 1.63 59 Period Ended March 31, 2005 11.64 16.78 8,480 1.72 0.47 1.75 39 Year Ended May 31, 2004 10.03 29.97 7,056 1.83 0.46 2.06 58 Year Ended May 31, 2003 7.92 (13.70) 6,408 1.83 0.59 2.22 89 Year Ended May 31, 2002 9.21 (8.90) 5,272 1.83 (0.21) 2.08 102 Year Ended May 31, 2001 10.11 (11.13) 7,517 1.79 0.18 1.97 68 C Shares Period Ended September 30, 2006* 14.08 3.68 8,235 2.22 1.10 2.22 61 Year Ended March 31, 2006 13.58 23.34# 8,584 2.31 0.51 2.32 59 Period Ended March 31, 2005 11.01 16.03 8,248 2.40 (0.21) 2.45 39 Year Ended May 31, 2004 9.49 27.32 7,606 2.53 (0.15) 2.86 58 Year Ended May 31, 2003 7.50 (14.29) 5,678 2.53 (0.17) 3.03 89 Year Ended May 31, 2002 8.75 (9.61) 6,567 2.53 (0.73) 2.93 102 Year Ended May 31, 2001 9.68 (11.71) 7,765 2.48 (0.51) 2.57 68
See Notes to Financial Highlights and Notes to Financial Statements. 85 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- INTERNATIONAL EQUITY INDEX FUND I Shares Period Ended September 30, 2006* $15.81 $ 0.25(a) $ 0.37(a) $ 0.62 $ -- $ -- $ -- Year Ended March 31, 2006 12.83 0.25 2.94 3.19 (0.21) -- (0.21) Period Ended March 31, 2005 11.11 0.08(a) 1.88(a) 1.96 (0.24) -- (0.24) Year Ended May 31, 2004 8.39 0.14(a) 2.71(a) 2.85 (0.13) -- (0.13) Year Ended May 31, 2003 9.76 0.10(a) (1.43)(a) (1.33) (0.04) -- (0.04) Year Ended May 31, 2002 11.18 0.04 (1.43) (1.39) (0.03) -- (0.03) Year Ended May 31, 2001 13.97 0.06 (2.69) (2.63) (0.07) (0.09) (0.16) A Shares Period Ended September 30, 2006* 15.66 0.22(a) 0.38(a) 0.60 -- -- -- Year Ended March 31, 2006 12.69 0.25 2.87 3.12 (0.15) -- (0.15) Period Ended March 31, 2005 10.93 0.04(a) 1.84(a) 1.88 (0.12) -- (0.12) Year Ended May 31, 2004 8.28 0.07(a) 2.68(a) 2.75 (0.10) -- (0.10) Year Ended May 31, 2003 9.64 0.10(a) (1.45)(a) (1.35) (0.01) -- (0.01) Year Ended May 31, 2002 11.05 (0.02) (1.38) (1.40) (0.01) -- (0.01) Year Ended May 31, 2001 13.80 (0.01) (2.65) (2.66) -- (0.09) (0.09) C Shares Period Ended September 30, 2006* 15.29 0.17(a) 0.36(a) 0.53 -- -- -- Year Ended March 31, 2006 12.37 0.07 2.87 2.94 (0.02) -- (0.02) Period Ended March 31, 2005 10.69 (0.02)(a) 1.80(a) 1.78 (0.10) -- (0.10) Year Ended May 31, 2004 8.10 0.02(a) 2.62(a) 2.64 (0.05) -- (0.05) Year Ended May 31, 2003 9.48 0.01(a) (1.39)(a) (1.38) -- -- -- Year Ended May 31, 2002 10.93 (0.12) (1.33) (1.45) -- -- -- Year Ended May 31, 2001 13.74 (0.06) (2.66) (2.72) -- (0.09) (0.09) LARGE CAP QUANTITATIVE EQUITY FUND I Shares Period Ended September 30, 2006* 13.75 0.02(a) (0.16)(a) (0.14) (0.02) -- (0.02) Year Ended March 31, 2006 13.25 0.01(a) 1.55(a) 1.56 --** (1.06) (1.06) Period Ended March 31, 2005 12.08 (0.02)(a) 1.91(a) 1.89 -- (0.72) (0.72) Period Ended May 31, 2004(d) 10.00 (0.02)(a) 2.35(a) 2.33 -- (0.25) (0.25) A Shares Period Ended September 30, 2006* 13.65 0.01(a) (0.18)(a) (0.17) --** -- -- ** Year Ended March 31, 2006 13.18 (0.02)(a) 1.55(a) 1.53 -- (1.06) (1.06) Period Ended March 31, 2005 12.05 (0.05)(a) 1.90(a) 1.85 -- (0.72) (0.72) Period Ended May 31, 2004(e) 11.35 (0.05)(a) 1.00(a) 0.95 -- (0.25) (0.25) C Shares Period Ended September 30, 2006* 13.37 (0.04)(a) (0.17)(a) (0.21) -- -- -- Year Ended March 31, 2006 13.03 (0.13)(a) 1.53(a) 1.40 -- (1.06) (1.06) Period Ended March 31, 2005 12.00 (0.13)(a) 1.88(a) 1.75 -- (0.72) (0.72) Period Ended May 31, 2004(f) 11.64 (0.11)(a) 0.72(a) 0.61 -- (0.25) (0.25) Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- INTERNATIONAL EQUITY INDEX FUND I Shares Period Ended September 30, 2006* $16.43 3.92% $ 886,646 0.61% 3.13% 0.61% 6% Year Ended March 31, 2006 15.81 25.06# 774,008 0.76 1.84 0.78 7 Period Ended March 31, 2005 12.83 17.68 517,993 0.97 0.81 1.06 21 Year Ended May 31, 2004 11.11 34.07 351,163 0.98 1.38 1.07 10 Year Ended May 31, 2003 8.39 (13.63) 248,770 1.03 1.26 1.12 25 Year Ended May 31, 2002 9.76 (12.43) 287,944 1.04 0.63 1.12 35 Year Ended May 31, 2001 11.18 (18.90) 236,862 1.06 0.40 1.09 13 A Shares Period Ended September 30, 2006* 16.26 3.83 6,082 0.91 2.73 0.91 6 Year Ended March 31, 2006 15.66 24.74# 8,666 1.09 1.58 1.12 7 Period Ended March 31, 2005 12.69 17.22 7,600 1.36 0.38 1.45 21 Year Ended May 31, 2004 10.93 33.26 15,037 1.49 0.73 1.61 10 Year Ended May 31, 2003 8.28 (14.03) 9,877 1.49 1.33 1.87 25 Year Ended May 31, 2002 9.64 (12.65) 3,222 1.49 (0.12) 1.90 35 Year Ended May 31, 2001 11.05 (19.31) 3,451 1.46 0.05 1.83 13 C Shares Period Ended September 30, 2006* 15.82 3.47 5,099 1.61 2.21 1.61 6 Year Ended March 31, 2006 15.29 23.79# 5,991 1.77 0.94 1.80 7 Period Ended March 31, 2005 12.37 16.62 5,763 1.99 (0.24) 2.12 21 Year Ended May 31, 2004 10.69 32.60 5,208 2.14 0.25 2.54 10 Year Ended May 31, 2003 8.10 (14.56) 3,093 2.14 0.18 2.82 25 Year Ended May 31, 2002 9.48 (13.27) 3,505 2.14 (0.68) 2.26 35 Year Ended May 31, 2001 10.93 (19.84) 4,731 2.10 (0.61) 2.15 13 LARGE CAP QUANTITATIVE EQUITY FU I Shares Period Ended September 30, 2006* 13.59 (1.00) 350,699 0.91 0.33 0.91 155 Year Ended March 31, 2006 13.75 12.17 284,727 0.99 0.07 1.02 432 Period Ended March 31, 2005 13.25 15.84 93,204 1.11 (0.19) 1.26 346 Period Ended May 31, 2004(d) 12.08 23.43 66,812 1.13 (0.22) 1.33 344 A Shares Period Ended September 30, 2006* 13.48 (1.14) 1,273 1.16 0.11 1.16 155 Year Ended March 31, 2006 13.65 11.90 1,181 1.23 (0.17) 1.27 432 Period Ended March 31, 2005 13.18 15.54 407 1.39 (0.47) 2.37 346 Period Ended May 31, 2004(e) 12.05 8.48 155 1.55 (0.67) 10.70+++ 344 C Shares Period Ended September 30, 2006* 13.16 (1.57) 1,324 1.91 (0.67) 1.91 155 Year Ended March 31, 2006 13.37 11.11 1,518 2.00 (0.97) 2.05 432 Period Ended March 31, 2005 13.03 14.76 1,458 2.13 (1.22) 2.39 346 Period Ended May 31, 2004(f) 12.00 5.34 1,573 2.30 (1.42) 3.09 344
See Notes to Financial Highlights and Notes to Financial Statements. 86 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- LARGE CAP RELATIVE VALUE FUND I Shares Period Ended September 30, 2006* $17.20 $ 0.14 $ 0.66 $ 0.80 $(0.15) $ -- $(0.15) Year Ended March 31, 2006 16.07 0.18 1.83 2.01 (0.18) (0.70) (0.88) Period Ended March 31, 2005 14.72 0.17 1.74 1.91 (0.18) (0.38) (0.56) Year Ended May 31, 2004 12.21 0.14(a) 2.50(a) 2.64 (0.13) -- (0.13) Year Ended May 31, 2003 13.80 0.13 (1.60) (1.47) (0.12) -- (0.12) Year Ended May 31, 2002 15.05 0.09 (1.26) (1.17) (0.08) -- (0.08) Year Ended May 31, 2001 15.53 0.07 (0.04) 0.03 (0.08) (0.43) (0.51) A Shares Period Ended September 30, 2006* 17.36 0.12 0.66 0.78 (0.13) -- (0.13) Year Ended March 31, 2006 16.21 0.14 1.85 1.99 (0.14) (0.70) (0.84) Period Ended March 31, 2005 14.83 0.14 1.77 1.91 (0.15) (0.38) (0.53) Year Ended May 31, 2004 12.31 0.12(a) 2.51(a) 2.63 (0.11) -- (0.11) Year Ended May 31, 2003 13.91 0.11 (1.61) (1.50) (0.10) -- (0.10) Year Ended May 31, 2002 15.17 0.06 (1.27) (1.21) (0.05) -- (0.05) Year Ended May 31, 2001 15.65 0.04 (0.04) -- (0.05) (0.43) (0.48) C Shares Period Ended September 30, 2006* 17.00 0.06 0.64 0.70 (0.07) -- (0.07) Year Ended March 31, 2006 15.89 0.02 1.81 1.83 (0.02) (0.70) (0.72) Period Ended March 31, 2005 14.54 0.03 1.74 1.77 (0.04) (0.38) (0.42) Year Ended May 31, 2004 12.08 0.01(a) 2.47(a) 2.48 (0.02) -- (0.02) Year Ended May 31, 2003 13.66 -- (1.56) (1.56) (0.02) -- (0.02) Year Ended May 31, 2002 14.96 (0.02) (1.28) (1.30) -- -- -- Year Ended May 31, 2001 15.49 (0.05) (0.05) (0.10) -- (0.43) (0.43) LARGE CAP VALUE EQUITY FUND I Shares Period Ended September 30, 2006* 13.85 0.11 0.64 0.75 (0.10) -- (0.10) Year Ended March 31, 2006 12.59 0.23 1.26 1.49 (0.23) -- (0.23) Period Ended March 31, 2005 11.47 0.15 1.15 1.30 (0.18) -- (0.18) Year Ended May 31, 2004 9.73 0.15(a) 1.74(a) 1.89 (0.15) -- (0.15) Year Ended May 31, 2003 11.05 0.15 (1.33) (1.18) (0.14) -- (0.14) Year Ended May 31, 2002 11.61 0.12 (0.56) (0.44) (0.12) -- (0.12) Year Ended May 31, 2001 10.38 0.19 1.24 1.43 (0.20) -- (0.20) A Shares Period Ended September 30, 2006* 13.82 0.09 0.63 0.72 (0.08) -- (0.08) Year Ended March 31, 2006 12.56 0.19 1.26 1.45 (0.19) -- (0.19) Period Ended March 31, 2005 11.43 0.11 1.16 1.27 (0.14) -- (0.14) Year Ended May 31, 2004 9.70 0.11(a) 1.73(a) 1.84 (0.11) -- (0.11) Year Ended May 31, 2003 11.01 0.12 (1.32) (1.20) (0.11) -- (0.11) Year Ended May 31, 2002 11.58 0.08 (0.56) (0.48) (0.09) -- (0.09) Year Ended May 31, 2001 10.35 0.14 1.25 1.39 (0.16) -- (0.16) Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- LARGE CAP RELATIVE VALUE FUND I Shares Period Ended September 30, 2006* $17.85 4.68% $1,479,587 0.86% 1.69% 0.86% 29% Year Ended March 31, 2006 17.20 12.76 1,396,362 0.90 1.15 0.90 55 Period Ended March 31, 2005 16.07 12.98 1,010,717 0.96 1.23 0.96 44 Year Ended May 31, 2004 14.72 21.76 782,665 1.00 1.03 1.00 51 Year Ended May 31, 2003 12.21 (10.58) 598,862 0.99 1.05 0.99 52 Year Ended May 31, 2002 13.80 (7.80) 792,557 0.99 0.63 0.99 68 Year Ended May 31, 2001 15.05 0.11 867,664 0.99 0.49 0.99 73 A Shares Period Ended September 30, 2006* 18.01 4.52 46,731 1.11 1.48 1.11 29 Year Ended March 31, 2006 17.36 12.50 45,851 1.15 0.90 1.15 55 Period Ended March 31, 2005 16.21 12.86 44,743 1.18 0.97 1.23 44 Year Ended May 31, 2004 14.83 21.45 45,808 1.18 0.84 1.36 51 Year Ended May 31, 2003 12.31 (10.74) 36,305 1.18 0.88 1.38 52 Year Ended May 31, 2002 13.91 (7.97) 36,789 1.18 0.44 1.36 68 Year Ended May 31, 2001 15.17 (0.07) 40,174 1.18 0.30 1.35 73 C Shares Period Ended September 30, 2006* 17.63 4.11 72,194 1.85 0.68 1.85 29 Year Ended March 31, 2006 17.00 11.69 78,348 1.90 0.15 1.90 55 Period Ended March 31, 2005 15.89 12.12 88,741 1.93 0.23 1.99 44 Year Ended May 31, 2004 14.54 20.58 97,899 1.93 0.09 2.17 51 Year Ended May 31, 2003 12.08 (11.41) 74,261 1.93 0.11 2.20 52 Year Ended May 31, 2002 13.66 (8.69) 94,671 1.93 (0.29) 2.16 68 Year Ended May 31, 2001 14.96 (0.77) 78,376 1.93 (0.45) 2.14 73 LARGE CAP VALUE EQUITY FUND I Shares Period Ended September 30, 2006* 14.50 5.46 805,355 0.84 1.55 0.84 47 Year Ended March 31, 2006 13.85 11.93 766,547 0.85 1.74 0.86 104 Period Ended March 31, 2005 12.59 11.42 792,677 0.86 1.52 0.86 87 Year Ended May 31, 2004 11.47 19.58 715,928 0.90 1.40 0.90 67 Year Ended May 31, 2003 9.73 (10.54) 681,899 0.89 1.68 0.89 46 Year Ended May 31, 2002 11.05 (3.68) 686,014 0.90 1.13 0.90 60 Year Ended May 31, 2001 11.61 14.09 704,842 0.90 1.70 0.90 77 A Shares Period Ended September 30, 2006* 14.46 5.24 61,210 1.14 1.25 1.14 47 Year Ended March 31, 2006 13.82 11.61 67,845 1.16 1.43 1.17 104 Period Ended March 31, 2005 12.56 11.18 75,462 1.20 1.18 1.20 87 Year Ended May 31, 2004 11.43 19.10 73,257 1.28 1.01 1.31 67 Year Ended May 31, 2003 9.70 (10.85) 65,294 1.28 1.29 1.32 46 Year Ended May 31, 2002 11.01 (4.14) 75,697 1.28 0.74 1.31 60 Year Ended May 31, 2001 11.58 13.63 85,584 1.28 1.31 1.31 77
See Notes to Financial Highlights and Notes to Financial Statements. 87 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- LARGE CAP VALUE EQUITY FUND C Shares Period Ended September 30, 2006* $13.68 $ 0.04 $ 0.63 $ 0.67 $(0.03) $ -- $(0.03) Year Ended March 31, 2006 12.43 0.09 1.25 1.34 (0.09) -- (0.09) Period Ended March 31, 2005 11.31 0.03 1.15 1.18 (0.06) -- (0.06) Year Ended May 31, 2004 9.60 0.03(a) 1.72(a) 1.75 (0.04) -- (0.04) Year Ended May 31, 2003 10.90 0.05 (1.31) (1.26) (0.04) -- (0.04) Year Ended May 31, 2002 11.46 -- (0.55) (0.55) (0.01) -- (0.01) Year Ended May 31, 2001 10.24 0.04 1.26 1.30 (0.08) -- (0.08) MID-CAP EQUITY FUND I Shares Period Ended September 30, 2006* 13.67 0.04 (0.38) (0.34) (0.04) -- (0.04) Year Ended March 31, 2006 12.03 0.07 2.26 2.33 (0.07) (0.62) (0.69) Period Ended March 31, 2005 10.32 0.07 1.70 1.77 (0.06) -- (0.06) Year Ended May 31, 2004 8.74 0.06(a) 1.57(a) 1.63 (0.05) -- (0.05) Year Ended May 31, 2003 9.79 (0.03)(a) (1.02)(a)**** (1.05)**** -- -- -- Year Ended May 31, 2002 10.95 0.01 (1.17) (1.16) -- -- -- Year Ended May 31, 2001 14.10 (0.03) (0.61) (0.64) -- (2.51) (2.51) A Shares Period Ended September 30, 2006* 13.12 0.02 (0.37) (0.35) (0.02) -- (0.02) Year Ended March 31, 2006 11.57 0.03 2.17 2.20 (0.03) (0.62) (0.65) Period Ended March 31, 2005 9.92 0.02 1.64 1.66 (0.01) -- (0.01) Year Ended May 31, 2004 8.42 0.02(a) 1.51(a) 1.53 (0.03) -- (0.03) Year Ended May 31, 2003 9.47 (0.05)(a) (1.00)(a) (1.05) -- -- -- Year Ended May 31, 2002 10.64 (0.03) (1.14) (1.17) -- -- -- Year Ended May 31, 2001 13.82 (0.05) (0.62) (0.67) -- (2.51) (2.51) C Shares Period Ended September 30, 2006* 12.15 -- (0.36) (0.36) -- -- -- Year Ended March 31, 2006 10.81 -- 1.96 1.96 -- (0.62) (0.62) Period Ended March 31, 2005 9.30 0.01 1.50 1.51 -- -- -- Year Ended May 31, 2004 7.92 (0.04)(a) 1.43(a) 1.39 (0.01) -- (0.01) Year Ended May 31, 2003 8.97 (0.10)(a) (0.95)(a) (1.05) -- -- -- Year Ended May 31, 2002 10.14 0.02 (1.19) (1.17) -- -- -- Year Ended May 31, 2001 13.35 (0.07) (0.63) (0.70) -- (2.51) (2.51) MID-CAP VALUE EQUITY FUND I Shares Period Ended September 30, 2006* 13.14 0.08 0.20 0.28 (0.07) -- (0.07) Year Ended March 31, 2006 12.27 0.13 2.15 2.28 (0.13) (1.28) (1.41) Period Ended March 31, 2005 10.95 0.11 1.33 1.44 (0.12) -- (0.12) Year Ended May 31, 2004 8.62 0.05(a) 2.33(a) 2.38 (0.05) -- (0.05) Year Ended May 31, 2003 10.95 0.05 (2.16) (2.11) (0.04) (0.18) (0.22) Period Ended May 31, 2002(g) 10.00 0.02 0.94 0.96 (0.01) -- (0.01) Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- LARGE CAP VALUE EQUITY FUND C Shares Period Ended September 30, 2006* $14.32 4.94% $ 42,219 1.84% 0.55% 1.84% 47% Year Ended March 31, 2006 13.68 10.86 44,257 1.85 0.74 1.86 104 Period Ended March 31, 2005 12.43 10.46 53,147 1.88 0.49 1.89 87 Year Ended May 31, 2004 11.31 18.27 57,403 2.02 0.27 2.07 67 Year Ended May 31, 2003 9.60 (11.56) 49,007 2.02 0.55 2.10 46 Year Ended May 31, 2002 10.90 (4.82) 59,392 2.02 -- 2.05 60 Year Ended May 31, 2001 11.46 12.85 65,895 2.01 0.59 2.05 77 MID-CAP EQUITY FUND I Shares Period Ended September 30, 2006* 13.29 (2.51) 358,773 1.07 0.51 1.07 141 Year Ended March 31, 2006 13.67 19.68 410,459 1.12 0.63 1.13 138 Period Ended March 31, 2005 12.03 17.17 214,660 1.20 0.64 1.22 68 Year Ended May 31, 2004 10.32 18.70 177,128 1.23 0.64 1.26 126 Year Ended May 31, 2003 8.74 (10.73) 118,092 1.22 (0.31) 1.25 144 Year Ended May 31, 2002 9.79 (10.59) 171,813 1.22 (0.18) 1.24 87 Year Ended May 31, 2001 10.95 (6.92) 156,111 1.21 (0.24) 1.25 100 A Shares Period Ended September 30, 2006* 12.75 (2.69) 11,731 1.37 0.19 1.37 141 Year Ended March 31, 2006 13.12 19.32 16,009 1.47 0.25 1.48 138 Period Ended March 31, 2005 11.57 16.79 14,556 1.63 0.21 1.68 68 Year Ended May 31, 2004 9.92 18.16 17,125 1.68 0.20 1.87 126 Year Ended May 31, 2003 8.42 (11.09) 12,137 1.68 (0.68) 1.92 144 Year Ended May 31, 2002 9.47 (11.00) 10,766 1.68 (0.63) 1.89 87 Year Ended May 31, 2001 10.64 (7.34) 12,316 1.66 (0.69) 1.86 100 C Shares Period Ended September 30, 2006* 11.79 (2.96) 11,055 2.07 (0.50) 2.07 141 Year Ended March 31, 2006 12.15 18.44 13,499 2.13 (0.42) 2.14 138 Period Ended March 31, 2005 10.81 16.24 14,557 2.21 (0.37) 2.28 68 Year Ended May 31, 2004 9.30 17.51 15,998 2.28 (0.41) 2.54 126 Year Ended May 31, 2003 7.92 (11.71) 12,013 2.28 (1.33) 2.60 144 Year Ended May 31, 2002 8.97 (11.54) 13,937 2.28 (1.23) 2.50 87 Year Ended May 31, 2001 10.14 (7.88) 12,910 2.26 (1.29) 2.46 100 MID-CAP VALUE EQUITY FUND I Shares Period Ended September 30, 2006* 13.35 2.12 244,821 1.06 1.09 1.06 87 Year Ended March 31, 2006 13.14 19.49 243,534 1.13 1.03 1.16 169 Period Ended March 31, 2005 12.27 13.25 209,088 1.22 1.19 1.32 117 Year Ended May 31, 2004 10.95 27.71 147,185 1.26 0.53 1.36 95 Year Ended May 31, 2003 8.62 (19.05) 99,854 1.25 0.63 1.35 71 Period Ended May 31, 2002(g) 10.95 9.65 174,859 1.27 0.29 1.37 30
See Notes to Financial Highlights and Notes to Financial Statements. 88 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- MID-CAP VALUE EQUITY FUND A Shares Period Ended September 30, 2006* $13.10 $ 0.06 $ 0.20 $ 0.26 $(0.05) $ -- $(0.05) Year Ended March 31, 2006 12.24 0.09 2.14 2.23 (0.09) (1.28) (1.37) Period Ended March 31, 2005 10.94 0.08 1.31 1.39 (0.09) -- (0.09) Period Ended May 31, 2004(h) 9.39 0.02(a) 1.55(a) 1.57 (0.02) -- (0.02) C Shares Period Ended September 30, 2006* 13.06 0.01 0.20 0.21 --** -- --** Year Ended March 31, 2006 12.21 0.02 2.13 2.15 (0.02) (1.28) (1.30) Period Ended March 31, 2005 10.90 0.04 1.32 1.36 (0.05) -- (0.05) Year Ended May 31, 2004 8.58 (0.01)(a) 2.33(a) 2.32 --** -- --** Year Ended May 31, 2003 10.92 0.01 (2.16) (2.15) (0.01) (0.18) (0.19) Period Ended May 31, 2002(g) 10.00 (0.01) 0.93 0.92 -- -- -- QUALITY GROWTH STOCK FUND I Shares Period Ended September 30, 2006* 25.83 0.05(a) (0.12)(a) (0.07) (0.01) -- (0.01) Year Ended March 31, 2006 24.14 -- 1.82 1.82 (0.13) -- (0.13) Period Ended March 31, 2005 23.31 0.10(a) 0.77(a) 0.87 (0.04) -- (0.04) Year Ended May 31, 2004 20.78 (0.06)(a) 2.59(a) 2.53 -- -- -- Year Ended May 31, 2003 23.25 --(a) (2.47)(a) (2.47) -- -- -- Year Ended May 31, 2002 26.74 (0.02) (3.47) (3.49) -- -- -- Year Ended May 31, 2001 33.10 (0.03) (6.33) (6.36) -- -- -- A Shares Period Ended September 30, 2006* 25.67 0.02(a) (0.13)(a) (0.11) -- -- -- Year Ended March 31, 2006 24.02 (0.05) 1.78 1.73 (0.08) -- (0.08) Period Ended March 31, 2005 23.26 0.03(a) 0.77(a) 0.80 (0.04) -- (0.04) Period Ended May 31, 2004(i) 22.32 (0.10)(a) 1.04(a) 0.94 -- -- -- C Shares Period Ended September 30, 2006* 24.11 (0.07)(a) (0.12)(a) (0.19) -- -- -- Year Ended March 31, 2006 22.67 (0.11) 1.57 1.46 (0.02) -- (0.02) Period Ended March 31, 2005 22.04 (0.09)(a) 0.72(a) 0.63 -- -- -- Year Ended May 31, 2004 19.85 (0.29)(a) 2.48(a) 2.19 -- -- -- Year Ended May 31, 2003 22.45 (0.20)(a) (2.40)(a) (2.60) -- -- -- Year Ended May 31, 2002 26.10 (0.41) (3.24) (3.65) -- -- -- Year Ended May 31, 2001 32.65 (0.36) (6.19) (6.55) -- -- -- Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- MID-CAP VALUE EQUITY FUND A Shares Period Ended September 30, 2006* $13.31 1.99% $ 2,812 1.46% 0.85% 1.46% 87% Year Ended March 31, 2006 13.10 19.09 2,435 1.46 0.72 1.49 169 Period Ended March 31, 2005 12.24 12.73 1,724 1.62 0.74 1.93 117 Period Ended May 31, 2004(h) 10.94 16.73 610 1.60 0.24 4.23 95 C Shares Period Ended September 30, 2006* 13.27 1.64 6,016 2.06 0.08 2.06 87 Year Ended March 31, 2006 13.06 18.47 6,366 2.03 0.13 2.17 169 Period Ended March 31, 2005 12.21 12.47 6,888 1.91 0.54 2.39 117 Year Ended May 31, 2004 10.90 27.06 7,880 1.90 (0.11) 2.74 95 Year Ended May 31, 2003 8.58 (19.58) 5,744 1.90 0.03 2.85 71 Period Ended May 31, 2002(g) 10.92 9.24 5,465 1.89 (0.31) 2.72 30 QUALITY GROWTH STOCK FUND I Shares Period Ended September 30, 2006* 25.75 (0.28) 47,689 0.98 0.42 0.98 47 Year Ended March 31, 2006 25.83 7.54 74,481 1.07 0.21 1.08 82 Period Ended March 31, 2005 24.14 3.74 98,982 1.22 0.52 1.25 51 Year Ended May 31, 2004 23.31 12.18 144,732 1.25 (0.28) 1.25 49 Year Ended May 31, 2003 20.78 (10.62) 198,429 1.24 (0.01) 1.24 58 Year Ended May 31, 2002 23.25 (13.05) 244,707 1.24 (0.10) 1.24 69 Year Ended May 31, 2001 26.74 (19.21) 460,311 1.24 (0.10) 1.25 103 A Shares Period Ended September 30, 2006* 25.56 (0.43) 422 1.28 0.15 1.28 47 Year Ended March 31, 2006 25.67 7.21 468 1.39 (0.11) 1.41 82 Period Ended March 31, 2005 24.02 3.42 667 1.62 0.13 2.00 51 Period Ended May 31, 2004(i) 23.26 4.21 365 1.65 (0.71) 4.48+++ 49 C Shares Period Ended September 30, 2006* 23.92 (0.79) 39,121 1.98 (0.57) 1.98 47 Year Ended March 31, 2006 24.11 6.46 48,412 2.07 (0.80) 2.08 82 Period Ended March 31, 2005 22.67 2.86 67,950 2.23 (0.47) 2.28 51 Year Ended May 31, 2004 22.04 11.03 92,966 2.31 (1.34) 2.41 49 Year Ended May 31, 2003 19.85 (11.58) 110,085 2.31 (1.07) 2.40 58 Year Ended May 31, 2002 22.45 (13.98) 167,973 2.31 (1.16) 2.36 69 Year Ended May 31, 2001 26.10 (20.06) 233,496 2.30 (1.15) 2.34 103
See Notes to Financial Highlights and Notes to Financial Statements. 89 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- SMALL CAP GROWTH STOCK FUND I Shares Period Ended September 30, 2006* $23.65 $(0.06) $(3.22) $(3.28) $ -- $ -- $ -- Year Ended March 31, 2006 19.99 (0.14)(a) 5.46(a) 5.32 -- (1.66) (1.66) Period Ended March 31, 2005 20.25 (0.08)(a) 2.27(a) 2.19 -- (2.45) (2.45) Year Ended May 31, 2004 15.19 (0.16)(a) 5.22(a) 5.06 -- -- -- Year Ended May 31, 2003 17.28 (0.12)(a) (1.72)(a) (1.84) -- (0.25) (0.25) Year Ended May 31, 2002 18.37 -- (1.02) (1.02) -- (0.07) (0.07) Year Ended May 31, 2001 18.30 (0.18) 1.71 1.53 -- (1.46) (1.46) A Shares Period Ended September 30, 2006* 23.02 (0.06) (3.17) (3.23) -- -- -- Year Ended March 31, 2006 19.56 (0.21)(a) 5.33(a) 5.12 -- (1.66) (1.66) Period Ended March 31, 2005 19.92 (0.14)(a) 2.23(a) 2.09 -- (2.45) (2.45) Year Ended May 31, 2004 15.00 (0.22)(a) 5.14(a) 4.92 -- -- -- Year Ended May 31, 2003 17.12 (0.17)(a) (1.70)(a) (1.87) -- (0.25) (0.25) Year Ended May 31, 2002 18.26 (0.17) (0.90) (1.07) -- (0.07) (0.07) Year Ended May 31, 2001 18.27 (0.59) 2.04 1.45 -- (1.46) (1.46) C Shares Period Ended September 30, 2006* 21.53 (0.06) (3.02) (3.08) -- -- -- Year Ended March 31, 2006 18.51 (0.33)(a) 5.01(a) 4.68 -- (1.66) (1.66) Period Ended March 31, 2005 19.06 (0.23)(a) 2.13(a) 1.90 -- (2.45) (2.45) Year Ended May 31, 2004 14.45 (0.34)(a) 4.95(a) 4.61 -- -- -- Year Ended May 31, 2003 16.62 (0.26)(a) (1.66)(a) (1.92) -- (0.25) (0.25) Year Ended May 31, 2002 17.85 (0.02) (1.14) (1.16) -- (0.07) (0.07) Year Ended May 31, 2001 18.00 (0.25) 1.56 1.31 -- (1.46) (1.46) SMALL CAP QUANTITATIVE EQUITY FUND I Shares Period Ended September 30, 2006*(j) 10.00 0.01 (0.80) (0.79) --** -- --** A Shares Period Ended September 30, 2006*(j) 10.00 0.01 (0.81) (0.80) -- -- -- C Shares Period Ended September 30, 2006*(j) 10.00 0.01 (0.84) (0.83) -- -- -- SMALL CAP VALUE EQUITY FUND I Shares Period Ended September 30, 2006* 20.93 (0.06) (0.82)(a) (0.88) (0.06) -- (0.06) Year Ended March 31, 2006 19.86 0.10 5.39 5.49 (0.10) (4.32) (4.42) Period Ended March 31, 2005 18.26 0.04(a) 3.15(a) 3.19 (0.06) (1.53) (1.59) Year Ended May 31, 2004 13.73 0.06(a) 4.53(a) 4.59 (0.06) -- (0.06) Year Ended May 31, 2003 14.54 0.08 (0.82) (0.74) (0.07) -- (0.07) Year Ended May 31, 2002 12.21 0.08 2.35 2.43 (0.10) -- (0.10) Year Ended May 31, 2001 9.13 0.17 3.07 3.24 (0.16) -- (0.16) Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- SMALL CAP GROWTH STOCK FUND I Shares Period Ended September 30, 2006* $20.37 (13.87)% $1,271,916 1.16% (0.52)% 1.16% 76% Year Ended March 31, 2006 23.65 27.55 1,641,681 1.17 (0.66) 1.18 98 Period Ended March 31, 2005 19.99 10.60 940,775 1.22 (0.46) 1.22 70 Year Ended May 31, 2004 20.25 33.31 789,650 1.25 (0.83) 1.25 107 Year Ended May 31, 2003 15.19 (10.50) 567,714 1.24 (0.87) 1.24 96 Year Ended May 31, 2002 17.28 (5.55) 593,211 1.25 (1.01) 1.25 100 Year Ended May 31, 2001 18.37 8.33 508,857 1.24 (0.95) 1.25 112 A Shares Period Ended September 30, 2006* 19.79 (13.99) 57,741 1.46 (0.82) 1.46 76 Year Ended March 31, 2006 23.02 27.13### 59,896 1.51 (1.00) 1.54 98 Period Ended March 31, 2005 19.56 10.26 38,954 1.61 (0.84) 1.73 70 Year Ended May 31, 2004 19.92 32.80 40,590 1.61 (1.20) 1.88 107 Year Ended May 31, 2003 15.00 (10.77) 21,887 1.61 (1.23) 1.93 96 Year Ended May 31, 2002 17.12 (5.86) 24,978 1.61 (1.37) 1.88 100 Year Ended May 31, 2001 18.26 7.89 28,933 1.60 (1.33) 1.87 112 C Shares Period Ended September 30, 2006* 18.45 (14.27) 25,535 2.16 (1.52) 2.16 76 Year Ended March 31, 2006 21.53 26.27### 36,242 2.18 (1.67) 2.18 98 Period Ended March 31, 2005 18.51 9.71 35,322 2.22 (1.46) 2.24 70 Year Ended May 31, 2004 19.06 31.90 40,354 2.31 (1.90) 2.40 107 Year Ended May 31, 2003 14.45 (11.40) 25,601 2.31 (1.93) 2.46 96 Year Ended May 31, 2002 16.62 (6.50) 29,457 2.31 (2.07) 2.41 100 Year Ended May 31, 2001 17.85 7.19 26,941 2.29 (2.01) 2.39 112 SMALL CAP QUANTITATIVE EQUITY FU I Shares Period Ended September 30, 2006*(j) 9.21 (7.89) 21,751 1.09 0.26 1.09 228 A Shares Period Ended September 30, 2006*(j) 9.20 (8.00) 37 1.39 (0.01) 1.39 228 C Shares Period Ended September 30, 2006*(j) 9.17 (8.30) 11 2.08 (0.62) 2.08 228 SMALL CAP VALUE EQUITY FUND I Shares Period Ended September 30, 2006* 19.99 (4.20) 691,532 1.18 0.56 1.18 21 Year Ended March 31, 2006 20.93 30.70 762,709 1.20 0.48 1.20 58 Period Ended March 31, 2005 19.86 17.57 726,904 1.21 0.22 1.21 17 Year Ended May 31, 2004 18.26 33.56 682,567 1.25 0.38 1.25 44 Year Ended May 31, 2003 13.73 (5.09) 518,468 1.24 0.64 1.24 29 Year Ended May 31, 2002 14.54 20.06 614,199 1.25 0.67 1.25 29 Year Ended May 31, 2001 12.21 35.90 401,900 1.25 1.72 1.25 86
See Notes to Financial Highlights and Notes to Financial Statements. 90 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- SMALL CAP VALUE EQUITY FUND A Shares Period Ended September 30, 2006* $20.79 $ 0.03 $(0.92) $(0.89) $(0.04) $ -- $(0.04) Year Ended March 31, 2006 19.75 0.06 5.36 5.42 (0.06) (4.32) (4.38) Period Ended March 31, 2005 18.18 (0.01)(a) 3.13(a) 3.12 (0.02) (1.53) (1.55) Period Ended May 31, 2004(k) 15.75 0.03(a) 2.41(a) 2.44 (0.01) -- (0.01) C Shares Period Ended September 30, 2006* 20.39 0.03 (0.91) (0.88) (0.04) -- (0.04) Year Ended March 31, 2006 19.45 0.06 5.26 5.32 (0.06) (4.32) (4.38) Period Ended March 31, 2005 17.91 (0.01)(a) 3.09(a) 3.08 (0.01) (1.53) (1.54) Year Ended May 31, 2004 13.55 (0.10)(a) 4.46(a) 4.36 --* -- --* Year Ended May 31, 2003 14.43 (0.04) (0.84) (0.88) -- -- -- Year Ended May 31, 2002 12.15 -- 2.29 2.29 (0.01) -- (0.01) Year Ended May 31, 2001 9.10 0.07 3.04 3.11 (0.06) -- (0.06) BALANCED FUND I Shares Period Ended September 30, 2006* 11.88 0.13 0.11 0.24 (0.13) -- (0.13) Year Ended March 31, 2006 12.29 0.24 0.37 0.61 (0.23) (0.79) (1.02) Period Ended March 31, 2005 ***** 12.23 0.18 0.21 0.39 (0.21) (0.12) (0.33) Year Ended May 31, 2004 11.92 0.18(a) 0.32(a) 0.50 (0.19) -- (0.19) Year Ended May 31, 2003 12.18 0.20 (0.23) (0.03) (0.23) -- (0.23) Year Ended May 31, 2002 13.18 0.23 (0.65) (0.42) (0.24) (0.34) (0.58) Year Ended May 31, 2001 13.37 0.30 0.12 0.42 (0.31) (0.30) (0.61) A Shares Period Ended September 30, 2006* 11.94 0.12 0.09 0.21 (0.11) -- (0.11) Year Ended March 31, 2006 12.35 0.20 0.37 0.57 (0.19) (0.79) (0.98) Period Ended March 31, 2005 ***** 12.28 0.15 0.22 0.37 (0.18) (0.12) (0.30) Year Ended May 31, 2004 11.97 0.14(a) 0.33(a) 0.47 (0.16) -- (0.16) Year Ended May 31, 2003 12.24 0.16 (0.24) (0.08) (0.19) -- (0.19) Year Ended May 31, 2002 13.24 0.18 (0.64) (0.46) (0.20) (0.34) (0.54) Year Ended May 31, 2001 13.43 0.27 0.11 0.38 (0.27) (0.30) (0.57) C Shares Period Ended September 30, 2006* 11.78 0.08 0.10 0.18 (0.07) -- (0.07) Year Ended March 31, 2006 12.20 0.11 0.36 0.47 (0.10) (0.79) (0.89) Period Ended March 31, 2005 ***** 12.12 0.05 0.23 0.28 (0.08) (0.12) (0.20) Year Ended May 31, 2004 11.82 0.05(a) 0.32(a) 0.37 (0.07) -- (0.07) Year Ended May 31, 2003 12.07 0.08 (0.22) (0.14) (0.11) -- (0.11) Year Ended May 31, 2002 13.07 0.10 (0.65) (0.55) (0.11) (0.34) (0.45) Year Ended May 31, 2001 13.27 0.16 0.11 0.27 (0.17) (0.30) (0.47) Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- SMALL CAP VALUE EQUITY FUND A Shares Period Ended September 30, 2006* $19.86 (4.29)% $ 7,221 1.44% 0.28% 1.44% 21% Year Ended March 31, 2006 20.79 30.44 5,317 1.45 0.22 1.48 58 Period Ended March 31, 2005 19.75 17.26 4,616 1.47 (0.05) 1.61 17 Period Ended May 31, 2004(k) 18.18 15.51 4,088 1.55 0.30 2.15 44 C Shares Period Ended September 30, 2006* 19.47 (4.33) 38,483 1.43 0.31 1.43 21 Year Ended March 31, 2006 20.39 30.41 45,388 1.45 0.23 1.70 58 Period Ended March 31, 2005 19.45 17.27 43,664 1.50 (0.07) 2.25 17 Year Ended May 31, 2004 17.91 32.20 46,192 2.26 (0.64) 2.45 44 Year Ended May 31, 2003 13.55 (6.10) 34,064 2.31 (0.40) 2.50 29 Year Ended May 31, 2002 14.43 18.92 32,708 2.31 (0.38) 2.52 29 Year Ended May 31, 2001 12.15 34.30 11,167 2.30 0.63 2.66 86 BALANCED FUND I Shares Period Ended September 30, 2006* 11.99 1.94 52,937 0.95 2.03 0.98 71 Year Ended March 31, 2006 11.88 5.10## 69,616 0.97 1.73 0.99 133 Period Ended March 31, 2005 ***** 12.29 3.14 195,680 0.99 1.68 1.02 140 Year Ended May 31, 2004 12.23 4.24 244,042 1.02 1.50 1.05 116 Year Ended May 31, 2003 11.92 (0.14) 228,475 1.02 1.74 1.05 102 Year Ended May 31, 2002 12.18 (3.29) 241,604 1.02 1.78 1.05 95 Year Ended May 31, 2001 13.18 3.24 209,316 1.01 2.24 1.05 99 A Shares Period Ended September 30, 2006* 12.04 1.79 5,304 1.23 1.75 1.26 71 Year Ended March 31, 2006 11.94 4.77## 5,811 1.25 1.44 1.28 133 Period Ended March 31, 2005 ***** 12.35 2.94 8,693 1.28 1.38 1.34 140 Year Ended May 31, 2004 12.28 3.91 8,902 1.34 1.18 1.54 116 Year Ended May 31, 2003 11.97 (0.54) 8,285 1.33 1.43 1.55 102 Year Ended May 31, 2002 12.24 (3.57) 9,020 1.33 1.46 1.55 95 Year Ended May 31, 2001 13.24 2.91 7,834 1.32 1.93 1.54 99 C Shares Period Ended September 30, 2006* 11.89 1.54 25,341 1.95 1.03 1.98 71 Year Ended March 31, 2006 11.78 3.97 30,733 1.97 0.72 2.00 133 Period Ended March 31, 2005 ***** 12.20 2.29 46,026 2.00 0.66 2.05 140 Year Ended May 31, 2004 12.12 3.12 65,435 2.09 0.42 2.18 116 Year Ended May 31, 2003 11.82 (1.15) 67,567 2.09 0.67 2.18 102 Year Ended May 31, 2002 12.07 (4.33) 74,880 2.09 0.71 2.16 95 Year Ended May 31, 2001 13.07 2.11 67,824 2.07 1.18 2.15 99
See Notes to Financial Highlights and Notes to Financial Statements. 91 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- LIFE VISION AGGRESSIVE GROWTH FUND(L) I Shares Period Ended September 30, 2006* $12.32 $ 0.04 $ 0.08 $ 0.12 $(0.04) $ -- $(0.04) Year Ended March 31, 2006 11.07 0.14 1.38 1.52 (0.14) (0.13) (0.27) Period Ended March 31, 2005 10.25 0.12 0.82 0.94 (0.12) -- (0.12) Year Ended May 31, 2004 8.55 0.04(a) 1.70(a) 1.74 (0.04)*** -- (0.04)*** Year Ended May 31, 2003 9.57 0.03 (1.02) (0.99) (0.03) -- (0.03) Year Ended May 31, 2002 10.31 0.02 (0.74) (0.72) (0.02) -- (0.02) Year Ended May 31, 2001 11.61 0.11 0.23 0.34 (0.12) (1.52) (1.64) A Shares Period Ended September 30, 2006* 12.29 0.02 0.08 0.10 (0.02) -- (0.02) Year Ended March 31, 2006 11.05 0.11 1.37 1.48 (0.11) (0.13) (0.24) Period Ended March 31, 2005 10.23 0.09 0.82 0.91 (0.09) -- (0.09) Period Ended May 31, 2004(m) 9.46 (0.01)(a) 0.81(a) 0.80 (0.03) -- (0.03) C Shares Period Ended September 30, 2006* 12.33 -- 0.06 0.06 -- -- -- Period Ended March 31, 2006(n) 11.07 0.08 1.39 1.47 (0.08) (0.13) (0.21) B Shares Period Ended September 30, 2006* 12.19 -- 0.07 0.07 -- -- -- Year Ended March 31, 2006 10.98 0.09 1.34 1.43 (0.09) (0.13) (0.22) Period Ended March 31, 2005 10.18 0.06 0.80 0.86 (0.06) -- (0.06) Year Ended May 31, 2004 8.53 (0.04)(a) 1.70(a) 1.66 (0.01) -- (0.01) Period Ended May 31, 2003(o) 7.23 (0.01) 1.31 1.30 -- -- -- LIFE VISION CONSERVATIVE FUND(L) I Shares Period Ended September 30, 2006* 11.21 0.21 0.06 0.27 (0.21) -- (0.21) Year Ended March 31, 2006 11.09 0.37 0.17 0.54 (0.36) (0.06) (0.42) Period Ended March 31, 2005 10.87 0.28 0.28 0.56 (0.30) (0.04) (0.34) Period Ended May 31, 2004(p) 10.71 0.15(a) 0.14(a) 0.29 (0.13) -- (0.13) A Shares Period Ended September 30, 2006* 11.21 0.20 0.06 0.26 (0.19) -- (0.19) Year Ended March 31, 2006 11.09 0.33 0.17 0.50 (0.32) (0.06) (0.38) Period Ended March 31, 2005 10.86 0.24 0.29 0.53 (0.26) (0.04) (0.30) Period Ended May 31, 2004(q) 10.68 0.12(a) 0.18(a) 0.30 (0.12) -- (0.12) C Shares Period Ended September 30, 2006* 11.20 0.15 0.07 0.22 (0.15) -- (0.15) Period Ended March 31, 2006(n) 11.08 0.29 0.17 0.46 (0.28) (0.06) (0.34) B Shares Period Ended September 30, 2006* 11.22 0.17 0.06 0.23 (0.17) -- (0.17) Year Ended March 31, 2006 11.09 0.28 0.18 0.46 (0.27) (0.06) (0.33) Period Ended March 31, 2005 10.86 0.20 0.29 0.49 (0.22) (0.04) (0.26) Year Ended May 31, 2004 10.43 0.17(a) 0.39(a) 0.56 (0.13) -- (0.13) Period Ended May 31, 2003(o) 10.00 0.01 0.42 0.43 -- -- -- Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- LIFE VISION AGGRESSIVE GROWTH FU I Shares Period Ended September 30, 2006* $12.40 0.99% $ 55,338 0.18% 0.69% 0.18% 6% Year Ended March 31, 2006 12.32 13.90 52,765 0.21 1.30 0.26 31 Period Ended March 31, 2005 11.07 9.15 43,283 0.21 1.32 0.34 29 Year Ended May 31, 2004 10.25 20.34 38,468 0.25 0.39 0.39 44 Year Ended May 31, 2003 8.55 (10.36) 28,681 0.25 0.33 0.40 50 Year Ended May 31, 2002 9.57 (6.96) 34,398 0.25 0.17 0.41 101 Year Ended May 31, 2001 10.31 3.07 23,936 0.25 1.05 0.43 202 A Shares Period Ended September 30, 2006* 12.37 0.85 2,821 0.48 0.39 0.48 6 Year Ended March 31, 2006 12.29 13.50 2,619 0.52 1.06 0.62 31 Period Ended March 31, 2005 11.05 8.90 2,080 0.55 1.20 1.01 29 Period Ended May 31, 2004(m) 10.23 8.43 867 0.51 (0.24) 5.15 44 C Shares Period Ended September 30, 2006* 12.39 0.49 1,240 1.18 (0.31) 1.18 6 Period Ended March 31, 2006(n) 12.33 13.40 1,146 1.17 0.67 1.22 31 B Shares Period Ended September 30, 2006* 12.26 0.57 5,278 0.93 (0.07) 0.93 6 Year Ended March 31, 2006 12.19 13.10 5,756 0.99 0.50 1.10 31 Period Ended March 31, 2005 10.98 8.44 5,452 1.03 0.53 1.40 29 Year Ended May 31, 2004 10.18 19.49 4,367 1.00 (0.36) 1.95 44 Period Ended May 31, 2003(o) 8.53 18.03 1,052 0.89 (0.86) 1.36 50 LIFE VISION CONSERVATIVE FUND(L) I Shares Period Ended September 30, 2006* 11.27 2.48 2,862 0.20 3.70 0.26 16 Year Ended March 31, 2006 11.21 4.96 3,066 0.20 3.58 0.56 29 Period Ended March 31, 2005 11.09 5.18 414 0.17 3.29 1.52 121 Period Ended May 31, 2004(p) 10.87 2.68 30 0.25 2.41 85.33+++ 138 A Shares Period Ended September 30, 2006* 11.28 2.38 736 0.50 3.36 0.56 16 Year Ended March 31, 2006 11.21 4.63 1,324 0.53 3.10 0.83 29 Period Ended March 31, 2005 11.09 4.88 606 0.56 2.61 1.51 121 Period Ended May 31, 2004(q) 10.86 2.82 474 0.57 2.06 4.00 138 C Shares Period Ended September 30, 2006* 11.27 2.02 722 1.20 2.68 1.27 16 Period Ended March 31, 2006(n) 11.20 4.22 835 1.03 2.64 1.59 29 B Shares Period Ended September 30, 2006* 11.28 2.11 4,901 0.95 2.95 1.01 16 Year Ended March 31, 2006 11.22 4.23 5,189 0.97 2.59 1.19 29 Period Ended March 31, 2005 11.09 4.50 5,635 0.96 2.22 1.67 121 Year Ended May 31, 2004 10.86 5.38 5,012 0.95 1.54 1.81 138 Period Ended May 31, 2003(o) 10.43 4.30 800 0.92 0.85 1.39 160
See Notes to Financial Highlights and Notes to Financial Statements. 92 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- LIFE VISION GROWTH AND INCOME FUND(L) I Shares Period Ended September 30, 2006* $12.43 $ 0.11 $ 0.08 $ 0.19 $(0.11) $ -- $(0.11) Year Ended March 31, 2006 11.41 0.23 1.02 1.25 (0.23) -- (0.23) Period Ended March 31, 2005 10.76 0.16 0.67 0.83 (0.18) -- (0.18) Year Ended May 31, 2004 9.33 0.14(a) 1.43(a) 1.57 (0.14) -- (0.14) Year Ended May 31, 2003 9.98 0.13 (0.65) (0.52) (0.13) -- (0.13) Year Ended May 31, 2002 10.42 0.12 (0.43) (0.31) (0.13) -- (0.13) Year Ended May 31, 2001 10.50 0.24 0.40 0.64 (0.25) (0.47) (0.72) A Shares Period Ended September 30, 2006* 12.41 0.09 0.08 0.17 (0.09) -- (0.09) Year Ended March 31, 2006 11.39 0.19 1.02 1.21 (0.19) -- (0.19) Period Ended March 31, 2005 10.75 0.13 0.66 0.79 (0.15) -- (0.15) Period Ended May 31, 2004(r) 10.18 0.06(a) 0.58(a) 0.64 (0.07) -- (0.07) C Shares Period Ended September 30, 2006* 12.39 0.05 0.06 0.11 (0.05) -- (0.05) Period Ended March 31, 2006(s) 11.41 0.15 0.98 1.13 (0.15) -- (0.15) B Shares Period Ended September 30, 2006* 12.41 0.06 0.08 0.14 (0.06) -- (0.06) Year Ended March 31, 2006 11.39 0.14 1.02 1.16 (0.14) -- (0.14) Period Ended March 31, 2005 10.74 0.08 0.67 0.75 (0.10) -- (0.10) Year Ended May 31, 2004 9.34 0.07(a) 1.42(a) 1.49 (0.09) -- (0.09) Period Ended May 31, 2003(o) 8.10 0.02 1.24 1.26 (0.02) -- (0.02) LIFE VISION MODERATE GROWTH FUND(L) I Shares Period Ended September 30, 2006* 10.85 0.14 0.07 0.21 (0.14) -- (0.14) Year Ended March 31, 2006 10.49 0.29 0.59 0.88 (0.28) (0.24) (0.52) Period Ended March 31, 2005 10.06 0.20 0.50 0.70 (0.22) (0.05) (0.27) Year Ended May 31, 2004 9.02 0.16(a) 1.04(a) 1.20 (0.16) -- (0.16) Year Ended May 31, 2003 9.40 0.16 (0.38) (0.22) (0.16) -- (0.16) Year Ended May 31, 2002 9.73 0.17 (0.32) (0.15) (0.18) -- (0.18) Year Ended May 31, 2001 10.61 0.32 0.20 0.52 (0.34) (1.06) (1.40) A Shares Period Ended September 30, 2006* 10.84 0.12 0.07 0.19 (0.12) -- (0.12) Year Ended March 31, 2006 10.48 0.25 0.59 0.84 (0.24) (0.24) (0.48) Period Ended March 31, 2005 10.05 0.17 0.50 0.67 (0.19) (0.05) (0.24) Period Ended May 31, 2004(t) 9.58 0.10(a) 0.45(a) 0.55 (0.08) -- (0.08) C Shares Period Ended September 30, 2006* 10.82 0.09 0.07 0.16 (0.09) -- (0.09) Period Ended March 31, 2006(s) 10.49 0.20 0.57 0.77 (0.20) (0.24) (0.44) Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- LIFE VISION GROWTH AND INCOME FU I Shares Period Ended September 30, 2006* $12.51 1.52% $ 108,191 0.17% 1.75% 0.17% 13% Year Ended March 31, 2006 12.43 11.05 97,964 0.19 1.96 0.24 34 Period Ended March 31, 2005 11.41 7.77 87,520 0.22 1.82 0.33 59 Year Ended May 31, 2004 10.76 16.92 75,083 0.25 1.38 0.36 97 Year Ended May 31, 2003 9.33 (5.16) 59,449 0.25 1.46 0.37 139 Year Ended May 31, 2002 9.98 (2.97) 77,395 0.25 1.25 0.39 166 Year Ended May 31, 2001 10.42 6.31 37,550 0.25 2.41 0.39 286 A Shares Period Ended September 30, 2006* 12.49 1.38 6,511 0.47 1.46 0.47 13 Year Ended March 31, 2006 12.41 10.73 5,737 0.51 1.74 0.58 34 Period Ended March 31, 2005 11.39 7.37 3,575 0.57 1.55 0.91 59 Period Ended May 31, 2004(r) 10.75 6.32 1,426 0.56 1.04 1.95 97 C Shares Period Ended September 30, 2006* 12.45 0.92 4,415 1.17 0.79 1.17 13 Period Ended March 31, 2006(s) 12.39 9.94 2,820 1.15 1.39 1.20 34 B Shares Period Ended September 30, 2006* 12.49 1.15 16,813 0.92 0.98 0.92 13 Year Ended March 31, 2006 12.41 10.21 17,829 0.96 1.21 1.07 34 Period Ended March 31, 2005 11.39 7.00 16,641 1.01 1.05 1.34 59 Year Ended May 31, 2004 10.74 15.99 13,060 1.00 0.63 1.61 97 Period Ended May 31, 2003(o) 9.34 15.57 2,017 0.90 0.39 1.34 139 LIFE VISION MODERATE GROWTH FUND I Shares Period Ended September 30, 2006* 10.92 1.96 162,030 0.15 2.56 0.15 14 Year Ended March 31, 2006 10.85 8.48 158,301 0.18 2.63 0.22 34 Period Ended March 31, 2005 10.49 6.98 132,522 0.21 2.32 0.32 83 Year Ended May 31, 2004 10.06 13.35 121,659 0.25 1.65 0.36 109 Year Ended May 31, 2003 9.02 (2.21) 93,722 0.25 1.87 0.36 101 Year Ended May 31, 2002 9.40 (1.52) 88,592 0.25 1.81 0.36 202 Year Ended May 31, 2001 9.73 5.28 73,429 0.25 3.04 0.37 247 A Shares Period Ended September 30, 2006* 10.91 1.81 6,297 0.45 2.27 0.45 14 Year Ended March 31, 2006 10.84 8.16 5,821 0.47 2.38 0.59 34 Period Ended March 31, 2005 10.48 6.74 8,161 0.47 2.13 0.87 83 Period Ended May 31, 2004(t) 10.05 5.79 3,541 0.55 1.49 1.27 109 C Shares Period Ended September 30, 2006* 10.89 1.49 1,986 1.15 1.58 1.15 14 Period Ended March 31, 2006(s) 10.82 7.40 1,674 1.13 1.89 1.19 34
See Notes to Financial Highlights and Notes to Financial Statements. 93 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains from Net Realized Dividends Beginning Income (Losses) on Total From Investment Capital and of Period (Loss) Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- LIFE VISION MODERATE GROWTH FUND(L) B Shares Period Ended September 30, 2006* $10.82 $ 0.10 $ 0.07 $ 0.17 $(0.10) $ -- $(0.10) Year Ended March 31, 2006 10.46 0.21 0.59 0.80 (0.20) (0.24) (0.44) Period Ended March 31, 2005 10.03 0.13 0.50 0.63 (0.15) (0.05) (0.20) Year Ended May 31, 2004 9.00 0.09(a) 1.04(a) 1.13 (0.10) -- (0.10) Period Ended May 31, 2003(o) 8.05 0.03 0.95 0.98 (0.03) -- (0.03) LIFE VISION TARGET DATE 2015 FUND(L) I Shares Period Ended September 30, 2006* 10.86 0.09 0.10 0.19 (0.07) -- (0.07) Period Ended March 31, 2006(u) 10.00 0.17 0.82 0.99 (0.13) -- (0.13) LIFE VISION TARGET DATE 2025 FUND(L) I Shares Period Ended September 30, 2006* 11.11 0.06 0.08 0.14 (0.05) -- (0.05) Period Ended March 31, 2006(v) 10.00 0.13 1.10 1.23 (0.12) -- (0.12) A Shares Period Ended September 30, 2006*(w) 10.82 0.02 0.37 0.39 (0.01) -- (0.01) LIFE VISION TARGET DATE 2035 FUND(L) I Shares Period Ended September 30, 2006* 10.89 0.04 0.06 0.10 (0.04) -- (0.04) Period Ended March 31, 2006(x) 10.00 0.13 0.88 1.01 (0.12) -- (0.12) A Shares Period Ended September 30, 2006*(y) 11.07 0.01 (0.10) (0.09) (0.03) -- (0.03) Ratio of Ratio of Expenses to Ratio of Net Average Net Net Investment Assets Net Expenses Income (Excluding Asset to (Loss) to Waivers, Value, Net Assets, Average Average Reimbursements Portfolio End of Total End of Net Net and Expense Turnover Period Return+ Period (000) Assets++ Assets++ Offset)++ Rate(+) ------ ------- ------------ -------- ---------- --------------- --------- LIFE VISION MODERATE GROWTH FUND B Shares Period Ended September 30, 2006* $10.89 1.69% $ 12,916 0.90% 1.81% 0.90% 14% Year Ended March 31, 2006 10.82 7.60 14,073 0.92 1.87 1.06 34 Period Ended March 31, 2005 10.46 6.28 14,797 0.92 1.59 1.35 83 Year Ended May 31, 2004 10.03 12.66 13,236 1.00 0.91 1.56 109 Period Ended May 31, 2003(o) 9.00 12.22 2,691 0.91 0.93 1.34 101 LIFE VISION TARGET DATE 2015 FUN I Shares Period Ended September 30, 2006* 10.98 1.81 828 0.20 1.67 7.64 23 Period Ended March 31, 2006(u) 10.86 9.94 270 0.20 2.71 13.92+++ 25 LIFE VISION TARGET DATE 2025 FUN I Shares Period Ended September 30, 2006* 11.20 1.26 1,750 0.20 1.00 3.54 10 Period Ended March 31, 2006(v) 11.11 12.33 1,110 0.20 2.28 11.64+++ 17 A Shares Period Ended September 30, 2006*(w) 11.20 3.59 25 0.50 0.33 4.05 10 LIFE VISION TARGET DATE 2035 FUN I Shares Period Ended September 30, 2006* 10.95 0.89 861 0.20 0.73 6.25 4 Period Ended March 31, 2006(x) 10.89 10.14 590 0.20 2.45 10.98+++ 40 A Shares Period Ended September 30, 2006*(y) 10.95 (0.82) 4 0.50 0.54 7.66 4
See Notes to Financial Highlights and Notes to Financial Statements. 94 NOTES TO FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS September 30, 2006 * Unaudited ** Amount represents less than $0.005. *** Includes return of capital of $0.003. **** Includes redemption fees of $0.01. *****Effective June 1, 2004, the Balanced Fund adopted a change in the amortization and accretion methodology on fixed income securities. The cumulative effect of this change in methodology was immaterial. + Total return excludes sales charge. Not annualized for periods less than one year. ++ Annualized for periods less than one year. +++ Ratio reflects the impact of the initial low level of average net assets associated with commencement of operations. # The Fund had a voluntary reimbursement by the Investment Adviser and affiliates that had no effect on total returns for the period. ## The Fund's total return consists of a voluntary reimbursement by the Investment Adviser and affiliates of 0.09% for a realized investment loss. Excluding this reimbursement, total return would have been 5.01% and 4.68% for the I Shares and A Shares, respectively. There was no effect to the total return in the C Shares. ### The Fund's total return includes the effect of an asset valuation adjustment as of March 31, 2006. Excluding this effect, total return would have been 27.08% and 26.21% for the A Shares and C Shares, respectively. There was no effect to the total return in I Shares. (+) Not annualized for periods less than a year. (a) Per share data calculated using average shares outstanding method. (b) Commenced operations on February 23, 2004. (c) Commenced operations on February 27, 2004. (d) Commenced operations on August 7, 2003. (e) Commenced operations on October 8, 2003. (f) Commenced operations on October 13, 2003. (g) Commenced operations on November 30, 2001. (h) Commenced operations on October 27, 2003. (i) Commenced operations on October 14, 2003. (j) Commenced operations on April 3, 2006. (k) Commenced operations on October 9, 2003. (l) The Life Vision Funds and its shareholders indirectly bear a pro rata share of the expenses of the underlying STI Classic Funds. The expense ratios do not include such expenses. (m) Commenced operations on October 16, 2003. (n) Commenced operations on April 4, 2005. (o) Commenced operations on March 11, 2003. (p) Commenced operations on November 6, 2003. (q) Commenced operations on November 11, 2003. (r) Commenced operations on November 5, 2003. (s) Commenced operations on April 6, 2005. (t) Commenced operations on October 10, 2003. (u) Commenced operations on October 12, 2005. (v) Commenced operations on October 21, 2005. (w) Commenced operations on July 12, 2006. (x) Commenced operations on November 2, 2005. (y) Commenced operations on May 4, 2006. 95 NOTES TO FINANCIAL STATEMENTS STI CLASSIC FUNDS September 30, 2006 (Unaudited) 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 (the "1940 Act"), as amended, as an open-end management investment company offering 52 funds as of September 30, 2006. The Trust is authorized to issue an unlimited number of shares without par value. The financial statements presented herein are those of the Aggressive Growth Stock Fund, the Capital Appreciation Fund, the Emerging Growth Stock Fund, the International Equity Fund, the International Equity Index Fund, the Large Cap Quantitative Equity Fund (formerly Strategic Quantitative Equity Fund), the Large Cap Relative Value Fund, the Large Cap Value Equity Fund, the Mid-Cap Equity Fund, the Mid-Cap Value Equity Fund, the Quality Growth Stock Fund, the Small Cap Growth Stock Fund, the Small Cap Quantitative Equity Fund, the Small Cap Value Equity Fund, the Balanced Fund, the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund, the Life Vision Moderate Growth Fund, the Life Vision Target Date 2015 Fund, the Life Vision Target Date 2025 Fund and the Life Vision Target Date 2035 Fund (each a "Fund" and collectively the "Funds"). The Funds may offer the following share classes: I Shares, A Shares and C Shares. In addition, the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund and the Life Vision Moderate Growth Fund may offer B Shares. The financial statements of the remaining funds are presented separately. The Funds' prospectus provides a description of the Funds' investment objectives, policies and strategies. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. Each class of shares has identical rights and privileges except with respect to the fees paid under the Distribution Plan and Distribution and Services Plan, voting rights on matters affecting a single class of shares and sales charges. The A Shares of the Funds (except Life Vision Conservative Fund) have a maximum sales charge on purchases of 5.75% as a percentage of original purchase price. Life Vision Conservative Fund A Shares have a maximum sales charge on purchases of 4.75% as a percentage of original purchase price. Certain purchases of A Shares will not be subject to a front-end sales charge but will be subject to a contingent deferred sales charge (CDSC) of 1.00% if redeemed within one year of purchase. The C Shares have a maximum CDSC of 1.00% as a percentage of either the original purchase price or the next calculated price after the Funds receive the redemption request, whichever is less, if redeemed within one year of purchase. The B Shares will not be subject to a sales charge but will be subject to a maximum CDSC of 5.00% as a percentage of original purchase price if redeemed within five years of purchase. Effective August 1, 2005, investors are not permitted to make new purchases of Class B Shares, except through dividend or distribution reinvestments in Class B Shares and exchanges of Class B Shares of a Fund for Class B Shares of another Fund. Effective April 30, 2004, the Small Cap Value Equity Fund was closed to new investors. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote. 2. Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the 96 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) reported amounts of income and expense during the reporting period. The actual results could differ from these estimates. Security Valuation -- Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 p.m. Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sale price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time), as provided by an independent pricing service approved by the Funds' Board of Trustees (the "Board"). If a security price cannot be obtained from an independent, third-party pricing agent, the Funds' administrator shall seek to obtain a bid price from at least one independent broker. Securities for which market prices are not "readily available" are valued in accordance with Pricing and Valuation Procedures established by the Board. The Funds' Pricing and Valuation Procedures will be performed and monitored by a Valuation Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate a security be valued using Pricing and Valuation Procedures include, but are not limited to: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Pricing and Valuation Procedures, the Committee determines the value after taking into consideration relevant information reasonably available to the Committee. For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it shall immediately notify the Funds' accounting agent and may preauthorize the Funds' accounting agent to utilize a pricing service authorized by the Board (a "Fair Value Pricing Service") that has been designed to determine a fair value. On a day when a Fair Value Pricing Service is so utilized pursuant to a preauthorization, the Committee need not meet. If the adviser or sub-adviser does not pre-authorize the Fund's accounting agent to utilize a Fair Value Pricing Service, the adviser or sub-adviser will request that a Committee Meeting be called. In addition, the Funds' accounting agent monitors price movements among certain selected indices, securities and/or groups of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels 97 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) established by the Funds ("Trigger Points"), the Funds may use a systematic valuation model provided by an independent third party to fair value their international equity securities. The assets of the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund, the Life Vision Moderate Growth Fund, the Life Vision Target Date 2015 Fund, the Life Vision Target Date 2025 Fund and the Life Vision Target Date 2035 Fund (the "Life Vision Funds") consist of investments in underlying affiliated investment companies, which are valued at their respective daily net asset values. Recognition of net investment income by the Life Vision Funds is affected by the timing of the declaration of dividends by the STI Classic Funds in which the Life Vision Funds invest. Also, in addition to the Life Vision Funds' direct expenses, shareholders bear a proportionate share of the underlying Funds' expenses. Security Transactions and Investment Income -- During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, securities transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes amortization or accretion of premium or discount. 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 or amortization of purchase discounts or premiums during the respective holding period. Dividend income is recorded on the ex-dividend date. Repurchase Agreements -- The Funds may purchase instruments from financial institutions, such as banks and broker-dealers, subject to the seller's agreement to repurchase them at an agreed upon time and price ("repurchase agreement"). A third party custodian bank takes possession of the underlying securities ("collateral") of a repurchase agreement, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. In the event of default on the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the repurchase agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. Securities Purchased on a When-Issued Basis -- Delivery and payment for securities that have been purchased by a Fund on a forward commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of a Fund's net asset value if the Fund makes such investments while remaining substantially fully invested. Foreign Currency Translation -- The books and records of the Funds are maintained in U.S. dollars on the following basis: (i) market value of investment securities, other 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 Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies. Forward Foreign Currency Contracts -- The International Equity, International Equity Index and Balanced Funds may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. All commitments are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for Federal income tax purposes. As of September 30, 2006, the Balanced Fund held open forward foreign currency contracts which are shown on the Schedule of Portfolio Investments. Securities Lending -- The Capital Appreciation Fund, International Equity Fund, International Equity Index Fund, Large Cap Relative Value Fund, Large Cap Value Equity Fund, Mid-Cap Equity Fund, Mid-Cap 98 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) Value Equity Fund, Quality Growth Stock Fund, Small Cap Growth Stock Fund, Small Cap Value Equity Fund and Balanced Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust's Board. These loans may not exceed either (i) 50% of the sum of the market value of all securities of the Fund and the market value of the loan collateral or (ii) 33.33% of the total market value of all securities of the Fund. No Fund will lend portfolio securities to its investment adviser, sub-adviser, or its affiliates unless it has applied for and received specific authority to do so from the Securities and Exchange Commission. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities. The value of the collateral is at least 100% of the market value of the securities loaned. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. A fee will be obtained from the borrower if letters of credit or U.S. government securities are used as collateral. Cash collateral received in connection with securities lending is invested in the CSFB Enhanced Liquidity Portfolio (the "Portfolio"). This investment may consist of money market mutual funds registered under the 1940 Act and money market instruments including commercial paper, repurchase agreements, U.S. Treasury Bills and U.S. Agency Obligations. At September 30, 2006, the Portfolio was invested in repurchase agreements, asset backed securities and corporate bonds (with interest rates ranging from 5.400% to 5.678% and maturity dates ranging from 10/02/06 to 02/25/21). The Funds paid security lending fees during the period ended September 30, 2006, which have been netted against Income from Securities Lending on the Statements of Operations. These fees are presented below (in thousands):
Fees($) ------- Capital Appreciation Fund................................... 368 International Equity Fund................................... 915 International Equity Index Fund............................. 984 Large Cap Relative Value Fund............................... 297 Large Cap Value Equity Fund................................. 162 Mid-Cap Equity Fund......................................... 98 Mid-Cap Value Equity Fund................................... 92 Quality Growth Stock Fund................................... 13 Small Cap Growth Stock Fund................................. 1,422 Small Cap Value Equity Fund................................. 228 Balanced Fund............................................... 45
Swap Agreements -- The Balanced Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Balanced Fund may enter into credit default swap ("CDS") agreements to manage its exposure to credit risk. The value of a swap agreement is equal to the Fund's obligations (or rights) under such agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified amount in the event of a default by a third party reference entity. A buyer of a CDS receives credit protection or sheds credit risk, whereas the seller of a CDS is selling credit protection 99 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) or assuming credit risk. The seller typically receives a pre-determined periodic payment from the other party in consideration for guaranteeing to make a specific payment to the buyer should the third party reference entity suffer a default event. If a default event occurs, the seller would be required to pay the par value of a referenced debt obligation to the counterparty in exchange for a defaulted obligation. When entering into or closing a CDS position, a cash flow to account for market premiums or discounts (as compared to par value) is exchanged. Swaps are marked to market daily and the change in value, if any, is recorded as unrealized gain or loss. Payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains (losses). Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the amount reflected in the Statement of Assets and Liabilities. The notional amounts reflect the extent of the total investment exposure that the Fund has under the swap agreement. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties to perform. The Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Compensating Balances -- If a Fund has a cash overdraft in excess of $100,000 it is required to deposit an amount equal to 110% of the overdraft in a compensating balance account with its custodian, SunTrust Bank, a wholly owned subsidiary of SunTrust Banks, Inc., on the following business day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw an amount equal to 90% of the balance from SunTrust Bank on the following business day. All such deposits to, and overdrafts from, the compensating balance account are non-interest bearing and are for a duration of one business day. This does not apply to the International Equity Fund or International Equity Index Fund. Expenses -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution fees, if any, are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis. Classes -- Income, non-class specific expenses and realized/unrealized gains and losses are allocated to the respective classes within a Fund on the basis of the relative daily net assets. Dividends and Distributions to Shareholders -- Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid each calendar quarter by the Funds, except for the International Equity and the International Equity Index Funds, which distribute income annually. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. However, to the extent that net realized capital gains can be offset by capital loss carryovers, such gains will not be distributed. Redemption Fees -- A redemption fee of 2% of the value of the shares sold will be imposed on shares redeemed within seven days of purchase (60 days or less for the International Equity and International Equity Index Funds) unless the redemption is excluded under the Funds' Redemption Fee Policy. For financial statement purposes, these amounts are included in the Statements of Changes in Net Assets as 100 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) "Change in Net Assets from Capital Transactions". Fees for the Funds during the year ended March 31, 2006 and the six months ended September 30, 2006 were as follows (in thousands):
For the For the Year Ended Six Months Ended Fund 03/31/06($) 09/30/06($) ---- ----------- ---------------- Aggressive Growth Stock Fund................................ -- -- Capital Appreciation Fund................................... 1 1 Emerging Growth Stock Fund.................................. -- -- International Equity Fund................................... 21 17 International Equity Index Fund............................. 5 3 Large Cap Quantitative Equity Fund.......................... -- -- Large Cap Relative Value Fund............................... 2 4 Large Cap Value Equity Fund................................. -- -- Mid-Cap Equity Fund......................................... -- -- Mid-Cap Value Equity Fund................................... -- -- Quality Growth Stock Fund................................... -- -- Small Cap Growth Stock Fund................................. 4 21 Small Cap Quantitative Equity Fund.......................... -- -- Small Cap Value Equity Fund................................. -- -- Balanced Fund............................................... -- -- Life Vision Aggressive Growth Fund.......................... -- -- Life Vision Conservative Fund............................... -- -- Life Vision Growth and Income Fund.......................... -- -- Life Vision Moderate Growth Fund............................ -- --
Amounts designated as "--" are $0 or have been rounded to $0. New Accounting Pronouncements -- In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements." This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of September 30, 2006, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. 3. Agreements and Other Transactions with Affiliates Investment Advisory Agreement -- The Trust and Trusco Capital Management, Inc. (the "Investment Adviser"), a wholly owned subsidiary of SunTrust Banks, Inc., have entered into investment advisory agreements. Zevenbergen Capital Investments LLC serves as the Sub-Adviser for the Aggressive Growth Stock Fund and Emerging Growth Stock Fund. Under the terms of the agreements, the Funds are charged annual advisory fees, which are computed daily and paid monthly based upon average daily net assets. Breakpoints are used in computing the overall annual advisory fee. The maximum annual advisory fee is charged on average daily net assets of each Fund up to $500 million. A discount of 5% applies on the next $500 million, and a discount of 10% 101 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) applies on amounts over $1 billion. Fee rates for the period April 1, 2006 through September 30, 2006 were as follows:
Maximum Overall Net Annual Annual Advisory Fees Annual Advisory Advisory Waived or Fees Fee(%) Fee(%) Reimbursed(%) Paid(%) -------- -------- ------------- -------- Aggressive Growth Stock Fund*............................... 1.10 1.10 -- 1.10 Capital Appreciation Fund................................... 0.97 0.93 -- 0.93 Emerging Growth Stock Fund*................................. 1.10 1.10 -- 1.10 International Equity Fund................................... 1.15 1.12 -- 1.12 International Equity Index Fund............................. 0.50 0.49 -- 0.49 Large Cap Quantitative Equity Fund.......................... 0.85 0.85 -- 0.85 Large Cap Relative Value Fund............................... 0.85 0.81 -- 0.81 Large Cap Value Equity Fund................................. 0.80 0.78 -- 0.78 Mid-Cap Equity Fund......................................... 1.00 1.00 -- 1.00 Mid-Cap Value Equity Fund................................... 1.00 1.00 -- 1.00 Quality Growth Stock Fund................................... 0.85 0.85 -- 0.85 Small Cap Growth Stock Fund................................. 1.15 1.09 -- 1.09 Small Cap Quantitative Equity Fund.......................... 1.05 1.05 -- 1.05 Small Cap Value Equity Fund................................. 1.15 1.13 -- 1.13 Balanced Fund............................................... 0.85 0.85 0.02 0.83 Life Vision Aggressive Growth Fund.......................... 0.10 0.10 -- 0.10 Life Vision Conservative Fund............................... 0.10 0.10 0.06 0.04 Life Vision Growth and Income Fund.......................... 0.10 0.10 -- 0.10 Life Vision Moderate Growth Fund............................ 0.10 0.10 -- 0.10 Life Vision Target Date 2015 Fund........................... 0.10 0.10 0.10 -- Life Vision Target Date 2025 Fund........................... 0.10 0.10 0.10 -- Life Vision Target Date 2035 Fund........................... 0.10 0.10 0.10 --
* Aggregate annual fees paid to the Investment Adviser, who pay Zevenbergen Capital Investments LLC to serve as the Fund's Sub-Adviser. The Investment Adviser has contractually agreed, until at least August 1, 2007, to waive fees and/or reimburse each Fund to the extent necessary to maintain each Fund's Total Fund Operating Expense, expressed as a percentage of average daily net assets, as noted below:
Total Operating Expense(%) --------------- Life Vision Aggressive Growth Fund.......................... I Shares 0.20 Life Vision Aggressive Growth Fund.......................... A Shares 0.50 Life Vision Aggressive Growth Fund.......................... C Shares 1.20 Life Vision Aggressive Growth Fund.......................... B Shares 0.95 Life Vision Conservative Fund............................... I Shares 0.20 Life Vision Conservative Fund............................... A Shares 0.50 Life Vision Conservative Fund............................... C Shares 1.20 Life Vision Conservative Fund............................... B Shares 0.95 Life Vision Growth and Income Fund.......................... I Shares 0.20 Life Vision Growth and Income Fund.......................... A Shares 0.50
102 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Total Operating Expense(%) --------------- Life Vision Growth and Income Fund.......................... C Shares 1.20 Life Vision Growth and Income Fund.......................... B Shares 0.95 Life Vision Moderate Growth Fund............................ I Shares 0.20 Life Vision Moderate Growth Fund............................ A Shares 0.50 Life Vision Moderate Growth Fund............................ C Shares 1.20 Life Vision Moderate Growth Fund............................ B Shares 0.95 Life Vision Target Date 2015 Fund........................... I Shares 0.20 Life Vision Target Date 2015 Fund........................... A Shares 0.50 Life Vision Target Date 2015 Fund........................... C Shares 1.20 Life Vision Target Date 2025 Fund........................... I Shares 0.20 Life Vision Target Date 2025 Fund........................... A Shares 0.50 Life Vision Target Date 2025 Fund........................... C Shares 1.20 Life Vision Target Date 2035 Fund........................... I Shares 0.20 Life Vision Target Date 2035 Fund........................... A Shares 0.50 Life Vision Target Date 2035 Fund........................... C Shares 1.20
The Investment Adviser may retain the difference between the Total Operating Expense identified above and the actual total expense to recapture any of its prior waivers or reimbursements, until August 1, 2008. Such repayments shall be made monthly, but only to the extent that such repayments would not cause the annualized total expense ratio to exceed the Total Operating Expense in place at that time. As of September 30, 2006, the fee repayments that may potentially be made to the Investment Adviser are as follows (in thousands):
Amount($) --------- Life Vision Aggressive Growth Fund.......................... 2 Life Vision Conservative Fund............................... 24 Life Vision Growth and Income Fund.......................... 1 Life Vision Moderate Growth Fund............................ 10 Life Vision Target Date 2015 Fund........................... 22 Life Vision Target Date 2025 Fund........................... 22 Life Vision Target Date 2035 Fund........................... 22
During the period ended September 30, 2006, the Investment Adviser also voluntarily waived fees in certain Funds in order to maintain a more competitive expense ratio for shareholders. These voluntary waivers will not be recouped by the Investment Adviser in subsequent years. Administration, Fund Accounting and Transfer Agency Agreement -- The Trust and STI Classic Variable Trust are parties to a Master Services Agreement with BISYS Fund Services Ohio, Inc. (the "Administrator"), under which the Administrator provides administrative, fund accounting, transfer agent and shareholder services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.0275% up to $25 billion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion plus an additional class fee of $2,593 per class annually, applicable to each additional class of shares over 145 classes of shares. The Master Services Agreement provides for the Administrator to pay certain insurance premiums for the Trust and STI Classic Variable Trust, including $300,000 toward the premium for Directors and Officers Liability/Errors and Omissions insurance coverage, and $25,000 toward the premium for Fidelity Bond coverage. The Administrator has agreed, under the terms of the Master Services Agreement, to pay 103 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) certain legal expenses for the benefit of the Trust and STI Classic Variable Trust relating to administrative service matters. The Master Services Agreement further provides for the Administrator to waive a portion of its fees for the benefit of shareholders. Such payments and fee waivers are expected to total approximately $400,000 to $650,000 annually, and will not be recouped by the Administrator in subsequent years. Distribution Agreement -- The Trust and BISYS Fund Services Limited Partnership (the "Distributor") are parties to a Distribution Services Agreement. The Distributor receives no fees for its distribution services under the agreement for the I Shares of any Fund. With respect to the A Shares, C Shares and B Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of C Shares and B Shares) a Distribution and Service Plan, based upon average daily net assets of each respective class, which are computed daily and paid monthly. These fees, expressed as a percentage of average daily net assets, for the period ended September 30, 2006 are as follows:
Board Approved Board Approved Board Approved and Charged and Charged and Charged A Share C Share B Share Distribution Distribution and Distribution and Fee(%) Service Fee(%) Service Fee(%) -------------- ---------------- ---------------- Aggressive Growth Stock Fund................................ 0.30 1.00 N/A Capital Appreciation Fund................................... 0.30 1.00 N/A Emerging Growth Stock Fund.................................. 0.30 1.00 N/A International Equity Fund................................... 0.30 1.00 N/A International Equity Index Fund............................. 0.30 1.00 N/A Large Cap Quantitative Equity Fund.......................... 0.25 1.00 N/A Large Cap Relative Value Fund............................... 0.25 1.00 N/A Large Cap Value Equity Fund................................. 0.30 1.00 N/A Mid-Cap Equity Fund......................................... 0.30 1.00 N/A Mid-Cap Value Equity Fund................................... 0.30 1.00 N/A Quality Growth Stock Fund................................... 0.30 1.00 N/A Small Cap Growth Stock Fund................................. 0.30 1.00 N/A Small Cap Quantitative Equity Fund.......................... 0.30 1.00 N/A Small Cap Value Equity Fund................................. 0.25 0.25 N/A Balanced Fund............................................... 0.28 1.00 N/A Life Vision Aggressive Growth Fund.......................... 0.30 1.00 0.75 Life Vision Conservative Fund............................... 0.30 1.00 0.75 Life Vision Growth and Income Fund.......................... 0.30 1.00 0.75 Life Vision Moderate Growth Fund............................ 0.30 1.00 0.75 Life Vision Target Date 2015 Fund........................... 0.30 1.00 N/A Life Vision Target Date 2025 Fund........................... 0.30 1.00 N/A Life Vision Target Date 2035 Fund........................... 0.30 1.00 N/A
Custodian Agreements -- SunTrust Bank acts as Custodian for the Funds, except for the International Equity Fund and the International Equity Index Fund, which have appointed Brown Brothers Harriman & Co. as Custodian. The Funds pay custody fees on the basis of the net assets and transaction costs. Other -- Certain officers of the Trust are also officers of the Investment Adviser, the Administrator and/or the Distributor. Such officers receive no fees from the Trust for serving as officers of the Trust. Each of the 104 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) trustees receives an annual retainer fee and an additional fee for each meeting attended. Trustees receive an additional fee for attendance at committee meetings. The fees during the period were as follows:
Chairman($) Trustee($) ----------- ---------- Annual Retainer............................................. 50,000 40,000 Regular Meeting Fee......................................... 7,500 6,000 Special Meeting Fee......................................... 3,750 3,000 Committee Meeting Fee....................................... 4,500 2,500
Trustees are also reimbursed for certain expenses incurred. The Investment Adviser provides services to the Trust and the STI Classic Variable Trust to ensure compliance with applicable laws and regulations. The Investment Adviser has designated a dedicated compliance staff and an employee to serve as Chief Compliance Officer. The Investment Adviser receives an annual fee totaling $475,000 for these services. In addition, the Administrator provides an employee and staff to assist the Chief Compliance Officer for the Trust, including providing certain related services, and receives an annual fee of $150,000 for providing these services. The fees above are allocated across the assets of the Trust and the STI Classic Variable Trust. For the period ended September 30, 2006, the total related amounts paid by the Trust were $580,003. During the year ended March 31, 2006, the Investment Adviser reimbursed the International Equity Fund and the International Equity Index Fund $5,582 and $2,871, respectively for losses relating to the application of revised foreign exchange rates. On February 27, 2006, the Balanced Fund received a redemption request of approximately $53,000,000, which represented approximately 31% of the net assets of that Fund as of that date. The Investment Adviser immediately sold significant security positions sufficient to generate the amount of cash required to satisfy the redemption request. These sales were conducted in an expedited manner not contemplated in the ordinary operations of the Fund. As a result, certain of the securities were sold at prices less than those achievable in the ordinary operations of the Fund. The Investment Adviser determined the security sales, if undertaken in the ordinary operations of the Fund, would have resulted in additional sales proceeds to the Fund. Accordingly, the Investment Adviser and an affiliate of the Investment Adviser contributed a total of $71,348 to the Balanced Fund, such that shareholders were unaffected by the impact of the expedited security sales. The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc., which is a registered broker-dealer and a direct non-bank subsidiary of SunTrust Banks, Inc., to act as an agent in placing repurchase agreements for the Trust. For the period ended September 30, 2006, the following Funds paid SunTrust Robinson Humphrey, through a reduction in the yield earned by the Funds on those repurchase agreements, the following amounts (in thousands):
Fees($) ------- Aggressive Growth Stock Fund................................ 1 Capital Appreciation Fund................................... 3 Emerging Growth Stock Fund.................................. -- Large Cap Quantitative Equity Fund.......................... -- Large Cap Value Equity Fund................................. 1 Mid-Cap Equity Fund......................................... 4 Quality Growth Stock Fund................................... -- Small Cap Growth Stock Fund................................. 9 Small Cap Value Equity Fund................................. 1 Balanced Fund............................................... -- Amounts designated as "--" round to less than $1,000.
105 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) 4. Risks The International Equity, International Equity Index and Balanced Funds invest in securities of foreign issuers in various countries. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is a possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries. Emerging market countries are countries that the World Bank or the United Nations considers to be emerging or developing. Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers, including governments, in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of interest rate fluctuation and price volatility associated with the Fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. 5. Investment Transactions The cost of purchases and the proceeds from sales and maturities of securities, excluding short-term investments and government securities, for the period ended September 30, 2006 were as follows (in thousands):
Sales and Purchases($) Maturities($) ------------ ------------- Aggressive Growth Stock Fund................................ 140,483 82,570 Capital Appreciation Fund................................... 546,082 649,108 Emerging Growth Stock Fund.................................. 60,737 11,112 International Equity Fund................................... 381,680 323,164 International Equity Index Fund............................. 123,074 43,308 Large Cap Quantitative Equity Fund.......................... 557,714 486,585 Large Cap Relative Value Equity Fund........................ 485,958 457,892 Large Cap Value Equity Fund................................. 402,646 445,338 Mid-Cap Equity Fund......................................... 596,148 632,412 Mid-Cap Value Equity Fund................................... 222,982 229,332 Quality Growth Stock Fund................................... 48,828 82,214 Small Cap Growth Stock Fund................................. 1,149,363 1,279,207 Small Cap Quantitative Equity Fund.......................... 68,073 44,954 Small Cap Value Equity Fund................................. 162,555 192,036 Balanced Fund............................................... 26,394 34,923 Life Vision Aggressive Growth Fund.......................... 5,518 3,594 Life Vision Conservative Fund............................... 1,430 2,541 Life Vision Growth and Income Fund.......................... 17,618 8,058 Life Vision Moderate Growth Fund............................ 24,502 22,865 Life Vision Target Date 2015 Fund........................... 662 128 Life Vision Target Date 2025 Fund........................... 667 114 Life Vision Target Date 2035 Fund........................... 289 25
The cost of purchases and proceeds from sales and maturities of long-term government securities for the Balanced Fund during the period ended September 30, 2006, in thousands, was $36,424 and $41,056, respectively. 106 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) 6. Federal Tax Policies and Information It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with each applicable country's tax rules and rates. The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ for GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (i.e. foreign currency transactions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. At September 30, 2006, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were different from amounts reported for financial reporting purposes. These differences were generally due to losses on wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for securities held by the Funds at September 30, 2006, are presented on each Fund's Schedule of Portfolio Investments. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending March 31, 2007. The tax character of distributions paid to shareholders during the year ended March 31, 2006 was as follows (in thousands):
Distributions Paid From ------------------------- Net Net Long Total Investment Term Capital Distributions Fund Income($) Gains($) Paid($)* - ---- ---------- ------------ ------------- Aggressive Growth Stock Fund................................ 5 -- 5 Capital Appreciation Fund................................... 2,820 33,118 35,938 Emerging Growth Stock Fund.................................. -- -- -- International Equity Fund................................... 8,844 -- 8,844 International Equity Index Fund............................. 9,687 -- 9,687 Large Cap Quantitative Fund................................. 12,192 588 12,780 Large Cap Relative Value Fund............................... 20,863 51,016 71,879 Large Cap Value Equity Fund................................. 14,910 -- 14,910 Mid-Cap Equity Fund......................................... 1,670 16,129 17,799 Mid-Cap Value Equity Fund................................... 8,090 15,245 23,335 Quality Growth Stock Fund................................... 529 -- 529 Small Cap Growth Stock Fund................................. 14,140 97,800 111,940 Small Cap Value Equity Fund................................. 13,487 141,539 155,026 Balanced Fund............................................... 3,711 10,492 14,203 Life Vision Aggressive Growth Fund.......................... 652 617 1,269 Life Vision Conservative Fund............................... 309 -- 309 Life Vision Growth and Income Fund.......................... 2,058 -- 2,058 Life Vision Moderate Growth Fund............................ 5,382 2,321 7,703 Life Vision Target Date 2015 Fund........................... 2 -- 2
107 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Distributions Paid From ------------------------- Net Net Long Total Investment Term Capital Distributions Fund Income($) Gains($) Paid($)* - ---- ---------- ------------ ------------- Life Vision Target Date 2025 Fund........................... 2 -- 2 Life Vision Target Date 2035 Fund........................... 3 -- 3
- --------------- * Total distributions paid differ from the Statement of Changes in Net Assets because for tax purposes, dividends are recognized when actually paid. Amounts designated as "--" are $0 or have been rounded to $0. The tax character of distributions paid to shareholders during the period ended March 31, 2005 was as follows (in thousands):
Distributions Paid From ------------------------- Net Net Long Total Investment Term Capital Distributions Fund Income($) Gains($) Paid($)* - ---- ---------- ------------ ------------- Aggressive Growth Stock Fund................................ -- -- -- Capital Appreciation Fund................................... 2,919 26,372 29,291 Emerging Growth Stock Fund.................................. -- -- -- International Equity Fund................................... 4,175 -- 4,175 International Equity Index Fund............................. 8,680 -- 8,680 Large Cap Relative Value Fund............................... 14,777 18,982 33,759 Large Cap Value Equity Fund................................. 12,627 -- 12,627 Mid-Cap Equity Fund......................................... 987 -- 987 Mid-Cap Value Equity Fund................................... 1,946 -- 1,946 Quality Growth Stock Fund................................... 178 -- 178 Small Cap Growth Stock Fund................................. 33,850 71,394 105,244 Small Cap Value Equity Fund................................. 9,030 50,922 59,952 Strategic Quantitative Equity Fund.......................... 3,904 932 4,836 Balanced Fund............................................... 4,430 2,651 7,081 Life Vision Aggressive Growth Fund.......................... 8,680 -- 8,680 Life Vision Conservative Fund............................... 492 -- 492 Life Vision Growth and Income Fund.......................... 142 1 143 Life Vision Moderate Growth Fund............................ 1,550 -- 1,550
- --------------- * Total distributions paid differ from the Statement of Changes in Net Assets because for tax purposes, dividends are recognized when actually paid. Amounts designated as "--" are $0 or have been rounded to $0. As of March 31, 2006 the components of accumulated earnings (deficit) on a tax basis were as follows (in thousands):
Undistributed Undistributed Distributions Accumulated Ordinary Long Term Accumulated Payable Capital and Income($) Capital Gains($) Earnings($) ($) Other Losses($)** ------------- ---------------- ----------- ------------- ----------------- Aggressive Growth Stock Fund....... -- -- -- -- (8,578) Capital Appreciation Fund.......... 15,134 39,578 54,712 -- -- Emerging Growth Stock Fund......... -- -- -- -- (525) International Equity Fund.......... 6,616 -- 6,616 -- (25,734) International Equity Index Fund.... 3,719 -- 3,719 -- (52,744) Large Cap Relative Value Fund...... 19,947 51,873 71,820 -- -- Large Cap Value Equity Fund........ 11 -- 11 -- (30,146) Mid-Cap Equity Fund................ 143 4,696 4,839 -- -- Mid-Cap Value Equity Fund.......... 10,520 5,819 16,339 -- -- Quality Growth Stock Fund.......... -- -- -- -- (194,445) Small Cap Growth Stock Fund........ 15,457 52,014 67,471 -- (665) Total Unrealized Accumulated Appreciation Earnings (Depreciation)($)*** (Deficit)($) -------------------- ------------ Aggressive Growth Stock Fund....... 30,395 21,817 Capital Appreciation Fund.......... 165,717 220,429 Emerging Growth Stock Fund......... 10,759 10,234 International Equity Fund.......... 195,533 176,415 International Equity Index Fund.... 216,841 167,816 Large Cap Relative Value Fund...... 267,062 338,882 Large Cap Value Equity Fund........ 114,943 84,808 Mid-Cap Equity Fund................ 59,696 64,535 Mid-Cap Value Equity Fund.......... 21,142 37,481 Quality Growth Stock Fund.......... 27,551 (166,894) Small Cap Growth Stock Fund........ 370,097 436,903
108 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Undistributed Undistributed Distributions Accumulated Ordinary Long Term Accumulated Payable Capital and Income($) Capital Gains($) Earnings($) ($) Other Losses($)** ------------- ---------------- ----------- ------------- ----------------- Small Cap Value Equity Fund........ 26,284 64,964 91,248 -- -- Strategic Quantitative Equity Fund............................. 1,418 6,098 7,516 -- -- Balanced Fund...................... 2,428 4,053 6,481 -- -- Life Vision Aggressive Growth Fund............................. 99 1,021 1,120 -- -- Life Vision Conservative Fund...... 31 69 100 -- -- Life Vision Growth and Income Fund............................. 40 2,609 2,649 -- -- Life Vision Moderate Growth Fund... 395 2,551 2,946 -- -- Life Vision Target Date 2015 Fund............................. -- 3 3 -- -- Life Vision Target Date 2025 Fund............................. 1 1 2 -- -- Life Vision Target Date 2035 Fund............................. 1 4 5 -- -- Total Unrealized Accumulated Appreciation Earnings (Depreciation)($)*** (Deficit)($) -------------------- ------------ Small Cap Value Equity Fund........ 234,779 326,027 Strategic Quantitative Equity Fund............................. 12,836 20,352 Balanced Fund...................... 8,174 14,655 Life Vision Aggressive Growth Fund............................. 10,110 11,230 Life Vision Conservative Fund...... 219 319 Life Vision Growth and Income Fund............................. 17,077 19,726 Life Vision Moderate Growth Fund... 15,961 18,907 Life Vision Target Date 2015 Fund............................. 11 14 Life Vision Target Date 2025 Fund............................. 18 20 Life Vision Target Date 2035 Fund............................. 17 22
- --------------- ** As of the latest tax year end of March 31, 2006, the following Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations (in thousands). To the extent that these carryovers are used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders:
Expires ------------------------------------------------------------------- 2007($) 2009($) 2010($) 2011($) 2012($) 2013($) 2014($) ------- ------- ------- ------- ------- ------- ------- Aggressive Growth Stock Fund............................ -- -- 3,369 -- -- 1,399 2,683 Emerging Growth Stock Fund.............................. -- -- -- -- -- 525 -- International Equity Fund............................... -- -- -- 8,547 17,051 -- -- International Equity Index Fund......................... -- -- 23,637 16,546 9,207 3,126 -- Large Cap Value Equity Fund............................. -- 1,204 -- 28,942 -- -- -- Quality Growth Stock Fund............................... -- 132,265 52,653 9,527 -- -- -- Small Cap Growth Stock Fund............................. 665 -- -- -- -- -- --
As of March 31, 2006, the Aggressive Growth Stock Fund has additional capital loss carryforwards, subject to any applicable limitations on availability, to offset future gains, if any, as the successor of a merger with the Information and Technology Fund. This amount is $3,369,014 expiring in 2010. During the year ended March 31, 2006, the Aggressive Growth Stock Fund, Emerging Growth Stock Fund, International Equity Fund, International Equity Index Fund, Large Cap Value Equity Fund, Mid-Cap Equity Fund, Quality Growth Stock Fund, Small Cap Growth Fund, Life Vision Aggressive Growth Fund and Life Vision Growth and Income Fund utilized $2,683, $634, $47,966, $6,424, $56,312, $11,269, $16,770, $665, $52 and $1,183 in capital loss carryforwards, respectively (in thousands). Net Capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. The Aggressive Growth Stock Fund, International Equity Fund, and International Equity Index Fund have incurred and will elect to defer $1,127, $136 and $228, respectively (in thousands). *** The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to: tax deferral of losses on wash sales, the difference between book and tax amortization methods for premium and market discount, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies, and the return of capital adjustments from real estate investment trusts. Amounts designated as "--" are $0 or have been rounded to $0. On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions will "more-likely-than-not" be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has not completed their analysis on whether the adoption of FIN 48 will have an impact to the financial statements. 7. Subsequent Event At the meeting on November 14, 2006, the Board voted to remove the Redemption Fee Policy from all Funds except for the International Equity and International Equity Index Funds. This change was effective on November 20, 2006. 109 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS STI CLASSIC FUNDS September 30, 2006 (Unaudited) Information pertaining to the trustees and officers of the Trust is set forth below. Trustees who are not deemed to be "interested persons" of the Trust as defined in the 1940 Act are referred to as "Independent Trustees." Trustees who are deemed to be "interested persons" of the Trust are referred to as "Interested Trustees." Messrs. Courts and Ridley are trustees who may be deemed to be "interested persons" of the Trust. - --------------------------------------------------------------------------------
NUMBER OF PORTFOLIOS IN TERM OF THE STI POSITION(S) OFFICE AND PRINCIPAL FUND COMPLEX OTHER NAME, ADDRESS, HELD WITH LENGTH OF OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS DATE OF BIRTH THE GROUP TIME SERVED DURING THE PAST 5 YEARS TRUSTEE HELD BY TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ INTERESTED TRUSTEES*: Richard W. Courts, II Trustee Indefinite; Chairman, Atlantic Investment 59 Genuine Parts Company; 3435 Stelzer Road since November Company Piedmont Medical Center; Columbus, OH 43219 2001 SunTrust Bank DOB 01/18/36 - ------------------------------------------------------------------------------------------------------------------------------------ Clarence H. Ridley Trustee Indefinite; Chairman, Haverty Furniture 59 Crawford & Co. 3435 Stelzer Road since November Companies; Partner, King and Columbus, OH 43219 2001 Spaulding LLP (law firm) (1977 DOB 06/03/42 to 2000) - ------------------------------------------------------------------------------------------------------------------------------------ INDEPENDENT TRUSTEES: Thomas Gallagher Trustee Indefinite; President, CEO, Genuine Parts 59 Genuine Parts Company; 3435 Stelzer Road since May 2000 Company Oxford Industries, Inc. Columbus, OH 43219 DOB 11/25/47 - ------------------------------------------------------------------------------------------------------------------------------------ F. Wendell Gooch Trustee Indefinite; Retired 59 SEI Family of Funds 3435 Stelzer Road since May 1992 Columbus, OH 43219 DOB 12/03/32 - ------------------------------------------------------------------------------------------------------------------------------------ Sidney E. Harris Trustee Indefinite; Professor (since 2004) and Dean 59 ServiceMaster Company; Total 3435 Stelzer Road since November (1997-2004), J. Mack Robinson System Services, Inc.; Columbus, OH 43219 2004 College of Business, Georgia Transamerica Investors, Inc. DOB 07/21/49 State University (13 mutual funds) - ------------------------------------------------------------------------------------------------------------------------------------ Warren Y. Jobe Trustee Indefinite; Retired. EVP, Georgia Power 59 WellPoint, Inc.; UniSource 3435 Stelzer Road since November Company and SVP, Southern Energy Corp.; HomeBanc Corp. Columbus, OH 43219 2004 Company (1998-2001) DOB 11/12/40 - ------------------------------------------------------------------------------------------------------------------------------------ Connie D. McDaniel Trustee Indefinite; Vice President and Controller, 59 None 3435 Stelzer Road since May 2005 The Coca-Cola Company Columbus, OH 43219 DOB 04/10/58 - ------------------------------------------------------------------------------------------------------------------------------------ James O. Robbins Trustee Indefinite; Retired. President, CEO, Cox 59 Cox Communications; Humana, 3435 Stelzer Road since May 2000 Communications, Inc. Inc. Columbus, OH 43219 (1985-2005) DOB 07/04/42 - ------------------------------------------------------------------------------------------------------------------------------------ Charles D. Winslow Trustee Indefinite; Retired. Formerly Partner, 59 None 3435 Stelzer Road since November Accenture (consulting) Columbus, OH 43219 2004 DOB 07/13/35 - ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Courts may be deemed an Interested Trustee because of his directorships with affiliates of the Investment Adviser. Mr. Ridley may be deemed an Interested Trustee because of a material business relationship with the parent of the Investment Adviser. 110 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
TERM OF POSITION(S) OFFICE AND NAME, ADDRESS HELD WITH LENGTH OF PRINCIPAL OCCUPATION(S) AND DATE OF BIRTH TRUST TIME SERVED DURING THE PAST 5 YEARS - -------------------------------------------------------------------------------------------------------------------------------- OFFICERS R. Jeffrey Young President and One-year; since July Senior Vice President, Relationship Management, BISYS 3435 Stelzer Road Chief Executive 2004 Fund Services (since 2002); Vice President, Client Columbus, OH 43219 Officer Services, BISYS Fund Services; (1997-2002) DOB 08/22/64 - -------------------------------------------------------------------------------------------------------------------------------- Deborah A. Lamb Executive Vice One-year; since Chief Compliance Officer, Managing Director, Trusco 50 Hurt Plaza President; September 2004; since Capital Management, Inc. (since 2003); President, Suite 1400 Assistant November 2003; since Investment Industry Consultants, LLC (2000-2003); Atlanta, GA 30303 Secretary; Chief August 2004 Director of Compliance, INVESCO, Inc. (1995-2000) DOB 10/02/52 Compliance Officer (respectively) - -------------------------------------------------------------------------------------------------------------------------------- Joel B. Engle Treasurer, Chief One-year; since May Director, Fund Administration, BISYS Fund Services since 3435 Stelzer Road Financial Officer 2006 February 2006; Small business owner/operator (retail) Columbus, OH 43219 (2003- 2006); Vice President, Fund Administration, BISYS DOB 10/31/65 Fund Services (1998-2003) - -------------------------------------------------------------------------------------------------------------------------------- Cynthia J. Surprise Secretary and One-year; since Senior Counsel, Legal Services, BISYS Fund Services 3435 Stelzer Road Chief Legal February 2005 (since 2004); Director and Counsel, Investors Bank & Columbus, OH 43219 Officer Trust Company (1999-2004) DOB 07/08/46 - -------------------------------------------------------------------------------------------------------------------------------- Alaina V. Metz Assistant One-year; since July Vice President, Blue Sky Compliance, BISYS Fund Services 3435 Stelzer Road Secretary 2004 (since 2002); Chief Administrative Officer, Blue Sky Columbus, OH 43219 Compliance, BISYS Fund Services (1995-2002) DOB 04/07/67 - -------------------------------------------------------------------------------------------------------------------------------- Jennifer A. English Assistant One-year; since Assistant Counsel, Legal Services, BISYS Fund Services 3435 Stelzer Road Secretary November 2005 (since 2005); Assistant Counsel, PFPC, Inc. (2002-2005); Columbus, OH 43219 Associate Legal Product Manager, Fidelity Investments DOB 03/05/72 (2001) - --------------------------------------------------------------------------------------------------------------------------------
The Trust's Statement of Additional Information includes additional information about the Trust's trustees and officers. To request your free copy of the Statement of Additional Information, call toll free 1-888-STI-FUND. 111 ADDITIONAL INFORMATION STI CLASSIC FUNDS September 30, 2006 (Unaudited) ANNUAL APPROVAL OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS The continuance of the Trust's investment advisory agreements with Trusco Capital Management, Inc. (the "Adviser") and subadvisory agreement with Zevenbergen Capital Investments LLC (the "Subadviser") must be specifically approved at least annually by (i) the vote of the Trustees or a vote of the shareholders of the Funds and (ii) the vote of a majority of the Trustees who are not parties to the agreements or "interested persons" of any party thereto (the "Independent Trustees"), as defined in the Investment Company Act 1940, cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board of Trustees calls and holds a meeting to decide whether to renew the Trust's agreements for the upcoming year. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser and Subadviser. The Trustees use this information, as well as other information that the Adviser, Subadviser, and other service providers may submit to the Board, to help them decide whether to renew the agreements for another year. In considering the renewal of the agreements this year, the Board requested and received material from the Adviser and Subadviser in preparation for a special meeting of the Board held on April 24, 2006, and requested and reviewed additional material from the Adviser and Subadviser in preparation for its quarterly meeting held on May 9, 2006, at which it specifically considered the renewal of the agreements. Such material included, among other things, information about: (a) the quality of the Adviser's and Subadviser's investment management and other services; (b) the Adviser's and Subadviser's investment management personnel; (c) the Adviser's and Subadviser's operations and financial condition; (d) the Adviser's and Subadviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that the Adviser and Subadviser charge the Funds compared with the fees they charge to comparable mutual funds or accounts, if any; (f) the Funds' overall fees and operating expenses compared with similar mutual funds; (g) the level of the Adviser's and Subadviser's profitability from their Fund-related operations; (h) the Adviser's and Subadviser's compliance systems; (i) the Adviser's and Subadviser's policies and procedures for personal securities transactions; (j) the Adviser's and Subadviser's reputation, expertise and resources in domestic financial markets; and (k) the Fund's performance compared with similar mutual funds. The Board also received a memorandum from Fund counsel regarding the responsibilities of the Trustees in connection with their consideration of advisory agreements. At both meetings, representatives from the Adviser and Subadviser presented additional oral and written information to the Board to help the Board evaluate the Adviser's and Subadviser's fees and other aspects of the agreements. The Board also considered information presented by the Adviser, Subadviser, and other service providers at meetings throughout the year. The Trustees discussed the written materials, oral presentations, and any other information that the Board received, and considered the approval of the agreements in light of this information. Based on the Board's deliberations and evaluation of the information it received, the Board, including the Independent Trustees, approved the agreements and the selection of the Adviser and Subadviser and determined that the compensation under the agreement is fair and reasonable in light of the services to be performed. The Board considered the following specific factors, none of which was controlling, and made the following conclusions: NATURE, EXTENT, AND QUALITY OF SERVICES The Board received and considered information regarding the nature, extent, and quality of services to be provided to the Funds by the Adviser and Subadviser. In this regard, the Trustees evaluated, among other things, the Adviser's and Subadviser's personnel, experience, track record, and compliance program. The Board considered the background and experience of the Adviser's and Subadviser's senior management and the expertise of, and amount of attention expected to be given to the Funds by, their portfolio management teams. The Board reviewed the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser's and Subadviser's organizational structure, senior management, investment operations, and other 112 ADDITIONAL INFORMATION (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) relevant information. The Board concluded that, within the context of its full deliberations, the nature, extent, and quality of the services to be provided to the Funds by the Adviser and Subadviser supported the approval of the agreements. PERFORMANCE The Board considered the investment performance of each Fund, including any periods of outperformance and underperformance, both on an absolute basis and a comparative basis to indices and other funds within the same investment categories. Specifically, the Board considered each Fund's performance relative to its peer group and appropriate benchmarks in light of total return, yield, and market trends. As part of this review, the Board considered the composition of the peer group and selection criteria, as well as market risk and shareholder risk expectations. The Board considered the Adviser's explanations regarding specific performance issues. The board concluded that, within the context of its full deliberations, the performance of the Funds, the Adviser and the Subadviser supported the approval of the agreements. FUND EXPENSES With respect to advisory fees, the Board considered the rate of compensation under the agreements and each Fund's net operating expense ratio in comparison to those of comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund's peer group. Finally, the Trustees considered the effect of the Adviser's waiver and reimbursement of fees and expenses, where applicable, to prevent total expenses from exceeding a specified amount and that due to these waivers and reimbursements net operating expenses have been maintained at competitive levels. The Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval of the agreements. PROFITABILITY The Board reviewed information about the profitability of the Funds to the Adviser and Subadviser and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Funds and in comparison to other advisory firms. The Board concluded that, within the context of its full deliberations, the profitability of the Adviser and Subadviser is within the range the Board considered reasonable. ECONOMIES OF SCALE The Board considered the existence of economies of scale and whether they were passed along to Fund shareholders through a graduated advisory fee schedule or other means, including any fee and expense waivers and reimbursements by the Adviser. The Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale. 113 ADDITIONAL INFORMATION (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) EXPENSE EXAMPLES As a shareholder of the STI Classic Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees; (2) ongoing costs, including management fees; 12b-1 distribution and/or service fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the STI Classic Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2006 through September 30, 2006. Actual Expenses The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expense Paid During Period" to estimate the expenses you paid on your account during this period.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** 04/01/06 09/30/06 04/01/06-09/30/06 04/01/06-09/30/06 ------------- ------------- ----------------- ----------------- Aggressive Growth Stock Fund...... I Shares $1,000.00 $ 940.40 $ 5.69 1.17% A Shares 1,000.00 940.00 7.15 1.47 C Shares 1,000.00 935.00 10.48 2.16 Capital Appreciation Fund......... I Shares 1,000.00 1,005.20 4.93 0.98 A Shares 1,000.00 1,003.20 6.43 1.28 C Shares 1,000.00 1,000.00 9.93 1.98 Emerging Growth Stock Fund........ I Shares 1,000.00 902.60 5.58 1.17 A Shares 1,000.00 901.80 6.96 1.46 C Shares 1,000.00 898.30 10.28 2.16 International Equity Fund......... I Shares 1,000.00 1,042.80 6.30 1.23 A Shares 1,000.00 1,041.20 7.83 1.53 C Shares 1,000.00 1,036.80 11.34 2.22 International Equity Index Fund... I Shares 1,000.00 1,039.20 3.12 0.61 A Shares 1,000.00 1,038.30 4.65 0.91 C Shares 1,000.00 1,034.70 8.21 1.61 Large Cap Quantitative Equity Fund............................ I Shares 1,000.00 990.00 4.54 0.91 A Shares 1,000.00 988.60 5.78 1.16 C Shares 1,000.00 984.30 9.50 1.91 Large Cap Relative Value Fund..... I Shares 1,000.00 1,046.80 4.41 0.86 A Shares 1,000.00 1,045.20 5.69 1.11 C Shares 1,000.00 1,046.80 9.47 1.85 Large Cap Value Equity Fund....... I Shares 1,000.00 1,054.60 4.33 0.84 A Shares 1,000.00 1,052.40 5.87 1.14 C Shares 1,000.00 1,049.40 9.45 1.84 Mid-Cap Equity Fund............... I Shares 1,000.00 974.90 5.30 1.07 A Shares 1,000.00 973.10 6.78 1.37 C Shares 1,000.00 970.40 10.22 2.07 Mid-Cap Value Equity Fund......... I Shares 1,000.00 1,021.20 5.37 1.06 A Shares 1,000.00 1,019.90 7.39 1.46 C Shares 1,000.00 1,016.40 10.41 2.06 Quality Growth Stock Fund......... I Shares 1,000.00 997.20 4.91 0.98 A Shares 1,000.00 995.70 6.40 1.28 C Shares 1,000.00 992.10 9.89 1.98
114 ADDITIONAL INFORMATION (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** 04/01/06 09/30/06 04/01/06-09/30/06 04/01/06-09/30/06 ------------- ------------- ----------------- ----------------- Small Cap Growth Stock Fund....... I Shares $1,000.00 $ 861.30 $ 5.41 1.16% A Shares 1,000.00 860.10 6.81 1.46 C Shares 1,000.00 857.30 10.06 2.16 Small Cap Quantitative Equity Fund............................ I Shares(a) 1,000.00 921.10 5.19 1.09 A Shares(a) 1,000.00 920.00 6.62 1.39 C Shares(a) 1,000.00 917.00 9.89 2.08 Small Cap Value Equity Fund....... I Shares 1,000.00 958.00 5.79 1.18 A Shares 1,000.00 957.10 7.02 1.44 C Shares 1,000.00 956.70 7.01 1.43 Balanced Fund..................... I Shares 1,000.00 1,019.40 4.81 0.95 A Shares 1,000.00 1,017.90 6.22 1.23 C Shares 1,000.00 1,015.40 9.85 1.95 Life Vision Aggressive Growth Fund............................ I Shares 1,000.00 1,009.90 0.91 0.18 A Shares 1,000.00 1,008.50 2.42 0.48 B Shares 1,000.00 1,005.70 4.68 0.93 C Shares 1,000.00 1,004.90 5.93 1.18 Life Vision Conservative Fund..... I Shares 1,000.00 1,024.80 1.02 0.20 A Shares 1,000.00 1,023.80 2.54 0.50 B Shares 1,000.00 1,021.10 4.81 0.95 C Shares 1,000.00 1,020.20 6.08 1.20 Life Vision Growth and Income Fund............................ I Shares 1,000.00 1,015.20 0.86 0.17 A Shares 1,000.00 1,013.80 2.37 0.47 B Shares 1,000.00 1,011.50 4.64 0.92 C Shares 1,000.00 1,009.20 5.89 1.17 Life Vision Moderate Growth Fund............................ I Shares 1,000.00 1,019.60 0.76 0.15 A Shares 1,000.00 1,018.10 2.28 0.45 B Shares 1,000.00 1,016.90 4.55 0.90 C Shares 1,000.00 1,014.90 5.81 1.15 Life Vision Target Date 2015...... I Shares 1,000.00 1,018.10 1.01 0.20 Life Vision Target Date 2025...... I Shares 1,000.00 1,012.60 1.01 0.20 A Shares(b) 1,000.00 1,035.90 1.13 0.50 Life Vision Target Date 2035...... I Shares 1,000.00 1,008.90 1.01 0.20 A Shares(c) 1,000.00 991.80 2.05 0.50
- --------------- * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. (a) Information shown reflects values for the period from April 3, 2006 (commencement of operations) to September 30, 2006 and has been calculated using expense ratios and rates of return for the same period. (b) Information shown reflects values for the period from July 12, 2006 (commencement of operations) to September 30, 2006 and has been calculated using expense ratios and rates of return for the same period. (c) Information shown reflects values for the period from May 4, 2006 (commencement of operations) to September 30, 2006 and has been calculated using expense ratios and rates of return for the same period. Hypothetical Example The table below provides information about hypothetical account values and hypothetical expenses based on each STI Classic Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. 115 ADDITIONAL INFORMATION (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** 04/01/06 09/30/06 04/01/06-09/30/06 04/01/06-09/30/06 ------------- ------------- ----------------- ----------------- Aggressive Growth Stock Fund...... I Shares $1,000.00 $1,019.25 $ 5.92 1.17% A Shares 1,000.00 1,017.70 7.44 1.47 C Shares 1,000.00 1,014.19 10.91 2.16 Capital Appreciation Fund......... I Shares 1,000.00 1,020.16 4.96 0.98 A Shares 1,000.00 1,018.65 6.48 1.28 C Shares 1,000.00 1,015.14 10.00 1.98 Emerging Growth Stock Fund........ I Shares 1,000.00 1,019.25 5.92 1.17 A Shares 1,000.00 1,017.75 7.38 1.46 C Shares 1,000.00 1,014.24 10.91 2.16 International Equity Fund......... I Shares 1,000.00 1,018.90 6.23 1.23 A Shares 1,000.00 1,017.40 7.74 1.53 C Shares 1,000.00 1,013.89 11.21 2.22 International Equity Index Fund... I Shares 1,000.00 1,022.01 3.09 0.61 A Shares 1,000.00 1,020.51 4.61 0.91 C Shares 1,000.00 1,017.00 8.14 1.61 Large Cap Quantitative Equity Fund............................ I Shares 1,000.00 1,020.51 4.61 0.91 A Shares 1,000.00 1,019.25 5.87 1.16 C Shares 1,000.00 1,015.49 9.65 1.91 Large Cap Relative Value Fund..... I Shares 1,000.00 1,020.76 4.36 0.86 A Shares 1,000.00 1,019.50 5.62 1.11 C Shares 1,000.00 1,015.74 9.35 1.85 Large Cap Value Equity Fund....... I Shares 1,000.00 1,020.86 4.26 0.84 A Shares 1,000.00 1,019.35 5.77 1.14 C Shares 1,000.00 1,015.84 9.30 1.84 Mid-Cap Equity Fund............... I Shares 1,000.00 1,024.07 1.01 0.20 A Shares 1,000.00 1,018.20 6.93 1.37 C Shares 1,000.00 1,014.69 10.45 2.07 Mid-Cap Value Equity Fund......... I Shares 1,000.00 1,019.75 5.37 1.06 A Shares 1,000.00 1,018.25 7.38 1.46 C Shares 1,000.00 1,014.74 10.40 2.06 Quality Growth Stock Fund......... I Shares 1,000.00 1,020.16 4.96 0.98 A Shares 1,000.00 1,018.65 6.48 1.28 C Shares 1,000.00 1,015.14 10.00 1.98 Small Cap Growth Stock Fund....... I Shares 1,000.00 1,019.25 5.87 1.16 A Shares 1,000.00 1,017.75 7.38 1.46 C Shares 1,000.00 1,014.24 10.91 2.16 Small Cap Quantitative Equity Fund............................ I Shares(a) 1,000.00 1,019.70 5.46 1.09 A Shares(a) 1,000.00 1,018.25 6.96 1.39 C Shares(a) 1,000.00 1,014.84 10.39 2.08 Small Cap Value Equity Fund....... I Shares 1,000.00 1,019.15 5.97 1.18 A Shares 1,000.00 1,017.90 7.23 1.44 C Shares 1,000.00 1,017.90 7.23 1.43 Balanced Fund..................... I Shares 1,000.00 1020.31 4.81 0.95 A Shares 1,000.00 1018.90 6.23 1.23 C Shares 1,000.00 1015.29 9.85 1.95
116 ADDITIONAL INFORMATION (concluded) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** 04/01/06 09/30/06 04/01/06-09/30/06 04/01/06-09/30/06 ------------- ------------- ----------------- ----------------- Life Vision Aggressive Growth Fund............................ I Shares $1,000.00 $1,024.17 $ 0.91 0.18% A Shares 1,000.00 1,022.66 2.43 0.48 B Shares 1,000.00 1,020.41 4.71 0.93 C Shares 1,000.00 1,019.15 5.97 1.18 Life Vision Conservative Fund..... I Shares 1,000.00 1,024.07 1.01 0.20 A Shares 1,000.00 1,022.56 2.54 0.50 B Shares 1,000.00 1,020.31 4.81 0.95 C Shares 1,000.00 1,019.05 6.07 1.20 Life Vision Growth and Income Fund............................ I Shares 1,000.00 1,024.22 0.86 0.17 A Shares 1,000.00 1,022.71 2.38 0.47 B Shares 1,000.00 1,020.46 4.66 0.92 C Shares 1,000.00 1,019.25 5.92 1.17 Life Vision Moderate Growth Fund............................ I Shares 1,000.00 1,024.32 0.76 0.15 A Shares 1,000.00 1,022.81 2.28 0.45 B Shares 1,000.00 1,020.56 4.56 0.90 C Shares 1,000.00 1,019.30 5.82 1.15 Life Vision Target Date 2015...... I Shares 1,000.00 1,024.07 1.01 0.20 Life Vision Target Date 2025...... I Shares 1,000.00 1,024.07 1.01 0.20 A Shares(b) 1,000.00 1,050.00 1.14 0.50 Life Vision Target Date 2035...... I Shares 1,000.00 1,024.07 1.01 0.20 A Shares(c) 1,000.00 1,050.00 2.11 0.50
- --------------- * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. (a) Information shown reflects values for the period from April 3, 2006 (commencement of operations) to September 30, 2006 and has been calculated using expense ratios and rates of return for the same period. (b) Information shown reflects values for the period from July 12, 2006 (commencement of operations) to September 30, 2006 and has been calculated using expense ratios and rates of return for the same period. (c) Information shown reflects values for the period from May 4, 2006 (commencement of operations) to September 30, 2006 and has been calculated using expense ratios and rates of return for the same period. PROXY VOTING Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-888-STI-FUND. The information also is included in the Funds' Statement of Additional Information, which is available on the Funds' website at www.sticlassicfunds.com and on the Securities and Exchange Commission's website at www.sec.gov. Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the Funds' website at www.sticlassicfunds.com and on the Securities and Exchange Commission's website at www.sec.gov. PORTFOLIO HOLDINGS INFORMATION The Funds file a complete list of their portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the Securities and Exchange Commission's website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the Securities and Exchange Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 1-800-SEC-0330. 117 (This page intentionally left blank) (This page intentionally left blank) INVESTMENT ADVISER: Trusco Capital Management, Inc. This information must be preceded or accompanied by a current prospectus for each Fund described. An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about STI Classic Funds can be found in the Fund's prospectus. For additional information, please call 1-888-STI-FUND, or visit www.sticlassicfunds.com. Please read the prospectus carefully before investing. DISTRIBUTOR: BISYS Fund Services Limited Partnership NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE STI CLASSIC FUNDS STI-SAE-0906 11-06 2006 SEMI-ANNUAL REPORT ---------- BOND AND MONEY MARKET FUNDS SEPTEMBER 30, 2006 STI Classic Funds
TABLE OF CONTENTS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS September 30, 2006 Letter to Shareholders ..................................................... 1 Industry Allocation ........................................................ 3 Schedules of Portfolio Investments ......................................... 5 Statements of Assets and Liabilities ....................................... 121 Statements of Operations ................................................... 126 Statements of Changes in Net Assets ........................................ 130 Financial Highlights ....................................................... 151 Notes to Financial Statements .............................................. 165 Trustees and Officers of the STI Classic Funds ............................. 182 Additional Information ..................................................... 184
LETTER TO SHAREHOLDERS - -------------------------------------------------------------------------------- September 30, 2006 Dear Valued STI Classic Funds Shareholder, The third quarter began as something of a struggle, but finished on a positive note as the markets happily received encouraging news from both the Federal Reserve and the energy markets. By the close on September 30, the S&P 500 gained 5.7% on a total return basis, and the Lehman Aggregate Bond Index added 3.8%. As the quarter began, economic momentum was fading following the post-Katrina rebound in the first quarter, but some of the headwinds that helped to slow growth in the spring continued to build. In particular, the Federal Reserve continued raising short-term interest rates, and oil prices reached nominal record highs above $76 per barrel. However, midway through the quarter, these two sources of restraint changed course; the Federal Reserve announced that they would leave interest rates unchanged, and oil prices fell sharply. The shift in the Fed's policy was attributed to its forecast of slower economic growth easing future inflation pressures, while the drop in energy prices was linked to a reversal in global supply disruption fears and elevated inventories. While stable short-term rates and falling energy prices are generally positive for equities, performance among sectors was uneven during the quarter. The strongest sectors in the S&P 500 were Health Care and Telecom, followed by Technology, Financials, and Utilities. The weakest sector was, not surprisingly, Energy, while Materials and Industrials also posted negative returns. This eclectic performance mix ultimately fell in favor of the Value style. Equity performance was also concentrated in the higher quality, Large-Cap stocks over Mid-Caps and Small-Caps. The Russell Mid-Cap(R) Index rose 2.1% for the quarter, while the Russell 2000(R) Small-Cap Index gained just 0.4%, following an extended period of outperformance. International stocks improved in the third quarter, but the 4.0% rise in the MSCI EAFE International Index trailed the S&P 500. The change in market direction in the middle of the quarter and the unusual pattern of sector relative performance tended to work against most equity managers in the third period. Still, all of our investment disciplines stayed true to their quality-oriented, bottom-up selection process, which has helped our clients earn strong relative returns over market cycles. Bonds, not surprisingly, also benefited from the pause in Fed tightening and lower inflation pressures. The yield on the 10-year Treasury note fell over half a percent (51 basis points-0.51%) to close at 4.63% at the end of the quarter. All major sectors in the fixed-income market improved, but the reduced pressures tended to benefit Corporate, High Yield, and long-maturity bonds most. Mortgage bonds also performed well after adjusting for their shorter maturity. The outlook for the markets is more encouraging now that Fed policy is "neutral" and energy prices are well off their record high, but other concerns remain. We expect the pace of economic growth to remain below average for the remainder of this year and into the first half of 2007, which should slow corporate profits growth. Moreover, the continued inverted yield has a strong record of predicting a slower growth trajectory. This type of environment tends to weed out companies with weaker balance sheets and ineffective operating models, just as it did in the third quarter. 1 - -------------------------------------------------------------------------------- Our investment disciplines, both in equity and fixed-income, concentrate on higher quality, financially strong companies which have been well suited to weather periods of economic transition. Thus we remain reasonably sanguine regarding the outlook for financial assets given the prospect of some moderation in recent inflationary pressures. We close this letter with a note of thanks to you, our valued client. We appreciate the continued confidence you have placed in us, and you can rest assured that we work each day to earn that confidence. Sincerely, /s/ David H. Eidson /s/ Robert J. Rhodes David H. Eidson Robert J. Rhodes, CFA Chairman and CEO Executive Vice President 2 INDUSTRY ALLOCATION - -------------------------------------------------------------------------------- STI CLASSIC FUNDS September 30, 2006 Percentages are based on market value (Unaudited) CORE BOND FUND* Asset Backed Securities 9.3% Collateralized Mortgage Obligations 2.9% Corporate Bonds 12.4% U.S. Government Agencies 5.6% U.S. Government Agency Mortgages 46.9% U.S. Treasury Obligations 22.1% Money Market Funds 0.8% FLORIDA TAX-EXEMPT BOND FUND Municipal Bonds 96.7% Money Market Funds 3.3% GEORGIA TAX-EXEMPT BOND FUND Municipal Bonds 99.0% Money Market Funds 1.0% HIGH INCOME FUND Bank Loans 7.4% Corporate Bonds 68.0% Preferred Stock 2.6% Short-Term Investments 14.8% Repurchase Agreements 7.2% HIGH QUALITY BOND FUND Asset Backed Securities 2.9% Corporate Bonds 14.0% U.S. Government Agency Mortgages 35.1% Collateralized Mortgage Obligations 0.5% U.S. Treasury Obligations 46.1% Money Market Funds 1.4% INTERMEDIATE BOND FUND Asset Backed Securities 0.9% Collateralized Mortgage Obligations 4.0% Corporate Bonds 20.3% U.S. Government Agencies 9.9% U.S. Government Agency Mortgages 15.0% U.S. Treasury Obligations 48.6% Money Market Funds 1.3%
INVESTMENT GRADE BOND FUND Asset Backed Securities 0.8% Collateralized Mortgage Obligations 2.9% Corporate Bonds 14.2% U.S. Government Agencies 9.7% U.S. Government Agency Mortgages 10.3% U.S. Treasury Obligations 29.7% Short-Term Investments 32.4% INVESTMENT GRADE TAX-EXEMPT BOND FUND Municipal Bonds 92.1% Money Market Funds 7.9% LIMITED DURATION FUND Asset Backed Securities 45.4% U.S. Government Agencies 20.0% U.S. Treasury Obligations 29.4% Money Market Funds 5.2% LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND U.S. Government Agencies 2.2% U.S. Government Agency Mortgages 88.0% Short-Term Investments 2.3% Money Market Funds 7.5% MARYLAND MUNICIPAL BOND FUND Municipal Bonds 97.2% Money Market Funds 2.8% NORTH CAROLINA TAX-EXEMPT BOND FUND Municipal Bonds 98.7% Money Market Funds 1.3% SEIX FLOATING RATE HIGH INCOME FUND Bank Loans 86.0% Corporate Bonds 4.7% Repurchase Agreements 9.3% SEIX HIGH YIELD FUND Corporate Bonds 83.0% Short-Term Investments 11.2% Bank Loans 4.6% Repurchase Agreements 1.2%
*Renamed Total Return Bond Fund effective October 1, 2006. Portfolio composition is subject to change. 3 INDUSTRY ALLOCATION - -------------------------------------------------------------------------------- STI CLASSIC FUNDS September 30, 2006 Percentages are based on market value (Unaudited) SHORT-TERM BOND FUND Asset Backed Securities 2.1% Collateralized Mortgage Obligations 8.8% Commercial Papers 2.7% Corporate Bonds 13.0% U.S. Government Agencies 11.5% U.S. Government Agency Mortgages 11.2% U.S. Treasury Obligations 21.1% Money Market Funds 1.0% Short-Term Investments 27.6% Master Notes 1.0% SHORT-TERM U.S. TREASURY SECURITIES FUND U.S. Treasury Obligations 98.8% Money Market Funds 1.2% STRATEGIC INCOME FUND Bank Loans 3.4% Corporate Bonds 36.4% Foreign Government Bonds 22.1% U.S. Government Agency Mortgages 14.1% Preferred Stock 1.4% Short-Term Investments 12.4% U.S. Treasury Obligations 10.2% U.S. GOVERNMENT SECURITIES FUND U.S. Government Agencies 1.4% U.S. Government Agency Mortgages 46.2% U.S. Treasury Obligations 21.2% Short-Term Investments 23.2% Money Market Funds 8.0% U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND Asset Backed Securities 5.2% Master Notes 1.5% U.S. Treasury Obligations 2.5% U.S. Government Agencies 24.8% U.S. Government Agency Mortgages 54.6% Short-Term Investments 8.4% Money Market Funds 3.0%
ULTRA-SHORT BOND FUND Asset Backed Securities 16.4% Collateralized Mortgage Obligations 22.3% Corporate Bonds 15.9% U.S. Government Agency Mortgages 43.7% Money Market Funds 1.7% VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND Municipal Bonds 98.3% Money Market Funds 1.7% PRIME QUALITY MONEY MARKET FUND Certificates of Deposit 10.9% Commercial Papers 33.5% Corporate Bonds 49.7% Master Notes 2.7% Money Market Funds 2.2% Repurchase Agreements 1.0% TAX-EXEMPT MONEY MARKET FUND Municipal Bonds 99.7% Money Market Funds 0.3% U.S. GOVERNMENT SECURITIES MONEY MARKET FUND U.S. Government Agencies 50.3% Repurchase Agreements 49.7% U.S. TREASURY MONEY MARKET FUND U.S. Treasury Obligations 3.9% Repurchase Agreements 96.1% VIRGINIA TAX-FREE MONEY MARKET FUND Municipal Bonds 99.9% Money Market Funds 0.1%
Portfolio composition is subject to change. 4 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CORE BOND FUND (RENAMED TOTAL RETURN BOND FUND EFFECTIVE 10/1/06)
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- ASSET BACKED SECURITIES (10.1%) AUTOMOBILE ABS (0.7%) Daimler Chrysler Auto Trust, Ser 2005-A, Cl A4, 3.740%, 02/08/10 2,790 2,739 Honda Auto Receivables Owner Trust, Ser 2006-1, Cl A3, 5.070%, 02/18/10 1,235 1,234 -------- 3,973 -------- CREDIT CARD ABS (6.0%) American Express Credit Account Master Trust, Ser 2002-2, Cl A, 5.440%, 11/16/09 (b) 3,350 3,353 American Express Credit Account Master Trust, Ser 2005-3, Cl A, 5.330%, 01/18/11 (b) 410 409 Chase Credit Card Master Trust, Ser 2003-2, Cl A, 5.440%, Series 2003-2, Class A 07/15/10 (b) 4,146 4,153 Chase Issuance Trust, Ser 2005-A1, Cl A1, 5.340%, 12/15/10 (b) 3,056 3,056 Citibank Credit Card Issuance Trust, Ser 2003-A9, Cl A, 5.473%, 11/22/10 (b) 3,815 3,821 Discover Card Master Trust I, Ser 2003-4, Cl A1, 5.440%, 05/15/11 (b) 4,950 4,961 First USA Credit Card Master Trust, Ser 1997-4, Cl A, 5.540%, 02/17/10 (b) 3,625 3,631 First USA Credit Card Master Trust, Ser 1997-8, Cl A, 5.480%, 05/17/10 (b) 4,050 4,056 MBNA Credit Card Master Note Trust, Ser 2002-A13, Cl A, 5.460%, 05/17/10 (b) 413 414 MBNA Credit Card Master Note Trust, Ser 2003-A12, Cl A12, 5.440%, 05/16/11 (b) 3,281 3,290 MBNA Credit Card Master Note Trust, Ser 2005-A5, Cl A5, 5.330%, 12/15/10 (b) 3,807 3,807 -------- 34,951 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES (1.4%) Nelnet Student Loan Trust, Ser 2005-1, Cl A3, 5.525%, 10/25/16 (b) 4,062 4,054 SLM Student Loan Trust, Ser 2004-8, Cl A3, 5.575%, 07/27/15 (b) 3,797 3,803 -------- 7,857 -------- HOME EQUITY ABS (2.0%) Countywide Home Equity Loan Trust, Ser 2006-C, Cl 2A, 5.510%, 05/15/36 (b) 3,119 3,119 Countywide Home Equity Loan Trust, Ser 2006-E, Cl 2A, 5.470%, 11/29/31 (b) 4,078 4,081 Delta Funding Home Equity Loan Trust, Ser 1999-3, Cl A1F, 7.462%, 09/15/29 6 6 First Franklin Mortgage Loan, Ser 2006-FF12, Cl A2, 5.364%, 09/25/36 (b) 4,081 4,081 New Century Home Equity Loan Trust, Ser 1999-NCB, Cl A7, 7.540%, 6 6 Soundview Home Equity Loan Trust, 06/25/29 Ser 2001-1, Cl A, 6.265%, 04/15/31 7 7 -------- 11,300 -------- Total Asset Backed Securities (Cost $58,108) 58,081 -------- COLLATERALIZED MORTGAGE OBLIGATIONS (3.2%) Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42 2,625 2,555 Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.400%, 07/15/44 (b) 1,910 1,904 Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser 2006-CD2, Cl A4, 5.545%, 01/15/46 (b) 1,250 1,256 GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.519%, 03/10/44 (b) 2,970 2,981
See Notes to Financial Statements. 5 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CORE BOND FUND (RENAMED TOTAL RETURN BOND FUND EFFECTIVE 10/1/06) -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS--CONTINUED GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40 2,737 2,699 GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (b) 2,455 2,484 JP Morgan Chase Commercial Mortgage Securities Co., Ser 2006-CB15, Cl A4, 5.810%, 06/12/43 (b) 2,415 2,497 Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (b) 2,085 2,093 -------- Total Collateralized Mortgage Obligations (Cost $18,406) 18,469 -------- CORPORATE BONDS (13.5%) AEROSPACE/DEFENSE (0.3%) United Technologies Corp., 4.875%, 05/01/15 1,715 1,664 -------- AIRLINES (0.1%) Southwest Airlines Co., 5.125%, 03/01/17 845 800 -------- BANKS (0.4%) Bank of America Corp., 7.400%, 01/15/11 2,080 2,251 -------- BREWERIES (0.4%) Sabmiller PLC, 6.200%, 07/01/11 (c) 2,130 2,186 -------- BUILDING MATERIALS (0.2%) Lafarge SA, 6.150%, 07/15/11 1,045 1,067 -------- COMMERCIAL SERVICES (0.1%) ERAC USA Finance Co., 5.600%, 05/01/15 (c) 525 519 -------- COSMETICS/PERSONAL CARE (0.4%) Avon Products, Inc., 5.125%, 01/15/11 2,085 2,068 -------- DIVERSIFIED FINANCIAL SERVICES (4.9%) CIT Group, Inc., 5.125%, 09/30/14 1,730 1,686 Citigroup, Inc., 5.125%, 05/05/14 540 533 Citigroup, Inc., 5.850%, 12/11/34 815 822
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Ford Motor Credit Co., 7.000%, 10/01/13 3,035 2,815 Fund American Cos., Inc., 5.875%, 05/15/13 2,255 2,229 General Motors Acceptance Corp. LLC, 8.000%, 11/01/31 5,915 6,184 Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13 2,275 2,185 HSBC Holdings PLC, 7.625%, 05/17/32 745 905 International Lease Finance Corp., Ser Q, 5.250%, 01/10/13 835 829 International Lease Finance Corp., Ser R, 5.625%, 09/20/13 460 463 Janus Capital Group, Inc., 5.875%, 09/15/11 795 800 John Deere Capital Corp., 3.900%, 01/15/08 420 413 JPMorgan Chase & Co., 6.625%, 03/15/12 2,195 2,328 Lazard Group LLC, 7.125%, 05/15/15 1,900 1,980 Morgan Stanley, 5.300%, 03/01/13 1,820 1,817 Western Union Co., 5.930%, 10/01/16 (c) 2,540 2,560 -------- 28,549 -------- ELECTRIC (0.6%) MidAmerican Energy Holdings Co., 6.125%, 04/01/36 (c) 1,400 1,415 Pacific Gas & Electric Co., 6.050%, 03/01/34 1,620 1,629 Public Service Co. of Colorado, Ser 14, 4.375%, 10/01/08 200 197 -------- 3,241 -------- ENTERTAINMENT (0.1%) GTECH Holdings Corp., 4.750%, 10/15/10 455 457 -------- INSURANCE (0.1%) Metlife, Inc., 5.700%, 06/15/35 465 452 --------
See Notes to Financial Statements. 6 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CORE BOND FUND (RENAMED TOTAL RETURN BOND FUND EFFECTIVE 10/1/06) -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- INVESTMENT COMPANIES (0.1%) Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 765 806 -------- MEDIA (0.8%) Cox Communications, Inc., 4.625%, 06/01/13 1,230 1,143 Expedia, Inc., 7.456%, 08/15/18 (c) 2,310 2,451 News America Holdings, Inc., 6.200%, 12/15/34 830 793 -------- 4,387 -------- MINING (0.3%) Alcan, Inc., 5.750%, 06/01/35 85 81 Inco Ltd., 7.750%, 05/15/12 1,295 1,399 -------- 1,480 -------- MISCELLANEOUS MANUFACTURER (0.9%) General Electric Co., 5.000%, 02/01/13 3,770 3,727 Siemens Financierings NV, 6.125%, 08/17/26 (c) 1,880 1,928 -------- 5,655 -------- OIL & GAS (0.8%) Anadarko Petroleum Corp., 5.950%, 09/15/16 1,200 1,214 Devon Financing Corp. ULC, 7.875%, 09/30/31 1,650 2,011 Enterprise Products Operating LP, Ser B, 5.750%, 03/01/35 940 847 Weatherford International, Inc., 6.500%, 08/01/36 670 683 -------- 4,755 -------- PHARMACEUTICALS (0.1%) Teva Pharmaceutical Finance LLC, 6.150%, 02/01/36 730 703 -------- PIPELINES (0.5%) Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13 1,320 1,469 Kinder Morgan Finance Co. ULC, 6.400%, 01/05/36 1,390 1,245 -------- 2,714 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- REITS (0.1%) Simon Property Group LP, 6.375%, 11/15/07 445 449 -------- RETAIL (0.5%) Woolworths Ltd., 5.550%, 11/15/15 (c) 3,170 3,151 -------- TELECOMMUNICATIONS (1.8%) AT&T, Inc., 5.100%, 09/15/14 1,795 1,734 Cisco Systems, Inc., 5.500%, 02/22/16 2,060 2,077 Comcast Corp., 6.450%, 03/15/37 890 890 Deutsche Telekom AG, 5.750%, 03/23/16 1,830 1,790 Verizon Communications, Inc., 5.550%, 02/15/16 1,550 1,530 Vodafone Group PLC, 5.500%, 06/15/11 2,675 2,682 -------- 10,703 -------- Total Corporate Bonds (Cost $77,572) 78,057 -------- U.S. GOVERNMENT AGENCIES (6.1%) FREDDIE MAC (6.1%) 5.125%, 04/18/11 15,500 15,634 5.250%, 04/18/16 12,615 12,874 6.750%, 03/15/31 5,535 6,758 -------- Total U.S. Government Agencies (Cost $34,558) 35,266 -------- U.S. GOVERNMENT AGENCY MORTGAGES (51.0%) FANNIE MAE (21.0%) 5.500%, 07/01/16 129 129 5.500%, 11/01/18 318 319 5.000%, 12/01/18 8,916 8,791 5.500%, 07/01/19 83 83 5.500%, 08/01/19 665 665 5.500%, 09/01/19 213 213 5.500%, 09/01/19 3,441 3,446 5.000%, 10/01/19 575 565 5.000%, 10/01/19 675 664 5.500%, 12/01/19 165 165 5.000%, 03/01/21 7,100 6,977 5.500%, 04/01/21 1,440 1,439 5.500%, 07/01/21 1,630 1,630 6.500%, 06/01/32 70 72
See Notes to Financial Statements. 7 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CORE BOND FUND (RENAMED TOTAL RETURN BOND FUND EFFECTIVE 10/1/06) -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FANNIE MAE--CONTINUED 6.500%, 07/01/32 362 370 5.500%, 01/01/33 15,474 15,246 5.500%, 02/01/33 412 406 6.500%, 03/01/33 222 226 5.500%, 06/01/33 2,394 2,358 5.500%, 06/01/33 497 490 5.500%, 07/01/33 422 415 5.500%, 10/01/33 4,687 4,618 6.500%, 10/01/33 93 95 6.500%, 10/01/33 100 101 5.000%, 11/01/33 3,867 3,717 5.000%, 11/01/33 5,732 5,509 6.000%, 11/01/33 154 155 6.500%, 11/01/33 110 112 6.500%, 11/01/33 702 715 5.500%, 01/01/34 598 589 5.000%, 03/01/34 3,681 3,538 5.000%, 03/01/34 2,932 2,818 5.000%, 04/01/34 7,557 7,263 6.500%, 07/01/34 975 994 6.500%, 07/01/34 117 119 5.000%, 09/01/35 601 577 6.000%, 10/01/35 3,813 3,830 6.000%, 12/01/35 753 757 6.000%, 01/01/36 5,022 5,047 5.500%, 04/01/36 16,685 16,439 6.500%, 09/01/36 19,088 19,444 -------- 121,106 -------- FREDDIE MAC (30.0%) 5.000%, 11/01/18 61 60 5.500%, 12/01/18 115 115 5.000%, 01/01/19 699 689 6.000%, 12/01/31 1,365 1,377 6.500%, 07/01/32 147 150 6.000%, 12/01/32 836 843 6.000%, 04/01/33 1,343 1,350 6.000%, 10/01/33 29 29 6.000%, 11/01/33 707 712 6.000%, 11/01/33 522 524 6.000%, 12/01/33 262 264 6.500%, 05/01/34 2,185 2,228 5.000%, 07/01/34 100 97 6.000%, 07/01/34 970 976 6.000%, 10/01/34 241 243 5.500%, 04/01/35 4,658 4,596
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FREDDIE MAC--CONTINUED 6.000%, 04/01/35 4,341 4,364 5.500%, 10/13/35 16,650 16,416 5.500%, 05/01/36 6,795 6,702 5.500%, 05/01/36 177 174 6.000%, 08/01/36 14,425 14,500 6.000%, 08/01/36 14,395 14,471 6.500%, 08/01/36 13,428 13,678 6.500%, 08/01/36 14,894 15,172 5.500%, 09/01/36 24,768 24,428 5.000%, 10/12/36 29,104 27,985 6.000%, 10/12/36 20,211 20,312 -------- 172,455 -------- Total U.S. Government Agency Mortgages (Cost $294,162) 293,561 -------- U.S. TREASURY OBLIGATIONS (24.1%) U.S. TREASURY BONDS (2.0%) 4.500%, 02/15/36 11,830 11,336 -------- U.S. TREASURY NOTES (22.1%) 2.500%, 10/31/06 9,450 9,432 2.875%, 11/30/06 4,165 4,151 5.625%, 05/15/08 24,715 25,051 3.375%, 12/15/08 17,850 17,377 4.875%, 08/15/09 12,565 12,650 4.250%, 10/15/10 195 193 4.250%, 01/15/11 400 395 4.875%, 04/30/11 12,340 12,477 4.625%, 08/31/11 11,465 11,478 4.250%, 08/15/13 5,880 5,756 4.000%, 02/15/15 26,058 24,943 4.875%, 08/15/16 3,660 3,729 -------- 127,632 -------- Total U.S. Treasury Obligations (Cost $137,786) 138,968 -------- MONEY MARKET (0.9%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (e) 5,082,176 5,082 -------- Total Money Market (Cost $5,082) 5,082 -------- Total Investments (Cost $625,674) (a) -- 108.9% 627,484 Liabilities in excess of other assets -- (8.9)% (51,324) --------
See Notes to Financial Statements. 8 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CORE BOND FUND (RENAMED TOTAL RETURN BOND FUND EFFECTIVE 10/1/06) -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MONEY MARKET--CONTINUED Net Assets -- 100.0% $576,160 ========
CREDIT DEFAULT SWAP AGREEMENTS
Unrealized Notional Fixed Expiration Appreciation Underlying Instrument Amount Rate Date (Depreciation) - --------------------- --------- ----- ---------- -------------- Dow Jones CDX Indices; Series 7 (Citibank N.A.) $ 560,000 0.40% 12/20/11 $ -- H.J. Heinz Co. (Citibank N.A.) $(560,000) 0.36% 12/20/11 $ 1 ----- $ 1 =====
- --------------- (a) Cost for federal income tax purposes is $626,571 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation............. $ 3,340 Unrealized Depreciation............. (2,427) ------- Unrealized Appreciation (Depreciation).................... $ 913 =======
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (d) This security was purchased on a when-issued basis. (e) Affiliate Investment. Cl -- Class LLC -- Limited Liability Corporation LP -- Limited Partnership PLC -- Public Limited Company REIT -- Real Estate Investment Trust Ser -- Series At September 30, 2006 the Fund's foreign currency exchange contracts were as follows:
Contract Amount in Contract Unrealized Delivery Local Value in Market Appreciation Currency Date Currency USD Value (Depreciation) - -------- -------- --------- -------- ------- -------------- Short: Japanese Yen................................................ 10/03/06 1,905,191 $16,233 $16,131 $102 Japanese Yen................................................ 10/03/06 226,487 1,930 1,918 12 ------- ------- ---- Total Short Contracts....................................... $18,163 $18,049 $114 ======= ======= ====
See Notes to Financial Statements. 9 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) FLORIDA TAX-EXEMPT BOND FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MUNICIPAL BONDS (98.2%) FLORIDA (67.0%) Boynton Beach Public Service Tax, RB, 5.000%, 11/01/25, Callable 11/01/16 @ 100, MBIA 2,405 2,580 Boynton Beach Public Service Tax, RB, 5.000%, 11/05/26, Callable 11/01/16 @ 100, MBIA 2,525 2,703 Brevard County School Board, COP, 5.500%, 07/01/17, Callable 07/01/12 @ 100, AMBAC 1,860 2,023 Brevard County School Board, COP, 5.500%, 07/01/18, Callable 07/01/12 @ 100, AMBAC 3,015 3,279 Brevard County Utility Authority, RB, 5.250%, 03/01/13, Callable 03/01/12 @ 100, FGIC 1,000 1,079 Brevard County Utility Authority, RB, 5.250%, 03/01/14, Callable 03/01/12 @ 100, FGIC 1,000 1,078 Collier County Gas Tax, RB, 5.000%, 06/01/22, Callable 06/01/15 @ 100, AMBAC 5,035 5,374 Collier County Gas Tax, RB, 5.000%, 06/01/23, Callable 06/01/15 @ 100, AMBAC 6,160 6,561 Deerfield Beach Water & Sewer Authority, Refunding & Improvement Project, RB, 6.125%, 10/01/06, FGIC 30 30 Florida State Board of Education, Capital Outlay, Public Education Project, GO, 9.125%, 06/01/14, ETM 950 1,278 Florida State Board of Education, Capital Outlay, Public Education Project, Ser B, GO, 5.250%, 06/01/11, Callable 06/01/09 @ 100 1,000 1,036
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FLORIDA--CONTINUED Florida State Board of Education, Capital Outlay, Public Education Project, Ser B, GO, 5.375%, 06/01/18, Callable 06/01/13 @ 100, FGIC 2,130 2,318 Florida State Board of Education, Capital Outlay, Public Education Project, Ser D, GO, 5.375%, 06/01/15, Callable 06/01/12 @ 100 1,535 1,670 Florida State Board of Education, Capital Outlay, Public Education Project, Ser D, GO, 5.625%, 06/01/15, Callable 06/01/11 @ 100 1,235 1,328 Florida State Board of Education, Capital Outlay, Ser C, GO, 7.100%, 06/01/07, Callable 11/20/06 @ 100, ETM 190 191 Florida State Board of Education, Lottery, Ser A, RB, 6.000%, 07/01/12, Callable 07/01/11 @ 100, FGIC 1,295 1,414 Florida State Board of Education, Lottery, Ser A, RB, 5.375%, 07/01/15, Callable 07/01/13 @ 100, FGIC 3,500 3,835 Florida State Board of Education, Lottery, Ser B, RB, 5.500%, 07/01/12, Callable 07/01/10 @ 101, FGIC 4,050 4,362 Florida State Board of Education, Ser B, GO, 5.000%, 01/01/10 4,000 4,180 Florida State Department Management Services, Florida Facilities Pool, Ser A, RB, 5.000%, 09/01/23, Callable 09/01/16 @ 100, AMBAC 5,290 5,670
See Notes to Financial Statements. 10 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) FLORIDA TAX-EXEMPT BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FLORIDA--CONTINUED Florida State Division of Bond Finance, Department of Environmental Protection & Preservation, Ser 2000-A, RB, 5.375%, 07/01/11, Callable 07/01/10 @ 100, FGIC 2,130 2,248 Florida State Housing Financing Authority, Homeowner Mortgage Project, Ser 7, RB, AMT, 5.200%, 01/01/31, Callable 07/01/09 @ 100, FSA 85 85 Greater Orlando Aviation Authority, Airport Facilities, RB, AMT, 5.500%, 10/01/17, FGIC 1,810 2,019 Hillsborough County Industrial Development Authority, University Community Hospital Project, RB, 6.500%, 08/15/19, MBIA 145 176 Jacksonville Electric Authority, Electrical Systems Project, Ser 3-A, RB, 5.250%, 10/01/13, Callable 10/01/07 @ 101 1,000 1,027 Jacksonville Health Facilities Authority, Charity Obligation Group, Ser C, RB, 5.750%, 08/15/13, Prerefunded 08/15/11 @ 101 3,090 3,299 Jacksonville Sales Tax, RB, 5.500%, 10/01/13, Callable 10/01/11 @ 100, AMBAC 1,435 1,556 Jacksonville Sales Tax, RB, 5.500%, 10/01/14, Callable 10/01/11 @ 100, AMBAC 1,200 1,299 Jacksonville Sales Tax, RB, 5.500%, 10/01/15, Callable 10/01/11 @ 100, AMBAC 1,550 1,678
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FLORIDA--CONTINUED Lee County Industrial Development Authority, Bonita Springs Utilities Project, RB, AMT, 5.750%, 11/01/10, Callable 11/01/06 @ 101, MBIA 1,480 1,497 Lee County Memorial Health Systems Hospital, Ser A, RB, 5.750%, 04/01/15, Callable 04/01/12 @ 100, FSA 1,000 1,103 Lee County Transportation Facility Authority, Ser A, RB, 5.500%, 10/01/13, Callable 10/01/11 @ 100, AMBAC 2,000 2,169 Lee County Transportation Facility Authority, Ser A, RB, 5.000%, 10/01/27, Callable 10/01/14 @ 100, AMBAC 6,000 6,344 Manatee County Improvement Project, RB, 5.000%, 10/01/23, Callable 10/01/14 @ 100, FGIC 2,095 2,228 Miami Parking Facilities Authority, RB, 5.250%, 10/01/15, MBIA 1,000 1,106 Miami-Dade County School Board, Ser A, COP, 5.000%, 11/01/20, Callable 11/01/16 @ 100, AMBAC 4,505 4,856 Orange County Health Facilities Authority, Ser C, RB, 6.250%, 10/01/16, MBIA, ETM 4,855 5,742 Orange County School Board, Ser A, COP, 5.500%, 08/01/18, Callable 08/01/12 @ 100, MBIA 2,335 2,567 Orange County Tourist Development Tax Authority, RB, 5.500%, 10/01/11, Callable 10/1/09 @ 100, AMBAC 3,030 3,199
See Notes to Financial Statements. 11 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) FLORIDA TAX-EXEMPT BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FLORIDA--CONTINUED Osceola County Tourist Development Tax Authority, Ser A, RB, 5.500%, 10/01/15, Callable 10/01/12 @ 100, FGIC 1,000 1,099 Palm Beach County Criminal Justice Facility, RB, 5.000%, 06/01/15 1,865 2,039 Palm Beach County Land Acquisition Program, Ser A, GO, 5.375%, 06/01/13, Callable 06/01/11 @ 100 2,260 2,436 Palm Beach County Land Acquisition Program, Ser A, GO, 5.375%, 06/01/14, Callable 06/01/11 @ 100 1,050 1,131 Palm Beach County Land Acquisition Program, Ser A, GO, 5.500%, 06/01/16, Callable 06/01/11 @ 100 1,200 1,299 Palm Beach County School Board Authority, Ser C, COP, 5.500%, 08/01/14, Callable 08/01/12 @ 100, FSA 2,735 3,003 Palm Beach County, Waterfront Access Projects, GO, 5.000%, 08/01/23, Callable 08/01/16 @ 100 2,000 2,158 Pensacola Airport Authority, Ser A, RB, AMT, 6.250%, 10/01/09, AMBAC 505 541 Pensacola Airport Authority, Ser A, RB, AMT, 6.000%, 10/01/12, Callable 10/01/10 @ 100, MBIA 1,075 1,137 Polk County School District Sales Tax Authority, RB, 5.250%, 10/01/15, Callable 10/01/14 @ 100, FSA 2,000 2,207 Polk County Utility Systems Authority, RB, 6.000%, 10/01/08, FGIC, ETM 1,430 1,462 Tampa Guaranteed Entitlement Authority, RB, 6.000%, 10/01/18, AMBAC 500 571
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FLORIDA--CONTINUED Tampa Sales Tax Authority, Ser A, RB, 5.375%, 10/01/14, Callable 10/01/12 @ 100, AMBAC 1,640 1,782 -------- 117,052 -------- ILLINOIS (3.0%) Chicago Housing Authority, Capital Program, RB, 5.000%, 07/01/23, Callable 07/01/16 @ 100, FSA 5,000 5,322 -------- NEW JERSEY (3.1%) New Jersey Economic Development Authority, School Facilities Construction, Ser F, RB, 5.250%, 06/15/22, Prerefunded 06/15/13 @ 100, FGIC 5,000 5,470 -------- PUERTO RICO (23.9%) Puerto Rico Commonwealth Highway & Transportation Authority, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC 5,860 6,414 Puerto Rico Commonwealth Highway & Transportation Authority, Ser AA, RB, 5.500%, 07/01/18, MBIA 4,200 4,824 Puerto Rico Commonwealth Highway & Transportation Authority, Ser G, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC 3,000 3,283 Puerto Rico Commonwealth Highway & Transportation Authority, Ser I, RB, 5.000%, 07/01/23, Callable 07/01/14 @ 100, FGIC 3,000 3,200 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax, Ser C, RB, 5.500%, 07/01/15, AMBAC 1,000 1,130
See Notes to Financial Statements. 12 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) FLORIDA TAX-EXEMPT BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- PUERTO RICO--CONTINUED Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax, Ser C, RB, 5.500%, 07/01/17, AMBAC 12,450 14,209 Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, 5.250%, 08/01/14, Callable 08/01/12 @ 100, FSA 6,965 7,556 Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, 5.250%, 08/01/16, Callable 08/01/12 @ 100, FSA 1,020 1,105 -------- 41,721 -------- TEXAS (1.2%) University of Houston, RB, 5.500%, 02/15/30, Prerefunded 02/15/10 @ 100, MBIA 2,000 2,122 -------- Total Municipal Bonds (Cost $168,759) 171,687 -------- MONEY MARKET (3.4%) Federated Tax-Free Obligations Fund, 3.550% 5,923,399 5,923 -------- Total Money Market (Cost $5,923) 5,923 -------- Total Investments (Cost $174,682) (a) -- 101.6% 177,610 Liabilities in excess of other assets -- (1.6)% (2,774) -------- Net Assets -- 100.0% $174,836 ========
- --------------- (a)Cost for federal income tax purposes is the same. Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................... $3,305 Unrealized Depreciation.................... (377) ------ Unrealized Appreciation (Depreciation)..... $2,928 ======
AMBAC -- Security insured by the American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax Paper COP -- Certificate of Participation ETM -- Escrowed to Maturity FGIC -- Security insured by the Financial Guaranty Insurance Company FSA -- Security insured by Financial Security Assurance GO -- General Obligation MBIA -- Security insured by the Municipal Bond Insurance Association RB -- Revenue Bond Ser -- Series
See Notes to Financial Statements. 13 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) GEORGIA TAX-EXEMPT BOND FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MUNICIPAL BONDS (97.9%) GEORGIA (92.6%) Association County Commissioners of Georgia Leasing Program, Georgia Public Purpose Project, COP, 5.250%, 04/01/21, Callable 04/01/14 @ 102 2,680 2,935 Athens Housing Authority, Student Housing Lease Project, RB, 5.250%, 12/01/21, Callable 12/01/12 @ 100, AMBAC 1,000 1,067 Atlanta Airport Passenger Facility Charge, Ser J, RB, 5.000%, 01/01/34, Callable 01/01/15 @ 100, FSA 12,000 12,526 Atlanta Airport Project, Ser A, RB, AMT, 5.375%, 01/01/19, Callable 07/01/14 @ 100, FSA 5,000 5,392 Atlanta Development Authority, Student Housing, Ser A, 5.000%, 09/01/30, Callable 09/01/15 @ 100, XLCA 2,600 2,739 Augusta Water & Sewer Authority, RB, 5.250%, 10/01/34, Callable 10/01/14 @ 100, FSA 2,000 2,151 Augusta Water & Sewer Authority, RB, 5.250%, 10/01/39, Callable 10/01/14 @ 100, FSA 5,000 5,360 Barrow County, GO, 4.500%, 10/01/11, FGIC 1,255 1,309 Brunswick Water & Sewer, Refunding & Improvement Project, RB, 6.100%, 10/01/14, MBIA 1,000 1,145 Burke County Development Authority, Pollution Control, Vogtle Project, RB, 3.600%, 10/01/32 (b) 4,043 4,043
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- GEORGIA--CONTINUED Carroll County Water Authority, Water & Sewer, RB, 5.250%, 07/01/22, Callable 07/01/15 @ 100, FSA 1,000 1,096 Carrollton Payroll Development Authority, UWG Campus Center, RB, 5.250%, 08/01/27, Callable 8/01/14 @ 100, MBIA 1,000 1,078 Central Valdosta Development Authority, Lowndes County Judicial Project, RB, 5.250%, 06/01/21, Callable 06/01/13 @ 102 1,885 2,051 Cherokee County School System, GO, 5.000%, 08/01/13, MBIA 1,000 1,081 Clarke County Hospital Authority, Athens Regional Medical Center Project, RB, 5.375%, 01/01/07, MBIA 1,425 1,432 Cobb County Development Authority, Kennesaw State University Project, RB, 5.000%, 07/15/29, Callable 07/15/14 @ 100, MBIA 2,250 2,364 Cobb County Development Authority, Kennesaw State University Project, Ser A, RB, 5.000%, 07/15/29, Callable 07/15/14 @ 100, MBIA 2,000 2,099 Cobb County Development Authority, Solid Waste Disposal, Georgia Waste Management Project, Ser A, RB, AMT, 5.000%, 04/01/33, Callable 04/01/16 @ 101 1,000 1,009 Cobb-Marietta County, Coliseum & Exhibit Hall Project, RB, 5.500%, 10/01/12, MBIA 940 1,014
See Notes to Financial Statements. 14 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) GEORGIA TAX-EXEMPT BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- GEORGIA--CONTINUED College Park Business & Industrial Development Authority, Civic Center Project, RB, 5.500%, 09/01/11, Prerefunded 09/01/10 @ 102, AMBAC 1,690 1,841 College Park Business & Industrial Development Authority, Civic Center Project, RB, 5.750%, 09/01/20, Prerefunded 09/01/10 @ 102, AMBAC 3,000 3,294 Coweta County Development Authority, Newnan Water, Sewer & Light Commission, RB, 5.000%, 07/01/25, Callable 07/01/15 @ 100, MBIA 1,000 1,061 Dalton Utilities, RB, 6.000%, 01/01/08, MBIA 3,240 3,339 Dekalb County Public Safety & Judicial Facilities Authority, Public Safety & Judicial Facility Project, RB, 5.000%, 12/01/29, Callable 01/01/14 @ 101 1,000 1,057 Douglasville-Douglas County Water & Sewer Authority, RB, 5.625%, 06/01/15, Callable 12/01/15 @ 100, AMBAC 1,390 1,514 Douglasville-Douglas County Water & Sewer Authority, RB, 5.000%, 06/01/28, Callable 12/01/15 @ 100, MBIA 2,000 2,114 Forsyth County Hospital Authority, Baptist Health Care System Project, RB, 6.375%, 10/01/28, ETM 1,000 1,238 Forsyth County Water & Sewer Authority, RB, 5.000%, 04/01/28, Callable 04/01/13 @ 100 1,700 1,780
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- GEORGIA--CONTINUED Fulton County Development Authority, Georgia Technology Foundation, Ser A, RB, 5.000%, 11/01/31, Callable 05/01/12 @ 100 1,000 1,038 Fulton County Development Authority, Molecular Science Building Project, RB, 5.250%, 05/01/22, Callable 05/01/14 @ 100, MBIA 2,370 2,572 Fulton County Development Authority, Molecular Science Building Project, RB, 5.250%, 05/01/27, Callable 05/01/14 @ 100, MBIA 3,375 3,632 Fulton County Development Authority, Molecular Science Building Project, RB, 5.000%, 05/01/34, Callable 05/01/14 @ 100, MBIA 1,000 1,048 Fulton County Water & Sewer, RB, 5.000%, 01/01/16, Callable 07/01/08 @ 101, FGIC 1,630 1,680 Fulton County Water & Sewer, RB, 5.000%, 01/01/24, Callable 01/01/14 @ 100, FGIC 2,000 2,114 Georgia Municipal Electric Authority, RB, 8.000%, 01/01/15, Callable 11/13/06 @ 100, ETM 1,900 2,416 Georgia State Private College & Universities Facilities Authority, Mercer University Project, RB, 6.400%, 11/01/11, MBIA, ETM 1,675 1,815 Georgia State Road & Tollway Authority, Federal Highway Grant, RAN, 5.000%, 06/01/14, MBIA 3,000 3,263 Georgia State, Ser D, GO, 6.300%, 11/01/09 2,900 3,134
See Notes to Financial Statements. 15 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) GEORGIA TAX-EXEMPT BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- GEORGIA--CONTINUED Gwinnett County Development Authority, Public Schools Project, COP, 5.250%, 01/01/21, Callable 01/01/14 @ 100, MBIA 2,910 3,135 Gwinnett County Hospital Authority, Gwinnett Hospital Systems Project, Ser B, RB, 5.000%, 10/01/24, Callable 10/01/14 @ 100 1,250 1,317 Gwinnett County School District, Ser B, GO, 6.400%, 02/01/07 1,500 1,515 Gwinnett County, Public Schools Project, COP, 5.250%, 01/01/25, Callable 01/01/14 @ 100, MBIA 1,500 1,608 Habersham County School District, GO, 4.500%, 04/01/12, MBIA 1,335 1,395 Henry County Hospital Authority, Henry Medical Center Project, RB, 5.500%, 07/01/08, Prerefunded 07/01/07 @ 102, AMBAC 1,640 1,696 Henry County Water & Sewer, RB, 6.150%, 02/01/20, AMBAC 2,100 2,564 Metropolitan Atlanta Rapid Transit Authority, Ser E, RB, 7.000%, 07/01/11, ETM 3,595 4,016 Milledgeville-Baldwin County Development Authority, Georgia College & State University Foundation, RB, 6.000%, 09/01/33, Callable 09/01/14 @ 101 2,355 2,582 Municipal Electric Authority of Georgia, Combustion, Ser A, RB, 5.000%, 11/01/24, Callable 11/01/07 @ 100 2,000 2,024 Municipal Electric Authority of Georgia, Project One, SubSer C, RB, 3.690%, 01/01/20, MBIA (b) 1,000 1,000
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- GEORGIA--CONTINUED Newnan Hospital Authority, Newnan Hospital Project, RB, 5.500%, 01/01/16, Callable 01/01/13 @100, MBIA 2,435 2,652 Newnan Hospital Authority, Newnan Hospital Project, RB, 5.500%, 01/01/17, Callable 01/01/13 @ 100, MBIA 2,570 2,797 Oconee County Industrial Development Authority, OIIT Project, RB, 5.250%, 07/01/23, Callable 07/01/13 @ 100 1,295 1,379 Paulding County School District, GO, 6.000%, 02/01/10, MBIA 1,000 1,077 Paulding County School District, Ser A, GO, 6.625%, 02/01/07 1,000 1,010 Paulding County School District, Ser A, GO, 6.625%, 02/01/08 525 546 Upper Oconee Basin Water Authority, RB, 5.000%, 07/01/26, Callable 07/01/15 @ 100, MBIA 2,000 2,127 Valdosta & Lowndes County Hospital Authority, South Georgia Medical Center Project, RB, 5.250%, 10/01/27, Callable 10/01/12 @ 101, AMBAC 2,110 2,249 Vidalia Water & Sewer, RB, 6.000%, 07/01/07, ETM 605 616 Walker, Dade & Catoosa Counties, Hutcheson Medical Project, Ser A, RB, 5.500%, 10/01/08, Callable 10/01/07 @ 102, FSA 1,370 1,421 -------- 130,567 --------
See Notes to Financial Statements. 16 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) GEORGIA TAX-EXEMPT BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- PUERTO RICO (5.3%) Puerto Rico Commonwealth Highway & Transportation Authority, Ser AA, RB, 5.500%, 07/01/19, MBIA 2,500 2,888 Puerto Rico Electric Power Authority, Ser RR, RB, 5.000%, 07/01/35, Callable 07/01/15 @ 100, FGIC 1,000 1,057 Puerto Rico Electric Power Authority, Ser SS, RB, 5.000%, 07/01/24, Callable 07/01/15 @ 100, MBIA 1,000 1,072 Puerto Rico Municipal Finance Agency, Ser A, GO, 5.000%, 08/01/30, Callable 08/01/15 @ 100, FSA 2,300 2,438 -------- 7,455 -------- Total Municipal Bonds (Cost $133,829) 138,022 -------- MONEY MARKETS (1.0%) Federated Tax-Free Obligations Fund, 3.550% 1,168,028 1,168 SEI Tax Exempt Trust, Institutional Tax Free Fund, 3.380% 211,569 212 -------- Total Money Markets (Cost $1,380) 1,380 -------- Total Investments (Cost $135,209) (a) -- 98.9% 139,402 Other assets in excess of liabilities -- 1.1% 1,560 -------- Net Assets -- 100.0% $140,962 ========
- --------------- (a)Cost for federal income tax purposes is the same. Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................... $4,196 Unrealized Depreciation................... (3) ------ Unrealized Appreciation (Depreciation).... $4,193 ======
(b)Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. AMBAC -- Security insured by the American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax Paper COP -- Certificate of Participation ETM -- Escrowed to Maturity FGIC -- Security insured by the Financial Guaranty Insurance Company FSA -- Security insured by Financial Security Assurance GO -- General Obligation MBIA -- Security insured by the Municipal Bond Insurance Association RAN -- Revenue Anticipation Note RB -- Revenue Bond Ser -- Series XLCA -- Security insured by XL Capital Assurance, Inc.
See Notes to Financial Statements. 17 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) HIGH INCOME FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- BANK LOANS (9.0%) AEROSPACE/DEFENSE (0.6%) AM General Corp., 0.000%, 09/30/12 (b) (d) (h) 387 389 AM General Corp., 0.000%, 09/30/12 (b) (d) (h) 13 13 -------- 402 -------- APPAREL (0.9%) Hanesbrands, Inc., 7.625%, 09/05/13 (b) (d) 600 604 -------- COMPUTERS (0.6%) Stratus Technologies, Inc., 14.330%, 03/15/12 (b) (d) 450 428 -------- DIVERSIFIED FINANCIAL SERVICES (3.8%) J.G. Wentworth & Co., Inc., 8.867%, 04/05/11 (b) (d) 1,000 1,010 Nielsen Finance LLC, 8.190%, 08/09/13 (b) (d) 1,640 1,633 -------- 2,643 -------- ENERGY (0.6%) Plum Point Associates LLC, 8.624%, 02/21/14 (b) (d) 87 88 Plum Point Associates LLC, 8.749%, 03/14/14 (b) (d) 322 324 -------- 412 -------- LODGING (1.1%) Kerzner International Ltd., 0.000%, 08/31/13 (b) (d) (h) 190 190 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 95 95 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 434 432 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 41 41 -------- 758 -------- TELECOMMUNICATIONS (1.4%) Sorenson Communications, Inc., 8.390%, 08/01/13 (b) (d) 1,000 1,005 -------- Total Bank Loans (Cost $6,249) 6,252 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- CORPORATE BONDS (83.3%) ADVERTISING (0.5%) Affinion Group, Inc., 10.125%, 10/15/13, Callable 10/15/09 @ 105.063 95 100 R.H. Donnelley Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44 250 275 -------- 375 -------- APPAREL (2.1%) Levi Strauss & Co., 8.875%, 04/01/16, Callable 04/01/11 @ 104.44 1,500 1,493 -------- AUTO MANUFACTURERS (2.9%) General Motors Corp., 7.200%, 01/15/11 2,205 2,031 -------- AUTO PARTS & EQUIPMENT (1.5%) Goodyear Tire & Rubber Co. (The), 9.000%, 07/01/15, Callable 07/01/10 @ 104.50 (e) 1,000 1,015 -------- CHEMICALS (0.9%) PQ Corp., 7.500%, 02/15/13, Callable 02/15/09 @ 103.75 (b) 605 575 Rockwood Specialties Group, Inc., 7.500%, 11/15/14, Callable 11/15/09 @ 103.75 50 49 -------- 624 -------- COMMERCIAL SERVICES (8.9%) Ace Cash Express, Inc., 10.250%, 10/01/14, Callable 10/01/10 @ 105.13 (d) 1,250 1,266 Ashtead Holdings PLC, 8.625%, 08/01/15, Callable 08/01/10 @ 104.31 (d) 1,000 1,015 Atlantic Broadband, Inc., 9.375%, 01/15/14, Callable 01/15/09 @ 104.69 1,100 1,075 Hertz Corp. (The), 10.500%, 01/01/16, Callable 01/01/11 @ 105.25 (d) (e) 1,510 1,660 Rent-Way, Inc., 11.875%, 06/15/10 1,015 1,177 -------- 6,193 --------
See Notes to Financial Statements. 18 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) HIGH INCOME FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- COMPUTERS (1.3%) Activant Solutions, Inc., 9.500%, 05/01/16, Callable 05/01/11 @ 104.75 (d) 990 916 -------- COSMETICS/PERSONAL CARE (1.4%) Revlon Consumer Products Corp., 8.625%, 02/01/08, Callable 11/20/06 @ 100 (e) 1,000 943 -------- DIVERSIFIED FINANCIAL SERVICES (5.8%) Ford Motor Credit Co., 8.625%, 11/01/10 2,020 2,011 Galaxy Entertainment Finance Co. Ltd., 10.420%, 12/15/10, Callable 12/15/08 @ 101.50 (d) (e) 1,750 1,829 Galaxy Entertainment Finance Co. Ltd., 9.875%, 12/15/12, Callable 12/15/09 @ 104.94 (d) 100 105 Rainbow National Services LLC, 10.375%, 09/01/14, Callable 09/01/09 @ 105.19 (d) 45 51 -------- 3,996 -------- DIVERSIFIED OPERATIONS (0.5%) Nell AF SARL, 8.375%, 08/15/15, Callable 08/15/10 @ 104.19 (d) (e) 365 362 -------- ELECTRIC (4.8%) Aquila, Inc., 14.875%, 07/01/12 (e) 1,420 1,863 FPL Energy National Wind, 6.125%, 03/25/19 (d) 228 222 PSEG Energy Holdings LLC, 10.000%, 10/01/09 250 273 Sierra Pacific Resources, 7.803%, 06/15/12, Callable 06/15/09 @ 103.90 160 169 Sithe/Independence Funding Corp., Ser A, 9.000%, 12/30/13 750 808 -------- 3,335 -------- ENTERTAINMENT (0.1%) Pokagon Gaming Authority, 10.375%, 06/15/14, Callable 06/15/10 @ 105.188 (d) 70 75 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FOOD (3.0%) Chiquita Brands International, Inc., 8.875%, 12/01/15, Callable 06/01/10 @ 104.438 (e) 675 623 Pinnacle Foods Holding Corp., 8.250%, 12/01/13, Callable 12/01/08 @ 104.12 1,275 1,276 Stater Brothers Holdings, Inc., 8.125%, 06/15/12, Callable 06/15/08 @ 104.06 170 171 -------- 2,070 -------- FOREST PRODUCTS & PAPER (4.7%) Appleton Papers, Inc., Ser B, 9.750%, 06/15/14, Callable 06/15/09 @ 104.88 625 617 Boise Cascade LLC, 8.382%, 10/15/12, Callable 08/21/12 @ 102 (b) 600 603 Verso Paper Holdings LLC, 9.235%, 08/01/14, Callable 08/01/08 @ 102 (b) (d) 745 752 Verso Paper Holdings LLC, 11.375%, 08/01/16, Callable 08/01/11 @ 105.688 (d) 1,300 1,291 -------- 3,263 -------- HEALTHCARE -- PRODUCTS (2.2%) Universal Hospital Services, Inc., 10.125%, 11/01/11, Callable 11/01/07 @ 105.063 1,450 1,523 -------- HEALTHCARE -- SERVICES (3.4%) HCA, Inc., 6.300%, 10/01/12 625 529 US Oncology Holdings, Inc., 10.750%, 08/15/14, Callable 08/15/09 @ 105.38 1,000 1,095 US Oncology Holdings, Inc., 10.675%, 03/15/15, Callable 03/15/07 @ 102 (b) 735 750 -------- 2,374 -------- HOUSEHOLD PRODUCTS/WARES (0.9%) Mobile Services Group, Inc., 9.750%, 08/01/14, Callable 08/01/10 @ 104.88 (d) 600 615 --------
See Notes to Financial Statements. 19 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) HIGH INCOME FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- LEISURE TIME (2.1%) Travelport, Inc., 10.023%, 09/01/14, Callable 09/01/08 @ 102 (b) (d) 1,500 1,440 -------- LODGING (0.1%) Caesars Entertainment, Inc., 8.125%, 05/15/11 50 53 -------- MACHINERY DIVERSIFIED (1.9%) Chart Industries, Inc., 9.125%, 10/15/15, Callable 10/15/10 @ 104.56 (d) 1,250 1,294 -------- MEDIA (11.0%) CCH I LLC, 11.000%, 10/01/15, Callable 10/01/10 @ 105.50 (e) 1,110 1,010 Compagnie Susquehanna, 9.875%, 05/15/14, Callable 05/15/10 @ 104.938 (d) 1,230 1,156 Dex Media, Inc., 9.540%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (g) 50 42 DirecTV Holdings LLC, 8.375%, 03/15/13, Callable 03/15/08 @ 104.19 50 52 Echostar DBS Corp., 7.000%, 10/01/13 (d) 700 684 Gray Television, Inc., 9.250%, 12/15/11, Callable 12/15/06 @ 104.62 50 52 Kabel Deutschland Gmbh, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31 (d) 1,800 1,931 LIN Television Corp., Ser B, 6.500%, 05/15/13, Callable 05/15/08 @ 103.25 250 233 Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (d) 205 204 Morris Publishing Group LLC, 7.000%, 08/01/13, Callable 08/01/08 @ 103.50 1,105 1,044 Quebecor Media, Inc., 7.750%, 03/15/16, Callable 03/15/11 @ 103.875 165 165 Quebecor World Capital Corp., 8.750%, 03/15/16, Callable 03/15/11 @ 104.375 (d) (e) 110 106
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MEDIA--CONTINUED Sinclair Broadcast Group, Inc., 8.750%, 12/15/11, Callable 12/15/06 @ 104.375 960 1,001 Sinclair Broadcast Group, Inc., 8.000%, 03/15/12, Callable 03/15/07 @ 104 30 30 -------- 7,710 -------- MISCELLANEOUS MANUFACTURER (4.6%) Clarke American Corp., 11.750%, 12/15/13, Callable 12/15/09 @ 105.875 1,940 2,007 Koppers, Inc., 9.875%, 10/15/13, Callable 10/15/08 @ 104.94 239 259 Nutro Products, Inc., 10.750%, 04/15/14, Callable 04/15/09 @ 108.063 (d) 880 942 -------- 3,208 -------- OIL & GAS (0.3%) Compagnie Gererale de Geophysique SA, 7.500%, 05/15/15, Callable 05/15/10 @ 103.75 150 149 Compton Petroleum Finance Corp., 7.625%, 12/01/13, Callable 12/01/09 @ 103.813 50 48 -------- 197 -------- PACKAGING & CONTAINERS (1.5%) Graphic Packaging International, 9.500%, 08/15/13, Callable 08/15/08 @ 104.75 (e) 1,000 1,023 -------- PIPELINES (1.9%) Copano Energy LLC, 8.125%, 03/01/16, Callable 03/01/11 @ 104.0625 40 41 Targa Resources, Inc., 8.500%, 11/01/13, Callable 11/01/09 @ 104.25 (d) (e) 1,305 1,301 -------- 1,342 -------- REAL ESTATE (1.1%) American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 345 343
See Notes to Financial Statements. 20 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) HIGH INCOME FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- REAL ESTATE--CONTINUED CB Richard Ellis Group, Inc., 9.750%, 05/15/10, Callable 05/15/07 @ 104.88 413 441 -------- 784 -------- REITS (0.5%) Host Marriott Corp., Ser G, 9.250%, 10/01/07 315 325 -------- RETAIL (3.6%) Blockbuster, Inc., 9.000%, 09/01/12, Callable 09/01/08 @ 104.50 (b) (e) 1,180 1,083 General Nutrition Center, 8.625%, 01/15/11, Callable 01/15/08 @ 104.313 1,360 1,390 -------- 2,473 -------- SEMICONDUCTORS (4.5%) Avago Technologies Finance Ltd., 10.900%, 06/01/13, Callable 12/01/07 @ 102 (d) (e) 1,900 1,981 Spansion LLC, 11.250%, 01/15/16, Callable 01/15/11 @ 105.62 (d) (e) 1,080 1,131 -------- 3,112 -------- TELECOMMUNICATIONS (5.3%) Intelsat Bermuda Ltd., 11.640%, 06/15/13, Callable 06/15/08 @ 103 (d) 945 992 Nordic Telephone Co. Holdings, 8.875%, 05/01/16, Callable 05/01/11 @ 104.438 185 194 NTL Cable PLC, 9.125%, 08/15/16, Callable 08/15/11 @ 104.563 (d) 900 929 Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @104.313 (d) 1,455 1,558 -------- 3,673 -------- Total Corporate Bonds (Cost $56,856) 57,837 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- PREFERRED STOCKS (3.2%) CHEMICALS (1.3%) Huntsman Corp., 5.000% 23,050 928 -------- RETAIL (1.9%) Rite Aid Corp., 5.500% 50,000 1,272 -------- Total Preferred Stocks (Cost $2,184) 2,200 -------- SHORT-TERM INVESTMENT (18.1%) CSFB Enhanced Liquidity Portfolio, 5.518% (f) 12,589,000 12,589 -------- Total Short-Term Investment (Cost $12,589) 12,589 -------- REPURCHASE AGREEMENT (8.8%) Merrill Lynch & Co., Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $6,123 (collateralized by U.S. Government Agencies; 6.000%, due 3/15/34; total market value $6,244) 6,120 6,120 -------- Total Repurchase Agreement (Cost $6,120) 6,120 -------- Total Investments (Cost $83,998) (a) -- 122.4% 84,998 Liabilities in excess of other assets -- (22.4)% (15,546) -------- Net Assets -- 100.0% $ 69,452 ========
See Notes to Financial Statements. 21 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) HIGH INCOME FUND -- CONCLUDED - --------------- (a) Cost for federal income tax purposes is $83,982 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................... $1,337 Unrealized Depreciation................... (321) ------ Unrealized Appreciation (Depreciation).... $1,016 ======
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rate represents the effective yield at purchase. (d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e) This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $12,079. (f) This security was purchased with cash collateral held from securities lending. (g) Step bond. (h) This security has not settled as of September 30, 2006 and thus does not have a rate in effect. The security does not have a stated settlement date and will receive a rate upon settling with the custodian. LLC -- Limited Liability Corporation LP -- Limited Partnership PLC -- Public Limited Company REIT -- Real Estate Investment Trust Ser -- Series See Notes to Financial Statements. 22 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) HIGH QUALITY BOND FUND
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- ASSET BACKED SECURITIES (2.9%) AUTOMOBILE ABS (1.6%) Chase Manhattan Auto Owner Trust, Ser 2003-B, Cl A4, 2.570%, 02/16/10 399 393 Daimler Chrysler Auto Trust, Ser 2003-B, Cl A4, 2.860%, 03/09/09 311 307 ------- 700 ------- CREDIT CARD ABS (1.3%) Citibank Credit Card Master Trust I, Ser 1998-2, Cl A, 6.050%, 01/15/10 550 557 ------- Total Asset Backed Securities (Cost $1,258) 1,257 ------- COLLATERALIZED MORTGAGE OBLIGATION (0.5%) JP Morgan Chase Commercial Mortgage Securities Co., Ser 2006-CB15, Cl A4, 5.810%, 06/12/43 (c) 200 207 ------- Total Collateralized Mortgage Obligation (Cost $207) 207 ------- CORPORATE BONDS (14.0%) AEROSPACE/DEFENSE (0.3%) United Technologies Corp., 4.875%, 05/01/15 135 131 ------- AIRLINES (0.2%) Southwest Airlines Co., 5.125%, 03/01/17 80 76 ------- BANKS (0.5%) Bank of America Corp., 7.400%, 01/15/11 185 200 ------- BREWERIES (0.5%) Sabmiller PLC, 6.200%, 07/01/11 (b) 195 200 ------- BUILDING MATERIALS (0.2%) Lafarge SA, 6.150%, 07/15/11 95 97 ------- COMMERCIAL SERVICES (0.1%) ERAC USA Finance Co., 5.600%, 05/01/15 (b) 55 54 ------- COSMETICS/PERSONAL CARE (0.5%) Avon Products, Inc., 5.125%, 01/15/11 230 228 -------
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES (5.0%) CIT Group, Inc., 5.125%, 09/30/14 140 136 Citigroup, Inc., 5.125%, 05/05/14 160 158 Fund American Cos., Inc., 5.875%, 05/15/13 190 188 General Electric Capital Corp., 4.250%, 01/15/08 410 406 Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13 170 163 Household Finance Corp., 4.125%, 12/15/08 315 308 International Lease Finance Corp., Ser Q, 5.250%, 01/10/13 75 74 International Lease Finance Corp., Ser R, 5.625%, 09/20/13 40 40 Janus Capital Group, Inc., 5.875%, 09/15/11 70 70 JPMorgan Chase & Co., 6.625%, 03/15/12 180 191 Morgan Stanley, 5.300%, 03/01/13 180 180 Western Union Co. (The), 5.930%, 10/01/16 (b) 230 232 ------- 2,146 ------- ELECTRIC (0.6%) MidAmerican Energy Holdings Co., Ser. D, 5.000%, 02/15/14 265 256 ------- INSURANCE (0.2%) MetLife, Inc., 5.000%, 06/15/15 70 68 ------- INVESTMENT COMPANIES (0.2%) Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 90 95 ------- MEDIA (1.0%) Cox Communications, Inc., 4.625%, 06/01/13 80 74 Expedia, Inc., 7.456%, 08/15/18 (b) 205 218 News America Holdings, Inc., 9.250%, 02/01/13 125 148 ------- 440 ------- MINING (0.3%) Inco Ltd., 7.750%, 05/15/12 120 130 -------
See Notes to Financial Statements. 23 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) HIGH QUALITY BOND FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- MISCELLANEOUS MANUFACTURER (0.6%) General Electric Co., 5.000%, 02/01/13 105 104 Siemens Financierings NV, 5.750%, 10/17/16 (b) 140 142 ------- 246 ------- OIL & GAS (0.8%) Anadarko Petroleum Corp., 5.950%, 09/15/16 110 111 Devon Financing Corp. ULC, 6.875%, 09/30/11 225 240 ------- 351 ------- PHARMACEUTICALS (0.1%) Teva Pharmaceutical Finance LLC, 5.550%, 02/01/16 55 54 ------- PIPELINES (0.3%) Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13 130 145 ------- RETAIL (0.7%) Woolworths Ltd., 5.550%, 11/15/15 (b) 315 313 ------- TELECOMMUNICATIONS (1.9%) AT&T, Inc., 5.100%, 09/15/14 70 68 Cisco Systems, Inc., 5.500%, 02/22/16 180 181 Comcast Corp., 4.950%, 06/15/16 90 84 Deutsche Telekom AG, 5.750%, 03/23/16 170 166 Verizon Communications, Inc., 5.550%, 02/15/16 85 84 Vodafone Group PLC, 5.500%, 06/15/11 235 236 ------- 819 ------- Total Corporate Bonds (Cost $5,997) 6,049 ------- U.S. GOVERNMENT AGENCY MORTGAGES (35.0%) FANNIE MAE (2.6%) 5.725%, 03/01/12 221 225 6.260%, 05/01/12 307 320 5.500%, 04/01/36 583 574 ------- 1,119 -------
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- FREDDIE MAC (25.0%) 5.125%, 04/18/11 3,120 3,147 5.250%, 04/18/16 2,260 2,306 6.000%, 08/01/36 1,123 1,129 6.000%, 08/01/36 1,121 1,127 6.500%, 08/01/36 1,156 1,178 6.500%, 08/01/36 1,044 1,064 5.500%, 09/01/36 868 856 ------- 10,807 ------- GINNIE MAE (7.4%) 6.397%, 10/16/20 (c) 394 399 6.114%, 11/16/21 203 205 4.449%, 03/16/25 332 326 4.212%, 01/16/28 (c) 403 394 3.760%, 09/16/28 442 427 4.241%, 07/16/29 202 197 5.475%, 02/16/31 (c) 400 404 5.269%, 03/16/37 (c) 400 397 4.811%, 06/16/45 441 438 ------- 3,187 ------- Total U.S. Government Agency Mortgages (Cost $15,015) 15,113 ------- U.S. TREASURY OBLIGATIONS (45.9%) U.S. TREASURY NOTES (45.9%) 2.500%, 10/31/06 565 564 3.125%, 05/15/07 3,080 3,045 5.625%, 05/15/08 2,830 2,869 3.375%, 12/15/08 5,375 5,232 4.875%, 08/15/09 2,045 2,059 4.250%, 10/15/10 920 909 4.625%, 08/31/11 1,760 1,762 4.250%, 08/15/13 810 793 4.000%, 02/15/15 2,525 2,417 5.125%, 05/15/16 65 67 4.875%, 08/15/16 75 76 ------- Total U.S. Treasury Obligations (Cost $19,791) 19,793 -------
See Notes to Financial Statements. 24 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) HIGH QUALITY BOND FUND -- CONCLUDED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- MONEY MARKET (1.4%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (d) 585,939 586 ------- Total Money Market (Cost $586) 586 ------- Total Investments (Cost $42,854) (a) -- 99.7% 43,005 Other assets in excess of liabilities -- 0.3% 145 ------- Net Assets -- 100.0% $43,150 =======
- --------------- (a) Cost for federal income tax purposes is $42,892 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation............... $ 250 Unrealized Depreciation............... (137) ----- Unrealized Appreciation (Depreciation)...................... $ 113 =====
(b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (c) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (d) Affiliate Investment. Cl -- Class PLC -- Public Limited Company LLC -- Limited Liability Company Ser -- Series See Notes to Financial Statements. 25 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERMEDIATE BOND FUND
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- ASSET BACKED SECURITIES (0.9%) AUTOMOBILE ABS (0.8%) Daimler Chrysler Auto Trust, Ser 2005-A, Cl A4, 3.740%, 02/08/10 410 403 Honda Auto Receivables Owner Trust, Ser 2006-1, Cl A3, 5.070%, 02/18/10 265 265 ------- 668 ------- HOME EQUITY ABS (0.1%) Contimortgage Home Equity Loan Trust, Ser 1996-2, Cl A8, 7.900%, 07/15/27 65 64 Delta Funding Home Equity Loan Trust, Ser 1999-3, Cl A1F, 7.462%, 09/15/29 6 6 New Century Home Equity Loan Trust, Ser 1999-NCB, Cl A7, 7.540%, 06/25/29 5 5 Soundview Home Equity Loan Trust, Ser 2001-1, Cl A, 6.265%, 04/15/31 16 16 ------- 91 ------- Total Asset Backed Securities (Cost $760) 759 ------- COLLATERALIZED MORTGAGE OBLIGATIONS (3.9%) Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42 355 346 Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.400%, 07/15/44 (b) 415 414 Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser 2006-CD2, Cl A4, 5.545%, 01/15/46 (b) 275 276 GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.519%, 03/10/44 (b) 360 361 GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40 532 525 GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (b) 535 541
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS--CONTINUED JP Morgan Chase Commercial Mortgage Securities Co., Ser 2006-CB15, Cl A4, 5.810%, 06/12/43 (b) 360 372 Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (b) 455 457 ------- Total Collateralized Mortgage Obligations (Cost $3,283) 3,292 ------- CORPORATE BONDS (20.0%) AEROSPACE/DEFENSE (0.4%) United Technologies Corp., 4.875%, 05/01/15 315 306 ------- AIRLINES (0.2%) Southwest Airlines Co., 5.125%, 03/01/17 180 170 ------- BANKS (1.0%) Bank of America Corp., 7.400%, 01/15/11 435 470 Wells Fargo & Co., 5.125%, 02/15/07 360 360 ------- 830 ------- BREWERIES (0.5%) Sabmiller PLC, 6.200%, 07/01/11 (c) 450 462 ------- BUILDING MATERIALS (0.3%) Lafarge SA, 6.150%, 07/15/11 220 225 ------- COMMERCIAL SERVICES (0.1%) ERAC USA Finance Co., 5.600%, 05/01/15 (c) 120 119 ------- COSMETICS/PERSONAL CARE (0.5%) Avon Products, Inc., 5.125%, 01/15/11 445 441 ------- DIVERSIFIED FINANCIAL SERVICES (8.2%) CIT Group, Inc., 5.125%, 09/30/14 335 327 Citigroup, Inc., 5.125%, 05/05/14 370 365 Ford Motor Credit Co., 7.000%, 10/01/13 425 394 Fund American Cos., Inc., 5.875%, 05/15/13 440 435 General Electric Capital Corp., 4.250%, 01/15/08 950 939
See Notes to Financial Statements. 26 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERMEDIATE BOND FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED General Motors Acceptance Corp. LLC, 6.750%, 12/01/14 840 820 Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13 400 384 Household Finance Corp., 4.125%, 12/15/08 735 719 International Lease Finance Corp., Ser Q, 5.250%, 01/10/13 175 174 International Lease Finance Corp., Ser R, 5.625%, 09/20/13 100 101 Janus Capital Group, Inc., 5.875%, 09/15/11 170 171 John Deere Capital Corp., 3.900%, 01/15/08 115 113 JPMorgan Chase & Co., 6.625%, 03/15/12 425 451 Lazard Group LLC, 7.125%, 05/15/15 400 417 Morgan Stanley, 5.300%, 03/01/13 420 419 SLM Corp., 5.625%, 04/10/07 115 115 Western Union Co., 5.930%, 10/01/16 (c) 540 544 ------- 6,888 ------- ELECTRIC (0.7%) MidAmerican Energy Holdings Co., Ser D, 5.000%, 02/15/14 620 599 ------- ENTERTAINMENT (0.1%) GTECH Holdings Corp., 4.750%, 10/15/10 115 116 ------- INSURANCE (0.2%) MetLife, Inc., 5.000%, 06/15/15 165 160 ------- INVESTMENT COMPANIES (0.3%) Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 215 227 ------- MEDIA (1.2%) Cox Communications, Inc., 4.625%, 06/01/13 190 177 Expedia, Inc., 7.456%, 08/15/18 (c) 490 519 News America Holdings, Inc., 9.250%, 02/01/13 295 349 ------- 1,045 -------
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- MINING (0.4%) Inco Ltd., 7.750%, 05/15/12 275 297 ------- MISCELLANEOUS MANUFACTURER (0.7%) General Electric Co., 5.000%, 02/01/13 245 242 Siemens Financierings NV, 5.750%, 10/17/16 (c) 330 335 ------- 577 ------- OIL & GAS (1.3%) Anadarko Petroleum Corp., 5.950%, 09/15/16 255 258 Devon Financing Corp. ULC, 6.875%, 09/30/11 525 559 Enterprise Products Operating LP, Ser B, 5.600%, 10/15/14 325 318 ------- 1,135 ------- PHARMACEUTICALS (0.1%) Teva Pharmaceutical Finance LLC, 5.550%, 02/01/16 125 123 ------- PIPELINES (0.7%) Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13 295 328 Kinder Morgan, Inc., 5.700%, 01/05/16 260 240 ------- 568 ------- RETAIL (0.8%) Woolworths Ltd., 5.550%, 11/15/15 (c) 720 716 ------- TELECOMMUNICATIONS (2.3%) AT&T, Inc., 5.100%, 09/15/14 165 159 Cisco Systems, Inc., 5.500%, 02/22/16 425 428 Comcast Corp., 4.950%, 06/15/16 215 200 Deutsche Telekom AG, 5.750%, 03/23/16 380 372 Verizon Communications, Inc., 5.550%, 02/15/16 195 192 Vodafone Group PLC, 5.500%, 06/15/11 560 562 ------- 1,913 ------- Total Corporate Bonds (Cost $16,920) 16,917 -------
See Notes to Financial Statements. 27 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERMEDIATE BOND FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- U.S. GOVERNMENT AGENCIES (9.8%) FREDDIE MAC (9.8%) 5.125%, 04/18/11 4,760 4,801 5.250%, 04/18/16 3,445 3,516 ------- Total U.S. Government Agencies (Cost $8,181) 8,317 ------- U.S. GOVERNMENT AGENCY MORTGAGES (14.8%) FANNIE MAE (2.1%) 5.500%, 04/01/36 1,763 1,737 ------- FREDDIE MAC (12.7%) 6.500%, 08/01/08 25 25 6.000%, 08/01/36 2,027 2,038 6.000%, 08/01/36 2,023 2,034 6.500%, 08/01/36 2,098 2,137 6.500%, 08/01/36 1,888 1,924 5.500%, 09/01/36 2,615 2,578 ------- 10,736 ------- Total U.S. Government Agency Mortgages (Cost $12,410) 12,473 ------- U.S. TREASURY OBLIGATIONS (47.9%) U.S. TREASURY NOTES (47.9%) 2.500%, 10/31/06 2,010 2,006 2.875%, 11/30/06 1,645 1,639 3.125%, 05/15/07 4,820 4,765 5.625%, 05/15/08 7,965 8,074 3.375%, 12/15/08 11,420 11,117 4.875%, 08/15/09 3,965 3,992 4.250%, 10/15/10 1,225 1,210 4.625%, 08/31/11 1,595 1,597 4.375%, 08/15/12 50 49 4.250%, 08/15/13 220 215 4.000%, 02/15/15 5,895 5,643 4.875%, 08/15/16 175 178 ------- Total U.S. Treasury Obligations (Cost $40,415) 40,485 ------- MONEY MARKET (1.2%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (d) 1,015,632 1,016 ------- Total Money Market (Cost $1,016) 1,016 -------
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- Total Investments (Cost $82,985) (a) -- 98.5% 83,259 Other assets in excess of liabilities -- 1.5% 1,280 ------- Net Assets -- 100.0% $84,539 =======
CREDIT DEFAULT SWAP AGREEMENTS
Unrealized Notional Fixed Expiration Appreciation Underlying Instrument Amount Rate Date (Depreciation) - --------------------- --------- ----- ---------- -------------- Dow Jones CDX Indices; Series 7 (Citibank N.A.) $ 120,000 0.40% 12/20/11 $ -- H.J. Heinz Co. (Citibank N.A.) $(120,000) 0.36% 12/20/11 $ -- ----- $ -- =====
- --------------- (a) Cost for federal income tax purposes is $83,129 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................. $ 421 Unrealized Depreciation.................. (291) ----- Unrealized Appreciation (Depreciation)... $ 130 =====
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (d) Affiliate Investment. Cl -- Class LLC -- Limited Liability Corporation LP -- Limited Partnership PLC -- Public Limited Company Ser -- Series See Notes to Financial Statements. 28 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INTERMEDIATE BOND FUND -- CONCLUDED At September 30, 2006 the Fund's foreign currency exchange contracts were as follows:
Contract Amount Contract Unrealized Delivery in Local Value in Market Appreciation Currency Date Currency USD Value (Depreciation) - -------- -------- -------- -------- ------ -------------- Short: Japanese Yen.......................................... 10/03/06 279,842 $2,384 $2,369 $15 ------ ------ --- Total Short Contracts................................. $2,384 $2,369 $15 ====== ====== ===
See Notes to Financial Statements. 29 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INVESTMENT GRADE BOND FUND
- ------------------------------------------------------- Shares or Principal Amount ($) Value ($) - ------------------------------------------------------- ASSET BACKED SECURITIES (1.2%) AUTOMOBILE ABS (1.0%) Daimler Chrysler Auto Trust, Ser 2005-A, Cl A4, 3.740%, 02/08/10 2,700 2,651 Honda Auto Receivables Owner Trust, Ser 2006-1, Cl A3, 5.070%, 02/18/10 1,765 1,764 --------- 4,415 --------- CREDIT CARD ABS (0.2%) Citibank Credit Card Issuance Trust, Ser 2008-A7, Cl A7, 4.150%, 07/07/17 1,000 935 --------- Total Asset Backed Securities (Cost $5,324) 5,350 --------- COLLATERALIZED MORTGAGE OBLIGATIONS (4.3%) Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42 2,375 2,312 Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.400%, 07/15/44 (b) 2,995 2,985 GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.519%, 03/10/44 (b) 2,450 2,460 GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40 3,166 3,122 GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (b) 3,650 3,693 JP Morgan Chase Commercial Mortgage Securities Co., Ser 2006-CB15, Cl A4, 5.810%, 06/12/43 (b) 1,865 1,928
- ------------------------------------------------------- Shares or Principal Amount ($) Value ($) - ------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS--CONTINUED Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (b) 2,985 2,996 --------- Total Collateralized Mortgage Obligations (Cost $19,439) 19,496 --------- CORPORATE BONDS (20.7%) AEROSPACE/DEFENSE (0.4%) United Technologies Corp., 4.875%, 05/01/15 1,665 1,615 --------- AIRLINES (0.2%) Southwest Airlines Co., 5.125%, 03/01/17 970 918 --------- BANKS (0.5%) Bank of America Corp., 7.400%, 01/15/11 2,115 2,289 --------- BREWERIES (0.6%) Sabmiller PLC, 6.200%, 07/01/11 (c) 2,520 2,586 --------- BUILDING MATERIALS (0.3%) Lafarge SA, 6.150%, 07/15/11 1,360 1,389 --------- COMMERCIAL SERVICES (0.2%) ERAC USA Finance Co., 5.600%, 05/01/15 (c) 870 860 --------- COSMETICS/PERSONAL CARE (0.6%) Avon Products, Inc., 5.125%, 01/15/11 2,680 2,658 --------- DIVERSIFIED FINANCIAL SERVICES (7.0%) CIT Group, Inc., 5.125%, 09/30/14 1,700 1,657 Citigroup, Inc., 5.125%, 05/05/14 850 839 Citigroup, Inc., 5.850%, 12/11/34 745 751 Ford Motor Credit Co., 7.000%, 10/01/13 2,345 2,176 Fund American Cos., Inc., 5.875%, 05/15/13 3,085 3,049 General Motors Acceptance Corp. LLC, 8.000%, 11/01/31 (d) 4,625 4,835 Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13 2,780 2,670
See Notes to Financial Statements. 30 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INVESTMENT GRADE BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount ($) Value ($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED HSBC Holdings PLC, 7.625%, 05/17/32 1,055 1,282 International Lease Finance Corp., Ser Q, 5.250%, 01/10/13 940 933 International Lease Finance Corp., Ser R, 5.625%, 09/20/13 615 619 Janus Capital Group, Inc., 5.875%, 09/15/11 1,050 1,056 John Deere Capital Corp., 3.900%, 01/15/08 495 487 JPMorgan Chase & Co., 6.625%, 03/15/12 3,095 3,282 Lazard Group LLC, 7.125%, 05/15/15 2,410 2,511 Morgan Stanley, 5.300%, 03/01/13 2,075 2,072 Western Union Co., 5.930%, 10/01/16 (c) 3,360 3,387 --------- 31,606 --------- ELECTRIC (0.8%) MidAmerican Energy Holdings Co., 6.125%, 04/01/36 (c) 1,775 1,794 Pacific Gas & Electric Co., 6.050%, 03/01/34 1,950 1,962 --------- 3,756 --------- ENTERTAINMENT (0.2%) GTECH Holdings Corp., 4.750%, 10/15/10 820 824 --------- INSURANCE (0.1%) Metlife, Inc., 5.700%, 06/15/35 400 389 --------- INVESTMENT COMPANIES (0.2%) Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 970 1,022 --------- MEDIA (1.1%) Cox Communications, Inc., 4.625%, 06/01/13 1,100 1,022 Expedia, Inc., 7.456%, 08/15/18 (c) 3,045 3,231
- ------------------------------------------------------- Shares or Principal Amount ($) Value ($) - ------------------------------------------------------- MEDIA--CONTINUED News America Holdings, Inc., 6.200%, 12/15/34 940 898 --------- 5,151 --------- MINING (0.5%) Alcan, Inc., 5.750%, 06/01/35 865 820 Inco Ltd., 7.750%, 05/15/12 1,520 1,642 --------- 2,462 --------- MISCELLANEOUS MANUFACTURER (1.7%) General Electric Co., 5.000%, 02/01/13 5,000 4,944 Siemens Financierings NV, 6.125%, 08/17/26 (c) 2,490 2,553 --------- 7,497 --------- OIL & GAS (1.3%) Anadarko Petroleum Corp., 5.950%, 09/15/16 1,585 1,604 Devon Financing Corp. ULC, 7.875%, 09/30/31 2,095 2,553 Enterprise Products Operating LP, Ser B, 5.750%, 03/01/35 1,040 937 Weatherford International, Inc., 6.500%, 08/01/36 890 908 --------- 6,002 --------- PHARMACEUTICALS (0.2%) Teva Pharmaceutical Finance LLC, 6.150%, 02/01/36 845 813 --------- PIPELINES (0.7%) Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13 1,190 1,325 Kinder Morgan Finance Co. ULC, 6.400%, 01/05/36 1,935 1,732 --------- 3,057 --------- REITS (0.1%) Simon Property Group LP, 6.375%, 11/15/07 495 499 --------- RETAIL (1.0%) Woolworths Ltd., 5.550%, 11/15/15 (c) (d) 4,360 4,334 ---------
See Notes to Financial Statements. 31 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INVESTMENT GRADE BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount ($) Value ($) - ------------------------------------------------------- TELECOMMUNICATIONS (3.0%) AT&T, Inc., 5.100%, 09/15/14 2,110 2,039 Cisco Systems, Inc., 5.500%, 02/22/16 2,610 2,631 Comcast Corp., 6.450%, 03/15/37 (d) 1,175 1,176 Deutsche Telekom AG, 5.750%, 03/23/16 2,570 2,514 Verizon Communications, Inc., 5.550%, 02/15/16 (d) 1,820 1,796 Vodafone Group PLC, 5.500%, 06/15/11 3,395 3,403 --------- 13,559 --------- Total Corporate Bonds (Cost $92,710) 93,286 --------- U.S. GOVERNMENT AGENCIES (14.1%) FANNIE MAE (0.6%) 3.250%, 02/15/09 1,000 962 3.800%, 07/14/10, Callable 10/30/06 @100 500 480 5.125%, 01/02/14 500 499 6.250%, 02/28/17, Callable 02/28/07 @100 600 601 5.500%, 04/23/24, Callable 10/30/06 @100 250 240 --------- 2,782 --------- FEDERAL HOME LOAN BANK (1.7%) 3.739%, 03/03/08 (b) 2,500 2,491 4.290%, 03/24/08, Callable 12/24/06 @100 (b) 2,000 1,973 4.400%, 03/30/11, Callable 10/24/06 @100 1,000 972 5.250%, 12/10/13, Callable 12/10/06 @100 1,250 1,232 5.000%, 05/08/18, Callable 11/08/06 @100 1,000 977 --------- 7,645 --------- FREDDIE MAC (11.8%) 4.050%, 11/17/09 700 682 6.250%, 06/25/10, Callable 06/25/07 @100 1,000 1,006 4.650%, 08/27/10, Callable 02/27/07 @100 500 492 4.500%, 12/16/10 1,000 985 5.125%, 04/18/11 (d) 21,660 21,846
- ------------------------------------------------------- Shares or Principal Amount ($) Value ($) - ------------------------------------------------------- FREDDIE MAC--CONTINUED 5.250%, 04/18/16 (d) 17,580 17,941 6.000%, 06/27/17, Callable 06/27/07 @100 1,000 1,003 --------- 6.750%, 03/15/31 7,535 9,201 --------- 53,156 --------- Total U.S. Government Agencies (Cost $62,779) 63,583 --------- U.S. GOVERNMENT AGENCY MORTGAGES (15.1%) FANNIE MAE (1.9%) 5.500%, 04/01/36 8,766 8,637 --------- FREDDIE MAC (13.1%) 7.000%, 05/01/07 8 8 6.000%, 08/01/36 11,529 11,589 6.000%, 08/01/36 11,505 11,565 6.500%, 08/01/36 11,909 12,131 6.500%, 08/01/36 10,445 10,640 5.500%, 09/01/36 13,015 12,838 --------- 58,771 --------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (0.1%) 7.000%, 04/15/13 229 236 7.000%, 08/15/14 155 159 7.000%, 05/15/31 65 67 --------- 462 --------- Total U.S. Government Agency Mortgages (Cost $67,513) 67,870 --------- U.S. TREASURY OBLIGATIONS (43.3%) U.S. TREASURY BONDS (5.0%) 4.500%, 02/15/36 (d) 23,495 22,513 --------- U.S. TREASURY NOTES (38.3%) 2.500%, 10/31/06 (d) 10,635 10,614 2.875%, 11/30/06 12,625 12,583 5.625%, 05/15/08 (d) 39,610 40,150 3.375%, 12/15/08 (d) 24,695 24,041 4.875%, 08/15/09 (d) 13,115 13,204 4.250%, 10/15/10 (d) 6,115 6,039 4.250%, 01/15/11 3,465 3,418 4.875%, 04/30/11 (d) 6,030 6,097 4.625%, 08/31/11 (d) 30,805 30,839 4.000%, 02/15/15 (d) 23,855 22,835 4.875%, 08/15/16 (d) 2,705 2,756 --------- 172,576 --------- Total U.S. Treasury Obligations (Cost $193,800) 195,089 ---------
See Notes to Financial Statements. 32 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INVESTMENT GRADE BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount ($) Value ($) - ------------------------------------------------------- SHORT-TERM INVESTMENT (47.3%) CSFB Enhanced Liquidity Portfolio, 5.518% (e) 212,905,773 212,906 --------- Total Short-Term Investment (Cost $212,905) 212,906 --------- MONEY MARKET (0.0%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (f) 114,602 115 --------- Total Money Market (Cost $115) 115 --------- Total Investments (Cost $654,585) (a) -- 146.0% 657,695 Liabilities in excess of other assets -- (46.0)% (207,086) --------- Net Assets -- 100.0% $ 450,609 =========
CREDIT DEFAULT SWAP AGREEMENTS
Unrealized Notional Fixed Expiration Appreciation Underlying Instrument Amount Rate Date (Depreciation) - --------------------- --------- ----- ---------- -------------- Dow Jones CDX Indices; Series 7 (Citibank N.A.).... $ 740,000 0.40% 12/20/11 $ -- H.J. Heinz Co. (Citibank N.A.).... $(740,000) 0.36% 12/20/11 $ 1 ----- $ 1 =====
- --------------- (a) Cost for federal income tax purposes is $655,629 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................. $ 3,459 Unrealized Depreciation................. (1,393) ------- Unrealized Appreciation (Depreciation)........................ $ 2,066 =======
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (d) This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at June 30, 2006 in thousands was $205,773. (e) This security was purchased with cash collateral held from securities lending. (f) Affiliate Investment. Cl -- Class LLC -- Limited Liability Corporation LP -- Limited Partnership PLC -- Public Limited Company REIT -- Real Estate Investment Trust Ser -- Series At September 30, 2006 the Fund's foreign currency exchange contracts were as follows:
Contract Amount Contract Unrealized Delivery in Local Value in Market Appreciation Currency Date Currency USD Value (Depreciation) - -------- -------- -------- -------- ------- -------------- Short: Japanese Yen........................................ 10/03/06 1,684,810 $14,355 $14,265 $90 ------- ------- --- Total Short Contracts............................... $14,355 $14,265 $90 ======= ======= ===
See Notes to Financial Statements. 33 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INVESTMENT GRADE TAX-EXEMPT BOND FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MUNICIPAL BONDS (97.4%) ALABAMA (5.6%) Alabama Public School & College Authority, Capital Improvements, Ser C, RB, 5.750%, 07/01/17, Callable 07/01/09 @ 101.50 3,950 4,208 Alabama Water Pollution Control Authority, RB, 5.750%, 08/15/12, Callable 08/15/09 @ 100, AMBAC 5,205 5,505 Auburn University, Ser A, RB, 6.000%, 06/01/16, Callable 06/01/11 @ 100, MBIA 4,060 4,468 Huntsville, Ser A, GO, 5.625%, 05/01/16, Callable 05/01/14 @ 100 2,375 2,645 Huntsville, Ser A, GO, 5.750%, 05/01/19, Callable 05/01/14 @ 100 2,800 3,125 -------- 19,951 -------- ARIZONA (2.5%) Arizona State Transportation Board, Highway, Ser A, RB, 5.000%, 07/01/22, Callable 07/01/15 @ 100 5,000 5,366 Arizona Water Infrastructure Finance Authority, Water Quality, Ser A, RB, 5.625%, 10/01/12, Callable 10/01/10 @ 100 3,280 3,495 -------- 8,861 -------- CALIFORNIA (4.4%) California State, GO, 5.500%, 11/01/33, Callable 11/01/13 @ 100 11,000 12,081 Fresno Unified School District, Ser A, GO, 6.550%, 08/01/20, Callable 02/01/16 @ 100, MBIA 1,000 1,186
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- CALIFORNIA--CONTINUED Orange County Loma Ridge/ Data Center Project, COP, 6.000%, 06/01/21, Prerefunded 06/01/19 @ 100, AMBAC 2,075 2,419 -------- 15,686 -------- COLORADO (2.9%) Denver City & County Medical Facilities, GO, 5.000%, 08/01/14, Callable 08/01/2013 @ 100 4,565 4,918 Douglas County School District No. RE1, Douglas & Ebert Counties, GO, 5.750%, 12/15/20, Callable 12/15/14 @ 100, FGIC 2,540 2,877 Metro Wastewater Reclamation District, RB, 5.450%, 04/01/12, Callable 04/01/08 @ 100 2,570 2,638 -------- 10,433 -------- FLORIDA (3.3%) Gainesville Utilities System, Ser C, RB, 5.000%, 10/01/12, FSA 5,000 5,373 Lee County Transportation Facility Authority, Ser A, RB, 5.000%, 10/01/27, Callable 10/01/14 @ 100, AMBAC 1,000 1,057 Miami-Dade County School District, GO, 4.750%, 07/15/09, MBIA 5,045 5,210 -------- 11,640 -------- ILLINOIS (11.3%) Chicago Board of Education, Ser B, GO, 5.000%, 12/01/26, Callable 12/01/16 @ 100, FSA 12,640 13,480 Chicago O'Hare International Airport, General Airport Third Lien, Ser A, RB, 5.250%, 01/01/26, Callable 01/01/16 @ 100, MBIA 4,675 5,063
See Notes to Financial Statements. 34 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INVESTMENT GRADE TAX-EXEMPT BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- ILLINOIS--CONTINUED Illinois State Sales Tax, Ser X, RB, 5.500%, 06/15/13, Callable 06/15/09 @ 100 3,390 3,465 Illinois State Toll Highway Authority, Ser A-1, RB, 5.000%, 01/01/20, Callable 07/01/16 @ 100, FSA 2,500 2,700 Illinois State Toll Highway Authority, Ser A-1, RB, 5.000%, 01/01/26, Callable 07/01/16 @ 100, FSA 2,500 2,667 Regional Transportation Authority, Ser A, RB, 5.000%, 07/01/21, Callable 07/01/16 @ 100, MBIA 5,010 5,394 University of Illinois, Auxiliary Facilities Systems, RB, 5.000%, 04/01/28, Callable 04/01/16 @ 100, MBIA 6,840 7,238 -------- 40,007 -------- INDIANA (1.3%) Indianapolis Local Public Improvement Board, Waterworks Project, Ser A, RB, 5.250%, 07/01/33, Prerefunded 07/01/12 @ 100, MBIA 4,400 4,774 -------- IOWA (0.6%) Des Moines Public Parking System, Ser A, RB, 6.375%, 06/01/18, Callable 06/01/10 @ 100, FGIC 2,005 2,191 -------- KENTUCKY (1.9%) Kentucky State Turnpike Authority, Economic Development, Revitalization Projects, Ser B, RB, 5.250%, 07/01/13, FSA 6,000 6,566 -------- MARYLAND (5.1%) Maryland State, State & Local Facilities, First Series, GO, 5.500%, 03/01/10 10,000 10,646
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MARYLAND--CONTINUED Maryland State, State & Local Facilities, Second Series, GO, 5.000%, 08/01/18, Callable 08/01/13 @ 100 7,005 7,524 -------- 18,170 -------- MASSACHUSETTS (2.5%) Boston, Ser A, GO, 5.000%, 01/01/10 3,095 3,236 Massachusetts State Special Obligation, Dedicated Tax, RB, 5.250%, 01/01/23, Prerefunded 01/01/14 @ 100, FGIC 5,000 5,476 -------- 8,712 -------- MICHIGAN (2.6%) Detroit Water Supply System, Ser A, RB, 5.000%, 07/01/13, FSA 5,160 5,548 Michigan Municipal Bond Authority, Clean Water State Revolving Fund, RB, 5.375%, 10/01/17, Callable 10/01/12 @ 100 3,300 3,579 -------- 9,127 -------- MINNESOTA (1.2%) Minnesota State, GO, 5.250%, 11/01/10 4,000 4,265 -------- MISSOURI (2.7%) Missouri State Highways & Transit Commission, Ser A, RB, 5.625%, 02/01/18, Callable 02/01/11 @ 100 8,885 9,546 -------- NEW JERSEY (7.3%) Garden State Preservation Trust, Open Space & Farmland Preservation, Ser A, RB, 5.800%, 11/01/19, Callable 11/01/15 @ 100, FSA 3,000 3,459 Garden State Preservation Trust, Open Space & Farmland Preservation, Ser A, RB, 5.800%, 11/01/20, Callable 11/01/15 @ 100, FSA 10,000 11,527
See Notes to Financial Statements. 35 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INVESTMENT GRADE TAX-EXEMPT BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- NEW JERSEY--CONTINUED New Jersey Economic Development Authority, School Facilities Construction, Ser F, RB, 5.250%, 06/15/22, Prerefunded 06/15/13 @ 100, FGIC 10,000 10,941 -------- 25,927 -------- NEW YORK (15.4%) Buffalo School Improvements, Ser D, GO, 5.500%, 12/15/14, Callable 12/15/11 @ 100, FGIC 1,075 1,171 New York City Transitional Finance Authority, Future Secured Tax, Ser A-1, RB, 5.000%, 11/01/09 2,975 3,107 New York City, Ser A, GO, 6.250%, 08/01/08, Callable 11/20/06 @ 101.5, MBIA 11,000 11,186 New York Counties Tobacco Trust I, Tobacco Settlement, Ser B, RB, 6.625%, 06/01/42, Prerefunded 06/01/10 @ 101 15,800 17,625 Tobacco Settlement Financing Corp., Ser A1, RB, 5.250%, 06/01/13, Callable 06/01/08 @ 100 10,000 10,255 Tobacco Settlement Financing Corp., Ser A1, RB, 5.500%, 06/01/14, Callable 06/01/09 @ 100 3,750 3,918 Tobacco Settlement Financing Corp., Ser C1, RB, 5.250%, 06/01/12, Callable 06/01/07 @ 100 6,720 6,795 -------- 54,057 -------- OHIO (1.0%) Columbus, Public Improvement, Ser D, GO, 5.000%, 12/15/10 3,290 3,479 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- OREGON (1.1%) TRI-County Metropolitan Transportation District, Payroll Tax & Grant Receipt, RB, 4.000%, 05/01/14, Callable 05/01/09 @ 100, MBIA 4,000 4,022 -------- PENNSYLVANIA (12.0%) Easton Area School District, Ser 2006, GO, 7.750%, 04/01/25, Callable 04/01/16 @ 100, FSA 8,790 11,505 Pennsylvania State Projects, First Series, GO, 5.250%, 02/01/13, MBIA 5,755 6,280 Pennsylvania State Turnpike Commission, Ser T, RB, 5.500%, 12/01/10, FGIC 5,515 5,938 Pennsylvania State, First Series, GO, 5.000%, 01/01/18, Callable 01/01/13 @ 100, MBIA 5,690 6,047 Pennsylvania State, Second Series, GO, 5.000%, 07/01/10, MBIA 5,000 5,260 Pittsburgh, Ser B, GO, 5.000%, 09/01/12, FSA 6,800 7,288 -------- 42,318 -------- PUERTO RICO (6.0%) Puerto Rico Commonwealth Highway & Transportation Authority, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC 5,000 5,472 Puerto Rico Commonwealth Highway & Transportation Authority, RB, 5.250%, 07/01/17, Callable 07/01/13 @ 100, FGIC 5,260 5,719 Puerto Rico Commonwealth Highway & Transportation Authority, Ser AA, RB, 5.500%, 07/01/18, MBIA 2,500 2,872
See Notes to Financial Statements. 36 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) INVESTMENT GRADE TAX-EXEMPT BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- PUERTO RICO--CONTINUED Puerto Rico Commonwealth Highway & Transportation Authority, Ser G, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC 2,720 2,977 Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, 5.250%, 08/01/14, Callable 08/01/12 @ 100, FSA 4,000 4,340 -------- 21,380 -------- TENNESSEE (0.9%) Shelby County, Public Improvement, Ser A, GO, 5.000%, 03/01/10, FSA 3,000 3,143 -------- TEXAS (2.6%) Irving Waterworks & Sewer, RB, 5.950%, 06/15/19, Callable 06/15/09 @ 100.50 1,460 1,556 Lubbock County, GO, 5.500%, 02/15/16, Callable 2/15/2013 @ 100, FGIC 4,360 4,799 North Harris County Regional Water Authority, RB, 5.250%, 12/15/18, Callable 12/15/14 @ 100, MBIA 2,690 2,937 -------- 9,292 -------- VIRGINIA (0.6%) Fairfax County, Public Improvement, Ser A, GO, 5.250%, 04/01/13 2,015 2,209 -------- WASHINGTON (2.6%) King County Public Hospital, District No. 2 Improvement, Evergreen Healthcare, GO, 5.000%, 12/01/26, Callable 12/01/16 @ 100, MBIA 3,355 3,547
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- WASHINGTON--CONTINUED Pierce County School District No. 10, Tacoma, GO, 5.000%, 12/01/16, Callable 12/01/13 @ 100, FGIC 5,200 5,612 -------- 9,159 -------- Total Municipal Bonds (Cost $340,991) 344,915 -------- MONEY MARKETS (8.3%) Federated Tax-Free Obligations Fund, 3.550% 15,791,974 15,792 SEI Tax Exempt Trust, Institutional Tax Free Fund, 3.380% 13,637,287 13,637 -------- Total Money Markets (Cost $29,429) 29,429 -------- Total Investments (Cost $370,420) (a) -- 105.7% 374,344 Liabilities in excess of other assets -- (5.7)% (20,349) -------- Net Assets -- 100.0% $353,995 ========
- --------------- (a)Cost for federal income tax purposes is the same. Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................... $4,320 Unrealized Depreciation................... (396) ------ Unrealized Appreciation (Depreciation).... $3,924 ======
(b)Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. AMBAC -- Security insured by the American Municipal Bond Assurance Corporation COP -- Certificate of Participation FGIC -- Security insured by the Financial Guaranty Insurance Company FSA -- Security insured by Financial Security Assurance GO -- General Obligation MBIA -- Security insured by the Municipal Bond Insurance Association RB -- Revenue Bond Ser -- Series
See Notes to Financial Statements. 37 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIMITED DURATION FUND
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- ASSET BACKED SECURITIES (45.1%) AUTOMOBILE ABS (3.3%) Americredit Automobile Receivables Trust, Ser 2004-CA, Cl A3, 3.000%, 03/06/09 2,214 2,203 Americredit Automobile Receivables Trust, Ser 2005-BM, Cl A, 3.780%, 07/06/08 406 405 ------- 2,608 ------- CREDIT CARD ABS (23.8%) American Express Credit Account Master Trust, Ser 2003-3, Cl A, 5.440%, 11/15/10 (b) 1,200 1,202 American Express Credit Account Master Trust, Ser 2005-3, Cl A, 5.330%, 01/18/11 (b) 1,965 1,963 Chase Credit Card Master Trust, Ser 2003-2, Cl A, 5.440%, 07/15/10 (b) 1,400 1,402 Chase Issuance Trust, Ser 2005-A1, Cl A1, 5.340%, 12/15/10 (b) 1,700 1,700 Citibank Credit Card Issuance Trust, Ser 2003-A9, Cl A, 5.473%, 11/22/10 (b) 3,100 3,106 Discover Card Master Trust I, Ser 2003-4, Cl A1, 5.440%, 05/15/11 (b) 3,075 3,082 First USA Credit Card Master Trust, Ser 1997-8, Cl A, 5.480%, 05/17/10 (b) 3,016 3,020 MBNA Credit Card Master Trust, Ser 2002-A10, Cl A, 5.470%, 02/16/10 (b) 500 501 MBNA Credit Card Master Trust, Ser 2002-A13, Cl A, 5.460%, 05/17/10 (b) 2,600 2,604 ------- 18,580 ------- DIVERSIFIED FINANCIAL SERVICES (8.1%) Nelnet Student Loan Trust, Ser 2005-3, Cl A, 5.437%, 06/22/17 (b) 3,400 3,398
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED SLM Student Loan Trust, Ser 2004-8, Cl A3, 5.575%, 07/27/15 (b) 2,922 2,927 ------- 6,325 ------- FANNIE MAE (1.4%) Guarantor Trust, Ser 2002-T10, Cl A1, 5.570%, 06/25/32 (b) 1,120 1,120 ------- HOME EQUITY ABS (8.5%) Countrywide Home Equity Loan Trust, Ser 2003-C, CL A, 5.600%, 05/15/29 (b) 1,468 1,471 Countrywide Home Equity Loan Trust, Ser 2006-C, Cl 2A, 5.510%, 05/15/36 (b) 1,133 1,133 Countrywide Home Equity Loan Trust, Ser 2006-E, Cl 2A, 5.470%, 11/29/31 (b) 674 674 First Franklin Mortgage Loan, Ser 2006-FF12, Cl A2, 5.364%, 09/25/36 (b) 3,408 3,408 ------- 6,686 ------- Total Asset Backed Securities (Cost $35,326) 35,319 ------- U.S. GOVERNMENT AGENCIES (19.9%) FANNIE MAE (12.1%) 4.375%, 10/15/06 4,500 4,498 3.550%, 01/12/07 5,000 4,976 ------- 9,474 ------- FREDDIE MAC (7.8%) 2.750%, 10/15/06 6,132 6,126 ------- Total U.S. Government Agencies (Cost $15,599) 15,600 ------- U.S. TREASURY OBLIGATIONS (29.2%) U.S. TREASURY NOTES (29.2%) 2.625%, 11/15/06 10,450 10,421 2.875%, 11/30/06 9,500 9,468 3.000%, 12/31/06 3,000 2,985 ------- Total U.S. Treasury Obligations (Cost $22,866) 22,874 -------
See Notes to Financial Statements. 38 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIMITED DURATION FUND -- CONCLUDED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- MONEY MARKET (5.2%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (c) 4,109,485 4,109 ------- Total Money Market (Cost $4,109) 4,109 ------- Total Investments (Cost $77,900) (a) -- 99.4% 77,902 Other assets in excess of liabilities -- 0.6% 484 ------- Net Assets -- 100.0% $78,386 =======
- --------------- (a) Cost for federal income tax purposes is $77,901 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................... $ 20 Unrealized Depreciation.................... (19) ---- Unrealized Appreciation (Depreciation)..... $ 1 ====
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Affiliate Investment. Cl -- Class Ser -- Series See Notes to Financial Statements. 39 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- U.S. GOVERNMENT AGENCY (2.4%) FANNIE MAE (2.4%) 4.375%, 10/15/06 (c) 10,000 9,997 -------- Total U.S. Government Agency (Cost $9,997) 9,997 -------- U.S. GOVERNMENT AGENCY MORTGAGES (95.5%) FANNIE MAE (58.2%) 6.500%, 12/01/08 1,726 1,738 7.500%, 09/01/12 3,968 4,068 6.500%, 06/01/13 451 461 6.000%, 09/01/13 918 928 4.000%, 11/01/13 8,634 8,325 4.500%, 03/01/14 14,203 13,870 6.000%, 09/01/16 5,805 5,871 6.500%, 10/01/16 1,091 1,115 5.500%, 12/01/16 2,794 2,802 6.000%, 08/01/17 1,724 1,751 6.000%, 10/01/17 3,145 3,194 6.000%, 10/01/17 1,096 1,114 6.000%, 06/01/19 5,168 5,247 5.500%, 07/01/19 7,003 7,009 5.500%, 07/01/19 1,614 1,615 5.500%, 08/01/19 3,253 3,256 5.500%, 10/01/19 4,263 4,266 5.500%, 06/01/20 8,795 8,795 6.000%, 08/01/21 25,825 26,220 4.500%, 03/25/27 5,850 5,826 7.000%, 05/01/32 4,726 4,865 6.500%, 12/01/32 3,257 3,329 4.113%, 05/01/33 (b) 5,006 4,943 3.947%, 06/01/33 (b) 7,695 7,574 4.103%, 08/01/33 (b) 10,841 10,745 6.000%, 11/01/33 1,603 1,614 4.503%, 05/01/34 (b) 2,367 2,317 4.019%, 06/01/34 (b) 4,845 4,733 4.233%, 06/01/34 (b) 3,076 3,009 7.000%, 06/01/34 3,480 3,577 3.475%, 07/01/34 (b) 5,631 5,594 4.771%, 06/01/35 (b) 16,911 16,778 4.480%, 08/01/35 (b) 8,512 8,428 6.000%, 08/01/35 9,288 9,334 5.161%, 01/01/36 (b) 7,048 7,004 4.501%, 02/01/36 (b) 13,214 13,085 5.527%, 02/01/36 (b) 12,763 12,754 6.500%, 06/01/36 9,974 10,157 -------- 237,311 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FREDDIE MAC (37.3%) 7.000%, 11/01/16 738 757 6.500%, 02/01/17 2,146 2,192 5.500%, 05/01/17 4,183 4,195 6.000%, 07/01/17 2,744 2,783 5.000%, 02/15/19 10,483 10,433 4.500%, 09/01/20 2,000 1,927 5.000%, 09/15/20 7,371 7,333 4.500%, 04/01/21 4,000 3,853 4.500%, 06/01/21 8,999 8,672 4.500%, 10/15/27 10,000 9,794 6.000%, 12/01/31 15,141 15,277 6.500%, 09/01/32 3,771 3,856 5.024%, 12/01/32 (b) 11,770 11,820 3.384%, 08/01/33 (b) 16,569 15,972 4.842%, 04/01/35 (b) 8,164 8,104 5.122%, 04/01/36 (b) 18,446 18,350 6.500%, 09/01/36 11,990 12,214 5.000%, 10/12/36 (e) 15,000 14,423 -------- 151,955 -------- Total U.S. Government Agency Mortgages (Cost $392,763) 389,266 -------- SHORT-TERM INVESTMENT (2.5%) CSFB Enhanced Liquidity Portfolio, 5.518% (d) 10,350,000 10,350 -------- Total Short-Term Investment (Cost $10,350) 10,350 -------- MONEY MARKET (8.1%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (f) 33,236,846 33,237 -------- Total Money Market (Cost $33,237) 33,237 -------- Total Investments (Cost $446,347) (a) -- 108.5% 442,850 Liabilities in excess of other assets -- (8.5)% (34,655) -------- Net Assets -- 100.0% $408,195 ========
See Notes to Financial Statements. 40 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND -- CONCLUDED - --------------- (a)Cost for federal income tax purposes is $445,472 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................. $ 1,815 Unrealized Depreciation.................. (4,437) ------- Unrealized Appreciation (Depreciation)... $(2,622) =======
(b)Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $9,997. (d)This security was purchased with cash collateral held from securities lending. (e)This security was purchased on a when-issued basis. (f)Affiliate Investment. See Notes to Financial Statements. 41 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) MARYLAND MUNICIPAL BOND FUND
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- MUNICIPAL BONDS (96.9%) MARYLAND (95.1%) Annapolis Public Improvement, GO, 5.000%, 04/01/08 250 255 Anne Arundel County Special Obligation, Arundel Mills Project, RB, 5.125%, 07/01/22, Callable 07/01/14 @ 100, County Guaranteed 1,000 1,081 Anne Arundel County, General Improvement, GO, 5.000%, 03/01/14 1,000 1,089 Baltimore Convention Center, Baltimore Hotel Corp., Ser A, RB, 5.250%, 09/01/39, Callable 09/01/16 @ 100 1,000 1,080 Baltimore County Office of Budget & Finance, Public Improvement, GO, 5.000%, 08/01/08 600 616 Baltimore Public Improvement, Ser A, GO, 4.750%, 10/15/16 1,000 1,083 Baltimore Sewer Improvement, Wastewater Projects, Ser C, RB, 5.000%, 07/01/22 1,000 1,081 Charles County, County Commissioner, Public Improvement, GO, 5.000%, 03/01/14 500 544 Charles County, County Commissioner, Public Improvement, GO, 5.000%, 03/01/16 1,000 1,098 Frederick County Educational Facilities, Mount St. Mary's University, RB, 5.625%, 09/01/38, Callable 09/01/16 @ 100 500 526 Frederick County Educational Facilities, Mount St. Mary's University, Ser A, RB, 4.750%, 09/01/08 175 177 Frederick County, Public Facilities, GO, 5.000%, 12/01/15 1,075 1,181
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- MARYLAND--CONTINUED Frederick County, Public Facilities, GO, 5.000%, 12/01/16, Callable 12/01/15 @ 100 1,000 1,095 Harford County, GO, 5.000%, 07/15/25, Callable 07/15/15 @ 100 1,000 1,068 Maryland State Community Development Administration, Department of Housing & Community Development, People's Resource Center, Ser E, RB, 5.700%, 09/01/17, Callable 09/01/09 @ 100 110 111 Maryland State Community Development Administration, Department of Housing & Community Development, Ser 2, RB, AMT, 4.700%, 04/01/11 500 512 Maryland State Community Development Administration, Department of Housing & Community Development, Ser 2001B, RB, AMT, 4.100%, 07/01/08, FHA/GNMA/HUD 285 286 Maryland State Economic Development Corp., Department of Transportation Headquarters, RB, 5.375%, 06/01/19, Callable 06/01/12 @ 100.50 1,000 1,087 Maryland State Economic Development Corp., University of Maryland College Park Project, RB, 5.750%, 06/01/18, Callable 06/01/13 @ 100 475 530 Maryland State Economic Development Corp., University Village at Sheppard Pratt, RB, 5.875%, 07/01/21, Callable 07/01/11 @ 101, ACA 250 268
See Notes to Financial Statements. 42 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) MARYLAND MUNICIPAL BOND FUND -- CONTINUED
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- MARYLAND--CONTINUED Maryland State Health & Higher Educational Facilities Authority, Calvert Health Systems, RB, 5.500%, 07/01/36, Callable 07/01/14 @ 100 1,000 1,064 Maryland State Health & Higher Educational Facilities Authority, Carroll County General Hospital, RB, 6.000%, 07/01/18, Callable 07/01/12 @ 100 500 543 Maryland State Health & Higher Educational Facilities Authority, Carroll County General Hospital, RB, 6.000%, 07/01/21, Callable 07/01/12 @ 100 250 271 Maryland State Health & Higher Educational Facilities Authority, Catholic Health Initiatives, Ser A, RB, 6.000%, 12/01/24, Callable 06/01/10 @ 101, ETM 250 273 Maryland State Health & Higher Educational Facilities Authority, Goucher College, RB, 5.375%, 07/01/25, Callable 07/01/14 @ 100 565 603 Maryland State Health & Higher Educational Facilities Authority, Hebrew Home of Greater Washington, RB, 5.700%, 01/01/21, Callable 01/01/12 @ 100 480 512 Maryland State Health & Higher Educational Facilities Authority, Hebrew Home of Greater Washington, RB, 5.700%, 01/01/22, Callable 01/01/12 @ 100 510 543 Maryland State Health & Higher Educational Facilities Authority, Lifebridge Health, Ser A, RB, 5.125%, 07/01/34, Callable 07/01/14 @ 100 1,000 1,041
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- MARYLAND--CONTINUED Maryland State Health & Higher Educational Facilities Authority, University of Maryland Medical System, RB, 5.750%, 07/01/21, Callable 07/01/11 @ 100 1,225 1,311 Maryland State Industrial Development Authority, Economic Development, Our Lady of Good Counsel School, Ser A, RB, 6.000%, 05/01/35, Callable 05/15/15 @ 100 500 534 Maryland State Stadium Authority, RB, 5.800%, 03/01/26, Callable 03/01/07 @ 101, AMBAC 250 252 Maryland State Transportation Authority, Baltimore/ Washington International Airport, Ser B, RB, AMT, 5.375%, 03/01/15, Callable 03/01/12 @ 101, AMBAC 1,000 1,073 Maryland State, Capital Improvements, Ser A, GO, 5.000%, 02/15/17, Callable 02/15/15 @ 100 1,000 1,089 Maryland State, Capital Improvements, Ser A, GO, 5.000%, 02/15/19, Callable 02/15/15 @ 100 1,000 1,084 Maryland State, State & Local Facilities, Ser 2, GO, 5.000%, 08/01/16, Callable 08/01/13 @ 100 1,000 1,085 Montgomery County Economic Development, Trinity Health Care Group, RB, 5.500%, 12/01/16, Callable 12/01/11 @ 100 1,000 1,070 Montgomery County Housing Opportunities Commission, Aston Woods Apartments, Ser A, RB, 4.900%, 05/15/31, Callable 05/15/08 @ 102, FNMA 1,150 1,189
See Notes to Financial Statements. 43 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) MARYLAND MUNICIPAL BOND FUND -- CONCLUDED
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- MARYLAND--CONTINUED Montgomery County Housing Opportunities Commission, Ser A, RB, 4.450%, 07/01/17, Callable 01/01/11 @ 100 150 151 Montgomery County Housing Opportunities Commission, Ser A, RB, 6.000%, 07/01/20, Callable 07/01/10 @ 100 1,005 1,056 Montgomery County Revenue Authority, Lease, College Arts Center Project, Ser A, RB, 5.000%, 05/01/28, Callable 05/01/15 @ 100 1,000 1,051 St. Mary's County, Public Improvement, GO, 5.500%, 07/01/11 1,165 1,267 Talbot County Public Facilities, GO, 5.375%, 03/15/17, Callable 03/15/12 @ 101 1,000 1,087 Washington Suburban Sanitation District, GO, 4.000%, 06/01/07 200 201 ------- 33,118 ------- PUERTO RICO (1.8%) Puerto Rico Housing Bank & Finance Agency, Affordable Housing Mortgage Portfolio I, RB, AMT, 6.250%, 04/01/29, Callable 10/01/06 @ 101, GNMA/FNMA/ FHLMC 625 632 ------- Total Municipal Bonds (Cost $32,756) 33,750 ------- MONEY MARKET (2.8%) Federated Maryland Municipal Cash Trust, 2.760% 981,662 982 ------- Total Money Market (Cost $982) 982 ------- Total Investments (Cost $33,738) (a) -- 99.7% 34,732 Other assets in excess of liabilities -- 0.3% 96 ------- Net Assets -- 100.0% $34,828 =======
- --------------- (a)Cost for federal income tax purposes is $33,735 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................... $1,003 Unrealized Depreciation................... (6) ------ Unrealized Appreciation (Depreciation).... $ 997 ======
ACA -- Security insured by American Capital Access AMBAC -- Security insured by the American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax Paper ETM -- Escrowed to Maturity FHA -- Security insured by the Federal Housing Administration FHLMC -- Security insured by Freddie Mac FNMA -- Security insured by Fannie Mae GNMA -- Security insured by the Government National Mortgage Association GO -- General Obligation HUD -- Security insured by the Department of Housing and Urban Development LOC -- Line of Credit RB -- Revenue Bond Ser -- Series
See Notes to Financial Statements. 44 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) NORTH CAROLINA TAX-EXEMPT BOND FUND
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- MUNICIPAL BONDS (103.6%) NORTH CAROLINA (99.6%) Appalachian State University, Procurement Services Building, RB, 5.000%, 07/15/30, Callable 07/15/15 @ 100, MBIA 1,250 1,324 Brunswick County Enterprise System, Ser A, RB, 5.250%, 04/01/22, Callable 04/01/14 @ 100, FSA 500 542 Buncombe County, COP, 5.250%, 10/01/17, Callable 10/01/13 @ 100, AMBAC 585 632 Charlotte Transit Projects, Ser A, COP, 5.000%, 06/01/33, Callable 06/01/13 @ 100 1,920 1,990 Charlotte Water & Sewer System, RB, 5.250%, 06/01/15, Prerefunded 06/01/09 @ 101 500 527 Charlotte Water & Sewer System, Ser A, RB, 4.625%, 07/01/36, Callable 07/01/16 @ 100 1,500 1,525 Charlotte, Convention Facilities Project, COP, 5.000%, 12/01/25, Callable 12/01/15 @ 100 1,000 1,057 Charlotte-Mecklenberg Hospital Authority, Carolinas Health Care System, Ser A, RB, 5.000%, 01/15/13, Callable 01/15/07 @ 102 500 512 Dare County, COP, 5.000%, 06/01/23, Callable 12/01/12 @ 100, AMBAC 830 873 Durham County, Public Improvement, Ser B, GO, 5.000%, 06/01/23, Callable 06/01/16 @ 100 1,125 1,220 Durham, GO, 5.000%, 02/01/07 500 503 Fayetteville Public Works Commission, RB, 3.375%, 01/15/07, FSA 345 344 Iredell County Public Facilities Project, COP, 5.250%, 10/01/20, Callable 10/01/13 @ 100, AMBAC 500 538
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- NORTH CAROLINA--CONTINUED New Hanover County Hospital, New Hanover Regional Medical Center Project, RB, 5.300%, 10/01/06, AMBAC 200 200 North Carolina Capital Facilities Finance Agency, Duke University Project, Ser A, RB, 5.250%, 07/01/42, Callable 10/01/12 @ 100 4,500 4,734 North Carolina Capital Facilities Finance Agency, Educational Facilities, Johnson & Wales University Project, Ser A, RB, 5.000%, 04/01/14, Callable 04/01/13 @ 100 500 533 North Carolina Capital Facilities Finance Agency, Educational Facilities, Trinity Episcopal School Project, RB, 3.750%, 09/01/24, LOC: Wachovia Bank N.A. (b) 400 400 North Carolina Capital Facilities Finance Agency, Student Housing, NCA&T University Foundation Project, Ser A, RB, 5.250%, 06/01/20, Callable 06/01/14 @ 100, LOC: Radian 500 535 North Carolina Eastern Municipal Power Agency, Power System, Ser A, RB, 5.700%, 01/01/15, Callable 01/01/07 @ 102, MBIA 500 512 North Carolina Eastern Municipal Power Agency, Power System, Ser C, RB, 5.375%, 01/01/16, Callable 01/01/13 @ 100 500 533 North Carolina Educational Facilities Finance Agency, Belmont Abbey College, RB, 3.750%, 06/01/18, LOC: First Union National Bank (b) 400 400 North Carolina Educational Facilities Finance Agency, Wingate University, RB, 3.750%, 05/01/22, LOC: Bank of America (b) 400 400
See Notes to Financial Statements. 45 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) NORTH CAROLINA TAX-EXEMPT BOND FUND -- CONTINUED
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- NORTH CAROLINA--CONTINUED North Carolina Housing Finance Agency Homeownership, Ser 24-A, RB, AMT, 4.900%, 01/01/38, Callable 01/01/16 @ 100 1,000 1,009 North Carolina Medical Care Commission, Health Care Facilities, Novant Health Obligations Group, Ser A, RB, 5.000%, 11/01/17, Callable 11/01/13 @ 100 1,290 1,365 North Carolina Medical Care Commission, Health Care Facilities, Novant Health Obligations Group, Ser A, RB, 5.000%, 11/01/18, Callable 11/01/13 @ 100 500 528 North Carolina Municipal Power Agency, No. 1 Catawba Electric, Ser A, RB, 5.500%, 01/01/15, MBIA 500 560 North Carolina State Education Assistance Authority, Student Loans, Subser Q, RB, AMT, 3.780%, 07/01/36, 1,000 1,000 North Carolina State University at Raleigh, Centennial Campus Project, Ser B, RB, 5.125%, 12/15/16, Prerefunded 12/15/06 @ 101, MBIA 500 507 North Carolina State, Public Improvement, Ser A, GO, 5.250%, 03/01/13 1,000 1,094 Onslow County Hospital Authority, Onsolow Memorial Hospital Project, RB, 5.125%, 04/01/18, Callable 10/01/16 @ 100, MBIA/FHA 500 545 Pitt County School Facilities Project, Ser B, COP, 5.300%, 04/01/21, Callable 04/01/10 @ 101, FSA 500 527 Raleigh Combined Enterprise System, RB, 5.250%, 03/01/17, Callable 03/01/11 @ 100 500 535
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- NORTH CAROLINA--CONTINUED Raleigh Combined Enterprise System, Ser A, RB, 5.000%, 03/01/26, Callable 03/01/16 @ 100 2,500 2,674 Raleigh Durham Airport Authority, Ser A, RB, 5.000%, 05/01/30, Callable 05/01/15 @ 100, AMBAC 2,000 2,105 Rockingham County, COP, 5.000%, 04/01/18, Callable 04/01/12 @ 101, AMBAC 500 531 Salisbury Enterprise System, RB, 5.000%, 02/01/20, Callable 02/01/12 @ 101, FSA 500 532 University of North Carolina at Wilmington, COP, 5.000%, 06/01/31, Callable 06/01/15 @ 100, FGIC 1,295 1,359 University of North Carolina Systems Pool, Ser A, RB, 5.375%, 04/01/21, Callable 10/01/12 @ 100, AMBAC 400 434 University of North Carolina Systems Pool, Ser A, RB, 5.375%, 04/01/22, Callable 10/01/12 @ 100, AMBAC 500 542 University of North Carolina Systems Pool, Ser A, RB, 5.000%, 04/01/23, Callable 04/01/15 @ 100, AMBAC 1,910 2,038 Wake County Hospital, RB, 5.125%, 10/01/13, MBIA, ETM 350 381 Wake County Industrial Facilities & Pollution Control Financing Authority, Carolina Power & Light Co. Project, RB, 5.375%, 02/01/17, Callable 02/01/12 @ 101 1,000 1,061 Wilmington, Ser A, COP, 5.350%, 06/01/24, Callable 06/01/09 @ 101, MBIA 500 527 Wilson Combined Enterprise Systems, RB, 5.250%, 12/01/18, Callable 12/01/12 @ 100, FSA 500 540
See Notes to Financial Statements. 46 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) NORTH CAROLINA TAX-EXEMPT BOND FUND -- CONCLUDED
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- NORTH CAROLINA--CONTINUED Winston-Salem State University, Housing & Dining System, Ser B, RB, 4.850%, 01/01/11, Callable 01/01/09 @ 101, MBIA 500 517 Winston-Salem Water & Sewer System, RB, 5.500%, 06/01/15, Prerefunded 06/01/11 @ 101 270 295 Winston-Salem Water & Sewer System, RB, 5.500%, 06/01/16, Prerefunded 06/01/11 @ 101 200 218 Winston-Salem, Ser C, COP, 3.730%, 08/01/11, LOC: Dexia Credit Local (b) 2,000 2,000 ------- 43,258 ------- PUERTO RICO (4.0%) Puerto Rico Commonwealth Highway & Transportation Authority, Ser AA, RB, 5.500%, 07/01/19, MBIA 595 687 Puerto Rico Convention Center Authority, Hotel Occupancy Tax, Ser A, RB, 5.000%, 07/01/31, Callable 07/01/16 @ 100, AMBAC 1,000 1,066 ------- 1,753 ------- Total Municipal Bonds (Cost $44,393) 45,011 ------- MONEY MARKETS (1.4%) Federated Tax-Free Obligations Fund, 3.550% 608,441 608 SEI Tax Exempt Trust, Institutional Tax Free Fund, 3.380% 15,740 16 ------- Total Money Markets (Cost $624) 624 -------
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- Total Investments (Cost $45,017) (a) -- 105.0% 45,635 Liabilities in excess of other assets -- (5.0)% (2,173) ------- Net Assets -- 100.0% $43,462 =======
- --------------- (a) Cost for federal income tax purposes is the same. Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................... $653 Unrealized Depreciation.................... (35) ---- Unrealized Appreciation (Depreciation)..... $618 ====
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. AMBAC -- Security insured by the American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax COP -- Certificate of Participation ETM -- Escrowed to Maturity FGIC -- Security insured by the Financial Guaranty Insurance Company FSA -- Security insured by Financial Security Assurance GO -- General Obligation LOC -- Line of Credit MBIA -- Security insured by the Municipal Bond In- surance Association RB -- Revenue Bond Ser -- Series
See Notes to Financial Statements. 47 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX FLOATING RATE HIGH INCOME FUND
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- BANK LOANS (90.5%) ADVERTISING (1.6%) Affinion Group, Inc., 8.174%, 10/01/12 (b) (d) 3,333 3,344 R.H. Donnelley Corp., 6.890%, 06/30/11 (b) (d) 992 983 Ventiv Health, Inc., 6.999%, 10/05/11 (b) (d) 2,362 2,343 -------- 6,670 -------- AEROSPACE/DEFENSE (0.5%) AM General Corp., 0.000%, 09/30/12 (b) (c) (d) 32 32 AM General Corp., 0.000%, 09/30/12 (b) (c) (d) 968 971 BE Aerospace, Inc., 7.155%, 08/14/12 (b) (d) 1,000 1,003 -------- 2,006 -------- APPAREL (0.5%) Hanesbrands, Inc., 7.625%, 09/05/13 (b) (d) 1,000 1,006 Hanesbrands, Inc., 9.125%, 03/05/14 (b) (d) 1,000 1,020 -------- 2,026 -------- AUTO PARTS & EQUIPMENT (2.8%) ArvinMeritor, Inc., 7.125%, 06/22/12 (b) (d) 2,996 2,999 Baker Tanks, Inc., 7.842%, 11/23/12 (b) (d) 2,978 2,992 CSK Automotive, Inc., 8.540%, 06/30/12 (b) (d) 2,000 2,018 Goodyear Tire & Rubber Co. (The), 7.954%, 04/30/10 (b) (d) 4,000 4,024 -------- 12,033 -------- BANKS (0.5%) FSB Holdings, Inc., 0.000%, 09/25/26 (b) (c) (d) 2,000 2,010 -------- BEVERAGES (0.6%) Constellation Brands, Inc., 6.944%, 06/01/13 (b) (d) 2,500 2,511 -------- BUILDING MATERIALS (1.7%) CONTECH Construction Products, Inc., 7.397%, 01/31/13 (b) (d) 2,979 2,983 Interline Brands, Inc., 7.260%, 06/23/13 (b) (d) 565 565
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- BUILDING MATERIALS--CONTINUED Interline Brands, Inc., 7.260%, 06/23/13 (b) (d) 435 435 Ohmstede Ltd., 8.500%, 08/02/13 (b) (d) 2,000 2,018 Quality Home Brands, 8.139%, 12/01/12 (b) (d) 995 999 -------- 7,000 -------- CHEMICALS (6.9%) Celanese AG, 7.367%, 06/01/10 (b) (d) 1,864 1,870 Columbian Chemicals Co., 7.117%, 02/11/13 (b) (d) 4,000 3,995 Compass Minerals International, Inc., 6.974%, 12/22/12 (b) (d) 2,809 2,805 Georgia Gulf Corp., 0.000%, 08/02/13 (b) (c) (d) 3,000 3,005 Hexion Specialty Chemicals, Inc., 7.562%, 05/05/13 (b) (d) 4,108 4,063 Hexion Specialty Chemicals, Inc., 7.370%, 05/15/13 (b) (d) 890 880 Huntsman International LLC, 7.080%, 08/16/12 (b) (d) 3,837 3,829 Ineos Group Holdings PLC, 7.611%, 12/14/13 (b) (d) 1,000 1,008 Ineos Group Holdings PLC, 8.111%, 12/14/14 (b) (d) 1,000 1,009 Lucite International Ltd., 0.000%, 07/03/13 (b) (c) (d) 260 261 Lucite International Ltd., 8.080%, 07/03/13 (b) (d) 740 744 Lyondell Chemical Co., 0.000%, 08/16/13 (b) (c) (d) 3,500 3,500 Vertellus Specialty Chemicals, 8.611%, 07/07/13 (b) (d) 1,995 2,005 -------- 28,974 -------- COAL (0.9%) Alpha Natural Resources, Inc., 7.117%, 10/26/12 (b) (d) 3,977 3,964 -------- COMMERCIAL SERVICES (6.9%) Astoria Generating Co. Acquisitions LLC, 7.330%, 02/22/11 (b) (d) 355 357 Astoria Generating Co. Acquisitions LLC, 7.390%, 08/13/13 (b) (d) 1,503 1,508
See Notes to Financial Statements. 48 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX FLOATING RATE HIGH INCOME FUND -- CONTINUED
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- COMMERCIAL SERVICES--CONTINUED Cenveo, Inc., 7.385%, 06/21/13 (b) (d) 3,500 3,504 Eastman Kodak Co., 7.699%, 10/18/12 (b) (d) 3,980 3,980 Harlan Sprague Dawley, Inc., 8.000%, 01/11/12 (b) (d) 2,420 2,429 Hertz Corp. (The), 7.670%, 12/21/12 (b) (d) 986 991 Merrill Corp., 7.592%, 05/15/11 (b) (d) 4,478 4,489 National Pizza, 7.100%, 04/26/13 (b) (d) 1,700 1,685 Quintiles Transnational Corp., 9.370%, 03/21/13 (b) (d) 995 993 Quintiles Transnational Corp., 9.370%, 03/21/14 (b) (d) 2,000 2,031 Sedgwick CMS Holdings, Inc., 7.617%, 01/31/13 (b) (d) 1,995 1,992 United Rental North America, Inc., 4.858%, 02/14/11 (b) (d) 432 433 United Rental North America, Inc., 7.320%, 02/14/11 (b) (d) 1,124 1,127 Vanguard Car Rental USA, Inc., 8.367%, 05/26/13 (b) (d) 3,740 3,740 -------- 29,259 -------- COMPUTERS (1.9%) Acxiom Corp., 0.000%, 09/15/12 (b) (c) (d) 3,000 3,004 Stratus Technologies, Inc., 8.368%, 03/15/12 (b) (d) 1,000 994 SunGard Data Systems, Inc., 7.999%, 02/11/13 (b) (d) 3,982 4,005 -------- 8,003 -------- DIVERSIFIED FINANCIAL SERVICES (4.1%) J.G. Wentworth & Co., Inc., 8.867%, 04/05/11 (b) (d) 4,000 4,040 LSP General Finance Co. LLC, 0.875%, 03/29/13 (b) (d) 3 2 LSP General Finance Co. LLC, 7.117%, 03/29/13 (b) (d) 179 178 LSP General Finance Co. LLC, 7.117%, 03/29/13 (b) (d) 4,206 4,193 Nasdaq Stock Market, Inc. (The), 6.972%, 04/18/12 (b) (d) 1,243 1,242
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Nasdaq Stock Market, Inc. (The), 7.065%, 04/18/12 (b) (d) 721 721 Nielsen Finance LLC, 8.190%, 08/09/13 (b) (d) 7,000 6,975 -------- 17,351 -------- EDUCATION (0.2%) Education Management Corp., 9.750%, 05/23/12 (b) (d) 998 1,003 -------- ELECTRIC (3.0%) BHM Technologies LLC, 8.435%, 07/22/13 (b) (d) 1,000 975 Boston Generating LLC, 8.617%, 10/01/10 (b) (d) 1,985 2,015 LSP-Kendall Energy LLC, 7.367%, 10/07/13 (b) (d) 1,924 1,909 Mirant North America LLC, 7.074%, 01/03/13 (b) (d) 3,975 3,961 NRG Energy, Inc., 7.367%, 02/01/13 (b) (d) 3,980 3,998 -------- 12,858 -------- ENERGY (0.4%) Plum Point Associates LLC, 8.624%, 02/21/14 (b) (d) 389 391 Plum Point Associates LLC, 8.749%, 03/14/14 (b) (d) 1,431 1,442 -------- 1,833 -------- ENTERTAINMENT (5.5%) Cedar Fair LP, 7.830%, 08/30/12 (b) (d) 4,000 4,010 Isle of Capri Casinos, 7.172%, 02/04/11 (b) (d) 2,962 2,971 Penn National Gaming, Inc., 7.194%, 10/03/12 (b) (d) 1,995 2,000 Regal Cinemas, Inc., 7.117%, 02/26/13 (b) (d) 2,985 2,971 SFX Entertainment, Inc., 7.620%, 06/21/13 (b) (d) 4,975 4,965 Venetian Casino Resort LLC, 7.120%, 06/15/11 (b) (d) 385 384 Venetian Casino Resort LLC, 7.120%, 06/15/11 (b) (d) 2,865 2,867 Venetian Casino Resort LLC, 8.120%, 04/06/13 (b) (d) 3,263 3,277 -------- 23,445 --------
See Notes to Financial Statements. 49 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX FLOATING RATE HIGH INCOME FUND -- CONTINUED
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- ENVIRONMENT CONTROL (0.7%) Allied Waste North America, Inc., 5.334%, 01/15/12 (b) (d) 839 835 Allied Waste North America, Inc., 7.212%, 01/15/12 (b) (d) 2,093 2,083 -------- 2,918 -------- FOOD (0.6%) Pinnacle Foods Group, Inc., 7.473%, 11/15/10 (b) (d) 2,407 2,404 -------- FOREST PRODUCTS & PAPER (1.2%) Georgia-Pacific Corp., 7.428%, 01/27/11 (b) (d) 1,925 1,925 Georgia-Pacific Corp., 8.390%, 12/20/13 (b) (d) 2,000 2,018 Verso Paper Holdings LLC, 7.250%, 08/03/13 (b) (d) 1,000 1,000 -------- 4,943 -------- HEALTHCARE -- SERVICES (5.8%) Beverly Enterprises, Inc., 7.960%, 04/07/11 (b) (d) 3,483 3,491 Capella Healthcare, Inc., 8.367%, 11/30/12 (b) (d) 3,990 4,011 CRC Health Corp., 7.617%, 02/06/13 (b) (d) 2,993 2,981 Davita, Inc., 7.469%, 10/02/12 (b) (d) 1,817 1,822 Matria Healthcare, Inc., 7.629%, 01/19/12 (b) (d) 1,351 1,353 Multiplan, Inc., 7.350%, 04/08/13 (b) (d) 2,841 2,823 National Mentor Holdings, Inc., 7.840%, 06/28/13 (b) (d) 110 110 National Mentor Holdings, Inc., 7.867%, 06/28/13 (b) (d) 1,885 1,891 National Renal Institutes, 7.594%, 04/01/13 (b) (d) 1,995 1,996 Vanguard Health Systems, 7.867%, 09/23/11 (b) (d) 3,990 3,988 -------- 24,466 -------- INVESTMENT COMPANIES (0.5%) Thermal North American, Inc., 7.080%, 10/12/13 (b) (d) 2,000 1,995 --------
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- LEISURE TIME (0.9%) Travelport, Inc., 8.367%, 08/09/13 (b) (d) 3,643 3,645 Travelport, Inc., 8.367%, 08/09/13 (b) (d) 357 357 -------- 4,002 -------- LODGING (3.7%) Hilton Hotels Corp., 6.725%, 02/22/13 (b) (d) 1,262 1,260 Kerzner International Ltd., 0.000%, 08/31/13 (b) (c) (d) 1,000 1,000 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 500 500 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 214 214 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 2,286 2,277 Metro-Goldwyn-Mayer, Inc., 8.617%, 04/08/11 (b) (d) 2,857 2,826 Metro-Goldwyn-Mayer, Inc., 8.749%, 03/15/12 (b) (d) 1,000 990 MGM Mirage, Inc., 6.284%, 04/25/10 (b) (d) 3,501 3,490 MotorCity Casino, 7.375%, 07/26/12 (b) (d) 2,990 2,979 -------- 15,536 -------- MACHINERY DIVERSIFIED (1.2%) Gleason Corp., 7.914%, 07/01/13 (b) (d) 1,500 1,508 NACCO Materials Handling Group, Inc., 7.358%, 02/24/13 (b) (d) 3,500 3,482 -------- 4,990 -------- MEDIA (10.6%) Black Press Group Ltd., 7.496%, 08/02/13 (b) (d) 622 625 Black Press Group Ltd., 7.500%, 08/02/13 (b) (d) 378 379 Cablevision Systems Corp., 7.183%, 03/21/12 (b) (d) 3,496 3,482 Dex Media West Finance LLC, 6.871%, 12/30/10 (b) (d) 2,843 2,823 DirecTV Holdings LLC, 6.826%, 03/30/10 (b) (d) 1,990 1,991
See Notes to Financial Statements. 50 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX FLOATING RATE HIGH INCOME FUND -- CONTINUED
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- MEDIA--CONTINUED Entravision Communications Corp., 7.010%, 03/29/13 (b) (d) 1,990 1,984 Gray Television, Inc., 7.010%, 11/22/12 (b) (d) 2,978 2,966 Mediacom LLC, 7.144%, 04/15/15 (b) (d) 4,140 4,128 MediaNews Group, Inc., 7.074%, 06/28/13 (b) (d) 2,993 2,998 Next Media Operating, Inc., 7.330%, 11/04/12 (b) (d) 612 609 Next Media Operating, Inc., 7.330%, 11/04/12 (b) (d) 1,378 1,367 Philadelphia Newspapers, 8.120%, 06/29/13 (b) (d) 2,993 3,004 Quebecor Media, Inc., 7.507%, 01/17/13 (b) (d) 2,985 2,999 San Juan Cable LLC, 7.391%, 10/31/12 (b) (d) 995 995 Time Warner Telecom, Inc., 7.820%, 11/30/10 (b) (d) 1,985 1,989 VTR Globalcom SA, 0.000%, 09/20/14 (b) (c) (d) 5,000 4,974 Wenner Media LLC, 0.000%, 09/29/13 (b) (c) (d) 3,000 3,004 WideOpenWest Holdings, LLC, 7.733%, 05/01/13 (b) (d) 4,000 3,995 Yell Group PLC, 7.324%, 08/07/13 (b) (d) 1,000 1,003 -------- 45,315 -------- MINING (0.7%) Longyear Holdings, Inc., 10.250%, 07/28/12 (b) (d) 2,985 2,992 -------- MISCELLANEOUS MANUFACTURER (3.5%) Activant Solutions Holdings, Inc., 7.500%, 05/01/13 (b) (d) 3,982 3,943 Bombardier, Inc., 8.240%, 06/28/13 (b) (d) 4,000 3,987 Covalence Specialty Materials Corp., 7.375%, 02/07/13 (b) (d) 1,995 1,986
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- MISCELLANEOUS MANUFACTURER--CONTINUED Nutro Products, Inc., 7.367%, 04/14/13 (b) (d) 2,985 2,987 Universal City Development, 0.000%, 06/09/11 (b) (c) (d) 1,960 1,960 -------- 14,863 -------- OIL & GAS (3.1%) Cheniere Energy, Inc., 8.117%, 08/30/12 (b) (d) 3,962 3,984 CITGO Petroleum Corp., 6.703%, 11/15/12 (b) (d) 1,990 1,986 Dynegy Holdings, Inc., 7.080%, 05/31/13 (b) (d) 1,000 998 Niska Gas Storage, 7.140%, 05/01/11 (b) (d) 242 242 Niska Gas Storage, 0.750%, 05/01/13 (b) (d) 170 169 Niska Gas Storage, 7.157%, 05/01/13 (b) (d) 1,584 1,581 OPTI Canada, Inc., 7.467%, 05/17/13 (b) (d) 3,000 2,996 Petroleum Geo-Services ASA, 7.606%, 12/16/12 (b) (d) 1,037 1,044 -------- 13,000 -------- PACKAGING & CONTAINERS (0.9%) Berry Plastics Corp., 7.080%, 09/05/13 (b) (d) 4,000 4,000 -------- PHARMACEUTICALS (0.9%) Angiotech Pharmaceuticals, Inc., 6.876%, 04/01/13 (b) (d) 3,712 3,622 -------- PIPELINES (2.0%) EL Paso Corp., 7.270%, 07/24/11 (b) (d) 2,000 2,008 MarkWest Energy Partners LP, 7.574%, 12/29/10 (b) (d) 377 377 Regency Gas Services LLC, 7.870%, 08/01/11 (b) (d) 2,000 2,018 Targa Resources, Inc., 5.242%, 10/31/12 (b) (d) 777 779 Targa Resources, Inc., 7.644%, 10/31/12 (b) (d) 3,203 3,213 -------- 8,395 -------- REAL ESTATE (0.5%) Mattamy Group, 7.688%, 04/11/13 (b) (d) 1,995 1,993 --------
See Notes to Financial Statements. 51 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX FLOATING RATE HIGH INCOME FUND -- CONTINUED
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- REITS (0.5%) Trizec Properties, Inc., 6.775%, 03/31/07 (b) (d) 2,000 1,996 -------- RETAIL (3.4%) Capital Automotive LP, 7.080%, 12/16/10 (b) (d) 2,645 2,649 Domino's Pizza, Inc., 6.880%, 06/25/10 (b) (d) 1,805 1,805 Neiman Marcus Group, Inc. (The), 7.891%, 04/06/13 (b) (d) 4,000 4,025 Quiznos Master LLC (The), 7.625%, 05/05/13 (b) (d) 2,993 2,974 Sports Authority, Inc. (The), 7.620%, 04/06/13 (b) (d) 3,000 2,979 -------- 14,432 -------- SEMICONDUCTORS (1.5%) ON Semiconductor Corp., 7.620%, 12/15/11 (b) (d) 3,474 3,483 Sensata Technologies, Inc., 7.239%, 04/15/13 (b) (d) 3,000 2,978 -------- 6,461 -------- SOFTWARE (0.9%) Infor Global Solutions, 9.120%, 07/28/12 (b) (d) 657 660 Infor Global Solutions, 9.120%, 07/28/12 (b) (d) 343 345 SERENA Software, Inc., 7.410%, 02/28/13 (b) (d) 2,813 2,809 -------- 3,814 -------- TELECOMMUNICATIONS (9.4%) American Cellular Network, 0.750%, 08/07/13 (b) (d) 1,000 996 American Cellular Network, 7.580%, 08/07/13 (b) (d) 1,000 1,004 Cequel Communications LLC, 8.125%, 03/21/13 (b) (d) 4,000 4,015 Cequel Communications LLC, 7.739%, 10/01/13 (b) (d) 4,000 3,963 Cequel Communications LLC, 9.989%, 05/05/14 (b) (d) 1,000 967 Clearwire Corp., 12.074%, 08/18/09 (b) (d) 2,000 2,015 Crown Castle International Corp., 7.650%, 06/01/14 (b) (d) 4,000 4,013
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- TELECOMMUNICATIONS--CONTINUED IPC Information Systems, Inc., 0.000%, 09/20/14 (b) (c) (d) 1,500 1,526 Level 3 Communications, Inc., 8.398%, 12/01/11 (b) (d) 4,000 4,032 MCC Iowa (Broadband), 7.130%, 01/05/15 (b) (d) 3,000 2,969 PanAmSat Corp., 8.008%, 07/03/13 (b) (d) 5,000 5,029 Sorenson Communications, Inc., 8.390%, 08/01/13 (b) (d) 4,000 4,020 Sorenson Communications, Inc., 12.390%, 02/01/14 (b) (d) 1,000 1,008 US Telepacific Corp., 9.894%, 08/07/11 (b) (d) 1,000 1,005 Windstream Corp., 7.260%, 07/13/13 (b) (d) 3,000 3,008 -------- 39,570 -------- Total Bank Loans (Cost $384,585) 382,653 -------- CORPORATE BONDS (5.0%) AUTO PARTS & EQUIPMENT (1.0%) Autonation, Inc., 7.507%, 04/15/13, Callable 04/15/08 @ 103.00 (b) (d) 4,000 4,050 -------- ELECTRIC (1.0%) Reliant Energy, Inc., 9.250%, 07/15/10, Callable 07/15/07 @ 104.62 3,990 4,140 -------- HEALTHCARE -- PRODUCTS (0.2%) Universal Hospital Services, Inc., 10.125%, 11/01/11, Callable 11/01/07 @ 105.063 1,000 1,050 -------- MEDIA (2.3%) Compagnie Susquehanna, 9.875%, 05/15/14, Callable 05/15/10 @ 104.938 (d) 5,000 4,699 LIN Television Corp., Ser B, 6.500%, 05/15/13, Callable 05/15/08 @ 103.25 2,000 1,865 Sinclair Broadcast Group, Inc., 8.000%, 03/15/12, Callable 03/15/07 @ 104 3,000 3,041 -------- 9,605 --------
See Notes to Financial Statements. 52 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX FLOATING RATE HIGH INCOME FUND -- CONCLUDED
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- RETAIL (0.5%) Rite Aid Corp., 9.500%, 02/15/11, Callable 02/15/07 @ 104.75 2,000 2,068 -------- TELECOMMUNICATIONS (0.0%) Intelsat Subsidiary Holding Co. Ltd., 10.484%, 01/15/12, Callable 11/20/06 @ 101 (b) 50 51 -------- Total Corporate Bonds (Cost $21,301) 20,964 -------- REPURCHASE AGREEMENTS (9.8%) ABN AMRO Bank N.V., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $21,378 (collateralized by U.S. Government Agencies; 5.000%, 09/14/07; total market value $21,796) 21,368 21,369 Lehman Brothers, Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $20,152 (collateralized by U.S. Government Agencies; 5.000%, 07/01/20; total market value $20,548) 20,143 20,143 -------- Total Repurchase Agreements (Cost $41,512) 41,512 --------
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- Total Investments (Cost $447,398) (a) -- 105.3% 445,129 Liabilities in excess of other assets -- (5.3)% (22,253) -------- Net Assets -- 100.0% $422,876 ========
- --------------- (a) Cost for federal income tax purposes is $447,408 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation............. $ 446 Unrealized Depreciation............. (2,725) ------- Unrealized Appreciation (Depreciation).................... $(2,279) =======
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) This security has not settled as of September 30, 2006 and thus does not have a rate in effect. The security does not have a stated settlement date and will receive a rate upon settling with the custodian. (d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. LLC -- Limited Liability Corporation LP -- Limited Partnership PLC -- Public Limited Company REIT -- Real Estate Investment Trust See Notes to Financial Statements. 53 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- BANK LOANS (5.1%) CHEMICALS (0.6%) Celanese AG, 7.367%, 06/01/10 (b) (d) 2,795 2,805 Huntsman International LLC, 7.080%, 08/16/12 (b) (d) 1,907 1,903 Ineos Group Holdings PLC, 7.611%, 12/14/13 (b) (d) 1,500 1,512 Ineos Group Holdings PLC, 8.111%, 12/14/14 (b) (d) 1,500 1,513 ---------- 7,733 ---------- COMMERCIAL SERVICES (0.6%) Eastman Kodak Co., 7.699%, 10/18/12 (b) (d) 1,990 1,990 Hertz Corp. (The), 5.390%, 12/21/12 (b) (d) 257 258 Hertz Corp. (The), 7.670%, 12/21/12 (b) (d) 2,730 2,74 Quintiles Transnational Corp., 9.370%, 03/21/13 (b) (d) 995 993 United Rental North America, Inc., 4.858%, 02/14/11 (b) (d) 336 337 United Rental North America, Inc., 7.320%, 02/14/11 (b) (d) 859 861 ---------- 7,183 ---------- COMPUTERS (0.2%) SunGard Data Systems, Inc., 7.999%, 02/11/13 (b) (d) 1,990 2,001 ---------- DIVERSIFIED FINANCIAL SERVICES (0.4%) Nasdaq Stock Market, Inc. (The), 6.972%, 04/18/12 (b) (d) 622 621 Nasdaq Stock Market, Inc. (The), 7.065%, 04/18/12 (b) (d) 360 360 Nielsen Finance LLC, 8.190%, 08/09/13 (b) (d) 4,000 3,986 ---------- 4,967 ---------- ELECTRIC (0.2%) NRG Energy, Inc., 7.367%, 02/01/13 (b) (d) 1,990 1,999 ----------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- ENERGY (0.1%) Plum Point Associates LLC, 8.624%, 02/21/14 (b) (d) 194 195 Plum Point Associates LLC, 8.749%, 03/14/14 (b) (d) 716 721 ---------- 916 ---------- ENTERTAINMENT (0.1%) Venetian Casino Resort LLC, 7.120%, 06/15/11 (b) (d) 1,000 1,001 ---------- ENVIRONMENT CONTROL (0.2%) Allied Waste North America, Inc., 5.334%, 01/15/12 (b) (d) 554 551 Allied Waste North America, Inc., 7.212%, 01/15/12 (b) (d) 1,395 1,389 ---------- 1,940 ---------- FOREST PRODUCTS & PAPER (0.2%) Georgia-Pacific Corp., 7.428%, 01/27/11 (b) (d) 963 963 Georgia-Pacific Corp., 8.390%, 12/20/13 (b) (d) 1,000 1,009 ---------- 1,972 ---------- LODGING (1.2%) Boyd Gaming Corp., 6.804%, 06/19/11 (b) (d) 1,985 1,986 Kerzner International Ltd., 0.000%, 08/31/13 (b) (d) (h) 2,970 2,970 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 1,485 1,485 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 6,789 6,763 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 636 636 Metro-Goldwyn-Mayer, Inc., 8.617%, 04/08/11 (b) (d) 952 942 MGM Mirage, Inc., 6.284%, 04/25/10 (b) (d) 1,000 997 ---------- 15,779 ----------
See Notes to Financial Statements. 54 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MEDIA (0.7%) Cablevision Systems Corp., 7.183%, 03/21/12 (b) (d) 1,990 1,982 Dex Media West Finance LLC, 6.871%, 12/30/10 (b) (d) 937 931 Entravision Communications Corp., 7.010%, 03/29/13 (b) (d) 995 992 Gray Television, Inc., 7.010%, 11/22/12 (b) (d) 1,985 1,977 Quebecor Media, Inc., 7.507%, 01/17/13 (b) (d) 995 1,000 San Juan Cable LLC, 7.391%, 10/31/12 (b) (d) 995 995 Time Warner Telecom, Inc., 7.820%, 11/30/10 (b) (d) 1,985 1,988 ---------- 9,865 ---------- OIL & GAS (0.1%) Cheniere Energy, Inc., 8.117%, 08/30/12 (b) (d) 992 998 Petroleum Geo-Services ASA, 7.606%, 12/16/12 (b) (d) 691 695 ---------- 1,693 ---------- PIPELINES (0.0%) MarkWest Energy Partners LP, 7.574%, 12/29/10 (b) (d) 126 126 ---------- RETAIL (0.2%) Neiman Marcus Group, Inc. (The), 7.891%, 04/06/13 (b) (d) 2,000 2,012 ---------- TELECOMMUNICATIONS (0.3%) Consolidated Communications, Inc., 7.377%, 11/30/11 (b) (d) 2,000 1,998 Sorenson Communications, Inc., 8.390%, 08/01/13 (b) (d) 2,000 2,010 ---------- 4,008 ---------- Total Bank Loans (Cost $63,642) 63,195 ----------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- CORPORATE BONDS (92.6%) ADVERTISING (1.0%) Affinion Group, Inc., 10.125%, 10/15/13, Callable 10/15/09 @ 105.063 2,887 3,031 Lamar Media Corp., 6.625%, 08/15/15, Callable 08/15/10 @ 103.313 (d) 3,250 3,116 R.H. Donnelley Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44 918 1,010 R.H. Donnelley Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44 (d) 4,393 4,832 ---------- 11,989 ---------- AEROSPACE/DEFENSE (0.9%) Alliant Techsystems, Inc., 6.750%, 04/01/16, Callable 04/01/11 @ 103.38 3,925 3,866 L-3 Communications Corp., 7.625%, 06/15/12, Callable 06/15/07 @ 103.81 7,433 7,656 ---------- 11,522 ---------- APPAREL (0.5%) Levi Strauss & Co., 9.750%, 01/15/15, Callable 01/15/2010 @ 104.875 4,375 4,539 Levi Strauss & Co., 8.875%, 04/01/16, Callable 04/01/11 @ 104.44 1,240 1,234 ---------- 5,773 ---------- AUTO PARTS & EQUIPMENT (1.1%) Autonation, Inc., 7.507%, 04/15/13, Callable 04/15/08 @ 103.00 (b) (d) 3,740 3,787 Goodyear Tire & Rubber Co. (The), 13.699%, 03/01/11, Callable 03/01/08 @ 104.00 (b) 650 730
See Notes to Financial Statements. 55 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- AUTO PARTS & EQUIPMENT--CONTINUED Goodyear Tire & Rubber Co. (The), 9.000%, 07/01/15, Callable 07/01/10 @ 104.50 (e) 9,140 9,277 ---------- 13,794 ---------- BUILDING MATERIALS (0.4%) U.S. Concrete, Inc., 8.375%, 04/01/14, Callable 04/01/09 @ 104.188 (e) 2,515 2,418 U.S. Concrete, Inc., 8.375%, 04/01/14, Callable 04/01/09 @ 104.188 (d) 2,340 2,249 ---------- 4,667 ---------- CHEMICALS (3.8%) ARCO Chemical Co., 10.250%, 11/01/10 4,455 4,834 Equistar Chemical Funding Corp., 10.125%, 09/01/08 1,645 1,742 Equistar Chemicals LP, 10.625%, 05/01/11, Callable 05/01/07 @ 105.31 2,660 2,853 FMC Corp., Ser A, 7.000%, 05/15/08 1,057 1,080 Huntsman International LLC, 9.875%, 03/01/09 828 863 Huntsman International LLC, 11.625%, 10/15/10, Callable 10/15/07 @ 105.81 5,985 6,613 Huntsman International LLC, 11.500%, 07/15/12, Callable 07/15/08 @ 105.75 1,230 1,399 IMC Global, Inc., 10.875%, 08/01/13, Callable 08/01/08 @ 105.44 1,550 1,728 Ineos Group Holdings PLC, 8.500%, 02/15/16, Callable 02/15/11 @ 104.25 (d) (e) 8,550 8,144 Lyondell Chemical Co., 8.250%, 09/15/14, Callable 09/15/10 @ 104 4,145 4,197
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- CHEMICALS--CONTINUED Lyondell Chemical Co., 8.250%, 09/15/16, Callable 09/15/11 @ 104.125 4,145 4,207 Reichhold Industries, Inc., 9.000%, 08/15/14, Callable 08/15/10 @ 104.50 (d) 4,510 4,442 Rockwood Specialties Group, Inc., 10.625%, 05/15/11, Callable 05/15/07 @ 105.313 2,679 2,867 Rockwood Specialties Group, Inc., 7.500%, 11/15/14, Callable 11/15/09 @ 103.75 2,000 1,970 ---------- 46,939 ---------- COMMERCIAL SERVICES (2.8%) Alderwoods Group, Inc., 7.750%, 09/15/12, Callable 09/15/08 @ 103.88 2,050 2,209 Ashtead Capital, Inc., 9.000%, 08/15/16, Callable 08/15/11 @ 104.50 (d) (e) 4,675 4,862 Ashtead Holdings PLC, 8.625%, 08/01/15, Callable 08/01/10 @ 104.31 (d) 4,055 4,116 Avis Budget Car Rental, Inc., 7.905%, 05/15/14, Callable 05/15/08 @ 103 (b) (d) 6,790 6,654 Corrections Corp. of America, 7.500%, 05/01/11, Callable 05/01/07 @ 103.75 7,735 7,909 Hanover Compressor Co., 7.500%, 04/15/13, Callable 04/15/10 @ 103.75 (e) 1,225 1,225
See Notes to Financial Statements. 56 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- COMMERCIAL SERVICES--CONTINUED Hertz Corp. (The), 8.875%, 01/01/14, Callable 01/01/10 @ 104.44 (d) 4,890 5,122 Hertz Corp. (The), 10.500%, 01/01/16, Callable 01/01/11 @ 105.25 (d) (e) 2,285 2,514 ---------- 34,611 ---------- COMPUTERS (0.3%) Sungard Data Systems, Inc., 9.973%, 08/15/13, Callable 08/15/07 @ 103 (b) (e) 3,960 4,109 ---------- DIVERSIFIED FINANCIAL SERVICES (6.9%) BCP Crystal US Holdings Corp., 9.625%, 06/15/14, Callable 06/15/09 @ 104.81 3,410 3,700 Ford Motor Credit Corp., 6.625%, 06/16/08 3,000 2,955 Ford Motor Credit Corp., 5.625%, 10/01/08 7,450 7,147 Ford Motor Credit Corp., 5.800%, 01/12/09 15,015 14,295 Ford Motor Credit Corp., 9.957%, 04/15/12 (b) 4,690 4,908 Galaxy Entertainment Finance Co. Ltd., 10.420%, 12/15/10, Callable 12/15/08 @ 101.50 (b) (d) (e) 1,970 2,059 Galaxy Entertainment Finance Co. Ltd., 9.875%, 12/15/12, Callable 12/15/09 @ 104.94 (d) 3,340 3,494 General Motors Acceptance Corp. LLC, 6.750%, 12/01/14 (e) 18,630 18,187 General Motors Acceptance Corp. LLC, 8.000%, 11/01/31 (e) 17,975 18,793 Rainbow National Services LLC, 8.750%, 09/01/12, Callable 09/01/08 @ 104.38 (d) 6,838 7,317
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Rainbow National Services LLC, 10.375%, 09/01/14, Callable 09/01/09 @ 105.19 (d) 2,705 3,057 ---------- 85,912 ---------- DIVERSIFIED OPERATIONS (0.7%) Leucadia National Corp., 7.000%, 08/15/13 4,190 4,232 Nell AF SARL, 8.375%, 08/15/15, Callable 08/15/10 @ 104.19 (d) (e) 5,130 5,091 ---------- 9,323 ---------- ELECTRIC (10.8%) AES Corp. (The), 8.750%, 05/15/13, Callable 05/15/08 @ 104.38 (d) 3,497 3,751 Allegheny Energy Supply Co. LLC, 8.250%, 04/15/12 (d) 7,545 8,224 Aquila, Inc., 9.950%, 02/01/11 4,740 5,199 Aquila, Inc., 14.875%, 07/01/12 345 453 Elwood Energy LLC, 8.159%, 07/05/26 4,919 5,178 FPL Energy National Wind, 6.125%, 03/25/19 (d) 2,188 2,129 FPL Energy Wind Funding LLC, 6.876%, 06/27/17 (d) 2,891 2,938 General Cable Corp., 9.500%, 11/15/10, Callable 11/15/07 @ 104.75 (e) 4,408 4,717 Inergy LP/Inergy Finance, 8.250%, 03/01/16, Callable 03/01/11 @ 104.13 1,565 1,620 Legrand Holding SA, 8.500%, 02/15/25 550 623 Midwest Generation LLC, 8.750%, 05/01/34, Callable 05/01/09 @ 104.38 686 732 Midwest Generation LLC, Ser A, 8.300%, 07/02/09 3,322 3,389
See Notes to Financial Statements. 57 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- ELECTRIC--CONTINUED Midwest Generation LLC, Ser B, 8.560%, 01/02/16 11,811 12,548 Mirant Mid-Atlantic LLC, Ser B, 9.125%, 06/30/17 4,249 4,839 Mission Energy Holdings Co., 13.500%, 07/15/08 5,435 6,067 MSW Energy Holdings LLC, 8.500%, 09/01/10, Callable 09/01/07 @ 104.25 (d) 4,450 4,584 MSW Energy Holdings LLC, Ser B, 7.375%, 09/01/10, Callable 09/01/07 @ 103.69 6,341 6,341 Nevada Power Co., 5.950%, 03/15/16 (d) 2,000 1,998 Nevada Power Co., Ser A, 8.250%, 06/01/11 (e) 7,115 7,833 NRG Energy, Inc., 7.375%, 02/01/16, Callable 02/01/11 @ 103.69 9,665 9,604 PSEG Energy Holdings LLC, 8.625%, 02/15/08 12,420 12,885 PSEG Energy Holdings LLC, 10.000%, 10/01/09 946 1,034 Reliant Energy, Inc., 9.250%, 07/15/10, Callable 07/15/07 @ 104.62 (e) 4,731 4,908 Reliant Energy, Inc., 9.500%, 07/15/13, Callable 07/15/08 @ 104.75 (e) 6,595 6,842 Sierra Pacific Power Co., Ser A, 8.000%, 06/01/08 250 259 Sierra Pacific Resources, 7.803%, 06/15/12, Callable 06/15/09 @ 103.90 2,089 2,201 Sithe/Independence Funding Corp., Ser A, 8.500%, 06/30/07 742 751 Sithe/Independence Funding Corp., Ser A, 9.000%, 12/30/13 6,300 6,786
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- ELECTRIC--CONTINUED TECO Energy, Inc., 7.489%, 05/01/10, Callable 05/01/07 @ 102 (b) 2,310 2,368 Tenaska Alabama Partners LP, 7.000%, 06/30/21 (d) 3,518 3,447 ---------- 134,248 ---------- ELECTRONICS (0.5%) Fisher Scientific Instrument, Inc., 6.125%, 07/01/15 3,555 3,528 Fisher Scientific International, Inc., 6.750%, 08/15/14, Callable 08/15/09 @ 103.38 2,440 2,483 ---------- 6,011 ---------- ENERGY -- ALTERNATIVE SERVICES (0.2%) Salton Sea Funding Corp., Ser C, 7.840%, 05/30/10 1,265 1,296 Salton Sea Funding Corp., Ser F, 7.475%, 11/30/18 1,095 1,152 ---------- 2,448 ---------- ENTERTAINMENT (1.8%) Capitol Records, Inc., 8.375%, 08/15/09 (d) 6,908 7,254 Isle of Capri Casinos, Inc., 9.000%, 03/15/12, Callable 03/15/07 @ 104.50 2,705 2,823 Mohegan Tribal Gaming Authority, 6.125%, 02/15/13, Callable 02/15/09 @ 103.06 3,274 3,200 Pokagon Gaming Authority, 10.375%, 06/15/14, Callable 06/15/10 @ 105.188 (d) 1,465 1,562 Warner Music Group Corp., 7.375%, 04/15/14, Callable 04/15/09 @ 103.69 6,572 6,408 WMG Holdings Corp., 10.054%, 12/15/14, Callable 12/15/09 @ 104.75 (c) (g) 2,063 1,537 ---------- 22,784 ----------
See Notes to Financial Statements. 58 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- ENVIRONMENT CONTROL (1.0%) Allied Waste North America, Inc., 6.375%, 04/15/11 975 951 Allied Waste North America, Inc., 7.125%, 05/15/16, Callable 05/15/11 @ 103.563 (e) 7,880 7,772 Allied Waste North America, Inc., Ser B, 8.500%, 12/01/08 1,290 1,351 Casella Waste Systems, Inc., 9.750%, 02/01/13, Callable 02/01/08 @ 104.88 2,225 2,336 ---------- 12,410 ---------- FOOD (3.9%) Albertson's, Inc., 7.500%, 02/15/11 840 856 Albertson's, Inc., 8.700%, 05/01/30 1,430 1,442 Albertson's, Inc., 8.000%, 05/01/31 2,265 2,202 Chiquita Brands International, Inc., 8.875%, 12/01/15, Callable 06/01/10 @ 104.438 (e) 2,985 2,754 Del Monte Corp., 8.625%, 12/15/12, Callable 12/15/07 @ 104.31 8,627 9,047 Delhaize America, Inc., 8.125%, 04/15/11 5,090 5,463 Delhaize America, Inc., 9.000%, 04/15/31 8,745 10,243 Pinnacle Foods Holding Corp., 8.250%, 12/01/13, Callable 12/01/08 @ 104.12 4,870 4,876 Smithfield Foods, Inc., Ser B, 8.000%, 10/15/09 3,370 3,522 Stater Brothers Holdings, Inc., 8.125%, 06/15/12, Callable 06/15/08 @ 104.06 (e) 4,280 4,301 SUPERVALU, Inc., 7.875%, 08/01/09 1,500 1,555
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FOOD--CONTINUED Swift & Co., 10.125%, 10/01/09, Callable 10/01/06 @ 105.06 2,500 2,544 ---------- 48,805 ---------- FOREST PRODUCTS & PAPER (1.7%) Boise Cascade LLC, 8.382%, 10/15/12, Callable 08/21/12 @ 102 (b) 4,035 4,055 Boise Cascade LLC, 7.125%, 10/15/14, Callable 10/15/09 @ 103.56 2,030 1,893 Georgia-Pacific Corp., 8.125%, 05/15/11 4,039 4,140 Georgia-Pacific Corp., 9.500%, 12/01/11 (e) 4,899 5,279 Verso Paper Holdings LLC, 9.125%, 08/01/14, Callable 08/01/10 @ 104.563 (d) (e) 1,475 1,484 Verso Paper Holdings LLC, 9.235%, 08/01/14, Callable 08/01/08 @ 102 (b) (d) 4,605 4,651 ---------- 21,502 ---------- GAS (0.4%) Colorado Interstate Gas Co., 5.950%, 03/15/15 1,595 1,525 Colorado Interstate Gas Co., 6.800%, 11/15/15 3,890 3,921 ---------- 5,446 ---------- HEALTHCARE -- SERVICES (1.6%) Coventry Health Care, Inc., 8.125%, 02/15/12, Callable 02/15/07 @ 104.06 5,478 5,725 Coventry Health Care, Inc., 6.125%, 01/15/15 1,115 1,106 HCA, Inc., 7.875%, 02/01/11 (e) 7,720 7,383 Triad Hospitals, Inc., 7.000%, 05/15/12, Callable 05/15/08 @ 103.50 4,190 4,148
See Notes to Financial Statements. 59 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- HEALTHCARE -- SERVICES--CONTINUED US Oncology, Inc, 9.000%, 08/15/12, Callable 08/15/08 @ 104.50 1,555 1,609 ---------- 19,971 ---------- HOLDING COMPANIES -- DIVERSIFIED (0.0%) Leucadia National Corp., 8.650%, 01/15/27, Callable 01/15/07 @ 104.28 135 141 ---------- INSURANCE (1.2%) AFC Capital Trust I, Ser B, 8.207%, 02/03/27 (e) 4,852 5,043 Crum & Forster Holdings Corp., 10.375%, 06/15/13, Callable 06/15/08 @ 105.19 (e) 1,680 1,722 Fairfax Financial Holdings Ltd., 7.750%, 04/26/12 (e) 1,600 1,488 Fairfax Financial Holdings Ltd., 7.375%, 04/15/18 (e) 1,655 1,398 Markel Capital Trust I, Ser B, 8.710%, 01/01/46, Callable 01/01/07 @ 104.36 4,025 4,218 Markel Corp., 7.350%, 08/15/34 1,010 1,045 ---------- 14,914 ---------- LEISURE TIME (0.6%) Royal Caribbean Cruises Ltd., 8.750%, 02/02/11 2,135 2,326 Royal Caribbean Cruises Ltd., 6.875%, 12/01/13 2,090 2,083 Travelport, Inc., 10.023%, 09/01/14, Callable 09/01/08 @ 102 (b) (d) 3,155 3,028 ---------- 7,437 ---------- LODGING (5.4%) Aztar Corp., 9.000%, 08/15/11, Callable 08/15/06 @ 104.50 1,410 1,472 Boyd Gaming Corp., 8.750%, 04/15/12, Callable 04/15/07 @ 104.38 3,815 4,006
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- LODGING--CONTINUED Boyd Gaming Corp., 7.750%, 12/15/12, Callable 12/15/07 @ 103.88 (e) 3,560 3,653 Caesars Entertainment, Inc., 8.125%, 05/15/11 2,391 2,523 Gaylord Entertainment Co., 8.000%, 11/15/13, Callable 11/15/08 @ 104 1,530 1,557 Harrah's Operating Co., Inc., 6.500%, 06/01/16 14,160 13,881 Hilton Hotels Corp., 8.250%, 02/15/11 4,165 4,488 Mandalay Resort Group, Ser B, 10.250%, 08/01/07 10,956 11,312 MGM Mirage, Inc., 8.500%, 09/15/10 17,790 18,923 San Pasqual Casino, 8.000%, 09/15/13, Callable 09/15/09 @ 104 (d) 2,865 2,915 Wynn Las Vegas LLC, 6.625%, 12/01/14, Callable 12/01/09 @ 103.31 3,135 3,041 ---------- 67,771 ---------- MACHINERY DIVERSIFIED (0.9%) Case New Holland, Inc., 9.250%, 08/01/11, Callable 08/01/07 @ 104.62 1,690 1,791 Case New Holland, Inc., 7.125%, 03/01/14, Callable 03/01/10 @ 103.563 6,435 6,459 Chart Industries, Inc., 9.125%, 10/15/15, Callable 10/15/10 @ 104.56 (d) 2,700 2,795 ---------- 11,045 ---------- MEDIA (11.0%) AT&T Broadband, 8.375%, 03/15/13 1,867 2,130 Block Communications, Inc., 8.250%, 12/15/15, Callable 12/15/10 @ 104.13 (d) 3,545 3,456
See Notes to Financial Statements. 60 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MEDIA--CONTINUED CanWest Media, Inc., 8.000%, 09/15/12, Callable 09/15/11 @ 100 3,922 3,873 CBS Corp., 7.875%, 07/30/30 1,630 1,780 Dex Media East Finance Co., 9.875%, 11/15/09, Callable 11/15/06 @ 104.94 1,270 1,338 Dex Media East Finance Co., 12.125%, 11/15/12, Callable 11/15/07 @ 106.06 3,970 4,432 Dex Media West Finance LLC, Ser B, 9.875%, 08/15/13, Callable 08/15/08 @ 104.94 (e) 6,200 6,696 Dex Media, Inc., 8.260%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (g) 610 514 DirecTV Holdings LLC, 8.375%, 03/15/13, Callable 03/15/08 @ 104.19 17,130 17,750 EchoStar DBS Corp., 6.375%, 10/01/11 2,565 2,498 EchoStar DBS Corp., 7.125%, 02/01/16, Callable 10/01/06 @ 100 (d) (e) 30,125 29,107 Gray Television, Inc., 9.250%, 12/15/11, Callable 12/15/06 @ 104.62 5,662 5,924 Kabel Deutschland Gmbh, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31 (d) 9,540 10,232 Liberty Media Corp., 8.250%, 02/01/30 (e) 4,450 4,442 LIN Television Corp., 6.500%, 05/15/13, Callable 05/15/12 @ 103.25 4,600 4,290
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MEDIA--CONTINUED LIN Television Corp., Ser B, 6.500%, 05/15/13, Callable 05/15/08 @ 103.25 2,305 2,149 Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (d) 3,745 3,722 Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 5,030 4,999 Morris Publishing Group LLC, 7.000%, 08/01/13, Callable 08/01/08 @ 103.50 1,010 954 Quebecor Media, Inc., 7.750%, 03/15/16, Callable 03/15/11 @ 103.875 3,525 3,529 Quebecor World Capital Corp., 8.750%, 03/15/16, Callable 03/15/11 @ 104.375 (d) (e) 2,020 1,944 Radio One, Inc., Ser B, 8.875%, 07/01/11, Callable 07/01/06 @ 104.44 2,900 2,962 Rogers Cable, Inc., 7.875%, 05/01/12 3,761 4,015 Rogers Cable, Inc., 6.250%, 06/15/13 270 267 Rogers Cable, Inc., 8.750%, 05/01/32 920 1,086 Sinclair Broadcast Group, Inc., 8.750%, 12/15/11, Callable 12/15/06 @ 104.375 4,974 5,185 Sinclair Broadcast Group, Inc., 8.000%, 03/15/12, Callable 03/15/07 @ 104 7,440 7,542 ---------- 136,816 ----------
See Notes to Financial Statements. 61 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MINING (1.5%) FMG Finance Property Ltd., 9.399%, 09/01/11 (b) (d) (e) 3,110 2,955 FMG Finance Property Ltd., 10.000%, 09/01/13 (d) 16,900 16,055 ---------- 19,010 ---------- MISCELLANEOUS MANUFACTURER (0.4%) Koppers, Inc., 9.875%, 10/15/13, Callable 10/15/08 @ 104.94 2,201 2,383 Samsonite Corp., 8.875%, 06/01/11, Callable 06/01/08 @ 104.44 2,385 2,498 ---------- 4,881 ---------- OFFICE/BUSINESS EQUIPMENT (1.3%) Xerox Capital Trust I, 8.000%, 02/01/27, Callable 02/01/07 @ 102.45 1,450 1,479 Xerox Corp., 9.750%, 01/15/09 14,129 15,295 ---------- 16,774 ---------- OIL & GAS (4.3%) Chesapeake Energy Corp., 7.500%, 09/15/13, Callable 09/15/08 @ 103.75 5,672 5,757 Chesapeake Energy Corp., 7.750%, 01/15/15, Callable 01/15/08 @ 103.88 (e) 2,770 2,825 Compagnie Gererale de Geophysique SA, 7.500%, 05/15/15, Callable 05/15/10 @ 103.75 2,980 2,950 Compton Petroleum Finance Corp., 7.625%, 12/01/13, Callable 12/01/09 @ 103.813 4,975 4,801 Encore Acquisition Co., 7.250%, 12/01/17, Callable 12/01/10 @ 103.63 525 505
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- OIL & GAS--CONTINUED Enterprise Products Operating LP, 7.500%, 02/01/11 4,415 4,708 Enterprise Products Operating LP, Ser B, 5.600%, 10/15/14 2,000 1,957 Forest Oil Corp., 8.000%, 06/15/08 54 55 Forest Oil Corp., 8.000%, 12/15/11 3,913 4,050 Kerr-McGee Corp., 6.950%, 07/01/24 3,230 3,461 Petrohawk Energy Corp., 9.125%, 07/15/13, Callable 07/15/10 @ 104.56 (d) 2,825 2,839 Pioneer Natural Resource Co., 5.875%, 07/15/16 5,670 5,309 Pioneer Natural Resource Co., 6.875%, 05/01/18 2,280 2,278 Tesoro Corp., 6.625%, 11/01/15, Callable 11/01/10 @ 103.31 (d) 1,985 1,911 Western Oil Sands, Inc., 8.375%, 05/01/12 9,459 10,146 ---------- 53,552 ---------- OIL & GAS SERVICES (0.4%) Hanover Compressor Co., 8.625%, 12/15/10, Callable 12/15/07 @ 104.31 1,795 1,867 Hanover Equipment Trust 01, Ser B, 8.750%, 09/01/11, Callable 09/01/07 @ 104.375 3,571 3,714 ---------- 5,581 ---------- PACKAGING & CONTAINERS (1.0%) Ball Corp., 6.875%, 12/15/12, Callable 12/15/07 @ 103.44 1,075 1,083 Graphic Packaging International, 9.500%, 08/15/13, Callable 08/15/08 @ 104.75 (e) 5,300 5,418
See Notes to Financial Statements. 62 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- PACKAGING & CONTAINERS--CONTINUED Owens-Brockway Glass Container, Inc., 8.875%, 02/15/09, Callable 02/15/07 @ 102.22 3,437 3,532 Silgan Holdings, Inc., 6.750%, 11/15/13, Callable 11/15/08 @ 103.38 3,000 2,963 ---------- 12,996 ---------- PIPELINES (3.0%) Copano Energy LLC, 8.125%, 03/01/16, Callable 03/01/11 @ 104.0625 1,290 1,306 El Paso Natural Gas Co., 8.625%, 01/15/22 3,800 4,348 El Paso Natural Gas Co., 8.375%, 06/15/32 3,760 4,304 El Paso Natural Gas Co., Ser A, 7.625%, 08/01/10, Callable 08/01/07 @ 103.81 8,565 8,822 Kinder Morgan Finance Co. ULC, 6.400%, 01/05/36 4,600 4,119 Southern Natural Gas Co., 8.000%, 03/01/32 660 730 Tennessee Gas Pipeline Co., 7.500%, 04/01/17 645 679 Transcontinental Gas Pipe Line Corp., Ser B, 8.875%, 07/15/12 1,015 1,123 Williams Cos., Inc. (The), 7.125%, 09/01/11 (e) 11,680 11,972 ---------- 37,403 ---------- REAL ESTATE (0.6%) American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 4,720 4,697 CB Richard Ellis Group, Inc., 9.750%, 05/15/10, Callable 05/15/07 @ 104.88 2,466 2,632 ---------- 7,329 ----------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- REITS (2.0%) Host Marriott Corp., Ser G, 9.250%, 10/01/07 2,898 2,989 Host Marriott Corp., Ser I, 9.500%, 01/15/07 7,545 7,611 Omega Healthcare Investors, Inc., 7.000%, 04/01/14, Callable 04/01/09 @ 103.50 4,970 4,920 Omega Healthcare Investors, Inc., 7.000%, 01/15/16, Callable 01/15/11 @ 103.50 2,105 2,073 Rouse Co. (The), 3.625%, 03/15/09 835 788 Rouse Co. (The), 8.000%, 04/30/09 3,725 3,879 Rouse Co. (The), 7.200%, 09/15/12 2,400 2,455 ---------- 24,715 ---------- RETAIL (1.3%) Gamestop Corp., 9.383%, 10/01/11, Callable 10/01/07 @ 102 (b) 1,075 1,118 Gamestop Corp., 8.000%, 10/01/12, Callable 10/01/09 @ 104 (e) 1,130 1,164 J.C. Penney Co., Inc., 8.000%, 03/01/10 1,065 1,146 J.C. Penney Co., Inc., 9.000%, 08/01/12 1,245 1,443 Rite Aid Corp., 8.125%, 05/01/10, Callable 05/01/07 @ 104.06 1,270 1,273 Rite Aid Corp., 9.500%, 02/15/11, Callable 02/15/07 @ 104.75 7,415 7,664 Rite Aid Corp., 7.500%, 01/15/15, Callable 01/15/10 @ 103.75 43 41 United Auto Group, Inc., 9.625%, 03/15/12, Callable 03/15/07 @ 104.81 (e) 1,925 2,041 ---------- 15,890 ----------
See Notes to Financial Statements. 63 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- SEMICONDUCTORS (2.3%) Advanced Micro Devices, Inc., 7.750%, 11/01/12, Callable 11/01/08 @ 103.88 8,674 8,805 Avago Technologies Finance Ltd., 10.900%, 06/01/13, Callable 12/01/07 @ 102 (b) (d) (e) 2,110 2,200 Avago Technologies, Inc., 10.125%, 12/01/13, Callable 12/01/09 @ 105.06 (d) 5,100 5,406 Freescale Semiconductor, Inc., 6.875%, 07/15/11, Callable 07/15/08 @ 103.44 4,370 4,599 Freescale Semiconductor, Inc., 7.125%, 07/15/14, Callable 07/15/09 @ 103.56 7,385 7,920 ---------- 28,930 ---------- TELECOMMUNICATIONS (14.8%) AT&T Corp., 8.000%, 11/15/31 970 1,186 Citizens Communications Co., 9.250%, 05/15/11 14,550 16,040 Citizens Communications Co., 9.000%, 08/15/31 6,935 7,438 Embarq Corp., 6.738%, 06/01/13 4,455 4,584 Embarq Corp., 7.995%, 06/01/36 12,235 12,955 GCI, Inc., 7.250%, 02/15/14, Callable 02/15/09 @ 103.62 4,460 4,304 Inmarsat Finance II PLC, 7.522%, 11/15/12, Callable 11/15/08 @ 105.19 (c) (g) 4,980 4,407 Inmarsat Group Ltd., 7.625%, 06/30/12, 4,733 4,875 Intelsat Subsidiary Holding Co. Ltd., 10.484%, 01/15/12, Callable 11/20/06 @ 101 (b) (e) 1,990 2,017
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- TELECOMMUNICATIONS--CONTINUED Intelsat Subsidiary Holding Co. Ltd., 8.250%, 01/15/13, Callable 01/15/09 @ 104.13 10,360 10,490 National Cable PLC, 8.750%, 04/15/14, Callable 04/15/09 @ 104.38 (e) 11,199 11,619 National Cable PLC, 9.125%, 08/15/16, Callable 08/15/11 @ 104.563 (e) 8,725 9,009 Nordic Telephone Co. Holdings, 8.875%, 05/01/16, Callable 05/01/11 @ 104.438 (d) (e) 7,655 8,047 PanAmSat Holdings Corp., 9.000%, 08/15/14, Callable 08/15/09 @ 104.50 4,544 4,692 PanAmSat Holdings Corp., 9.000%, 06/15/16, Callable 06/15/11 @ 104.50 (d) 4,690 4,831 Qwest Communications International, Inc., 8.905%, 02/15/09, Callable 02/15/07 @ 101 (b) 3,360 3,423 Qwest Communications International, Inc., 7.250%, 02/15/11, Callable 02/15/08 @ 103.62 2,150 2,150 Qwest Corp., 7.875%, 09/01/11 (e) 11,190 11,749 Qwest Corp., 8.875%, 03/15/12 865 944 Qwest Corp., 8.579%, 06/15/13 (b) (e) 3,000 3,210 Qwest Corp., 7.625%, 06/15/15 2,900 3,009 Rogers Wireless, Inc., 8.454%, 12/15/10, Callable 12/15/06 @ 102 (b) 2,295 2,335
See Notes to Financial Statements. 64 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- TELECOMMUNICATIONS--CONTINUED Rogers Wireless, Inc., 9.625%, 05/01/11 7,548 8,529 Rogers Wireless, Inc., 7.250%, 12/15/12 7,435 7,779 Rogers Wireless, Inc., 6.375%, 03/01/14 3,845 3,831 Rogers Wireless, Inc., 7.500%, 03/15/15 600 641 Rogers Wireless, Inc., 9.750%, 06/01/16 3,770 4,731 U.S. West Communications, 5.625%, 11/15/08 2,255 2,238 Valor Telecommunications Enterprise LLC, 7.750%, 02/15/15, Callable 02/15/10 @ 103.88 (e) 2,580 2,748 Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @104.313 (d) 17,880 19,131 ---------- 182,942 ---------- TRANSPORTATION (0.3%) CHC Helicopter Corp., 7.375%, 05/01/14, Callable 05/01/09 @ 103.69 3,657 3,447 ---------- Total Corporate Bonds (Cost $1,156,801) 1,153,838 ----------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- SHORT-TERM INVESTMENT (12.5%) CSFB Enhanced Liquidity Portfolio, 5.518% (f) 156,373,280 156,373 ---------- Total Short-Term Investment (Cost $156,373) 156,373 ---------- REPURCHASE AGREEMENT (1.3%) Lehman Brothers, Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $16,811 (collateralized by U.S. Government Agencies; 5.000%, due 07/01/20; total market value $17,142) 16,803 16,803 ---------- Total Repurchase Agreement (Cost $16,803) 16,803 ---------- Total Investments (Cost $1,393,619) (a) -- 111.5% 1,390,209 Liabilities in excess of other assets -- (11.5)% (143,556) ---------- Net Assets -- 100.0% $1,246,653 ==========
See Notes to Financial Statements. 65 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SEIX HIGH YIELD FUND -- CONCLUDED - --------------- (a) Cost for federal income tax purposes is $1,393,981 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation............ $ 12,338 Unrealized Depreciation............ (16,110) -------- Unrealized Appreciation (Depreciation)................... $ (3,772) ========
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rate represents the effective yield at purchase. (d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e) This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $150,118. (f) This security was purchased with cash collateral held from securities lending. (g) Step bond. (h) This security has not settled as of September 30, 2006 and thus does not have a rate in effect. The security does not have a stated settlement date and will receive a rate upon settling with the custodian. LLC -- Limited Liability Corporation LP -- Limited Partnership PLC -- Public Limited Company REIT -- Real Estate Investment Trust Ser -- Series See Notes to Financial Statements. 66 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SHORT-TERM BOND FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- ASSET BACKED SECURITIES (3.0%) AUTOMOBILE ABS (3.0%) Capital Auto Receivables Asset Trust, Ser 2006-1, Cl A3, 5.030%, 10/15/09 3,315 3,307 Capital One Prime Auto Receivable Trust, Ser 2005-1, Cl A3, 4.320%, 08/15/09 (b) 4,260 4,230 Honda Auto Receivables Owner Trust, Ser 2005-6, Cl A3, 4.850%, 10/19/09 2,520 2,511 Nissan Auto Receivables Owner Trust, Ser 2003-B, Cl A4, 2.050%, 03/16/09 1,077 1,061 USAA Auto Owner Trust, Ser 2004-1, Cl A3, 2.060%, 04/15/08 569 567 --------- Total Asset Backed Securities (Cost $11,695) 11,676 --------- COLLATERALIZED MORTGAGE OBLIGATIONS (12.6%) Adjustable Rate Mortgage Trust, Ser 2005-1, Cl 2A22, 4.601%, 05/25/35 (b) 1,640 1,621 Banc of America Commercial Mortgage, Inc., Ser 2004-2, Cl A2, 3.520%, 11/10/38 2,500 2,411 Bear Stearns Alternative-A Trust, Ser 2006-2, Cl 23A1, 5.987%, 03/25/36 (b) 5,185 5,232 Bear Stearns Commercial Mortgage Securities, Ser 2005-T20, Cl A1, 4.940%, 10/12/42 1,809 1,799 CS First Boston Mortgage Securities Corp., Ser 2004-C3, Cl A3, 4.302%, 07/15/36 3,050 2,984 First Horizon Alternative Mortgage Securities, Ser 2005-AA3, Cl 2A1, 5.185%, 05/25/35 (b) 2,545 2,553 First Horizon Alternative Mortgage Securities, Ser 2005-AA7, Cl 2A1, 5.426%, 09/25/35 (b) 2,701 2,694
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS--CONTINUED Greenwich Capital Commercial Funding Corp., Ser 2004-GG1, Cl A3, 4.344%, 06/10/36 (b) 2,150 2,115 J.P. Morgan Chase Commercial Mortgage Securities, Ser 2005-LDP1, Cl A2, 4.625%, 03/15/46 2,395 2,358 Morgan Stanley Capital I, Ser 1998-XL2, Cl A2, 6.17%, 10/03/08, 6.170%, 10/03/34 3,750 3,821 Morgan Stanley Capital I, Ser 2006-HQ8, Cl A1, 5.124%, 03/12/44 2,161 2,160 Residential Accredit Loans, Inc., Ser 2003-QS17, Cl CB3, 5.500%, 09/25/33 3,125 3,117 Wachovia Bank Commercial Mortgage Trust, Ser 2005-C16, Cl A2, 4.380%, 10/15/41 3,635 3,556 Washington Mutual, Ser 2005-AR4, Cl A1, 3.624%, 04/25/35 (b) 702 700 Wells Fargo Mortgage Backed Securities Trust, Ser 2004-S, Cl A5, 3.539%, 09/25/34 (b) 3,420 3,306 Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 2A4, 5.240%, 04/25/36 (b) 4,367 4,335 Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 3A1, 5.238%, 04/25/36 (b) 3,966 3,938 --------- Total Collateralized Mortgage Obligations (Cost $48,724) 48,700 --------- COMMERCIAL PAPERS (3.9%) BANKS (3.9%) Abbey National N.A. LLC, 5.320%, 10/04/06 (g) 4,000 3,995 Societe Generale N.A., 5.461%, 10/02/06 (g) 4,650 4,643
See Notes to Financial Statements. 67 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SHORT-TERM BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- BANKS--CONTINUED UBS Finance Corp., 5.575%, 10/02/06 (g) 6,500 6,497 --------- Total Commercial Papers (Cost $15,147) 15,135 --------- CORPORATE BONDS (18.5%) BANKS (2.8%) Bank One Corp., 7.600%, 05/01/07 3,441 3,483 BankBoston Corp., 6.500%, 12/19/07 3,815 3,854 Wachovia Corp., 6.375%, 02/01/09 3,300 3,374 --------- 10,711 --------- BEVERAGES (1.0%) Diageo Capital PLC, 3.375%, 03/20/08 4,025 3,921 --------- COMMERCIAL SERVICES (0.3%) ERAC USA Finance Co., 7.350%, 06/15/08 (f) 1,125 1,160 --------- COSMETICS/PERSONAL CARE (0.2%) Gillette Co. (The), 3.500%, 10/15/07, Callable 10/15/06 @ 100 873 855 --------- DIVERSIFIED FINANCIAL SERVICES (9.7%) Capital One Financial Corp., 8.750%, 02/01/07 770 778 CIT Group, Inc., 4.000%, 05/08/08 890 873 CIT Group, Inc., 4.250%, 02/01/10 2,340 2,269 Credit Suisse First Boston USA, Inc., 6.500%, 06/01/08 2,455 2,504 General Electric Capital Corp., 4.125%, 03/04/08 4,765 4,698 General Electric Capital Corp., 4.875%, 10/21/10 1,700 1,685 Golden West Financial Corp., 4.125%, 08/15/07 3,035 3,002 Goldman Sachs Group, Inc. (The), 7.350%, 10/01/09 3,510 3,720 HSBC Finance Corp., 4.125%, 03/11/08 3,400 3,350
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED International Lease Finance Corp., Ser Q, 4.625%, 06/02/08 2,955 2,923 John Deere Capital Corp., 3.900%, 01/15/08 3,130 3,077 Merrill Lynch & Co., Inc., 4.831%, 10/27/08 2,060 2,045 Merrill Lynch & Co., Inc., 4.790%, 08/04/10 1,725 1,699 Residential Capital Corp., 6.125%, 11/21/08 1,400 1,405 Salomon Smith Barney Holdings, 6.500%, 02/15/08 3,705 3,766 --------- 37,794 --------- ELECTRIC (0.4%) Commonwealth Edison, Co., 7.625%, 01/15/07 1,400 1,408 --------- MEDIA (0.7%) Comcast Cable Communications, Inc., 8.375%, 05/01/07 1,155 1,175 Time Warner, Inc., 6.150%, 05/01/07 1,585 1,591 --------- 2,766 --------- MISCELLANEOUS MANUFACTURER (0.8%) Honeywell International, Inc., 7.500%, 03/01/10 2,850 3,056 --------- OIL & GAS (0.5%) Anadarko Petroleum Corp., 3.250%, 05/01/08 1,240 1,199 Enterprise Products Partners LP, Ser B, 4.625%, 04/25/36 740 723 --------- 1,922 --------- PIPELINES (0.2%) Arkla, Inc., 8.900%, 12/15/06 860 866 --------- REITS (0.4%) Simon Property Group LP, 6.375%, 11/15/07 1,500 1,513 --------- TELECOMMUNICATIONS (1.5%) BellSouth Telecommunications, Inc., 5.875%, 01/15/09 1,450 1,469
See Notes to Financial Statements. 68 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SHORT-TERM BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- TELECOMMUNICATIONS--CONTINUED SBC Communications, Inc., 4.125%, 09/15/09 (c) 790 765 Verizon Global Funding Corp., 6.125%, 06/15/07 1,470 1,477 Verizon Wireless, Inc., 5.375%, 12/15/06 2,145 2,144 --------- 5,855 --------- Total Corporate Bonds (Cost $72,447) 71,827 --------- MASTER NOTES (1.5%) BANKS (1.5%) Bank of America Corp., 5.445% (b) (e) 6,000 6,000 --------- Total Master Notes (Cost $6,000) 6,000 --------- U.S. GOVERNMENT AGENCIES (15.6%) FANNIE MAE (4.5%) 5.150%, 09/21/07, Callable 12/21/06 @ 100 (c) 7,000 6,992 4.200%, 03/24/08 (c) 6,750 6,665 5.300%, 02/22/11, Callable 02/22/08 @ 100 3,750 3,737 --------- 17,394 --------- FEDERAL HOME LOAN BANK (0.9%) 4.875%, 08/22/07 3,475 3,466 --------- FREDDIE MAC (10.2%) 4.500%, 08/22/07 (c) 13,520 13,431 4.250%, 06/23/08 (c) 9,825 9,705 5.050%, 12/08/08, Callable 12/08/06 @ 100 (c) 5,885 5,876 5.750%, 03/15/09 (c) 4,240 4,317 5.000%, 11/01/10, Callable 11/01/07 @ 100 (c) 6,280 6,218 --------- 39,547 --------- Total U.S. Government Agencies (Cost $60,561) 60,407 --------- U.S. GOVERNMENT AGENCY MORTGAGES (17.0%) FANNIE MAE (11.6%) 7.030%, 08/01/07 384 386 6.826%, 11/01/07 2,363 2,367 6.070%, 10/01/08 2,106 2,112 3.810%, 12/01/08 (b) 3,855 3,730 6.595%, 07/01/09 1,995 2,049
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FANNIE MAE--CONTINUED 6.850%, 08/01/09 3,621 3,731 6.955%, 10/01/10 (b) 2,821 2,965 4.000%, 12/01/14 3,576 3,437 4.500%, 01/25/25 4,884 4,808 5.000%, 11/25/26 2,308 2,292 6.500%, 10/01/30 7,580 7,717 6.488%, 09/01/33 (b) 996 1,012 6.514%, 10/01/33 (b) 1,298 1,323 4.329%, 03/01/34 (b) 2,215 2,179 4.801%, 06/01/35 (b) 4,647 4,579 --------- 44,687 --------- FREDDIE MAC (4.0%) 4.000%, 07/01/08 1,865 1,836 3.750%, 12/15/11 2,055 1,996 5.591%, 01/25/12 2,250 2,276 4.500%, 08/15/19 110 106 5.000%, 12/15/20 2,855 2,843 4.500%, 10/15/28 2,587 2,535 4.279%, 03/01/34 (b) 2,135 2,087 4.958%, 04/01/34 (b) 1,829 1,813 --------- 15,492 --------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (1.4%) 5.996%, 02/16/24 (b) 996 1,012 3.772%, 05/16/25 4,738 4,574 --------- 5,586 --------- Total U.S. Government Agency Mortgages (Cost $66,609) 65,765 --------- U.S. TREASURY OBLIGATIONS (30.3%) U.S. TREASURY NOTES (30.3%) 2.625%, 05/15/08 (c) 59,295 57,354 4.375%, 11/15/08 980 974 4.500%, 02/15/09 (c) 34,660 34,537 4.875%, 05/15/09 (c) 7,150 7,191 4.875%, 08/15/09 (c) 7,250 7,299 3.500%, 02/15/10 (c) 10,350 9,995 --------- Total U.S. Treasury Obligations (Cost $116,946) 117,350 --------- SHORT-TERM INVESTMENT (39.4%) CSFB Enhanced Liquidity Portfolio, 5.518% (d) 152,720,319 152,720 --------- Total Short-Term Investment (Cost $152,720) 152,720 ---------
See Notes to Financial Statements. 69 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SHORT-TERM BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MONEY MARKET (1.5%) Federated Prime Value Money Market Fund, 5.210% 6,007,178 6,007 --------- Total Money Market (Cost $6,007) 6,007 --------- Total Investments (Cost $556,856) (a) -- 143.3% 555,587 Liabilities in excess of other assets -- (43.3)% (167,862) --------- Net Assets -- 100.0% $ 387,725 =========
- --------------- (a) Cost for federal income tax purposes is $557,156 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation............. $ 641 Unrealized Depreciation............. (2,210) ------- Unrealized Appreciation (Depreciation).................... $(1,569) =======
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $148,529. (d) This security was purchased with cash collateral held from securities lending. (e) Perpetual Maturity. (f) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (g) Rate represents the effective yield at purchase. Cl -- Class LP -- Limited Partnership REIT -- Real Estate Investment Trust Ser -- Series
Principal Amount($) Value($) --------- -------- SECURITIES SOLD SHORT (1.5%) FANNIE MAE (1.5%) 5.500%, 10/01/33 3,160 3,115 ------ Total Securities Sold Short (Proceeds $3,115) $3,115 ======
See Notes to Financial Statements. 70 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) SHORT-TERM U.S. TREASURY SECURITIES FUND
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- U.S. TREASURY OBLIGATIONS (98.1%) U.S. TREASURY NOTES (98.1%) 3.000%, 11/15/07 2,850 2,792 4.250%, 11/30/07 7,000 6,950 3.375%, 02/15/08 8,000 7,849 3.750%, 05/15/08 22,000 21,657 4.375%, 11/15/08 25,500 25,342 4.125%, 08/15/10 3,000 2,951 4.500%, 11/15/10 2,925 2,915 ------- Total U.S. Treasury Obligations (Cost $70,538) 70,456 ------- MONEY MARKET (1.2%) Federated U.S. Treasury Cash Reserve Fund, 4.950% 843,488 843 ------- Total Money Market (Cost $843) 843 ------- Total Investments (Cost $71,381) (a) -- 99.3% 71,299 Other assets in excess of liabilities -- 0.7% 480 ------- Net Assets -- 100.0% $71,779 =======
- --------------- (a)Cost for federal income tax purposes is $71,522 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................... $ 25 Unrealized Depreciation.................... (248) ----- Unrealized Appreciation (Depreciation)..... $(223) =====
See Notes to Financial Statements. 71 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) STRATEGIC INCOME FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- BANK LOANS (3.9%) AEROSPACE/DEFENSE (0.3%) AM General Corp., 0.000%, 09/30/12 (b) (d) (h) 13 13 AM General Corp., 0.000%, 09/30/12 (b) (d) (h) 387 389 -------- 402 -------- APPAREL (0.4%) Hanesbrands, Inc., 7.625%, 09/05/13 (b) (d) 600 604 -------- COMPUTERS (0.4%) Stratus Technologies, Inc., 14.330%, 03/15/12 (b) (d) 550 523 -------- DIVERSIFIED FINANCIAL SERVICES (1.2%) J.G. Wentworth & Co., Inc., 8.867%, 04/05/11 (b) (d) 1,000 1,009 Nielsen Finance LLC, 8.190%, 08/09/13 (b) (d) 820 817 -------- 1,826 -------- ENERGY (0.4%) Plum Point Associates LLC, 8.624%, 02/21/14 (b) (d) 107 107 Plum Point Associates LLC, 8.749%, 03/14/14 (b) (d) 394 397 -------- 504 -------- LODGING (0.5%) Kerzner International Ltd., 0.000%, 08/31/13 (b) (d) (h) 190 190 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 95 95 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 434 432 Kerzner International Ltd., 8.390%, 08/31/13 (b) (d) 41 41 -------- 758 -------- TELECOMMUNICATIONS (0.7%) Sorenson Communications, Inc., 8.390%, 08/01/13 (b) (d) 1,000 1,005 -------- Total Bank Loans (Cost $5,620) 5,622 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- CORPORATE BONDS (41.3%) ADVERTISING (0.3%) Affinion Group, Inc., 10.125%, 10/15/13, Callable 10/15/09 @ 105.063 120 126 R.H. Donnelley Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44 275 303 -------- 429 -------- APPAREL (1.0%) Levi Strauss & Co., 8.875%, 04/01/16, Callable 04/01/11 @ 104.44 (e) 1,500 1,493 -------- AUTO MANUFACTURERS (1.4%) General Motors Corp., 7.200%, 01/15/11 2,165 1,995 -------- AUTO PARTS & EQUIPMENT (0.7%) Goodyear Tire & Rubber Co. (The), 9.000%, 07/01/15, Callable 07/01/10 @ 104.50 (e) 1,000 1,015 -------- CHEMICALS (0.6%) PQ Corp., 7.500%, 02/15/13, Callable 02/15/09 @ 103.75 (b) 790 751 Rockwood Specialties Group, Inc., 7.500%, 11/15/14, Callable 11/15/09 @ 103.75 50 49 -------- 800 -------- COMMERCIAL SERVICES (4.6%) Ace Cash Express, Inc., 10.250%, 10/01/14, Callable 10/01/10 @ 105.13 (d) 1,250 1,266 Ashtead Holdings PLC, 8.625%, 08/01/15, Callable 08/01/10 @ 104.31 (d) 998 1,013 Atlantic Broadband, Inc., 9.375%, 01/15/14, Callable 01/15/09 @ 104.69 1,400 1,369 Hertz Corp. (The), 10.500%, 01/01/16, Callable 01/01/11 @ 105.25 (d) (e) 1,490 1,638 Rent-Way, Inc., 11.875%, 06/15/10 965 1,119 -------- 6,405 --------
See Notes to Financial Statements. 72 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) STRATEGIC INCOME FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- COMPUTERS (0.6%) Activant Solutions, Inc., 9.500%, 05/01/16, Callable 05/01/11 @ 104.75 (d) 985 911 -------- DIVERSIFIED FINANCIAL SERVICES (2.8%) Ford Motor Credit Co., 8.625%, 11/01/10 1,970 1,962 Galaxy Entertainment Finance Co. Ltd., 10.420%, 12/15/10, Callable 12/15/08 @ 101.50 (b) (d) 1,750 1,829 Galaxy Entertainment Finance Co. Ltd., 9.875%, 12/15/12, Callable 12/15/09 @ 104.94 (d) 120 126 Rainbow National Services LLC, 10.375%, 09/01/14, Callable 09/01/09 @ 105.19 (d) 45 51 -------- 3,968 -------- DIVERSIFIED OPERATIONS (0.2%) Nell AF SARL, 8.375%, 08/15/15, Callable 08/15/10 @ 104.19 (d) (e) 300 298 -------- ELECTRIC (2.1%) Aquila, Inc., 14.875%, 07/01/12 1,485 1,949 PSEG Energy Holdings LLC, 10.000%, 10/01/09 275 300 Sithe/Independence Funding Corp., Ser A, 9.000%, 12/30/13 750 808 -------- 3,057 -------- ENTERTAINMENT (0.1%) Pokagon Gaming Authority, 10.375%, 06/15/14, Callable 06/15/10 @ 105.188 (d) 75 80 -------- FOOD (1.5%) Chiquita Brands International, Inc., 8.875%, 12/01/15, Callable 06/01/10 @ 104.438 (e) 700 646 Pinnacle Foods Holding Corp., 8.250%, 12/01/13, Callable 12/01/08 @ 104.12 (e) 1,240 1,241
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FOOD--CONTINUED Stater Brothers Holdings, Inc., 8.125%, 06/15/12, Callable 06/15/08 @ 104.06 180 181 -------- 2,068 -------- FOREST PRODUCTS & PAPER (2.8%) Appleton Papers, Inc., Ser B, 9.750%, 06/15/14, Callable 06/15/09 @ 104.88 990 977 Boise Cascade LLC, 8.382%, 10/15/12, Callable 08/21/12 @ 102 (b) 900 905 Verso Paper Holdings LLC, 9.235%, 08/01/14, Callable 08/01/08 @ 102 (b) (d) 855 864 Verso Paper Holdings LLC, 11.375%, 08/01/16, Callable 08/01/11 @ 105.688 (d) 1,225 1,215 -------- 3,961 -------- HEALTHCARE -- PRODUCTS (1.1%) Universal Hospital Services, Inc., 10.125%, 11/01/11, Callable 11/01/07 @ 105.063 1,460 1,533 -------- HEALTHCARE -- SERVICES (1.8%) HCA, Inc., 6.300%, 10/01/12 625 529 US Oncology Holdings, Inc., 10.750%, 08/15/14, Callable 08/15/09 @ 105.38 975 1,067 US Oncology Holdings, Inc., 10.675%, 03/15/15, Callable 03/15/07 @ 102 (b) 945 964 -------- 2,560 -------- HOUSEHOLD PRODUCTS/WARES (0.5%) Mobile Services Group, Inc., 9.750%, 08/01/14, Callable 08/01/10 @ 104.88 (d) 690 707 -------- LEISURE TIME (1.0%) Travelport, Inc., 10.023%, 09/01/14, Callable 09/01/08 @ 102 (b) (d) 1,500 1,440 -------- MACHINERY DIVERSIFIED (0.9%) Chart Industries, Inc., 9.125%, 10/15/15, Callable 10/15/10 @ 104.56 (d) 1,250 1,294 --------
See Notes to Financial Statements. 73 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) STRATEGIC INCOME FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MEDIA (4.9%) Compagnie Susquehanna, 9.875%, 05/15/14, Callable 05/15/10 @ 104.938 (d) 1,020 959 Dex Media, Inc., 9.540%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (g) 50 42 Echostar DBS Corp., 7.000%, 10/01/13 (d) 700 684 Kabel Deutschland Gmbh, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31 (d) 1,750 1,878 LIN Television Corp., Ser B, 6.500%, 05/15/13, Callable 05/15/08 @ 103.25 300 280 Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (d) 205 204 Morris Publishing Group LLC, 7.000%, 08/01/13, Callable 08/01/08 @ 103.50 1,320 1,247 Quebecor Media, Inc., 7.750%, 03/15/16, Callable 03/15/11 @ 103.875 195 195 Quebecor World Capital Corp., 8.750%, 03/15/16, Callable 03/15/11 @ 104.375 (d) (e) 140 135 Sinclair Broadcast Group, Inc., 8.750%, 12/15/11, Callable 12/15/06 @ 104.375 1,180 1,230 Sinclair Broadcast Group, Inc., 8.000%, 03/15/12, Callable 03/15/07 @ 104 35 35 -------- 6,889 -------- MISCELLANEOUS MANUFACTURER (2.3%) Clarke American Corp., 11.750%, 12/15/13, Callable 12/15/09 @ 105.875 1,860 1,925 Koppers, Inc., 9.875%, 10/15/13, Callable 10/15/08 @ 104.94 181 196 Nutro Products, Inc., 10.750%, 04/15/14, Callable 04/15/09 @ 108.063 (d) 1,120 1,198 -------- 3,319 --------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- OIL & GAS (0.0%) Compton Petroleum Finance Corp., 7.625%, 12/01/13, Callable 12/01/09 @ 103.813 50 48 -------- PACKAGING & CONTAINERS (0.8%) Graphic Packaging International, 9.500%, 08/15/13, Callable 08/15/08 @ 104.75 (e) 1,160 1,186 -------- PIPELINES (1.1%) Copano Energy LLC, 8.125%, 03/01/16, Callable 03/01/11 @ 104.0625 50 51 Targa Resources, Inc., 8.500%, 11/01/13, Callable 11/01/09 @ 104.25 (d) (e) 1,455 1,451 -------- 1,502 -------- REAL ESTATE (0.6%) American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 420 418 CB Richard Ellis Group, Inc., 9.750%, 05/15/10, Callable 05/15/07 @ 104.88 400 427 -------- 845 -------- RETAIL (1.9%) Blockbuster, Inc., 9.000%, 09/01/12, Callable 09/01/08 @ 104.50 (b) (e) (g) 1,320 1,211 General Nutrition Center, 8.625%, 01/15/11, Callable 01/15/08 @ 104.313 1,440 1,473 -------- 2,684 -------- SEMICONDUCTORS (2.6%) Avago Technologies Finance Ltd., 10.900%, 06/01/13, Callable 12/01/07 @ 102 (b) (d) (e) 1,235 1,287 Avago Technologies Finance Ltd., 11.875%, 12/01/15, Callable 12/01/10 @ 105.938 (d) (e) 945 1,037
See Notes to Financial Statements. 74 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) STRATEGIC INCOME FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- SEMICONDUCTORS--CONTINUED Spansion LLC, 11.250%, 01/15/16, Callable 01/15/11 @ 105.62 (d) (e) 1,345 1,410 -------- 3,734 -------- TELECOMMUNICATIONS (3.1%) Intelsat Bermuda Ltd, 11.250%, 06/15/16, Callable on 06/15/11 @ 105.62 (d) 480 510 Intelsat Bermuda Ltd., 11.640%, 06/15/13, Callable 06/15/08 @ 103 (b) (d) 1,055 1,108 Nordic Telephone Co. Holdings, 8.875%, 05/01/16, Callable 05/01/11 @ 104.438 (d) 225 237 NTL Cable PLC, 9.125%, 08/15/16, Callable 08/15/11 @ 104.563 750 774 Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @104.313 (d) 1,665 1,781 -------- 4,410 -------- Total Corporate Bonds (Cost $57,592) 58,631 -------- FOREIGN GOVERNMENT BONDS (25.1%) BRAZIL (1.0%) Republic of Brazil, 7.875%, 03/07/15 (e) 1,340 1,469 -------- COLUMBIA (0.5%) Republic of Colombia, 8.250%, 12/22/14 590 651 -------- JAPAN (YEN) (23.6%) Japan Government, Ser 280, 1.900%, 06/20/16 1,078,450 9,330 Japan Government, Ser 23, 2.500%, 06/20/36 738,350 6,355 Japan Government, Ser 241, 0.300%, 02/15/08 1,046,150 8,831 Japan Government, Ser 52, 0.800%, 12/20/10 789,650 6,625
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- JAPAN--CONTINUED Japan Government, Ser 256, 1.400%, 12/20/13 300,350 2,543 -------- 33,684 -------- Total Foreign Government Bonds (Cost $35,793) 35,804 -------- U.S. GOVERNMENT AGENCY MORTGAGES (16.0%) FANNIE MAE (16.0%) 5.500%, 04/01/34 10,224 10,074 6.000%, 06/01/36 8,535 8,574 6.500%, 09/01/36 4,128 4,203 -------- Total U.S. Government Agency Mortgages (Cost $22,951) 22,851 -------- U.S. TREASURY OBLIGATIONS (11.6%) U.S. TREASURY BONDS (3.3%) 4.500%, 02/15/36 4,910 4,705 -------- U.S. TREASURY NOTES (8.3%) 2.500%, 10/31/06 1,440 1,437 4.625%, 08/31/11 2,420 2,423 4.875%, 08/15/16 7,795 7,942 -------- 11,802 -------- Total U.S. Treasury Obligations (Cost $16,301) 16,507 -------- PREFERRED STOCKS (1.6%) CHEMICALS (0.7%) Huntsman Corp., 5.000% 26,150 1,053 -------- RETAIL (0.9%) Rite Aid Corp., 5.500% 50,000 1,271 -------- Total Preferred Stocks (Cost $2,315) 2,324 -------- SHORT-TERM INVESTMENTS (14.1%) Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 4.530% 7,508,849 7,509 CSFB Enhanced Liquidity Portfolio, 5.518% (f) 12,581,515 12,581 -------- Total Short-Term Investments (Cost $20,090) 20,090 -------- Total Investments (Cost $160,662) (a) -- 113.6% 161,829 Liabilities in excess of other assets -- (13.6)% (19,394) -------- Net Assets -- 100.0% $142,435 ========
See Notes to Financial Statements. 75 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) STRATEGIC INCOME FUND -- CONCLUDED (a) Cost for federal income tax purposes is $160,554 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation............ $1,789 Unrealized Depreciation............ (514) ------ Unrealized Appreciation (Depreciation)................... $1,275 ======
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rate represents the effective yield at purchase. (d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e) This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $12,990. (f) This security was purchased with cash collateral held from securities lending. (g) Step bond. (h) This security has not settled as of September 30, 2006 and thus does not have a rate in effect. The security does not have a stated settlement date and will receive a rate upon settling with the custodian. LLC -- Limited Liability Corporation LP -- Limited Partnership PLC -- Public Limited Company Ser -- Series YEN -- Principal Amount is in Japanese Yen See Notes to Financial Statements. 76 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) U.S. GOVERNMENT SECURITIES FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- U.S. GOVERNMENT AGENCY (2.0%) FREDDIE MAC (2.0%) 6.750%, 03/15/31 (c) 8,000 9,768 --------- Total U.S. Government Agency (Cost $9,420) 9,768 --------- U.S. GOVERNMENT AGENCY MORTGAGES (66.2%) FANNIE MAE (32.1%) 6.000%, 07/01/16 1,396 1,418 6.000%, 07/01/16 762 774 5.500%, 09/01/17 1,799 1,803 5.500%, 01/01/18 6,833 6,848 5.500%, 04/01/18 872 874 6.290%, 08/01/18 1,138 1,164 5.500%, 11/01/18 6,567 6,578 7.000%, 06/01/32 684 704 6.000%, 03/01/33 1,438 1,448 4.103%, 08/01/33 (b) 7,227 7,164 6.000%, 10/01/33 2,611 2,628 6.000%, 04/01/34 6,781 6,823 4.726%, 05/01/34 (b) 7,556 7,323 5.500%, 09/01/34 6,050 5,971 5.500%, 02/01/35 11,078 10,920 6.000%, 03/01/35 2,300 2,311 5.000%, 08/01/35 9,469 9,105 5.161%, 01/01/36 (b) 10,785 10,718 6.000%, 01/01/36 15,089 15,159 4.501%, 02/01/36 (b) 19,381 19,191 5.076%, 02/01/36 (b) 19,361 19,303 5.244%, 02/01/36 (b) 5,212 5,200 6.500%, 05/01/36 14,000 14,257 --------- 157,684 --------- FREDDIE MAC (34.1%) 4.875%, 11/15/13 25,500 25,368 5.500%, 04/01/17 2,092 2,098 5.000%, 04/01/19 16,226 15,986 5.305%, 03/01/33 (b) 6,431 6,339 5.000%, 05/01/34 11,154 10,748 5.000%, 08/01/35 39,092 37,618 5.500%, 10/01/35 (e) 25,000 24,648 6.500%, 06/01/36 16,493 16,802 6.500%, 09/01/36 13,712 13,968 5.000%, 10/01/36 (e) 15,000 14,423 --------- 167,998 --------- Total U.S. Government Agency Mortgages (Cost $325,487) 325,682 --------- U.S. TREASURY OBLIGATIONS (30.4%) U.S. TREASURY BONDS (1.7%) 4.500%, 02/15/36 (c) 8,900 8,528 ---------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- U.S. TREASURY NOTES (28.7%) 3.625%, 07/15/09 (c) 20,350 19,825 5.000%, 02/15/11 (c) 18,000 18,319 4.750%, 03/31/11 (c) 38,000 38,232 4.875%, 04/30/11 (c) 12,000 12,134 4.250%, 08/15/13 (c) 18,450 18,061 4.250%, 11/15/14 (c) 5,000 4,876 4.000%, 02/15/15 (c) 30,390 29,090 --------- 140,537 --------- Total U.S. Treasury Obligations (Cost $147,106) 149,065 --------- SHORT-TERM INVESTMENT (33.3%) CSFB Enhanced Liquidity Portfolio, 5.518% (d) 163,290,663 163,291 --------- Total Short-Term Investment (Cost $163,291) 163,291 --------- MONEY MARKET (11.5%) STI Classic Institutional Cash Management Money Market Fund, 5.240% (f) 56,355,216 56,355 --------- Total Money Market (Cost $56,355) 56,355 --------- Total Investments (Cost $701,659) (a) -- 143.4% 704,161 Liabilities in excess of other assets -- (43.4)% (213,268) --------- Net Assets -- 100.0% $ 490,893 =========
- --------------- (a)Cost for federal income tax purposes is $702,104 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................. $ 3,998 Unrealized Depreciation.................. (1,941) ------- Unrealized Appreciation (Depreciation)... $ 2,057 =======
(b)Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c)This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $158,188. (d)This security was purchased with cash collateral held from securities lending. (e)This security was purchased on a when-issue basis. (f)Affiliate Investment. See Notes to Financial Statements. 77 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- ASSET BACKED SECURITIES (5.6%) DIVERSIFIED FINANCIAL SERVICES (5.6%) KeyCorp Student Loan Trust, Ser 2004-A, Cl 1A1, 5.530%, 04/27/17 (b) 290 290 Nelnet Student Loan Trust, Ser 2005-4, Cl A1, 5.371%, 12/22/18 (b) 562 563 SLM Student Loan Trust, Ser 1998-1, Cl A2, 5.655%, 10/25/11 (b) 425 428 SLM Student Loan Trust, Ser 2005-10, Cl A2, 5.495%, 04/25/15 (b) 500 500 ------- Total Asset Backed Securities (Cost $1,780) 1,781 ------- MASTER NOTE (1.6%) BANKS (1.6%) Bank of America Corp., 5.445% (b) (f) 500 500 ------- Total Master Note (Cost $500) 500 ------- U.S. GOVERNMENT AGENCIES (26.9%) FANNIE MAE (7.8%) 5.247%, 10/02/06 (c) 1,000 1,000 5.150%, 09/21/07, Callable 12/21/06 @ 100 (d) 750 749 5.000%, 11/23/07, Callable 11/23/06 @ 100 325 324 4.000%, 01/26/09, Callable 01/26/07 @ 100 400 392 ------- 2,465 ------- FEDERAL FARM CREDIT BANK (7.9%) 5.245%, 04/04/07 (b) 1,500 1,501 4.995%, 05/01/07 (b) 1,000 1,000 ------- 2,501 ------- FEDERAL HOME LOAN BANK (1.9%) 5.250%, 08/05/09 500 504 5.125%, 09/29/10 85 85 ------- 589 ------- FREDDIE MAC (9.3%) 4.500%, 08/22/07 (d) 500 497 4.250%, 06/23/08 (d) 800 790 5.050%, 12/08/08, Callable 12/08/06 @ 100 (d) 675 674
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- FREDDIE MAC--CONTINUED 5.500%, 04/24/09, Callable 04/24/07 @ 100 1,000 2,961 ------- Total U.S. Government Agencies (Cost $8,517) 8,516 ------- U.S. GOVERNMENT AGENCY MORTGAGES (59.3%) FANNIE MAE (28.0%) 7.510%, 04/01/07 697 695 7.030%, 08/01/07 80 80 5.969%, 06/01/09 196 199 3.500%, 06/25/10 123 122 4.500%, 12/25/12 282 280 3.000%, 06/25/19 576 571 4.976%, 05/01/32 (b) 348 356 3.250%, 11/25/32 167 164 3.656%, 08/01/33 (b) 752 730 6.488%, 09/01/33 (b) 296 301 6.514%, 10/01/33 (b) 386 394 3.326%, 01/01/34 (b) 325 327 3.665%, 01/01/34 (b) 1,018 1,033 4.329%, 03/01/34 (b) 723 711 4.136%, 04/01/34 (b) 1,823 1,842 4.275%, 06/01/35 (b) 181 178 4.805%, 06/01/35 (b) 885 872 ------- 8,855 ------- FREDDIE MAC (28.9%) 4.000%, 03/15/10 149 148 3.500%, 05/15/11 82 82 4.000%, 11/15/11 345 340 3.750%, 12/15/11 274 266 5.000%, 02/15/14 285 284 4.500%, 02/15/15 506 499 4.000%, 05/15/15 725 701 5.000%, 05/15/15 359 358 5.000%, 09/15/15 193 192 5.500%, 12/15/15 86 86 3.500%, 05/15/19 262 259 5.000%, 12/15/20 357 355 3.000%, 04/15/21 493 490 3.000%, 04/15/21 467 464 4.000%, 04/15/21 68 68 3.500%, 01/15/23 252 249 4.500%, 04/15/25 474 467 3.662%, 08/01/33 (b) 646 635 2.986%, 10/01/33 (b) 1,075 1,075 4.279%, 03/01/34 (b) 567 554 4.958%, 04/01/34 (b) 124 123
See Notes to Financial Statements. 78 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND -- CONCLUDED
- --------------------------------------------------------- Shares or Principal Amount($) Value($) - --------------------------------------------------------- FREDDIE MAC--CONTINUED 3.690%, 05/01/34 (b) 1,420 1,408 ------- 9,103 ------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (2.4%) 5.996%, 02/16/24 (b) 119 121 3.772%, 05/16/25 673 650 ------- 771 ------- Total U.S. Government Agency Mortgages (Cost $18,798) 18,729 ------- U.S. TREASURY OBLIGATIONS (2.7%) U.S. TREASURY NOTES (2.7%) 2.625%, 05/15/08 245 237 4.500%, 02/15/09 220 219 4.875%, 05/15/09 (d) 395 397 ------- Total U.S. Treasury Obligations (Cost $849) 853 ------- SHORT-TERM INVESTMENT (9.1%) CSFB Enhanced Liquidity Portfolio, 5.518% (e) 2,887,596 2,888 ------- Total Short-Term Investment (Cost $2,888) 2,888 ------- MONEY MARKET (3.3%) Federated Government Obligations Money Market Fund, 5.160% 1,030,890 1,031 ------- Total Money Market (Cost $1,031) 1,031 ------- Total Investments (Cost $34,363) (a) -- 108.5% 34,298 Liabilities in excess of other assets -- (8.5)% (2,685) ------- Net Assets -- 100.0% $31,613 ------- -------
- --------------- (a) Cost for federal income tax purposes is $34,274 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................... $ 185 Unrealized Depreciation................... (161) ----- Unrealized Appreciation (Depreciation).... $ 24 =====
(b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rate represents the effective yield at purchase. (d) This security or a partial position of the security was on loan at September 30, 2006. The total value of securities on loan at September 30, 2006 in thousands was $2,860. (e) This security was purchased with cash collateral held from securities lending. (f) Perpetual maturity. Cl -- Class Ser -- Series See Notes to Financial Statements. 79 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) ULTRA-SHORT BOND FUND
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- ASSET BACKED SECURITIES (16.4%) AUTOMOBILE ABS (1.6%) Honda Auto Receivables Owner Trust, Ser 2005-6, Cl A3, 4.850%, 10/19/09 1,025 1,021 Nissan Auto Receivables Owner Trust, Ser 2003-B, Cl A4, 2.050%, 03/16/09 348 343 USAA Auto Owner Trust, Ser 2004-1, Cl A3, 2.060%, 04/15/08 298 297 -------- 1,661 -------- DIVERSIFIED FINANCIAL SERVICES (4.0%) Morgan Stanley Capital I, Ser 2006-HE2, Cl A2A, 5.400%, 03/25/36 (b) 1,539 1,540 Morgan Stanley Capital I, Ser 2006-NC2, Cl A2A, 5.400%, 02/25/36 (b) 1,378 1,378 SLM Student Loan Trust, Ser 1998-1, Cl A2, 5.655%, 10/25/11 (b) 1,303 1,312 -------- 4,230 -------- HOME EQUITY ABS (10.8%) Aames Mortgage Investment Trust, Ser 2005-4, Cl 2A1, 5.450%, 10/25/35 (b) 383 383 Centex Home Equity, Ser 2005-D, Cl AV1, 5.440%, 10/25/35 (b) 532 532 Countrywide Home Equity Loan Trust, Ser 2005-A, Cl A2, 5.570%, 02/15/30 (b) 700 701 Household Home Equity Loan Trust, Ser 2005-C, Cl A, 5.620%, 01/20/34 (b) 1,344 1,346 JP Morgan Mortgage Acquisition Corp., Ser 2006-WMC1, Cl A2, 5.400%, 03/25/36 (b) 1,295 1,294 Master Asset Backed Securities Trust, Ser 2005-AB1, Cl A1A, 5.480%, 10/25/32 (b) 689 689 Master Asset Backed Securities Trust, Ser 2006-WMC1, Cl A1, 5.400%, 02/25/36 (b) 1,836 1,836
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- HOME EQUITY ABS--CONTINUED Residential Asset Mortgage Products, Inc., Ser 2006-NC1, Cl A1, 5.410%, 01/25/36 (b) 1,169 1,169 Residential Asset Securities Corp., Ser 2005-KS8, Cl A1, 5.440%, 08/25/35 (b) 826 826 Residential Funding Mortgage Securities, Ser 2006-HSA1, Cl A1, 5.440%, 11/25/35 (b) 1,428 1,428 Soundview Home Equity Loan Trust, Ser 2006-0PT2, Cl A1, 5.400%, 05/25/36 (b) 1,156 1,156 -------- 11,360 -------- Total Asset Backed Securities (Cost $17,251) 17,251 -------- COLLATERALIZED MORTGAGE OBLIGATIONS (22.3%) Adjustable Rate Mortgage Trust, Ser 2005-7, Cl 7A21, 5.580%, 10/25/35 (b) 627 627 Banc of America Commercial Mortgage, Inc., Ser 2004-2, Cl A2, 3.520%, 11/10/38 900 868 Bear Stearns Alternative-A Trust, Ser 2006-2, Cl 23A1, 5.987%, 03/25/36 (b) 2,249 2,269 Bear Stearns Commercial Mortgage Securities, Ser 2005-T20, Cl A1, 4.940%, 10/12/42 1,036 1,031 Countywide Home Loans, Ser 2002-39, Cl A16, 5.000%, 02/25/33 554 550 CS First Boston Mortgage Securities Corp., Ser 2004-C3, Cl A3, 4.302%, 07/15/36 (b) 1,885 1,844 First Horizon Alternative Mortgage Securities, Ser 2005-AA3, Cl 2A1, 5.185%, 05/25/35 (b) 814 817 First Horizon Alternative Mortgage Securities, Ser 2005-AA7, Cl 2A1, 5.426%, 09/25/35 (b) 1,668 1,664
See Notes to Financial Statements. 80 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) ULTRA-SHORT BOND FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS--CONTINUED Greenwich Capital Commercial Funding Corp., Ser 2004-GG1, Cl A3, 4.344%, 06/10/36 (b) 1,250 1,229 Indymac Loan Trust, Ser 2006-L1, Cl A1, 5.405%, 04/25/11 (b) 1,639 1,639 J.P. Morgan Chase Commercial Mortgage Securities, Ser 2005-LDP1, Cl A1, 4.116%, 03/15/46 935 920 Morgan Stanley Capital I, Ser 2006-HQ8, Cl A1, 5.124%, 03/12/44 1,198 1,197 Opteum Mortgage Acceptance Corp., Ser 2005-4, Cl 1A1A, 5.500%, 11/25/35 (b) 1,326 1,327 Terra LNR Ltd., Ser 2006-1A, Cl A1, 5.460%, 06/15/17 (b) (c) 1,379 1,379 Wachovia Bank Commercial Mortgage Trust, Ser 2005-C16, Cl A2, 4.380%, 10/15/41 1,250 1,223 Washington Mutual, Ser 2005-AR4, Cl A1, 3.624%, 04/25/35 (b) 406 405 Wells Fargo Mortgage Backed Securities Trust, Ser 2004-S, Cl A5, 3.539%, 09/25/34 (b) 1,125 1,088 Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 2A4, 5.240%, 04/25/36 (b) 2,219 2,203 Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 3A1, 5.238%, 04/25/36 (b) 1,256 1,247 -------- Total Collateralized Mortgage Obligations (Cost $23,449) 23,527 -------- CORPORATE BONDS (15.9%) COMMERCIAL SERVICES (0.4%) ERAC USA Finance Co., 7.350%, 06/15/08 (c) 375 387 --------
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES (6.8%) Bear Stearns & Co., Inc. (The), 5.635%, 04/29/08 (b) 1,000 1,003 Capital One Financial Corp., 8.750%, 02/01/07 825 833 CIT Group, Inc., 4.000%, 05/08/08 775 760 CIT Group, Inc., 5.500%, 06/08/09 (b) 1,000 1,001 Goldman Sachs Group, Inc. (The), 5.527%, 12/22/08 (b) 1,000 1,001 HSBC Finance Corp., 4.125%, 03/11/08 600 591 International Lease Finance Corp., Ser Q, 4.625%, 06/02/08 750 742 Lehman Brothers Holdings, Inc., 5.601%, 10/22/08 (b) 850 851 Residential Capital Corp., 6.125%, 11/21/08 500 502 -------- 7,284 -------- ELECTRIC (0.6%) Commonwealth Edison, Co., 7.625%, 01/15/07 640 643 -------- ENERGY (0.2%) MidAmerican Energy Holdings Co., 3.500%, 05/15/08 222 216 -------- FOOD (0.5%) Kroger Co. (The), 7.650%, 04/15/07 550 556 -------- INSURANCE (1.0%) Lincoln National Corp., 5.590%, 04/06/09 (b) 1,000 1,001 -------- MEDIA (1.0%) Comcast Cable Communications, Inc., 8.375%, 05/01/07 500 508 Time Warner, Inc., 6.150%, 05/01/07 500 502 -------- 1,010 --------
See Notes to Financial Statements. 81 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) ULTRA-SHORT BOND FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- OIL & GAS (0.8%) Anadarko Petroleum Corp., 3.250%, 05/01/08 625 604 Enterprise Products Partners LP, Ser B, 4.625%, 04/25/36 195 191 -------- 795 -------- PIPELINES (0.6%) Arkla, Inc., 8.900%, 12/15/06 660 664 -------- TELECOMMUNICATIONS (4.0%) BellSouth Corp., 5.580%, 08/15/08 (b) 1,000 1,000 BellSouth Telecommunications, Inc., 5.875%, 01/15/09 605 613 Sprint Capital Corp., 6.000%, 01/15/07 1,000 1,001 Verizon Global Funding Corp., 6.125%, 06/15/07 575 578 Vodafone Group PLC, 5.457%, 12/28/07 (b) 1,000 1,000 -------- 4,192 -------- Total Corporate Bonds (Cost $16,763) 16,748 -------- U.S. GOVERNMENT AGENCY MORTGAGES (43.5%) FANNIE MAE (18.9%) 7.510%, 04/01/07 1,244 1,241 6.826%, 11/01/07 1,024 1,026 5.969%, 06/01/09 737 744 6.595%, 07/01/09 1,406 1,444 3.500%, 06/25/10 369 366 4.500%, 01/25/25 1,252 1,233 6.250%, 08/25/30 502 503 4.976%, 05/01/32 (b) 306 313 3.656%, 08/01/33 (b) 697 677 6.488%, 09/01/33 (b) 682 693 6.514%, 10/01/33 (b) 902 919 3.326%, 01/01/34 (b) 723 727 3.665%, 01/01/34 (b) 4,060 4,113 4.329%, 03/01/34 (b) 815 802 4.136%, 04/01/34 (b) 4,457 4,501 4.275%, 06/01/35 (b) 561 553 -------- 19,855 --------
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- FREDDIE MAC (23.0%) 4.000%, 03/15/10 445 444 3.500%, 05/15/11 247 245 4.000%, 11/15/11 674 664 3.750%, 12/15/11 644 626 5.000%, 02/15/14 464 462 4.500%, 02/15/15 2,022 1,999 4.000%, 05/15/15 1,275 1,232 5.000%, 05/15/15 1,441 1,438 5.000%, 09/15/15 580 576 4.500%, 11/15/15 692 682 5.500%, 12/15/15 38 38 5.000%, 12/15/17 538 536 3.500%, 05/15/19 311 307 5.000%, 12/15/20 614 611 3.000%, 04/15/21 1,090 1,083 3.000%, 04/15/21 986 979 4.000%, 04/15/21 231 230 4.500%, 04/15/25 1,497 1,475 3.662%, 08/01/33 (b) 646 635 2.986%, 10/01/33 (b) 4,424 4,423 4.279%, 03/01/34 (b) 1,025 1,002 4.958%, 04/01/34 (b) 254 251 3.690%, 05/01/34 (b) 4,260 4,227 -------- 24,165 -------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (1.6%) 5.996%, 02/16/24 (b) 477 484 3.772%, 05/16/25 1,297 1,252 -------- 1,736 -------- Total U.S. Government Agency Mortgages (Cost $45,803) 45,756 -------- MONEY MARKET (1.7%) Federated Prime Value Money Market Fund, 5.210% 1,837,711 1,838 -------- Total Money Market (Cost $1,838) 1,838 -------- Total Investments (Cost $105,104) (a) -- 99.8% 105,120 Other assets in excess of liabilities -- 0.2% 188 -------- Net Assets -- 100.0% $105,308 ========
See Notes to Financial Statements. 82 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) ULTRA-SHORT BOND FUND -- CONCLUDED - --------------- (a)Cost for federal income tax purposes is $105,005 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation.................... $ 471 Unrealized Depreciation.................... (356) ----- Unrealized Appreciation (Depreciation)..... $ 115 =====
(b)Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c)Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. Cl -- Class LP -- Limited Partnership PLC -- Public Limited Company Ser -- Series See Notes to Financial Statements. 83 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MUNICIPAL BONDS (97.3%) DISTRICT OF COLUMBIA (0.5%) Metropolitan Washington DC Airports Authority, Airport System, Ser A, RB, AMT, 5.500%, 10/01/27, Callable 10/01/11 @ 101, MBIA 1,000 1,075 -------- VIRGINIA (94.9%) Albemarle County Industrial Development Authority, Residential Care Facilities, Ser A, RB, 5.000%, 01/01/07, Callable 11/20/06 @ 100.5 55 55 Amherst County Service Authority, RB, 6.000%, 12/15/20, Callable 12/15/10 @ 102 500 527 Amherst County Service Authority, RB, 6.000%, 12/15/30, Callable 12/15/10 @ 102 1,750 1,821 Arlington County Industrial Development Authority, Hospital Facilities, RB, 5.500%, 07/01/11 2,000 2,139 Arlington County Industrial Development Authority, Hospital Facilities, RB, 5.500%, 07/01/17, Callable 07/01/11 @ 101 2,225 2,424 Arlington County Industrial Development Authority, Resource Recovery, Ser B, RB, AMT, 5.375%, 01/01/11, Callable 07/01/08 @ 101 2,785 2,875 Bedford County Economic Development Authority, Public Facilities Lease, RB, 5.250%, 05/01/24, Callable 01/01/16 @ 100, MBIA 2,890 3,170 Blacksburg Polytechnic Institute Sanitation Authority, Sewer System, RB, 4.150%, 11/01/06 500 500 Bristol Utility System, RB, 5.250%, 07/15/23, Callable 07/15/13 @ 100, MBIA 1,000 1,080
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Chesapeake Water & Sewer Project, GO, 5.000%, 12/01/19, Callable 12/01/14 @ 101 2,465 2,668 Chesapeake, GO, 5.400%, 12/01/08 2,500 2,597 Chesterfield County, Public Improvement, GO, 5.000%, 01/01/14 3,440 3,740 Fairfax County Water Authority, RB, 6.000%, 04/01/22, Callable 04/01/07 @ 102 5,590 5,765 Fairfax County, GO, 5.000%, 01/15/26, Callable 01/15/15 @ 100 1,000 1,066 Fairfax County, Ser A, GO, 5.000%, 04/01/16, Callable 04/01/14 @ 100 1,000 1,083 Fauquier County Industrial Development Authority, RB, 5.000%, 10/01/06, LOC: Radian 1,180 1,180 Front Royal & Warren County Development Authority, Ser B, RB, 5.000%, 04/01/23, Callable 04/01/14 @ 100 2,485 2,628 Greater Richmond Convention Center Authority, Hotel Tax, Center Expansion Project, RB, 6.125%, 06/15/25, Callable 06/15/10 @ 101 1,240 1,361 Greater Richmond Convention Center Authority, Hotel Tax, RB, 6.000%, 06/15/13, Callable 06/15/10 @ 101 3,185 3,482 Greater Richmond Convention Center Authority, Hotel Tax, RB, 5.000%, 06/15/16, Callable 06/15/15 @ 100, MBIA 2,855 3,092 Greater Richmond Convention Center Authority, Hotel Tax, RB, 5.000%, 06/15/25, Callable 06/15/15 @ 100, MBIA 1,000 1,061
See Notes to Financial Statements. 84 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Hampton Golf Course, RB, 6.000%, 12/01/12 866 891 Hampton, Ser A, GO, 5.500%, 07/15/18, Callable 07/15/12 @ 101 1,275 1,403 Hanover County Industrial Development Authority, Regional Medical Care Project, RB, 6.375%, 08/15/18, MBIA 6,100 7,169 Henrico County Economic Development Authority, Residential Care Facilities, Ser A, RB, 4.250%, 06/01/07 525 527 Henrico County Economic Development Authority, Residential Care Facilities, Ser A, RB, 5.000%, 06/01/10 1,000 1,028 Henrico County Economic Development Authority, Residential Care Facilities, Ser A, RB, 6.500%, 06/01/22, Callable 06/01/12 @ 100 1,040 1,114 Henrico County Economic Development Authority, Ser A, RB, 5.850%, 07/20/19, Callable 07/20/09 @ 102, GNMA 400 427 Henrico County Economic Development Authority, Ser A, RB, 5.900%, 07/20/29, Callable 07/20/09 @ 102, GNMA 500 535 Henrico County Industrial Development Authority, Bon Secours Health System, Ser B, RB, 5.150%, 06/01/07, Callable 11/20/06 @ 102, MBIA 2,500 2,527 Henrico County Industrial Development Authority, Regency 64, RB, AMT, 3.350%, 03/01/16, Callable 11/20/06 @ 100, LOC: First Union National Bank 985 972
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Henrico County Public Improvement, GO, 5.000%, 01/15/08 2,220 2,263 Henry County Public Service Authority, Water & Sewer, RB, 5.250%, 11/15/13, FSA 1,500 1,645 King George County Industrial Development Authority, Birchwood Power Partners, Ser A, RB, 3.850%, 10/01/24, LOC: Bank of Nova Scotia (b) 800 800 Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser C, RB, 3.820%, 02/15/38 (b) 2,625 2,625 Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser D, RB, 3.750%, 02/15/38 (b) 350 350 Loudoun County Industrial Development Authority, Loudoun Hospital Center, RB, 6.000%, 06/01/22, Prerefunded 06/01/12 @ 101 1,000 1,126 Loudoun County Industrial Development Authority, Public Safety Facilities Lease, Ser A, RB, 5.250%, 12/15/17, Callable 06/15/14 @ 100, FSA 1,110 1,214 Loudoun County Industrial Development Authority, Residential Care Facilities, Ser A, RB, 6.000%, 08/01/24, Callable 08/01/14 @ 100 1,750 1,865 Loudoun County Industrial Development Authority, Residential Care Facilities, Ser B, RB, 5.000%, 08/01/28, Callable 08/01/07 @ 101 1,100 1,113 Loudoun County Public Improvement, Ser B, GO, 5.000%, 06/01/17, Callable 06/01/15 @ 100 1,000 1,090
See Notes to Financial Statements. 85 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Loudoun County Sanitation Authority, Water & Sewage, RB, 5.000%, 01/01/25, Callable 01/01/15 @ 100 3,165 3,365 Loudoun County, Public Improvement, Ser B, GO, 5.000%, 06/01/14 3,500 3,817 Loudoun County, Public Improvement, Ser B, GO, 5.000%, 06/01/16, Callable 06/01/15 @ 100 4,635 5,069 Louisa Industrial Development Authority, Pollution Control, Virginia Electric & Power Co., RB, 5.250%, 12/01/08, Callable 11/08/06 @ 101 650 657 Lynchburg Industrial Development Authority, Healthcare Facilities, Centra Health, RB, 5.200%, 01/01/23, Prerefunded 01/01/08 @ 101 1,065 1,096 Lynchburg, GO, 3.875%, 07/15/08, Callable 07/15/07 @ 100 2,985 2,993 Montgomery County Industrial Development Authority, RB, 5.500%, 01/15/18, Callable 01/15/12 @ 101, AMBAC 1,865 2,036 New Kent County Economic Development Authority, School & Governmental Projects, RB, 5.000%, 02/01/18, Callable 02/01/17 @ 100, FSA 2,225 2,427 Newport News Redevelopment & Housing Authority, RB, 5.850%, 12/20/30, Callable 08/20/07 @ 102, GNMA 500 515 Newport News, GO, 5.250%, 07/01/15 3,000 3,340 Peninsula Ports Authority, Residential Care Facility, Ser A, RB, 7.375%, 12/01/23, Callable 12/01/13 @ 100 4,520 5,535
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Peninsula Ports Authority, Residential Care Facility, Ser C, RB, 5.375%, 12/01/21, Callable 12/01/16 @ 100 1,000 1,027 Peninsula Ports Authority, Residential Care Facility, Ser C, RB, 5.375%, 12/01/26, Callable 12/01/16 @ 100 1,000 1,026 Pittsylvania County, Ser B, GO, 5.625%, 03/01/15, Callable 03/01/11 @ 102, MBIA 1,000 1,097 Portsmouth, Ser A, GO, 5.000%, 04/01/14 2,005 2,177 Portsmouth, Ser A, GO, 5.000%, 07/01/15, MBIA 2,285 2,498 Prince William County Industrial Development Authority, ATCC Lease Project, RB, 5.250%, 02/01/16 1,055 1,169 Prince Williams County, Ser A, COP, 4.250%, 09/01/09 1,000 1,018 Richmond Industrial Development Authority, Student Housing, RB, 5.450%, 01/01/21, Callable 01/01/11 @ 102 1,000 1,069 Richmond Public Utility, RB, 5.000%, 01/15/23, Callable 01/15/15 @ 100, FSA 1,000 1,067 Richmond, GO, 5.500%, 01/15/12, Callable 01/15/11 @ 101, FSA 2,500 2,714 Richmond, GO, 5.500%, 01/15/15, Callable 01/15/11 @ 101 1,290 1,394 Richmond, GO, 5.500%, 01/15/18, Callable 01/15/11 @ 101, FSA 3,755 4,045 Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.750%, 07/01/13, Callable 07/01/12 @ 100 2,000 2,202
See Notes to Financial Statements. 86 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.750%, 07/01/14, Callable 07/01/12 @ 100 2,000 2,195 Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.500%, 07/01/16, Callable 07/01/12 @ 100, MBIA 1,000 1,080 Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.500%, 07/01/18, Callable 07/01/12 @ 100, MBIA 2,000 2,155 Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.500%, 07/01/21, Callable 07/01/12 @ 100, MBIA 1,000 1,076 Roanoke Industrial Development Authority, Carilion Health System, Ser C-2, RB, 3.800%, 07/01/27, FSA (b) 1,955 1,955 Roanoke Public Improvement, Ser B, GO, 5.000%, 02/01/24, Callable 02/01/15 @ 101 2,500 2,693 Russell County Industrial Development Authority, Pollution Control, Appalachian Power Co. Project, Ser I, RB, 2.700%, 11/01/07, Mandatory Put 11/01/06 @ 100 1,000 999 Southeastern Public Service Authority, Ser A, RB, 5.100%, 07/01/08, MBIA 2,660 2,733 Spotsylvania County Water & Sewer, RB, 5.000%, 06/01/15, FSA 1,000 1,092 Spotsylvania County Water & Sewer, RB, 5.000%, 06/01/26, FSA 3,635 3,846
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Suffolk Industrial Development Authority, Retirement Facilities, First Mortgage -- Lake Prince Center, RB, 5.150%, 09/01/24, Callable 09/01/16 @ 100 725 732 Tobacco Settlement Financing Corp., RB, 4.000%, 06/01/13 1,800 1,793 Tobacco Settlement Financing Corp., RB, 5.250%, 06/01/19, Callable 06/01/15 @ 100 1,990 2,066 Tobacco Settlement Financing Corp., RB, 5.500%, 06/01/26, Callable 06/01/15 @ 100 3,500 3,675 University of Virginia, Ser A, RB, 3.720%, 06/01/34 (b) 500 500 Upper Occoquan Sewer Authority, Regional Sewage, RB, 5.000%, 07/01/21, Callable 07/01/15 @ 100, FSA 1,000 1,075 Upper Occoquan Sewer Authority, Regional Sewage, RB, 5.000%, 07/01/25, Callable 07/01/15 @ 100, FSA 1,000 1,066 Virginia Beach Development Authority, Ser A, RB, 5.375%, 08/01/16, Callable 08/01/12 @ 100 1,650 1,796 Virginia Beach, Public Improvement, Ser B, GO, 5.000%, 05/01/13 2,500 2,700 Virginia College Building Authority, Educational Facilities Project, RB, 5.375%, 01/01/21, Callable 01/01/16 @ 100 3,090 3,541 Virginia College Building Authority, Educational Facilities Project, Ser A, RB, 5.000%, 02/01/15, Callable 02/01/14 @ 100 4,510 4,866
See Notes to Financial Statements. 87 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Virginia College Building Authority, Educational Facilities, 21st Century College, Ser B, RB, 3.860%, 02/01/26, Callable 02/01/14 @ 100, LOC: Wachovia Bank N.A. (b) 1,000 1,000 Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Ser A, RB, 5.000%, 09/01/10 4,245 4,473 Virginia College Building Authority, Educational Facilities, RB, 4.375%, 01/01/25, Callable 01/01/16 @ 100 215 216 Virginia Commonwealth Transportation Board, North Virginia Transportation District, Ser A, RB, 5.000%, 05/15/14 3,000 3,261 Virginia Commonwealth Transportation Board, Oak Grover Connector Transportation Program, Ser A, RB, 5.000%, 05/15/14 1,435 1,559 Virginia Commonwealth Transportation Board, Ser A, RB, 5.375%, 05/15/12, Callable 05/15/11 @ 100 1,000 1,077 Virginia Commonwealth Transportation Board, Ser A, RB, 5.000%, 09/28/15 1,000 1,095 Virginia Housing Development Authority, Commonwealth Mortgage, Ser E, SubSer E-1, RB, AMT, 3.950%, 04/01/08 3,000 3,016 Virginia Housing Development Authority, Commonwealth Mortgage, SubSer D1, RB, AMT, 4.000%, 01/01/09 2,000 2,012 Virginia Housing Development Authority, Multifamily, Ser E, RB, AMT, 5.350%, 11/01/11, Callable 01/01/08 @ 102 1,250 1,295
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Virginia Housing Development Authority, Multifamily, Ser H, RB, AMT, 5.625%, 11/01/18, Callable 11/01/09 @ 100 3,500 3,609 Virginia Housing Development Authority, Multifamily, Ser I, RB, AMT, 4.875%, 11/01/12, Callable 01/01/09 @ 101 1,950 1,997 Virginia Polytechnic Institute & State University, Ser D, RB, 5.125%, 06/01/21, Callable 06/01/14 @ 101, AMBAC 2,095 2,274 Virginia Public School Authority, School Financing 1997, Ser A, RB, 5.000%, 08/01/24, Callable 08/01/14 @ 100 1,365 1,449 Virginia Public School Authority, Ser B, RB, 5.000%, 08/01/13, Callable 08/01/10 @ 101 2,910 3,076 Virginia Resources Authority, Infrastructure, Pooled Financing Project, RB, 5.000%, 11/01/22, Callable 11/01/13 @ 100 1,250 1,327 Virginia Resources Authority, Infrastructure, Ser A, RB, 5.800%, 05/01/30, Prerefunded 05/01/11 @ 101, MBIA 1,500 1,632 Virginia State Public Building Authority, Public Facilities, Ser C, RB, 5.000%, 08/01/14 2,000 2,173 Virginia State Resource Authority, Senior Infrastructure, Ser B, RB, 5.000%, 11/01/26, Callable 11/01/14 @ 100 2,185 2,321 Winchester, Public Improvement, GO, 5.000%, 11/01/18, Callable 11/01/15 @ 100, FGIC 2,580 2,804
See Notes to Financial Statements. 88 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED York County Industrial Development Authority, Pollution Control Project, RB, 5.500%, 07/01/09, Callable 11/08/06 @ 101 740 749 -------- 214,400 -------- PUERTO RICO (1.9%) Puerto Rico Municipal Financial Agency, Ser A, GO, 5.000%, 08/01/22, Callable 08/01/15 @ 100, FSA 3,000 3,228 Puerto Rico Public Building Authority, Ser C, RB, 5.500%, 07/01/15, CIFG 1,025 1,158 -------- 4,386 -------- Total Municipal Bonds (Cost $214,368) 219,861 -------- MONEY MARKET (1.7%) Federated Virginia Municipal Cash Trust, 3.270% 3,803,968 3,804 -------- Total Money Market (Cost $3,804) 3,804 -------- Total Investments (Cost $218,172) (a) -- 99.0% 223,665 Other assets in excess of liabilities -- 1.0% 2,214 -------- Net Assets -- 100.0% $225,879 ========
- --------------- (a)Cost for federal income tax purposes is $218,147 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation................... $5,661 Unrealized Depreciation................... (143) ------ Unrealized Appreciation (Depreciation).... $5,518 ======
(b)Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. AMBAC -- Security insured by the American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax Paper CIFG -- Capitalized Interest Financial Guaranty COP -- Certificates of Participation FGIC -- Security insured by the Financial Guaranty Insurance Company FSA -- Security insured by Financial Security Assurance GNMA -- Security insured by the Government National Mortgage Association GO -- General Obligation LOC -- Line of Credit MBIA -- Security insured by the Municipal Bond Insurance Association RB -- Revenue Bond Ser -- Series
See Notes to Financial Statements. 89 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) PRIME QUALITY MONEY MARKET FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- CERTIFICATES OF DEPOSIT (10.9%) BANKS (10.9%) Calyon, Inc. NY, 4.780%, 01/12/07 50,000 50,001 Canadian Imperial Bank NY, 5.300%, 01/29/07 (b) 50,000 50,000 Credit Agricole SA, 4.805%, 01/29/07 50,000 50,000 Credit Agricole SA, 5.545%, 03/19/07 50,000 50,001 Credit Suisse NY, 4.800%, 01/16/07 39,000 39,001 Credit Suisse NY, 5.210%, 03/29/07 50,000 50,001 Depfa Bank PLC NY, 5.525%, 08/08/07 75,000 74,999 Deutsche Bank AG, 4.805%, 02/21/07 75,000 74,980 National City Bank, 5.380%, 10/12/06 (b) 50,000 50,001 Nordea Bank Finland NY, 4.820%, 01/30/07 50,000 50,001 Royal Bank of Scotland NY, 4.755%, 10/27/06 25,000 25,001 Royal Bank of Scotland NY, 4.840%, 01/30/07 50,000 50,000 Societe Generale NY, 5.320%, 11/30/06 (b) 50,000 50,000 Societe Generale NY, 5.380%, 06/01/07 (b) 50,000 50,000 Societe Generale NY, 5.230%, 09/27/07 50,000 50,005 Swedbank, 4.865%, 02/02/07 50,000 50,001 Wells Fargo Bank NA, 5.300%, 01/19/07 (b) 50,000 50,000 ---------- Total Certificates of Deposit (Cost $863,992) 863,992 ---------- COMMERCIAL PAPERS (33.4%) BANKS (8.3%) ASB Bank Ltd., 5.357%, 11/07/06 (c) (d) 6,600 6,564 ASB Bank Ltd., 5.336%, 12/07/06 (c) (d) 46,000 45,549 Atlas Capital Funding Corp., 5.392%, 03/12/07 (c) (d) 36,700 35,836 Bank of Ireland, 5.350%, 02/20/07 (c) (d) 50,000 48,971
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- BANKS--CONTINUED Bank of Ireland, 5.465%, 08/15/07 (c) (d) 50,000 47,712 Depfa Bank PLC, 5.299%, 11/22/06 (c) (d) 25,000 24,810 DnB Nor Bank ASA, 5.185%, 10/02/06 (c) 8,044 8,043 DnB Nor Bank ASA, 5.215%, 11/16/06 (c) 30,000 29,805 DnB Nor Bank ASA, 5.399%, 02/02/07 (c) 50,000 49,092 DnB Nor Bank ASA, 5.377%, 06/08/07 (c) 50,000 48,205 DnB Nor Bank ASA, 5.276%, 06/26/07 (c) 50,000 48,111 Fortis Banque Luxembourg, 5.229%, 10/12/06 (c) 50,000 49,922 HBOS Treasury Services PLC, 5.356%, 10/16/06 (c) 50,000 49,890 Spintab AB, 5.208%, 10/17/06 (c) 30,000 29,932 Spintab AB, 5.330%, 12/06/06 (c) 61,085 60,497 Spintab AB, 5.331%, 12/07/06 (c) 22,980 22,755 Westpac Banking Corp., 5.372%, 12/12/06 (c) (d) 52,000 51,456 ---------- 657,150 ---------- DIVERSIFIED FINANCIAL SERVICES (23.7%) Alliance & Leicester PLC, 5.429%, 11/02/06 (c) (d) 100,000 99,524 Aquifer Funding LLC, 5.313%, 10/04/06 (c) (d) 50,000 49,978 Barton Capital LLC, 5.291%, 10/04/06, LOC: Societe Genrale, AMBAC (c) (d) 42,534 42,515 Bear Stearns & Co., Inc., 5.445%, 06/12/07 (b) 75,000 75,000 Beethoven Funding Corp., 5.280%, 10/05/06, LOC: Dresdner Bank AG NY (c) (d) 6,763 6,759 Buckingham III LLC, 5.432%, 10/02/06, LOC: Barclays Bank PLC (c) (d) 50,000 49,992
See Notes to Financial Statements. 90 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) PRIME QUALITY MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Buckingham III LLC, 5.307%, 10/27/06, LOC: Barclays Bank PLC (c) (d) 12,634 12,586 Chesham Finance LLC, 5.338%, 12/01/06 (c) (d) 30,000 29,732 Chesham Finance LLC, 5.300%, 04/10/07 (b) (d) 50,000 49,992 Chesham Finance LLC, 5.280%, 07/25/07 (b) (d) 50,000 49,988 Chesham Finance LLC, 5.310%, 08/07/07 (b) (d) 75,000 74,981 Cimarron Ltd., 5.315%, 10/02/06 (c) (d) 37,597 37,591 Cimarron Ltd., 5.321%, 10/03/06 (c) (d) 12,638 12,634 Citigroup Funding, Inc., 5.343%, 11/16/06 (c) 68,000 67,542 Cullinan Finance Corp., 5.354%, 10/02/06 (c) (d) 55,000 54,992 Cullinan Finance Corp., 5.372%, 11/14/06 (c) (d) 30,000 29,806 Davis Square Funding V Corp., 5.401%, 10/11/06 (c) (d) 24,200 24,164 Davis Square Funding V Corp., 5.462%, 10/27/06 (c) (d) 75,000 74,708 Davis Square Funding V Corp., 5.430%, 11/02/06 (c) (d) 75,000 74,644 Dresdner US Finance, Inc., 5.188%, 10/05/06 (c) 3,300 3,298 Fairway Finance Corp., 5.434%, 11/01/06, LOC: Bank of Montreal (c) (d) 25,351 25,234 Five Finance, Inc., 5.366%, 11/13/06 (c) (d) 34,400 34,182 Fountain Square Commercial Funding Corp., 5.324%, 10/12/06 (c) (d) 25,000 24,960 Grampian Funding LLC, 5.227%, 11/10/06 (c) (d) 30,000 29,830 Grampian Funding LLC, 5.289%, 11/17/06 (c) (d) 75,000 74,495
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Grampian Funding LLC, 5.318%, 03/27/07, LOC: HBOS Treasury Services PLC (c) (d) 50,000 48,727 Irish Life & Permanent PLC, 5.197%, 10/18/06 (c) (d) 24,500 24,441 Irish Life & Permanent PLC, 5.361%, 11/09/06 (c) (d) 30,000 29,828 Irish Life & Permanent PLC, 5.351%, 11/15/06 (c) (d) 50,000 49,670 Irish Life & Permanent PLC, 5.554%, 12/13/06 (c) (d) 50,000 49,451 Irish Life & Permanent PLC, 5.355%, 01/08/07 (c) (d) 50,000 49,277 Irish Life & Permanent PLC, 5.353%, 04/04/07 (c) (d) 10,000 9,733 Ixis Commercial Paper, 5.252%, 01/03/07 (c) (d) 8,500 8,387 KFW International Finance, Inc., 5.438%, 03/21/07 (c) (d) 31,000 30,225 Klio III Funding Corp., 5.454%, 10/20/06 (c) (d) 60,188 60,019 Lexington Parker Capital Corp., 5.280%, 10/05/06 (c) (d) 5,073 5,070 Lexington Parker Capital Corp., 5.376%, 03/01/07 (c) (d) 75,000 73,352 Lexington Parker Capital Corp., 5.372%, 03/06/07 (c) (d) 80,743 78,913 Mane Funding Corp., 5.352%, 11/09/06 (c) (d) 73,494 73,074 Mane Funding Corp., 5.320%, 12/12/06 (c) (d) 19,150 18,949 Merrill Lynch & Co., Inc., 5.487%, 05/01/07 (c) 50,000 48,448 Scaldis Capital LLC, 5.294%, 10/02/06, LOC: Fortis Bank SA (c) (d) 9,617 9,616 Scaldis Capital LLC, 5.292%, 10/25/06, LOC: Fortis Bank SA (c) (d) 15,094 15,041
See Notes to Financial Statements. 91 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) PRIME QUALITY MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Sigma Finance, Inc., 5.506%, 12/12/06 (c) (d) 36,000 35,612 Solitaire Funding LLC, 5.208%, 10/23/06 (c) (d) 30,000 29,907 Whistlejacket Capital Ltd., 5.280%, 10/05/06 (c) (d) 17,553 17,543 ---------- 1,874,410 ---------- INSURANCE (0.4%) Swiss RE Financial Services Corp., 4.795%, 10/20/06 (c) (d) 35,000 34,914 ---------- RETAIL (0.5%) Wal-Mart Funding Corp., 5.439%, 10/24/06 (c) (d) 35,834 35,711 ---------- TRANSPORTATION (0.5%) United Parcel Service, Inc., 5.250%, 07/31/07 (c) (d) 15,500 14,844 United Parcel Service, Inc., 5.347%, 08/31/07 (c) (d) 25,000 23,822 ---------- 38,666 ---------- Total Commercial Papers (Cost $2,640,851) 2,640,851 ---------- CORPORATE BONDS (49.4%) AUTOMOBILE ABS (0.0%) Nissan Auto Receivables Owner Trust, Ser 2006-A, Cl A1, 4.663%, 02/15/07 3,881 3,881 ---------- BANKS (9.0%) Bank of New York Co., Inc., 5.386%, 10/26/07 (b) (d) 25,000 25,000 Barclays Bank PLC NY, 5.320%, 06/04/07 (b) 50,000 50,000 Marshall & Ilsley Bank, 5.176%, 12/15/06 50,000 50,036 National Australia Bank, 5.300%, 10/05/07 (b) (d) 75,000 75,000 National City Bank Cleveland, 5.295%, 01/22/07 (b) 50,000 50,000 National City Bank Cleveland, 5.315%, 09/18/07 (b) 100,000 99,985
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- BANKS--CONTINUED Northern Rock PLC, 5.330%, 10/05/07 (b) (d) 50,000 50,000 Royal Bank of Canada, 5.300%, 10/01/07 (b) (d) 75,000 75,000 Skandianaviska Enskil Banken, 5.320%, 10/09/07 (b) (d) 50,000 50,000 Wachovia Bank NA, 5.280%, 12/04/06 (b) 17,000 17,000 Wachovia Corp., 5.485%, 12/08/06 (b) 50,000 50,006 Wells Fargo & Co., 5.380%, 10/02/07 (b) 10,000 10,000 Wells Fargo & Co., 5.340%, 10/15/07 (b) (d) 50,000 50,000 Westpac Banking Corp., 5.300%, 10/16/07 (b) (d) 60,000 60,000 ---------- 712,027 ---------- COMPUTERS (0.3%) IBM Corp., 5.320%, 10/05/07 (b) (d) 25,000 25,000 ---------- DIVERSIFIED FINANCIAL SERVICES (39.1%) Alliance & Leicester PLC, 5.310%, 10/05/07 (b) (d) 30,000 30,000 American Express Credit Corp., 5.430%, 10/05/07 (b) 90,000 90,000 Atlas Capital Funding Corp., 5.320%, 07/10/07 (b) (d) 50,000 49,996 Atlas Capital Funding Corp., 5.320%, 07/16/07 (b) (d) 75,000 75,000 Atlas Capital Funding Corp., 5.340%, 09/10/07 (b) (d) 50,000 50,000 Bear Stearns & Co., Inc., 5.320%, 04/25/07 (b) 41,000 41,000 Bear Stearns & Co., Inc., 5.364%, 10/26/07 (b) 125,000 125,001 Beta Finance, Inc., 5.305%, 02/06/07 (b) (d) 75,000 74,997 Beta Finance, Inc., 5.308%, 02/08/07 (b) (d) 30,000 29,999 Beta Finance, Inc., 5.308%, 05/22/07 (b) (d) 50,000 49,997 CC USA, Inc, 5.420%, 09/24/07 (d) 50,000 50,000
See Notes to Financial Statements. 92 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) PRIME QUALITY MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED CC USA, Inc., 5.310%, 05/18/07 (b) (d) 50,000 49,997 Cheyne Finance LLC, 5.317%, 02/26/07 (b) (d) 50,000 49,999 Cheyne Finance LLC, 5.317%, 03/26/07 (b) (d) 50,000 49,999 Cheyne Finance LLC, 5.323%, 05/15/07 (b) (d) 50,000 49,996 Cheyne Finance LLC, 5.317%, 08/15/07 (b) (d) 30,000 29,996 Cheyne Finance LLC, 5.325%, 08/20/07 (b) (d) 50,000 49,992 Cullinan Finance Corp., 5.170%, 01/25/07 (d) 50,000 50,000 Cullinan Finance Corp., 5.290%, 03/15/07 (b) (d) 50,000 49,999 Cullinan Finance Corp., 5.280%, 04/25/07 (d) 50,000 50,000 Dorada Finance, Inc., 5.308%, 01/12/07 (b) (d) 50,000 49,999 Dorada Finance, Inc., 5.308%, 02/14/07 (b) (d) 50,000 49,998 Dorada Finance, Inc., 5.305%, 05/17/07 (b) (d) 50,000 49,997 Five Finance, Inc., 5.305%, 02/28/07 (b) (d) 50,000 49,998 Five Finance, Inc., 5.310%, 05/22/07 (b) (d) 50,000 49,997 Five Finance, Inc., 5.310%, 05/25/07 (b) (d) 50,000 49,997 General Electric Capital Corp., 5.455%, 07/09/07 (b) 69,000 69,000 Goldman Sachs Group, Inc., 5.660%, 10/27/06 (b) 29,315 29,319 Goldman Sachs Group, Inc., 5.380%, 10/15/07 (b) (d) 100,000 100,000 Household Finance Corp., 5.750%, 01/30/07 22,500 22,570 K2 (USA) LLC, 5.410%, 12/04/06 (b) (d) 50,000 50,000 K2 (USA) LLC, 5.320%, 12/08/06 (b) (d) 50,000 49,999 K2 (USA) LLC, 5.310%, 01/11/07 (b) (d) 15,000 15,000
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED K2 (USA) LLC, 5.310%, 02/08/07 (b) (d) 60,000 59,998 K2 (USA) LLC, 5.530%, 08/15/07 (d) 50,000 50,000 Liberty Light US Capital, 5.320%, 05/11/07 (b) (d) 50,000 50,000 Liberty Light US Capital, 5.315%, 05/18/07 (b) (d) 50,000 49,997 Liberty Light US Capital, 5.320%, 09/14/07 (b) (d) 100,000 99,990 Liquid Funding Ltd., 5.310%, 11/17/06 (b) (d) 30,000 29,999 Liquid Funding Ltd., 5.364%, 11/28/06 (b) (d) 40,000 40,000 Liquid Funding Ltd., 5.345%, 12/29/06 (b) (d) 15,000 14,999 Liquid Funding Ltd., 5.315%, 03/15/07 (b) (d) 50,000 49,996 Merrill Lynch & Co., 5.310%, 10/24/07 (b) 50,000 50,000 Merrill Lynch & Co., 5.390%, 10/04/07 (b) 30,000 30,000 Morgan Stanley, 5.320%, 02/26/07 (b) 50,000 50,000 Morgan Stanley, 5.390%, 10/15/07 (b) 75,000 75,000 Morgan Stanley, 5.460%, 10/15/07 (b) 48,500 48,500 Sigma Finance, Inc., 5.445%, 11/06/06 (b) (d) 50,000 50,001 Sigma Finance, Inc., 5.420%, 12/05/06 (b) (d) 50,000 50,000 Sigma Finance, Inc., 5.320%, 01/16/07 (b) (d) 30,000 30,000 Sigma Finance, Inc., 5.185%, 05/15/07 (b) (d) 50,000 50,000 Stanfield Victoria LLC, 4.920%, 01/26/07 (d) 40,000 40,000 Stanfield Victoria LLC, 5.320%, 06/05/07 (b) (d) 25,000 24,999 Stanfield Victoria LLC, 5.670%, 06/20/07 (d) 50,000 50,000 Stanfield Victoria LLC, 5.330%, 08/01/07 (b) (d) 100,000 99,992 Toyota Motor Credit Corp., Ser B, 5.135%, 04/26/07 (b) 50,000 50,000
See Notes to Financial Statements. 93 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) PRIME QUALITY MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Whistlejacket Capital Ltd., 5.320%, 01/12/07 (b) (d) 30,000 29,999 Whistlejacket Capital Ltd., 5.320%, 01/17/07 (b) (d) 75,000 74,997 Whistlejacket Captial Ltd., 5.315%, 02/06/07 (b) (d) 50,000 49,999 Whistlejacket Captial Ltd., 5.320%, 03/12/07 (b) (d) 50,000 49,998 ---------- 3,080,306 ---------- INSURANCE (0.4%) Lincoln National Corp., 5.390%, 10/17/07 (b) (d) 35,000 35,000 ---------- RETAIL (0.6%) Wal-Mart Stores, Inc., 5.877%, 06/01/07 50,000 50,162 ---------- Total Corporate Bonds (Cost $3,906,376) 3,906,376 ---------- MASTER NOTE (2.7%) BANKS (2.7%) Bank of America Corp., 5.445% (b) (e) 210,035 210,035 ---------- Total Master Note (Cost $210,035) 210,035 ---------- MONEY MARKET FUND (2.2%) Federated Prime Value Money Market Fund, 5.210% 175,000 175,000 ---------- Total Money Market Fund (Cost $175,000) 175,000 ---------- REPURCHASE AGREEMENTS (1.0%) Bear Stearns & Co., Inc., 5.285%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $18,381 (collateralized by U.S. Government Agencies; DN, due 08/01/36; total market value $18,741) 18,373 18,373
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED BNP Paribas, 5.235%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $8,079 (collateralized by U.S. Government Agencies; DN -- 6.750%, due 10/25/06 -- 11/01/25; total market value $8,237) 8,075 8,075 Lehman Brothers, Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $25,461 (collateralized by U.S. Government Agencies; 5.000%, due 07/01/20; total market value $25,958) 25,450 25,449 Merrill Lynch & Co., Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $5,455 (collateralized by U.S. Government Agencies; 5.125% -- 6.000%, due 11/20/24 -- 03/15/34; total market value $5,561) 5,452 5,452 Morgan Stanley, 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $15,671 (collateralized by U.S. Government Agencies; 4.500% -- 8.000%, due 05/01/18 -- 03/01/36; total market value $19,115) 15,665 15,665
See Notes to Financial Statements. 94 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) PRIME QUALITY MONEY MARKET FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED UBS Warburg LLC, 5.275%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $4,100 (collateralized by U.S. Government Agencies; 5.500%, due 02/15/34; total market value $4,181) 4,098 4,098 ---------- Total Repurchase Agreements (Cost $77,112) 77,112 ---------- Total Investments (Cost $7,873,366) (a) -- 99.6% 7,873,366 Other assets in excess of liabilities -- 0.4% 32,129 ---------- Net Assets -- 100.0% $7,905,495 ==========
- --------------- (a) Aggregate cost for federal income tax and financial reporting purposes is the same. (b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rate represents the effective yield at purchase. (d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e) Perpetual Maturity Cl -- Class DN -- Discount Note LLC -- Limited Liability Company PLC -- Public Limited Company Ser -- Series See Notes to Financial Statements. 95 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MUNICIPAL BONDS (99.7%) ALABAMA (0.9%) Birmingham-Carraway Special Care Facilities Financing Authority, Carraway Methodist Health Project, Ser A, RB, 3.950%, 08/15/28, LOC: AmSouth Bank (b) 1,700 1,700 Cherokee Industrial Development Board, The BOC Group Project, RB, 3.750%, 04/01/08, LOC: Wachovia Bank of Georgia (b) (c) 3,500 3,500 Marion Educational Building Authority, Judson College Project, RB, 3.800%, 01/01/33, LOC: SouthTrust Bank N.A. (b) 6,455 6,455 Stevenson Industrial Development Board, Environmental Improvement Revenue, Mead Corp. Project, RB, 3.740%, 11/01/16, LOC: JP Morgan Chase Bank (b) 5,000 5,000 ---------- 16,655 ---------- ALASKA (1.8%) Alaska State Housing Finance Corp., Housing Development, Ser D, RB, 3.670%, 06/01/37, MBIA (b) 2,000 2,000 Valdez Marine Terminal, Exxon Pipeline Co. Project, RB, 3.750%, 10/01/25 (b) 15,000 15,000 Valdez Marine Terminal, ExxonMobil Project, RB, 3.750%, 12/01/29 (b) 15,000 15,000 ---------- 32,000 ---------- CALIFORNIA (3.8%) Bay Area Toll Authority, California Toll Bridge, San Francisco Bay Toll, Ser D-1, RB, 3.470%, 04/01/45, XLCA (b) 15,000 15,000
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- CALIFORNIA--CONTINUED California Statewide Communities Development Authority, Multifamily Housing, Ser PT-3072, RB, AMT, 3.840%, 08/01/29, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 2,000 2,000 Culver City School Facilities Financing Authority, Ser PT-3263, RB, 3.770%, 08/01/24, FSA (b) (c) 4,980 4,980 Golden State Tobacco Securitization Corp., Ser B, RB, 3.800%, 06/01/45, AMBAC (c) 12,500 12,500 Los Angeles Unified School District, Ser PT-3191, GO, 3.770%, 07/01/25, Callable 07/01/15 @ 100, FGIC (b) (c) 7,980 7,980 Pajaro Valley Unified School District, Ser PT-2779, GO, 3.770%, 08/01/22, Callable 08/01/15 @ 100, FSA (b) (c) 4,980 4,980 San Francisco City & County Housing Authority, Valencia Gardens Housing, RB, AMT, 3.730%, 09/01/49, LOC: Citibank N.A. (b) 20,000 20,000 San Francisco City & County, Ser PT-3017, GO, 3.770%, 06/15/25, Callable 06/15/12 @ 102, MBIA (c) 1,000 1,000 ---------- 68,440 ---------- COLORADO (1.3%) Adams County, Mutifamily Housing, Ser PT-3389, RB, 3.780%, 01/01/26, FNMA (b) (c) 3,500 3,500 Arkansas River Power Authority, Ser PT-3550, RB, 3.770%, 10/01/26, XLCA (b) (c) 4,000 4,000
See Notes to Financial Statements. 96 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- COLORADO--CONTINUED Colorado Housing & Finance Authority, St. Moritz Project, Ser H, RB, 3.750%, 10/15/16, FNMA (b) 5,315 5,315 Regional Transit District, Ser A, RB, 3.780%, 11/01/11, Callable 11/01/13 @ 100, AMBAC (b) (c) 10,000 10,000 ---------- 22,815 ---------- CONNECTICUT (0.3%) Connecticut, Ser PA-720 R, GO, 3.760%, 06/15/11, Callable 06/15/10 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 5,000 5,000 ---------- DISTRICT OF COLUMBIA (1.4%) District of Columbia Water & Sewer Authority, Public Utility, Ser PT-3494, RB, 3.770%, 10/01/18, Callable 04/01/09 @ 160, FSA (b) (c) 10,000 10,000 District of Columbia, Planned Parenthood Project, RB, 3.740%, 12/01/29, LOC: Bank of America N.A. (b) 6,245 6,245 District of Columbia, The Phillips Collection Issue, RB, 3.740%, 08/01/33, LOC: Bank of America N.A. (b) 5,400 5,400 District of Columbia, Thurgood Marshall Center Trust, RB, 3.780%, 11/01/27, LOC: Branch Banking & Trust Co. (b) 3,345 3,345 ---------- 24,990 ----------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FLORIDA (8.0%) Broward County Housing Finance Authority, Multifamily Housing, Ser PT-703, RB, 3.760%, 09/01/26, FHLMC (b) (c) 14,000 14,000 De Soto County Industrial Development, Tremron Project, RB, 3.880%, 11/01/15, LOC: Branch Banking & Trust Co. (b) 3,800 3,800 Florida Department of Environmental Protection, Preservation, Ser PT-3335, RB, 3.780%, 07/01/24, Callable 07/01/15 @ 101, MBIA (b) (c) 19,960 19,960 Florida Housing Finance Agency, Bainbridge Project, Ser M, RB, AMT, 3.760%, 12/01/25, FNMA (b) 6,170 6,170 Florida Housing Finance Corp., Multifamily Housing, Northbridge Apartments, Ser V-1, RB, AMT, 3.750%, 06/15/36, LOC: Bank of America N.A. (b) 5,000 5,000 Florida Housing Finance Corp., Ser MT-169, RB, 3.250%, 10/01/32, FHLMC (c) 12,750 12,750 Florida Housing Finance Corp., St. Andrews Pointe Apartments Project, Ser E-1, RB, AMT, 3.730%, 06/15/36, FNMA (b) 8,515 8,515 Hillsborough County Industrial Development Authority, Independent Day School Project, RB, 3.790%, 09/01/26, LOC: Bank of America N.A. (b) 1,900 1,900
See Notes to Financial Statements. 97 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FLORIDA--CONTINUED Lake County School Board, Ser PA-1321, COP, 3.780%, 06/01/30, Callable 06/01/15 @ 100, AMBAC (b) (c) 2,000 2,000 Manatee County St., Stephens Upper School Project, RB, 3.740%, 11/01/25, LOC: Bank of America N.A. (b) 3,200 3,200 Miami-Dade County Industrial Development Authority, Gulliver Schools Project, RB, 3.760%, 09/01/29, LOC: Bank of America N.A. (b) 6,950 6,950 Orange County Housing Finance Authority, Charleston Club Apartments Project, Ser A, RB, AMT, 3.760%, 07/15/34, FNMA (b) 7,000 7,000 Orange County Housing Finance Authority, Multifamily Housing, Lakeside Pointe Apartments, Ser B, RB, AMT, 3.760%, 05/15/38, LOC: Bank of America N.A. (b) 5,500 5,500 Santa Rosa County Health Facilities Authority, Baptist Hospital, Inc. Project, RB, 3.740%, 10/01/21, LOC: Bank of America N.A. (b) 7,700 7,700 Sarasota County Health Facility Authority, Bay Village Project, RB, 3.760%, 12/01/23, LOC: Bank of America N.A. (b) (c) 4,100 4,100 Tampa Bay Water Utility System, Regional Water Supply Authority, RB, AMT, 3.790%, 10/01/31, LOC: Bank of America N.A. (b) 9,100 9,100
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- FLORIDA--CONTINUED University of North Florida Foundation, Inc., Parking Systems Project, RB, 3.780%, 05/01/28, LOC: First Union National Bank (b) 5,300 5,300 Volusia County Housing Finance Authority, Ser MT 151, RB, 3.780%, 11/15/20, AMBAC (b) (c) 21,045 21,045 ---------- 143,990 ---------- GEORGIA (1.6%) Atlanta Airport, Ser 313, RB, AMT, 3.810%, 01/01/18, Callable 01/01/10 @ 101, FGIC (b) (c) 3,335 3,335 Bulloch County Development Authority, Ser PT-2594, RB, 3.780%, 08/01/26, Callable 08/01/15 @ 100, XLCA (b) (c) 4,080 4,080 Cobb County Development Authority, Kennesaw State University Project, RB, 3.750%, 11/01/18, AMBAC (b) 4,820 4,820 Houston County Development Authority, Clean Control Corp. Project, RB, AMT, 3.880%, 06/01/20, LOC: Branch Banking & Trust Co. (b) 2,450 2,450 Metropolitan Atlanta Rapid Transit Authority, Ser SG-57, RB, 3.770%, 07/01/20, AMBAC (b) (c) 5,000 5,000 Newnan Development Authority, Multifamily Housing, Club at Newnan Crossing Project, RB, AMT, 3.750%, 09/15/36, LOC: Bank of America N.A. (b) 800 800
See Notes to Financial Statements. 98 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- GEORGIA--CONTINUED Savannah Economic Development Authority, Exempt Facilities -- Consolidated Utilities, Inc. Project, RB, AMT, 3.880%, 12/01/19, LOC: Branch Banking & Trust Co. (b) (c) 2,090 2,090 Savannah Economic Development Authority, Kennickell Printing Co. Project, RB, AMT, 3.880%, 09/01/11, LOC: Branch Banking & Trust Co. (b) 1,195 1,195 Toombs County Hospital Authority, Meadows Regional Medical Center Project, RB, 3.780%, 12/01/17, LOC: Branch Banking & Trust Co. (b) 4,500 4,500 ---------- 28,270 ---------- HAWAII (0.8%) Hawaii State Airport System, Ser PA-1110, RB, AMT, 3.810%, 07/01/09, FGIC (b) (c) 4,995 4,995 Hawaii, Ser PT-3196, GO, 3.780%, 07/01/17, Callable 7/01/15 @ 100, AMBAC (b) (c) 10,000 10,000 ---------- 14,995 ---------- ILLINOIS (10.7%) Bloomington-Normal Airport Authority, GO, 3.900%, 01/01/12, LOC: Bank One N.A. (b) 600 600 Chicago Airport Special Facilities, Centerpoint O'Hare LLC Project, RB, AMT, 3.850%, 09/01/32, LOC: Bank One N.A. (b) (c) 2,800 2,800 Chicago Midway Airport, Ser SG 97, RB, 3.770%, 01/01/22, Callable 01/01/07 @ 101, MBIA (b) (c) 3,000 3,000
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- ILLINOIS--CONTINUED Chicago O'Hare International Airport, General Airport 2nd Lien, Ser B, RB, 3.770%, 01/01/22, LOC: Societe Generale (b) 15,000 15,000 Chicago O'Hare International Airport, General Airport 2nd Lien, Ser B, RB, 3.690%, 01/01/15, LOC: Societe Generale (b) 5,800 5,800 Chicago Waterworks, Merlots Project, Ser A 02, GO, 3.370%, 11/01/30 (b) (c) 14,905 14,905 Chicago, Merlots Project, Ser WWW, GO, 3.780%, 01/01/22, AMBAC (b) (c) 11,000 11,000 Illinois Educational Facilities Authority, Chicago Children's Museum Project, RB, 3.850%, 02/01/28, LOC: Bank One N.A. (b) 1,600 1,600 Illinois Educational Facilities Authority, Museum of Science & Industry Project, RB, 3.850%, 11/01/15, LOC: Northern Trust Co. (b) 4,200 4,200 Illinois Finance Authority, Alexian Brothers Health Project, RB, 3.720%, 04/01/35, LOC: Bank One N.A. (b) 31,000 31,000 Illinois Finance Authority, Resurrection Health, Ser C, RB, 3.730%, 05/15/35, LOC: Lasalle Bank N.A. (b) 39,310 39,310 Illinois Health Facilities Authority, Advocate Health Care Project, Ser B, RB, 3.750%, 08/15/22 (b) 1,900 1,900
See Notes to Financial Statements. 99 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- ILLINOIS--CONTINUED Illinois Housing Development Authority, Center Apartments Project, RB, 3.690%, 01/01/08, FSA (b) 8,200 8,200 Illinois Regional Transportation Authority, Ser PT-3518, RB, 3.770%, 06/01/27, FSA (b) (c) 13,000 13,000 Illinois State, Merlots Project, Ser B04, GO, 3.780%, 12/01/24, Callable 01/01/12 @ 100, FSA (b) (c) 7,220 7,220 Jackson-Union Counties Regional Port District, Port Facilities, Enron Transportation Services, RB, 3.750%, 04/01/24, LOC: Wachovia Bank N.A. (b) 5,225 5,225 Lockport Industrial Development, Panduit Corp. Project, RB, AMT, 3.850%, 04/01/25, LOC: Fifth Third Bank (b) (c) 2,000 2,000 Macon County, Millikin University Project, RB, 3.750%, 10/01/28, AMBAC (b) 5,050 5,050 Naperville, Heritage YMCA Group, Inc. Project, RB, 3.740%, 12/01/29, LOC: Fifth Third Bank (b) 6,800 6,800 Regional Transportation Authority, Ser PT-2398, RB, 3.770%, 06/01/34, FSA (b) (c) 10,000 10,000 Savanna Industrial Development, Metform Corp. Project, Ser A, RB, AMT, 3.880%, 05/01/14, LOC: Bank One N.A. (b) 500 500
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- ILLINOIS--CONTINUED Savanna Industrial Development, Metform Corp. Project, Ser B, RB, AMT, 3.850%, 06/01/09, LOC: Bank One N.A. (b) 1,400 1,400 Wheeling Industrial Development, Circuit Service, Inc. Project, RB, AMT, 3.850%, 04/01/18, LOC: Bank One Illinois N.A. (b) (c) 1,400 1,400 ---------- 191,910 ---------- INDIANA (3.4%) Elkhart County Economic Development, Holly Park, Inc. Project, RB, AMT, 3.850%, 02/01/10, LOC: Bank One Indiana N.A. (b) (c) 1,100 1,100 Evansville Vanderburgh Public Leasing Corp., Ser PT-2694, RB, 3.780%, 01/15/24, Callable 07/15/15 @ 100, AMBAC (b) (c) 2,000 2,000 Fort Wayne Economic Development, Notre Dame Technical Project, RB, AMT, 3.880%, 07/01/09, LOC: Bank One N.A. (b) (c) 1,000 1,000 Indiana Bond Bank, RB, 3.780%, 02/01/22, Callable 02/01/15 @ 100, FGIC (b) (c) 5,130 5,130 Indiana Development Finance Authority, Christel House Project, RB, 3.740%, 02/01/23, LOC: Fifth Third Bank (b) 6,255 6,255 Indiana Development Finance Authority, Culver Educational Foundation Project, RB, 3.800%, 01/01/32, LOC: Northern Trust Co. (b) 12,700 12,700
See Notes to Financial Statements. 100 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- INDIANA--CONTINUED Indiana Development Finance Authority, Indiana Historical Society Project, RB, 3.780%, 08/01/31, LOC: Bank One Indiana N.A. (b) (c) 1,200 1,200 Indiana Health Facility Financing Authority, Clarian Health Partners, Inc. Project, Ser B, RB, 3.770%, 02/15/26, LOC: JPMorgan Chase & Co. (b) 2,000 2,000 La Porte County Economic Development, Pedcor Investments-Woodland Project, RB, AMT, 3.860%, 10/01/29, FHLB (b) 1,200 1,200 Marion Economic Development, Wesleyan University Project, RB, 3.740%, 06/01/36, LOC: Bank of America N.A. (b) 10,000 10,000 Marshall County Economic Development, Culver Educational Foundation Project, RB, 3.800%, 01/01/35, LOC: Bank One N.A. (b) 8,300 8,300 MSD Warren Township Vision 2005 School Building Corp., Merlots Project, Ser A52, RB, 3.780%, 07/15/20, FGIC (b) (c) 6,595 6,595 West Clark 2000 School Building Corp., Ser PT-2631, RB, 3.780%, 01/15/23, Callable 01/15/15 @ 100, MBIA (b) (c) 2,985 2,985 ---------- 60,465 ----------
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- IOWA (0.3%) Iowa Higher Education Loan Authority, Private College-Graceland Project, RB, 3.790%, 02/01/33, LOC: Bank of America N.A. (b) 3,600 3,600 Sac County Industrial, Evapco, Inc. Project, RB, AMT, 3.840%, 07/01/16, LOC: Bank of America N.A. (b) 2,180 2,180 ---------- 5,780 ---------- KENTUCKY (0.1%) Campbell County Industrial Building, Hospital Imaging Co., Inc. Project, RB, 3.760%, 04/01/20, LOC: Fifth Third Bank (b) (c) 2,585 2,585 ---------- MARYLAND (2.3%) Maryland Community Development Administration, Department of Housing & Community Development, People's Resource Center, Ser C, RB, AMT, 3.750%, 09/01/35, LOC: Lloyds TSB Bank PLC (b) 15,040 15,040 Maryland State Economic Development Corp., YMCA of Central Maryland, Inc. Project, RB, 3.780%, 04/01/28, LOC: Branch Banking & Trust Co. (b) 3,700 3,700 Maryland State, Ser PA-816, GO, 3.760%, 03/01/12, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 5,995 5,995
See Notes to Financial Statements. 101 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MARYLAND--CONTINUED Montgomery County Housing Opportunities Commission, Multifamily Housing Development, Ser C, RB, 3.700%, 07/01/37, LOC: Depfa Bank PLC (b) 1,000 1,000 Montgomery County Housing Opportunities Commission, Single Family Mortgage, Ser C, RB, 3.520%, 10/26/07, FHA 6,705 6,705 Montgomery County, Bond Anticipation Notes, Ser A, GO, 3.860%, 06/01/26, LOC: Dexia Credit Local (b) 8,200 8,200 ---------- 40,640 ---------- MASSACHUSETTS (4.8%) Massachusetts Bay Transportation Authority, Sales Tax, Ser PT-2581, RB, 3.760%, 07/01/26, LOC: Dexia Credit Local (b) (c) 29,900 29,900 Massachusetts Housing Finance Agency, Ser PA-1333, RB, AMT, 3.770%, 07/01/25, Callable 07/01/13 @ 100, FSA (b) (c) 22,165 22,165 Massachusetts State Special Obligations, Dedicated Tax, Ser PT-3050, RB, 3.760%, 01/01/30, FGIC (b) (c) 24,905 24,905 Massachusetts State, Ser PT-1390, GO, 3.760%, 03/01/10, FSA (b) (c) 9,890 9,890 ---------- 86,860 ---------- MICHIGAN (0.6%) ABN Amro Munitops Certificate Trust, Ser 2004-2, RB, AMT, 3.640%, 12/20/11, GNMA (b) (c) 9,780 9,780
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MICHIGAN--CONTINUED Michigan Housing Development Authority, Rental Housing, Ser A, RB, AMT, 3.750%, 10/01/39, FGIC (b) 50 50 Oakland County Economic Development Corp., Moody Family Ltd. Project, RB, AMT, 3.950%, 09/01/12, LOC: Bank One Michigan (b) (c) 500 500 ---------- 10,330 ---------- MISSISSIPPI (0.3%) Mississippi Development Bank, Special Obligation, Ser PT-3303, RB, 3.780%, 12/01/27, Callable 12/01/15 @ 100, AMBAC (b) (c) 5,000 5,000 ---------- MISSOURI (0.2%) Carthage Industrial Development Authority, Schreiber Project, RB, AMT, 3.850%, 11/01/10, LOC: First National Bank (b) (c) 3,100 3,100 Missouri State Environmental Improvement & Energy Resource Authority, Utilicorp United, Inc. Project, RB, AMT, 3.850%, 05/01/28, LOC: Toronto Dominion Bank (b) 700 700 ---------- 3,800 ---------- NEVADA (0.6%) Nevada State, Ser 344, GO, 3.780%, 05/15/28, Callable 05/15/08 @ 100, FGIC (b) (c) 5,495 5,495 Nevada State, Ser SG-114, 3.770%, 03/01/27 (b) 5,000 5,000 ---------- 10,495 ----------
See Notes to Financial Statements. 102 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- NEW JERSEY (7.7%) Jersey City, Ser PT-2865, GO, 3.770%, 05/15/22, Callable 05/15/15 @ 100, AMBAC (b) (c) 5,000 5,000 New Jersey Economic Development Authority, Ser 1533, RB, 3.770%, 06/15/10, MBIA (b) (c) 16,100 16,100 New Jersey Economic Development Authority, Ser PT-1532, RB, 3.770%, 12/15/14, MBIA (b) (c) 10,570 10,570 New Jersey Economic Development Authority, Ser PT-2847, RB, 3.760%, 09/01/22, MBIA (b) (c) 39,695 39,695 New Jersey State Transportation Trust Fund Authority, Ser MT-072, RB, 3.760%, 12/15/23, AMBAC (b) (c) 3,700 3,700 New Jersey State Turnpike Authority, Ser PT-2843, RB, 3.760%, 01/01/30, FSA (b) (c) 30,540 30,540 New Jersey State, Ser PT-2742, GO, 3.760%, 07/15/19, Callable 12/01/15 @ 100, AMBAC (b) (c) 12,480 12,480 New Jersey Transportation Trust Fund Authority, Ser PA-802, RB, 3.770%, 12/15/09, FSA (b) (c) 10,000 10,000 New Jersey Transportation Trust Fund Authority, Ser PT-2494, RB, 3.760%, 12/15/23, AMBAC (b) (c) 9,980 9,980 ---------- 138,065 ---------- NEW YORK (12.4%) Jay Street Development Corp., Facility Lease, Ser A-2, RB, 3.660%, 05/01/22, LOC: Depfa Bank PLC (b) 5,900 5,900
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- NEW YORK--CONTINUED Long Island Power Authority, Electric System, Ser PA-1150, RB, 3.770%, 09/01/33, CIFG (b) (c) 5,000 5,000 Metropolitan Transportation Authority, Ser G, RB, 3.790%, 11/01/26, LOC: BNP Paribas (b) 15,000 15,000 Metropolitan Transportation Authority, Ser-1040, RB, 3.770%, 11/15/20, Callable 11/15/12 @ 100, FGIC (b) (c) 30,770 30,770 New York City Housing Development Corp., Morris Avenue Apartments, Ser A, RB, AMT, 3.750%, 10/15/38, LOC: HSBC Bank USA N.A. (b) 21,000 21,000 New York City Housing Development Corp., Ser PT-2753, RB, 3.770%, 07/01/25, Callable 07/01/15 @ 100, FGIC (b) (c) 2,250 2,250 New York City Housing Development Corp., State Renaissance LLC, Ser A, RB, AMT, 3.740%, 06/01/37, FHLMC (b) 25,000 25,000 New York City Municipal Water Finance Authority, Ser SGB-27, RB, 3.760%, 06/15/24, FSA (b) (c) 2,600 2,600 New York City Municipal Water Finance Authority, Water & Sewer System, Ser PA-1327, RB, 3.770%, 06/15/38, Callable 06/15/13 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 25,000 25,000
See Notes to Financial Statements. 103 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- NEW YORK--CONTINUED New York City Municipal Water Finance Authority, Water & Sewer System, Ser PA-523, RB, 3.770%, 06/15/30, Callable 06/15/07 @ 101, FGIC (b) (c) 32,740 32,740 New York City, Ser PT-2712, GO, 3.770%, 08/01/25, Callable 08/01/15 @ 100, FGIC (b) (c) 13,925 13,925 New York State Dormitory Authority, Secondary Issues, Ser PT-2645, RB, 3.770%, 03/15/17, Callable 03/15/15 @ 100, AMBAC (b) (c) 9,920 9,920 New York State Dormitory Authority, Ser PA-784R, RB, 3.770%, 08/15/22, MBIA (b) (c) 7,000 7,000 New York State Dormitory Authority, Ser PT-746, RB, 3.400%, 10/01/17, Callable 12/14/06 @ 100, MBIA (b) (c) 1,495 1,495 New York, Ser PT-2878, GO, 3.770%, 04/01/25, Callable 04/01/15 @ 100, CIFG (b) (c) 3,885 3,885 New York, Ser PT-3069, GO, 3.770%, 08/01/25, Callable 08/01/15 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 5,000 5,000 Sales Tax Asset Receivables Corp., Ser PT-2450, RB, 3.770%, 10/15/25, Callable 10/15/14 @ 100, MBIA (b) (c) 14,940 14,940
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- NEW YORK--CONTINUED Southeast Industrial Development Agency, Unilock New York, Inc. Project, RB, AMT, 3.850%, 12/01/12, LOC: Bank One N.A. (b) (c) 1,800 1,800 ---------- 223,225 ---------- NORTH CAROLINA (3.3%) Charlotte Airport, Charlotte-Douglas International, Ser A, RB, AMT, 3.800%, 07/01/17, MBIA (b) 3,300 3,300 Cleveland County Family YMCA, Inc. Recreational Facilities, RB, 3.780%, 08/01/18, LOC: Branch Banking & Trust (b) (c) 2,200 2,200 Forsyth County, Communications System Project, COP, 3.780%, 10/01/12, LOC: Wachovia Bank N.A. (b) 9,070 9,070 Guilford County Industrial Facilities & Pollution Control Financing, YMCA of Greensboro, Inc. Project, RB, 3.780%, 02/01/23, LOC: Branch Banking & Trust Co. (b) 4,600 4,600 North Carolina Medical Care Commission Healthcare Facilities, University Eastern Carolina, Ser C2, RB, 3.750%, 12/01/36, AMBAC (b) 21,000 21,000 North Carolina Medical Care Commission, Health Care Facilities, Friends Homes Project, RB, 3.750%, 09/01/33, LOC: Bank of America N.A. (b) 6,670 6,670
See Notes to Financial Statements. 104 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- NORTH CAROLINA--CONTINUED North Carolina Medical Care Commission, Health Care Facilities, Lutheran Services for the Aging Project, RB, 3.750%, 03/01/28, LOC: Branch Banking & Trust Co. (b) 7,935 7,935 North Carolina Medical Care Commission, North Carolina Baptist Hospitals Project, Ser B, RB, 3.720%, 06/01/22, LOC: Wachovia Bank of North Carolina (b) 1,200 1,200 North Carolina Medical Care Commission, Westcare Health Systems Obligation, Ser A, RB, 3.780%, 09/01/22, LOC: Branch Banking & Trust Co. (b) 4,200 4,200 ---------- 60,175 ---------- OHIO (0.6%) Ohio State Higher Educational Facility Commission, Pooled Financing Project, RB, 3.630%, 09/01/18, LOC: Fifth Third Bank (b) 3,220 3,220 Rickenbacker Port Authority, YMCA of Central Ohio Project, RB, 3.830%, 05/01/22, LOC: Fifth Third Bank (b) 7,000 7,000 ---------- 10,220 ---------- OTHER (10.7%) Eagle Tax-Exempt Trust, Ser 20001001, Cl A, GO, 3.790%, 07/01/15, Callable 07/01/10 @ 100, LOC: Citibank N.A. (b) (c) 7,025 7,025 Eagle Tax-Exempt Trust, Ser 991301, GO, 3.790%, 06/01/25, FSA (b) (c) 9,900 9,900
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- OTHER--CONTINUED Municipal Securities Pool Trust Receipts, Ser SG P-18, RB, 3.870%, 01/01/35, LOC: Societe Generale (b) (c) 800 800 Municipal Securities Pool Trust Receipts, Ser SG-PG 17, 3.870%, 06/01/34 (b) (c) 2,815 2,815 Munimae TE Bond Subsidiary LLC, Ser PT-3264, RB, 3.830%, 11/15/25, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 10,000 10,000 Munimae Trust, Ser PT-616, RB, AMT, 3.820%, 12/17/06, FHLMC (b) (c) 5,000 5,000 Puttable Floating Rate Option, Tax-Exempt Receipts, Ser EC-001, RB, 3.990%, 10/01/35, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 28,025 28,025 Puttable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-1001, Cl D, 3.100%, 03/01/40 (b) (c) 8,540 8,540 Puttable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-1001, Cl I, 3.840%, 03/01/40 (b) (c) 8,520 8,520 Puttable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-1003, Cl A, 3.400%, 01/01/32 (b) (c) 19,220 19,220 Puttable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-1003, Cl B, 3.840%, 01/01/32 (b) (c) 55,735 55,735
See Notes to Financial Statements. 105 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- OTHER--CONTINUED Puttable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-34, 4.250%, 12/01/29 (b) (c) 30,000 30,000 Puttable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-36, Cl A, 3.870%, 01/01/27 (b) (c) 2,505 2,505 Puttable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-39, Cl A, RB, AMT, 3.870%, 10/01/39 (b) (c) 3,920 3,920 ---------- 192,005 ---------- PENNSYLVANIA (4.4%) Cambria County Industrial Development Authority, Cambria Cogen Co. Project, Ser A-1, RB, AMT, 3.900%, 12/01/28, LOC: Bayerische Hypo-Und Vereinsbank (b) 7,125 7,125 Delaware County Industrial Development Authority, Airport Authority Facilities Revenue, United Parcel Service Project, RB, 3.780%, 12/01/15 (b) 25,000 25,000 Delaware River Port Authority, Ser PA 965, RB, 3.770%, 01/01/10, FSA (b) (c) 5,920 5,920 Delaware Valley Regional Finance Authority, Local Government, Ser PA-1028, RB, 3.770%, 01/01/14, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 12,000 12,000 Delaware Valley Regional Finance Authority, Local Government, Ser PA-1041R, RB, 3.770%, 07/01/32, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 19,990 19,990
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- PENNSYLVANIA--CONTINUED Philadelphia Authority for Industrial Development, Chemical Heritage Foundation Project, RB, 3.750%, 07/01/27, LOC: Wachovia Bank N.A. (b) 8,610 8,610 ---------- 78,645 ---------- PUERTO RICO (0.3%) Puerto Rico, Floater -- TRS Trust Ser 2006 FR/RI Lehman Brothers, Inc. as Trustor Underwriter, Ser K19, GO, 3.530%, 07/01/16, MBIA (b) (c) 4,500 4,500 ---------- SOUTH CAROLINA (3.5%) Columbia Waterworks & Sewer System, Ser PT-2861, RB, 3.780%, 02/01/24, Callable 02/01/15, FSA (b) (c) 2,000 2,000 Patriots Energy Group, Gas Facilities, Ser A, RB, 3.740%, 06/01/36, CIFG (b) 10,000 10,000 South Carolina Educational Facilities Authority, Charleston Southern University Project, RB, 3.740%, 04/01/28, LOC: Bank of America N.A. (b) 5,345 5,345 South Carolina Educational Facilities Authority, Newberry College Project, RB, 3.780%, 09/01/35, LOC: Branch Banking & Trust Co. (b) 8,000 8,000 South Carolina Jobs-Economic Development Authority, DCS Diversified Coating Systems, Inc. Project, RB, AMT, 3.880%, 04/01/17, LOC: Branch Banking & Trust Co. (b) 2,095 2,095
See Notes to Financial Statements. 106 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- SOUTH CAROLINA--CONTINUED South Carolina Jobs-Economic Development Authority, Sargent Metal Fabricators, Inc. Project, RB, AMT, 3.880%, 11/01/22, LOC: Branch Banking & Trust Co. (b) 2,410 2,410 South Carolina Jobs-Economic Development Authority, USC Development Foundation Project, RB, 3.780%, 12/01/10, LOC: Branch Banking & Trust Co. (b) 6,000 6,000 South Carolina Jobs-Economic Development Authority, YMCA of Beaufort County Project, RB, 3.780%, 12/01/24, LOC: Branch Banking & Trust Co. (b) 3,310 3,310 South Carolina State Housing Finance & Development Authority, Ser PT-1272, RB, 3.830%, 12/15/30, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 10,000 10,000 South Carolina State School, Ser PT-1225, GO, 3.760%, 01/01/12 10,000 10,000 University of South Carolina Development Foundation, RB, 3.780%, 12/01/10, LOC: Branch Banking & Trust Co. (b) 4,000 4,000 ---------- 63,160 ---------- TENNESSEE (2.1%) Covington Industrial Development Board, Charms Co. Project, RB, AMT, 3.880%, 06/01/27, LOC: Bank of America N.A. (b) 3,000 3,000
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- TENNESSEE--CONTINUED Knox County Industrial Development Board, Educational Services of America Project, RB, 3.780%, 12/01/22, LOC: Branch Banking & Trust Co. (b) 3,315 3,315 Metropolitan Government, Nashville & Davidson County Health & Educational Facilities Board, Nashville Christian School Project, RB, 3.800%, 09/01/23, LOC: SouthTrust Bank N.A. (b) 1,460 1,460 Tennessee Energy Acquisition Corp., Ser PA-1395, 3.790%, 09/01/21, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 15,000 15,000 Volunteer State Student Funding Corp., Student Loan, Ser A-3, RB, 3.810%, 12/01/17, LOC: Bank of America N.A. (b) 15,000 15,000 ---------- 37,775 ---------- TEXAS (3.1%) Brazos County Health Facility Development Corp., Ser MT-181, RB, 3.810%, 01/01/19, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 30,630 30,630 Eclipse Funding Trust, Texas Southmost College District, Ser 2006-0061, GO, 3.770%, 02/15/26, Callable 02/15/15 @ 100, AMBAC (b) (c) 10,000 10,000 Garland Electric System, Ser PT-2677, RB, 3.780%, 03/01/25, Callable 03/01/14 @ 100, FSA (b) (c) 3,000 3,000
See Notes to Financial Statements. 107 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- TEXAS--CONTINUED Houston Water & Sewer System, Ser SG-78, RB, 3.770%, 12/01/25 (b) 8,835 8,835 Lower Colorado River Authority, Merlots Project, Ser ZZZ, RB, 3.780%, 01/01/28, FSA (b) (c) 3,500 3,500 ---------- 55,965 ---------- VIRGINIA (6.1%) ABN Amro Munitops Certificate Trust, Ser 2003-33, RB, 3.770%, 04/01/11, MBIA (b) (c) 5,370 5,370 Capital Region Airport Commission, Richmond International Airport, Ser C, RB, AMT, 3.790%, 07/01/23, AMBAC (b) 5,000 5,000 Clarke County Industrial Development Authority, Powhatan School District Project, RB, 3.780%, 09/01/22, LOC: Branch Banking & Trust Co. (b) 1,360 1,360 Danville-Pittsylvania Regional Industrial Facility Authority, Institute of Advanced Research Project, RB, 3.780%, 08/01/12, LOC: Branch Banking & Trust Co. (b) 1,635 1,635 Fairfax County Economic Development Authority, Public Broadcasting Services Project, RB, 3.730%, 07/01/40, LOC: Bank of America N.A. (b) 7,500 7,500 Fairfax County Industrial Development Authority, Inova Health Systems Project, RB, 3.670%, 01/01/30 (b) 33,000 33,000
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Farmville Industrial Development Authority, Educational Facilities, Longwood Student Housing, Ser B, RB, 3.730%, 09/01/36, LOC: Bank of America N.A. (b) 5,340 5,340 Front Royal & Warren County Industrial Development Authority, Warren Memorial Hospital Project, RB, 3.780%, 05/01/23, LOC: Branch Banking & Trust Co. (b) 2,835 2,835 Louisa County Industrial Development Authority, University of Virginia Health Services Foundation Project, RB, 3.700%, 10/01/30, LOC: First Union National Bank (b) 3,000 3,000 Norfolk Redevelopment & Housing Authority, Student Housing Project, RB, 3.740%, 07/01/34, LOC: Bank of America N.A. (b) 7,000 7,000 Shenandoah County Industrial Development Authority, Hospital Facilities, Shenandoah Memorial Hospital, RB, 3.780%, 11/01/14, LOC: Branch Banking & Trust Co. (b) 915 915 Virginia Beach Development Authority, Production Road Ventures Project, RB, AMT, 3.850%, 09/01/16, LOC: Wachovia Bank N.A. (b) 900 900
See Notes to Financial Statements. 108 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- VIRGINIA--CONTINUED Virginia Biotechnology Research Park Authority, United Network of Organ Sharing Project, RB, 3.750%, 04/01/27, LOC: Wachovia Bank N.A. (b) 6,485 6,485 Virginia College Building Authority, Shenandoah University Project, RB, 3.760%, 05/01/32, LOC: Branch Banking & Trust Co. (b) 3,000 3,000 Virginia Housing Development Authority, Commonwealth Mortgage, Ser PA-1310R, RB, 3.760%, 07/01/36, Callable 07/01/11 @ 100, MBIA (b) (c) 19,905 19,905 Virginia State Public School Authority, Ser PT-1619, RB, 3.760%, 08/01/08, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 2,455 2,455 Williamsburg Industrial Development Authority, Colonial Williamsburg Project, RB, 3.750%, 10/01/35, LOC: First Union National Bank (b) 4,220 4,220 ---------- 109,920 ---------- WASHINGTON (1.7%) King County Housing Authority, Ser PT-2185, RB, 3.760%, 09/20/42 (b) 5,475 5,475 King County Sewer, Ser PA-1071, RB, 3.780%, 01/01/10, FSA (b) (c) 7,495 7,495 Seattle Certificates, Ser 348, GO, 3.780%, 12/15/28, Callable 12/15/08 @ 100, LOC: Morgan Stanley Dean Witter (b) (c) 4,495 4,495
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- WASHINGTON--CONTINUED Washington Public Power Supply System, Nuclear Power Project No. 1, Ser 1A-1, RB, 3.750%, 07/01/17, LOC: Bank of America N.A. (b) 3,345 3,345 Washington State, Merlots Project, Ser B23, GO, 3.780%, 12/01/25, Callable 06/01/13 @ 100, MBIA (b) (c) 10,000 10,000 ---------- 30,810 ---------- WISCONSIN (0.6%) ABN AMRO Munitops Certificates Trust, Ser 2004-49, GO, 3.790%, 05/01/12, FSA (b) (c) 9,400 9,400 Appleton Industrial Development, Pro Label Project, RB, AMT, 3.950%, 11/01/12, LOC: Bank One N.A. (b) (c) 585 585 Germantown Industrial, J.W. Speaker Corp. Project, RB, AMT, 3.950%, 08/01/11, LOC: Bank One Milwaukee N.A. (b) (c) 420 420 Oconomowoc Industrial Development, Quest Technologies Project, RB, AMT, 3.850%, 05/01/18, LOC: Bank One Wisconsin (b) (c) 1,120 1,120 ---------- 11,525 ---------- Total Municipal Bonds (Cost $1,791,010) 1,791,010 ----------
See Notes to Financial Statements. 109 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) TAX-EXEMPT MONEY MARKET FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount($) Value($) - ------------------------------------------------------- MONEY MARKET FUNDS (0.3%) Federated Tax-Free Obligations Fund, 3.550% 766,507 767 Goldman Sachs Financial Square Funds Tax Free Money Market Fund, 3.570% 4,779,058 4,779 ---------- Total Money Market Funds (Cost $5,546) 5,546 ---------- Total Investments (Cost $1,796,556) (a) -- 100.0% 1,796,556 Other assets in excess of liabilities -- 0.0% 413 ---------- Net Assets -- 100.0% $1,796,969 ==========
- --------------- (a)Aggregate cost for federal income tax and financial reporting purposes is the same. (b)Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c)Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. AMBAC -- Security insured by the American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax Paper CIFG -- Capitalized Interest Financial Guaranty Cl -- Class COP -- Certificates of Participation FGIC -- Security insured by the Financial Guaranty Insurance Company FHA -- Security insured by the Federal Housing Associaton FHLB -- Security insured by the Federal Home Loan Bank FHLMC -- Security insured by Freddie Mac FNMA -- Security insured by Fannie Mae FSA -- Security insured by Financial Security Assurance GNMA -- Security insured by the Government National Mortgage Association GO -- General Obligation LLC -- Limited Liability Corporation LOC -- Line of Credit MBIA -- Security insured by the Municipal Bond Insurance Association PLC -- Public Limited Company RB -- Revenue Bond Ser -- Series XLCA -- Security insured by XL Capital Assurance, Inc. See Notes to Financial Statements. 110 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) U.S. GOVERNMENT SECURITIES MONEY MARKET FUND
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- U.S. GOVERNMENT AGENCIES (51.0%) FANNIE MAE (11.7%) 5.256%, 10/04/06 (c) 20,000 19,992 4.728%, 12/01/06 (c) 10,000 9,924 4.646%, 12/29/06 (c) 20,000 19,780 5.157%, 03/30/07 (c) 15,000 14,631 5.511%, 06/01/07 (c) 10,000 9,646 5.267%, 08/31/07 (c) 10,000 9,535 -------- 83,508 -------- FEDERAL FARM CREDIT BANK (11.9%) 5.260%, 12/28/06 (b) 15,000 15,000 5.250%, 02/01/07 (b) 50,000 50,000 5.250%, 06/06/07 (b) 20,000 20,002 -------- 85,002 -------- FEDERAL HOME LOAN BANK (19.2%) 4.990%, 11/16/06 (b) 15,000 15,000 5.402%, 01/10/07 (c) 15,000 14,779 5.250%, 02/02/07 8,300 8,300 5.085%, 02/08/07 (b) 15,000 15,000 5.085%, 02/15/07 (b) 20,000 20,000 5.250%, 03/01/07 (b) 10,000 10,000 5.230%, 03/21/07 (b) 30,000 29,999 5.240%, 04/25/07 (b) 10,000 10,000 5.555%, 08/15/07, Callable 02/15/07 @ 100 4,500 4,504 5.400%, 10/26/07, Callable 12/29/06 @ 100 9,600 9,600 -------- 137,182 -------- FREDDIE MAC (8.2%) 4.741%, 12/12/06 (c) 15,000 14,867 4.951%, 02/06/07 (c) 10,000 9,831 4.960%, 03/06/07 (c) 15,000 14,692 5.403%, 03/19/07 (c) 10,000 9,755 5.246%, 04/17/07 (c) 10,000 9,725 -------- 58,870 -------- Total U.S. Government Agencies (Cost $364,562) 364,562 --------
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- REPURCHASE AGREEMENTS (50.3%) Bear Stearns & Co., Inc., 5.285%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $77,438 (collateralized by U.S. Government Agencies; DN, due 07/01/36-08/01/36; total market value $78,953) 77,404 77,404 BNP Paribas, 5.235%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $60,835 (collateralized by U.S. Government Agencies; DN-7.100%, due 10/16/06-07/15/36; total market value $62,025) 60,808 60,808 Lehman Brothers, Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $44,520 (collateralized by U.S. Government Agencies; 5.000%, due 07/01/20; total market value $45,390) 44,501 44,501 Merrill Lynch & Co., Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $13,691 (collateralized by U.S. Government Agencies; 5.000%, due 08/15/33; total market value $13,960) 13,685 13,685 Morgan Stanley, 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $39,971 (collateralized by U.S. Government Agencies; 5.500%, due 02/01/34; total market value $40,752) 39,953 39,953
See Notes to Financial Statements. 111 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) U.S. GOVERNMENT SECURITIES MONEY MARKET FUND -- CONCLUDED
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED UBS Warburg LLC, 5.275%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $122,791 (collateralized by U.S. Government Agencies; 5.500%-6.000%, due 07/15/32-02/15/34; total market value $125,192) 122,737 122,738 -------- Total Repurchase Agreements (Cost $359,089) 359,089 -------- Total Investments (Cost $723,651) (a) -- 101.3% 723,651 Liabilities in excess of other assets -- (1.3)% (9,255) -------- Net Assets -- 100.0% $714,396 ========
- --------------- (a) Aggregate cost for federal income tax and financial reporting purposes is the same. (b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rate represents the effective yield at purchase. DN -- Discount Note LLC -- Limited Liability Company See Notes to Financial Statements. 112 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) U.S. TREASURY MONEY MARKET FUND
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- U.S. TREASURY OBLIGATIONS (3.9%) U.S. TREASURY BILLS (3.3%) 5.177%, 01/04/07 (b) 18,435 18,195 5.177%, 02/15/07 (b) 26,500 26,017 5.030%, 03/15/07 (b) 20,000 19,549 ---------- 63,761 ---------- U.S. TREASURY NOTE (0.6%) 2.625%, 11/15/06 12,100 12,074 ---------- Total U.S. Treasury Obligations (Cost $75,835) 75,835 ---------- REPURCHASE AGREEMENTS (96.4%) ABN AMRO Bank N.V., 4.855%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $323,851 (collaterized by U.S. Treasury Obligations; 5.000%-5.125%, due 06/30/08-07/31/08; total market value $330,195) 323,720 323,720 Bear Stearns & Co., Inc., 4.705%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $52,954 (collaterized by U.S. Treasury Obligations; 1.875%, due 07/15/13; total market value $54,067) 52,933 52,933 BNP Paribas, 4.805%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $310,932 (collaterized by U.S. Treasury Obligations; DN-12.500%, due 10/05/06-02/15/36; total market value $317,024) 310,808 310,808 Deutsche Bank AG, 4.855%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $24,627 (collaterized by U.S. Treasury Obligations; DN-4.875%, due 07/31/11-05/15/26; total market value $25,109) 24,617 24,617
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Dresdner Bank AG, 4.955%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $85,440 (collaterized by U.S. Treasury Obligations; DN-8.125%, due 10/12/06-08/15/19; total market value $87,118) 85,405 85,405 Greenwich Capital Markets, Inc., 4.905%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $300,767 (collaterized by U.S. Treasury Obligations; 4.750%, due 03/31/11; total market value $306,660) 300,644 300,644 HSBC Securities, Inc., 5.055%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $273,463 (collaterized by U.S. Treasury Obligations; 3.000%-4.000%, due 09/30/07-09/15/09; total market value $278,817) 273,347 273,347 JPMorgan Chase & Co., 4.855%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $67,449 (collaterized by U.S. Treasury Obligations; 3.125%-5.125%, due 09/15/08-06/30/11; total market value $68,774) 67,422 67,422 Lehman Brothers, Inc., 4.655%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $22,343 (collaterized by U.S. Treasury Obligations; DN-7.875%, due 08/15/07-02/15/26; total market value $22,782) 22,334 22,334
See Notes to Financial Statements. 113 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) U.S. TREASURY MONEY MARKET FUND -- CONCLUDED
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Merrill Lynch & Co., Inc., 4.905%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $40,619 (collaterized by U.S. Treasury Obligations; 4.125%, due 08/15/08; total market value $41,418) 40,603 40,603 Morgan Stanley, 4.855%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $57,578 (collaterized by U.S. Treasury Obligations; DN, due 11/15/27; total market value $58,508) 57,555 57,555 UBS Warburg LLC, 4.805%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $327,411 (collaterized by U.S. Treasury Obligations; DN-7.250%, due 05/15/21-08/15/25; total market value $333,827) 327,280 327,279 ---------- Total Repurchase Agreements (Cost $1,886,667) 1,886,667 ---------- Total Investments (Cost $1,962,502) (a) -- 100.3% 1,962,502 Liabilities in excess of other assets -- (0.3)% (6,715) ---------- Net Assets -- 100.0% $1,955,787 ==========
- --------------- (a) Aggregate cost for federal income tax and financial reporting purposes is the same. (b) Rate represents the effective yield at purchase. DN -- Discount Note LLC -- Limited Liability Corporation See Notes to Financial Statements. 114 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA TAX-FREE MONEY MARKET FUND
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- MUNICIPAL BONDS (99.4%) GUAM (1.9%) Guam Power Authority, Ser PA-531, RB, 3.740%, 10/01/18, LOC: Merrill Lynch Capital Services, Inc. (b) 11,025 11,025 -------- OTHER (1.8%) Eagle Tax Exempt Trust Certificates, Ser 994601, RB, 3.790%, 05/15/19, Callable 05/15/09 @ 101 LOC: Citibank N.A. (b) (c) 10,560 10,560 -------- VIRGINIA (88.2%) Albemarle County Industrial Development Authority, University of Virginia Health Services Project, RB, 3.700%, 10/01/22, LOC: Wachovia Bank N.A. (b) (c) 5,995 5,995 Alexandria Industrial Development Authority, American Red Cross Project, RB, 3.800%, 01/01/09, LOC: First Union National Bank (b) 1,600 1,600 Alexandria Industrial Development Authority, Association for Supervision & Currency Project, RB, 3.700%, 07/01/23, LOC: Wachovia National Bank NA (b) (c) 1,330 1,330 Alexandria Industrial Development Authority, Educational Facilities, Alexandria County Day School Project, RB, 3.800%, 06/01/25, LOC: First Union National Bank (b) 4,060 4,060 Alexandria Industrial Development Authority, Pooled Loan Program, Ser A, RB, 3.740%, 07/01/26, LOC: Bank of America N.A. (b) 1,000 1,000 Arlington County, Ballston Public Parking Project, RB, 3.800%, 08/01/17, LOC: Citibank N.A. (b) 6,350 6,350
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- VIRGINIA--CONTINUED Arlington County, GO, 4.750%, 10/01/06, State Aid Withholding 6,420 6,420 Ashland Industrial Development Authority, Health & Community Services Facilities, YMCA Greater Richmond Project, Ser A, RB, 3.750%, 11/01/20, LOC: Wachovia Bank N.A. (b) (c) 8,420 8,420 Capital Region Airport Commission, Richmond International Airport, Ser C, RB, AMT, 3.790%, 07/01/23, AMBAC (b) 4,845 4,845 Charles City & County Economic Development Authority, Waste Management, Inc. Project, Ser A, RB, AMT, 3.750%, 02/01/29, LOC: JPMorgan Chase & Co. (b) 4,000 4,000 Charlottesville Industrial Development Authority, Seminole, Ser A, RB, 3.750%, 12/01/13, Callable 12/01/06 @ 100, LOC: Branch Banking & Trust Co. (b) 3,450 3,450 Chesapeake Bay Bridge & Tunnel Commission, District Authority, General Resolution Project, RB, 3.790%, 07/01/25, MBIA (b) 6,755 6,755 Chesapeake Bay Bridge & Tunnel Commission, District Authority, Ser A-39, RB, 3.780%, 07/01/25, MBIA (b) (c) 1,495 1,495 Chesterfield County Industrial Development Authority, Ser PT-2133, RB, 3.830%, 02/15/07, LOC: Merrill Lynch Capital Services, Inc. (b) 7,995 7,995
See Notes to Financial Statements. 115 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA TAX-FREE MONEY MARKET FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- VIRGINIA--CONTINUED Chesterfield County Industrial Development Authority, Virginia State University Real Estate Project, Ser A, RB, 3.740%, 07/01/29, LOC: Bank of America N.A. (b) 1,265 1,265 Clarke County Industrial Development Authority, Hospital Facilities, Winchester Medical Center Project, RB, 3.750%, 01/01/30, FSA (b) 21,225 21,225 Danville-Pittsylvania Regional Industrial Facility Authority, Institute of Advanced Research Project, RB, 3.780%, 08/01/12, LOC: Branch Banking & Trust Co. (b) 5,015 5,015 Emporia Industrial Development Authority, Toll VA III Project RB, 3.790%, 11/01/23 LOC: Bank of America N.A. (b) 1,660 1,660 Fairfax County Economic Development Authority, Flint Hill School Project, RB, 3.800%, 09/01/21, LOC: First Union National Bank (b) (c) 4,365 4,365 Fairfax County Economic Development Authority, Public Broadcasting Services Project, RB, 3.730%, 07/01/40, LOC: Bank of America N.A. (b) 12,000 12,000 Fairfax County Economic Development Authority, Smithsonian Institute, Ser A, RB, 3.680%, 12/01/33, LOC: Bank of America N.A. (b) 4,000 4,000 Fairfax County Economic Development Authority, Smithsonian Institute, Ser B, RB, 3.650%, 12/01/33, LOC: Bank of America N.A. (b) 3,700 3,700 Fairfax County Industrial Development Authority, Fairfax Hospital Project, Ser A, RB, 3.670%, 10/01/25 (b) 1,200 1,200
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- VIRGINIA--CONTINUED Fairfax County Industrial Development Authority, Fairfax Hospital Project, Ser B, RB, 3.670%, 10/01/25 (b) 4,545 4,545 Fairfax County Industrial Development Authority, Inova Health Systems Project, RB, 3.670%, 01/01/30 (b) 13,320 13,320 Fairfax County Industrial Development Authority, Inova Health Systems Project, Ser C-1, 3.700%, 05/15/26 (b) 8,000 8,000 Fairfax County Industrial Development Authority, Inova Services Project, Ser A, RB, 3.670%, 01/15/22 (b) 1,300 1,300 Fairfax County Water Authority, Municipal Trade Receipts Project, Ser SGB-40A, RB, 3.770%, 04/01/30 (b) 7,850 7,850 Fairfax County Water Authority, Ser A-18, RB, 3.760%, 04/01/23, LOC: IXIS Municipal Products (b) (c) 6,390 6,390 Front Royal & Warren County Industrial Development Authority, Warren Memorial Hospital Project, RB, 3.780%, 05/01/23, LOC: Branch Banking & Trust Co. (b) 555 555 Greene County Industrial Development Authority, Blue Ridge School Project, RB, 3.780%, 06/01/26, LOC: Branch Banking & Trust Co. (b) 5,550 5,550 Hampton Redevelopment & Housing Authority, Multi-Family Housing, Avalon Pointe Project, RB, AMT, 3.790%, 06/15/26, FNMA (b) 4,537 4,537 Hampton Roads Jail Authority, Ser 569, RB, 3.780%, 07/01/12, MBIA (b) (c) 1,185 1,185
See Notes to Financial Statements. 116 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA TAX-FREE MONEY MARKET FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- VIRGINIA--CONTINUED Hanover County Industrial Development Authority, Residential Care Facility, Covenant Woods Project, RB, 3.780%, 07/01/29, LOC: Branch Banking & Trust Co. (b) (c) 15,985 15,985 Harrisonburg Redevelopment & Housing Authority, Multi-Family Housing, Ser PT-3097, RB, 3.870%, 05/01/40 (b) 8,730 8,730 Harrisonburg Redevelopment & Housing Authority, Multi-Family Housing, Stoney Ridge/Dale Project, RB, 3.650%, 08/01/32, FHLMC (b) 8,810 8,810 Henrico County Economic Development Authority, Exempt Facility, White Oak Ltd. Project, RB, 3.800%, 10/01/27, LOC: Citibank N.A. (b) 1,000 1,000 Henrico County Economic Development Authority, Steward School Project, RB, 3.780%, 07/01/33, LOC: Branch Banking & Trust Co. (b) 2,700 2,700 James City & County Economic Development Authority, Industrial Development, Historic Jamestown Project, RB, 3.750%, 11/01/24, LOC: Wachovia Bank N.A. (b) 800 800 King George County Industrial Development Authority, Birchwood Power Partners, Ser A, RB, 3.850%, 10/01/24, LOC: Bank of Nova Scotia (b) 6,390 6,390 King George County Industrial Development Authority, Birchwood Power Partners, Ser B, RB, AMT, 3.850%, 12/01/24, LOC: Bank of Nova Scotia (b) 6,315 6,315
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- VIRGINIA--CONTINUED King George County Industrial Development Authority, Lease, Ser PT-2473, RB, 3.760%, 03/01/24, FSA (b) 5,225 5,225 Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser C, RB, 3.820%, 02/15/38 (b) 8,500 8,500 Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser D, RB, 3.750%, 02/15/38 (b) 15,200 15,200 Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser F, RB, 3.720%, 02/15/38 (b) 4,400 4,400 Louisa County Industrial Development Authority, Pooled Financing Project, RB, 3.740%, 01/01/20, LOC: Bank of America N.A. (b) (c) 1,000 1,000 Lynchburg Industrial Development Authority, Aerofin Project, RB, AMT, 3.890%, 03/01/29, LOC: PNC Bank N.A. (b) 2,075 2,075 Lynchburg Industrial Development Authority, Educational Facilities, Randolph Macon Project, RB, 3.750%, 09/01/23, LOC: Wachovia Bank N.A. (b) 7,720 7,720 Lynchburg Industrial Development Hospital Facilities, VHA First Mortgage, Mid Atlantic Project, Ser G, RB, 3.720%, 12/01/25, AMBAC (b) 11,480 11,480 Newport News Industrial Development Authority, CNU Warwick LLC Student Housing Project, RB, 3.740%, 11/01/28, LOC: Bank of America N.A. (b) 4,300 4,300
See Notes to Financial Statements. 117 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA TAX-FREE MONEY MARKET FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- VIRGINIA--CONTINUED Norfolk Economic Development Authority, Hospital Facilities, RB, 3.780%, 11/01/34, LOC: Citigroup Global Markets (b) (c) 3,000 3,000 Norfolk Redevelopment & Housing Authority, Old Dominion University Foundation, RB, 3.740%, 08/01/31, CIFG (b) 8,000 8,000 Peninsula Ports Authority, Dominion Terminal Associates Project, Ser C, RB, 3.800%, 07/01/16, LOC: Citibank N.A. (b) 860 860 Peninsula Ports Authority, Riverside Health Systems Project, RB, 3.780%, 07/01/37 (b) 13,300 13,300 Richmond, Ser PT-1601, 3.760%, 07/15/17, LOC: Merrill Lynch Capital Services, Inc. (b) 12,515 12,515 Roanoke Industrial Development Authority, Carilion Health System, Ser C-2, 3.800%, 07/01/27, FSA (b) 1,100 1,100 Roanoke Industrial Development Authority, Hollins University Project, RB, 3.750%, 05/01/15, LOC: First Union National Bank (b) 5,500 5,500 Rockingham County Industrial Development Authority, Sunnyside Presbyterian Project, RB, 3.780%, 12/01/33, LOC: Branch Banking & Trust Co. (b) 10,145 10,145 Shenandoah County Industrial Development Authority, Hospital Facilities, Shenandoah Memorial Hospital, RB, 3.780%, 11/01/14, LOC: Branch Banking & Trust Co. (b) 2,000 2,000
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- VIRGINIA--CONTINUED Spotsylvania County Economic Development Authority, Public Facilities, Ser PT-2882, RB, 3.760%, 02/01/25, Callable 02/01/15 @ 100, FSA (b) (c) 4,795 4,795 University of Virginia, Ser A, RB, 3.720%, 06/01/34 (b) 22,500 22,500 Virginia Beach Development Authority, Ocean Ranch Project, RB, 3.780%, 07/01/17, LOC: Branch Banking & Trust Co. (b) (c) 1,685 1,685 Virginia Beach Water & Sewer, RB, 2.800%, 10/01/06 2,835 2,835 Virginia College Building Authority, Educational Facilities, 21st Century College, Ser C, RB, 3.800%, 02/01/26, LOC: Wachovia Bank N.A. (b) 4,300 4,300 Virginia College Building Authority, Educational Facilities, Ser 134, RB, 3.780%, 09/01/07, FSA (b) (c) 9,385 9,385 Virginia Commonwealth Transportation Board, Federal Highway Reimbursement, RB, 3.000%, 10/01/06 20,940 20,940 Virginia Commonwealth Transportation Board, ROCS RR II, Ser R 1013, RB, 3.680%, 04/01/17, Callable 04/01/12 @ 100, LOC: Citigroup Global Markets (b) (c) 6,340 6,340 Virginia Commonwealth Transportation Board, Ser SG 134, RB, 3.760%, 05/15/22, Callable 05/15/09 @ 101, LOC: Societe Generale (b) (c) 9,995 9,995 Virginia Commonwealth University, General University Improvements, Ser A, RB, 3.800%, 11/01/30, AMBAC (b) 11,837 11,837
See Notes to Financial Statements. 118 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA TAX-FREE MONEY MARKET FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- VIRGINIA--CONTINUED Virginia Housing Development Authority, Commonwealth Mortgage, Ser PA-1310R, RB, 3.760%, 07/01/36, Callable 07/01/11 @ 100, MBIA (b) (c) 18,400 18,400 Virginia Resources Authority, Clean Water, Ser PA-790, RB, 3.760%, 10/01/16, Callable 10/01/10 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 4,600 4,600 Virginia Resources Authority, Infrastructure, Virginia Pooled Financing Project, Ser C, RB, 5.000%, 11/01/06 1,195 1,197 Virginia Small Business Financing Authority, Clarke County Industrial Development Project, PA-1052, RB, AMT, 3.880%, 07/01/25, LOC: Branch Banking & Trust Co. (b) 1,645 1,645 Virginia Small Business Financing Authority, Virginia Museum of Fine Arts Foundation, RB, 3.730%, 08/01/35, LOC: Wachovia National Bank NA (b) 1,000 1,000 Virginia State Port Authority, Port Facility, Ser SG-111, RB, 3.810%, 07/01/24 (b) (c) 14,705 14,705 Virginia State Public Building Authority, Ser 131, RB, 3.780%, 08/01/19, Callable 08/01/08 @ 100 (b) (c) 1,785 1,785 Virginia State Public School Authority, Ser II-R 4050, RB, 3.780%, 08/01/17, Callable 08/01/13 @ 100 (b) (c) 4,100 4,100 Virginia State Public School Authority, Ser PT-1619, RB, 3.760%, 08/01/08, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 8,385 8,385
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- VIRGINIA--CONTINUED Virginia State Public School Authority, Ser PT-3269, 3.760%, 08/01/20, Callable 08/01/15 @ 100, State Aid Withholding (b) (c) 13,445 13,445 Williamsburg Industrial Development Authority, Colonial Williamsburg Museum Foundation Project, RB, 3.740%, 12/01/18, LOC: Bank of America N.A. (b) (c) 250 250 Winchester Industrial Development Authority, Residential Care Facilities, Westminster-Cantenbury, Ser B, RB, 3.780%, 01/01/10, LOC: Branch Banking & Trust Co. (b) 2,000 2,000 Winchester Industrial Development Authority, Residential Care Facilities, Westminster-Cantenbury, Ser B, RB, 3.780%, 01/01/35, LOC: Branch Banking & Trust Co. (b) 2,000 2,000 -------- 506,551 -------- PUERTO RICO (7.5%) Puerto Rico Electric Power Authority, Ser PA-1223, RB, 3.730%, 07/01/11, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 425 425 Puerto Rico Electric Power Authority, Ser PA-778R, RB, 3.730%, 07/01/20, FSA (b) (c) 3,400 3,400 Puerto Rico Electric Power Authority, Ser PT-2636, RB, 3.730%, 07/01/24, Callable 07/01/15 @ 100, FGIC (b) (c) 3,000 3,000 Puerto Rico Government Development Bank, RB, 3.590%, 12/01/15, MBIA (b) 8,600 8,600 Puerto Rico Government Development Bank, Ser PA-652, GO, 3.730%, 01/01/08, MBIA (b) (c) 1,230 1,230
See Notes to Financial Statements. 119 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) VIRGINIA TAX-FREE MONEY MARKET FUND -- CONCLUDED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- PUERTO RICO--CONTINUED Puerto Rico Highway & Transportation Authority, PT-776, RB, 3.730%, 01/01/11, FGIC (b) (c) 1,900 1,900 Puerto Rico Highway & Transportation Authority, Ser PA-472, RB, 3.730%, 07/01/18, FSA (b) (c) 600 600 Puerto Rico Housing, Floater-TRS Trust Ser 2006 FR/RI Lehman Brothers, Inc. as Trustor Underwriter, Ser K42, RB, 3.760%, 12/01/19 (b) (c) 7,470 7,470 Puerto Rico Municipal Finance Agency, Ser PT-3326, RB, 3.730%, 08/01/21, CIFG (b) (c) 4,830 4,830 Puerto Rico Public Building Authority, Ser PT-2973, RB, 3.730%, 07/01/16, FGIC (b) (c) 5,500 5,500 Puerto Rico Public Finance Corp., Ser PA-502, 3.730%, 06/01/19, LOC: Merrill Lynch Capital Services, Inc. (b) (c) 6,315 6,315 -------- 43,270 -------- Total Municipal Bonds (Cost $571,406) 571,406 -------- MONEY MARKET FUND (0.1%) Federated Virginia Municipal Cash Trust, 3.270% 779,976 780 -------- Total Money Market Fund (Cost $780) 780 -------- Total Investments (Cost $572,186) (a) -- 99.5% 572,186 Other assets in excess of liabilities -- 0.5% 2,751 -------- Net Assets -- 100.0% $574,937 ========
- --------------- (a)Aggregate cost for federal income tax and financial reporting purposes is the same. (b)Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c)Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. AMBAC -- Security insured by the American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax Paper CIFG -- Capitalized Interest Financial Guaranty FGIC -- Security insured by the Financial Guaranty Insurance Company FHLMC -- Security insured by Federal Home Loan Mortgage Corporation FNMA -- Security insured by Fannie Mae FSA -- Security insured by Financial Security Assurance GO -- General Obligation LLC -- Limited Liability Corporation LOC -- Line of Credit MBIA -- Security insured by the Municipal Bond Insurance Association RB -- Revenue Bond Ser -- Series See Notes to Financial Statements. 120 STATEMENTS OF ASSETS AND LIABILITIES STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands) (Unaudited)
Core Florida Georgia High High Intermediate Bond Tax-Exempt Tax-Exempt Income Quality Bond Fund(a) Bond Fund Bond Fund Fund Bond Fund Fund -------- ---------- ---------- ------- --------- ------------ Assets: Investments, at Cost.................................. $625,674 $174,682 $135,209 $83,998 $42,854 $82,985 ======== ======== ======== ======= ======= ======= Investments, at Value*................................ $627,484 $177,610 $139,402 $84,998 $43,005 $83,259 Interest and Dividends Receivable..................... 5,203 2,649 1,995 1,465 480 996 Receivable for Capital Shares Issued.................. 69,660 53 86 285 84 1,040 Receivable for Investment Securities Sold............. 33,041 5,480 -- 3,132 420 2,948 Receivable for Forward Foreign Currency Contracts..... 114 -- -- -- -- 15 Reclaims Receivable................................... 1 -- -- -- -- -- Prepaid Expenses and Other Assets..................... 6 5 6 6 2 3 -------- -------- -------- ------- ------- ------- Total Assets........................................ 735,509 185,797 141,489 89,886 43,991 88,261 -------- -------- -------- ------- ------- ------- Liabilities: Payable for Fund Overdraft............................ 682 -- -- -- -- -- Income Distributions Payable.......................... 2,385 475 428 439 160 314 Payable for Investment Securities Purchased........... 154,033 10,180 -- 7,208 530 3,379 Payable for Capital Shares Redeemed................... 2,061 201 16 128 132 -- Payable upon Return of Securities Loaned.............. -- -- -- 12,589 -- -- Investment Advisory Fees Payable...................... 126 79 63 34 14 17 Administration Fees Payable........................... 12 3 3 -- 1 2 Compliance Services Fees Payable...................... 2 -- 1 -- -- -- Distribution and Service Fees Payable................. -- 7 6 25 -- -- Custodian Fees Payable................................ 26 3 2 5 2 5 Accrued Expenses...................................... 22 13 8 6 2 5 -------- -------- -------- ------- ------- ------- Total Liabilities................................... 159,349 10,961 527 20,434 841 3,722 -------- -------- -------- ------- ------- ------- Total Net Assets........................................ $576,160 $174,836 $140,962 $69,452 $43,150 $84,539 ======== ======== ======== ======= ======= ======= Net Assets Consist of: Capital............................................... $587,491 $171,670 $137,492 $69,847 $45,141 $85,978 Undistributed (Distribution in Excess of) Net Investment Income................................... (9) (10) (735) (17) 81 27 Accumulated Net Realized Gains (Losses) on Investment Transactions and Foreign Currency Transactions...... (13,145) 248 12 (1,378) (2,223) (1,742) Net Unrealized Appreciation on Investments, Swaps and Foreign Currency Transactions....................... 1,823 2,928 4,193 1,000 151 276 -------- -------- -------- ------- ------- ------- Total Net Assets........................................ $576,160 $174,836 $140,962 $69,452 $43,150 $84,539 ======== ======== ======== ======= ======= ======= NET ASSETS: I Shares.............................................. $575,596 $162,706 $130,552 $38,502 $43,150 $84,467 A Shares.............................................. $ 536 $ 4,409 $ 3,234 $ 520 N/A $ 5 C Shares.............................................. $ 28 $ 7,721 $ 7,176 $30,430 N/A $ 67 SHARES OUTSTANDING (UNLIMITED NUMBER OF SHARES AUTHORIZED, NO PAR VALUE): I Shares.............................................. 57,885 14,815 12,698 5,481 4,423 8,508 A Shares.............................................. 53 401 313 74 N/A -- C Shares.............................................. 3 701 697 4,332 N/A 7 NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: I Shares.............................................. $ 9.94 $ 10.98 $ 10.28 $ 7.02 $ 9.75 $ 9.93 A Shares.............................................. $ 10.23 $ 10.99 $ 10.30 $ 7.03 N/A $ 9.93 C Shares**............................................ $ 9.94 $ 11.01 $ 10.29 $ 7.03 N/A $ 9.93 OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): I Shares.............................................. $ 9.94 $ 10.98 $ 10.28 $ 7.02 $ 9.75 $ 9.93 A Shares.............................................. $ 10.74 $ 11.54 $ 10.81 $ 7.38 N/A $ 10.43 C Shares.............................................. $ 9.94 $ 11.01 $ 10.29 $ 7.03 N/A $ 9.93 Maximum Sales Charge -- A Shares........................ 4.75% 4.75% 4.75% 4.75% N/A 4.75%
(a) Renamed Total Return Bond Fund effective October 1, 2006. * The High Income Fund includes securities on loan of $12,079. ** Redemption price per share varies by length of time shares are held. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 121 STATEMENTS OF ASSETS AND LIABILITIES STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands) (Unaudited)
Limited- Investment Term Federal Investment Grade Limited Mortgage Maryland Grade Bond Tax-Exempt Duration Securities Municipal Fund Bond Fund Fund Fund Bond Fund ---------- ---------- -------- ------------ --------- Assets: Investments, at Cost...................................... $654,585 $370,420 $77,900 $446,347 $33,738 ======== ======== ======= ======== ======= Investments, at Value*.................................... $657,695 $374,344 $77,902 $442,850 $34,732 Interest and Dividends Receivable......................... 5,123 4,322 541 2,094 406 Receivable for Capital Shares Issued...................... 1,498 786 280 1,098 16 Receivable for Investment Securities Sold................. 17,187 22,198 -- 1,469 405 Receivable for Forward Foreign Currency Contracts......... 90 -- -- -- -- Unrealized Appreciation on Credit Default Swap Agreements (Premiums Paid $0)...................................... 1 -- -- -- -- Prepaid Expenses and Other Assets......................... 15 14 3 12 5 -------- -------- ------- -------- ------- Total Assets............................................ 681,609 401,664 78,726 447,523 35,564 -------- -------- ------- -------- ------- Liabilities: Income Distributions Payable.............................. 1,739 940 319 1,514 103 Payable for Investment Securities Purchased............... 14,351 46,149 -- 26,571 400 Payable for Capital Shares Redeemed....................... 1,745 389 -- 657 206 Payable upon Return of Securities Loaned.................. 212,906 -- -- 10,350 -- Investment Advisory Fees Payable.......................... 186 144 7 166 16 Administration Fees Payable............................... 9 7 2 8 1 Compliance Services Fees Payable.......................... 2 1 -- 1 -- Distribution and Service Fees Payable..................... 14 11 -- 15 6 Custodian Fees Payable.................................... 19 5 3 13 1 Accrued Expenses.......................................... 29 23 9 33 3 -------- -------- ------- -------- ------- Total Liabilities....................................... 231,000 47,669 340 39,328 736 -------- -------- ------- -------- ------- Total Net Assets............................................ $450,609 $353,995 $78,386 $408,195 $34,828 ======== ======== ======= ======== ======= Net Assets Consist of: Capital................................................... $465,603 $349,185 $78,389 $428,065 $33,766 Undistributed (Distribution in Excess of) Net Investment Income.................................................. 760 (162) 11 360 (41) Accumulated Net Realized Gains (Losses) on Investment Transactions and Foreign Currency Transactions.......... (18,878) 1,048 (16) (16,733) 109 Net Unrealized Appreciation (Depreciation) on Investments, Swaps and Foreign Currency Transactions................. 3,124 3,924 2 (3,497) 994 -------- -------- ------- -------- ------- Total Net Assets............................................ $450,609 $353,995 $78,386 $408,195 $34,828 ======== ======== ======= ======== ======= NET ASSETS: I Shares.................................................. $421,876 $330,526 $78,386 $387,512 $27,348 A Shares.................................................. $ 17,669 $ 15,248 N/A $ 3,799 $ 44 C Shares.................................................. $ 11,064 $ 8,221 N/A $ 16,884 $ 7,436 SHARES OUTSTANDING (UNLIMITED NUMBER OF SHARES AUTHORIZED, NO PAR VALUE): I Shares.................................................. 40,239 28,660 7,848 39,066 2,663 A Shares.................................................. 1,686 1,322 N/A 384 4 C Shares.................................................. 1,055 713 N/A 1,702 721 NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: I Shares.................................................. $ 10.48 $ 11.53 $ 9.99 $ 9.92 $ 10.27 A Shares.................................................. $ 10.48 $ 11.54 N/A $ 9.90 $ 10.28 C Shares**................................................ $ 10.49 $ 11.53 N/A $ 9.92 $ 10.29 OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): I Shares.................................................. $ 10.48 $ 11.53 $ 9.99 $ 9.92 $ 10.27 A Shares.................................................. $ 11.00 $ 12.12 N/A $ 10.15 $ 10.79 C Shares.................................................. $ 10.49 $ 11.53 N/A $ 9.92 $ 10.29 Maximum Sales Charge -- A Shares............................ 4.75% 4.75% N/A 2.50% 4.75%
* The Investment Grade Bond Fund and Limited-Term Federal Mortgage Securities Fund include securities on loan of $205,773 and $9,997, respectively. ** Redemption price per share varies by length of time shares are held. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 122 STATEMENTS OF ASSETS AND LIABILITIES STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands) (Unaudited)
Seix Short-Term North Carolina Floating Rate Seix Short-Term U.S. Treasury Tax-Exempt High Income High Yield Bond Securities Bond Fund Fund Fund Fund Fund -------------- ------------- ---------- ---------- ------------- Assets: Investments, at Cost................................. $45,017 $447,398 $1,393,619 $556,856 $71,381 ======= ======== ========== ======== ======= Investments, at Value*............................... $45,635 $403,617 $1,373,406 $555,587 $71,299 Repurchase Agreements, at Cost....................... -- 41,512 16,803 -- -- ------- -------- ---------- -------- ------- Total Investments.................................... 45,635 445,129 1,390,209 555,587 71,299 ------- -------- ---------- -------- ------- Interest and Dividends Receivable.................... 655 2,597 23,243 3,062 968 Receivable for Capital Shares Issued................. 4 2,340 6,548 1,484 215 Receivable for Investment Securities Sold............ -- 8,182 3,737 6,794 -- Prepaid Expenses and Other Assets.................... 3 36 11 13 11 ------- -------- ---------- -------- ------- Total Assets....................................... 46,297 458,284 1,423,748 566,940 72,493 ------- -------- ---------- -------- ------- Liabilities: Securities Sold Short (Proceeds $3,115).............. -- -- -- 3,115 -- Income Distributions Payable......................... 126 2,373 7,146 1,229 228 Payable for Investment Securities Purchased.......... 2,675 32,666 12,283 20,768 -- Payable for Capital Shares Redeemed.................. 4 155 721 1,229 433 Payable upon Return of Securities Loaned............. -- -- 156,373 152,720 -- Investment Advisory Fees Payable..................... 20 149 443 112 24 Administration Fees Payable.......................... 1 8 25 7 1 Compliance Services Fees Payable..................... -- 2 5 1 -- Distribution and Service Fees Payable................ -- 1 11 5 13 Custodian Fees Payable............................... 1 3 39 15 2 Accrued Expenses..................................... 8 51 49 14 13 ------- -------- ---------- -------- ------- Total Liabilities.................................. 2,835 35,408 177,095 179,215 714 ------- -------- ---------- -------- ------- Total Net Assets....................................... $43,462 $422,876 $1,246,653 $387,725 $71,779 ======= ======== ========== ======== ======= Net Assets Consist of: Capital.............................................. $43,158 $425,634 $1,275,716 $400,242 $74,226 Undistributed (Distribution in Excess of) Net Investment Income.................................. (63) (324) (154) 74 (2) Accumulated Net Realized Losses on Investment Transactions....................................... (251) (165) (25,499) (11,322) (2,363) Net Unrealized Appreciation (Depreciation) on Investments........................................ 618 (2,269) (3,410) (1,269) (82) ------- -------- ---------- -------- ------- Total Net Assets....................................... $43,462 $422,876 $1,246,653 $387,725 $71,779 ======= ======== ========== ======== ======= NET ASSETS: I Shares............................................. $42,703 $417,701 $1,209,740 $378,153 $53,912 A Shares............................................. $ 757 $ 5,175 $ 31,565 $ 4,052 $ 4,201 C Shares............................................. $ 2 N/A $ 5,348 $ 5,520 $13,666 SHARES OUTSTANDING (UNLIMITED NUMBER OF SHARES AUTHORIZED, NO PAR VALUE): I Shares............................................. 4,251 42,343 114,015 38,741 5,472 A Shares............................................. 75 525 3,041 413 427 C Shares............................................. -- N/A 504 564 1,390 NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: I Shares............................................. $ 10.04 $ 9.86 $ 10.61 $ 9.76 $ 9.85 A Shares............................................. $ 10.02 $ 9.87 $ 10.38 $ 9.79 $ 9.84 C Shares**........................................... $ 10.03 N/A $ 10.60 $ 9.78 $ 9.83 OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): I Shares............................................. $ 10.04 $ 9.86 $ 10.61 $ 9.76 $ 9.85 A Shares............................................. $ 10.52 $ 10.12 $ 10.90 $ 10.04 $ 10.09 C Shares............................................. $ 10.03 N/A $ 10.60 $ 9.78 $ 9.83 Maximum Sales Charge -- A Shares....................... 4.75% 2.50% 4.75% 2.50% 2.50%
* The Seix High Yield Fund and Short-Term Bond Fund include securities on loan of $150,118 and $148,529, respectively. ** Redemption price per share varies by length of time shares are held. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 123 STATEMENTS OF ASSETS AND LIABILITIES STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands) (Unaudited)
U.S. Government Virginia Strategic U.S. Securities Ultra- Intermediate Income Government Ultra-Short Short Municipal Fund Securities Fund Bond Fund Bond Fund Bond Fund --------- --------------- --------------- --------- ------------ Assets: Investments, at Cost................................. $160,662 $701,659 $34,363 $105,104 $218,172 ======== ======== ======= ======== ======== Investments, at Value*............................... $161,829 $704,161 $34,298 $105,120 $223,665 Interest and Dividends Receivable.................... 1,827 3,659 184 553 2,969 Receivable for Capital Shares Issued................. 168 1,859 32 121 36 Receivable for Investment Securities Sold............ 3,152 175 189 1,877 -- Reclaims Receivable.................................. 201 -- -- -- -- Prepaid Expenses and Other Assets.................... 9 11 4 4 14 -------- -------- ------- -------- -------- Total Assets....................................... 167,186 709,865 34,707 107,675 226,684 -------- -------- ------- -------- -------- Liabilities: Income Distributions Payable......................... 677 1,847 113 566 659 Payable for Investment Securities Purchased.......... 8,459 52,912 -- -- -- Payable for Capital Shares Redeemed.................. 896 659 74 1,740 10 Payable upon Return of Securities Loaned............. 12,582 163,291 2,888 -- -- Investment Advisory Fees Payable..................... 83 198 5 28 102 Administration Fees Payable.......................... 3 10 -- 3 5 Compliance Services Fees Payable..................... 1 2 -- -- 1 Distribution and Service Fees Payable................ 32 6 -- -- 4 Custodian Fees Payable............................... 21 10 5 12 5 Accrued Expenses..................................... 12 37 9 18 19 -------- -------- ------- -------- -------- Total Liabilities.................................. 22,766 218,972 3,094 2,367 805 -------- -------- ------- -------- -------- Total Net Assets....................................... $144,420 $490,893 $31,613 $105,308 $225,879 ======== ======== ======= ======== ======== Net Assets Consist of: Capital.............................................. $152,743 $498,215 $32,918 $107,352 $220,722 Undistributed (Distribution in Excess of) Net Investment Income.................................. (3,993) 605 95 350 (42) Accumulated Net Realized Losses on Investment Transactions....................................... (5,494) (10,429) (1,335) (2,410) (294) Net Unrealized Appreciation (Depreciation) on Investments........................................ 1,164 2,502 (65) 16 5,493 -------- -------- ------- -------- -------- Total Net Assets....................................... $144,420 $490,893 $31,613 $105,308 $225,879 ======== ======== ======= ======== ======== NET ASSETS: I Shares............................................. $105,244 $482,085 $31,613 $105,308 $216,587 A Shares............................................. $ 1,619 $ 2,428 N/A N/A $ 5,533 C Shares............................................. $ 37,557 $ 6,380 N/A N/A $ 3,759 SHARES OUTSTANDING (UNLIMITED NUMBER OF SHARES AUTHORIZED, NO PAR VALUE): I Shares............................................. 10,807 46,878 3,194 10,535 21,355 A Shares............................................. 166 236 N/A N/A 546 C Shares............................................. 3,855 621 N/A N/A 371 NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: I Shares............................................. $ 9.74 $ 10.28 $ 9.90 $ 10.00 $ 10.14 A Shares............................................. $ 9.78 $ 10.28 N/A N/A $ 10.14 C Shares**........................................... $ 9.74 $ 10.28 N/A N/A $ 10.14 OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): I Shares............................................. $ 9.74 $ 10.28 $ 9.90 $ 10.00 $ 10.14 A Shares............................................. $ 10.27 $ 10.79 N/A N/A $ 10.65 C Shares............................................. $ 9.74 $ 10.28 N/A N/A $ 10.14 Maximum Sales Charge -- A Shares....................... 4.75% 4.75% N/A N/A 4.75%
* The Strategic Income Fund, U.S. Government Securities Fund and U.S. Government Securities Ultra-Short Bond Fund include securities on loan of $12,990, $158,188 and $2,860, respectively. ** Redemption price per share varies by length of time shares are held. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 124 STATEMENTS OF ASSETS AND LIABILITIES STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands) (Unaudited)
U.S. Government Virginia Prime Quality Tax-Exempt Securities U.S. Treasury Tax-Free Money Market Money Market Money Market Money Market Money Market Fund Fund Fund Fund Fund ------------- ------------ --------------- ------------- ------------ Assets: Total Investments, at Cost...................... $7,873,366 $1,796,556 $723,651 $1,962,502 $572,186 ========== ========== ======== ========== ======== Investments, at Value........................... $7,796,254 $1,796,556 $364,562 $ 75,835 $572,186 Repurchase Agreements, at Cost.................. 77,112 -- 359,089 1,886,667 -- ---------- ---------- -------- ---------- -------- Total Investments............................... 7,873,366 1,796,556 723,651 1,962,502 572,186 ---------- ---------- -------- ---------- -------- Accrued Income.................................. 48,135 11,226 2,630 6,971 3,511 Receivable for Capital Shares Issued............ 19,787 1,490 924 119 919 Prepaid Expenses and Other Assets............... 12 10 10 5 8 ---------- ---------- -------- ---------- -------- Total Assets.................................. 7,941,300 1,809,282 727,215 1,969,597 576,624 ---------- ---------- -------- ---------- -------- Liabilities: Income Distributions Payable.................... 30,823 4,681 2,650 6,515 1,412 Payable for Investment Securities Purchased..... 492 6,705 9,746 6,396 -- Investment Advisory Fees Payable................ 3,175 678 319 759 191 Administration Fees Payable..................... 160 38 14 35 12 Compliance Services Fees Payable................ 29 7 3 7 2 Distribution and Service Fees Payable........... 592 76 30 3 42 Custodian Fees Payable.......................... 118 21 9 16 5 Accrued Expenses................................ 416 107 48 79 23 ---------- ---------- -------- ---------- -------- Total Liabilities............................. 35,805 12,313 12,819 13,810 1,687 ---------- ---------- -------- ---------- -------- Total Net Assets.................................. $7,905,495 $1,796,969 $714,396 $1,955,787 $574,937 ========== ========== ======== ========== ======== Net Assets Consist of: Capital......................................... $7,905,470 $1,796,847 $714,395 $1,955,937 $574,936 Undistributed (Distributions in Excess of) Net Investment Income............................. (74) (1) -- 62 5 Accumulated Net Realized Gain (Loss) on Investments................................... 99 123 1 (212) (4) ---------- ---------- -------- ---------- -------- Total Net Assets.................................. $7,905,495 $1,796,969 $714,396 $1,955,787 $574,937 ========== ========== ======== ========== ======== NET ASSETS: I Shares........................................ $3,101,251 $1,214,352 $473,090 $1,933,350 $240,667 A Shares........................................ $4,800,156 $ 582,617 $241,306 $ 22,437 $334,270 C Shares........................................ $ 4,088 N/A N/A N/A N/A SHARES OUTSTANDING (UNLIMITED NUMBER OF SHARES AUTHORIZED, NO PAR VALUE): I Shares........................................ 3,101,283 1,214,239 473,089 1,933,500 240,667 A Shares........................................ 4,800,098 582,608 241,307 22,437 334,269 C Shares........................................ 4,089 N/A N/A N/A N/A NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: I Shares........................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 A Shares........................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 C Shares*....................................... $ 1.00 N/A N/A N/A N/A
* Redemption price per share varies by length of time shares are held. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 125 STATEMENTS OF OPERATIONS STI CLASSIC FUNDS For the Six Month Period Ended September 30, 2006 (Amounts in thousands) (Unaudited)
Core Florida Georgia High High Investment Investment Grade Bond Tax-Exempt Tax-Exempt Income Quality Intermediate Grade Tax-Exempt Fund(a) Bond Fund Bond Fund Fund Bond Fund Bond Fund Bond Fund Bond Fund ------- ---------- ---------- ------ --------- ------------ ---------- ---------------- Investment Income: Interest Income......... $13,034 $3,414 $2,965 $3,017 $1,044 $ 1,872 $11,497 $ 6,231 Dividend Income......... 37 95 40 62 21 3 6 232 Income from Securities Lending............... -- -- -- 25 -- -- 390 -- Less: Foreign Taxes Withheld.............. (2) -- -- -- -- -- -- -- ------- ------ ------ ------ ------ ------- ------- ------- Total Investment Income.............. 13,069 3,509 3,005 3,104 1,065 1,875 11,893 6,463 ------- ------ ------ ------ ------ ------- ------- ------- Expenses: Investment Advisory Fees.................. 653 486 374 214 91 100 1,185 858 Administration and Fund Accounting Fees....... 66 22 17 9 6 10 60 43 Compliance Services Fees.................. 5 2 1 1 -- 1 4 3 Distribution Fees -- A Shares................ 1 3 3 1 -- 29 24 Distribution and Service Fees -- C Shares...... -- 41 43 166 -- 61 47 Custodian Fees.......... 12 2 2 1 1 2 2 3 Professional Fees....... 11 4 3 2 1 2 9 7 Insurance Fees.......... 1 -- -- -- -- -- 1 1 Registration Fees....... 4 2 2 6 1 2 8 12 Transfer Agent Fees..... -- 2 1 10 -- -- 12 7 Printing Fees........... 7 4 3 2 1 -- 10 7 Trustees Fees........... 6 2 2 1 1 1 5 4 Other Expenses.......... 10 2 2 3 2 3 (2) 2 ------- ------ ------ ------ ------ ------- ------- ------- Total Expenses........ 776 572 453 416 104 121 1,384 1,018 Less: Investment Advisory Fees Waived.............. -- -- -- (1) -- -- -- -- Less: Administration Fees Waived......... -- -- -- (2) -- -- (1) -- ------- ------ ------ ------ ------ ------- ------- ------- Net Expenses.......... 776 572 453 413 104 121 1,383 1,018 ------- ------ ------ ------ ------ ------- ------- ------- Net Investment Income..... 12,293 2,937 2,552 2,691 961 1,754 10,510 5,445 ------- ------ ------ ------ ------ ------- ------- ------- Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currency Transactions: Net Realized Gain (Loss) on Investments Sold, Forward Foreign Currency Contracts, Foreign Currency Transactions.......... (6,664) 117 (97) 463 (792) (1,032) (11,264) 565 Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency... 11,166 2,402 1,720 156 1,219 1,727 14,576 4,134 ------- ------ ------ ------ ------ ------- ------- ------- Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currency Transactions........ 4,502 2,519 1,623 619 427 695 3,312 4,699 ------- ------ ------ ------ ------ ------- ------- ------- Change in Net Assets from Operations.............. $16,795 $5,456 $4,175 $3,310 $1,388 $ 2,449 $13,822 $10,144 ======= ====== ====== ====== ====== ======= ======= =======
(a) Renamed Total Return Bond Fund effective October 1, 2006. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 126 STATEMENTS OF OPERATIONS STI CLASSIC FUNDS For the Six Month Period Ended September 30, 2006 (Amounts in thousands) (Unaudited)
Limited Limited-Term Maryland North Carolina Seix Floating Seix Duration Federal Mortgage Municipal Tax-Exempt Rate High High Yield Short-Term Fund Securities Fund Bond Fund Bond Fund Income Fund Fund Bond Fund -------- ---------------- --------- -------------- ------------- ---------- ---------- Investment Income: Interest Income............ $2,099 $ 9,249 $ 868 $ 851 $10,853 $44,146 $ 6,853 Dividend Income............ 7 90 15 22 6 -- 134 Income from Securities Lending.................. -- 26 -- -- -- 199 113 ------ ------- ------ ------ ------- ------- ------- Total Investment Income................. 2,106 9,365 883 873 10,859 44,345 7,100 ------ ------- ------ ------ ------- ------- ------- Expenses: Investment Advisory Fees... 42 998 110 117 686 2,658 606 Administration and Fund Accounting Fees.......... 11 51 5 5 39 156 39 Compliance Services Fees... 1 4 -- -- 3 11 3 Distribution Fees -- A Shares................... 4 -- -- 3 42 4 Distribution and Service Fees -- C Shares......... 91 42 -- 28 36 Custodian Fees............. 1 10 1 1 3 7 7 Professional Fees.......... 2 9 1 1 29 27 6 Insurance Fees............. -- 1 -- -- 1 3 1 Registration Fees.......... 1 4 2 3 (11) 18 11 Transfer Agent Fees........ -- 10 1 -- 1 23 5 Printing Fees.............. (2) 9 1 (2) 20 14 6 Trustees Fees.............. 1 4 -- -- 5 14 3 Other Expenses............. 2 (5) 3 2 22 17 (2) ------ ------- ------ ------ ------- ------- ------- Total Expenses........... 59 1,190 166 127 801 3,018 725 Less: Administration Fees Waived................. -- (1) -- -- -- (1) -- ------ ------- ------ ------ ------- ------- ------- Net Expenses............. 59 1,189 166 127 801 3,017 725 ------ ------- ------ ------ ------- ------- ------- Net Investment Income (Loss)..................... 2,047 8,176 717 746 10,058 41,328 6,375 ------ ------- ------ ------ ------- ------- ------- Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions............. (20) (1,526) 8 (77) (146) (15,079) (1,118) Net Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency......... 14 3,674 448 683 (1,940) 6,020 2,990 ------ ------- ------ ------ ------- ------- ------- Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions........... (6) 2,148 456 606 (2,086) (9,059) 1,872 ------ ------- ------ ------ ------- ------- ------- Change in Net Assets from Operations................. $2,041 $10,324 $1,173 $1,352 $ 7,972 $32,269 $ 8,247 ====== ======= ====== ====== ======= ======= =======
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 127 STATEMENTS OF OPERATIONS STI CLASSIC FUNDS For the Six Month Period Ended September 30, 2006 (Amounts in thousands) (Unaudited)
U.S. Government Virginia Short-Term Strategic Securities Intermediate U.S. Treasury Income U.S. Government Ultra-Short Ultra-Short Municipal Securities Fund Fund Securities Fund Bond Fund Bond Fund Bond Fund --------------- --------- --------------- --------------- ----------- ------------ Investment Income: Interest Income.................. $1,549 $5,590 $10,065 $833 $5,225 $4,081 Dividend Income.................. 17 68 87 24 138 35 Income from Securities Lending... -- 134 251 3 21 -- ------ ------ ------- ---- ------ ------ Total Investment Income........ 1,566 5,792 10,403 860 5,384 4,116 ------ ------ ------- ---- ------ ------ Expenses: Investment Advisory Fees......... 152 668 1,010 38 244 524 Administration and Fund Accounting Fees................ 10 28 51 5 28 24 Compliance Services Fees......... 1 2 4 -- 2 2 Distribution Fees -- A Shares.... 4 3 4 4 Distribution and Service Fees -- C Shares............... 84 210 35 6 Custodian Fees................... -- 38 6 7 11 2 Professional Fees................ 2 5 8 1 5 4 Insurance Fees................... -- 1 1 -- 1 -- Registration Fees................ 10 12 9 11 8 3 Transfer Agent Fees.............. 8 13 6 -- -- 1 Printing Fees.................... 2 5 8 1 5 (2) Trustees Fees.................... 1 2 5 -- 2 2 Other Expenses................... (7) 5 (3) (2) 2 4 ------ ------ ------- ---- ------ ------ Total Expenses................. 267 992 1,144 61 308 574 Less: Investment Advisory Fees Waived....................... -- -- -- (2) -- -- Less: Administration Fees Waived....................... -- -- -- (1) -- -- ------ ------ ------- ---- ------ ------ Net Expenses................... 267 992 1,144 58 308 574 ------ ------ ------- ---- ------ ------ Net Investment Income.............. 1,299 4,800 9,259 802 5,076 3,542 ------ ------ ------- ---- ------ ------ Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: Net Realized Loss on Investments Sold and Foreign Currency Transactions................... (627) (461) (3,966) (90) (497) (138) Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency....................... 1,029 2,954 8,885 258 1,165 3,034 ------ ------ ------- ---- ------ ------ Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions................. 402 2,493 4,919 168 668 2,896 ------ ------ ------- ---- ------ ------ Change in Net Assets from Operations....................... $1,701 $7,293 $14,178 $970 $5,744 $6,438 ====== ====== ======= ==== ====== ======
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 128 STATEMENTS OF OPERATIONS STI CLASSIC FUNDS For the Period Ended September 30, 2006 (Amounts in thousands) (Unaudited)
U.S. Government Virginia Prime Quality Tax-Exempt Securities U.S. Treasury Tax-Free Money Money Market Money Market Money Market Money Market Market Fund Fund Fund Fund Fund ------------- ------------ --------------- ------------- ------------ Investment Income: Interest Income............................. $190,980 $33,248 $16,188 $38,945 $9,199 Dividend Income............................. 4,020 684 -- -- 240 -------- ------- ------- ------- ------ Total Investment Income................... 195,000 33,932 16,188 38,945 9,439 -------- ------- ------- ------- ------ Expenses: Investment Advisory Fees.................... 18,490 4,193 1,790 4,235 1,079 Administration and Fund Accounting Fees..... 963 243 83 199 69 Compliance Services Fees.................... 67 16 6 15 5 Distribution Fees -- A Shares............... 3,357 490 184 14 237 Distribution and Service Fees -- C Shares... 5 Custodian Fees.............................. 22 11 5 8 3 Professional Fees........................... 158 40 13 33 11 Insurance Fees.............................. 20 5 2 4 1 Registration Fees........................... (86) (15) (8) (19) -- Transfer Agent Fees......................... (2) (2) (1) (2) -- Printing Fees............................... 244 29 6 18 8 Trustees' Fees.............................. 83 21 7 18 6 Other Expenses.............................. 35 12 8 19 9 -------- ------- ------- ------- ------ Total Expenses............................ 23,356 5,043 2,095 4,542 1,428 Less: Administration Fees Waived.......... (9) (1) -- (1) -- -------- ------- ------- ------- ------ Net Expenses.............................. 23,347 5,042 2,095 4,541 1,428 -------- ------- ------- ------- ------ Net Investment Income......................... 171,653 28,890 14,093 34,404 8,011 -------- ------- ------- ------- ------ Net Realized Gain (Loss) on Investments: Net Realized Gain (Loss) on Investment Sold...................................... 11 94 -- -- (8) -------- ------- ------- ------- ------ Change in Net Assets from Operations.......... $171,664 $28,984 $14,093 $34,404 $8,003 ======== ======= ======= ======= ======
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 129 STATEMENTS OF CHANGES IN NET ASSETS STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Florida Georgia Core Bond Fund (a)(b) Tax-Exempt Bond Fund Tax-Exempt Bond Fund ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income.............. $ 12,293 $ 15,669 $ 2,937 $ 5,652 $ 2,552 $ 3,215 Net Realized Gain (Loss) on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions..................... (6,664) (2,853) 117 1,124 (97) 133 Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency......................... 11,166 (8,256) 2,402 (1,704) 1,720 179 -------- -------- -------- -------- -------- -------- Change in Net Assets from Operations....................... 16,795 4,560 5,456 5,072 4,175 3,527 -------- -------- -------- -------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares......................... (12,326) (14,412) (2,770) (5,238) (2,369) (3,719) T Shares......................... (1,742) A Shares......................... (11) (13) (69) (169) (62) (100) C Shares......................... (1) (1) (97) (245) (122) (268) Realized Capital Gains: I Shares......................... -- (493) -- (774) -- (112) A Shares......................... -- (1) -- (26) -- (4) C Shares......................... -- -- -- (49) -- (11) -------- -------- -------- -------- -------- -------- Total Dividends and Distributions.................... (12,338) (16,662) (2,936) (6,501) (2,553) (4,214) -------- -------- -------- -------- -------- -------- Change in Net Assets from Capital Transactions..................... 73,452 212,581 (6,885) 4,654 10,133 20,067 -------- -------- -------- -------- -------- -------- Change in Net Assets............... 77,909 200,479 (4,365) 3,225 11,755 19,380 -------- -------- -------- -------- -------- -------- Net Assets: Beginning of Period................ 498,251 297,772 179,201 175,976 129,207 109,827 -------- -------- -------- -------- -------- -------- End of Period...................... $576,160 $498,251 $174,836 $179,201 $140,962 $129,207 ======== ======== ======== ======== ======== ======== Undistributed (Distributions in Excess of) Net Investment Income, End of Period.................... $ (9) $ 36 $ (10) $ (11) $ (735) $ (734) ======== ======== ======== ======== ======== ======== High Income Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Operations: Net Investment Income.............. $ 2,691 $ 6,101 Net Realized Gain (Loss) on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions..................... 463 (1,302) Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency......................... 156 859 ------- -------- Change in Net Assets from Operations....................... 3,310 5,658 ------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares......................... (1,536) (3,216) T Shares......................... A Shares......................... (18) (34) C Shares......................... (1,186) (2,851) Realized Capital Gains: I Shares......................... -- (2,058) A Shares......................... -- (22) C Shares......................... -- (2,047) ------- -------- Total Dividends and Distributions.................... (2,740) (10,228) ------- -------- Change in Net Assets from Capital Transactions..................... (4,347) (27,105) ------- -------- Change in Net Assets............... (3,777) (31,675) ------- -------- Net Assets: Beginning of Period................ 73,229 104,904 ------- -------- End of Period...................... $69,452 $ 73,229 ======= ======== Undistributed (Distributions in Excess of) Net Investment Income, End of Period.................... $ (17) $ 32 ======= ========
(a) Renamed Total Return Bond Fund effective October 1, 2006. (b) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 130 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Florida Georgia Core Bond Fund (a)(b) Tax-Exempt Bond Fund Tax-Exempt Bond Fund ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued........ $ 88,320 $ 389,832 $ 21,866 $ 61,889 $20,403 $ 39,979 Proceeds from Shares Issued in Acquisition...................... 65,561 -- Dividends Reinvested............... 6,246 8,527 180 839 216 489 Cost of Shares Redeemed............ (86,715) (64,112) (27,037) (53,510) (7,517) (20,409) -------- --------- -------- -------- ------- -------- Change in Net Assets from I Shares........................... $ 73,412 $ 334,247 $ (4,991) $ 9,218 $13,102 $ 20,059 -------- --------- -------- -------- ------- -------- T Shares: Proceeds from Shares Issued........ $ 39,832 Dividends Reinvested............... 1,267 Cost of Shares Redeemed............ (163,029) --------- Change in Net Assets from T Shares........................... $(121,930) --------- A Shares: Proceeds from Shares Issued........ $ 44 $ 298 $ 443 $ 733 $ 74 $ 2,084 Dividends Reinvested............... 7 4 43 132 32 60 Cost of Shares Redeemed............ (12) (66) (1,220) (1,894) (617) (1,076) -------- --------- -------- -------- ------- -------- Change in Net Assets from A Shares........................... $ 39 $ 236 $ (734) $ (1,029) $ (511) $ 1,068 -------- --------- -------- -------- ------- -------- C Shares: Proceeds from Shares Issued........ $ -- $ 28 $ 3 $ 96 $ 6 $ 446 Dividends Reinvested............... 1 1 79 225 104 268 Cost of Shares Redeemed............ -- (1) (1,242) (3,856) (2,568) (1,774) -------- --------- -------- -------- ------- -------- Change in Net Assets from C Shares........................... $ 1 $ 28 $ (1,160) $ (3,535) $(2,458) $ (1,060) -------- --------- -------- -------- ------- -------- Change in Net Assets from Capital Transactions....................... $ 73,452 $ 212,581 $ (6,885) $ 4,654 $10,133 $ 20,067 ======== ========= ======== ======== ======= ======== High Income Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued........ $ 6,533 $ 13,695 Proceeds from Shares Issued in Acquisition...................... Dividends Reinvested............... 619 2,299 Cost of Shares Redeemed............ (5,722) (28,300) ------- -------- Change in Net Assets from I Shares........................... $ 1,430 $(12,306) ------- -------- T Shares: Proceeds from Shares Issued........ Dividends Reinvested............... Cost of Shares Redeemed............ Change in Net Assets from T Shares........................... A Shares: Proceeds from Shares Issued........ $ 140 $ 168 Dividends Reinvested............... 15 47 Cost of Shares Redeemed............ (42) (527) ------- -------- Change in Net Assets from A Shares........................... $ 113 $ (312) ------- -------- C Shares: Proceeds from Shares Issued........ $ 351 $ 871 Dividends Reinvested............... 776 3,596 Cost of Shares Redeemed............ (7,017) (18,954) ------- -------- Change in Net Assets from C Shares........................... $(5,890) $(14,487) ------- -------- Change in Net Assets from Capital Transactions....................... $(4,347) $(27,105) ======= ========
(a) Renamed Total Return Bond Fund effective October 1, 2006. (b) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 131 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Florida Georgia Core Bond Fund (a)(b) Tax-Exempt Bond Fund Tax-Exempt Bond Fund ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Share Transactions: I Shares: Issued............................... 8,987 38,549 2,025 5,626 2,013 3,890 Issued in Acquisition................ 6,597 -- -- -- -- -- Reinvested........................... 636 848 18 76 21 48 Redeemed............................. (8,832) (6,348) (2,503) (4,876) (741) (1,985) ------ ------- ------ ------ ----- ------ Change in I Shares................... 7,388 33,049 (460) 826 1,293 1,953 ------ ------- ------ ------ ----- ------ T Shares: Issued............................... 3,893 Reinvested........................... 124 Redeemed............................. (15,973) ------- Change in T Shares................... (11,956) ------- A Shares: Issued............................... 4 29 41 67 7 203 Reinvested........................... 1 -- 4 12 3 6 Redeemed............................. (1) (6) (113) (172) (61) (105) ------ ------- ------ ------ ----- ------ Change in A Shares................... 4 23 (68) (93) (51) 104 ------ ------- ------ ------ ----- ------ C Shares: Issued............................... -- 3 -- 9 1 43 Reinvested........................... -- -- 6 20 10 26 Redeemed............................. -- -- (115) (351) (254) (173) ------ ------- ------ ------ ----- ------ Change in C Shares................... -- 3 (109) (322) (243) (104) ------ ------- ------ ------ ----- ------ Change in Shares....................... 7,392 21,119 (637) 411 999 1,953 ====== ======= ====== ====== ===== ====== High Income Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Share Transactions: I Shares: Issued............................... 934 1,892 Issued in Acquisition................ -- -- Reinvested........................... 89 323 Redeemed............................. (818) (3,894) ------ ------ Change in I Shares................... 205 (1,679) ------ ------ T Shares: Issued............................... Reinvested........................... Redeemed............................. Change in T Shares................... A Shares: Issued............................... 20 23 Reinvested........................... 2 7 Redeemed............................. (6) (72) ------ ------ Change in A Shares................... 16 (42) ------ ------ C Shares: Issued............................... 50 119 Reinvested........................... 111 505 Redeemed............................. (1,005) (2,609) ------ ------ Change in C Shares................... (844) (1,985) ------ ------ Change in Shares....................... (623) (3,706) ====== ======
(a) Renamed Total Return Bond Fund effective October 1, 2006. (b) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 132 STATEMENTS OF CHANGES IN NET ASSETS STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
High Quality Intermediate Investment Grade Bond Fund (a) Bond Fund (a) Bond Fund ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income.............. $ 961 $ 1,963 $ 1,754 $ 2,648 $ 10,510 $ 22,409 Net Realized Gain (Loss) on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions..................... (792) (451) (1,032) (617) (11,264) 7,288 Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency......................... 1,219 (574) 1,727 (1,076) 14,576 (12,042) ------- -------- ------- ------- -------- --------- Change in Net Assets from Operations....................... 1,388 938 2,449 955 13,822 17,655 ------- -------- ------- ------- -------- --------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares......................... (960) (1,717) (1,752) (2,568) (9,942) (21,449) T Shares......................... (229) (96) A Shares......................... -- (2) (406) (800) C Shares......................... (1) (1) (214) (470) Realized Capital Gains: I Shares......................... -- -- -- (101) -- -- A Shares......................... -- -- -- -- C Shares......................... -- -- -- -- ------- -------- ------- ------- -------- --------- Total Dividends and Distributions.................... (960) (1,946) (1,753) (2,768) (10,562) (22,719) ------- -------- ------- ------- -------- --------- Change in Net Assets from Capital Transactions..................... (6,186) (14,065) 5,584 24,893 (66,465) (125,727) ------- -------- ------- ------- -------- --------- Change in Net Assets............... (5,758) (15,073) 6,280 23,080 (63,205) (130,791) ------- -------- ------- ------- -------- --------- Net Assets: Beginning of Period................ 48,908 63,981 78,259 55,179 513,814 644,605 ------- -------- ------- ------- -------- --------- End of Period...................... $43,150 $ 48,908 $84,539 $78,259 $450,609 $ 513,814 ======= ======== ======= ======= ======== ========= Undistributed (Distributions in Excess of) Net Investment Income, End of Period.................... $ 81 $ 80 $ 27 $ 26 $ 760 $ 812 ======= ======== ======= ======= ======== ========= Investment Grade Tax-Exempt Bond Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Operations: Net Investment Income.............. $ 5,445 $ 8,969 Net Realized Gain (Loss) on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions..................... 565 1,313 Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency......................... 4,134 (1,585) -------- -------- Change in Net Assets from Operations....................... 10,144 8,697 -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares......................... (5,112) (8,283) T Shares......................... A Shares......................... (228) (444) C Shares......................... (105) (242) Realized Capital Gains: I Shares......................... -- (1,977) A Shares......................... -- (118) C Shares......................... -- (80) -------- -------- Total Dividends and Distributions.................... (5,445) (11,144) -------- -------- Change in Net Assets from Capital Transactions..................... 21,844 37,315 -------- -------- Change in Net Assets............... 26,543 34,868 -------- -------- Net Assets: Beginning of Period................ 327,452 292,584 -------- -------- End of Period...................... $353,995 $327,452 ======== ======== Undistributed (Distributions in Excess of) Net Investment Income, End of Period.................... $ (162) $ (162) ======== ========
(a) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 133 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
High Quality Intermediate Investment Grade Bond Fund (a) Bond Fund (a) Bond Fund ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued........ $ 1,291 $ 32,804 $ 7,362 $35,040 $ 33,214 $ 121,335 Dividends Reinvested............... 484 873 1,196 1,635 4,435 9,103 Cost of Shares Redeemed............ (7,961) (21,465) (2,972) (4,560) (98,830) (248,679) ------- -------- ------- ------- -------- --------- Change in Net Assets from I Shares........................... $(6,186) $ 12,212 $ 5,586 $32,115 $(61,181) $(118,241) ------- -------- ------- ------- -------- --------- T Shares: Proceeds from Shares Issued........ $ 558 $ 2,156 Dividends Reinvested............... 23 52 Cost of Shares Redeemed............ (26,858) (9,504) -------- ------- Change in Net Assets from T Shares........................... $(26,277) $(7,296) -------- ------- A Shares: Proceeds from Shares Issued........ $ -- $ 207 $ 2,085 $ 3,455 Dividends Reinvested............... -- 3 369 786 Cost of Shares Redeemed............ -- (205) (5,148) (7,512) ------- ------- -------- --------- Change in Net Assets from A Shares........................... $ -- $ 5 $ (2,694) $ (3,271) ------- ------- -------- --------- C Shares: Proceeds from Shares Issued........ $ -- $ 69 $ 88 $ 798 Dividends Reinvested............... 1 1 191 455 Cost of Shares Redeemed............ (3) (1) (2,869) (5,468) ------- ------- -------- --------- Change in Net Assets from C Shares........................... $ (2) $ 69 $ (2,590) $ (4,215) ------- ------- -------- --------- Change in Net Assets from Capital Transactions....................... $(6,186) $(14,065) $ 5,584 $24,893 $(66,465) $(125,727) ======= ======== ======= ======= ======== ========= Investment Grade Tax-Exempt Bond Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued........ $ 62,146 $126,289 Dividends Reinvested............... 1,147 2,449 Cost of Shares Redeemed............ (38,132) (84,976) -------- -------- Change in Net Assets from I Shares........................... $ 25,161 $ 43,762 -------- -------- T Shares: Proceeds from Shares Issued........ Dividends Reinvested............... Cost of Shares Redeemed............ Change in Net Assets from T Shares........................... A Shares: Proceeds from Shares Issued........ $ 1,247 $ 3,247 Dividends Reinvested............... 171 468 Cost of Shares Redeemed............ (2,560) (4,860) -------- -------- Change in Net Assets from A Shares........................... $ (1,142) $ (1,145) -------- -------- C Shares: Proceeds from Shares Issued........ $ 43 $ 106 Dividends Reinvested............... 82 283 Cost of Shares Redeemed............ (2,300) (5,691) -------- -------- Change in Net Assets from C Shares........................... $ (2,175) $ (5,302) -------- -------- Change in Net Assets from Capital Transactions....................... $ 21,844 $ 37,315 ======== ========
(a) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 134 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
High Quality Intermediate Investment Grade Bond Fund (a) Bond Fund (a) Bond Fund ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Share Transactions: I Shares: Issued............................... 134 3,243 750 3,472 3,215 11,501 Reinvested........................... 50 89 122 163 429 865 Redeemed............................. (827) (2,176) (303) (453) (9,575) (23,593) ---- ------ ---- ----- ------ ------- Change in I Shares................... (643) 1,156 569 3,182 (5,931) (11,227) ---- ------ ---- ----- ------ ------- T Shares: Issued............................... 56 212 Reinvested........................... 2 5 Redeemed............................. (2,640) (931) ------ ----- Change in T Shares................... (2,582) (714) ------ ----- A Shares: Issued............................... -- 21 202 328 Reinvested........................... -- -- 36 75 Redeemed............................. -- (21) (497) (713) ---- ----- ------ ------- Change in A Shares................... -- -- (259) (310) ---- ----- ------ ------- C Shares: Issued............................... -- 7 9 76 Reinvested........................... -- -- 18 43 Redeemed............................. -- -- (278) (518) ---- ----- ------ ------- Change in C Shares................... -- 7 (251) (399) ---- ----- ------ ------- Change in Shares....................... (643) (1,426) 569 2,475 (6,441) (11,936) ==== ====== ==== ===== ====== ======= Investment Grade Tax-Exempt Bond Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Share Transactions: I Shares: Issued............................... 5,454 10,965 Reinvested........................... 101 213 Redeemed............................. (3,347) (7,396) ------ ------ Change in I Shares................... 2,208 3,782 ------ ------ T Shares: Issued............................... Reinvested........................... Redeemed............................. Change in T Shares................... A Shares: Issued............................... 110 281 Reinvested........................... 15 41 Redeemed............................. (224) (422) ------ ------ Change in A Shares................... (99) (100) ------ ------ C Shares: Issued............................... 4 9 Reinvested........................... 7 25 Redeemed............................. (202) (494) ------ ------ Change in C Shares................... (191) (460) ------ ------ Change in Shares....................... 1,918 3,222 ====== ======
(a) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 135 STATEMENTS OF CHANGES IN NET ASSETS STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Limited Duration Limited-Term Federal Maryland Fund (a) Mortgage Securities Fund Municipal Bond Fund ----------------------- ------------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ------------ ---------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income............... $ 2,047 $ 2,165 $ 8,176 $ 13,070 $ 717 $ 1,462 Net Realized Gain (Loss) on Investments Sold.................. (20) 4 (1,526) (2,545) 8 298 Net Change in Unrealized Appreciation (Depreciation) on Investments....................... 14 (13) 3,674 (2,631) 448 (442) ------- -------- -------- -------- ------- ------- Change in Net Assets from Operations........................ 2,041 2,156 10,324 7,894 1,173 1,318 ------- -------- -------- -------- ------- ------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares.......................... (2,036) (2,219) (8,430) (14,726) (589) (1,142) T Shares.......................... (1) A Shares.......................... (88) (242) (9) (10) C Shares.......................... -- (317) (872) (118) (310) Realized Capital Gains: I Shares.......................... -- (1) -- -- -- (268) A Shares.......................... -- -- -- (4) C Shares.......................... -- -- -- -- (94) ------- -------- -------- -------- ------- ------- Total Dividends and Distributions... (2,036) (2,221) (8,835) (15,840) (716) (1,828) ------- -------- -------- -------- ------- ------- Change in Net Assets from Capital Transactions...................... 19,494 (24,365) 12,205 (45,874) (8,163) (1,199) ------- -------- -------- -------- ------- ------- Change in Net Assets................ 19,499 (24,430) 13,694 (53,820) (7,706) (1,709) ------- -------- -------- -------- ------- ------- Net Assets: Beginning of Period................. 58,887 83,317 394,501 448,321 42,534 44,243 ------- -------- -------- -------- ------- ------- End of Period....................... $78,386 $ 58,887 $408,195 $394,501 $34,828 $42,534 ======= ======== ======== ======== ======= ======= Undistributed (Distributions in Excess of) Net Investment Income, End of Period..................... $ 11 $ -- $ 360 $ (1,019) $ (41) $ (42) ======= ======== ======== ======== ======= ======= North Carolina Tax-Exempt Bond Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Operations: Net Investment Income............... $ 746 $ 1,288 Net Realized Gain (Loss) on Investments Sold.................. (77) (35) Net Change in Unrealized Appreciation (Depreciation) on Investments....................... 683 166 ------- ------- Change in Net Assets from Operations........................ 1,352 1,419 ------- ------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares.......................... (741) (1,288) T Shares.......................... A Shares.......................... (4) -- C Shares.......................... -- -- Realized Capital Gains: I Shares.......................... -- (4) A Shares.......................... -- -- C Shares.......................... -- -- ------- ------- Total Dividends and Distributions... (745) (1,292) ------- ------- Change in Net Assets from Capital Transactions...................... 1,467 463 ------- ------- Change in Net Assets................ 2,074 590 ------- ------- Net Assets: Beginning of Period................. 41,388 40,798 ------- ------- End of Period....................... $43,462 $41,388 ======= ======= Undistributed (Distributions in Excess of) Net Investment Income, End of Period..................... $ (63) $ (64) ======= =======
(a) Effective August 1, 2005, all T Shares and C Shares of this fund were exchanged for I Shares and T Shares and C Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 136 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Limited Limited-Term Federal Maryland Municipal Duration Fund (a) Mortgage Securities Fund Bond Fund ----------------------- ------------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ------------ ---------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued........ $42,350 $ 31,566 $ 71,010 $ 147,011 $ 3,932 $ 6,853 Dividends Reinvested............... 1,763 2,057 1,650 4,004 101 350 Cost of Shares Redeemed............ (24,619) (57,986) (56,561) (181,240) (9,739) (5,155) ------- -------- -------- --------- ------- ------- Change in Net Assets from I Shares........................... $19,494 $(24,363) $ 16,099 $ (30,225) $(5,706) $ 2,048 ------- -------- -------- --------- ------- ------- T Shares: Proceeds from Shares Issued........ $ 220 Dividends Reinvested............... -- Cost of Shares Redeemed............ (221) -------- Change in Net Assets from T Shares........................... $ (1) -------- A Shares(1): Proceeds from Shares Issued........ $ 1,290 $ 3,709 $ 583 $ 697 Dividends Reinvested............... 74 190 8 14 Cost of Shares Redeemed............ (1,977) (5,233) (1,055) (197) -------- --------- ------- ------- Change in Net Assets from A Shares........................... $ (613) $ (1,334) $ (464) $ 514 -------- --------- ------- ------- C Shares: Proceeds from Shares Issued........ $ 64 $ 36 $ 195 $ 24 $ 4 Dividends Reinvested............... -- 267 802 94 341 Cost of Shares Redeemed............ (65) (3,584) (15,312) (2,111) (4,106) -------- -------- --------- ------- ------- Change in Net Assets from C Shares........................... $ (1) $ (3,281) $ (14,315) $(1,993) $(3,761) -------- -------- --------- ------- ------- Change in Net Assets from Capital Transactions....................... $19,494 $(24,365) $ 12,205 $ (45,874) $(8,163) $(1,199) ======= ======== ======== ========= ======= ======= North Carolina Tax-Exempt Bond Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued........ $4,939 $8,474 Dividends Reinvested............... 3 16 Cost of Shares Redeemed............ (4,117) (8,140) ------ ------ Change in Net Assets from I Shares........................... $ 825 $ 350 ------ ------ T Shares: Proceeds from Shares Issued........ Dividends Reinvested............... Cost of Shares Redeemed............ Change in Net Assets from T Shares........................... A Shares(1): Proceeds from Shares Issued........ $ 886 $ 111 Dividends Reinvested............... 4 -- Cost of Shares Redeemed............ (248) -- ------ ------ Change in Net Assets from A Shares........................... $ 642 $ 111 ------ ------ C Shares: Proceeds from Shares Issued........ $ -- $ 2 Dividends Reinvested............... -- -- Cost of Shares Redeemed............ -- -- ------ ------ Change in Net Assets from C Shares........................... $ -- $ 2 ------ ------ Change in Net Assets from Capital Transactions....................... $1,467 $ 463 ====== ======
(a) Effective August 1, 2005, all T Shares and C Shares of this fund were exchanged for I Shares and T Shares and C Shares were no longer offered. (1) A shares were offered beginning on April 13, 2005 for the Maryland Municipal Fund. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 137 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Limited-Term Limited Duration Federal Mortgage Maryland Municipal Fund (a) Securities Fund Bond Fund ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Share Transactions: I Shares: Issued............................... 4,239 3,161 7,197 14,687 388 666 Reinvested........................... 176 206 167 399 10 34 Redeemed............................. (2,464) (5,809) (5,737) (18,032) (959) (499) ------ ------ ------ ------- ---- ---- Change in I Shares................... 1,951 (2,442) 1,627 (2,946) (561) 201 ------ ------ ------ ------- ---- ---- T Shares: Issued............................... 22 Reinvested........................... -- Redeemed............................. (22) ------ Change in T Shares................... -- ------ A Shares(1): Issued............................... 131 370 58 67 Reinvested........................... 8 19 1 1 Redeemed............................. (201) (524) (104) (19) ------ ------- ---- ---- Change in A Shares................... (62) (135) (45) 49 ------ ------- ---- ---- C Shares: Issued............................... 6 4 19 2 -- Reinvested........................... -- 27 80 9 33 Redeemed............................. (6) (363) (1,524) (207) (398) ------ ------ ------- ---- ---- Change in C Shares Transactions...... -- (332) (1,425) (196) (365) ------ ------ ------- ---- ---- Change in Shares....................... 1,951 (2,442) 1,233 (4,506) (802) (115) ====== ====== ====== ======= ==== ==== North Carolina Tax- Exempt Bond Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Share Transactions: I Shares: Issued............................... 499 849 Reinvested........................... -- 2 Redeemed............................. (415) (816) ---- ---- Change in I Shares................... 84 35 ---- ---- T Shares: Issued............................... Reinvested........................... Redeemed............................. Change in T Shares................... A Shares(1): Issued............................... 89 11 Reinvested........................... -- -- Redeemed............................. (25) -- ---- ---- Change in A Shares................... 64 11 ---- ---- C Shares: Issued............................... -- -- Reinvested........................... -- -- Redeemed............................. -- -- ---- ---- Change in C Shares Transactions...... -- -- ---- ---- Change in Shares....................... 148 46 ==== ====
(a) Effective August 1, 2005, all T Shares and C Shares of this fund were exchanged for I Shares and T Shares and C Shares were no longer offered. (1) A shares were offered beginning on April 13, 2005 for the Maryland Municipal Fund. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 138 STATEMENTS OF CHANGES IN NET ASSETS STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Seix Floating Rate High Seix Short-Term Income Fund High Yield Fund (a) Bond Fund ------------------------ ------------------------ ----------------------- 04/01/06- 03/02/06*- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- ---------- ----------- ---------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income............ $ 10,058 $ 434 $ 41,328 $ 79,295 $ 6,375 $ 9,838 Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions.......... (146) (19) (15,079) (10,259) (1,118) 531 Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency....................... (1,940) (329) 6,020 (1,686) 2,990 (947) -------- -------- ---------- ---------- -------- -------- Change in Net Assets from Operations..................... 7,972 86 32,269 67,350 8,247 9,422 -------- -------- ---------- ---------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares....................... (10,341) (438) (40,267) (77,610) (6,228) (9,580) T Shares....................... (62) A Shares....................... (58) (1,110) (1,414) (91) (186) C Shares....................... (160) (256) (118) (306) Realized Capital Gains: I Shares....................... -- -- -- (16,562) -- -- A Shares....................... -- -- (536) -- -- C Shares....................... -- (76) -- -- -------- -------- ---------- ---------- -------- -------- Total Dividends and Distributions.................. (10,399) (438) (41,537) (96,516) (6,437) (10,072) -------- -------- ---------- ---------- -------- -------- Change in Net Assets from Capital Transactions................... 318,898 106,757 (3,863) (118,674) 90,012 (12,846) -------- -------- ---------- ---------- -------- -------- Change in Net Assets............. 316,471 106,405 (13,131) (147,840) 91,822 (13,496) -------- -------- ---------- ---------- -------- -------- Net Assets: Beginning of Period.............. 106,405 -- 1,259,784 1,407,624 295,903 309,399 -------- -------- ---------- ---------- -------- -------- End of Period.................... $422,876 $106,405 $1,246,653 $1,259,784 $387,725 $295,903 ======== ======== ========== ========== ======== ======== Undistributed (Distributions in Excess of) Net Investment Income, End of Period.......... $ (324) $ 17 $ (154) $ 55 $ 74 $ (136) ======== ======== ========== ========== ======== ======== Short-Term U.S. Treasury Securities Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Operations: Net Investment Income............ $ 1,299 $ 2,382 Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions.......... (627) (808) Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency....................... 1,029 (122) ------- -------- Change in Net Assets from Operations..................... 1,701 1,452 ------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares....................... (1,002) (1,724) T Shares....................... A Shares....................... (75) (131) C Shares....................... (222) (528) Realized Capital Gains: I Shares....................... -- -- A Shares....................... -- -- C Shares....................... -- -- ------- -------- Total Dividends and Distributions.................. (1,299) (2,383) ------- -------- Change in Net Assets from Capital Transactions................... (7,908) (29,864) ------- -------- Change in Net Assets............. (7,506) (30,795) ------- -------- Net Assets: Beginning of Period.............. 79,285 110,080 ------- -------- End of Period.................... $71,779 $ 79,285 ======= ======== Undistributed (Distributions in Excess of) Net Investment Income, End of Period.......... $ (2) $ (2) ======= ========
* Commencement of operations. (a) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 139 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Seix Floating Rate High Seix Income Fund High Yield Fund (a) Short-Term Bond Fund ------------------------ ----------------------- ----------------------- 04/01/06- 03/02/06*- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- ---------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued...... $386,493 $108,820 $ 122,759 $ 184,613 $137,331 $ 96,780 Proceeds from Shares Issued in Acquisition.................... -- 12,374 Dividends Reinvested............. 8,297 437 34,750 87,188 1,513 2,720 Cost of Shares Redeemed.......... (81,070) (2,500) (156,530) (417,753) (43,740) (118,491) -------- -------- --------- --------- -------- --------- Change in Net Assets from I Shares......................... $313,720 $106,757 $ 979 $(145,952) $ 95,104 $ (6,617) -------- -------- --------- --------- -------- --------- T Shares: Proceeds from Shares Issued...... $ 2,840 Dividends Reinvested............. 12 Cost of Shares Redeemed.......... (5,727) --------- Change in Net Assets from T Shares......................... $ (2,875) --------- A Shares(1): Proceeds from Shares Issued...... $ 5,229 $ 1,629 $ 37,266 $ 1,200 $ 2,668 Dividends Reinvested............. 43 1,020 1,712 73 164 Cost of Shares Redeemed.......... (94) (7,075) (11,512) (2,304) (3,533) -------- --------- --------- -------- --------- Change in Net Assets from A Shares......................... $ 5,178 $ (4,426) $ 27,466 $ (1,031) $ (701) -------- --------- --------- -------- --------- C Shares: Proceeds from Shares Issued...... $ 425 $ 2,973 $ 10 $ 435 Dividends Reinvested............. 61 97 94 238 Cost of Shares Redeemed.......... (902) (383) (4,165) (6,201) --------- --------- -------- --------- Change in Net Assets from C Shares......................... $ (416) $ 2,687 $ (4,061) $ (5,528) --------- --------- -------- --------- Change in Net Assets from Capital Transactions..................... $318,898 $106,757 $ (3,863) $(118,674) $ 90,012 $ (12,846) ======== ======== ========= ========= ======== ========= Short-Term U.S. Treasury Securities Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued...... $ 3,279 $ 6,931 Proceeds from Shares Issued in Acquisition.................... Dividends Reinvested............. 136 258 Cost of Shares Redeemed.......... (4,797) (21,504) ------- -------- Change in Net Assets from I Shares......................... $(1,382) $(14,315) ------- -------- T Shares: Proceeds from Shares Issued...... Dividends Reinvested............. Cost of Shares Redeemed.......... Change in Net Assets from T Shares......................... A Shares(1): Proceeds from Shares Issued...... $ 113 $ 453 Dividends Reinvested............. 59 108 Cost of Shares Redeemed.......... (330) (2,527) ------- -------- Change in Net Assets from A Shares......................... $ (158) $ (1,966) ------- -------- C Shares: Proceeds from Shares Issued...... $ 157 $ 294 Dividends Reinvested............. 196 505 Cost of Shares Redeemed.......... (6,721) (14,382) ------- -------- Change in Net Assets from C Shares......................... $(6,368) $(13,583) ------- -------- Change in Net Assets from Capital Transactions..................... $(7,908) $(29,864) ======= ========
* Commencement of operations. (a) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. (1) A shares were offered beginning on May 8, 2006 for the Seix Floating Rate High Income Fund. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 140 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Seix Floating Rate Seix High Income Fund High Yield Fund (a) Short-Term Bond Fund ------------------------ ----------------------- ----------------------- 04/01/06- 03/02/06*- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- ---------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Share Transactions: I Shares: Issued.............................. 39,008 10,885 11,646 16,930 14,118 9,961 Issued in Acquisition............... -- 1,281 Reinvested.......................... 841 44 3,295 8,029 156 280 Redeemed............................ (8,184) (251) (14,850) (38,273) (4,510) (12,201) ------ ------ ------- ------- ------ ------- Change in I Shares.................. 31,665 10,678 91 (13,314) 9,764 (679) ------ ------ ------- ------- ------ ------- T Shares: Issued.............................. 258 Reinvested.......................... 1 Redeemed............................ (513) ------- Change in T Shares.................. (254) ------- A Shares(1): Issued.............................. 531 157 3,495 123 273 Reinvested.......................... 4 99 162 7 17 Redeemed............................ (10) (686) (1,093) (237) (363) ------ ------- ------- ------ ------- Change in A Shares.................. 525 (430) 2,564 (107) (73) ------ ------- ------- ------ ------- C Shares: Issued.............................. 40 273 1 45 Reinvested.......................... 6 9 10 24 Redeemed............................ (86) (36) (429) (637) ------- ------- ------ ------- Change in C Shares.................. (40) 246 (418) (568) ------- ------- ------ ------- Change in Shares...................... 32,190 10,678 (379) (10,758) 9,239 (1,320) ====== ====== ======= ======= ====== ======= Short-Term U.S. Treasury Securities Fund ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Share Transactions: I Shares: Issued.............................. 336 701 Issued in Acquisition............... Reinvested.......................... 14 26 Redeemed............................ (490) (2,175) ---- ------ Change in I Shares.................. (140) (1,448) ---- ------ T Shares: Issued.............................. Reinvested.......................... Redeemed............................ Change in T Shares.................. A Shares(1): Issued.............................. 12 46 Reinvested.......................... 6 11 Redeemed............................ (34) (256) ---- ------ Change in A Shares.................. (16) (199) ---- ------ C Shares: Issued.............................. 16 30 Reinvested.......................... 20 51 Redeemed............................ (687) (1,458) ---- ------ Change in C Shares.................. (651) (1,377) ---- ------ Change in Shares...................... (807) (3,024) ==== ======
* Commencement of operations. (a) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. (1) A shares were offered beginning on May 8, 2006 for the Seix Floating Rate High Income Fund. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 141 STATEMENTS OF CHANGES IN NET ASSETS STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
U.S. Government Strategic U.S. Government Securities Ultra-Short Income Fund Securities Fund Bond Fund (a) ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income............. $ 4,800 $ 12,771 $ 9,259 $ 12,880 $ 802 $ 1,926 Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions........... (461) (12,508) (3,966) (944) (90) (126) Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency........................ 2,954 (161) 8,885 (5,944) 258 (71) --------- -------- -------- -------- -------- -------- Change in Net Assets from Operations...................... 7,293 102 14,178 5,992 970 1,729 --------- -------- -------- -------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares........................ (4,040) (10,426) (9,072) (13,431) (818) (1,902) T Shares........................ A Shares........................ (37) (109) (60) (117) C Shares........................ (748) (2,244) (127) (286) (119) Realized Capital Gains: I Shares........................ -- (4,450) -- -- -- -- A Shares........................ -- (33) -- -- C Shares........................ -- (1,056) -- -- -- --------- -------- -------- -------- -------- -------- Total Dividends and Distributions................... (4,825) (18,318) (9,259) (13,834) (818) (2,021) --------- -------- -------- -------- -------- -------- Change in Net Assets from Capital Transactions.................... (149,594) 29,254 158,558 891 (11,155) (19,784) --------- -------- -------- -------- -------- -------- Change in Net Assets.............. (147,126) 11,038 163,477 (6,951) (11,003) (20,076) --------- -------- -------- -------- -------- -------- Net Assets: Beginning of Period............... 291,546 280,508 327,416 334,367 42,616 62,692 --------- -------- -------- -------- -------- -------- End of Period..................... $ 144,420 $291,546 $490,893 $327,416 $ 31,613 $ 42,616 ========= ======== ======== ======== ======== ======== Undistributed (Distributions in Excess of) Net Investment Income, End of Period........... $ (3,993) $ (3,968) $ 605 $ 605 $ 95 $ 111 ========= ======== ======== ======== ======== ======== Ultra-Short Bond Fund (b) ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Operations: Net Investment Income............. $ 5,076 $ 7,772 Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions........... (497) (421) Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency........................ 1,165 (420) --------- -------- Change in Net Assets from Operations...................... 5,744 6,931 --------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares........................ (5,101) (6,434) T Shares........................ (1,464) A Shares........................ C Shares........................ Realized Capital Gains: I Shares........................ -- -- A Shares........................ C Shares........................ --------- -------- Total Dividends and Distributions................... (5,101) (7,898) --------- -------- Change in Net Assets from Capital Transactions.................... (140,592) 33,249 --------- -------- Change in Net Assets.............. (139,949) 32,282 --------- -------- Net Assets: Beginning of Period............... 245,257 212,975 --------- -------- End of Period..................... $ 105,308 $245,257 ========= ======== Undistributed (Distributions in Excess of) Net Investment Income, End of Period........... $ 350 $ 375 ========= ========
(a) Effective August 1, 2005, all C Shares of this fund were exchanged for I Shares and C Shares were no longer offered. (b) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 142 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
U.S. Government Strategic U.S. Government Securities Ultra-Short Income Fund Securities Fund Bond Fund (a) ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued...... $ 16,440 $140,531 $209,893 $159,338 $ 3,998 $ 50,911 Dividends Reinvested............. 414 3,086 1,538 2,992 224 691 Cost of Shares Redeemed.......... (156,765) (82,975) (50,668) (157,312) (15,377) (57,870) --------- -------- -------- -------- -------- -------- Change in Net Assets from I Shares......................... $(139,911) $ 60,642 $160,763 $ 5,018 $(11,155) $ (6,268) --------- -------- -------- -------- -------- -------- T Shares: Proceeds from Shares Issued...... Dividends Reinvested............. Cost of Shares Redeemed.......... Change in Net Assets from T Shares......................... A Shares: Proceeds from Shares Issued...... $ 583 $ 1,633 $ 1,058 $ 2,798 Dividends Reinvested............. 29 127 44 94 Cost of Shares Redeemed.......... (751) (3,670) (1,729) (2,870) --------- -------- -------- -------- Change in Net Assets from A Shares......................... $ (139) $ (1,910) $ (627) $ 22 --------- -------- -------- -------- C Shares: Proceeds from Shares Issued...... $ 211 $ 1,238 $ 15 $ 65 $ 8,253 Dividends Reinvested............. 519 2,558 112 274 99 Cost of Shares Redeemed.......... (10,274) (33,274) (1,705) (4,488) (21,868) --------- -------- -------- -------- -------- Change in Net Assets from C Shares......................... $ (9,544) $(29,478) $ (1,578) $ (4,149) $(13,516) --------- -------- -------- -------- -------- Change in Net Assets from Capital Transactions..................... $(149,594) $ 29,254 $158,558 $ 891 $(11,155) $(19,784) ========= ======== ======== ======== ======== ======== Ultra-Short Bond Fund (b) ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued...... $ 49,070 $ 282,129 Dividends Reinvested............. 762 1,145 Cost of Shares Redeemed.......... (190,424) (110,138) --------- --------- Change in Net Assets from I Shares......................... $(140,592) $ 173,136 --------- --------- T Shares: Proceeds from Shares Issued...... $ 48,762 Dividends Reinvested............. 203 Cost of Shares Redeemed.......... (188,852) --------- Change in Net Assets from T Shares......................... $(139,887) --------- A Shares: Proceeds from Shares Issued...... Dividends Reinvested............. Cost of Shares Redeemed.......... Change in Net Assets from A Shares......................... C Shares: Proceeds from Shares Issued...... Dividends Reinvested............. Cost of Shares Redeemed.......... Change in Net Assets from C Shares......................... Change in Net Assets from Capital Transactions..................... $(140,592) $ 33,249 ========= =========
(a) Effective August 1, 2005, all C Shares of this fund were exchanged for I Shares and C Shares were no longer offered. (b) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 143 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
U.S. Government Strategic U.S. Government Securities Ultra-Short Income Fund Securities Fund Bond Fund (a) ----------------------- ----------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- --------- ----------- --------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Share Transactions: I Shares: Issued.............................. 1,699 13,993 20,678 15,314 406 5,099 Reinvested.......................... 43 314 151 288 23 86 Redeemed............................ (16,142) (8,337) (5,001) (15,185) (1,559) (25,788) ------- ------ ------ ------- ------ ------- Change in I Shares.................. (14,400) 5,970 15,828 417 (1,130) (20,603) ------- ------ ------ ------- ------ ------- T Shares: Issued.............................. Reinvested.......................... Redeemed............................ Change in T Shares.................. A Shares: Issued.............................. 61 161 104 268 Reinvested.......................... 3 13 4 9 Redeemed............................ (77) (364) (170) (275) ------- ------ ------ ------- Change in A Shares.................. (13) (190) (62) 2 ------- ------ ------ ------- C Shares: Issued.............................. 21 122 2 6 833 Reinvested.......................... 53 258 11 26 10 Redeemed............................ (1,060) (3,330) (168) (430) (2,163) ------- ------ ------ ------- ------- Change in C Shares.................. (986) (2,950) (155) (398) (1,320) ------- ------ ------ ------- ------- Change in Shares...................... (15,399) 2,830 15,611 21 (1,130) (21,923) ======= ====== ====== ======= ====== ======= Ultra-Short Bond Fund (b) ----------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Share Transactions: I Shares: Issued.............................. 4,928 28,114 Reinvested.......................... 76 132 Redeemed............................ (19,093) (40,744) ------- ------- Change in I Shares.................. (14,089) (12,498) ------- ------- T Shares: Issued.............................. 4,871 Reinvested.......................... 38 Redeemed............................ (74,575) ------- Change in T Shares.................. (69,666) ------- A Shares: Issued.............................. Reinvested.......................... Redeemed............................ Change in A Shares.................. C Shares: Issued.............................. Reinvested.......................... Redeemed............................ Change in C Shares.................. Change in Shares...................... (14,089) (82,164) ======= =======
(a) Effective August 1, 2005, all C Shares of this fund were exchanged for I Shares and C Shares were no longer offered. (b) Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 144 STATEMENTS OF CHANGES IN NET ASSETS STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Virginia Intermediate Municipal Bond Fund ------------------------ 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Operations: Net Investment Income........................ $ 3,519 $ 5,998 Net Realized Gain (Loss) on Investments Sold....................................... (171) 280 Net Change in Unrealized Appreciation (Depreciation) on Investments.............. 3,956 (865) -------- -------- Change in Net Assets from Operations......... 7,304 5,413 -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares................................... (3,421) (5,794) A Shares................................... (95) (205) C Shares................................... (27) -- Realized Capital Gains: I Shares................................... -- (1,141) A Shares................................... -- (38) C Shares................................... -- -- -------- -------- Total Dividends and Distributions............ (3,543) (7,178) -------- -------- Change in Net Assets from Capital Transactions............................... 46,886 (7,105) -------- -------- Change in Net Assets......................... 50,647 (8,870) -------- -------- Net Assets: Beginning of Period.......................... 175,232 184,102 -------- -------- End of Period................................ $225,879 $175,232 ======== ======== Distributions in Excess of Net Investment Income, End of Period...................... $ (42) $ (18) ======== ========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 145 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Virginia Intermediate Municipal Bond Fund ------------------------ 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- --------- (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued................... $ 14,726 $21,239 Proceeds from Shares Issued in Acquisition.... 50,730 -- Dividends Reinvested.......................... 100 882 Cost of Shares Redeemed....................... (22,481) (27,623) -------- ------- Change in Net Assets from I Shares............ $ 43,075 $(5,502) -------- ------- A Shares: Proceeds from Shares Issued................... $ 411 $ 658 Proceeds from Shares Issued in Acquisition.... 321 -- Dividends Reinvested.......................... 48 173 Cost of Shares Redeemed....................... (798) (2,443) -------- ------- Change in Net Assets from A Shares............ $ (18) $(1,612) -------- ------- C Shares(1): Proceeds from Shares Issued................... $ 135 $ 9 Proceeds from Shares Issued in Acquisition.... 3,903 -- Dividends Reinvested.......................... 13 -- Cost of Shares Redeemed....................... (222) -- -------- ------- Change in Net Assets from C Shares............ $ 3,829 $ 9 -------- ------- Change in Net Assets from Capital Transactions.................................. $ 46,886 $(7,105) ======== ======= Share Transactions: I Shares: Issued........................................ 1,570 2,091 Issued in Acquisition......................... 5,066 -- Reinvested.................................... 10 88 Redeemed...................................... (2,248) (2,720) -------- ------- Change in I Shares............................ 4,398 (541) -------- ------- A Shares: Issued........................................ 42 64 Issued in Acquisition......................... 32 -- Reinvested.................................... 5 17 Redeemed...................................... (80) (240) -------- ------- Change in A Shares............................ (1) (159) -------- ------- C Shares(1): Issued........................................ 1 1 Issued in Acquisition......................... 390 -- Reinvested.................................... 1 -- Redeemed...................................... (22) -- -------- ------- Change in C Shares............................ 370 1 -------- ------- Change in Shares................................ 4,767 (699) ======== =======
(1) C shares were offered beginning on September 1, 2005. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 146 STATEMENTS OF CHANGES IN NET ASSETS STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
U.S. Government Prime Quality Tax-Exempt Securities Money Market Fund Money Market Fund Money Market Fund ------------------------ ------------------------ ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- ---------- ----------- ---------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income......................... $ 171,653 $ 186,682 $ 28,890 $ 37,253 $ 14,093 $ 21,609 Net Realized Gain on Investments Sold......... 11 114 94 103 -- -- Net Increase from Payments by Affiliates and Net Gains (Losses) Realized on the Disposal of Investments in Violation of Restrictions................................ -- 18 -- -- -- -- ---------- ---------- ---------- ---------- -------- -------- Change in Net Assets from Operations.......... 171,664 186,814 28,984 37,356 14,093 21,609 ---------- ---------- ---------- ---------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares.................................... (71,229) (98,687) (19,344) (24,325) (8,907) (14,580) A Shares.................................... (100,332) (87,817) (9,546) (12,929) (5,186) (7,029) C Shares.................................... (92) (178) Realized Capital Gains: I Shares.................................... -- -- -- (47) -- -- A Shares.................................... -- -- -- (27) -- -- C Shares.................................... -- -- ---------- ---------- ---------- ---------- -------- -------- Total Dividends and Distributions............. (171,653) (186,682) (28,890) (37,328) (14,093) (21,609) ---------- ---------- ---------- ---------- -------- -------- Change in Net Assets from Capital Transactions................................ 913,051 1,683,808 (47,006) 505,248 46,855 (79,753) ---------- ---------- ---------- ---------- -------- -------- Change in Net Assets.......................... 913,062 1,683,940 (46,912) 505,276 46,855 (79,753) ---------- ---------- ---------- ---------- -------- -------- Net Assets: Beginning of Period........................... 6,992,433 5,308,493 1,843,881 1,338,605 667,541 747,294 ---------- ---------- ---------- ---------- -------- -------- End of Period................................. $7,905,495 $6,992,433 $1,796,969 $1,843,881 $714,396 $667,541 ========== ========== ========== ========== ======== ======== Undistributed (Distributions in Excess of) Net Investment Income, End of Period............ $ (74) $ (74) $ (1) $ (1) $ -- $ -- ========== ========== ========== ========== ======== ========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 147 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Prime Quality Money Market Tax-Exempt Money Market U.S. Government Securities Fund Fund Money Market Fund --------------------------- ------------------------- --------------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ------------ ------------ ----------- ----------- ------------ ------------ (Unaudited) (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued........... $ 2,276,877 $ 4,293,785 $ 876,833 $ 1,815,318 $ 663,684 $ 1,423,967 Dividends Reinvested.................. 7,873 10,886 66 62 445 1,077 Cost of Shares Redeemed............... (2,160,383) (4,501,652) (835,327) (1,578,954) (604,933) (1,528,403) ----------- ----------- --------- ----------- --------- ----------- Change in Net Assets from I Shares.... $ 124,367 $ (196,981) $ 41,572 $ 236,426 $ 59,196 $ (103,359) ----------- ----------- --------- ----------- --------- ----------- A Shares: Proceeds from Shares Issued........... $ 1,610,067 $ 3,180,851 $ 373,505 $ 1,385,281 $ 154,044 $ 428,415 Dividends Reinvested.................. 100,269 91,013 9,546 13,368 5,186 7,367 Cost of Shares Redeemed............... (921,749) (1,384,974) (471,629) (1,129,827) (171,571) (412,176) ----------- ----------- --------- ----------- --------- ----------- Change in Net Assets from A Shares.... $ 788,587 $ 1,886,890 $ (88,578) $ 268,822 $ (12,341) $ 23,606 ----------- ----------- --------- ----------- --------- ----------- C Shares: Proceeds from Shares Issued........... $ 1,097 $ 900 Dividends Reinvested.................. 79 164 Cost of Shares Redeemed............... (1,079) (7,165) ----------- ----------- Change in Net Assets from C Shares.... $ 97 $ (6,101) ----------- ----------- Change in Net Assets from Capital Transactions.......................... $ 913,051 $ 1,683,808 $ (47,006) $ 505,248 $ 46,855 $ (79,753) =========== =========== ========= =========== ========= =========== Share Transactions: I Shares: Issued................................ 2,276,877 4,293,785 876,833 1,815,318 663,684 1,423,967 Reinvested............................ 7,873 10,886 66 62 445 1,077 Redeemed.............................. (2,160,383) (4,501,652) (835,327) (1,578,954) (604,933) (1,528,403) ----------- ----------- --------- ----------- --------- ----------- Change in I Shares.................... 124,367 (196,981) 41,572 236,426 59,196 (103,359) ----------- ----------- --------- ----------- --------- ----------- A Shares: Issued................................ 1,610,067 3,180,851 373,505 1,385,281 154,044 428,415 Reinvested............................ 100,269 91,013 9,546 13,368 5,186 7,367 Redeemed.............................. (921,749) (1,384,974) (471,629) (1,129,827) (171,571) (412,176) ----------- ----------- --------- ----------- --------- ----------- Change in A Shares.................... 788,587 1,886,890 (88,578) 268,822 (12,341) 23,606 ----------- ----------- --------- ----------- --------- ----------- C Shares: Issued................................ 1,097 900 Reinvested............................ 79 164 Redeemed.............................. (1,079) (7,165) ----------- ----------- Change in C Shares.................... 97 (6,101) ----------- ----------- Change in Shares........................ 913,051 1,683,808 (47,006) 505,248 46,855 (79,753) =========== =========== ========= =========== ========= ===========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 148 STATEMENTS OF CHANGES IN NET ASSETS STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
U.S. Treasury Money Virginia Tax-Free Money Market Fund Market Fund ------------------------ ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 ----------- ---------- ----------- --------- (Unaudited) (Unaudited) Operations: Net Investment Income..................................... $ 34,404 $ 43,859 $ 8,011 $ 10,915 Net Realized Gain (Loss) on Investments Sold.............. -- (14) (8) 107 Change in Net Assets from Operations...................... 34,404 43,845 8,003 11,022 ---------- ---------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: I Shares................................................ (33,998) (43,695) (3,422) (4,669) A Shares................................................ (406) (164) (4,589) (6,247) Realized Capital Gains: I Shares................................................ -- -- -- (39) A Shares................................................ -- -- -- (63) ---------- ---------- -------- -------- Total Dividends and Distributions......................... (34,404) (43,859) (8,011) (11,018) ---------- ---------- -------- -------- Change in Net Assets from Capital Transactions............ 293,249 254,466 44,874 155,310 ---------- ---------- -------- -------- Change in Net Assets...................................... 293,249 254,452 44,866 155,314 ---------- ---------- -------- -------- Net Assets: Beginning of Period....................................... 1,662,538 1,408,086 530,071 374,757 ---------- ---------- -------- -------- End of Period............................................. $1,955,787 $1,662,538 $574,937 $530,071 ========== ========== ======== ======== Undistributed Net Investment Income, End of Period........ $ 62 $ 62 $ 5 $ 5 ========== ========== ======== ========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 149 STATEMENTS OF CHANGES IN NET ASSETS (continued) STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
U.S. Treasury Money Market Virginia Tax-Free Money Fund Market Fund --------------------------- ----------------------- 04/01/06- 04/01/05- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 ------------ ------------ ----------- --------- (Unaudited) (Unaudited) Capital Transactions: I Shares: Proceeds from Shares Issued............................... $ 2,429,879 $ 2,817,452 $ 162,990 $ 370,968 Dividends Reinvested...................................... 180 320 565 677 Cost of Shares Redeemed................................... (2,146,880) (2,575,370) (149,204) (322,706) ----------- ----------- --------- --------- Change in Net Assets from I Shares........................ $ 283,179 $ 242,402 $ 14,351 $ 48,939 ----------- ----------- --------- --------- A Shares: Proceeds from Shares Issued............................... $ 31,715 $ 95,793 $ 200,835 $ 379,425 Dividends Reinvested...................................... 406 165 4,589 6,510 Cost of Shares Redeemed................................... (22,051) (83,894) (174,901) (279,564) ----------- ----------- --------- --------- Change in Net Assets from A Shares........................ $ 10,070 $ 12,064 $ 30,523 $ 106,371 ----------- ----------- --------- --------- Change in Net Assets from Capital Transactions.............. $ 293,249 $ 254,466 $ 44,874 $ 155,310 =========== =========== ========= ========= Share Transactions: I Shares: Issued.................................................... 2,429,879 2,817,452 162,990 370,968 Reinvested................................................ 180 320 565 677 Redeemed.................................................. (2,146,880) (2,575,370) (149,204) (322,706) ----------- ----------- --------- --------- Change in I Shares........................................ 283,179 242,402 14,351 48,939 ----------- ----------- --------- --------- A Shares: Issued.................................................... 31,715 95,793 200,835 379,425 Reinvested................................................ 406 165 4,589 6,510 Redeemed.................................................. (22,051) (83,894) (174,901) (279,564) ----------- ----------- --------- --------- Change in A Shares........................................ 10,070 12,064 30,523 106,371 ----------- ----------- --------- --------- Change in Shares............................................ 293,249 254,466 44,874 155,310 =========== =========== ========= =========
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 150 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Unrealized Distributions Net Asset Gains Dividends from Total Value, Net (Losses) on from Net Realized Dividends Beginning Investment Investments, Total From Investment Capital and of Period Income Swaps Operations Income Gains Distributions --------- ---------- ------------ ---------- ---------- ------------- ------------- CORE BOND FUND(5) I Shares Period Ended September 30, 2006* $ 9.86 $ 0.23 $ 0.08 $ 0.31 $(0.23) $ -- $(0.23) Year Ended March 31, 2006 10.12 0.41 (0.24) 0.17 (0.42) (0.01) (0.43) Period Ended March 31, 2005 10.30 0.15 (0.14) 0.01 (0.14) (0.05) (0.19) Year Ended October 31, 2004++ 10.31 0.31 0.23 0.54 (0.32) (0.23) (0.55) Year Ended October 31, 2003 10.00 0.30 0.35 0.65 (0.34) -- (0.34) Year Ended October 31, 2002 10.34 0.42 (0.29) 0.13 (0.42) (0.05) (0.47) Year Ended October 31, 2001 9.66 0.59 0.70 1.29 (0.61) -- (0.61) A Shares Period Ended September 30, 2006* 10.15 0.22 0.08 0.30 (0.22) -- (0.22) Year Ended March 31, 2006 10.41 0.38 (0.24) 0.14 (0.39) (0.01) (0.40) Period Ended March 31, 2005 10.60 0.12(a) (0.13)(a) (0.01) (0.13) (0.05) (0.18) Year Ended October 31, 2004++ 10.49 0.18 0.35 0.53 (0.19) (0.23) (0.42) Year Ended October 31, 2003 10.08 0.29 0.34 0.63 (0.22) -- (0.22) Period Ended October 31, 2002(b) 10.00 0.27 0.09 0.36 (0.28) -- (0.28) C Shares Period Ended September 30, 2006* 9.86 0.18 0.08 0.26 (0.18) -- (0.18) Year Ended March 31, 2006 10.12 0.32 (0.24) 0.08 (0.33) (0.01) (0.34) Period Ended March 31, 2005 10.30 0.11 (0.13) (0.02) (0.11) (0.05) (0.16) Period Ended October 31, 2004++(c) 10.25 0.01 0.06 0.07 (0.02) -- (0.02) FLORIDA TAX-EXEMPT BOND FUND I Shares Period Ended September 30,2006* 10.82 0.18 0.16 0.34 (0.18) -- (0.18) Year Ended March 31, 2006 10.90 0.34 (0.03) 0.31 (0.34) (0.05) (0.39) Period Ended March 31, 2005+ 10.93 0.26 0.10 0.36 (0.26) (0.13) (0.39) Year Ended May 31, 2004 11.69 0.32(a) (0.56)(a) (0.24) (0.32) (0.20) (0.52) Year Ended May 31, 2003 10.95 0.40 0.79 1.19 (0.40) (0.05) (0.45) Year Ended May 31, 2002 10.79 0.40 0.22 0.62 (0.40) (0.06) (0.46) Year Ended May 31, 2001 10.06 0.44 0.73 1.17 (0.44) -- (0.44) A Shares Period Ended September 30, 2006* 10.83 0.17 0.16 0.33 (0.17) -- (0.17) Year Ended March 31, 2006 10.91 0.33 (0.03) 0.30 (0.33) (0.05) (0.38) Period Ended March 31, 2005+ 10.93 0.25 0.11 0.36 (0.25) (0.13) (0.38) Year Ended May 31, 2004 11.69 0.30(a) (0.56)(a) (0.26) (0.30) (0.20) (0.50) Year Ended May 31, 2003 10.95 0.38 0.79 1.17 (0.38) (0.05) (0.43) Year Ended May 31, 2002 10.79 0.38 0.22 0.60 (0.38) (0.06) (0.44) Year Ended May 31, 2001 10.07 0.42 0.72 1.14 (0.42) -- (0.42) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements Portfolio End of Total Period Net Net and Expense Turnover Period Return(2) (000) Assets(3) Assets(3) Offset)(3) Rate(4) --------- --------- ----------- --------- ---------- --------------- --------- CORE BOND FUND(5) I Shares Period Ended September 30, 2006* $ 9.94 3.21% $ 575,596 0.30% 4.63% 0.30% 148% Year Ended March 31, 2006 9.86 1.68 497,730 0.37 4.01 0.29 236 Period Ended March 31, 2005 10.12 0.09 176,537 0.37 3.12 0.37 150 Year Ended October 31, 2004++ 10.30 5.49 56,019 0.45 3.03 0.59 330 Year Ended October 31, 2003 10.31 6.58 33,662 0.45 3.10 0.51 463 Year Ended October 31, 2002 10.00 1.38 80,727 0.45 4.08 0.70 502 Year Ended October 31, 2001 10.34 13.82 52,034 0.45 5.85 0.70 492 A Shares Period Ended September 30, 2006* 10.23 2.99 536 0.54 4.33 0.54 148 Year Ended March 31, 2006 10.15 1.38 493 0.56 3.67 0.56 236 Period Ended March 31, 2005 10.41 (0.11) 267 0.62 2.78 0.62 150 Year Ended October 31, 2004++ 10.60 5.22 417 0.70 2.80 0.83 330 Year Ended October 31, 2003 10.49 6.24 303 0.68 2.66 0.68 463 Period Ended October 31, 2002(b) 10.08 3.69 166 0.80 3.30 1.11 502 C Shares Period Ended September 30, 2006* 9.94 2.70 28 1.29 3.71 1.29 148 Year Ended March 31, 2006 9.86 0.76 28 1.24 3.10 1.27 236 Period Ended March 31, 2005 10.12 (0.17) 1 1.01 2.50 1.37 150 Period Ended October 31, 2004++(c) 10.30 0.65 1 1.10 2.71 1.41 330 FLORIDA TAX-EXEMPT BOND FUND I Shares Period Ended September 30,2006* 10.98 3.20 162,706 0.60 3.37 0.60 27 Year Ended March 31, 2006 10.82 2.90 165,341 0.63 3.13 0.65 90 Period Ended March 31, 2005+ 10.90 3.31 157,500 0.67 2.84 0.71 66 Year Ended May 31, 2004 10.93 (2.07) 165,065 0.71 2.82 0.75 56 Year Ended May 31, 2003 11.69 11.13 147,423 0.71 3.54 0.75 62 Year Ended May 31, 2002 10.95 5.88 120,885 0.71 3.65 0.76 91 Year Ended May 31, 2001 10.79 11.84 107,867 0.71 4.19 0.76 59 A Shares Period Ended September 30, 2006* 10.99 3.13 4,409 0.75 3.24 0.75 27 Year Ended March 31, 2006 10.83 2.73 5,077 0.80 2.98 0.81 90 Period Ended March 31, 2005+ 10.91 3.24 6,129 0.86 2.65 0.94 66 Year Ended May 31, 2004 10.93 (2.28) 5,906 0.92 2.62 1.13 56 Year Ended May 31, 2003 11.69 10.89 8,191 0.92 3.29 1.13 62 Year Ended May 31, 2002 10.95 5.66 2,935 0.92 3.44 1.37 91 Year Ended May 31, 2001 10.79 11.50 2,747 0.91 4.00 1.38 59
151 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Unrealized Dividends from Total Value, Net Gains from Net Realized Dividends Beginning Investment (Losses) on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- FLORIDA TAX-EXEMPT BOND FUND C Shares Period Ended September 30, 2006* $10.85 $ 0.13 $ 0.16 $ 0.29 $(0.13) $ -- $(0.13) Year Ended March 31, 2006 10.93 0.24 (0.03) 0.21 (0.24) (0.05) (0.29) Period Ended March 31, 2005+ 10.96 0.19 0.10 0.29 (0.19) (0.13) (0.32) Year Ended May 31, 2004 11.71 0.24(a) (0.55)(a) (0.31) (0.24) (0.20) (0.44) Year Ended May 31, 2003 10.97 0.32 0.79 1.11 (0.32) (0.05) (0.37) Year Ended May 31, 2002 10.81 0.32 0.22 0.54 (0.32) (0.06) (0.38) Year Ended May 31, 2001 10.09 0.37 0.72 1.09 (0.37) -- (0.37) GEORGIA TAX-EXEMPT BOND FUND I Shares Period Ended September 30, 2006* 10.16 0.20 0.11 0.31 (0.19) -- (0.19) Year Ended March 31, 2006 10.21 0.36(a) (0.04)(a) 0.32 (0.36) (0.01) (0.37) Period Ended March 31, 2005+ 10.24 0.28 0.20 0.48 (0.27) (0.24) (0.51) Year Ended May 31, 2004 10.89 0.34(a) (0.58)(a) (0.24) (0.34) (0.07) (0.41) Year Ended May 31, 2003 10.29 0.38 0.60 0.98 (0.38) -- (0.38) Year Ended May 31, 2002 10.10 0.39 0.19 0.58 (0.39) -- (0.39) Year Ended May 31, 2001 9.50 0.40 0.60 1.00 (0.40) -- (0.40) A Shares Period Ended September 30, 2006* 10.18 0.18 0.13 0.31 (0.19) -- (0.19) Year Ended March 31, 2006 10.22 0.35(a) (0.03)(a) 0.32 (0.35) (0.01) (0.36) Period Ended March 31, 2005+ 10.25 0.27 0.20 0.47 (0.26) (0.24) (0.50) Year Ended May 31, 2004 10.90 0.32(a) (0.58)(a) (0.26) (0.32) (0.07) (0.39) Year Ended May 31, 2003 10.31 0.35 0.59 0.94 (0.35) -- (0.35) Year Ended May 31, 2002 10.12 0.37 0.19 0.56 (0.37) -- (0.37) Year Ended May 31, 2001 9.51 0.38 0.61 0.99 (0.38) -- (0.38) C Shares Period Ended September 30, 2006* 10.17 0.14 0.12 0.26 (0.14) -- (0.14) Year Ended March 31, 2006 10.22 0.27(a) (0.04)(a) 0.23 (0.27) (0.01) (0.28) Period Ended March 31, 2005+ 10.25 0.22 0.20 0.42 (0.21) (0.24) (0.45) Year Ended May 31, 2004 10.90 0.27(a) (0.58)(a) (0.31) (0.27) (0.07) (0.34) Year Ended May 31, 2003 10.30 0.30 0.60 0.90 (0.30) -- (0.30) Year Ended May 31, 2002 10.11 0.32 0.19 0.51 (0.32) -- (0.32) Year Ended May 31, 2001 9.51 0.33 0.60 0.93 (0.33) -- (0.33) HIGH INCOME FUND I Shares Period Ended September 30, 2006* 6.97 0.29 0.05 0.34 (0.29) -- (0.29) Year Ended March 31, 2006 7.38 0.55 (0.03) 0.52 (0.55) (0.38) (0.93) Period Ended March 31, 2005+ 7.38 0.46 0.21 0.67 (0.46) (0.21) (0.67) Year Ended May 31, 2004 7.16 0.62(a) 0.22(a) 0.84 (0.62) -- (0.62) Year Ended May 31, 2003 7.25 0.61 (0.09) 0.52 (0.61) -- (0.61) Period Ended May 31, 2002(d) 7.37 0.39 (0.12) 0.27 (0.39) -- (0.39) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements Portfolio End of Total Period Net Net and Expense Turnover Period Return(2) (000) Assets(3) Assets(3) Offset)(3) Rate(4) --------- --------- ----------- --------- ---------- --------------- --------- FLORIDA TAX-EXEMPT BOND FUND C Shares Period Ended September 30, 2006* $11.01 2.68% $ 7,721 1.60% 2.37% 1.60% 27% Year Ended March 31, 2006 10.85 1.95 8,783 1.56 2.22 1.66 90 Period Ended March 31, 2005+ 10.93 2.66 12,347 1.42 2.09 1.73 66 Year Ended May 31, 2004 10.96 (2.68) 19,952 1.42 2.14 1.81 56 Year Ended May 31, 2003 11.71 10.32 40,241 1.42 2.81 1.80 62 Year Ended May 31, 2002 10.97 5.15 21,897 1.42 2.93 1.84 91 Year Ended May 31, 2001 10.81 10.95 12,806 1.41 3.49 1.89 59 GEORGIA TAX-EXEMPT BOND FUND I Shares Period Ended September 30, 2006* 10.28 3.13 130,552 0.60 3.82 0.60 53 Year Ended March 31, 2006 10.16 3.19 115,929 0.64 3.53 0.66 43 Period Ended March 31, 2005+ 10.21 4.73 96,503 0.67 3.31 0.71 52 Year Ended May 31, 2004 10.24 (2.18) 98,113 0.71 3.26 0.76 100 Year Ended May 31, 2003 10.89 9.64 98,866 0.71 3.55 0.76 17 Year Ended May 31, 2002 10.29 5.81 91,356 0.71 3.79 0.76 23 Year Ended May 31, 2001 10.10 10.67 85,880 0.71 4.03 0.77 21 A Shares Period Ended September 30, 2006* 10.30 3.05 3,234 0.75 3.66 0.75 53 Year Ended March 31, 2006 10.18 3.12 3,711 0.79 3.38 0.81 43 Period Ended March 31, 2005+ 10.22 4.57 2,660 0.86 3.12 0.99 52 Year Ended May 31, 2004 10.25 (2.39) 2,735 0.92 3.06 1.36 100 Year Ended May 31, 2003 10.90 9.29 2,630 0.92 3.34 1.41 17 Year Ended May 31, 2002 10.31 5.58 2,844 0.92 3.58 1.36 23 Year Ended May 31, 2001 10.12 10.56 2,901 0.91 3.83 1.42 21 C Shares Period Ended September 30, 2006* 10.29 2.61 7,176 1.60 2.82 1.60 53 Year Ended March 31, 2006 10.17 2.25 9,567 1.57 2.61 1.67 43 Period Ended March 31, 2005+ 10.22 4.09 10,664 1.42 2.56 1.73 52 Year Ended May 31, 2004 10.25 (2.87) 13,351 1.42 2.55 1.84 100 Year Ended May 31, 2003 10.90 8.86 16,591 1.42 2.84 1.84 17 Year Ended May 31, 2002 10.30 5.07 14,269 1.42 3.08 1.84 23 Year Ended May 31, 2001 10.11 9.92 14,079 1.41 3.33 1.89 21 HIGH INCOME FUND I Shares Period Ended September 30, 2006* 7.02 4.90 38,502 0.69 8.01 0.70 143 Year Ended March 31, 2006 6.97 7.53 36,764 0.72 7.64 0.82 208 Period Ended March 31, 2005+ 7.38 9.31 51,318 0.73 7.47 0.87 191 Year Ended May 31, 2004 7.38 11.94 71,314 0.76 8.27 0.91 49 Year Ended May 31, 2003 7.16 8.19 100,852 0.78 8.95 0.93 20 Period Ended May 31, 2002(d) 7.25 3.70 28,767 0.82 8.27 0.97 59
152 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Unrealized Dividends from Total Value, Net Gains from Net Realized Dividends Beginning Investment (Losses) on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- HIGH INCOME FUND A Shares Period Ended September 30, 2006* $ 6.98 $ 0.27 $ 0.05 $ 0.32 $(0.27) $ -- $(0.27) Year Ended March 31, 2006 7.39 0.53 (0.03) 0.50 (0.53) (0.38) (0.91) Period Ended March 31, 2005+ 7.38 0.44 0.22 0.66 (0.44) (0.21) (0.65) Period Ended May 31, 2004(e) 7.39 0.35(a) (0.01)(a) 0.34 (0.35) -- (0.35) C Shares Period Ended September 30, 2006* 6.97 0.25 0.06 0.31 (0.25) -- (0.25) Year Ended March 31, 2006 7.38 0.49 (0.03) 0.46 (0.49) (0.38) (0.87) Period Ended March 31, 2005+ 7.38 0.42 0.21 0.63 (0.42) (0.21) (0.63) Year Ended May 31, 2004 7.16 0.57(a) 0.22(a) 0.79 (0.57) -- (0.57) Year Ended May 31, 2003 7.25 0.57 (0.09) 0.48 (0.57) -- (0.57) Year Ended May 31, 2002 7.69 0.55 (0.44) 0.11 (0.55) -- (0.55) Year Ended May 31, 2001 7.88 0.55 (0.19) 0.36 (0.55) -- (0.55) HIGH QUALITY BOND FUND I Shares Period Ended September 30, 2006* 9.65 0.20 0.10 0.30 (0.20) -- (0.20) Year Ended March 31, 2006 9.85 0.37 (0.22) 0.15 (0.35) -- (0.35) Period Ended March 31, 2005+ 9.84 0.21 0.02 0.23 (0.21) (0.01) (0.22) Period Ended May 31, 2004(f) 10.00 0.12(a) (0.16)(a) (0.04) (0.12) -- (0.12) INTERMEDIATE BOND FUND I Shares Period Ended September 30, 2006* 9.85 0.22(a) 0.08(a) 0.30 (0.22) -- (0.22) Year Ended March 31, 2006 10.08 0.38 (0.21) 0.17 (0.39) (0.01) (0.40) Period Ended March 31, 2005 10.37 0.14 (0.21) (0.07) (0.14) (0.08) (0.22) Year Ended October 31, 2004++ 10.23 0.34 0.14 0.48 (0.34) -- (0.34) Year Ended October 31, 2003 10.12 0.37 0.15 0.52 (0.41) -- (0.41) Year Ended October 31, 2002 10.63 0.47 (0.23) 0.24 (0.50) (0.25) (0.75) Year Ended October 31, 2001 9.96 0.57 0.68 1.25 (0.58) -- (0.58) A Shares Period Ended September 30, 2006* 9.85 0.20(a) 0.08(a) 0.28 (0.20) -- (0.20) Year Ended March 31, 2006 10.08 0.39 (0.25) 0.14 (0.36) (0.01) (0.37) Period Ended March 31, 2005 10.36 0.13 (0.21) (0.08) (0.12) (0.08) (0.20) Period Ended October 31, 2004++(c) 10.32 0.02 0.04 0.06 (0.02) -- (0.02) C Shares Period Ended September 30, 2006* 9.85 0.17(a) 0.08(a) 0.25 (0.17) -- (0.17) Year Ended March 31, 2006 10.08 0.28 (0.21) 0.07 (0.29) (0.01) (0.30) Period Ended March 31, 2005 10.36 0.11 (0.21) (0.10) (0.10) (0.08) (0.18) Period Ended October 31, 2004++(c) 10.32 0.01 0.04 0.05 (0.01) -- (0.01) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements Portfolio End of Total Period Net Net and Expense Turnover Period Return(2) (000) Assets(3) Assets(3) Offset)(3) Rate(4) --------- --------- ----------- --------- ---------- --------------- --------- HIGH INCOME FUND A Shares Period Ended September 30, 2006* $ 7.03 4.74% $ 520 0.99% 7.73% 1.00% 143% Year Ended March 31, 2006 6.98 7.20 403 1.03 7.36 1.13 208 Period Ended March 31, 2005+ 7.39 9.17 739 1.03 7.34 1.39 191 Period Ended May 31, 2004(e) 7.38 4.61 1,508 1.10 7.80 1.88 49 C Shares Period Ended September 30, 2006* 7.03 4.53 30,430 1.70 7.02 1.70 143 Year Ended March 31, 2006 6.97 6.57 36,062 1.62 6.78 1.83 208 Period Ended March 31, 2005+ 7.38 8.69 52,847 1.40 6.78 1.88 191 Year Ended May 31, 2004 7.38 11.23 75,693 1.40 7.62 1.98 49 Year Ended May 31, 2003 7.16 7.52 64,418 1.40 8.43 2.00 20 Year Ended May 31, 2002 7.25 1.46 46,864 1.40 7.35 2.02 59 Year Ended May 31, 2001 7.69 4.74 19,875 1.40 6.88 2.13 10 HIGH QUALITY BOND FUND I Shares Period Ended September 30, 2006* 9.75 3.19 43,150 0.45 4.21 0.45 80 Year Ended March 31, 2006 9.65 1.52 48,908 0.40 3.69 0.47 91 Period Ended March 31, 2005+ 9.85 2.30 38,535 0.66 2.51 0.90 290 Period Ended May 31, 2004(f) 9.84 (0.37) 25,506 0.65 2.09 0.92 31 INTERMEDIATE BOND FUND I Shares Period Ended September 30, 2006* 9.93 3.04 84,467 0.30 4.38 0.30 100 Year Ended March 31, 2006 9.85 1.76 78,187 0.31 3.88 0.31 154 Period Ended March 31, 2005 10.08 (0.75) 47,981 0.29 3.25 0.29 94 Year Ended October 31, 2004++ 10.37 4.73 35,848 0.45 3.25 0.59 130 Year Ended October 31, 2003 10.23 5.16 28,689 0.45 3.42 0.56 277 Year Ended October 31, 2002 10.12 2.47 40,284 0.45 4.63 0.73 237 Year Ended October 31, 2001 10.63 12.87 26,192 0.45 5.50 0.76 431 A Shares Period Ended September 30, 2006* 9.93 2.90 5 0.57 4.11 0.57 100 Year Ended March 31, 2006 9.85 1.39 4 0.56 3.83 0.57 154 Period Ended March 31, 2005 10.08 (0.82) 1 0.63 2.84 0.63 94 Period Ended October 31, 2004++(c) 10.36 0.53 1 0.71 2.58 0.71 130 C Shares Period Ended September 30, 2006* 9.93 2.53 67 1.30 3.38 1.30 100 Year Ended March 31, 2006 9.85 0.74 68 1.24 2.86 1.25 154 Period Ended March 31, 2005 10.08 (0.96) 1 0.91 2.47 1.36 94 Period Ended October 31, 2004++(c) 10.36 0.51 1 1.00 2.22 1.41 130
153 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Unrealized Dividends from Total Value, Net Gains from Net Realized Dividends Beginning Investment (Losses) on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- INVESTMENT GRADE BOND FUND I Shares Period Ended September 30, 2006* $10.40 $ 0.24 $ 0.07 $ 0.31 $(0.23) $ -- $(0.23) Year Ended March 31, 2006 10.51 0.42 (0.11) 0.31 (0.42) -- (0.42) Period Ended March 31, 2005+ 10.31 0.29 0.19 0.48 (0.28) -- (0.28) Year Ended May 31, 2004 10.94 0.35(a) (0.60)(a) (0.25) (0.38) -- (0.38) Year Ended May 31, 2003 10.24 0.40 0.76 1.16 (0.46) -- (0.46) Year Ended May 31, 2002 10.23 0.51 0.01 0.52 (0.51) -- (0.51) Year Ended May 31, 2001 9.58 0.61 0.65 1.26 (0.61) -- (0.61) A Shares Period Ended September 30, 2006* 10.40 0.23 0.07 0.30 (0.22) -- (0.22) Year Ended March 31, 2006 10.50 0.38 (0.10) 0.28 (0.38) -- (0.38) Period Ended March 31, 2005+ 10.31 0.26 0.18 0.44 (0.25) -- (0.25) Year Ended May 31, 2004 10.94 0.31(a) (0.60)(a) (0.29) (0.34) -- (0.34) Year Ended May 31, 2003 10.24 0.38 0.74 1.12 (0.42) -- (0.42) Year Ended May 31, 2002 10.23 0.48 0.01 0.49 (0.48) -- (0.48) Year Ended May 31, 2001 9.58 0.57 0.65 1.22 (0.57) -- (0.57) C Shares Period Ended September 30, 2006* 10.40 0.19 0.08 0.27 (0.18) -- (0.18) Year Ended March 31, 2006 10.51 0.31 (0.11) 0.20 (0.31) -- (0.31) Period Ended March 31, 2005+ 10.31 0.21 0.19 0.40 (0.20) -- (0.20) Year Ended May 31, 2004 10.95 0.25(a) (0.60)(a) (0.35) (0.29) -- (0.29) Year Ended May 31, 2003 10.25 0.31 0.76 1.07 (0.37) -- (0.37) Year Ended May 31, 2002 10.24 0.42 0.01 0.43 (0.42) -- (0.42) Year Ended May 31, 2001 9.59 0.53 0.65 1.18 (0.53) -- (0.53) INVESTMENT GRADE TAX-EXEMPT BOND FUND I Shares Period Ended September 30, 2006* 11.38 0.18 0.15 0.33 (0.18) -- (0.18) Year Ended March 31, 2006 11.45 0.33 0.01 0.34 (0.33) (0.08) (0.41) Period Ended March 31, 2005+ 11.44 0.23 0.20 0.43 (0.24) (0.18) (0.42) Year Ended May 31, 2004 12.01 0.27(a) (0.32)(a) (0.05) (0.27) (0.25) (0.52) Year Ended May 31, 2003 11.57 0.30 0.90 1.20 (0.30) (0.46) (0.76) Year Ended May 31, 2002 11.38 0.34 0.46 0.80 (0.34) (0.27) (0.61) Year Ended May 31, 2001 10.67 0.44 0.71 1.15 (0.44) -- (0.44) A Shares Period Ended September 30, 2006* 11.39 0.17 0.15 0.32 (0.17) -- (0.17) Year Ended March 31, 2006 11.46 0.29 0.01 0.30 (0.29) (0.08) (0.37) Period Ended March 31, 2005+ 11.46 0.19 0.19 0.38 (0.20) (0.18) (0.38) Year Ended May 31, 2004 12.03 0.23(a) (0.33)(a) (0.10) (0.22) (0.25) (0.47) Year Ended May 31, 2003 11.58 0.25 0.91 1.16 (0.25) (0.46) (0.71) Year Ended May 31, 2002 11.39 0.29 0.46 0.75 (0.29) (0.27) (0.56) Year Ended May 31, 2001 10.68 0.40 0.71 1.11 (0.40) -- (0.40) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements Portfolio End of Total Period Net Net and Expense Turnover Period Return(2) (000) Assets(3) Assets(3) Offset)(3) Rate(4) --------- --------- ----------- --------- ---------- --------------- --------- INVESTMENT GRADE BOND FUND I Shares Period Ended September 30, 2006* $10.48 3.06% $ 421,876 0.55% 4.47% 0.55% 118% Year Ended March 31, 2006 10.40 2.94 480,024 0.65 3.91 0.65 171 Period Ended March 31, 2005+ 10.51 4.71 602,995 0.78 3.31 0.80 268 Year Ended May 31, 2004 10.31 (2.31) 578,345 0.82 3.29 0.84 119 Year Ended May 31, 2003 10.94 11.61 821,342 0.81 3.92 0.83 137 Year Ended May 31, 2002 10.24 5.18 886,471 0.81 4.81 0.83 123 Year Ended May 31, 2001 10.23 13.55 860,073 0.81 6.17 0.84 131 A Shares Period Ended September 30, 2006* 10.48 2.91 17,669 0.85 4.19 0.85 118 Year Ended March 31, 2006 10.40 2.69 20,210 1.00 3.57 1.00 171 Period Ended March 31, 2005+ 10.50 4.24 23,687 1.21 2.90 1.26 268 Year Ended May 31, 2004 10.31 (2.70) 31,263 1.22 2.90 1.38 119 Year Ended May 31, 2003 10.94 11.16 34,874 1.22 3.45 1.38 137 Year Ended May 31, 2002 10.24 4.81 20,825 1.22 4.40 1.40 123 Year Ended May 31, 2001 10.23 13.09 21,244 1.21 5.77 1.42 131 C Shares Period Ended September 30, 2006* 10.49 2.64 11,064 1.55 3.48 1.55 118 Year Ended March 31, 2006 10.40 1.94 13,580 1.63 2.93 1.66 171 Period Ended March 31, 2005+ 10.51 3.90 17,923 1.71 2.39 1.84 268 Year Ended May 31, 2004 10.31 (3.27) 24,327 1.71 2.40 2.00 119 Year Ended May 31, 2003 10.95 10.61 37,810 1.71 3.01 1.97 137 Year Ended May 31, 2002 10.25 4.27 36,200 1.71 3.90 1.96 123 Year Ended May 31, 2001 10.24 12.54 25,791 1.70 5.24 1.99 131 INVESTMENT GRADE TAX-EXEMPT BOND I Shares Period Ended September 30, 2006* 11.53 2.96 330,526 0.55 3.22 0.55 94 Year Ended March 31, 2006 11.38 2.92 300,986 0.64 2.84 0.64 237 Period Ended March 31, 2005+ 11.45 3.74 259,542 0.77 2.36 0.80 178 Year Ended May 31, 2004 11.44 (0.45) 205,266 0.81 2.33 0.84 242 Year Ended May 31, 2003 12.01 10.80 185,485 0.81 2.57 0.84 329 Year Ended May 31, 2002 11.57 7.15 149,200 0.81 2.93 0.84 311 Year Ended May 31, 2001 11.38 10.93 134,139 0.81 3.93 0.85 285 A Shares Period Ended September 30, 2006* 11.54 2.80 15,248 0.85 2.91 0.85 94 Year Ended March 31, 2006 11.39 2.57 16,182 0.99 2.49 0.99 237 Period Ended March 31, 2005+ 11.46 3.28 17,430 1.20 1.93 1.26 178 Year Ended May 31, 2004 11.46 (0.85) 19,086 1.22 1.92 1.36 242 Year Ended May 31, 2003 12.03 10.42 21,756 1.22 2.16 1.36 329 Year Ended May 31, 2002 11.58 6.71 20,436 1.22 2.51 1.36 311 Year Ended May 31, 2001 11.39 10.48 18,601 1.21 3.54 1.37 285
154 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Unrealized Dividends from Total Value, Net Gains from Net Realized Dividends Beginning Investment (Losses) on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- INVESTMENT GRADE TAX-EXEMPT BOND FUND C Shares Period Ended September 30, 2006* $11.37 $ 0.13 $ 0.16 $ 0.29 $(0.13) $ -- $(0.13) Year Ended March 31, 2006 11.44 0.21 0.01 0.22 (0.21) (0.08) (0.29) Period Ended March 31, 2005+ 11.44 0.14 0.19 0.33 (0.15) (0.18) (0.33) Year Ended May 31, 2004 12.01 0.17(a) (0.32)(a) (0.15) (0.17) (0.25) (0.42) Year Ended May 31, 2003 11.57 0.20 0.90 1.10 (0.20) (0.46) (0.66) Year Ended May 31, 2002 11.38 0.24 0.46 0.70 (0.24) (0.27) (0.51) Year Ended May 31, 2001 10.67 0.34 0.71 1.05 (0.34) -- (0.34) LIMITED DURATION FUND I Shares Period Ended September 30, 2006* 9.99 0.24 -- 0.24 (0.24) -- (0.24) Year Ended March 31, 2006 9.98 0.35 0.02 0.37 (0.36) -- (0.36) Period Ended March 31, 2005 9.98 0.08 -- 0.08 (0.08) --** (0.08) Year Ended October 31, 2004++ 9.98 0.11 -- 0.11 (0.11) -- (0.11) Year Ended October 31, 2003 10.00 0.11 (0.02) 0.09 (0.11) -- (0.11) Period Ended October 31, 2002(g) 10.00 --** -- --** --** -- --** LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND I Shares Period Ended September 30, 2006* 9.88 0.21 0.05 0.26 (0.22) -- (0.22) Year Ended March 31, 2006 10.09 0.35 (0.15) 0.20 (0.41) -- (0.41) Period Ended March 31, 2005+ 10.18 0.31 (0.08) 0.23 (0.32) -- (0.32) Year Ended May 31, 2004 10.59 0.24(a) (0.36)(a) (0.12) (0.29) -- (0.29) Year Ended May 31, 2003 10.31 0.29(a) 0.42(a) 0.71 (0.42) (0.01) (0.43) Year Ended May 31, 2002 10.01 0.43 0.32 0.75 (0.43) (0.02) (0.45) Year Ended May 31, 2001 9.62 0.55 0.39 0.94 (0.55) -- (0.55) A Shares Period Ended September 30, 2006* 9.87 0.19 0.05 0.24 (0.21) -- (0.21) Year Ended March 31, 2006 10.07 0.30 (0.11) 0.19 (0.39) -- (0.39) Period Ended March 31, 2005+ 10.16 0.29 (0.08) 0.21 (0.30) -- (0.30) Year Ended May 31, 2004 10.57 0.21(a) (0.35)(a) (0.14) (0.27) -- (0.27) Year Ended May 31, 2003 10.29 0.24(a) 0.44(a) 0.68 (0.39) (0.01) (0.40) Year Ended May 31, 2002 10.00 0.40 0.31 0.71 (0.40) (0.02) (0.42) Year Ended May 31, 2001 9.60 0.53 0.40 0.93 (0.53) -- (0.53) C Shares Period Ended September 30, 2006* 9.89 0.16 0.04 0.20 (0.17) -- (0.17) Year Ended March 31, 2006 10.10 0.23 (0.12) 0.11 (0.32) -- (0.32) Period Ended March 31, 2005+ 10.18 0.25 (0.07) 0.18 (0.26) -- (0.26) Year Ended May 31, 2004 10.59 0.17(a) (0.35)(a) (0.18) (0.23) -- (0.23) Year Ended May 31, 2003 10.31 0.21(a) 0.43(a) 0.64 (0.35) (0.01) (0.36) Year Ended May 31, 2002 10.02 0.37 0.31 0.68 (0.37) (0.02) (0.39) Year Ended May 31, 2001 9.62 0.50 0.40 0.90 (0.50) -- (0.50) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements Portfolio End of Total Period Net Net and Expense Turnover Period Return(2) (000) Assets(3) Assets(3) Offset)(3) Rate(4) --------- --------- ----------- --------- ---------- --------------- --------- INVESTMENT GRADE TAX-EXEMPT BOND C Shares Period Ended September 30, 2006* $11.53 2.54% $ 8,221 1.55% 2.22% 1.55% 94% Year Ended March 31, 2006 11.37 1.92 10,284 1.65 1.85 1.67 237 Period Ended March 31, 2005+ 11.44 2.86 15,612 1.70 1.43 1.82 178 Year Ended May 31, 2004 11.44 (1.33) 22,969 1.70 1.45 1.92 242 Year Ended May 31, 2003 12.01 9.82 32,684 1.70 1.68 1.91 329 Year Ended May 31, 2002 11.57 6.21 24,587 1.70 2.03 1.92 311 Year Ended May 31, 2001 11.38 9.97 20,010 1.69 3.04 1.96 285 LIMITED DURATION FUND I Shares Period Ended September 30, 2006* 9.99 2.46 78,386 0.14 4.93 0.14 43 Year Ended March 31, 2006 9.99 3.73 58,887 0.15 3.39 0.15 94 Period Ended March 31, 2005 9.98 0.84 83,315 0.16 2.12 0.16 12 Year Ended October 31, 2004++ 9.98 1.09 129,259 0.20 1.04 0.26 101 Year Ended October 31, 2003 9.98 0.92 146,513 0.20 1.10 0.26 244 Period Ended October 31, 2002(g) 10.00 --(x) 12,298 --(x) --(x) --(x) --(x) LIMITED-TERM FEDERAL MORTGAGE SE I Shares Period Ended September 30, 2006* 9.92 2.68 387,512 0.55 4.14 0.55 36 Year Ended March 31, 2006 9.88 2.04 369,991 0.61 3.41 0.63 81 Period Ended March 31, 2005+ 10.09 2.26 407,543 0.66 3.60 0.71 41 Year Ended May 31, 2004 10.18 (1.10) 435,446 0.70 2.32 0.75 146 Year Ended May 31, 2003 10.59 6.99 320,718 0.70 2.79 0.75 117 Year Ended May 31, 2002 10.31 7.53 164,624 0.70 3.72 0.75 410 Year Ended May 31, 2001 10.01 10.02 107,674 0.70 5.62 0.76 532 A Shares Period Ended September 30, 2006* 9.90 2.47 3,799 0.75 3.97 0.75 36 Year Ended March 31, 2006 9.87 1.93 4,398 0.83 3.21 0.85 81 Period Ended March 31, 2005+ 10.07 2.07 5,854 0.90 3.47 1.00 41 Year Ended May 31, 2004 10.16 (1.36) 9,495 0.96 2.06 1.17 146 Year Ended May 31, 2003 10.57 6.72 13,668 0.96 2.33 1.20 117 Year Ended May 31, 2002 10.29 7.16 1,578 0.96 3.50 2.06 410 Year Ended May 31, 2001 10.00 9.84 849 0.95 5.39 2.28 532 C Shares Period Ended September 30, 2006* 9.92 2.06 16,884 1.55 3.15 1.55 36 Year Ended March 31, 2006 9.89 1.14 20,112 1.50 2.54 1.65 81 Period Ended March 31, 2005+ 10.10 1.81 34,924 1.31 3.04 1.74 41 Year Ended May 31, 2004 10.18 (1.71) 70,000 1.31 1.68 1.82 146 Year Ended May 31, 2003 10.59 6.33 166,211 1.31 1.97 1.80 117 Year Ended May 31, 2002 10.31 6.83 15,930 1.31 2.88 1.98 410 Year Ended May 31, 2001 10.02 9.50 3,452 1.30 4.99 2.60 532
155 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Unrealized Dividends from Total Value, Net Gains from Net Realized Dividends Beginning Investment (Losses) on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- MARYLAND MUNICIPAL BOND FUND I Shares Period Ended September 30, 2006* $10.14 $ 0.19(a) $ 0.13 $ 0.32 $(0.19) $ -- $(0.19) Year Ended March 31, 2006 10.27 0.38 (0.04) 0.34 (0.38) (0.09) (0.47) Period Ended March 31, 2005+ 10.27 0.30 0.10 0.40 (0.31) (0.09) (0.40) Year Ended May 31, 2004 10.94 0.36(a) (0.47)(a) (0.11) (0.36) (0.20) (0.56) Year Ended May 31, 2003 10.32 0.37 0.63 1.00 (0.37) (0.01) (0.38) Year Ended May 31, 2002 10.12 0.38 0.20 0.58 (0.38) -- (0.38) Year Ended May 31, 2001 9.46 0.42 0.66 1.08 (0.42) -- (0.42) A Shares Period Ended September 30, 2006* 10.15 0.19(a) 0.12 0.31 (0.18) -- (0.18) Period Ended March 31, 2006(h) 10.32 0.30 (0.07) 0.23 (0.31) (0.09) (0.40) C Shares Period Ended September 30, 2006* 10.16 0.14(a) 0.13 0.27 (0.14) -- (0.14) Year Ended March 31, 2006 10.29 0.28 (0.04) 0.24 (0.28) (0.09) (0.37) Period Ended March 31, 2005+ 10.29 0.21 0.10 0.31 (0.22) (0.09) (0.31) Year Ended May 31, 2004 10.96 0.26(a) (0.47)(a) (0.21) (0.26) (0.20) (0.46) Year Ended May 31, 2003 10.34 0.27 0.63 0.90 (0.27) (0.01) (0.28) Year Ended May 31, 2002 10.14 0.29 0.20 0.49 (0.29) -- (0.29) Year Ended May 31, 2001 9.48 0.33 0.66 0.99 (0.33) -- (0.33) NORTH CAROLINA TAX-EXEMPT BOND FUND I Shares Period Ended September 30, 2006* 9.90 0.17 0.14 0.31 (0.17) -- (0.17) Year Ended March 31, 2006 9.87 0.31 0.03 0.34 (0.31) -- (0.31) Period Ended March 31, 2005+ 9.76 0.25 0.14 0.39 (0.25) (0.03) (0.28) Period Ended May 31, 2004(i) 10.00 0.09 (0.24) (0.15) (0.09) -- (0.09) A Shares Period Ended September 30, 2006* 9.88 0.16 0.15 0.31 (0.17) -- (0.17) Year Ended March 31, 2006 9.87 0.37 0.01 0.38 (0.37) -- (0.37) Period Ended March 31, 2005+(j) 9.97 0.01 (0.10) (0.09) (0.01) -- (0.01) C Shares Period Ended September 30, 2006* 9.89 0.11 0.15 0.26 (0.12) -- (0.12) Year Ended March 31, 2006 9.87 0.30 0.02 0.32 (0.30) -- (0.30) Period Ended March 31, 2005+(j) 9.97 0.01 (0.10) (0.09) (0.01) -- (0.01) SEIX FLOATING RATE HIGH INCOME FUND I Shares Period Ended September 30, 2006* 9.96 0.32 (0.09) 0.23 (0.33) -- (0.33) Period Ended March 31, 2006(k) 10.00 0.04 (0.04) -- (0.04) -- (0.04) A Shares Period Ended September 30, 2006*(l) 9.94 0.25 (0.06) 0.19 (0.26) -- (0.26) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements Portfolio End of Total Period Net Net and Expense Turnover Period Return(2) (000) Assets(3) Assets(3) Offset)(3) Rate(4) --------- --------- ----------- --------- ---------- --------------- --------- MARYLAND MUNICIPAL BOND FUND I Shares Period Ended September 30, 2006* $10.27 3.22% $ 27,348 0.62% 3.78% 0.62% 30% Year Ended March 31, 2006 10.14 3.34 32,699 0.66 3.68 0.68 55 Period Ended March 31, 2005+ 10.27 3.87 31,046 0.64 3.49 0.72 30 Year Ended May 31, 2004 10.27 (1.06) 29,735 0.72 3.39 0.80 15 Year Ended May 31, 2003 10.94 9.85 30,501 0.70 3.47 0.78 31 Year Ended May 31, 2002 10.32 5.80 33,668 0.71 3.69 0.78 45 Year Ended May 31, 2001 10.12 11.59 26,526 0.72 4.16 0.82 42 A Shares Period Ended September 30, 2006* 10.28 3.14 44 0.78 3.70 0.78 30 Period Ended March 31, 2006(h) 10.15 2.25 502 0.77 3.46 0.78 55 C Shares Period Ended September 30, 2006* 10.29 2.70 7,436 1.62 2.79 1.62 30 Year Ended March 31, 2006 10.16 2.30 9,333 1.67 2.69 1.70 55 Period Ended March 31, 2005+ 10.29 3.03 13,197 1.63 2.50 1.74 30 Year Ended May 31, 2004 10.29 (1.97) 18,897 1.64 2.46 1.82 15 Year Ended May 31, 2003 10.96 8.81 29,556 1.64 2.52 1.81 31 Year Ended May 31, 2002 10.34 4.84 23,215 1.64 2.75 1.83 45 Year Ended May 31, 2001 10.14 10.59 12,090 1.63 3.24 1.97 42 NORTH CAROLINA TAX-EXEMPT BOND F I Shares Period Ended September 30, 2006* 10.04 3.20 42,703 0.60 3.49 0.60 46 Year Ended March 31, 2006 9.90 3.51 41,276 0.68 3.14 0.70 85 Period Ended March 31, 2005+ 9.87 3.97 40,798 0.75 2.78 0.82 32 Period Ended May 31, 2004(i) 9.76 (1.52) 32,757 0.75 2.45 2.30 20 A Shares Period Ended September 30, 2006* 10.02 3.13 757 0.75 3.46 0.75 46 Year Ended March 31, 2006 9.88 3.85 110 0.66 2.47 0.67 85 Period Ended March 31, 2005+(j) 9.87 (0.89) -- -- 3.84 -- 32 C Shares Period Ended September 30, 2006* 10.03 2.69 2 1.60 2.49 1.60 46 Year Ended March 31, 2006 9.89 3.23 2 1.58 2.18 1.58 85 Period Ended March 31, 2005+(j) 9.87 (0.90) -- -- 3.70 -- 32 SEIX FLOATING RATE HIGH INCOME F I Shares Period Ended September 30, 2006* 9.86 2.35 417,701 0.52 6.60 0.52 47 Period Ended March 31, 2006(k) 9.96 0.02 106,405 0.56 5.24 0.80 17 A Shares Period Ended September 30, 2006*(l) 9.87 1.93 5,175 0.81 6.36 0.81 47
156 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Unrealized Dividends from Total Value, Net Gains from Net Realized Dividends Beginning Investment (Losses) on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- SEIX HIGH YIELD FUND I Shares Period Ended September 30, 2006* $10.69 $ 0.36 $(0.08) $ 0.28 $(0.36) $ -- $(0.36) Year Ended March 31, 2006 10.94 0.68 (0.10) 0.58 (0.68) (0.15) (0.83) Period Ended March 31, 2005 11.42 0.29 (0.35) (0.06) (0.29) (0.13) (0.42) Year Ended October 31, 2004++ 11.09 0.72 0.35 1.07 (0.72) (0.02) (0.74) Year Ended October 31, 2003 10.17 0.68 0.92 1.60 (0.68) -- (0.68) Year Ended October 31, 2002 10.40 0.63 (0.20) 0.43 (0.63) (0.03) (0.66) Period Ended October 31, 2001(m) 10.00 0.64 0.36 1.00 (0.60) -- (0.60) A Shares Period Ended September 30, 2006* 10.45 0.34 (0.07) 0.27 (0.34) -- (0.34) Year Ended March 31, 2006 10.70 0.65 (0.10) 0.55 (0.65) (0.15) (0.80) Period Ended March 31, 2005 11.18 0.28 (0.35) (0.07) (0.28) (0.13) (0.41) Year Ended October 31, 2004++ 10.75 0.56 0.45 1.01 (0.56) (0.02) (0.58) Year Ended October 31, 2003 9.78 0.68 0.82 1.50 (0.53) -- (0.53) Period Ended October 31, 2002(n) 10.00 0.54 (0.22) 0.32 (0.51) (0.03) (0.54) C Shares Period Ended September 30, 2006* 10.68 0.30 (0.08) 0.22 (0.30) -- (0.30) Year Ended March 31, 2006 10.93 0.58 (0.10) 0.48 (0.58) (0.15) (0.73) Period Ended March 31, 2005 11.42 0.26 (0.36) (0.10) (0.26) (0.13) (0.39) Period Ended October 31, 2004++(c) 11.32 0.04 0.10 0.14 (0.04) -- (0.04) SHORT-TERM BOND FUND I Shares Period Ended September 30, 2006* 9.71 0.21 0.05 0.26 (0.21) -- (0.21) Year Ended March 31, 2006 9.73 0.32 (0.01) 0.31 (0.33) -- (0.33) Period Ended March 31, 2005+ 9.84 0.20 (0.11) 0.09 (0.20) -- (0.20) Year Ended May 31, 2004 10.04 0.24(a) (0.19)(a) 0.05 (0.25) -- (0.25) Year Ended May 31, 2003 10.01 0.33 0.03 0.36 (0.33) -- (0.33) Year Ended May 31, 2002 10.04 0.46 (0.03) 0.43 (0.46) -- (0.46) Year Ended May 31, 2001 9.65 0.56 0.39 0.95 (0.56) -- (0.56) A Shares Period Ended September 30, 2006* 9.73 0.19 0.07 0.26 (0.20) -- (0.20) Year Ended March 31, 2006 9.75 0.30 (0.01) 0.29 (0.31) -- (0.31) Period Ended March 31, 2005+ 9.87 0.19 (0.12) 0.07 (0.19) -- (0.19) Year Ended May 31, 2004 10.07 0.22(a) (0.20)(a) 0.02 (0.22) -- (0.22) Year Ended May 31, 2003 10.04 0.31 0.03 0.34 (0.31) -- (0.31) Year Ended May 31, 2002 10.06 0.44 (0.02) 0.42 (0.44) -- (0.44) Year Ended May 31, 2001 9.67 0.54 0.39 0.93 (0.54) -- (0.54) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements Portfolio End of Total Period Net Net and Expense Turnover Period Return(2) (000) Assets(3) Assets(3) Offset)(3) Rate(4) --------- --------- ----------- --------- ---------- --------------- --------- SEIX HIGH YIELD FUND I Shares Period Ended September 30, 2006* $10.61 2.67% $1,209,740 0.48% 6.73% 0.48% 51% Year Ended March 31, 2006 10.69 5.37 1,217,680 0.49 6.20 0.50 95 Period Ended March 31, 2005 10.94 (0.53) 1,391,879 0.51 6.22 0.57 42 Year Ended October 31, 2004++ 11.42 9.97 1,689,327 0.55 6.48 0.64 73 Year Ended October 31, 2003 11.09 16.10 1,057,993 0.55 6.67 0.67 108 Year Ended October 31, 2002 10.17 4.21 82,017 0.55 6.80 1.07 97 Period Ended October 31, 2001(m) 10.40 10.14 4,641 0.55 7.33 3.98 466 A Shares Period Ended September 30, 2006* 10.38 2.70 31,565 0.74 6.63 0.74 51 Year Ended March 31, 2006 10.45 5.22 36,291 0.73 5.94 0.73 95 Period Ended March 31, 2005 10.70 (0.64) 9,706 0.78 6.12 0.85 42 Year Ended October 31, 2004++ 11.18 9.73 15,975 0.80 6.22 0.88 73 Year Ended October 31, 2003 10.75 15.72 14,992 0.90 6.45 0.93 108 Period Ended October 31, 2002(n) 9.78 3.29 9,877 0.89 6.53 1.20 97 C Shares Period Ended September 30, 2006* 10.60 2.16 5,348 1.48 5.74 1.48 51 Year Ended March 31, 2006 10.68 4.45 5,814 1.39 5.25 1.48 95 Period Ended March 31, 2005 10.93 (0.89) 3,260 1.41 5.46 1.54 42 Period Ended October 31, 2004++(c) 11.42 1.20 1 1.18 6.29 1.41 73 SHORT-TERM BOND FUND I Shares Period Ended September 30, 2006* 9.76 2.68 378,153 0.45 4.24 0.45 78 Year Ended March 31, 2006 9.71 3.24 281,282 0.55 3.32 0.57 94 Period Ended March 31, 2005+ 9.73 0.96 288,502 0.66 2.48 0.71 64 Year Ended May 31, 2004 9.84 0.45 282,188 0.70 2.42 0.75 66 Year Ended May 31, 2003 10.04 3.70 302,708 0.70 3.34 0.75 89 Year Ended May 31, 2002 10.01 4.29 305,884 0.70 4.48 0.75 142 Year Ended May 31, 2001 10.04 10.13 215,458 0.70 5.71 0.76 87 A Shares Period Ended September 30, 2006* 9.79 2.68 4,052 0.65 4.03 0.65 78 Year Ended March 31, 2006 9.73 3.01 5,062 0.77 3.09 0.79 94 Period Ended March 31, 2005+ 9.75 0.67 5,783 0.89 2.26 1.00 64 Year Ended May 31, 2004 9.87 0.24 5,880 0.91 2.21 1.21 66 Year Ended May 31, 2003 10.07 3.47 5,685 0.91 3.09 1.28 89 Year Ended May 31, 2002 10.04 4.19 5,767 0.91 4.28 1.26 142 Year Ended May 31, 2001 10.06 9.90 4,176 0.90 5.47 1.71 87
157 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Unrealized Dividends from Total Value, Net Gains from Net Realized Dividends Beginning Investment (Losses) on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- SHORT-TERM BOND FUND C Shares Period Ended September 30, 2006* $ 9.73 $ 0.15 $ 0.06 $ 0.21 $(0.16) $ -- $(0.16) Year Ended March 31, 2006 9.75 0.24 (0.01) 0.23 (0.25) -- (0.25) Period Ended March 31, 2005+ 9.86 0.16 (0.11) 0.05 (0.16) -- (0.16) Year Ended May 31, 2004 10.06 0.19(a) (0.20)(a) (0.01) (0.19) -- (0.19) Year Ended May 31, 2003 10.03 0.28 0.03 0.31 (0.28) -- (0.28) Year Ended May 31, 2002 10.06 0.40 (0.03) 0.37 (0.40) -- (0.40) Year Ended May 31, 2001 9.67 0.52 0.39 0.91 (0.52) -- (0.52) SHORT-TERM U.S. TREASURY SECURITIES FUND I Shares Period Ended September 30, 2006* 9.80 0.18 0.05 0.23 (0.18) -- (0.18) Year Ended March 31, 2006 9.91 0.28 (0.11) 0.17 (0.28) -- (0.28) Period Ended March 31, 2005+ 10.11 0.14 (0.11) 0.03 (0.14) (0.09) (0.23) Year Ended May 31, 2004 10.36 0.14(a) (0.13)(a) 0.01 (0.14) (0.12) (0.26) Year Ended May 31, 2003 10.20 0.22 0.22 0.44 (0.22) (0.06) (0.28) Year Ended May 31, 2002 10.13 0.37 0.10 0.47 (0.37) (0.03) (0.40) Year Ended May 31, 2001 9.85 0.49 0.28 0.77 (0.49) -- (0.49) A Shares Period Ended September 30, 2006* 9.79 0.17 0.05 0.22 (0.17) -- (0.17) Year Ended March 31, 2006 9.90 0.26 (0.11) 0.15 (0.26) -- (0.26) Period Ended March 31, 2005+ 10.10 0.13 (0.11) 0.02 (0.13) (0.09) (0.22) Year Ended May 31, 2004 10.35 0.12(a) (0.13)(a) (0.01) (0.12) (0.12) (0.24) Year Ended May 31, 2003 10.19 0.20 0.22 0.42 (0.20) (0.06) (0.26) Year Ended May 31, 2002 10.13 0.35 0.09 0.44 (0.35) (0.03) (0.38) Year Ended May 31, 2001 9.85 0.48 0.28 0.76 (0.48) -- (0.48) C Shares Period Ended September 30, 2006* 9.78 0.13 0.05 0.18 (0.13) -- (0.13) Year Ended March 31, 2006 9.89 0.20 (0.11) 0.09 (0.20) -- (0.20) Period Ended March 31, 2005+ 10.09 0.10 (0.11) (0.01) (0.10) (0.09) (0.19) Year Ended May 31, 2004 10.34 0.10(a) (0.13)(a) (0.03) (0.10) (0.12) (0.22) Year Ended May 31, 2003 10.18 0.17 0.22 0.39 (0.17) (0.06) (0.23) Year Ended May 31, 2002 10.11 0.33 0.10 0.43 (0.33) (0.03) (0.36) Year Ended May 31, 2001 9.83 0.46 0.28 0.74 (0.46) -- (0.46) STRATEGIC INCOME FUND I Shares Period Ended September 30, 2006* 9.64 0.22(a) 0.10(a) 0.32 (0.22) -- (0.22) Year Ended March 31, 2006 10.24 0.43(a) (0.41)(a) 0.02 (0.44) (0.18) (0.62) Period Ended March 31, 2005+ 9.81 0.39(a) 0.49(a) 0.88 (0.39) (0.06) (0.45) Year Ended May 31, 2004 9.99 0.55(a) (0.14)(a) 0.41 (0.53) (0.06) (0.59) Year Ended May 31, 2003 9.80 0.61 0.20 0.81 (0.62) -- (0.62) Period Ended May 31, 2002(o) 10.00 0.27 (0.20) 0.07 (0.27) -- (0.27) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements Portfolio End of Total Period Net Net and Expense Turnover Period Return(2) (000) Assets(3) Assets(3) Offset)(3) Rate(4) --------- --------- ----------- --------- ---------- --------------- --------- SHORT-TERM BOND FUND C Shares Period Ended September 30, 2006* $ 9.78 2.17% $ 5,520 1.45% 3.23% 1.45% 78% Year Ended March 31, 2006 9.73 2.34 9,559 1.42 2.44 1.59 94 Period Ended March 31, 2005+ 9.75 0.46 15,114 1.26 1.88 1.74 64 Year Ended May 31, 2004 9.86 (0.11) 23,528 1.26 1.87 1.87 66 Year Ended May 31, 2003 10.06 3.11 32,608 1.26 2.74 1.85 89 Year Ended May 31, 2002 10.03 3.75 26,392 1.26 3.89 1.87 142 Year Ended May 31, 2001 10.06 9.60 10,682 1.25 5.09 2.17 87 SHORT-TERM U.S. TREASURY SECURIT I Shares Period Ended September 30, 2006* 9.85 2.36 53,912 0.47 3.65 0.47 63 Year Ended March 31, 2006 9.80 1.70 54,991 0.58 2.79 0.63 151 Period Ended March 31, 2005+ 9.91 0.35 69,935 0.65 1.68 0.71 82 Year Ended May 31, 2004 10.11 0.11 92,371 0.70 1.36 0.76 131 Year Ended May 31, 2003 10.36 4.31 121,617 0.69 2.07 0.75 140 Year Ended May 31, 2002 10.20 4.69 107,169 0.70 3.57 0.76 117 Year Ended May 31, 2001 10.13 8.02 88,398 0.71 4.95 0.78 87 A Shares Period Ended September 30, 2006* 9.84 2.27 4,201 0.65 3.47 0.65 63 Year Ended March 31, 2006 9.79 1.52 4,336 0.76 2.60 0.82 151 Period Ended March 31, 2005+ 9.90 0.21 6,349 0.84 1.47 0.95 82 Year Ended May 31, 2004 10.10 (0.06) 12,823 0.86 1.20 1.06 131 Year Ended May 31, 2003 10.35 4.13 15,558 0.86 1.76 1.07 140 Year Ended May 31, 2002 10.19 4.44 4,735 0.86 3.36 1.41 117 Year Ended May 31, 2001 10.13 7.87 2,179 0.85 4.81 1.56 87 C Shares Period Ended September 30, 2006* 9.83 1.86 13,666 1.47 2.65 1.47 63 Year Ended March 31, 2006 9.78 0.88 19,958 1.39 1.99 1.65 151 Period Ended March 31, 2005+ 9.89 (0.03) 33,796 1.12 1.22 1.74 82 Year Ended May 31, 2004 10.09 (0.30) 62,232 1.11 0.97 1.82 131 Year Ended May 31, 2003 10.34 3.88 127,757 1.11 1.59 1.79 140 Year Ended May 31, 2002 10.18 4.29 70,720 1.11 3.09 1.81 117 Year Ended May 31, 2001 10.11 7.67 27,861 1.10 4.45 1.96 87 STRATEGIC INCOME FUND I Shares Period Ended September 30, 2006* 9.74 3.37 105,244 0.70 4.49 0.70 165 Year Ended March 31, 2006 9.64 0.19 243,102 0.76 4.35 0.79 317 Period Ended March 31, 2005+ 10.24 9.10 196,921 0.86 4.55 0.96 305 Year Ended May 31, 2004 9.81 4.15 98,570 0.90 5.53 1.00 95 Year Ended May 31, 2003 9.99 8.73 61,906 0.91 6.39 1.01 52 Period Ended May 31, 2002(o) 9.80 0.74 43,717 0.94 6.07 1.04 43
158 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Unrealized Dividends from Total Value, Net Gains from Net Realized Dividends Beginning Investment (Losses) on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- STRATEGIC INCOME FUND A Shares Period Ended September 30, 2006* $ 9.68 $ 0.21(a) $ 0.10(a) $ 0.31 $(0.21) $ -- $(0.21) Year Ended March 31, 2006 10.27 0.41(a) (0.41)(a) -- (0.41) (0.18) (0.59) Period Ended March 31, 2005+ 9.82 0.39(a) 0.49(a) 0.88 (0.37) (0.06) (0.43) Period Ended May 31, 2004(p) 9.93 0.33(a) (0.07)(a) 0.26 (0.31) (0.06) (0.37) C Shares Period Ended September 30, 2006* 9.65 0.17(a) 0.09(a) 0.26 (0.17) -- (0.17) Year Ended March 31, 2006 10.24 0.35(a) (0.41)(a) (0.06) (0.35) (0.18) (0.53) Period Ended March 31, 2005+ 9.81 0.37(a) 0.46(a) 0.83 (0.34) (0.06) (0.40) Year Ended May 31, 2004 9.99 0.50(a) (0.14)(a) 0.36 (0.48) (0.06) (0.54) Year Ended May 31, 2003 9.80 0.57 0.19 0.76 (0.57) -- (0.57) Period Ended May 31, 2002(o) 10.00 0.25 (0.20) 0.05 (0.25) -- (0.25) U.S. GOVERNMENT SECURITIES FUND I Shares Period Ended September 30, 2006* 10.19 0.23(a) 0.09(a) 0.32 (0.23) -- (0.23) Year Ended March 31, 2006 10.42 0.37 (0.20) 0.17 (0.40) -- (0.40) Period Ended March 31, 2005+ 10.35 0.29 0.09 0.38 (0.31) -- (0.31) Year Ended May 31, 2004 10.93 0.31(a) (0.50)(a) (0.19) (0.35) (0.04) (0.39) Year Ended May 31, 2003 10.47 0.44 0.51 0.95 (0.46) (0.03) (0.49) Year Ended May 31, 2002 10.38 0.54 0.26 0.80 (0.54) (0.17) (0.71) Year Ended May 31, 2001 9.86 0.58 0.52 1.10 (0.58) -- (0.58) A Shares Period Ended September 30, 2006* 10.19 0.22(a) 0.09(a) 0.31 (0.22) -- (0.22) Year Ended March 31, 2006 10.41 0.32 (0.17) 0.15 (0.37) -- (0.37) Period Ended March 31, 2005+ 10.35 0.26 0.08 0.34 (0.28) -- (0.28) Year Ended May 31, 2004 10.93 0.27(a) (0.50)(a) (0.23) (0.31) (0.04) (0.35) Year Ended May 31, 2003 10.47 0.40 0.51 0.91 (0.42) (0.03) (0.45) Year Ended May 31, 2002 10.38 0.50 0.26 0.76 (0.50) (0.17) (0.67) Year Ended May 31, 2001 9.86 0.54 0.52 1.06 (0.54) -- (0.54) C Shares Period Ended September 30, 2006* 10.19 0.18(a) 0.09(a) 0.27 (0.18) -- (0.18) Year Ended March 31, 2006 10.41 0.27 (0.19) 0.08 (0.30) -- (0.30) Period Ended March 31, 2005+ 10.35 0.21 0.08 0.29 (0.23) -- (0.23) Year Ended May 31, 2004 10.93 0.22(a) (0.50)(a) (0.28) (0.26) (0.04) (0.30) Year Ended May 31, 2003 10.48 0.34 0.50 0.84 (0.36) (0.03) (0.39) Year Ended May 31, 2002 10.38 0.45 0.27 0.72 (0.45) (0.17) (0.62) Year Ended May 31, 2001 9.86 0.49 0.52 1.01 (0.49) -- (0.49) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements Portfolio End of Total Period Net Net and Expense Turnover Period Return(2) (000) Assets(3) Assets(3) Offset)(3) Rate(4) --------- --------- ----------- --------- ---------- --------------- --------- STRATEGIC INCOME FUND A Shares Period Ended September 30, 2006* $ 9.78 3.20% $ 1,619 1.01% 4.25% 1.01% 165% Year Ended March 31, 2006 9.68 (0.01) 1,741 1.10 4.08 1.16 317 Period Ended March 31, 2005+ 10.27 9.04 3,795 1.15 4.59 1.37 305 Period Ended May 31, 2004(p) 9.82 2.59 4,181 1.15 5.15 1.60 95 C Shares Period Ended September 30, 2006* 9.74 2.75 37,557 1.71 3.55 1.71 165 Year Ended March 31, 2006 9.65 (0.57) 46,703 1.63 3.53 1.83 317 Period Ended March 31, 2005+ 10.24 8.60 79,792 1.42 4.34 1.98 305 Year Ended May 31, 2004 9.81 3.59 117,216 1.43 4.98 2.03 95 Year Ended May 31, 2003 9.99 8.16 129,965 1.43 5.67 2.04 52 Period Ended May 31, 2002(o) 9.80 0.55 39,490 1.53 5.49 2.07 43 U.S. GOVERNMENT SECURITIES FUND I Shares Period Ended September 30, 2006* 10.28 3.22 482,085 0.55 4.60 0.55 112 Year Ended March 31, 2006 10.19 1.66 316,475 0.65 3.63 0.65 118 Period Ended March 31, 2005+ 10.42 3.74 319,058 0.77 3.41 0.80 64 Year Ended May 31, 2004 10.35 (1.77) 298,997 0.81 2.95 0.84 240 Year Ended May 31, 2003 10.93 9.25 258,585 0.81 4.00 0.84 150 Year Ended May 31, 2002 10.47 7.90 168,609 0.82 5.09 0.85 262 Year Ended May 31, 2001 10.38 11.41 148,666 0.81 5.66 0.85 207 A Shares Period Ended September 30, 2006* 10.28 3.07 2,428 0.85 4.31 0.85 112 Year Ended March 31, 2006 10.19 1.43 3,032 0.99 3.31 0.99 118 Period Ended March 31, 2005+ 10.41 3.32 3,080 1.17 3.17 1.28 64 Year Ended May 31, 2004 10.35 (2.17) 8,484 1.22 2.54 1.52 240 Year Ended May 31, 2003 10.93 8.79 9,333 1.22 3.59 1.45 150 Year Ended May 31, 2002 10.47 7.47 8,483 1.22 4.70 1.40 262 Year Ended May 31, 2001 10.38 10.95 6,617 1.21 5.21 1.83 207 C Shares Period Ended September 30, 2006* 10.28 2.71 6,380 1.55 3.59 1.55 112 Year Ended March 31, 2006 10.19 0.76 7,909 1.66 2.60 1.68 118 Period Ended March 31, 2005+ 10.41 2.83 12,229 1.74 2.50 1.85 64 Year Ended May 31, 2004 10.35 (2.67) 18,993 1.73 2.04 1.97 240 Year Ended May 31, 2003 10.93 8.14 39,423 1.73 3.10 1.93 150 Year Ended May 31, 2002 10.48 7.06 31,922 1.73 4.17 1.93 262 Year Ended May 31, 2001 10.38 10.45 21,617 1.72 4.71 2.04 207
159 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized and Distributions Net Asset Unrealized Dividends from Total Value, Net Gains from Net Realized Dividends Beginning Investment (Losses) on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND(1) I Shares Period Ended September 30, 2006* $ 9.85 $ 0.18 $ 0.08 $ 0.26 $(0.21) $ -- $(0.21) Year Ended March 31, 2006 9.90 0.36 (0.06) 0.30 (0.35) -- (0.35) Period Ended March 31, 2005+ 9.95 0.20 (0.05) 0.15 (0.20) -- (0.20) Year Ended May 31, 2004 10.00 0.15(a) (0.05)(a) 0.10 (0.15) -- (0.15) Year Ended May 31, 2003 9.95 0.20 0.06 0.26 (0.20) (0.01) (0.21) Period Ended May 31, 2002(r) 9.95 0.05 -- 0.05 (0.05) -- (0.05) ULTRA-SHORT BOND FUND(1) I Shares Period Ended September 30, 2006* 9.96 0.23(a) 0.04(a) 0.27 (0.23) -- (0.23) Year Ended March 31, 2006 10.00 0.36 (0.04) 0.32 (0.36) -- (0.36) Period Ended March 31, 2005+ 10.05 0.15 (0.05) 0.10 (0.15) -- (0.15) Year Ended May 31, 2004 10.10 0.15(a) (0.05)(a) 0.10 (0.15) -- (0.15) Year Ended May 31, 2003 10.00 0.20 0.10 0.30 (0.20) --** (0.20) Period Ended May 31, 2002(s) 10.00 0.05 -- 0.05 (0.05) -- (0.05) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND I Shares Period Ended September 30, 2006* 10.01 0.18 0.13 0.31 (0.18) -- (0.18) Year Ended March 31, 2006 10.11 0.34 (0.03) 0.31 (0.34) (0.07) (0.41) Period Ended March 31, 2005+ 10.15 0.28 0.05 0.33 (0.28) (0.09) (0.37) Year Ended May 31, 2004 10.68 0.34(a) (0.44)(a) (0.10) (0.34) (0.09) (0.43) Year Ended May 31, 2003 10.29 0.36 0.49 0.85 (0.36) (0.10) (0.46) Year Ended May 31, 2002 10.14 0.40 0.15 0.55 (0.40) -- (0.40) Year Ended May 31, 2001 9.59 0.42 0.56 0.98 (0.42) -- (0.42) A Shares Period Ended September 30, 2006* 10.01 0.17 0.13 0.30 (0.17) -- (0.17) Year Ended March 31, 2006 10.11 0.33 (0.03) 0.30 (0.33) (0.07) (0.40) Period Ended March 31, 2005+ 10.15 0.27 0.05 0.32 (0.27) (0.09) (0.36) Year Ended May 31, 2004 10.68 0.33(a) (0.44)(a) (0.11) (0.33) (0.09) (0.42) Year Ended May 31, 2003 10.29 0.36 0.49 0.85 (0.36) (0.10) (0.46) Year Ended May 31, 2002 10.14 0.39 0.16 0.55 (0.40) -- (0.40) Year Ended May 31, 2001 9.59 0.42 0.55 0.97 (0.42) -- (0.42) C Shares Period Ended September 30, 2006* 10.01 0.13 0.13 0.26 (0.13) -- (0.13) Period Ended March 31, 2006(t) 10.27 0.14 (0.19) (0.05) (0.14) (0.07) (0.21) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements Portfolio End of Total Period Net Net and Expense Turnover Period Return(2) (000) Assets(3) Assets(3) Offset)(3) Rate(4) --------- --------- ----------- --------- ---------- --------------- --------- U.S. GOVERNMENT SECURITIES ULTRA I Shares Period Ended September 30, 2006* $ 9.90 2.70% $ 31,613 0.30% 4.24% 0.31% 49% Year Ended March 31, 2006 9.85 3.12 42,616 0.29 3.41 0.47 126 Period Ended March 31, 2005+ 9.90 1.36 49,623 0.18 2.02 0.71 42 Year Ended May 31, 2004 9.95 1.01 77,360 0.24 1.25 0.77 109 Year Ended May 31, 2003 10.00 2.80 95,277 0.23 1.76 0.76 87 Period Ended May 31, 2002(r) 9.95 0.32 28,138 0.30 2.42 0.83 34 ULTRA-SHORT BOND FUND(1) I Shares Period Ended September 30, 2006* 10.00 2.74 105,308 0.28 4.58 0.28 88 Year Ended March 31, 2006 9.96 3.23 245,257 0.30 3.61 0.37 114 Period Ended March 31, 2005+ 10.00 1.22 74,259 0.31 1.89 0.81 44 Year Ended May 31, 2004 10.05 1.01 112,453 0.31 1.50 0.86 83 Year Ended May 31, 2003 10.10 3.16 146,590 0.31 1.84 0.86 56 Period Ended May 31, 2002(s) 10.00 0.30 33,730 0.36 2.44 0.91 30 VIRGINIA INTERMEDIATE MUNICIPAL I Shares Period Ended September 30, 2006* 10.14 3.11 216,587 0.59 3.71 0.59 50 Year Ended March 31, 2006 10.01 3.05 169,743 0.65 3.33 0.66 54 Period Ended March 31, 2005+ 10.11 3.21 176,959 0.71 3.23 0.71 46 Year Ended May 31, 2004 10.15 (1.00) 181,558 0.75 3.23 0.75 26 Year Ended May 31, 2003 10.68 8.43 206,432 0.75 3.45 0.75 30 Year Ended May 31, 2002 10.29 5.52 191,406 0.75 3.86 0.75 33 Year Ended May 31, 2001 10.14 10.39 194,849 0.73 4.23 0.75 32 A Shares Period Ended September 30, 2006* 10.14 3.03 5,533 0.74 3.43 0.74 50 Year Ended March 31, 2006 10.01 2.92 5,480 0.79 3.22 0.82 54 Period Ended March 31, 2005+ 10.11 3.14 7,143 0.80 3.16 0.90 46 Year Ended May 31, 2004 10.15 (1.04) 10,566 0.79 3.19 1.04 26 Year Ended May 31, 2003 10.68 8.38 10,484 0.79 3.40 1.07 30 Year Ended May 31, 2002 10.29 5.47 7,257 0.79 3.82 1.11 33 Year Ended May 31, 2001 10.14 10.23 6,197 0.76 4.20 1.11 32 C Shares Period Ended September 30, 2006* 10.14 2.60 3,759 1.63 3.63 1.63 50 Period Ended March 31, 2006(t) 10.01 (0.52) 9 1.62 2.35 1.62 54
160 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized Distributions Net Asset and Dividends from Total Value, Net Unrealized from Net Realized Dividends Beginning Investment Gains on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- PRIME QUALITY MONEY MARKET FUND I Shares Period Ended September 30, 2006* $ 1.00 $ 0.02 $ -- $ 0.02 $(0.02) $ -- $(0.02) Year Ended March 31, 2006 1.00 0.03 -- 0.03 (0.03) -- (0.03) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2004 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2002 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended May 31, 2001 1.00 0.06 -- 0.06 (0.06) -- (0.06) A Shares Period Ended September 30, 2006* 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended March 31, 2006 1.00 0.03 -- 0.03 (0.03) -- (0.03) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2004 1.00 -- -- -- --** --** --** Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2002 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended May 31, 2001 1.00 0.05 -- 0.05 (0.05) -- (0.05) C Shares Period Ended September 30, 2006* 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended March 31, 2006 1.00 0.03 -- 0.03 (0.03) -- (0.03) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2004 1.00 -- -- -- --** --** --** Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2002 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2001 1.00 0.05 -- 0.05 (0.05) -- (0.05) TAX-EXEMPT MONEY MARKET FUND I Shares Period Ended September 30, 2006* 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended March 31, 2006 1.00 0.02 -- 0.02 (0.02) --** (0.02) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2004 1.00 -- -- -- --** --** --** Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2002 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2001 1.00 0.03 -- 0.03 (0.03) -- (0.03) A Shares Period Ended September 30, 2006* 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended March 31, 2006 1.00 0.02 -- 0.02 (0.02) --** (0.02) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2004 1.00 -- -- -- --** --** --** Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2002 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2001 1.00 0.03 -- 0.03 (0.03) -- (0.03) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements End of Total Period Net Net and Expense Period Return(2) (000) Assets(3) Assets(3) Offset)(4) --------- --------- ----------- --------- ---------- --------------- PRIME QUALITY MONEY MARKET FUND I Shares Period Ended September 30, 2006* $1.00 2.34% $3,101,251 0.53% 4.63% 0.53% Year Ended March 31, 2006 1.00 3.25 2,976,881 0.58 3.19 0.61 Period Ended March 31, 2005+ 1.00 1.13 3,173,794 0.60 1.34 0.71 Year Ended May 31, 2004 1.00 0.52 3,477,598 0.63 0.52 0.74 Year Ended May 31, 2003 1.00 1.17 4,284,266 0.63 1.14 0.74 Year Ended May 31, 2002 1.00 2.29 3,907,203 0.63 2.22 0.74 Year Ended May 31, 2001 1.00 5.75 3,728,371 0.63 5.57 0.75 A Shares Period Ended September 30, 2006* 1.00 2.26 4,800,156 0.68 4.48 0.68 Year Ended March 31, 2006 1.00 3.08 4,011,561 0.74 3.16 0.76 Period Ended March 31, 2005+ 1.00 0.96 2,124,606 0.80 1.17 0.91 Year Ended May 31, 2004 1.00 0.34 1,851,615 0.81 0.34 0.95 Year Ended May 31, 2003 1.00 0.98 1,925,521 0.81 0.96 0.94 Year Ended May 31, 2002 1.00 2.11 1,887,033 0.81 2.09 0.94 Year Ended May 31, 2001 1.00 5.57 1,927,309 0.80 5.36 0.95 C Shares Period Ended September 30, 2006* 1.00 2.21 4,088 0.78 4.38 0.78 Year Ended March 31, 2006 1.00 3.01 3,991 0.82 2.81 1.10 Period Ended March 31, 2005+ 1.00 0.94 10,093 0.83 0.99 1.48 Year Ended May 31, 2004 1.00 0.22 25,444 0.93 0.21 1.59 Year Ended May 31, 2003 1.00 0.54 14,633 1.25 0.53 1.62 Year Ended May 31, 2002 1.00 1.36 12,302 1.54 1.04 1.70 Year Ended May 31, 2001 1.00 4.75 4,051 1.53 4.54 1.92 TAX-EXEMPT MONEY MARKET FUND I Shares Period Ended September 30, 2006* 1.00 1.55 1,214,352 0.48 3.08 0.48 Year Ended March 31, 2006 1.00 2.27 1,172,717 0.50 2.25 0.53 Period Ended March 31, 2005+ 1.00 0.90 936,272 0.51 1.04 0.61 Year Ended May 31, 2004 1.00 0.48 978,548 0.55 0.46 0.64 Year Ended May 31, 2003 1.00 0.81 1,088,415 0.54 0.79 0.64 Year Ended May 31, 2002 1.00 1.38 907,827 0.55 1.39 0.65 Year Ended May 31, 2001 1.00 3.47 1,080,362 0.54 3.40 0.65 A Shares Period Ended September 30, 2006* 1.00 1.48 582,617 0.63 2.93 0.63 Year Ended March 31, 2006 1.00 2.12 671,164 0.65 2.10 0.68 Period Ended March 31, 2005+ 1.00 0.78 402,333 0.65 0.92 0.75 Year Ended May 31, 2004 1.00 0.35 274,543 0.67 0.34 0.80 Year Ended May 31, 2003 1.00 0.68 239,451 0.67 0.67 0.79 Year Ended May 31, 2002 1.00 1.26 218,048 0.67 1.25 0.80 Year Ended May 31, 2001 1.00 3.35 256,894 0.67 3.22 0.80
161 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized Distributions Net Asset and Dividends from Total Value, Net Unrealized from Net Realized Dividends Beginning Investment Gains on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- U.S. GOVERNMENT SECURITIES MONEY MARKET FUND I Shares Period Ended September 30, 2006* $ 1.00 $ 0.02 $ -- $ 0.02 $(0.02) $ -- $(0.02) Year Ended March 31, 2006 1.00 0.03 -- 0.03 (0.03) -- (0.03) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2004 1.00 -- -- -- --** -- --** Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2002 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended May 31, 2001 1.00 0.05 -- 0.05 (0.05) -- (0.05) A Shares Period Ended September 30, 2006* 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended March 31, 2006 1.00 0.03 -- 0.03 (0.03) -- (0.03) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2004 1.00 -- -- -- --** -- --** Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2002 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended May 31, 2001 1.00 0.05 -- 0.05 (0.05) -- (0.05) U.S. TREASURY MONEY MARKET FUND I Shares Period Ended September 30, 2006* 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended March 31, 2006 1.00 0.03 -- 0.03 (0.03) -- (0.03) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2004 1.00 -- -- -- --** --** --** Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2002 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended May 31, 2001 1.00 0.05 -- 0.05 (0.05) -- (0.05) A Shares Period Ended September 30, 2006* 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended March 31, 2006 1.00 0.03 -- 0.03 (0.03) -- (0.03) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) -- (0.01) Period Ended May 31, 2004(v) 1.00 -- -- -- --** --** --** Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements End of Total Period Net Net and Expense Period Return(2) (000) Assets(3) Assets(3) Offset)(4) --------- --------- ----------- --------- ---------- --------------- U.S. GOVERNMENT SECURITIES MONEY MARKET FUND I Shares Period Ended September 30, 2006* $1.00 2.22% $ 473,090 0.59% 4.39% 0.59% Year Ended March 31, 2006 1.00 3.07 413,893 0.62 2.99 0.65 Period Ended March 31, 2005+ 1.00 1.03 517,253 0.62 1.24 0.71 Year Ended May 31, 2004 1.00 0.43 615,324 0.66 0.43 0.75 Year Ended May 31, 2003 1.00 1.01 992,560 0.65 1.00 0.74 Year Ended May 31, 2002 1.00 2.25 997,759 0.66 2.17 0.75 Year Ended May 31, 2001 1.00 5.56 805,285 0.65 5.29 0.75 A Shares Period Ended September 30, 2006* 1.00 2.14 241,306 0.74 4.23 0.74 Year Ended March 31, 2006 1.00 2.91 253,648 0.77 2.91 0.80 Period Ended March 31, 2005+ 1.00 0.89 230,041 0.78 1.06 0.88 Year Ended May 31, 2004 1.00 0.28 234,100 0.80 0.28 0.92 Year Ended May 31, 2003 1.00 0.86 250,246 0.80 0.86 0.92 Year Ended May 31, 2002 1.00 2.11 210,004 0.80 2.02 0.92 Year Ended May 31, 2001 1.00 5.41 158,087 0.79 5.14 0.93 U.S. TREASURY MONEY MARKET FUND I Shares Period Ended September 30, 2006* 1.00 2.22 1,933,350 0.58 4.39 0.58 Year Ended March 31, 2006 1.00 2.99 1,650,172 0.60 2.98 0.63 Period Ended March 31, 2005+ 1.00 0.99 1,407,783 0.62 1.19 0.71 Year Ended May 31, 2004 1.00 0.37 1,233,565 0.66 0.32 0.75 Year Ended May 31, 2003 1.00 0.88 1,080,779 0.65 0.81 0.74 Year Ended May 31, 2002 1.00 1.96 871,946 0.65 1.90 0.74 Year Ended May 31, 2001 1.00 5.36 733,768 0.66 5.23 0.76 A Shares Period Ended September 30, 2006* 1.00 2.14 22,437 0.73 4.27 0.73 Year Ended March 31, 2006 1.00 2.84 12,366 0.75 3.12 0.76 Period Ended March 31, 2005+ 1.00 0.88 303 0.75 0.97 1.48 Period Ended May 31, 2004(v) 1.00 0.15 401 0.75 0.21 3.17(w)
162 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized Distributions Net Asset and Dividends from Total Value, Net Unrealized from Net Realized Dividends Beginning Investment Gains on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- VIRGINIA TAX-FREE MONEY MARKET FUND I Shares Period Ended September 30, 2006* $ 1.00 $ 0.02 $ -- $ 0.02 $(0.02) $ -- $(0.02) Year Ended March 31, 2006 1.00 0.02 -- 0.02 (0.02) --** (0.02) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2004 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2002 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2001 1.00 0.03 -- 0.03 (0.03) -- (0.03) A Shares Period Ended September 30, 2006* 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended March 31, 2006 1.00 0.02 -- 0.02 (0.02) --** (0.02) Period Ended March 31, 2005+ 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2004 1.00 -- -- -- --** --** --** Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2002 1.00 0.01 -- 0.01 (0.01) --** (0.01) Year Ended May 31, 2001 1.00 0.03 -- 0.03 (0.03) -- (0.03) Ratio of Expenses to Ratio of Ratio of Average Net Net Net Assets Net Expenses Investment (Excluding Assets Net Assets, to Income to Waivers, Value, End of Average Average Reimbursements End of Total Period Net Net and Expense Period Return(2) (000) Assets(3) Assets(3) Offset)(4) --------- --------- ----------- --------- ---------- --------------- VIRGINIA TAX-FREE MONEY MARKET FUND I Shares Period Ended September 30, 2006* $1.00 1.54% $ 240,667 0.44% 3.06% 0.44% Year Ended March 31, 2006 1.00 2.33 226,319 0.46 2.28 0.46 Period Ended March 31, 2005+ 1.00 0.94 177,377 0.46 1.07 0.46 Year Ended May 31, 2004 1.00 0.56 173,959 0.50 0.51 0.50 Year Ended May 31, 2003 1.00 0.85 219,701 0.49 0.84 0.49 Year Ended May 31, 2002 1.00 1.44 240,681 0.50 1.45 0.50 Year Ended May 31, 2001 1.00 3.51 226,188 0.50 3.45 0.50 A Shares Period Ended September 30, 2006* 1.00 1.47 334,270 0.59 2.91 0.59 Year Ended March 31, 2006 1.00 2.16 303,752 0.62 2.12 0.68 Period Ended March 31, 2005+ 1.00 0.77 197,380 0.66 0.92 0.86 Year Ended May 31, 2004 1.00 0.38 118,339 0.67 0.34 0.90 Year Ended May 31, 2003 1.00 0.67 96,325 0.67 0.66 0.90 Year Ended May 31, 2002 1.00 1.27 99,141 0.67 1.22 0.90 Year Ended May 31, 2001 1.00 3.35 93,004 0.66 3.28 0.91
See Notes to Financial Highlights and Notes to Financial Statements. 163 NOTES TO FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS September 30, 2006 * Unaudited. ** Amount less than $0.005. (1) The Ultra-Short Bond Fund and the U.S. Government Securities Ultra-Short Bond Fund were adjusted for a 5:1 stock split and 4.974874:1 stock split on April 1, 2005, respectively. (2) Total return excludes sales charge. Not annualized for periods less than one year. (3) Annualized for periods less than one year. (4) Not annualized for periods less than one year. (5) Renamed Total Return Bond Fund effective October 1, 2006. (a) Per share data was calculated using the average shares method. (b) Commenced operations on January 25, 2002. (c) Commenced operations on October 11, 2004. (d) Commenced operations on October 3, 2001. (e) Commenced operations on October 27, 2003. (f) Commenced operations on October 29, 2003. (g) Commenced operations on October 25, 2002. (h) Commenced operations on April 13, 2005. (i) Commenced operations on January 8, 2004. (j) Commenced operations on March 21, 2005. (k) Commenced operations on March 2, 2006. (l) Commenced operations on May 8, 2006. (m) Commenced operations on December 29, 2000. (n) Commenced operations on December 21, 2001. (o) Commenced operations on November 30, 2001. (p) Commenced operations on October 8, 2003. (q) Commenced operations on October 15, 2003. (r) Commenced operations on April 11, 2002. (s) Commenced operations on April 15, 2002. (t) Commenced operations on September 1, 2005. (u) Commenced operations on May 11, 2004. (v) Commenced operations on November 12, 2003. (w) Ratio reflects the impact of the initial low level of average net assets associated with commencement of operations. (x) Amounts are not meaningful due to the short period of operations. + Effective June 1, 2004, these Funds adopted a change in the amortization and accretion methodology on fixed income securities. The cumulative effect of this change in methodology was immaterial to all Funds except for the Funds noted below:
Change to Ratio of Net Change to Net Investment Income to Average Change to Net Realized and Net Assets Investment Unrealized Gains ------------------------------ Income Per Share (Losses) Per Share I Shares A Shares C Shares ---------------- ------------------ -------- -------- -------- Georgia Tax-Exempt Bond Fund $ 0.01 $(0.01) 0.16% 0.14% 0.14% High Quality Bond Fund 0.01 (0.01) 0.11% Investment Grade Bond Fund 0.01 (0.01) 0.18% 0.14% 0.14% Investment Grade Tax-Exempt Bond Fund (0.01) 0.01 (0.08)% (0.07)% (0.06)% Limited-Term Federal Mortgage Securities Fund 0.04 (0.04) 0.47% 0.42% 0.36% Maryland Municipal Bond Fund (0.01) 0.01 (0.07)% (0.06)% North Carolina Tax-Exempt Bond Fund (0.02) 0.02 (0.20)% -- -- Short-Term Bond Fund 0.01 (0.01) 0.08% 0.07% 0.06% Strategic Income Fund 0.01 (0.01) 0.22% 0.14% 0.13% U.S. Government Securities Fund 0.02 (0.02) 0.23% 0.11% 0.17% U.S. Government Securities Ultra-Short Bond Fund 0.01 (0.01) 0.24%
++ Effective November 1, 2003, these Funds adopted a change in the amortization and accretion methodology on fixed income securities. The cumulative effect of this change in methodology was immaterial to all Funds except for the Fund noted below:
Change to Ratio of Net Change to Net Investment Income to Average Change to Net Realized and Net Assets Investment Unrealized Gains ------------------------------ Income Per Share (Losses) Per Share I Shares A Shares C Shares ---------------- ------------------ -------- -------- -------- Seix High Yield Fund $0.01 $(0.01) 0.06% 0.05% 0.84%
164 NOTES TO FINANCIAL STATEMENTS STI CLASSIC FUNDS September 30, 2006 (Unaudited) 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 (the "1940 Act"), as amended, as an open-end management investment company offering 52 funds as of September 30, 2006. The Trust is authorized to issue an unlimited number of shares without par value. The financial statements presented herein are those of the Core Bond Fund (renamed Total Return Bond Fund following the reorganization described in Note 2 -- see also Note 8), Florida Tax-Exempt Bond Fund, Georgia Tax-Exempt Bond Fund, High Income Fund, High Quality Bond Fund, Intermediate Bond Fund, Investment Grade Bond Fund, Investment Grade Tax-Exempt Bond Fund, Limited Duration Fund, Limited-Term Federal Mortgage Securities Fund, Maryland Municipal Bond Fund, North Carolina Tax-Exempt Bond Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund, Strategic Income Fund, U.S. Government Securities Fund, U.S. Government Securities Ultra-Short Bond Fund, Ultra-Short Bond Fund, Virginia Intermediate Municipal Bond Fund, Prime Quality Money Market Fund, Tax- Exempt Money Market Fund, U.S. Government Securities Money Market Fund, U.S. Treasury Money Market Fund and Virginia Tax-Free Money Market Fund (each a "Fund" and collectively the "Funds"). The financial statements of the remaining funds are presented separately. The High Quality Bond Fund, Limited Duration Fund, U.S. Government Securities Ultra-Short Bond Fund and Ultra-Short Bond Fund may offer I Shares only. The Tax-Exempt Money Market Fund, U.S. Government Securities Money Market Fund, U.S. Treasury Money Market Fund and Virginia Tax-Free Money Market Fund offer I Shares and A Shares. The remaining Funds offer I Shares, A Shares and C Shares. The Funds' prospectus provides a description of each Funds' investment objectives, policies and strategies. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. Each class of shares has identical rights and privileges except with respect to the fees paid under the Distribution Plan and Distribution and Services Plan, voting rights on matters affecting a single class of shares and sales charges. The A Shares of the Funds (except Limited-Term Federal Mortgage Securities Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund, Prime Quality Money Market Fund, Tax-Exempt Money Market Fund, U.S. Government Securities Money Market Fund, U.S. Treasury Money Market Fund and Virginia Tax-Free Money Market Fund) have a maximum sales charge on purchases of 4.75% as a percentage of original purchase price. Limited-Term Federal Mortgage Securities Fund, Short-Term Bond Fund and Short-Term U.S. Treasury Securities Fund A Shares have a maximum sales charge on purchases of 2.50% as a percentage of original purchase price. Certain purchases of A Shares will not be subject to a front-end sales charge but will be subject to a contingent deferred sales charge (CDSC) of 1.00% if redeemed within one year of purchase. The C Shares have a maximum CDSC of 1.00% as a percentage of either the original purchase price or the next calculated price after the Funds receive the redemption request, whichever is less, if redeemed within one year of purchase. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote. 2. Reorganization Core Bond Fund -- The Trust entered into an agreement and plan of reorganization on behalf of the Total Return Bond Fund and the Core Bond Fund, that provides for the acquisition by the Core Bond Fund of all of the assets, subject to stated liabilities, of the Total Return Bond Fund, in exchange for I Shares of the Core Bond Fund, the distribution of such shares to the shareholders of the Total Return Bond Fund and the dissolution of the Total Return Bond Fund. The reorganization, which qualified as a tax-free exchange for Federal income tax purposes, was approved by the Board of Trustees on August 8, 2006 and completed on September 29, 2006. The following is a summary of shares outstanding, net assets and net asset value per share issued immediately before and after the reorganization: 165 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Before Reorganization After Reorganization --------------------------- -------------------- Total Return Core Core Bond Fund Bond Fund Bond Fund* ------------ ------------ -------------------- Shares...................................................... 6,691,066 51,166,306 57,763,510 Net Assets.................................................. $65,561,317 $508,477,671 $574,038,988 Net Asset Value: I Shares.................................................. $ 9.80 $ 9.94 $ 9.94 Net unrealized appreciation............................... $ 162,998 $ 1,666,657 $ 1,829,655
- --------------- * Immediately following the reorganization of the Total Return Bond Fund and the Core Bond Fund to form the Core Bond Fund, the reorganized Core Bond Fund was renamed the Total Return Bond Fund (see Note 8). Virginia Intermediate Municipal Bond Fund -- The Trust entered into an agreement and plan of reorganization on behalf of the Virginia Municipal Bond Fund and the Virginia Intermediate Municipal Bond Fund, that provides for the acquisition by the Virginia Intermediate Municipal Bond Fund of all of the assets, subject to stated liabilities, of the Virginia Municipal Bond Fund, in exchange for I Shares, A Shares and C Shares of the Virginia Intermediate Municipal Bond Fund, the distribution of such shares to the shareholders of the Virginia Municipal Bond Fund and the dissolution of the Virginia Municipal Bond Fund. The reorganization, which qualified as a tax-free exchange for Federal income tax purposes, was approved by the Board of Trustees on May 9, 2006 and completed on July 31, 2006. The following is a summary of shares outstanding, net assets and net asset value per share issued immediately before and after the reorganization:
Before Reorganization After Reorganization ------------------------------------------ --------------------- Virginia Intermediate Virginia Intermediate Virginia Municipal Municipal Municipal Bond Fund Bond Fund Bond Fund ------------------ --------------------- --------------------- Shares..................................................... 5,377,872 16,831,718 22,319,449 Net Assets................................................. $54,954,122 $168,557,960 $223,512,082 Net Asset Value: I Shares................................................. $ 10.22 $ 10.01 $ 10.01 A Shares................................................. $ 10.21 $ 10.01 $ 10.01 C Shares................................................. $ 10.26 $ 10.01 $ 10.01 Net unrealized appreciation.............................. $ 921,773 $ 1,673,902 $ 2,595,675
Short-Term Bond Fund -- The Trust entered into an agreement and plan of reorganization on behalf of the Classic Institutional Short-Term Bond Fund and the Short-Term Bond Fund, that provides for the acquisition by the Short-Term Bond Fund of all of the assets, subject to stated liabilities, of the Classic Institutional Short-Term Bond Fund, in exchange for I Shares of the Short-Term Bond Fund, the distribution of such shares to the shareholders of the Classic Institutional Short-Term Bond Fund and the dissolution of the Classic Institutional Short-Term Bond Fund. The reorganization, which qualified as a tax-free exchange for Federal income tax purposes, was approved by the Board of Trustees on August 19, 2005 and completed on October 31, 2005. The following is a summary of shares outstanding, net assets and net asset value per share issued immediately before and after the reorganization:
Before Reorganization After Reorganization ------------------------------------ -------------------- Classic Institutional Short-Term Short-Term Short-Term Bond Fund Bond Fund Bond Fund --------------------- ------------ -------------------- Shares...................................................... 1,257,053 28,079,490 29,360,595 Net Assets.................................................. $12,373,897 $271,213,160 $283,587,057 Net Asset Value: I Shares.................................................. $ 9.84 $ 9.66 $ 9.66 Net unrealized depreciation............................... $ (193,861) $ (3,317,776) $ (3,511,637)
166 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) EXCHANGE OF T SHARES TO I SHARES: On August 1, 2005, net assets of the T Shares of the following Funds were exchanged in a tax-free conversion for I Shares and T Shares were no longer offered. The following is a summary of the shares and net assets converted:
Net Assets Shares Converted Converted($) ---------------- ------------ Core Bond Fund (see Note 8)................................. 14,597,989 148,243,208 High Quality Bond Fund...................................... 1,953,022 19,264,652 Intermediate Bond Fund...................................... 926,342 9,345,826 Limited Duration Fund....................................... 5,127 51,151 Seix High Yield Fund........................................ 408,502 4,530,941 Ultra-Short Bond Fund....................................... 16,263,821 162,609,401
EXCHANGE OF C SHARES TO I SHARES: On August 1, 2005, net assets of the C Shares of the following Funds were exchanged in a tax-free conversion for I Shares and C Shares were no longer offered. The following is a summary of the shares and net assets converted:
Net Assets Shares Converted Converted($) ---------------- ------------ Limited Duration Fund....................................... 6,526 65,126 U.S. Government Securities Ultra-Short Bond Fund............ 1,544,489 15,279,016
3. Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The actual results could differ from these estimates. Security Valuation -- Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 p.m. Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sale price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time), as provided by an independent pricing service approved by the Funds' Board of Trustees (the "Board"). If a security price cannot be obtained from an independent, third-party pricing agent, the Funds' accounting agent will seek to obtain a bid price from at least one independent broker. 167 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) The Prime Quality Money Market Fund, Tax-Exempt Money Market Fund, U.S. Government Securities Money Market Fund, U.S. Treasury Money Market Fund and Virginia Tax-Free Money Market Fund (the "Money Market Funds") state investment securities at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. Securities for which market prices are not "readily available" are valued in accordance with Pricing and Valuation Procedures established by the Board. The Funds' Pricing and Valuation Procedures are performed and monitored by a Valuation Committee (the "Committee") designated by the Board. Some of the more common reasons which may necessitate that a security be valued using Pricing and Valuation Procedures include, but are not limited to: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Pricing and Valuation Procedures, the Committee determines the value after taking into consideration relevant information reasonably available to the Committee. For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it shall immediately notify the Funds' accounting agent and may preauthorize the Funds' accounting agent to utilize a pricing service authorized by the Board (a "Fair Value Pricing Service") that has been designed to determine a Fair Value. On a day when a Fair Value Pricing Service is so utilized pursuant to a preauthorization, the Committee need not meet. If the adviser does not pre-authorize the Fund's accounting agent to utilize a Fair Value Pricing Service, the adviser will request that a Committee Meeting be called. In addition, the Funds' accounting agent monitors price movements among certain selected indices, securities and/or groups of securities that may be an indicator that the closing prices received earlier in the day from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Funds ("Trigger Points"), the Funds may use a systematic valuation model provided by an independent third party to Fair Value their international equity securities. Security Transactions and Investment Income -- During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, securities transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes amortization or accretion of premium or discount. 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 or amortization of purchase discounts or premiums during the respective holding period. Foreign Currency Translation -- The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following bases: (i) market value of investment securities, other 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. 168 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies. Forward Foreign Currency Contracts -- The Core Bond (see Note 8), Intermediate Bond, Investment Grade Bond and Strategic Income Funds may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. All commitments are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for Federal income tax purposes. As of September 30, 2006, the Core Bond, Intermediate Bond and Investment Grade Bond Funds had open forward foreign currency contracts which are shown on each Fund's Schedule of Portfolio Investments. Securities Lending -- The Funds (other than the Money Market Funds) may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust's Board. These loans may not exceed either (i) 50% of the sum of the market value of all securities of the Fund and the market value of the loan collateral or (ii) 33.33% of the total market value of all securities of the Fund. No Fund will lend portfolio securities to its investment adviser or its affiliates unless it has applied for and received specific authority to do so from the Securities and Exchange Commission. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities. The value of the collateral is at least 102% of the market value of the securities loaned, and is maintained in an amount equal to at least 100% thereafter. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. A fee will be obtained from the borrower if letters of credit or U.S. government securities are used as collateral. Cash collateral received in connection with securities lending is invested in the CSFB Enhanced Liquidity Portfolio (the "Portfolio"). This investment may consist of money market mutual funds registered under the Investment Company Act of 1940 and money market instruments including commercial paper, repurchase agreements, U.S. Treasury Bills and U.S. Agency Obligations. At September 30, 2006, the Portfolio was invested in certificates of deposit, repurchase agreements, asset backed securities and corporate bonds (with interest rates ranging from 5.400% to 5.678% and maturity dates ranging from 10/02/06 to 02/25/21). The Funds paid security lending fees during the period ended September 30, 2006, which have been netted against the Income from Securities Lending on the Statements of Operations. These fees are presented below (in thousands):
Fees($) ------- High Income Fund............................................ 24 Investment Grade Bond Fund.................................. 377 Limited-Term Federal Mortgage Securities Fund............... 25 Seix High Yield Fund........................................ 195 Short-Term Bond Fund........................................ 111 Strategic Income Fund....................................... 130 U.S. Government Securities Fund............................. 248 U.S. Government Securities Ultra-Short Bond Fund............ 3 Ultra-Short Bond Fund....................................... 20
169 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) Repurchase Agreements -- The Funds may purchase instruments from financial institutions, such as banks and broker-dealers, subject to the seller's agreement to repurchase them at an agreed upon time and price ("repurchase agreement"). A third party custodian bank takes possession of the underlying securities ("collateral") of a repurchase agreement, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. In the event of default on the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the repurchase agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. Securities Purchased on a When-Issued Basis -- Delivery and payment for securities that have been purchased by a Fund on a forward commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of a Fund's net asset value if the Fund makes such investments while remaining substantially fully invested. TBA Purchase Commitments -- The Funds may enter into "TBA" (To Be Announced) purchase commitments to purchase securities for a fixed price at a future date beyond customary settlement time. TBA purchase commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, generally according to the procedures described under "Security Valuation." Mortgage Dollar Rolls -- The Funds may enter into mortgage dollar rolls (principally using TBA's) in which a Fund sells mortgage securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities at an agreed-upon price on a fixed future date. The Funds account for such dollar rolls under the purchases and sales method and receive compensation as consideration for entering into the commitment to repurchase. The Funds must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such dollar rolls. The market value of the securities that the Funds are required to purchase may decline below the agreed upon repurchase price of those securities. The counterparty receives all principal and interest payments, including pre-payments, made in respect of a security subject to such a contract while it is with the holder. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The Funds engage in dollar rolls for the purpose of enhancing its yield, principally by earning a negotiated fee. As of September 30, 2006, there were no open mortgage dollar rolls. Swap Agreements -- The Core Bond (see Note 8), Intermediate Bond and Investment Grade Bond Funds were invested in swap agreements at September 30, 2006. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The value of a swap agreement is equal to the Fund's obligations (or rights) under such agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. The Fund may enter into credit default swap ("CDS") agreements to manage its exposure to credit risk. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified amount in the event of a default by a third party reference entity. A buyer of a CDS receives credit protection or sheds credit risk, whereas the seller of a CDS is selling credit protection or assuming credit risk. The seller typically receives a pre-determined periodic payment from the other party in consideration for guaranteeing to make a specific payment to the buyer should the third party reference entity suffer a default event. If a default event occurs, the seller would be required to pay the par value of a referenced debt obligation to the counterparty in exchange for a defaulted obligation. When entering into or closing a CDS position, a cash flow to account for market premiums or discounts (as compared to par value) is exchanged. 170 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) Swaps are marked to market daily and the change in value, if any, is recorded as unrealized gain or loss. Payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains (losses). Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the amount reflected in the Statement of Assets and Liabilities. The notional amounts reflect the extent of the total investment exposure that the Fund has under the swap agreement. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties to perform. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of swap agreement counterparty. Short Sale Transactions -- A short sale is a transaction in which a Fund sells a security it does not own (but has borrowed) in anticipation of a decline in the market value of that security. To complete a short sale, a Fund must borrow the security to deliver to the buyer. A Fund then is obligated to replace the security borrowed by purchasing it in the open market at a later date. A Fund will incur a loss, which could be substantial and potentially unlimited, if the market price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. A Fund will realize a gain if the security declines in value between those dates. A Fund must pay any dividends or interest payable to the lender of the security. All short sales must be collateralized in accordance with the applicable exchange or broker requirements. A Fund maintains the collateral in a segregated account with its custodian and broker sufficient to collateralize its obligation on the short positions which will not be less than the market value of the security sold short. Compensating Balances -- If a Fund has a cash overdraft in excess of $100,000 it is required to deposit an amount equal to 110% of the overdraft in a compensating balance account with its custodian, SunTrust Bank, a wholly owned subsidiary of SunTrust Banks, Inc., on the following business day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw an amount equal to 90% of the balance from SunTrust Bank on the following business day. All such deposits to, and overdrafts from, the compensating balance account are non-interest bearing and are for a duration of one business day. This does not apply to the Strategic Income Fund. Expenses -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution fees, if any, are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis. Classes -- Income, non-class specific expenses and realized/unrealized gains and losses are allocated to the respective classes within a Fund on the basis of the relative daily net assets. Dividends and Distributions to Shareholders -- Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income for each of the Funds are declared daily and paid monthly. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. However, to the extent that net realized capital gains can be offset by capital loss carryovers, such gains will not be distributed. Redemption Fees -- For Funds other than the Money Market Funds, a redemption fee of 2% of the value of the shares sold will be imposed on shares redeemed within seven days or less after the date of purchase (60 days or less for Strategic Income Fund) unless the redemption is excluded under the Funds' Redemption Fee Policy. For financial statement purposes, these amounts are included in the Statements of Changes in Net Assets as "Change in Net Assets from Capital Transactions". Fees for the Funds during the year ended March 31, 2006 and the six months ended September 30, 2006, were as follows (in thousands): 171 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Year Ended Six Months Ended Fund 03/31/06($) 09/30/06($) ---- ----------- ---------------- Core Bond Fund (see Note 8)................................. -- -- Florida Tax-Exempt Bond Fund................................ -- -- Georgia Tax-Exempt Bond Fund................................ -- -- High Income Fund............................................ -- -- Intermediate Bond Fund...................................... -- -- Investment Grade Bond Fund.................................. -- -- Investment Grade Tax-Exempt Bond Fund....................... -- 1 Limited-Term Federal Mortgage Securities Fund............... 1 1 Maryland Municipal Bond Fund................................ -- -- North Carolina Tax-Exempt Bond Fund......................... -- -- Seix Floating Rate High Income Fund......................... -- -- Seix High Yield Fund........................................ 2 -- Short-Term Bond Fund........................................ -- -- Short-Term U.S. Treasury Securities Fund.................... -- -- Strategic Income Fund....................................... -- 1 U.S. Government Securities Fund............................. 1 1 Virginia Intermediate Municipal Bond Fund................... 1 1 Prime Quality Money Market Fund............................. -- -- Tax-Exempt Money Market Fund................................ -- -- U.S. Government Securities Money Market Fund................ -- -- U.S. Treasury Money Market Fund............................. -- -- Virginia Tax-Free Money Market Fund......................... -- --
Amounts designated as "--" are $0 or have been rounded to $0. New Accounting Pronouncements -- In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements." This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of September 30, 2006, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 4. Agreements and Other Transactions with Affiliates Investment Advisory Agreement -- The Trust and Trusco Capital Management, Inc. (the "Investment Adviser"), a wholly-owned subsidiary of SunTrust Banks, Inc., have entered into investment advisory agreements. Under the terms of the agreements, the Funds are charged annual advisory fees, which are computed daily and paid monthly based upon average daily net assets. Breakpoints are used in computing the overall annual advisory fee. The maximum annual advisory fee is charged on average daily net assets of each Fund (other than the Money Market Funds) up to $500 million. A discount of 5% applies on the next $500 million, and a discount of 10% applies on amounts over $1 billion. For the Money Market Funds, the maximum annual advisory fee is charged on average daily net assets of each Money Market Fund up to $1 billion, a discount of 5% applies on the next $1.5 billion, a discount of 10% applies on amounts over 172 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) $2.5 billion and a discount of 20% applies on amounts over $5 billion. Fee rates for the period April 1, 2006 through September 30, 2006 were as follows:
Maximum Overall Net Annual Annual Advisory Fees Annual Advisory Advisory Waived or Fees Fee(%) Fee(%) Reimbursed(%) Paid(%) -------- -------- ------------- ------- Core Bond Fund (see Note 8)................................. 0.25 0.25 -- 0.25 Florida Tax-Exempt Bond Fund................................ 0.57 0.55 -- 0.55 Georgia Tax-Exempt Bond Fund................................ 0.57 0.55 -- 0.55 High Income Fund............................................ 0.60 0.60 -- 0.60 High Quality Bond Fund...................................... 0.40 0.40 -- 0.40 Intermediate Bond Fund...................................... 0.25 0.25 -- 0.25 Investment Grade Bond Fund.................................. 0.58 0.50 -- 0.50 Investment Grade Tax-Exempt Bond Fund....................... 0.58 0.50 -- 0.50 Limited Duration Fund....................................... 0.10 0.10 -- 0.10 Limited-Term Federal Mortgage Securities Fund............... 0.54 0.50 -- 0.50 Maryland Municipal Bond Fund................................ 0.56 0.55 -- 0.55 North Carolina Tax-Exempt Bond Fund......................... 0.56 0.55 -- 0.55 Seix Floating Rate High Income Fund......................... 0.45 0.45 -- 0.45 Seix High Yield Fund........................................ 0.45 0.43 -- 0.43 Short-Term Bond Fund........................................ 0.47 0.40 -- 0.40 Short-Term U.S. Treasury Securities Fund.................... 0.45 0.40 -- 0.40 Strategic Income Fund....................................... 0.65 0.60 -- 0.60 U.S. Government Securities Fund............................. 0.58 0.50 -- 0.50 U.S. Government Securities Ultra-Short Bond Fund............ 0.20 0.20 -- 0.20 Ultra-Short Bond Fund....................................... 0.22 0.22 -- 0.22 Virginia Intermediate Municipal Bond Fund................... 0.58 0.55 -- 0.55 Prime Quality Money Market Fund............................. 0.50 0.50 -- 0.50 Tax-Exempt Money Market Fund................................ 0.44 0.44 -- 0.44 U.S. Government Securities Money Market Fund................ 0.55 0.55 -- 0.55 U.S. Treasury Money Market Fund............................. 0.54 0.54 -- 0.54 Virginia Tax-Free Money Market Fund......................... 0.40 0.40 -- 0.40
The Investment Adviser has contractually agreed, until at least August 1, 2007, to waive fees and/or reimburse each Fund to the extent necessary to maintain each Fund's Total Operating Expense, expressed as a percentage of average daily net assets, as noted below:
Total Operating Expense(%) --------------- North Carolina Tax-Exempt Bond Fund......................... I Shares 0.67 North Carolina Tax-Exempt Bond Fund......................... A Shares 0.82 North Carolina Tax-Exempt Bond Fund......................... C Shares 1.67 Seix Floating Rate High Income Fund......................... I Shares 0.55 Seix Floating Rate High Income Fund......................... A Shares 0.85 Virginia Intermediate Municipal Bond Fund................... I Shares 0.60 Virginia Intermediate Municipal Bond Fund................... A Shares 0.75 Virginia Intermediate Municipal Bond Fund................... C Shares 1.60
The Investment Adviser may retain the difference between the Total Operating Expense identified above and the actual total expenses to recapture any of its prior waivers or reimbursements until August 1, 2008. Such repayments shall be made monthly, but only to the extent that such repayments would not 173 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) cause the annualized total expense ratio to exceed the Total Operating Expense in place at that time. As of September 30, 2006, there were no repayments available to be made to the Investment Adviser. During the period ended September 30, 2006, the Investment Adviser also voluntarily waived fees in certain Funds in order to maintain a more competitive expense ratio for shareholders. These voluntary waivers will not be recouped by the Investment Adviser in subsequent years. Administration, Fund Accounting and Transfer Agency Agreement -- The Trust and STI Classic Variable Trust are parties to a Master Services Agreement with BISYS Fund Services Ohio, Inc. (the "Administrator"), under which the Administrator provides administrative, fund accounting, transfer agent and shareholder services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.0275% up to $25 billion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion plus an additional class fee of $2,593 per class annually, applicable to each additional class of shares over 145 classes of shares. The Master Services Agreement provides for the Administrator to pay certain insurance premiums for the Trust and STI Classic Variable Trust, including $300,000 toward the premium for Directors and Officers Liability/Errors and Omissions insurance coverage, and $25,000 toward the premium for Fidelity Bond coverage. The Administrator has agreed, under the terms of the Master Services Agreement, to pay certain legal expenses for the benefit of the Trust and STI Classic Variable Trust relating to administrative service matters. The Master Services Agreement further provides for the Administrator to waive a portion of its fees for the benefit of shareholders. Such payments and fee waivers are expected to total approximately $400,000 to $650,000 annually, and will not be recouped by the Administrator in subsequent years. Distribution Agreement -- The Trust and BISYS Fund Services Limited Partnership (the "Distributor") are parties to a Distribution Services Agreement. The Distributor will receive no fees for its distribution services under the agreement for the I Shares of any Fund. With respect to the A Shares and C Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of C Shares) a Distribution and Service Plan, based upon average daily net assets of each respective class, which are computed daily and paid monthly. These fees, expressed as a percentage of average daily net assets, for the period April 1, 2006 through September 30, 2006 are as follows:
Board Approved Board Approved and Charged and Charged A Share C Share Distribution Distribution Fee(%) and Service Fee(%) -------------- ------------------ Core Bond Fund (see Note 8)................................. 0.25 1.00 Florida Tax-Exempt Bond Fund................................ 0.15 1.00 Georgia Tax-Exempt Bond Fund................................ 0.15 1.00 High Income Fund............................................ 0.30 1.00 Intermediate Bond Fund...................................... 0.25 1.00 Investment Grade Bond Fund.................................. 0.30 1.00 Investment Grade Tax-Exempt Bond Fund....................... 0.30 1.00 Limited-Term Federal Mortgage Securities Fund............... 0.20 1.00 Maryland Municipal Bond Fund................................ 0.15 1.00 North Carolina Tax-Exempt Bond Fund......................... 0.15 1.00 Seix Floating Rate High Income.............................. 0.30 N/A Seix High Yield Fund........................................ 0.25 1.00 Short-Term Bond Fund........................................ 0.20 1.00 Short-Term U.S. Treasury Securities Fund.................... 0.18 1.00 Strategic Income Fund....................................... 0.30 1.00 U.S. Government Securities Fund............................. 0.30 1.00
174 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Board Approved Board Approved and Charged and Charged A Share C Share Distribution Distribution Fee(%) and Service Fee(%) -------------- ------------------ Virginia Intermediate Municipal Bond Fund................... 0.15 1.00 Prime Quality Money Market Fund............................. 0.15 0.25 Tax-Exempt Money Market Fund................................ 0.15 N/A U.S. Government Securities Money Market Fund................ 0.15 N/A U.S. Treasury Money Market Fund............................. 0.15 N/A Virginia Tax-Free Money Market Fund......................... 0.15 N/A
Custodian Agreements -- SunTrust Bank acts as Custodian for the Funds except for the Strategic Income Fund, which has appointed Brown Brothers Harriman & Co. as Custodian. The Funds pay custody fees on the basis of net assets and transaction costs of the Funds. Other -- Certain officers of the Trust are also officers of the Investment Adviser, the Administrator and/or the Distributor. Such officers receive no fees from the Trust for serving as officers of the Trust. Each of the trustees receives an annual retainer fee and an additional fee for each meeting attended. Trustees receive an additional fee for attendance at committee meetings. The fees during the period were as follows:
Chairman($) Trustee($) ----------- ---------- Annual Retainer............................................. 50,000 40,000 Regular Meeting Fee......................................... 7,500 6,000 Special Meeting Fee......................................... 3,750 3,000 Committee Meeting Fee....................................... 4,500 2,500
Trustees are also reimbursed for certain expenses incurred. The Investment Adviser provides services to the Trust and the STI Classic Variable Trust to ensure compliance with applicable laws and regulations. In addition, the Investment Adviser has designated a dedicated compliance staff and an employee to serve as Chief Compliance Officer. The Investment Adviser receives an annual fee totaling $475,000 for these services. In addition, the Administrator provides an employee and staff to assist the Chief Compliance Officer for the Trust, including providing certain related services, and receives an annual fee of $150,000 for providing these services. The fees above are allocated across the assets of the Trust and the STI Classic Variable Trust. For the period ended September 30, 2006, the total related amounts paid by the Trust were $580,003. The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc., which is a registered broker-dealer and a direct non-bank subsidiary of SunTrust Banks, Inc., to act as an agent in placing repurchase agreements for the Trust. For the period ended September 30, 2006, the following Funds paid SunTrust Robinson Humphrey, through a reduction in the yield earned by the Funds on those repurchase agreements, the following amounts (in thousands):
Fees($) ------- Core Bond Fund (see Note 8)................................. 6 High Income Fund............................................ 1 Intermediate Bond Fund...................................... -- Investment Grade Bond Fund.................................. 2 Investment Grade Tax-Exempt Bond Fund....................... -- Limited Duration Fund....................................... 1 Limited-Term Federal Mortgage Securities Fund............... 3 Seix Floating Rate High Income Fund......................... 11 Seix High Yield Fund........................................ 6 U.S. Government Securities Fund............................. 4 Prime Quality Money Market Fund............................. 26
175 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Fees($) ------- U.S. Government Securities Money Market Fund................ 57 U.S. Treasury Money Market Fund............................. 315
Amounts designated as "--" are $0 or have been rounded to $0. 5. Risks The prices of the Funds' fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Funds' fixed income securities will decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk. The High Income, Seix High Yield and Strategic Income Funds invest in high yield corporate, government, and other debt instruments of U.S. and non-U.S. issuers. High yield securities involve greater risk of default or downgrade and are more volatile than investment grade securities. The Core Bond (see Note 8), Intermediate Bond, Investment Grade Bond and Strategic Income Funds invest in securities of foreign issuers in various countries. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is a possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries. Emerging market countries are countries that the World Bank or the United Nations considers to be emerging or developing. Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers, including governments, in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of interest rate fluctuation and price volatility associated with the Fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. The Florida Tax-Exempt Bond, Georgia Tax-Exempt Bond, Maryland Municipal Bond, North Carolina Tax-Exempt Bond, Virginia Intermediate Municipal Bond, and Virginia Tax-Free Money Market Funds' concentrations of investments in securities of issuers located in a specific region subjects each Fund to the economic and government policies of that region. The Core Bond (see Note 8), High Quality Bond, Intermediate Bond, Investment Grade Bond, Limited Duration, Limited-Term Federal Mortgage Securities, Short-Term Bond, U.S. Government Securities, U.S. Government Securities Ultra-Short Bond and Ultra-Short Bond Funds invest in securities whose value is derived from an underlying pool of mortgages or consumer loans. Prepayment of these loans shortens the stated maturity of these respective obligations and may result in a loss of premium, if any has been paid. Estimates of such prepayments are used to calculate expected maturity dates and a Fund's average duration. The Money Market Funds invest primarily in money market instruments maturing in 397 days or less whose ratings are within one of the two highest ratings categories assigned by a nationally recognized statistical rating organization, or, if not rated, are believed to be of comparable quality. The ability of the issuers of the securities held by the Funds to meet their obligations may be affected by economic developments in a specific industry, state or region. Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions or financial guaranty assurance agencies' credit quality should deteriorate, it could cause the individual security's credit quality to change. Additionally, if any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases. The Funds hold certain securities the issuer of which operates under a congressional charter. These securities (Federal Home Loan Mortgage Corporation, Federal Home Loan Bank and Federal National Mortgage 176 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) Association) are neither issued nor guaranteed by the U.S. Government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer's line of credit), would require congressional action. 6. Investment Transactions The cost of purchases and the proceeds from sales and maturities of securities, excluding short-term investments and U.S. Government securities, for the period ended September 30, 2006, were as follows (in thousands):
Sales and Purchases($) Maturities($) ------------ ------------- Core Bond Fund (see Note 8)................................. 86,476 23,928 Florida Tax-Exempt Bond Fund................................ 46,082 48,830 Georgia Tax-Exempt Bond Fund................................ 49,506 37,011 High Income Fund............................................ 96,508 102,052 High Quality Bond Fund...................................... 4,272 5,400 Intermediate Bond Fund...................................... 8,330 3,918 Investment Grade Bond Fund.................................. 56,275 54,449 Investment Grade Tax-Exempt Bond Fund....................... 359,006 313,439 Limited Duration Fund....................................... 33,544 11,910 Maryland Municipal Bond Fund................................ 11,733 19,089 North Carolina Tax-Exempt Bond Fund......................... 23,823 18,969 Seix Floating Rate High Income Fund......................... 433,155 134,786 Seix High Yield Fund........................................ 693,884 563,375 Short-Term Bond Fund........................................ 60,239 54,466 Strategic Income Fund....................................... 138,183 223,982 U.S. Government Securities Ultra-Short Bond Fund............ 135 2,898 Ultra-Short Bond Fund....................................... 35,325 123,922 Virginia Intermediate Municipal Bond Fund................... 52,022 57,536
The cost of purchases and proceeds from sales and maturities of long-term U.S. Government securities for the period ended September 30, 2006, were as follows (in thousands):
Sales and Purchases($) Maturities($) ------------ ------------- Core Bond Fund (see Note 8)................................. 769,402 751,371 High Quality Bond Fund...................................... 30,852 36,712 Intermediate Bond Fund...................................... 67,844 70,919 Investment Grade Bond Fund.................................. 471,501 550,422 Limited Duration Fund....................................... -- 803 Limited-Term Federal Mortgage Securities Fund............... 170,166 128,615 Seix High Yield Fund........................................ -- 41,426 Short-Term Bond Fund........................................ 208,828 88,558 Short-Term U.S. Treasury Securities Fund.................... 46,304 51,475 Strategic Income Fund....................................... 218,748 270,775 U.S. Government Securities Fund............................. 426,228 249,420 U.S. Government Securities Ultra-Short Bond Fund............ 16,054 19,063 Ultra-Short Bond Fund....................................... 69,208 109,024
7. Federal Tax Policies and Information It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue 177 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with each applicable country's tax rules and rates. The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ for GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (i.e. foreign currency transactions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. At September 30, 2006, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were different from amounts reported for financial reporting purposes. These differences were generally due to losses on wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for securities held by the Funds at September 30, 2006 are presented on each Fund's Schedule of Portfolio Investments. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending March 31, 2007. The tax character of distributions paid to shareholders during the year ended March 31, 2006 was as follows (in thousands):
Distributions paid from --------------------------------- Net Investment Net Long Term Total Taxable Tax-Exempt Total Distributions Fund Income($) Capital Gains($) Distributions($) Distributions($) Paid($)* - ---- -------------- ---------------- ---------------- ---------------- ------------------- Core Bond Fund (see Note 8)....... 15,441 89 15,530 -- 15,530 Florida Tax-Exempt Bond Fund...... 21 850 871 5,574 6,445 Georgia Tax-Exempt Bond Fund...... -- 127 127 3,970 4,097 High Income Fund.................. 8,484 1,954 10,438 -- 10,438 High Quality Bond Fund............ 1,937 -- 1,937 -- 1,937 Intermediate Bond Fund............ 2,522 101 2,623 -- 2,623 Investment Grade Bond Fund........ 22,428 -- 22,428 -- 22,428 Investment Grade Tax-Exempt Bond Fund............................ 205 2,161 2,366 8,459 10,825 Limited Duration Fund............. 2,224 1 2,225 -- 2,225 Limited-Term Federal Mortgage Securities Fund................. 15,899 -- 15,899 -- 15,899 Maryland Municipal Bond Fund...... 18 348 366 1,460 1,826 North Carolina Tax-Exempt Bond Fund............................ 4 -- 4 1,205 1,209 Seix Floating Rate High Income Fund............................ 5 -- 5 -- 5 Seix High Yield Fund.............. 89,393 8,360 97,753 -- 97,753 Short-Term Bond Fund.............. 9,805 -- 9,805 -- 9,805 Short-Term U.S. Treasury Securities Fund................. 2,357 -- 2,357 -- 2,357 Strategic Income Fund............. 15,838 2,250 18,088 -- 18,088 U.S. Government Securities Fund... 13,540 -- 13,540 -- 13,540 U.S. Government Securities Ultra-Short Bond Fund........... 2,019 -- 2,019 -- 2,019 Ultra-Short Bond Fund............. 7,484 -- 7,484 -- 7,484 Virginia Intermediate Municipal Bond Fund....................... -- 1,180 1,180 5,997 7,177
178 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Distributions paid from --------------------------------- Net Investment Net Long Term Total Taxable Tax-Exempt Total Distributions Fund Income($) Capital Gains($) Distributions($) Distributions($) Paid($)* - ---- -------------- ---------------- ---------------- ---------------- ------------------- Prime Quality Money Market Fund... 171,636 -- 171,636 -- 171,636 Tax-Exempt Money Market Fund...... -- 75 75 34,712 34,787 U.S. Government Securities Money Market Fund..................... 20,612 -- 20,612 -- 20,612 U.S. Treasury Money Market Fund... 40,814 -- 40,814 -- 40,814 Virginia Tax-Free Money Market Fund............................ 79 24 103 10,216 10,319
- --------------- * Total distributions paid differ from the Statements of Changes in Net Assets because for tax purposes, dividends are recognized when paid. Amounts designated as "--" are $0 or have been rounded to $0. The tax character of distributions paid to shareholders during the period ended March 31, 2005 was as follows (in thousands):
Distributions paid from --------------------------------- Net Investment Net Long Term Total Taxable Tax-Exempt Total Distributions Fund Income($) Capital Gains($) Distributions($) Distributions($) Paid($)* - ---- -------------- ---------------- ---------------- ---------------- ------------------- Core Bond Fund (see Note 8)....... 1,857 267 2,124 -- 2,124 Florida Tax-Exempt Bond Fund...... 183 1,935 2,118 4,221 6,339 Georgia Tax-Exempt Bond Fund...... -- 2,446 2,446 2,857 5,303 High Income Fund.................. 7,686 3,222 10,908 -- 10,908 High Quality Bond Fund............ 2,841 -- 2,841 -- 2,841 Intermediate Bond Fund............ 556 328 884 -- 884 Investment Grade Bond Fund........ 16,165 -- 16,165 -- 16,165 Investment Grade Tax-Exempt Bond Fund............................ 2,491 1,716 4,207 5,012 9,219 Limited Duration Fund............. 821 3 824 -- 824 Limited-Term Federal Mortgage Securities Fund................. 15,039 -- 15,039 -- 15,039 Maryland Municipal Bond Fund...... -- 385 385 1,244 1,629 North Carolina Tax-Exempt Bond Fund............................ 144 -- 144 953 1,097 Seix High Yield Fund.............. 49,190 7,880 57,070 -- 57,070 Short-Term Bond Fund.............. 6,112 -- 6,112 -- 6,112 Short-Term U.S. Treasury Securities Fund................. 2,056 897 2,953 -- 2,953 Strategic Income Fund............. 8,663 1,163 9,826 -- 9,826 U.S. Government Securities Fund... 9,498 -- 9,498 -- 9,498 U.S. Government Securities Ultra-Short Bond Fund........... 1,660 -- 1,660 -- 1,660 Ultra-Short Bond Fund............. 3,559 -- 3,559 -- 3,559 Virginia Intermediate Municipal Bond Fund....................... -- 1,613 1,613 5,139 6,752 Prime Quality Money Market Fund... 47,933 -- 47,933 -- 47,933 Tax-Exempt Money Market Fund...... 221 210 431 10,358 10,789 U.S. Government Securities Money Market Fund..................... 7,574 -- 7,574 -- 7,574 U.S. Treasury Money Market Fund... 11,628 -- 11,628 -- 11,628 Virginia Tax-Free Money Market Fund............................ 77 69 146 2,457 2,603
- --------------- * Total distributions paid differ from the Statements of Changes in Net Assets because for tax purposes, dividends are recognized when paid. Amounts designated as "--" are $0 or have been rounded to $0. 179 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) As of March 31, 2006 the components of accumulated earnings (deficit) on a tax basis were as follows (in thousands):
Undistributed Undistributed Undistributed Accumulated Tax Exempt Ordinary Long Term Accumulated Distributions Capital and Income($) Income($) Capital Gains($) Earnings($) Payable($) Other Losses($)** ------------- ------------- ---------------- ----------- ------------- ----------------- Core Bond Fund (see Note 8).......................... -- 1,971 -- 1,971 (1,932) (4,259) Florida Tax-Exempt Bond Fund........................ 481 -- 130 611 (492) -- Georgia Tax-Exempt Bond Fund........................ 537 -- 110 647 (399) -- High Income Fund............. -- 464 -- 464 (430) (1,839) High Quality Bond Fund....... -- 250 -- 250 (184) (1,386) Intermediate Bond Fund....... -- 327 -- 327 (301) (596) Investment Grade Bond Fund... -- 2,238 -- 2,238 (2,037) (7,224) Investment Grade Tax-Exempt Bond Fund................... 699 483 -- 1,182 (861) -- Limited Duration Fund........ -- 189 9 198 (188) (5) Limited-Term Federal Mortgage Securities Fund............. -- 1,546 -- 1,546 (1,420) (15,189) Maryland Municipal Bond Fund........................ 84 36 65 185 (128) -- North Carolina Tax-Exempt Bond Fund................... 52 -- -- 52 (116) (173) Seix Floating Rate High Income Fund................. -- 456 456 (434) (23) Seix High Yield Fund......... -- 6,757 -- 6,757 (6,701) (10,101) Short-Term Bond Fund......... -- 1,054 -- 1,054 (984) (9,991) Short-Term U.S. Treasury Securities Fund............. -- 208 -- 208 (208) (1,628) Strategic Income Fund........ -- 1,551 -- 1,551 (1,065) (9,618) U.S. Government Securities Fund........................ -- 1,614 -- 1,614 (1,282) (5,881) U.S. Government Ultra-Short Bond Fund................... -- 172 -- 172 (153) (1,245) Ultra-Short Bond Fund........ -- 1,161 -- 1,161 (893) (1,904) Virginia Intermediate Municipal Bond Fund......... 477 -- -- 477 (512) (123) Prime Quality Money Market Fund........................ -- 23,693 88 23,781 (23,767) -- Tax-Exempt Money Market Fund........................ 4,115 24 5 4,144 (4,115) -- U.S. Government Securities Money Market Fund........... -- 2,249 -- 2,249 (2,249) -- U.S. Treasury Money Market Fund........................ -- 5,298 -- 5,298 (5,237) (209) Virginia Tax-Free Money Market Fund................. 1,120 4 -- 1,124 (1,115) -- Unrealized Appreciation Total Accumulated (Depreciation)($)*** Earnings (Deficit)($) -------------------- --------------------- Core Bond Fund (see Note 8).......................... (9,756) (13,976) Florida Tax-Exempt Bond Fund........................ 526 645 Georgia Tax-Exempt Bond Fund........................ 2,473 2,721 High Income Fund............. 872 (933) High Quality Bond Fund....... (1,090) (2,410) Intermediate Bond Fund....... (1,565) (2,135) Investment Grade Bond Fund... (11,230) (18,253) Investment Grade Tax-Exempt Bond Fund................... (210) 111 Limited Duration Fund........ (13) (8) Limited-Term Federal Mortgage Securities Fund............. (6,296) (21,359) Maryland Municipal Bond Fund........................ 549 606 North Carolina Tax-Exempt Bond Fund................... (65) (302) Seix Floating Rate High Income Fund................. (329) (330) Seix High Yield Fund......... (9,748) (19,793) Short-Term Bond Fund......... (4,413) (14,334) Short-Term U.S. Treasury Securities Fund............. (1,218) (2,846) Strategic Income Fund........ (1,658) (10,790) U.S. Government Securities Fund........................ (6,692) (12,241) U.S. Government Ultra-Short Bond Fund................... (233) (1,459) Ultra-Short Bond Fund........ (1,050) (2,686) Virginia Intermediate Municipal Bond Fund......... 1,554 1,396 Prime Quality Money Market Fund........................ -- 14 Tax-Exempt Money Market Fund........................ -- 29 U.S. Government Securities Money Market Fund........... -- -- U.S. Treasury Money Market Fund........................ (2) (150) Virginia Tax-Free Money Market Fund................. -- 9
- --------------- ** As of the latest tax year end of March 31, 2006, the following Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations (in thousands). To the extent that these carryovers are used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders. 180 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Expires ----------------------------------------------- 2009($) 2011($) 2012($) 2013($) 2014($) ------- ------- ------- ------- ------- High Quality Bond Fund...................................... -- -- -- 951 -- Intermediate Bond Fund...................................... -- -- -- -- 86 Investment Grade Bond Fund.................................. 7,224 -- -- -- -- Limited-Term Federal Mortgage Securities Fund............... -- -- 5,162 3,272 5,209 North Carolina Tax-Exempt Bond Fund......................... -- -- -- -- 170 Seix High Yield Fund........................................ -- -- -- -- 5,154 Short-Term Bond Fund........................................ 352 9,216 22 354 47 Short-Term U.S. Treasury Securities Fund.................... -- -- -- 246 907 U.S. Government Securities Fund............................. -- -- 2,698 508 251 U.S. Government Ultra-Short Bond Fund....................... -- -- 518 393 272 Ultra-Short Bond Fund....................................... -- -- 588 548 573 U.S. Treasury Money Market Fund............................. -- -- -- 165 42
As of March 31, 2006, the Short-Term Bond Fund has additional capital loss carryforwards, subject to any applicable limitations on availability, to offset future gains, if any, as the successor of a merger with the Classic Institutional Short-Term Bond Fund. These amounts are $22 and $353 expiring in 2012 and 2013, respectively, in thousands. During the year ended March 31, 2006, the Core Bond Fund, Florida Tax-Exempt Bond Fund, High Quality Bond Fund, Intermediate Bond Fund, Investment Grade Bond Fund, Limited Duration Fund, Limited-Term Federal Mortgage Securities Fund, North Carolina Tax-Exempt Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund, U.S. Government Securities Fund, U.S. Government Securities Ultra-Short Bond Fund, Ultra-Short Bond Fund, Prime Quality Money Market Fund and U.S. Treasury Money Market Fund utilized $269, $1, $19, $86, $6,129, $8, $5,209, $170, $19, $5,154, $47, $907, $251, $272, $573, $17 and $42 in capital loss carryforwards, respectively, in thousands. Net Capital losses incurred after October 31, and within the taxable year, are deemed to arise on the first business day of the Funds' next taxable year. The Core Bond Fund, High Income Fund, High Quality Bond Fund, Intermediate Bond Fund, Limited Duration Fund, Limited-Term Federal Mortgage Securities Fund, North Carolina Tax-Exempt Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund, Short-Term U.S. Treasury Securities Fund, Strategic Income Fund, U.S. Government Securities Fund, U.S. Government Securities Ultra-Short Bond Fund, Ultra-Short Bond Fund, Virginia Intermediate Municipal Bond Fund and U.S. Treasury Money Market Fund have incurred and will elect to defer $4,259, $1,839, $435, $510, $5, $1,546, $3, $23, $4,947, $475, $9,618, $628, $62, $195, $123 and $2, respectively, in thousands, in capital losses. *** The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to: tax deferral of losses on wash sales, the difference between book and tax amortization methods for premium and market discount, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies, and the return of capital adjustments from real estate investment trusts. Amounts designated as "--" are either $0 or have been rounded to $0. On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions will "more-likely-than-not" be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has not completed their analysis on whether the adoption of FIN 48 will have an impact to the financial statements. 8. Subsequent Events On October 1, 2006, following the reorganization on September 29, 2006 as described in Note 2, the Core Bond Fund was renamed the Total Return Bond Fund. On October 16, 2006, following shareholder approval at a meeting held on October 13, 2006, the Florida Tax-Exempt Bond Fund was renamed the High Grade Municipal Bond Fund and also revised its investment policies and objectives. At the meeting on November 14, 2006, the Board voted to remove the Redemption Fee Policy from the Funds. This change was effective on November 20, 2006. 181 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS STI CLASSIC FUNDS September 30, 2006 (Unaudited) Information pertaining to the trustees of the Trust is set forth below. Trustees who are not deemed to be "interested persons" of the Trust as defined in the 1940 Act are referred to as "Independent Trustees." Trustees who are deemed to be "interested persons" of the Trust are referred to as "Interested Trustees." Messrs. Courts and Ridley are trustees who may be deemed to be "interested persons" of the Trust. - --------------------------------------------------------------------------------
NUMBER OF PORTFOLIOS IN TERM OF THE STI OTHER POSITION(S) OFFICE AND PRINCIPAL FUND COMPLEX DIRECTORSHIPS NAME, ADDRESS, HELD WITH LENGTH OF OCCUPATION(S) OVERSEEN BY HELD BY DATE OF BIRTH THE GROUP TIME SERVED DURING THE PAST 5 YEARS TRUSTEE TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ INTERESTED TRUSTEES*: Richard W. Courts, II Trustee Indefinite; Chairman, Atlantic Investment 59 Genuine Parts Company; 3435 Stelzer Road since November Company Piedmont Medical Center; Columbus, OH 43219 2001 SunTrust Bank DOB 01/18/36 - ------------------------------------------------------------------------------------------------------------------------------------ Clarence H. Ridley Trustee Indefinite; Chairman, Haverty Furniture 59 Crawford & Co. 3435 Stelzer Road since November Companies; Partner, King and Columbus, OH 43219 2001 Spaulding LLP (law firm) (1977 DOB 06/03/42 to 2000) - ------------------------------------------------------------------------------------------------------------------------------------ INDEPENDENT TRUSTEES: Thomas Gallagher Trustee Indefinite; President, CEO, Genuine Parts 59 Genuine Parts Company; 3435 Stelzer Road since May 2000 Company Oxford Industries, Inc. Columbus, OH 43219 DOB 11/25/47 - ------------------------------------------------------------------------------------------------------------------------------------ F. Wendell Gooch Trustee Indefinite; Retired 59 SEI Family of Funds 3435 Stelzer Road since May 1992 Columbus, OH 43219 DOB 12/03/32 - ------------------------------------------------------------------------------------------------------------------------------------ Sidney E. Harris Trustee Indefinite; Professor (since 2004) and Dean 59 ServiceMaster Company; Total 3435 Stelzer Road since November (1997-2004), J. Mack Robinson System Services, Inc.; Columbus, OH 43219 2004 College of Business, Georgia Transamerica Investors, Inc. DOB 07/21/49 State University (13 mutual funds) - ------------------------------------------------------------------------------------------------------------------------------------ Warren Y. Jobe Trustee Indefinite; Retired. EVP, Georgia Power 59 WellPoint, Inc.; UniSource 3435 Stelzer Road since November Company and SVP, Southern Energy Corp.; HomeBanc Corp. Columbus, OH 43219 2004 Company (1998-2001) DOB 11/12/40 - ------------------------------------------------------------------------------------------------------------------------------------ Connie D. McDaniel Trustee Indefinite; Vice President and Controller, 59 None 3435 Stelzer Road since May 2005 The Coca-Cola Company Columbus, OH 43219 DOB 04/10/58 - ------------------------------------------------------------------------------------------------------------------------------------ James O. Robbins Trustee Indefinite; Retired. President, CEO, Cox 59 Cox Communications; Humana, 3435 Stelzer Road since May 2000 Communications, Inc. Inc. Columbus, OH 43219 (1985-2005) DOB 07/04/42 - ------------------------------------------------------------------------------------------------------------------------------------ Charles D. Winslow Trustee Indefinite; Retired. Formerly Partner, 59 None 3435 Stelzer Road since November Accenture (consulting) Columbus, OH 43219 2004 DOB 07/13/35 - ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Courts may be deemed an Interested Trustee because of his directorships with affiliates of the Investment Adviser. Mr. Ridley may be deemed an Interested Trustee because of a material business relationship with the parent of the Investment Adviser. 182 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
TERM OF OFFICE AND NAME, ADDRESS POSITION(S) LENGTH OF PRINCIPAL OCCUPATION(S) AND DATE OF BIRTH HELD WITH TRUST TIME SERVED DURING THE PAST 5 YEARS - -------------------------------------------------------------------------------------------------------------------------------- OFFICERS: R. Jeffrey Young President and One-year; since July Senior Vice President, Relationship Management, BISYS 3435 Stelzer Road Chief Executive 2004 Fund Services (since 2002); Vice President, Client Columbus, OH 43219 Officer Services, BISYS Fund Services; (1997-2002) DOB 08/22/64 - -------------------------------------------------------------------------------------------------------------------------------- Deborah A. Lamb Executive Vice One-year; since Chief Compliance Officer, Managing Director, Trusco 50 Hurt Plaza President; September 2004; since Capital Management, Inc. (since 2003); President, Suite 1400 Assistant November 2003; since Investment Industry Consultants, LLC (2000-2003); Atlanta, GA 30303 Secretary; Chief August 2004 Director of Compliance, INVESCO, Inc. (1995-2000) DOB 10/02/52 Compliance Officer (respectively) - -------------------------------------------------------------------------------------------------------------------------------- Joel B. Engle Treasurer, Chief One-year; since May Director, Fund Administration, BISYS Fund Services since 3435 Stelzer Road Financial Officer 2006 February 2006; Small business owner/operator (retail) Columbus, OH 43219 (2003- 2006); Vice President, Fund Administration, BISYS DOB 10/31/65 Fund Services (1998-2003) - -------------------------------------------------------------------------------------------------------------------------------- Cynthia J. Surprise Secretary and One-year; since Senior Counsel, Legal Services, BISYS Fund Services 3435 Stelzer Road Chief Legal February 2005 (since 2004); Director and Counsel, Investors Bank & Columbus, OH 43219 Officer Trust Company (1999-2004) DOB 07/08/46 - -------------------------------------------------------------------------------------------------------------------------------- Alaina V. Metz Assistant One-year; since July Vice President, Blue Sky Compliance, BISYS Fund Services 3435 Stelzer Road Secretary 2004 (since 2002); Chief Administrative Officer, Blue Sky Columbus, OH 43219 Compliance, BISYS Fund Services (1995-2002) DOB 04/07/67 - -------------------------------------------------------------------------------------------------------------------------------- Jennifer A. English Assistant One-year; since Assistant Counsel, Legal Services, BISYS Fund Services 3435 Stelzer Road Secretary November 2005 (since 2005); Assistant Counsel, PFPC, Inc. (2002-2005); Columbus, OH 43219 Associate Legal Product Manager, Fidelity Investments DOB 03/05/72 (2001) - --------------------------------------------------------------------------------------------------------------------------------
The Trust's Statement of Additional Information includes additional information about the Trust's trustees and officers. To request your free copy of the Statement of Additional Information, call toll free 1-888-STI-FUND. 183 ADDITIONAL INFORMATION STI CLASSIC FUNDS September 30, 2006 (Unaudited) ANNUAL APPROVAL OF INVESTMENT ADVISORY AGREEMENTS The continuance of the Trust's investment advisory agreements with Trusco Capital Management, Inc. (the "Adviser") must be specifically approved at least annually by (i) the vote of the Trustees or by a vote of the shareholders of the Funds and (ii) the vote of a majority of the Trustees who are not parties to the agreements or "interested persons" of any party thereto (the "Independent Trustees"), as defined in the Investment Company Act 1940, as amended, cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board of Trustees calls and holds a meeting to decide whether to renew the Trust's agreements for the upcoming year. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser. The Trustees use this information, as well as other information that the Adviser and other service providers may submit to the Board, to help them decide whether to renew the agreements for another year. In considering the renewal of the agreements this year, the Board requested and received material from the Adviser in preparation for a special meeting of the Board held on April 24, 2006, and requested and reviewed additional material from the Adviser in preparation for its quarterly meeting held on May 9, 2006, at which it specifically considered the renewal of the agreements. Such material included, among other things, information about: (a) the quality of the Adviser's investment management and other services; (b) the Adviser's investment management personnel; (c) the Adviser's operations and financial condition; (d) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that the Adviser charges the Funds compared with the fees it charges to comparable mutual funds or accounts; (f) the Funds' overall fees and operating expenses compared with similar mutual funds; (g) the level of the Adviser's profitability from its Fund-related operations; (h) the Adviser's compliance systems; (i) the Adviser's policies and procedures for personal securities transactions; (j) the Adviser's reputation, expertise and resources in domestic financial markets; and (k) the Funds' performance compared with similar mutual funds. The Board also received a memorandum from Fund counsel regarding the responsibilities of Trustees in connection with their consideration of advisory agreements. At both meetings, representatives from the Adviser presented additional oral and written information to the Board to help the Board evaluate the Adviser's fees and other aspects of the agreements. The Board also considered information presented by the Adviser and other service providers at meetings throughout the year. The Trustees discussed the written materials, oral presentations, and any other information that the Board received, and considered the approval of the agreements in light of this information. Based on the Board's deliberations and evaluation of the information it received, the Board, including the Independent Trustees, approved the agreements and the selection of the Adviser and determined that the compensation under the agreements is fair and reasonable in light of the services to be performed. The Board considered the following specific factors, none of which was controlling, and made the following conclusions: NATURE, EXTENT, AND QUALITY OF SERVICES The Board received and considered information regarding the nature, extent, and quality of services to be provided to the Funds by the Adviser. In this regard, the Trustees evaluated, among other things, the Adviser's personnel, experience, track record, and compliance program. The Board considered the background and experience of the Adviser's senior management and the expertise of, and amount of attention expected to be given to the Funds by, its portfolio management teams. The Board reviewed the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser's organizational structure, senior management, investment operations, and other relevant information. The Board concluded that, within the context of its full deliberations, the nature, extent, and quality of the services to be provided to the Funds by the Adviser supported the approval of the agreements. 184 ADDITIONAL INFORMATION (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) PERFORMANCE The Board considered the investment performance of each Fund, including any periods of outperformance and underperformance, both on an absolute basis and a comparative basis to indices and other funds within the same investment categories. Specifically, the Board considered each Fund's performance relative to its peer group and appropriate benchmarks in light of total return, yield, and market trends. As part of this review, the Board considered the composition of the peer group and selection criteria, as well as market risk and shareholder risk expectations. The Board considered the Adviser's explanations regarding specific performance issues. The Board concluded that, within the context of its full deliberations, the performance of the Funds and the Adviser supported the approval of the agreements. FUND EXPENSES With respect to advisory fees, the Board considered the rate of compensation under the agreements and each Fund's net operating expense ratio in comparison to those of comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund's peer group. Finally, the Trustees considered the effect of the Adviser's waiver and reimbursement of fees and expenses, where applicable, to prevent total expenses from exceeding a specified amount and that due to these waivers and reimbursements net operating expenses have been maintained at competitive levels. The Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval of the agreements. PROFITABILITY The Board reviewed information about the profitability of the Funds to the Adviser and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Funds and in comparison to other advisory firms. The Board concluded that, within the context of its full deliberations, the profitability of the Adviser is within the range the Board considered reasonable. ECONOMIES OF SCALE The Board considered the existence of economies of scale and whether they were passed along to Fund shareholders through a graduated advisory fee schedule or other means, including any fee and expense waivers and reimbursements by the Adviser. The Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale. 185 ADDITIONAL INFORMATION (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) EXPENSE EXAMPLES As a Fund shareholder, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other fund expenses. These examples are intended to help you understand your ongoing costs(in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that separate account and contract expenses, fees, and charges are not reflected. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2006 through September 30, 2006. Actual Expenses The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** 04/01/06 09/30/06 04/01/06-09/30/06 04/01/06-09/30/06 ------------- ------------- ----------------- ----------------- Core Bond Fund(a)................. I Shares $1,000.00 $1,032.10 $1.53 0.30% A Shares 1,000.00 1,029.90 2.75 0.54 C Shares 1,000.00 1,027.00 6.55 1.29 Florida Tax-Exempt Bond Fund...... I Shares 1,000.00 1,032.00 3.06 0.60 A Shares 1,000.00 1,031.30 3.82 0.75 C Shares 1,000.00 1,026.80 8.13 1.60 Georgia Tax-Exempt Bond Fund...... I Shares 1,000.00 1,031.30 3.06 0.60 A Shares 1,000.00 1,030.50 3.82 0.75 C Shares 1,000.00 1,026.10 8.13 1.60 High Income Fund.................. I Shares 1,000.00 1,049.00 3.60 0.70 A Shares 1,000.00 1,047.40 5.13 1.00 C Shares 1,000.00 1,045.30 8.72 1.70 High Quality Bond Fund............ I Shares 1,000.00 1,031.90 2.29 0.45 Intermediate Bond Fund............ I Shares 1,000.00 1,030.40 1.53 0.30 A Shares 1,000.00 1,029.00 2.90 0.57 C Shares 1,000.00 1,025.30 6.60 1.30 Investment Grade Bond Fund........ I Shares 1,000.00 1,030.60 2.80 0.55 A Shares 1,000.00 1,029.10 4.32 0.85 C Shares 1,000.00 1,026.40 7.87 1.55 Investment Grade Tax-Exempt Bond Fund............................ I Shares 1,000.00 1,029.60 2.80 0.55 A Shares 1,000.00 1,028.00 4.32 0.85 C Shares 1,000.00 1,025.40 7.87 1.55 Limited Duration Fund............. I Shares 1,000.00 1,024.60 0.71 0.14 Limited-Term Federal Mortgage Securities Fund................. I Shares 1,000.00 1,026.80 2.79 0.55 A Shares 1,000.00 1,024.70 3.81 0.75 C Shares 1,000.00 1,020.60 7.85 1.55 Maryland Municipal Bond Fund...... I Shares 1,000.00 1,032.20 3.16 0.62 A Shares 1,000.00 1,031.40 3.97 0.78 C Shares 1,000.00 1,027.00 8.23 1.62 North Carolina Tax-Exempt Bond Fund............................ I Shares 1,000.00 1,032.00 3.06 0.60 A Shares 1,000.00 1,031.30 3.82 0.75 C Shares 1,000.00 1,026.90 8.13 1.60 Seix Floating Rate High Income Fund............................ I Shares 1,000.00 1,023.50 2.64 0.52 A Shares(b) 1,000.00 1,023.30 3.28 0.81
186 ADDITIONAL INFORMATION (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** 04/01/06 09/30/06 04/01/06-09/30/06 04/01/06-09/30/06 ------------- ------------- ----------------- ----------------- Seix High Yield Fund.............. I Shares $1,000.00 $1,026.70 $2.44 0.48% A Shares 1,000.00 1,027.00 3.76 0.74 C Shares 1,000.00 1,021.60 7.50 1.48 Short-Term Bond Fund.............. I Shares 1,000.00 1,026.80 2.29 0.45 A Shares 1,000.00 1,026.80 3.30 0.65 C Shares 1,000.00 1,021.70 7.35 1.45 Short-Term U.S. Treasury Securities Fund................. I Shares 1,000.00 1,023.60 2.38 0.47 A Shares 1,000.00 1,022.70 3.30 0.65 C Shares 1,000.00 1,018.60 7.44 1.47 Strategic Income Fund............. I Shares 1,000.00 1,033.70 3.57 0.70 A Shares 1,000.00 1,032.00 5.14 1.01 C Shares 1,000.00 1,027.50 8.69 1.71 U.S. Government Securities Fund... I Shares 1,000.00 1,032.20 2.80 0.55 A Shares 1,000.00 1,030.70 4.33 0.85 C Shares 1,000.00 1,027.10 7.88 1.55 U.S. Government Securities Ultra-Short Bond Fund........... I Shares 1,000.00 1,027.00 1.58 0.31 Ultra-Short Bond Fund............. I Shares 1,000.00 1,027.40 1.42 0.28 Virginia Intermediate Municipal Bond Fund....................... I Shares 1,000.00 1,031.10 3.00 0.59 A Shares 1,000.00 1,030.30 3.77 0.74 C Shares 1,000.00 1,026.00 8.28 1.63 Prime Quality Money Market Fund... I Shares 1,000.00 1,023.40 2.69 0.53 A Shares 1,000.00 1,022.60 3.45 0.68 C Shares 1,000.00 1,022.10 3.95 0.78 Tax-Exempt Money Market Fund...... I Shares 1,000.00 1,015.50 2.43 0.48 A Shares 1,000.00 1,014.80 3.18 0.63 U.S. Government Securities Money Market Fund..................... I Shares 1,000.00 1,022.20 2.99 0.59 A Shares 1,000.00 1,021.40 3.75 0.74 U.S. Treasury Money Market Fund... I Shares 1,000.00 1,022.20 2.94 0.58 A Shares 1,000.00 1,021.40 3.70 0.73 Virginia Tax-Free Money Market Fund............................ I Shares 1,000.00 1,015.40 2.22 0.44 A Shares 1,000.00 1,014.70 2.98 0.59
- --------------- * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. (a) Renamed Total Return Bond Fund effective October 1, 2006. (b) Information shown reflects values for the period from May 8, 2006 (commencement of operations) to September 30, 2006 and has been calculated using expense ratios and rates of return for the same period. Hypothetical Example The table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not 187 ADDITIONAL INFORMATION (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** 04/01/06 9/30/06 04/01/06-09/30/06 04/01/06-09/30/06 ------------- ------------- ----------------- ----------------- Core Bond Fund(a)................. I Shares $1,000.00 $1,023.56 $1.52 0.30% A Shares 1,000.00 1,022.36 2.74 0.54 C Shares 1,000.00 1,018.60 6.53 1.29 Florida Tax-Exempt Bond Fund...... I Shares 1,000.00 1,022.06 3.04 0.60 A Shares 1,000.00 1,021.31 3.80 0.75 C Shares 1,000.00 1,017.05 8.09 1.60 Georgia Tax-Exempt Bond Fund...... I Shares 1,000.00 1,022.06 3.04 0.60 A Shares 1,000.00 1,021.31 3.80 0.75 C Shares 1,000.00 1,017.05 8.09 1.60 High Income Fund.................. I Shares 1,000.00 1,021.56 3.55 0.70 A Shares 1,000.00 1,020.05 5.06 1.00 C Shares 1,000.00 1,016.55 8.59 1.70 High Quality Bond Fund............ I Shares 1,000.00 1,022.21 2.89 0.45 Intermediate Bond Fund............ I Shares 1,000.00 1,023.56 1.52 0.30 A Shares 1,000.00 1,022.21 2.89 0.57 C Shares 1,000.00 1,018.55 6.58 1.30 Investment Grade Bond Fund........ I Shares 1,000.00 1,022.31 2.79 0.55 A Shares 1,000.00 1,020.81 4.31 0.85 C Shares 1,000.00 1,017.30 7.84 1.55 Investment Grade Tax-Exempt Bond Fund............................ I Shares 1,000.00 1,022.31 2.79 0.55 A Shares 1,000.00 1,020.81 4.31 0.85 C Shares 1,000.00 1,017.30 7.84 1.55 Limited Duration Fund............. I Shares 1,000.00 1,024.37 0.71 0.14 Limited-Term Federal Mortgage Securities Fund................. I Shares 1,000.00 1,022.31 2.79 0.55 A Shares 1,000.00 1,021.31 3.80 0.75 C Shares 1,000.00 1,017.30 7.84 1.55 Maryland Municipal Bond Fund...... I Shares 1,000.00 1,021.96 3.14 0.62 A Shares 1,000.00 1,021.16 3.95 0.78 C Shares 1,000.00 1,016.95 8.19 1.62 North Carolina Tax-Exempt Bond Fund............................ I Shares 1,000.00 1,022.06 3.04 0.60 A Shares 1,000.00 1,021.31 3.80 0.75 C Shares 1,000.00 1,017.05 8.09 1.60 Seix Floating Rate High Income Fund............................ I Shares 1,000.00 1,022.46 2.64 0.52 A Shares(b) 1,000.00 1,021.01 3.27 0.81 Seix High Yield Fund.............. I Shares 1,000.00 1,022.66 2.43 0.48 A Shares 1,000.00 1,021.36 3.75 0.74 C Shares 1,000.00 1,017.65 7.49 1.48 Short-Term Bond Fund.............. I Shares 1,000.00 1,022.81 2.28 0.45 A Shares 1,000.00 1,021.81 3.29 0.65 C Shares 1,000.00 1,017.80 7.33 1.45 Short-Term U.S. Treasury Securities Fund................. I Shares 1,000.00 1,022.71 2.38 0.47 A Shares 1,000.00 1,021.81 3.29 0.65 C Shares 1,000.00 1,017.70 7.44 1.47 Strategic Income Fund............. I Shares 1,000.00 1,021.56 3.55 0.70 A Shares 1,000.00 1,020.00 5.11 1.01 C Shares 1,000.00 1,016.50 8.64 1.71 U.S. Government Securities Fund... I Shares 1,000.00 1,022.31 2.79 0.55 A Shares 1,000.00 1,020.81 4.31 0.85 C Shares 1,000.00 1,017.30 7.84 1.55
188 ADDITIONAL INFORMATION (concluded) STI CLASSIC FUNDS September 30, 2006 (Unaudited)
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** 04/01/06 9/30/06 04/01/06-09/30/06 04/01/06-09/30/06 ------------- ------------- ----------------- ----------------- U.S. Government Securities Ultra-Short Bond Fund........... I Shares $1,000.00 $1,023.51 $1.57 0.31% Ultra-Short Bond Fund............. I Shares 1,000.00 1,023.66 1.42 0.28 Virginia Intermediate Municipal Bond Fund....................... I Shares 1,000.00 1,022.11 2.99 0.59 A Shares 1,000.00 1,021.36 3.75 0.74 C Shares 1,000.00 1,016.90 8.24 1.63 Prime Quality Money Market Fund... I Shares 1,000.00 1,022.41 2.69 0.53 A Shares 1,000.00 1,021.66 3.45 0.68 C Shares 1,000.00 1,021.16 3.95 0.78 Tax-Exempt Money Market Fund...... I Shares 1,000.00 1,022.66 2.43 0.48 A Shares 1,000.00 1,021.91 3.19 0.63 U.S. Government Securities Money Market Fund..................... I Shares 1,000.00 1,022.11 2.99 0.59 A Shares 1,000.00 1,021.36 3.75 0.74 U.S. Treasury Money Market Fund... I Shares 1,000.00 1,022.16 2.94 0.58 A Shares 1,000.00 1,021.41 3.70 0.73 Virginia Tax-Free Money Market Fund............................ I Shares 1,000.00 1,022.86 2.23 0.44 A Shares 1,000.00 1,022.11 2.99 0.59
- --------------- * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. (a) Renamed Total Return Bond Fund effective October 1, 2006. (b) Information shown reflects values for the period from May 8, 2006 (commencement of operations) to September 30, 2006 and has been calculated using expense ratios and rates of return for the same period. PROXY VOTING Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-888-STI-FUND. The information also is included in the Funds' Statement of Additional Information, which is available on the Funds' website at www.sticlassicfunds.com and on the Securities and Exchange Commission's website at www.sec.gov. Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the Funds' website at www.sticlassicfunds.com and on the Securities and Exchange Commission's website at www.sec.gov. PORTFOLIO HOLDINGS INFORMATION The Funds file a complete list of their portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the Securities and Exchange Commission's website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the Securities and Exchange Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 1-800-SEC-0330. 189 (This page intentionally left blank) (This page intentionally left blank) INVESTMENT ADVISER: Trusco Capital Management, Inc. This information must be preceded or accompanied by a current prospectus for each Fund described. An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about STI Classic Funds can be found in the Fund's prospectus. For additional information, please call 1-888-STI-FUND, or visit www.sticlassicfunds.com. Please read the prospectus carefully before investing. DISTRIBUTOR: BISYS Fund Services Limited Partnership NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE STI Classic Funds STI-SABMM-0906 11/06 2006 SEMI-ANNUAL REPORT - -------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUNDS September 30, 2006 [STI CLASSIC FUNDS LOGO] TABLE OF CONTENTS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS September 30, 2006 Letter to Shareholders ................................. 1 Industry Allocation .................................... 3 Schedules of Portfolio Investments ..................... 4 Statements of Assets and Liabilities ................... 16 Statements of Operations ............................... 17 Statements of Changes in Net Assets .................... 18 Financial Highlights ................................... 19 Notes to Financial Statements .......................... 21 Trustees and Officers of the STI Classic Funds ......... 27 Additional Information ................................. 29
LETTER TO SHAREHOLDERS - -------------------------------------------------------------------------------- September 30, 2006 Dear Valued STI Classic Funds Shareholder, The third quarter began as something of a struggle, but finished on a positive note as the markets happily received encouraging news from both the Federal Reserve and the energy markets. By the close on September 30, the S&P 500 gained 5.7% on a total return basis, and the Lehman Aggregate Bond Index added 3.8%. As the quarter began, economic momentum was fading following the post-Katrina rebound in the first quarter, but some of the headwinds that helped to slow growth in the spring continued to build. In particular, the Federal Reserve continued raising short-term interest rates, and oil prices reached nominal record highs above $76 per barrel. However, midway through the quarter, these two sources of restraint changed course; the Federal Reserve announced that they would leave interest rates unchanged, and oil prices fell sharply. The shift in the Fed's policy was attributed to its forecast of slower economic growth easing future inflation pressures, while the drop in energy prices was linked to a reversal in global supply disruption fears and elevated inventories. While stable short-term rates and falling energy prices are generally positive for equities, performance among sectors was uneven during the quarter. The strongest sectors in the S&P 500 were Health Care and Telecom, followed by Technology, Financials, and Utilities. The weakest sector was, not surprisingly, Energy, while Materials and Industrials also posted negative returns. This eclectic performance mix ultimately fell in favor of the Value style. Equity performance was also concentrated in the higher quality, Large-Cap stocks over Mid-Caps and Small-Caps. The Russell Mid-Cap(R) Index rose 2.1% for the quarter, while the Russell 2000(R) Small-Cap Index gained just 0.4%, following an extended period of outperformance. International stocks improved in the third quarter, but the 4.0% rise in the MSCI EAFE International Index trailed the S&P 500. The change in market direction in the middle of the quarter and the unusual pattern of sector relative performance tended to work against most equity managers in the third period. Still, all of our investment disciplines stayed true to their quality-oriented, bottom-up selection process, which has helped our clients earn strong relative returns over market cycles. Bonds, not surprisingly, also benefited from the pause in Fed tightening and lower inflation pressures. The yield on the 10-year Treasury note fell over half a percent (51 basis points-0.51%) to close at 4.63% at the end of the quarter. All major sectors in the fixed-income market improved, but the reduced pressures tended to benefit Corporate, High Yield, and long-maturity bonds most. Mortgage bonds also performed well after adjusting for their shorter maturity. The outlook for the markets is more encouraging now that Fed policy is "neutral" and energy prices are well off their record high, but other concerns remain. We expect the pace of economic growth to remain below average for the remainder of this year and into the first half of 2007, which should slow corporate profits growth. Moreover, the continued inverted yield has a strong record of predicting a slower growth trajectory. This type of environment tends to weed out companies with weaker balance sheets and ineffective operating models, just as it did in the third quarter. 1 - -------------------------------------------------------------------------------- Our investment disciplines, both in equity and fixed-income, concentrate on higher quality, financially strong companies which have been well suited to weather periods of economic transition. Thus we remain reasonably sanguine regarding the outlook for financial assets given the prospect of some moderation in recent inflationary pressures. We close this letter with a note of thanks to you, our valued client. We appreciate the continued confidence you have placed in us, and you can rest assured that we work each day to earn that confidence. Sincerely, /s/ DAVID H. EIDSON /s/ ROBERT J. RHODES David H. Eidson Robert J. Rhodes, CFA Chairman and CEO Executive Vice President 2 INDUSTRY ALLOCATION - -------------------------------------------------------------------------------- STI CLASSIC FUNDS September 30, 2006 Percentages are based on market value (Unaudited)
CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND Certificates of Deposit 10.0% Commercial Papers 33.9% Corporate Bonds 47.3% Master Notes 3.1% Municipal Bonds 3.7% Repurchase Agreements 2.0%
CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES MONEY MARKET FUND U.S. Government Agencies 54.2% Repurchase Agreements 45.8%
CLASSIC INSTITUTIONAL MUNICIPAL CASH RESERVE MONEY MARKET FUND Municipal Bonds 98.0% Money Market Funds 2.0%
CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND U.S. Treasury Obligations 3.1% Repurchase Agreements 96.9%
Portfolio composition is subject to change. 3 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND
- --------------------------------------------------------- Principal Amount($) Value($) - --------------------------------------------------------- CERTIFICATES OF DEPOSIT (9.9%) BANKS (9.9%) Calyon NY, 5.295%, 02/02/07 (b) 50,000 50,000 Canadian Imperial Bank NY, 5.300%, 01/29/07 (b) 75,000 75,000 PNC Bank NA, 4.790%, 01/24/07 35,000 35,001 Royal Bank of Scotland NY, 4.765%, 01/24/07 55,000 55,001 Toronto Dominion Bank (The), 4.720%, 12/29/06 75,000 75,000 Wells Fargo Bank NA, 5.300%, 01/19/07 (b) 50,000 50,000 ---------- Total Certificates of Deposit (Cost $340,002) 340,002 ---------- COMMERCIAL PAPERS (33.7%) BANKS (9.4%) Australia & New Zealand National Ltd., 5.321%, 05/15/07 (c) (d) 50,000 48,415 Australia & New Zealand National Ltd., 5.465%, 07/11/07 (c) (d) 12,000 11,509 Australia & New Zealand National Ltd., 5.272%, 09/27/07 (c) (d) 35,000 33,266 DEPFA Bank PLC, 5.350%, 12/05/06 (c) 50,000 49,530 DEPFA Bank PLC, 5.348%, 09/18/07 (c) 50,000 47,519 HBOS Treasury Services PLC, 5.395%, 08/27/07 (d) 50,000 50,002 HSBC USA, Inc., 5.379%, 03/01/07 (c) (d) 35,000 34,229 Societe Generale, 5.433%, 05/01/07 (c) 50,000 48,463 ---------- 322,933 ---------- DIVERSIFIED FINANCIAL SERVICES (24.3%) Bear Stearns & Co., Inc., 5.455%, 04/05/07 (b) 35,000 35,000 Bear Stearns & Co., Inc., 5.445%, 06/12/07 (b) 50,000 50,000 Beethoven Funding Corp., 5.302%, 10/25/06 (c) (d) 50,000 49,824 Beethoven Funding Corp., 5.525%, 11/01/06 (c) (d) 50,000 49,772
- --------------------------------------------------------- Principal Amount($) Value($) - --------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Chesham Finance LLC, 5.300%, 01/12/07 (b) (d) 50,000 49,996 Chesham Finance LLC, 5.310%, 08/02/07 (b) (d) 35,000 34,991 Cimarron Ltd., 5.347%, 12/14/06 (c) (d) 13,543 13,396 Cimarron Ltd., 5.347%, 10/02/06 (c) (d) 50,000 49,993 Cimarron Ltd., 5.347%, 11/02/06 (c) (d) 45,000 44,787 CIT Group, Inc., 5.452%, 12/04/06 (c) (d) 15,000 14,857 Credit Suisse First Boston USA, Inc., 5.610%, 04/13/07 (c) (d) 25,000 24,275 Cullinan Finance Corp., 5.460%, 10/04/06 (c) (d) 50,000 49,978 Danske Corp., 4.736%, 12/29/06 (c) (d) 50,000 49,441 Davis Square Funding Ltd., 5.462%, 10/27/06 (c) 25,000 24,903 Davis Square Funding Ltd., 5.387%, 11/02/06 (c) 30,000 29,858 Edison Asset Securitization LLC, 5.370%, 03/14/07 (c) (d) 32,000 31,238 ING (US) Funding LLC, 5.603%, 04/05/07 (c) 35,000 34,027 Klio III Funding Corp., 5.303%, 10/18/06 (c) (d) 50,000 49,875 Klio III Funding Corp., 5.543%, 12/15/06 (c) (d) 24,026 23,761 Merrill Lynch & Co., 5.374%, 05/15/07 (c) 35,000 33,860 Nestle Capital Corp., 5.471%, 08/01/07 (c) (d) 55,000 52,584 Tierra Alta Funding Ltd., 5.489%, 10/04/06 (c) 35,872 35,856 ---------- 832,272 ---------- Total Commercial Papers (Cost $1,155,205) 1,155,205 ---------- CORPORATE BONDS (47.0%) BANKS (9.0%) Barclays Bank PLC NY, 5.320%, 06/04/07 (b) 35,000 35,000 Marshall & Ilsley Bank, 5.176%, 12/15/06 100,000 100,075 National City Bank Cleveland, 5.295%, 01/22/07 (b) 50,000 50,000
See Notes to Financial Statements. 4 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND -- CONTINUED
- --------------------------------------------------------- Principal Amount($) Value($) - --------------------------------------------------------- BANKS--CONTINUED National City Bank Cleveland, 5.315%, 09/18/07 (b) 25,000 24,998 Nordea Bank Finland NY, 5.300%, 06/15/07 (b) 75,000 75,000 Wells Fargo Bank NA, 5.300%, 06/11/07 (b) 25,000 25,000 ---------- 310,073 ---------- DIVERSIFIED FINANCIAL SERVICES (34.6%) Atlas Capital Funding Corp., 5.350%, 07/16/07 (b) (d) 75,000 75,001 Atlas Capital Funding Corp., 5.340%, 09/10/07 (b) (d) 30,000 30,000 Beta Finance, Inc., 5.305%, 09/28/07 (b) (d) 30,000 29,997 Beta Finance, Inc., 4.510%, 10/20/06 (d) 30,000 30,000 Beta Finance, Inc., 5.308%, 01/11/07 (b) (d) 30,000 29,999 Beta Finance, Inc., 5.315%, 07/25/07 (b) (d) 35,000 34,997 CC USA, Inc., 5.135%, 03/20/07 (b) (d) 30,000 29,999 CC USA, Inc., 5.330%, 05/30/07 (d) 50,000 50,000 Cheyne Finance LLC, 5.317%, 03/26/07 (b) (d) 50,000 49,997 Cheyne Finance LLC, 5.323%, 05/15/07 (b) (d) 50,000 49,996 Five Finance, Inc., 5.310%, 05/25/07 (b) (d) 35,000 34,998 Five Finance, Inc., 5.315%, 05/31/07 (b) (d) 21,000 20,999 Five Finance, Inc., 5.310%, 08/15/07 (b) (d) 35,000 34,997 K2 (USA) LLC, 5.320%, 11/15/06 (b) (d) 50,000 49,999 K2 (USA) LLC, 5.310%, 01/11/07 (b) (d) 35,000 34,999 K2 (USA) LLC, 5.325%, 08/07/07 (b) (d) 30,000 30,000 Liberty Light US Capital, 5.320%, 01/12/07 (b) (d) 75,000 74,998 Liberty Light US Capital, 5.320%, 05/11/07 (b) (d) 40,000 40,000
- --------------------------------------------------------- Principal Amount($) Value($) - --------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Merrill Lynch & Co., Ser C, 5.295%, 05/14/07 (b) 50,000 50,000 Morgan Stanley, 5.390%, 11/02/07 (b) 25,000 25,000 Sigma Finance, Inc., 5.320%, 01/03/07 (b) (d) 35,000 35,000 Sigma Finance, Inc., 5.320%, 01/16/07 (b) (d) 50,000 50,000 Sigma Finance, Inc., 5.320%, 08/06/07 (b) (d) 25,000 24,999 Stanfield Victoria LLC, 5.330%, 01/08/07 (b) (d) 35,000 34,999 Stanfield Victoria LLC, 5.310%, 04/16/07 (b) (d) 30,000 29,999 Stanfield Victoria LLC, 5.325%, 08/20/07 (b) (d) 50,000 50,000 Toyota Motor Credit Corp., Ser B, 5.340%, 07/16/07 (b) 50,000 50,011 Whistlejacket Capital Ltd., 5.320%, 01/12/07 (b) (d) 50,000 49,998 Whistlejacket Capital Ltd., 5.320%, 01/17/07 (b) (d) 25,000 24,999 Whistlejacket Capital Ltd., 5.290%, 05/15/07 (b) (d) 30,000 29,998 ---------- 1,185,979 ---------- INVESTMENT COMPANIES (3.4%) Dorada Finance, Inc., 5.315%, 07/25/07 (b) (d) 30,000 29,998 Dorada Finance, Inc., 5.305%, 09/18/07 (b) (d) 35,000 34,997 Dorada Finance, Inc., 5.310%, 01/08/07 (b) (d) 50,000 49,998 ---------- 114,993 ---------- Total Corporate Bonds (Cost $1,611,045) 1,611,045 ---------- MASTER NOTE (3.1%) BANKS (3.1%) Bank of America Corp., 5.445% (b) (e) 108,000 108,000 ---------- Total Master Note (Cost $108,000) 108,000 ----------
See Notes to Financial Statements. 5 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND -- CONTINUED
- --------------------------------------------------------- Principal Amount($) Value($) - --------------------------------------------------------- MUNICIPAL BONDS (3.7%) COLORADO (2.6%) Colorado Housing & Finance Authority, RB, 5.390%, 11/01/32, LOC: JP Morgan Chase Bank (b) 26,440 26,440 Colorado Housing & Finance Authority, RB, 5.390%, 11/01/33, LOC: JP Morgan Chase Bank (b) 15,240 15,240 Colorado Housing & Finance Authority, RB, 5.390%, 10/01/34, FHLB (b) 19,300 19,300 Colorado Housing & Finance Authority, RB, 5.390%, 11/01/34, LOC: Dexia Credit Local (b) 21,510 21,510 Colorado Housing & Finance Authority, RB, 5.390%, 11/01/35, LOC: Lloyds TSB Bank PLC (b) 5,780 5,780 ---------- 88,270 ---------- ILLINOIS (0.3%) Wheaton College, University Improvements, Ser A, RB, 5.390%, 10/01/35, LOC: JP Morgan Chase Bank (b) 10,000 10,000 ---------- MISSISSIPPI (0.1%) Mississippi Development Bank Special Obligation, Mceda Board Project, RB, 5.380%, 12/01/23, AMBAC (b) 3,820 3,820 ---------- VIRGINIA (0.7%) Newport News Economic Development Authority, Ship Building Project, Ser A, RB, 5.430%, 07/01/31, LOC: First Union National Bank (b) 20,855 20,855 Newport News Economic Development Authority, Ship Building Project, Ser B, RB, 5.380%, 07/01/31, LOC: First Union National Bank (b) 4,200 4,200 ---------- 25,055 ---------- Total Municipal Bonds (Cost $127,145) 127,145 ----------
- --------------------------------------------------------- Principal Amount($) Value($) - --------------------------------------------------------- REPURCHASE AGREEMENTS (2.0%) ABN AMRO Bank N.V., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $9,986 (collateralized by U.S. Government Agencies; DN, due 05/01/07 - 07/07/28; market value $10,181) 9,981 9,981 Bear Stearns & Co., Inc., 5.285%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $5,428 (collateralized by U.S. Government Agencies; DN, due 07/01/36; market value $5,534) 5,426 5,426 BNP Paribas, 5.235%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $21,172 (collateralized by U.S. Government Agencies; DN - 10.350%, due 05/01/07 - 12/10/15; market value $21,586) 21,163 21,162 Lehman Brothers, Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $10,033 (collateralized by U.S. Government Agencies; 5.000%, due 07/01/20; market value $10,230) 10,028 10,028 Merrill Lynch & Co., Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $11,237 (collateralized by U.S. Government Agencies; 5.000% - 6.000%, due 08/15/33 - 03/15/34; market value $11,457) 11,232 11,232
See Notes to Financial Statements. 6 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND -- CONCLUDED
- --------------------------------------------------------- Principal Amount($) Value($) - --------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED UBS Warburg LLC, 5.275%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $10,519 (collateralized by U.S. Government Agencies; 5.500%, due 02/15/34; market value $10,730) 10,515 10,515 ---------- Total Repurchase Agreements (Cost $68,344) 68,344 ---------- Total Investments (Cost $3,409,741) (a) -- 99.4% 3,409,741 Other assets in excess of liabilities -- 0.6% 20,313 ---------- Net Assets -- 100.0% $3,430,054 ==========
- --------------- (a) Aggregate cost for federal income tax and financial reporting purposes is the same. (b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rate represents the effective yield at purchase. (d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e) Perpetual maturity. AMBAC -- Security insured by the American Municipal Bond Assurance Corporation DN -- Discount Note FHLB -- Security insured by Federal Home Loan Bank LLC -- Limited Liability Corporation LOC -- Line of Credit PLC -- Public Limited Company RB -- Revenue Bond Ser -- Series
See Notes to Financial Statements. 7 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL MUNICIPAL CASH RESERVE MONEY MARKET FUND
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- MUNICIPAL BONDS (97.7%) ALABAMA (0.9%) Alabama Special Care Facilities, Financing Authority Hospital, Depreciable Assets, RB, 3.690%, 04/01/15, FGIC (b) 600 600 Daphne-Villa, Mercy Alabama Special Care Facilities Financing Authority, Mercy Medical Project, RB, 3.750%, 12/01/30, LOC: Southtrust Bank N.A. (b) 100 100 ------- 700 ------- ALASKA (2.6%) Alaska State Housing Finance Corp., Housing Development, Ser D, RB, 3.670%, 06/01/37 (b) 2,000 2,000 ------- ARKANSAS (0.5%) Arkansas State Development Finance Authority, Solid Waste Disposal, Waste Management of Arkansas Project, RB, AMT, 3.750%, 06/01/28, LOC: Fleet National Bank (b) 350 350 ------- CALIFORNIA (3.2%) California State, Ser MT-162, GO, 3.150%, 08/01/17, Callable 08/01/15 @ 100, FSA (b) (c) 2,000 2,000 San Francisco City & County, Ser PT-3017, GO, 3.770%, 06/15/25, Callable 06/15/12 @ 102, MBIA (b) (c) 485 485 ------- 2,485 ------- CONNECTICUT (5.2%) Connecticut State Housing Finance Authority, Mortgage Finance Program, Ser F, 3.740%, 11/15/29, AMBAC (b) 4,000 4,000 -------
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- FLORIDA (20.2%) Collier County Housing Finance Authority, Brittany Apartments Project, Ser A, RB, AMT, 3.760%, 07/15/34, FNMA (b) 2,050 2,050 Florida Housing Finance Agency, Ashley Lake II Project, RB, AMT, 3.760%, 12/01/11, FHLMC (b) 250 250 Florida Housing Finance Agency, Multifamily Housing, RB, AMT, 3.760%, 12/01/25 (b) 355 355 Florida Housing Finance Corp., Ser MT-169, RB, 3.250%, 10/01/32, FHLB (c) 3,000 3,000 Lee County Transportation Facilities, Ser PT-2903, RB, 3.780%, 10/01/24, Callable 10/01/15 @ 100, CIFG (b) (c) 1,500 1,500 Marion County Hospital District, Health Systems Improvement, Munroe Regional Health, RB, 3.770%, 10/01/30, LOC: Amsouth Bank of Florida (b) 980 980 Orange County Housing Finance Authority, Multifamily Housing, Cove at Lady Lake Apartments, Ser A, RB, AMT, 3.760%, 05/15/38, LOC: Amsouth Bank (b) (c) 4,450 4,450 Orange County Housing Finance Authority, Multifamily Housing, Northbridge Phase II, Ser A, RB, AMT, 3.740%, 09/15/36, LOC: Southtrust Bank N.A. (b) 900 900 Tampa-Hillsborough County Expressway Authority, Trust Receipts K13, Ser D, RB, 3.780%, 07/01/23, AMBAC (b) (c) 2,000 2,000 ------- 15,485 -------
See Notes to Financial Statements. 8 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL MUNICIPAL CASH RESERVE MONEY MARKET FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- GEORGIA (7.8%) Atlanta Water & Wastewater, Ser PA-512, RB, 3.780%, 05/01/13, FGIC (b) (c) 3,000 3,000 Fulton County Development Authority, King's Ridge Christian School, RB, 3.780%, 05/01/26, LOC: Branch Banking & Trust (b) 3,000 3,000 ------- 6,000 ------- ILLINOIS (2.4%) Chicago, Single Family Mortgage, RB, AMT, 3.810%, 04/01/07, FNMA (b) (c) 320 320 Illinois Development Finance Authority, Lyric Opera Chicago Project, RB, 3.800%, 12/01/28 (b) 1,000 1,000 Illinois Finance Authority, Alexian Brothers Health, RB, 3.720%, 04/01/35, LOC: Bank One N.A. (b) 200 200 Illinois Health Facilities Authority, Decatur Memorial Hospital Project, Ser A, RB, 3.740%, 11/15/24, MBIA (b) 200 200 Metropolitan Pier & Exposition Authority, Dedicated State Tax, RB, 3.810%, 12/15/21, MBIA (b) (c) 100 100 ------- 1,820 ------- INDIANA (2.9%) Wayne Township, Marion County School Building Corp., RB, 3.780%, 07/15/26, LOC: Merrill Lynch Capital Services (b) (c) 2,200 2,200 ------- KENTUCKY (0.5%) Kentucky Economic Development Finance Authority, Hospital Facilities, Health Alliance, Ser C, RB, 3.740%, 01/01/22, MBIA (b) 400 400 -------
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- LOUISIANA (2.6%) Louisiana Housing Finance Agency, Multifamily Housing, Ser PT-3513, RB, AMT, 3.810%, 03/01/39, FNMA (b) (c) 2,000 2,000 ------- MARYLAND (6.5%) Maryland State Community Development, Administrative Department of Housing & Community Development, Ser PT-3492, RB, 3.780%, 07/01/23, FSA (b) (c) 2,000 2,000 Montgomery County, Housing Opportunities Commission, Oakfield Apartments, Issue I, RB, AMT, 3.760%, 10/15/39, FNMA (b) 3,000 3,000 ------- 5,000 ------- MICHIGAN (2.7%) Michigan State Housing Development Authority, Multifamily, RB, AMT, 3.760%, 06/01/18, LOC: Bank of New York (b) 100 100 Michigan State Housing Development Authority, Rental Housing, Ser A, RB, 3.760%, 04/01/40, FSA (b) 2,000 2,000 ------- 2,100 ------- NEW JERSEY (2.9%) Essex County Improvement Authority, Ser PA-648, RB, 3.770%, 10/01/20, FGIC (b) 2,250 2,250 ------- NEW YORK (18.0%) New York City Capital Resources Corp., Enhanced Assistance Program, RB, 3.690%, 01/01/26, LOC: Bank of America N.A. (b) 3,000 3,000 New York City Housing Development Corp., Multifamily, Manhattan Court Development, Ser A, RB, AMT, 3.760%, 06/01/36, LOC: Citibank N.A. (b) 100 100
See Notes to Financial Statements. 9 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL MUNICIPAL CASH RESERVE MONEY MARKET FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- NEW YORK--CONTINUED New York City Housing Development Corp., Multifamily, St Renaissance Court, Ser A, RB, AMT, 3.740%, 06/01/37, FHLMC (b) 2,000 2,000 New York City Transitional Finance Authority, NYC Recovery, Ser 3, Subser 3C, RB, 3.660%, 11/01/22, LOC: Dexia Credit Local (b) 1,000 1,000 New York Housing Finance Agency, Avalon Chrystie Place I Housing, RB, AMT, 3.750%, 11/01/36, LOC: Fleet National Bank (b) 300 300 New York State Dormitory Authority, Ser PT-746, RB, 3.400%, 10/01/17, Callable 10/01/12 @ 100, MBIA (b) (c) 3,500 3,500 New York, Ser PT-3171, GO, 3.770%, 09/01/22, Callable 09/01/15 @ 100, XCLA (b) (c) 3,980 3,980 ------- 13,880 ------- NORTH CAROLINA (1.3%) Raleigh, Downtown Improvement Projects, Ser B, COP, 3.730%, 02/01/34, LOC: Depha Bank PLC (b) 1,000 1,000 ------- OHIO (8.5%) Ohio State Environmental Improvement, Newark Group Industries, Inc. Project, RB, AMT, 3.750%, 12/01/26, LOC: JP Morgan Chase Bank (b) 3,500 3,500 Ross County Hospital, Facilities Improvements, Adena Project, RB, 3.800%, 12/01/35, CIFG (b) 3,000 3,000 ------- 6,500 ------- OTHER (1.3%) MuniMae Trust, Ser PT-616, RB, AMT, 3.820%, 12/17/06, FHLMC (b) (c) 1,005 1,005 -------
- -------------------------------------------------------- Shares or Principal Amount($) Value($) - -------------------------------------------------------- TEXAS (1.1%) Mesquite Industrial Development Corp., Championship Rodeo, RB, 3.800%, 12/01/10, LOC: Bank One Texas N.A. (b) 845 845 ------- VIRGINIA (6.6%) Farmville Industrial Development Authority, Educational Facilities, Longwood Student Housing, Ser A, RB, 3.730%, 09/01/36, LOC: Bank of America (b) 2,080 2,080 Norfolk Economic Development Authority, Hospital Facilities, Ser R-322, RB, 3.780%, 11/01/34, LOC: Citigroup Global Markets (b) (c) 3,000 3,000 ------- 5,080 ------- Total Municipal Bonds (Cost $75,100) 75,100 ------- MONEY MARKET (2.0%) Fidelity Tax Free Fund, 3.310% 1,560,160 1,560 ------- Total Money Market (Cost $1,560) 1,560 ------- Total Investments (Cost $76,660) (a) -- 99.7% 76,660 Other assets in excess of liabilities -- 0.3% 262 ------- Net Assets -- 100.0% $76,922 =======
- --------------- (a) Aggregate cost for federal income tax and financial reporting purposes is the same. (b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. See Notes to Financial Statements. 10 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL MUNICIPAL CASH RESERVE MONEY MARKET FUND -- CONCLUDED AMBAC -- Security insured by the American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax Paper COP -- Certificates of Participation CIFG -- Capitalized Interest Financial Guaranty FGIC -- Security insured by the Financial Guaranty Insurance Company FHLB -- Security insured by Federal Home Loan Bank FHLMC -- Security insured by Freddie Mac FNMA -- Security insured by Fannie Mae FSA -- Security insured by Financial Security Assurance GO -- General Obligation LOC -- Line of Credit MBIA -- Security insured by the Municipal Bond Insurance Association PLC -- Public Limited Company RB -- Revenue Bond Ser -- Series XLCA -- Security insured by XL Capital Assurance, Inc.
See Notes to Financial Statements. 11 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES MONEY MARKET FUND
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- U.S. GOVERNMENT AGENCIES (54.9%) FANNIE MAE (13.6%) 5.256%, 10/04/06 (c) 25,000 24,989 4.728%, 12/01/06 (c) 10,000 9,924 4.646%, 12/29/06 (c) 35,000 34,614 5.220%, 02/23/07 (c) 10,000 9,798 5.163%, 03/30/07 (c) 20,000 19,508 5.231%, 04/27/07 (c) 10,000 9,712 5.400%, 04/30/07 (c) 10,000 9,696 5.511%, 06/01/07 (c) 10,000 9,646 -------- 127,887 -------- FEDERAL FARM CREDIT BANK (13.2%) 5.260%, 12/28/06 (b) 20,000 20,000 5.250%, 01/22/07 (b) 74,800 74,800 5.250%, 06/06/07 (b) 30,000 30,003 -------- 124,803 -------- FEDERAL HOME LOAN BANK (17.2%) 4.990%, 11/16/06 (b) 15,000 15,000 5.250%, 01/08/07 (b) 10,000 10,000 5.402%, 01/10/07 (c) 10,000 9,852 5.250%, 02/02/07 10,700 10,700 5.085%, 02/08/07 (b) 15,000 15,000 5.085%, 02/15/07 (b) 30,000 30,001 5.230%, 03/21/07 (b) 20,000 20,001 5.240%, 04/23/07 (b) 10,000 9,999 5.240%, 04/25/07 (b) 10,000 10,000 5.240%, 06/27/07 (b) 13,700 13,699 5.555%, 08/15/07 5,500 5,504 5.400%, 10/26/07 12,400 12,400 -------- 162,156 -------- FREDDIE MAC (10.9%) 4.631%, 10/23/06 (c) 20,000 19,945 4.671%, 12/01/06 (c) 10,000 9,924 4.741%, 12/12/06 (c) 30,000 29,733 5.403%, 03/19/07 (c) 10,000 9,755 5.246%, 04/17/07 (c) 10,000 9,725 5.221%, 05/01/07 (c) 10,000 9,707 5.445%, 07/11/07 (c) 15,000 14,390 -------- 103,179 -------- Total U.S. Government Agencies (Cost $518,025) 518,025 --------
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- REPURCHASE AGREEMENTS (46.3%) ABN AMRO Bank N.V., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $71,253 (collateralized by U.S. Government Agencies; 5.000%, due 07/31/08; total market value $72,647) 71,222 71,222 BNP Paribas, 5.235%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $64,203 (collateralized by U.S. Government Agencies; 3.750% - 5.250%, due 04/15/07 - 02/17/15; total market value $65,459) 64,175 64,175 Lehman Brothers, Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $58,717 (collateralized by U.S. Government Agencies; 5.000%, due 07/01/20 - 07/01/35; total market value $59,862) 58,692 58,692 Merrill Lynch & Co., Inc., 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $28,359 (collateralized by U.S. Government Agencies; 5.000% - 6.000%, due 05/20/33 - 09/15/35; total market value $28,915) 28,347 28,347 Morgan Stanley, 5.255%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $86,538 (collateralized by U.S. Government Agencies; 5.000% - 6.000%, due 04/01/34 - 07/01/36; total market value $88,231) 86,500 86,500
See Notes to Financial Statements. 12 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES MONEY MARKET FUND -- CONCLUDED
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED UBS Warburg LLC, 5.275%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $128,203 (collateralized by U.S. Government Agencies; DN - 6.500%, due 01/25/14 - 07/25/42; total market value $130,710) 128,145 128,145 -------- Total Repurchase Agreements (Cost $437,081) 437,081 -------- Total Investments (Cost $955,106) (a) -- 101.2% 955,106 Liabilities in excess of other assets -- (1.2)% (11,406) -------- Net Assets -- 100.0% $943,700 ========
- --------------- (a) Aggregate cost for federal income tax and financial reporting purposes is the same. (b) Variable rate security. Rate presented represents rate in effect at September 30, 2006. Maturity date represents actual maturity date. (c) Rate represents the effective yield at purchase. DN -- Discount Note LLC -- Limited Liability Corporation
See Notes to Financial Statements. 13 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- U.S. TREASURY OBLIGATIONS (3.1%) U.S. TREASURY BILLS (2.3%) 5.177%, 01/04/07 (b) 23,276 22,972 5.030%, 02/15/07 (b) 31,000 30,435 5.177%, 03/15/07 (b) 20,000 19,549 ---------- 72,956 ---------- U.S. TREASURY NOTE (0.8%) 2.625%, 11/15/06 24,100 24,048 ---------- Total U.S. Treasury Obligations (Cost $97,004) 97,004 ---------- REPURCHASE AGREEMENTS (97.2%) ABN AMRO Bank N.V., 4.855%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $543,496 (collateralized by U.S. Treasury Obligations; 4.875% - 8.125%, due 07/31/08 - 08/15/21; total market value $554,142) 543,276 543,276 Bear Stearns & Co., Inc., 4.705%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $26,851 (collateralized by U.S. Treasury Obligations; 2.500% - 4.250%, due 10/31/06 - 11/15/14; total market value $30,263) 26,841 26,841 BNP Paribas, 4.805%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $503,803 (collateralized by U.S. Treasury Obligations; 1.875% - 2.000%, due 07/15/13 - 01/15/16; total market value $513,673) 503,601 503,601 Deutsche Bank AG, 4.855%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $75,181 (collateralized by U.S. Treasury Obligations; DN, due 11/02/06 - 05/15/26; total market value $76,654) 75,151 75,151
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Dresdner Bank AG, 4.955%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $159,800 (collateralized by U.S. Treasury Obligations; DN - 9.125%, due 10/05/06 - 02/15/31; total market value $162,930) 159,734 159,734 Greenwich Capital Markets, Inc., 4.905%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $415,310 (collateralized by U.S. Treasury Obligations; DN - 4.500%, due 02/15/08 - 11/15/10; total market value $423,444) 415,140 415,140 HSBC Securities, Inc., 5.055%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $406,531 (collateralized by U.S. Treasury Obligations; 3.375% - 6.125%, due 05/15/09 -11/15/27; total market value $414,487) 406,359 406,359 JPMorgan Chase & Co., 4.855%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $132,544 (collateralized by U.S. Treasury Obligations; 3.125% - 8.125%, due 09/15/08 - 05/15/30; total market value $135,145) 132,491 132,491 Lehman Brothers, Inc., 4.655%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $67,247 (collateralized by U.S. Treasury Obligations; DN - 6.375%, due 05/15/08 - 08/15/27; total market value $68,567) 67,221 67,221
See Notes to Financial Statements. 14 SCHEDULES OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands, except Shares) (Unaudited) CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND -- CONCLUDED
- -------------------------------------------------------- Principal Amount($) Value($) - -------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Merrill Lynch & Co., Inc., 4.905%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $77,480 (collateralized by U.S. Treasury Obligations; 4.125%, due 08/15/08; total market value $79,002) 77,449 77,449 Morgan Stanley, 4.855%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $138,862 (collateralized by U.S. Treasury Obligations; DN, due 11/15/12 - 05/15/13; total market value $141,583) 138,806 138,806 UBS Warburg LLC, 4.805%, dated 09/29/06, to be repurchased on 10/02/06, repurchase price $547,089 (collateralized by U.S. Treasury Obligations; 6.125% - 8.125%, due 08/15/19 - 11/15/27; total market value $557,809) 546,869 546,869 ---------- Total Repurchase Agreements (Cost $3,092,938) 3,092,938 ---------- Total Investments (Cost $3,189,942) (a) -- 100.3% 3,189,942 Liabilities in excess of other assets -- (0.3)% (10,329) ---------- Net Assets 100.0% $3,179,613 ==========
- --------------- (a) Aggregate cost for federal income tax purposes is $3,189,947 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): Unrealized Appreciation $ -- Unrealized Depreciation (5) ---- Unrealized Appreciation (Depreciation) $ (5) ====
(b) Rate represents the effective yield at purchase. DN -- Discount Note LLC -- Limited Liability Corporation
See Notes to Financial Statements. 15 STATEMENTS OF ASSETS AND LIABILITIES STI CLASSIC FUNDS September 30, 2006 (Amounts in thousands) (Unaudited)
Classic Institutional Classic Classic Classic Cash Institutional Institutional Institutional Management Municipal Cash U.S. Government U.S. Treasury Money Market Reserve Money Securities Money Securities Money Fund Market Fund Market Fund Market Fund ------------- -------------- ---------------- ---------------- Assets: Total Investments, at Cost............................ $3,409,741 $ 76,660 $955,106 $3,189,942 ========== ======== ======== ========== Total Investments, at Value........................... $3,341,397 $ 76,660 $518,025 $ 97,004 Repurchase Agreements, at Cost........................ 68,344 -- 437,081 3,092,938 ---------- -------- -------- ---------- Total Investments..................................... 3,409,741 76,660 955,106 3,189,942 ---------- -------- -------- ---------- Interest and Dividends Receivable..................... 28,962 500 3,327 12,009 Receivable for Capital Shares Issued.................. 6,671 -- 1,266 1,374 Receivable for Investment Securities Sold............. -- -- -- 31,071 Prepaid Expenses and Other Assets..................... 17 11 20 22 ---------- -------- -------- ---------- Total Assets........................................ 3,445,391 77,171 959,719 3,234,418 ---------- -------- -------- ---------- Liabilities: Income Distributions Payable.......................... 14,067 236 3,633 11,757 Payable for Investment Securities Purchased........... 689 -- 12,201 42,099 Investment Advisory Fees Payable...................... 339 11 109 349 Administration Fees Payable........................... 68 1 18 60 Compliance Services Fees Payable...................... 12 -- 3 12 Shareholder Service Fees.............................. -- -- -- 432 Custodian Fees Payable................................ 32 -- 10 30 Accrued Expenses...................................... 130 1 45 66 ---------- -------- -------- ---------- Total Liabilities................................... 15,337 249 16,019 54,805 ---------- -------- -------- ---------- Total Net Assets........................................ $3,430,054 $ 76,922 $943,700 $3,179,613 ========== ======== ======== ========== Net Assets Consist of: Capital............................................... $3,430,268 $ 76,924 $943,700 $3,179,816 Undistributed Net Investment Income................... 1 -- -- 75 Accumulated Net Realized Gains (Losses) on Investment Transactions........................................ (215) (2) -- (278) ---------- -------- -------- ---------- Total Net Assets........................................ $3,430,054 $ 76,922 $943,700 $3,179,613 ========== ======== ======== ========== NET ASSETS: Institutional Shares.................................. $3,430,054 $ 76,922 $943,700 $ 985,617 Corporate Trust Shares................................ N/A N/A N/A $2,193,996 SHARES OUTSTANDING (UNLIMITED NUMBER OF SHARES AUTHORIZED, NO PAR VALUE): Institutional Shares.................................. 3,430,268 76,924 943,700 985,639 Corporate Trust Shares................................ N/A N/A N/A 2,194,177 NET ASSET VALUE OFFERING AND REDEMPTION PRICE PER SHARE: Institutional Shares.................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 Corporate Trust Shares................................ N/A N/A N/A $ 1.00
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 16 STATEMENTS OF OPERATIONS STI CLASSIC FUNDS For the Period Ended September 30, 2006 (Amounts in thousands) (Unaudited)
Classic Institutional Classic Institutional Classic Institutional Cash Management Municipal Cash Reserve U.S. Government Securities Money Market Fund Money Market Fund Money Market Fund --------------------- ---------------------- -------------------------- Investment Income: Interest Income...................... $79,997 $1,850 $23,037 Dividend Income...................... -- 31 -- ------- ------ ------- Total Investment Income............ 79,997 1,881 23,037 ------- ------ ------- Expenses: Investment Advisory Fees............. 1,953 80 694 Administration Fees.................. 399 13 118 Shareholder Service Fees -- Corporate Trust Shares....................... -- -- -- Compliance Services Fees............. 28 1 8 Custodian Fees....................... 18 2 8 Professional Fees.................... 66 2 17 Insurance Fees....................... 8 -- 2 Registration Fees.................... (43) -- (17) Transfer Agent Fees.................. (3) -- (1) Printing Fees........................ 29 2 6 Trustees' Fees....................... 35 1 11 Other Fees........................... 10 6 (8) ------- ------ ------- Total Expenses..................... 2,500 107 838 Less: Administration Fees Waived... (2) -- (1) ------- ------ ------- Net Expenses....................... 2,498 107 837 ------- ------ ------- Net Investment Income.................. 77,499 1,774 22,200 ------- ------ ------- Net Realized Gain (Loss) on Investments: Net Realized Gain (Loss) on Investments Sold................... (26) (2) -- ------- ------ ------- Change in Net Assets from Operations... $77,473 $1,772 $22,200 ======= ====== ======= Classic Institutional U.S. Treasury Securities Money Market Fund ------------------------ Investment Income: Interest Income...................... $70,674 Dividend Income...................... -- ------- Total Investment Income............ 70,674 ------- Expenses: Investment Advisory Fees............. 2,052 Administration Fees.................. 362 Shareholder Service Fees -- Corporate Trust Shares....................... 2,587 Compliance Services Fees............. 26 Custodian Fees....................... 25 Professional Fees.................... 56 Insurance Fees....................... 7 Registration Fees.................... (32) Transfer Agent Fees.................. (4) Printing Fees........................ 23 Trustees' Fees....................... 32 Other Fees........................... 21 ------- Total Expenses..................... 5,155 Less: Administration Fees Waived... (2) ------- Net Expenses....................... 5,153 ------- Net Investment Income.................. 65,521 ------- Net Realized Gain (Loss) on Investments: Net Realized Gain (Loss) on Investments Sold................... -- ------- Change in Net Assets from Operations... $65,521 =======
Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 17 STATEMENTS OF CHANGES IN NET ASSETS STI CLASSIC FUNDS For the Periods Indicated (Amounts in thousands)
Classic Institutional Classic Institutional Classic Institutional Cash Management Municipal Cash Reserve U.S. Government Securities Money Market Fund Money Market Fund Money Market Fund -------------------------- ------------------------ --------------------------- 04/01/06- 04/01/05- 04/01/06- 08/02/05*- 04/01/06- 04/01/05- 09/30/06 03/31/06 09/30/06 03/31/06 09/30/06 03/31/06 ----------- ------------ ----------- ---------- ------------ ------------ (Unaudited) (Unaudited) (Unaudited) Operations: Net Investment Income........... $ 77,499 $ 107,489 $ 1,774 $ 1,515 $ 22,200 $ 31,805 Net Realized Gain (Loss) on Investments Sold.............. (26) (163) (2) -- -- -- ----------- ------------ --------- --------- ----------- ----------- Change in Net Assets from Operations.................... 77,473 107,326 1,772 1,515 22,200 31,805 ----------- ------------ --------- --------- ----------- ----------- Dividends and Distributions to Shareholders: Net Investment Income: Institutional Shares.......... (77,499) (107,488) (1,774) (1,515) (22,200) (31,805) Corporate Trust Shares........ ----------- ------------ --------- --------- ----------- ----------- Total Dividends and Distributions................. (77,499) (107,488) (1,774) (1,515) (22,200) (31,805) ----------- ------------ --------- --------- ----------- ----------- Capital Transactions: Institutional Shares Proceeds from Shares Issued... 6,418,722 10,474,192 415,807 449,804 1,544,679 3,737,790 Reinvestment of Cash Distributions............... 38,907 57,184 5 -- 7,597 12,924 Cost of Shares Redeemed....... (6,003,070) (10,147,220) (464,870) (323,822) (1,560,351) (3,693,592) ----------- ------------ --------- --------- ----------- ----------- Change in Net Assets from Institutional Shares.......... 454,559 384,156 (49,058) 125,982 (8,075) 57,122 ----------- ------------ --------- --------- ----------- ----------- Corporate Trust Shares Proceeds from Shares Issued... Cost of Shares Redeemed....... Change in Net Assets from Corporate Trust Shares........ Change in Net Assets from Capital Transactions........ 454,559 384,156 (49,058) 125,982 (8,075) 57,122 ----------- ------------ --------- --------- ----------- ----------- Change in Net Assets.............. 454,533 383,994 (49,060) 125,982 (8,075) 57,122 ----------- ------------ --------- --------- ----------- ----------- Net Assets: Beginning of Period........... 2,975,521 2,591,527 125,982 -- 951,775 894,653 ----------- ------------ --------- --------- ----------- ----------- End of Period................. $ 3,430,054 $ 2,975,521 $ 76,922 $ 125,982 $ 943,700 $ 951,775 =========== ============ ========= ========= =========== =========== Undistributed Net Investment Income, End of Period......... $ 1 $ 1 $ -- $ -- $ -- $ -- =========== ============ ========= ========= =========== =========== Share Transactions: Institutional Shares Issued........................ 6,418,722 10,474,192 415,807 449,804 1,544,679 3,737,790 Reinvested.................... 38,907 57,184 5 -- 7,597 12,924 Redeemed...................... (6,003,070) (10,147,220) (464,870) (323,822) (1,560,351) (3,693,592) ----------- ------------ --------- --------- ----------- ----------- Change in Institutional Shares........................ 454,559 384,156 (49,058) 125,982 (8,075) 57,122 ----------- ------------ --------- --------- ----------- ----------- Corporate Trust Shares Issued........................ Redeemed...................... Change in Corporate Trust Shares........................ Change in Shares.................. 454,559 384,156 (49,058) 125,982 (8,075) 57,122 =========== ============ ========= ========= =========== =========== Classic Institutional U.S. Treasury Securities Money Market Fund ------------------------- 04/01/06- 04/01/05- 09/30/06 03/31/06 ----------- ----------- (Unaudited) Operations: Net Investment Income........... $ 65,521 $ 88,517 Net Realized Gain (Loss) on Investments Sold.............. -- (37) ----------- ----------- Change in Net Assets from Operations.................... 65,521 88,480 ----------- ----------- Dividends and Distributions to Shareholders: Net Investment Income: Institutional Shares.......... (18,559) (26,758) Corporate Trust Shares........ (46,962) (61,759) ----------- ----------- Total Dividends and Distributions................. (65,521) (88,517) ----------- ----------- Capital Transactions: Institutional Shares Proceeds from Shares Issued... 2,227,080 5,829,775 Reinvestment of Cash Distributions............... 7,870 10,384 Cost of Shares Redeemed....... (2,151,110) (5,635,467) ----------- ----------- Change in Net Assets from Institutional Shares.......... 83,840 204,692 ----------- ----------- Corporate Trust Shares Proceeds from Shares Issued... 1,986,840 4,198,189 Cost of Shares Redeemed....... (1,861,306) (3,955,073) ----------- ----------- Change in Net Assets from Corporate Trust Shares........ 125,534 243,116 ----------- ----------- Change in Net Assets from Capital Transactions........ 209,374 447,808 ----------- ----------- Change in Net Assets.............. 209,374 447,771 ----------- ----------- Net Assets: Beginning of Period........... 2,970,239 2,522,468 ----------- ----------- End of Period................. $ 3,179,613 $ 2,970,239 =========== =========== Undistributed Net Investment Income, End of Period......... $ 75 $ 75 =========== =========== Share Transactions: Institutional Shares Issued........................ 2,227,080 5,829,775 Reinvested.................... 7,870 10,384 Redeemed...................... (2,151,110) (5,635,467) ----------- ----------- Change in Institutional Shares........................ 83,840 204,692 ----------- ----------- Corporate Trust Shares Issued........................ 1,986,840 4,198,189 Redeemed...................... (1,861,306) (3,955,073) ----------- ----------- Change in Corporate Trust Shares........................ 125,534 243,116 ----------- ----------- Change in Shares.................. 209,374 447,808 =========== ===========
* Commencement of operations. Amounts designated as "--" are $0 or have been rounded to $0. See Notes to Financial Statements. 18 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS Selected Data For a Share of Beneficial Interest Outstanding Throughout the Periods Indicated.
Net Realized Distributions Net Asset and Dividends from Total Value, Net Unrealized from Net Realized Dividends Beginning Investment Gains on Total From Investment Capital and of Period Income Investments Operations Income Gains Distributions --------- ---------- ----------- ---------- ---------- ------------- ------------- CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND Institutional Shares Period Ended September 30, 2006* $1.00 $0.02 $ -- $0.02 $(0.02) $ -- $(0.02) Year Ended March 31, 2006 1.00 0.04 -- 0.04 (0.04) -- (0.04) Period Ended March 31, 2005** 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2004 1.00 0.01 -- 0.01 (0.01) --(a) (0.01) Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2002 1.00 0.03 -- 0.03 (0.03) -- (0.03) Year Ended May 31, 2001 1.00 0.06 -- 0.06 (0.06) -- (0.06) CLASSIC INSTITUTIONAL MUNICIPAL CASH RESERVE MONEY MARKET FUND Institutional Shares Period Ended September 30, 2006* 1.00 0.02 -- 0.02 (0.02) -- (0.02) Period Ended March 31, 2006(b) 1.00 0.02 -- 0.02 (0.02) -- (0.02) CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Institutional Shares Period Ended September 30, 2006* 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended March 31, 2006 1.00 0.03 -- 0.03 (0.03) -- (0.03) Period Ended March 31, 2005** 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2004 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2002 1.00 0.03 -- 0.03 (0.03) -- (0.03) Year Ended May 31, 2001 1.00 0.06 -- 0.06 (0.06) -- (0.06) CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND Institutional Shares Period Ended September 30, 2006* 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended March 31, 2006 1.00 0.03 -- 0.03 (0.03) -- (0.03) Period Ended March 31, 2005** 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2004 1.00 0.01 -- 0.01 (0.01) --(a) (0.01) Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) --(a) (0.01) Year Ended May 31, 2002 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended May 31, 2001 1.00 0.06 -- 0.06 (0.06) -- (0.06) Corporate Trust Shares Period Ended September 30, 2006* 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended March 31, 2006 1.00 0.03 -- 0.03 (0.03) -- (0.03) Period Ended March 31, 2005** 1.00 0.01 -- 0.01 (0.01) -- (0.01) Year Ended May 31, 2004 1.00 0.01 -- 0.01 (0.01) --(a) (0.01) Year Ended May 31, 2003 1.00 0.01 -- 0.01 (0.01) --(a) (0.01) Year Ended May 31, 2002 1.00 0.02 -- 0.02 (0.02) -- (0.02) Year Ended May 31, 2001 1.00 0.05 -- 0.05 (0.05) -- (0.05) Ratio of Ratio of Ratio of Expenses Net Net to Average Net Expenses Investment Net Assets Asset to Income to (Excluding Waivers, Value, Net Assets, Average Average Reimbursements End of Total End of Net Net and Expense Period Return+ Period (000) Assets++ Assets++ Offset)++ ------ ------- ------------ -------- ---------- ------------------- CLASSIC INSTITUTIONAL CASH MANAGEM Institutional Shares Period Ended September 30, 2006* $1.00 2.49% $3,430,054 0.16% 4.93% 0.16% Year Ended March 31, 2006 1.00 3.62 2,975,521 0.17 3.60 0.19 Period Ended March 31, 2005** 1.00 1.43 2,591,527 0.19 1.71 0.26 Year Ended May 31, 2004 1.00 0.86 2,368,849 0.25 0.86 0.29 Year Ended May 31, 2003 1.00 1.46 2,985,750 0.25 1.45 0.29 Year Ended May 31, 2002 1.00 2.68 3,409,606 0.25 2.61 0.29 Year Ended May 31, 2001 1.00 6.13 3,229,400 0.25 5.91 0.30 CLASSIC INSTITUTIONAL MUNICIPAL CA Institutional Shares Period Ended September 30, 2006* 1.00 1.68 76,922 0.20 3.31 0.20 Period Ended March 31, 2006(b) 1.00 1.79 125,982 0.19 2.78 0.23 CLASSIC INSTITUTIONAL U.S. GOVERNM Institutional Shares Period Ended September 30, 2006* 1.00 2.43 943,700 0.18 4.79 0.18 Year Ended March 31, 2006 1.00 3.51 951,775 0.21 3.48 0.21 Period Ended March 31, 2005** 1.00 1.36 894,653 0.25 1.63 0.26 Year Ended May 31, 2004 1.00 0.82 858,260 0.27 0.82 0.29 Year Ended May 31, 2003 1.00 1.40 1,040,066 0.26 1.39 0.29 Year Ended May 31, 2002 1.00 2.61 1,025,714 0.27 2.49 0.30 Year Ended May 31, 2001 1.00 5.98 896,189 0.26 5.72 0.29 CLASSIC INSTITUTIONAL U.S. TREASUR Institutional Shares Period Ended September 30, 2006* 1.00 2.42 985,617 0.18 4.79 0.18 Year Ended March 31, 2006 1.00 3.41 901,777 0.20 3.45 0.20 Period Ended March 31, 2005** 1.00 1.31 697,095 0.25 1.62 0.26 Year Ended May 31, 2004 1.00 0.77 420,948 0.26 0.71 0.29 Year Ended May 31, 2003 1.00 1.30 653,340 0.26 1.23 0.29 Year Ended May 31, 2002 1.00 2.28 551,599 0.26 2.25 0.30 Year Ended May 31, 2001 1.00 5.74 580,227 0.27 5.44 0.30 Corporate Trust Shares Period Ended September 30, 2006* 1.00 2.30 2,193,996 0.43 4.54 0.43 Year Ended March 31, 2006 1.00 3.17 2,068,462 0.44 3.14 0.44 Period Ended March 31, 2005** 1.00 1.14 1,825,373 0.44 1.38 0.45 Year Ended May 31, 2004 1.00 0.57 1,378,551 0.46 0.51 0.49 Year Ended May 31, 2003 1.00 1.10 1,298,910 0.46 1.05 0.49 Year Ended May 31, 2002 1.00 2.08 1,805,066 0.46 2.11 0.50 Year Ended May 31, 2001 1.00 5.53 1,303,630 0.46 5.38 0.50
See Notes to Financial Highlights and Notes to Financial Statements. 19 NOTES TO FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS September 30, 2006 * Unaudited. ** Effective June 1, 2004, these Funds adopted a change in the amortization and accretion methodology on fixed income securities. The cumulative effect of this change in methodology was immaterial to all Funds. + Not annualized for periods less than one year. ++ Annualized for periods less than one year. (a) Amount less than $0.005. (b) Commenced operations on August 2, 2005. 20 NOTES TO FINANCIAL STATEMENTS STI CLASSIC FUNDS September 30, 2006 (Unaudited) 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 (the "1940 Act"), as amended, as an open-end management investment company offering 52 funds as of September 30, 2006. The Trust is authorized to issue an unlimited number of shares without par value. The financial statements presented herein are those of the Classic Institutional Cash Management Money Market Fund, the Classic Institutional Municipal Cash Reserve Money Market Fund, the Classic Institutional U.S. Government Securities Money Market Fund and the Classic Institutional U.S. Treasury Securities Money Market Fund (each a "Fund" and collectively the "Funds"). The financial statements of the remaining funds are presented separately. The Classic Institutional Cash Management Money Market Fund, Classic Institutional Municipal Cash Reserve Money Market Fund and Classic Institutional U.S. Government Securities Money Market Fund may offer Institutional Shares only. The Classic Institutional U.S. Treasury Securities Money Market Fund may offer Institutional Shares and Corporate Trust Shares. The Funds' prospectus provides a description of the Funds' investment objectives, policies and strategies. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. Each class of shares has identical rights and privileges except with respect to the fees paid under the Shareholder Services Plan and voting rights on matters affecting a single class of shares. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote. 2. Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The actual results could differ from these estimates. Security Valuation -- Investment securities are stated at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Security Transactions and Investment Income -- Security transactions are accounted for no later than one business day after trade date. However, for financial reporting purposes, security transactions are reported on trade date. Interest income is recognized on an accrual basis and includes amortization or accretion of premiums or discounts. 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 or amortization of purchase discounts or premiums during the respective holding period. 21 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) Repurchase Agreements -- The Funds may purchase instruments from financial institutions, such as banks and broker-dealers, subject to the seller's agreement to repurchase them at an agreed upon time and price ("repurchase agreement"). A third party custodian bank takes possession of the underlying securities ("collateral") of a repurchase agreement, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. In the event of default on the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the repurchase agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. Securities Purchased on a When-Issued Basis -- Delivery and payment for securities that have been purchased by a Fund on a forward commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The purchase of securities on a when-issued basis may increase the volatility of a Fund's net asset value if the Fund makes such investments while remaining substantially fully invested. A Fund records when-issued securities on trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Compensating Balances -- If a Fund has a cash overdraft in excess of $100,000 it is required to deposit an amount equal to 110% of the overdraft in a compensating balance account with its custodian, SunTrust Bank, a wholly owned subsidiary of SunTrust Banks, Inc., on the following business day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw an amount equal to 90% of the balance from SunTrust Bank on the following business day. All such deposits to, and overdrafts from, the compensating balance account are non-interest bearing and are for a duration of one business day. Expenses -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution fees, if any, are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis. Classes -- Income, non-class specific expenses and realized/unrealized gains and losses are allocated to the respective classes within a Fund on the basis of the relative daily net assets. Dividends and Distributions to Shareholders -- Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income of each of the Funds are declared daily and paid monthly. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. However, to the extent that net realized capital gains can be offset by capital loss carryovers, such gains will not be distributed. New Accounting Pronouncements -- In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements." This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of September 30, 2006, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. 22 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) 3. Agreements and Other Transactions with Affiliates Investment Advisory Agreement -- The Trust and Trusco Capital Management, Inc. (the "Investment Adviser"), a wholly owned subsidiary of SunTrust Banks, Inc., have entered into investment advisory agreements. Under the terms of the agreements, the Funds are charged annual advisory fees, which are computed daily and paid monthly based upon average daily net assets. Breakpoints are used in computing the overall annual advisory fee. The maximum annual advisory fee is charged on average daily net assets of each Fund up to $1 billion, a discount of 5% applies on the next $1.5 billion, a discount of 10% applies on the next $2.5 billion and a discount of 20% applies on amounts over $5 billion. Fee rates for the period April 1, 2006 through September 30, 2006 were as follows:
Maximum Overall Net Annual Annual Advisory Fees Annual Advisory Overall Waived or Fees Fee (%) Fee (%) Reimbursed (%) Paid (%) -------- ------- -------------- -------- Classic Institutional Cash Management Money Market Fund..... 0.13 0.12 -- 0.12 Classic Institutional Municipal Cash Reserve Money Market Fund...................................................... 0.15 0.15 -- 0.15 Classic Institutional U.S. Government Securities Money Market Fund............................................... 0.17 0.15 -- 0.15 Classic Institutional U.S. Treasury Securities Money Market Fund...................................................... 0.16 0.14 -- 0.14
The Investment Adviser has contractually agreed, until at least August 1, 2007, to waive fees and/or reimburse each Fund to the extent necessary to maintain each Fund's Total Operating Expense, expressed as a percentage of average daily net assets, as noted below:
Total Operating Expense (%) --------------- Classic Institutional Cash Management Money Market Fund..... 0.17 Classic Institutional Municipal Cash Reserve Money Market Fund...................................................... 0.20 Classic Institutional U.S. Government Securities Money Market Fund............................................... 0.20 Classic Institutional U.S. Treasury Securities Money Market Fund, Institutional Shares................................ 0.20 Classic Institutional U.S. Treasury Securities Money Market Fund, Corporate Trust Shares.............................. 0.45
The Investment Adviser may retain the difference between the Total Operating Expense identified above and the actual total expense to recapture any of its prior waivers or reimbursements, until August 1, 2008. Such repayments shall be made monthly, but only to the extent that such repayments would not cause the annualized total expense ratio to exceed the Total Operating Expense in place at that time. As of September 30, 2006, there were no repayments available to be made to the Investment Adviser. Administration, Fund Accounting and Transfer Agency Agreement -- The Trust and STI Classic Variable Trust are parties to a Master Services Agreement with BISYS Fund Services Ohio, Inc. (the "Administrator"), under which the Administrator provides administrative, fund accounting, transfer agent and shareholder services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.0275% up to $25 billion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion plus an additional class fee of $2,593 per class annually, applicable to each additional class of shares over 145 classes of shares. The Master Services Agreement provides for the Administrator to pay certain insurance premiums for the Trust and STI Classic Variable Trust, including $300,000 toward the premium for Directors and Officers Liability/Errors and Omissions insurance coverage, and $25,000 toward the premium for Fidelity Bond coverage. The Administrator has agreed, under the terms of the Master Services Agreement, to pay certain legal expenses for the benefit of the Trust and STI Classic Variable Trust relating to administrative service matters. The Master Services Agreement further provides for the Administrator to waive a portion of its fees for the benefit of shareholders. Such payments and fee waivers are expected to total 23 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) approximately $400,000 to $650,000 annually, and will not be recouped by the Administrator in subsequent years. Distribution Agreement -- The Trust and BISYS Fund Services Limited Partnership (the "Distributor") are parties to a Distribution Services Agreement. The Distributor receives no fees for its distribution services under this agreement. Shareholder Servicing Agreement -- The Classic Institutional U.S. Treasury Securities Money Market Fund has adopted a Shareholder Services Plan for the Corporate Trust Shares. The Fund pays SunTrust Bank a monthly shareholder services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Corporate Trust Shares, computed daily and paid monthly, which may be used by SunTrust Bank to provide compensation to service providers that have agreed to provide shareholder support services for their customers who own Corporate Trust Shares of the Fund. The Fund paid SunTrust Bank an annual rate of 0.25% for the period ended September 30, 2006. Custodian Agreement -- SunTrust Bank acts as Custodian for the Funds. The Funds pay custody fees on the basis of net assets and transaction costs. Other -- Certain officers of the Trust are also officers of the Investment Adviser, the Administrator and/or the Distributor. Such officers receive no fees from the Trust for serving as officers of the Trust. Each of the trustees receives an annual retainer fee and an additional fee for each meeting attended. Trustees receive an additional fee for attendance at committee meetings. The fees during the period were as follows:
Chairman($) Trustee($) ----------- ---------- Annual Retainer............................................. 50,000 40,000 Regular Meeting Fee......................................... 7,500 6,000 Special Meeting Fee......................................... 3,750 3,000 Committee Meeting Fee....................................... 4,500 2,500
Trustees are also reimbursed for certain expenses incurred. The Investment Adviser provides services to the Trust and the STI Classic Variable Trust to ensure compliance with applicable laws and regulations. In addition, the Investment Adviser has designated a dedicated compliance staff and an employee to serve as Chief Compliance Officer. The Investment Adviser receives annual fees totaling $475,000 for these services. In addition, the Administrator provides an employee and staff to assist the Chief Compliance Officer for the Trust, including providing certain related services, and receives an annual fee of $150,000 for providing these services. The fees above are allocated across the assets of the Trust and the STI Classic Variable Trust. For the period ended September 30, 2006, the total related amounts paid by the Trust were $580,003. The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc., which is a registered broker-dealer and a direct non-bank subsidiary of SunTrust Banks, Inc., to act as an agent in placing repurchase agreements for the Trust. For the period ended September 30, 2006, the following Funds paid SunTrust Robinson Humphrey, through a reduction in the yield earned by the Funds on those repurchase agreements, the following amounts (in thousands):
Fees($) ------- Classic Institutional Cash Management Money Market Fund..... 46 Classic Institutional U.S. Government Securities Money Market Fund............................................... 88 Classic Institutional U.S. Treasury Securities Money Market Fund...................................................... 72
4. Risks The Funds invest primarily in money market instruments maturing in 397 days or less whose ratings are within one of the two highest ratings categories assigned by a nationally recognized statistical rating 24 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) organization, or, if not rated, are believed to be of comparable quality. The ability of the issuers of the securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry, state or region. Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions or financial guaranty assurance agencies' credit quality should deteriorate, it could cause the individual security's credit quality to change. Additionally, if any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases. The Funds hold certain securities the issuer of which operates under a congressional charter. These securities (Federal Home Loan Mortgage Corporation, Federal Home Loan Bank and Federal National Mortgage Association) are neither issued nor guaranteed by the U.S. Government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer's line of credit), would require congressional action. 5. Federal Tax Policies and Information It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. The amounts of the dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. At September 30, 2006, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were different from amounts reported for financial reporting purposes in the Classic Institutional U.S. Treasury Securities Money Market Fund. These differences were generally due to losses on wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending March 31, 2007. The tax character of distributions paid to shareholders during the year ended March 31, 2006 was as follows (in thousands):
Distributions paid from ---------------------------------- Net Investment Net Long Term Total Distributions Fund Income($) Capital Gains($) Paid($)* - ---- -------------- ----------------- ------------------- Classic Institutional Cash Management Money Market Fund..... 101,462 -- 101,462 Classic Institutional Municipal Cash Reserve Money Market Fund...................................................... 18 1,131 1,149 Classic Institutional U.S. Government Securities Money Market Fund............................................... 30,411 -- 30,411 Classic Institutional U.S. Treasury Securities Money Market Fund...................................................... 82,740 -- 82,740
- --------------- * Total distributions paid differ from the Statements of Changes in Net Assets because for tax purposes, dividends are recognized when paid. Amounts designated as "--" are $0 or have been rounded to $0. 25 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) The tax character of distributions paid to shareholders during the period ended March 31, 2005 was as follows (in thousands):
Distributions paid from ---------------------------------- Net Investment Net Long Term Total Distributions Fund Income($) Capital Gains($) Paid($)* - ---- -------------- ----------------- ------------------- Classic Institutional Cash Management Money Market Fund..... 33,687 -- 33,687 Classic Institutional U.S. Government Securities Money Market Fund............................................... 11,006 -- 11,006 Classic Institutional U.S. Treasury Securities Money Market Fund...................................................... 22,216 -- 22,216
- --------------- * Total distributions paid differ from the Statements of Changes in Net Assets because for tax purposes, dividends are recognized when paid. Amounts designated as "--" are $0 or have been rounded to $0. As of March 31, 2006 the components of accumulated earnings (deficit) on a tax basis were as follows (in thousands):
Undistributed Undistributed Undistributed Tax-Exempt Ordinary Long Term Accumulated Distributions Income($) Income($) Capital Gains($) Earnings($) Payable($) ------------- ------------- ---------------- ------------- ------------- Classic Institutional Cash Management Money Market Fund.......................... -- 11,578 -- 11,578 (11,577) Classic Institutional Municipal Cash Reserve Money Market Fund.......................... 365 1 -- 366 (366) Classic Institutional U.S. Government Securities Money Market Fund................... -- 3,165 -- 3,165 (3,165) Classic Institutional U.S. Treasury Securities Money Market Fund................... -- 10,272 -- 10,272 (10,197) Total Accumulated Unrealized Accumulated Capital and Appreciation Earnings Other Losses($)** (Depreciation)($)*** (Deficit)($) ----------------- -------------------- ------------ Classic Institutional Cash Management Money Market Fund.......................... (189) -- (188) Classic Institutional Municipal Cash Reserve Money Market Fund.......................... -- -- -- Classic Institutional U.S. Government Securities Money Market Fund................... -- -- -- Classic Institutional U.S. Treasury Securities Money Market Fund................... (273) (5) (203)
- --------------- ** As of the latest tax year end of March 31, 2006, the following Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations (in thousands). To the extent that these carryovers are used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders.
Expires ----------------- 2013($) 2014($) ------- ------- Classic Institutional Cash Management Money Market Fund..... -- 26 Classic Institutional U.S. Treasury Securities Money Market Fund...................................................... 156 110
Net Capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. During the year ended March 31, 2006 the Classic Institutional Cash Management Money Market Fund and the Classic Institutional U.S. Treasury Securities Money Market Fund have incurred and will elect to defer (in thousands) $163 and $7, respectively, in capital losses. *** The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to: tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discount. Amounts designated as "--" are $0 or have been rounded to $0. On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions will "more-likely-than-not" be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has not completed their analysis on whether the adoption of FIN 48 will have an impact to the financial statements. 26 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS STI CLASSIC FUNDS September 30, 2006 (Unaudited) Information pertaining to the trustees and officers of the Trust is set forth below. Trustees who are not deemed to be "interested persons" of the Trust as defined in the 1940 Act are referred to as "Independent Trustees." Trustees who are deemed to be "interested persons" of the Trust are referred to as "Interested Trustees." Messrs. Courts and Ridley are trustees who may be deemed to be "interested persons" of the Trust. - --------------------------------------------------------------------------------
NUMBER OF PORTFOLIOS IN THE TERM OF STI FUND POSITION(S) OFFICE AND PRINCIPAL COMPLEX NAME, ADDRESS, HELD WITH LENGTH OF OCCUPATION(S) OVERSEEN DATE OF BIRTH THE GROUP TIME SERVED DURING THE PAST 5 YEARS BY TRUSTEE - ------------------------------------------------------------------------------------------------------ INTERESTED TRUSTEES:* Richard W. Courts, II Trustee Indefinite; Chairman, Atlantic Investment 59 3435 Stelzer Road since November Company Columbus, OH 43219 2001 DOB 01/18/36 - ------------------------------------------------------------------------------------------------------ Clarence H. Ridley Trustee Indefinite; Chairman, Haverty Furniture 59 3435 Stelzer Road since November Companies; Partner, King and Columbus, OH 43219 DOB 2001 Spaulding LLP (law firm) (1977 to 06/03/42 2000) - ------------------------------------------------------------------------------------------------------ INDEPENDENT TRUSTEES: Thomas Gallagher Trustee Indefinite; President, CEO, Genuine Parts 59 3435 Stelzer Road since May 2000 Company Columbus, OH 43219 DOB 11/25/47 - ------------------------------------------------------------------------------------------------------ F. Wendell Gooch Trustee Indefinite; Retired 59 3435 Stelzer Road since May 1992 Columbus, OH 43219 DOB 12/03/32 - ------------------------------------------------------------------------------------------------------ Sidney E. Harris Trustee Indefinite; Professor (since 2004) and Dean 59 3435 Stelzer Road since November (1997-2004), J. Mack Robinson Columbus, OH 43219 2004 College of Business, Georgia State DOB 07/21/49 University - ------------------------------------------------------------------------------------------------------ Warren Y. Jobe Trustee Indefinite; Retired. EVP, Georgia Power Company 59 3435 Stelzer Road since November and SVP, Southern Company Columbus, OH 43219 2004 (1998-2001) DOB 11/12/40 - ------------------------------------------------------------------------------------------------------ Connie D. McDaniel 3435 Trustee Indefinite; Vice President and Controller, The 59 Stelzer Road Columbus, since May 2005 Coca-Cola Company OH 43219 DOB 04/10/58 - ------------------------------------------------------------------------------------------------------ James O. Robbins Trustee Indefinite; Retired. President, CEO, Cox 59 3435 Stelzer Road since May 2000 Communications, Inc. (1985-2005) Columbus, OH 43219 DOB 07/04/42 - ------------------------------------------------------------------------------------------------------ Charles D. Winslow Trustee Indefinite; Retired. Formerly Partner, 59 3435 Stelzer Road since November Accenture (consulting) Columbus, OH 43219 2004 DOB 07/13/35 - ------------------------------------------------------------------------------------------------------ OTHER NAME, ADDRESS, DIRECTORSHIPS DATE OF BIRTH HELD BY TRUSTEE - ------------------------------------------------------------------------------------------------------ INTERESTED TRUSTEES:* Richard W. Courts, II Genuine Parts Company; 3435 Stelzer Road Piedmont Medical Center; Columbus, OH 43219 SunTrust Bank DOB 01/18/36 - ------------------------------------------------------------------------------------------------------ Clarence H. Ridley Crawford & Co. 3435 Stelzer Road Columbus, OH 43219 DOB 06/03/42 - ------------------------------------------------------------------------------------------------------ INDEPENDENT TRUSTEES: Thomas Gallagher Genuine Parts Company; 3435 Stelzer Road Oxford Industries, Inc. Columbus, OH 43219 DOB 11/25/47 - ------------------------------------------------------------------------------------------------------ F. Wendell Gooch SEI Family of Funds 3435 Stelzer Road Columbus, OH 43219 DOB 12/03/32 - ------------------------------------------------------------------------------------------------------ Sidney E. Harris ServiceMaster Company; Total 3435 Stelzer Road System Services, Inc.; Columbus, OH 43219 Transamerica Investors, Inc. DOB 07/21/49 (13 mutual funds) - ------------------------------------------------------------------------------------------------------ Warren Y. Jobe WellPoint, Inc.; UniSource 3435 Stelzer Road Energy Corp.; HomeBanc Corp. Columbus, OH 43219 DOB 11/12/40 - ------------------------------------------------------------------------------------------------------ Connie D. McDaniel 3435 None Stelzer Road Columbus, OH 43219 DOB 04/10/58 - ------------------------------------------------------------------------------------------------------ James O. Robbins Cox Communications; Humana, 3435 Stelzer Road Inc. Columbus, OH 43219 DOB 07/04/42 - ------------------------------------------------------------------------------------------------------ Charles D. Winslow None 3435 Stelzer Road Columbus, OH 43219 DOB 07/13/35 - ------------------------------------------------------------------------------------------------------
* Mr. Courts may be deemed an Interested Trustee because of his directorships with affiliates of the Investment Adviser. Mr. Ridley may be deemed an Interested Trustee because of a material business relationship with the parent of the Investment Adviser. 27 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS STI CLASSIC FUNDS September 30, 2006 (Unaudited)
TERM OF POSITION(S) OFFICE AND NAME, ADDRESS HELD WITH LENGTH OF PRINCIPAL OCCUPATION(S) DATE OF BIRTH TRUST TIME SERVED DURING THE PAST 5 YEARS - -------------------------------------------------------------------------------------------------------------------------------- OFFICERS R. Jeffrey Young President and One-year; Senior Vice President, Relationship Management, BISYS 3435 Stelzer Road Chief Executive since July 2004 Fund Services (since 2002); Vice President, Client Columbus, OH 43219 Officer Services, BISYS Fund Services; (1997-2002) DOB 08/22/64 - -------------------------------------------------------------------------------------------------------------------------------- Deborah A. Lamb Executive Vice One-year; Chief Compliance Officer, Managing Director, Trusco 50 Hurt Plaza President; since September 2004; Capital Management, Inc. (since 2003); President, Suite 1400 Assistant since November 2003; Investment Industry Consultants, LLC (2000-2003); Atlanta, GA 30303 Secretary; Chief since August 2004 Director of Compliance, INVESCO, Inc. (1995-2000) DOB 10/02/52 Compliance Officer (respectively) - -------------------------------------------------------------------------------------------------------------------------------- Joel B. Engle Treasurer, Chief One-year; Director, Fund Administration, BISYS Fund Services since 3435 Stelzer Road Financial Officer since May 2006 February 2006; Small business owner/operator (retail) Columbus, OH 43219 (2003- 2006); Vice President, Fund Administration, BISYS DOB 10/31/65 Fund Services (1998-2003) - -------------------------------------------------------------------------------------------------------------------------------- Cynthia J. Surprise 3435 Secretary and One-year; Senior Counsel, Legal Services, BISYS Fund Services Stelzer Road Chief Legal since February 2005 (since 2004); Director and Counsel, Investors Bank & Columbus, OH 43219 Officer Trust Company (1999-2004) DOB 07/08/46 - -------------------------------------------------------------------------------------------------------------------------------- Alaina V. Metz Assistant One-year; Vice President, Blue Sky Compliance, BISYS Fund Services 3435 Stelzer Road Secretary since July 2004 (since 2002); Chief Administrative Officer, Blue Sky Columbus, OH 43219 DOB Compliance, BISYS Fund Services (1995-2002) 04/07/67 - -------------------------------------------------------------------------------------------------------------------------------- Jennifer A. English Assistant One-year; Assistant Counsel, Legal Services, BISYS Fund Services 3435 Stelzer Road Secretary since November 2005 (since 2005); Assistant Counsel, PFPC, Inc. (2002-2005); Columbus, OH 43219 Associate Legal Product Manager, Fidelity Investments DOB 03/05/72 (2001) - --------------------------------------------------------------------------------------------------------------------------------
The Trust's Statement of Additional Information includes additional information about the Trust's trustees and officers. To request your free copy of the Statement of Additional Information, call toll free 1-888-STI-FUND. 28 ADDITIONAL INFORMATION STI CLASSIC FUNDS September 30, 2006 (Unaudited) ANNUAL APPROVAL OF INVESTMENT ADVISORY AGREEMENTS The continuance of the Trust's investment advisory agreements with Trusco Capital Management, Inc. (the "Adviser") must be specifically approved at least annually by (i) the vote of the Trustees or by a vote of the shareholders of the Funds and (ii) the vote of a majority of the Trustees who are not parties to the agreements or "interested persons" of any party thereto (the "Independent Trustees"), as defined in the Investment Company Act 1940, cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board of Trustees calls and holds a meeting to decide whether to renew the Trust's agreements for the upcoming year. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser. The Trustees use this information, as well as other information that the Adviser and other service providers may submit to the Board, to help them decide whether to renew the agreements for another year. In considering the renewal of the agreements this year, the Board requested and received material from the Adviser in preparation for a special meeting of the Board held on April 24, 2006, and requested and reviewed additional material from the Adviser in preparation for its quarterly meeting held on May 9, 2006, at which it specifically considered the renewal of the agreements. Such material included, among other things, information about: (a) the quality of the Adviser's investment management and other services; (b) the Adviser's investment management personnel; (c) the Adviser's operations and financial condition; (d) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that the Adviser charges the Funds compared with the fees it charges to comparable mutual funds or accounts; (f) the Funds' overall fees and operating expenses compared with similar mutual funds; (g) the level of the Adviser's profitability from its Fund-related operations; (h) the Adviser's compliance systems; (i) the Adviser's policies and procedures for personal securities transactions; (j) the Adviser's reputation, expertise and resources in domestic financial markets; and (k) the Funds' performance compared with similar mutual funds. The Board also received a memorandum from Fund counsel regarding the responsibilities of Trustees in connection with their consideration of advisory agreements. At both meetings, representatives from the Adviser presented additional oral and written information to the Board to help the Board evaluate the Adviser's fees and other aspects of the agreements. The Board also considered information presented by the Adviser and other service providers at meetings throughout the year. The Trustees discussed the written materials, oral presentations, and any other information that the Board received, and considered the approval of the agreements in light of this information. Based on the Board's deliberations and evaluation of the information it received, the Board, including the Independent Trustees, approved the agreements and the selection of the Adviser and determined that the compensation under the agreements is fair and reasonable in light of the services to be performed. The Board considered the following specific factors, none of which was controlling, and made the following conclusions: NATURE, EXTENT, AND QUALITY OF SERVICES The Board received and considered information regarding the nature, extent, and quality of services to be provided to the Funds by the Adviser. In this regard, the Trustees evaluated, among other things, the Adviser's personnel, experience, track record, and compliance program. The Board considered the background and experience of the Adviser's senior management and the expertise of, and amount of attention expected to be given to the Funds by, its portfolio management teams. The Board reviewed the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser's organizational structure, senior management, investment operations, and other relevant information. The Board concluded that, within the context of its full deliberations, the nature, extent, and quality of the services to be provided to the Funds by the Adviser supported the approval of the agreements. 29 ADDITIONAL INFORMATION (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) PERFORMANCE The Board considered the investment performance of each Fund, including any periods of outperformance and underperformance, both on an absolute basis and a comparative basis to indices and other funds within the same investment categories. Specifically, the Board considered each Fund's performance relative to its peer group and appropriate benchmarks in light of total return, yield, and market trends. As part of this review, the Board considered the composition of the peer group and selection criteria, as well as market risk and shareholder risk expectations. The Board considered the Adviser's explanations regarding specific performance issues. The Board concluded that, within the context of its full deliberations, the performance of the Funds and the Adviser supported the approval of the agreements. FUND EXPENSES With respect to advisory fees, the Board considered the rate of compensation under the agreements and each Fund's net operating expense ratio in comparison to those of comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund's peer group. Finally, the Trustees considered the effect of the Adviser's waiver and reimbursement of fees and expenses, where applicable, to prevent total expenses from exceeding a specified amount and that due to these waivers and reimbursements net operating expenses have been maintained at competitive levels. The Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval of the agreements. PROFITABILITY The Board reviewed information about the profitability of the Funds to the Adviser and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Funds and in comparison to other advisory firms. The Board concluded that, within the context of its full deliberations, the profitability of the Adviser is within the range the Board considered reasonable. ECONOMIES OF SCALE The Board considered the existence of economies of scale and whether they were passed along to Fund shareholders through a graduated advisory fee schedule or other means, including any fee and expense waivers and reimbursements by the Adviser. The Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale. 30 ADDITIONAL INFORMATION (continued) STI CLASSIC FUNDS September 30, 2006 (Unaudited) EXPENSE EXAMPLES As a Fund shareholder, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that separate account and contract expenses, fees and charges are not reflected. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2006 through September 30, 2006. Actual Expenses The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** 04/01/06 09/30/06 04/01/06-09/30/06 04/01/06-09/30/06 ------------- ------------- ----------------- ----------------- Classic Institutional Cash Management Money Market Fund....................... Institutional Shares $1,000.00 $1,024.90 $0.81 0.16% Classic Institutional Municipal Cash Reserve Money Market Fund.......... Institutional Shares 1,000.00 1,016.80 1.01 0.20 Classic Institutional U.S. Government Securities Money Market Fund................ Institutional Shares 1,000.00 1,024.30 0.91 0.18 Classic Institutional U.S. Treasury Securities Money Market Fund................ Institutional Shares 1,000.00 1,024.20 0.91 0.18 Corporate Trust Shares 1,000.00 1,023.00 2.18 0.43
- --------------- * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. Hypothetical Example The table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not 31 ADDITIONAL INFORMATION (concluded) STI CLASSIC FUNDS September 30, 2006 (Unaudited) help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Paid Expense Ratio Beginning Ending During Period* During Period** Account Value Account Value 04/01/06 - 04/01/06 - 04/01/06 09/30/06 09/30/06 09/30/06 ------------- ------------- ---------------- ---------------- Classic Institutional Cash Management Money Market Fund... Institutional Shares $1,000.00 $1,024.27 $0.81 0.16% Classic Institutional Municipal Cash Reserve Money Market Fund........................... Institutional Shares 1,000.00 1,024.07 1.01 0.20 Classic Institutional U.S. Government Securities Money Market Fund.................... Institutional Shares 1,000.00 1,024.17 0.91 0.18 Classic Institutional U.S. Treasury Securities Money Market Fund.................... Institutional Shares 1,000.00 1,024.17 0.91 0.18 Corporate Trust 1,000.00 1,022.91 2.18 0.43 Shares
- --------------- * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. PROXY VOTING Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-888-STI-FUND. The information also is included in the Funds' Statement of Additional Information, which is available on the Funds' website at www.sticlassicfunds.com and on the Securities and Exchange Commission's website at www.sec.gov. Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the Funds' website at www.sticlassicfunds.com and on the Securities and Exchange Commission's website at www.sec.gov. PORTFOLIO HOLDINGS INFORMATION The Funds file a complete list of their portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the Securities and Exchange Commission's website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the Securities and Exchange Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 1-800-SEC-0330. 32 (This page intentionally left blank) (This page intentionally left blank) (This page intentionally left blank) INVESTMENT ADVISER: Trusco Capital Management, Inc. This information must be preceded or accompanied by a current prospectus for each Fund described. An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about STI Classic Funds can be found in the Fund's prospectus. For additional information, please call 1-888-STI-FUND, or visit www.sticlassicfunds.com. Please read the prospectus carefully before investing. DISTRIBUTOR: BISYS Fund Services Limited Partnership ----------------------------------------------------- Not FDIC Insured o No Bank Guarantee o May Lose Value ----------------------------------------------------- [STI CLASSIC FUNDS LOGO] STI-SAIMM-0906 11/06 ITEM 2. CODE OF ETHICS. Not applicable. (Annual Reports Only) ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. (Annual Reports Only) ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. (Annual Reports Only) ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Not applicable. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively, except as discussed below, to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. In connection with its audit of the registrant's financial statements for the period ended March 31, 2006, PricewaterhouseCoopers LLP has advised management of the registrant that the registrant did not maintain effective controls over the accuracy of certain financial highlight data in the registrant's annual report. Specifically, the registrant did not maintain controls sufficient to ensure that total return data, though properly calculated from the registrant's accounting system, was accurately transferred to the financial statements. PricewaterhouseCoopers LLP's internal control report, which discusses this matter, is filed as an Exhibit to the registrant's most recent Form N-SAR. (b) There were no significant changes in the registrants internal control over financial reporting that occurred during the registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a)(1) NOT APPLICABLE - ONLY EFFECTIVE FOR ANNUAL REPORTS. (a)(2) CERTIFICATIONS PURSUANT TO RULE 30A-2(a) ARE ATTACHED HERETO. (a)(3) NOT APPLICABLE. (b) CERTIFICATIONS PURSUANT TO RULE 30A-2(b) ARE FURNISHED HEREWITH. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) STI Classic Funds ------------------------------------------------------------------- By (Signature and Title)* /s/ Joel B. Engle, Treasurer ------------------------------------------------------- Date November 27, 2006 ------------------------------------------ Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ R. Jeffrey Young, President ------------------------------------------------------- Date November 27, 2006 ------------------------------------------ By (Signature and Title)* /s/ Joel B. Engle, Treasurer ------------------------------------------------------- Date November 27, 2006 ------------------------------------------ * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 l22891aexv99wcert.txt EX-99.CERT Exhibit 99.CERT CERTIFICATIONS - -------------- I, R. Jeffrey Young, certify that: 1. I have reviewed this report on Form N-CSR of the STI Classic Funds (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 11/27/06 /s/ R. Jeffrey Young - -------------------- -------------------- Date R. Jeffrey Young President CERTIFICATIONS - -------------- I, Joel B. Engle, certify that: 1. I have reviewed this report on Form N-CSR of the STI Classic Funds (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 11/27/06 /s/ Joel B. Engle - ----------------- ----------------- Date Joel B. Engle Treasurer EX-99.906.CERT 3 l22891aexv99w906wcert.txt EX-99.906.CERT EXHIBIT 99.906CERT This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2006 of STI Classic Funds (the "Registrant"). Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge,: 1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and 2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. 11/27/06 - -------------------- Date /s/ R. Jeffery Young -------------------- R. Jeffrey Young President /s/ Joel B. Engle -------------------- Joel B. Engle Treasurer This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----